Document:

Exhibit 10.4

                         WORLD WASTE TECHNOLOGIES, INC.

                          REGISTRATION RIGHTS AGREEMENT

      This Registration Rights Agreement (this "Agreement") is made and entered
into as of [________, 200_, among World Waste Technologies, Inc, a California
corporation (the "Company"), and the purchasers signatory hereto (each such
purchaser is a "Purchaser" and collectively, the "Purchasers").

      WHEREAS, the Purchasers and the Company are party to a Securities Purchase
Agreement (the "Purchase Agreement") dated as of December 27, 2005, which
requires the parties thereto to enter into this Agreement as a condition to the
closing of the transactions contemplated by the Purchase Agreement;

            WHEREAS, the holders of the Company's Senior Secured Promissory
Notes issued in November, 2005 (collectively referred to as the "November
Notes") are party to that certain Registration Rights Agreement, dated November
1, 2005, with the Company (the "Prior RR Agreement") which Prior RR Agreement
provides that it may be amended with the approval of the holders of at a
majority in aggregate principal amount of the Registrable Securities (as defined
therein); and

      WHEREAS, the holders of at least 75% of the Registrable Securities covered
by the Prior RR Agreement wish to amend and restate the Prior RR Agreement as
set forth herein and accordingly, the Prior RR Agreement shall be superseded and
replaced in its entirety by this Agreement.

      NOW, THEREFORE, in consideration of the foregoing and of the mutual
promises and covenants contained herein, the parties, severally and not jointly,
hereby agree as follows:

AGREEMENT:

      1. Registration Rights.

            1.1 Definitions. Capitalized terms used and not otherwise defined
herein that are defined in the Purchase Agreement shall have the meanings given
such terms in the Purchase Agreement As used in this Agreement, the following
terms shall have the following respective meanings:

                  (a) The terms "register", "registered" and "registration"
refer to a registration effected by preparing and filing a registration
statement in compliance with the Securities Act of 1933, as amended (the
"Securities Act"), and the declaration or ordering of the effectiveness of such
registration statement.

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                  (b) The term "Registrable Securities" means (i) any and all
shares of Common Stock issued or issuable upon exercise of the Warrants or upon
exercise of the warrants issued in connection with the sale by the Company of
the November Notes; (ii) stock issued in lieu of the shares referred to in (i)
in any reorganization which has not been sold to the public; or (iii) stock
issued in respect of the shares referred to in (i) and (ii) as a result of a
stock split, stock dividend, recapitalization or the like, which has not been
sold to the public.

                  (c) The terms "Holder" or "Holders" means the holder or
holders, as the case may be, from time to time of Registrable Securities.

                  (d) The term "SEC" means the Securities and Exchange
Commission.

                  (e) The term "Registration Expenses" shall mean all expenses
incurred by the Company in connection with the registration of the Registrable
Securities, including, without limitation, (i) all registration and filing fees
(including, without limitation, fees and expenses (A) with respect to filings
required to be made with the Trading Market on which the Common Stock is then
listed for trading, (B) in compliance with applicable state securities or Blue
Sky laws reasonably agreed to by the Company in writing (including, without
limitation, fees and disbursements of counsel for the Company in connection with
Blue Sky qualifications or exemptions of the Registrable Securities and
determination of the eligibility of the Registrable Securities for investment
under the laws of such jurisdictions as requested by the Holders) and (C) if not
previously paid by the Company in connection with the filing by the Company of a
registration statement, with respect to any filing that may be required to be
made by any broker through which a Holder intends to make sales of Registrable
Securities with NASD Regulation, Inc. pursuant to the NASD Rule 2710, so long as
the broker is receiving no more than a customary brokerage commission in
connection with such sale, (ii) printing expenses (including, without
limitation, expenses of printing certificates for Registrable Securities and of
printing prospectuses if the printing of prospectuses is reasonably requested by
the holders of a majority of the Registrable Securities included in a
Registration Statement), (iii) messenger, telephone and delivery expenses, (iv)
reasonable fees and disbursements of counsel for the Company, (v) Securities Act
liability insurance, if the Company so desires such insurance, and (vi) fees and
expenses of all other Persons retained by the Company in connection with the
consummation of the transactions contemplated by this Agreement. In addition,
the Company shall be responsible for all of its internal expenses incurred in
connection with the consummation of the transactions contemplated by this
Agreement (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), the expense of
any annual audit and the fees and expenses incurred in connection with the
listing of the Registrable Securities on any securities exchange as required
hereunder.

                  (f) The term "Effectiveness Period" shall have the meaning set
forth in Section 1.11.

            1.2 Registration.

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                  (a) The Company will promptly (but in no event later than 180
calendar days from the date hereof), file a registration statement with the SEC
on Form SB-2 covering the resale of the Registrable Securities and use its best
efforts to cause such registration statement to become effective as soon as
possible following the filing thereof.

                  (b) If at any time the Company shall determine to prepare and
file with the SEC a registration statement relating to an offering for its own
account or the account of others under the Securities Act of any of its equity
securities, other than on Form S-4 or Form S-8 (each as promulgated under the
Securities Act) or their then equivalents relating to equity securities to be
issued solely in connection with any acquisition of any entity or business or
equity securities issuable in connection with the stock option or other employee
benefit plans, then the Company shall send to each Holder a written notice of
such determination and, if within fifteen days after the date of such notice,
any such Holder shall so request in writing, the Company shall include in such
registration statement all or any part of such Registrable Securities such
Holder requests to be registered, provided, however, that, the Company shall not
be required to register any Registrable Securities pursuant to this Section
1.2(b) that are eligible for resale pursuant to Rule 144(k) promulgated under
the Securities Act or that are the subject of a then effective registration
statement.

                  (c) Any registration statement that includes the Registrable
Securities shall contain (unless otherwise directed by the Holders)
substantially the "Plan of Distribution" attached hereto as Annex A.

                  (d) The Company shall notify the Holders via facsimile of the
effectiveness of a registration statement on the same Trading Day that the
Company telephonically confirms effectiveness with the SEC, which shall be the
date requested for effectiveness of a Registration Statement. The Company shall,
by 9:30 am Eastern Time on the Trading Day after the date a registration
statement filed hereunder is declared effective, file a Form 424(b)(5)
prospectus with the SEC.

            1.3 Expenses of Registration. All Registration Expenses incurred in
connection with any registration, qualification or compliance pursuant to this
Section 1 shall be borne by the Company except as follows:

                  (a) The Company shall not be required to pay fees or
disbursements of more than one firm of legal counsel to the Holders, such fees
to not exceed $10,000 in the aggregate.

                  (b) The Company shall not be required to pay underwriters'
fees, discounts or commissions relating to Registrable Securities.

            1.4 Registration Procedures. In the case of each registration,
qualification or compliance effected by the Company pursuant to this Agreement,
the Company will keep each Holder participating therein advised in writing as to
the initiation of each registration, qualification and compliance and as to the
completion thereof. Except as otherwise provided in subsection 1.4, at its
expense the Company will:

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                  (a) Not less than five Trading Days prior to the filing of a
registration statement or any related prospectus or any amendment or supplement
thereto (including any document that would be incorporated or deemed to be
incorporated therein by reference), the Company shall, (i) furnish to each
Holder copies of all such documents proposed to be filed, which documents (other
than those incorporated or deemed to be incorporated by reference) will be
subject to the review of such Holders, and (ii) cause its officers and
directors, counsel and independent certified public accountants to respond to
such inquiries as shall be necessary, in the reasonable opinion of respective
counsel to conduct a reasonable investigation within the meaning of the
Securities Act. The Company shall not file a registration statement or any such
prospectus or any amendments or supplements thereto to which the Holders of a
majority of the Registrable Securities shall reasonably object in good faith,
provided that, the Company is notified of such objection in writing no later
than 5 Trading Days after the Holders have been so furnished copies of such
documents. Prepare and file with the SEC such amendments and supplements to such
registration statement and the prospectus used in connection with such
registration statement as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities
covered by such registration statement (provided that nothing in this Agreement
shall be deemed to preclude the Company from withdrawing any registration
statement at any time, before it has been declared effective by the SEC) as may
be necessary to keep a registration statement continuously effective as to the
applicable Registrable Securities for the Effectiveness Period and prepare and
file with the SEC such additional registration statements in order to register
for resale under the Securities Act all of the Registrable Securities; respond
as promptly as reasonably possible to any comments received from the SEC with
respect to a registration statement or any amendment thereto; and comply in all
material respects with the provisions of the Securities Act and the Exchange Act
with respect to the disposition of all Registrable Securities covered by a
registration statement during the applicable period in accordance (subject to
the terms of this Agreement) with the intended methods of disposition by the
Holders thereof set forth in such Registration Statement as so amended or in
such Prospectus as so supplemented.

                  (b) Furnish, without charge, to the Holders such numbers of
copies of a prospectus, including each preliminary prospectus, in conformity
with the requirements of the Securities Act, and such other documents as they
may reasonably request in order to facilitate the disposition of Registrable
Securities owned by them. The Holders shall not be entitled to use any selling
materials other than a prospectus and such other materials as may be approved by
the Company, which approval shall not be unreasonably withheld.

                  (c) Use its commercially reasonable efforts to register and
qualify the securities covered by such registration statement under such other
securities or Blue Sky laws of such jurisdictions as shall be reasonably
requested by the Holders or any managing underwriter, provided that the Company
shall not be required in connection therewith or as a condition thereto to
qualify to do business or to file a general consent to service of process in any
such states or jurisdictions.

                  (d) Notify each Holder of Registrable Securities covered by
such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act or the happening of any event
as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then
existing.

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                  (e) The Company shall:

                        (i) make available for inspection by a representative of
the Holders, the managing underwriter participating in any disposition pursuant
to such registration statement and one firm of attorneys designated by the
Holders (upon execution of customary confidentiality agreements reasonably
satisfactory to the Company and its counsel), at reasonable times and in
reasonable manner, financial and other records, documents and properties of the
Company that are pertinent to the conduct of due diligence customary for an
underwritten offering, and cause the officers, directors and employees of the
Company to supply all information reasonably requested by any such
representative, underwriter or attorney in connection with a registration
statement as shall be necessary to enable such persons to conduct a reasonable
investigation within the meaning of Section 11 of the Securities Act.

                        (ii) use its commercially reasonable efforts to cause
all Registrable Securities covered by a registration statement to be listed on
any securities exchange or any automated quotation system on which the shares of
common stock of the Company are then listed;

                        (iii) cause to be provided to the Holders that are
selling Registrable Securities pursuant to such registration statement and to
the managing underwriter if any disposition pursuant to such registration
statement is an underwritten offering, upon the effectiveness of such
registration statement, a customary "10b-5" opinion of independent counsel (an
"Opinion") and a customary "cold comfort" letter of independent auditors (a
"Comfort Letter") in each case addressed to such Holders and managing
underwriter, if any;

                        (iv) notify in writing the Holders that are selling
Registrable Securities pursuant to such registration statement and any managing
underwriter if any disposition pursuant to such registration statement is an
underwritten offering, (A) when the registration statement has become effective
and when any post-effective amendment thereto has been filed and becomes
effective, (B) of any request by the SEC or any state securities authority for
amendments and supplements to the registration statement or of any material
request by the SEC or any state securities authority for additional information
after the registration statement has become effective, (C) of the issuance by
the SEC or any state securities authority of any stop order suspending the
effectiveness of the registration statement or the initiation of any proceedings
for that purpose, (D) if, between the effective date of the registration
statement and the closing of any sale of Registrable Securities covered thereby,
the representations and warranties of the Company contained in any underwriting
agreement, securities sales agreement or other similar agreement, including this
Agreement, relating to disclosure cease to be true and correct in all material
respects or if the Company receives any notification with respect to the
suspension of the qualification of the Registrable Securities for sale in any
jurisdiction or the initiation of any proceeding for such purpose, (E) of the
happening of any event during the period the registration statement is effective
such that such registration statement or the related prospectus contains an
untrue statement of a material fact or omits to state a material fact required
to be stated therein or necessary to make statements therein not misleading (in
the case of a prospectus, in light of circumstances under which they were made)
and (F) of any determination by the Company that a post-effective amendment to
the registration statement would be appropriate. The Holders hereby agree to
suspend, and to cause any managing underwriter to suspend, use of the prospectus
contained in a registration statement upon receipt of such notice under clause
(C), (E) or (F) above until, in the case of clause (C), such stop order is
removed or rescinded or, in the case of clauses (E) and (F), the Company has
amended or supplemented such prospectus to correct such misstatement or omission
or otherwise.

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      If the notification relates to an event described in clauses (E) or (F),
the Company shall promptly prepare and furnish to each selling Holder and each
underwriter, if any, a reasonable number of copies of a prospectus supplemented
or amended so that, as thereafter delivered to the purchasers of such
Registrable Securities, such prospectus shall not include an untrue statement of
a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading.

