Document:

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                                                                    EXHIBIT 10.6

                          REGISTRATION RIGHTS AGREEMENT

         REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of April
28, 2003 by and between ADVANCED VIRAL RESEARCH CORP., a Delaware corporation,
with its principal office located at 200 Corporate Boulevard South, Yonkers, New
York 10701 (the "Company"), and CORNELL CAPITAL PARTNERS, LP, a Delaware limited
partnership (the "Investor").

         WHEREAS:

         A.       In connection with the Equity Line of Credit Agreement by and
between the parties hereto of even date herewith (the "Equity Line of Credit
Agreement"), the Company has agreed, upon the terms and subject to the
conditions of the Equity Line of Credit Agreement, to issue and sell to the
Investor that number of shares of the Company's common stock, par value $0.00001
per share (the "Common Stock"), which can be purchased pursuant to the terms of
the Equity Line Credit Agreement for an aggregate purchase price of up to Fifty
Million Dollars ($50,000,000). Capitalized terms not defined herein shall have
the meaning ascribed to them in the Equity Line of Credit Agreement.

         B.       To induce the Investor to execute and deliver the Equity Line
of Credit Agreement, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended, and the rules and
regulations there under, or any similar successor statute (collectively, the
"1933 Act"), and applicable state securities laws.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and the
Investor hereby agree as follows:

         1.       DEFINITIONS.

         As used in this Agreement, the following terms shall have the following
meanings:

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

                  b.       "Register," "registered," and "registration" refer to
a registration effected by preparing and filing one or more Registration
Statements (as defined below) in compliance with the 1933 Act and pursuant to
Rule 415 under the 1933 Act or any successor rule providing for offering
securities on a continuous or delayed basis ("Rule 415"), and the declaration or
ordering of effectiveness of such Registration Statement(s) by the United States
Securities and Exchange Commission (the "SEC").

                  c.       "Registrable Securities" means (i) the shares of
Common Stock issuable to the Investor pursuant to the Equity Line of Credit
Agreement and (ii) the shares of Common

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Stock issuable to the Placement Agent pursuant to the Placement Agent Agreement
dated the date hereof.

                  d.       "Registration Statement" means a registration
statement under the 1933 Act which covers the Registrable Securities.

         2.       REGISTRATION.

                  a.       Mandatory Registration. The Company shall prepare and
file with the SEC a Registration Statement on Form S-1, SB-2 or on such other
form as is available. The Company shall cause such Registration Statement to be
declared effective by the SEC prior to the first sale to the Investor of the
Company's Common Stock pursuant to the Equity Line of Credit Agreement.

                  b.       Sufficient Number of Shares Registered. In the event
the number of shares available under a Registration Statement filed pursuant to
Section 2(a) is insufficient to cover all of the Registrable Securities which
the Investor has purchased pursuant to the Equity Line of Credit Agreement, the
Company shall amend the Registration Statement, or file a new Registration
Statement (on the short form available therefore, if applicable), or both, so as
to cover all of such Registrable Securities which the Investor has purchased
pursuant to the Equity Line of Credit Agreement as soon as practicable, but in
any event not later than thirty (30) days after the necessity therefore arises.
The Company shall use it best efforts to cause such amendment and/or new
Registration Statement to become effective as soon as practicable following the
filing thereof. For purposes of the foregoing provision, the number of shares
available under a Registration Statement shall be deemed "insufficient to cover
all of the Registrable Securities" if at any time the number of Registrable
Securities issuable on an Advance Notice Date is greater than the number of
shares available for resale under such Registration Statement.

         3.       RELATED OBLIGATIONS.

                  a.       The Company shall keep the Registration Statement
effective pursuant to Rule 415 at all times until the date on which the Investor
shall have sold all the Registrable Securities covered by such Registration
Statement (the "Registration Period"), which Registration Statement (including
any amendments or supplements thereto and prospectuses contained therein) shall
not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein, or necessary to make the statements therein,
in light of the circumstances in which they were made, not misleading.

                  b.       The Company shall prepare and file with the SEC such
amendments (including post-effective amendments) and supplements to a
Registration Statement and the prospectus used in connection with such
Registration Statement, which prospectus is to be filed pursuant to Rule 424
promulgated under the 1933 Act, as may be necessary to keep such Registration
Statement effective at all times during the Registration Period, and, during
such period, comply with the provisions of the 1933 Act with respect to the
disposition of all Registrable Securities of the Company covered by such
Registration Statement until such time as all of such Registrable Securities
shall have been disposed of in accordance with the intended

