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                                                                   EXHIBIT 10.11

                               GUARANTY AGREEMENT

     THIS GUARANTY AGREEMENT ("GUARANTY") is dated as of September    , 2003, by
                                                                   ---
AVATECH SOLUTIONS, INC., a Delaware corporation ("GUARANTOR") for the benefit of
KEY BANK AND TRUST ("LENDER"), with respect to the obligations of AVATECH
SOLUTIONS SUBSIDIARY, INC., a Delaware corporation ("BORROWER").

                                    RECITALS

     The BORROWER has requested certain credit accommodations from the LENDER.
The LENDER has agreed to provide the requested credit accommodations to the
BORROWER, but only if the GUARANTOR provides to the LENDER the guaranties of
payment and performance set forth in this GUARANTY. The GUARANTOR is willing to
provide this GUARANTY to the LENDER in order to induce the LENDER to provide the
requested credit accommodations to the BORROWER.

     NOW, THEREFORE, in consideration of these premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the GUARANTOR hereby agrees to provide to the LENDER the following
guaranties and indemnifications.

     Section 1. Guaranty. The GUARANTOR guarantees: (a) the payment of any and
all sums now or hereafter due and owing to the LENDER by the BORROWER as a
result of or in connection with any and all existing or future indebtedness,
liability, or obligation of every kind, nature, type, and variety owed by the
BORROWER to the LENDER from time to time, arising out of or related to any
credit accommodation, loan, letter of credit, guaranty, depository relationship,
transaction, event, or occurrence, whether direct or indirect, absolute or
contingent, primary or secondary, joint or several, unconditional or
conditional, known or unknown, liquidated or unliquidated, contractual or
tortious, including all renewals, refinancings, extensions, substitutions,
amendments, and modifications thereof, no matter when or how created, arising,
evidenced, or acquired, and whether or not presently contemplated or
anticipated, including, but not limited to, all amounts of principal, interest,
charges, reimbursements, advancements, escrows, and fees; (b) that all sums now
or hereafter due and owing by the BORROWER to the LENDER shall be paid when and
as due, whether by reason of installment, maturity, acceleration or otherwise,
time being of the essence; and (c) the timely, complete, continuous, and strict
performance and observance by the BORROWER of each of the terms, covenants,
agreements and conditions contained in any and all existing or future documents,
instruments, agreements, and writings of every kind, nature, type, and variety
which evidence, reflect, embody, give rise to or secure any and all existing and
future indebtedness, liabilities, and obligations of any kind of the BORROWER to
the LENDER ("LOAN DOCUMENTS"). As used in this GUARANTY, the term "OBLIGATIONS"
shall refer to the obligations of payment, performance, and indemnification
which the GUARANTOR has undertaken and assumed pursuant to this GUARANTY, both
as described in this Section and in other Sections of this GUARANTY.

     Section 2. Nature Of Guaranty. This GUARANTY: (a) is (i) irrevocable, (ii)
absolute and unconditional, (iii) direct, immediate, and primary, and (iv) one
of payment and not just collection; and (b) makes the GUARANTOR a surety to the
LENDER with respect to the OBLIGATIONS and the equivalent of a co-obligor with
the BORROWER. Without limiting the foregoing, it is specifically understood that
any modification, limitation or discharge of any of the liabilities or
obligations of the BORROWER, any other guarantor or any other obligor under any
of the LOAN DOCUMENTS,

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arising out of, or by virtue of, any bankruptcy, arrangement, reorganization or
similar proceeding for relief of debtors under federal or state law initiated by
or against the BORROWER, any other guarantor or any obligor under any of the
LOAN DOCUMENTS shall not modify, limit, lessen, reduce, impair, discharge, or
otherwise affect the liability of the GUARANTOR hereunder in any manner
whatsoever, and this GUARANTY shall remain and continue in full force and
effect.

     Section 3. Accuracy Of Representations. The GUARANTOR guaranties that all
representations and warranties made by the BORROWER or by the GUARANTOR to the
LENDER prior to or after the date of this GUARANTY are and will be true,
correct, accurate, and, to the best of the GUARANTOR'S knowledge, complete and
not knowingly misleading, and the GUARANTOR agrees to indemnify and hold the
LENDER harmless from any loss, cost, or expense which the LENDER may suffer,
sustain or incur as a result of any representation or statement of the BORROWER
or of the GUARANTOR being materially false, incorrect, inaccurate, incomplete,
or knowingly misleading.

     Section 4. Representations Of Guarantor. To induce the LENDER to accept
this GUARANTY for the purposes for which it is given, the GUARANTOR represents
and warrants to the LENDER as follows:

          (a) The GUARANTOR is a corporation duly organized, validly existing
and in good standing under the laws of the state of its incorporation, and each
subsidiary of the GUARANTOR is a corporation duly organized, validly existing
and in good standing under the laws of the state of its incorporation. The
GUARANTOR and its subsidiaries have the lawful power to own their properties and
to engage in the businesses they conduct, and each is duly qualified and in good
standing as a foreign corporation in the jurisdictions wherein the nature of the
business transacted by it or property owned by it makes such qualification
necessary.

          (b) Any financial statements submitted by the GUARANTOR to the LENDER,
including any schedules and notes pertaining thereto, have been prepared in
accordance with generally accepted accounting principles consistently applied,
and fully and fairly present the financial condition of the GUARANTOR and its
subsidiaries at the dates thereof and the results of operations for the periods
covered thereby, and there has been no material adverse change in the
consolidated financial condition or businesses of the GUARANTOR and its
subsidiaries from the dates thereof to the date hereof, other than as disclosed
to the LENDER.

          (c) Neither the GUARANTOR nor any of its subsidiaries is in default
with respect to any of its existing indebtedness, and the making and performance
of this GUARANTY will not (immediately, with the passage of time, the giving of
notices, or both), (i) violate the charter or bylaws of the GUARANTOR, (ii)
violate any laws, (iii) result in a default under any contract, agreement, or
instrument to which the GUARANTOR or any of its subsidiaries is a party or by
which the GUARANTOR or any of its subsidiaries or its property is bound, or (iv)
result in the creation or imposition of any security interest in, or lien or
encumbrance upon, any of the assets of the GUARANTOR or any of its subsidiaries
except in favor of the LENDER.

          (d) The GUARANTOR has the power and authority to enter into and
perform this GUARANTY, and to incur the OBLIGATIONS, and has taken all corporate
action necessary to authorize the execution, delivery, and performance of this
GUARANTY.

          (e) This GUARANTY when delivered will be, valid, binding, and
enforceable in accordance with its terms.

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          (f) The incurring or satisfaction of the OBLIGATIONS has not left and
will not leave the GUARANTOR insolvent, with an unreasonably small capital, or
unable to pay existing or future debts as they mature.

     Section 5. Reporting Requirements. The GUARANTOR shall submit the following
items to the LENDER:

          (a) Within forty-five (45) calendar days after the end of each fiscal
quarter of the GUARANTOR, the GUARANTOR shall submit a copy of its 10Q filing
made with the Securities and Exchange Commission for such fiscal year.

          (b) Within one hundred twenty (120) calendar days after the end of
each fiscal year of the GUARANTOR, the GUARANTOR shall submit: (i) a
consolidated and consolidating statement of stockholders' equity and a
consolidated and consolidating statement of changes in the financial position of
the GUARANTOR and subsidiaries for such fiscal year; (ii) a consolidated and
consolidating income statement of the GUARANTOR and subsidiaries for such fiscal
year; and (iii) a consolidated and consolidating balance sheet of the GUARANTOR
and subsidiaries as of the end of such fiscal year. All financial statements
shall be in reasonable detail, including all supporting schedules and comments
necessary to verify or confirm entries in the financial statements. All
financial statements shall be prepared in accordance with generally accepted
accounting principles consistently applied and audited by an independent
certified public accountant, reasonably acceptable to the LENDER. The costs of
supplying the financial statements shall be paid by the GUARANTOR.

     Section 6. Lender Need Not Pursue Other Rights. The LENDER shall be under
no obligation to pursue any of the LENDER'S rights and remedies against the
BORROWER or any of the collateral of the BORROWER securing the obligations of
the BORROWER to the LENDER or against any other guarantor or any collateral of
any other guarantor before pursuing the LENDER'S rights and remedies against the
GUARANTOR.

     Section 7. Certain Rights Of Lender. The GUARANTOR hereby assents to any
and all terms and agreements between the LENDER and the BORROWER or between the
LENDER and any other guarantor, and all amendments and modifications thereof,
whether presently existing or hereafter made and whether oral or in writing. The
LENDER may, without compromising, impairing, diminishing, or in any way
releasing the GUARANTOR from the OBLIGATIONS and without notifying or obtaining
the prior approval of the GUARANTOR, at any time or from time to time: (a) waive
or excuse a default by the BORROWER or any other guarantor, or delay in the
exercise by the LENDER of any or all of the LENDER'S rights or remedies with
respect to such default or defaults; (b) grant extensions of time for payment or
performance by the BORROWER or any other guarantor; (c) release, substitute,
exchange, surrender, or add collateral of the BORROWER or of any other
guarantor, or waive, release, or subordinate, in whole or in part, any lien or
security interest held by the LENDER on any real or personal property securing
payment or performance, in whole or in part, of the obligations of the BORROWER
to the LENDER or of any other guarantor; (d) release the BORROWER or any other
guarantor; (e) apply payments made by the BORROWER or by any other guarantor to
any sums owed by the BORROWER to the LENDER, in any order or manner, or to any
specific account or accounts, as the LENDER may elect; and (f) modify, change,
renew, extend, or amend in any respect the LENDER'S agreement with the BORROWER
or any other guarantor, or any document, instrument, or writing embodying or
reflecting the same, including without limitation modifications which increase
the amount of the OBLIGATIONS or extend the maturity of the OBLIGATIONS.