                        (v) provide and cause to be maintained a transfer agent
and registrar for all such Registrable Securities covered by such registration
statement not later than the effective date of such registration statement;

                        (vi) deliver promptly upon request to each Holder
participating in the offering and each underwriter, if any, copies of all
correspondence between the SEC and the Company, its counsel or auditors and all
memoranda relating to discussions with the SEC and its staff with respect to the
registration statement, other than those portions of any such correspondence and
memoranda which contain information subject to attorney-client privilege with
respect to the Company, and, upon receipt of such confidentiality agreements as
the Company may reasonably request, make reasonably available for inspection by
any Holder of such Registrable Securities covered by such registration
statement, by any underwriter, if any, participating in any disposition to be
effected pursuant to such registration statement and by any attorney, accountant
or other agent retained by any such Holder or any such underwriter, all
pertinent financial and other records, pertinent corporate documents and
properties of the Company, and cause all of the Company's officers, directors
and employees to supply all information reasonably requested by any such Holder,
underwriter, attorney, accountant or agent in connection with such registration
statement;

                        (vii) use commercially reasonable efforts to obtain the
withdrawal of any order suspending the effectiveness of the registration
statement;

                        (viii) provide a CUSIP number for all Registrable
Securities not later than the effective date of any registration statement;

                        (ix) make reasonably available its employees and
personnel and otherwise provide reasonable assistance to the underwriters in the
marketing of Registrable Securities in any underwritten offering;

                        (x) cooperate with the sellers of Registrable Securities
and the managing underwriter, if any, to facilitate the timely preparation and
delivery of certificates not bearing any restrictive legends representing the
Registrable Securities to be sold, and cause such Registrable Securities to be
issued in such denominations and registered in such names in accordance with the
underwriting agreement prior to any sale of Registrable Securities to the
underwriters or, if not an underwritten offering, in accordance with the
instructions of the sellers of Registrable Securities at least three business
days prior to any sale of Registrable Securities;

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                        (xi) If NASDR Rule 2710 requires any broker-dealer to
make a filing prior to executing a sale by a Holder, the Company shall (i) make
an Issuer Filing with the NASDR, Inc. Corporate Financing Department pursuant to
NASDR Rule 2710(b)(10)(A)(i), (ii) respond within five Trading Days to any
comments received from NASDR in connection therewith, (iii) and pay the filing
fee required in connection therewith; and

                        (xii) Comply with all applicable rules and regulations
of the SEC.

            1.5 Indemnification.

                  (a) The Company will indemnify and hold harmless to the
fullest extent permitted by law each Holder of Registrable Securities and each
of its officers, directors and partners, and each person controlling such
Holder, with respect to which such registration, qualification or compliance has
been effected pursuant to this Agreement, and each underwriter, if any, and each
person who controls any underwriter of the Registrable Securities held by or
issuable to such Holder, against all claims, losses, expenses, damages and
liabilities (or actions in respect thereto) arising out of or based on (i) any
untrue statement (or alleged untrue statement) of a material fact contained in
any registration statement under which such securities were registered under the
Securities Act or the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
not misleading; (ii) any untrue statement (or alleged untrue statement) of a
material fact contained in any preliminary or final prospectus, or based on any
omission (or alleged omission) to state therein a material fact required to be
stated therein or necessary to make the statement therein, in light of the
circumstances under which they were made, or not misleading, or (iii) any
violation or alleged violation by the Company of the Securities Act, the
Exchange Act or any state securities law applicable to the Company or any rule
or regulation promulgated under the Securities Act, the Exchange Act or any such
state law and relating to action or inaction required of the Company in
connection with any such registration, qualification of compliance, and will
reimburse each such Holder, each of its officers, directors and partners, and
each person controlling such Holder, each such underwriter and each person who
controls any such underwriter, within five days from the date incurred for any
reasonable legal and any other expenses incurred in connection with
investigating, defending or settling any such claim, loss, damage, liability or
action; provided, however, that the indemnity agreement contained in this
subsection 1.5(a) shall not apply to amounts paid in settlement of any such
claim, loss, damage, liability, or action if such settlement is effected without
the consent of the Company (which consent shall not be unreasonably withheld);
and provided further, that the Company will not be liable in any such case to
the extent that any such claim, loss, damage or liability arises out of or is
based on any untrue statement or omission based upon written information
furnished to the Company in writing by such Holder or underwriter specifically
for use therein; and provided further, however, that the Company will not be
liable in any such case to the extent that any such claim, loss, damage or
liability arises directly out of or is based primarily upon an untrue statement
or omission made in any preliminary or final prospectus if (i) such Holder
failed to send or deliver a copy of the final prospectus or prospectus
supplement with or prior to the delivery of written confirmation of the sale of
the Registrable Securities and (ii) the final prospectus or prospectus
supplement would have corrected such untrue statement or omission, provided that
the Company had previously notified such Holder in writing that the prospectus
is outdated or defective. The Company shall notify the Holders promptly of the
institution, threat or assertion of any Proceeding arising from or in connection
with the transactions contemplated by this Agreement of which the Company is
aware.

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                  (b) Each Holder will, if Registrable Securities held by or
issuable to such Holder are included in the securities as to which such
registration, qualification or compliance is being effected, severally and not
jointly, indemnify and hold harmless to the fullest extent permitted by law the
Company, each of its directors and officers, each underwriter, if any, of the
Company's securities covered by such a registration statement, each person who
controls the Company within the meaning of the Securities Act, and each other
such Holder, each of its officers, directors and partners and each person
controlling such Holder, against all claims, losses, expenses, damages and
liabilities (or actions in respect thereof) arising out of or based on any
untrue statement (or alleged untrue statement) of a material fact contained in
any such registration statement or final prospectus, or based on any omission
(or alleged omission) to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading in each case
to the extent, but only to the extent, that such untrue statement (or alleged
untrue statement) or omission (or alleged omission) is made in such registration
statement or prospectus in reliance upon and in conformity with information
furnished to the Company in writing by such Holder specifically for use therein,
and will reimburse the Company, such Holders, such directors, officers,
partners, persons or underwriters for any reasonable legal or any other expenses
incurred in connection with investigating, defending or settling any such claim,
loss, damage, liability or action, in each case to the extent, but only to the
extent, that such untrue statement (or alleged untrue statement) or omission (or
alleged omission) is made in such registration statement or prospectus in
reliance upon and in conformity with information furnished to the Company by
such Holder specifically for use therein; provided, however, that the indemnity
agreement contained in this subsection 1.5(b) shall not apply to amounts paid in
settlement of any such claim, loss, damage, liability or action if such
settlement is effected without the consent of the Holder (which consent shall
not be unreasonably withheld); and provided further, that the total amount for
which any Holder shall be liable under this subsection 1.5(b) shall not in any
event exceed the net proceeds received by such Holder from the sale of
Registrable Securities held by such Holder in such registration giving rise to
such indemnification obligation; and provided further, that a Holder will not be
liable in any such case to the extent that any such claim, loss, damage or
liability arises out of or is based on any untrue statement or omission based
upon written information furnished to the Holder by the Company or underwriter
specifically for use therein.

                  (c) Each party entitled to indemnification under this
subsection 1.5 (the "Indemnified Party") shall give notice to the party required
to provide indemnification (the "Indemnifying Party") promptly after such
Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought, and shall permit the Indemnifying Party to assume the defense of any
such claim or any litigation resulting therefrom; provided that counsel for the
Indemnifying Party, who shall conduct the defense of such claim or litigation,
shall be approved by the Indemnified Party (whose approval shall not be
unreasonably withheld), and the Indemnified Party may participate in such
defense at such party's expense; and provided further, that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations hereunder, except to the extent such
failure resulted in material prejudice to the Indemnifying Party; and provided
further, that an Indemnified Party (together with all other Indemnified Parties
which may be represented without conflict by one counsel) shall have the right
to retain one separate counsel, with the fees and expenses to be paid by the
Indemnifying Party, if representation of such Indemnified Party by the counsel
retained by the Indemnifying Party would be inappropriate due to actual or
potential differing interests between such Indemnified Party and any other party
represented by such counsel in such proceeding. No Indemnifying Party, in the
defense of any such claim or litigation, shall, except with the consent of each
Indemnified Party, consent to entry of any judgment or enter into any settlement
which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such Indemnified Party of a release from all liability
in respect to such claim or litigation.

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                  (d) If for any reason the foregoing indemnity is unavailable
or is insufficient to hold harmless an indemnified party under subsection 1.5,
then each Indemnifying Party shall contribute to the amount paid or payable by
such Indemnified Party as a result of any claim in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party, on the one
hand, and the Indemnified Party, on the other hand, with respect to such
offering of securities. The relative fault shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to
information supplied by the Indemnifying Party or the Indemnified Party and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such untrue statement or omission. If, however, the
allocation provided in the second preceding sentence is not permitted by
applicable law, then each Indemnifying Party shall contribute to the amount paid
or payable by such Indemnified Party in such proportion as is appropriate to
reflect not only such relative faults, but also any other relevant equitable
considerations. The parties hereto agree that it would not be just and equitable
if contributions pursuant to this subsection 1.5(d) were to be determined by pro
rata allocation or by any other method of allocation which does not take into
account the equitable considerations referred to in the preceding sentences of
this subsection 1.5(d). The amount paid or payable in respect of any claim shall
be deemed to include any legal or other expenses reasonably incurred by such
Indemnified Party in connection with investigating or defending any such claim.
No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. Notwithstanding
anything in this subsection 1.5 to the contrary, no Indemnifying Party (other
than the Company) shall be required pursuant to this subsection 1.5(d) to
contribute any amount in excess of the net proceeds received by such
Indemnifying Party from the sale of Registrable Securities in the offering to
which the losses, claims, damages or liabilities of the Indemnified Parties
relate, less the amount of any indemnification payment made pursuant to
subsection 1.5.

                  (e) The indemnity and contribution agreements contained herein
shall be in addition to any other rights to indemnification or contribution
which any Indemnified Party may have pursuant to law or contract and shall
remain operative and in full force and effect regardless of any investigation
made or omitted by, or on behalf of, any Indemnified Party and shall survive the
transfer of the Registrable Securities by any such party.

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            1.6 Information by Holder. The Company may require each selling
Holder to furnish to the Company a certified statement as to the number of
shares of Common Stock beneficially owned by such Holder and, if required by the
SEC, the person thereof that has voting and dispositive control over the Shares.

            1.7 Rule 144 Reporting. With a view to making available to Holders
the benefits of certain rules and regulations of the SEC which may permit the
sale of the Registrable Securities to the public without registration, the
Company agrees at all times to:

                  (a) make and keep public information available, as those terms
are understood and defined in SEC Rule 144;

                  (b) file with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act
(at any time after it has become subject to such reporting requirements); and

                  (c) so long as a Holder owns any Registrable Securities, to
furnish to such Holder forthwith upon receipt of a written request a written
statement by the Company as to its compliance with the reporting requirements of
said Rule 144 and of the Securities Act and the Exchange Act, a copy of the most
recent annual or quarterly report of the Company, and such other reports and
documents so filed by the Company as the Holder may reasonably request in
complying with any rule or regulation of the SEC allowing the Holder to sell any
such securities without registration.

            1.8 Transfer of Registration Rights. Each Holder may assign their
respective rights hereunder in the manner and to the Persons as permitted under
the Purchase Agreement

            1.9 [RESERVED].

            1.10 Delay of Registration. No Holder shall have any rights to take
any actions to restrain, enjoin, or otherwise delay any registration as the
result of any controversy that might arise with respect to the interpretation or
implementation of this Section 1.

            1.11 Termination of Registration Rights. No Holder shall be entitled
to exercise any right provided for in this Section 1 at any time, and the
obligations of the Company to a Holder under this Section 1 shall terminate with
respect to such Holder, when all Registrable Securities covered by such
Registration Statement have been sold or may be sold without volume restrictions
pursuant to Rule 144(k) as determined by the counsel to the Company pursuant to
a written opinion letter to such effect, addressed and acceptable to the
Company's transfer agent and the affected Holders (the "Effectiveness Period").

      2. General.

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            2.1 Waivers and Amendments. With the written consent of the record
holders of at least a 30% of the Registrable Securities, the obligations of the
Company and the rights of the parties under this Agreement may be waived (either
generally or in a particular instance, either retroactively or prospectively,
and either for a specified period of time or indefinitely), and with the same
consent the Company, when authorized by resolution of its Board of Directors,
may enter into a supplementary agreement for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement; provided, however, that no such modification, amendment or
waiver shall reduce the aforesaid percentage of Registrable Securities without
the consent of all of the Holders of the Registrable Securities. Upon the
effectuation of each such waiver, consent, agreement of amendment or
modification, the Company shall promptly give written notice thereof to the
record holders of the Registrable Securities who have not previously consented
thereto in writing. This Agreement or any provision hereof may be changed,
waived, discharged or terminated only by a statement in writing signed by the
party against which enforcement of the change, waiver, discharge or termination
is sought, except to the extent provided in this subsection 2.1. In the event
the Company enters into a Subsequent Financing, and upon the request of the
Company, each Purchaser shall execute the registration rights agreement entered
into by the investors in such Subsequent Financing (on a pari passu basis with
such investors) and this Agreement shall be terminated.

            2.2 Governing Law/Consent to Jurisdiction. All questions concerning
the construction, validity, enforcement, interpretation of, and venue for any
dispute under this Agreement shall be determined with the provisions of the
Purchase Agreement.

            2.3 Successors and Assigns. Except as otherwise expressly provided
herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors and administrators of the
parties hereto.