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methods of disposition by the seller or sellers thereof as set forth in such
Registration Statement. In the case of amendments and supplements to a
Registration Statement which are required to be filed pursuant to this Agreement
(including pursuant to this Section 3(b)) by reason of the Company's filing a
report on Form 10-KSB, Form 10-QSB or Form 8-K or any analogous report under the
Securities Exchange Act of 1934, as amended (the "1934 Act"), the Company shall
have incorporated such report by reference into the Registration Statement, if
applicable, or shall file such amendments or supplements with the SEC on the
same day on which the 1934 Act report is filed which created the requirement for
the Company to amend or supplement the Registration Statement.

                  c.       The Company shall furnish to the Investor without
charge, (i) at least one copy of such Registration Statement as declared
effective by the SEC and any amendment(s) thereto, including financial
statements and schedules, all documents incorporated therein by reference, all
exhibits and each preliminary prospectus, (ii) ten (10) copies of the final
prospectus included in such Registration Statement and all amendments and
supplements thereto (or such other number of copies as such Investor may
reasonably request) and (iii) such other documents as such Investor may
reasonably request from time to time in order to facilitate the disposition of
the Registrable Securities owned by such Investor.

                  d.       The Company shall use its best efforts to (i)
register and qualify the Registrable Securities covered by a Registration
Statement under such other securities or "blue sky" laws of such jurisdictions
in the United States as the Investor reasonably requests, (ii) prepare and file
in those jurisdictions, such amendments (including post-effective amendments)
and supplements to such registrations and qualifications as may be necessary to
maintain the effectiveness thereof during the Registration Period, (iii) take
such other actions as may be necessary to maintain such registrations and
qualifications in effect at all times during the Registration Period, and (iv)
take all other actions reasonably necessary or advisable to qualify the
Registrable Securities for sale in such jurisdictions; provided, however, that
the Company shall not be required in connection therewith or as a condition
thereto to (w) make any change to its certificate of incorporation or by-laws,
(x) qualify to do business in any jurisdiction where it would not otherwise be
required to qualify but for this Section 3(d), (y) subject itself to general
taxation in any such jurisdiction, or (z) file a general consent to service of
process in any such jurisdiction. The Company shall promptly notify the Investor
of the receipt by the Company of any notification with respect to the suspension
of the registration or qualification of any of the Registrable Securities for
sale under the securities or "blue sky" laws of any jurisdiction in the United
States or its receipt of actual notice of the initiation or threat of any
proceeding for such purpose.

                  e.       As promptly as practicable after becoming aware of
such event or development, the Company shall notify the Investor in writing of
the happening of any event as a result of which the prospectus included in a
Registration Statement, as then in effect, includes an untrue statement of a
material fact or omission to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading (provided that in no event shall such
notice contain any material, nonpublic information), and promptly prepare a
supplement or amendment to such Registration Statement to correct such untrue
statement or omission, and deliver ten (10) copies of such supplement or
amendment to each Investor. The Company shall also promptly notify the

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Investor in writing (i) when a prospectus or any prospectus supplement or
post-effective amendment has been filed, and when a Registration Statement or
any post-effective amendment has become effective (notification of such
effectiveness shall be delivered to the Investor by facsimile on the same day of
such effectiveness), (ii) of any request by the SEC for amendments or
supplements to a Registration Statement or related prospectus or related
information, and (iii) of the Company's reasonable determination that a
post-effective amendment to a Registration Statement would be appropriate.

                  f.       The Company shall use its best efforts to prevent the
issuance of any stop order or other suspension of effectiveness of a
Registration Statement, or the suspension of the qualification of any of the
Registrable Securities for sale in any jurisdiction within the United States of
America and, if such an order or suspension is issued, to obtain the withdrawal
of such order or suspension at the earliest possible moment and to notify the
Investor of the issuance of such order and the resolution thereof or its receipt
of actual notice of the initiation or threat of any proceeding for such purpose.

                  g.       At the reasonable request of the Investor, the
Company shall furnish to the Investor, on the date of the effectiveness of the
Registration Statement and thereafter from time to time on such dates as the
Investor may reasonably request (i) a letter, dated such date, from the
Company's independent certified public accountants in form and substance as is
customarily given by independent certified public accountants to underwriters in
an underwritten public offering, and (ii) an opinion, dated as of such date, of
counsel representing the Company for purposes of such Registration Statement, in
form, scope and substance as is customarily given in an underwritten public
offering, addressed to the Investor.

