Document:

<PAGE>

                                                                   Exhibit 10.71

                                                                  EXECUTION COPY

                             RESTRUCTURING AGREEMENT

                                  by and among

                        AQUIS COMMUNICATIONS GROUP, INC.,

                          DESERT COMMUNICATIONS I, LLC

                                       and

                           FINOVA CAPITAL CORPORATION

                                  July 1, 2002

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                                TABLE OF CONTENTS

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ARTICLE I     PURCHASE, SALE AND CLOSING..........................................................................3
         1.01 Filing of Certificate...............................................................................3
         1.02 Purchase and Sale...................................................................................3
         1.03 Purchase Price......................................................................................3
         1.04 The Conversion Shares...............................................................................3
         1.05 Closing.............................................................................................3

ARTICLE II    REPRESENTATIONS AND WARRANTIES OF THE COMPANY.......................................................4
         2.01 Organization and Standing of the Company............................................................4
         2.02 Corporate Action....................................................................................4
         2.03 Consents and Approvals..............................................................................4
         2.04 Litigation..........................................................................................5
         2.05 Certain Agreements of Officers and Employees........................................................5
         2.06 Compliance with Other Instruments...................................................................5
         2.07 Title to Assets.....................................................................................5
         2.08 Financial Information...............................................................................6
         2.09 Taxes...............................................................................................7
         2.10 ERISA...............................................................................................8
         2.11 Licenses; FCC Matters..............................................................................10
         2.12 Transactions with Affiliates.......................................................................11
         2.13 Investments in Other Persons; Subsidiaries.........................................................11
         2.14 Real Property......................................................................................11
         2.15 Intentionally Omitted..............................................................................12
         2.16 Intellectual Property..............................................................................12
         2.17 Capitalization; Status of Capital Stock............................................................14
         2.18 Registration Rights................................................................................15
         2.19 Customers and Suppliers............................................................................15
         2.20 Insurance..........................................................................................15
         2.21 Books and Records..................................................................................15
         2.22 Accounting Controls................................................................................16
         2.23 Material Agreements................................................................................16
         2.24 Absence of Certain Developments....................................................................16
         2.25 Labor Relations; Employment Law Compliance; Employees..............................................18
         2.26 Environmental, Health And Safety Matters...........................................................18
         2.27 Compliance with Laws...............................................................................19
         2.28 Securities Act of 1933.............................................................................20
         2.29 Brokers or Finders.................................................................................20
         2.30 Disclosure.........................................................................................20

ARTICLE III   REPRESENTATIONS AND WARRANTIES OF PURCHASER AND FINOVA.............................................20
         3.01 Authority; Authorization...........................................................................20
         3.02 Investment Representations.........................................................................21
         3.03 Access to Information..............................................................................21
</TABLE>

                                        i
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                           TABLE OF CONTENTS (cont'd)
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         3.04 Sophistication and Knowledge.......................................................................21
         3.05 Transfer Restrictions Imposed by Securities Laws...................................................21
         3.06 Accredited Investor Status.........................................................................22
         3.07 Brokers or Finders.................................................................................22

ARTICLE IV    COVENANTS OF THE COMPANY AND PURCHASER.............................................................22
         4.01 Pre-Closing Covenants..............................................................................22
         4.02 Post-Closing Covenants.............................................................................24

ARTICLE V     CONDITIONS TO PURCHASER'S AND FINOVA'S OBLIGATIONS.................................................25
         5.01 Representations and Warranties.....................................................................26
         5.02 Agreements and Covenants...........................................................................26
         5.03 Requisite Approvals................................................................................26
         5.04 Board Seats........................................................................................26
         5.05 Certificate of Designation.........................................................................26
         5.06 Opinion of Counsel to Company......................................................................26
         5.07 Documentation at Closing...........................................................................26
         5.08 Good Standing Certificates.........................................................................27
         5.09 Resignations.......................................................................................27
         5.10 Employment Agreements..............................................................................27
         5.11 Investor Rights Agreement..........................................................................27
         5.12 Termination and Release of Certain Agreements......................................................27
         5.13 Subordination Agreement............................................................................28
         5.14 Restructuring Loan Agreement.......................................................................28
         5.15 AMRO Agreement.....................................................................................28
         5.16 Existing Preferred Agreement.......................................................................28
         5.17 Approval by Purchaser..............................................................................28
         5.18 Material Adverse Change............................................................................28

ARTICLE VI    CONDITIONS TO THE COMPANY'S OBLIGATIONS............................................................28
         6.01 Representations and Warranties.....................................................................28
         6.02 Performance........................................................................................28
         6.03 Requisite Approvals................................................................................28
         6.04 Restructuring Loan Agreement.......................................................................29
         6.05 Opinion of Counsel to the Purchaser and FINOVA.....................................................29

ARTICLE VII   INDEMNIFICATION....................................................................................29
         7.01 Survival...........................................................................................29
         7.02 Obligation of the Company to Indemnify.............................................................29
         7.03 Obligation of Purchaser to Indemnify...............................................................29
         7.04 Defense by Indemnifying Parties....................................................................29

ARTICLE VIII  GLOSSARY...........................................................................................31
         8.01 Certain Defined Terms..............................................................................31
         8.02 Accounting Terms...................................................................................36
</TABLE>

                                       ii
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                           TABLE OF CONTENTS (cont'd)
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ARTICLE IX    MISCELLANEOUS......................................................................................37
         9.01 No Waiver; Cumulative Remedies.....................................................................37
         9.02 Amendments, Waivers and Consents...................................................................37
         9.03 Addresses for Notices..............................................................................37
         9.04 Costs, Expenses and Taxes..........................................................................37
         9.05 Effectiveness; Binding Effect; Assignment; No Third Party Rights...................................37
         9.06 Prior Agreements...................................................................................38
         9.07 Severability.......................................................................................38
         9.08 Governing Law......................................................................................38
         9.09 Jurisdiction; Service of Process...................................................................38
         9.10 Headings...........................................................................................38
         9.11 Counterparts.......................................................................................38
         9.12 Further Assurances.................................................................................38
         9.13 Transfer...........................................................................................39
</TABLE>

                                      iii
<PAGE>

                                  EXHIBIT INDEX

Exhibit A             -    Form of Certificate of Designation

Exhibit B-1           -    Form of Purchaser Warrant A

Exhibit B-2           -    Form of Purchaser Warrant B

Exhibit C             -    Form of Investor Rights Agreement

Exhibit D             -    Form of Subordination Agreement

Exhibit E             -    AMRO Agreement

Exhibit F             -    Existing Preferred Agreement

Exhibit G             -    Form of Termination and Release Agreement

                                LIST OF SCHEDULES

Schedule 2.03         -    Consents and Approvals

Schedule 2.04         -    Litigation

Schedule 2.05         -    Officers and Employees

Schedule 2.06A        -    Compliance with Other Instruments

Schedule 2.06B        -    Schedule of Indebtedness

Schedule 2.08A        -    Company SEC Documents

Schedule 2.08B        -    Undisclosed Liabilities

Schedule 2.09         -    Taxes

Schedule 2.10         -    ERISA Matters

Schedule 2.11         -    Licenses

Schedule 2.12         -    Transactions with Affiliates

Schedule 2.13         -    Investments in Other Persons; Subsidiaries

Schedule 2.14         -    Real Property

Schedule 2.16         -    Intellectual Property

Schedule 2.17A        -    Capitalization

Schedule 2.17B        -    Existing Preferred Stock

<PAGE>

Schedule 2.17C        -    Stock Options

Schedule 2.17D        -    Transfer Restrictions

Schedule 2.18         -    Registration Rights

Schedule 2.19         -    Customers and Suppliers

Schedule 2.23         -    Material Agreements

Schedule 2.24         -    Recent Developments in Company

Schedule 2.25         -    Employment Matters

Schedule 2.27         -    Compliance with Laws

Schedule 2.29         -    Brokers or Finders

Schedule 9.03         -    Addresses

                                       v
<PAGE>

                             RESTRUCTURING AGREEMENT

         RESTRUCTURING AGREEMENT, dated July 1, 2002 (the "Agreement"), by and
among Aquis Communications Group, Inc., a Delaware corporation having its
business address at 1719A Route 10, Suite 300, Parsippany, New Jersey 07054 (the
"Company"), Desert Communications I, LLC, a Delaware limited liability company
having its business address at c/o FINOVA Capital Corporation, 500 Church
Street, Suite 200, Nashville, Tennessee 37219 (the "Purchaser"), and FINOVA
Capital Corporation, a Delaware corporation and the indirect parent corporation
of Purchaser ("FINOVA").

                                   BACKGROUND

         A. Aquis Wireless Communications, Inc., a Delaware corporation and
wholly-owned subsidiary of the Company (the "Borrower"), currently has
approximately $32.7 million (including without limitation principal, interest,
default interest and fees) in indebtedness to FINOVA (the "FINOVA Debt"),
pursuant to that certain Amended and Restated Loan Agreement, dated January 31,
2000, by and between the Borrower and FINOVA (as amended to date, the "Loan
Agreement").

         B. But for the Forbearance Agreement (as defined below), certain Events
of Default (as defined in the Loan Agreement) under the Loan Agreement would
have occurred and would be continuing, which Events of Default would give FINOVA
the right to accelerate the obligations of the Borrower under the Loan Agreement
and Loan Instruments (as defined in the Loan Agreement) and entitle FINOVA to
exercise its rights and remedies under the Loan Instruments in respect thereof.

         C. On June 7, 2001, the Borrower and FINOVA entered into a Forbearance
Agreement and Third Amendment to Loan Instruments (as amended pursuant to the
First Amendment thereto dated as of December   2, 2001 and the Second Amendment
thereto dated as of March 29, 2002 and as in effect, the "Forbearance
Agreement"), pursuant to which FINOVA agreed to, among other things, forbear
from exercising its rights and remedies under the Loan Agreement and other Loan
Instruments (as defined in the Loan Agreement), for a stated period of time,
subject to the terms and provisions set forth therein.

         D. On February 21, 2002, the Company and FINOVA entered into a term
sheet, which was amended by the parties on March 25, 2002, regarding the
proposed restructuring of the FINOVA Debt (the "Restructuring"), which
Restructuring contemplated, among other things, (i) the issuance by the Borrower
to FINOVA of a Restructured Senior Secured Promissory Note in the amount of
$7,000,000 (the "Tranche A Note"), (ii) the issuance by the Borrower to FINOVA
of a Senior Secured Subordinate Note in the amount of $2,000,000 (the "Tranche B
Note"), and (iii) in exchange for the conversion of the amounts currently due
FINOVA under the Loan Agreement, including, without limitation, principal,
interest, default interest and fees (including the Note and Continuing Loan
Instruments as defined thereunder), less the aggregate principal amounts due
under the Tranche A Note and the Tranche B Note (such remainder, the "Remaining
Debt Balance"), the issuance by the Company to Purchaser of such number of
shares of the Company's Convertible Preferred Stock, $.01 par value per share
(the "Convertible Preferred Stock"), as is convertible into 143,671,590 shares
of the Company's Common Stock representing approximately 32.1% of the fully
diluted and 79.99% of the issued and outstanding Common Stock of the Company
upon the closing of the transactions contemplated by this Agreement and warrants
(the "Purchaser Warrants") to purchase an aggregate of 214,601,100 additional
shares of Common Stock of the Company (the "Exercise Shares") representing an
additional approximately 47.9% of the fully diluted Common Stock of the Company
upon the closing of the transactions contemplated by this Agreement. The
issuance by the Borrower of the Tranche A Note and the Tranche B Note shall be
consummated pursuant to a Second Amended and Restated Loan Agreement between the
Borrower and FINOVA (the "Restructuring Loan Agreement").

<PAGE>

         E. Simultaneous with the Restructuring, the Company shall consummate
the transactions contemplated by the agreement with AMRO International S.A.,
dated the date hereof and attached as Exhibit E hereto (the "AMRO Agreement"),
whereby (a) the parties thereto shall restructure the Company's unsecured
debenture to AMRO in the amount of $2,000,000 (the "Old AMRO Debenture") by,
among other things, (i) the Company issuing to AMRO a junior, ten-percent
unsecured promissory note in the amount of $1,000,000 (the "New AMRO Note"), and
(ii) in exchange for the conversion of the amounts currently due AMRO under the
Old AMRO Debenture and related loan agreement including, without limitation,
principal, interest, default interest and fees, less the aggregate principal
amounts due under the New AMRO Note (such remainder, the "Remaining AMRO
Balance"), the issuance by the Company to AMRO of such number of shares of the
Company's Convertible Preferred Stock, as is convertible into 17,781,582 shares
of the Company's Common Stock representing 9.9% of the issued and outstanding
and 4.0% of the fully diluted Common Stock of the Company upon the closing of
the transactions contemplated by this Agreement; (b) warrants to purchase an
aggregate of 26,560,206 shares of Common Stock of the Company representing 5.9%
of the fully diluted Common Stock of the Company; and (c) all Common Stock
Purchase Warrants previously issued to AMRO shall be cancelled.

         F. Simultaneous with the Restructuring, the Company shall consummate
the transactions contemplated by the agreement dated the date hereof and
attached as Exhibit F hereto (the "Existing Preferred Agreement") with the
current holders (the "Existing Holders") of the Company's outstanding 7 1/2%
Redeemable Preferred Stock, having an aggregate outstanding liquidation value of
$1,500,000 (the "Existing Preferred Stock"), whereby the Company shall, among
other things, (i) cancel all of the issued and outstanding shares of the
Existing Preferred Stock (and all obligations of the Company pursuant thereto),
and (ii) issue to the Existing Holders in replacement thereof shares of
redeemable preferred stock, $.01 par value per share, with an aggregate
liquidation value of $300,000 (the "Replacement Preferred Stock") (the "Existing
Preferred Restructuring").

         G. In furtherance of the consummation of the Restructuring and the
other transactions contemplated thereby, the parties hereto desire to enter into
this Agreement.

                                       2
<PAGE>

         NOW, THEREFORE, in consideration of the premises and of the mutual
representations, warranties and covenants hereinafter set forth, the parties
hereto, desiring to be legally bound, hereby agree as follows:

                                   ARTICLE I.

                           PURCHASE, SALE AND CLOSING

         1.01. Filing of Certificate. The Company shall adopt and file with the
Secretary of State of Delaware on or before the Closing (as defined below) the
certificate of designation, rights, preferences and other terms and provisions
of the Convertible Preferred Stock and the Replacement Preferred Stock in the
form attached hereto as Exhibit A (the "Certificate of Designation").

         1.02. Purchase and Sale. Subject to the terms and conditions of this
Agreement, at the Closing the Purchaser will purchase and the Company will sell
and issue to the Purchaser such number of shares of its Convertible Preferred
Stock (the "Purchased Shares") as is convertible into approximately 32.1% of the
fully diluted Common Stock of the Company and an aggregate of 214,601,100
Purchaser Warrants in the forms attached hereto as Exhibit B-1 and Exhibit B-2.

         1.03. Purchase Price. The Company agrees to issue and sell to the
Purchaser and, in consideration of and in express reliance upon the
representations, warranties, covenants, terms and conditions of this Agreement,
the Purchaser agrees to purchase the Purchased Shares set forth in Section 1.02.
The Purchaser agrees that, effective upon the Closing, the Remaining Debt
Balance shall be deemed paid in full. Notwithstanding anything to the contrary
set forth in this Agreement, all amounts of the FINOVA Debt shall remain
outstanding and in full force and effect in accordance with the terms and
provisions of the Loan Agreement and Loan Instruments (as defined in the Loan
Agreement) until the Closing has occurred, at which time the FINOVA Debt shall
be restructured pursuant to the terms and provisions hereof.

         1.04. The Conversion Shares. As soon as the Company's certificate of
incorporation is amended and restated as provided for and pursuant to the terms
and provisions of Section 4.02(c) hereof, all outstanding shares of Convertible
Preferred Stock shall, without any further action by the Company or the holders
thereof, convert into shares of Common Stock as provided in the Certificate of
Designation. Any shares of Common Stock issuable or issued upon conversion of
the Convertible Preferred Stock are herein referred to as the "Conversion
Shares."

