Document:

EXHIBIT 10.20

                              SONOMA COLLEGE, INC.

                             SUBSCRIPTION AGREEMENT

           SUBSCRIPTION AGREEMENT  ("AGREEMENT") made as of this 13 day of July,
2005 between Sonoma College, Inc., a California corporation (the "COMPANY"), and
the undersigned (the "SUBSCRIBER").

           WHEREAS,  contemporaneously  with this  Agreement the Company and the
Subscriber  are  entering  into  a  revolving   credit  agreement  (the  "CREDIT
AGREEMENT")  pursuant to which the  Subscriber  is providing  the Company with a
loan facility; and

           WHEREAS,  the Company desires to issue shares of the Company's common
stock,  par  value  $0.0001  per  share  (the  "Shares")  to the  Subscriber  as
additional  consideration for entering into the Credit  Agreement,  on the terms
and conditions hereinafter set forth.

           NOW,  THEREFORE,  in  consideration  of the  premises  and the mutual
covenants hereinafter set forth, the parties hereto do hereby agree as follows:

           1.  SUBSCRIPTION.  Subject to the terms and  conditions  herein,  the
Company hereby agrees to issue to the Subscriber  Three Hundred and Seventy Five
Thousand (375,000) shares of the Company's fully-paid  non-assessable restricted
common stock.

           2.  ACCEPTANCE OF  SUBSCRIPTION.  Subscriber  acknowledges:  (i) this
Agreement  shall not be deemed to have been  accepted by the  Company  until the
Company  indicates  its  acceptance  by returning  to  Subscriber a copy of this
Agreement  executed by the Company;  and (ii)  acceptance by the Company of this
Agreement is conditioned upon the information and representations and warranties
of Subscriber  contained herein being complete,  true and correct as of the date
of Subscriber's execution and the date of Closing (as hereinafter defined).

           3.  CLOSING.  The closing of the issue of the Shares (the  "CLOSING")
shall be  within  seven  (7) days of the date  hereof.  The date of the  Closing
hereunder  shall be  called  the  "CLOSING  DATE".  A stock  certificate  in the
Subscriber's  name and representing the number of Shares purchased by Subscriber
pursuant hereto,  which  certificates shall bear the legend set forth in Section
4(v) hereof,  shall be delivered to the  Subscriber  within thirty (30) business
days following the Closing Date.

           4.  REPRESENTATIONS,  WARRANTIES AND  AGREEMENTS OF  SUBSCRIBER.  The
Subscriber hereby  acknowledges,  represents and warrants to the Company, on the
date hereof and on the Closing Date, as follows:

           a.  The  Subscriber  understands  that the  offering  and sale of the
Shares is intended to be exempt from  registration  under the  Securities Act of
1933,  as  amended  (the  "ACT") by virtue  of  Section  4(2) of the Act and the
provisions of Regulation D promulgated  thereunder,  and in accordance therewith
and in furtherance thereof, the Subscriber represents and warrants and agrees as
follows:

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           b.  The  Subscriber   acknowledges   that  the  Subscriber,   or  the
Subscriber's  attorney,  accountant,  or  adviser(s),  has/have had a reasonable
opportunity to inspect all documents and records pertaining to this investment.

           c. The Subscriber and/or the Subscriber's  adviser(s)  has/have had a
reasonable  opportunity  to ask questions  and receive  answers from a person or
persons  acting on behalf of the Company  concerning  the offering of the Shares
and all such  questions  have  been  answered  to the full  satisfaction  of the
Subscriber.

           d. In making a decision to invest in the Shares,  the  Subscriber has
not  relied  on  any  information  other  than  information  contained  in  this
Agreement.

           e. The Subscriber is not subscribing for the Shares as a result of or
subsequent  to  any  advertisement,   article,  notice  or  other  communication
published  in any  newspaper,  magazine,  or  similar  media or  broadcast  over
television or radio, or presented at any seminar or meeting, or any solicitation
of a subscription by a person other than a representative of the Company.

