Document:

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                                                                     EXHIBIT 4.5

                              WOLFPACK CORPORATION

                 SENIOR SUBORDINATED CONVERTIBLE PROMISSORY NOTE

                                   PAYABLE TO

                        LANCER PARTNERS, LIMITED PARTNERS

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                                TABLE OF CONTENTS

1.  Definitions ...........................................................   1
    -----------

2.  Terms of Note .........................................................   8
    -------------
    2.1  Interest and Maturity ............................................   8
         ---------------------
    2.2  Manner and Place of Payment ......................................   8
         ---------------------------
    2.3  Optional Prepayment; Non-Transferability .........................   8
         ----------------------------------------
    2.4  Events of Default ................................................   9
         -----------------
    2.5  Equity Kicker ....................................................  10
         ---------------------

3.  Negative Covenants ....................................................  10
    ------------------
    3.1  Limitation on Other Senior Subordinated Indebtedness .............  10
         ----------------------------------------------------
    3.2  Limitations on Liens .............................................  11
         --------------------

4.  Subordination .........................................................  11
    -------------
    4.1  Agreement to Subordinate .........................................  11
         ------------------------
    4.2  No Demand for Payment; Limitations on Payments ...................  11
         ----------------------------------------------
    4.3  Limitations on Payments; Defaults ................................  11
         ---------------------------------
    4.4  Rights Upon Distribution of Assets ...............................  12
         ----------------------------------
    4.5  Payments Received in Trust .......................................  13
         --------------------------
    4.6  Execution of Intercreditor Agreements ............................  13
         -------------------------------------
    4.7  Subrogation ......................................................  14
         -----------
    4.8  Reliance Upon Judicial Proceeding ................................  14
         ---------------------------------
    4.9  Right to Payments ................................................  14
         -----------------
    4.10 Enforcement of Subordination .....................................  14
         ----------------------------
    4.11 No Impairment by Failure to Act ..................................  15
         -------------------------------
    4.12 Delivery of Documentation to Holders of Senior Indebtedness.......  15
         -----------------------------------------------------------
    4.13 No Limitation of Bankruptcy Proceedings ..........................  15
         ---------------------------------------

5.  Conversion ............................................................  15
    ----------
    5.1  Conversion by the Holder .........................................  15
         ------------------------
    5.2  Stock Splits; Reverse Stock-Splits ...............................  15
         ----------------------------------

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    5.3  Provisions in Case of Consolidation or Merger .....................  16
         ---------------------------------------------
    5.4  Adjustment in Number of Securities ................................  16
         ----------------------------------
    5.5  Validity of Note ..................................................  16
         ----------------
    5.6  Elimination of Fractional Interests ...............................  16
         -----------------------------------
    5.7  Unit Offerings ....................................................  17
         --------------
    5.8  Issuance of Stock on Conversion ...................................  17
         -------------------------------

6.  Restriction on Transfer ................................................  17
    -----------------------

7.  Additional Restrictions on Transfer ....................................  17
    -----------------------------------
    7.1  General Prohibition Against Transfer ..............................  17
         ------------------------------------
    7.2  Effect of Non-complying Transfers .................................  18
         ---------------------------------
    7.3  Permitted Transfers ...............................................  18
         -------------------
    7.4  Permitted Transfers Subject to Continuing Restrictions ............  18
         ------------------------------------------------------

8.  Miscellaneous ..........................................................  19
    -------------
    8.1  Notices ...........................................................  19
         -------
    8.2  Entire Agreement ..................................................  20
         ----------------
    8.3  No Oral Modifications .............................................  20
         ---------------------
    8.4  Extension; Waiver .................................................  20
         -----------------
    8.5  Binding Effect ....................................................  20
         --------------
    8.6  Interpretation; Construction; Section Headings ....................  20
         ----------------------------------------------
    8.7  Governing Law .....................................................  21
         -------------
    8.8  Severability ......................................................  21
         ------------
    8.9  Waiver of Notice ..................................................  21
         ----------------
    8.10 Attorney's Fees ...................................................  21
         ---------------
    8.11 Time ..............................................................  21
         ----
    8.12 Maximum Limit On Interest .........................................  21
         -------------------------
    8.13 Mutilated, Destroyed, Lost and Stolen Notes .......................  22
         -------------------------------------------
    8.14 No Recourse Against Others ........................................  22
         --------------------------
    8.15 Authentication ....................................................  23
         --------------
    8.16 Exclusive Jurisdiction and Venue ..................................  23
         --------------------------------

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The securities evidenced by this Note have been issued and sold without
registration under the Securities Act of 1933 ("Securities Act") or the
securities laws of any state, in reliance upon certain exemptive provisions of
such laws, including paragraph (8) of Code Section 78A-17 of the North Carolina
Act. Said securities cannot be sold or transferred except if, in the opinion of
counsel to the issuer, such sale or transfer would be: (1) pursuant to an
effective registration statement under the Securities Act or pursuant to an
exemption from such registration; and (2) in a transaction which is exempt under
applicable state securities laws, or pursuant to effective registration
statements under such laws, or in a transaction which is otherwise in compliance
with such laws.

In making an investment, decision investors must rely on their own examination
of the issuer and the terms of the Note, including the merits and risks
involved. The securities offered hereby 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.
Investors should be aware that they will be required to bear the financial risks
of this investment for an indefinite period of time.

                              WOLFPACK CORPORATION

                 SENIOR SUBORDINATED CONVERTIBLE PROMISSORY NOTE

No. 2
$350,000                                                       December 11, 2001

         FOR VALUE RECEIVED, the undersigned, WOLFPACK CORPORATION, a Delaware
corporation (the "Company"), promises to pay to the order of LANCER PARTNERS,
LIMITED PARTNERSHIP ("Lancer"), the principal sum of THREE HUNDRED FIFTY
THOUSAND DOLLARS (U.S.$350,000), plus interest thereon at the rate set forth
below, subject to the provisions hereof limiting interest to the maximum
permitted by applicable law. All amounts paid shall first be applied to the
payment of interest, and then to the reduction of principal.

         The following is a statement of the rights of the Holder of this Note
and the conditions to which this Note is subject, to which the Holder hereof, by
the acceptance of this Note, agrees:

         1. Definitions. As used in this Note, the following terms, unless the
            -----------
context otherwise requires, have the following meanings.

            1.1 "Affiliate" means, with respect to any Person, any other Person
         that directly or indirectly controls or is controlled by or under
         common control with such Person. For the purposes of this definition,
         "control" when used with respect to any Person, means the possession,
         direct or indirect, of the power to direct or cause the

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         direction of the management and policies of such Person, whether
         through the ownership of voting securities, by contract or otherwise
         and the terms of "affiliated," "controlling" and "controlled" have
         meanings correlative to the foregoing.

             1.2 "Applicable Law" means all applicable provisions of
         constitutions, laws, statutes, treaties, rules, regulations and orders
         of all governmental authorities and all orders and decrees of all
         courts and arbitrators.

             1.3 "Bankruptcy Code" means the United States Bankruptcy Code (11
         U.S.C.(S)101 et seq.), as amended, and any successor statute or any
                      ------
         similar state law for the relief of debtors.

             1.4 "Bankruptcy Proceeding" means any proceeding commenced by or
         against any Person under any provision of the Bankruptcy Code or any
         other proceeding under any other bankruptcy or insolvency law of any
         jurisdiction, assignments for the benefit of creditors, formal or
         informal moratoria, compositions, extensions generally with creditors,
         or proceedings seeking reorganization, arrangement, or other similar
         relief.

             1.5 "Business Day" means any day of the year, excluding, Saturday,
         Sunday, any day that is a legal holiday under the laws of the State of
         North Carolina or Georgia, and any day on which commercial banks
         located in the State of North Carolina or Georgia are required or
         authorized, by law or other governmental action, to close.

             1.6 "Capitalized Leases" means, with respect to any Person, any
         lease of property (whether real, personal or mixed) the discounted
         present value of the rental obligations of such Person as lessee of
         which have been or are required to be, in accordance with generally
         accepted accounting principles, ("GAAP") capitalized on the balance
         sheet of such Person.

             1.7 "Carrier Agreements" means agreements with one or more Persons
         in the business of transmitting telecommunications signals, whether
         voice, data or otherwise and whether for local, long distance,
         domestic, international, roaming or directory assistance service and
         whether a toll or non-toll transmission and whether by wire or wireless
         transmission.

             1.8 "Closing Price" on any trading day with respect to the per
         share price of Common Stock means the last reported sales price regular
         way or, in case no such reported sale takes place on such day, the
         average of the reported closing bid and asked prices regular way, in
         either case on the New York Stock Exchange, or if the Common Stock is
         not listed or admitted to trading on such exchange, on the principal
         national securities exchange on which the Common Stock is listed or
         admitted to trading or, if not listed or admitted to trading on any
         national securities exchange, on the National Association of Securities
         Dealers Automated Quotations National Market System or, if the Common
         Stock is not listed or admitted to trading on any national securities
         exchange or quoted on such National Market System, the average of the
         closing bid and asked

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         prices in the over-the-counter market as furnished by any New York
         Stock Exchange member firm that is selected from time to time by the
         Company for the purpose.

             1.9  "Common Stock" means the common stock of the Company, par
         value $0.001 per share or any unit containing Common Stock of the
         Company.

             1.10 "Conversion Date" means any date at which the Holder of this
         Note shall have the right to convert all or a portion of the then
         outstanding principal amount of this Note, or any accrued interest
         thereon, to Common Stock.

