Document:

EXHIBIT 10.44

                          COLLATERAL AGENT AGREEMENT
                          --------------------------

         COLLATERAL AGENT AGREEMENT (this "Agreement") dated as of January 27,
2004, among Barbara R. Mittman (the "Collateral Agent"), and the parties
identified on Schedule A hereto (each, individually, a "Lender" and
collectively, the "Lenders"), who hold or will acquire 8% convertible
promissory notes issued or to be issued by Provo International Inc. ("Provo"),
a Delaware corporation, at or about the date of this Agreement and after the
date of this Agreement as described in the Security Agreement referred to in
Section 1(a) below (collectively herein the "Notes").

         WHEREAS, the Lenders have made, are making or will be making loans to
Provo to be secured by certain collateral; and

         WHEREAS, it is desirable to provide for the orderly administration of
such collateral by requiring each Lender to appoint the Collateral Agent, and
the Collateral Agent has agreed to accept such appointment and to receive,
hold and deliver such collateral, all upon the terms and subject to the
conditions hereinafter set forth; and

         WHEREAS, it is desirable to allocate the enforcement of certain
rights of the Lenders under the Notes for the orderly administration thereof.

         NOW, THEREFORE, in consideration of the premises set forth herein and
for other good and valuable consideration, the parties hereto agree as
follows:

         1.   Collateral.
              -----------

              (a) Contemporaneously with the execution and delivery of this
Agreement by the Collateral Agent and the Lenders, (i) the Collateral Agent
has or will have entered into a Security Agreement between the Collateral
Agent and Provo (the "Security Agreement"), regarding the grant of a security
interest in assets owned by Provo (such assets are referred to herein as the
"Collateral") to the Collateral Agent, for the benefit of the Lenders and (ii)
Provo is issuing the Notes to the Lenders.

              (b) For purposes solely of perfection of the security interests
granted to the Collateral Agent, as agent on behalf of the Lenders, and on its
own behalf under the Security Agreement, the Collateral Agent hereby
acknowledges that any Collateral held by the Collateral Agent is held for the
benefit of the Lenders in accordance with this Agreement and the Security
Agreement. No reference to the Security Agreement or any other instrument or
document shall be deemed to incorporate any term or provision thereof into
this Agreement unless expressly so provided.

              (c) The Collateral Agent is to distribute in accordance with the
Security Agreement any proceeds received from the Collateral which are
distributable to the Lenders in proportion to their respective interests in
the Obligations (as defined in the Security Agreement).

         2.   Appointment of the Collateral Agent.
              ------------------------------------

                                      1

(Collateral Agent Agreement)

<PAGE>

              The Lenders hereby appoint the Collateral Agent (and the
Collateral Agent hereby accepts such appointment) to take any action
including, without limitation, the registration of any Collateral in the name
of the Collateral Agent or its nominees prior to or during the continuance of
an Event of Default (as defined in the Security Agreement), the exercise of
voting rights upon the occurrence and during the continuance of an Event of
Default, the application of any cash collateral received by the Collateral
Agent to the payment of the Obligations, the exercise of any remedies given to
the Collateral Agent pursuant to the Security Agreement and the exercise of
any authority pursuant to the appointment of the Collateral Agent as an
attorney-in-fact pursuant to the Security Agreement that the Collateral Agent
deems necessary or proper for the administration of the Collateral pursuant to
the Security Agreement. Upon disposition of the Collateral in accordance with
the Security Agreement, the Collateral Agent shall promptly distribute any
cash or Collateral in accordance with Section 10.4 of the Security Agreement.
Lenders must notify Collateral Agent in writing of the issuance of Notes by
Provo. The Collateral Agent will not be required to act hereunder in
connection with Notes not disclosed in writing to the Collateral Agent.

         3.   Action by the Majority in Interest.

              (a) Certain Actions. Each of the Lenders covenants and agrees
that only a Majority in Interest shall have the right, but not the obligation,
to undertake the following actions (it being expressly understood that less
than a Majority in Interest hereby expressly waive the following rights that
they may otherwise have under the Notes, but only insofar as such waiver
affects their right to receive proceeds from the Collateral):

                  (i) Acceleration. If an Event of Default occurs, after the
applicable cure period, if any, a Majority in Interest may, on behalf of all
the Lenders, instruct the Collateral Agent to provide to Provo notice to cure
such default and/or declare the unpaid principal amount of the Notes to be due
and payable, together with any and all accrued interest thereon and all costs
payable pursuant to such Notes;

                  (ii) Enforcement. Upon the occurrence of any Event of
Default after the applicable cure period, if any, a Majority in Interest may
instruct the Collateral Agent to proceed to protect, exercise and enforce, on
behalf of all the Lenders, their rights and remedies under the Notes against
Provo, and such other rights and remedies as are provided by law or equity;

                  (iii) Waiver of Past Defaults. A Majority in Interest may
instruct the Collateral Agent to waive any Event of Default by written notice
to Provo, and the other Lenders; and

                  (iv) Amendment. A Majority in Interest may instruct the
Collateral Agent to waive, amend, supplement or modify any term, condition or
other provision in the Notes or Security Agreement in accordance with the
terms of the Notes or Security Agreement so long as such waiver, amendment,
supplement or modification is made with respect to all of the Notes and with
the same force and effect with respect to each of the Notes.

              (b) Permitted Subordination. A Majority in Interest may instruct
the Collateral Agent to agree to subordinate any Collateral to any claim and
may enter into any agreement with Provo to evidence such subordination;
provided, however, that subsequent to any such subordination, each Note shall
remain pari passu with the other Notes held by the Lenders.

                                      2

(Collateral Agent Agreement)

<PAGE>

              (c) Further Actions. A Majority in Interest may instruct the
Collateral Agent to take any action that it may take under this Agreement by
instructing the Collateral Agent in writing to take such action on behalf of
all the Lenders.

              (d) Majority in Interest. For so long as any obligations remain
outstanding on the Notes, Majority in Interest shall mean Lenders who hold not
less than seventy-five percent (75%) of the outstanding principal amount of
the Notes.

