Document:

<PAGE>   1
                                                                   EXHIBIT 10.41

         NEITHER THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON THE
         EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
         AS AMENDED, OR ANY OTHER APPLICABLE SECURITIES LAWS AND MAY NOT BE
         OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS
         AND UNTIL REGISTERED UNDER SAID ACT OR SUCH LAWS OR, IN THE OPINION OF
         COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE
         SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION DOES
         NOT VIOLATE THE PROVISIONS THEREOF.

         THIS WARRANT ALSO IS SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AND
         OBLIGATIONS, TO WHICH ANY TRANSFEREE AGREES BY HIS ACCEPTANCE HEREOF,
         AS SET FORTH IN (1) THE SUBSCRIPTION AGREEMENT BETWEEN THE ISSUER AND
         INITIAL PURCHASER, AND (2) THE CERTIFICATE OF INCORPORATION OF THE
         COMPANY, A COPY OF WHICH AGREEMENT AND CERTIFICATE MAY BE OBTAINED FROM
         THE COMPANY. NO TRANSFER OF SUCH WARRANT WILL BE MADE ON THE BOOKS OF
         THE COMPANY UNLESS ACCOMPANIED BY EVIDENCE OF COMPLIANCE WITH THE TERMS
         OF SUCH AGREEMENT AND BY AN AGREEMENT OF THE TRANSFEREE TO BE BOUND BY
         THE RESTRICTIONS SET FORTH IN SAID SUBSCRIPTION AGREEMENT AND
         CERTIFICATE OF INCORPORATION.

                             STOCK PURCHASE WARRANT

Date of Issuance:  January 6, 2000                           Certificate No. W-1

                  For value received, BroadbandNOW, Inc., a Delaware corporation
(the "Company"), hereby grants to MARCUS & PARTNERS, L.P., a Delaware limited
partnership ("Marcus & Partners"), or its transferees and assigns, the right to
purchase from the Company a total of 300,000 Warrant Shares (as defined herein)
at a price per share of $18.80 (the "Initial Exercise Price"). This Warrant is
the warrant (the "Warrant") issued pursuant to the terms of the Subscription
Agreement dated as of January 6, 2000 between the Company and Marcus & Partners.
The Initial Exercise Price and the number of Warrant Shares (and the amount and
kind of other securities) for which this Warrant is exercisable shall be subject
to adjustment as provided herein. Certain capitalized terms used herein are
defined in Section 3 hereof.

                  This Warrant is subject to the following provisions:

                  SECTION 1.        Exercise of Warrant.

<PAGE>   2

         1A. Exercise Period. The purchase rights represented by this Warrant
may be exercised at any time, in whole or in part, after the date of issuance of
this Warrant and before 5:00 p.m., Dallas, Texas time, on the fifth anniversary
of date of issuance of this Warrant or, if such day is not a Business Day, on
the next preceding Business Day (the "Exercise Period").

         1B. Exercise Procedure.

             (i) This Warrant shall be deemed to have been exercised when all of
the following items have been delivered to the Company (the "Exercise Time"):

                 (a) a completed Exercise Agreement, as described in Section 1C
below, executed by the Person exercising all or part of the purchase rights
represented by this Warrant (the "Purchaser");

                 (b) this Warrant;

                 (c) if the Purchaser is not the Registered Holder, an
Assignment or Assignments in the form set forth in Exhibit II attached hereto
evidencing the assignment of this Warrant to the Purchaser; and

                 (d) either (i) a check or wire transfer payable to the Company
in an amount equal to the product of the Exercise Price (as such term is defined
in Section 2) multiplied by the number of Warrant Shares being purchased upon
such exercise (the "Aggregate Exercise Price"), (ii) the surrender to the
Company of securities of the Company or its subsidiaries having a value equal to
the Aggregate Exercise Price of the Warrant Shares being purchased upon such
exercise (which value in the case of debt securities shall be the principal
amount thereof and in the case of shares of Common Stock shall be the Fair
Market Value thereof), or (iii) the delivery of a notice to the Company that the
Purchaser is exercising the Warrant by authorizing the Company to reduce the
number of Warrant Shares subject to the Warrant by the number of shares having
an aggregate Fair Market Value equal to the Aggregate Exercise Price.

             (ii) Certificates for Warrant Shares purchased upon exercise of
this Warrant shall be delivered by the Company to the Purchaser within ten days
after the date of the Exercise Time together with any cash payable in lieu of a
fraction of a share pursuant to the provisions of Section 11 hereof. Unless this
Warrant has expired or all of the purchase rights represented hereby have been
exercised, the Company shall prepare a new Warrant, substantially identical
hereto, representing the rights formerly represented by this Warrant which have
not expired or been exercised and shall, within such ten-day period, deliver
such new Warrant to the Person designated for delivery in the Exercise
Agreement.

             (iii) The Warrant Shares issuable upon the exercise of this Warrant
shall be deemed to have been issued to the Purchaser at the Exercise Time, and
the Purchaser shall be deemed for all purposes to have become the Registered
Holder of such Warrant Shares at the Exercise Time.

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<PAGE>   3

             (iv) The issuance of certificates for Warrant Shares upon exercise
of this Warrant shall be made without charge to the Registered Holder or the
Purchaser for any issuance tax in respect thereof or other cost incurred by the
Company in connection with such exercise and the related issuance of Warrant
Shares; provided, that the Company shall not be required to pay any taxes in
respect of the Warrant or Warrant Shares, with respect to any transfer of the
Warrant, which taxes shall be paid by the transferee prior to the issuance of
such Warrant Shares.

             (v) The Company shall not close its books against the transfer of
this Warrant or of any Warrant Shares issued or issuable upon the exercise of
this Warrant in any manner which interferes with the timely exercise of this
Warrant.

             (vi) The Company shall assist and cooperate with the Registered
Holder or any Purchaser required to make any governmental filings or obtain any
governmental approvals prior to or in connection with any exercise of this
Warrant. The Company may in good faith suspend exercise of the Warrant during
the period reasonably necessary to obtain such approvals.

             (vii) Notwithstanding any other provision hereof, if an exercise of
any portion of this Warrant is to be made in connection with a public offering
or a sale of the Company (pursuant to a merger, sale of stock, or otherwise),
such exercise may at the election of the Registered Holder be conditioned upon
the consummation of such transaction, in which case such exercise shall not be
deemed to be effective until immediately prior to the consummation of such
transaction.