             1.11 "Conversion Price" means the conversion price set forth in
         Section 5.1, subject to adjustment as provided in Section 5.2, Section
         -----------                                       -----------  -------
         5.3 and Section 5.4.
         ---     -----------

             1.12 "Debt" means, as to any Person, all liabilities, obligations
         and indebtedness of such Person to any other Person, of any kind or
         nature, now or hereafter owing, arising, due or payable, howsoever
         evidenced, created, incurred, acquired or owing, whether primary,
         secondary direct, contingent, fixed or otherwise.

             1.13 "Governmental or Regulatory Authority" means any court,
         tribunal, arbitrator, authority, agency, commission, official or other
         instrumentality of the United States, any foreign country or any
         domestic or foreign state, county, city or other political subdivision.

             1.14 "Holder" or "Noteholder" or similar terms, when the context
         refers to a holder of this Note, means Lancer, or any other Person who
         shall at the time be the holder of this Note (but only as permitted by
         Section 7.3 hereof). Such terms used in the plural shall mean any
         -----------
         persons who shall at the time be the holders of this Note.

             1.15 "Indebtedness" means, with respect to any Person:

                  (a) all liabilities, contingent or otherwise, of such Person

                      (i)   for borrowed money (whether or not the recourse of
                  the lender is to the whole of the assets of such Person or
                  only to a portion thereof),

                      (ii)  evidenced by bonds, notes, debentures or similar
                  instruments or letters of credit or representing the balance
                  deferred and unpaid of the purchase price of any property.

                      (iii) evidenced by bankers' acceptances or similar
                  instruments issued or accepted by banks or interest swap
                  obligations, or

                      (iv)  for the payment of money relating to Capitalized
                  Leases;

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                  (b) reimbursement obligations of such Person with respect to
             letters of credit (other than obligations with respect to letters
             of credit securing obligations (other than obligations described in
             (a) above) entered into in the ordinary course of business of such
             Person, to the extent such letters of credit are not drawn upon or,
             if and to the extent drawn upon, such drawing is reimbursed no
             later than the tenth (10/th/) Business Day following receipt by
             such Person of a demand for reimbursement following payment on the
             letter of credit);

                  (c) all liabilities of others of the kind described in the
             preceding clause (a) or (b) that such Person has guaranteed or that
             is otherwise its legal liability (provided that the amount of
                                               --------
             liability attributable to such guarantee or other legal liability
             shall be deemed to be the maximum amount for which such Person
             could be liable under such guarantee or otherwise);

                  (d) any and all deferrals, renewals, extensions, refinancings
             and refundings (whether direct or indirect) of, or amendments,
             modifications or supplements to, any liability of the kind
             described in any of the preceding clauses (a) through (d), whether
             or not between the same parties.

             1.16 "Issue Date" means December 11, 2001.

             1.17 "Lien" means any mortgage, lien, pledge, charge, security
         interest, or other encumbrance of any kind, whether or not filed,
         recorded or otherwise perfected under applicable law (including any
         conditional sale or other title retention agreement and any lease
         deemed to constitute a security interest and any option or other
         agreement to give any security interest).

             1.18 "Note" means this Note issued by the Company in the aggregate
         principal amount of U.S.$350,000.

             1.19 "Notice" means written notice given in accordance with Section
                                                                         -------
         8.1 of this Note.
         ---

             1.20 "Permitted Liens" means:

                  (a) Liens on the assets of the Company and any securing
             Indebtedness that is or was permitted by the terms hereof to be
             incurred;

                  (b) Liens in favor of the Company or any wholly owned
             subsidiary of the Company;

                  (c) Liens on property of a Person existing at the time such
             Person is merged with or into or consolidated with the Company or
             any wholly owned subsidiary of the Company; provided that such
             Liens were in existence prior to the contemplation of such merger
             or consolidation and do not extend to any

                                       4

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             property other than those of the Person merged into or consolidated
             with the Company or the wholly owned subsidiary;

                  (d) Liens on property existing at the time of acquisition
             thereof by the Company or any wholly owned subsidiary of the
             Company, provided that such Liens were in existence prior to the
             contemplation of such acquisition and do not extend to any property
             other than the property so acquired by the Company or any such
             wholly owned subsidiary;

                  (e) Liens to secure Debt (including Capital Lease Obligations)
             incurred in connection with the acquisition of assets, provided the
             Debt incurred to finance each such acquisition attaches only to the
             asset acquired with the proceeds from the Debt secured thereby and
             the principal amount of any Debt secured by any asset shall not
             exceed one hundred percent (100%) of the actual cost of the asset
             (including transportation, installation or other incidental costs)
             and covering only the assets acquired with such Indebtedness;

                  (f) Liens on Indebtedness or other agreements in effect on the
             Issue Date;

                  (g) Liens for taxes, assessments or government charges or
             claims which are not yet delinquent or which are being contested in
             good faith by appropriate proceedings or procedures promptly
             instituted and diligently conducted and if a reserve or other
             appropriate provision, if any, as shall be required in conformity
             with GAAP shall have been made therefor;

                  (h) Statutory Liens or Liens of landlords, carriers,
             materialmen, mechanics, suppliers, processors, repairmen,
             warehousemen, or other like Liens for labor, materials, supplies or
             rentals incurred in the ordinary course of business and with
             respect to amounts not delinquent for more than one hundred eighty
             (180) days or being contested in good faith by appropriate
             proceedings or procedures, if a reserve or other appropriate
             provision, if any, as required in conformity with GAAP shall have
             been made therefor;

                  (i) Liens incurred or deposits made to secure the performance
             of tenders, bids, leases, statutory obligations, surety and appeal
             bonds, contracts, performance and return-of-money bonds and other
             obligations of like nature incurred in the ordinary course of
             business (including, without limitation, Carrier Agreements, but
             otherwise exclusive of obligations for the payment of borrowed
             money);

                  (j) Liens on goods (and the proceeds thereof) and documents of
             title and the property covered thereby securing indebtedness in
             respect of commercial letters of credit;

                                       5

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               (k)  Liens incurred in the ordinary course of business of the
          Company or any wholly owned subsidiary of the Company with respect to
          obligations that do not exceed twenty five thousand dollars ($25,000)
          at any one time outstanding;

               (l)  Liens securing Senior Indebtedness;

               (m)  Liens consisting of deposits or pledges made in the ordinary
          course of business in connection with, or to secure payment of,
          obligations under workers' compensation, unemployment insurance,
          social security or similar legislation or obligations under customer
          service contracts;

               (n)  Liens constituting covenants, conditions, encumbrances in
          the nature of zoning restrictions and other applicable laws
          restricting the right, use or enjoyment of real property, easements
          and rights or restrictions of record on the use of real property,
          facilities or Equipment which, in the aggregate, do not materially
          detract from the value of such property, facilities or Equipment or
          materially impair the use thereof in the ordinary conduct of business,
          including, without limitation:

                    (i)   easements, exceptions, reservations, or other
               agreements for the purpose of pipelines, conduits, cables, wire
               communication lines, power lines and substations, streets,
               trails, walkways, drainage, irrigation, water and sewerage
               purposes, dikes, canals, ditches, the removal of oil, gas, other
               minerals, and other like purposes affecting real property,
               facilities, or Equipment which, in the aggregate, do not
               materially burden or impair the value or use of such property for
               the purposes for which it is or may reasonably be expected to be
               held;

                    (ii)  easements, exceptions, reservations, or other
               agreements for the purpose of facilitating the joint or common
               use of property in a development or similar real property project
               affecting real property which, in the aggregate, do not
               materially burden or impair the value or use of such property for
               the purposes for which it is or may reasonably be expected to be
               held; and

                    (iii) rights reserved to or vested in any Governmental
               Authority by Applicable Law to control or regulate, or
               obligations or duties under Applicable Law to any Governmental
               Authority with respect to, the use of any real property;

               (o)  inchoate Liens incident to construction or maintenance of
          real property or Liens incident to construction or maintenance of real
          property now or hereafter filed of record for which adequate reserves
          have been established (to the extent required by GAAP) and which are
          being contested in good faith by appropriate proceedings or procedures
          and have not proceeded to judgment;

                                       6

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               (p)  rights reserved to or vested in any Governmental Authority
          by Applicable Law to control or regulate or obligations or duties
          under Applicable Law to any Governmental Authority with respect to any
          right, power, franchise, grant, license or permit; (xvii) statutory
          Liens or other Liens which arise by operation of Applicable Law, other
          than those described in clauses (h), (n) and (p) of this Section 1.20,
                                                                   ------------
          arising in the ordinary course of business with respect to:

                    (i) obligations which are not delinquent or are being
               contested in good faith by appropriate proceedings or procedures;
               provided that adequate reserves have been established (to the
               --------
               extent required by GAAP) with respect thereto and, by reason of
               nonpayment, no property is subject to a material risk of loss or
               forfeiture, or

                    (ii) in favor of unpaid sellers of goods or prepaying buyers
               of goods, or Liens in items of any accompanying documents or
               proceeds of either arising in favor of a collecting bank;

               (q) other Liens existing as of the date of this Agreement.

          1.21 "Person" means an individual, partnership, corporation (including
     a business trust), limited liability company, joint stock company, trust,
     unincorporated association, joint venture or other entity, or a government
     or any political subdivision or agency thereof.