           f. If the Subscriber is a natural person,  the Subscriber has reached
the age of majority in the  jurisdiction  in which the Subscriber  resides;  the
Subscriber  has  adequate  means  of  providing  for  the  Subscriber's  current
financial  needs and  contingencies,  is able to bear the  substantial  economic
risks of an investment in the Shares for an  indefinite  period of time,  has no
need for liquidity in such investment,  and, at the present time, could afford a
complete loss of such investment.

           g. The Subscriber has such knowledge and experience in financial, tax
and business  matters so as to enable the Subscriber to utilize the  information
made  available  to the  Subscriber  to  evaluate  the  merits  and  risks of an
investment  in the Shares,  and to make an  informed  investment  decision  with
respect thereto.

           h. The  Subscriber  is not relying on the Company or any agent of the
Company  with  respect  to any  legal,  tax or  economic  advice  related  to an
investment in the Shares.

           i. The  Subscriber  will not sell or  otherwise  transfer  the Shares
without  registration  under the Act and  applicable  state  securities  law, or
pursuant to an exemption  therefrom.  The Shares have not been registered  under
the Act or under the securities  laws of any state and the Company will be under
no  obligation to so register the Shares.  The  Subscriber  represents  that the
Subscriber  is  purchasing  the Shares for the  Subscriber's  own  account,  for
investment  and not with a view to resale or  distribution  except in compliance
with the Act and applicable state securities laws. The Subscriber has no present
intention  to sell the Shares  and the  Subscriber  has no  present  arrangement
(whether or not legally  binding) to sell the Shares to or through any person or
entity;  provided,  however,  that by making  the  representations  herein,  the
Subscriber  does not agree to hold the Shares for any minimum or other  specific
term and reserves  the right to dispose of the Shares at any time in  accordance
with Federal and state securities law applicable to such disposition.

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           j. The Subscriber  recognizes  that investment in the Shares involves
substantial  risks,  including  the risk of loss of the  entire  amount  of such
investment,  and has taken full  cognizance of and  understands all of the risks
related to the purchase of the Shares.

           k. The  Subscriber's  overall  commitment to investments that are not
readily marketable is reasonable in relation to the Subscriber's net worth.

           l. The Subscriber is an "ACCREDITED INVESTOR" as that term is defined
in Rule 501 (a) of  Regulation  D under the Act and as  described  on Appendix 1
attached  hereto.  The  Subscriber  further  represents  and  warrants  that any
information  furnished by the Subscriber to the Company is accurate and complete
in all material respects.

           m. The Subscriber  understands  that the Shares are being offered and
sold in reliance on a transactional exemption from the registration requirements
of Federal and state  securities  law and that the  Company is relying  upon the
truth   and   accuracy   of   the   representations,   warranties,   agreements,
acknowledgments and understandings of the Subscriber set forth in this Agreement
in order to determine the  applicability  of such exemptions and the suitability
of the Subscriber to acquire the Shares.

           n. The Subscriber  understands that there is no public trading market
for the Shares and none can be expected to develop, and that the securities must
be held  indefinitely  unless  registered  under  the Act or an  exemption  from
registration  is available.  The  Subscriber has been advised or is aware of the
provisions of Rule 144 promulgated under the Act.

           o. The Subscriber  hereby agrees to provide such  information  and to
execute  and  deliver  such  documents,  as  the  Company  may  deem  reasonably
appropriate  with  regard  to  the  Subscriber's  suitability  or  otherwise  in
connection with this Agreement.

           p. The execution,  delivery and  performance of this Agreement by the
Subscriber:  (i) will not  constitute  a  default  under  or  conflict  with any
agreement or instrument to which the Subscriber is a party or by which it or its
assets are bound,  (ii) will not conflict  with or violate any order,  judgment,
decree,   statute,   ordinance  or  regulation   applicable  to  the  Subscriber
(including,  without  limitation,  any  applicable  laws relating to permissible
legal  investments)  and (iii)  does not  require  the  consent of any person or
entity, other than those that will have been obtained prior to the Closing Date.