             (viii) The Company shall at all times reserve and keep available
out of its authorized but unissued Class A Common Stock solely for the purpose
of issuance upon the exercise of this Warrant, the maximum number of Warrant
Shares issuable upon the exercise of this Warrant. All Warrant Shares which are
so issuable shall, when issued and upon the payment of the applicable Exercise
Price, be duly and validly issued, fully paid and nonassessable and free from
all taxes, liens and charges except those created by actions of the Registered
Holder hereof. The Company shall take all such actions as may be necessary to
ensure that all such Warrant Shares may be so issued without violation by the
Company of any applicable law or governmental regulation or any requirements of
any domestic securities exchange upon which shares of Common Stock or other
securities constituting Warrant Shares may be listed (except for official notice
of issuance which shall be immediately delivered by the Company upon each such
issuance). The Company will use its best efforts to cause the Warrant Shares,
immediately upon such exercise, to be listed on any domestic securities exchange
upon which shares of Class A Common Stock or other securities constituting
Warrant Shares are listed, if any, at the time of such exercise.

             (ix) The Company shall not, and shall not permit its subsidiaries
to, directly or indirectly, by any action (including, without limitation,
reincorporation in a jurisdiction other than Delaware, amending its Certificate
of Incorporation or through any Organic Change (as defined in Section 2D),
issuance or sale of securities or any other voluntary action) avoid or seek to
avoid the observance or performance of any of terms of

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<PAGE>   4

this Warrant or impair or diminish its value (except for any action which
ratably affects all Warrant Shares and shares of Common Stock), but shall at all
times in good faith assist in the carrying out of all such terms of this
Warrant. Without limiting the generality of the foregoing, the Company shall (a)
use its reasonable best efforts to obtain all such authorizations, exemptions,
or consents from any public regulatory body having jurisdiction thereof as may
be necessary to enable the Company to perform its obligations under this
Warrant, and (b) not undertake any reverse stock split, combination,
reorganization, or other reclassification of its capital stock which would have
the effect of making this Warrant exercisable for less than one share of Class A
Common Stock.

         1C. Exercise Agreement. Upon any exercise of this Warrant, the
Purchaser shall deliver to the Company an Exercise Agreement in substantially
the form set forth as Exhibit I hereto, except that if the Warrant Shares are
not to be issued in the name of the Registered Holder, the Exercise Agreement
shall also state the name of the Person to whom the certificates for the Warrant
Shares are to be issued, and if the number of Warrant Shares to be issued does
not include all of the Warrant Shares purchasable hereunder, it shall also state
the name of the Person to whom a new Warrant for the unexercised portion of the
rights hereunder is to be issued, subject to the transfer restrictions set forth
in Section 5.

         SECTION 2. Adjustment of Exercise Price and Number of Shares. In order
to prevent dilution of the rights granted under this Warrant, the Initial
Exercise Price shall be subject to adjustment from time to time as provided in
this Section 2 (as so adjusted, the "Exercise Price"), and the number of Warrant
Shares obtainable upon exercise of this Warrant shall be subject to adjustment
from time to time, each as provided in this Section 2; provided, however, that
there shall be no adjustment to the Exercise Price or to the number of Warrant
Shares acquirable upon exercise of the Warrant, as provided in this Section 2
(an "Adjustment"), unless and until such Adjustment together with any previous
Adjustments to the Exercise Price or to the number of Warrant Shares so
acquirable which would otherwise have resulted in an Adjustment were it not for
this proviso, would require an increase or decrease of at least 1% of the total
number of Warrant Shares so acquirable at the time of such Adjustment, in which
event such Adjustment and all such previous Adjustments shall immediately occur.

         2A. Adjustment for Certain Dividends and Distributions in Consideration
other than Securities of the Company. In the event that the Company at any time
or from time to time after the date hereof declares or makes a dividend or other
distribution with respect to the Class A Common Stock payable in consideration
other than additional shares of Class A Common Stock or other securities of the
Company, then in each such event the Exercise Price shall be reduced to equal
the amount determined by multiplying the Exercise Price in effect immediately
prior to such dividend or distribution by a fraction, the numerator of which
will be the Fair Market Value of the Class A Common Stock immediately after such
dividend or distribution and the denominator of which will be the Fair Market
Value of the Class A Common Stock immediately before such dividend or
distribution. Furthermore, upon each such adjustment to the Exercise Price
pursuant to this Section 2A, the number of Warrant

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Shares acquirable upon the exercise of this Warrant shall be adjusted to equal
the number of shares determined by multiplying the Exercise Price in effect
immediately prior to such adjustment by the number of Warrant Shares acquirable
upon exercise of this Warrant immediately prior to such adjustment and dividing
the product thereof by the Exercise Price resulting from such adjustment.

         2B. Adjustment for Dividends and Distributions in Securities other than
Class A Common Stock. In the event the Company at any time or from time to time
after the date hereof declares or makes a dividend or other distribution with
respect to the Class A Common Stock payable in securities of the Company other
than additional shares of Class A Common Stock, then in each such event
provision shall be made so that the Registered Holders of Warrants shall receive
upon exercise thereof, in addition to the number of shares of Class A Common
Stock receivable thereupon, the amount of securities of the Company that they
would have received had their Warrants been exercised prior to the effective
date of the issuance of such other securities.

         2C. Subdivision or Combination of Common Stock. If the Company at any
time subdivides (by any stock split, stock dividend, recapitalization, or
otherwise) the Class A Common Stock into a greater number of shares or pays a
dividend or makes a distribution to holders of the Class A Common Stock in the
form of shares of Class A Common Stock, the Exercise Price in effect immediately
prior to such subdivision shall be proportionately reduced and the number of
Warrant Shares obtainable upon exercise of this Warrant shall be proportionately
increased. Subject to clause (b) of Section 1B(ix), if the Company at any time
combines (by reverse stock split or otherwise) the Common Stock into a smaller
number of shares, the Exercise Price in effect immediately prior to such
combination shall be proportionately increased and the number of Warrant Shares
obtainable upon exercise of this Warrant shall be proportionately decreased.