          1.22 "Senior Indebtedness" means the principal of, premium, if any,
     interest (including, without limitation, interest accruing after the filing
     of a petition initiating any Bankruptcy Proceeding, whether or not such
     interest accrues after the filing of such petition for purposes of the
     Bankruptcy Code or similar provisions of state law or is an allowed claim
     in such proceeding), fees, expenses and all other monetary obligations on
     or with respect to (a) indebtedness of the Company for money borrowed from
     or owing to any bank, trust company, insurance company, institutional
     lender or other entity in the business (whether in whole or in part) of
     lending money or extending credit or their assignees, whether outstanding
     on the date of this Note or thereafter created or incurred; including,
     without limitation, money borrowed under revolving credit loans, term
     loans, receivables financing (including the sale of receivables to such
     lenders or to special purpose facilities formed to borrow from such lenders
     against such receivables) or letters of credit, (b) evidenced by bonds,
     notes, debentures or similar instruments or letters of credit (or
     reimbursement agreements in respect thereof) in each case for money
     borrowed or to secure the performance by the Company or any Affiliate of
     the Company of its obligations under any Carrier Agreement, and (c) any and
     all deferrals, renewals, extensions, refinancings and refundings (whether
     direct or indirect) of, or amendments, modifications, restatements or
     supplements to, any liability of the kind described in the preceding
     clauses whether or not between the same parties and whether or not in whole
     or in part, from time to time, unless it is provided in the instrument
     creating or evidencing any of the above, or pursuant to which any of the
     above is outstanding, that such Senior Indebtedness or such renewal,
     extension, refinancing or refunding thereof is not superior

                                       7

<PAGE>

     in right of payment to the Note; provided, however, that no indebtedness
                                      --------  -------
     which shall be subordinated in substantially the same manner as the Note
     shall be considered as Senior Indebtedness.

          1.23 "Trading Day" means each Monday, Tuesday, Wednesday, Thursday and
     Friday, other than any day on which securities are not traded on the
     applicable securities exchange or in the applicable securities market.

     2.   Terms of Note.
          -------------

          2.1  Interest and Maturity. This Note shall bear interest on the
               ---------------------
outstanding principal amount prior to maturity at the rate of twelve percent
(12%) per annum, payable in arrears on the Maturity Date. All computations of
interest on this Note shall be made on the basis of a year of 360 days, in each
case for the actual number of days (including the first day, but excluding the
last day) occurring in the period for which such interest is payable. In
computing interest on this Note, the first day of an interest period shall be
included and the date of payment or the expiration of an interest period, as the
case may, shall be excluded.

     The entire principal amount of this Note, together with any accrued but
unpaid interest thereon and any other sums due and payable hereunder, shall be
due and payable on the latter of (i) the consummation of the sale of any class
of Company capital stock providing the Company with a minimum of $1,500,000.00
in proceeds or (ii) March 11, 2002 (the "Maturity Date"), unless such
indebtedness is, pursuant to Section 5.1 hereof, converted into Common Stock
                             -----------
prior to such date.

     All past due principal and interest under this Note shall bear interest
from maturity, or from the date of acceleration, as the case may be, of such
principal at a variable default rate equal to twelve (12%) percent per annum.
The Company shall issue seventy-five thousand shares (75,000) of Common Stock on
the first day of each month during which an Event of Default is in existence and
continuing with respect to this Note.

          2.2  Manner and Place of Payment. All payments due under this Note,
               ---------------------------
whether of principal or interest, shall be made in lawful money of the United
States of America at the principal executive offices of the Company, specified
pursuant to Section 8.1; provided, however, at the option of the Company,
            -----------  --------  -------
payments may be made by check mailed to the Holder at Holder's address as
specified pursuant to Section 8.1, or by wire transfer of funds to an account at
                      -----------
such bank in the United States of America as Holder shall designate. Whenever
any payment under this Note shall be stated to be due on a day other than a
Business Day, such payment shall be made on the next succeeding Business Day,
and such extension of time shall, in such case, be included in the computation
of payment of interest.

          2.3  Optional Prepayment; Non-Transferability. The Company may, in its
               ----------------------------------------
discretion, pay the Note in whole or in part at any time, without premium or
penalty, and any partial prepayment shall be applied first to accrued but unpaid
interest and then to principal. Except as permitted in accordance with Section
                                                                       -------
7, the Holder shall not sell, assign, transfer,
-

                                       8

<PAGE>

pledge, give or otherwise dispose of all or any part of its respective rights or
obligations under this Note.

          2.4  Events of Default. The occurrence of any of the following events
               -----------------
shall constitute an Event of Default:

               (a)  The Company shall fail to pay when due any payment or
          prepayment required under this Note, including, without limitation,
          any payment of principal or interest, and such failure continues for
          ten (10) days after the Holder notifies the Company in writing of such
          failure.

               (b)  The Company shall (i) make an assignment for the benefit of
          creditors, (ii) petition or apply for the appointment of a liquidator,
          receiver or the like, (iii) commence, acquiesce in or consent to any
          proceeding relating to it under any bankruptcy, insolvency or similar
          law, or (iv) admit in writing its inability to pay its debts as they
          mature; or

               (c)  The voluntary filing by the Company of, or consent by, the
          Company to any petition in bankruptcy or any reorganization,
          arrangement, composition, readjustment, liquidation, dissolution or
          similar relief with respect to the Company, or the admission in
          writing by the Company of its inability to pay its debts as they
          become due.

               (d)  A decree, judgment, or order by a court of competent
          jurisdiction shall have been entered adjudging the Company, or
          ordering relief against the Company in response to the commencement of
          any involuntary bankruptcy case, or approving as properly filed a
          petition seeking reorganization or liquidation of the Company under
          any bankruptcy or similar law, and such decree or order shall have
          continued undischarged and unstayed for a period of sixty (60) days;
          or a decree or order of a court of competent jurisdiction over the
          appointment of a receiver, liquidator, trustee, or assignee in
          bankruptcy or insolvency of the Company, or of the property of the
          Company, or for the winding up or liquidation of the affairs of the
          Company, shall have been entered, and such decree, judgement, or order
          shall have remained in force undischarged and unstayed for a period of
          sixty (60) days;

               (e)  A default in the payment of principal or interest or with
          respect to any Indebtedness in excess of $100,000 or any other default
          or an event of default by the Company shall occur with respect to any
          Indebtedness in excess of $100,000 which would entitle the holder of
          such Indebtedness to accelerate the maturity thereof or require any
          prepayment thereon;

               (f)  One or more final judgments not covered by insurance for the
          payment of money, or the issuance of any warrant of attachment against
          any portion of the property or assets of the Company which, in the
          aggregate, equal to or exceed $100,000 at any one time, shall be
          entered against the Company by a

                                       9

<PAGE>

          court of competent jurisdiction and not be stayed, bonded or
          discharged for a period (during which execution shall not be
          effectively stayed) of thirty (30) days or more (or, in the case of
          any such final judgment which provides for payment over time, which
          shall so remain unstayed, unbonded or undischarged beyond any
          applicable payment date provided therein);

               (g)  The failure by the Company to observe or perform any
          covenant, agreement or warranty contained in this Note or the Right of
          First Refusal Agreement (other than a default otherwise expressly
          enumerated above) and continuance of such default or event of default
          for thirty (30) days after notice to the Company thereof.

     Upon the occurrence of any of the foregoing Events of Default, the entire
unpaid balance hereof, together with unpaid interest thereon, shall at the
option of Holder, and upon written notice from Holder (except with respect to
defaults under clauses (b), (c) or (d) as to which the Event of Default shall be
automatic and no notice shall be required), become immediately due and payable,
and Holder may, subject to the provisions of Section 4, forthwith exercise the
                                             ---------
remedies available to Holder at law and in equity as well as those remedies set
forth in this Note, and one or more executions may forthwith issue on any
judgment or judgments obtained by virtue thereof; and no failure on the part of
Holder to exercise any of Holder's rights hereunder shall be deemed a waiver of
any such rights or of any default.

     Such acceleration of the maturity of amounts due under this Note shall not
affect, and shall be cumulative of, any other rights and remedies which the
Holder may have at law, in equity or otherwise. All rights and remedies
hereunder shall be cumulative and in addition to those provided by law, and may
be exercised separately, concurrently or successively. Notwithstanding the fact
that a failure by the Company to pay any payment of principal or interest on its
stated due date under this Note may occur by reason of the subordination
provisions under Section 4 of this Note, such failure to pay shall nevertheless
                 ---------
for all purposes under this Note constitute an Event of Default entitling Holder
to accelerate the maturity of this Note and/or to pursue all of Holder's other
rights and remedies under this Note and other rights and remedies Holder may
have at law with respect to such Event of Default, subject to the limitations
and other provisions of Section 4 of this Note.
                        ---------

          2.5  Equity Kicker. In connection with, and as additional
               -------------
     consideration for, the issuance of this Note, Holder shall be issued
     102,941 shares of Common Stock.

     3.   Negative Covenants. The Company covenants and agrees that, until
          ------------------
payment in full of all of this Note, the Company will not, at any time:

          3.1  Limitation on Other Senior Subordinated Indebtedness. Create,
               ----------------------------------------------------
incur, issue, assume, guarantee or otherwise become liable for any Indebtedness
that is subordinate or junior in right of payment to any Senior Indebtedness of
the Company and senior in any respect in right of payment to this Note.

                                       10

<PAGE>

         3.2 Limitations on Liens. Create, incur, assume or suffer to exist, any
             --------------------
Lien on or with respect to its assets or properties (including shares of Capital
Stock), real or personal, whether now owned or hereafter acquired, except
Permitted Liens.

     4.  Subordination.
         -------------

         4.1 Agreement to Subordinate. The Company, for itself, its successors
             ------------------------
and assigns, covenants and agrees and Holder by its acceptance hereof likewise
covenants and agrees that (a) the payment of the principal of and interest on
the Note, and (b) any payment on account of the acquisition or redemption of the
Note is hereby expressly subordinated, to the extent and in the manner
hereinafter set forth, in right of payment to the prior payment in full of all
Senior Indebtedness and that these provisions are for the benefit of the holders
of Senior Indebtedness.

