Document:

Exhibit 10.12

November 30, 2004

SpatiaLight, Inc.
Five Hamilton Landing, Suite 100
Novato, CA 94949
Attention: Robert A. Olins

Portside Growth & Opportunity Fund
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, New York  10017
Attention:  Jeffrey Smith; Nancy Wu

Smithfield Fiduciary LLC
c/o Highbridge Capital Management, LLC
9 West 57th Street, 27th Floor
New York, New York 10019
Attention: Ari J. Storch; Adam J. Chill

Bluegrass Growth Fund, L.P.
c/o Bluegrass Growth Fund Partners LLC
122 East 42nd Street, Suite 2606
New York, New York 10168
Attention:  Brian Shatz

Bluegrass Growth Fund, Ltd.
c/o Bluegrass Growth Fund Partners LLC
122 East 42nd Street, Suite 2606
New York, New York 10168
Attention:  Brian Shatz

Ladies and Gentlemen:

RE:   FINANCING COMMITMENT

            This letter  agreement  (the  "LETTER")  confirms  that Robert Olins
("OLINS"),   and  Greenpark   Limited   ("GREENPARK"   and  together  with,  the
"INVESTORS"),  hereby,  jointly and  severally  commit to provide  financing  to
SpatiaLight,  Inc. (the  "COMPANY") in an amount up to $6,000,000 as needed from
time to time in the  reasonable  discretion  of the  board of  directors  of the
Company; provided, that Olins shall not participate in any such determination of
the  board of the  Company,  unless  required  to do so by law.  The  terms  and
conditions of such financing,  including without  limitation  pricing,  shall be
negotiated in a good faith arm's length  transaction by and between the Investor
or Investors and the Company;  provided,  that the board of directors shall make
decisions  on behalf of the  Company  in its  reasonable  discretion;  provided,
further, that Olins shall not participate in any such decisions, unless required
to do so by law. Such  financing  shall be by the issuance by the Company of its
equity  securities  (including  options,  warrants or other  similar  derivative
securities  convertible  or  exercisable  into  equity  of the  Company)  or any
convertible  or  nonconvertible   debt  securities  that  constitute
Permitted Indebtedness.  Capitalized terms used herein and not otherwise defined
herein shall have the meanings set forth in the  Securities  Purchase  Agreement
(the "SPA") by and among the Company and the investors listed in the Schedule of
Buyers attached thereto, dated November 30, 2004.

<PAGE>

            The foregoing  commitment to provide  financing to the Company in an
amount up to $6,000,000 shall be reduced by the amount of any cash raised by the
Company  from and after the date  hereof from the sale or exercise of its equity
securities  (including  any  options,   warrants  or  other  similar  derivative
securities)  or  any   convertible  or   nonconvertible   debt  securities  that
constitutes Permitted Indebtedness.

            Each of Greenpark and Argyle hereby represents and warrants that:

            (a) it has the requisite power and authority to execute, deliver and
perform its obligations under this Letter;

            (b) the execution  and delivery of this Letter and the  consummation
of the transactions contemplated herein have been duly authorized; and

            (c) the execution, delivery and performance of this Letter by it and
the consummation by it of the transactions  contemplated herein, do not and will
not  result  in  a  violation   of,  or  constitute  a  default  under  (i)  its
organizational or constituent documents, (ii) any other agreement,  note, lease,
mortgage,  deed or  other  instrument  to  which it is a party or by which it is
bound or affected or (iii) any applicable law, rule or regulation.

            Olins hereby  represents and warrants that the  execution,  delivery
and  performance  of this Letter by Olins and the  consummation  by Olins of the
transactions  contemplated herein, do not and will not result in a violation of,
or constitute a default under (i) any other agreement,  note,  lease,  mortgage,
deed or other instrument to which Olins is a party or by which Olins is bound or
affected or (ii) any applicable law, rule or regulation.

            The  Investors  hereby agree and  acknowledge  that this Letter is a
valid and binding  contractual  obligation  of the Investors and that the Buyers
may rely on this letter with respect to the Investor.