            2.4 Entire Agreement. Except as set forth below, this Agreement and
the other documents delivered pursuant hereto constitute the full and entire
understanding and agreement between the parties with regard to the subjects
hereof and thereof, and this Agreement shall supersede and cancel all prior
agreements between the parties hereto with regard to the subject matter hereof.

            2.5 Notices, etc. Any and all notices or other communications or
deliveries required or permitted to be provided hereunder shall be delivered as
set forth in the Purchase Agreement

            2.6 Severability. In case any provision of this Agreement shall be
invalid, illegal, or unenforceable, the validity, legality and enforceability of
the remaining provisions of this Agreement or any provision of the other
Agreement s shall not in any way be affected or impaired thereby.

            2.7 Titles and Subtitles. The titles of the sections and subsections
of this Agreement are for convenience of reference only and are not to be
considered in construing this Agreement.

                                       11
<PAGE>

            2.8 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument. In the event that any signature is delivered by
facsimile transmission, such signature shall create a valid binding obligation
of the party executing (or on whose behalf such signature is executed) the same
with the same force and effect as if such facsimile signature were the original
thereof.

            2.9 Independent Nature of Holders' Obligations and Rights. The
obligations of each Holder hereunder are several and not joint with the
obligations of any other Holder hereunder, and no Holder shall be responsible in
any way for the performance of the obligations of any other Holder hereunder.
Nothing contained herein or in any other agreement or document delivered at any
closing, and no action taken by any Holder pursuant hereto or thereto, shall be
deemed to constitute the Holders as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Holders
are in any way acting in concert with respect to such obligations or the
transactions contemplated by this Agreement. Each Holder shall be entitled to
protect and enforce its rights, including without limitation the rights arising
out of this Agreement, and it shall not be necessary for any other Holder to be
joined as an additional party in any proceeding for such purpose.

            2.10 No Inconsistent Agreements. Neither the Company nor any of its
subsidiaries has entered, as of the date hereof, nor shall the Company or any of
its subsidiaries, on or after the date of this Agreement, enter into any
agreement with respect to its securities, that would have the effect of
impairing the rights granted to the Holders in this Agreement or otherwise
conflicts with the provisions hereof. Except as set forth on Schedule 2.10,
neither the Company nor any of its subsidiaries has previously entered into any
agreement granting any registration rights with respect to any of its securities
to any Person that have not been satisfied in full. No Person has any right to
cause the Company to effect the registration under the Securities Act of any
securities of the Company. The Company shall not file any other registration
statements until a registration statement covering the resale of the Registrable
Securities is declared effective by the SEC.

            2.11 Remedies. In the event of a breach by the Company or by a
Holder, of any of their obligations under this Agreement, each Holder or the
Company, as the case may be, in addition to being entitled to exercise all
rights granted by law and under this Agreement, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement. The
Company and each Holder agree that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate.

----- SIGNATURES ON NEXT PAGE -----

                                       12
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date set forth underneath their respective signatures below.

                                             "COMPANY"

                                             World Waste Technologies, Inc.
                                             a California corporation

                                             By:________________________________

                                             Print:_____________________________

                                             Date:________________________, 2005

                       [SIGNATURE PAGE OF HOLDERS FOLLOWS]

                                       13
<PAGE>

                     [SIGNATURE PAGE OF HOLDERS TO WDWT RRA]

Name of Holder: __________________________
Signature of Authorized Signatory of Holder: __________________________
Name of Authorized Signatory: _________________________
Title of Authorized Signatory: __________________________

                           [SIGNATURE PAGES CONTINUE]

                                       14
<PAGE>

                              Plan of Distribution

      Each Selling Stockholder (the "Selling Stockholders") of the common stock
("Common Stock") of [_______, a [______ corporation (the "Company") and any of
their pledgees, assignees and successors-in-interest may, from time to time,
sell any or all of their shares of Common Stock on the Trading Market or any
other stock exchange, market or trading facility on which the shares are traded
or in private transactions. These sales may be at fixed or negotiated prices. A
Selling Stockholder may use any one or more of the following methods when
selling shares:

      o     ordinary brokerage transactions and transactions in which the
            broker-dealer solicits purchasers;

      o     block trades in which the broker-dealer will attempt to sell the
            shares as agent but may position and resell a portion of the block
            as principal to facilitate the transaction;

      o     purchases by a broker-dealer as principal and resale by the
            broker-dealer for its account;

      o     an exchange distribution in accordance with the rules of the
            applicable exchange;

      o     privately negotiated transactions;

      o     settlement of short sales entered into after the effective date of
            the registration statement of which this prospectus is a part;

      o     broker-dealers may agree with the Selling Stockholders to sell a
            specified number of such shares at a stipulated price per share;

      o     a combination of any such methods of sale;

      o     through the writing or settlement of options or other hedging
            transactions, whether through an options exchange or otherwise; or

      o     any other method permitted pursuant to applicable law.

      The Selling Stockholders may also sell shares under Rule 144 under the
Securities Act of 1933, as amended (the "Securities Act"), if available, rather
than under this prospectus.

      Broker-dealers engaged by the Selling Stockholders may arrange for other
brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as
agent for the purchaser of shares, from the purchaser) in amounts to be
negotiated, but, except as set forth in a supplement to this Prospectus, in the
case of an agency transaction not in excess of a customary brokerage commission
in compliance with NASDR Rule 2440; and in the case of a principal transaction a
markup or markdown in compliance with NASDR IM-2440.

                                      A-1
<PAGE>

      In connection with the sale of the Common Stock or interests therein, the
Selling Stockholders may enter into hedging transactions with broker-dealers or
other financial institutions, which may in turn engage in short sales of the
Common Stock in the course of hedging the positions they assume. The Selling
Stockholders may also sell shares of the Common Stock short and deliver these
securities to close out their short positions, or loan or pledge the Common
Stock to broker-dealers that in turn may sell these securities. The Selling
Stockholders may also enter into option or other transactions with
broker-dealers or other financial institutions or the creation of one or more
derivative securities which require the delivery to such broker-dealer or other
financial institution of shares offered by this prospectus, which shares such
broker-dealer or other financial institution may resell pursuant to this
prospectus (as supplemented or amended to reflect such transaction).

      The Selling Stockholders and any broker~dealers or agents that are
involved in selling the shares may be deemed to be "underwriters" within the
meaning of the Securities Act in connection with such sales. In such event, any
commissions received by such broker~dealers or agents and any profit on the
resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. Each Selling Stockholder has
informed the Company that it does not have any written or oral agreement or
understanding, directly or indirectly, with any person to distribute the Common
Stock. In no event shall any broker-dealer receive fees, commissions and markups
which, in the aggregate, would exceed eight percent (8%).

      The Company is required to pay certain fees and expenses incurred by the
Company incident to the registration of the shares. The Company has agreed to
indemnify the Selling Stockholders against certain losses, claims, damages and
liabilities, including liabilities under the Securities Act.

      Because Selling Stockholders may be deemed to be "underwriters" within the
meaning of the Securities Act, they will be subject to the prospectus delivery
requirements of the Securities Act. In addition, any securities covered by this
prospectus which qualify for sale pursuant to Rule 144 under the Securities Act
may be sold under Rule 144 rather than under this prospectus. Each Selling
Stockholder has advised us that they have not entered into any written or oral
agreements, understandings or arrangements with any underwriter or broker-dealer
regarding the sale of the resale shares. There is no underwriter or coordinating
broker acting in connection with the proposed sale of the resale shares by the
Selling Stockholders.

                                      A-2
<PAGE>

      We agreed to keep this prospectus effective until the earlier of (i) the
date on which the shares may be resold by the Selling Stockholders without
registration and without regard to any volume limitations by reason of Rule
144(e) under the Securities Act or any other rule of similar effect or (ii) all
of the shares have been sold pursuant to the prospectus or Rule 144 under the
Securities Act or any other rule of similar effect. The resale shares will be
sold only through registered or licensed brokers or dealers if required under
applicable state securities laws. In addition, in certain states, the resale
shares may not be sold unless they have been registered or qualified for sale in
the applicable state or an exemption from the registration or qualification
requirement is available and is complied with.

         Under applicable rules and regulations under the Exchange Act, any
person engaged in the distribution of the resale shares may not simultaneously
engage in market making activities with respect to the Common Stock for the
applicable restricted period, as defined in Regulation M, prior to the
commencement of the distribution. In addition, the Selling Stockholders will be
subject to applicable provisions of the Exchange Act and the rules and
regulations thereunder, including Regulation M, which may limit the timing of
purchases and sales of shares of the Common Stock by the Selling Stockholders or
any other person. We will make copies of this prospectus available to the
Selling Stockholders and have informed them of the need to deliver a copy of
this prospectus to each purchaser at or prior to the time of the sale.

                                      A-3Exhibit 10.5

                               SECURITY AGREEMENT

      SECURITY AGREEMENT, dated as of ________ ___, 200_ (this "Agreement"),
among World Waste Technologies, Inc., a California corporation (the "Company")
and all of the Subsidiaries of the Company (other than the Immaterial
Subsidiaries (as defined herein)) (such Subsidiaries, the "Guarantors") (the
Company and Guarantors are collectively referred to as the "Debtors"), on the
one hand and the holders of the Company's 10% Secured Debentures issued in
__________, 200_ in the original aggregate principal amount of $_________
(collectively referred to as, the "Debentures")and the Company's Senior Secured
Promissory Notes issued in November, 2005 (collectively referred to as the
"November Notes") , listed on Annex C hereto, their endorsees, transferees and
assigns (collectively referred to as, the "Secured Parties").

                              W I T N E S S E T H:

      WHEREAS, pursuant to the Debentures, the Secured Parties listed on Annex C
hereto have severally agreed to extend the loans to the Company evidenced by the
Debentures;

      WHEREAS, pursuant to a certain Subsidiary Guarantee dated as of the date
hereof (the "Guaranty"), the Guarantors have jointly and severally agreed to
guaranty and act as surety for payment of such loans; and

      WHEREAS, in order to induce the Secured Parties to extend the loans
evidenced by the Debentures, each Debtor has agreed to execute and deliver to
the Secured Parties this Agreement and to grant the Secured Parties, pari passu
with each other Secured Party and through the Agent, a perfected security
interest in certain property of such Debtor to secure the prompt payment,
performance and discharge in full of all of the Company's obligations under the
Debentures and the other Debtor's obligations under the Guaranty; and

      WHEREAS, the holders of the November Notes entered into a Security
Agreement, dated November 1, 2005, with the Company (the "Prior Security
Agreement") which Prior Security Agreement provides that it may be amended with
the approval of the holders of at least 75% aggregate principal amount of the
November Notes;

WHEREAS, the holders of at least 75% aggregate principal amount of the November
Notes wish to amend and restate the Prior Security Agreement as set forth herein
and accordingly, the Prior Security Agreement shall be superseded and replaced
in its entirety by this Agreement.

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

      1. Certain Definitions. As used in this Agreement, the following terms
shall have the meanings set forth in this Section 1. Terms used but not
otherwise defined in this Agreement that are defined in Article 9 of the UCC
(such as "account", "chattel paper", "commercial tort claim", "deposit account",
"document", "equipment", "fixtures", "general intangibles", "goods",
"instruments", "inventory", "investment property", "letter-of-credit rights",
"proceeds" and "supporting obligations") shall have the respective meanings
given such terms in Article 9 of the UCC.

                                       1
<PAGE>

            (a) "Agent" shall have the meaning set forth in Section 18.

            (b) "Collateral" means the collateral in which the Secured Parties,
      through the Agent, are granted a security interest by this Agreement and
      which shall include the following personal property of the Debtors,
      whether presently owned or existing or hereafter acquired or coming into
      existence, wherever situated, and all additions and accessions thereto and
      all substitutions and replacements thereof, and all proceeds, products and
      accounts thereof, including, without limitation, all proceeds from the
      sale or transfer of the Collateral and of insurance covering the same and
      of any tort claims in connection therewith, and all dividends, interest,
      cash, notes, securities, equity interest or other property at any time and
      from time to time acquired, receivable or otherwise distributed in respect
      of, or in exchange for, any or all of the Pledged Securities (as defined
      below):

                  (i) All goods, including, without limitations, (A) all
            machinery, equipment, computers, motor vehicles, trucks, tanks,
            boats, ships, appliances, furniture, special and general tools,
            fixtures, test and quality control devices and other equipment of
            every kind and nature and wherever situated, together with all
            documents of title and documents representing the same, all
            additions and accessions thereto, replacements therefor, all parts
            therefor, and all substitutes for any of the foregoing and all other
            items used and useful in connection with any Debtor's businesses and
            all improvements thereto; and (B) all inventory;

                  (ii) All contract rights and other general intangibles,
            including, without limitation, all partnership interests, membership
            interests, stock or other securities, rights under any of the
            Organizational Documents, agreements related to the Pledged
            Securities (as defined in Section 4(i)), licenses, distribution and
            other agreements, computer software (whether "off-the-shelf",
            licensed from any third party or developed by any Debtor), computer
            software development rights, leases, franchises, customer lists,
            quality control procedures, grants and rights, goodwill, trademarks,
            service marks, trade styles, trade names, patents, patent
            applications, copyrights, and income tax refunds;

                  (iii) All accounts, together with all instruments, all
            documents of title representing any of the foregoing, all rights in
            any merchandising, goods, equipment, motor vehicles and trucks which
            any of the same may represent, and all right, title, security and
            guaranties with respect to each account, including any right of
            stoppage in transit;

                  (iv) All documents, letter-of-credit rights, instruments and
            chattel paper;

                                       2
<PAGE>

                  (v) All commercial tort claims;

                  (vi) All deposit accounts and all cash (whether or not
            deposited in such deposit accounts);

                  (vii) All investment property;

                  (viii) All supporting obligations;

                  (ix) All files, records, books of account, business papers,
            and computer programs; and

                  (x) the products and proceeds of all of the foregoing
            Collateral set forth in clauses (i)-(ix) above.