         4.2 No Demand for Payment; Limitations on Payments. Unless the
             ----------------------------------------------
authorized agent with authority to act for holders of Senior Indebtedness or
requisite holders of Senior Indebtedness shall have given prior written consent
otherwise, the Holder will not ask, demand, sue for, take or receive from any
Person or party, whether a direct or indirect obligor on the Note, by set-off or
any manner, the whole or any part of the principal of and/or the interest on the
Note, or any payment or distribution of any kind (whether in cash, property or
securities), including any payment that may be payable by reason of any other
indebtedness of the Company being subordinated to payment of this Note, unless
and until all of the Senior Indebtedness shall have been irrevocably paid in
full, and the Company's obligations under any applicable agreement with respect
to Senior Indebtedness (including, without limitation, any applicable loan
agreement or purchase agreement), shall have terminated; provided, however,
                                                         --------  -------
that:

             (a) the Company may make regularly scheduled (unaccelerated)
         interest payments on the Note in accordance with the terms hereof as in
         effect on the date hereof, so long as no Default or Event of Default
         (in each case, as defined in any loan, purchase or other agreement with
         respect to Senior Indebtedness) is in existence at the time of such
         payment or would result from the making of such payment,

             (b) may make payments following the expiration of a payment
         blockage period under Section 4.3, but only as provided in Section 4.3
                               -----------                          -----------
         of this Agreement;

             (c) this Note may be converted to Common Stock or any other equity
         security of the Company as provided in Section 5 of this Agreement; and
                                                ---------

             (d) the Company may, make such other payments as may be permitted
         (i) by the terms of its Senior Indebtedness, or (ii) pursuant to
         consents from the necessary holders of Senior Indebtedness or a
         combination thereof.

         4.3 Limitations on Payments; Defaults. In the event that any default or
             ---------------------------------
event of default (as defined in any loan agreement, purchase agreement or any
other agreement with

                                       11

<PAGE>

respect to any Senior Indebtedness) in the observance of any term of any Senior
Indebtedness shall occur and be continuing, then:

             (a) if such default is other than a payment default or a default
         which results in the acceleration of the maturity date of such Senior
         Indebtedness, no payment (including any payment that may be payable by
         reason of any other indebtedness of the Company being subordinated to
         payment of this Note) shall be made by or on behalf of the Company for
         or on account of this Note, and the Holder shall not take or receive
         from the Company, directly or indirectly, in cash or other property or
         by set-off or in any other manner, including, without limitation, from
         or by way of collateral, payment of all or any of this Note during any
         payment blockage period that may be provided for in any Designated
         Senior Indebtedness with respect to this Note; provided, however, that
                                                        --------  -------
         no such payment blockage period shall exist more than once in any 365
         consecutive day period, nor shall any such payment blockage period
         exceed 179 consecutive days in any 365 consecutive day period and, upon
         the maturity of any Senior Indebtedness then due by lapse of time,
         acceleration, default by the Company or otherwise, then all such
         matured Senior Indebtedness then due shall first be paid in full before
         any additional payment on account of principal or interest is made on
         the Note, and

             (b) if such default is a payment default or a default which results
         in the acceleration of the maturity date of such Senior Indebtedness,
         no payment (including any payment that may be payable by reason of any
         other indebtedness of the Company being subordinated to payment of this
         Note) shall be made by or on behalf of the Company for or on account of
         this Note, and the Holder shall not take or receive from the Company,
         directly or indirectly, in cash or other property or by set-off or in
         any other manner, including, without limitation, from or by way of
         collateral, payment of all or any of this Note and, upon the maturity
         of any Senior Indebtedness then due by lapse of time, acceleration,
         default by the Company or otherwise, then all such matured Senior
         Indebtedness then due shall first be paid in full before any additional
         payment on account of principal or interest is made on the Note

         4.4 Rights Upon Distribution of Assets. Upon any distribution of assets
             ----------------------------------
of the Company upon any dissolution, winding-up, liquidation, arrangement,
reorganization, protect, relief or composition of the Company or its debts
(whether voluntary or involuntary in bankruptcy, insolvency or receivership or
other similar case or proceeding, under any Federal or State bankruptcy or
similar law or upon an assignment for the benefit of creditors or any other
dissolution, winding-up, liquidation or reorganization of the Company or any
other marshalling of the assets and liabilities of the Company),

             (a) The holders of all Senior Indebtedness shall first be entitled
         to receive payment in full before the Holder of this Note is entitled
         to receive any additional payment on account of the principal of, or
         interest on the Note (other than payment in shares of stock of the
         Company as reorganized or readjusted, or securities of the Company or
         any other corporation provided for by a plan of

                                       12

<PAGE>

         reorganization or readjustment, the payment of which is subordinated
         to the payment of all Senior Indebtedness which may at the time be
         outstanding);

         (b) Any payment or distribution of assets of the Company of any kind or
         character, whether in cash, property or securities (other than shares
         of stock of the Company as reorganized or readjusted, or securities of
         the Company or any other corporation provided for by a plan of
         reorganization or readjustment, the payment of which is subordinated to
         the payment of all Senior Indebtedness which may at the time be
         outstanding), to which the Holder of the Note would be entitled, except
         for the provisions of this Section 4, shall be paid by the liquidating
                                    ---------
         trustee or agent or other person making such payment or distribution,
         whether a trustee in bankruptcy, a receiver or liquidating trustee or
         other trustee or agent, directly to the holders of Senior Indebtedness,
         to their representative or representatives, or to the trustee or
         trustees under any indenture under which any instruments evidencing any
         such Senior Indebtedness may have been issued, ratably according to the
         aggregate amounts remaining unpaid on account of the principal of the
         Senior Indebtedness held or represented by each for application in the
         case of cash or as collateral (in the case of non cash assets) for the
         payment or prepayment of Senior Indebtedness, in each case, to the
         extent necessary to make payment in full of all Senior Indebtedness
         remaining unpaid, after giving effect to any concurrent payment or
         distribution or provision therefor to the holders of such Senior
         Indebtedness; and

         4.5 Payments Received in Trust. In the event that, notwithstanding the
             --------------------------
foregoing, any payment or distribution of assets of the Company of any kind or
character, whether in cash, property or securities (other than shares of stock
of the Company as reorganized or readjusted, or securities of the Company or any
other corporation provided for by a plan of reorganization or readjustment, the
payment of which is subordinated to the payment of all Senior Indebtedness which
may at the time be outstanding), shall be received by the Holder on account of
interest or principal on the Note not due or payable prior to the happening of
any of the events described in Section 4.3 or Section 4.4 before all Senior
                               -----------    -----------
Indebtedness is paid in full, such payment or distribution shall be received in
trust for the benefit of the holders of Senior Indebtedness and shall be paid
over to the holders of Senior Indebtedness remaining unpaid or to their
representative or representatives, or to the trustee or trustees under any
indenture under which any instruments evidencing any of such Senior Indebtedness
may have been issued, ratably as aforesaid, in the same form as received (with
any necessary endorsement) for application in the case of cash or as collateral
(in the case of non cash assets) for the payment or prepayment of Senior
Indebtedness, as the case may be, to the payment of such Senior Indebtedness
until all such Senior Indebtedness shall have been paid in full, after giving
effect to any concurrent payment or distribution or provision therefor to the
holders of such Senior Indebtedness.

         4.6 Execution of Intercreditor Agreements. The Holder agrees that if
             -------------------------------------
the Company creates, incurs, or refinances any Senior Indebtedness, Holder, upon
request, will execute an intercreditor agreement with regard to the
subordination of this Note to such Senior Indebtedness in such form as may be
reasonably requested by any holder of such Senior

                                       13

<PAGE>

Indebtedness who is authorized to act on behalf of all of the holders of the
particular Senior Indebtedness at issue.

         4.7  Subrogation. Subject to the payment in full of all Senior
              -----------
Indebtedness, the Holder of the Note shall be subrogated to the rights of the
holders of Senior Indebtedness to receive payments or distributions of assets of
the Company applicable to the Senior Indebtedness on the Note once the Senior
Indebtedness shall be paid in full, and no such payments or distributions
applicable to the Senior Indebtedness shall, as between the Company, its
creditors other than the holders of Senior Indebtedness and the Holder of the
Note be deemed to be a payment by the Company to or on account of the Note, it
being understood that the provisions of Section 4 of this Note are and are
                                        ---------
intended solely for the purpose of defining the relative rights of the Holder of
the Note, on the one hand, and the holders of the Senior Indebtedness, on the
other hand. Nothing contained in Section 4 of this Note or elsewhere in this
                                 ---------
Note is intended to or shall impair, as between the Company, its creditors other
than the holders of Senior Indebtedness, and the Holder of the Note, the
obligation of the Company, which is absolute and unconditional, to pay to the
Holder of the Note the principal of and interest on the Note as and when the
same shall become due and payable in accordance with its terms, or is intended
to or shall affect the relative rights of the Holder of the Note and creditors
of the Company other than the holders of the Senior Indebtedness, nor shall
anything herein or therein prevent the Holder of the Note from exercising all
remedies otherwise permitted by applicable law upon an Event of Default under
the Note, subject to the rights, if any, under this Section 4 of the holders of
                                                    ---------
Senior Indebtedness in respect to cash, property or securities of the Company
received upon the exercise of any such remedy.