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     Section 8. Waivers By Guarantor. The GUARANTOR waives: (a) any and all
notices whatsoever with respect to this GUARANTY or with respect to any of the
obligations of the BORROWER to the LENDER, including, but not limited to, notice
of (i) the LENDER'S acceptance hereof or the LENDER'S intention to act, or the
LENDER'S action, in reliance hereon, (ii) the present existence or future
incurring of any of the obligations of the BORROWER to the LENDER or any terms
or amounts thereof or any change therein, (iii) any default by the BORROWER or
any surety, pledgor, grantor of security, guarantor or any person who has
guarantied or secured in whole or in part the obligations of the BORROWER to the
LENDER, and (iv) the obtaining or release of any guaranty or surety agreement,
pledge, assignment, or other security for any of the obligations of the BORROWER
to the LENDER; (b) presentment and demand for payment of any sum due from the
BORROWER or any other guarantor and protest of nonpayment; (c) demand for
performance by the BORROWER or any other guarantor; and (d) any and all defenses
based on suretyship or impairment of collateral.

     Section 9. Unenforceability Of Obligations Of Borrower. This GUARANTY shall
be valid, binding, and enforceable even if the obligations of the BORROWER to
the LENDER which are guarantied hereby are now or hereafter become invalid or
unenforceable for any reason.

     Section 10. No Conditions Precedent. This GUARANTY shall be effective and
enforceable immediately upon its execution. The GUARANTOR acknowledges that no
unsatisfied conditions precedent to the effectiveness and enforceability of this
GUARANTY exist as of the date of its execution and that the effectiveness and
enforceability of this GUARANTY is not in any way conditioned or contingent upon
any event, occurrence, or happening, or upon any condition existing or coming
into existence either before or after the execution of this GUARANTY.

     Section 11. No Duty To Disclose. The LENDER shall have no present or future
duty or obligation to discover or to disclose to the GUARANTOR any information,
financial or otherwise, concerning the BORROWER, any other guarantor, or any
collateral securing either the obligations of the BORROWER to the LENDER or of
any other person who may have guarantied in whole or in part the obligations of
the BORROWER to the LENDER. The GUARANTOR waives any right to claim or assert
any such duty or obligation on the part of the LENDER. The GUARANTOR agrees to
obtain all information which the GUARANTOR considers either appropriate or
relevant to this GUARANTY from sources other than the LENDER and to become and
remain at all times current and continuously apprised of all information
concerning the BORROWER, other guarantors, and any collateral which is material
and relevant to the obligations of the GUARANTOR under this GUARANTY.

     Section 12. Existing Or Future Guaranties. The execution of this GUARANTY
shall not discharge, terminate or in any way impair or adversely affect the
validity or enforceability of any other guaranty given by the GUARANTOR to the
LENDER. The execution and delivery by the GUARANTOR of any future guaranty for
the benefit of the LENDER shall not discharge, terminate, or in any way impair
or adversely affect the validity or enforceability of this GUARANTY. All
guaranties provided by the GUARANTOR to the LENDER are intended to be cumulative
and shall remain in full force and effect unless and until discharged and
terminated in accordance with any expressly stated termination provisions set
forth therein.

     Section 13. Cumulative Liability. The liability of the GUARANTOR under this
GUARANTY shall be cumulative to, and not in lieu of, the GUARANTOR'S liability
under any other LOAN DOCUMENT or in any capacity other than as GUARANTOR
hereunder.

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     Section 14. Obligations Are Unconditional. The payment and performance of
the OBLIGATIONS shall be the absolute and unconditional duty and obligation of
the GUARANTOR, and shall be independent of any defense or any rights of setoff,
recoupment or counterclaim which the GUARANTOR might otherwise have against the
LENDER, and the GUARANTOR shall pay and perform these OBLIGATIONS, free of any
deductions and without abatement, diminution or setoff. Until such time as the
OBLIGATIONS have been fully paid and performed, the GUARANTOR: (a) shall not
suspend or discontinue any payments provided for herein; (b) shall perform and
observe all of the covenants and agreements contained in this GUARANTY; and (c)
shall not terminate or attempt to terminate this GUARANTY for any reason. No
delay by the LENDER in making demand on the GUARANTOR for satisfaction of the
OBLIGATIONS shall prejudice or in any way impair the LENDER'S ability to enforce
this GUARANTY.

     Section 15. Defenses Against Borrower. The GUARANTOR waives any right to
assert against the LENDER any defense (whether legal or equitable), claim,
counterclaim, or right of setoff or recoupment which the GUARANTOR may now or
hereafter have against the BORROWER or any other guarantor.

     Section 16. Events Authorizing Acceleration Of The Obligations. The
occurrence of any of the following (each an "EVENT OF DEFAULT") shall entitle
the LENDER, without notice or demand, to accelerate and call due the
OBLIGATIONS, even if the LENDER has not accelerated and called due the sums owed
to the LENDER by the BORROWER: (a) the commencement by the BORROWER or the
GUARANTOR of a voluntary case or proceeding under any federal or state
bankruptcy, insolvency or similar law; (b) the commencement of an involuntary
case or proceeding against the BORROWER or the GUARANTOR under any federal or
state bankruptcy, insolvency, or similar law, and either (i) such case or
proceeding is not dismissed within ninety (90) calendar days after commencement,
or (ii) an order for relief is entered in such case; (c) the appointment of a
receiver, assignee, custodian, trustee or similar official under any federal or
state insolvency or creditors' rights law for any property of the BORROWER or
the GUARANTOR; (d) the entry of a judgment against the GUARANTOR or the BORROWER
and the failure to satisfy such judgment within thirty (30) days either by
payment or by the filing of a supersedeas bond; (e) a default by the BORROWER
under any of the LOAN DOCUMENTS or under any other agreement between the
BORROWER and the LENDER, and such default is not cured within any applicable
cure period; (f) a failure of the GUARANTOR to perform any covenant or agreement
contained in this GUARANTY or in any other agreement between the GUARANTOR and
the LENDER; (g) any representation or warranty made in this GUARANTY or in any
report or financial statement furnished in connection with this GUARANTY, shall
prove to have been false or misleading when made; (h) the LENDER in its sole
discretion determines in good faith that a material adverse change has occurred
in the financial condition of the GUARANTOR; (i) the death or the liquidation or
dissolution of the BORROWER or of the GUARANTOR; or (j) a failure of the
GUARANTOR to satisfy any of the obligations of the GUARANTOR to the LENDER with
respect to any loan or extension of credit by the LENDER to the GUARANTOR or
under any other guaranty given by the GUARANTOR to the LENDER.

     Section 17. Expenses Of Collection And Attorneys' Fees. Should this
GUARANTY be referred to an attorney for collection, the GUARANTOR shall pay all
of the holder's reasonable costs, fees and expenses resulting from such
referral, including reasonable attorneys' fees, which the holder may incur, even
though judgment has not been confessed or suit has not been filed.

     Section 18. Confession Of Judgment. Upon the occurrence of an EVENT OF
DEFAULT, the GUARANTOR authorizes any attorney admitted to practice before any
court of record in the

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United States, or the clerk of such court, to appear on behalf of the GUARANTOR
and to confess judgment in any such court against the GUARANTOR in the full
amount due on this GUARANTY at such time plus an attorneys' fee equal to fifteen
percent (15%) of the amount due. The GUARANTOR waives any right to notice or a
hearing prior to the entry of judgment and to the benefit of any and every
statute, ordinance, or rule of court which may be lawfully waived conferring
upon the GUARANTOR any right or privilege of exemption, appeal, stay of
execution, or supplementary proceedings, or other relief from the enforcement or
immediate enforcement of a judgment or related proceedings on a judgment. The
authority and power which the GUARANTOR has given for any attorney admitted to
practice before any court of record in the United States, or the clerk of such
court, to appear for and confess judgment against the GUARANTOR shall be a
continuous authority which shall not be exhausted or extinguished by any one or
more exercises or imperfect exercises thereof or by any one or more judgments
entered pursuant thereto and may be exercised on one or more occasions and at
such times and from time to time after default and in the same or different
courts or jurisdictions as the LENDER may consider necessary or advisable. In
the event that the LENDER receives, as a result of execution on a judgment
confessed hereunder, attorneys' fees which exceed the actual legal fees incurred
by the LENDER in connection with the enforcement of this GUARANTY, then upon
full and final payment of all other sums due and owing to the LENDER in
accordance with this GUARANTY and the payment to the LENDER of the actual
attorneys' fees incurred by the LENDER, the LENDER shall remit such excess
amount of attorneys' fees to the GUARANTOR.