         4.   Power of Attorney.
              ------------------

              (a) To effectuate the terms and provisions hereof, the Lenders
hereby appoint the Collateral Agent as their attorney-in-fact (and the
Collateral Agent hereby accepts such appointment) for the purpose of carrying
out the provisions of this Agreement including, without limitation, taking any
action on behalf of, or at the instruction of, the Majority in Interest at the
written direction of the Majority in Interest and executing any consent
authorized pursuant to this Agreement and taking any action and executing any
instrument that the Collateral Agent may deem necessary or advisable (and
lawful) to accomplish the purposes hereof.

              (b) All acts done under the foregoing authorization are hereby
ratified and approved and neither the Collateral Agent nor any designee nor
agent thereof shall be liable for any acts of commission or omission, for any
error of judgment, for any mistake of fact or law except for acts of gross
negligence or willful misconduct.

              (c) This power of attorney, being coupled with an interest, is
irrevocable while this Agreement remains in effect.

         5.   Expenses of the Collateral Agent. The Lenders shall pay any and
all costs and expenses incurred by the Collateral Agent, all waivers,
releases, discharges, satisfactions, modifications and amendments of this
Agreement, the administration and holding of the Collateral, insurance
expenses, and the enforcement, protection and adjudication of the parties'
rights hereunder by the Collateral Agent, including, without limitation, the
reasonable disbursements, expenses and fees of the attorneys the Collateral
Agent may retain, if any, each of the foregoing in proportion to their
holdings of the Notes.

         6.   Reliance on Documents and Experts. The Collateral Agent shall be
entitled to rely upon any notice, consent, certificate, affidavit, statement,
paper, document, writing or communication (which may be by telegram, cable,
telex, telecopier, or telephone) reasonably believed by it to be genuine and
to have been signed, sent or made by the proper person or persons, and upon
opinions and advice of its own legal counsel, independent public accountants
and other experts selected by the Collateral Agent.

         7.   Duties of the Collateral Agent; Standard of Care.

              (a) The Collateral Agent's only duties are those expressly set
forth in this Agreement, and the Collateral Agent hereby is authorized to
perform those duties in accordance with commercially reasonable practices. The
Collateral Agent may exercise or otherwise enforce any of its rights, powers,
privileges, remedies and interests under this Agreement and applicable law or
perform any of its duties under this Agreement by or through its officers,
employees, attorneys, or agents.

                                      3

(Collateral Agent Agreement)

<PAGE>

              (b) The Collateral Agent shall act in good faith and with that
degree of care that an ordinarily prudent person in a like position would use
under similar circumstances.

              (c) Any funds held by the Collateral Agent hereunder need not be
segregated from other funds except to the extent required by law. The
Collateral Agent shall be under no liability for interest on any funds
received by it hereunder.

         8.   Resignation. The Collateral Agent may resign and be discharged of
its duties hereunder at any time by giving written notice of such resignation
to the other parties hereto, stating the date such resignation is to take
effect. Within five (5) days of the giving of such notice, a successor
collateral agent shall be appointed by the Majority in Interest; provided,
however, that if the Lenders are unable so to agree upon a successor within
such time period, and notify the Collateral Agent during such period of the
identity of the successor collateral agent, the successor collateral agent may
be a person designated by the Collateral Agent, and any and all fees of such
successor collateral agent shall be the joint and several obligation of the
Lenders. The Collateral Agent shall continue to serve until the effective date
of the resignation or until its successor accepts the appointment and receives
the Collateral held by the Collateral Agent but shall not be obligated to take
any action hereunder. The Collateral Agent may deposit any Collateral with the
Supreme Court of the State of New York for New York County or any such other
court in New York State that accepts such Collateral.

         9.   Exculpation. The Collateral Agent and its officers, employees,
attorneys and agents, shall not incur any liability whatsoever for the holding
or delivery of documents or the taking of any other action in accordance with
the terms and provisions of this Agreement, for any mistake or error in
judgment, for compliance with any applicable law or any attachment, order or
other directive of any court or other authority (irrespective of any
conflicting term or provision of this Agreement), or for any act or omission
of any other person engaged by the Collateral Agent in connection with this
Agreement, unless occasioned by the exculpated person's own gross negligence
or willful misconduct; and each party hereto hereby waives any and all claims
and actions whatsoever against the Collateral Agent and its officers,
employees, attorneys and agents, arising out of or related directly or
indirectly to any or all of the foregoing acts, omissions and circumstances.

         10.   Indemnification. The Lenders hereby agree to indemnify, reimburse
and hold harmless the Collateral Agent and its directors, officers, employees,
attorneys and agents, jointly and severally, from and against any and all
claims, liabilities, losses and expenses that may be imposed upon, incurred
by, or asserted against any of them, arising out of or related directly or
indirectly to this Agreement or the Collateral, except such as are occasioned
by the indemnified person's own gross negligence or willful misconduct.

         11.   Miscellaneous.
               --------------

               (a) Rights and Remedies Not Waived. No act, omission or delay by
the Collateral Agent shall constitute a waiver of the Collateral Agent's
rights and remedies hereunder or otherwise. No single or partial waiver by the
Collateral Agent of any default hereunder or right or remedy that it may have
shall operate as a waiver of any other default, right or remedy or of the same
default, right or remedy on a future occasion.

               (b) Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York without regard
to principles of conflicts or choice of

                                      4

(Collateral Agent Agreement)

<PAGE>

law (or any other law that would make any substantive laws of any state other
than the State of New York applicable hereto).

               (c) Waiver of Jury Trial and Setoff; Consent to Jurisdiction;
Etc.

                   (i) In any litigation in any court with respect to, in
connection with, or arising out of this Agreement or any instrument or
document delivered pursuant to this Agreement, or the validity, protection,
interpretation, collection or enforcement hereof or thereof, or any other
claim or dispute howsoever arising, between the Collateral Agent and the
Lenders or any Lender, then each Lender, to the fullest extent it may legally
do so, (i) waives the right to interpose any setoff, recoupment, counterclaim
or cross-claim in connection with any such litigation, irrespective of the
nature of such setoff, recoupment, counterclaim or cross-claim, unless such
setoff, recoupment, counterclaim or cross-claim could not, by reason of any
applicable federal or state procedural laws, be interposed, pleaded or alleged
in any other action; and (ii) WAIVES TRIAL BY JURY IN CONNECTION WITH ANY SUCH
LITIGATION AND ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH
LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY
DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. EACH LENDER AGREES THAT
THIS SECTION 11(C) IS A SPECIFIC AND MATERIAL ASPECT OF THIS AGREEMENT AND
ACKNOWLEDGE THAT THE COLLATERAL AGENT WOULD NOT ENTER THIS AGREEMENT IF THIS
SECTION 11(C) WERE NOT PART OF THIS AGREEMENT.