                  Without limiting the generality of the foregoing, the
            "Collateral" shall include all investment property and general
            intangibles respecting ownership and/or other equity interests in
            each Guarantor, including, without limitation, the shares of capital
            stock and the other equity interests listed on Schedule H hereto (as
            the same may be modified from time to time pursuant to the terms
            hereof), and any other shares of capital stock and/or other equity
            interests of any other direct or indirect subsidiary of any Debtor
            obtained in the future, and, in each case, all certificates
            representing such shares and/or equity interests and, in each case,
            all rights, options, warrants, stock, other securities and/or equity
            interests that may hereafter be received, receivable or distributed
            in respect of, or exchanged for, any of the foregoing and all rights
            arising under or in connection with the Pledged Securities,
            including, but not limited to, all dividends, interest and cash.

                  Notwithstanding the foregoing, nothing herein shall be deemed
            to constitute an assignment of any asset which, in the event of an
            assignment, becomes void by operation of applicable law or the
            assignment of which is otherwise prohibited by applicable law (in
            each case to the extent that such applicable law is not overridden
            by Sections 9-406, 9-407 and/or 9-408 of the UCC or other similar
            applicable law); provided, however, that to the extent permitted by
            applicable law, this Agreement shall create a valid security
            interest in such asset and, to the extent permitted by applicable
            law, this Agreement shall create a valid security interest in the
            proceeds of such asset.

            (c) "Intellectual Property" means the collective reference to all
      rights, priorities and privileges relating to intellectual property,
      whether arising under United States, multinational or foreign laws or
      otherwise, including, without limitation, (i) all copyrights arising under
      the laws of the United States, any other country or any political
      subdivision thereof, whether registered or unregistered and whether
      published or unpublished, all registrations and recordings thereof, and
      all applications in connection therewith, including, without limitation,
      all registrations, recordings and applications in the United States
      Copyright Office, (ii) all letters patent of the United States, any other
      country or any political subdivision thereof, all reissues and extensions
      thereof, and all applications for letters patent of the United States or
      any other country and all divisions, continuations and
      continuations-in-part thereof, (iii) all trademarks, trade names,
      corporate names, company names, business names, fictitious business names,
      trade dress, service marks, logos, domain names and other source or
      business identifiers, and all goodwill associated therewith, now existing
      or hereafter adopted or acquired, all registrations and recordings
      thereof, and all applications in connection therewith, whether in the
      United States Patent and Trademark Office or in any similar office or
      agency of the United States, any State thereof or any other country or any
      political subdivision thereof, or otherwise, and all common law rights
      related thereto, (iv) all trade secrets arising under the laws of the
      United States, any other country or any political subdivision thereof, (v)
      all rights to obtain any reissues, renewals or extensions of the
      foregoing, (vi) all licenses for any of the foregoing, and (vii) all
      causes of action for infringement of the foregoing.

                                       3
<PAGE>

            (d) "Majority in Interest" shall mean, at any time of determination,
      the majority in interest (based on then-outstanding principal amounts of
      Debentures at the time of such determination) of the Secured Parties.

            (e) "Necessary Endorsement" shall mean undated stock powers endorsed
      in blank or other proper instruments of assignment duly executed and such
      other instruments or documents as the Agent (as that term is defined
      below) may reasonably request.

            (f) "Obligations" means all of the liabilities and obligations
      (primary, secondary, direct, contingent, sole, joint or several) due or to
      become due, or that are now or may be hereafter contracted or acquired, or
      owing to, of any Debtor to the Secured Parties, including, without
      limitation, all obligations under this Agreement, the November Notes, the
      Debentures, the Guaranty and any other instruments, agreements or other
      documents executed and/or delivered in connection herewith or therewith,
      in each case, whether now or hereafter existing, voluntary or involuntary,
      direct or indirect, absolute or contingent, liquidated or unliquidated,
      whether or not jointly owed with others, and whether or not from time to
      time decreased or extinguished and later increased, created or incurred,
      and all or any portion of such obligations or liabilities that are paid,
      to the extent all or any part of such payment is avoided or recovered
      directly or indirectly from any of the Secured Parties as a preference,
      fraudulent transfer or otherwise as such obligations may be amended,
      supplemented, converted, extended or modified from time to time. Without
      limiting the generality of the foregoing, the term "Obligations" shall
      include, without limitation: (i) principal of, and interest on the
      Debentures and the November Notes and the loans extended pursuant thereto;
      (ii) any and all other fees, indemnities, costs, obligations and
      liabilities of the Debtors from time to time under or in connection with
      this Agreement, the Debentures, the November Notes, the Guaranty and any
      other instruments, agreements or other documents executed and/or delivered
      in connection herewith or therewith; and (iii) all amounts (including but
      not limited to post-petition interest) in respect of the foregoing that
      would be payable but for the fact that the obligations to pay such amounts
      are unenforceable or not allowable due to the existence of a bankruptcy,
      reorganization or similar proceeding involving any Debtor.

                                       4
<PAGE>

            (g) "Organizational Documents" means with respect to any Debtor, the
      documents by which such Debtor was organized (such as a certificate of
      incorporation, certificate of limited partnership or articles of
      organization, and including, without limitation, any certificates of
      designation for preferred stock or other forms of preferred equity) and
      which relate to the internal governance of such Debtor (such as bylaws, a
      partnership agreement or an operating, limited liability or members
      agreement).

            (h) "UCC" means the Uniform Commercial Code of the State of
      California and or any other applicable law of any state or states which
      has jurisdiction with respect to all, or any portion of, the Collateral or
      this Agreement, from time to time. It is the intent of the parties that
      defined terms in the UCC should be construed in their broadest sense so
      that the term "Collateral" will be construed in its broadest sense.
      Accordingly if there are, from time to time, changes to defined terms in
      the UCC that broaden the definitions, they are incorporated herein and if
      existing definitions in the UCC are broader than the amended definitions,
      the existing ones shall be controlling.

      2. Grant of Perfected First Priority Security Interest. As an inducement
for the Secured Parties to extend the loans as evidenced by the Debentures and
to secure the complete and timely payment, performance and discharge in full, as
the case may be, of all of the Obligations, each Debtor hereby unconditionally
and irrevocably pledges, grants and hypothecates to the Agent, for the benefit
of the Secured Parties, a continuing and perfected security interest in and to,
a lien upon and a right of set-off against all of their respective right, title
and interest of whatsoever kind and nature in and to, the Collateral (the
"Security Interest").

      3. Delivery of Certain Collateral. Contemporaneously or prior to the
execution of this Agreement, each Debtor shall deliver or cause to be delivered
to the Agent (a) any and all certificates and other instruments representing or
evidencing the Pledged Securities, and (b) any and all certificates and other
instruments or documents representing any of the other Collateral, in each case,
together with all Necessary Endorsements. The Debtors are, contemporaneously
with the execution hereof, delivering to Agent, or have previously delivered to
Agent, a true and correct copy of each Organizational Document governing any of
the Pledged Securities.

      4. Representations, Warranties, Covenants and Agreements of the Debtors.
Except as set forth under the corresponding section of the disclosure schedules
delivered to the Agent concurrently herewith (the "Disclosure Schedules") which
Disclosure Schedules shall be deemed a part hereof, each Debtor represents and
warrants to, and covenants and agrees with, the Secured Parties as follows:

            (a) Each Debtor has the requisite corporate, partnership, limited
      liability company or other power and authority to enter into this
      Agreement and otherwise to carry out its obligations hereunder. The
      execution, delivery and performance by each Debtor of this Agreement and
      the filings contemplated therein have been duly authorized by all
      necessary action on the part of such Debtor and no further action is
      required by such Debtor. This Agreement has been duly executed by each
      Debtor. This Agreement constitutes the legal, valid and binding obligation
      of each Debtor, enforceable against each Debtor in accordance with its
      terms except as such enforceability may be limited by applicable
      bankruptcy, insolvency, reorganization and similar laws of general
      application relating to or affecting the rights and remedies of creditors
      and by general principles of equity.

                                       5
<PAGE>

            (b) The Debtors have no place of business or offices where their
      respective books of account and records are kept (other than temporarily
      at the offices of its attorneys or accountants) or places where Collateral
      is stored or located, except as set forth on Schedule A attached hereto.
      Except as specifically set forth on Schedule A, each Debtor is the record
      owner of the real property where such Collateral is located, and there
      exist no mortgages or other liens on any such real property except for
      Permitted Liens (as defined in the Debentures). Except as disclosed on
      Schedule A, none of such Collateral is in the possession of any consignee,
      bailee, warehouseman, agent or processor.

            (c) Except for Permitted Liens (as defined in the Debentures) and
      except as set forth on Schedule B attached hereto, the Debtors are the
      sole owner of the Collateral (except for non-exclusive licenses granted by
      any Debtor in the ordinary course of business), free and clear of any
      liens, security interests, encumbrances, rights or claims, and are fully
      authorized to grant the Security Interest. Except as set forth on Schedule
      B, there is not on file in any governmental or regulatory authority,
      agency or recording office an effective financing statement, security
      agreement, license or transfer or any notice of any of the foregoing
      (other than those that will be filed in favor of the Agent, for the
      benefit of the Secured Parties pursuant to this Agreement) covering or
      affecting any of the Collateral. So long as this Agreement shall be in
      effect, the Debtors shall not execute and shall not knowingly permit to be
      on file in any such office or agency any other financing statement or
      other document or instrument (except to the extent filed or recorded in
      favor of the Agent, for the benefit of the Secured Parties pursuant to the
      terms of this Agreement).

            (d) No written claim has been received that any material portion of
      the Collateral or Debtor's use of any material portion of the Collateral
      violates the rights of any third party. There has been no adverse decision
      to any Debtor's claim of ownership rights in or exclusive rights to use
      any material portion of the Collateral in any jurisdiction or to any
      Debtor's right to keep and maintain such Collateral in full force and
      effect, and there is no proceeding involving said rights pending or, to
      the best knowledge of any Debtor, threatened before any court, judicial
      body, administrative or regulatory agency, arbitrator or other
      governmental authority.

            (e) Each Debtor shall at all times maintain its books of account and
      records relating to the Collateral at its principal place of business and
      its Collateral at the locations set forth on Schedule A attached hereto
      and may not relocate such books of account and records or tangible
      Collateral unless it delivers to the Agent at least 30 days prior to such
      relocation (i) written notice of such relocation and the new location
      thereof (which must be within the United States) and (ii) evidence that
      appropriate financing statements under the UCC and other necessary
      documents have been filed and recorded and other steps have been taken to
      perfect the Security Interest to create in favor of the Secured Parties,
      through the Agent, a valid, perfected and continuing perfected lien in the
      Collateral.

                                       6
<PAGE>

            (f) This Agreement creates in favor of the Agent, for the benefit of
      the Secured Parties a valid security interest in the Collateral, subject
      only to Permitted Liens (as defined in the Debentures) securing the
      payment and performance of the Obligations. Upon making the filings
      described in the immediately following paragraph, all security interests
      created hereunder in any Collateral which may be perfected by filing
      Uniform Commercial Code financing statements shall have been duly
      perfected. Except for the filing of the Uniform Commercial Code financing
      statements referred to in the immediately following paragraph, the
      recordation of the Intellectual Property Security Agreement (as defined
      below) with respect to copyrights and copyright applications in the United
      States Copyright Office referred to in paragraph (m), the execution and
      delivery of deposit account control agreements satisfying the requirements
      of Section 9-104(a)(2) of the UCC with respect to each deposit account of
      the Debtors, and the delivery of the certificates and other instruments
      provided in Section 3, no action is necessary to create, perfect or
      protect the security interests created hereunder. Without limiting the
      generality of the foregoing, except for the filing of said financing
      statements, the recordation of said Intellectual Property Security
      Agreement, and the execution and delivery of said deposit account control
      agreements, no consent of any third parties and no authorization, approval
      or other action by, and no notice to or filing with, any governmental
      authority or regulatory body is required for (i) the execution, delivery
      and performance of this Agreement, (ii) the creation or perfection of the
      Security Interests created hereunder in the Collateral or (iii) the
      enforcement of the rights of the Agent and the Secured Parties hereunder.

            (g) Each Debtor hereby authorizes the Agent to file one or more
      financing statements under the UCC, with respect to the Security Interest
      with the proper filing and recording agencies in any jurisdiction deemed
      proper by it.