         1.05. Closing. The closing of the transactions described under this
Agreement (the "Contemplated Transactions") shall take place at the offices of
the Purchaser's counsel, Piper Rudnick LLP, 1251 Avenue of the Americas, 29th
Floor, New York, New York, at 10:00 a.m., New York time, on the third Business
Day following satisfaction of each party's conditions to closing as provided
herein, or at such time and place as the Purchaser and the Company may agree
(the "Closing"). At the Closing, the Company will deliver to the Purchaser a
certificate, registered in the Purchaser's name, for the number of shares of
Convertible Preferred Stock set forth in Section 1.02 and a warrant certificate,
registered in the Purchaser's name, for the number of Purchaser Warrants set
forth in Section 1.02.

                                       3
<PAGE>

                                  ARTICLE II.

                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

         The Company represents and warrants as follows:

         2.01. Organization and Standing of the Company. The Company is a duly
organized and validly existing corporation in good standing under the laws of
the State of Delaware and has all requisite corporate power and authority for
the ownership and operation of its properties and for the carrying on of its
business as now conducted and as now proposed to be conducted and to execute,
deliver and perform this Agreement and other instruments, agreements and
documents contemplated herein (together the this Agreement, the "Transaction
Documents"), and to carry out the Contemplated Transactions, to issue the
Convertible Preferred Stock and the Purchaser Warrants and, subject to the
provisions of Section 4.02, the Conversion Shares and Exercise Shares and to
perform its other obligations pursuant hereto and thereto. The Company is duly
licensed or qualified and in good standing as a foreign corporation authorized
to do business in all jurisdictions wherein the character of the property owned
or leased or the nature of the activities conducted by it makes such licensing
or qualification necessary, except where any such failure to qualify or be in
good standing would not have a Material Adverse Effect.

         2.02. Corporate Action. The Transaction Documents have been duly
authorized, executed and delivered by the Company and constitute the legal,
valid and binding obligations of the Company, enforceable against the Company in
accordance with their respective terms. The issuance, sale and delivery of the
Preferred Shares and the Purchaser Warrants and the issuance, subject to the
provisions of Section 4.02, and delivery of the Conversion Shares upon
conversion of the Convertible Preferred Stock and the issuance of the Exercise
Shares upon exercise of the Purchaser Warrants have been duly authorized by all
required corporate action on the part of the Company; the Shares, when issued
and paid for in accordance with the Transaction Documents, will be validly
issued, fully paid and nonassessable, with no personal liability attaching to
the ownership thereof and will be free and clear of all Encumbrances imposed by
or through the Company, except as expressly set forth in the Transaction
Documents; and the Conversion Shares and Exercise Shares have been duly reserved
for issuance upon conversion of the Convertible Preferred Stock or the exercise
of the Purchaser Warrants, as the case may be.

         2.03. Consents and Approvals. Except as set forth on Schedule 2.03, no
consent, approval, authorization, License, exemption of or filing or
registration with any court or Governmental Authority is or will be necessary
for, or in connection with, the execution and delivery by the Company of this
Agreement, for the offer, issue, sale, execution or delivery of the Convertible
Preferred Stock, the Purchaser Warrants, the Conversion Shares or the Exercise
Shares or for the performance by the Company of its obligations under the
Transaction Documents.

                                       4
<PAGE>

         2.04. Litigation. Except as disclosed in Schedule 2.04, there is no
litigation or governmental Proceeding or investigation pending or, to the
knowledge of the Company, threatened against the Company affecting any of its
properties or assets, or against any officer, Key Employee or the holder of more
than ten percent (10%) of the capital stock of the Company relating to the
Company or its business. Neither the Company nor, to the best knowledge of the
Company, any officer, Key Employee or holder of more than ten percent (10%) of
the capital stock of the Company is in default with respect to any Order which
such default could have a Material Adverse Effect either alone or in the
aggregate. There are no Proceedings pending or, to the Company's knowledge,
threatened against the Company which might have, either in any case or in the
aggregate, a Material Adverse Effect or which might call into question the
validity of any of the Transaction Documents, any of the Convertible Preferred
Stock or the Purchaser Warrants or any action taken or to be taken pursuant
hereto or thereto.

         2.05. Certain Agreements of Officers and Employees. Except as set forth
on Schedule 2.05, no officer, employee or consultant of the Company is, or, to
the Company's knowledge, is now anticipated to be, in violation of any material
term of any employment contract, patent disclosure agreement, proprietary
information agreement, noncompetition agreement, nonsolicitation agreement,
confidentiality agreement or any other similar contract or agreement or any
restrictive covenant relating to the right of any such officer, employee or
consultant to be employed or engaged by the Company because of the nature of the
business conducted or to be conducted by the Company or relating to the use of
trade secrets or proprietary information of others, and to the Company's best
knowledge and belief, the continued employment or engagement of the Company's
officers, employees or consultants does not subject the Company or Purchaser to
any liability with respect to any of the foregoing matters.

         2.06. Compliance with Other Instruments. Except as set forth on
Schedule 2.06A, the Company is in compliance in all respects with the terms and
provisions of this Agreement and of its Certificate of Incorporation and
By-laws, each as amended and/or restated to date, and in all respects with the
material terms and provisions of all Contracts and other instruments by which it
is bound or to which it or any of its properties or assets are subject. The
Company is in compliance with all Orders by which it is bound or to which it or
any of its properties or assets are subject the failure of which to comply with
would have a Material Adverse Effect. None of the execution and delivery of the
Transaction Documents, the issuance of the Convertible Preferred Stock, Purchase
Warrants, the Conversion Shares or Exercise Shares, or the consummation or
performance of any of the Contemplated Transactions, has constituted or resulted
in or will constitute or result in a Contravention of or a trigger of any
"change of control" or other right of any Person under or require any consent,
waiver, release or approval under or with respect to any term or provision of
any of the foregoing Contracts and Orders.

         A schedule of Indebtedness of the Company as of April 30, 2002
(including lease obligations required to be capitalized in accordance with
applicable Statements of Financial Accounting Standards) is attached as Schedule
2.06B.

         2.07. Title to Assets. Except for liens granted to FINOVA, the Company
owns its property and assets free and clear of Encumbrances, except liens for
current taxes and assessments not yet due. With respect to the property and
assets it leases, the Company is in compliance with such leases and, to its
knowledge, holds a valid leasehold interest free of Encumbrances. Except for
obsolete equipment which has been written off for financial statement purposes,
the Company's properties and assets are in good condition and repair in all
material respects, normal wear and tear excepted.

                                       5
<PAGE>

         2.08. Financial Information.

               (a) Schedule 2.08A sets forth a true and complete list of each
report, schedule, registration statement and definitive proxy statement filed by
the Company with the SEC since January 1, 1999 (the "Company SEC Documents"),
including, without limitation, the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2001 (the "Company 10-K"). As of their respective
dates: (i) the Company SEC Documents complied in all material respects with the
requirements of the Securities Act or the Exchange Act, as the case may be, and
the rules and regulations of the SEC thereunder applicable to such Company SEC
Documents, and (ii) none of the Company SEC Documents contained any untrue
statement of a material fact or omitted to state a 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 materially misleading.

               (b) The financial statements of the Company included in the
Company SEC Documents complied as to form in all material respects with the
published rules and regulations of the SEC with respect thereto, were prepared
in accordance with GAAP applied on a consistent basis during the periods
involved (except as may be indicated in the notes thereto or, in the case of the
unaudited statements, as permitted by Rule 10-01 of Regulation S-X of the SEC)
and fairly present in accordance with applicable requirements of GAAP (subject,
in the case of the unaudited statements, to normal, recurring audit adjustments)
the consolidated financial position of the Company and its consolidated
Subsidiaries as at their respective dates and the consolidated results of
operations and the consolidated cash flows of the Company for the periods then
ended.

               (c) The Company has delivered to Purchaser correct and complete
copies of the audited consolidated balance sheets of the Company and its
consolidated Subsidiaries as at December 31, 2001, and the audited related
consolidated statements of operations, cash flows and changes in shareholders'
equity for the twelve-month period then ended and the notes thereto, together
with a report thereon by Wiss & Company LLP (the "Audited Financial
Statements"). The Audited Financial Statements: (i) are in accordance with the
books and records of the Company and its Subsidiaries; (ii) have been prepared
in accordance with GAAP applied on a consistent basis during the periods
involved (except as may be indicated in the notes thereto); and (iii) fairly
present in accordance with applicable requirements of GAAP the consolidated
balance sheets of the Company and its consolidated Subsidiaries as at their
respective dates and the consolidated statements of operations, cash flows and
changes in shareholders' equity for the period then ended.

               (d) The Company has delivered to Purchaser correct and complete
copies of the unaudited consolidated balance sheets of the Company and its
consolidated Subsidiaries and the unaudited related consolidated statements of
operations and cash flows for January, February and March, 2002.

                                       6
<PAGE>

               (e) Since December 31, 2001, neither the Company nor any of its
Subsidiaries has incurred any material obligations or liabilities of any kind
whatsoever, whether accrued, contingent, absolute, determined, determinable or
otherwise, other than: (i) liabilities provided for in the Audited Financial
Statements (or disclosed in the notes thereto); (ii) liabilities provided for in
the unaudited financial statements provided to Purchaser with respect to
January, February or March 2002 (or disclosed in the notes thereto); (iii)
liabilities incurred in the ordinary course of business consistent with past
practice since December 31, 2001, none of which were entered into for inadequate
consideration; (iv) liabilities under this Agreement; and (v) liabilities
disclosed on Schedule 2.08B hereto.

         2.09. Taxes.

               (a) The Company has filed (or has had filed on its behalf) on a
timely basis all Tax Returns as required by applicable Laws. Each such Tax
Return is accurate and complete in all material respects. All Taxes shown as due
and owing on all such Tax Returns have been paid. Except as set forth on
Schedule 2.09, the Company has not requested an extension of time within which
to file any Tax Return which has not since been filed.

               (b) No federal, state, local or foreign audits or other
Proceedings exist with regard to any Taxes or Tax Returns of the Company. The
Company has not received any written notice that an audit or other Proceeding is
pending or threatened with respect to any Taxes due from or with respect to the
Company or any Tax Return filed by or with respect to the Company. The Company
has not granted or been requested to grant any waiver of any statutes of
limitations applicable to any claim for Taxes. All Tax deficiencies that have
been claimed, proposed or asserted in writing against the Company have been
fully paid or finally settled, and no issue has been raised in writing in any
examination which, by application of similar principles, could be expected to
result in the proposal or assertion of a Tax deficiency for any other year not
so examined.

               (c) The Company does not have any liability for the Taxes of any
other Person under Treasury Regulation Section 1.1502-6 (or any similar
provision of state, local or foreign law) or any liability in respect of any
Taxes of any other Person as a transferee or successor, by contract or
otherwise.

               (d) All Taxes that the Company is required by law to withhold or
collect, including sales and use Taxes and amounts required to be withheld for
Taxes of employees, have been duly withheld or collected and, to the extent
required, have been paid over to the proper taxing authority or are held in
separate bank accounts for such purpose.

               (e) The Company is not, and has not been, a United States real
property holding corporation, as defined in Code Section 897(c)(2), during the
applicable period specified in Code Section 897(c)(1)(A)(ii). The Company is not
a "foreign person" as defined in Code Section 1445(f)(3).

                                       7
<PAGE>

               (f) There are no Encumbrances upon any of the Company's property
or assets arising from any failure or alleged failure to pay any Tax (other than
Encumbrances relating to Taxes not yet due and payable).

               (g) The Company is not a party to a partnership, joint venture or
other arrangement or contract that is treated as a partnership for federal
income tax purposes. None of the Company's property or assets constitutes
tax-exempt bond financed property or tax-exempt use property within the meaning
of Code Section 168. None of the Company's property or assets is subject to a
lease, safe harbor lease or other arrangement as result of which the Company is
not treated as the owner of such property or asset for federal income tax
purposes.

               (h) All material elections with respect to Taxes affecting any of
the Company's property or assets are listed in Schedule 2.09. There are no
outstanding rulings of, or requests for rulings with, any Tax authority
expressly addressed to the Company or any Affiliate of the Company that are, or
if issued would be, binding upon Purchaser for any Tax period or portion thereof
beginning after the date of the Closing.

               (i) The Company has not made or become obligated to make, and
neither the Company nor Purchaser will as a result of any Contemplated
Transaction become obligated to make, any payments that could be nondeductible
by reason of Section 280G (without regard to subsection (b)(4) thereof) or
162(m) of the Code, nor will the Company or Purchaser be required to "gross up"
or otherwise compensate any individual because of the imposition of any excise
tax on such a payment to the individual.

         2.10. ERISA.

               (a) Schedule 2.10 sets forth a complete and correct list of all
"employee benefit plans", as defined in Section 3(3) of ERISA, and all plans,
programs, policies, arrangements or agreements with respect to employment,
termination, severance pay, vacation pay, company awards, salary continuation,
disability, sick leave, retirement, deferred compensation, bonus or other
incentive compensation, stock purchase, stock option or other equity-based
compensation, hospitalization, medical insurance, life insurance, educational
assistance, arrangements or other employee benefit arrangements (whether written
or oral) covering employees or former employees of the Company, or with respect
to which the Company has any material obligation or material liability ("Benefit
Plans").

               (b) Where applicable, true, correct and complete copies of the
following documents, with respect to each of the Benefit Plans, have been
provided to or otherwise made available for review by Purchaser: (i) any plans
and related trust documents, including all amendments thereto, (ii) the three
most recent annual reports (Forms 5500) and schedules thereto, (iii) the most
recent financial statements and actuarial valuations, if any, (iv) the most
recent IRS determination letter, (v) the most recent summary plan descriptions,
and (vi) the premium expenses and claims experience for each Benefit Plan which
is a welfare benefit plan for the period from January 1, 1997 to the last day of
the month preceding the date hereof.

                                       8
<PAGE>

               (c) Except as set forth on Schedule 2.10, each of the Benefit
Plans intended to qualify under Section 401 of the Code has been so qualified
within the requirements of the Code since its inception and has received a
favorable determination letter from the IRS as to such qualified status, and, to
the knowledge of the Company, nothing has occurred with respect to the operation
of any such plan which could reasonably be expected to cause on or after the
date hereof the loss of such qualification or the imposition of any material
liability, penalty or tax under ERISA or the Code.

               (d) Except as set forth on Schedule 2.10, each of the Benefit
Plans has been administered in all material respects in accordance with its
terms and has been maintained in material compliance, in form and operation,
with all applicable laws, including, without limitation, ERISA and the Code.
Neither the Company nor, to the Company's knowledge, any "party in interest" or
"disqualified person" with respect to the Benefit Plans has engaged in a
non-exempt prohibited transaction within the meaning of Section 4975 of the Code
or Section 406 of ERISA during the six year period preceding the date hereof.

               (e) All contributions and premiums required to be made by law or
by the terms of any Benefit Plan or any agreement relating thereto have been
timely made, and no accumulated funding deficiency (as defined in Section 412 of
the Code) exists with respect to any of the Benefit Plans subject to Section 412
of the Code. With respect to the Benefit Plans, individually and in the
aggregate, there are no funded benefit obligations for which contributions are
due and have not been made or for which contributions have not been properly
accrued as required by GAAP, and there are no unfunded benefit obligations which
have not been (i) accounted for by reserves (if required by GAAP) or (ii) if
required (and to the extent required, if any), properly disclosed in accordance
with GAAP, in the Balance Sheet.

               (f) The Company does not currently maintain, sponsor, or
contribute to (nor is it required to contribute to) any "defined benefit plan"
as defined in Section 3(35) of ERISA, any "multiemployer plan" as defined in
Section 3(37) of ERISA or any "multiple employer plan" within the meaning of
Sections 4063 or 4064 of ERISA. With respect to any "employee benefit plan" (as
defined in Section 3(3) of ERISA), or any similar plan maintained outside of the
United States, whether or not terminated, currently or formerly maintained or
contributed to by the Company or any entity which was at any time treated by the
Company as a single employer, determined under Section 414(b), (c), (m) or (o)
of the Code, with the Company, no material liability currently exists (other
than routine benefit claims which in the aggregate are not material) and no
event has occurred and no condition exists, which could subject the Company or
Purchaser directly or indirectly (through an indemnification agreement or
otherwise) to any material liability (other than routine benefit claims which in
the aggregate are not material), including without limitation, any liability
under Title IV of ERISA, including without limitation Sections 4064, 4069 or
4204 of ERISA, or Section 412, 4971, 4975 or 4980B of the Code. The Company has
not engaged in, and is not a successor or parent corporation to an entity that
has engaged in, a transaction described in Section 4069 of ERISA.