         4.8  Reliance Upon Judicial Proceeding. Upon any distribution of assets
              ---------------------------------
of the Company referred to in Section 4 of this Note, the Holder of the Note
                              ---------
shall be entitled to rely upon any order or decree made by any court of
competent jurisdiction in which such dissolution, winding-up, liquidation or
reorganization proceedings are pending, or a certificate of the liquidating
trustee or agent or other person making any distribution to the Holder of the
Note, for the purpose of ascertaining the persons entitled to participate in
such distribution, the holders of the Senior Indebtedness and other indebtedness
of the Company, the amount thereof or payable thereon, the amount or amounts
paid or distributed thereon and all other facts pertinent thereto or to Section
                                                                        -------
4 of this Note.
-

         4.9  Right to Payments. Except as provided in Section 4.3 with respect
              -----------------                        -----------
to certain payment blockage periods, nothing else contained in Section 4 of this
                                                               ---------
Note or elsewhere in this Note shall affect the obligation of the Company to
make, or prevent the Company from making at any time, except during the pendency
of any such dissolution, winding-up, liquidation or reorganization proceedings
or upon the maturity of the Senior Indebtedness, payments of principal of or
interest on the Note and nothing herein shall prevent the Company from making
any payments to the Holder of this Note upon subordination with respect to the
Holder's right to accelerate any or all of the principal amount of this Note
pursuant to Section 2.4 hereof.
            -----------

         4.10 Enforcement of Subordination. The Holder of this Note, by
              ----------------------------
acceptance hereof, (a) agrees that any rights against such Holder which any
holder of Senior Indebtedness may have, directly or through the Company by
virtue of the provisions of Section 3 of this Note,
                            ---------

                                       14

<PAGE>

may be enforced by such holder of Senior Indebtedness directly against the
Holder of this Note without the necessity of joining the Company as a party, and
(b) every holder of Senior Indebtedness and every person hereafter making any
advance constituting Senior Indebtedness shall be entitled to rely upon the
provisions of Section 4 of this Note, and (c) agrees that it will join in
              ---------
executing such assignments, agreements and other instruments as may be requested
by any holder of Senior Indebtedness to carry out the intent and purpose of this
subordination.

         4.11 No Impairment by Failure to Act. No right of any present or future
              -------------------------------
holder of any Senior Indebtedness of the Company to enforce subordination as
herein provided shall at any time or in any way be prejudiced or impaired by any
failure to act on the part of the Company, or by any non-compliance by the
Company with the terms, provisions and covenants of this Note, regardless of any
knowledge thereof that any such holder of Senior Indebtedness may have or be
otherwise charged with.

         4.12 Delivery of Documentation to Holders of Senior Indebtedness. The
              -----------------------------------------------------------
Holder of this Note, by acceptance hereof, authorizes and directs that a copy
hereof be delivered by the Company to each authorized representative or agent
for any holder of Senior Indebtedness, or if there is no such currently
authorized representative or agent then to at least one holder of Senior
Indebtedness as representative of itself and all other such holders of the
Senior Indebtedness, and to any other holder of Senior Indebtedness requesting
the same. Holder of this Note, by acceptance hereof, expressly waives reliance
by any present or future holder of Senior Indebtedness upon the subordination
provisions contained herein.

         4.13 No Limitation of Bankruptcy Proceedings. The Holder agrees that,
              ---------------------------------------
so long as payments or distributions for or on account of this Note are not
permitted pursuant to Section 4, the Holder will not take any action to, or
                      ---------
commence, or join with any other creditor in commencing any Bankruptcy
Proceeding with respect to the Company, or, directly or indirectly, cause the
Company to commence, or assist the Company in commencing any Bankruptcy
Proceeding.

     5.  Conversion.
         ----------

         5.1 Conversion by the Holder. The Holder may, at any time, convert all
             ------------------------
or any portion of the then outstanding principal amount of this Note and any
accrued but unpaid interest hereon into shares of Common Stock at a Conversion
Price equal to Fifty Cents ($.50) per share of Common Stock (or at the current
adjusted Conversion Price if an adjustment has been made as provided herein).

         5.2 Stock Splits; Reverse Stock-Splits. In case outstanding shares of
             ----------------------------------
Common Stock shall be subdivided into a greater number of shares of Common
Stock, the Conversion Price in effect at the opening of business on the day
following the day upon which such subdivision becomes effective shall be
proportionately reduced, and, conversely, in case outstanding shares of Common
Stock shall be combined into a smaller number of shares of Common Stock, the
Conversion Price in effect at the opening of business on the day following the
day upon which such combination becomes effective shall be proportionately
increased, such reduction or increase, as the case may be, to become effective
immediately after the opening of

                                       15

<PAGE>

business on the day following the day upon which such subdivision or combination
becomes effective.

         5.3 Provisions in Case of Consolidation or Merger. In case of any
             ---------------------------------------------
consolidation of the Company with, or merger of the Company into, any other
Person, any merger of another Person into the Company (other than a merger which
does not result in any reclassification, conversion, exchange or cancellation of
outstanding shares of Common Stock of the Company) the Holder shall have the
right thereafter during the period in which this Note shall be convertible as
specified, to convert this Note only into the kind and amount of securities,
cash and other property receivable, if any, upon such consolidation, merger,
sale or transfer by a holder of the number of shares of Common Stock of the
Company into which this Note might have been converted immediately prior to such
consolidation, merger, sale or transfer, assuming such holder of Common Stock of
the Company (i) is not a Person with which the Company consolidated or into
which the Company merged or which merged into the Company or to which such sale
or transfer was made, as the case may be ("Constituent Person"), or an Affiliate
of a Constituent Person and (ii) failed to exercise his rights of election, if
any, as to the kind or amount of securities, cash and other property receivable
upon such consolidation, merger, sale or transfer (provided that if the kind or
amount of securities, cash and other property receivable upon such
consolidation, merger sale or transfer is not the same for each share of Common
Stock of the Company held immediately prior to such consolidation, merger, sale
or transfer by other than a Constituent Person or an Affiliate thereof and in
respect of which such rights of election shall not have been exercised
("non-electing share"), then, for the purpose of this Section 5.3, the kind and
                                                      -----------
amount of securities, cash and other property receivable upon such
consolidation, merger, sale or transfer by each non-electing share shall be
deemed to be the kind and amount so receivable per share by a plurality of the
non-electing shares). The above provisions of this Section 5.3 shall similarly
                                                   -----------
apply to successive consolidations, mergers, sales or transfers.

         5.4 Adjustment in Number of Securities. Upon each adjustment of the
             ----------------------------------
Conversion Price pursuant to the provisions of Section 5 of this Note, the
                                               ---------
number of shares of Common Stock issuable upon exercise at the adjusted
Conversion Price shall be adjusted to the nearest full amount by multiplying a
number equal to the Conversion Price in effect immediately prior to such
adjustment by the number of shares of Common Stock issuable upon exercise of the
conversion right immediately prior to such adjustment and dividing the product
so obtained by the adjusted Conversion Price.

         5.5 Validity of Note. Irrespective of any adjustments or changes in the
             ----------------
Conversion Price or the amount of securities issuable upon exercise of the
conversion right, this Note shall continue to express the Conversion Price per
share and the amount of securities issuable thereunder as of the date this Note
was originally issued; provided, the Holder shall be entitled to exercise the
right represented by this Note after giving effect to each such adjustment and
change, and this Note shall be deemed to incorporate each such adjustment and
change as if a new Note reflecting each such adjustment and change had been
issued to the Holder.

         5.6 Elimination of Fractional Interests. The Company shall not be
             -----------------------------------
required to issue certificates representing fractions of shares of Common Stock
upon the exercise of the conversion rights set forth in this Section 5, nor
                                                             ---------
shall it be required to issue scrip or pay cash in

                                       16

<PAGE>

lieu of such fractional interests, it being the intent of the parties that all
fractional interests shall be eliminated by rounding any fraction up or down to
the nearest whole number of shares of Common Stock or other securities,
properties or rights. If a fraction of a share would otherwise be issuable on
conversion of this Note, the Company will in lieu of such issuance pay the cash
value of that fractional share.

         5.7 Unit Offerings. In case the Company shall offer its Common Stock as
             --------------
part of an offering of units of equity securities, the per share or per share
equivalent stock price and per share or per share equivalent Conversion Price
shall be determined by dividing the number of shares in the Unit by the Closing
Price of the Unit on the applicable date or dates. In case the Company shall
offer its Common Stock as part of a unit of equity and debt securities, the per
share price or per share equivalent stock price shall be determined by dividing
the number of shares in the unit by the remainder of the closing price of the
Unit on the applicable date or dates, minus the principal face amount of the
                                      -----
debt security component of the Unit.

         5.8 Issuance of Stock on Conversion. As soon as reasonably practicable
             -------------------------------
after a conversion of this Note, in whole or in part, pursuant to Section 5, the
                                                                  ---------
Company at its expense will cause to be issued in the name of and delivered to
the Holder of this Note, a certificate or certificates for the number of shares
of Common Stock to which that Holder shall be entitled on such conversion
(bearing such legends as may be required under applicable state and federal
securities laws in the opinion of the Company, after consultation with counsel).
Such conversion shall be deemed to have been made immediately prior to the close
of business on the Forced Conversion Date or the Voluntary Conversion Date. No
fractional shares will be issued on conversion of this Note.

     6.  Restriction on Transfer .
         -----------------------

         THIS NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION THEREOF HAVE
     NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
     "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE
     OFFERED, SOLD, ASSIGNED OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
     EXCEPT: (i) PURSUANT TO AN EFFECTIVE REGISTRATION THEREOF UNDER THE
     SECURITIES ACT; OR (ii) IF IN THE OPINION OF COUNSEL FOR THE REGISTERED
     OWNER HEREOF, WHICH OPINION IS REASONABLY SATISFACTORY TO THE COMPANY, AND
     ITS COUNSEL, THE PROPOSED OFFER, SALE, ASSIGNMENT, TRANSFER, PLEDGE OR
     HYPOTHECATION MAY BE EFFECTED WITHOUT SUCH REGISTRATION AND WILL NOT BE IN
     VIOLATION OF APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

     7.  Additional Restrictions on Transfer.
         -----------------------------------

         7.1 General Prohibition Against Transfer. No party hereto, or any
             ------------------------------------
Permitted Transferee shall (i) sell, assign, pledge, encumber, or otherwise
transfer this Note or any portion thereof to any person or entity whatsoever,
except in a Permitted Transfer.