                   (ii) Each Lender irrevocably consents to the exclusive
jurisdiction of any State or Federal Court located within the County of New
York, State of New York, in connection with any action or proceeding arising
out of or relating to this Agreement or any document or instrument delivered
pursuant to this Agreement or otherwise. In any such litigation, each Lender
waives, to the fullest extent it may effectively do so, personal service of
any summons, complaint or other process and agree that the service thereof may
be made by certified or registered mail directed to such Lender at its address
for notice determined in accordance with Section 11(e) hereof. Each Lender
hereby waives, to the fullest extent it may effectively do so, the defenses of
forum non conveniens and improper venue.

              (d)  Admissibility of this Agreement. Each of the Lenders agrees
that any copy of this Agreement signed by it and transmitted by telecopier for
delivery to the Collateral Agent shall be admissible in evidence as the
original itself in any judicial or administrative proceeding, whether or not
the original is in existence.

              (e)  Address for Notices. Any notice or other communication under
the provisions of this Agreement shall be given in writing and delivered in
person, by reputable overnight courier or delivery service, by facsimile
machine (receipt confirmed) with a copy sent by first class mail on the date
of transmissions, or by registered or certified mail, return receipt
requested, directed to its addresses set forth below (or to any new address of
which any party hereto shall have informed the others by the giving of notice
in the manner provided herein):

              In the case of the Collateral Agent, to it at:

              Barbara R. Mittman
              551 Fifth Avenue, Suite 1601
              New York, New York 10176
              Fax: (212) 697-3575

                                      5

(Collateral Agent Agreement)

<PAGE>

              In the case of the Lenders, to:

              To the address and telecopier number set forth on Schedule A
              hereto.

              In the case of Provo, to:

              Provo International Inc.
              One Blue Hill Plaza, 7th Floor
              Pearl River, New York 10965

              Attn: Stephen J. Cole, Chief Executive Officer
              Fax: (845) 623-8669

              With a copy by email, fax, or first class mail only to:

              Swidler Berlin Shereff Friedman, LLP
              3000 K Street, N.W., Suite 300
              Washington, D.C. 20007
              Attn: Sean P. McGuinness, Esq.
              Fax: (202) 295-8478

              (f) Amendments and Modification; Additional Lender. No provision
hereof shall be modified, altered, waived or limited except by written
instrument expressly referring to this Agreement and to such provision, and
executed by the parties hereto. Any transferee of a Note who acquires a Note
after the date hereof will become a party hereto by signing the signature page
and sending an executed copy of this Agreement to the Collateral Agent and
receiving a signed acknowledged from the Collateral Agent.

              (g) Fee. Upon the occurrence of an Event of Default, the Lenders
collectively shall pay the Collateral Agent the sum of $10,000 to apply
against an hourly fee of $350 to be paid to the Collateral Agent by the
Lenders for services rendered pursuant to this Agreement. All payments due to
the Collateral Agent under this Agreement including reimbursements must be
paid when billed. The Collateral Agent may refuse to act on behalf of or make
a distribution to any Lender who is not current in payments to the Collateral
Agent. Payments required pursuant to this Agreement shall be pari passu to the
Lenders' interests in the Notes. The Collateral Agent is hereby authorized to
deduct any sums due the Collateral Agent from Collateral in the Collateral
Agent's possession.

              (h) Counterparts/Execution. This Agreement may be executed in
any number of counterparts and by the different signatories hereto on separate
counterparts, each of which, when so executed, shall be deemed an original,
but all such counterparts shall constitute but one and the same instrument.
This Agreement may be executed by facsimile signature and delivered by
facsimile transmission.

              (i) Successors and Assigns. Whenever in this Agreement reference
is made to any party, such reference shall be deemed to include the
successors, assigns, heirs and legal representatives of such party. No party
hereto may transfer any rights under this Agreement, unless the transferee
agrees to

                                      6

(Collateral Agent Agreement)

<PAGE>

be bound by, and comply with all of the terms and provisions of this
Agreement, as if an original signatory hereto on the date hereof.

              (j) Captions: Certain Definitions. The captions of the various
sections and paragraphs of this Agreement have been inserted only for the
purposes of convenience; such captions are not a part of this Agreement and
shall not be deemed in any manner to modify, explain, enlarge or restrict any
of the provisions of this Agreement. As used in this Agreement the term
"person" shall mean and include an individual, a partnership, a joint venture,
a corporation, a limited liability company, a trust, an unincorporated
organization and a government or any department or agency thereof.

              (k) Severability. In the event that any term or provision of
this Agreement shall be finally determined to be superseded, invalid, illegal
or otherwise unenforceable pursuant to applicable law by an authority having
jurisdiction and venue, that determination shall not impair or otherwise
affect the validity, legality or enforceability (i) by or before that
authority of the remaining terms and provisions of this Agreement, which shall
be enforced as if the unenforceable term or provision were deleted, or (ii) by
or before any other authority of any of the terms and provisions of this
Agreement.

              (l) Entire Agreement. This Agreement contains the entire
agreement of the parties and supersedes all other agreements and
understandings, oral or written, with respect to the matters contained herein.

              (m) Schedules. The Collateral Agent is authorized to annex
hereto any schedules referred to herein.

                     [THIS SPACE INTENTIONALLY LEFT BLANK]

                                      7

(Collateral Agent Agreement)

<PAGE>

         IN WITNESS  WHEREOF,  the parties hereto have caused this  Collateral
Agent Agreement to be signed, by their respective duly authorized  officers or
directly, as of the date first written above.