               (g) As of the date hereof, there are no pending Proceedings
instituted or claims asserted against any of the Benefit Plans, the assets of
any such plans or the Company, or the plan administrator or any fiduciary of the
Benefit Plans with respect to the operation of such plans (other than routine
benefit claims), and, to the knowledge of the Company, there are no facts or
circumstances which are reasonably likely to form the basis for any such
Proceeding or claims.

                                       9
<PAGE>

               (h) Neither the execution and delivery of this Agreement nor the
consummation of the transactions contemplated hereby will: (i) result in any
payment becoming due to or increase any compensation of any current or former
director, officer or employee of the Company, (ii) increase any benefits
otherwise payable under any Benefit Plan except where expressly indicated in the
Benefit Plan or required by Law, or (iii) result in the acceleration of the time
of payment or vesting of any such compensation or benefits except where
expressly indicated in the Benefit Plan or required by Law.

               (i) The Company does not provide, and is not obligated to
provide, medical, hospital, dental, life or other similar benefits to any
current or former employee as a Benefit Plan participant after his or her
termination of employment with the Company, except as may be required under
Section 4980B of the Code and Part 6 of Subtitle B of Title I of ERISA.

               (j) Except as set forth on Schedule 2.10, there is no Contract,
plan or arrangement, covering any employee of the Company that, individually or
collectively, could give rise to the payment of any amount that would not be
deductible by virtue of Section 280G of the Code.

         2.11. Licenses; FCC Matters.

               (a) Schedule 2.11 contains a complete and accurate list of each
License held by the Company, including licenses issued by the FCC (the "FCC
Licenses" and, together with other Licenses, the "ACI Licenses") or otherwise
relates to the business of, or to any of the assets owned or used by, the
Company. The Company has all Licenses necessary for the conduct of its business
as presently being conducted, and the Company believes it can obtain, without
undue burden or expense, any License or similar authority for the conduct of its
business as planned to be conducted. The Company is not in default under any of
such Licenses or other similar authority.

               (b) The FCC Licenses were issued in the normal course in the name
of the Company, are in full force and effect, and have not been revoked,
suspended, canceled, rescinded or terminated and have not expired. There is not
pending any action by or before the FCC to revoke, suspend, cancel, rescind or
materially adversely modify any of the FCC Licenses. The ACI Licenses have not
been, and are not, impaired by any acts or omissions of the Company (or any of
its representatives or Affiliates) nor is the Company aware of any facts,
circumstances, acts or omissions which could reasonably be anticipated to have a
material adverse impact on Purchaser's ability to make use of the ACI Licenses,
individually or in the aggregate. The FCC Licenses are free and clear of any
restrictions, other than restrictions of general applicability imposed by the
FCC or other Governmental Authority. The Company has provided to Purchaser a
true and correct copy of each of the ACI Licenses and all material
correspondence with the FCC related to each of the FCC Licenses.

                                       10
<PAGE>

               (c) Except as set forth in Schedule 2.11, the Company is in
compliance in all material respects with FCC Law. No event has occurred which
(i) results in, or after notice or lapse of time or both would result in,
revocation, suspension, adverse modification, non-renewal, impairment,
restriction or termination of, or order of forfeiture with respect to, any of
the FCC Licenses or (ii) adversely affects or could reasonably be expected in
the future to adversely affect any of the rights of the Company under any of the
FCC Licenses, other than legislation or rulemaking of general applicability. The
Company has duly filed in a timely manner all fees, filings, reports,
applications, documents, instruments and information required to be filed by it
under FCC Law, and all such filings are true, correct and complete in all
material respects.

         2.12. Transactions with Affiliates. Except as set forth in Schedule
2.12, there are no material loans, leases, royalty agreements or other
continuing transactions between (a) the Company or any of its customers or
suppliers on the one hand, and (b) any officer, employee, consultant or director
of the Company or any Person owning five percent (5%) or more of the capital
stock of the Company or any member of the immediate family of such officer,
employee, consultant, director or stockholder or any corporation or other entity
controlled by such officer, employee, consultant, director or stockholder, or a
member of the immediate family of such officer, employee, consultant, director
or stockholder on the other.

         2.13. Investments in Other Persons; Subsidiaries. Except as set forth
in Schedule 2.13, the Company has not made any loans or advances to any Person
which is outstanding on the date of this Agreement in excess of $10,000 in the
aggregate, nor is it committed or obligated to make any such loan or advance,
nor has or does the Company own any capital stock, assets comprising the
business of, obligations of or any interest in, any Person. Except as set forth
on Schedule 2.13, the Company has no Subsidiaries.

         2.14. Real Property. The Company does not own any real property. The
real property described on Schedule 2.14 (together with all improvements and
fixtures thereon and all easements, rights of way and other appurtenances
thereto, the "Real Property") constitutes all real property leased by the
Company. The Company has delivered to Purchaser true and correct copies of all
certificates of occupancy and building permits in the possession of the Company
for the improvements located on the Real Property described on Schedule 2.14.
Except as set forth on Schedule 2.14, with respect to the leased premises
constituting the Real Property:

               (a) there are no pending or, to the knowledge of the Company,
threatened condemnation or expropriation proceedings, lawsuits or administrative
actions relating to the premises or other legal matters affecting adversely the
current use, occupancy or value thereof;

               (b) there are no leases, subleases, licenses, concessions or
other agreements, written or oral, granting to any party or parties (other than
the Company) the right of use or occupancy of any portion of the premises or any
other interest therein;

               (c) there are no parties in possession of the premises, other
than tenants under any leases or subleases disclosed on Schedule 2.14, who are
in possession of space to which they are entitled;

                                       11
<PAGE>

               (d) there are no material improvements necessary to use the
premises for their intended purpose; and

               (e) neither the execution and delivery of the Transaction
Documents nor the issuance of the Convertible Preferred Stock, the Purchaser
Warrants, the Conversion Shares or Exercise Shares, nor the consummation or
performance of any of the Contemplated Transactions, has constituted or resulted
in or will constitute or result in a Contravention of or a trigger of any
"change of control" or other right of any Person under or require any consent,
waiver, release or approval under or with respect to any term or provision of
any of the leases, subleases, licenses, concessions or other agreements, written
or oral, relating to the Real Property.

         2.15. [Intentionally Omitted].

         2.16. Intellectual Property.

               (a) The Company owns or has the right to use pursuant to a valid
Contract all Intellectual Property that is material to the business of the
Company. Each material item of Intellectual Property owned or used or held for
use by the Company to conduct the business of the Company as of the date of this
Agreement will be owned or available for use by the Company on substantially
identical terms immediately subsequent to the Closing. The Company has taken all
necessary and desirable actions within its control to maintain and protect each
item of Intellectual Property that it owns or uses or holds for use to conduct
the business of the Company.

               (b) The Company has not interfered with, infringed upon,
misappropriated or otherwise Contravened any intellectual property rights of
third parties, and the Company has not received any notice or other
communication (whether oral or written) regarding any actual, alleged or
potential such interference, infringement, misappropriation or Contravention. No
event has occurred or circumstance exists that may (with or without notice or
lapse of time) constitute or result, nor will the continued operation by
Purchaser of the business of the Company after the Closing as presently
conducted or as presently proposed to be conducted constitute or result,
directly or indirectly, in any such interference, infringement, misappropriation
or Contravention. To the Company's knowledge, no third party has interfered
with, infringed upon, misappropriated or otherwise Contravened any Intellectual
Property rights relating to the business of the Company.

               (c) Schedule 2.16 identifies each issued patent and each
registered trademark, service mark and copyright owned by the Company and
identifies each pending patent application or application for registration that
has been made with respect to any Intellectual Property owned by the Company.
The Company has delivered to Purchaser true and complete copies of all such
patents, registrations and applications, each as amended to date, and has made
available to Purchaser true and complete copies of all other written
documentation evidencing ownership and prosecution of each such item (a complete
list of licenses and registrations of such Intellectual Property is attached
hereto as Schedule 2.16). With respect to each item of Intellectual Property
required to be identified in Schedule 2.16:

                                       12
<PAGE>

                   (i) The Company possesses all right, title and interest in
and to the item, free and clear of any Encumbrances;

                   (ii) The item is not subject to any outstanding Order;

                   (iii) No Proceeding is pending or, to the Company's
knowledge, threatened, which challenges the legality, validity, enforceability,
use or ownership of the item, and no event has occurred or circumstance exists
that may give rise to such a challenge;

                   (iv) The Company has not agreed to indemnify any Person for
or against any interference, infringement, misappropriation or other
Contravention with respect to the item; and

                   (v) The item is not subject to any maintenance or renewal
fees or taxes or actions falling due within ninety (90) days after the date
hereof.

               (d) With respect to each Contract required to be identified on
Schedule 2.23 pursuant to Section 2.23(iii) and pursuant to which the Company
uses Intellectual Property owned by a third party:

                   (i) The underlying item of Intellectual Property is not
subject to any Order;

                   (ii) No Proceeding is pending or, to the Company's knowledge,
threatened, which challenges the legality, validity, enforceability, use or
ownership of the underlying item of Intellectual Property, and no event has
occurred or circumstance exists that may give rise to such a challenge; and

                   (iii) The Company has not granted any sublicense or similar
right with respect to any such Contracts.

               (e) All fees due to maintain the Company's rights in the
Proprietary Rights, including, without limitation, patent and trademark
registration and prosecution fees and all professional fees in connection
therewith, which have been presented for payment, have been paid by the Company
or will be paid by the Company before the date of the Closing. Notwithstanding
the foregoing, the Company intends to terminate trademarks which are no longer
used in connection with the business of the Company.

               (f) All disclosures of the Company's trade secrets to third
parties have been pursuant to non-disclosure agreements pursuant to which the
confidentiality and use of such information has been protected. The Company has
taken all reasonable measures and precautions to maintain the secrecy and
confidentiality of the Proprietary Rights used or proposed to be used in the
conduct of the business of the Company, the value of which to the Company is
contingent upon maintenance of the confidentiality thereof.

                                       13
<PAGE>

               (g) The Company has secured valid and binding written assignments
from all persons who, in any capacity (including current and former consultants,
independent contractors, directors, officers and employees) contributed to the
creation or development of Proprietary Rights of all right, title and interest
to such contributions that the Company does not already own by operation of law.
No current or former employee, officer, director, shareholder, consultant or
independent contractor of or to the Company has any right, claim or interest in
or with respect to any Proprietary Right.

               (h) Each current and former employee and officer of and
consultant and independent contractor to the Company has executed a written
confidentiality agreement and a written assignment of inventions agreement that
assign to the Company all rights to any inventions, improvements, discoveries or
information relating to the business of the Company except where the failure to
do so would have a Material Adverse Effect. To the knowledge of the Company, no
employee, consultant or contractor of the Company is in violation of any term of
any employment contract, proprietary information agreement, inventions
agreement, noncompetition agreement, consulting agreement or any other Contract
relating to the relationship of any such employee with the Company or any
previous employer. To the knowledge of the Company, no employee of the Company
has entered into any Contract that restricts or limits in any way the scope or
type of work in which the employee may be engaged to anyone other than the
Company or requires the employee to transfer, assign or disclose information
concerning his work to anyone other than the Company.

               (i) No internally developed product, system, program or software
module designed, developed, sold, licensed or otherwise made available by the
Company to any Person, and to the knowledge of the Company, no third-party
product, system, program or software module sold, licensed or otherwise made
available by the Company to any Person, contains any "back door," "time bomb,"
"Trojan horse," "worm," "drop dead device," "virus" (or other software routine
or hardware component designed to permit unauthorized access) or to disable or
erase software, hardware or data without the consent of the user, except there
may be software that restricts unauthorized access.

         2.17. Capitalization; Status of Capital Stock. As of the date hereof,
the Company has a total authorized capitalization as set forth on Schedule
2.17A. A complete and accurate list of the Existing Preferred Stock which has
been previously issued and the names (and last known address) in which such
Existing Preferred Stock is registered is set forth on Schedule 2.17B. All the
outstanding shares of capital stock of the Company have been duly authorized,
and are validly issued, fully paid and non-assessable. Except as set forth on
Schedule 2.17A, no options, warrants, conversion rights, subscriptions or
purchase rights of any nature to acquire from the Company, or commitments of the
Company to issue, shares of capital stock or other securities are authorized,
issued or outstanding, nor is the Company obligated in any other manner to issue
shares or rights to acquire any of its capital stock or other securities, other
than its obligations in connection with the Contemplated Transactions. A
complete and accurate list of all options which are outstanding as of the date
hereof, the number of shares of Common Stock for which such options are
exercisable, the exercise price of the option, the dates on which such options
become exercisable and the identity and last known address of the option is set
forth on Schedule 2.17C. None of the Company's outstanding securities or
authorized capital stock or the Existing Preferred Stock is subject to any
rights of redemption, repurchase, rights of first refusal, preemptive rights or
other similar rights, whether contractual, statutory or otherwise, for the
benefit of the Company, any stockholder or any other Person. Except as set forth
on Schedule 2.17D, there are no restrictions on the transfer of shares of
capital stock of the Company other than those imposed by relevant federal and
state securities laws and as otherwise contemplated by this Agreement. There are
no agreements, understandings, trusts or other collaborative arrangements or
understandings concerning the voting or transfer of the capital stock of the
Company to which the Company is a party or of which the Company is otherwise
aware. The offer and sale of all capital stock and other securities of the
Company issued before the Closing complied with or were exempt from all
applicable federal and state securities laws and no stockholder has a right of
rescission or damages with respect thereto. The Company does not have
outstanding, and has no obligation to grant or issue, any "phantom stock" or
other right measured by the profits, revenues or results of operations of the
Company or any portion thereof; or any similar rights.

                                       14
<PAGE>

         2.18. Registration Rights. Except as set forth on Schedule 2.18, no
Person has demand or other rights to cause the Company to file any registration
statement under the Securities Act relating to any securities of the Company or
any "piggy-back" or other right to participate in any such registration
statement.

         2.19. Customers and Suppliers. Schedule 2.19 lists the names and
addresses of the 10 largest customers and the 10 largest suppliers (measured in
each case by dollar volume of purchases or sales during the year ended December
31, 2001) of the Company and the dollar amount of purchases or sales which each
such customer or supplier represented during the years ended December 31, 2001
and 2000 respectively. There exists no actual, and the Company has no knowledge
of any threatened, termination, cancellation or material limitation of, or any
material change in, the business relationship of the Company with any customer,
supplier, group of customers or group of suppliers listed on Schedule 2.19. No
customer of the Company has any right to any credit or refund for products sold
or services rendered or to be rendered by the Company pursuant to any Contract,
understanding or practice of the Company other than pursuant to the normal
course policies of the Company described in Schedule 2.19.

         2.20. Insurance. The Company maintains insurance covering the Company's
properties, business and operations including but not limited to Directors and
Officer's insurance, adequate and customary for the type and scope of the
properties, assets and business, and similar to companies of comparable size and
condition similarly situated in the same industry in which the Company operates,
but in any event in amounts sufficient to prevent the Company from becoming a
co-insurer or self-insurer, with provision for reasonable deductibles. The
Company has previously provided Purchaser with and delivered to Purchaser a
complete and accurate list of all insurance policies covering the Company's
properties, business and operations, and, with respect to each such policy,
setting forth: (a) a brief description of coverage, (b) the name and address of
the insurer and broker, (c) the policy number, (d) the applicable deductible and
(e) the limits of coverage.