     Section 19. Interest Rate After Judgment. If judgment is entered against
the GUARANTOR on this GUARANTY, the amount of the judgment entered (which,
unless applicable law specifically provides to the contrary, includes all
principal, prejudgment interest, late charges, prepayment charges if any are
provided for, collection expenses, attorneys' fees, and court costs) shall bear
interest at the highest rate after default authorized by the LOAN DOCUMENTS as
of the date of entry of the judgment to the extent permitted by applicable law.
In the event any statute or rule of court specifies the rate of interest which a
judgment on this GUARANTY may bear or the amount on which such interest rate may
apply and such rate or amount is less than that called for in the preceding
sentence absent a restriction under applicable law, the GUARANTOR: (a) agrees to
pay to the order of the LENDER an amount as will equal the interest computed at
the highest rate after default provided for in the LOAN DOCUMENTS which would be
due on the judgment amount (which, for this purpose, shall be considered to
include all principal, prejudgment interest, late charges, prepayment charges if
any are provided for, collection expense fees, attorneys' fees, and court costs)
less the interest due on the amount of the judgment which bears judgment
interest; and (b) authorizes the confession of judgment pursuant to the
confession of judgment provision of this GUARANTY if the GUARANTOR fails to make
payment thereof.

     Section 20. Enforcement During Bankruptcy. Enforcement of this GUARANTY
shall not be stayed or in any way delayed as a result of the filing of a
petition under the United States Bankruptcy Code, as amended, by or against the
BORROWER. Should the LENDER be required to obtain an order of the United States
Bankruptcy Court to begin enforcement of this GUARANTY after the filing of a
petition under the United States Bankruptcy Code, as amended, by or against the
BORROWER, the GUARANTOR hereby consents to this relief and agrees to file or
cause to be filed all appropriate pleadings to evidence and effectuate such
consent and to enable the LENDER to obtain the relief requested.

     Section 21. Remedies Cumulative. All of the LENDER'S rights and remedies
shall be cumulative and any failure of the LENDER to exercise any right
hereunder shall not be construed

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as a waiver of the right to exercise the same or any other right at any time,
and from time to time, thereafter.

     Section 22. Continuing Guaranty. This GUARANTY is a continuing guaranty of
all existing and future obligations of the BORROWER to the LENDER and may not be
terminated by the GUARANTOR until the LOAN DOCUMENTS are terminated, in
accordance with the provisions thereof, and the payment (which payment shall not
be subject to challenge or contest) in full of all of the OBLIGATIONS and all of
the BORROWER'S obligations and liabilities to the LENDER under the LOAN
DOCUMENTS.

     Section 23. Reinstatement. If at any time any payment, or portion thereof,
made by, or for the account of, the BORROWER or the GUARANTOR on account of any
of the obligations and liabilities under any of the LOAN DOCUMENTS is set aside
by any court or trustee having jurisdiction as a voidable preference, or
fraudulent conveyance or must otherwise be restored or returned by the LENDER to
the BORROWER or any other person or entity under any insolvency, bankruptcy or
other federal and/or state laws or as a result of any dissolution, liquidation
or reorganization of the BORROWER or any other person or entity, or for any
other reason, the GUARANTOR hereby agrees that this GUARANTY shall continue and
remain in full force and effect or be reinstated, as the case may be, all as
though such payment(s) had not been made.

     Section 24. Rights Of Subrogation, Etc. In the event the GUARANTOR pays any
sum to or for the benefit of the LENDER pursuant to this GUARANTY, the GUARANTOR
may not enforce any right of contribution, indemnification, exoneration,
reimbursement, subrogation or other right or remedy against the BORROWER, any
other guarantor, or any collateral, whether real, personal, or mixed, securing
the obligations of the BORROWER to the LENDER or the obligations of any other
guarantor to the LENDER until such time as the LENDER has been paid in full and
has no further claim against the BORROWER, any other guarantor, or any
collateral. The GUARANTOR waives and releases any claim which the GUARANTOR
hereafter may have against the LENDER if some action of the LENDER, whether
intentional or negligent, impairs, destroys, or in any way adversely affects any
right of contribution, indemnification, exoneration, reimbursement, subrogation,
or the like which the GUARANTOR may have upon the payment of any sum to or for
the benefit of the LENDER pursuant to this GUARANTY.

     Section 25. Subordination Of Certain Indebtedness. If the GUARANTOR
advances any sums to the BORROWER or its successors or assigns or if the
BORROWER or its successors or assigns shall hereafter become indebted to the
GUARANTOR, such sums and indebtedness shall be subordinate in all respects to
the amounts then or thereafter due and owing to the LENDER by the BORROWER.

     Section 26. Setoff. The LENDER shall have the right to setoff and apply
against the OBLIGATIONS any sums which the GUARANTOR at any time has on deposit
with the LENDER whether such deposits are general or special, time or demand,
provisional or final, and the GUARANTOR hereby pledges and grants to the LENDER
a security interest in all such deposits.

     Section 27. Renewals, Etc. This GUARANTY shall apply to all sums now or
hereafter owed by the BORROWER to the LENDER and to all extensions,
modifications, amendments, renewals, substitutions, and refinancings thereof.

     Section 28. Choice Of Law. The laws of the State of Maryland (excluding,
however, conflict of law principles) shall govern and be applied to determine
all issues relating to this

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GUARANTY and the rights and obligations of the parties hereto, including the
validity, construction, interpretation, and enforceability of this GUARANTY and
its various provisions and the consequences and legal effect of all transactions
and events which resulted in the issuance of this GUARANTY or which occurred or
were to occur as a direct or indirect result of this GUARANTY having been
executed.

     Section 29. Consent To Jurisdiction; Agreement As To Venue. The GUARANTOR
irrevocably consents to the non-exclusive jurisdiction of the courts of the
State of Maryland and of the United States District Court for the District of
Maryland, if a basis for federal jurisdiction exists. The GUARANTOR agrees that
venue shall be proper in any circuit court of the State of Maryland selected by
the LENDER or in the United States District Court for the District of Maryland
if a basis for federal jurisdiction exists and waives any right to object to the
maintenance of a suit in any of the state or federal courts of the State of
Maryland on the basis of improper venue or of inconvenience of forum.

     Section 30. Proofs Of Sums Due On Guaranty. In any action or proceeding
brought by the LENDER to collect the sums owed on this GUARANTY, a certificate
signed by an officer of the LENDER setting forth the unpaid balances of
principal, and any accrued interest, default interest, attorneys' fees, and late
charges owed with respect hereto shall be presumed correct and shall be
admissible in evidence for the purpose of establishing the truth of what it
asserts.

     Section 31. Actions Against Lender. Any action brought by the GUARANTOR
against the LENDER which is based, directly or indirectly, on this GUARANTY or
any matter in or related to this GUARANTY, including but not limited to the
obligations of the BORROWER to the LENDER, the administration, collection, or
enforcement thereof, shall be brought only in the courts of the State of
Maryland. The GUARANTOR may not file a counterclaim against the LENDER in a suit
brought by the LENDER against the GUARANTOR in a state other than the State of
Maryland unless under the rules of procedure of the court in which the LENDER
brought the action or the counterclaim is mandatory, and not merely permissive,
and will be considered waived unless filed as a counterclaim in the action
instituted by the LENDER. The GUARANTOR agrees that any forum other than the
State of Maryland is an inconvenient forum and that a suit brought by the
GUARANTOR against the LENDER in a court of any state other than the State of
Maryland should be forthwith dismissed or transferred to a court located in the
State of Maryland by that court.

     Section 32. Invalidity Of Any Part. If any provision or part of any
provision of this GUARANTY shall for any reason be held invalid, illegal, or
unenforceable in any respect, such invalidity, illegality, or unenforceability
shall not affect any other provisions or the remaining part of any effective
provisions of this GUARANTY, and this GUARANTY shall be construed as if such
invalid, illegal, or unenforceable provision or part thereof had never been
contained herein, but only to the extent of its invalidity, illegality, or
unenforceability.

     Section 33. Amendment Or Waiver. This GUARANTY may be amended only by a
writing duly executed by the GUARANTOR and the LENDER. No waiver by the LENDER
of any of the provisions of this GUARANTY or any of the rights or remedies of
the LENDER with respect hereto shall be considered effective or enforceable
unless in writing.

     Section 34. Notices. Any notice required or permitted by or in connection
with this GUARANTY shall be in writing and shall be made by facsimile (confirmed
on the date the facsimile is sent by one of the other methods of giving notice
provided for in this Section) or by electronic mail, by hand delivery, by
Federal Express, or other similar overnight delivery service, or by certified
mail,

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unrestricted delivery, return receipt requested, postage prepaid, addressed to
the LENDER or the GUARANTOR at the appropriate address set forth below or to
such other address as may be hereafter specified by written notice by the LENDER
or the GUARANTOR. Notice shall be considered given as of the date of the
facsimile or the hand delivery, as of the date of receipt of confirmation that
the electronic mail was received and opened, one (1) calendar day after delivery
to Federal Express or similar overnight delivery service, or three (3) calendar
days after the date of mailing, independent of the date of actual delivery or
whether delivery is ever in fact made, as the case may be, provided the giver of
notice can establish the fact that notice was given as provided herein. If
notice is tendered pursuant to the provisions of this Section and is refused by
the intended recipient thereof, the notice, nevertheless, shall be considered to
have been given and shall be effective as of the date herein provided.