                  h.       The Company shall make available for inspection by
(i) the Investor and (ii) one firm of accountants or other agents retained by
the Investor (collectively, the "Inspectors") all pertinent financial and other
records, and pertinent corporate documents and properties of the Company
(collectively, the "Records"), as shall be reasonably deemed necessary by each
Inspector, and cause the Company's officers, directors and employees to supply
all information which any Inspector may reasonably request; provided, however,
that each Inspector shall agree, and the Investor hereby agrees, to hold in
strict confidence and shall not make any disclosure (except to an Investor) or
use of any Record or other information which the Company determines in good
faith to be confidential, and of which determination the Inspectors are so
notified, unless (a) the disclosure of such Records is necessary to avoid or
correct a misstatement or omission in any Registration Statement or is otherwise
required under the 1933 Act, (b) the release of such Records is ordered pursuant
to a final, non-appealable subpoena or order from a court or government body of
competent jurisdiction, or (c) the information in such Records has been made
generally available to the public other than by disclosure in violation of this
or any other agreement of which the Inspector and the Investor has knowledge.
The Investor agrees that it shall, upon learning that disclosure of such Records
is sought in or by a court or governmental body of competent jurisdiction or
through other means, give prompt notice to the Company and allow the Company, at
its expense, to undertake appropriate action to prevent disclosure of, or to
obtain a protective order for, the Records deemed confidential.

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                  i.       The Company shall hold in confidence and not make any
disclosure of information concerning the Investor provided to the Company unless
(i) disclosure of such information is necessary to comply with federal or state
securities laws, (ii) the disclosure of such information is necessary to avoid
or correct a misstatement or omission in any Registration Statement, (iii) the
release of such information is ordered pursuant to a subpoena or other final,
non-appealable order from a court or governmental body of competent
jurisdiction, or (iv) such information has been made generally available to the
public other than by disclosure in violation of this Agreement or any other
agreement. The Company agrees that it shall, upon learning that disclosure of
such information concerning the Investor is sought in or by a court or
governmental body of competent jurisdiction or through other means, give prompt
written notice to the Investor and allow the Investor, at the Investor's
expense, to undertake appropriate action to prevent disclosure of, or to obtain
a protective order for, such information.

                  j.       The Company shall use its best efforts either to
cause all the Registrable Securities covered by a Registration Statement (i) to
be listed on each securities exchange on which securities of the same class or
series issued by the Company are then listed, if any, if the listing of such
Registrable Securities is then permitted under the rules of such exchange or to
secure the inclusion for quotation on the National Association of Securities
Dealers, Inc. OTC Bulletin Board for such Registrable Securities. The Company
shall pay all fees and expenses in connection with satisfying its obligation
under this Section 3(j).

                  k.       The Company shall cooperate with the Investor to the
extent applicable, to facilitate the timely preparation and delivery of
certificates (not bearing any restrictive legend) representing the Registrable
Securities to be offered pursuant to a Registration Statement and enable such
certificates to be in such denominations or amounts, as the case may be, as the
Investor may reasonably request and registered in such names as the Investor may
request.

                  l.       The Company shall use its best efforts to cause the
Registrable Securities covered by the applicable Registration Statement to be
registered with or approved by such other governmental agencies or authorities
as may be necessary to consummate the disposition of such Registrable
Securities.

                  m.       The Company shall make generally available to its
security holders as soon as practical, but not later than ninety (90) days after
the close of the period covered thereby, an earnings statement (in form
complying with the provisions of Rule 158 under the 1933 Act) covering a
twelve-month period beginning not later than the first day of the Company's
fiscal quarter next following the effective date of the Registration Statement.

                  n.       The Company shall otherwise use its best efforts to
comply with all applicable rules and regulations of the SEC in connection with
any registration hereunder.

                  o.       Within two (2) business days after a Registration
Statement which covers Registrable Securities is ordered effective by the SEC,
the Company shall deliver, and shall cause legal counsel for the Company to
deliver, to the transfer agent for such Registrable Securities (with copies to
the Investor) confirmation that such Registration Statement has been declared
effective by the SEC in the form attached hereto as Exhibit A.