         2.21. Books and Records. The books of account, ledgers, order books,
minutebooks, records and documents of the Company, all of which have been made
available to Purchaser, have been maintained in accordance with sound business
practices (including the maintenance of an adequate system of internal
controls), and accurately and completely reflect all material information
relating to the business of the Company, the location and collection of its
assets, and the nature of all transactions giving rise to the obligations or
accounts receivable of the Company. Each transaction of the Company is properly
and accurately recorded on the books and records of the Company, and each
document (including any Contract, invoice or receipt) on which entries in the
Company's books and records are based is accurate and complete in all material
respects. The minute books of the Company contain accurate and complete records
of all meetings held of, and corporate action taken by, the Company's
stockholders, directors and directors' committees, and no such meeting has been
held for which minutes have not been prepared and are not contained in such
minute books.

                                       15
<PAGE>

         2.22. Accounting Controls. To the knowledge of the Company, the Company
has not made, and does not have, any unlawful payment problems of the type that
could reasonably be expected to have a material adverse effect on the business,
assets, liabilities, Intellectual Property, operations or financial condition of
the Company. The Company maintains a system of internal accounting controls
adequate to insure that the Company maintains no off-the-books accounts and that
the Company's assets are used only in accordance with the Company's management
directives.

         2.23. Material Agreements. Except as set forth in Schedule 2.23, the
Company is not a party to any Contract, plan or arrangement, in each case: (i)
having a term of more than one year from the date hereof; (ii) involving the
payment, receipt or expenditure of more than $25,000; (iii) involving or
relating to Intellectual Property; (iv) not entered into in the ordinary course
of business; or (v) which could adversely affect the business, assets,
liabilities, Intellectual Property, financial condition or operations of the
Company. The Company, and to the best of the Company's knowledge, each other
party thereto have in all material respects performed all the obligations
required to be performed by them to date, have received no notice of default and
are not in default under any Contract now in effect to which the Company is a
party or by which it or its property may be bound, the result of which could
cause a material adverse change in the business, assets, liabilities,
Intellectual Property, operations or financial condition of the Company. Except
as set forth in Schedule 2.23, each of the Contracts listed in Schedule 2.23 is
valid and enforceable in accordance with its terms and in full force and effect
with no default, anticipated or threatened default or failure of performance or
observance of any obligations or conditions contained therein, and none of the
foregoing parties nor the Company has provided any notice of default or of its
intention to terminate these agreements.

         2.24. Absence of Certain Developments. Except as provided in Schedule
2.24, since December 31, 2001, the Company has not:

               (a) issued any stock, bonds or other corporate securities or any
rights, options or warrants with respect thereto;

               (b) borrowed any amount or incurred or become subject to any
liabilities (absolute or contingent) except current liabilities incurred in the
ordinary course of business which are comparable in nature and amount to the
current liabilities incurred in the ordinary course of business during the
comparable portion of its prior fiscal year, as adjusted to reflect the current
nature and volume of the Company's business;

                                       16
<PAGE>

               (c) discharged or satisfied any Encumbrance or paid any
obligation or liability (absolute or contingent), other than current liabilities
paid in the ordinary course of business;

               (d) declared or made any payment or distribution of cash or other
property to stockholders with respect to its stock, or purchased or redeemed, or
made any agreements so to purchase or redeem, any shares of its capital stock;

               (e) mortgaged or pledged any of its assets, tangible or
intangible, or subjected them to any Encumbrance, except liens for current
property taxes not yet due and payable;

               (f) sold, assigned or transferred any other tangible assets, or
canceled any debts or claims, except in the ordinary course of business;

               (g) sold, assigned or transferred any patents, patent rights,
trademarks, trade names, copyrights, trade secrets or other intangible assets or
intellectual property rights, or disclosed any proprietary confidential
information to any persons except to potential customers, investors or corporate
or academic partners or collaborators in the ordinary course of business;

               (h) suffered any substantial losses (other than losses from
operations for financial reporting purposes) or waived any rights of material
value, whether or not in the ordinary course of business, or suffered the loss
of any material amount of prospective business;

               (i) made any changes in employee compensation except in the
ordinary course of business and consistent with past practices;

               (j) made capital expenditures or commitments therefor that
aggregate in excess of $25,000;

               (k) entered into any other transaction other than in the ordinary
course of business, or entered into any other material transaction, whether or
not in the ordinary course of business;

               (l) made charitable contributions or pledges in excess of $5,000;

               (m) suffered any material damage, destruction or casualty loss,
whether or not covered by insurance;

               (n) experienced any problems with labor or management in
connection with the terms and conditions of their employment; or

               (o) effected any two or more events of the foregoing kind which
in the aggregate would be material to the Company.

                                       17
<PAGE>

         2.25. Labor Relations; Employment Law Compliance; Employees.

               (a) The Company has complied in all material respects with all
Laws relating to employment practices, terms and conditions of employment, equal
employment opportunity, nondiscrimination, immigration, wages, hours, benefits,
collective bargaining and plant closing. The Company is not liable for the
payment of any fines, penalties or other amounts, however designated, for
failure to comply with any of the foregoing Laws.

               (b) The Company has not been, and is not now, a party to any
collective bargaining agreement or other labor contract. No application or
petition is pending for an election of or for certification of a collective
bargaining agent representing the Company's employees.

               (c) Since January 1, 1999, there has not been, there is not
presently pending or existing, and to the Company's knowledge there is not
threatened, any strike, slowdown, picketing, employee grievance process or other
work stoppage or labor dispute involving the Company or its facilities. No event
has occurred or circumstance exists that may provide the basis for any such work
stoppage or labor dispute. There is no lockout of any employees by the Company,
and the Company contemplates no such action.

               (d) There is not pending or, to the Company's knowledge,
threatened any Proceeding against or affecting the Company relating to the
alleged violation of any Law pertaining to labor relations or employment
matters. No grievance or arbitration Proceeding exists that might have an
adverse effect upon the Company or the conduct of its business. There has been
no charge of discrimination filed against or, to the Company's knowledge,
threatened against the Company with the Equal Employment Opportunity Commission
or similar Governmental Authority.

               (e) Schedule 2.25 contains an accurate and complete list of the
following information for each director, officer, active employee, employee on
layoff status or long-term disability leave, independent contractor, consultant
and agent of the Company: name, job title, date of hiring or engagement, date of
commencement, current compensation paid or payable and any change in
compensation since January 1, 2002, sick and vacation leave that is accrued but
unused, and service credited for purposes of vesting and eligibility to
participate under any the Benefit Plan.

         2.26. Environmental, Health And Safety Matters.

               (a) The Company is, and at all times has been, in full compliance
with, and has not been and is not in Contravention of or liable under, any
Environmental Law or Occupational Safety and Health Law. The Company does not
have any basis to expect, nor has the Company or any other Person for whose
conduct it is or may be held responsible received, any actual or threatened
Order, notice or other communication from (i) any Governmental Authority or
other Person acting in the public interest, or (ii) the current or prior owner
or operator of any facility of the Company, of any actual or potential violation
or failure to comply with any Environmental Law, or of any actual or threatened
obligation to undertake or bear the cost of any Environmental, Health and Safety
Liabilities with respect to any facility of the Company or other property or
asset (whether real, personal or mixed) in which the Company has had an
interest, or with respect to any property or facility of the Company at or to
which Hazardous Materials were generated, manufactured, refined, transferred,
imported, used or processed by the Company or any other Person for whose conduct
it is or may be held responsible, or from which Hazardous Materials have been
transported, treated, stored, handled, transferred, disposed, recycled or
received.

                                       18
<PAGE>

               (b) There are no pending or, to the Company's knowledge,
threatened, claims, Encumbrances or other restrictions of any nature, resulting
from any Environmental, Health and Safety Liabilities or arising under any
Environmental Law or Occupational Safety and Health Law, with respect to or
affecting any of the Company's facilities or any other properties and assets
(whether real, personal or mixed) in which the Company has or had an interest.

               (c) The Company has no basis to expect, nor has it or any other
Person for whose conduct it is or may be held responsible, received, any
citation, directive, inquiry, notice, Order, summons, warning or other
communication (i) that relates to Hazardous Activity, Hazardous Materials or any
actual, alleged or potential Contravention of or failure to comply with any
Environmental Law or Occupational Safety and Health Law, or (ii) of any actual,
alleged or potential obligation to undertake or bear the cost of any
Environmental, Health and Safety Liabilities with respect to any facility of the
Company or other property or asset (whether real, personal or mixed) in which
the Company had an interest, or with respect to any property or facility to or
by which Hazardous Materials generated, manufactured, refined, transferred,
imported, used or processed by the Company or any other Person for whose conduct
it is or may be held responsible, have been transported, treated, stored,
handled, transferred, disposed, recycled or received.

               (d) Neither the Company nor any other Person for whose conduct it
is or may be held responsible has any Environmental, Health and Safety
Liabilities with respect to any facility of the Company or with respect to any
other property or asset (whether real, personal or mixed) in which the Company
(or any predecessor), has or had an interest, or at any property geologically or
hydrogeologically adjoining any facility of the Company or any such other
property or asset.

               (e) The Company has delivered to Purchaser true and complete
copies of any reports, studies, analyses, tests or monitoring results possessed
or initiated by the Company pertaining to Hazardous Materials or Hazardous
Activities in, on or under any of the Company's facilities, or concerning
compliance by the Company, or any other Person for whose conduct they are or may
be held responsible, with Environmental Laws.

         2.27. Compliance with Laws. Except as set forth on Schedule 2.27, the
Company is not in Contravention in any material respect of any Order or Law
except where such Contravention would not have a Material Adverse Effect. Except
as set forth on Schedule 2.27, the Company has not received from any
Governmental Authority any written notification with respect to possible
Contraventions of Laws.

                                       19
<PAGE>

         2.28. Securities Act of 1933. The Company has complied and will comply
with all applicable federal and state securities laws in connection with the
offer, issuance and sale of the Convertible Preferred Stock, Purchaser Warrants
and the Conversion Shares and Exercise Shares thereunder. Neither the Company
nor anyone acting on its behalf has or will sell, offer to sell or solicit
offers to buy any such security or similar securities to, or solicit offers with
respect thereto from, or enter into any preliminary conversations or
negotiations relating thereto with, any Person, so as to bring the issuance and
sale of the Convertible Preferred Stock or the Purchaser Warrants under the
registration provisions of the Securities Act and applicable state securities
laws.

         2.29. Brokers or Finders. Schedule 2.29 sets forth the identity of any
Person who has or will have, as a result of the transactions contemplated by
this Agreement, any right, interest or valid claim against or upon the Company
for any commission, fee or other compensation as a finder or broker because of
any act or omission by the Company or its respective agents and the amount of
such commission, fee or other compensation.

         2.30. Disclosure. Neither the Transaction Documents, the Company SEC
Documents, nor any other agreement, document, certificate or statement, whether
oral or written, furnished to any of the Purchaser or its counsel by or on
behalf of the Company in connection with the transactions contemplated hereby
contains any untrue statement of a material fact or omits to state a material
fact necessary in order to make the statements contained herein or therein, in
light of the circumstances in which made, not misleading. There is no fact
within the knowledge of the Company or any of its executive officers which has
not been disclosed herein or in writing by them to the Purchaser and which
materially adversely affects, or in the future in their opinion may, insofar as
they can now foresee, materially adversely affect the business, operations,
properties, Intellectual Property, assets or condition, financial or otherwise,
of the Company. Without limiting the foregoing, the Company has no knowledge
that there exists, or there is pending or planned, any patent, invention,
device, application or principle or any statute, rule, law, regulation, standard
or code which would materially adversely affect the business, operations,
Intellectual Property, affairs or financial condition of the Company.

                                  ARTICLE III.

             REPRESENTATIONS AND WARRANTIES OF PURCHASER AND FINOVA

         The Purchaser and FINOVA, jointly and severally, make the following
representations and warranties to the Company:

         3.01. Authority; Authorization. Purchaser is a limited liability
company duly organized and validly existing under the laws of the State of
Delaware. FINOVA is a corporation duly organized and is validly existing under
the laws of the state of Delaware. Each of Purchaser and FINOVA has all
requisite power and authority to execute, deliver and perform the Transaction
Documents to which it is a party and to consummate the Contemplated
Transactions. The execution, delivery and performance of this Agreement by
Purchaser and the consummation of the Contemplated Transactions has been duly
and validly authorized by all necessary limited liability company and corporate
action, as the case may be. This Agreement has been duly and validly executed
and delivered by each of Purchaser and FINOVA and constitutes the valid and
binding obligation of each of Purchaser and FINOVA, enforceable in accordance
with its terms.

                                       20
<PAGE>

         3.02. Investment Representations. It is such Purchaser's present
intention to acquire the Shares to be acquired by it for its own account and the
Shares are being and will be acquired by it for the purpose of investment and
not with a view to distribution or resale thereof except pursuant to
registration under the Securities Act or exemption therefrom. Purchaser
understands and agrees that, until registered under the Securities Act or
transferred pursuant to the provisions of Rule 144 or Rule 144A as promulgated
by the SEC, all certificates evidencing any of the Shares, whether upon initial
issuance or upon any transfer thereof, shall bear a legend, prominently stamped
or printed thereon, reading substantially as follows:

                  "The securities represented by this certificate have not been
                  registered under the Securities Act of 1933 or applicable
                  state securities laws. These securities may not be sold, in
                  the absence of an effective registration statement covering
                  such shares under the Securities Act of 1933 and any
                  applicable state securities laws, or the availability of an
                  exemption from registration thereunder."

         3.03. Access to Information. Purchaser during the course of this
transaction, and prior to the purchase of any Shares, has had the opportunity to
ask questions of and receive answers from management of the Company concerning
the terms and conditions of the offering of the Shares and the additional
information, documents, records and books relative to its business, assets,
financial condition, results of operations and liabilities (contingent or
otherwise) of the Company.

         3.04. Sophistication and Knowledge. Purchaser has such knowledge and
experience in financial and business matters that it is capable of evaluating
the merits and risks of the purchase of the Shares, and Purchaser can bear the
economic risks of investment in the Shares and can afford a complete loss of its
investment.

         3.05. Transfer Restrictions Imposed by Securities Laws. Purchaser
understands that the Shares have not been registered under the Securities Act
and applicable state securities laws, and, therefore, cannot be resold unless
they are subsequently registered under the Securities Act and applicable state
securities laws or unless an exemption from such registration is available.
Purchaser shall not resell or otherwise dispose of all or any part of the Shares
purchased by Purchaser, except as permitted by law, including, without
limitation, any regulations under the Securities Act and applicable state
securities laws. Except as provided in the Investors Rights Agreement in the
form attached hereto as Exhibit C (the "Investor Rights Agreement"), Purchaser
understands that the Company does not have any present intention and is under no
obligation to register the Shares under the Securities Act and applicable state
securities laws, and Purchaser understands that Rule 144 or Rule 144A under the
Securities Act may not be available as a basis for exemption from registration
of the Shares thereunder.

                                       21
<PAGE>

         3.06. Accredited Investor Status. Purchaser is an "accredited investor"
as that term is defined in Rule 501 of Regulation D promulgated under the
Securities Act.

         3.07. Brokers or Finders. No Person has or will have, as a result of
the transactions contemplated by this Agreement, any right, interest or valid
claim against or upon the Company for any commission, fee or other compensation
as a finder or broker because of any act or omission by Purchaser or its
respective agents.

                                  ARTICLE IV.