         2D. Organic Change. Any reincorporation, recapitalization,
reorganization, reclassification, consolidation, merger, sale of all or
substantially all of the Company's assets or other transaction which is effected
in such a way that holders of the Class A Common Stock are entitled to receive
(either directly or upon subsequent liquidation) stock, securities, or assets
with respect to or in exchange for Common Stock is referred to herein as an
"Organic Change". Prior to the consummation of any Organic Change, the Company
shall make appropriate provision to ensure that each Registered Holder of
Warrants shall thereafter have the right to acquire and receive upon exercise
thereof, in lieu of or in addition to (as the case may be) the Warrant Shares
immediately theretofore acquirable and receivable upon exercise of such
Registered Holder's Warrants, such shares of stock, securities or assets as may
be issued or payable with respect to or in exchange for the number of Warrant
Shares immediately theretofore acquirable and receivable upon exercise of such
Registered Holder's Warrants had such Organic Change not taken place. In any
such case, the Company shall make appropriate provision with respect to such
Registered Holder's rights and interests to ensure that the provisions hereof
(including this Section 2) shall thereafter be applicable to the Warrants. The
Company shall not effect any such Organic Change unless, prior to the
consummation thereof, the successor entity (if other than the Company) resulting
from

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<PAGE>   6

such Organic Change (including a purchaser of all or substantially all the
Company's assets) assumes by written instrument the obligation to deliver to
each Registered Holder of Warrants such shares of stock, securities or assets
as, in accordance with the foregoing provisions, such Registered Holder may be
entitled to acquire upon exercise of Warrants.

         2E. Certain Events. If any event occurs of the type contemplated by the
provisions of this Section 2 but not expressly provided for by such provisions
(including, without limitation, the granting of stock appreciation rights,
phantom stock rights or other rights with equity features but excluding any
Permitted Issuance), then the Company's Board of Directors shall make an
appropriate and equitable adjustment in the Exercise Price and the number of
Warrant Shares obtainable upon exercise of this Warrant so as to protect the
rights of the Registered Holder of this Warrant.

         2F. Notices.

             (i) Immediately upon any adjustment of the Exercise Price, the
Company shall give written notice thereof to the Registered Holder, setting
forth in reasonable detail and certifying the calculation of such adjustment.

             (ii) The Company shall give written notice to the Registered Holder
at least thirty (30) days prior to the date on which the Company closes its
books or takes a record (A) with respect to any dividend or distribution upon
the Class A Common Stock, (B) with respect to any pro rata subscription offer to
holders of Class A Common Stock, or (C) for determining rights to vote with
respect to any Organic Change, dissolution or liquidation.

             (iii) The Company shall also give written notice to the Registered
Holder at least thirty (30) days prior to the date on which any Organic Change,
dissolution, or liquidation shall take place.

         2G. Class B Common Stock and Class C Common Stock. The Company shall
not issue, or grant the right to purchase, from and after the date of the
issuance of this Warrant, (i) any shares of Class B Common Stock or Class C
Common Stock, (ii) any securities convertible into shares of Class B Common
Stock or Class C Common Stock or (iii) any other form of common equity with a
liquidation preference senior to the Class A Common Stock, except such issuances
or grants made prior to the date hereof.

         SECTION 3. Definitions. The following terms have the meanings set forth
below:

                  "Business Day" means any day excluding Saturday, Sunday and
any day which is a legal holiday under the laws of the State of Texas or is a
day on which banking institutions located in such state are authorized or
required by law or other governmental action to close.

                  "Class A Common Stock" means the Company's Class A Common
Stock, $0.001 par value. For purposes of Section 2 of this Warrant, the
definition of "Class A

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Common Stock" shall include any other common stock of the Company with the
exception of the Class B Common Stock and Class C Common Stock.

                  "Class B Common Stock" means the Company's Class B Common
Stock, $0.001 par value.

                  "Class C Common Stock" means the Company's Class C Common
Stock, $0.001 par value.

                  "Common Stock" means, collectively, the Class A Common Stock,
the Class B Common Stock and the Class C Common Stock, and any other class of
stock representing common equity of the Company.

                  "Fair Market Value" means (i) the average of the closing sales
prices of the Class A Common Stock on all domestic securities exchanges on which
the Class A Common Stock is listed, or (ii) if there have been no sales on any
such exchange on any day, the average of the highest bid and lowest asked prices
on all such exchanges at the end of such day, or (iii) if on any day the Class A
Common Stock is not so listed, the sales price for the Class A Common Stock as
of 4:00 P.M., Dallas, Texas time, as reported on the Nasdaq National Market, or
(iv) if the Class A Common Stock is not reported on the Nasdaq National Market,
the average of the representative bid and asked quotations for the Class A
Common Stock as of 4:00 P.M., Dallas, Texas time, as reported on the Nasdaq
interdealer quotation system, or any similar successor organization, in each
such case averaged over a period of twenty-one (21) trading days consisting of
the day as of which "Fair Market Value" is being determined and the 20
consecutive trading days prior to such day. Notwithstanding the foregoing, if at
any time of determination either (x) the Class A Common Stock is not registered
pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, and
not listed on a national securities exchange or authorized for quotation in the
Nasdaq system, or (y) less than 25% of the outstanding Class A Common Stock is
held by the public free of transfer restrictions under the Securities Act of
1933, as amended, then Fair Market Value shall mean the price that would be paid
per share for the entire common equity interest in the Company in an orderly
sale transaction between a willing buyer and a willing seller, taking into
account the appropriate lack of liquidity of the Company's securities, using
valuation techniques then prevailing in the securities industry and assuming
full disclosure of all relevant information and a reasonable period of time for
effectuating such sale. Fair Market Value shall be determined by the Company's
Board of Directors in its good faith judgment. Notwithstanding the foregoing, a
majority of the Required Holders shall have the right to require that an
independent investment banking firm mutually acceptable to the Company and the
Required Holders determine Fair Market Value, which firm shall submit to the
Company and the Warrant holders a written report setting forth such
determination. The expenses of such firm will be borne by the Company, and the
determination of such firm will be final and binding upon all parties.

                  "Permitted Issuance" means any issuance by the Company of
shares of Class A Common Stock or options to purchase Class A Common Stock (a)
on or prior to the date hereof; (b) upon exercise of this Warrant; (c) upon the
conversion of any

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Preferred Stock, Class B Common Stock or Class C Common Stock issued on or prior
to the date hereof; (d) pursuant to an underwritten offering of Common Stock
registered under the Securities Act of 1933, as amended; and (e) to employees of
the Company pursuant to employee stock purchase or stock option plans adopted or
to be adopted by the Company for key employees and prior stock option grants;
provided, that, the aggregate number of shares (and underlying shares of
options) of Class A Common Stock issued pursuant to this clause (e) shall not
exceed 6,000,000 (as adjusted to provide for any dividends, stock distributions,
splits, combinations or recapitalizations).

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

                  "Preferred Stock" means the Company's Series A Convertible
Preferred Stock.