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                  p.       The Company shall take all other reasonable actions
necessary to expedite and facilitate disposition by the Investor of Registrable
Securities pursuant to a Registration Statement.

         4.       OBLIGATIONS OF THE INVESTOR.

         The Investor agrees that, upon receipt of any notice from the Company
of the happening of any event of the kind described in Section 3(f) or the first
sentence of 3(e), the Investor will immediately discontinue disposition of
Registrable Securities pursuant to any Registration Statement(s) covering such
Registrable Securities until the Investor's receipt of the copies of the
supplemented or amended prospectus contemplated by Section 3(e) or receipt of
notice that no supplement or amendment is required. Notwithstanding anything to
the contrary, the Company shall cause its transfer agent to deliver unlegended
certificates for shares of Common Stock to a transferee of the Investor in
accordance with the terms of the Equity Line of Credit Agreement in connection
with any sale of Registrable Securities with respect to which the Investor has
entered into a contract for sale prior to the Investor's receipt of a notice
from the Company of the happening of any event of the kind described in Section
3(f) or the first sentence of 3(e) and for which the Investor has not yet
settled.

         5.       EXPENSES OF REGISTRATION.

         All expenses incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 3, including, without limitation, all
registration, listing and qualifications fees, printers, legal and accounting
fees shall be paid by the Company.

         6.       INDEMNIFICATION.

         With respect to Registrable Securities which are included in a
Registration Statement under this Agreement:

                  a.       To the fullest extent permitted by law, the Company
will, and hereby does, indemnify, hold harmless and defend the Investor, the
directors, officers, partners, employees, agents, representatives of, and each
Person, if any, who controls the Investor within the meaning of the 1933 Act or
the 1934 Act (each, an "Indemnified Person"), against any losses, claims,
damages, liabilities, judgments, fines, penalties, charges, costs, reasonable
attorneys' fees, amounts paid in settlement or expenses, joint or several
(collectively, "Claims") incurred in investigating, preparing or defending any
action, claim, suit, inquiry, proceeding, investigation or appeal taken from the
foregoing by or before any court or governmental, administrative or other
regulatory agency, body or the SEC, whether pending or threatened, whether or
not an indemnified party is or may be a party thereto ("Indemnified Damages"),
to which any of them may become subject insofar as such Claims (or actions or
proceedings, whether commenced or threatened, in respect thereof) arise out of
or are based upon: (i) any untrue statement or alleged untrue statement of a
material fact in a Registration Statement or any post-effective amendment
thereto or in any filing made in connection with the qualification of the
offering under the securities or other "blue sky" laws of any jurisdiction in
which Registrable Securities are offered ("Blue Sky Filing"), or the omission or
alleged omission to state a material fact required to be stated therein or
necessary to make the statements therein not misleading; (ii) any untrue

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statement or alleged untrue statement of a material fact contained in any final
prospectus (as amended or supplemented, if the Company files any amendment
thereof or supplement thereto with the SEC) or the omission or alleged omission
to state therein any material fact necessary to make the statements made
therein, in light of the circumstances under which the statements therein were
made, not misleading; or (iii) any violation or alleged violation by the Company
of the 1933 Act, the 1934 Act, any other law, including, without limitation, any
state securities law, or any rule or regulation there under relating to the
offer or sale of the Registrable Securities pursuant to a Registration Statement
(the matters in the foregoing clauses (i) through (iii) being, collectively,
"Violations"). The Company shall reimburse the Investor and each such
controlling person promptly as such expenses are incurred and are due and
payable, for any legal fees or disbursements or other reasonable expenses
incurred by them in connection with investigating or defending any such Claim.
Notwithstanding anything to the contrary contained herein, the indemnification
agreement contained in this Section 6(a): (x) shall not apply to a Claim by an
Indemnified Person arising out of or based upon a Violation which occurs in
reliance upon and in conformity with information furnished in writing to the
Company by such Indemnified Person expressly for use in connection with the
preparation of the Registration Statement or any such amendment thereof or
supplement thereto; (y) shall not be available to the extent such Claim is based
on a failure of the Investor to deliver or to cause to be delivered the
prospectus made available by the Company, if such prospectus was timely made
available by the Company pursuant to Section 3(e); and (z) shall not apply to
amounts paid in settlement of any Claim if such settlement is effected without
the prior written consent of the Company, which consent shall not be
unreasonably withheld. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of the Indemnified Person.