           q. This Agreement has been duly authorized, executed and delivered by
the Subscriber and constitutes the valid and binding agreement of the Subscriber
enforceable against it in accordance with its terms.

           r. The  Subscriber  has not retained,  or otherwise  entered into any
agreement or  understanding  with,  any broker or finder in connection  with the
purchase of the Shares by the  Subscriber,  and the  Company  will not incur any
liability for any fee,  commission or other  compensation on account of any such
retention, agreement or understanding by the Subscriber.

           s. The Subscriber understands, acknowledges and agrees that in making
an investment decision, the Subscriber has relied solely on the Subscriber's own
examination of the

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Company,  including  the merits  and risks  involved.  The Shares  have not been
recommended  by  any  federal  or  state  securities  commission  or  regulatory
authority.  Furthermore,  the  foregoing  authorities  have  not  confirmed  the
accuracy or determined the adequacy of this Agreement.

           t. The Subscriber, if executing this Agreement in a representative or
fiduciary capacity, has all requisite power and authority to execute and deliver
this  Agreement in such  capacity and on behalf of the  subscribing  individual,
ward,  partnership,  trust,  estate,  corporation,  or other entity for whom the
Subscriber is executing this Agreement, and such individual,  ward, partnership,
trust,  estate,  corporation,  or  other  entity  has all  requisite  power  and
authority to enter into this Agreement and make an investment in the Shares.

           u. The representations,  warranties, and agreements of the Subscriber
contained in this Agreement  shall be true and correct in all material  respects
on and as of the  Closing  Date  as if made on and as of  such  date  and  shall
survive the  execution  and delivery of this  Agreement  and the purchase of the
Shares.

           v. For as long as is required by applicable  laws,  the  certificates
representing the Shares shall bear a legend in substantially the following form,
together with any legend  required by applicable  state laws, and the Subscriber
shall not transfer any or all of the Shares or any interests therein,  except in
accordance with the terms of such legends:

           "The  securities  represented  by  this  certificate  have  not  been
           registered  under the  Securities Act of 1933, as amended (the "ACT")
           or applicable  state  securities  laws,  and may be offered,  sold or
           otherwise  transferred  only  if so  registered  under  the  Act  and
           applicable  state  securities  laws or if the holder has delivered to
           the Company an opinion of counsel, which counsel and opinion shall be
           reasonably  satisfactory to the Company,  that an exemption from such
           registration is available."

           5.  REPRESENTATIONS  AND  WARRANTIES  OF  THE  COMPANY.  The  Company
represents and warrants to the Subscriber as follows:

           a. The  Company  has been duly  organized,  is validly  existing as a
corporation  and is in good standing  under the laws of the State of California.
The Company is duly qualified and in good standing in each jurisdiction in which
the  character  or  location of its  properties  or the nature or conduct of its
business makes such qualification  necessary,  except where the failure to be so
qualified  or in good  standing  would not,  in the  aggregate,  have a material
adverse  effect on the financial  condition of the Company.  The Company has all
requisite   power  and  authority,   and  all  material   consents,   approvals,
authorizations, orders, registrations,  qualifications,  licenses and permits of
and from all applicable public,  regulatory or governmental agencies and bodies,
to own,  lease and operate its  properties and conduct its business as now being
conducted.

           b. The Company has full  corporate  power and authority to enter into
this  Agreement and to issue and sell the Shares on the terms and conditions set
forth herein.  The  execution and delivery of this  Agreement by the Company and
the consummation of the transactions contemplated hereby: (i) have been duly and
validly authorized and approved by all necessary corporate action on the part of
the Company;  (ii) will not  constitute a default under or conflict

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with (A) the Company's charter or bylaws; or (B) any material agreement or other
instrument  to which the  Company  is a party or by which the  Company is bound;
(iii) will not conflict with or violate any order,  judgment,  decree,  statute,
ordinance or regulation applicable to the Company; and (iv) does not require the
consent of any person or entity,  other than those that will have been  obtained
prior to the Closing Date.

           c. This  Agreement  has been duly  authorized,  and when executed and
delivered by the Company,  will constitute valid and binding  obligations of the
Company enforceable against it in accordance with their respective terms.

           d. The  representations,  warranties  and  agreements  of the Company
contained herein shall be true and correct in all material respects on and as of
the  Closing  Date as if  made on and as of such  date  and  shall  survive  the
execution and delivery of this Agreement and the sale of the Shares.

