Document:

Dated:
      August 25, 2006

     

    NEITHER
      THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE
      HAVE
      BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
      COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
      ACT"),
      AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
      EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
      SECURITIES LAWS.

     

    
      	No. CCP-4	
               $2,921,192

            

    

     

    ECUITY,
      INC.

     

    Amended
      and Restated Secured Convertible Debenture

     

    Due
      December 31, 2008

     

    This
      Amended and Restated Secured Convertible Debenture (the "Debenture")
      is
      issued by ECUITY,
      INC., a
      Nevada
      corporation (the "Obligor"),
      to
CORNELL
      CAPITAL PARTNERS, LP
      (the
      "Holder"),
      pursuant to that certain Securities Purchase Agreement (the "Securities
      Purchase Agreement")
      dated
      March 30, 2006 and as amended and restated on the date hereof. As of March
      30,
      2006, the Holder was the beneficial owner of the following instruments with
      respect to the Obligor (i) a Promissory Note dated June 4, 2004 in the original
      principal amount of $850,000 (the "June
      4, 2004 Note"),
      (ii)
      a Promissory Note dated March 14, 2005 in the original principal amount of
      $350,000 (the "March
      14, 2005 Note"),
      (iii)
      a Promissory Note dated May 11, 2005 in the original principal amount of
      $1,100,000 (the "May
      11, 2005 Note"),
      (iv)
      Equipment Leasing dated August 30, 2005 in the original principal amount of
      $600,000 (the "Equipment
      Lease"),
      and
      (v) a certain Promissory Note dated October 21, 2005 in the original principal
      amount of $86,500 issued by the Obligor to CSI Business Finance, Inc.
      ("CSI
      Business"),
      which
      was subsequently assigned by CSI Business to Holder and consented to by the
      Obligor on or about February 10, 2006 (the "February
      2006 Note")
      (the
      June 4, 2004 Note, the March 14, 2005 Note, the May 11, 2005 Note, the February
      2006 Note and the Equipment Lease shall collectively be referred to as the
      "Prior
      Funding").
      On
      March 30, 2006, the Obligor issued this Debenture to the Holder, consolidating
      the Prior Funding with updated interest. This Debenture is being re-issued
      to
      delete all references to the Promissory Note, dated June 24, 2004, in the
      original principal amount of $200,000 (which was fully satisfied as of March
      30,
      2006 and to consolidate the Prior Funding ((i) $500,000 of outstanding principal
      on the June 4, 2004 Note and $141,134.70 as and for accrued but unpaid interest
      through March 30, 2006, (ii) $350,000 of outstanding principal on the March
      14,
      2005 Note and $43,610.99 as and for accrued but unpaid interest through March
      30, 2006, (iii) $1,100,000 of outstanding principal on the May 11, 2005 Note
      and
      $100,175.34 of accrued and unpaid interest through March 30, 2006, (iv) $569,078
      of outstanding principal on the Equipment Lease and $23,909.95 of accrued but
      unpaid interest through March 30, 2006, and (v) $86,500 of outstanding principal
      on the February 2006 Note and $6,782.55 as and for accrued but unpaid interest
      through March 30, 2006) for the total principal of Two Million Nine Hundred
      Twenty One Thousand One Hundred Ninety Two Dollars ($2,921,192).

     

    
      
        
        

      

      
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    FOR
      VALUE RECEIVED
      on the
      date of the issuance of each respective Note and Equipment Lease above, the
      Obligor hereby promises to pay to the Holder or its successors and assigns
      the
      principal sum of Two Million Nine Hundred Twenty One Thousand One Hundred Ninety
      Two Dollars ($2,921,192) together with accrued but unpaid interest on or before
      December 31, 2008 (the "Maturity
      Date")
      in
      accordance with the following terms:

     

    Interest.
      Interest shall accrue on the outstanding principal balance hereof at an annual
      rate equal to six percent (6%). Interest shall be calculated on the basis of
      a
      365-day year and the actual number of days elapsed, to the extent permitted
      by
      applicable law. Interest hereunder will be paid to the Holder or its assignee
      (as defined in Section
      5)
      in
      whose name this Debenture is registered on the records of the Obligor regarding
      registration and transfers of Debentures (the "Debenture
      Register").

     

    Right
      of Redemption.
      The
      Obligor at its option shall have the right, with three (3) business days advance
      written notice (the "Redemption
      Notice"),
      to
      redeem a portion or all amounts outstanding under this Debenture prior to the
      Maturity Date provided that the Closing Bid Price of the of the Obligor's Common
      Stock, as reported by Bloomberg, LP, is less than the Fixed Conversion Price
      at
      the time of the Redemption Notice. The Obligor shall pay an amount equal to
      the
      principal amount being redeemed plus a redemption premium ("Redemption
      Premium")
      equal
      to twenty percent (20%) of the principal amount being redeemed, and accrued
      interest, (collectively referred to as the "Redemption
      Amount").
      The
      Obligor shall deliver to the Holder the Redemption Amount on the third
      (3rd)
      business day after the Redemption Notice. 

     

    Notwithstanding
      the foregoing in the event that the Obligor has elected to redeem a portion
      of
      the outstanding principal amount and accrued interest under this Debenture
      the
      Holder shall be permitted to convert all or any portion of this Debenture during
      such three business day period. 

     

    Security
      Agreements.
      This
      Debenture is secured by an Amended and Restated Security Agreement (the
      "Security
      Agreement")
      dated
      March 30, 2006 between the Obligor and the Holder and an Amended and Restated
      Subsidiary Security Agreement (the "Subsidiary
      Security Agreement")
      dated
      March 30, 2006 between the Holder and Ecuity Advanced Communications, Inc.,
      a
      wholly owned subsidiary of the Obligor.

     

    Consent
      of Holder to Sell Capital Stock or Grant Security Interests.
      So
      long
      as any of the principal amount or interest on this Debenture remains unpaid
      and
      unconverted, the Obligor shall not, without the prior consent of the Holder,
      (i) issue or sell any shares of Common Stock or preferred stock without
      consideration or for consideration per share less than the Closing Bid Price
      of
      the Common Stock determined immediately prior to its issuance, (ii) issue
      or sell any preferred stock, warrant, option, right, contract, call, or other
      security or instrument granting the holder thereof the right to acquire Common
      Stock without consideration or for consideration per share less than the Closing
      Bid Price of the Common Stock determined immediately prior to its issuance,
      (iii)
      enter into any security instrument granting the holder a security interest
      in
      any of the assets of the Obligor, or
      (iv)
      file any
      registration statements on Form S-8.
      Notwithstanding the foregoing, the above restriction shall not apply to the
      following: (1) Tim Connolly (as set forth in the Disclosure Schedule attached
      to
      the Securities Purchase Agreement); (2) 2,000,000 shares of Common Stock to
      Weyerhaeuser Obligor as set forth in the Disclosure Schedule attached to the
      Securities Purchase Agreement; (3) the preferred stock to Fox Communications
      as
      set forth in the Disclosure Schedule attached to the Securities Purchase
      Agreement; and (4) Paul Hess up to the amounts of Common Stock set forth in
      the
      Disclosure Schedule attached to the Securities Purchase Agreement. In addition,
      notwithstanding foregoing, commencing one (1) year from the date the
      Registration Statement filed pursuant to the Investor Registration Rights
      Agreement dated
      March 30, 2006
      is
      declared effective by the SEC, the Obligor may issue up to 1% of the outstanding
      shares of Common Stock to each of the following individuals: Shane Smith, King
      Cole, Jerry Schwartz and Digitaria Communications Networks as set forth in
      the
      Disclosure Schedule attached to the Securities Purchase Agreement.

     

    
      
        
        

      

      
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    Rights
      of First Refusal. 
      So long as any portion of this Debenture is outstanding (including principal
      or
      accrued interest), if the Obligor intends to raise additional capital by the
      issuance or sale of capital stock of the Obligor, including without limitation
      shares of any class of Common Stock, any class of preferred stock, options,
      warrants or any other securities convertible or exercisable into shares of
      Common Stock (whether the offering is conducted by the Obligor, underwriter,
      placement agent or any third party) the Obligor shall be obligated to offer
      to
      the Holder such issuance or sale of capital stock, by providing in writing
      the
      principal amount of capital it intends to raise and outline of the material
      terms of such capital raise, prior to the offering such issuance or sale of
      capital stock  to any third parties including, but not limited to, current
      or former officers or directors, current or former shareholders and/or investors
      of the obligor, underwriters, brokers, agents or other third parties.  The
      Holder shall have ten (10) business days from receipt of such notice of the
      sale
      or issuance of capital stock to accept or reject all or a portion of such
      capital raising offer.

     

    This
      Debenture is subject to the following additional provisions:

     

    Section
      1. This
      Debenture is exchangeable for an equal aggregate principal amount of Debentures
      of different authorized denominations, as requested by the Holder surrendering
      the same. No service charge will be made for such registration of transfer
      or
      exchange.

     

    Section
      2. Events
      of Default.