                  b.       In connection with a Registration Statement, the
Investor agrees to indemnify, hold harmless and defend, to the same extent and
in the same manner as is set forth in Section 6(a), the Company, each of its
directors, each of its officers who signs the Registration Statement and each
Person, if any, who controls the Company within the meaning of the 1933 Act or
the 1934 Act (each an "Indemnified Party"), against any Claim or Indemnified
Damages to which any of them may become subject, under the 1933 Act, the 1934
Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or
is based upon any Violation, in each case to the extent, and only to the extent,
that such Violation occurs in reliance upon and in conformity with written
information furnished to the Company by the Investor expressly for use in
connection with such Registration Statement; and, subject to Section 6(d), the
Investor will reimburse any legal or other expenses reasonably incurred by them
in connection with investigating or defending any such Claim; provided, however,
that the indemnity agreement contained in this Section 6(b) and the agreement
with respect to contribution contained in Section 7 shall not apply to amounts
paid in settlement of any Claim if such settlement is effected without the prior
written consent of the Investor, which consent shall not be unreasonably
withheld; provided, further, however, that the Investor shall be liable under
this Section 6(b) for only that amount of a Claim or Indemnified Damages as does
not exceed the net proceeds to the Investor as a result of the sale of
Registrable Securities pursuant to such Registration Statement. Such indemnity
shall remain in full force and effect regardless of any investigation made by or
on behalf of such Indemnified Party. Notwithstanding anything to the contrary
contained herein, the indemnification agreement contained in this Section 6(b)
with respect to any prospectus shall not inure to the benefit of any Indemnified
Party if the untrue statement or omission of material fact contained in the
prospectus was corrected and such new

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prospectus was delivered to the Investor prior to the Investor's use of the
prospectus to which the Claim relates.

                  c.       Promptly after receipt by an Indemnified Person or
Indemnified Party under this Section 6 of notice of the commencement of any
action or proceeding (including any governmental action or proceeding) involving
a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in
respect thereof is to be made against any indemnifying party under this Section
6, deliver to the indemnifying party a written notice of the commencement
thereof, and the indemnifying party shall have the right to participate in, and,
to the extent the indemnifying party so desires, jointly with any other
indemnifying party similarly noticed, to assume control of the defense thereof
with counsel mutually satisfactory to the indemnifying party and the Indemnified
Person or the Indemnified Party, as the case may be; provided, however, that an
Indemnified Person or Indemnified Party shall have the right to retain its own
counsel with the fees and expenses of not more than one counsel for such
Indemnified Person or Indemnified Party to be paid by the indemnifying party,
if, in the reasonable opinion of counsel retained by the indemnifying party, the
representation by such counsel of the Indemnified Person or Indemnified Party
and the indemnifying party would be inappropriate due to actual or potential
differing interests between such Indemnified Person or Indemnified Party and any
other party represented by such counsel in such proceeding. The Indemnified
Party or Indemnified Person shall cooperate fully with the indemnifying party in
connection with any negotiation or defense of any such action or claim by the
indemnifying party and shall furnish to the indemnifying party all information
reasonably available to the Indemnified Party or Indemnified Person which
relates to such action or claim. The indemnifying party shall keep the
Indemnified Party or Indemnified Person fully apprised at all times as to the
status of the defense or any settlement negotiations with respect thereto. No
indemnifying party shall be liable for any settlement of any action, claim or
proceeding effected without its prior written consent, provided, however, that
the indemnifying party shall not unreasonably withhold, delay or condition its
consent. No indemnifying party shall, without the prior written consent of the
Indemnified Party or Indemnified Person, consent to entry of any judgment or
enter into any settlement or other compromise which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party or Indemnified Person of a release from all liability in
respect to such claim or litigation. Following indemnification as provided for
hereunder, the indemnifying party shall be subrogated to all rights of the
Indemnified Party or Indemnified Person with respect to all third parties, firms
or corporations relating to the matter for which indemnification has been made.
The failure to deliver written notice to the indemnifying party within a
reasonable time of the commencement of any such action shall not relieve such
indemnifying party of any liability to the Indemnified Person or Indemnified
Party under this Section 6, except to the extent that the indemnifying party is
prejudiced in its ability to defend such action.

                  d.       The indemnification required by this Section 6 shall
be made by periodic payments of the amount thereof during the course of the
investigation or defense, as and when bills are received or Indemnified Damages
are incurred.

                  e.       The indemnity agreements contained herein shall be in
addition to (i) any cause of action or similar right of the Indemnified Party or
Indemnified Person against the

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indemnifying party or others, and (ii) any liabilities the indemnifying party
may be subject to pursuant to the law.