                     COVENANTS OF THE COMPANY AND PURCHASER

         4.01. Pre-Closing Covenants.

               (a) Conduct of Business of the Company. Except as otherwise
contemplated by this Agreement or without the prior written consent of
Purchaser, from the date of this Agreement to the Closing, the Company shall
conduct its operations in the ordinary and usual course of business consistent
with past practice, and in connection therewith the Company shall use its best
efforts to preserve its business and the business organization of the Company
intact, keep available the services of the Company's officers and employees and
maintain satisfactory relationships with suppliers, customers, distributors,
licensors and others having business relationships with the Company (and in
connection therewith will pay payables and collect receivables in the ordinary
course consistent with past practice), and operate in accordance with FCC Law
and all other applicable laws, regulations, rules and orders. Without limiting
the generality of the foregoing, except as expressly contemplated by this
Agreement, the Company will not do any of the following, without the prior
written consent of Purchaser:

                   (i) amend its certificate of incorporation or By-laws;

                   (ii) declare or pay any dividend or make any other
distributions to its stockholders;

                   (iii) redeem or otherwise acquire, issue or sell any capital
stock or any right or option to purchase capital stock or amend any material
term of any such capital stock or right or option to purchase capital stock;

                   (iv) adopt, enter into, terminate or amend any Benefit Plan
or collective bargaining agreement that would increase the expense of
maintaining any Benefit Plan or collectively bargained agreement;

                   (v) make or grant to any executive officer, director or
employee any increase in compensation or benefits, except as may be required
under existing agreements disclosed to Purchaser, or grant, agree or otherwise
become obligated to pay (whether on the occurrence of any future event or
otherwise) any severance or termination pay to any officer, director or employee
of the Company;

                                       22
<PAGE>

                   (vi) create, incur, assume or guarantee any liabilities or
obligations other than in the ordinary course of business consistent with past
practice, or create, incur, assume or guarantee any Indebtedness;

                   (vii) enter into any agreement or arrangement with any
stockholder of the Company or any Affiliate thereof, or make any additional
advances to any such Person;

                   (viii) make any change in any accounting practice or policy
other than as required in accordance with GAAP;

                   (ix) acquire by merging or consolidating with, or by
purchasing a substantial portion of the assets of, or by any other manner, any
business or any corporation, partnership, association or other business
organization or division thereof, or otherwise acquire or agree to acquire any
assets (other than inventory and raw materials acquired in the ordinary course
of business consistent with past practice);

                   (x) sell, lease or otherwise dispose of any assets (other
than inventory or raw materials sold or otherwise disposed of in the ordinary
course of business in a manner consistent with past practice);

                   (xi) abandon, surrender, terminate or amend in any material
manner the terms of any approval, consent or waiver necessary to be obtained at
or prior to the Closing in connection with this Agreement or material Contract;

                   (xii) enter into any Contract or understanding which,
following the Closing, would require Purchaser to distribute any products or
services (other than the products or services currently being sold or offered by
the Company) through any Person, including, without limitation, any distributor
or dealer;

                   (xiii) enter into any Contract or any other arrangement or
understanding regarding, or waive or abandon any rights with respect to,
Intellectual Property; or

                   (xiv) agree to any of the foregoing.

               (b) Inspection. From the date of this Agreement to the Closing,
the Company shall permit authorized representatives of Purchaser to visit and
inspect any of the properties of the Company, including its books of account
(and to make copies thereof and take extracts therefrom), and to discuss its
affairs, finances and accounts with its officers, employees, independent
accountants, consultants and attorneys, all at such reasonable times and as
often as may be reasonably requested.

               (c) Insurance. From the date of this Agreement to the Closing,
the Company shall maintain such policies of Directors and Officers Liability
insurance as are acceptable to Purchaser from time to time.

                                       23
<PAGE>

               (d) Monthly Financial Statements. From the date of this Agreement
to the thirty (30) days after the end of each calendar month, the Company shall
deliver to Purchaser unaudited financial statements of the Company and its
consolidated Subsidiaries, consisting of balance sheets and related consolidated
statements of operations and cash flows setting forth in comparative form in
each case the figures for the previous calendar month of the Company and in
substantially the form of the financial statements contained in the Company SEC
Documents.

               (e) Amendment of Certificate of Incorporation. As soon as
practicable after the date hereof but prior to the date of the Closing, the
Company shall take all corporate action necessary to adopt an amended and
restated certificate of incorporation to authorize and reserve, free of
preemptive rights and other similar contractual rights of stockholders, a
sufficient number of shares of Common Stock in order to satisfy the rights of
(x) conversion of the holders of all shares of Preferred Stock which, by their
terms, are convertible into shares of Common Stock and (y) exercise of the
Warrants into shares of Common Stock (the "Amended and Restated Certificate of
Incorporation").

               (f) Reverse Split. Prior to the completion of the Proxy Statement
in accordance with Section 4.02(c) hereof, the Company and the Purchaser shall,
in consultation with its financial advisors, consider the advisability of
effectuating a reverse split of the Company's Common Stock and the terms thereof
(the "Reverse Split").

               (g) Compliance with Rule 14f-1. Any persons to be elected or
designated as a director of the Company pursuant to Section 5.04 hereof shall
and each of the Company and Purchaser shall use their commercial efforts to
cause their respective director designees to provide the Company, at least 15
days prior to the Closing, with the information necessary for the Company to
comply with Rule 14f-1 of the Exchange Act. At least 10 days prior to the
Closing, the Company shall file with the SEC and transmit to all holders of
record of the Company's securities who would be entitled to vote at a meeting
for election of directors, such information under Rule 14f-1 and take any other
steps necessary to comply with such Rule.

         4.02. Post-Closing Covenants.

               (a) Employee Options. Subject to Section 4.02(b) hereof, the
Company will have available and reserve for issuance following the Closing,
options to purchase such number of shares of Common Stock as represents
approximately 5% of the fully diluted capital stock of the Company. Such options
will have a term of ten (10) years, will be exercisable at a minimum price per
share equal to the closing price on the Closing Date and will be granted to such
individuals and include such terms as shall be approved by the Board of
Directors after the Closing. In the event the Company fully repays (from sources
other than refinancing, except in the amount of the Tranche A Note then
outstanding with payment terms similar to the Tranche A Note) all of its
obligations under and pursuant to the Tranche A Note prior to the Clawback
Trigger Date (as defined herein), then, upon such repayment, the Company shall
be entitled to issue additional options with the same terms and conditions as
provided for above, to purchase such number of shares of Common Stock. All
prices and numbers of shares referred to above will be Equitably Adjusted.

                                       24
<PAGE>

               (b) Clawback. As to Purchaser Warrants in respect of such number
of shares of Common Stock as represents approximately 5% of the fully diluted
capital stock of the Company (the "Clawback Warrants"), such Clawback Warrants
shall not be exercisable until the first to occur of (x) the sale of all or
substantially all of the assets or capital stock of the Company, (y) a default
by the Company under the Restructuring Loan Agreement or under the AMRO
Agreement, or (z) September 30, 2005 (each, a "Clawback Trigger Event"). In the
event the Company fully repays (from sources other than refinancing, except in
the amount of the Tranche A Note then outstanding with payment terms similar to
the Tranche A Note) all of its obligations under and pursuant to the Tranche A
Note prior to the occurrence of a Clawback Trigger Event, then, upon such
repayment, the Clawback Warrants shall expire in accordance with their terms on
and as of such date.

               (c) Preparation of Proxy Statement. The Company shall as promptly
as practicable after the Closing but in no event more than 30 days after the
date of the Closing prepare and file with the SEC a proxy or information
statement (the "Proxy Statement") in connection with the approval of the
adoption by the Board of Directors of the Amended and Restated Certificate of
Incorporation and Reverse Split (as defined below). The Company shall use all
reasonable efforts to cause the Proxy Statement to be mailed to its stockholders
at the earliest practicable date. In connection with the Meeting (as defined
below), the Company shall comply with all applicable Laws.

               (d) Meetings of Stockholders. The Company shall promptly take all
action necessary in accordance with the Delaware General Corporation Law and its
certificate of incorporation and By-laws to convene a meeting of its
stockholders (as same may be adjourned, the "Company Meeting") for the purpose
of approving the Amended and Restated Certificate of Incorporation and the
Reverse Split, if any. The Company will, through its Board of Directors,
recommend to its stockholders approval of such matters and shall use its
reasonable best efforts to obtain approval and adoption of this Agreement and
the transactions contemplated hereby by its stockholders.

               (e) Automatic Conversion of Preferred Shares. Upon the approval
of the adoption by the Board of Directors of the Amended and Restated
Certificate of Incorporation by the Company's stockholders at the Company
Meeting, the Convertible Preferred Stock shall automatically convert into shares
of Common Stock pursuant to the terms of the Certificate of Designation, with no
further action required on the part of Purchaser, the Company or any other
Person.

                                   ARTICLE V.

               CONDITIONS TO PURCHASER'S AND FINOVA'S OBLIGATIONS

         The obligation of Purchaser and FINOVA to consummate the Contemplated
Transactions at the Closing is subject to satisfaction, on or prior to the
Closing (unless otherwise specified), of each of the following conditions, any
of which may be waived by Purchaser and FINOVA:

                                       25
<PAGE>

         5.01. Representations and Warranties. Each of the representations and
warranties of the Company in this Agreement (including all schedules and
exhibits hereto), or in any written statement, list or certificate furnished
pursuant to an express requirement hereof, shall be true and correct,
individually and in the aggregate, in all material respects (except that any
specific representation or warranty that is qualified as to materiality must be
true as written) on and as of the date of the Closing with the same force and
effect as though made on and as of the date of the Closing except that any such
representation or warranty made as of a specified date shall have been true on
and as of such date.

         5.02. Agreements and Covenants. The Company shall have performed or
complied in all material respects with all of its agreements and covenants
contained in this Agreement to be performed or complied with by the Company at
or prior to the Closing (except that any specific agreement or covenant that is
qualified as to materiality must have been performed as written).

         5.03. Requisite Approvals. The Company shall have obtained any
approvals, consents or waivers, including the FCC Consents, necessary to be
obtained at or prior to the Closing to execute and deliver the Transaction
Documents and the other agreements and instruments executed and delivered by the
Company in connection herewith, to issue the Purchased Shares and the Purchaser
Warrants and to carry out the transactions contemplated hereby and thereby, and
such approvals, consents and waivers shall be in full force and effect at the
Closing. All corporate and other action and governmental filings necessary to
effectuate the terms of the Transaction Documents and the other agreements and
instruments executed and delivered by the Company in connection herewith and the
issuance of the Purchased Shares and the Purchaser Warrants shall have been made
or taken.

         5.04. Board Seats. The Board of Directors of the Company shall consist
of five (5) members, with Purchaser having designated three (3) members to the
Board of Directors, AMRO shall have designated one (1) member to the Board of
Directors, and the Company's Chief Executive Officer as at the Closing shall
have been designated as the fifth member of the Board of Directors.

         5.05. Certificate of Designation. The Certificate of Designation shall
have been filed with the Secretary of State of the State of Delaware and
evidence thereof shall have been delivered to Purchaser.

         5.06. Opinion of Counsel to Company. Purchaser shall have received
favorable opinions of Hodgson Russ LLP, counsel for the Company, and of Richard
S. Becker & Associates, Chartered, special regulatory counsel for the Company,
both dated the date of the Closing, in the form and substance reasonably
satisfactory to the Purchaser.

         5.07. Documentation at Closing. Purchaser shall have received, prior to
or at the Closing, all of the following materials, each in form and substance
satisfactory to Purchaser and its counsel, or each of the following documents
shall have been delivered, prior to or simultaneous with the Closing:

                                       26
<PAGE>

               (a) Copies of (1) the certificate of incorporation of the
Company, as amended or restated to date, together with such evidence as may be
available of the filing thereof; (2) the resolutions of the Board of Directors
providing for the approval of the Certificate of Designation, the approval of
the Transaction Documents, the issuance of the Shares and all other agreements
or matters contemplated hereby or executed in connection herewith; and (3) the
By-laws of the Company, all of which shall have been certified by the Secretary
of the Company, as of the date of the Closing, to be true, complete and correct,
and certified copies of all documents evidencing other necessary corporate or
other action and governmental approvals, if any, required to be obtained at or
prior to the Closing with respect to this Agreement and the issuance of the
Shares.

               (b) (i) A certificate of the Secretary or an Assistant Secretary
of the Company, dated the date of the Closing, which shall certify the names of
the officers of the Company authorized to sign this Agreement;

                   (ii) A certificate evidencing the Purchased Shares; and

                   (iii) Any and all the other documents, instruments or
certificates to be delivered pursuant to this Agreement by the Company or any of
its officers, the incumbency of such officers, and the true specimen signatures
of such officers.

               (c) A certificate of the President and the Treasurer of the
Company, dated the date of the Closing, stating that the representations and
warranties of the Company contained in Article II hereof and otherwise made by
the Company in writing in connection with the transactions contemplated hereby
are true and correct as of the time of the Closing and that all obligations and
covenants in this Agreement required to be performed prior to or at the Closing
have been performed as of the time of Closing.

         5.08. Good Standing Certificates. A Certificate of the Secretary of
State of the State of Delaware, dated a recent date, as to the due incorporation
and good standing of the Company and each of its Subsidiaries.

         5.09. Resignations. Each of the members of the Board of Directors of
the Company shall have resigned from the Board effective as of the date of the
Closing, and each of the officers of the Company requested to do so by the
Purchaser shall have resigned from his or her respective offices and positions
with the Company effective as of the date of the Closing.

         5.10. Employment Agreements. The Company and such individuals as shall
have been identified by the Purchase prior to the Closing shall have executed
and delivered an employment agreement in the form reasonably satisfactory to the
Purchaser.

         5.11. Investor Rights Agreement. The Company and Purchaser shall have
entered into an Investor Rights Agreement in the form annexed hereto as Exhibit
C.

         5.12. Termination and Release of Certain Agreements. John Freiling
shall have entered into the release and termination agreement in the form
attached hereto as Exhibit G.

                                       27
<PAGE>

         5.13. Subordination Agreement. The Company and AMRO shall have executed
and delivered a Subordination Agreement in the form annexed hereto as Exhibit D.

         5.14. Restructuring Loan Agreement. The Company and Purchaser shall
have entered into the Restructuring Loan Agreement and consummated the
transactions contemplated therein.

         5.15. AMRO Agreement. The Company and AMRO shall have entered into the
AMRO Agreement and consummated the transactions contemplated therein.

         5.16. Existing Preferred Agreement. The Company shall have entered into
the Existing Preferred Agreement and consummated the transactions contemplated
therein.

         5.17. Approval by Purchaser. Purchaser shall have received the consent
and approval of the board of directors of Purchaser to the terms and conditions
of this Agreement and the Contemplated Transactions.

         5.18. Material Adverse Change. There shall have been no material
adverse change (or changes which in the aggregate are materially adverse) since
the date hereof in the financial position, results of operations, properties,
business, prospects of, or products and services provided by, the Company, taken
as a whole, whether by reason of change in government regulation or action or
otherwise.

                                  ARTICLE VI.

                     CONDITIONS TO THE COMPANY'S OBLIGATIONS

         The obligations of the Company to consummate the Contemplated
Transactions shall be subject to the satisfaction, on or before the Closing, of
each of the following conditions:

         6.01. Representations and Warranties. Each of the representations and
warranties made by Purchaser and FINOVA in this Agreement (including all
exhibits hereto), or in any written statement, list or certificate furnished
pursuant to an express requirement hereof, shall be true and correct,
individually and in the aggregate in all material respects (except that any
specific representation or warranty that is qualified as to materiality must be
true as written) on and as of the date of the Closing with the same force and
effect as though made on and as of the date of the Closing except that any such
representation or warranty made as of a specified date shall have been true on
and as of such date.

         6.02. Performance. With respect to agreements, covenants, obligations
and conditions required to be performed or complied with by Purchaser at or
prior to the Closing, Purchaser shall have performed in the aggregate, in all
material respects, such agreements, covenants, obligations and conditions.

         6.03. Requisite Approvals. The Company shall have obtained the FCC
Consents necessary to be obtained at or prior to the Closing to execute and
deliver the Transaction Documents and the other agreements and instruments
executed and delivered by the Company in connection herewith, to issue the
Purchased Shares and the Purchaser Warrants and to carry out the transactions
contemplated hereby and thereby, and such consents shall be in full force and
effect at the Closing.

                                       28
<PAGE>

         6.04. Restructuring Loan Agreement. The Company and Purchaser shall
have entered into the Restructuring Loan Agreement and consummated the
transactions contemplated therein.

         6.05. Opinion of Counsel to the Purchaser and FINOVA. The Company shall
have received favorable opinion of Piper Rudnick LLP, counsel for the Purchaser
and FINOVA, dated the date of the Closing, in form and substance reasonably
satisfactory to the Company.

                                  ARTICLE VII.

                                 INDEMNIFICATION

         7.01. Survival. All of the representations, warranties, covenants,
agreements and certifications made in this Agreement shall survive the execution
and delivery of this Agreement and the Closing hereunder and continue in effect.