     

    (a) An
      "Event
      of Default",
      wherever used herein, means any one of the following events (whatever the reason
      and whether it shall be voluntary or involuntary or effected by operation of
      law
      or pursuant to any judgment, decree or order of any court, or any order, rule
      or
      regulation of any administrative or governmental body) (an Event of Default
      shall only be deemed to have occurred only after the Holder delivers written
      notice to the Obligor of such event (the "Notice
      of Default")
      and
      provides the Obligor with ten (10) days to cure such event (the "Cure
      Period"));
      provided, however, that no Cure Period shall apply to the Events of Default
      described in Sections 3.01(a)(iii) and (iv):

     

    
      
        
        

      

      
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    (i) Any
      default in the payment of the principal of, interest on or other charges in
      respect of this Debenture, or any other debenture issued to the Holder, free
      of
      any claim of subordination, as and when the same shall become due and payable
      (whether on a Conversion Date or the Maturity Date or by acceleration or
      otherwise);

     

    (ii) The
      Obligor shall fail to observe or perform any other covenant, agreement or
      warranty contained in, or otherwise commit any breach or default of any
      provision of this Debenture (except as may be covered by Section
      2(a)(i)
      hereof)
      or any Transaction Document (as defined in Section
      5)
      which
      is not cured with in the time prescribed;

     

    (iii) The
      Obligor or any subsidiary of the Obligor shall commence, or there shall be
      commenced against the Obligor or any subsidiary of the Obligor under any
      applicable bankruptcy or insolvency laws as now or hereafter in effect or any
      successor thereto, or the Obligor or any subsidiary of the Obligor commences
      any
      other proceeding under any reorganization, arrangement, adjustment of debt,
      relief of debtors, dissolution, insolvency or liquidation or similar law of
      any
      jurisdiction whether now or hereafter in effect relating to the Obligor or
      any
      subsidiary of the Obligor or there is commenced against the Obligor or any
      subsidiary of the Obligor any such bankruptcy, insolvency or other proceeding
      which remains undismissed for a period of 61 days; or the Obligor or any
      subsidiary of the Obligor is adjudicated insolvent or bankrupt; or any order
      of
      relief or other order approving any such case or proceeding is entered; or
      the
      Obligor or any subsidiary of the Obligor suffers any appointment of any
      custodian, private or court appointed receiver or the like for it or any
      substantial part of its property which continues undischarged or unstayed for a
      period of sixty one (61) days; or the Obligor or any subsidiary of the Obligor
      makes a general assignment for the benefit of creditors; or the Obligor or
      any
      subsidiary of the Obligor shall fail to pay, or shall state that it is unable
      to
      pay, or shall be unable to pay, its debts generally as they become due; or
      the
      Obligor or any subsidiary of the Obligor shall call a meeting of its creditors
      with a view to arranging a composition, adjustment or restructuring of its
      debts; or the Obligor or any subsidiary of the Obligor shall by any act or
      failure to act expressly indicate its consent to, approval of or acquiescence
      in
      any of the foregoing; or any corporate or other action is taken by the Obligor
      or any subsidiary of the Obligor for the purpose of effecting any of the
      foregoing;

     

    (iv) The
      Obligor or any subsidiary of the Obligor shall default in any of its obligations
      under any other debenture or any mortgage, credit agreement or other facility,
      indenture agreement, factoring agreement or other instrument under which there
      may be issued, or by which there may be secured or evidenced any indebtedness
      for borrowed money or money due under any long term leasing or factoring
      arrangement of the Obligor or any subsidiary of the Obligor in an amount
      exceeding $100,000, whether such indebtedness now exists or shall hereafter
      be
      created and such default shall result in such indebtedness becoming or being
      declared due and payable prior to the date on which it would otherwise become
      due and payable;

     

    (v) The
      Common Stock shall cease to be quoted for trading or listing for trading on
      either the Nasdaq OTC Bulletin Board ("OTC"),
      or if
      then listed on Nasdaq Capital Market, New York Stock Exchange, American Stock
      Exchange or the Nasdaq National Market (each, a "Subsequent
      Market")
      shall
      cease to be quoted for trading or listing on such Subsequent Market and shall
      not again be quoted or listed for trading thereon within five (5) Trading Days
      of such delisting;

     

    
      
        
        

      

      
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    (vi) The
      Obligor or any subsidiary of the Obligor shall be a party to any Change of
      Control Transaction (as defined in Section
      5);
      

     

    (vii) The
      Obligor shall fail to file the Underlying Shares Registration Statement (as
      defined in Section
      5)
      with
      the Commission (as defined in Section
      5),
      or the
      Underlying Shares Registration Statement shall not have been declared effective
      by the Commission, in each case within the time periods set forth in the Letter
      Agreement ("Letter
      Agreement"),
      dated
      August 25, 2006 between the Obligor and the Holder;

    

      (viii) If
        the
        effectiveness of the Underlying Shares Registration Statement lapses for
        any
        reason or the Holder shall not be permitted to resell the shares of Common
        Stock
        underlying this Debenture under the Underlying Shares Registration Statement,
        in
        either case, for more than five (5) consecutive Trading Days or an aggregate
        of
        eight Trading Days (which need not be consecutive Trading
        Days);

    

    

      (ix) The
        Obligor shall fail for any reason to deliver Common Stock certificates to
        a
        Holder prior to the fifth (5th)
        Trading
        Day after a Conversion Date or the Obligor shall provide notice to the Holder,
        including by way of public announcement, at any time, of its intention not
        to
        comply with requests for conversions of this Debenture in accordance with
        the
        terms hereof; 

    

     

    (x)  The
      Obligor shall fail for any reason to deliver the payment in cash pursuant to
      a
      Buy-In (as defined herein) within three (3) days after notice is claimed
      delivered hereunder; 

     

    (b) During
      the time that any portion of this Debenture is outstanding, if any Event of
      Default has occurred, the full principal amount of this Debenture, together
      with
      interest and other amounts owing in respect thereof, to the date of acceleration
      shall become at the Holder's election, immediately due and payable in cash,
      provided
      however,
      the
      Holder may request (but shall have no obligation to request) payment of such
      amounts in Common Stock of the Obligor. In addition to any other remedies,
      the
      Holder shall have the right (but not the obligation) to convert this Debenture
      at any time after (x) an Event of Default or (y) the Maturity Date at the
      Conversion Price then in-effect. The Holder need not provide and the Obligor
      hereby waives any presentment, demand, protest or other notice of any kind,
      and
      the Holder may immediately and without expiration of any grace period enforce
      any and all of its rights and remedies hereunder and all other remedies
      available to it under applicable law. Such declaration may be rescinded and
      annulled by Holder at any time prior to payment hereunder. No such rescission
      or
      annulment shall affect any subsequent Event of Default or impair any right
      consequent thereon. Upon an Event of Default, notwithstanding any other
      provision of this Debenture or any Transaction Document, the Holder shall have
      no obligation to comply with or adhere to any limitations, if any, on the
      conversion of this Debenture or the sale of the Underlying Shares. 

     

    Section
      3. Conversion.

     

    (a) Conversion
      at Option of Holder.

     

    (i) This
      Debenture shall be convertible into shares of Common Stock at the option of
      the
      Holder, in whole or in part at any time and from time to time, after the
      Original Issue Date (as defined in Section
      5)
      (subject to the limitations on conversion set forth in Section
      3(b)
      hereof).
      The number of shares of Common Stock issuable upon a conversion hereunder equals
      the quotient obtained by dividing (x) the outstanding amount of this Debenture
      to be converted by (y) the Conversion Price (as defined in Section
      3(c)(i)).
      The
      Obligor shall deliver Common Stock certificates to the Holder prior to the
      Fifth
      (5th)
      Trading
      Day after a Conversion Date.

     

    
      
        
        

      

      
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    (ii) Notwithstanding
      anything to the contrary contained herein, if on any Conversion Date: (1) the
      number of shares of Common Stock at the time authorized, unissued and unreserved
      for all purposes, or held as treasury stock, is insufficient to pay principal
      and interest hereunder in shares of Common Stock; (2) the Common Stock is not
      listed or quoted for trading on the OTC or on a Subsequent Market; (3) the
      Obligor has failed to timely satisfy its conversion; or (4) the issuance of
      such
      shares of Common Stock would result in a violation of Section
      3(b),
      then,
      at the option of the Holder, the Obligor, in lieu of delivering shares of Common
      Stock pursuant to Section
      3(a)(i),
      shall
      deliver, within three (3) Trading Days of each applicable Conversion Date,
      an
      amount in cash equal to the product of the outstanding principal amount to
      be
      converted plus any interest due therein divided by the Conversion Price, chosen
      by the Holder, and multiplied by the highest closing price of the stock from
      date of the conversion notice till the date that such cash payment is
      made.