            (h) The execution, delivery and performance of this Agreement by the
      Debtors does not (i) violate any of the provisions of any Organizational
      Documents of any Debtor or any judgment, decree, order or award of any
      court, governmental body or arbitrator or any applicable law, rule or
      regulation applicable to any Debtor or (ii) conflict with, or constitute a
      default (or an event that with notice or lapse of time or both would
      become a default) under, or give to others any rights of termination,
      amendment, acceleration or cancellation (with or without notice, lapse of
      time or both) of, any agreement, credit facility, debt or other instrument
      (evidencing any Debtor's debt or otherwise) or other understanding to
      which any Debtor is a party or by which any property or asset of any
      Debtor is bound or affected. No consent (including, without limitation,
      from stockholders or creditors of any Debtor) is required for any Debtor
      to enter into and perform its obligations hereunder.

            (i) The capital stock and other equity interests listed on Schedule
      H hereto (the "Pledged Securities") represent all of the capital stock and
      other equity interests of the Guarantors, and represent all capital stock
      and other equity interests owned, directly or indirectly, by the Company
      (other than the stock of the Immaterial Subsidiaries). All of the Pledged
      Securities are validly issued, fully paid and nonassessable, and the
      Company is the legal and beneficial owner of the Pledged Securities, free
      and clear of any lien, security interest or other encumbrance except for
      the security interests created by this Agreement and other Permitted Liens
      (as defined in the Debentures).

                                       7
<PAGE>

            (j) The ownership and other equity interests in partnerships and
      limited liability companies (if any) included in the Collateral (the
      "Pledged Interests") by their express terms do not provide that they are
      securities governed by Article 8 of the UCC and are not held in a
      securities account or by any financial intermediary.

            (k) Except for Permitted Liens (as defined in the Debentures), each
      Debtor shall at all times maintain the liens and Security Interest
      provided for hereunder as valid and perfected first priority liens and
      security interests in the Collateral in favor of the Agent for the benefit
      of the Secured Parties until this Agreement and the Security Interest
      hereunder shall be terminated pursuant to Section 11 hereof. Each Debtor
      hereby agrees to use commercially reasonable efforts to defend the same
      against the claims of any and all persons and entities. Each Debtor shall
      safeguard and protect all Collateral for the account of the Secured
      Parties through the Agent. At the request of the Agent, each Debtor will
      sign and deliver to the Agent on behalf of the Secured Parties at any time
      or from time to time one or more financing statements pursuant to the UCC
      in form reasonably satisfactory to the Agent and will pay the cost of
      filing the same in all public offices wherever filing is, or is deemed by
      the Agent to be, necessary or desirable to effect the rights and
      obligations provided for herein. Without limiting the generality of the
      foregoing, each Debtor shall pay all fees, taxes and other amounts
      necessary to maintain the Collateral and the Security Interest hereunder,
      and each Debtor shall obtain and furnish to the Agent from time to time,
      upon demand, such releases and/or subordinations of claims and liens which
      may be required to maintain the priority of the Security Interest
      hereunder.

            (l) No Debtor will transfer, pledge, hypothecate, encumber, license,
      sell or otherwise dispose of any of the Collateral (except for
      non-exclusive licenses granted by a Debtor in its ordinary course of
      business and sales of inventory by a Debtor in its ordinary course of
      business) without the prior written consent of a Majority in Interest.

            (m) Each Debtor shall keep and preserve its equipment, inventory and
      other tangible Collateral in good condition, repair and order and shall
      not operate or locate any such Collateral (or cause to be operated or
      located) in any area excluded from insurance coverage.

            (n) Each Debtor shall maintain with financially sound and reputable
      insurers, insurance with respect to the Collateral against loss or damage
      of the kinds and in the amounts customarily insured against by entities of
      established reputation having similar properties similarly situated and in
      such amounts as are customarily carried under similar circumstances by
      other such entities and otherwise as is prudent for entities engaged in
      similar businesses but in any event sufficient to cover the full
      replacement cost thereof. Each Debtor shall cause each insurance policy
      issued in connection herewith to provide, and the insurer issuing such
      policy to certify to the Agent that (a) the Agent will be named as lender
      loss payee and additional insured under each such insurance policy; (b) if
      such insurance be proposed to be cancelled or materially changed for any
      reason whatsoever, such insurer will promptly notify the Agent and such
      cancellation or change shall not be effective as to the Agent for at least
      thirty (30) days after receipt by the Agent of such notice, unless the
      effect of such change is to extend or increase coverage under the policy;
      and (c) the Agent will have the right (but no obligation) at its election
      to remedy any default in the payment of premiums within thirty (30) days
      of notice from the insurer of such default. If no Event of Default (as
      defined in the Debentures) exists, loss payments in each instance will be
      applied by the applicable Debtor to the repair and/or replacement of
      property with respect to which the loss was incurred to the extent
      reasonably feasible, and any loss payments or the balance thereof
      remaining, to the extent not so applied, shall be payable to the
      applicable Debtor; provided, however, that payments received by any Debtor
      after an Event of Default occurs and is continuing shall be paid to the
      Agent on behalf of the Secured Parties and, if received by such Debtor,
      shall be held in trust for the Secured Parties and immediately paid over
      to the Agent unless otherwise directed in writing by the Agent. Copies of
      such policies or the related certificates, in each case, naming the Agent
      on behalf of the Secured Parties as lender loss payee and additional
      insured shall be delivered to the Agent upon its request and at the time
      any new policy of insurance is issued.

                                       8
<PAGE>

            (o) Each Debtor shall, within ten (10) days of obtaining knowledge
      thereof, advise the Agent promptly, in sufficient detail, of any material
      adverse change in the Collateral, and of the occurrence of any event which
      would have a material adverse effect on the value of the Collateral or on
      the Secured Parties' security interest, through the Agent, therein.

            (p) Each Debtor shall promptly execute and deliver to the Agent such
      further deeds, mortgages, assignments, security agreements, financing
      statements or other instruments, documents, certificates and assurances
      and take such further action as the Agent may from time to time request
      and may in its sole discretion deem necessary to perfect, protect or
      enforce the Secured Parties' security interest in the Collateral
      including, without limitation, if applicable, the execution and delivery
      of a separate security agreement with respect to each Debtor's
      Intellectual Property ("Intellectual Property Security Agreement") in
      which the Secured Parties, through he Agent, have been granted a security
      interest hereunder, substantially in a form reasonably acceptable to the
      Agent, which Intellectual Property Security Agreement, other than as
      stated therein, shall be subject to all of the terms and conditions
      hereof.

            (q) Each Debtor shall permit the Agent and its representatives and
      agents to inspect the Collateral during normal business hours and upon
      reasonable prior notice, and to make copies of records pertaining to the
      Collateral as may be reasonably requested by the Agent from time to time.

                                       9
<PAGE>

            (r) Each Debtor shall take all steps reasonably necessary to
      diligently pursue and seek to preserve, enforce and collect any rights,
      claims, causes of action and accounts receivable in respect of the
      Collateral.

            (s) Each Debtor shall promptly notify the Agent in sufficient detail
      upon becoming aware of any attachment, garnishment, execution or other
      legal process levied against any material portion of the Collateral and of
      any other information received by such Debtor that may materially affect
      the value of the Collateral, the Security Interest or the rights and
      remedies of the Secured Parties hereunder.

            (t) All information heretofore, herein or hereafter supplied to the
      Secured Parties by or on behalf of any Debtor with respect to the
      Collateral is accurate and complete in all material respects as of the
      date furnished.

            (u) The Debtors shall at all times preserve and keep in full force
      and effect their respective valid existence and good standing and any
      rights and franchises material to its business.

            (v) No Debtor will change its name, type of organization,
      jurisdiction of organization, organizational identification number (if it
      has one), legal or corporate structure, or identity, or add any new
      fictitious name unless it provides at least 30 days' prior written notice
      to the Agent of such change and, at the time of such written notification,
      such Debtor provides any financing statements or fixture filings necessary
      to perfect and continue perfected the perfected security interest granted
      and evidenced by this Agreement.

            (w) Except in the ordinary course of business, no Debtor may consign
      any of its Inventory or sell any of its Inventory on bill and hold, sale
      or return, sale on approval, or other conditional terms of sale without
      the consent of the Agent which shall not be unreasonably withheld.

            (x) No Debtor may relocate its chief executive office to a new
      location without providing 30 days' prior written notification thereof to
      the Agent and so long as, at the time of such written notification, such
      Debtor provides any financing statements or fixture filings necessary to
      perfect and continue perfected the perfected security interest granted and
      evidenced by this Agreement.

            (y) Each Debtor was organized and remains organized solely under the
      laws of the state set forth next to such Debtor's name in Schedule D
      attached hereto, which Schedule D also sets forth each Debtor's
      organizational identification number or, if any Debtor does not have one,
      states that one does not exist.

            (z) (i) The actual name of each Debtor is the name set forth in
      Schedule D; (ii) no Debtor has any trade names except as set forth on
      Schedule E attached hereto; (iii) no Debtor has used any name other than
      that stated in the preamble hereto or as set forth on Schedule E for the
      preceding five years; and (iv) no entity has merged into any Debtor or
      been acquired by any Debtor within the past five years except as set forth
      on Schedule E.

                                       10
<PAGE>

            (aa) At any time and from time to time that any Collateral consists
      of instruments, certificated securities or other items that require
      possession by the secured party to perfect the security interest created
      hereby, the applicable Debtor shall deliver such Collateral to the Agent.

            (bb) Each Debtor, in its capacity as issuer, hereby agrees to comply
      with any and all orders and instructions of Agent regarding the Pledged
      Interests consistent with the terms of this Agreement without the further
      consent of any Debtor as contemplated by Section 8-106 (or any successor
      section) of the UCC. Further, each Debtor agrees that it shall not enter
      into a similar agreement (or one that would confer "control" within the
      meaning of Article 8 of the UCC) with any other person or entity.

            (cc) Each Debtor shall cause all tangible chattel paper constituting
      Collateral to be delivered to the Agent, or, if such delivery is not
      possible, then to cause such tangible chattel paper to contain a legend
      noting that it is subject to the security interest created by this
      Agreement. To the extent that any Collateral consists of electronic
      chattel paper, the applicable Debtor shall cause the underlying chattel
      paper to be "marked" within the meaning of Section 9-105 of the UCC (or
      successor section thereto).

            (dd) If there is any investment property or deposit account included
      as Collateral that can be perfected by "control" through an account
      control agreement, the applicable Debtor shall cause such an account
      control agreement, in form and substance in each case satisfactory to the
      Agent, to be entered into and delivered to the Agent.

            (ee) To the extent that any Collateral consists of letter-of-credit
      rights, the applicable Debtor shall cause the issuer of each underlying
      letter of credit to consent to an assignment of the proceeds thereof to
      the Agent for the benefit of the Secured Parties.

            (ff) To the extent that any Collateral is in the possession of any
      third party, the applicable Debtor shall join with the Agent in notifying
      such third party of the Secured Parties' security interest, through the
      Agent, in such Collateral and shall use its best efforts to obtain an
      acknowledgement and agreement from such third party with respect to the
      Collateral, in form and substance reasonably satisfactory to the Agent.

            (gg) If any Debtor shall at any time hold or acquire a commercial
      tort claim, such Debtor shall promptly notify the Agent in a writing
      signed by such Debtor of the particulars thereof and grant to the Agent,
      for the benefit of the Secured Parties, in such writing a security
      interest therein and in the proceeds thereof, all upon the terms of this
      Agreement, with such writing to be in form and substance reasonably
      satisfactory to the Agent.

            (hh) Each Debtor shall promptly provide written notice to the Agent
      of any and all accounts which arise out of contracts with any governmental
      authority and, to the extent necessary to perfect or continue the
      perfected status of the Security Interest in such accounts and proceeds
      thereof, shall execute and deliver to the Agent an assignment of claims
      for such accounts and cooperate with the Agent in taking any other steps
      required, in its reasonable judgment, under the Federal Assignment of
      Claims Act or any similar federal, state or local statute or rule to
      perfect or continue the perfected status of the Security Interest in such
      accounts and proceeds thereof.

                                       11
<PAGE>

            (ii) Other than any inactive subsidiaries which have no material
      assets and which will be dissolved or merged with and into the Company or
      a Subsidiary within 6 months from the date hereof (the "Immaterial
      Subsidiaries"), each Debtor shall cause each subsidiary of such Debtor to
      promptly become a party hereto (an "Additional Debtor"), by executing and
      delivering an Additional Debtor Joinder in substantially the form of Annex
      A attached hereto and comply with the provisions hereof applicable to the
      Debtors. Concurrent therewith, the Additional Debtor shall deliver
      replacement schedules for, or supplements to all other Schedules to (or
      referred to in) this Agreement, as applicable, which replacement schedules
      shall supersede, or supplements shall modify, the Schedules then in
      effect. The Additional Debtor shall also deliver authorizing resolutions,
      good standing certificates, incumbency certificates, organizational
      documents, financing statements and other information and documentation as
      the Agent may reasonably request. Upon delivery of the foregoing to the
      Agent, the Additional Debtor shall be and become a party to this Agreement
      with the same rights and obligations as the Debtors, for all purposes
      hereof as fully and to the same extent as if it were an original signatory
      hereto and shall be deemed to have made the representations, warranties
      and covenants set forth herein as of the date of execution and delivery of
      such Additional Debtor Joinder, and all references herein to the "Debtors"
      shall be deemed to include each Additional Debtor.