         7.02. Obligation of the Company to Indemnify. The Company hereby agrees
to indemnify, defend and hold harmless Purchaser (and its directors, officers,
employees, Affiliates, successors, assigns and representatives) from and against
all actions, suits, claims, counterclaims, losses, liabilities, damages,
deficiencies, judgments, settlements, costs of investigation or other expenses
(including interest, penalties and reasonable attorneys' fees and disbursements
and expenses incurred in enforcing this indemnification or in any litigation or
arbitration between the parties or with third parties) (collectively, the
"Losses") suffered or incurred by Purchaser or any of the foregoing persons
arising out of (a) any breach of the representations or warranties of the
Company contained in this Agreement or in the schedules hereto or any
Transaction Document or (b) any breach or default in the performance by the
Company of any covenant or agreement made by the Company under this Agreement or
in any Transaction Document.

         7.03. Obligation of Purchaser to Indemnify. Purchaser hereby agrees to
indemnify, defend and hold harmless the Company (and its directors, officers,
employees, Affiliates, successors, assigns and representatives) from and against
any Losses suffered by the Company or any of the foregoing persons by reason of
any breach of the representations and warranties of Purchaser or FINOVA or of
the covenants and agreements of Purchaser or FINOVA contained in this Agreement
or in the schedules hereto or in any Transaction Document.

         7.04. Defense by Indemnifying Parties.

               (a) An indemnified party shall notify the indemnifying party of
any claim of such indemnified party for indemnification under this Agreement
within thirty (30) days of the date on which an executive officer or
representative of such indemnified party first becomes aware of the existence of
such claim. Such notice shall specify the nature of such claim in reasonable
detail and the indemnifying party shall be given reasonable access to any
documents or properties within the control of the indemnified party as may be
useful in the investigation of the basis for such claim. The failure to so
notify the indemnifying party within such thirty-day period shall not constitute
a waiver of such claim (provided that it does not interfere with the right of
the indemnifying party to defend such action) but an indemnified party shall not
be entitled to receive any indemnification with respect to any Loss that
occurred as a result of the failure of such person to give such notice.

                                       29
<PAGE>

               (b) In the event of any indemnified party is entitled to
indemnification hereunder based upon a claim asserted by a third party, the
indemnifying party shall be given prompt notice thereof, in reasonable detail.
The failure to so notify the indemnifying party shall not constitute a waiver of
such claim but an indemnified party shall not be entitled to receive any
indemnification with respect to any Loss that occurred as a result of the
failure of such person to give such notice. The indemnifying party shall have
the right (without prejudice to the right of any indemnified party to
participate at its expense through counsel of its own choosing) to defend or
prosecute such claim at its expense and through counsel of its own choosing if
it gives written notice of its intention to do so not later than twenty (20)
days following notice thereof by the indemnified party or such shorter time
period as required so that the interests of the indemnified party would not be
materially prejudiced as a result of its failure to have received such notice;
provided however, that if the defendants in any action shall include both an
indemnifying party and an indemnified party and the indemnified party shall have
reasonably concluded that counsel selected by the indemnifying party has a
conflict of interest because of the availability of different or additional
defenses to the indemnified party, the indemnified party shall have the right to
select separate counsel to participate in the defense of such action on its
behalf, at the expense of the indemnifying party. If the indemnifying party does
not so choose to defend or prosecute any such claim asserted by a third party
for which any indemnified party would be entitled to indemnification hereunder,
then the indemnified party, on a monthly basis, shall reimburse the indemnified
party for all of its reasonable attorneys' fees and other costs and expenses of
litigation of any nature whatsoever incurred in the defense of such claim.
Notwithstanding the assumption of the defense of any claim by the indemnified
party pursuant to this subsection, the indemnifying party shall have the right
to approve the terms of any settlement of a claim (which approval shall not be
unreasonably withheld).

               (c) The indemnifying party and the indemnified party shall
cooperate in furnishing evidence and testimony and in any other manner which the
other may reasonably request, and shall in all other respects have an obligation
of good faith dealing, one to the other, so as not to unreasonably expose the
other to an undue risk of loss. The indemnified party shall be entitled to
reimbursement for out-of-pocket expenses reasonably incurred by it in connection
with such cooperation. Except for fees and expenses for which indemnification is
provided pursuant to Section 7.02 or Section 7.03, as the case may be, and as
provided in the preceding sentence, each party shall bear its own fees and
expenses incurred pursuant to this subsection (c).

                                       30
<PAGE>

                                 ARTICLE VIII.

                                    GLOSSARY

         8.01. Certain Defined Terms. As used in this Agreement, the following
terms shall have the following meanings (such meanings to be equally applicable
to both the singular and plural forms of the terms defined):

               "Accredited Investor" shall have the meaning assigned to that
term in Rule 501 under the Securities Act.

               "Affiliate" of any person shall mean a Person controlling,
controlled by or under common control with, any such Person.

               "Agreement" means this Restructuring Agreement as from time to
time amended and in effect between the parties, including all Exhibits and
Schedules hereto.

               "Board of Directors" or "Board" means the board of directors of
the Company as constituted from time to time.

               "Business Day" means any day other than a Saturday or a Sunday or
a day on which commercial banks in New York, New York are required or authorized
by Law or executive order to remain closed.

               "Certificate of Designation" shall have the meaning assigned to
that term in Section 1.01.

               "Cleanup" means any investigative, monitoring, cleanup, removal,
containment or other remedial or response action required by any Environmental
Law or Occupational Safety and Health Law. The terms "removal," "remedial" and
"response action" include the types of activities covered by the Comprehensive
Environmental Response, Compensation and Liability Act.

               "Closing" shall have the meaning assigned to that term in Section
1.05.

               "Code" means the Internal Revenue Code of 1986, as amended.

               "Common Stock" means the common stock, $.01 par value per share,
of the Company.

               "Company" means Aquis Communications Group, Inc., a Delaware
corporation, and its successors and assigns.

               "Consolidated" and "consolidating" when used with reference to
any term defined herein mean that term as applied to the accounts of the Company
and its Subsidiaries consolidated in accordance with GAAP consistently applied
throughout reporting periods.

                                       31
<PAGE>

               "Company Source Code" means any source code, or portion, aspect
or segment of any source code, relating to any Proprietary Right owned or
licensed to the Company or otherwise used by the Company.

               "Contract" means any contract, agreement, commitment,
understanding, lease, license, franchise, warranty, guaranty, mortgage, note,
bond or other instrument or consensual obligation (whether written or oral and
whether express or implied) that is legally binding.

               "Contravention" or "Contravene" -- an act or omission would
"Contravene" something if, as the context requires:

               (a) the act or omission would conflict with it, violate it,
result in a breach or violation of or failure to comply with it, or constitute a
default under it;

               (b) the act or omission would give any Governmental Authority or
other Person the right to challenge, revoke, withdraw, suspend, cancel,
terminate or modify it, to exercise any remedy or obtain any relief under it or
to declare a default or accelerate the maturity of any obligation under it; or

               (c) the act or omission would result in the creation of an
Encumbrance on the stock or assets of the Company.

               "Conversion Shares" shall have the meaning assigned to that term
in Section 1.04.

               "Encumbrance" means any charge, claim, mortgage, servitude,
easement, right of way, community or other marital property interest, covenant,
equitable interest, license, lease or other possessory interest, lien, option,
pledge, security interest, preference, priority, right of first refusal or
similar restriction.

               "Environmental, Health and Safety Liabilities" means any adverse
consequence or other responsibility arising from or under Environmental Law or
Occupational Safety and Health Law, including those consisting of or relating to
(a) any environmental, health or safety matter or condition (including on-site
or off-site contamination, occupational safety and health condition, and
regulation of any chemical substance or product), (b) any fine, penalty,
judgment, award, settlement, Proceeding, damages, loss, claim, demand and
response, investigative, monitoring, remedial or inspection cost or expense
arising under Environmental Law or Occupational Safety and Health Law, (c)
financial responsibility under any Environmental Law or Occupational Safety and
Health Law for Cleanup costs or corrective action, (whether or not such Cleanup
has been required or requested by any Governmental Body or other Person) and for
any natural resource damage, or (d) any other compliance, corrective or remedial
measures required under any Environmental Law or Occupational Safety and Health
Law.

               "Environmental Law" means any Law that requires or relates to (a)
advising appropriate Governmental Authorities, employees or the public of
intended or actual Releases of pollutants or hazardous substances or materials,
violations of discharge limits or other prohibitions and the commencement of
activities, such as resource extraction or construction, that could have
significant impact on the Environment, (b) preventing or reducing to acceptable
levels the Release of pollutants or hazardous substances or materials into the
Environment, (c) reducing the quantities, preventing the Release or minimizing
the hazardous characteristics of wastes that are generated, (d) assuring that
products are designed, formulated, packaged and used so that they do not present
unreasonable risks to human health or the Environment when used or disposed of,
(e) protecting resources, species or ecological amenities, (f) reducing to
acceptable levels the risks inherent in the transportation of hazardous
substances, pollutants, oil or other potentially harmful substances, (g) Cleanup
of pollutants that have been Released, preventing the threat of Release, or
paying the costs of such Cleanup or prevention, or (h) making responsible
parties pay private parties, or groups of them, for damages done to their health
or the Environment, or permitting self-appointed representatives of the public
interest to recover for injuries done to public assets.

                                       32
<PAGE>

               "Equitably Adjusted" means that an equitable adjustment will be
made whenever there shall occur a stock dividend, stock split, combination,
reorganization, recapitalization, reclassification or other similar event
involving a change in the capital structure of the Company.

               "ERISA" means the Employee Retirement Income Security Act of
1974, as amended.

               "Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any similar federal statute, and the rules and regulations of the
SEC (or of any other federal agency then administering the Exchange Act)
thereunder, all as the same shall be in effect at the time.

               "FCC" means the Federal Communications Commission or similar
regulatory authority established in replacement thereof.

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

               "FCC Law" means the Communications Act of 1934, as amended,
including as amended by the Telecommunications Act of 1996, and the published
and effective rules, regulations and policies promulgated thereunder.

               "Governmental Authority" means a Federal, state, local or foreign
court, legislature, governmental department or agency (including, without
limitation, the United States Department of Justice), commission, board, bureau
or regulatory or administrative authority or instrumentality.

                                       33
<PAGE>

               "Hazardous Activity" means the distribution, generation,
handling, importing, management, manufacturing, processing, production,
refinement, Release, storage, transfer, transportation, treatment or use
(including any withdrawal or other use of groundwater) of Hazardous Materials
in, on, under, about or from any of the Company's facilities or any part thereof
into the environment, and any other act, business, operation or thing that
increases the danger, or risk of danger, or poses an unreasonable risk of harm
to individuals or property on or off the Company's facilities, or that may
affect the value of any of the Company's facilities or its assets.

               "Hazardous Material" means any waste or other substance that is
listed, defined, designated or classified as, or otherwise determined to be,
hazardous, radioactive or toxic or a pollutant or a contaminant under any
Environmental Law, including any admixture or solution thereof, and specifically
including petroleum and all derivatives thereof or synthetic substitutes
therefor and asbestos or asbestos-containing materials.

               "Indebtedness" means (i) any liability for borrowed money or
evidenced by a note or similar obligation given in connection with the
acquisition of any property or other assets (other than trade accounts payable
incurred in the ordinary course of business); (ii) all guaranties, endorsements
and other contingent obligations, in respect of Indebtedness of others, whether
or not the same are or should be reflected in the Company's balance sheet (or
the notes thereto), except guaranties by endorsement of negotiable instruments
for deposit or collection or similar transactions in the ordinary course of
business; and (iii) all obligations under leases required to be capitalized in
accordance with GAAP.

               "Intellectual Property" means any intellectual property owned,
used or licensed (as licensor or licensee) by the Company, including (a) the
Company's name, assumed business names and corporate names, (b) patents, patent
disclosures, trademarks, service marks, trade dress, trade names, logos,
copyrights and mask works, and all registrations, applications and goodwill
associated with the foregoing, (c) all computer software (including source and
object codes), databases, data models or structures, algorithms, system
architectures and related documentation, data and manuals, (d) trade secrets,
know-how and confidential business information (including information concerning
products, product specifications, data, formulae, compositions, designs,
sketches, photographs, graphs, drawings, samples, inventions, discoveries,
ideas, past, current, and planned research and development, current and planned
methods and processes, client and customer lists and files, current and
anticipated client and customer requirements, vendor and supplier lists and
files, price lists, market studies, business plans, business opportunities and
financial data), (e) rights in Internet web sites and domain names used by the
Company and (f) rights in electronic mail addresses and in telephone, facsimile,
cable or similar numbers used by the Company.

               "Key Employee" means and includes the following persons, if any:
the Company's chairman of the board, chief executive officer, chief operating
officer, president, chief financial officer and executive vice president.

               "to the Company's knowledge" means the actual knowledge of any of
the directors, officers or Key Employees of the Company, after diligent inquiry
and after performance of the duties within the scope of each such person's
responsibility in the position held.

                                       34
<PAGE>

               "Law" or "Laws" means any constitution, law, statute, treaty,
rule, regulation, ordinance, code, binding case law, principle of common law or
notice of any Governmental Authority.

               "License" means a license, permit, franchise, certificate of
authority, waiver, approval, certificate of public convenience and necessity,
registration or other authorization, consent or clearance to construct or
operate a facility (including any emissions, discharges or releases therefrom),
or to transact an activity or business, or to use an asset or process, in each
case issued or granted by a Governmental Authority.

               "Material Adverse Effect" means any event, change, occurrence,
effect, fact or circumstance having a material adverse effect on (x) the
business assets, conditions (financial or otherwise) or results of operation of
the Company or (y) the ability of the Company to consummate the Contemplated
Transactions, excluding from the foregoing the effect, if any, of changes in
general economic, regulatory or political conditions or changes effecting
generally the wireless communication sectors.

               "Occupational Safety and Health Law" means any Law designed to
provide safe and healthful working conditions and to reduce occupational safety
and health hazards, and any program, whether governmental or private (such as
those promulgated or sponsored by industry associations and insurance
companies), designed to provide safe and healthful working conditions.

               "Order" means any order, injunction, judgment, decree, writ,
ruling, assessment or arbitration award of any Governmental Authority or
arbitrator and any Contract with any Governmental Authority pertaining to
compliance with Law.

               "Person" or "person" means an individual, corporation,
partnership, limited liability company, joint venture, trust, entity, or
unincorporated organization, or a government, or any agency or political
subdivision thereof.

               "Preferred Stock" means the preferred stock, $.01 par value
per share, of the Company.

               "Proceeding" means any action, arbitration, audit, examination,
investigation, hearing, litigation or suit (whether civil, criminal,
administrative, judicial or investigative, whether formal or informal, and
whether public or private) commenced, brought, conducted or heard by or before,
or otherwise involving, any Governmental Authority or arbitrator.

               "Proprietary Rights" means valid and enforceable licenses or
other rights to use Intellectual Property, business and marketing plans,
industrial property and all technical information, customer lists, management
information systems, drawings, designs, processes and quality control data and
all similar materials recording or evidencing proprietary expertise or
information, or other rights with respect thereto.

                                       35
<PAGE>

               "Release" means any release, spill, emission, leaking, pumping,
pouring, dumping, emptying, injection, deposit, disposal, discharge, dispersal,
leaching or migration on or into the environment or into or out of any property.

               "SEC" shall mean the United States Securities and Exchange
Commission or any other federal agency at the time administering the Securities
Act or the Exchange Act.

               "Securities Act" means the Securities Act of 1933, as amended, or
any similar federal statute, and the rules and regulations of the SEC (or of any
other federal agency then administering the Securities Act) thereunder, all as
the same shall be in effect at the time.

               "Convertible Preferred Stock" means the Senior Convertible
Preferred Stock, $.01 par value per share, of the Company having the rights,
powers, privileges and preferences set forth in the Certificate of Designation.

               "Shares" means, collectively, the Purchased Shares, the
Conversion Shares and the Exercise Shares.

               "Subsidiary" or "Subsidiaries" means any Person of which the
Company directly or indirectly owns at the time at least fifty percent (50%) of
the outstanding voting or economic interest.