     If to the LENDER:

          KEY BANK AND TRUST
          7F Gwynns Mill Court
          Owings Mills, Maryland 21117
          Attention: Commercial Lending Division
          Fax No.: (410) 363-3569
          E-Mail: pkillpatrick@keyb-t.com with a mandatory copy to
                  shough@keyb-t.com

     If to the GUARANTOR:

          AVATECH SOLUTIONS, INC.
          11400 Cronridge Drive, Suite A
          Owings Mills, Maryland 21117
          Attn.: Donald R. Walsh, Chief Executive Officer
          Fax No.: (____)
                          -------------
          E-Mail: swalsh@avat.com

     Section 35. Binding Nature. This GUARANTY shall inure to the benefit of and
be enforceable by the LENDER and the LENDER'S successors and assigns and any
other person to whom the LENDER may grant an interest in the obligations of the
BORROWER to the LENDER, and shall be binding upon and enforceable against the
GUARANTOR and the GUARANTOR'S successors, and assigns.

     Section 36. Joint And Several Nature. In the event there exists more than
one GUARANTOR, all liabilities hereunder shall be joint and several. The
liability of the GUARANTOR shall be joint and several with the liability of any
other guarantor not a party to this GUARANTY.

     Section 37. Assignability. This GUARANTY or an interest therein may be
assigned by the LENDER, or by any other holder, at any time or from time to
time, without any prior notice to or consent from the GUARANTOR.

     Section 38. Final Agreement. This GUARANTY contains the final and entire
agreement between the LENDER and the GUARANTOR with respect to the guaranty by
the GUARANTOR of the BORROWER'S obligations to the LENDER. There are no separate
oral or written understandings between the LENDER and the GUARANTOR with respect
thereto.

                                       9

<PAGE>

     Section 39. Tense, Gender, Defined Terms, Captions. As used herein, the
plural includes the singular, and the singular includes the plural. The use of
any gender applies to any other gender. If more than one person has executed
this GUARANTY, the term "GUARANTOR" means all such persons collectively or any
one or more of such persons individually or collectively, as the case may be and
as the context may require. All defined terms are completely capitalized
throughout this GUARANTY. All captions are for the purpose of convenience only.

     Section 40. Seal And Effective Date. This GUARANTY is an instrument
executed under seal and is to be considered effective and enforceable as of the
date set forth on the first page hereof, independent of the date of actual
execution.

     Section 41. Waiver Of Trial By Jury. The GUARANTOR and the LENDER, by their
execution and acceptance, respectively, of this GUARANTY, agree that any suit,
action, or proceeding, whether claim or counterclaim, brought or instituted by
either party hereto or any successor or assign of any party on or with respect
to this GUARANTY or which in any way relates, directly or indirectly, to this
GUARANTY or any event, transaction, or occurrence arising out of or in any way
connected with this GUARANTY, or the dealings of the parties with respect
thereto, shall be tried only by a court and not by a jury. EACH PARTY HEREBY
EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION, OR
PROCEEDING.

     IN WITNESS WHEREOF, the GUARANTOR has executed this GUARANTY with the
specific intention of creating a document under seal.

WITNESS/ATTEST:                         GUARANTOR:

                                        AVATECH SOLUTIONS, INC.,
                                        A Delaware Corporation

                                        By:                               (SEAL)
-----------------------                     ------------------------------
                                            Donald R. Walsh,
                                            Chief Executive Officer

                                       10<PAGE>

                                                                   EXHIBIT 10.12

                           Dated: September    , 2003
                                            ---

                                     WARRANT

               To Purchase 15,000 Shares of Voting Common Stock of

                             AVATECH SOLUTIONS, INC

     THIS IS TO CERTIFY THAT, for value received, KEY BANK AND TRUST or
registered assigns ("Holder") is entitled to purchase from AVATECH SOLUTIONS,
INC., a Delaware corporation ("Avatech") , at any time or from time to time
after 9:00 a.m., Baltimore, Maryland time, on the date hereof and prior to 5:00
p.m., Baltimore, Maryland time, on the earlier of August 31, 2013 and the
Business Day preceding the date of redemption of this Warrant (the Exercise
Period"), at the place where the Warrant Agency is located, at the Exercise
Price, the number of shares of Common Stock, par value $0.01 per share (the
"Voting Common Stock") of Avatech shown above, all subject to adjustment and
upon the terms and conditions hereinafter provided, and is entitled also to
exercise the other appurtenant rights, powers and privileges hereinafter
described.

     This Warrant is one of one or more warrants (the "Warrants") of the same
form and having the same terms as this Warrant, entitling the holders initially
to purchase up to an aggregate of 15,000 shares of Voting Common Stock. The
Warrants have been issued pursuant to the Loan and Security Agreement dated as
of September    , 2003 (as may be amended from time to time, the "Financing
             ---
Agreement") between Avatech Solutions Subsidiary, Inc., and Key Bank and Trust,
as lender ("Key Bank"). Avatech Solutions Subsidiary is a subsidiary of Avatech
and Avatech has guaranteed all of Avatech Solutions Subsidiary, Inc.'s
obligations to Key Bank.

     Certain terms used in this Warrant are defined in Article VI.

                                    ARTICLE I

                              EXERCISE OF WARRANTS

     SECTION 1.1 METHOD OF EXERCISE.

     To exercise this Warrant in whole on in part, the Holder shall deliver on
any Business Day to Avatech, at the Warrant Agency, (a) this Warrant, (b) a
written notice of such Holder's election to exercise this Warrant, which notice
shall specify the number of shares of Voting Common Stock to be purchased (which
shall be a whole number of shares if for less than all the shares then issuable
hereunder), the denominations of the share certificate or certificates desired
and the name or names in which such certificates are to be registered, and (c)
payment of the Exercise Price with respect to such shares. Such payment may be
made, at the option of the Holder, either (a) by cash, certified

                                        1

<PAGE>

or bank cashier's check or wire transfer in an amount equal to the product of
(i) the Exercise Price times (ii) the number of Warrant Shares as to which this
Warrant is being exercised or (b) by receiving from Avatech the number of
Warrant Shares equal to (i) the number of Warrant Shares as to which this
Warrant is being exercised minus (ii) the number of Warrant Shares having a
value, based on the Closing Price on the trading day immediately prior to the
date of such exercise, equal to the product of (x) the Exercise Price times (y)
the number of Warrant Shares as to which this Warrant is being exercised.

     Avatech shall, as promptly as practicable and in any event within seven
days after receipt of such notice and payment, execute and deliver or cause to
be executed and delivered, in accordance with such notice, a certificate or
certificates representing the aggregate number of shares of Voting Common Stock
specified in said notice together with cash in lieu of any fractions of a share
as provided in Section 1.3. The share certificate or certificates so delivered
shall be in such denominations as may be specified in such notice, and shall be
issued in the name of the Holder or such other name or names as shall be
designated in such notice. This Warrant shall be deemed to have been exercised
and such certificate or certificates shall be deemed to have been issued, and
such Holder or any other Person so designated to be named therein shall be
deemed for all purposes to have become a holder of record of shares, as of the
date the aforementioned notice and payment is received by Avatech. If this
Warrant shall have been exercised only in part, Avatech shall, at the time of
delivery of such certificate or certificates, deliver to the Holder a new
Warrant evidencing the rights to purchase the remaining shares of Voting Common
Stock called for by this Warrant, which new Warrant shall in all other respects
be identical with this Warrant, or, at the request of the Holder, appropriate
notation may be made on this Warrant which shall then be returned to the Holder.
Avatech shall pay all expenses, taxes and other charges payable in connection
with the preparation, issuance and delivery of share certificates and new
Warrants, except that, if share certificates or new Warrants shall be registered
in a name or names other than the name of the Holder, funds sufficient to pay
all transfer taxes payable as a result of such transfer shall be paid by the
Holder at the time of delivery of the aforementioned notice of exercise or
promptly upon receipt of a written request of Avatech for payment.

     SECTION 1.2. SHARES TO BE FULLY PAID AND NONASSESSABLE.

     All shares of Voting Common Stock issued upon the exercise of this Warrant
and all shares of Voting Common Stock issued upon the conversion of such voting
Common Stock shall be validly issued, fully paid and nonassessable and, if such
class of Common Stock is then listed on any national securities exchange (as
defined in the Exchange Act) or quoted on NASDAQ, shall be duly listed or quoted
thereon, as the case may be.

     SECTION 1.3. NO FRACTIONAL SHARES REQUIRED TO BE ISSUED.

     Avatech shall not be required to issue fractions of shares of Voting Common
Stock upon exercise of this Warrant. If any fraction of a share would, but for
this Section, be issuable upon final exercise of this Warrant, in lieu of such
fractional share Avatech shall pay to the Holder, in cash, an amount equal to
the same fraction of the Fair Market Value of Avatech per share of outstanding
Common Stock on the Business Day immediately prior to the date of such exercise.

                                        2

<PAGE>

     SECTION 1.4. RESERVATION.

     Avatech has duly reserved and will keep available for issuance upon
exercise of the Warrants the total number of Warrant Shares deliverable from
time to time upon exercise of all Warrants from time to time outstanding and the
total number of shares of Voting Common Stock deliverable upon conversion of
such Warrant Shares to Voting Common Stock. Avatech will not change the Voting
Common Stock from par value $0.01 per share to any higher par value which
exceeds the Exercise Price then in effect, and will reduce the par value of the
Voting Common Stock upon any event described in Article IV that provides for an
increase in the number of shares of Voting Common Stock subject to purchase upon
exercise of this Warrant, in inverse proportion to and effective at the same
time as such number of shares is increased, but only to the extent that such
increase in the number of shares, together with all other such increases after
the date hereof, causes the aggregate Exercise Price of all Warrants (without
giving effect to any exercise or redemption thereof) to be greater than $1,000.