            Notwithstanding  the  foregoing,  the  Company  may  not  issue  any
securities pursuant to the terms hereof in violation of any of the provisions of
the Transaction Documents.

            This Letter may not be amended or waived  except by an instrument in
writing signed by you and the Buyers.  This Letter may be executed in any number
of  counterparts,  each of which shall be an  original,  and all of which,  when
taken  together,  shall  constitute  one  agreement.  Delivery  of  an  executed
signature page of this Letter via facsimile  transmission  shall be effective as
delivery of a manually executed counterpart hereof.

                                       2
<PAGE>

            This  Letter  agreement  shall be  governed  by,  and  construed  in
accordance  with,  the internal  laws of the State of New York,  without  giving
effect to any choice of law or conflict of law provision or rule (whether of the
State of New York or any other  jurisdictions)  that would cause the application
of the laws of any jurisdictions other than the State of New York.

                                     Very truly yours,

                                     ROBERT OLINS

                                     By: /s/ Robert A. Olins
                                         -----------------------------------
                                         Name:  Robert A. Olins
                                         Title: Chief Executive Officer

                                     GREENPARK LIMITED

                                     By: /s/ Shaun F. Cairns
                                          --------------------------------------
                                          Name:  Shaun F. Cairns
                                          Title: Secretary

WE HEREBY ACKNOWLEDGE RECEIPT OF THIS LETTER AND THAT WE SHALL NOT WAIVE OR FAIL
TO ENFORCE ANY PROVISION HEREOF.

SPATIALIGHT, INC.

By: /s/ Robert A. Olins
    --------------------------------------
    Name:  Robert A. Olins
    Title: Chief Executive Officer

PORTSIDE GROWTH & OPPORTUNITY FUND

By: /s/ Jeffrey Smith
    --------------------------------------
    Name:  Jeffrey Smith
    Title: Authorized Signatory

SMITHFIELD FIDUCIARY LLC

By: /s/ Adam J. Chill
    --------------------------------------
    Name:  Adam J. Chill
    Title: Authorized Signatory

                                       3
<PAGE>

BLUEGRASS GROWTH FUND, LP

By:  BLUEGRASS GROWTH FUND
     PARTNERS LLC,
     its General Partner

By: /s/ Brian Shatz
     ------------------------------------
     Name:  Brian Shatz
     Title: Managing Member

BLUEGRASS GROWTH FUND, LTD

By: /s/ Brian Shatz
     ------------------------------------
     Name:  Brian Shatz
     Title: Director

                                       4Exhibit 10.13

                                                               [EXECUTION DRAFT]

                                NOVEMBER 30, 2004
                                -----------------

                               SPATIALIGHT, INC.,

                                   as Pledgor

                                     - and -

                       PORTSIDE GROWTH & OPPORTUNITY FUND,

                         as Pledgee and Collateral Agent

          ____________________________________________________________

                             KOREAN PLEDGE AGREEMENT

          _____________________________________________________________

<PAGE>

                                TABLE OF CONTENTS

CLAUSE        HEADING                                               PAGE NUMBER

1.   DEFINITIONS AND INTERPRETATIONS.....................................1
2.   PLEDGE .............................................................2
3.   PERFECTION OF SECURITY INTEREST IN THE COLLATERAL...................3
4.   REPRESENTATIONS, COVENANTS AND WARRANTIES...........................4
5.   UNDERTAKINGS IN RELATION TO THE COLLATERAL..........................5
6.   EVENTS OF DEFAULT; CURE.............................................5
7.   REMEDIES ...........................................................6
8.   SALE OR DISPOSITION OF THE COLLATERAL...............................6
9.   TERMINATION AND RELEASE OF THE COLLATERAL...........................7
10.  FURTHER ASSURANCES..................................................7
11.  BINDING AGREEMENT...................................................8
12.  ASSIGNMENTS.........................................................8
13.  AMENDMENTS, CHANGES, AND MODIFICATIONS..............................8
14.  NOTICES.............................................................8
15.  SEVERABILITY........................................................8
16.  GOVERNING LAW AND JURISDICTION......................................8
17.  COUNTERPARTS........................................................9
18.  INDEMNIFICATION.....................................................9
20.  REIMBURSEMENT.......................................................9