     

    Further,
      if the Obligor shall not have delivered any cash due in respect of conversion
      of
      this Debenture or as payment of interest thereon by the fifth (5th)
      Trading
      Day after the Conversion Date, the Holder may, by notice to the Obligor, require
      the Obligor to issue shares of Common Stock pursuant to Section
      3(c),
      except
      that for such purpose the Conversion Price applicable thereto shall be the
      lesser of the Conversion Price on the Conversion Date and the Conversion Price
      on the date of such Holder demand. Any such shares will be subject to the
      provisions of this Section.

     

    (iii) The
      Holder shall effect conversions by delivering to the Obligor a completed notice
      in the form attached hereto as Exhibit A (a "Conversion
      Notice").
      The
      date on which a Conversion Notice is delivered is the "Conversion
      Date."
      Unless
      the Holder is converting the entire principal amount outstanding under this
      Debenture, the Holder is not required to physically surrender this Debenture
      to
      the Obligor in order to effect conversions. Conversions hereunder shall have
      the
      effect of lowering the outstanding principal amount of this Debenture plus
      all
      accrued and unpaid interest thereon in an amount equal to the applicable
      conversion. The Holder and the Obligor shall maintain records showing the
      principal amount converted and the date of such conversions. In the event of
      any
      dispute or discrepancy, the records of the Holder shall be controlling and
      determinative in the absence of manifest error.

     

    (b) Certain
      Conversion Restrictions.

     

    (i) A
      Holder
      may not convert this Debenture or receive shares of Common Stock as payment
      of
      interest hereunder to the extent such conversion or receipt of such interest
      payment would result in the Holder, together with any affiliate thereof,
      beneficially owning (as determined in accordance with Section 13(d) of the
      Exchange Act and the rules promulgated thereunder) in excess of 4.99% of the
      then issued and outstanding shares of Common Stock, including shares issuable
      upon conversion of, and payment of interest on, this Debenture held by such
      Holder after application of this Section. Since the Holder will not be obligated
      to report to the Obligor the number of shares of Common Stock it may hold at
      the
      time of a conversion hereunder, unless the conversion at issue would result
      in
      the issuance of shares of Common Stock in excess of 4.99% of the then
      outstanding shares of Common Stock without regard to any other shares which
      may
      be beneficially owned by the Holder or an affiliate thereof, the Holder shall
      have the authority and obligation to determine whether the restriction contained
      in this Section will limit any particular conversion hereunder and to the extent
      that the Holder determines that the limitation contained in this Section
      applies, the determination of which portion of the principal amount of this
      Debenture is convertible shall be the responsibility and obligation of the
      Holder. If the Holder has delivered a Conversion Notice for a principal amount
      of this Debenture that, without regard to any other shares that the Holder
      or
      its affiliates may beneficially own, would result in the issuance in excess
      of
      the permitted amount hereunder, the Obligor shall notify the Holder of this
      fact
      and shall honor the conversion for the maximum principal amount permitted to
      be
      converted on such Conversion Date in accordance with the periods described
      in
Section
      3(a)(i)
      and, at
      the option of the Holder, either retain any principal amount tendered for
      conversion in excess of the permitted amount hereunder for future conversions
      or
      return such excess principal amount to the Holder. The provisions of this
      Section may be waived by a Holder (but only as to itself and not to any other
      Holder) upon not less than 65 days prior notice to the Obligor. Other Holders
      shall be unaffected by any such waiver. 

     

    
      
        
        

      

      
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    (c) Conversion
      Price and Adjustments to Conversion Price.

     

    (i) The
      conversion price in effect on any Conversion Date shall be equal to the lesser
      of (a) $0.00713 (the "Fixed
      Conversion Price")
      or (b)
      eighty percent (80%) of the lowest Closing Bid Price of the Common Stock
      during the thirty (30) trading days immediately preceding the Conversion Date
      as
      quoted by Bloomberg, LP (the "Market
      Conversion Price").
      The
      Fixed Conversion Price and the Market Conversion Price are collectively referred
      to as the "Conversion
      Price."
      The
      Conversion Price may be adjusted pursuant to the other terms of this
      Debenture.

     

    (ii) If
      the
      Obligor, at any time while this Debenture is outstanding, shall (a) pay a
      stock dividend or otherwise make a distribution or distributions on shares
      of
      its Common Stock or any other equity or equity equivalent securities payable
      in
      shares of Common Stock, (b) subdivide outstanding shares of Common Stock into
      a
      larger number of shares, (c) combine (including by way of reverse stock split)
      outstanding shares of Common Stock into a smaller number of shares, or (d)
      issue
      by reclassification of shares of the Common Stock any shares of capital stock
      of
      the Obligor, then the Fixed Conversion Price shall be multiplied by a fraction
      of which the numerator shall be the number of shares of Common Stock (excluding
      treasury shares, if any) outstanding before such event and of which the
      denominator shall be the number of shares of Common Stock outstanding after
      such
      event. Any adjustment made pursuant to this Section shall become effective
      immediately after the record date for the determination of stockholders entitled
      to receive such dividend or distribution and shall become effective immediately
      after the effective date in the case of a subdivision, combination or
      re-classification.

     

    (iii) If
      the
      Obligor, at any time while this Debenture is outstanding, shall issue rights,
      options or warrants to all holders of Common Stock (and not to the Holder)
      entitling them to subscribe for or purchase shares of Common Stock at a price
      per share less than the Fixed Conversion Price, then the Fixed Conversion Price
      shall be multiplied by a fraction, of which the denominator shall be the number
      of shares of the Common Stock (excluding treasury shares, if any) outstanding
      on
      the date of issuance of such rights or warrants (plus the number of additional
      shares of Common Stock offered for subscription or purchase), and of which
      the
      numerator shall be the number of shares of the Common Stock (excluding treasury
      shares, if any) outstanding on the date of issuance of such rights or warrants,
      plus the number of shares which the aggregate offering price of the total number
      of shares so offered would purchase at the Fixed Conversion Price. Such
      adjustment shall be made whenever such rights or warrants are issued, and shall
      become effective immediately after the record date for the determination of
      stockholders entitled to receive such rights, options or warrants. However,
      upon
      the expiration of any such right, option or warrant to purchase shares of the
      Common Stock the issuance of which resulted in an adjustment in the Fixed
      Conversion Price pursuant to this Section, if any such right, option or warrant
      shall expire and shall not have been exercised, the Fixed Conversion Price
      shall
      immediately upon such expiration be recomputed and effective immediately upon
      such expiration be increased to the price which it would have been (but
      reflecting any other adjustments in the Fixed Conversion Price made pursuant
      to
      the provisions of this Section after the issuance of such rights or warrants)
      had the adjustment of the Fixed Conversion Price made upon the issuance of
      such
      rights, options or warrants been made on the basis of offering for subscription
      or purchase only that number of shares of the Common Stock actually purchased
      upon the exercise of such rights, options or warrants actually
      exercised.

     

    
      
        
        

      

      
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    (iv) If
      the
      Obligor or any subsidiary thereof, as applicable, at any time while this
      Debenture is outstanding, shall issue shares of Common Stock or rights,
      warrants, options or other securities or debt that are convertible into or
      exchangeable for shares of Common Stock ("Common
      Stock Equivalents")
      entitling any Person to acquire shares of Common Stock, at a price per share
      less than the Fixed Conversion Price (if the holder of the Common Stock or
      Common Stock Equivalent so issued shall at any time, whether by operation of
      purchase price adjustments, reset provisions, floating conversion, exercise
      or
      exchange prices or otherwise, or due to warrants, options or rights per share
      which is issued in connection with such issuance, be entitled to receive shares
      of Common Stock at a price per share which is less than the Fixed Conversion
      Price, such issuance shall be deemed to have occurred for less than the Fixed
      Conversion Price), then, at the sole option of the Holder, the Fixed Conversion
      Price shall be adjusted to mirror the conversion, exchange or purchase price
      for
      such Common Stock or Common Stock Equivalents (including any reset provisions
      thereof) at issue. Such adjustment shall be made whenever such Common Stock
      or
      Common Stock Equivalents are issued. The Obligor shall notify the Holder in
      writing, no later than one (1) business day following the issuance of any Common
      Stock or Common Stock Equivalent subject to this Section, indicating therein
      the
      applicable issuance price, or of applicable reset price, exchange price,
      conversion price and other pricing terms. No adjustment under this Section
      shall
      be made as a result of issuances and exercises of options to purchase shares
      of
      Common Stock issued for compensatory purposes pursuant to any of the Obligor's
      stock option or stock purchase plans.