                                   ARTICLE II

                                 WARRANT AGENCY;
                 TRANSFER, EXCHANGE AND REPLACEMENT OF WARRANTS

     SECTION 2.1 WARRANT AGENCY.

     As long as any of the Warrants remain outstanding, Avatech shall perform
the obligations of and be the warrant agency with respect to the Warrants (the
"Warrant Agency") with an address at 11400 Cronridge Drive, Suite A, Owings
Mills, Maryland 21117 or at such other address as Avatech shall specify by
notice to all Warrantholders.

     SECTION 2.2. OWNERSHIP OF WARRANT.

     Avatech may deem and treat the person in whose name this Warrant is
registered as the holder and owner hereof notwithstanding any notations of
ownership or writing hereon made by any person other than Avatech) for all
purposes and shall not be affected by any notice to the contrary, until due
presentment of this Warrant for registration of transfer as provided in this
Article II.

     SECTION 2.3. TRANSFER OF WARRANT.

     Avatech agrees to maintain at the Warrant Agency books for the registration
of transfers of the Warrants, and transfer of this Warrant and all rights
hereunder shall be registered, in whole or in part, on such books, upon
surrender of this Warrant at the Warrant Agency, together with a written
assignment of this Warrant duly executed by the Holder or its duly authorized
agent or attorney, with (if the Holder is a natural person) signatures
guaranteed by a bank or trust company or a broker or dealer registered with the
NASD, and funds sufficient to pay any transfer taxes payable upon such transfer.
Upon surrender and, if required, such payment, Avatech shall execute and deliver
a new Warrant or Warrants in the name of the assignee or assignees and in the

                                        3

<PAGE>

denominations specified in the instrument of assignment (which shall be whole
numbers of shares only) and shall issue to the assignor a new Warrant evidencing
the portion of this Warrant not so assigned, and this Warrant shall promptly be
canceled.

     SECTION 2.4. DIVISION OF COMBINATION OF WARRANTS.

     This Warrant may be divided or combined with other Warrants upon
presentment hereof and of any Warrant or Warrants with which this Warrant is to
be combined at the Warrant Agency, together with a written notice specifying the
names and denominations (which shall be whole numbers of shares only) in which
the new Warrant or Warrants are to be issued, signed by the holders hereof and
thereof or their respective duly authorized agents or attorneys. Subject to
compliance with Section 2.3 as to any transfer or assignment which may be
involved in the division or combination, Avatech shall execute and deliver a new
Warrant or Warrants in exchange for the Warrant or Warrants to be divided or
combined in accordance with such notice.

     SECTION 2.5. LOSS, THEFT, DESTRUCTION OF WARRANT CERTIFICATES.

     Upon receipt of evidence satisfactory to Avatech of the ownership of and
the loss, theft, destruction or mutilation of any Warrant and, in the case of
any such loss, theft or destruction, upon receipt of indemnity or security
satisfactory to Avatech (it being understood and agreed that if the holder of
such Warrant is Key Bank, then a written agreement of indemnity given by Key
Bank alone shall be satisfactory to Avatech and no further security shall be
required) or, in the case of any such mutilation, upon surrender and
cancellation of such Warrant, Avatech will make and deliver, in lieu of such
lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and
representing the right to purchase the same aggregate number of shares of Voting
Common Stock.

     SECTION 2.6. EXPENSES OF DELIVERY OF WARRANTS.

     Avatech shall pay all expenses, taxes (other than transfer taxes) and other
charges payable in connection with the preparation, issuance and delivery of
Warrants hereunder.

                                   ARTICLE III

                                 CERTAIN RIGHTS

     SECTION 3.1. DETERMINATION OF FAIR MARKET VALUE.

     Each determination of Fair Market Value hereunder shall be made in good
faith by Avatech. Upon each determination of Fair Market Value by Avatech
hereunder, Avatech shall promptly give notice thereof to all Warrantholders,
setting forth in reasonable detail the calculation of such Fair Market Value and
the method and basis of determination thereof (the "Avatech Determination").

                                        4

<PAGE>

                                   ARTICLE IV

                             ANTIDILUTION PROVISIONS

     SECTION 4.1. ADJUSTMENT GENERALLY.

     The Exercise Price and the number of shares of Voting Common Stock (or
other securities or property) issuable upon exercise of this Warrant shall be
subject to adjustment from time to time upon the occurrence of certain events as
provided in this Article IV; PROVIDED that notwithstanding anything to the
contrary contained herein, the Exercise Price shall not be less than the par
value of the Voting Common Stock, as such par value is reduced from time to time
in accordance with Section 1.4.

     SECTION 4.2. COMMON STOCK REORGANIZATION.

     If Avatech shall subdivide its outstanding shares of Common Stock (or any
class thereof) into a greater number of shares or consolidate its outstanding
shares of Common Stock (or any class thereof) into a smaller number of shares
(any such event being called a "Common Stock Reorganization"), then (a) the
Exercise Price shall be adjusted, effective immediately after the effective date
of such Common Stock Reorganization, to a price determined by multiplying the
Exercise Price in effect immediately prior to such effective date by a fraction,
the numerator of which shall be the number of shares of Common Stock outstanding
on such effective date before giving effect to such Common Stock Reorganization
and the denominator of which shall be the number of shares of Common Stock
outstanding after giving effect to such Common Stock Reorganization, and (b) the
number of shares of Voting Common Stock subject to purchase upon exercise of
this Warrant shall be adjusted, effective at such time, to a number determined
by multiplying the number of shares of Voting Common Stock subject to purchase
immediately before such Common Stock Reorganization by a fraction, the numerator
of which shall be the number of shares of Common Stock outstanding after giving
effect to such Common Stock Reorganization and the denominator of which shall be
the number of shares of Common Stock outstanding immediately before such Common
Stock Reorganization.

     SECTION 4.3. COMMON STOCK DISTRIBUTION.

     (a) If Avatech shall issue, sell or otherwise distribute any shares of
Common Stock, other than pursuant to a Common Stock Reorganization (which is
governed by Section 4.2 hereof) (any such event, including any event described
in paragraphs (b) and (c) below, being herein called a "Common Stock
Distribution"), for a consideration per share less than the Exercise Price then
in effect or less than the Fair Market Value of Avatech per share of outstanding
Common Stock on a Fully Diluted Basis on the date of such Common Stock
Distribution (before giving effect to such Common Stock Distribution), then,
effective upon such Common Stock Distribution, the Exercise Price shall be
reduced, if such consideration per share shall be less than the Exercise Price
then in effect but not less than such Fair Market Value per share, to the lower
of the prices (calculated to the nearest one-thousandth of one cent) determined
as provided in clauses (i) and (ii) below or, if

                                        5

<PAGE>

such consideration per share shall be less than such Fair Market Value per
share, to the lowest of the prices (calculated to the nearest one-thousandth of
one cent) determined as provided in clauses (i) and (ii) below:

          (i) by dividing (A) an amount equal to the sum of (1) the number of
     shares of Common Stock outstanding immediately prior to such Common Stock
     Distribution multiplied by the then existing Exercise Price, plus (2) the
     consideration, if any, received by Avatech upon such Common Stock
     Distribution by (B) the total number of shares of Common Stock outstanding
     immediately after such Common Stock Distribution; and

          (ii) by multiplying the Exercise Price in effect immediately prior to
     such Common Stock Distribution by a fraction, the numerator of which shall
     be the sum of (A) the number of shares of Common Stock outstanding
     immediately prior to such Common Stock Distribution multiplied by such Fair
     Market Value per share on the date of such Common Stock Distribution, plus
     (B) the consideration, if any, received by Avatech upon such Common Stock
     Distribution, and the denominator of which shall be the product of (1) the
     total number of shares of Common Stock outstanding immediately after such
     Common Stock Distribution multiplied by (2) such Fair Market Value per
     share on the date of such Common Stock Distribution.

     If any Common Stock Distribution shall require an adjustment to the
Exercise Price pursuant to the foregoing provisions of this paragraph (a),
including by operation of paragraph (b) or (c) below, then, effective at the
time such adjustment is made, the number of shares of Voting Common Stock
subject to purchase upon exercise of this Warrant shall be increased to a number
determined by multiplying the number of shares of Voting Common Stock subject to
purchase immediately before such Common Stock Distribution by a fraction, the
numerator of which shall be the number of shares of Common Stock outstanding
immediately after giving effect to such Common Stock Distribution and the
denominator of which shall be the sum of the number of shares outstanding
immediately before giving effect to such Common Stock Distribution (both
calculated on a Fully Diluted Basis) plus the number of shares of Common Stock
which the aggregate consideration received by Avatech with respect to such
Common Stock Distribution would purchase at the Fair Market Value of Avatech per
share of outstanding Common Stock on a Fully Diluted Basis on the date of such
Common Stock Distribution (before giving effect to such Common Stock
Distribution). In computing adjustments under this paragraph, fractional
interests in Common Stock shall be taken into account to the nearest
one-thousandth of a share.

     The provisions of this paragraph (a), including by operation of paragraph
(b) or (c) below, shall not operate to increase the Exercise Price or reduce the
number of shares of Voting Common Stock subject to purchase upon exercise of
this Warrant.