<PAGE>

THIS KOREAN PLEDGE AGREEMENT (the "AGREEMENT") is entered into as of November
30, 2004

BETWEEN:

SPATIALIGHT, INC. a company incorporated under the laws of the state of New York
with headquarters located at Five Hamilton Landing, Suite 100, Novato, CA 94949
as pledgor (the "PLEDGOR"); and

PORTSIDE GROWTH & OPPORTUNITY FUND, a company organized under the laws of the
Cayman Islands, as pledgee (as the "COLLATERAL AGENT" on behalf of the "Buyers"
(as defined below), and as "PLEDGEE").

                                   WITNESSETH

WHEREAS, Pledgor and each party listed as a "Buyer" under (and as defined in)
the "Securities Purchase Agreement" dated as of even date herewith (as amended,
restated or otherwise modified from time to time, the "SECURITIES PURCHASE
AGREEMENT") are parties to the Securities Purchase Agreement, pursuant to which
the Pledgor shall be required to sell, and the Buyers shall purchase or have the
right to purchase, the "Notes" (as defined therein);

WHEREAS, it is a condition precedent to the Buyers entering into the Securities
Purchase Agreement that the Pledgor shall have executed and delivered to the
Collateral Agent this Agreement providing for the grant to the Collateral Agent
for the benefit of the Buyers of a security interest in 65% of the equity shares
of SpatiaLight Korea, Inc. ("SLK") to secure all of the Pledgor's obligations
under the Securities Purchase Agreement and the "Notes" (as defined therein)
issued pursuant thereto (as such Notes may be amended, restated, replaced or
otherwise modified from time to time in accordance with the terms thereof,
collectively, the "NOTES");

WHEREAS, the "Shares" (as defined below) shall be deposited with the Collateral
Agent or its designee;

WHEREAS, SLK is a wholly-owned Subsidiary of the Pledgor and will derive
substantial benefits from the execution of the Securities Purchase Agreement;

WHEREAS, SLK has determined that the execution, delivery and performance of this
Agreement are in the best interest of the Pledgor;

WHEREAS, Collateral Agent is acting in its individual capacity and as the duly
authorized representative of the Buyers for purposes of this Agreement; and

NOW, THEREFORE, in consideration of the premises and the agreements herein and
in order to induce the Buyers to perform under the Securities Purchase
Agreement, the Pledgor agrees with the Collateral Agent, for the benefit of the
Buyers, as follows:

                                       1
<PAGE>

1.    DEFINITIONS AND INTERPRETATIONS

1.1   In this Agreement the following expressions have the following meanings:

      "AGENTS" means Collateral Agent or any persons appointed by the Pledgee or
      Collateral Agent to act on behalf of the Collateral Agent or Pledgee with
      respect to enforcing the obligations set forth herein.

      "BUSINESS DAY" means a day (other than a Saturday or Sunday) on which
      banks are open for business and on which foreign exchange dealings may be
      transacted in Seoul, Hong Kong and New York;

      "COLLATERAL" has the meaning given to it in CLAUSE 2.1 and references to
      the Collateral shall include references to any part of it;

      "SHARES" means sixty-five percent (65%) of all equity shares issued by
      SLK, together with shares of any class or classes resulting from any
      sub-division, consolidation or re-classification thereof;

      "DEFAULT" has the meaning given to it in CLAUSE 6;

      "KOREA" means the Republic of Korea;

      "OBLIGATIONS" means the obligations of the Pledgor under the Securities
      Purchase Agreement, and the Transaction Documents; and

      "TRANSACTION DOCUMENTS" has the meaning set forth in the Securities
      Purchase Agreement.

1.2   Words and expressions defined in the Securities Purchase Agreement and
      Transaction Documents and not otherwise defined in this Agreement shall
      have the same meanings provided therein when used in this Agreement.