            (jj) Each Debtor shall vote the Pledged Securities to comply with
      the covenants and agreements set forth herein and in the Debentures and
      the November Notes.

            (kk) Each Debtor shall register the pledge of the applicable Pledged
      Securities on the books of such Debtor. Each Debtor shall notify each
      issuer of Pledged Securities to register the pledge of the applicable
      Pledged Securities in the name of the Agent, for the benefit of the
      Secured Parties, on the books of such issuer. Further, except with respect
      to certificated securities delivered to the Agent, the applicable Debtor
      shall deliver to Agent an acknowledgement of pledge (which, where
      appropriate, shall comply with the requirements of the relevant UCC with
      respect to perfection by registration) signed by the issuer of the
      applicable Pledged Securities, which acknowledgement shall confirm that:
      (a) it has registered the pledge on its books and records; and (b) at any
      time directed by Agent during the continuation of an Event of Default,
      such issuer will transfer the record ownership of such Pledged Securities
      into the name of any designee of Agent, will take such steps as may be
      necessary to effect the transfer, and will comply with all other
      instructions of Agent regarding such Pledged Securities without the
      further consent of the applicable Debtor.

                                       12
<PAGE>

            (ll) In the event that, upon an occurrence of an Event of Default,
      Agent shall sell all or any of the Pledged Securities to another party or
      parties (herein called the "Transferee") or shall purchase or retain all
      or any of the Pledged Securities, each Debtor shall, to the extent
      applicable: (i) deliver to Agent or the Transferee, as the case may be,
      the articles of incorporation, bylaws, minute books, stock certificate
      books, corporate seals, deeds, leases, indentures, agreements, evidences
      of indebtedness, books of account, financial records and all other
      Organizational Documents and records of the Debtors and their direct and
      indirect subsidiaries; (ii) use its commercially reasonable efforts to
      obtain resignations of the persons then serving as officers and directors
      of the Debtors and their direct and indirect subsidiaries, if so
      requested; and (iii) use commercially reasonable efforts to obtain any
      approvals that are required by any governmental or regulatory body in
      order to permit the sale of the Pledged Securities to the Transferee or
      the purchase or retention of the Pledged Securities by Agent and allow the
      Transferee or Agent to continue the business of the Debtors and their
      direct and indirect subsidiaries.

            (mm) Without limiting the generality of the other obligations of the
      Debtors hereunder, each Debtor shall promptly (i) cause to be registered
      at the United States Copyright Office all of its material copyrights and
      (ii) cause the security interest contemplated hereby with respect to all
      Intellectual Property registered at the United States Copyright Office or
      United States Patent and Trademark Office to be duly recorded at the
      applicable office.

            (nn) Each Debtor will from time to time, at the joint and several
      expense of the Debtors, promptly execute and deliver all such further
      instruments and documents, and take all such further action as may be
      necessary or desirable, or as the Agent may reasonably request, in order
      to perfect and protect any security interest granted or purported to be
      granted hereby or to enable the Secured Parties, through the Agent, to
      exercise and enforce their rights and remedies hereunder and with respect
      to any Collateral or to otherwise carry out the purposes of this
      Agreement.

            (oo) Schedule F attached hereto lists all of the patents, patent
      applications, trademarks, trademark applications, registered copyrights,
      and domain names owned by any of the Debtors as of the date hereof.
      Schedule F lists all material licenses in favor of any Debtor for the use
      of any patents, trademarks, copyrights and domain names as of the date
      hereof. All material patents and trademarks of the Debtors have been duly
      recorded at the United States Patent and Trademark Office and all material
      copyrights of the Debtors have been duly recorded at the United States
      Copyright Office.

            (pp) Except as set forth on Schedule G attached hereto, none of the
      account debtors or other persons or entities obligated on any of the
      Collateral is a governmental authority covered by the Federal Assignment
      of Claims Act or any similar federal, state or local statute or rule in
      respect of such Collateral.

      5. Effect of Pledge on Certain Rights. If any of the Collateral subject to
this Agreement consists of nonvoting equity or ownership interests (regardless
of class, designation, preference or rights) that may be converted into voting
equity or ownership interests upon the occurrence of certain events (including,
without limitation, upon the transfer of all or any of the other stock or assets
of the issuer), it is agreed that the pledge of such equity or ownership
interests pursuant to this Agreement or the enforcement of any of Agent's rights
hereunder shall not be deemed to be the type of event which would trigger such
conversion rights notwithstanding any provisions in the Organizational Documents
or agreements to which any Debtor is subject or to which any Debtor is party.

                                       13
<PAGE>

      6. Defaults. The following events shall be "Events of Default":

            (a) The occurrence of an Event of Default (as defined in the
      Debentures) under the Debentures;

            (b) Any representation or warranty of any Debtor in this Agreement
      shall prove to have been incorrect in any material respect when made;

            (c) The failure by any Debtor to observe or perform any of its
      obligations hereunder for five (5) days after delivery to such Debtor of
      notice of such failure by or on behalf of a Secured Party unless such
      default is capable of cure but cannot be cured within such time frame and
      such Debtor is using best efforts to cure same in a timely fashion; or

            (d) If any material provision of this Agreement shall at any time
      for any reason be declared to be null and void, or the validity or
      enforceability thereof shall be contested by any Debtor, or a proceeding
      shall be commenced by any Debtor, or by any governmental authority having
      jurisdiction over any Debtor, seeking to establish the invalidity or
      unenforceability thereof, or any Debtor shall deny that any Debtor has any
      liability or obligation purported to be created under this Agreement.

      7. Duty To Hold In Trust.

            (a) Upon the occurrence of any Event of Default and at any time
      thereafter, each Debtor shall, upon receipt of any revenue, income,
      dividend, interest or other sums subject to the Security Interest, whether
      payable pursuant to the Debentures, the November Notes or otherwise, or of
      any check, draft, note, trade acceptance or other instrument evidencing an
      obligation to pay any such sum, hold the same in trust for the Secured
      Parties and shall forthwith endorse and transfer any such sums or
      instruments, or both, to the Agent, for the benefit of the Secured
      Parties, pro-rata in proportion to their initial purchases of Debentures
      and November Notes for application to the satisfaction of the Obligations
      (and if any Debenture or November Note is not outstanding, pro-rata in
      proportion to the initial purchases of the remaining Debentures and
      November Notes).

            (b) If any Debtor shall become entitled to receive or shall receive
      any securities or other property (including, without limitation, shares of
      Pledged Securities or instruments representing Pledged Securities acquired
      after the date hereof, or any options, warrants, rights or other similar
      property or certificates representing a dividend, or any distribution in
      connection with any recapitalization, reclassification or increase or
      reduction of capital, or issued in connection with any reorganization of
      such Debtor or any of its direct or indirect subsidiaries) in respect of
      the Pledged Securities (whether as an addition to, in substitution of, or
      in exchange for, such Pledged Securities or otherwise), such Debtor agrees
      to (i) accept the same as the agent of the Secured Parties; (ii) hold the
      same in trust on behalf of and for the benefit of the Secured Parties; and
      (iii) to deliver any and all certificates or instruments evidencing the
      same to Agent on or before the close of business on the fifth business day
      following the receipt thereof by such Debtor, in the exact form received
      together with the Necessary Endorsements, to be held by Agent subject to
      the terms of this Agreement as Collateral.

                                       14
<PAGE>

      8. Rights and Remedies Upon Default.

            (a) Upon the occurrence of any Event of Default declared by holders
      of at least 30% aggregate principal amount of Debentures and at any time
      thereafter, the Secured Parties, acting through the Agent, shall have the
      right to exercise all of the remedies conferred hereunder and under the
      Debentures, and the Secured Parties shall have all the rights and remedies
      of a secured party under the UCC. Without limitation, the Agent, for the
      benefit of the Secured Parties, shall have the following rights and
      powers:

                  (i) The Agent shall have the right to take possession of the
            Collateral and, for that purpose, enter, with the aid and assistance
            of any person, any premises where the Collateral, or any part
            thereof, is or may be placed and remove the same, and each Debtor
            shall assemble the Collateral and make it available to the Agent at
            places which the Agent shall reasonably select, whether at such
            Debtor's premises or elsewhere, and make available to the Agent,
            without rent, all of such Debtor's respective premises and
            facilities for the purpose of the Agent taking possession of,
            removing or putting the Collateral in saleable or disposable form.

                  (ii) Upon notice to the Debtors by Agent, all rights of each
            Debtor to exercise the voting and other consensual rights which it
            would otherwise be entitled to exercise and all rights of each
            Debtor to receive the dividends and interest which it would
            otherwise be authorized to receive and retain, shall cease. Upon
            such notice, Agent shall have the right to receive, for the benefit
            of the Secured Parties any interest, cash dividends or other
            payments on the Collateral and, at the option of Agent, to exercise
            in such Agent's discretion all voting rights pertaining thereto.
            Without limiting the generality of the foregoing, Agent shall have
            the right (but not the obligation) to exercise all rights with
            respect to the Collateral as it were the sole and absolute owner
            thereof, including, without limitation, to vote and/or to exchange,
            at its sole discretion, any or all of the Collateral in connection
            with a merger, reorganization, consolidation, recapitalization or
            other readjustment concerning or involving the Collateral or any
            Debtor or any of its direct or indirect subsidiaries.

                                       15
<PAGE>

                  (iii) The Agent shall have the right to operate the business
            of each Debtor using the Collateral and shall have the right to
            assign, sell, lease or otherwise dispose of and deliver all or any
            part of the Collateral, at public or private sale or otherwise,
            either with or without special conditions or stipulations, for cash
            or on credit or for future delivery, in such parcel or parcels and
            at such time or times and at such place or places, and upon such
            terms and conditions as the Agent may deem commercially reasonable,
            all without (except as shall be required by applicable statute and
            cannot be waived) advertisement or demand upon or notice to any
            Debtor or right of redemption of a Debtor, which are hereby
            expressly waived. Upon each such sale, lease, assignment or other
            transfer of Collateral, the Agent, for the benefit of the Secured
            Parties, may, unless prohibited by applicable law which cannot be
            waived, purchase all or any part of the Collateral being sold, free
            from and discharged of all trusts, claims, right of redemption and
            equities of any Debtor, which are hereby waived and released.

                  (iv) The Agent shall have the right (but not the obligation)
            to notify any account debtors and any obligors under instruments or
            accounts to make payments directly to the Agent, on behalf of the
            Secured Parties, and to enforce the Debtors' rights against such
            account debtors and obligors.

                  (v) The Agent, for the benefit of the Secured Parties, may
            (but are not obligated to) direct any financial intermediary or any
            other person or entity holding any investment property to transfer
            the same to the Agent, on behalf of the Secured Parties, or their
            designee.

                  (vi) The Agent may (but are not obligated to) transfer any or
            all Intellectual Property registered in the name of any Debtor at
            the United States Patent and Trademark Office and/or Copyright
            Office into the name of the Secured Parties or any designee or any
            purchaser of any Collateral.

            (b) The Agent shall comply with any applicable law in connection
      with a disposition of Collateral and such compliance will not be
      considered adversely to affect the commercial reasonableness of any sale
      of the Collateral. The Agent may sell the Collateral without giving any
      warranties and may specifically disclaim such warranties. If the Agent
      sells any of the Collateral on credit, the Debtors will only be credited
      with payments actually made by the purchaser. In addition, each Debtor
      waives any and all rights that it may have to a judicial hearing in
      advance of the enforcement of any of the Agent's rights and remedies
      hereunder, including, without limitation, its right following an Event of
      Default to take immediate possession of the Collateral and to exercise its
      rights and remedies with respect thereto.

            (c) For the purpose of enabling the Agent to further exercise rights
      and remedies under this Section 8 or elsewhere provided by agreement or
      applicable law, each Debtor hereby grants to the Agent, for the benefit of
      the Agent and the Secured Parties, an irrevocable, nonexclusive license
      (exercisable without payment of royalty or other compensation to such
      Debtor) to use, license or sublicense following an Event of Default, any
      Intellectual Property now owned or hereafter acquired by such Debtor, and
      wherever the same may be located, and including in such license access to
      all media in which any of the licensed items may be recorded or stored and
      to all computer software and programs used for the compilation or printout
      thereof.

                                       16
<PAGE>

      9. Applications of Proceeds. The proceeds of any such sale, lease or other
disposition of the Collateral hereunder shall be applied first, to the expenses
of retaking, holding, storing, processing and preparing for sale, selling, and
the like (including, without limitation, any taxes, fees and other costs
incurred in connection therewith) of the Collateral, to the reasonable
attorneys' fees and expenses incurred by the Agent in enforcing the Secured
Parties' rights hereunder and in connection with collecting, storing and
disposing of the Collateral, and then to satisfaction of the Obligations pro
rata among the Secured Parties (based on then-outstanding principal amounts of
Debentures and November Notes at the time of any such determination), and to the
payment of any other amounts required by applicable law, after which the Secured
Parties shall pay to the applicable Debtor any surplus proceeds. If, upon the
sale, license or other disposition of the Collateral, the proceeds thereof are
insufficient to pay all amounts to which the Secured Parties are legally
entitled, the Debtors will be liable for the deficiency, together with interest
thereon, at the rate of 10% per annum or the lesser amount permitted by
applicable law (the "Default Rate"), and the reasonable fees of any attorneys
employed by the Secured Parties to collect such deficiency. To the extent
permitted by applicable law, each Debtor waives all claims, damages and demands
against the Secured Parties arising out of the repossession, removal, retention
or sale of the Collateral, unless due solely to the gross negligence or willful
misconduct of the Secured Parties as determined by a final judgment (not subject
to further appeal) of a court of competent jurisdiction.