     

    (v) If
      the
      Obligor, at any time while this Debenture is outstanding, shall distribute
      to
      all holders of Common Stock (and not to the Holder) evidences of its
      indebtedness or assets or rights or warrants to subscribe for or purchase any
      security, then in each such case the Fixed Conversion Price at which this
      Debenture shall thereafter be convertible shall be determined by multiplying
      the
      Fixed Conversion Price in effect immediately prior to the record date fixed
      for
      determination of stockholders entitled to receive such distribution by a
      fraction of which the denominator shall be the Closing Bid Price determined
      as
      of the record date mentioned above, and of which the numerator shall be such
      Closing Bid Price on such record date less the then fair market value at such
      record date of the portion of such assets or evidence of indebtedness so
      distributed applicable to one outstanding share of the Common Stock as
      determined by the Board of Directors in good faith. In either case the
      adjustments shall be described in a statement provided to the Holder of the
      portion of assets or evidences of indebtedness so distributed or such
      subscription rights applicable to one share of Common Stock. Such adjustment
      shall be made whenever any such distribution is made and shall become effective
      immediately after the record date mentioned above.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (vi) In
      case
      of any reclassification of the Common Stock or any compulsory share exchange
      pursuant to which the Common Stock is converted into other securities, cash
      or
      property, the Holder shall have the right thereafter to, at its option, (A)
      convert the then outstanding principal amount, together with all accrued but
      unpaid interest and any other amounts then owing hereunder in respect of this
      Debenture into the shares of stock and other securities, cash and property
      receivable upon or deemed to be held by holders of the Common Stock following
      such reclassification or share exchange, and the Holder of this Debenture shall
      be entitled upon such event to receive such amount of securities, cash or
      property as the shares of the Common Stock of the Obligor into which the then
      outstanding principal amount, together with all accrued but unpaid interest
      and
      any other amounts then owing hereunder in respect of this Debenture could have
      been converted immediately prior to such reclassification or share exchange
      would have been entitled, or (B) require the Obligor to prepay the outstanding
      principal amount of this Debenture, plus all interest and other amounts due
      and
      payable thereon. The entire prepayment price shall be paid in cash. This
      provision shall similarly apply to successive reclassifications or share
      exchanges.

     

    (vii) At
      August
      25, 2006, the Obligor does not have enough shares of Common Stock authorized
      by
      the Obligor to issue to the Holder pursuant to any Conversion Notices under
      the
      Convertible Debentures. The Obligor shall comply with the terms and conditions
      of the Letter Agreement with respect to the availability of shares of Common
      Stock issuable upon conversion of the outstanding amounts under this Debenture.
      Following an increase in the Obligor's number of authorized shares of Common
      Stock in accordance with the Letter Agreement, the Obligor shall at all times
      reserve and keep available out of its authorized Common Stock the full number
      of
      shares of Common Stock issuable upon conversion of all outstanding amounts
      under
      this Debenture; and within three (3) Business Days following the receipt by
      the
      Obligor of a Holder's notice that such minimum number of Underlying Shares
      is
      not so reserved, the Obligor shall promptly reserve a sufficient number of
      shares of Common Stock to comply with such requirement.

     

    (viii) All
      calculations under this Section
      3
      shall be
      rounded up to the nearest $0.001 or whole share.

     

    (ix) Whenever
      the Conversion Price is adjusted pursuant to Section
      3
      hereof,
      the Obligor shall promptly mail to the Holder a notice setting forth the
      Conversion Price after such adjustment and setting forth a brief statement
      of
      the facts requiring such adjustment.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (x) If
      (A)
      the Obligor shall declare a dividend (or any other distribution) on the Common
      Stock; (B) the Obligor shall declare a special nonrecurring cash dividend on
      or
      a redemption of the Common Stock; (C) the Obligor shall authorize the granting
      to all holders of the Common Stock rights or warrants to subscribe for or
      purchase any shares of capital stock of any class or of any rights; (D) the
      approval of any stockholders of the Obligor shall be required in connection
      with
      any reclassification of the Common Stock, any consolidation or merger to which
      the Obligor is a party, any sale or transfer of all or substantially all of
      the
      assets of the Obligor, of any compulsory share exchange whereby the Common
      Stock
      is converted into other securities, cash or property; or (E) the Obligor shall
      authorize the voluntary or involuntary dissolution, liquidation or winding
      up of
      the affairs of the Obligor; then, in each case, the Obligor shall cause to
      be
      filed at each office or agency maintained for the purpose of conversion of
      this
      Debenture, and shall cause to be mailed to the Holder at its last address as
      it
      shall appear upon the stock books of the Obligor, at least twenty (20) calendar
      days prior to the applicable record or effective date hereinafter specified,
      a
      notice stating (x) the date on which a record is to be taken for the purpose
      of
      such dividend, distribution, redemption, rights or warrants, or if a record
      is
      not to be taken, the date as of which the holders of the Common Stock of record
      to be entitled to such dividend, distributions, redemption, rights or warrants
      are to be determined or (y) the date on which such reclassification,
      consolidation, merger, sale, transfer or share exchange is expected to become
      effective or close, and the date as of which it is expected that holders of
      the
      Common Stock of record shall be entitled to exchange their shares of the Common
      Stock for securities, cash or other property deliverable upon such
      reclassification, consolidation, merger, sale, transfer or share exchange,
      provided, that the failure to mail such notice or any defect therein or in
      the
      mailing thereof shall not affect the validity of the corporate action required
      to be specified in such notice. The Holder is entitled to convert this Debenture
      during the 20-day calendar period commencing the date of such notice to the
      effective date of the event triggering such notice.

     

    (xi) In
      case
      of any (1) merger or consolidation of the Obligor or any subsidiary of the
      Obligor with or into another Person, or (2) sale by the Obligor or any
      subsidiary of the Obligor of more than one-half of the assets of the Obligor
      in
      one or a series of related transactions, a Holder shall have the right to (A)
      exercise any rights under Section
      2(b),
      (B)
      convert the aggregate amount of this Debenture then outstanding into the shares
      of stock and other securities, cash and property receivable upon or deemed
      to be
      held by holders of Common Stock following such merger, consolidation or sale,
      and such Holder shall be entitled upon such event or series of related events
      to
      receive such amount of securities, cash and property as the shares of Common
      Stock into which such aggregate principal amount of this Debenture could have
      been converted immediately prior to such merger, consolidation or sales would
      have been entitled, or (C) in the case of a merger or consolidation, require
      the
      surviving entity to issue to the Holder a convertible Debenture with a principal
      amount equal to the aggregate principal amount of this Debenture then held
      by
      such Holder, plus all accrued and unpaid interest and other amounts owing
      thereon, which such newly issued convertible Debenture shall have terms
      identical (including with respect to conversion) to the terms of this Debenture,
      and shall be entitled to all of the rights and privileges of the Holder of
      this
      Debenture set forth herein and the agreements pursuant to which this Debentures
      were issued. In the case of clause (C), the conversion price applicable for
      the
      newly issued shares of convertible preferred stock or convertible Debentures
      shall be based upon the amount of securities, cash and property that each share
      of Common Stock would receive in such transaction and the Conversion Price
      in
      effect immediately prior to the effectiveness or closing date for such
      transaction. The terms of any such merger, sale or consolidation shall include
      such terms so as to continue to give the Holder the right to receive the
      securities, cash and property set forth in this Section upon any conversion
      or
      redemption following such event. This provision shall similarly apply to
      successive such events.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (d) Other
      Provisions.

     

    (i) The
      Obligor covenants that it will comply with the terms and conditions of the
      Letter Agreement for the purpose of issuance upon conversion of this Debenture
      and payment of interest on this Debenture. Such shares of Common Stock shall
      be
      free from preemptive rights or any other actual contingent purchase rights
      of
      persons other than the Holder, shall be not less than such number of shares
      of
      the Common Stock as shall (subject to any additional requirements of the Obligor
      as to reservation of such shares set forth in this Debenture) be issuable
      (taking into account the adjustments and restrictions of Sections
      2(b) and 3(c))
      upon
      the conversion of the outstanding principal amount of this Debenture and payment
      of interest hereunder. Following an increase in the Obligor's number of
      authorized shares of Common Stock in accordance with the Letter Agreement,
      the
      Obligor covenants that it will at all times reserve and keep available out
      of
      its authorized and unissued shares of Common Stock solely for the purpose of
      issuance upon conversion of this Debenture and payment of interest on this
      Debenture, each as herein provided, free from preemptive rights or any other
      actual contingent purchase rights of persons other than the Holder, not less
      than such number of shares of the Common Stock as shall (subject to any
      additional requirements of the Obligor as to reservation of such shares set
      forth in this Debenture) be issuable (taking into account the adjustments and
      restrictions of Sections
      2(b) and 3(c))
      upon
      the conversion of the outstanding principal amount of this Debenture and payment
      of interest hereunder. The Obligor covenants that all shares of Common Stock
      that shall be so issuable shall, upon issue, be duly and validly authorized,
      issued and fully paid, nonassessable and, if the Underlying Shares Registration
      Statement has been declared effective under the Securities Act, registered
      for
      public sale in accordance with such Underlying Shares Registration
      Statement.

     

    (ii) Upon
      a
      conversion hereunder the Obligor shall not be required to issue stock
      certificates representing fractions of shares of the Common Stock, but may
      if
      otherwise permitted, make a cash payment in respect of any final fraction of
      a
      share based on the Closing Bid Price at such time. If the Obligor elects not,
      or
      is unable, to make such a cash payment, the Holder shall be entitled to receive,
      in lieu of the final fraction of a share, one whole share of Common
      Stock.