1.3   Any reference to a document shall include such document both as originally
      executed and as it may from time to time be amended, renewed, novated,
      restated, supplemented or modified. References herein to Clauses shall be
      construed, unless otherwise specified, as references to clauses of this
      Agreement unless a different document is named.

1.4   The headings to Clauses are inserted for convenience and shall not affect
      the construction of this Agreement.

2.    PLEDGE

2.1   The Pledgor does hereby create a first priority, perfected security
      interest by way of pledge in favour of the Pledgee (the "PLEDGE" or the
      "SECURITY" and JILKWON in Korean) over all of the Pledgor's rights, title
      and interest, present and future, in, to and under:

      (a)   all Shares and any successor or replacement shares received in
            connection with any reclassification or other reconstitution of the
            Shares; and

                                       2
<PAGE>

      (b)   all proceeds including any cash or other dividends paid on the
            Shares, any interest accrued on any such cash dividends, any shares,
            cash or other consideration received in exchange for such Shares in
            the event of any merger, consolidation, amalgamation or other type
            of business combination involving the issue of shares, and the net
            cash proceeds, if any, arising from the disposition of such Shares,
            any non-cash dividends, consideration or successor shares.

      which are collectively referred to as the "COLLATERAL", and the Pledgee
      hereby accepts the Pledge over the Collateral for the due and punctual
      payment, performance and discharge of the Obligations.

      Notwithstanding anything contained in this CLAUSE 2.1 to the contrary, in
      no event shall the "Collateral" include any other form or type of asset or
      collateral other than the Shares and proceeds from distributions related
      to the Shares, which in no event shall exceed 65% of voting power of all
      issued and outstanding common shares of SLK entitled to vote.

2.2   The Pledgor and the Pledgee hereby agree that the Security shall be held
      by the Pledgee on trust for the benefit of itself, the holders of the
      Notes and the relevant Agents.

3.    PERFECTION OF SECURITY INTEREST IN THE COLLATERAL

3.1   The Pledgor shall execute or cause to be executed such other instruments
      or notices as may be required under Korean laws, including but not limited
      to recordation of the pledge on the Share certificates in order to perfect
      and preserve the Pledge granted over the Collateral hereby, including the
      notices referred to in this CLAUSE 3.

3.2   The Pledgor and SLK shall each undertake to take all steps required under
      Korean law to perfect the Pledge, including but not limited to recording
      in the register of shareholders of SLK the existence of the Pledge and
      Security with all pertinent information and physically delivering the
      Share certificates to the Collateral Agent or its designee; provided,
      however, the Share certificates shall remain in Korea at all times.

3.3   Except for a Fundamental Transaction (as defined in the Notes), the
      Pledgor undertakes not to assign, transfer, sell, further pledge or
      otherwise encumber the Shares or any Collateral and shall not do any other
      act which may reduce the number of Shares thereof except as permitted
      under this Agreement.

4.    REPRESENTATIONS, COVENANTS AND WARRANTIES

      The Pledgor hereby represents, covenants and warrants that:

      4.1   The Pledgor has full power and authority to execute and deliver and
            to perform all of its obligations under this Agreement. The
            execution, delivery or performance of this Agreement will not
            violate or constitute a default under any law, rule, regulation,
            order, decree, contract, agreement, or its constitution or
            obligation of, or applicable to, the Pledgor or regarding the
            Shares. This Agreement is a valid and binding obligation of the
            Pledgor, enforceable against the Pledgor in accordance with its
            terms, subject to applicable bankruptcy, reorganisation, insolvency,
            moratorium or similar laws affecting creditors' rights generally.

                                       3
<PAGE>

      4.2   The Pledgor and SLK shall each execute, acknowledge and deliver or
            cause to be executed, acknowledged and delivered to the Pledgee and
            at any time or times hereinafter at the request of the Pledgee, all
            documents, instruments, letters of direction, notices, reports,
            acceptances, receipts, consents, waivers, affidavits and
            certificates as the Pledgee may reasonably request in writing, in
            form and substance satisfactory to the Pledgee, required under
            Korean laws to perfect and maintain the first priority security
            interest granted by the Pledgor pursuant to this Agreement and in
            order to consummate fully all of the transactions contemplated under
            this Agreement.