         7.       CONTRIBUTION.

         To the extent any indemnification by an indemnifying party is
prohibited or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to any amounts for which it would otherwise be liable
under Section 6 to the fullest extent permitted by law; provided, however, that:
(i) no seller of Registrable Securities guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the 1933 Act) shall be entitled to
contribution from any seller of Registrable Securities who was not guilty of
fraudulent misrepresentation; and (ii) contribution by any seller of Registrable
Securities shall be limited in amount to the net amount of proceeds received by
such seller from the sale of such Registrable Securities.

         8.       REPORTS UNDER THE 1934 ACT.

         With a view to making available to the Investor the benefits of Rule
144 promulgated under the 1933 Act or any similar rule or regulation of the SEC
that may at any time permit the Investors to sell securities of the Company to
the public without registration ("Rule 144") the Company agrees to:

                  a.       make and keep public information available, as those
terms are understood and defined in Rule 144;

                  b.       file with the SEC in a timely manner all reports and
other documents required of the Company under the 1933 Act and the 1934 Act so
long as the Company remains subject to such requirements (it being understood
that nothing herein shall limit the Company's obligations under Section 6.3 of
the Equity Line of Credit Agreement) and the filing of such reports and other
documents is required for the applicable provisions of Rule 144; and

                  c.       furnish to the Investor so long as the Investor owns
Registrable Securities, promptly upon request, (i) a written statement by the
Company that it has complied with the reporting requirements of Rule 144, the
1933 Act and the 1934 Act, (ii) a copy of the most recent annual or quarterly
report of the Company and such other reports and documents so filed by the
Company, and (iii) such other information as may be reasonably requested to
permit the Investor to sell such securities pursuant to Rule 144 without
registration.

         9.       AMENDMENT OF REGISTRATION RIGHTS.

         Provisions of this Agreement may be amended and the observance thereof
may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company
and the Investor by a written agreement. Any amendment or waiver effected in
accordance with this Section 9 shall be binding upon the Investor and the
Company. No consideration shall be offered or paid to any Person to amend or
consent to a waiver or modification of any provision of any of this Agreement
unless the same consideration also is offered to all of the parties to this
Agreement.

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         10.      MISCELLANEOUS.

                  a.       A Person is deemed to be a holder of Registrable
Securities whenever such Person owns or is deemed to own of record such
Registrable Securities. If the Company receives conflicting instructions,
notices or elections from two or more Persons with respect to the same
Registrable Securities, the Company shall act upon the basis of instructions,
notice or election received from the registered owner of such Registrable
Securities.

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

If to the Company, to:         Advanced Viral Research Corp.
                               200 Corporate Boulevard South
                               Yonkers, New York 10701
                               Attention:        Alan Gallantar,
                                                 Chief Financial Officer
                               Telephone:        (914) 376-7383
                               Facsimile:        (9140 376-7638

With a copy to:                Kirkpatrick & Lockhart LLP
                               201 South Biscayne Boulevard - Suite 2000
                               Miami, Florida 33131-2399
                               Attention:        Clayton Parker, Esq.
                               Telephone:        (305) 539-3300
                               Facsimile:        (305) 358-7095

If to the Investor, to:        Cornell Capital Partners, LP
                               101 Hudson Street - Suite 3606
                               Jersey City, New Jersey 07302
                               Attention:        Mark Angelo,
                                                 Portfolio Manager
                               Telephone:        (201) 985-8300
                               Facsimile:        (201) 985-8266

With copy to:                  Butler Gonzalez LLP
                               1000 Stuyvesant Avenue - Suite 6
                               Union, New Jersey 07083
                               Attention:        David Gonzalez, Esq.
                               Telephone:        (908) 810-8588
                               Facsimile:        (908) 810-0973

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Any party may change its address by providing written notice to the other
parties hereto at least five days prior to the effectiveness of such change.
Written confirmation of receipt (A) given by the recipient of such notice,
consent, waiver or other communication, (B) mechanically or electronically
generated by the sender's facsimile machine containing the time, date, recipient
facsimile number and an image of the first page of such transmission or (C)
provided by a courier or overnight courier service shall be rebuttable evidence
of personal service, receipt by facsimile or receipt from a nationally
recognized overnight delivery service in accordance with clause (i), (ii) or
(iii) above, respectively.