                                       17

<PAGE>

         7.2 Effect of Non-complying Transfers. Any purported transfer of this
             ---------------------------------
Note or any portion thereof without full compliance with this Section 7 shall be
                                                              ---------
void and of no effect, and the purported transferee shall be entitled to no
rights as a security holder of the Company. In addition to any other legal or
equitable remedy which may be available, the Company shall be entitled to
injunctive relief against any such noncomplying transfer by the initial Holder
or any subsequent holder. The Company shall not transfer this Note or any
portion thereof on its transfer records or recognize the purported transferee as
a holder for any purpose, including, without limitation, for purposes of payment
of principal or interest, or exercise of conversion or other rights hereunder,
unless the provisions of this Section have been complied with in full.

         7.3 Permitted Transfers. Provided that the Holder gives the Company
             -------------------
advance written notice describing the terms and conditions of the proposed
transfer and the Holder notifies the Company in writing that such a transfer
would comply with the requirements of all applicable securities laws
(accompanied by an opinion of counsel reasonably acceptable to the Company and
its counsel) and this Note, such transfer can be effected at no out-of-pocket
cost to the Company, and such transfer will not result in a material adverse
effect on the Company, the transfer restrictions of Section 7.1 and Section 7.2
                                                    -----------     -----------
shall not apply to any of the following transfers of this Note or any portion
thereof (each a "Permitted Transfer" and each recipient of said Note, a
"Permitted Transferee") by the initial Holder or by any other subsequent Holder
who has acquired this Note or any portion thereof as a Permitted Transferee (in
either case, a "Permitted Transferor"):

             (a) To an Affiliate of the Holder; or

             (b) a trust or trusts solely for the benefit of the Holder and/or
         his or her Immediate Family; or

             (c) a partnership or limited liability company, the partners or
         members of Holder; or

             (d) If the Permitted Transferor is an individual, transfers by gift
         by the Permitted Transferor, or by will or intestacy upon the death of
         the Permitted Transferor, to the spouse, children, parents or siblings
         of the Permitted Transferor or to a trust for the benefit of such
         spouse, children, parents or siblings; and

             (e) Transfers of the Note between the Permitted Transferor and the
         Permitted Transferor's guardian or conservator.

(each transferee described in clauses (a) through (e) of this Section 7.3 is
                                                              -----------
hereinafter referred to as a "Permitted Transferee.")

         7.4 Permitted Transfers Subject to Continuing Restrictions. The Note or
             ------------------------------------------------------
any portion thereof transferred in any transaction described in clauses (a)
through (e) of Section 7.3 shall remain subject to the transfer restrictions of
               -----------
Section 7.1 and Section 7.2. As a condition to a proposed Permitted Transfer,
-----------     -----------
each Permitted Transferee shall, at the option of the Company, be required to
execute and deliver to the Company an agreement with respect to the transferred
the

                                       18

<PAGE>

Note or any portion thereof , containing all the same terms and conditions of
this Note, reflecting such Permitted Transferee's ownership of the Note or any
portion thereof so transferred, which execution and delivery shall evidence the
agreement of such Permitted Transferee that the Note or any portion thereof
intended to be transferred shall continue to be subject to the same terms and
restrictions on transfer as contained in this Note and that, as to the Note or
any portion thereof, such Permitted Transferee shall be bound by such terms and
conditions.

     8.  Miscellaneous.
         -------------

         8.1 Notices. Any notices or other communications required or permitted
             -------
hereunder shall be in writing and will be deemed to have been duly given only if
personally delivered at the addresses designated below, sent by overnight
courier, or mailed by certified mail, return receipt requested, postage prepaid,
addressed as follows, or to such other addresses or numbers as may hereafter be
furnished by one party to the other party in compliance with the terms hereof:

                  If to Company:
                  --------------

                  Wolfpack Corporation
                  4021 Stirrup Creek Drive
                  Suite 400, Research Triangle Park
                  Durham, NC 27703
                  Telefax:  919-861-6505
                  Attn:  Anthony W. Cullen

                  With a Copy to:
                  --------------

                  Smith, Gambrell & Russell, LLP
                  1230 Peachtree Street, NW
                  Suite 3100, Promenade II
                  Atlanta, Georgia 30309-3592
                  Telefax:  404.685.6832
                  Attention: M. Timothy Elder, Esq.

                  If to Holder:
                  ------------

                  Lancer Partners, Limited Partnership
                  Suite 2006
                  375 Park Avenue
                  New York, New York 10152
                  Telefax:  212.521.8401
                  Attention: Martin Garvey

         All such notices, requests and other communications will (a) if
         delivered personally or by a nationally recognized overnight delivery
         service to the address as provided in this Section 8.1, be deemed given
                                                    -----------
         upon delivery, and (b) if delivered by mail in the manner

                                       19

<PAGE>

     described above to the address as provided in this Section, be deemed given
     three (3) days after being mailed, (in each case regardless of whether such
     notice, request or other communication is received by any other Person to
     whom a copy of such notice, request or other communication is to be
     delivered pursuant to this Section). Any party from time to time may change
     its address, facsimile number or other information for the purpose of
     notices to that party by giving notice specifying such change to the other
     party hereto.

         8.2 Entire Agreement. This Note supercedes all prior discussions and
             ----------------
agreements, between the parties with respect to the subject matter hereof and
contains the entire agreement between the parties with respect to the subject
matter hereof.

         8.3 No Oral Modifications. No extension, modification, amendment or
             ---------------------
waiver of any term or condition of this Note shall be valid or binding upon the
Holder, unless in writing and signed by an officer of the Holder having the
authority to consent to the extension, modification or waiver.

         8.4 Extension; Waiver. Delay or omission by the Holder of this Note to
             -----------------
exercise any right or power hereunder or failure by such Holder to insist upon
the strict performance of any of the covenants and agreements herein set forth
or to exercise any rights or remedies hereunder shall not impair any such right
or power or be considered or taken as a waiver or relinquishment for the future
of the right to insist upon and to enforce strict compliance by the Company with
all of the covenants and agreements herein. Delay, omission or waiver on any one
occasion shall not be deemed a bar to, or waiver of, the same or any other right
on any future occasion. No waiver by Holder may be made under this Note except
in written notice signed by Holder and given to the Company in accordance with
Section 8.1. No notice to or demand on the Company, in any case, shall entitle
-----------
it to any other or further notice of demand in other similar circumstances.

         8.5 Binding Effect. This Note shall be binding upon the Company and its
             --------------
successors and assigns and shall inure to the benefit of the Holder and his
heirs, executors, administrators, legal representatives and assigns. Company may
assign this Note so long as it remains liable for the obligations hereunder.

         8.6 Interpretation; Construction; Section Headings. Except as may be
             ----------------------------------------------
otherwise noted in context, all references to "Sections" shall be deemed to
refer to the sections or subsections, as appropriate, of this Note.

             (a) Where the context requires: (i) use of the singular or plural
         incorporates the other, and (ii) pronouns and modifiers in the
         masculine, feminine or neuter gender shall be deemed to refer to or
         include the other genders.

             (b) As used in this Note, the terms "include[s]" and "including"
         mean "including but not limited to"; that is, in each case the example
         or enumeration which follows the use of either term is illustrative,
         but not exclusive or exhaustive.

                                       20

<PAGE>

              (c) Section headings appearing in this Note are inserted solely as
         reference aids for the ease and convenience of the reader; they shall
         not be deemed to modify, limit or define the scope or substance of the
         provisions they introduce, nor shall they be used in construing the
         intent or effect of such provisions.

         8.7  Governing Law. This Agreement, including all matters related to
              -------------
validity, construction, performance and enforcement hereof, shall be governed by
and construed in accordance with the internal laws of the State of Delaware,
without regard to choice of law or conflicts or law principles except to the
extent the Communications Act of 1934, as amended and as interpreted and applied
by judicial and regulatory authorities, including the Federal Communications
Commission, supercedes such state law and except that the arbitration provisions
shall be governed by the federal laws of the United States of America.

         8.8  Severability. If any provision of this Note is held to be invalid
              ------------
or unenforceable by a court of competent jurisdiction, the other provisions of
this Note shall remain in full force and effect and shall be liberally construed
in favor of Holder.

         8.9  Waiver of Notice. The Company waives notice under this Note
              ----------------
(except as expressly provided for this Note), demand for payment, presentment
for payment, protest, or notice of protest and non-payment with respect to this
Note, and the Company consents to any extension or postponement of time of
payment of this Note and to any other indulgence with respect to this Note
without notice thereby to the Company.

         8.10 Attorney's Fees. In addition to all principal and accrued interest
              ---------------
on this Note, the Company agrees to pay to Holder or other permitted assignee or
transferee without duplication of amounts payable hereunder all reasonable court
costs incurred by Holder or other permitted assignee or transferee in collecting
this Note through any legal proceedings, and reasonable attorneys' fees not to
exceed ten percent (10%) of the unpaid principal and accrued interest owing on
this Note when and if this Note is placed in the hands of an attorney for
collection after an Event of Default, as herein defined.