      4.3   It will give to the Pledgee such information and evidence and in
            such form as it shall reasonably require for the purpose of the
            discharge of the duties, trusts, powers, authorities and discretions
            vested in it under this Agreement, the Securities Purchase
            Agreement, the Transaction Documents or by operation of law.

      4.4   The Pledgor is the legal and beneficial owner of the Collateral, and
            in the case of after-acquired Collateral, will have at the time the
            Pledgor acquires rights in the Collateral, full, good and marketable
            title to the Collateral, free of all liens and encumbrances, and has
            or will have good, right and lawful authority to assign, transfer
            and pledge such Collateral under this Agreement.

      4.5   Upon completion of the actions described in CLAUSE 3 hereof relating
            to the perfection of the Pledge immediately after the execution of
            this Agreement, this Agreement creates a valid first lien upon and
            perfected security interest in the Collateral, subject to no prior
            security interest, lien, charge or encumbrance, or agreement
            purporting to grant any third party a security interest in the
            Collateral.

      4.6   Upon the Pledgor's failure to materially observe or perform any
            covenant, condition or agreement in this Agreement, the Pledgor
            shall give immediate notice in writing to the Pledgee.

      4.7   The representations, warranties and undertakings set out in this
            CLAUSE 4 are made on the date hereof. The representations and
            warranties shall be materially true and correct upon any exercise of
            Additional Investment Rights.

      4.8   The Shares are fully paid.

                                       4
<PAGE>

5.    UNDERTAKINGS IN RELATION TO THE COLLATERAL

5.1   Until payment and satisfaction in full of the Obligations, the Pledgor
      shall (a) keep the Collateral free and clear of all levies, liens,
      encumbrances and other security interests other than the Pledge created
      under this Agreement; (b) comply with all Korean laws, statutes and
      regulations pertaining to it; (c) pay when due all taxes, licenses,
      charges and other impositions on or for it and the Collateral; (d)
      maintain the existence of the Pledge in the shareholders' registry of SLK
      and not permit any other person or company to have priority equal to or
      higher than Pledgee against the Shares or the Collateral and not issue
      share certificates; (e) execute, file and record such statements, notices
      and agreements and take such action and obtain such certificates and
      documents in accordance with all applicable Korean laws, statutes and
      regulations, to perfect, evidence and continue the Pledgee's interest in
      the Collateral; and (f) promptly inform the Pledgee of any proceeds set
      forth in Section 2.1(b) and deliver to the Collateral Agent or, in the
      case of cash proceeds, account for the Pledgee, to be subject to this
      Agreement, all such proceeds; provided, however, that Pledgor agrees to
      promptly deliver by wire transfer of immediately available funds any such
      cash proceeds to one or more accounts specified by the Pledgee.

5.2   Until payment and satisfaction in full of the Obligations, the Pledgor
      shall not, without the prior written consent of the Pledgee permit
      anything to be done that may materially impair, or fail to do anything
      necessary to preserve the value of, the Collateral and will immediately
      notify the Pledgee of any material and actual loss or depreciation in the
      value of the Collateral. In particular, the Pledgor shall promptly inform
      the Pledgee upon any rights or powers becoming exercisable or being
      executed under or in relation to the Collateral and the Pledgor undertakes
      to act in accordance with the reasonable instructions of the Pledgee in
      all material matters in connection with the Collateral.