           6.  TERMINATION.  This  Agreement may be terminated by the Company or
the  Subscriber,  after 5 days' prior written notice to the other party,  if the
Closing has not occurred by the Termination  Date,  provided that the failure to
so close was not the result of actions of the party seeking termination.  In the
event of termination of this Agreement,  the Purchase  Price,  together with any
accrued interest  thereon,  if any, shall be returned to Subscriber  within five
(5) business days after receipt of such written notice.

           7. NASAA UNIFORM LEGEND.

           IN MAKING AN INVESTMENT  DECISION,  INVESTORS  MUST RELY ON THEIR OWN
EXAMINATION  OF THE ISSUER AND THE TERMS OF THE  OFFERING,  INCLUDING THE MERITS
AND RISKS INVOLVED. THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR
STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY.  FURTHERMORE, THE FOREGOING
AUTHORITIES  HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED  THE ADEQUACY OF THIS
DOCUMENT.  ANY  REPRESENTATION  TO THE  CONTRARY  IS A CRIMINAL  OFFENSE.  THESE
SECURITIES ARE SUBJECT TO  RESTRICTIONS ON  TRANSFER-ABILITY  AND RESALE AND MAY
NOT BE  TRANSFERRED  OR RESOLD EXCEPT AS PERMITTED  UNDER THE  SECURITIES ACT OF
1933,  AS  AMENDED,  AND THE  APPLICABLE  STATE  SECURITIES  LAWS,  PURSUANT  TO
REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY WILL BE
REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD
OF TIME.

           8. MISCELLANEOUS.

           a. This  Agreement  shall be governed by, and construed in accordance
with, the laws of the State of New York,  without giving effect to principles of
conflicts of law.

           b. In the  event  any  provision  of this  Agreement  is  invalid  or
unenforceable under any applicable law, statute,  rule or regulation,  then such
provision  shall be deemed  inoperative to the extent it may conflict  therewith
and  shall be deemed  modified  to  conform  with  such  law,

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statute,  rule or  regulation.  Any provision  hereof which may prove invalid or
unenforceable  shall not  affect the  validity  or  enforceability  of any other
provision hereof.

           c. Each party  shall  indemnify  each other  party  against any loss,
expense  or  damages  (including   reasonable   attorney's  fees  but  excluding
consequential  damages)  incurred  as a result  of such  parties'  breach of any
representation, warranty, covenant or agreement in this Agreement.

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

           e. This  Agreement  constitutes  the  entire  agreement  between  the
parties  hereto  with  respect  to the  subject  matter  hereof.  Only a writing
executed by the  Company  and the  Subscriber  may amend any  provision  of this
Agreement.

           f. Any notice or other  communication given hereunder shall be deemed
sufficient  if in writing  and sent by  registered  or  certified  mail,  return
receipt  requested,  addressed to Sonoma College,  Inc., 1304 South Point Blvd.,
Suite 280,  Petaluma,  CA 94954,  Attention:  Charles  Newman,  Chief  Executive
Officer, and to the Subscriber at the address indicated on the last page of this
Subscription  Agreement.  Notices shall be deemed to have been given on the date
of mailing,  except notices of change of address,  which shall be deemed to have
been given when received.

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<PAGE>

           IN WITNESS  WHEREOF,  Subscriber  and the Company  have  executed and
dated this Subscription Agreement as of the dates below.