     

    (iii) The
      issuance of certificates for shares of the Common Stock on conversion of this
      Debenture shall be made without charge to the Holder thereof for any documentary
      stamp or similar taxes that may be payable in respect of the issue or delivery
      of such certificate, provided that the Obligor shall not be required to pay
      any
      tax that may be payable in respect of any transfer involved in the issuance
      and
      delivery of any such certificate upon conversion in a name other than that
      of
      the Holder of such Debenture so converted and the Obligor shall not be required
      to issue or deliver such certificates unless or until the person or persons
      requesting the issuance thereof shall have paid to the Obligor the amount of
      such tax or shall have established to the satisfaction of the Obligor that
      such
      tax has been paid.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (iv) Nothing
      herein shall limit a Holder's right to pursue actual damages or declare an
      Event
      of Default pursuant to Section
      2
      herein
      for the Obligor 's failure to deliver certificates representing shares of Common
      Stock upon conversion within the period specified herein and such Holder shall
      have the right to pursue all remedies available to it at law or in equity
      including, without limitation, a decree of specific performance and/or
      injunctive relief, in each case without the need to post a bond or provide
      other
      security. The exercise of any such rights shall not prohibit the Holder from
      seeking to enforce damages pursuant to any other Section hereof or under
      applicable law. 

     

    (v) In
      addition to any other rights available to the Holder, if the Obligor fails
      to
      deliver to the Holder such certificate or certificates pursuant to Section
      3(a)(i) by
      the
      fifth (5th)
      Trading
      Day after the Conversion Date, and if after such fifth (5th)
      Trading
      Day the Holder purchases (in an open market transaction or otherwise) Common
      Stock to deliver in satisfaction of a sale by such Holder of the Underlying
      Shares which the Holder anticipated receiving upon such conversion (a
      "Buy-In"),
      then
      the Obligor shall (A) pay in cash to the Holder (in addition to any remedies
      available to or elected by the Holder) the amount by which (x) the Holder's
      total purchase price (including brokerage commissions, if any) for the Common
      Stock so purchased exceeds (y) the product of (1) the aggregate number of shares
      of Common Stock that such Holder anticipated receiving from the conversion
      at
      issue multiplied by (2) the market price of the Common Stock at the time of
      the
      sale giving rise to such purchase obligation and (B) at the option of the
      Holder, either reissue a Debenture in the principal amount equal to the
      principal amount of the attempted conversion or deliver to the Holder the number
      of shares of Common Stock that would have been issued had the Obligor timely
      complied with its delivery requirements under Section
      3(a)(i).
      For
      example, if the Holder purchases Common Stock having a total purchase price
      of
      $11,000 to cover a Buy-In with respect to an attempted conversion of Debentures
      with respect to which the market price of the Underlying Shares on the date
      of
      conversion was a total of $10,000 under clause (A) of the immediately preceding
      sentence, the Obligor shall be required to pay the Holder $1,000. The Holder
      shall provide the Obligor written notice indicating the amounts payable to
      the
      Holder in respect of the Buy-In.

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      Section
        4. Notices.
         Any
        notices, consents, waivers or other communications required or permitted
        to be
        given under the terms hereof must be in writing and will be deemed to have
        been
        delivered: (i) upon receipt, when delivered personally; (ii) upon receipt,
        when
        sent by facsimile (provided confirmation of transmission is mechanically
        or
        electronically generated and kept on file by the sending party); or (iii)
        one
        (1) trading day after deposit with a nationally recognized overnight delivery
        service, in each case properly addressed to the party to receive the same.
        The
        addresses and facsimile numbers for such communications shall be:

       

    

    
      	
              If
                to the Obligor, to:

            	 	
              Ecuity,
                Inc.

            
	 	 	
              800
                Bellevue Way, Suite 600

            
	 	 	
              Bellevue,
                WA 98004

            
	 	 	
              Attn:
                King Cole, President 

            
	 	 	
              Telephone:
                (206) 210-5022

            
	 	 	
              Facsimile: (206)
                202-5022

            
	 	 	 
	
              With
                a copy to: 

            	 	
              Kirkpatrick
                & Lockhart Nicholson Graham, LLP

            
	 	 	
              201
                South Biscayne Boulevard, Suite 2000

            
	 	 	
              Miami,
                Florida 33131

            
	 	 	
              Attention: Clayton
                E. Parker, Esq.

            
	 	 	
              Telephone: (305)
                539-3306

            
	 	 	
              Facsimile: (305)
                328-7095

            
	 	 	 
	
              If
                to the Holder:

            	 	
              Cornell
                Capital Partners, LP

            
	 	 	
              101
                Hudson Street, Suite 3700

            
	 	 	
              Jersey
                City, NJ 07303

            
	 	 	
              Attention: Mark
                Angelo

            
	 	 	
              Telephone: (201)
                985-8300

            
	 	 	 
	
              With
                a copy to:

            	 	
              David
                Gonzalez, Esq. 

            
	 	 	
              101
                Hudson Street - Suite 3700

            
	 	 	
              Jersey
                City, NJ 07302

            
	 	 	
              Telephone: (201)
                985-8300

            
	 	 	
              Facsimile: (201)
                985-8266

            

    

    

    or
      at
      such other address and/or facsimile number and/or to the attention of such
      other
      person as the recipient party has specified by written notice given to each
      other party three (3) business days prior to the effectiveness of such change.
      Written confirmation of receipt (i) given by the recipient of such notice,
      consent, waiver or other communication, (ii) mechanically or electronically
      generated by the sender's facsimile machine containing the time, date, recipient
      facsimile number and an image of the first page of such transmission or (iii)
      provided by a nationally recognized overnight delivery service, shall be
      rebuttable evidence of personal service, receipt by facsimile or receipt from
      a
      nationally recognized overnight delivery service in accordance with clause
      (i),
      (ii) or (iii) above, respectively.

     

    Section
      5. Definitions.
      For the
      purposes hereof, the following terms shall have the following
      meanings:

     

    "Business
      Day"
      means
      any day except Saturday, Sunday and any day which shall be a federal legal
      holiday in the United States or a day on which banking institutions are
      authorized or required by law or other government action to close.

     

    "Change
      of Control Transaction"
      means
      the occurrence of (a) an acquisition after the date hereof by an individual
      or
      legal entity or "group" (as described in Rule 13d-5(b)(1) promulgated under
      the
      Exchange Act) of effective control (whether through legal or beneficial
      ownership of capital stock of the Obligor, by contract or otherwise) of in
      excess of fifty percent (50%) of the voting securities of the Obligor (except
      that the acquisition of voting securities by the Holder shall not constitute
      a
      Change of Control Transaction for purposes hereof), (b) a replacement at one
      time or over time of more than one-half of the members of the board of directors
      of the Obligor which is not approved by a majority of those individuals who
      are
      members of the board of directors on the date hereof (or by those individuals
      who are serving as members of the board of directors on any date whose
      nomination to the board of directors was approved by a majority of the members
      of the board of directors who are members on the date hereof), (c) the merger,
      consolidation or sale of fifty percent (50%) or more of the assets of the
      Obligor or any subsidiary of the Obligor in one or a series of related
      transactions with or into another entity, or (d) the execution by the Obligor
      of
      an agreement to which the Obligor is a party or by which it is bound, providing
      for any of the events set forth above in (a), (b) or (c).

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    "Closing
      Bid Price"
      means
      the price per share in the last reported trade of the Common Stock on the OTC
      or
      on the exchange which the Common Stock is then listed as quoted by Bloomberg,
      LP.

     

    "Commission"
      means
      the Securities and Exchange Commission.

     

    "Common
      Stock"
      means
      the common stock, par value $0.001, of the Obligor and stock of any other class
      into which such shares may hereafter be changed or reclassified.

     

    "Conversion
      Date"
      shall
      mean the date upon which the Holder gives the Obligor notice of their intention
      to effectuate a conversion of this Debenture into shares of the Obligor's Common
      Stock as outlined herein.

     

    "Exchange
      Act"
      means
      the Securities Exchange Act of 1934, as amended.

     

    "Original
      Issue Date"
      shall
      mean the date of the first issuance of this Debenture regardless of the number
      of transfers and regardless of the number of instruments, which may be issued
      to
      evidence such Debenture.

     

    "Person"
      means a
      corporation, an association, a partnership, organization, a business, an
      individual, a government or political subdivision thereof or a governmental
      agency.

     

    "Securities
      Act"
      means
      the Securities Act of 1933, as amended, and the rules and regulations
      promulgated thereunder.

     

    "Trading
      Day"
      means a
      day on which the shares of Common Stock are quoted on the OTC or quoted or
      traded on such Subsequent Market on which the shares of Common Stock are then
      quoted or listed; provided, that in the event that the shares of Common Stock
      are not listed or quoted, then Trading Day shall mean a Business
      Day.