                  "Registered Holder" means the holder of this Warrant as
reflected in the records of the Company maintained pursuant to the provisions of
Section 10.

                  "Required Holders" means the holders of a majority of the
purchase rights represented by this Warrant as originally issued which remain
outstanding and unexercised.

                  "Warrant Shares" means shares of the Company's Class A Common
Stock issuable upon exercise of the Warrant; provided, that if the securities
issuable upon exercise of the Warrant are issued by an entity other than the
Company or there is a change in the class of securities so issuable, then the
term "Warrant Shares" shall mean shares of the security issuable upon exercise
of the Warrant if such security is issuable in shares, or shall mean the
equivalent units in which such security is issuable if such security is not
issuable in shares.

                  SECTION 4. No Voting Rights, Limitations of Liability. This
Warrant shall not entitle the Registered Holder hereof to any voting rights or
other rights as a stockholder of the Company. No provision hereof, in the
absence of affirmative action by the Registered Holder to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of the Registered
Holder shall give rise to any liability of such Registered Holder for the
Exercise Price of Warrant Shares acquirable by exercise hereof or as a
stockholder of the Company.

                  SECTION 5. Transferability. This Warrant and all rights
hereunder are transferable in whole without charge to the Registered Holder,
upon surrender of this Warrant with a properly executed Assignment (in the form
of Exhibit II hereto) at the principal office of the Company.

                  SECTION 6. Warrant Exchangeable for Different Denominations.
This Warrant is exchangeable, upon the surrender hereof by the Registered Holder
at the principal office of the Company, for new Warrants of like tenor
representing in the aggregate the purchase rights hereunder, and each of such
new Warrants shall represent

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<PAGE>   9

such portion of such rights as is designated by the Registered Holder at the
time of such surrender. At the request of the Registered Holder (pursuant to a
transfer of Warrants or otherwise), this Warrant may be exchanged for one or
more Warrants to purchase Common Stock. The date the Company initially issues
this Warrant shall be deemed to be the date of issuance hereof regardless of the
number of times new certificates representing the unexpired and unexercised
rights formerly represented by this Warrant shall be issued. All Warrants
representing portions of the rights hereunder are referred to herein as the
"Warrants."

                  SECTION 7. Replacement. Upon receipt of evidence reasonably
satisfactory to the Company (an affidavit of the Registered Holder shall be
satisfactory) of the ownership and the loss, theft, destruction, or mutilation
of any certificate evidencing this Warrant, and in the case of any such loss,
theft, or destruction, upon receipt of indemnity reasonably satisfactory to the
Company (provided, that if the Registered Holder is a financial institution or
other institutional investor its own Agreement shall be satisfactory), or, in
the case of any such mutilation upon surrender of such certificate, the Company
shall (at its expense) execute and deliver in lieu of such certificate a new
certificate of like kind representing the same rights represented by such lost,
stolen, destroyed, or mutilated certificate and dated the date of such lost,
stolen, destroyed, or mutilated certificate.

                  SECTION 8. Notices. Except as otherwise expressly provided
herein, all notices and deliveries referred to in this Warrant shall be in
writing, shall be delivered personally, sent by registered or certified mail,
return receipt requested and postage prepaid or sent via nationally recognized
overnight courier or via facsimile, and shall be deemed to have been given when
so delivered (or when received, if delivered by any other method) if sent (i) to
the Company, at its principal executive offices, and (ii) to a Registered
Holder, at such Registered Holder's address as it appears in the records of the
Company (unless otherwise indicated by any such Registered Holder).

                  SECTION 9. Amendment and Waiver. Except as otherwise provided
herein, the provisions of the Warrant may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be
performed by it, only if the Company has obtained the prior written consent of
the Required Holders.

                  SECTION 10. Warrant Register. The Company shall maintain at
its principal executive offices books for the registration and the registration
of transfer of the Warrant. The Company may deem and treat the Registered Holder
as the absolute owner hereof (notwithstanding any notation of ownership or other
writing thereon made by anyone) for all purposes and shall not be affected by
any notice to the contrary.

                  SECTION 11. Fractions of Shares. The Company may, but shall
not be required to, issue a fraction of a Warrant Share upon the exercise of
this Warrant in whole or in part. As to any fraction of a share which the
Company elects not to issue, the Company shall make a cash payment in respect of
such fraction in an amount equal to the same fraction of the Fair Market Value
of a Warrant Share on the date of such exercise.

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<PAGE>   10

                  SECTION 12. Descriptive Headings, Governing Law. The
descriptive headings of the several Sections and paragraphs of this Warrant are
inserted for convenience only and do not constitute a part of this Warrant. THE
CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY
THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAW.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

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                  IN WITNESS WHEREOF, the Company has caused this Warrant to be
signed and attested by its duly authorized officer to be dated as of the date
hereof.

                                         BROADBANDNOW, INC.

                                         By: /s/ MATTHEW HUTCHINS, SR.
                                            -----------------------------------
                                         Name: Matthew Hutchins
                                              ---------------------------------
                                         Title: President & CEO
                                               --------------------------------

Attest:

/s/ CHARLES R. GREGG, JR.
---------------------------
Name: Charles R. Gregg, Jr.

<PAGE>   12

                                                                       EXHIBIT I

                               EXERCISE AGREEMENT

To:                                  Dated:

                  The undersigned, pursuant to the provisions set forth in the
attached Warrant (Certificate No. W-___), hereby agrees to subscribe for the
purchase of _____ Warrant Shares covered by such Warrant and makes payment
herewith in full therefor at the price per share provided by such Warrant.

                                    Signature
                                             ----------------------------------
                                    Address
                                           ------------------------------------

                               Exhibit I, Page 1

<PAGE>   13

                                                                      EXHIBIT II

                                   ASSIGNMENT

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

<TABLE>
<CAPTION>
Names of Assignee                 Address                   No. of Shares
-----------------                 -------                   -------------
<S>                               <C>                       <C>
</TABLE>

Dated:                               Signature
                                                  ---------------------------

                                                  ---------------------------
                                     Witness
                                                  ---------------------------

                               Exhibit II, Page 1<PAGE>   1
                                                                   EXHIBIT 10.42

                             SUBSCRIPTION AGREEMENT

                           dated as of January 6, 2000

                                     between

                             MARCUS & PARTNERS, L.P.

                                       and

                               BROADBANDNOW, INC.