              ENTITY SUBSCRIPTION                        INDIVIDUAL SUBSCRIPTION

Name of Entity:WISSE ENTERPRISES LLC         -----------------------------------
                                             Signature of Subscriber

By:/S/
   -----------------------------------       -----------------------------------
                                             Signature of Co-Subscriber (if any)

Name of Signatory:                           Name(s) of Individual: Andrew Cohen
                  --------------------

Taxpayer Identification No.:                 Social Security No(s):
                            ----------                             -------------

Address:                                     Address:
        ------------------------------               ---------------------------
        ------------------------------               ---------------------------

                    NUMBER OF SHARES SUBSCRIBED FOR: 375,000

                                                        SUBSCRIPTION ACCEPTED:

                                                        SONOMA COLLEGE, INC.

                                                        BY:/S/
                                                           ---------------------
                                                        NAME:  CHARLES NEWMAN
                                                        TITLE: CEO
                                                        DATE:  JULY 13, 2005

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                                   APPENDIX I

           Pursuant to Rule 501 of Regulation D promulgated under the Securities
Act, an "accredited investor" means:

           (a)        A bank as  defined in  Section  3(a)(2) of the  Securities
                      Act,  or  any  savings  and  loan   association  or  other
                      institution  as  defined  in  Section  3(a)(5)(A)  of  the
                      Securities   Act  whether  acting  in  its  individual  or
                      fiduciary  capacity;   any  broker  or  dealer  registered
                      pursuant to Section 15 of the  Securities  Exchange Act of
                      1934; any insurance company as defined in Section 2(13) of
                      the  Securities  Act, any  investment  company  registered
                      under the  Investment  Company  Act of 1940 or a  business
                      development company as defined in Section 2(a)(48) of that
                      act; any Small Business Investment Company licensed by the
                      U.S. Small Business Administration under Section 301(c) or
                      (d) of the Small Business Investment Act of 1958; any plan
                      established  and  maintained  by a  state,  its  political
                      subdivisions,  or any agency or instrumentality of a state
                      or its  political  subdivisions,  for the  benefit  of its
                      employees  if such  plan has  total  assets  in  excess of
                      $5,000,000;  any employee  benefit plan within the meaning
                      of the Employee  Retirement Income Security Act of 1974 if
                      the investment  decision is made by a plan  fiduciary,  as
                      defined  in Section  3(21) of such act,  which is either a
                      bank, savings and loan association,  insurance company, or
                      registered  investment advisor, or if the employee benefit
                      plan has total  assets in  excess of  $5,000,000  or, if a
                      self-directed  plan, with investment  decision made solely
                      by persons that are accredited investors;

           (b)        Any  private  business  development  company as defined in
                      Section  202  (a)(22) of the  Investment  Advisers  Act of
                      1940;

           (c)        Any  organization  described  in Section  501(c)(3) of the
                      Internal   Revenue   Code   (the   "CODE"),   corporation,
                      Massachusetts  or similar  business trust, or partnership,
                      not  formed for the  specific  purpose  of  acquiring  the
                      securities  offered,   with  total  assets  in  excess  of
                      $5,000,000;

           (d)        Any director or executive officer of the Company;

           (e)        Any natural person whose  individual  net worth,  or joint
                      net worth with that person's  spouse,  at the time of such
                      person's purchase exceeds $1,000,000;

           (f)        Any natural person who had an individual  income in excess
                      of $200,000 in each of the two most recent  years or joint
                      income with that person's  spouse in excess of $300,000 in
                      each of those  years and who  reasonably  expects to reach
                      the same income level in the current year;

           (g)        Any trust, with assets in excess of $5,000,000, not formed
                      for the  specific  purpose  of  acquiring  the  securities
                      offered,  whose  purchase is  directed by a person  having
                      such

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                      knowledge and experience in financial and business matters
                      so such  person is  capable of  evaluating  the merits and
                      risks of the investment to be made; or

           (h)        Any  entity  in  which  all  of  the  equity   owners  are
                      accredited investors.