         8.11 Time. Time is of the essence under this Note.
              ----

         8.12 Maximum Limit On Interest. The provisions of this Note and of all
              -------------------------
agreements between the Company and Holder, whether now existing or hereafter
arising and whether written or oral, are hereby expressly limited so that, in no
contingency or event whatsoever, whether by reason of acceleration of the
maturity of this Note or otherwise, shall the amount contracted for, charged,
taken, received, paid or agreed to be paid to Holder for the use, forbearance,
or detention of the money loaned under this Note or otherwise, exceed the
Highest Lawful Rate, as herein defined. If, from any circumstance whatsoever,
performance or fulfillment of any provision hereof or of any agreement between
the Company and Holder shall, at the time performance or fulfillment of such
provision shall be due, exceed the Highest Lawful Rate or otherwise transcend
the limit of validity prescribed by applicable law, then, ipso facto, the
obligation to be performed or fulfilled shall be reduced to the Highest Lawful
Rate, and if, from any circumstance whatsoever, Holder shall ever receive
anything of value deemed interest

                                       21

<PAGE>

under applicable law in excess of interest at the Highest Lawful Rate, an amount
equal to any excessive interest shall be applied to the reduction of the
principal balance owing hereunder, and not to the payment of interest, or if
such excessive interest exceeds the unpaid balance of principal hereof, then
such excess shall be refunded to the Company. It is the intent of the parties
hereto that the Company shall not, under any circumstances, be required to pay,
nor shall Holder be entitled to collect, any interest which is in excess of the
maximum legal rate permitted under the laws of the applicable jurisdiction. All
sums paid or agreed to be paid to Holder for the use, forbearance, or detention
of the indebtedness of the Company to Holder, shall, to the extent permitted by
applicable law, be amortized, prorated, allocated and spread through the full
term of this Note until payment in full, so that the rate of interest on account
of such indebtedness will not at any time exceed the Highest Lawful Rate. The
Provisions of this paragraph shall control all agreements between the Company
and Holder. The term "Highest Lawful Rate" as used herein shall mean the maximum
non-usurious rate of interest permitted by whichever of applicable federal or
Georgia law from time to time permits the highest maximum non-usurious interest
at rate with respect to this Note.

         8.13 Mutilated, Destroyed, Lost and Stolen Notes. Subject to compliance
              -------------------------------------------
with the other terms of this Section, if any mutilated Note is surrendered to
the Company, the Company shall execute, authenticate and deliver in exchange
therefor a new Note of like tenor and principal amount and bearing a number not
contemporaneously outstanding. If there shall be delivered to the Company (a)
evidence to its satisfaction of the destruction, loss or theft of any such Note,
and (b) such note or indemnity as may be required by the Company to save the
Company and all of its agents harmless, then, in the absence of notice to the
Company that such Note has been acquired by a bona fide purchaser, the Company
shall execute, authenticate and deliver, in lieu of any such destroyed, lost or
stolen Note, a new Note of like tenor and principal amount and bearing a number
not contemporaneously outstanding.

         In case any such mutilated, destroyed, lost or stolen Note has become
     or is about to become due and payable, the Company in its discretion may,
     instead of issuing a new Note, pay such Note. Upon the issuance of any new
     Note under this Section, the Company may require the payment of a sum
     sufficient to cover any tax or other governmental charge that may be
     imposed in relation thereto and any other expenses (including the fees and
     expenses of its counsel) connected therewith. Every new Note issued
     pursuant to this Section in lieu of any destroyed, lost or stolen Note
     shall constitute an original additional contractual obligation of the
     Company, whether or not the destroyed, lost or stolen Note shall be at any
     time enforceable by anyone, and shall be entitled to all the benefits of
     this Note equally and proportionately with any and all other Notes of the
     series (if any) of which this Note is a part. The provisions of this
     Section are exclusive and shall preclude (to the extent lawful) all other
     rights and remedies with respect to the replacement or payment of
     mutilated, destroyed, lost or stolen Notes.

         8.14 No Recourse Against Others. A director, officer, employee or
              --------------------------
stockholder, as such, of the Company shall not have any liability for any
obligations of the Company under this Note for any claim based on, in respect of
or by reason of such obligations or their creation. Each Holder by accepting a
Note waives and releases all such liability. The waiver and release are part of
the consideration for the issuance of this Note.

                                       22

<PAGE>

         8.15 Authentication. This Note shall not be valid until authenticated
              --------------
by the manual signatures of the President of the Company and its Secretary or an
Assistant Secretary or an authenticating agent.

         8.16 Exclusive Jurisdiction and Venue. Any suit, action or proceeding
              --------------------------------
with respect to this Note shall be brought exclusively in the state courts
located in either Cobb County, Georgia or Fulton County, Georgia or in the
United States District Court for the Northern District of Georgia, Atlanta
Division. By execution and delivery of this Note, Holder accepts for itself the
exclusive venue in the State of Georgia and the exclusive jurisdiction of the
aforesaid courts, and irrevocably agrees to be bound by any judgment, subject to
all rights of appeal, rehearing and the like, rendered thereby in connection
with this Note. ALL PARTIES HEREBY IRREVOCABLY WAIVE ANY OBJECTION WHICH THEY
MAY NOW OR HEREAFTER HAVE TO THE PERSONAL JURISDICTION OR VENUE OF ANY SUIT,
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE BROUGHT IN SUCH
COURTS AND HEREBY FURTHER IRREVOCABLY WAIVE ANY CLAIM THAT SUCH SUIT, ACTION, OR
PROCEEDING BROUGHT IN ANY SUCH COURTS HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

     IN WITNESS WHEREOF, the Company has caused this Note to be signed in its
name and executed as a sealed instrument on the day and year first written
above.

                                     COMPANY

                                     WOLFPACK CORPORATION

                                     By: ________________________________
                                         Anthony W. Cullen
                                         Chief Executive Officer

                                       23<PAGE>

                                                                    EXHIBIT 10.6

               NOTE EXCHANGE, RESTRUCTURE AND CONVERSION AGREEMENT

         THIS NOTE EXCHANGE, RESTRUCTURE AND CONVERSION AGREEMENT (this
"Agreement") is made and entered into as of this 28th day of September, 2001, by
and between EQUITEL, INC., a Delaware corporation ("equitel"), WOLFPACK
CORPORATION, a Delaware corporation ("Wolfpack") and LANCER PARTNERS, LIMITED
PARTNERSHIP and LANCER OFFSHORE (the "Debt Holders," "you" or "your").

                                    RECITALS:

         Prior to the date hereof,  Capital Research,  Ltd., Michael Lauer and
Viator Fund, Ltd.  transferred all of their right, title and interest in all
debt obligations of equitel to Debt Holders.

         This Agreement provides that the debt of equitel held by or owed to the
Debt Holders (the "equitel Debt") will be converted (i) into Wolfpack Debt and
(ii) thereafter, into Wolfpack common stock on a dollar for dollar basis based
upon the aggregate amount of gross proceeds raised by Wolfpack from the sale of
common stock or other equity securities convertible into, or exchangeable for,
the common stock of Wolfpack, sold solely through the efforts of Capital
Investment Partners, LLC (or its affiliates) (collectively "CIP") on or prior to
February 28, 2002 pursuant to a placement agent agreement or underwriting
agreement (hereinafter referred to as the "Financing Agreement") containing such
terms and conditions as are acceptable to the Board of Directors of Wolfpack; to
the extent the Wolfpack Debt is not so converted by February 28, 2002, Debt
Holders will have the right at any time thereafter to convert the outstanding
Debt into common stock at a thirty percent (30%) discount to the average closing
price of a share of Wolfpack common stock for the ten (10) trading days prior to
conversion.

         NOW, THEREFORE, for and in consideration of the recitals and premises,
which constitute an integral part of this Agreement, and the mutual covenants of
the parties hereto, and for other good and valuable consideration, the receipt
and sufficiency of which are acknowledged, the parties hereto do hereby agree as
follows:

         Section 1.   Definitions
                      -----------

                  "equitel  companies" means equitel, equitel communications
         corporation, equitel development, inc. and by any predecessor entity
         thereof;

                  "equitel Company" refers to any of the equitel Companies;

                  "equitel Debt" means all indebtedness, including principal,
         accrued interest and all other accrued interest thereunder thereon owed
         to the Debt Holders by any equitel Company as of the date of this
         Agreement. The parties believe amount of such debt is set forth on
         Schedule 1 hereto.
         --------

<PAGE>

               "Share Equivalent Price" means the price per share of Wolfpack
          common stock sold in the applicable Equity Financing or in the case of
          securities other than common stock the common-equivalent price per
          share applicable to the securities sold in the Equity Financing.

               "Stock Swap Agreement" means that certain Stock Purchase
          Agreement dated as of an even date herewith by and among equitel,
          Lancer Partners, Limited Partnership, Lancer Offshore, Inc., Capital
          Research, Ltd., Alpha Omega Group, Inc. ("AOGI") and Wolfpack.

               "Wolfpack Debt" means the unconditional obligation of Wolfpack to
          pay to Debt Holders an amount equal to the equitel Debt, plus interest
          thereon, as described and subject to the terms of the Senior
          Subordinated Convertible Promissory Note (Exhibit A).

          Section 2. Cancellation and Exchange. Notwithstanding any agreement
                     -------------------------
between the Debt Holders and the equitel companies entered into prior to the
date of this Agreement, all equitel Debt outstanding on the Closing Date,
whether or not evidenced by a written note, shall be cancelled and the
outstanding principal and accrued but unpaid interest thereon shall be converted
into a like amount of Wolfpack Debt in the form of a Senior Subordinated
Convertible Note in substantially the form attached hereto as Exhibit A (the
                                                              ---------
"Wolfpack Notes"). All warrants and all rights to receive warrants to acquire
common stock of equitel or the capital stock of any of the equitel Companies
("equitel Warrants") (whether or not acquired pursuant to, or in connection
with, the equitel Debt) shall be cancelled and shall be of no further force or
effect; and specifically the warrants to be issued to Capital Research, Ltd.
under the Senior Subordinated Convertible Note Payable Agreement shall be
retroactively cancelled from the date they were to be issued. From and after the
Initial Closing, and until the surrender of the notes representing the cancelled
equitel Debt, and the cancellation of such notes (or in lieu thereof, the
delivery by the noteholder of a fully executed lost note affidavit in form
satisfactory to Wolfpack), such notes shall be deemed to represent Wolfpack Debt
as held in the name of the noteholder.