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
SECTION                                                                                                        PAGE
<S>                   <C>                                                                                      <C>

                                                      ARTICLE I
                                                     DEFINITIONS

                                                     ARTICLE II
                                              SUBSCRIPTION FOR WARRANTs

SECTION 2.1.          Subscription for Warrant ...................................................................2

                                                    ARTICLE III.
                                                PURCHASE OF WARRANTS

SECTION 3.1.          Purchase and Issuance ......................................................................2
SECTION 3.2.          Restrictions on Transfer ...................................................................2
SECTION 3.3.          Legend .....................................................................................2

                                                     ARTICLE IV.
                                            ACKNOWLEDGMENTS OF SUBSCRIBER

SECTION 4.1.          Residence ..................................................................................3
SECTION 4.2.          Accredited Investor ........................................................................3
SECTION 4.3.          Exemption ..................................................................................3
SECTION 4.4.          No Registration ............................................................................3
SECTION 4.5.          Illiquidity ................................................................................3

                                                     ARTICLE V.
                                    REPRESENTATIONS AND WARRANTIES OF SUBSCRIBER

SECTION 5.1.          Organization ...............................................................................4
SECTION 5.2.          Authority ..................................................................................4
SECTION 5.3.          No Consents; No Violations .................................................................4
SECTION 5.4.          No Litigation ..............................................................................4
SECTION 5.5.          No Broker ..................................................................................5
SECTION 5.6.          Solvency of Subscriber .....................................................................5
SECTION 5.7.          Access to Information ......................................................................5
SECTION 5.8.          Accredited Investor ........................................................................5
SECTION 5.9.          Investment Intent ..........................................................................5
SECTION 5.10.         No Recommendation ..........................................................................6
SECTION 5.11.         Independent Judgment .......................................................................6
SECTION 5.12.         No General Solicitation ....................................................................6
</TABLE>

<PAGE>   3

<TABLE>
<S>                   <C>                                                                                      <C>
                                                     ARTICLE VI.
                                      REPRESENTATIONS AND WARRANTIES OF COMPANY

SECTION 6.1.          Organization ...............................................................................6
SECTION 6.2.          Authority ..................................................................................6
SECTION 6.3.          No Consents; No Violations; Waiver of Preemptive Rights ....................................6
SECTION 6.4.          No Litigation ..............................................................................7
SECTION 6.5.          No Broker ..................................................................................7
SECTION 6.6.          Title to Warrant ...........................................................................7

                                                    ARTICLE VII.
                                    SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION

SECTION 7.1.          Survival ...................................................................................8
SECTION 7.2.          Indemnification by Subscriber ..............................................................8
SECTION 7.3.          Indemnification by the Company .............................................................8

                                                    ARTICLE VIII.
                                              MISCELLANEOUS PROVISIONS

SECTION 8.1.          Amendment and Modification .................................................................8
SECTION 8.2.          Waiver of Compliance; Consents .............................................................8
SECTION 8.3.          Assignment .................................................................................8
SECTION 8.4.          Expenses ...................................................................................9
SECTION 8.5.          Governing Law ..............................................................................9
SECTION 8.6.          Counterparts ...............................................................................9
SECTION 8.7.          Notices ....................................................................................9
SECTION 8.8.          Headings ..................................................................................10
SECTION 8.9.          Entire Agreement ..........................................................................10
SECTION 8.10.         Severability ..............................................................................10
SECTION 8.11.         Further Assurances ........................................................................10
</TABLE>

                                       ii

<PAGE>   4

                             SUBSCRIPTION AGREEMENT

         THIS SUBSCRIPTION AGREEMENT (this "AGREEMENT"), dated as of January 6,
2000, is by and between the subscriber designated on the signature page hereof
(the "SUBSCRIBER"), and BroadbandNOW, Inc., a Delaware corporation with an
address at 1440 Corporate Drive, Irving, Texas 75038 (the "COMPANY").

                                    RECITALS

         As of the date hereof, the Subscriber wishes to subscribe for and to
purchase from the Company a Warrant (the "WARRANT") to purchase 300,000 shares
of Class A Common Stock, par value $.001 per share, of the Company (the "COMMON
STOCK") and the Company wishes to accept such subscription and to issue the
Warrant to the Subscriber, all pursuant to the terms and conditions hereinafter
set forth.

                                    AGREEMENT

         In consideration of the foregoing and the mutual representations,
warranties, covenants and agreements contained herein, the Subscriber and the
Company, intending to be legally bound, hereby agree as follows:

                                   ARTICLE I.
                                   DEFINITIONS

         The following capitalized terms used in this Agreement shall have the
meanings (such definitions to be equally applicable to both the singular and
plural forms of the terms defined) set forth in this Article I.

         "AFFILIATE" means, with respect to any Person, any other Person that
directly or indirectly is controlling, controlled or under common control with
such Person.

         "AGREEMENT" or "THIS AGREEMENT" means this Subscription Agreement,
including all Schedules and Exhibits hereto.

         "DOLLAR" and "$" means the lawful money of the United States of
America.

         "LIEN" means any lien, pledge, charge, encumbrance, mortgage, deed of
trust, adverse ownership interest, hypothecation, assignment, security interest
or preference, priority or other security agreement or preferential arrangement
of any kind or nature whatsoever, other than one created or incurred by the
Company or its agents.

         "PERSON" means any individual, corporation, partnership, joint venture,
trust, limited liability company or corporation, unincorporated organization or
government or any agency or political subdivision thereof.

<PAGE>   5

                                  ARTICLE II.
                            SUBSCRIPTION FOR WARRANTS

         SECTION 2.1. SUBSCRIPTION FOR WARRANT. Subject to the terms and
conditions of this Agreement, the Subscriber hereby irrevocably subscribes for
and agrees to purchase the Warrant from the Company at a purchase price set
forth opposite Subscriber's name on Schedule A hereto (the "PURCHASE PRICE"),
and the Company hereby accepts such subscription and agrees to sell the Warrants
to the Subscriber on the date hereof upon receipt of the Purchase Price in
accordance with Section 3.1.

                                  ARTICLE III.
                              PURCHASE OF WARRANTS

         SECTION 3.1. PURCHASE AND ISSUANCE. Upon payment by the Subscriber of
the Purchase Price by wire transfer to the account identified by the Company,
the Company shall issue, sell and deliver to the Subscriber, and the Subscriber
shall purchase and accept, a certificate evidencing the Warrant, substantially
in the form of Exhibit A hereto, in the name of the Subscriber.