           In  addition,  a  participant  in a  defined  contribution  or profit
sharing plan qualified under Section 401 of the Code may be deemed the purchaser
of the  Securities  for  the  purpose  of  determining  whether  the  plan is an
Accredited  Investor if the following  conditions  are  satisfied:  (x) the plan
trust must provide for segregated  accounts for each plan  participant,  (y) the
plan document must provide the participant  with the power to direct the trustee
to make each particular investment to the extent of the participant's  voluntary
contributions  plus that portion of employer  contributions  that have vested to
the  participant's  benefit,  and (z) the investment in the Securities must have
been made pursuant to an exercise by the  participant of the power to direct the
investment of his or her account in the plan trust.

                                       9EXHIBIT 10.21

                               GUARANTY AGREEMENT

                      GUARANTY  AGREEMENT,  dated July 13, 2005, made by Charles
D. Newman,  (the "GUARANTOR"),  in favor of Wisse Enterprises LLC(the
"GUARANTEED PARTY").

                      PRELIMINARY  STATEMENT.  The Guaranteed  Party has entered
into a Revolving  Credit  Agreement dated July 13, 2005 (the  "AGREEMENT")  with
Sonoma College, Inc.,  ("SONOMA").  The Guarantor is the Chief Executive Officer
of Sonoma.

                      NOW,  THEREFORE,  in  consideration of the premises and in
order to induce the Guaranteed Party to enter into the Agreement,  the Guarantor
hereby  agrees  as  follows:

                      SECTION 1. GUARANTY.  The Guarantor hereby unconditionally
and irrevocably  guarantees the full and prompt payment and performance when due
of all  obligations  of Sonoma under the  Agreement  (the  "OBLIGATIONS").  This
Guaranty is a guaranty of payment and not of collection and the Guaranteed Party
shall have no obligation to take any action directly  against Sonoma but may, in
its  absolute  discretion,  proceed  directly  against  Guarantor to enforce its
rights hereunder.

                      SECTION 2. GUARANTY  ABSOLUTE.  The  Guarantor  guarantees
that the  Obligations  will be paid and performed  strictly in  accordance  with
their  terms,  regardless  of any law,  regulation  or order now or hereafter in
effect in any  jurisdiction  affecting  any of such  terms or the  rights of the
Guaranteed  Party with  respect  thereto.  The  liability  of the  Guarantor  is
primary,  direct and  independent of the  Obligations  of Sonoma.  This Guaranty
shall  be  enforceable  against  the  Guarantor  in the  same  manner  as if the
Guarantor was the primary obligor with respect to the Obligations. The liability
of the  Guarantor  under  this  Guaranty  shall be  absolute  and  unconditional
irrespective  of:

                      (a) any change in the time, manner or place of payment of,
or in any other term of, all or any of the  Obligations,  or any other amendment
or waiver of or any consent to  departure  thereof;

                      (b) any  defense  which  the  Guarantor  may  assert  with
respect  to  the  Obligations   including,   but  not  limited  to,  failure  of
consideration,   breach  of  warranty,   fraud,  payment,   statute  of  frauds,
bankruptcy,  lack of legal capacity,  statute of limitations,  lender liability,
accord and  satisfaction  and usury; or

                      (c)  any  other   circumstance   which   might   otherwise
constitute a defense  available  to, or a discharge of, the Guarantor in respect
of the Obligations or the Guarantor in respect of this Guaranty.

                      None  of  the  foregoing   waivers  shall   prejudice  the
Guaranteed  Party's  rights under Section 1.08 of the  Agreement.  This Guaranty
shall continue to be effective or be  reinstated,  as the case may be, if at any
time any payment of any of the  Obligations  is rescinded  or must

<PAGE>

otherwise be returned by the Guaranteed Party upon the insolvency, bankruptcy or
reorganization of Sonoma or otherwise, all as though such payment had not been
made.