6.    EVENTS OF DEFAULT; CURE

6.1   The happening of any one or more of the following events shall constitute
      a "DEFAULT" under this Agreement and upon the occurrence of any such
      event, the Pledgee shall have the remedies specified herein:

      (a)   the occurrence of an Event of Default (as defined in the Notes) in
            respect of the Notes;

      (b)   except for delivery of the Share certificates, the failure by the
            Pledgor to perfect the Security in accordance with the provisions of
            CLAUSE 3;

      (c)   a material breach of any representation of, or warranty, by the
            Pledgor made in this Agreement which is materially prejudicial to
            the Collateral Agent or the Holders of the Note; or

      (d)   a failure by the Pledgor to substantially observe or perform any
            other covenant or condition of this Agreement to be observed or
            performed by it.

6.2   In any event of a Default, and if such Default can be cured, the Pledgor
      shall have at least ten (10) Business Days after receipt of a written
      notice from the Pledgee of the occurrence of a Default to cure such
      Default; provided, further, the Pledgor shall have an additional ten (10)
      Business Days, to cure the Default if reasonably required and the Pledgor
      is actively pursuing the cure of such Default in good faith ("CURE
      PERIOD"). Upon the lapse of the Cure Period and the Default has not been
      cured to the reasonable satisfaction of the Pledgee, such event shall be
      deemed a "TERMINATION EVENT."

                                       5
<PAGE>

7.    REMEDIES

      Upon the occurrence and during the continuance of a Termination Event, the
      Pledgee shall have all of the rights, powers and remedies granted to
      secured parties to enforce the Pledge and take possession and ownership of
      the Collateral as permitted under Korean law. In addition, all rights,
      powers and remedies of the Pledgee under this Agreement shall be
      cumulative and not alternative and shall be in addition to all rights,
      powers and remedies given to the Pledgee by virtue of any statute, rule of
      law or any other agreement between the Pledgee and the Pledgor to the
      extent not contrary to Korean laws. Any forbearance, failure or delay by
      the Pledgee in exercising any right, power or remedy under this Agreement
      shall not be deemed to be a waiver of such right, power or remedy, and any
      single or partial exercise of any such right, power or remedy under this
      Agreement shall not preclude the further exercise thereof, and every
      right, power and remedy of the Pledgee shall continue in full force and
      effect until such right, power or remedy is specifically waived by an
      instrument in writing executed by the Pledgee. Upon a Termination Event,
      the Pledgee shall have the right (i) to proceed against any person, firm
      or corporation; (ii) to exhaust any Collateral it may hold at any time;
      (iii) to apply any Collateral first to the repayment of the Obligations;
      or (iv) to pursue any other remedy whatsoever in the Pledgee's power and
      authorized under Korean laws.

8.    SALE OR DISPOSITION OF THE COLLATERAL

8.1   The Pledgor hereby authorizes the Pledgee to take full ownership
      (soyukwon) of the Collateral after compliance with foreign investment
      reporting regulations in Korea and sell in whole or any part thereof in
      any manner, which is permitted under Korean law, upon such terms and
      conditions as the Pledgee deems proper upon occurrence of a Termination
      Event provided, however, the Pledgor shall have the right to exclusively
      negotiate the purchase of the Collateral for a period of thirty (30) days
      prior to any sale or transfer of the Collateral to any third party and any
      sale thereafter to a third party shall be at a price no less than that
      offered by the Pledgor. Upon the exercise of such right, the Pledgee shall
      negotiate in good faith with the Pledgor. For the avoidance of doubt, the
      sale of the Collateral herein shall include, without limitation, all acts
      and things as may be done by the Pledgee to enforce its Security over the
      Collateral. Upon consummation of any such sale, the Pledgee shall have the
      right as the owner of the Collateral. Upon consummation of any such sale,
      the Pledgee may assign, transfer, endorse and deliver to the purchaser or
      purchasers thereof the Collateral, or any portion thereof or any interest
      therein, and each such purchaser shall hold the property sold absolutely
      free from any claim or right on the part of the Pledgor or any other
      person; provided, however, that if the Collateral has not been sold to a
      third party, the Pledgor may re-negotiate for the purchase of the
      Collateral. The Pledgor hereby waives (to the extent permitted by law) all
      rights of redemption, stay and/or appraisal which the Pledgor may have. In
      the event of a sale of the Collateral, or any part thereof, after
      deducting actual costs, fees and expenses incurred in connection with the
      disposition thereof, the Pledgee shall apply the residue of the proceeds
      thereof to the full payment of the Obligations.