     

    "Transaction
      Documents"
      means
      the Amended and Restated Securities Purchase Agreement or any other agreement
      delivered in connection with the Amended and Restated Securities Purchase
      Agreement, and shall include, without limitation, the Security Agreement, dated
      March 30, 2006, the Subsidiary Security Agreement, dated March 30, 2006,
      the Irrevocable Transfer Agent Instructions, dated March 30, 2006, the Investor
      Registration Rights Agreement, dated March 30, 2006 and the Letter
      Agreement.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    "Underlying
      Shares"
      means
      the shares of Common Stock issuable upon conversion of this Debenture or as
      payment of interest in accordance with the terms hereof.

     

    "Underlying
      Shares Registration Statement"
      means a
      registration statement meeting the requirements set forth in the Registration
      Rights Agreement, covering among other things the resale of the Underlying
      Shares and naming the Holder as a "selling stockholder" thereunder.

     

    Section
      6. Except
      as
      expressly provided herein, no provision of this Debenture shall alter or impair
      the obligations of the Obligor, which are absolute and unconditional, to pay
      the
      principal of, interest and other charges (if any) on, this Debenture at the
      time, place, and rate, and in the coin or currency, herein prescribed. This
      Debenture is a direct obligation of the Obligor. This Debenture ranks pari
      passu
      with all other Debentures now or hereafter issued under the terms set forth
      herein. As long as this Debenture is outstanding, the Obligor shall not and
      shall cause their subsidiaries not to, without the consent of the Holder, (i)
      amend its certificate of incorporation, bylaws or other charter documents so
      as
      to adversely affect any rights of the Holder; (ii) repay, repurchase or offer
      to
      repay, repurchase or otherwise acquire shares of its Common Stock or other
      equity securities other than as to the Underlying Shares to the extent permitted
      or required under the Transaction Documents; or (iii) enter into any agreement
      with respect to any of the foregoing. 

     

    Section
      7. This
      Debenture shall not entitle the Holder to any of the rights of a stockholder
      of
      the Obligor, including without limitation, the right to vote, to receive
      dividends and other distributions, or to receive any notice of, or to attend,
      meetings of stockholders or any other proceedings of the Obligor, unless and
      to
      the extent converted into shares of Common Stock in accordance with the terms
      hereof.

     

    Section
      8. If
      this
      Debenture is mutilated, lost, stolen or destroyed, the Obligor shall execute
      and
      deliver, in exchange and substitution for and upon cancellation of the mutilated
      Debenture, or in lieu of or in substitution for a lost, stolen or destroyed
      Debenture, a new Debenture for the principal amount of this Debenture so
      mutilated, lost, stolen or destroyed but only upon receipt of evidence of such
      loss, theft or destruction of such Debenture, and of the ownership hereof,
      and
      indemnity, if requested, all reasonably satisfactory to the
      Obligor.

     

    Section
      9. No
      indebtedness of the Obligor is senior to this Debenture in right of payment,
      whether with respect to interest, damages or upon liquidation or dissolution
      or
      otherwise. Without the Holder's consent, the Obligor will not and will not
      permit any of their subsidiaries to, directly or indirectly, enter into, create,
      incur, assume or suffer to exist any indebtedness of any kind, on or with
      respect to any of its property or assets now owned or hereafter acquired or
      any
      interest therein or any income or profits there from that is senior in any
      respect to the obligations of the Obligor under this Debenture.

     

    Section
      10. This
      Debenture shall be governed by and construed in accordance with the laws of
      the
      State of New Jersey, without giving effect to conflicts of laws thereof. Each
      of
      the parties consents to the jurisdiction of the Superior Courts of the State
      of
      New Jersey sitting in Hudson County, New Jersey and the U.S. District Court
      for the District of New Jersey sitting in Newark, New Jersey in connection
      with
      any dispute arising under this Debenture and hereby waives, to the maximum
      extent permitted by law, any objection, including any objection based on
forum non conveniens
      to the
      bringing of any such proceeding in such jurisdictions. 

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    Section
      11. If
      the
      Obligor fails to strictly comply with the terms of this Debenture, then the
      Obligor shall reimburse the Holder promptly for all fees, costs and expenses,
      including, without limitation, attorneys' fees and expenses incurred by the
      Holder in any action in connection with this Debenture, including, without
      limitation, those incurred: (i) during any workout, attempted workout, and/or
      in
      connection with the rendering of legal advice as to the Holder's rights,
      remedies and obligations, (ii) collecting any sums which become due to the
      Holder, (iii) defending or prosecuting any proceeding or any counterclaim to
      any
      proceeding or appeal; or (iv) the protection, preservation or enforcement of
      any
      rights or remedies of the Holder.

     

    Section
      12. Any
      waiver by the Holder of a breach of any provision of this Debenture shall not
      operate as or be construed to be a waiver of any other breach of such provision
      or of any breach of any other provision of this Debenture. The failure of the
      Holder to insist upon strict adherence to any term of this Debenture on one
      or
      more occasions shall not be considered a waiver or deprive that party of the
      right thereafter to insist upon strict adherence to that term or any other
      term
      of this Debenture. Any waiver must be in writing.

     

    Section
      13. If
      any
      provision of this Debenture is invalid, illegal or unenforceable, the balance
      of
      this Debenture shall remain in effect, and if any provision is inapplicable
      to
      any person or circumstance, it shall nevertheless remain applicable to all
      other
      persons and circumstances. If it shall be found that any interest or other
      amount deemed interest due hereunder shall violate applicable laws governing
      usury, the applicable rate of interest due hereunder shall automatically be
      lowered to equal the maximum permitted rate of interest. The Obligor covenants
      (to the extent that it may lawfully do so) that it shall not at any time insist
      upon, plead, or in any manner whatsoever claim or take the benefit or advantage
      of, any stay, extension or usury law or other law which would prohibit or
      forgive the Obligor from paying all or any portion of the principal of or
      interest on this Debenture as contemplated herein, wherever enacted, now or
      at
      any time hereafter in force, or which may affect the covenants or the
      performance of this indenture, and the Obligor (to the extent it may lawfully
      do
      so) hereby expressly waives all benefits or advantage of any such law, and
      covenants that it will not, by resort to any such law, hinder, delay or impeded
      the execution of any power herein granted to the Holder, but will suffer and
      permit the execution of every such as though no such law has been
      enacted.

     

    Section
      14. Whenever
      any payment or other obligation hereunder shall be due on a day other than
      a
      Business Day, such payment shall be made on the next succeeding Business
      Day.

     

    Section
      15. THE
      PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY
      OF
      THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON
      OR
      ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION
      DOCUMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL
      OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT
      FOR
      THE PARTIES' ACCEPTANCE OF THIS AGREEMENT.

     

    [REMAINDER
      OF PAGE INTENTIONLLY LEFT BLANK]

     

    
      
        
        

      

      
        16

        
          

        

      

       

    

     

    IN
      WITNESS WHEREOF,
      the
      Obligor has caused this Secured Convertible Debenture to be duly executed by
      a
      duly authorized officer as of the date set forth above.

    
      	 	 	 
	 	
              ECUITY,
                INC. 

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name: Shane
                Smith

            
	 	
              Title: CEO

            

    

     

    
      
        
        

      

      
        17

        
          

        

      

       

    

     

    EXHIBIT
      "A"

     

    NOTICE
      OF CONVERSION

     

    (To
      be executed by the Holder in order to convert the
      Debenture)

     

    TO:

     

    The
      undersigned hereby irrevocably elects to convert
      $____________________________________________________________________
      of the
      principal amount of the above Debenture into Shares of Common Stock of Ecuity,
      Inc., according to the conditions stated therein, as of the Conversion Date
      written below.

    

      
        	
                Conversion
                  Date:

              	 	 
	
                Applicable
                  Conversion Price:

              	 	 
	
                Signature:

              	 	 
	
                Name:

              	 	 
	
                Address:

              	 	 
	
                Amount
                  to be converted:

              	 	
                $          

              
	
                Amount
                  of Debenture unconverted:

              	 	
                $          

              
	
                Conversion
                  Price per share: 

              	 	
                $          

              
	
                Number
                  of shares of Common Stock to be issued:

              	 	 
	
                Please
                  issue the shares of Common Stock in the following name and to the
                  following address:

              	 	 
	
                Issue
                  to:

              	 	 
	
                Authorized
                  Signature:

              	 	 
	
                Name:

              	 	 
	
                Title:

              	 	 
	
                Phone
                  Number:

              	 	 
	
                Broker
                  DTC Participant Code:

              	 	 
	
                Account
                  Number:PLEDGE
      AND ESCROW AGREEMENT

     

    THIS
      PLEDGE AND ESCROW AGREEMENT
      (the
“Agreement”)
      is
      made and entered into as of August 25, 2006 (the “Effective
      Date”)
      by and
      among ECUITY,
      INC.,
      a
      corporation organized and existing under the laws of the State of Nevada (the
      “Pledgor”),
      CORNELL
      CAPITAL PARTNERS, LP,
      (the
“Pledgee”),
      and
DAVID
      GONZALEZ,
      ESQ.,
      as
      escrow agent (“Escrow
      Agent”).
      