          Section 3. Waiver. The Debt Holders hereby (i) waive any default or
                     ------
event of default under the equitel Debt existing on or prior to the date of this
Agreement, (ii) waive any default or event of default arising out of the
consummation of the transactions contemplated by the Stock Swap Agreement
(whether or not acquired pursuant to, or in connection with, the equitel Debt),
and (iii) waive all rights with respect to equitel Warrants or the right to
receive equitel Warrants and any default thereunder.

          Section 4.  Conversion of the Wolfpack Notes
                      --------------------------------

          (a) Effective as of the close of business on the Follow-on Closing
Date(s) (as defined below), your Wolfpack Debt shall be cancelled and converted
into that number of shares of Wolfpack common stock as follows: the amount of
cash received by Wolfpack in an Equity Financing on a Follow-on Closing will be
divided by the Share Equivalent Price (as defined above, to produce the number
of shares of Wolfpack common stock you are to receive in

                                       2

<PAGE>

cancellation of a like amount of your Wolfpack Debt. You may determine (voting
based on amount of outstanding Wolfpack Debt held by each of you) the order in
which your notes evidencing the Wolfpack Debt are converted. At each Follow-on
Closing, you are obligated to deliver your original Wolfpack Note (or in lieu
thereof, lost note affidavit reasonably acceptable to us). In the event of a
partial conversion and cancellation of a Wolfpack Note, we will issue a new note
to the holder thereof to reflect the remaining balance in connection with the
cancellation of the Wolfpack Note.

         (b) From and after the time of such conversion and cancellation (and to
the extent thereof) at a Follow-on Closing, with respect to the amount of
Wolfpack Debt converted and cancelled, neither Wolfpack nor any equitel Company
shall have any liability (whether for principal, interest, premium or penalty)
to any person or entity with respect thereto, under the Wolfpack Notes or
Wolfpack Debt or otherwise, all such indebtedness being deemed discharged at
such Follow-on Closing. From and after such Follow-on Closing, and until the
surrender of the Wolfpack Notes representing the cancelled Wolfpack Debt, and
the cancellation of such Wolfpack Notes (or in lieu thereof, the delivery by the
noteholder of a lost note affidavit reasonably acceptable to us), such Wolfpack
Notes shall be deemed to represent the shares of Wolfpack common stock as held
in the name of the noteholder.

         Section 5. Closing(s). The closing(s) of the transactions contemplated
                    ----------
herein will take place at the offices of equitel, 4021 Stirrup Creek Drive,
Suite 400, Durham, North Carolina 27703, (i) in the case of the transactions
described in Section 2, on the date hereof (the "Initial Closing"; on the
"Initial Closing Date"), and (ii) in the case of the transactions described in
Section 4, on the dates funds are received and accepted by Wolfpack for the sale
of Equity Securities under the Financing Agreement or within five days
thereafter (each, a "Follow-on Closing"; on a "Follow-on Closing Date(s)"; there
may be several Follow-on Closings).

         Section 6. Waiver of Notices. Each of the parties hereto, by executing
                    -----------------
this Agreement, does hereby waive any and all notices which are, or may be,
required pursuant to the terms of the equitel Debt and Wolfpack Debt and the
notes evidencing the same, in connection with the conversion and/or cancellation
thereof provided for in this Agreement.

         Section 7. Representations and Warranties of Debt Holder. As an
                    ---------------------------------------------
inducement to Wolfpack and equitel to enter into and perform this Agreement,
Debt Holder hereby represents and warrants to Wolfpack and equitel as follows:

               (a)  Debt Holder has had the opportunity to discuss this
         Agreement, the Stock Purchase Agreement and related documents with
         Debt Holder's legal counsel.

               (b)  Debt Holder understands that no federal or state agency has
         made any finding or determination regarding the fairness of the
         offering of the shares of Wolfpack common stock (the "Shares")
         issuable in connection with the conversion of the Wolfpack Notes, for
         investment, or any recommendation or endorsement of the offering of
         the Shares, and Debt Holder must forego the security, if any, such a
         review would provide.

                                        3

<PAGE>

          (c) Debt Holder will acquire the Shares for Debt Holder's own account,
     with the intention of holding the Shares for investment, with no intention
     of dividing or allowing others to participate in this investment or of
     reselling or otherwise participating, directly or indirectly, in a
     distribution of the Shares; and shall not make any sale, transfer or other
     disposition of the Shares without registration under the Securities Act of
     1933, as amended (the "1933 Act"), and any applicable securities laws of
     any state or unless an exemption from registration is available under those
     Federal and state laws.

          (d) Debt Holder represents that it has no need for liquidity in its
     investment in the Shares, and at the present time, could afford a complete
     loss of such investment.

          (e) Debt Holder is an accredited investor as that term is defined in
     Section 501(a) under Regulation D promulgated by the Securities and
     Exchange Commission under the 1933 Act. Debt Holder is financially able to
     bear the economic risk of this investment, including the ability to afford
     holding the Shares for an indefinite period.

          (f) The address shown under Debt Holder's signature at the end of this
     Agreement is Debt Holder's principal business or residential address, as
     applicable.

          (g) Except as otherwise noted, Debt Holder and/or its purchaser
     representative has such knowledge and experience in financial and business
     matters as to be capable of evaluating the merits and risks of an
     investment in the Shares.

          (h) Debt Holder has made an independent evaluation of the merits of
     the investment and acknowledges the high risk nature of the investment.

          (i) Debt Holder understands that the provisions of Rule 144
     promulgated under the 1933 Act may not be available to permit resales of
     the Shares, and that registration or compliance with some other
     registration exemption will be required.

          (j) Debt Holder agrees that there will be placed on the certificates
     for the Shares, or any substitutions therefor, a legend stating in
     substance as follows:

                                       4

<PAGE>

         "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
         REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
         "1933 ACT"), OR THE SECURITIES LAWS OF ANY STATE, IN RELIANCE
         UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE
         1933 ACT AND SUCH LAWS. THESE SECURITIES MAY NOT BE
         TRANSFERRED, NOR WILL ANY ASSIGNEE OR ENDORSEE HEREOF BE
         RECOGNIZED AS AN OWNER HEREOF BY THE ISSUER FOR ANY PURPOSES,
         EXCEPT IN TRANSACTIONS REGISTERED UNDER THE 1933 ACT AND ANY
         APPLICABLE STATE SECURITIES LAWS, UNLESS THE AVAILABILITY OF
         AN EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT AND ANY
         APPLICABLE STATE SECURITIES LAWS WITH RESPECT TO ANY PROPOSED
         TRANSFER OR DISPOSITION OF SUCH SECURITIES SHALL BE
         ESTABLISHED TO THE SATISFACTION OF COUNSEL FOR THE ISSUER."

               (k) Debt Holder is not subscribing for Wolfpack Notes or 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 not previously known to Debt Holder in connection with
         investments the Wolfpack Notes and Shares generally.

         Section 8.  Governing Law. This Agreement, and the rights and
                     -------------
obligations of the parties hereunder, shall be construed and governed under the
laws of the State of Delaware.

         Section 9.  Counterparts. This Agreement may be executed in ,
                     ------------
counterparts, all of which together shall constitute one and the same
instrument. Delivery of an executed counterpart of a signature page to this
Agreement by telecopier shall be effective as delivery of a manually executed
counterpart of this Agreement.

         Section 10. Effect of Headings. The Section headings herein are for
                     ------------------
convenience only, and shall not affect the construction hereof.

         Section 11. Entire Agreement. This Agreement includes the parties'
                     ----------------
complete agreement with respect to the matters described herein. This Agreement
includes Schedules and Exhibits thereto.

                      [SIGNATURES APPEAR ON THE NEXT PAGE]

                                        5

<PAGE>

         IN WITNESS WHEREOF the parties hereto have executed this Agreement
effective as of the date first above written.

                                    EQUITEL, INC.

                                    By:____________________________________

                                    Title:_________________________________

                                    WOLFPACK CORPORATION

                                    By:____________________________________

                                    Title:_________________________________

                                    "DEBT HOLDERS"

                                    LANCER OFFSHORE, INC.

                                    By:____________________________________

                                    Its:___________________________________

                                    LANCER PARTNERS, LIMITED PARTNERSHIP

                                    By: ___________________________________

                                    Its:___________________________________

                                      6

<PAGE>

Acknowledgment:
---------------

The undersigned have reviewed this Note Exchange, Restructure and Conversion
Agreement and acknowledge and agree (i) that they currently own no equitel Debt,
(ii) that they have transferred all right, title and interest to any and all
equitel Debt to Lancer Partners, Limited Partnership and/or Lancer Offshore,
Inc., and (iii) that they hereby waive any past defaults and (iv) all existing
equitel Warrants and any rights to receive equitel Warrants are cancelled and of
no further force or effect and all rights to receive any unissued warrants are
waived. "equitel Debt" and "equitel Warrants" have the meaning provided in the
Note Exchange, Restructure and Conversion Agreement.

VIATOR FUND LTD.

By: _________________________________________________

Its: ________________________________________________

CAPITAL RESEARCH, LTD.

By:__________________________________________________

Its: ________________________________________________

_____________________________________________________
MICHAEL LAUER

                                       7

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