     (b) If Avatech shall issue, sell, distribute or otherwise grant in any
manner (including by assumption) any rights to subscribe for or to purchase, or
any warrants or options for the purchase of Common Stock or any stock or
securities convertible into or exchangeable for Common Stock (such rights,
warrants or options being herein called "Options" and such convertible or
exchangeable stock or securities being herein called "Convertible Securities"),
whether or not such Options or the

                                        6

<PAGE>

rights to convert or exchange any such Convertible Securities in respect of such
Options are immediately exercisable, and the price per share for which Common
Stock is issuable upon the exercise of such Options or upon conversion or
exchange of such Convertible Securities in respect of such Options (determined
by dividing (i) the aggregate amount, if any, received or receivable by Avatech
as consideration for the granting of such Options, plus the minimum aggregate
amount of additional consideration payable to Avatech upon the exercise of all
such Options, plus, in the case of Options to acquire Convertible Securities,
the minimum aggregate amount of additional consideration, if any, payable upon
the issuance or sale of such Convertible Securities and upon the conversion or
exchange thereof, by (ii) the total maximum number of shares of Common Stock
issuable upon the exercise such Options or upon the conversion or exchange of
all such Convertible Securities issuable upon the exercise of such Options)
shall be less than the Exercise Price then in effect or less than the Fair
Market Value of Avatech per share of outstanding Common Stock on a Fully Diluted
Basis on the date of granting such Options (before giving effect to such grant),
then, for purposes of paragraph (a) above, the total maximum number of shares of
Common Stock issuable upon the exercise of such Options or upon conversion or
exchange of the total maximum amount of such Convertible Securities issuable
upon the exercise of such Options shall be deemed to have been issued as of the
date of granting of such Options and thereafter shall be deemed to be
outstanding and Avatech shall be deemed to have received as consideration such
price per share, determined as provided above, therefor. Except as otherwise
provided in paragraph (d) below, no additional adjustment of the Exercise Price
shall be made upon the actual exercise of such Options or upon conversion or
exchange of such Convertible Securities.

     (c) If Avatech shall issue, sell or otherwise distribute (including by
assumption) any Convertible Securities, whether or not the rights to exchange or
convert thereunder are immediately exercisable, and the price per share for
which Common Stock is issuable upon such conversion or exchange (determined by
dividing (i) the aggregate amount received or receivable by Avatech as
consideration for the issuance, sale or distribution of such Convertible
Securities, plus the minimum aggregate amount of additional consideration, if
any, payable to Avatech upon the conversion or exchange thereof, by (ii) the
total maximum number of shares of Common Stock issuable upon the conversion or
exchange of all such Convertible Securities) shall be less than the Exercise
Price then in effect or less than the Fair Market Value of Avatech per share of
outstanding Common Stock on a Fully Diluted Basis on the date of such issuance,
sale or distribution (before giving effect to such issuance, sale or
distribution) , then, for purposes of paragraph (a) above, the total maximum
number of shares of Common Stock issuable upon conversion or exchange of all
such Convertible Securities shall be deemed to have been issued as of the date
of the issuance, sale or distribution of such Convertible Securities and
thereafter shall be deemed to be outstanding and Avatech shall be deemed to have
received as consideration such price per share, determined as provided above,
therefor. Except as otherwise provided in paragraph (d) below, no additional
adjustment of the Exercise Price shall be made upon the actual conversion or
exchange of such Convertible Securities.

     (d) If (i) the purchase price provided for in any Option referred to in
paragraph (b) above or the additional consideration, if any, payable upon the
conversion or exchange of any Convertible Securities referred to in paragraph
(b) or (c) above or the rate at which any Convertible Securities referred to in
paragraph (b) or (c) above are convertible into or exchangeable for Common Stock
shall change at any time (other than under or by reason of provisions designed
to protect against

                                        7

<PAGE>

dilution upon an event which results in a related adjustment pursuant to this
Article IV), or (ii) any of such Options or Convertible Securities shall have
terminated, lapsed or expired, the Exercise Price then in effect shall forthwith
be readjusted (effective only with respect to any exercise of this Warrant after
such readjustment) to the Exercise Price which would then be in effect had the
adjustment made upon the issuance, sale, distribution or grant of such Options
or Convertible Securities been made based upon such changed purchase price,
additional consideration or conversion rate, as the case may be (in the case of
any event referred to in clause (i) of this paragraph (d)) or had such
adjustment not been made (in the case of any event referred to in clause (ii) of
this paragraph (d)).

     (e) If Avatech shall pay a dividend or make any other distribution upon any
capital stock of Avatech payable in Common Stock, Options or Convertible
Securities, then, for purposes of paragraph (a) above, such Common Stock,
Options or Convertible Securities shall be deemed to have been issued or sold
without consideration.

     (f) If any shares of Common Stock, Options or Convertible Securities shall
be issued, sold or distributed for cash, the consideration received therefor
shall be deemed to be the amount received by Avatech therefor, after deduction
therefrom of any expenses incurred in connection therewith. If any shares of
Common Stock, Options or Convertible Securities shall be issued sold or
distributed for a consideration other than cash, the amount of the consideration
other than cash received by Avatech shall be deemed to be the Fair Market Value
of such consideration, after deduction of any expenses incurred in connection
therewith. If any shares of Common Stock, Options or Convertible Securities
shall be issued in connection with any merger in which Avatech is the surviving
corporation, the amount of consideration therefor shall be deemed to be the Fair
Market Value of such portion of the assets and business of the non-surviving
corporation as shall be attributable to such Common Stock, Options or
Convertible Securities, as the case may be. If any Options shall be issued in
connection with the issuance and sale of other securities of Avatech, together
comprising one integral transaction in which no specific consideration is
allocated to such Options by the parties thereto, such Options shall be deemed
to have been issued without consideration.

     SECTION 4.4. SPECIAL DIVIDENDS.

     If Avatech shall issue or distribute to any holder or holders of shares of
Common Stock evidences of indebtedness, any other securities of Avatech or any
cash, property or other assets (excluding a Common Stock Reorganization or a
Common Stock Distribution), whether or not accompanied by a purchase, redemption
or other acquisition of shares of Common Stock (any such nonexcluded event being
herein called a "Special Dividend"), (a) the Exercise Price shall be decreased,
effective immediately after the effective date of such Special Dividend, to a
price determined by multiplying the Exercise Price then in effect by a fraction,
the numerator of which shall be the Fair Market Value of Avatech per share of
outstanding Common Stock as of such effective date less any cash and the then
Fair Market Value of any evidences of indebtedness, securities or property or
other assets issued or distributed in such Special Dividend with respect to one
share of Common Stock, and the denominator of which shall be such Fair Market
Value per share and (b) the number of shares of Voting Common Stock subject to
purchase upon exercise of

                                        8

<PAGE>

this Warrant shall be increased to a number determined by multiplying the number
of shares of Voting Common Stock subject to purchase immediately before such
Special Dividend by a fraction, the numerator of which shall be the Exercise
Price in effect immediately before such Special Dividend and the denominator of
which shall be the Exercise Price in effect immediately after such Special
Dividend. A reclassification of Common Stock (other than a change in par value,
or from par value to no par value or from no par value to par value) into shares
of Common Stock and shares of any other class of stock shall be deemed a
distribution by Avatech to the holders of such Common stock of such shares of
such other class of stock and, if the outstanding shares of Common Stock shall
be changed into a larger or smaller number of shares of Common Stock as part of
such reclassification, a Common Stock Reorganization.

     SECTION 4.5. CAPITAL REORGANIZATIONS.

     If there shall be (i) any consolidation or merger to which Avatech is a
party, other than a consolidation or a merger of which Avatech is the continuing
corporation and which does not result in any reclassification of, or change
(other than a Common Stock Reorganization) in, outstanding shares of Common
Stock, or (ii) any sale or conveyance of the property of Avatech as an entirety
or substantially as an entirety, or (iii) any recapitalization of Avatech (any
such event being called a "Capital Reorganization"), then, effective upon the
effective date of such Capital Reorganization, the Holder shall no longer have
the right to purchase Voting Common Stock, but shall have instead the right to
purchase, upon exercise of this Warrant, the kind and amount of shares of stock
and other securities and property (including cash) which the Holder would have
owned or have been entitled to receive pursuant to such Capital Reorganization
if this Warrant had been exercised immediately prior to the effective date of
such Capital Reorganization. As a condition to effecting any Capital
Reorganization, Avatech or the successor or surviving corporation, as the case
may be, shall (a) execute and deliver to each Warrantholder and to the Warrant
Agency an agreement as to the Warrantholders' rights in accordance with this
Section 4.5, providing, to the extent of any right to purchase equity securities
hereunder, for subsequent adjustments as nearly equivalent as may be practicable
to the adjustments provided for in this Article IV and (b) provide each
Regulated Holder with an opinion of counsel reasonably satisfactory to such
Regulated Holder and such other assurances as any Regulated Holder may
reasonably request to the effect that the ownership and exercise by any
Regulated Holder of this Warrant after giving effect to such Capital
Reorganization shall not be prohibited by the BHC Act or the regulations
thereunder. The provisions of this Section 4.5 shall similarly apply to
successive Capital Reorganizations.

     SECTION 4.6. ADJUSTMENT RULES.