                                   "LENDERS"

       /s/                                      /s/
------------------------------------    ---------------------------------------
ALPHA CAPITAL AKTIENGESELLSCHAFT          STONESTREET LIMITED PARTNERSHIP

     /s/
------------------------------------
CONGREGATION MISHKAN SHOLOM
INCORPORATED

------------------------------------
LUCRATIVE INVESTMENTS

                                             /s/ Barbara Mittman
------------------------------------    ---------------------------------------
                                        BARBARA R. MITTMAN - Collateral Agent

Acknowledged:
PROVO INTERNATIONAL INC.

By: /s/ Stephen J. Cole-Hatchard
    ---------------------------------
      Name:  Stephen J. Cole-Hatchard
      Title: CEO

          THIS COLLATERAL AGENT AGREEMENT MAY BE SIGNED BY FACSIMILE
         SIGNATURE AND DELIVERED BY CONFIRMED FACSIMILE TRANSMISSION.

                                      8

(Collateral Agent Agreement)

<PAGE>

                   SCHEDULE A TO COLLATERAL AGENT AGREEMENT

<TABLE>
<CAPTION>
+------------------------------------------------+-----------------------------+
|LENDER                                          | PRINCIPAL AMOUNT OF NOTE    |
+------------------------------------------------+-----------------------------+
 <S>                                              <C>
|ALPHA CAPITAL AKTIENGESELLSCHAFT                | $500,000.00                 |
|Pradafant 7                                     |                             |
|9490 Furstentums                                |                             |
|Vaduz, Lichtenstein                             |                             |
|Fax: 011-42-32323196                            |                             |
+------------------------------------------------+-----------------------------+
|STONESTREET LIMITED PARTNERSHIP                 | $300,000.00                 |
|C/o Canaccord Capital Corporation               |                             |
|320 Bay Street, Suite 1300                      |                             |
|Toronto, Ontario M5H 4A6, Canada                |                             |
|Fax: (416) 956-8989                             |                             |
+------------------------------------------------+-----------------------------+
|CONGREGATION MISHKAN SHOLOM INCORPORATED        | $150,000.00                 |
|9612 Van Nuys Boulevard, Suite 108              |                             |
|Panorama City, CA 91403                         |                             |
|Fax: 818-892-9844                               |                             |
+------------------------------------------------+-----------------------------+
|LUCRATIVE INVESTMENTS                           | $50,000.00                  |
|Ajeltake Island                                 |                             |
|P.O. Box 1405                                   |                             |
|Majuro Marshall Island M.H. 96960               |                             |
|Fax: 011-35041555                               |                             |
+------------------------------------------------+-----------------------------+
|TOTALS                                          | $1,000,000.00               |
+------------------------------------------------+-----------------------------+
</TABLE>

                                      9

(Collateral Agent Agreement)Exhibit 10.45

                              SECURITY AGREEMENT
                              ------------------

1.       Identification.

         This Security Agreement (the "Agreement"), dated as of January 27,
2004, is entered into by and between Provo International Inc., a Delaware
corporation ("Provo" or "Debtor"), and Barbara Mittman, as collateral agent
acting in the manner and to the extent described in the Collateral Agent
Agreement defined below (the "Collateral Agent"), for the benefit of the
parties identified on Schedule A hereto (collectively, the "Lenders").

2. Recitals.

         2.1 The Lenders have made or are making loans to Provo (the "Loans").
It is beneficial to Provo that the Loans were made, are being made and will be
made.

         2.2 The Loans are evidenced by certain 8% convertible promissory
notes (each a "Convertible Notes") issued by Provo on or about the date of
this Agreement pursuant to subscription agreements ("Subscription Agreement").
The Notes are further identified on Schedule A hereto and were and will be
executed by Provo as "Borrower" or "Debtor" for the benefit of each Lender as
the "Holder" or "Lender" thereof.

         2.3 In consideration of the Loans made by Lenders to Provo and for
other good and valuable consideration, and as security for the performance by
Provo of its obligations under the Notes and as security for the repayment of
the Loans and all other sums due from Debtor to Lenders arising under the
Notes, Subscription Agreements, and any other agreement between or among them
(collectively, the "Obligations"), Provo, for good and valuable consideration,
receipt of which is acknowledged, has agreed to grant to the Collateral Agent,
for the benefit of the Lenders, a security interest in the Collateral (as such
term is hereinafter defined), on the terms and conditions hereinafter set
forth. Obligations includes all future advances by Lenders to Provo.

         2.4 The Lenders have appointed Barbara Mittman as Collateral Agent
pursuant to that certain Collateral Agent Agreement dated at or about January
27, 2004 ("Collateral Agent Agreement"), among the Lenders and Collateral
Agent.

                                     -1-

(Security Agreement)

<PAGE>

         2.5 The following defined terms which are defined in the Uniform
Commercial Code in effect in the State of New York on the date hereof are used
herein as so defined: Accounts, Chattel Paper, Documents, Equipment, General
Intangibles, Instruments, Inventory and Proceeds.

3.       Grant of General Security Interest in Collateral.
         -------------------------------------------------

         3.1 As security for the Obligations of Debtor, Provo hereby grants
the Collateral Agent, for the benefit of the Lenders, a security interest in
the Collateral.

         3.2 "Collateral" shall mean all of the following property of Provo:

             All now  owned  and  hereafter  acquired  right,  title  and
interest  of Provo in,  to and in  respect  of all  accounts,  goods,  real or
personal  property,  all present and future books and records  relating to the
foregoing and all products and proceeds of the foregoing, as each is set forth
below:

             (i) Accounts: All now owned and hereafter acquired right, title
and interest of Provo in, to and in respect of all: Accounts, interests in
goods represented by Accounts, returned, reclaimed or repossessed goods with
respect thereto and rights as an unpaid vendor; contract rights; Chattel
Paper; investment property; General Intangibles (including but not limited to,
tax and duty claims and refunds, registered and unregistered patents,
trademarks, service marks, certificates, copyrights trade names, applications
for the foregoing, trade secrets, goodwill, processes, drawings, blueprints,
customer lists, licenses, whether as licensor or licensee, choses in action
and other claims, and existing and future leasehold interests in equipment,
real estate and fixtures); Documents; Instruments; letters of credit, bankers'
acceptances or guaranties; cash moneys, deposits; securities, bank accounts,
deposit accounts, credits and other property now or hereafter owned or held in
any capacity by Provo, as well as its affiliates, agreements or property
securing or relating to any of the items referred to above;