         SECTION 3.2. RESTRICTIONS ON TRANSFER. The Warrant may not be offered
for sale, sold, assigned, pledged, hypothecated, transferred or otherwise
disposed of, except (a) pursuant to an effective registration statement under
the Securities Act of 1933, as amended (the "SECURITIES ACT"), or in a
transaction that is exempt from registration under the Securities Act or for
which such registration is otherwise not required, (b) pursuant to an effective
registration statement under any applicable state act or in a transaction that
is exempt from registration under such state acts or for which such registration
otherwise is not required and (c) in accordance with the transfer restrictions
set forth in Section 5 of the Warrant.

         SECTION 3.3. LEGEND. Each certificate representing the Warrant shall be
stamped or otherwise imprinted with a legend substantially in the following
form:

         NEITHER THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON THE
         EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
         AS AMENDED, OR ANY OTHER APPLICABLE SECURITIES LAWS AND MAY NOT BE
         OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS
         AND UNTIL REGISTERED UNDER SAID ACT OR SUCH LAWS OR, IN THE OPINION OF
         COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE
         SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION DOES
         NOT VIOLATE THE PROVISIONS THEREOF.

         THIS WARRANT ALSO IS SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AND
         OBLIGATIONS, TO WHICH ANY TRANSFEREE AGREES BY HIS ACCEPTANCE HEREOF,
         AS SET FORTH IN (1) THE SUBSCRIPTION AGREEMENT BETWEEN THE ISSUER AND
         THE SUBSCRIBER AND (2) THE CERTIFICATE OF INCORPORATION OF THE COMPANY,
         A COPY OF WHICH

                                       2
<PAGE>   6

         AGREEMENT AND CERTIFICATE MAY BE OBTAINED FROM THE COMPANY. NO TRANSFER
         OF SUCH WARRANT WILL BE MADE ON THE BOOKS OF THE COMPANY UNLESS
         ACCOMPANIED BY EVIDENCE OF COMPLIANCE WITH THE TERMS OF SUCH AGREEMENT
         AND BY AN AGREEMENT OF THE TRANSFEREE TO BE BOUND BY THE RESTRICTIONS
         SET FORTH IN SAID SUBSCRIPTION AGREEMENT AND CERTIFICATE OF
         INCORPORATION.

                                  ARTICLE IV.
                          ACKNOWLEDGMENTS OF SUBSCRIBER

         The Subscriber hereby acknowledges as follows:

         SECTION 4.1. RESIDENCE. If the Subscriber is a corporation,
partnership, trust or other entity, it has its principal place of business as
set forth on Schedule A, and if the Subscriber is an individual, he or she is at
least 21 years of age and the address set forth on Schedule A is the
Subscriber's true and correct address and residence.

         SECTION 4.2. ACCREDITED INVESTOR. In order to purchase the Warrant, the
Subscriber must satisfy one of the criteria for an "accredited investor" as set
forth in Section 5.8 hereof, and the Company shall rely upon representations and
warranties made by the Subscriber herein in determining whether the Subscriber
is an accredited investor.

         SECTION 4.3. EXEMPTION. The Subscriber's right to purchase the Warrant
hereunder is expressly conditioned upon the exemption from qualification of the
offer and sale of the Warrant from applicable federal and state securities (or
"blue sky") laws.

         SECTION 4.4. NO REGISTRATION. Based upon the acknowledgments,
representations, warranties and agreements made by the Subscriber herein, the
Company (i) has determined that one or more of the exemptions from the
registration provisions of the Securities Act and applicable state securities
laws are applicable to the offer and sale of the Warrant, and (ii) has not
registered the Warrant under the Securities Act or state securities laws by
reason of such exemption(s).

         SECTION 4.5. ILLIQUIDITY. There is no public market for the Warrant, no
such market may develop for the Warrant, and even if a public market develops
for such Warrant, Rule 144 promulgated under the Securities Act requires, among
other conditions, a one-year holding period prior to the resale (in limited
amounts) of securities acquired in a non-public offering without having to
satisfy the registration requirements of the Securities Act.

                                   ARTICLE V.
                  REPRESENTATIONS AND WARRANTIES OF SUBSCRIBER

         The Subscriber hereby represents and warrants to the Company that as of
the date hereof and as of the Subscription Date:

                                       3
<PAGE>   7

         SECTION 5.1. ORGANIZATION. The Subscriber (if a Person that is not an
individual) is an entity validly existing and in good standing under the laws of
its jurisdiction of organization.

         SECTION 5.2. AUTHORITY. The Subscriber has the power, authority and
capacity to execute and deliver this Agreement and to perform the Subscriber's
obligations hereunder. The execution, delivery and performance by the Subscriber
of this Agreement have been duly authorized by all necessary action; and this
Agreement has been duly executed and delivered by the Subscriber and is the
legal, valid and binding obligation of the Subscriber enforceable against the
Subscriber in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, receivership, conservatorship,
reorganization, liquidation, moratorium or similar events affecting the
Subscriber or the Subscriber's assets, or by general principles of equity.

         SECTION 5.3. NO CONSENTS; NO VIOLATIONS.

         (a) No authorization, approval or other action by, and no notice to or
filing with, any governmental, regulatory or legal authority or any other Person
is required for the due execution, delivery and performance by the Subscriber of
this Agreement or the consummation of the transactions contemplated hereby other
than such as has been obtained, given, effected or taken prior to the date
hereof.

         (b) The execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereby do not and shall not result
in any contravention of (i) any applicable law, rule or regulation of any
federal, state or local governmental or regulatory authority, (ii) any order,
writ, injunction, judgment, decree or award of any court, arbitrator, or
government or regulatory authority to which the Subscriber or any of the
Subscriber's properties are subject or (iii) any mortgage, contract, agreement,
deed of trust, license, lease or other instrument, arrangement, commitment,
obligation, understanding or restriction of any kind to which the Subscriber is
a party or by which any of the Subscriber's properties are bound.

         SECTION 5.4. NO LITIGATION. There is no pending or, to the best
knowledge of the Subscriber, threatened action or proceeding before any court,
governmental agency or arbitrator by or against, or involving the Subscriber or
the Subscriber's Affiliates or any of the Subscriber's property that questions
or challenges the validity or enforceability of this Agreement or any action
taken or to be taken by the Subscriber pursuant to this Agreement or in
connection with the transactions contemplated hereby.

         SECTION 5.5. NO BROKER. The Subscriber is not obligated to pay, and has
not retained any broker or finder or other Person that is entitled to, any
broker's or finder's fee or other commission based upon the consummation of the
transactions contemplated by this Agreement or any agreement contemplated
hereby.