               "Tax" or "Taxes" means all federal, state, local, foreign and
other taxes, charges, fees, duties (including customs duties), levies or
assessments, including income, gross receipts, net proceeds, alternative or
add-on minimum, ad valorem, turnover, real and personal property (tangible and
intangible), sales, use, franchise, excise, value added, stamp, leasing, lease,
user, transfer, fuel, excess profits, occupational, interest equalization,
windfall profits, severance, license, payroll, environmental, capital stock,
disability, employee's income withholding, other withholding, unemployment and
social security taxes, that are imposed by any Governmental Authority, and
including any interest, penalties or additions to tax attributable thereto.

               "Tax Return" means any report, return or other information
required to be supplied to a Governmental Authority in connection with any
Taxes.

               "Transaction Documents" shall have the meaning assigned to it in
Section 2.01.

         8.02. Accounting Terms. All accounting terms not specifically defined
herein or in any of the Transaction Documents shall be construed in accordance
with generally accepted accounting principles as applied in the United States of
America ("GAAP") consistently applied, and all financial data submitted pursuant
to this Agreement shall be prepared in accordance with such principles.

                                       36
<PAGE>

                                   ARTICLE IX.

                                  MISCELLANEOUS

         9.01. No Waiver; Cumulative Remedies. No failure or delay on the part
of any party to this Agreement in exercising any right, power or remedy
hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any such right, power or remedy preclude any other or further
exercise thereof or the exercise of any other right, power or remedy hereunder.
The remedies herein provided are cumulative and not exclusive of any remedies
provided by law.

         9.02. Amendments, Waivers and Consents. Any provision in the Agreement
to the contrary notwithstanding, and except as hereinafter provided, changes in,
termination or amendments of or additions to this Agreement may be made, and
compliance with any covenant or provision set forth herein may be omitted or
waived, if the Company (i) shall obtain consent thereto in writing from the
holder or holders of at least a majority in interest of the Purchased Shares and
Conversion Shares issued upon conversion thereof and (ii) shall deliver copies
of such consent in writing to any holders who did not execute such consent;
provided that no consents shall be effective to reduce the percentage in
interest of the Shares the consent of the holders of which is required under
this Section 9.02. Any waiver or consent may be given subject to satisfaction of
conditions stated therein and any waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given.

         9.03. Addresses for Notices. All notices, requests, demands and other
communications provided for hereunder shall be in writing (including telegraphic
communication) and mailed, telegraphed or delivered to each applicable party at
the address set forth in Schedule 9.03 hereto or at such other address as to
which such party may inform the other parties in writing in compliance with the
terms of this Section. All such notices, requests, demands and other
communications shall be considered to be effective when delivered.

         9.04. Costs, Expenses and Taxes. The Company shall pay all expenses and
fees incurred by Purchaser in connection with Restructuring, including without
limitation attorneys, accountants, valuation consultants and other
professionals, in cash at Closing. The Company shall pay any and all stamp or
other similar taxes payable or determined to be payable in connection with the
execution and delivery of this Agreement, the issuance of any securities and the
other instruments and documents to be delivered hereunder or thereunder, and
agrees to save Purchaser harmless from and against any and all liabilities with
respect to or resulting from any delay in paying or omission to pay such taxes.
The Company shall pay all costs and expenses in connection with the preparation,
filing and dissemination of the Proxy Statement, including any and all
amendments or supplements thereto.

         9.05. Effectiveness; Binding Effect; Assignment; No Third Party Rights.
This Agreement shall be binding upon and inure to the benefit of the Company,
Purchaser and the respective successors and assigns; provided, that, the Company
may not assign any of its rights or obligations under this Agreement without the
prior written consent of Purchaser. Purchaser may assign all or any part of its
rights and obligations hereunder to any person who acquires any Shares owned by
Purchaser. Any such assignment shall operate to release Purchaser from its
liabilities and obligations under this Agreement with respect to the Shares so
sold or assigned. A person to whom all or a part of Purchaser's rights are so
assigned, whether by Purchaser or by a subsequent person, may, if so agreed to
by Purchaser, become a party to this Agreement, entitled to those rights and
benefits set forth herein applicable to Purchaser or such Shares. Nothing herein
is intended to, nor shall it, create any rights in any person other than the
parties hereto and their respective successors and assigns. The foregoing is in
addition to, and not in limitation of; all other rights, powers and privileges
of Purchaser.

                                       37
<PAGE>

         9.06. Prior Agreements. The Transaction Documents executed and
delivered in connection herewith constitute the entire agreement between the
parties and supersede any prior understandings or agreements concerning the
subject matter hereof.

         9.07. Severability. The provisions of the Transaction Documents are
severable and, in the event that any court of competent jurisdiction shall
determine that any one or more of the provisions or part of a provision
contained therein shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision or part of a provision of such Transaction
Document and the terms of the Shares shall be reformed and construed as if such
invalid or illegal or unenforceable provision, or part of a provision, had never
been contained herein, and such provisions or part reformed so that it would be
valid, legal and enforceable to the maximum extent possible.

         9.08. Governing Law. This Agreement shall be governed by, and construed
in accordance with, the internal laws of the State of New York, and without
giving effect to choice of laws provisions.

         9.09. Jurisdiction; Service of Process. Subject to the provisions of
Section 7.05 hereof, any action or Proceeding seeking to enforce any provision
of, or based on any right arising out of, this Agreement may be brought against
any of the parties in the courts of the United States of America, State of New
York, County of New York, or, if it has or can acquire jurisdiction, in the
United States District Court for the Southern District of New York, and each of
the parties consents to the jurisdiction of such courts (and of the appropriate
appellate courts) in any such action or Proceeding and waives any objection to
venue laid therein. Process in any action or Proceeding referred to in the
preceding sentence may be served on any party anywhere in the world.

         9.10. Headings. Article, section and subsection headings in this
Agreement are included herein for convenience of reference only and shall not
constitute a part of this Agreement for any other purpose.

         9.11. Counterparts. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument, and any of the parties hereto may execute this Agreement by signing
any such counterpart.

         9.12. Further Assurances. From and after the date of this Agreement,
upon the request of Purchaser, FINOVA or the Company, the Company, Purchaser and
FINOVA shall execute and deliver such instruments, documents and other writings
as may be reasonably necessary or desirable to confirm and carry out and to
effectuate fully the intent and purposes of the Contemplated Transactions, the
Transaction Documents and the Shares.

                                       38
<PAGE>

         9.13. Transfer. Except as may be limited by federal or state securities
laws, nothing in the Transaction Documents or the Shares shall restrict the
right and ability of Purchaser or its Affiliates to transfer, and Purchaser is
hereby granted the right to transfer any rights, power or privileges of or under
the Transaction Documents or the Shares to its Affiliates. The foregoing is in
addition to, and not in limitation of, all other rights, powers and privileges
of Purchaser.

                  [remainder of page intentionally left blank]

                                       39
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Restructuring
Agreement to be executed as of the date first above written.

                                    AQUIS COMMUNICATIONS GROUP, INC.

                                    By: /s/ John B. Frieling
                                       -----------------------------------------
                                         Name:  John B. Frieling
                                         Title: CEO

                                    DESERT COMMUNICATIONS I, LLC

                                    By: /s/ John B. Burtchaell
                                       -----------------------------------------
                                         Name:  John B. Burtchaell
                                         Title: Senior Vice-President

                                    FINOVA CAPITAL CORPORATION

                                    By: /s/ John B. Burtchaell
                                       -----------------------------------------
                                         Name:  John B. Burtchaell
                                         Title: Senior Vice-President

                                    AQUIS COMMUNICATIONS GROUP, INC.

                                    By: /s/ D. Brian Plunkett
                                       -----------------------------------------
                                         Name:  D. Brian Plunkett
                                         Title: CFO

                                       40<PAGE>

                                                                   Exhibit 10.72

                   SECOND AMENDED AND RESTATED LOAN AGREEMENT

                                     between

                           FINOVA CAPITAL CORPORATION,
                              as Agent and Lender,

                                       and

                       AQUIS WIRELESS COMMUNICATIONS, INC.
                                   as Borrower

                           Dated as of ________, 2002

<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                               Page
                                                                                                             Number
<S>                                                                                                          <C>
PRELIMINARY STATEMENT.............................................................................................1
DEFINITIONS AND DETERMINATIONS....................................................................................2
   1.1 Definitions................................................................................................2
   1.2 Time Periods..............................................................................................16
   1.3 Accounting Terms and Determinations.......................................................................17
   1.4 References................................................................................................17
   1.5 Lender's or Agent's Discretion............................................................................17
   1.6 Borrower's Knowledge......................................................................................17
ARTICLE II.......................................................................................................18
   2.1 Loan......................................................................................................18
      2.1.1 Aggregate Loan Amount................................................................................18
      2.1.2 Existing Portion.....................................................................................18
      2.1.3 Use of Proceeds......................................................................................18
      2.1.4 Notes................................................................................................18
      2.1.5 Reborrowing..........................................................................................18
   2.2 Interest..................................................................................................18
      2.2.1 Interest Rate on Principal Balance...................................................................18
      2.2.2 Interest Computation.................................................................................19
      2.2.3 Maximum Interest.....................................................................................19
   2.3 Intentionally Omitted.....................................................................................20
   2.4 Principal and Interest Payments...........................................................................20
      2.4.1 Interest.............................................................................................20
      2.4.2 Principal............................................................................................20
      2.4.3 Forgiveness..........................................................................................20
   2.5 Default Rate..............................................................................................20
   2.6 Late Charges..............................................................................................21
</TABLE>

                                     -i-
<PAGE>

<TABLE>
<S>                                                                                                          <C>
   2.7 Fees......................................................................................................21
   2.8 Prepayments...............................................................................................21
      2.8.1 Voluntary Prepayments................................................................................21
      2.8.2 Mandatory Prepayments................................................................................21
   2.9 Payments after Event of Default...........................................................................22
   2.10 Method of Payment; Good Funds............................................................................22
ARTICLE III......................................................................................................22
ARTICLE IV.......................................................................................................22
   4.1 Representations and Warranties............................................................................23
   4.2 Performance; No Default...................................................................................23
   4.3 Delivery of Documents.....................................................................................23
   4.4 Opinions of Counsel; Direction for Delivery...............................................................24
   4.5 Intentionally Omitted.....................................................................................24
   4.6 Security Interests........................................................................................24
   4.7 Financial Statements and Projections......................................................................24
   4.8 Insurance.................................................................................................24
   4.9 Approval of Instruments and Security Interests; Consents..................................................24
   4.10 Use of Assets............................................................................................24
   4.11 Proceedings and Documents................................................................................24
   4.12 Material Adverse Change..................................................................................25
   4.13 Broker Fees..............................................................................................25
   4.14 Fees and Expenses........................................................................................25
   4.15 Restructuring Agreement..................................................................................25
   4.16 FCC Approvals............................................................................................25
   4.17 Acknowledgment...........................................................................................25
   4.18     Capital Expenditure Budget...........................................................................25
ARTICLE V........................................................................................................26
   5.1 Existence and Power.......................................................................................26
</TABLE>

                                     -ii-
<PAGE>

<TABLE>
<S>                                                                                                          <C>
   5.2 Authority.................................................................................................26
   5.3 Borrower Capital Stock and Related Matters................................................................26
      5.3.1 Borrower Capital Stock...............................................................................26
      5.3.2 Restrictions.........................................................................................26
   5.4 Binding Agreements........................................................................................27
   5.5 Business and Property of Borrower.........................................................................27
      5.5.1 Business and Property................................................................................27
      5.5.2 Licenses.............................................................................................27
      5.5.3 Operating Agreements.................................................................................27
      5.5.4 Facility Sites.......................................................................................27
      5.5.5 Leases...............................................................................................27
      5.5.6 Real Estate..........................................................................................28
      5.5.7 Operation and Maintenance of Equipment...............................................................28
   5.6 Title to Property; Liens..................................................................................28
   5.7 Projections and Financial Statements......................................................................28
      5.7.1 Financial Statements.................................................................................28
      5.7.2 Projections..........................................................................................29
   5.8 Litigation................................................................................................29
   5.9 Defaults in Other Agreements; Consents; Conflicting Agreements............................................29
   5.10 Taxes....................................................................................................29
   5.11 Compliance with Applicable Laws..........................................................................30
   5.12 Patents, Trademarks, Franchises, Agreements..............................................................30
   5.13 FCC Matters..............................................................................................30
   5.14 Environmental Matters....................................................................................31
   5.15 Application of Certain Laws and Regulations..............................................................31
      5.15.1 Investment Company Act..............................................................................31
      5.15.2 Holding Company Act.................................................................................31
      5.15.3 Foreign or Enemy Status.............................................................................31
</TABLE>

                                      -iii-
<PAGE>

<TABLE>
<S>                                                                                                          <C>
      5.15.4 Regulations as to Borrowing.........................................................................31
   5.16 Margin Regulations.......................................................................................31
   5.17 Other Indebtedness.......................................................................................32
   5.18 No Misrepresentation.....................................................................................32
   5.19 Employee Benefit Plans...................................................................................32
      5.19.1 No Other Plans......................................................................................32
      5.19.2 ERISA and Code Compliance and Liability.............................................................32
      5.19.3 Funding.............................................................................................32
      5.19.4 Prohibited Transactions and Payments................................................................33
      5.19.5 No Termination Event................................................................................33
      5.19.6 ERISA Litigation....................................................................................33
   5.20 Employee Matters.........................................................................................33
      5.20.1 Collective Bargaining Agreements; Grievances........................................................33
      5.20.2 Claims Relating to Employment.......................................................................33
   5.21 Burdensome Obligations...................................................................................34
   5.22 Broker Fees..............................................................................................34
   5.23 Pagers in Service........................................................................................34
   5.24 Insurance................................................................................................34
ARTICLE VI.......................................................................................................34
   6.1 Legal Existence; Good Standing............................................................................34
   6.2 Inspection................................................................................................34
   6.3 Financial Statements and Other Information................................................................34
      6.3.1 Monthly Statements...................................................................................35
      6.3.2 Annual Statements....................................................................................35
      6.3.4 Officer's Certificates...............................................................................35
      6.3.5 Accountants' Certificate.............................................................................36
      6.3.6 Audit Reports........................................................................................36
      6.3.7 Business Plans.......................................................................................36
</TABLE>

                                      -iv-
<PAGE>

<TABLE>
<S>                                                                                                          <C>
      6.3.8 Notice of Defaults; Loss.............................................................................36
      6.3.9 Notice of Suits; Adverse Events......................................................................36
      6.3.10 Reports to Shareholders, Creditors and Governmental Bodies..........................................37
      6.3.11 ERISA Notices and Requests..........................................................................37
      6.3.12 Capital Expenditure Budget..........................................................................38
      6.3.13 Other Information...................................................................................38
   6.4 Reports to Governmental Bodies and Other Persons..........................................................38
   6.5 Maintenance of Licenses and Other Agreements..............................................................39
   6.6 Insurance.................................................................................................39
      6.6.1 Maintenance of Insurance.............................................................................39
      6.6.2 Claims and Proceeds..................................................................................39
   6.7 Future Leases.............................................................................................40
   6.8 Future Acquisitions of Real Property......................................................................40
   6.9 Environmental Matters.....................................................................................40
      6.9.1 Compliance...........................................................................................40
      6.9.2 Certification........................................................................................41
   6.10 Compliance with Laws.....................................................................................41
   6.11 Taxes and Claims.........................................................................................41
   6.12 Maintenance of Properties................................................................................41
   6.13 Governmental Approvals...................................................................................41
   6.14 Payment of Indebtedness..................................................................................41
ARTICLE VII......................................................................................................41
   7.1 Borrowing.................................................................................................42
   7.2 Liens.....................................................................................................42
   7.3 Merger and Acquisition....................................................................................42
   7.4 Contingent Liabilities....................................................................................42
   7.5 Distributions.............................................................................................42
   7.6 Capital Expenditures......................................................................................42
</TABLE>