            (ii) Goods: All now owned and hereafter acquired right, title
and interest of Provo in, to and in respect of goods, including, but not
limited to:

                 (A) All Inventory, wherever located, whether now owned or
hereafter acquired, of whatever kind, nature or description, including all raw
materials, work-in-process, finished goods, and materials to be used or
consumed in Provo' business; and all names or marks affixed to or to be
affixed thereto for purposes of selling same by the seller, manufacturer,
lessor or licensor thereof and all Inventory which may be returned to Provo by
its customers or repossessed by Provo and all of Provo' right, title and
interest in and to the foregoing (including all of Provo' rights as a seller
of goods);

                 (B) All Equipment and fixtures, wherever located, whether now
owned or hereafter acquired, including, without limitation, all machinery,
motor vehicles, furniture and fixtures, and any and all additions,
substitutions, replacements (including spare parts), and accessions thereof
and thereto (including, but not limited to Provo' rights to acquire any of the
foregoing, whether by exercise of a purchase option or otherwise);

                                     -2-

(Security Agreement)

<PAGE>

                 (iii) Property: All now owned and hereafter acquired right,
title and interests of Provo in, to and in respect of any real or other
personal property in or upon which Provo has or may hereafter have a security
interest, lien or right of setoff;

                 (iv) Books and Records: All present and future books and
records relating to any of the above including, without limitation, all
computer programs, printed output and computer readable data in the possession
or control of the Provo, any computer service bureau or other third party; and

                 (v) Products and Proceeds: All products and Proceeds of the
foregoing in whatever form and wherever located, including, without
limitation, all insurance proceeds and all claims against third parties for
loss or destruction of or damage to any of the foregoing.

         3.3 The Collateral Agent is hereby specifically authorized, after the
Maturity Date (defined in the Notes), accelerated or otherwise, or after an
Event of Default (as defined herein) and the expiration of any applicable cure
period, to transfer any Collateral into the name of the Collateral Agent and
to take any and all action deemed advisable to the Collateral Agent to remove
any transfer restrictions affecting the Collateral.

4.       Perfection of Security Interest.
         --------------------------------

         Provo shall execute and deliver to the Collateral Agent UCC-1
Financing Statements. The Collateral Agent is instructed to file the Financing
Statements in such jurisdictions deemed advisable to the Collateral Agent,
including but not limited to Delaware and New York. These Financing Statements
are deemed to have been filed for the benefit of the Collateral Agent and
Lenders identified on Schedule A hereto.

5.       Distribution on Liquidation.
         ----------------------------

         5.1 If any sum is paid as a liquidating distribution on or with
respect to the Collateral, Provo shall deliver same to the Collateral Agent to
be applied to the Obligations, then due, in accordance with the terms of the
Notes.

         5.2 Prior to any Event of Default, Provo shall be entitled to
exercise all voting power pertaining to any of the Collateral, provided such
exercise is not contrary to the interests of the Lenders and does not impair
the Collateral.

6.       Further Action By Provo; Covenants and Warranties.
         --------------------------------------------------

         6.1 Collateral Agent at all times shall have a perfected security
interest in the Collateral. Subject to the security interests described
herein, Provo has and will continue to have full title to the Collateral free
from any liens, leases, encumbrances, judgments or other claims. Collateral
Agent's security interest in the Collateral constitutes and will continue to
constitute a first, prior and indefeasible security interest in favor of
Collateral Agent. Provo will do all acts and things, and will execute and file
all

                                     -3-

(Security Agreement)

<PAGE>

instruments (including, but not limited to, security agreements, financing
statements, continuation statements, etc.) reasonably requested by Collateral
Agent to establish, maintain and continue the perfected security interest of
Collateral Agent in the Collateral, and will promptly on demand, pay all costs
and expenses of filing and recording, including the costs of any searches
reasonably deemed necessary by Collateral Agent from time to time to establish
and determine the validity and the continuing priority of the security
interest of Collateral Agent, and also pay all other claims and charges that,
in the opinion of Collateral Agent, exercised in good faith, is reasonably
likely to materially prejudice, imperil or otherwise affect the Collateral or
their security interests therein.

         6.2 Other than in the ordinary course of business, and except for
Collateral which is substituted by assets of identical or greater value or
which has become obsolete or is of inconsequential in value, Provo will not
sell, transfer, assign or pledge those items of Collateral (or allow any such
items to be sold, transferred, assigned or pledged), without the prior written
consent of Collateral Agent. Although Proceeds of Collateral are covered by
this Agreement, this shall not be construed to mean that Collateral Agent
consents to any sale of the Collateral, except as provided herein. Sales of
Collateral in the ordinary course of business shall be free of the security
interest of Lenders and Collateral Agent and Lenders and Collateral Agent
shall promptly execute such documents (including without limitation releases
and termination statements) as may be required by Debtor to evidence or
effectuate the same.

         6.3 Provo will, at all reasonable times and upon reasonable notice,
allow Collateral Agent or its representatives free and complete access to the
Collateral and all of Provo's records which in any way relate to the
Collateral, for such inspection and examination as Collateral Agent reasonably
deems necessary.

         6.4 Provo, at its sole cost and expense, will protect and defend this
Security Agreement, all of the rights of Collateral Agent hereunder, and the
Collateral against the claims and demands of all other parties, except those
of holders of senior or permitted liens.

         6.5 Provo will promptly notify Collateral Agent of any levy,
distraint or other seizure by legal process or otherwise of any part of the
Collateral, and of any threatened or filed claims or proceedings that are
reasonably likely to affect or impair any of the rights of Collateral Agent
under this Security Agreement in any material respect.

         6.6 Provo, at its own expense, will obtain and maintain in force
insurance policies covering losses or damage to those items of Collateral
which constitute physical personal property. The insurance policies to be
obtained by Provo shall be in form and amounts reasonably acceptable to
Collateral Agent. Provo shall make the Collateral Agent a loss payee thereon
to the extent of its interest. Collateral Agent is hereby irrevocably (until
the Obligations are paid in full) appointed Provo' attorney-in-fact to endorse
any check or draft that may be payable to Provo so that Collateral Agent may
collect the proceeds payable for any loss under such insurance. The proceeds
of such insurance (subject to the rights of senior secured parties), less any
costs and expenses incurred or paid by Collateral Agent in the collection
thereof, shall be applied either toward the cost of the repair or replacement
of the items damaged or destroyed, or on account of any sums secured hereby,
whether or not then due or payable.