      10. Securities Law Provision. Each Debtor recognizes that Agent may be
limited in its ability to effect a sale to the public of all or part of the
Pledged Securities by reason of certain prohibitions in the Securities Act of
1933, as amended, or other federal or state securities laws (collectively, the
"Securities Laws"), and may be compelled to resort to one or more sales to a
restricted group of purchasers who may be required to agree to acquire the
Pledged Securities for their own account, for investment and not with a view to
the distribution or resale thereof. Each Debtor agrees that sales so made may be
at prices and on terms less favorable than if the Pledged Securities were sold
to the public, and that Agent has no obligation to delay the sale of any Pledged
Securities for the period of time necessary to register the Pledged Securities
for sale to the public under the Securities Laws. Each Debtor shall provide
reasonable cooperation with Agent in its attempt to satisfy any requirements
under the Securities Laws applicable to the sale of the Pledged Securities by
Agent.

      11. Costs and Expenses. Each Debtor agrees to pay all reasonable
out-of-pocket fees, costs and expenses incurred in connection with any filing
required hereunder, including without limitation, any financing statements
pursuant to the UCC, continuation statements, partial releases and/or
termination statements related thereto or any expenses of any searches
reasonably required by the Agent. The Debtors shall also pay all other claims
and charges which in the reasonable opinion of the Agent is reasonably likely to
prejudice, imperil or otherwise affect any material portion of the Collateral or
the Security Interest therein. The Debtors will also, upon demand, pay to the
Agent the amount of any and all reasonable expenses, including the reasonable
fees and expenses of its counsel and of any experts and agents, which the Agent,
for the benefit of the Secured Parties, may incur in connection with (i) the
enforcement of this Agreement, (ii) the custody or preservation of, or the sale
of, collection from, or other realization upon, any of the Collateral, or (iii)
the exercise or enforcement of any of the rights of the Secured Parties under
the Debentures or November Notes. Until so paid, any fees payable hereunder
shall be added to the principal amount of the Debentures or November Notes and
shall bear interest at the Default Rate.

                                       17
<PAGE>

      12. Responsibility for Collateral. The Debtors assume all liabilities and
responsibility in connection with all Collateral, and the Obligations shall in
no way be affected or diminished by reason of the loss, destruction, damage or
theft of any of the Collateral or its unavailability for any reason. Without
limiting the generality of the foregoing, (a) neither the Agent nor any Secured
Party (i) has any duty (either before or after an Event of Default) to collect
any amounts in respect of the Collateral or to preserve any rights relating to
the Collateral, or (ii) has any obligation to clean-up or otherwise prepare the
Collateral for sale, and (b) each Debtor shall remain obligated and liable under
each contract or agreement included in the Collateral to be observed or
performed by such Debtor thereunder. Neither the Agent nor any Secured Party
shall have any obligation or liability under any such contract or agreement by
reason of or arising out of this Agreement or the receipt by the Agent or any
Secured Party of any payment relating to any of the Collateral, nor shall the
Agent or any Secured Party be obligated in any manner to perform any of the
obligations of any Debtor under or pursuant to any such contract or agreement,
to make inquiry as to the nature or sufficiency of any payment received by the
Agent or any Secured Party in respect of the Collateral or as to the sufficiency
of any performance by any party under any such contract or agreement, to present
or file any claim, to take any action to enforce any performance or to collect
the payment of any amounts which may have been assigned to the Agent or to which
the Agent or any Secured Party may be entitled at any time or times.

      13. [RESERVED].

      14. Term of Agreement. This Agreement and the Security Interest shall
terminate on the date on which all payments under the Debentures and November
Notes have been indefeasibly paid in full and all other Obligations have been
paid or discharged; provided, however, that all indemnities of the Debtors
contained in this Agreement (including, without limitation, Annex B hereto)
shall survive and remain operative and in full force and effect regardless of
the termination of this Agreement.

      15. Power of Attorney; Further Assurances.

            (a) Each Debtor authorizes the Agent, and does hereby make,
      constitute and appoint the Agent and its respective officers, agents,
      successors or assigns with full power of substitution, as such Debtor's
      true and lawful attorney-in-fact, with power, in the name of the Agent or
      such Debtor, to, after the occurrence and during the continuance of an
      Event of Default, (i) endorse any note, checks, drafts, money orders or
      other instruments of payment (including payments payable under or in
      respect of any policy of insurance) in respect of the Collateral that may
      come into possession of the Agent; (ii) to sign and endorse any financing
      statement pursuant to the UCC or any invoice, freight or express bill,
      bill of lading, storage or warehouse receipts, drafts against debtors,
      assignments, verifications and notices in connection with accounts, and
      other documents relating to the Collateral; (iii) to pay or discharge
      taxes, liens, security interests or other encumbrances at any time levied
      or placed on or threatened against the Collateral; (iv) to demand,
      collect, receipt for, compromise, settle and sue for monies due in respect
      of the Collateral; (v) to transfer any Intellectual Property or provide
      licenses respecting any Intellectual Property; and (vi) generally, at the
      option of the Agent, and at the expense of the Debtors, at any time, or
      from time to time, to execute and deliver any and all documents and
      instruments and to do all acts and things which the Agent deem necessary
      to protect, preserve and realize upon the Collateral and the Security
      Interest granted therein in order to effect the intent of this Agreement
      and the Debentures and November Notes all as fully and effectually as the
      Debtors might or could do; and each Debtor hereby ratifies all that said
      attorney shall lawfully do or cause to be done by virtue hereof. This
      power of attorney is coupled with an interest and shall be irrevocable for
      the term of this Agreement and thereafter as long as any of the
      Obligations shall be outstanding. The designation set forth herein shall
      be deemed to amend and supersede any inconsistent provision in the
      Organizational Documents or other documents or agreements to which any
      Debtor is subject or to which any Debtor is a party. Without limiting the
      generality of the foregoing, after the occurrence and during the
      continuance of an Event of Default, each Secured Party is specifically
      authorized to execute and file any applications for or instruments of
      transfer and assignment of any patents, trademarks, copyrights or other
      Intellectual Property with the United States Patent and Trademark Office
      and the United States Copyright Office.

                                       18
<PAGE>

            (b) On a continuing basis, each Debtor will make, execute,
      acknowledge, deliver, file and record, as the case may be, with the proper
      filing and recording agencies in any jurisdiction, including, without
      limitation, the jurisdictions indicated on Schedule C attached hereto, all
      such instruments, and take all such action as may reasonably be deemed
      necessary or advisable, or as reasonably requested by the Agent, to
      perfect the Security Interest granted hereunder and otherwise to carry out
      the intent and purposes of this Agreement, or for assuring and confirming
      to the Agent the grant or perfection of a perfected security interest in
      all the Collateral under the UCC.

            (c) Each Debtor hereby irrevocably appoints the Agent as such
      Debtor's attorney-in-fact, with full authority in the place and instead of
      such Debtor and in the name of such Debtor, from time to time in the
      Agent's discretion, to take any action and to execute any instrument which
      the Agent may deem necessary or advisable to accomplish the purposes of
      this Agreement, including the filing, in its sole discretion, of one or
      more financing or continuation statements and amendments thereto, relative
      to any of the Collateral without the signature of such Debtor where
      permitted by law, which financing statements may (but need not) describe
      the Collateral as "all assets" or "all personal property" or words of like
      import, and ratifies all such actions taken by the Agent. This power of
      attorney is coupled with an interest and shall be irrevocable for the term
      of this Agreement and thereafter as long as any of the Obligations shall
      be outstanding.

      16. Notices. All notices, requests, demands and other communications
hereunder shall be subject to the notice provision of the Purchase Agreement (as
such term is defined in the Debentures).

                                       19
<PAGE>

      17. Other Security. To the extent that the Obligations are now or
hereafter secured by property other than the Collateral or by the guarantee,
endorsement or property of any other person, firm, corporation or other entity,
then the Agent shall have the right, in its sole discretion, to pursue,
relinquish, subordinate, modify or take any other action with respect thereto,
without in any way modifying or affecting any of the Secured Parties' rights and
remedies hereunder.

      18. Appointment of Agent. The Secured Parties hereby appoint Midsummer
Investment Ltd. to act as their agent ("Midsummer" or "Agent") for purposes of
exercising any and all rights and remedies of the Secured Parties hereunder.
Such appointment shall continue until revoked in writing by a Majority in
Interest, at which time a Majority in Interest shall appoint a new Agent;
provided, that Midsummer may not be removed as Agent unless Midsummer shall then
hold less than $50,000 principal amount of Debentures. The Agent shall have the
rights, responsibilities and immunities set forth in Annex B hereto.

      19. Miscellaneous.

            (a) No course of dealing between the Debtors and the Secured
      Parties, nor any failure to exercise, nor any delay in exercising, on the
      part of the Secured Parties, any right, power or privilege hereunder or
      under the Debentures shall operate as a waiver thereof; nor shall any
      single or partial exercise of any right, power or privilege hereunder or
      thereunder preclude any other or further exercise thereof or the exercise
      of any other right, power or privilege.

            (b) All of the rights and remedies of the Secured Parties with
      respect to the Collateral, whether established hereby or by the
      Debentures, the November Notes or by any other agreements, instruments or
      documents or by law shall be cumulative and may be exercised singly or
      concurrently.

            (c) This Agreement constitutes the entire agreement of the parties
      with respect to the subject matter hereof and is intended to supersede all
      prior negotiations, understandings and agreements with respect thereto.
      Except as specifically set forth in this Agreement, no provision of this
      Agreement may be modified or amended except by a written agreement
      specifically referring to this Agreement and signed by the Agent,
      Qualified Purchasers (as defined in the Purchase Agreement) and the
      Company.

            (d) In the event any provision of this Agreement is held to be
      invalid, prohibited or unenforceable in any jurisdiction for any reason,
      unless such provision is narrowed by judicial construction, this Agreement
      shall, as to such jurisdiction, be construed as if such invalid,
      prohibited or unenforceable provision had been more narrowly drawn so as
      not to be invalid, prohibited or unenforceable. If, notwithstanding the
      foregoing, any provision of this Agreement is held to be invalid,
      prohibited or unenforceable in any jurisdiction, such provision, as to
      such jurisdiction, shall be ineffective to the extent of such invalidity,
      prohibition or unenforceability without invalidating the remaining portion
      of such provision or the other provisions of this Agreement and without
      affecting the validity or enforceability of such provision or the other
      provisions of this Agreement in any other jurisdiction.

                                       20
<PAGE>

            (e) No waiver of any breach or default or any right under this
      Agreement shall be considered valid unless in writing and signed by the
      party giving such waiver, and no such waiver shall be deemed a waiver of
      any subsequent breach or default or right, whether of the same or similar
      nature or otherwise.

            (f) This Agreement shall be binding upon and inure to the benefit of
      each party hereto and its successors and assigns.

            (g) Each party shall take such further action and execute and
      deliver such further documents as may be necessary or appropriate in order
      to carry out the provisions and purposes of this Agreement.

            (h) All questions concerning the construction, validity, enforcement
      and interpretation of this Agreement shall be governed by and construed
      and enforced in accordance with the internal laws of the State of New
      York, without regard to the principles of conflicts of law thereof. Each
      Debtor agrees that all proceedings concerning the interpretations,
      enforcement and defense of the transactions contemplated by this Agreement
      and the Debentures (whether brought against a party hereto or its
      respective affiliates, directors, officers, shareholders, partners,
      members, employees or agents) shall be commenced exclusively in the state
      and federal courts sitting in the City of New York, Borough of Manhattan.
      Each Debtor hereby irrevocably submits to the exclusive jurisdiction of
      the state and federal courts sitting in the City of New York, Borough of
      Manhattan for the adjudication of any dispute hereunder or in connection
      herewith or with any transaction contemplated hereby or discussed herein,
      and hereby irrevocably waives, and agrees not to assert in any proceeding,
      any claim that it is not personally subject to the jurisdiction of any
      such court, that such proceeding is improper. Each party hereto hereby
      irrevocably waives personal service of process and consents to process
      being served in any such proceeding by mailing a copy thereof via
      registered or certified mail or overnight delivery (with evidence of
      delivery) to such party at the address in effect for notices to it under
      this Agreement and agrees that such service shall constitute good and
      sufficient service of process and notice thereof. Nothing contained herein
      shall be deemed to limit in any way any right to serve process in any
      manner permitted by law. Each party hereto hereby irrevocably waives, to
      the fullest extent permitted by applicable law, any and all right to trial
      by jury in any legal proceeding arising out of or relating to this
      Agreement or the transactions contemplated hereby. If any party shall
      commence a proceeding to enforce any provisions of this Agreement, then
      the prevailing party in such proceeding shall be reimbursed by the other
      party for its reasonable attorney's fees and other costs and expenses
      incurred with the investigation, preparation and prosecution of such
      proceeding.