         SECTION 5.6. SOLVENCY OF SUBSCRIBER. After giving effect to the
transactions contemplated by this Agreement, the Subscriber shall be solvent and
shall be able to pay the

                                       4
<PAGE>   8

Subscriber's anticipated liabilities as and when they become due. The payment of
the Purchase Price is being made in good faith and without any intent to hinder,
delay or defraud any of the creditors of the Subscriber.

         SECTION 5.7. ACCESS TO INFORMATION. The Subscriber has reviewed
information relating to the Company's business that the Company has provided to
the Subscriber and has had an opportunity to receive and review all other
documents and information that the Subscriber considers relevant or material to
the Subscriber's subscription for and purchase of the Warrant and to ask
questions of and receive satisfactory answers from the Company, or a person or
persons acting on behalf of the Company, concerning the Company, its business
and the terms and conditions of the purchase of the Warrant, and all such
questions have been answered to the full satisfaction of the Subscriber. The
Subscriber has been afforded full access to all documents, books and records of
the Company.

         SECTION 5.8. ACCREDITED INVESTOR. The Subscriber acknowledges that the
Subscriber has such knowledge and experience in investment, financial and
business matters (including, but not limited to, making investments in unlisted
and unregistered securities) that the Subscriber is capable of evaluating the
merits and risks of purchasing the Warrant. The Subscriber is an "accredited
investor" within the meaning of Rule 501 promulgated under the Securities Act by
virtue of being at least one of the following: (a) a corporation, or a
partnership or other entity not formed for the specific purpose of acquiring the
Warrant, in either case with total assets in excess of $5,000,000, (b) an
individual whose individual net worth, or joint net assets with such
individual's spouse, at the time of purchase exceeds $1,000,000 or (c) an entity
all of whose equity owners are described in (a) and/or (b).

         SECTION 5.9. INVESTMENT INTENT. The Subscriber is purchasing the
Warrant for investment, for the Subscriber's own account, and with no present
intention of reselling, directly or indirectly, participating in any
distribution of or otherwise disposing of the Warrant. The Subscriber shall be
the sole beneficial owner of the Warrant at the time of the issuance. The
Subscriber understands that no disposition may be made of the Warrant except as
provided in Section 3.2 of this Agreement, and that the Subscriber must bear the
economic risk of purchasing the Warrant for an indefinite period of time. The
Subscriber would be able to sustain a total or partial loss of the Subscriber's
investment in the Warrant should such loss occur.

         SECTION 5.10. NO RECOMMENDATION. The Subscriber acknowledges that no
federal or state agency has made any finding or determination relating to the
fairness for investment in the Warrant and no federal or state agency has
recommended or endorsed the Warrant.

         SECTION 5.11. INDEPENDENT JUDGMENT. The Subscriber is not purchasing
the Warrant based upon any representation, oral or written, by any Person with
respect to the future value of, or income from, the Warrant, but rather upon an
independent examination and judgment as to the prospects of the Company.

         SECTION 5.12. NO GENERAL SOLICITATION. The Warrant was not offered to
the Subscriber by means of general solicitation, publicly disseminated
advertisements or sales

                                       5
<PAGE>   9

literature or a seminar or meeting whose attendees had been invited by general
solicitation or publicly disseminated advertisements.

                                  ARTICLE VI.
                    REPRESENTATIONS AND WARRANTIES OF COMPANY

         The Company hereby represents and warrants that as of the date hereof
and as of the Subscription Date:

         SECTION 6.1. ORGANIZATION. The Company is a corporation validly
existing and in good standing under the laws of the State of Delaware and has
all requisite power and authority to enter into the transactions contemplated by
this Agreement.

         SECTION 6.2. AUTHORITY. The Company has the power and authority to
carry on its business as now conducted, to own or hold under lease its
properties, and to execute and deliver this Agreement, and to perform its
obligations hereunder. The execution, delivery and performance by the Company of
this Agreement has been duly authorized by all necessary action; and this
Agreement has been duly executed and delivered by the Company and is the legal,
valid and binding obligation of the Company enforceable against the Company in
accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, receivership, conservatorship, reorganization,
liquidation, moratorium or similar events affecting the Company or its assets,
or by general principles of equity.

         SECTION 6.3. NO CONSENTS; NO VIOLATIONS; WAIVER OF PREEMPTIVE RIGHTS.

         (a) No authorization, approval or other action by, and no notice or
filing with, any governmental, regulatory or legal authority or any other Person
is required for the due execution, delivery and performance by the Company of
this Agreement or the consummation of the transactions contemplated hereby other
than such as has been obtained, given, effected or taken prior to the date
hereof. Subject to the accuracy of the acknowledgments, representations and
agreements made by the Subscriber herein, no registration under the Securities
Act or any applicable state securities laws is required for the sale of the
Warrant to Subscriber in accordance with the provisions hereof.

         (b) The execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereby do not and shall not result
in any contravention of (i) the certificate of incorporation or the bylaws of
the Company, (ii) any applicable law, rule or regulation of any federal, state
or local governmental or regulatory authority, (iii) any order, writ,
injunction, judgment, decree or award of any court, arbitrator, or governmental
or regulatory authority to which the Company or any of its properties are
subject or (iv) any mortgage, contract, agreement, deed of trust, license, lease
or other instrument, arrangement, commitment, obligation, understanding or
restriction of any kind to which the Company is a party or by which any of its
properties are bound.

                                       6
<PAGE>   10

         (c) The preemptive rights granted to the holders of the Company's
Series A Preferred Stock (the "PREFERRED STOCK") as set forth in Section 2.3 of
the Certificate of Designations regarding the Preferred Stock have been waived
or shall have been waived prior to issuance of the Warrant in accordance with
such Certificate of Designations with regard to the issuance of the Warrant and
the Common Stock issuable upon the exercise thereof. The Warrant and the Common
Stock issuable upon the exercise thereof will not be issued in contravention of
any other preemptive rights.

         SECTION 6.4. NO LITIGATION. There is no pending or, to the best
knowledge of the Company, threatened action or proceeding before any court,
governmental agency or arbitrator by, against or involving the Company or its
Affiliates or any of its property, or any of its stockholders, managers or
employees that questions or challenges the validity or enforceability of this
Agreement or any action taken or to be taken by the Company pursuant to this
Agreement or in connection with the transactions contemplated hereby.

         SECTION 6.5. NO BROKER. The Company is not obligated to pay, and has
not retained any broker or finder or other Person that is entitled to, any
broker's or finder's fee or other commission based upon the consummation of the
transaction contemplated by this Agreement or any other agreement contemplated
hereby.