                                     -4-

(Security Agreement)

<PAGE>

         6.7 Collateral Agent may, at its option, and without any obligation
to do so, pay, perform and discharge any and all amounts, costs, expenses and
liabilities herein agreed to be paid or performed by Provo, upon Provo'
failure to do so, and all amounts expended by Collateral Agent in so doing
shall become part of the Obligations secured hereby, and shall be immediately
due and payable by Provo to Collateral Agent upon demand and shall bear
interest at the lesser of 18% per annum or the highest legal amount from the
dates of such expenditures until paid.

         6.8 Upon the request of Collateral Agent, Provo will furnish within
five (5) business days thereafter to Collateral Agent, or to any proposed
assignee of this Security Agreement, a written statement in form reasonably
satisfactory to Collateral Agent, duly acknowledged, certifying the amount of
the principal and interest then owing under the Obligations, whether to its
knowledge any claims, offsets or defenses exist against the Obligations or
against this Security Agreement, or any of the terms and provisions of any
other agreement of Provo securing the Obligations. In connection with any
assignment by Collateral Agent of this Security Agreement, Provo hereby agrees
to cause the insurance policies required hereby to be carried by Provo, if
any, to be endorsed in form satisfactory to Collateral Agent or to such
assignee, with loss payable clauses in favor of such assignee, and to cause
such endorsements to be delivered to Collateral Agent within ten (10) calendar
days after request therefor by Collateral Agent.

         6.9 Provo will, at its own expense, make, execute, endorse,
acknowledge, file and/or deliver to the Collateral Agent from time to time
such vouchers, invoices, schedules, confirmatory assignments, conveyances,
financing statements, transfer endorsements, powers of attorney, certificates,
reports and other reasonable assurances or instruments and take further steps
relating to the Collateral and other property or rights covered by the
security interest hereby granted, as the Collateral Agent may reasonably
require to perfect its security interest hereunder.

         6.10 Provo represents and warrants that it is the true and lawful
exclusive owner of the Collateral, free and clear of any liens and
encumbrances.

         6.11 Provo hereby agrees not to divest itself of any right under the
Collateral except as permitted herein absent prior written approval of the
Collateral Agent.

         6.12 Lenders understand that Provo is presently in negotiations with
its creditor, Telephonos de Mexico, SA ("Telmex"), to sell or exchange certain
assets of Provo in exchange for a corresponding reduction in Provo's debt owed
to Telmex. Specifically, Provo has proposed to sell the Internet Service
Provider customer base, comprised of approximately 9,000 dial-up customers
generating annual revenue of approximately $2,400,000 (the "Dial-Up Assets"),
to Telmex in exchange for a reduction in the amount owed to Telmex of not less
than $1,250,000. Accordingly, notwithstanding anything to the contrary in this
Agreement or in any other transaction document delivered herewith, Lenders
agree that the sale of the ISP Assets to Telmex in return for a reduction in
debt owed to Telmex or the sale of the ISP Assets to a third party, so long as
the proceeds of such sale are used exclusively to reduce the debt owed to
Telmex, shall not constitute a default under the terms of this Agreement or
any other transaction document.

                                     -5-

(Security Agreement)

<PAGE>

7.       Power of Attorney.
         ------------------

         After the occurrence and during the uncured continuation of an Event
of Default thereunder, Provo hereby irrevocably constitutes and appoints the
Collateral Agent as the true and lawful attorney of Provo, with full power of
substitution, in the place and stead of Provo and in the name of Provo or
otherwise, at any time or times, in the discretion of the Collateral Agent, to
take any action and to execute any instrument or document which the Collateral
Agent may deem necessary or advisable to accomplish the purposes of this
Agreement. This power of attorney is coupled with an interest and is
irrevocable until the Obligations are satisfied.

8.       Performance By The Collateral Agent.
         ------------------------------------

         If Provo fails to perform any material covenant, agreement, duty or
obligation of Provo under this Agreement, the Collateral Agent may, after any
applicable cure period, at any time or times in its discretion, take action to
effect performance of such obligation. All reasonable expenses of the
Collateral Agent incurred in connection with the foregoing authorization shall
be payable by Provo as provided in Paragraph 12.1 hereof. No discretionary
right, remedy or power granted to the Collateral Agent under any part of this
Agreement shall be deemed to impose any obligation whatsoever on the
Collateral Agent with respect thereto, such rights, remedies and powers being
solely for the protection of the Collateral Agent.

9.       Event of Default.

         An event of default ("Event of Default") shall be deemed to have
occurred hereunder upon the occurrence of any event of default as defined in
the Notes, Subscription Agreement, and any other agreement to which Provo and
a Lender are parties. Upon and after any Event of Default, after the
applicable cure period, if any, any or all of the Obligations shall become
immediately due and payable at the option of the Collateral Agent, for the
benefit of the Lenders, and the Collateral Agent may dispose of Collateral as
provided below. A default by Provo of any of its material obligations pursuant
to this Agreement shall be an Event of Default hereunder and an event of
default as defined in the Notes, and Subscription Agreement.

10.      Disposition of Collateral and Collateral Shares.
         ------------------------------------------------

         Upon and after any Event of Default which is then continuing,

         10.1 The Collateral Agent may exercise its rights with respect to
each and every component of the Collateral, without regard to the existence of
any other security or source of payment for the Obligations. In addition to
other rights and remedies provided for herein or otherwise available to it,
the Collateral Agent shall have all of the rights and remedies of a lender on
default under the Uniform Commercial Code then in effect in the State of New
York.

         10.2 If any  notice  to Provo of the  sale or  other  disposition  of
Collateral  is required by then  applicable  law, five business (5) days prior
written notice (which Provo agrees is reasonable  notice within

                                     -6-

(Security Agreement)

<PAGE>

the meaning of Section 9-504(3) of the Uniform Commercial Code) to Provo of
the time and place of any sale of Collateral which Provo hereby agrees may be
by private sale. The rights granted in this Section are in addition to any and
all rights available to Collateral Agent under the Uniform Commercial Code.