            (i) This Agreement may be executed in any number of counterparts,
      each of which when so executed shall be deemed to be an original and, all
      of which taken together shall constitute one and the same Agreement. In
      the event that any signature is delivered by facsimile transmission, such
      signature shall create a valid binding obligation of the party executing
      (or on whose behalf such signature is executed) the same with the same
      force and effect as if such facsimile signature were the original thereof.

                                       21
<PAGE>

            (j) All Debtors shall jointly and severally be liable for the
      obligations of each Debtor to the Secured Parties hereunder.

            (k) Each Debtor shall indemnify, reimburse and hold harmless the
      Agent and the Secured Parties and their respective partners, members,
      shareholders, officers, directors, employees and agents (and any other
      persons with other titles that have similar functions) (collectively,
      "Indemnitees") from and against any and all losses, claims, liabilities,
      damages, penalties, suits, costs and expenses, of any kind or nature,
      (including reasonable fees relating to the cost of investigating and
      defending any of the foregoing) imposed on, incurred by or asserted
      against such Indemnitee in any way related to or arising from or alleged
      to arise from this Agreement or the Collateral, except any such losses,
      claims, liabilities, damages, penalties, suits, costs and expenses which
      result from the gross negligence or willful misconduct of the Indemnitee
      as determined by a final, nonappealable decision of a court of competent
      jurisdiction. This indemnification provision is in addition to, and not in
      limitation of, any other indemnification provision in the Debentures, the
      November Notes, the Purchase Agreement or any other agreement, instrument
      or other document executed or delivered in connection herewith or
      therewith.

            (l) Nothing in this Agreement shall be construed to subject Agent or
      any Secured Party to liability as a partner in any Debtor or any if its
      direct or indirect subsidiaries that is a partnership or as a member in
      any Debtor or any of its direct or indirect subsidiaries that is a limited
      liability company, nor shall Agent or any Secured Party be deemed to have
      assumed any obligations under any partnership agreement or limited
      liability company agreement, as applicable, of any such Debtor or any if
      its direct or indirect subsidiaries or otherwise, unless and until any
      such Secured Party exercises its right to be substituted for such Debtor
      as a partner or member, as applicable, pursuant hereto.

            (m) To the extent that the grant of the security interest in the
      Collateral and the enforcement of the terms hereof require the consent,
      approval or action of any partner or member, as applicable, of any Debtor
      or any direct or indirect subsidiary of any Debtor or compliance with any
      provisions of any of the Organizational Documents, the Debtors hereby
      grant such consent and approval and waive any such noncompliance with the
      terms of said documents.

            (n) This Agreement supersedes and replaces any prior security
      agreements or understandings regarding any of the Collateral entered into
      between the Company and any of the Secured Parties, including the Prior
      Security Agreement.

                            [SIGNATURE PAGES FOLLOW]

                                       22
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Security Agreement
to be duly executed on the day and year first above written.

WORLD WASTE TECHNOLOGIES, INC.

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

[SUBSIDIARY]

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

                       [SIGNATURE PAGE OF HOLDERS FOLLOWS]

                                       23
<PAGE>

                     [SIGNATURE PAGE OF HOLDERS TO WDWT SA]

Name of Investing Entity: __________________________
Signature of Authorized Signatory of Investing entity: _________________________
Name of Authorized Signatory: _________________________
Title of Authorized Signatory: __________________________

                       [SIGNATURE PAGE OF HOLDERS FOLLOWS]

                                       24
<PAGE>

                                     ANNEX A
                                       to
                                    SECURITY
                                    AGREEMENT

                        FORM OF ADDITIONAL DEBTOR JOINDER

            Security Agreement dated as of [_____ ___, 200__ made by
                                 [_______________
        and its subsidiaries party thereto from time to time, as Debtors
                               to and in favor of
        the Secured Parties identified therein (the "Security Agreement")

      Reference is made to the Security Agreement as defined above; capitalized
terms used herein and not otherwise defined herein shall have the meanings given
to such terms in, or by reference in, the Security Agreement.

      The undersigned hereby agrees that upon delivery of this Additional Debtor
Joinder to the Secured Parties referred to above, the undersigned shall (a) be
an Additional Debtor under the Security Agreement, (b) have all the rights and
obligations of the Debtors under the Security Agreement as fully and to the same
extent as if the undersigned was an original signatory thereto and (c) be deemed
to have made the representations and warranties set forth in Section 4 therein
as of the date of execution and delivery of this Additional Debtor Joinder.
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THE UNDERSIGNED SPECIFICALLY
GRANTS TO THE SECURED PARTIES A SECURITY INTEREST IN THE COLLATERAL AS MORE
FULLY SET FORTH IN THE SECURITY AGREEMENT AND ACKNOWLEDGES AND AGREES TO THE
WAIVER OF JURY TRIAL PROVISIONS SET FORTH THEREIN.

      Attached hereto are supplemental and/or replacement Schedules to the
Security Agreement, as applicable.

      An executed copy of this Joinder shall be delivered to the Agent on behalf
of the Secured Parties, and the Secured Parties may rely on the matters set
forth herein on or after the date hereof. This Joinder shall not be modified,
amended or terminated without the prior written consent of the Agent and the
Qualified Purchasers (as defined in the Purchase Agreement).

<PAGE>

      IN WITNESS WHEREOF, the undersigned has caused this Joinder to be executed
in the name and on behalf of the undersigned.

                                      [Name of Additional Debtor]

                                      By:

                                      Name:
                                      Title:

                                      Address:

Dated:

<PAGE>

                                     ANNEX B
                                       to
                                    SECURITY
                                    AGREEMENT

                                    THE AGENT

            1. Appointment. The Secured Parties (all capitalized terms used
herein and not otherwise defined shall have the respective meanings provided in
the Security Agreement to which this Annex B is attached (the "Agreement")), by
their acceptance of the benefits of the Agreement, hereby designate Midsummer
Investment Ltd. ("Midsummer" or "Agent") as the Agent to act as specified herein
and in the Agreement. Each Secured Party shall be deemed irrevocably to
authorize the Agent to take such action on its behalf under the provisions of
the Agreement and any other Transaction Document (as such term is defined in the
Debentures) and to exercise such powers and to perform such duties hereunder and
thereunder as are specifically delegated to or required of the Agent by the
terms hereof and thereof and such other powers as are reasonably incidental
thereto. The Agent may perform any of its duties hereunder by or through its
agents or employees.

            2. Nature of Duties. The Agent shall have no duties or
responsibilities except those expressly set forth in the Agreement. Neither the
Agent nor any of its partners, members, shareholders, officers, directors,
employees or agents shall be liable for any action taken or omitted by it as
such under the Agreement or hereunder or in connection herewith or therewith, be
responsible for the consequence of any oversight or error of judgment or
answerable for any loss, unless caused solely by its or their gross negligence
or willful conduct as determined by a final judgment (not subject to further
appeal) of a court of competent jurisdiction. The duties of the Agent shall be
mechanical and administrative in nature; the Agent shall not have by reason of
the Agreement or any other Transaction Document a fiduciary relationship in
respect of any Debtor or any Secured Party; and nothing in the Agreement or any
other Transaction Document, expressed or implied, is intended to or shall be so
construed as to impose upon the Agent any obligations in respect of the
Agreement or any other Transaction Document except as expressly set forth herein
and therein.

            3. Lack of Reliance on the Agent. Independently and without reliance
upon the Agent, each Secured Party, to the extent it deems appropriate, has made
and shall continue to make (i) its own independent investigation of the
financial condition and affairs of the Company and its subsidiaries in
connection with such Secured Party's investment in the Debtors, the creation and
continuance of the Obligations, the transactions contemplated by the Transaction
Documents, and the taking or not taking of any action in connection therewith,
and (ii) its own appraisal of the creditworthiness of the Company and its
subsidiaries, and of the value of the Collateral from time to time, and the
Agent shall have no duty or responsibility, either initially or on a continuing
basis, to provide any Secured Party with any credit, market or other information
with respect thereto, whether coming into its possession before any Obligations
are incurred or at any time or times thereafter. The Agent shall not be
responsible to the Debtors or any Secured Party for any recitals, statements,
information, representations or warranties herein or in any document,
certificate or other writing delivered in connection herewith, or for the
execution, effectiveness, genuineness, validity, enforceability, perfection,
collectibility, priority or sufficiency of the Agreement or any other
Transaction Document, or for the financial condition of the Debtors or the value
of any of the Collateral, or be required to make any inquiry concerning either
the performance or observance of any of the terms, provisions or conditions of
the Agreement or any other Transaction Document, or the financial condition of
the Debtors, or the value of any of the Collateral, or the existence or possible
existence of any default or Event of Default under the Agreement, the Debentures
or any of the other Transaction Documents.

<PAGE>

            4. Certain Rights of the Agent. The Agent shall have the right to
take any action with respect to the Collateral, on behalf of all of the Secured
Parties. To the extent practical, the Agent shall request instructions from the
Secured Parties with respect to any material act or action (including failure to
act) in connection with the Agreement or any other Transaction Document, and
shall be entitled to act or refrain from acting in accordance with the
instructions of Secured Parties holding a majority in principal amount of
Debentures (based on then-outstanding principal amounts of Debentures at the
time of any such determination); if such instructions are not provided despite
the Agent's request therefor, the Agent shall be entitled to refrain from such
act or taking such action, and if such action is taken, shall be entitled to
appropriate indemnification from the Secured Parties in respect of actions to be
taken by the Agent; and the Agent shall not incur liability to any person or
entity by reason of so refraining. Without limiting the foregoing, (a) no
Secured Party shall have any right of action whatsoever against the Agent as a
result of the Agent acting or refraining from acting hereunder in accordance
with the terms of the Agreement or any other Transaction Document, and the
Debtors shall have no right to question or challenge the authority of, or the
instructions given to, the Agent pursuant to the foregoing and (b) the Agent
shall not be required to take any action which the Agent believes (i) could
reasonably be expected to expose it to personal liability or (ii) is contrary to
this Agreement, the Transaction Documents or applicable law.

            5. Reliance. The Agent shall be entitled to rely, and shall be fully
protected in relying, upon any writing, resolution, notice, statement,
certificate, telex, teletype or telecopier message, cablegram, radiogram, order
or other document or telephone message signed, sent or made by the proper person
or entity, and, with respect to all legal matters pertaining to the Agreement
and the other Transaction Documents and its duties thereunder, upon advice of
counsel selected by it and upon all other matters pertaining to this Agreement
and the other Transaction Documents and its duties thereunder, upon advice of
other experts selected by it.

            6. Indemnification. To the extent that the Agent is not reimbursed
and indemnified by the Debtors, the Secured Parties will jointly and severally
reimburse and indemnify the Agent, in proportion to their initially purchased
respective principal amounts of Debentures, from and against any and 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 the Agent in performing its duties
hereunder or under the Agreement or any other Transaction Document, or in any
way relating to or arising out of the Agreement or any other Transaction
Document except for those determined by a final judgment (not subject to further
appeal) of a court of competent jurisdiction to have resulted solely from the
Agent's own gross negligence or willful misconduct. Prior to taking any action
hereunder as Agent, the Agent may require each Secured Party to deposit with it
sufficient sums as it determines in good faith is necessary to protect the Agent
for costs and expenses associated with taking such action.

<PAGE>

            7. Resignation by the Agent.

            (a) The Agent may resign from the performance of all its functions
      and duties under the Agreement and the other Transaction Documents at any
      time by giving 30 days' prior written notice (as provided in the
      Agreement) to the Debtors and the Secured Parties. Such resignation shall
      take effect upon the appointment of a successor Agent pursuant to clauses
      (b) and (c) below.

            (b) Upon any such notice of resignation, the Secured Parties, acting
      by a Majority in Interest, shall appoint a successor Agent hereunder.

            (c) If a successor Agent shall not have been so appointed within
      said 30-day period, the Agent shall then appoint a successor Agent who
      shall serve as Agent until such time, if any, as the Secured Parties
      appoint a successor Agent as provided above. If a successor Agent has not
      been appointed within such 30-day period, the Agent may petition any court
      of competent jurisdiction or may interplead the Debtors and the Secured
      Parties in a proceeding for the appointment of a successor Agent, and all
      fees, including, but not limited to, extraordinary fees associated with
      the filing of interpleader and expenses associated therewith, shall be
      payable by the Debtors on demand.

            8. Rights with respect to Collateral. Each Secured Party agrees with
all other Secured Parties and the Agent (i) that it shall not, and shall not
attempt to, exercise any rights with respect to its security interest in the
Collateral, whether pursuant to any other agreement or otherwise (other than
pursuant to this Agreement), or take or institute any action against the Agent
or any of the other Secured Parties in respect of the Collateral or its rights
hereunder (other than any such action arising from the breach of this Agreement)
and (ii) that such Secured Party has no other rights with respect to the
Collateral other than as set forth in this Agreement and the other Transaction
Documents.

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