                                       6
<PAGE>

8.2   If any consent, approval or authorisation of any state, municipal or other
      governmental department, agency or authority should be necessary to
      effectuate any sale or other disposition of the Collateral, receipt,
      conversion into foreign currency and remittance of the proceeds thereof
      whether within or outside of Korea, the Pledgor shall use reasonable best
      efforts to execute such applications and other instruments as may be
      required in connection with securing any such consent, approval or
      authorisation, and shall otherwise use its reasonable best efforts to
      secure the same. If the execution of the aforementioned applications and
      other instruments become necessary due to a Termination Event, the Pledgor
      shall bear all costs and expenses related to the performance of the
      foregoing. If the execution of the aforementioned applications and other
      instruments become necessary, in the absence of a Termination Event, the
      Pledgee shall bear the costs and expenses related to the performance of
      the foregoing.

9.    TERMINATION AND RELEASE OF THE COLLATERAL

On the date on which all of the Obligations have been fully and completely
discharged to the reasonable satisfaction of the Pledgee, this Agreement shall
be deemed to be immediately terminated without any further liability or
obligation by either party hereto and (i) the Pledgee shall promptly return the
Collateral to the Pledgor (or its designee) and (ii) the Pledgor may cause the
removal of the Pledge in the shareholders' registry of SLK. At the cost of the
Pledgor, the Pledgee shall assist the Pledgor in all reasonable requests to
cause the removal of the Pledge including, but not limited to, execution of any
documents or affidavits required under Korean laws to remove the Pledge.

Notwithstanding anything to the contrary contained herein, if (i) after the
Additional Investment Rights have either been exercised in full or terminated,
the aggregate unpaid principal balance of the Notes shall, at any time, be
indefeasibly reduced to less than $2,000,000 (after giving effect to any
indefeasible repayments and redemptions thereof, and any indefeasible partial
conversions thereof to shares of Common Stock), and (ii) the Pledgee receives
Pledgor's written request therefor 91 or more days after such indefeasible
reduction, then, so long as no Termination Event (and no event or circumstance
that, with the passage of time or the giving of notice, or both, would become a
Termination Event) shall have occurred and then be continuing, this Agreement
and the security interests created hereby shall be terminated immediately, and
all the rights to the Collateral shall revert to the Pledgor.

10.   FURTHER ASSURANCES

The Pledgor agrees that upon a Termination Event, the Pledgor will promptly
provide all assistance reasonably requested by Pledgee to protect any Security
over the Collateral or to enable the Pledgee to exercise and enforce its rights
and remedies hereunder with respect to the Collateral.

11.   BINDING AGREEMENT

      This Agreement shall bind and enure to the benefit of the parties hereto,
      their successors and permitted assigns.

                                       7
<PAGE>

12.   ASSIGNMENTS

      The Pledgor may not assign or transfer any of the Pledgor's right or
      obligations under this Agreement without the prior written consent of the
      Pledgee. The Pledgee may assign or transfer all of its rights and
      obligations under this Agreement to any successor Pledgee or Collateral
      Agent with prior notice to but without the consent of the Pledgor.

13.   AMENDMENTS, CHANGES, AND MODIFICATIONS

      This Agreement may be amended, changed, modified, altered or terminated
      only with the prior written approval of the Pledgee. This Agreement may
      not be amended by an oral agreement.

14.   NOTICES

      Any communication, demand or notice to be given hereunder shall be given
      in written by personal delivery, mail, telex or facsimile transmission as
      provided in the Notes.

15.   SEVERABILITY

Any provision of this Agreement that is held to be invalid or unenforceable by
any court of competent jurisdiction shall be so only as to such jurisdiction and
only to the extent of such invalidity or unenforceability, but such holding
shall not invalidate or render unenforceable any other provision hereof.