     

    RECITALS:

     

    WHEREAS,
      in
      order
      to secure the full and prompt payment when due (whether at the stated maturity,
      by acceleration or otherwise) of all of the Company’s obligations to the Pledgee
      or any successor to the Pledgee under this
      Agreement, the Securities Purchase Agreement dated March 30, 2006 and as amended
      and restated on the date hereof between the Pledgor and the Pledgee (the
“Securities
      Purchase Agreement”)
      and
      the Convertible Debentures as such term is defined therein (the “Convertible
      Debentures”)
      issued
      or to be issued by the Company to the Pledgee, either now or in the future,
      the
      Security Agreement dated March 30, 2006 between the Pledgor and the Pledgee
      (the
“Security
      Agreement”),
      and
      all other contracts entered into between the parties hereto (collectively,
      the
“Transaction
      Documents”),
      the
      Pledgor has agreed to irrevocably pledge to the Pledgee 100,000,000 shares
      (the
“Pledged
      Shares”)
      of the
      Pledgor’s common stock, which were previously issued to the Escrow Agent on
      August 23, 2005. 

     

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

     

    TERMS
      AND CONDITIONS

     

    1.  Pledge
      and Transfer of Pledged Shares.
      

     

    1.1.  The
      Pledgor hereby grants to Pledgee a security interest in all Pledged Shares
      as
      security for Pledgor’s obligations to the Pledgee (the “Obligations”)
      under
      the Convertible Debentures. Simultaneously with the execution of this Agreement,
      the Pledgor shall deliver to the Escrow Agent stock certificates representing
      the Pledged Shares, together with duly executed stock powers or other
      appropriate transfer documents executed in blank by the Pledgor (the
“Transfer
      Documents”),
      and
      such stock certificates and Transfer Documents shall be held by the Escrow
      Agent
      pursuant to this Agreement until the full payment of all amounts due to the
      Pledgee under the Convertible Debentures and through repayment in accordance
      with the terms of the Convertible Debentures, or the termination or expiration
      of this Agreement.

     

    2.  Rights
      Relating to Pledged Shares.
      Prior
      to the occurrence of an Event of Default (as defined herein) and the issuance
      of
      Pledged Shares to the Pledgee (in accordance with Section 5.1), the Pledged
      Shares shall not be, or be deemed to be, issued or outstanding shares of the
      Pledgor and neither the Pledgee nor any other person shall be entitled to vote
      the Pledged Shares, to receive dividends and other distributions thereon, or
      to
      enjoy any other rights and privileges incident to the ownership of the Pledged
      Shares.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.  Release
      of Pledged Shares from Pledge.
      Upon
      the payment of all amounts due to the Pledgee under the Convertible Debentures
      by repayment in accordance with the terms of the Note, the parties hereto shall
      notify the Escrow Agent to such effect in writing. Upon receipt of such written
      notice, the Escrow Agent shall return to the Pledgor the Transfer Documents
      and
      the certificates representing the Pledged Shares, (collectively the
“Pledged
      Materials”),
      whereupon any and all rights of Pledgee in the Pledged Materials shall be
      terminated. Notwithstanding anything to the contrary contained herein, upon
      full
      payment of all amounts due to the Pledgee under the Convertible Debentures,
      by
      repayment in accordance with the terms of the Convertible Debentures, this
      Agreement and Pledgee’s security interest and rights in and to the Pledged
      Shares shall terminate.

     

    4.  Event
      of Default.
      An
      “Event
      of Default”
shall
      be deemed to have occurred under this Agreement upon an Event of Default under
      the Transaction Documents.

     

    5.  Remedies.
      

     

    5.1.  Upon
      and
      anytime after the occurrence of an Event of Default, the Pledgee shall have
      the
      right acquire the Pledged Shares in accordance with the following procedure:
      (a)
      the Pledgee shall provide written notice of such Event of Default (the
“Default
      Notice”)
      to the
      Escrow Agent, with a copy to the Pledgor; (b) in a Default Notice the Pledgee
      shall specify the number of Pledged Shares to be issued to the Plegdee,
provided
      however,
      that
      the Pledgee shall not have the right to acquire such number of Pledged Shares
      which would cause the Pledgee, together with its affiliates, to beneficially
      own
      in excess of 4.99% of the outstanding capital of the Pledgor (unless the Pledgee
      waives such limitation by providing 65 days’ advance written notice); and (c) as
      soon as practicable after receipt of a Default Notice, the Escrow Agent shall
      deliver the specified number of Pledged Shares along with the applicable
      Transfer Documents to the Pledgor’s Transfer Agent with instructions to issue
      such Pledged Shares to the Pledgee in accordance with the Irrevocable Transfer
      Agent Instructions of even date herewith, among the Pledgee, the Pledgor, the
      Escrow Agent, and the Transfer Agent. 

     

    5.2.  Upon
      receipt of the Pledged Shares issued to the Pledgee, the Pledgee shall have
      the
      right to (i) sell the Pledged Shares and to apply the proceeds of such sales,
      net of any selling commissions, to the Obligations owed to the Pledgee by the
      Pledgor under the Transaction Documents, including, without limitation,
      outstanding principal, interest, legal fees, and any other amounts owed to
      the
      Pledgee, and exercise all other rights and (ii) any and all remedies of a
      secured party with respect to such property as may be available under the
      Uniform Commercial Code as in effect in the State of New Jersey. To the extent
      that the net proceeds received by the Pledgee are insufficient to satisfy the
      Obligations in full, the Pledgee shall be entitled to a deficiency judgment
      against the Pledgor for such amount. The Pledgee shall have the absolute right
      to sell or dispose of the Pledged Shares in any manner it sees fit and shall
      have no liability to the Pledgor or any other party for selling or disposing
      of
      such Pledged Shares even if other methods of sales or dispositions would or
      allegedly would result in greater proceeds than the method actually used. The
      Pledgor shall remain liable for shortfalls, if any, that may exist after the
      Pledgee has exhausted all remedies hereunder. The Pledgee shall return any
      Pledged Shares issued to it and instruct the Escrow Agent to return any Pledged
      Shares it is holding in escrow after the all amounts owed to the Pledgee under
      the Convertible Debentures have been satisfied.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    5.3.  Each
      right, power and remedy of the Pledgee provided for in this Agreement or any
      other Transaction Document shall be cumulative and concurrent and shall be
      in
      addition to every other such right, power or remedy. The
      exercise or beginning of the exercise by the Pledgee of any one or more of
      the
      rights, powers or remedies provided for in this Agreement or any
      other
      Transaction Document or
      now or
      hereafter existing at law or in equity or by statute or otherwise shall not
      preclude the simultaneous or later exercise by the
      Pledgee of all such other rights, powers or remedies, and no failure or delay
      on
      the part of the Pledgee to exercise any such right, power or remedy shall
      operate as a waiver thereof. No notice to or demand on the Pledgor in any case
      shall entitle it to any other or further notice or demand in similar or other
      circumstances or constitute a waiver of any of the rights of the Pledgee to
      any
      other further action in any circumstances without demand or notice. The Pledgee
      shall have the full power to enforce or to assign or contract is rights under
      this Agreement to a third party.

     

    5.4.  In
      addition to all other remedies available to the Pledgee, upon demand by the
      Pledgor, the Pledgor shall promptly, but in no event more than thirty (30)
      days
      after the date of the Default Notice, file a registration statement to register
      with the Securities and Exchange Commission the Pledged Shares for the resale
      by
      the Pledgee. The Pledgor shall cause the registration statement to remain in
      effect until all of the Pledged Shares have been sold by the Pledgee.

     

    6.  Concerning
      the Escrow Agent.

     

    6.1.  The
      Escrow Agent undertakes to perform only such duties as are expressly set forth
      herein and no implied duties or obligations shall be read into this Agreement
      against the Escrow Agent.

     

    6.2.  The
      Escrow Agent may act in reliance upon any writing or instrument or signature
      which it, in good faith, believes to be genuine, may assume the validity and
      accuracy of any statement or assertion contained in such a writing or
      instrument, and may assume that any person purporting to give any writing,
      notice, advice or instructions in connection with the provisions hereof has
      been
      duly authorized to do so. The Escrow Agent shall not be liable in any manner
      for
      the sufficiency or correctness as to form, manner, and execution, or validity
      of
      any instrument deposited in this escrow, nor as to the identity, authority,
      or
      right of any person executing the same; and its duties hereunder shall be
      limited to the safekeeping of such certificates, monies, instruments, or other
      document received by it as such escrow holder, and for the disposition of the
      same in accordance with the written instruments accepted by it in the
      escrow.