     Any adjustments pursuant to this Article IV shall be made successively
whenever an event referred to herein shall occur, except that, notwithstanding
any other provision of this Article IV, no adjustment shall be made to the
number of shares of Voting Common Stock to be delivered to each Holder (or to
the Exercise Price) if such adjustment represents less than 1% of the number of
shares previously required to be so delivered, but any lesser adjustment shall
be carried forward and shall be made at the time and together with the next
subsequent adjustment which together with any adjustments so carried forward
shall amounts to 1% or more of the number of shares to be so delivered. No
adjustment shall be made pursuant to this Article IV in respect of (x) the
issuance of

                                        9

<PAGE>

stock options or Common Stock to employees of Avatech pursuant to employee stock
ownership plans or otherwise, or the exercise of any such options, PROVIDED that
the aggregate amount of all such Common Stock and Common Stock for which such
options are exercisable does not exceed 15% of the Common Stock on a Fully
Diluted Basis on the date hereof and (y) the issuance from time to time of
shares of Common Stock upon the exercise of any of the Warrants. If Avatech
shall take a record of the holders of its Common Stock for any purpose referred
to in this Article IV, then (i) such record date shall be deemed to be the date
of the issuance, sale, distribution or grant in question and (ii) if Avatech
shall legally abandon such action prior to effecting such action, no adjustment
shall be made pursuant to this Article IV in respect of such action.

     SECTION 4.7. PROCEEDINGS PRIOR TO ANY ACTION REQUIRING ADJUSTMENT

     As a condition precedent to the taking of any action which would require an
adjustment pursuant to this Article IV, Avatech shall take any action which may
be necessary, including obtaining regulatory approvals or exemptions, in order
that (a) Avatech may thereafter validly and legally issue as fully paid and
nonassessable all shares of Voting Common Stock which the holders of Warrants
are entitled to receive upon exercise thereof and (b) the ownership and exercise
of any Warrant by any Regulated Holder shall not be prohibited by any Regulatory
Requirement.

     SECTION 4.8. NOTICE OF ADJUSTMENT.

     Not less than 10 nor more than 30 days prior to the record date or
effective date, as the case may be, of any action which requires or might
require an adjustment or readjustment pursuant to this Article IV, Avatech shall
give notice to each Warrantholder of such event, describing such event in
reasonable detail and specifying the record date or effective date, as the case
may be, and, if determinable, the required adjustment and the computation
thereof. If the required adjustment is not determinable at the time of such
notice, Avatech shall give notice to each Warrantholder of such adjustment and
computation promptly after such adjustment becomes determinable.

                                    ARTICLE V

                PURCHASE, REDEMPTION AND CANCELLATION OF WARRANTS

     SECTION 5.1. PURCHASE OF WARRANTS BY AVATECH.

     Avatech shall have the right or obligation to purchase or otherwise acquire
Warrants at such times, in such manner and for such consideration as set forth
below.

     SECTION 5.2. MANDATORY REDEMPTION OF WARRANTS.

     The Holder may at any time after the earlier to occur of (a) the repayment
in full of all principal of and premium and interest on the Note (as defined in
the Financing Agreement) and the termination of the Commitment to make advances
under the Financing Agreement, (b) the date on which Avatech shall have
delivered a Refinancing Notice to the Holder (any such redemption

                                       10

<PAGE>

pursuant to this clause (b) (a "Refinancing Redemption"), or (c) the third (3rd)
anniversary of the date hereof, demand a determination of the Redemption Price
(a "Determination Notice") for purposes of this Section 5.2. Within 30 days (or,
in the case of a Refinancing Redemption, 5 days) after the receipt of any
Determination Notice from the Holder, Avatech shall give to the Holder notice of
the Redemption Price, including a reasonably detailed description of the method
of calculation thereof, determined as of the day preceding such notice of the
Redemption Price. At any time within 30 days (or, in the case of a Refinancing
Redemption, 15 days) after receipt of notice of the Redemption Price the Holder
may demand redemption of this Warrant, in whole or in part, at the Redemption
Price by notice to Avatech, payable on the third Business Day after receipt of
notice of such demand (or, in the case of a Refinancing Redemption, on the
closing date of such refinancing) (any such date, the "Redemption Due Date") in
immediately available funds to the Holder upon surrender of this Warrant at the
Warrant Agency or, if requested by the Holder, without surrender of this
Warrant, by wire transfer to any account in Baltimore, Maryland, specified by
written notice to Avatech. Thereupon, the right to purchase shares of Voting
Common Stock theretofore represented by this Warrant as to which the Holder has
demanded (and Avatech may effect) redemption shall terminate, and this Warrant
shall represent the right of the Holder to receive the full Redemption Price
from Avatech in accordance with this Section. The Holder's right to demand
redemption of this Warrant pursuant to this Section 5.2 shall be referred to
hereinafter as the Holder's "Mandatory Redemption Right".

     SECTION 5.3. OPTIONAL REDEMPTION.

     At any time and from time to time after the later to occur of (a) the
fourth (4th) anniversary of the Closing Date (as defined in the Financing
Agreement) and (b) the date on which all amounts outstanding under the Financing
Agreement have been paid in full and the Commitments thereunder have been
terminated, Avatech shall have the right to redeem up to one-hundred percent
(100%) of the outstanding Warrants at the Optional Redemption Price, determined
as of the day preceding the notice of redemption. Irrevocable notice of such
right of redemption shall be given by Avatech to all Warrantholders not more
than 30 days nor less than 15 days prior to the date scheduled for redemption,
stating the date and price, including a reasonably detailed description of the
method of calculation thereof, of redemption. Warrantholders may exercise
Warrants until 5:00 p.m., Baltimore, Maryland time, on the Business Day
preceding the date of redemption set forth in a valid notice of redemption, at
which time the right to purchase shares of Voting Common Stock theretofore
represented by this Warrant shall terminate, and this Warrant shall represent
the right of the Holder to receive the Optional Redemption Price from Avatech in
immediately available funds upon surrender of this Warrant at the Warrant
Agency.

     SECTION 5.4. CANCELLATION OF WARRANTS.

     All Warrants purchased, redeemed or otherwise acquired by Avatech shall
thereupon be canceled and retired. The Warrant Agency shall cancel any Warrant
surrendered for exercise or registration of' transfer or exchange and deliver
such canceled Warrants to Avatech.

                                       11

<PAGE>

     SECTION 5.5. NOTICE OF REFINANCING.

     Avatech shall give notice to each of the Warrantholders of any intent by
Avatech Subsidiary Solutions, Inc. to refinance in their entirety the Note (as
defined in the Financing Agreement) not less than 60 days prior to the proposed
closing date of such refinancing, setting forth such proposed closing date and
notifying each Warrantholder of its rights under Section 5.2 (such notice, the
"Refinancing Notice").

                                   ARTICLE VI

                                   DEFINITIONS

     The following terms, as used in this Warrant, have the following meanings:

     "Avatech" has the meaning set forth in the first paragraph of this Warrant.

     "Avatech Determination" has the meaning set forth in Section 3.2.

     "BHC Act" means the Bank Holding Company Act of 1956, as amended.

     "Business Day" means any day excluding Saturday, Sunday and any day on
which banking institutions located in Baltimore, Maryland or New York City are
authorized by law or other governmental action to be closed, unless there shall
have been an offering of Common Stock registered under the Securities Act, in
which case "Business Day" means (a) if Common Stock is listed or admitted to
trading on a national securities exchange, a day on which the principal national
securities exchange on which the Common Stock is listed or admitted to trading
is open for business or (b) if Common Stock is not so listed or admitted to
trading, a day on which the New York Stock Exchange is open for business.

     "Capital Reorganization" has the meaning set forth in Section 4.5.

     "Closing Price" on any day means (a) if Common Stock is listed or admitted
for trading on a national securities exchange, the reported last sales price
regular way or, if no such reported sale occurs on such day, the average of the
closing bid and asked prices regular way on such day, in each case on the
principal national securities exchange on which Common Stock is listed or
admitted to trading, or (b) if Common Stock is not listed or admitted to trading
on any national securities exchange, the average of the closing bid and asked
prices in the over-the-counter market on such day as reported by NASDAQ or any
comparable system or, if not so reported, as reported by any New York Stock
Exchange member firm selected by Avatech for such purpose.

     "Common Stock" means the Voting Common Stock.

     "Common Stock Distribution" has the meaning set forth in Section 4.3(a).

     "Common Stock Reorganization" has the meaning set forth in Section 4.2.

                                       12

<PAGE>

     "Consolidated Total Debt" means all liabilities of Avatech and its wholly
owned subsidiaries determined on a consolidated basis and in accordance with
generally accepted accounting principles.

     "Convertible Securities" has the meaning set forth in Section 4.3(b).

     "Determination Notice" has the meaning set forth in Section 5.2.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended, and
any successor Federal statute, and the rules and regulations of the Securities
and Exchange Commission (or its successor) thereunder, all as the small shall be
in effect at the time.

     "Exercise Period" has the meaning specified in the first paragraph.

     "Exercise Price" means $.01 per share of the Voting Common Stock, subject
to adjustment pursuant to Article IV.

     "Financing Agreement" has the meaning set forth in the second paragraph of
this Warrant.