         10.3 The Collateral Agent is authorized, at any such sale, if the
Collateral Agent deems it advisable to do so, in order to comply with any
applicable securities laws, to restrict the prospective bidders or purchasers
to persons who will represent and agree, among other things, that they are
purchasing the Collateral for their own account for investment, and not with a
view to the distribution or resale thereof, or otherwise to restrict such sale
in such other manner as the Collateral Agent deems advisable to ensure such
compliance. Sales made subject to such restrictions shall be deemed to have
been made in a commercially reasonable manner.

         10.4 All proceeds received by the Collateral Agent for the benefit of
the Lenders in respect of any sale, collection or other enforcement or
disposition of Collateral, shall be applied (after deduction of any amounts
payable to the Collateral Agent pursuant to Paragraph 12.1 hereof) against the
Obligations pro rata among the Lenders in proportion to their interests in the
Obligations. Upon payment in full of all Obligations, Provo shall be entitled
to the return of all Collateral, including cash, which has not been used or
applied toward the payment of Obligations or used or applied to any and all
costs or expenses of the Collateral Agent incurred in connection with the
liquidation of the Collateral (unless another person is legally entitled
thereto). Any assignment of Collateral by the Collateral Agent to Provo shall
be without representation or warranty of any nature whatsoever and wholly
without recourse. To the extent allowed by law, each Lender may purchase the
Collateral and pay for such purchase by offsetting any sums owed to such
Lender by Provo arising under the Obligations or any other source.

11. Waiver of Automatic Stay. Provo acknowledges and agrees that should a
proceeding under any bankruptcy or insolvency law be commenced by or against
Provo, or if any of the Collateral (as defined in this Security Agreement)
should become the subject of any bankruptcy or insolvency proceeding, then the
Collateral Agent should be entitled to, among other relief to which the
Collateral Agent or Lenders may be entitled under the Note, Subscription
Agreement and any other agreement to which the Debtor, Lenders or Collateral
Agent are parties, (collectively "Loan Documents") and/or applicable law, an
order from the court granting immediate relief from the automatic stay
pursuant to 11 U.S.C. Section 362 to permit the Collateral Agent to exercise
all of its rights and remedies pursuant to the Loan Documents and/or
applicable law. PROVO EXPRESSLY WAIVES THE BENEFIT OF THE AUTOMATIC STAY
IMPOSED BY 11 U.S.C. SECTION 362. FURTHERMORE, PROVO EXPRESSLY ACKNOWLEDGES
AND AGREES THAT NEITHER 11 U.S.C. SECTION 362 NOR ANY OTHER SECTION OF THE
BANKRUPTCY CODE OR OTHER STATUTE OR RULE (INCLUDING, WITHOUT LIMITATION, 11
U.S.C. SECTION 105) SHALL STAY, INTERDICT, CONDITION, REDUCE OR INHIBIT IN ANY
WAY THE ABILITY OF THE COLLATERAL AGENT TO ENFORCE ANY OF ITS RIGHTS AND
REMEDIES UNDER THE LOAN DOCUMENTS AND/OR APPLICABLE LAW. Provo hereby consents
to any motion for relief from stay which may be filed by the Collateral Agent
in any bankruptcy or insolvency proceeding initiated by or against Provo, and
further agrees not to file any opposition to any motion for relief from stay
filed by the Collateral Agent. Provo represents, acknowledges and agrees that
this provision is a specific and material aspect of this Agreement,

                                     -7-

(Security Agreement)

<PAGE>

and that the Collateral Agent would not agree to the terms of this Agreement
if this waiver were not a part of this Agreement. Provo further represents,
acknowledges and agrees that this waiver is knowingly, intelligently and
voluntarily made, that neither the Collateral Agent nor any person acting on
behalf of the Collateral Agent has made any representations to induce this
waiver, that Provo has been represented (or has had the opportunity to be
represented) in the signing of this Agreement and in the making of this waiver
by independent legal counsel selected by Provo and that Provo has had the
opportunity to discuss this waiver with counsel. Provo further agrees that any
bankruptcy or insolvency proceeding initiated by Provo will only be brought in
the Federal Court within the Southern District of New York.

12.      Miscellaneous.
         --------------

         12.1 Expenses. Provo shall pay to the Collateral Agent, on demand,
the amount of any and all reasonable expenses, including, without limitation,
attorneys' fees, legal expenses and brokers' fees, which the Collateral Agent
may incur in connection with (a) sale, collection or other enforcement or
disposition of Collateral; (b) exercise or enforcement of any the rights,
remedies or powers of the Collateral Agent hereunder or with respect to any or
all of the Obligations; or (c) failure by Provo to perform and observe any
agreements of Provo contained herein which are performed by the Collateral
Agent.

         12.2 Waivers, Amendment and Remedies. No course of dealing by the
Collateral Agent and no failure by the Collateral Agent to exercise, or delay
by the Collateral Agent in exercising, any right, remedy or power hereunder
shall operate as a waiver thereof, and no single or partial exercise thereof
shall preclude any other or further exercise thereof or the exercise of any
other right, remedy or power of the Collateral Agent. No amendment,
modification or waiver of any provision of this Agreement and no consent to
any departure by Provo therefrom, shall, in any event, be effective unless
contained in a writing signed by the Collateral Agent, and then such waiver or
consent shall be effective only in the specific instance and for the specific
purpose for which given. The rights, remedies and powers of the Collateral
Agent, not only hereunder, but also under any instruments and agreements
evidencing or securing the Obligations and under applicable law are
cumulative, and may be exercised by the Collateral Agent from time to time in
such order as the Collateral Agent may elect.