                                      -v-
<PAGE>

<TABLE>
<S>                                                                                                          <C>
   7.7 Payments of Indebtedness for Borrowed Money...............................................................42
   7.8 Obligations as Lessee Under Operating Leases..............................................................43
   7.9 Investments, Loans........................................................................................43
   7.10 Fundamental Business Changes.............................................................................43
   7.11 Facility Sites...........................................................................................43
   7.12 Sale or Transfer of Assets...............................................................................43
   7.13 Amendment of Certain Agreements..........................................................................44
   7.14 Acquisition of Additional Properties.....................................................................44
   7.15 Equity Sales.............................................................................................44
   7.16 Transactions with Affiliates.............................................................................44
   7.17 Compliance with ERISA....................................................................................44
   7.18 Minimum Cash Balance.....................................................................................45
   7.19 Senior Leverage Ratio....................................................................................45
   7.20 Minimum EBITDA...........................................................................................45
   7.21 Certain Agreements.......................................................................................46
   7.22 Amro Subordinated Note...................................................................................46
   7.23 Fiscal Year..............................................................................................46
ARTICLE VIII.....................................................................................................46
   8.1 Events of Default.........................................................................................46
      8.1.1 Default in Payment...................................................................................46
      8.1.2 Breach of Covenants..................................................................................46
      8.1.3 Breach of Warranty...................................................................................46
      8.1.4 Default Under Other Indebtedness for Borrowed Money..................................................46
      8.1.5 Bankruptcy...........................................................................................47
      8.1.6 Judgments............................................................................................47
      8.1.7 Impairment of Licenses; Other Agreements.............................................................47
      8.1.8 Collateral...........................................................................................48
      8.1.9 Interruption of Operations...........................................................................48
</TABLE>

                                      -vi-
<PAGE>

<TABLE>
<S>                                                                                                          <C>
      8.1.10 Plans...............................................................................................48
      8.1.11 Change in Control...................................................................................48
      8.1.12 Subordinated Indebtedness...........................................................................49
      8.1.13 Subordination Agreement.............................................................................49
   8.2 Acceleration of Borrower's Obligations....................................................................49
   8.3 Remedies on Default.......................................................................................49
      8.3.1 Enforcement of Security Interests....................................................................49
      8.3.2 Other Remedies.......................................................................................49
   8.4 Application of Funds......................................................................................49
      8.4.1 Expenses.............................................................................................50
      8.4.2 Borrower's Obligations...............................................................................50
      8.4.3 Surplus..............................................................................................50
   8.5 Performance of Borrower's Obligations.....................................................................50
ARTICLE IX.......................................................................................................51
   9.1 Assignment to Other Lenders...............................................................................51
      9.1.1 Assignment...........................................................................................51
      9.1.2 Effect of Loan Assignment............................................................................51
      9.1.3 Register.............................................................................................51
      9.1.4 Substitution of Notes................................................................................51
      9.1.5 Inspections..........................................................................................52
   9.2 Participations............................................................................................52
   9.3 Set Off and Sharing of Payments...........................................................................52
   9.4 Lenders' Decisions........................................................................................52
   9.5 Appointment of Agent......................................................................................53
   9.6 Delegation of Duties......................................................................................53
   9.7 Nature of Duties; Independent Credit Investigation........................................................53
   9.8 Instructions from Lenders.................................................................................53
   9.9 Exculpatory Provisions....................................................................................54
</TABLE>

                                      -vii-
<PAGE>

<TABLE>
<S>                                                                                                          <C>
   9.10 Reimbursement and Indemnification by Lenders of Agent....................................................54
   9.11 Reliance by Agent........................................................................................54
   9.12 Notice of Default........................................................................................54
   9.13 Release of Collateral....................................................................................55
   9.14 Lenders in Their Individual Capacities...................................................................55
   9.15 Holders of Notes.........................................................................................55
   9.16 Successor Agent..........................................................................................55
   9.17 Delivery of Information..................................................................................55
   9.18 Beneficiaries............................................................................................56
ARTICLE X........................................................................................................56
ARTICLE XI.......................................................................................................56
   11.1 Attorney's Fees and Other Fees and Expenses..............................................................56
      11.1.1 Fees and Expenses for Preparation of Loan Instruments...............................................56
      11.1.2 Fees and Expenses in Enforcement of Rights or Defense of Loan Instrument............................56
   11.2 Indemnity................................................................................................57
      11.2.1 Brokerage Fees......................................................................................57
      11.2.2 General.............................................................................................57
      11.2.3 Operation of Collateral; Joint Venturers............................................................57
      11.2.4 Environmental Indemnity.............................................................................57
ARTICLE XII......................................................................................................58
   12.1 Notices..................................................................................................58
   12.2 Survival of Loan Agreement; Indemnities..................................................................59
   12.3 Further Assurance........................................................................................59
   12.4 Taxes and Fees...........................................................................................60
   12.5 Severability.............................................................................................60
   12.6 Waiver...................................................................................................60
   12.7 Modification of Loan Instruments.........................................................................60
   12.8 Captions.................................................................................................60
</TABLE>

                                      -viii-
<PAGE>

<TABLE>
<S>                                                                                                          <C>

   12.9 Successors and Assigns...................................................................................60
   12.10 Remedies Cumulative.....................................................................................60
   12.11 Entire Agreement; Conflict..............................................................................61
   12.12 APPLICABLE LAW..........................................................................................61
   12.13 JURISDICTION AND VENUE..................................................................................61
   12.14 WAIVER OF RIGHT TO JURY TRIAL...........................................................................62
   12.15 TIME OF ESSENCE.........................................................................................62
   12.16 Estoppel Certificate....................................................................................62
   12.17 Consequential Damages...................................................................................62
   12.18 Counterparts............................................................................................62
   12.19 No Fiduciary Relationship...............................................................................63
   12.20 Confidentiality.........................................................................................63
   12.21 Governmental Approval...................................................................................63
</TABLE>

                                      -ix-

<PAGE>

                       List of Exhibits to Loan Agreement
                       ----------------------------------

Schedule I        -        Commitments
Exhibit 1.1(A)    -        Compliance Certificate
Exhibit 1.1(B)    -        Environmental Compliance Certificate
Exhibit 1.1(C)    -        Pager Certificate
Exhibit 1.1(D)    -        Other Permitted Liens
Exhibit 4.17               Confirmation and Acknowledgement
Exhibit 5.3.1     -        Borrower Capital Stock
Exhibit 5.3.2     -        Restrictions
Exhibit 5.5.2     -        Licenses
Exhibit 5.5.3     -        Operating Agreements
Exhibit 5.5.4     -        Facility Sites
Exhibit 5.5.5     -        Leases
Exhibit 5.5.6     -        Real Estate
Exhibit 5.7.1     -        Financial Statements
Exhibit 5.7.2     -        Projections
Exhibit 5.8       -        Litigation
Exhibit 5.19.1    -        Employee Benefit Plans
Exhibit 5.20.1    -        Collective Bargaining Agreements; Grievances
Exhibit 6.6.1     -        Insurance Letter Agreement

                                       x
<PAGE>

                   SECOND AMENDED AND RESTATED LOAN AGREEMENT

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

                             PRELIMINARY STATEMENT:

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

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

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

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

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

                                      -1-
<PAGE>

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

                     ARTICLE IDEFINITIONS AND DETERMINATIONS

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

                  Accountants: Wiss & Company LLP or any other independent
         certified public accounting firm selected by Borrower and reasonably
         satisfactory to Lenders.

                  Accounting Changes: as defined in Section 1.3.

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

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

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

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

                  Additional Sums:  as defined in subsection 2.2.3.

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

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

                                      -2-
<PAGE>

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

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

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

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

                  Approved Capital Expenditure Budget: as defined in subsection
         6.3.12.

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

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

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

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

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

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

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

                                      -3-
<PAGE>

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

                  Basic Financial Statements:  as defined in subsection 6.3.2.

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

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

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

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

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

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

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

                                      -4-
<PAGE>

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

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

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

                  Closing Date:  the date upon which the Closing occurs.

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

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

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

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

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

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

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

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

                                      -5-
<PAGE>

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

                  Dollars: lawful currency of the United States.

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

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

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

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

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

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

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

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

                                      -6-
<PAGE>

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

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

                  Excess Interest: as defined in subsection 2.2.3.

                  Existing Loan Agreement: as defined in the Preliminary
         Statement.

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

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

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

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

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

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

                                      -7-
<PAGE>

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

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

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

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

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

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

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

                  Initial Loan Agreement: as defined in the Preliminary
         Statement.

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

                  Landlord: a lessor under a Lease.

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

                                      -8-
<PAGE>

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

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

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

                  Lenders:  FINOVA and each Assignee.

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

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

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

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

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

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

                  Loan Instruments: collectively, the following:

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

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

                                      -9-
<PAGE>

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

                  (iv)     the Closing Certificate; and

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

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

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

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

                  Maximum Rate:  as defined in subsection 2.2.3.

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

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

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

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

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

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

                                      -10-
<PAGE>

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

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

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

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

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

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

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

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

                                    (B) proceeds of Business Insurance; and

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

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

                  Original Closing Date: December 31, 1998.

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

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

                                      -11-
<PAGE>

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

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

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

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

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

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

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

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

                  Permitted Liens:  any of the following Liens:

                  (i)      the Security Interests;

                  (ii)     the Permitted Senior Indebtedness Liens;

                                      -12-
<PAGE>

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

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

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

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

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

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

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

                  Permitted Prior Liens:  any of the following Liens:

                  (i) the Permitted Senior Indebtedness Liens;

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

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

                                      -13-
<PAGE>

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

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

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

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

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

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

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

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

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

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

                                      -14-
<PAGE>

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

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

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

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

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

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

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

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

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

                  Stated Rate:  as defined in subsection 2.2.3.

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

                                      -15-
<PAGE>

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

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

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

                  Tranche A Loan:  defined in Section 2.1.1.

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

                  Tranche B Loan:  defined in Section 2.1.1.

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

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

                                      -16-
<PAGE>

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

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

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

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

                                      -17-
<PAGE>

                                   ARTICLE II

                            LOAN AND TERMS OF PAYMENT

         2.1      Loan.

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

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

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

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

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

                  2.2      Interest.

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

                                      -18-
<PAGE>

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

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

                                      -19-
<PAGE>

         2.3      Intentionally Omitted .

         2.4      Principal and Interest Payments.

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

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

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

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

                                      -20-
<PAGE>

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

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

         2.8      Prepayments.

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

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

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

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

                  2.8.2    Mandatory Prepayments.

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

                                      -21-
<PAGE>

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

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

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

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

                                   ARTICLE III

                                    SECURITY

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

                                   ARTICLE IV

                              CONDITIONS OF CLOSING

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

                                      -22-
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

                                      -23-
<PAGE>

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

         4.5      Intentionally Omitted.

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

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

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

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

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

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

                                      -24-
<PAGE>

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

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

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

         4.15     Restructuring Agreement.

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

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

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

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

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

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

                                      -25-
<PAGE>

                                    ARTICLE V

                         REPRESENTATIONS AND WARRANTIES

         Borrower represents and warrants to Agent and Lenders as follows:

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

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

         5.3      Borrower Capital Stock and Related Matters.

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

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

                                      -26-
<PAGE>

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

         5.5      Business and Property of Borrower.

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

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

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

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

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

                                      -27-
<PAGE>

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

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

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

         5.7      Projections and Financial Statements.

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

                                      -28-
<PAGE>

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

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

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

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

                                      -29-
<PAGE>

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

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

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

                                      -30-
<PAGE>

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

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

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

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

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

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

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

                                      -31-
<PAGE>

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

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

         5.19     Employee Benefit Plans.

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

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

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

                                      -32-
<PAGE>

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

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

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

         5.20     Employee Matters.

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

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

                                      -33-
<PAGE>

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

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

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

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

                                   ARTICLE VI

                              AFFIRMATIVE COVENANTS

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

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

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

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

                                      -34-
<PAGE>

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

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

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

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

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

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

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

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

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

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

                                      -35-
<PAGE>

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

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

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

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

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

                                      -36-
<PAGE>

                  6.3.10 Reports to Shareholders, Creditors and Governmental
         Bodies.

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

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

                  6.3.11   ERISA Notices and Requests.

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

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

                                      -37-
<PAGE>

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

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

                  6.3.13   Other Information.

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

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

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

                                      -38-
<PAGE>

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

         6.6      Insurance.

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

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

                                      -39-
<PAGE>

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

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

         6.9      Environmental Matters.

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

                                      -40-
<PAGE>

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

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

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

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

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

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

                                   ARTICLE VII

                               NEGATIVE COVENANTS

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

                                      -41-
<PAGE>

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

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

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

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

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

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

                   Year                      Amount
                   ----                      ------
                   2002                      $1,062,000
                   2003                      $1,102,000
                   2004                      $1,130,000
                   2005                      $1,074,000
                   2006                      $1,027,000
                   2007                      $  988,000

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

                                      -42-
<PAGE>

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

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

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

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

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

                                      -43-
<PAGE>

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

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

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

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

         7.17     Compliance with ERISA.

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

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

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

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

                                      -44-
<PAGE>

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

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

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

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

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

                  Year                                Ratio
                  ----                                -----

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

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

                                      -45-
<PAGE>

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

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

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

                                  ARTICLE VIII

                              DEFAULT AND REMEDIES

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

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

                  8.1.2    Breach of Covenants.

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

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

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

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

                                      -46-
<PAGE>

                  8.1.5    Bankruptcy.

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

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

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

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

                                      -47-
<PAGE>

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

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

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

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

                                      -48-
<PAGE>

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

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

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

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

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

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

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

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

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

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

                                      -49-
<PAGE>

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

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

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

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

                                      -50-
<PAGE>

                                   ARTICLE IX

                 ADDITIONAL LENDERS AND PARTICIPANTS; THE AGENT

         9.1      Assignment to Other Lenders.

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

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

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

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

                                      -51-
<PAGE>

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

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

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

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

                                      -52-
<PAGE>

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

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

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

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

                                      -53-
<PAGE>

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

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

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

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

                                      -54-
<PAGE>

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

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

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

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

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

                                      -55-
<PAGE>

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

                                    ARTICLE X

                                     CLOSING

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

                                   ARTICLE XI

                             EXPENSES AND INDEMNITY

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

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

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

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

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

                                      -56-
<PAGE>

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

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

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

                                      -57-
<PAGE>

                                   ARTICLE XII

                                  MISCELLANEOUS

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

         To Borrower:     Aquis Wireless Communications, Inc.
                          1719A Route 10
                          Suite 300
                          Parsippany, New Jersey 07054
                          Attention:        D. Brian Plunkett
                          Telecopy No.: (973) 560-8004

         Copy to:         Hodgson Russ LLP
                          One MT Plaza
                          Suite 2000
                          Buffalo, New York 14203
                          Attention:        Joseph Galda, Esq.
                          Telecopy No.: (716) 849-0349

         To Lender:       FINOVA Capital Corporation
                          500 Church Street
                          Suite 200
                          Nashville, TN 37219
                          Attention: Portfolio Manager
                                     Communications Finance
                          Telecopy No.:  (615) 242-0842

                                      -58-
<PAGE>

         Copy to:         FINOVA Capital Corporation
                          The FINOVA Corporate Center
                          4800 North Scottsdale Road
                          Scottsdale, Arizona 85251-7623
                          Attention:    Vice President, Law
                          Telecopy No.: (602) 207-5036

         Copy to:         Piper Rudnick LLP
                          1251 Avenue of the Americas
                          New York, New York  10020
                          Attention:    David J. Fisher, Esq.
                          Telecopy No.: (212) 835-6001

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

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

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

                                      -59-
<PAGE>

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

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

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

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

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

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

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

                                      -60-
<PAGE>

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

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

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

                                      -61-
<PAGE>

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

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

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

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

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

                                      -62-
<PAGE>

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

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

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

                [remainder of this page intentionally left blank]

                                      -63-
<PAGE>

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

                                      AQUIS WIRELESS COMMUNICATIONS,
                                      INC., a Delaware corporation

                                      By:      _________________________________

                                      FINOVA CAPITAL CORPORATION, a
                                      Delaware corporation

                                      By:      _________________________________

                                      -64-
<PAGE>

                                   SCHEDULE I

                              Tranche A Commitments

Lender                          Tranche A Commitment            Pro Rata Share
------                          --------------------            --------------

FINOVA Capital Corporation      $7,000,000.00                   100%

<PAGE>

                                   SCHEDULE II

                              Tranche B Commitments

Lender                         Tranche B Commitment            Pro Rata Share
------                         --------------------            --------------

FINOVA Capital Corporation     $2,000,000.00                   100%

                                      -65-

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