         SECTION 6.6. TITLE TO WARRANT. Upon the payment of the Purchase Price
to the Company and the issuance by the Company of the Warrant, each in
accordance with the terms of this Agreement, and upon delivery thereof the
Subscriber shall acquire good and indefeasible title to the Warrant, free and
clear of any and all liens, claims or encumbrances of any kind, other than
liens, claims or encumbrances created by or through the Subscriber.

                                  ARTICLE VII.
                  SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION

         SECTION 7.1. SURVIVAL. The representations and warranties of the
parties contained in this Agreement shall survive the execution and delivery of
this Agreement.

         SECTION 7.2. INDEMNIFICATION BY SUBSCRIBER. The Subscriber shall
indemnify and hold harmless the Company from and against any and all claims,
losses, liabilities and damages, including, without limitation, amounts paid in
settlement, reasonable costs of investigation and reasonable fees and
disbursements of counsel, arising out of or resulting from the inaccuracy of any
Subscriber representation or warranty or the breach by Subscriber of any
covenant or agreement contained herein or in any instrument or certificate
delivered pursuant hereto.

         SECTION 7.3. INDEMNIFICATION BY THE COMPANY. The Company shall
indemnify and hold harmless the Subscriber from and against any and all claims,
losses, liabilities and damages, including, without limitation, amounts paid in
settlement, reasonable costs of investigation and reasonable fees and
disbursements of counsel, arising out of or resulting from the inaccuracy of any
Company representation or warranty or the breach by Company of any covenant or
agreement contained herein or in any instrument or certificate delivered
pursuant hereto.

                                       7
<PAGE>   11

                                 ARTICLE VIII.
                            MISCELLANEOUS PROVISIONS

         SECTION 8.1. AMENDMENT AND MODIFICATION. This Agreement may be amended,
modified or supplemented only by written agreement of the parties hereto.

         SECTION 8.2. WAIVER OF COMPLIANCE; CONSENTS. Any failure of a party
hereto to comply with any obligation, covenant, agreement or condition herein
may be waived by the other party hereto; provided, however, that any such waiver
may be made only by a written instrument signed by the party hereto granting
such waiver, but such waiver or failure to insist upon strict compliance with
such obligation, covenant, agreement or condition shall not operate as a waiver
of, or estoppel with respect to, any subsequent or other failure. Whenever this
Agreement requires or permits consent by or on behalf of any party hereto, such
consent shall be given in writing in a manner consistent with the requirements
for a waiver of compliance as set forth in this Section 8.2, with appropriate
notice in accordance with Section 8.7 of this Agreement.

         SECTION 8.3. ASSIGNMENT. This Agreement and all of the provisions
hereof shall be binding upon the parties hereto and their respective successors
and permitted assigns. Any party hereto may assign any of such party's rights
hereunder, but no such assignment shall relieve such party of such party's
liability for such party's obligations hereunder, provided that any assignee of
the Subscriber's rights hereunder shall at the time of such assignment be a
transferee of the Warrant in accordance with Article 3, and at the time of the
exercise of any rights hereunder shall be the record holder of such Warrant.
Nothing in this Agreement, expressed or implied, is intended or shall be
construed to confer upon any Person, other than the parties hereto and any
successors and permitted assigns, any rights, remedy or claim under or by reason
of this Agreement or any provision herein contained.

         SECTION 8.4. EXPENSES. All fees and expenses (including all fees of
counsel and accountants) incurred by any party in connection with the
negotiation and execution of this Agreement shall be borne by the party who
incurred them; provided, however, that certain expenses shall be payable in
accordance with Section 2 of that letter agreement, dated December 21, 1999,
between Subscriber and the Company.

         SECTION 8.5. GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware (without regard
to its conflicts of law doctrines).

         SECTION 8.6. COUNTERPARTS. This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original, but both of which
together shall constitute one and the same instrument.

         SECTION 8.7. NOTICES. All notices and other communications hereunder
shall be in writing and shall be deemed to have been duly given if delivered by
hand, mailed by registered or certified mail (return receipt requested) or sent
by a nationally recognized overnight delivery

                                       8
<PAGE>   12

service to the parties at the following addresses (or at such other address for
a party as shall be specified by like notice):

         If to the Subscriber to the addresses set forth on Schedule A hereto.

         If to the Company:

                  BroadbandNOW, Inc.
                  1440 Corporate Drive
                  Irving, Texas  75038
                  Attn:  Matthew Hutchins

         with a copy to (such copy not to constitute notice):

                  King & Spalding
                  1185 Avenue of the Americas
                  New York, NY 10036
                  Attn:  Mark Zvonkovic, Esq.

         SECTION 8.8. HEADINGS. The article and section headings contained in
this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement.

         SECTION 8.9. ENTIRE AGREEMENT. This Agreement embodies the entire
agreement and understanding of the parties hereto in respect of the subject
matter contained herein. This Agreement supersedes all prior agreements and
understandings between the parties hereto with respect to such subject matter.

         SECTION 8.10. SEVERABILITY. If any one or more provisions contained in
this Agreement shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision of this Agreement, but this Agreement shall
be construed as if such invalid, illegal or unenforceable provision had never
been contained herein.

         SECTION 8.11. FURTHER ASSURANCES. Each party to this Agreement shall
execute such documents or instruments and take such other action as the other
party hereto may reasonably request after the date hereof in order to effectuate
the transactions contemplated hereby.

                            [SIGNATURE PAGES FOLLOW]

                                       9
<PAGE>   13

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

                                MARCUS & PARTNERS, L.P.

                                By:    Marcus & Partners Holdings, L.L.C.

                                       By:
                                          -----------------------------------
                                          Name:  Jeffrey A. Marcus
                                          Title: Manager

                                BROADBANDNOW, INC.

                                By:
                                   ------------------------------------------
                                   Name:  Matthew Hutchins
                                   Title: President

<PAGE>   14

                                   SCHEDULE A

Subscriber:                    Marcus & Partners, L.P.

Purchase Price:                $175,000

Notices:                       Marcus & Partners, L.P.
                               300 Crescent Court, Suite 800
                               Dallas, Texas 75201
                               Attention:  Jeffrey A. Marcus

                               with copies to:

                               Weil Gotschal & Manges LLP
                               100 Crescent Court, Suite 1300
                               Dallas, Texas 75201
                               Attention:  Michael A. Suslaw

<PAGE>   15

                                    EXHIBIT A

                                 FORM OF WARRANT

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