         12.3 Notices. All notices or other communications given or made
hereunder shall be in writing and shall be personally delivered or deemed
delivered the first business day after being faxed (provided that a copy is
delivered by first class mail) to the party to receive the same at its address
set forth below or to such other address as either party shall hereafter give
to the other by notice duly made under this Section:

<TABLE>
<CAPTION>
<S>                                    <C>
         To Provo:                     Provo International Inc.
                                       One Blue Hill Plaza, 7th Floor
                                       Pearl River, New York 10965
                                       Attn: Stephen J. Cole, Chief Executive Officer
                                       Fax: (845) 623-8669
</TABLE>

                                     -8-

(Security Agreement)

<PAGE>

<TABLE>
<CAPTION>
<S>                                    <C>
         With a copy to:               Swidler Berlin Shereff Friedman, LLP
                                       3000 K Street, N.W., Suite 300
                                       Washington, D.C. 20007
                                       Attn: Sean P. McGuinness, Esq.
                                       Fax: (202) 295-8478

         To Lenders:                   To the addresses and telecopier numbers set forth
                                       on Schedule A

         To the Collateral Agent:      Barbara R. Mittman
                                       Grushko & Mittman, P.C.
                                       551 Fifth Avenue, Suite 1601
                                       New York, New York 10176
                                       Fax: (212) 697-3575
</TABLE>

Any party may change its  address by written  notice in  accordance  with this
paragraph.

         12.4 Term; Binding Effect. This Agreement shall (a) remain in full
force and effect until payment and satisfaction in full of all of the
Obligations; (b) be binding upon Provo, and its successors and permitted
assigns; and (c) inure to the benefit of the Collateral Agent, for the benefit
of the Lenders and their respective successors and assigns. All the rights and
benefits granted by Debtor to the Collateral Agent and Lenders in the Loan
Documents and other agreements and documents delivered in connection therewith
are deemed granted to both the Collateral Agent and Lenders.

         12.5 Captions. The captions of Paragraphs, Articles and Sections in
this Agreement have been included for convenience of reference only, and shall
not define or limit the provisions hereof and have no legal or other
significance whatsoever.

         12.6 Governing Law; Venue; Severability. This Agreement shall be
governed by and construed in accordance with the laws of the State of New York
without regard to principles of conflicts or choice of law, except to the
extent that the perfection of the security interest granted hereby in respect
of any item of Collateral may be governed by the law of another jurisdiction.
Any legal action or proceeding against Provo with respect to this Agreement
may be brought in the courts of the State of New York or of the United States
for the Southern District of New York, and, by execution and delivery of this
Agreement, Provo hereby irrevocably accepts for itself and in respect of its
property, generally and unconditionally, the jurisdiction of the aforesaid
courts. Provo hereby irrevocably waives any objection which they may now or
hereafter have to the laying of venue of any of the aforesaid actions or
proceedings arising out of or in connection with this Agreement brought in the
aforesaid courts and hereby further irrevocably waives and agrees not to plead
or claim in any such court that any such action or proceeding brought in any
such court has been brought in an inconvenient forum. If any provision of this
Agreement, or the application thereof to any person or circumstance, is held
invalid, such invalidity shall not affect any other provisions which can be
given effect without the invalid provision or application, and to this end the
provisions hereof shall be severable and the remaining, valid provisions shall
remain of full force and effect.

                                     -9-

(Security Agreement)

<PAGE>

                                     -10-

(Security Agreement)

<PAGE>

         12.7 Counterparts/Execution. This Agreement may be executed in any
number of counterparts and by the different signatories hereto on separate
counterparts, each of which, when so executed, shall be deemed an original,
but all such counterparts shall constitute but one and the same instrument.
This Agreement may be executed by facsimile signature and delivered by
facsimile transmission.

                     [THIS SPACE INTENTIONALLY LEFT BLANK]

                                     -11-

(Security Agreement)

<PAGE>

         IN WITNESS WHEREOF,  the undersigned have executed and delivered this
Security Agreement, as of the date first written above.

"DEBTOR"                                             "THE COLLATERAL AGENT"
PROVO INTERNATIONAL INC.                           BARBARA R. MITTMAN
a Delaware corporation

By: /s/ Stephen J. Cole-Hatchard                     /s/ Barbara Mittman
   --------------------------------------          ----------------------------

Its: Chief Executive Officer

                            APPROVED BY "LENDERS":

______________________________________      ____________________________________
ALPHA CAPITAL AKTIENGESELLSCHAFT            STONESTREET LIMITED PARTNERSHIP

______________________________________
CONGREGATION MISHKAN SHOLOM
INCORPORATED

______________________________________
LUCRATIVE INVESTMENTS

       THIS SECURITY AGREEMENT MAY BE SIGNED BY FACSIMILE SIGNATURE AND
                DELIVERED BY CONFIRMED FACSIMILE TRANSMISSION.

                                     -12-

(Security Agreement)

<PAGE>

                       SCHEDULE A TO SECURITY AGREEMENT
                       --------------------------------

<TABLE>
<CAPTION>
+---------------------------------------------------+--------------------------+
|LENDER                                             | PRINCIPAL AMOUNT OF      |
|                                                   | NOTE                     |
+---------------------------------------------------+--------------------------+
<S>                                                  <C>
|ALPHA CAPITAL AKTIENGESELLSCHAFT                   | $500,000.00              |
|Pradafant 7                                        |                          |
|9490 Furstentums                                   |                          |
|Vaduz, Lichtenstein                                |                          |
|Fax: 011-42-32323196                               |                          |
|                                                   |                          |
+---------------------------------------------------+--------------------------+
|STONESTREET LIMITED PARTNERSHIP                    | $300,000.00              |
|C/o Canaccord Capital Corporation                  |                          |
|320 Bay Street, Suite 1300                         |                          |
|Toronto, Ontario M5H 4A6, Canada                   |                          |
|Fax: (416) 956-8989                                |                          |
|                                                   |                          |
+---------------------------------------------------+--------------------------+
|CONGREGATION MISHKAN SHOLOM INCORPORATED           | $150,000.00              |
|9612 Van Nuys Boulevard, Suite 108                 |                          |
|Panorama City, CA 91403                            |                          |
|Fax: 818-892-9844                                  |                          |
+---------------------------------------------------+--------------------------+
|LUCRATIVE INVESTMENTS                              | $50,000.00               |
|Ajeltake Island                                    |                          |
|P.O. Box 1405                                      |                          |
|Majuro Marshall Island M.H. 96960                  |                          |
|Fax: 011-35041555                                  |                          |
+---------------------------------------------------+--------------------------+
|TOTALS                                             | $1,000,000.00            |
+---------------------------------------------------+--------------------------+
</TABLE>

                                     -13-

(Security Agreement)

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