     "Fair Market Value" as at any date of determination means the fair market
value of the business or property or services in question as of such date, as
determined in good faith by the Board of Directors of Avatech. The Fair Market
Value of Avatech as at any date of determination shall be the greatest of (i)
the Fair Market Value at such date of Avatech and its Subsidiaries as a going
concern, (ii) the liquidation value at such date of Avatech and its
Subsidiaries, and (iii) the consolidated net worth of Avatech and its
Subsidiaries as shown on its latest available consolidated balance sheet.
Notwithstanding the foregoing, if, at any date of determination of the Fair
Market Value of Avatech, the Common Stock shall then be publicly traded, the
Fair Market Value of Avatech on such date shall be the greater of (a) the amount
determined in accordance with the immediately preceding sentence and (b) the
Market Price on such date multiplied by the number of shares of Common Stock
then outstanding. Determination of the Fair Market Value of Avatech per share of
Common Stock shall be made without giving effect to any discount for (i)
minority interest or (ii) any lack of liquidity of the Common Stock due to the
fact that there may be no public market for the Common Stock.

     "Fully Diluted Basis" means, with respect to any determination or
calculation, that such determination or calculation is performed on a fully
diluted basis determined in accordance with generally accepted accounting
principles as in effect from time to time.

     "Holder" has the meaning set forth in the first paragraph of this Warrant.

     "Mandatory Redemption Right" has the meaning set forth in Section 5.2.

     "Market Price" as at any date of determination means the average of the
daily Closing Prices of a share of Common Stock for the shorter of (i) the 20
consecutive Business Days ending on the most recent Business Day prior to the
Time of Determination and (ii) the period commencing on the date next succeeding
the first public announcement of the issuance, sale, distribution, grant or

                                       13

<PAGE>

exercise in question through such most recent Business Day prior to the Time of
Determination. "Time of Determination" means the time and date of the earliest
of (x) the determination of the stockholders entitled to receive such issuance.
sale, distribution or grant, (y) the determination of the Holders or Avatech to
exercise their respective rights set forth in Sections 5.2 or 5.3 hereof and (z)
the commencement of "ex-dividend" trading in respect thereof.

     "NASD" means The National Association of Securities Dealers, Inc.

     "NASDAQ" means The National Association of Securities Dealers, Inc
Automated Quotation System.

     "Optional Redemption Price" means, as of any date of determination, a price
for each share of Voting Common Stock issuable upon exercise of the Warrants
equal to 110% of the Redemption Price, determined as of such date.

     "Options" has the meaning set forth in Section 4.3(b).

     "Person" means any natural person, corporation, limited partnership,
general partnership, joint stock company, joint venture, association, company,
trust, bank, trust company, land trust, business trust or other organization,
whether or not a legal entity, and any government agency or political
subdivision thereof.

     "Redemption Due Date" has the meaning set forth in Section 5.2 hereof.

     "Redemption Price" means, as of any date of determination, a price for each
share of voting Common Stock issuable upon exercise of the Warrants equal to the
excess of (a) (i) the Fair Market Value of Avatech plus the aggregate Exercise
Price of all Warrants either being redeemed or then outstanding and not being
redeemed divided by (ii) the number of shares of Common Stock outstanding on a
Fully Diluted Basis over (b) the Exercise Price then in effect.

     "Refinancing Notice" has the meaning set forth in Section 5.5 hereof.

     "Regulated Holder" means the Holder or a holder of Warrant Shares, if such
Holder or holder of Warrant Shares is effectively restricted or prohibited from
holding, exercising or transferring, in whole or in part, this Warrant or
Warrant Shares by reason of any Regulatory Requirement, including without
limitation if such Holder or holder of Warrant Shares is a bank holding company
within the meaning of the BHC Act or a subsidiary thereof subject to Regulation
y under the BHC Act.

     "Regulatory Requirement" means any existing or future Federal or state
statute, rule, regulation, guideline, order, request or directive (whether or
not having the force of law and whether or not failure to comply therewith would
be unlawful) , including without limitation, the BHC Act and the regulations
thereunder.

                                       14

<PAGE>

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

     "Special Dividend" has the meaning set forth in Section 4.4.

     "Subsidiary" of any Person means any corporation, partnership, joint
venture, association, limited liability company or other business entity of
which more than 50% of the total voting power of shares of stock or other
interests therein entitled to vote in the election of members of the board of
directors, partnership committee, board of managers or trustees or other
managerial body thereof is at the time owned or controlled, directly or
indirectly, by such Person or one or more of the other Subsidiaries of such
Person or a combination thereof. Unless otherwise specified, "Subsidiary" means
a Subsidiary of Avatech and "Subsidiaries" means all Subsidiaries of Avatech.

     "Voting Common Stock" has the meaning set forth in the first paragraph of
this Warrant, subject to change pursuant to Article IV.

     "Warrant Agency" has the meaning set forth in Section 2.1.

     "Warrant Shares" means the shares of Voting Common Stock issuable upon the
exercise of the Warrants.

     "Warrantholder" means a holder of a Warrant.

     "Warrants" has the meaning set forth in the second paragraph of this
Warrant.

     All references herein to "days" shall mean calendar days unless otherwise
specified.

                                   ARTICLE VII

                                  MISCELLANEOUS

     SECTION 7.1. NOTICES.

     Notices and other communications provided for herein shall be in writing
and may be given by mail, courier, confirmed telex, facsimile transmission or
confirmed electronic mail (i.e., confirmed that it has been received and opened)
and shall, unless otherwise expressly required, be deemed given when received
or, if mailed, four Business Days after being deposited in the United States
mail with postage prepaid and properly addressed. In the case of the Holder,
such notices and communications shall be addressed to its address as shown on
the books maintained by the Warrant Agency, unless the Holder shall notify the
Warrant Agency that notices and communications should be sent to a different
address (or telex or facsimile number), in which case such notices and
communications shall be sent to the address (or telex or facsimile number)
specified by the Holder.

                                       15

<PAGE>

     SECTION 7.2. WAIVERS; AMENDMENTS.

     No failure or delay of the Holder in exercising any power or right
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right or power, or any" abandonment or discontinuance of
steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. No notice or demand on
Avatech in any case shall entitle Avatech to any other or future notice or
demand in similar or other circumstances. The rights and remedies of the Holder
are cumulative and not exclusive of any rights or remedies which it would
otherwise have. The provisions of this Warrant may be amended, modified, or
waived with (and only with) the written consent of Avatech and the
Warrantholders. The provisions of the Financing Agreement may be amended,
modified or waived only in accordance with the respective provisions thereof.

     Any such amendment, modifications or waiver effected pursuant to and in
accordance with the provisions of this Section or the applicable provisions of
the Financing Agreement shall be binding upon the holders of all Warrants and
Warrant Shares, upon each future holder thereof and upon Avatech. In the event
of any such amendment, modifications or waiver Avatech shall give prompt notice
thereof to all holders of Warrants and Warrant shares and, if appropriate,
notation thereof shall be made on all Warrants thereafter surrendered for
registration of transfer or exchange.

     SECTION 7.3. GOVERNING LAW.

     THIS WARRANT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS
OF THE STATE OF MARYLAND.

     SECTION 7.4. TRANSFER; COVENANTS TO BIND SUCCESSOR AND ASSIGNS.

     All covenants, stipulations, promises and agreements in this Warrant
contained by or on behalf of Avatech or the Holder shall bind its successors and
assigns, whether so expressed or not. This Warrant shall be transferable and
assignable by the Holder hereof in whole or from time to time in part of any
other Person and the provisions of this Warrant shall be binding upon and inure
to the benefit of the Holder hereof and its successors and assigns.

     SECTION 7.5. SEVERABILITY.

     In case anyone or more of the provisions contained in this Warrant shall be
invalid, illegal or unenforceable in any" respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not in any way
be affected or impaired thereby. The parties shall endeavor in good faith
negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that
of the invalid, illegal or unenforceable provisions.

                                       16

<PAGE>

     SECTION 7.6. SECTION HEADINGS.

     The section headings used herein are for convenience of reference only, are
not part of this Warrant and are not to affect the construction of or be taken
into consideration in interpreting this Warrant.

     SECTION 7.7. TAX BASIS.

     Avatech and the Holder agree that the Loan (as defined in the Financing
Agreement) and the Warrants issued in accordance with this Warrant constitute an
"investment unit" for the purposes of Section 1273(c)(2)(A) of the Internal
Revenue Code ("Code"). In accordance with Sections 1273(c)(2)(A) and 1273(b)(2)
of the Code, the issue price of the investment unit is the face principal amount
of the Loan. Allocating that issue price among the Loan and Warrants in
proportion to their fair market value, as required by Section 1273(c)(2)(B) of
the Code and Treasury Regulation 1.1273-2(h)(1), results in the Warrant having
an issue price of zero and the Loan having a principal amount of $2,000,000.00.
Accordingly, Avatech believes that the original issue discount that will accrue
on the Warrant is zero.

                     [rest of page intentionally left blank]

                                       17

<PAGE>

     IN WITNESS WHEREOF, Avatech has caused this Warrant to be executed in its
corporate name by one of its officers thereunto duly authorized, and its
corporate seal to be hereunto affixed, attested by its Secretary or an Assistant
Secretary, all as of the day and year first above written.

                                               AVATECH SOLUTIONS, INC

                                               By:                        (SEAL)
                                                   -----------------------

[Corporate Seal]

ATTEST:

----------------------------

                                       18

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