16.   GOVERNING LAW AND JURISDICTION

16.1  This Agreement shall be governed by and construed in accordance with the
      laws of Korea.

16.2  In relation to any dispute arising out of or in connection with this
      Agreement which cannot be amicably resolved by the parties hereto, the
      dispute shall be referred to the Senior Management (as defined herein) of
      each party who shall have thirty (30) days to resolve the dispute. If the
      dispute cannot be resolved by the Senior Management within such 30-day
      period, the dispute shall be finally resolved by arbitration in accordance
      with the Rules of Arbitration ("RULES") administered by the International
      Chamber of Commerce. The arbitral tribunal shall consist of three members
      with each party appointing an arbitrator pursuant to the Rules and the two
      appointed arbitrators shall appoint the third arbitrator who shall serve
      as chairman of the arbitral tribunal. Unless agreed otherwise by the
      parties, all arbitral proceedings shall be convened in New York, New York,
      U.S.A. For purposes of this Clause 16.2, "SENIOR MANAGEMENT" shall be a
      senior officer or other senior authorized employee of the disputing party
      with full authority to negotiate and resolve disputes related to this
      Agreement.

16.3  To the extent not inconsistent with this Agreement, the rights granted and
      remedies to the Pledgee hereunder and under Korean law are in addition to,
      and not in limitation of, the rights and remedies granted to the Pledgee
      under the Transaction Documents, any or all of which may be exercise
      cumulatively to the fullest extent permitted by applicable law.

                                       8
<PAGE>

17.   COUNTERPARTS

This Agreement may be executed in counterparts, each of which shall be an
original but all of which together shall constitute one and the same instrument.

18.   INDEMNIFICATION

The Pledgor shall indemnify the Pledgee, each Buyer (as defined in the
Securities Purchase Agreement) and each of its employees, officers, directors,
and shareholders (collectively, "INDEMNIFIED PERSONS") against, and hold each
such person harmless from, all claims, actions, losses, costs and expenses
(including, without limitation, reasonable attorneys' fees and costs, whether or
not suit is instituted) actually incurred by any such person arising out of or
in connection with an Termination Event, disposition of Collateral or any third
party action by any lender, shareholder or affiliate of the Pledgor challenging
any aspect of or the enforceability of this Agreement. Further, the Pledgor
shall at its expense defend the Pledgee's Security over the Collateral against
all such third party claims and demands. Notwithstanding the foregoing, this
Clause 19 shall not apply in any claim, action, loss, costs or expense arising
from the gross negligence or wilful misconduct of the Indemnified Persons.

20.   REIMBURSEMENT

The Pledgor shall reimburse upon demand the Pledgee for all reasonable costs and
expenses (including, without limitation, reasonable attorneys' fees and costs,
whether or not suit is instituted) expended or incurred by the Pledgee in
connection with the amendment (if necessitated by any change in law) and
enforcement of this Agreement, including, without limitation, during any workout
in collecting any sum which becomes due to the Pledgee under this Agreement; in
connection with any action for declaratory relief, any counterclaim to any
action or cause of action, or any appeal; in the protection or preservation of
the Collateral; or in the enforcement of payment of the obligations of the
Pledgor by any action or participation in, or in connection with, a case or
proceeding under relevant insolvency laws.

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

                                       9
<PAGE>

THE PLEDGOR
-----------

SPATIALIGHT, INC.

By: /s/ Robert A. Olins
    ---------------------------
Name:   Robert A. Olins
Title:  Chief Executive Officer

THE PLEDGEE
-----------

On behalf of itself and the Buyers as their duly authorized representative:

PORTSIDE GROWTH & OPPORTUNITY FUND

By: /s/ Jeffrey Smith
    ---------------------------
Name:   Jeffrey Smith
Title:  Authorized Signatory

SLK:
----

AGREED AND ACKNOWLEDGED:
------------------------

SPATIALIGHT KOREA, INC.

By: /s/ Robert A. Olins
    ---------------------------
Name:   Robert A. Olins
Title:  Chief Executive Officer

                                       10

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