                      SECTION 3. CONSENT TO  JURISDICTION;  WAIVER OF IMMUNITIES
AND RIGHT TO TRIAL BY JURY.  (a) Any  suit,  action or  proceeding  against  the
Guarantor  with respect to this  Guaranty  shall be brought in the courts of the
State  of New  York or in the  United  States  District  Court  for the  Eastern
District of New York and the parties hereby submit to the exclusive jurisdiction
of such courts for the purpose of any such suit,  action or proceeding.

                      SECTION 4. MISCELLANEOUS PROVISIONS.

                      (a) AMENDMENTS. No amendment or waiver of any provision of
this Guaranty nor consent to any departure by the Guarantor  therefrom  shall in
any event be effective unless the same shall be in writing and signed by each of
the  Guaranteed  Parties and then such waiver or consent shall be effective only
in the  specific  instance and for the  specific  purpose for which  given.  (b)
NOTICES.  (i) Any notice or other communication  required or permitted hereunder
shall be in  writing  and  shall  be  delivered  or  transmitted  personally  by
messenger, by recognized overnight courier,  telecopied or mailed (by registered
or certified mail, return receipt requested) as follows:

                      (A) If to the Guarantor, to:
                          Sonoma College, Inc.
                          1304 South Point Blvd.
                          Suite 280
                          Petaluma, CA 94954
                          Attn: Charles D. Newman

                      (B) If to the Guaranteed Party, one copy to:

                          (ii) Each such notice or other  communication shall be
effective (A) if given by  telecopier,  when such telecopy is transmitted to the
telecopier   number   specified  in  Section   6(b)(i)  (with   confirmation  of
transmission  and with a follow-up  copy sent by registered  or certified  mail,
return receipt  requested) or (B) if given by any other means, when delivered at
the  address  specified  in  Section  6(b)(i).  Any  party  by  notice  given in
accordance  with this Section 6(b) to the other  parties may  designate  another
address  (or  telecopier  number)  or person for  receipt of notices  hereunder.
Notices by a party may be given by counsel to such party.

                      (c) NO  WAIVER;  REMEDIES.  No  failure on the part of the
Guaranteed  Party to exercise,  and no delay in exercising,  any right hereunder
shall operate as a waiver thereof;  nor shall any single or partial  exercise of
any right hereunder preclude any other or

Guaranty                               2
<PAGE>

further exercise thereof or the exercise of any other right. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law.

                      (d) HEADINGS. The headings herein are for convenience only
and shall not limit or define the meaning of the  provisions  of this  Guaranty.

                      (e)  SEVERABILITY.  If any  provision of this Guaranty for
any  reason  shall  be  held  to be  illegal,  invalid  or  unenforceable,  such
illegality shall not affect any other provision of this Guaranty,  this Guaranty
shall  be  amended  so as to  enforce  the  illegal,  invalid  or  unenforceable
provision to the maximum  extent  permitted by  applicable  law, and the parties
shall  cooperate in good faith to further modify this Guaranty so as to preserve
to the  maximum  extent  possible  the  intended  benefits to be received by the
parties.

                      (f)  CONTINUING  GUARANTY.  This  Guaranty is a continuing
guaranty and shall (i) remain in full force and effect until  payment in full of
the  Obligations  and all other  amounts  payable under this  Guaranty,  (ii) be
binding upon the Guarantor,  its successors and assigns,  and (iii) inure to the
benefit  of and be  enforceable  by the  Guaranteed  Party  and its  successors,
transferees and assigns.

                      (g) GOVERNING LAW. This Guaranty shall be governed by, and
construed in accordance with, the laws of the State of New York.

               [THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK]

Guaranty                               3
<PAGE>

                      IN WITNESS WHEREOF, the Guarantor has caused this Guaranty
to be duly executed and delivered as of the date first above written.

                                               By /S/
                                                  ------------------------------
                                                  Name: Charles D. Newman

WITNESSED BY:

     /s/
     ---------------------------------
Name:

Guaranty                               4

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