     

    6.3.  Pledgee
      and the Pledgor hereby agree, to defend and indemnify the Escrow Agent and
      hold
      it harmless from any and all claims, liabilities, losses, actions, suits, or
      proceedings at law or in equity, or any other expenses, fees, or charges of
      any
      character or nature which it may incur or with which it may be threatened by
      reason of its acting as Escrow Agent under this Agreement; and in connection
      therewith, to indemnify the Escrow Agent against any and all expenses, including
      attorneys’ fees and costs of defending any action, suit, or proceeding or
      resisting any claim (and any costs incurred by the Escrow Agent pursuant to
      Sections 6.4 or 6.5 hereof). The Escrow Agent shall be vested with a lien on
      all
      property deposited hereunder, for indemnification of attorneys’ fees and court
      costs regarding any suit, proceeding or otherwise, or any other expenses, fees,
      or charges of any character or nature, which may be incurred by the Escrow
      Agent
      by reason of disputes arising between the makers of this escrow as to the
      correct interpretation of this Agreement and instructions given to the Escrow
      Agent hereunder, or otherwise, with the right of the Escrow Agent, regardless
      of
      the instructions aforesaid, to hold said property until and unless said
      additional expenses, fees, and charges shall be fully paid. Any fees and costs
      charged by the Escrow Agent for serving hereunder shall be paid by the
      Pledgor.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    6.4.  If
      any of
      the parties shall be in disagreement about the interpretation of this Agreement,
      or about the rights and obligations, or the propriety of any action contemplated
      by the Escrow Agent hereunder, the Escrow Agent may, at its sole discretion
      deposit the Pledged Materials with the Clerk of the United States District
      Court
      of New Jersey, sitting in Newark, New Jersey, and, upon notifying all parties
      concerned of such action, all liability on the part of the Escrow Agent shall
      fully cease and terminate. The Escrow Agent shall be indemnified by the Pledgor,
      the Company and Pledgee for all costs, including reasonable attorneys’ fees in
      connection with the aforesaid proceeding, and shall be fully protected in
      suspending all or a part of its activities under this Agreement until a final
      decision or other settlement in the proceeding is received.

     

    6.5.  The
      Escrow Agent may consult with counsel of its own choice (and the costs of such
      counsel shall be paid by the Pledgor and Pledgee) and shall have full and
      complete authorization and protection for any action taken or suffered by it
      hereunder in good faith and in accordance with the opinion of such counsel.
      The
      Escrow Agent shall not be liable for any mistakes of fact or error of judgment,
      or for any actions or omissions of any kind, unless caused by its willful
      misconduct or gross negligence.

     

    6.6.  The
      Escrow Agent may resign upon ten (10) days’ written notice to the parties in
      this Agreement. If a successor Escrow Agent is not appointed within this ten
      (10) day period, the Escrow Agent may petition a court of competent jurisdiction
      to name a successor.

     

    7.  Conflict
      Waiver.
      The
      Pledgor hereby acknowledges that the Escrow Agent is general counsel to the
      Pledgee, a partner in the general partner of the Pledgee, and counsel to the
      Pledgee in connection with the transactions contemplated and referred herein.
      The Pledgor agrees that in the event of any dispute arising in connection with
      this Agreement or otherwise in connection with any transaction or agreement
      contemplated and referred herein, the Escrow Agent shall be permitted to
      continue to represent the Pledgee and the Pledgor will not seek to disqualify
      such counsel and waives any objection Pledgor might have with respect to the
      Escrow Agent acting as the Escrow Agent pursuant to this Agreement.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    8.  Notices.
      Unless
      otherwise provided herein, all demands, notices, consents, service of process,
      requests and other communications hereunder shall be in writing and shall be
      delivered in person or by overnight courier service, or mailed by certified
      mail, return receipt requested, addressed:

     

    
      	
              If
                to the Pledgor, to:

            	
              Ecuity,
                Inc.

            
	 	
              800
                Bellevue Way, Suite 600

            
	 	
              Bellevue,
                WA 98004

            
	 	
              Attn:
                King Cole, President 

            
	 	
              Telephone:
                (206) 210-5022

            
	 	
              Facsimile: (206)
                202-5022

            
	 	 
	
              With
                a copy to:

            	
              Kirkpatrick
                & Lockhart Nicholson Graham, LLP

            
	 	
              201
                South Biscayne Boulevard, Suite 2000

            
	 	
              Miami,
                Florida 33131

            
	 	
              Attention: Clayton
                E. Parker, Esq.

            
	 	
              Telephone: (305)
                539-3306

            
	 	
              Facsimile: (305)
                328-7095

            
	 	 
	
              If
                to the Pledgee:

            	
              Cornell
                Capital Partners, LP

            
	 	
              101
                Hudson Street, Suite 3700

            
	 	
              Jersey
                City, NJ 07302

            
	 	
              Attention:
                 Mark
                A. Angelo

            
	 	
              Telephone: (201)
                985-8300

            
	 	
              Facsimile:
                 (201)
                985-8744

            
	 	 
	
              With
                copy to:

            	
              David
                Gonzalez, Esq.

            
	 	
              101
                Hudson Street, Suite 3700

            
	 	
              Jersey
                City, NJ 07302

            
	 	
              Telephone: (201)
                985-8300

            
	 	
              Facsimile: (201)
                985-1964

            

    

    

    Any
      such
      notice shall be effective (a) when delivered, if delivered by hand delivery
      or overnight courier service, or (b) five (5) days after deposit in the
      United States mail, as applicable.

     

    9.  Binding
      Effect.
      All of
      the covenants and obligations contained herein shall be binding upon and shall
      inure to the benefit of the respective parties, their successors and
      assigns.

     

    10.  Governing
      Law; Venue; Service of Process.
      The
      validity, interpretation and performance of this Agreement shall be determined
      in accordance with the laws of the State of New Jersey applicable to contracts
      made and to be performed wholly within that state except to the extent that
      Federal law applies. The parties hereto agree that any disputes, claims,
      disagreements, lawsuits, actions or controversies of any type or nature
      whatsoever that, directly or indirectly, arise from or relate to this Agreement,
      including, without limitation, claims relating to the inducement, construction,
      performance or termination of this Agreement, shall be brought in the state
      superior courts located in Hudson County, New Jersey or Federal district courts
      located in Newark, New Jersey, and the parties hereto agree not to challenge
      the
      selection of that venue in any such proceeding for any reason, including,
      without limitation, on the grounds that such venue is an inconvenient forum.
      The
      parties hereto specifically agree that service of process may be made, and
      such
      service of process shall be effective if made, pursuant to Section 8
      hereto.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    11.  Enforcement
      Costs.
      If any
      legal action or other proceeding is brought for the enforcement of this
      Agreement, or because of an alleged dispute, breach, default or
      misrepresentation in connection with any provisions of this Agreement, the
      successful or prevailing party or parties shall be entitled to recover
      reasonable attorneys’ fees, court costs and all expenses even if not taxable as
      court costs (including, without limitation, all such fees, costs and expenses
      incident to appeals), incurred in that action or proceeding, in addition to
      any
      other relief to which such party or parties may be entitled.

     

    12.  Remedies
      Cumulative.
      No
      remedy herein conferred upon any party is intended to be exclusive of any other
      remedy, and each and every such remedy shall be cumulative and shall be in
      addition to every other remedy given hereunder or now or hereafter existing
      at
      law, in equity, by statute, or otherwise. No single or partial exercise by
      any
      party of any right, power or remedy hereunder shall preclude any other or
      further exercise thereof. 

     

    13.  Counterparts.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute the same
      instrument.

     

    14.  No
      Penalties.
      No
      provision of this Agreement is to be interpreted as a penalty upon any party
      to
      this Agreement.

     

    15.  JURY
      TRIAL.
      EACH OF
      THE PLEDGEE AND THE PLEDGOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
      WAIVES THE RIGHT WHICH IT MAY HAVE TO A TRIAL BY JURY OF ANY CLAIM, DEMAND,
      ACTION OR CAUSE OF ACTION BASED HEREON, OR ARISING OUT OF, UNDER OR IN ANY
      WAY
      CONNECTED WITH THE DEALINGS BETWEEN PLEDGEE AND PLEDGOR, THIS PLEDGE AND ESCROW
      AGREEMENT OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF
      CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS
      OF
      ANY PARTY HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
      ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have duly executed this Pledge and Escrow Agreement as of the
      date first above written. 

     

    
      	 	 	 
	 	
              CORNELL
                CAPITAL
                PARTNERS,
                LP

            
	 
 	 
 	 
 
	 	By: Yorkville
              Advisors, LLC
	 	
              Its: General
                Partner

            
	 	 
	 	By: 	
            
	 	 	
              

              Name: Mark
                Angelo

              Title: Portfolio
                Manager

            
	 	 	 
	 	 	 
	 	
              ECUITY,
                INC.

            
	 	 	 
	 	 	 
	 	By:	 
	 	 	
              

              
                Name: Shane
                  Smith

              

              
                Title: CEO

              

            
	 	 	 
	 	 	 
	 	
              ESCROW
                AGENT

            
	 	 
	 	 
	 	By:	
            
	 	 	
              
Name: David
              Gonzalez, Esq. 

    

     

    
      
        
        

      

      
        7

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