                  c.       Failure of any party to exercise any right or remedy
under this Agreement or otherwise, or delay by a party in exercising such right
or remedy, shall not operate as a waiver thereof.

                  d.       The corporate laws of the State of Delaware shall
govern all issues concerning the relative rights of the Company and the
Investor. All other questions concerning the construction, validity, enforcement
and interpretation of this Agreement shall be governed by the internal laws of
the State of New Jersey, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New Jersey or any other
jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of New Jersey. Each party hereby irrevocably submits to the
non-exclusive jurisdiction of the Superior Courts of the State of New Jersey,
sitting in Hudson County, New Jersey and the Federal District Court for the
District of New Jersey sitting in Newark, New Jersey, for the adjudication of
any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such
suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof to such party at the
address for such notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. If any provision of this Agreement shall
be invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or
enforceability of any provision of this Agreement in any other jurisdiction.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

                  e.       This Agreement, the Equity Line of Credit Agreement,
the Escrow Agreement and the Placement Agent Agreement constitute the entire
agreement among the parties hereto with respect to the subject matter hereof and
thereof. There are no restrictions, promises, warranties or undertakings, other
than those set forth or referred to herein and therein. This Agreement, the
Equity Line of Credit Agreement, the Escrow Agreement and the Placement Agent
Agreement supersede all prior agreements and understandings among the parties
hereto with respect to the subject matter hereof and thereof.

                                       11
<PAGE>

                  f.       This Agreement shall inure to the benefit of and be
binding upon the permitted successors and assigns of each of the parties hereto.

                  g.       The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

                  h.       This Agreement may be executed in identical
counterparts, each of which shall be deemed an original but all of which shall
constitute one and the same agreement. This Agreement, once executed by a party,
may be delivered to the other party hereto by facsimile transmission of a copy
of this Agreement bearing the signature of the party so delivering this
Agreement.

                  i.       Each party shall do and perform, or cause to be done
and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other
party may reasonably request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated
hereby.

                  j.       The language used in this Agreement will be deemed to
be the language chosen by the parties to express their mutual intent and no
rules of strict construction will be applied against any party.

                  k.       This Agreement is intended for the benefit of the
parties hereto and their respective permitted successors and assigns, and is not
for the benefit of, nor may any provision hereof be enforced by, any other
Person.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       12
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Registration Rights
Agreement to be duly executed as of day and year first above written.

                                   COMPANY:
                                   ADVANCED VIRAL RESEARCH CORP.

                                   By: /s/ Shalom Z. Hirschman, MD
                                       -----------------------------------
                                   Name:    Shalom Z. Hirschman, MD
                                   Title:   Chief Financial Officer

                                   INVESTOR:
                                   CORNELL CAPITAL PARTNERS, LP

                                   BY:      YORKVILLE ADVISORS, LLC
                                   ITS:     GENERAL PARTNER

                                            By: /s/ Mark Angelo
                                               ---------------------------
                                            Name:    Mark Angelo
                                            Title: Portfolio Manager

                                       13
<PAGE>

                                    EXHIBIT A

                         FORM OF NOTICE OF EFFECTIVENESS
                            OF REGISTRATION STATEMENT

INSERT

                  Re:      ADVANCED VIRAL RESEARCH CORP.

Ladies and Gentlemen:

         We are counsel to Advanced Viral Research Corp., a Delaware corporation
(the "Company"), and have represented the Company in connection with that
certain Equity Line of Credit Agreement (the "Equity Line of Credit Agreement")
entered into by and between the Company and Cornell Capital Partners, LP (the
"Investor") pursuant to which the Company issued to the Investor shares of its
Common Stock, par value $0.00001 per share (the "Common Stock"). Pursuant to the
Equity Line of Credit Agreement, the Company also has entered into a
Registration Rights Agreement with the Investor (the "Registration Rights
Agreement") pursuant to which the Company agreed, among other things, to
register the Registrable Securities (as defined in the Registration Rights
Agreement) under the Securities Act of 1933, as amended (the "1933 Act"). In
connection with the Company's obligations under the Registration Rights
Agreement, on ____________ ____, the Company filed a Registration Statement on
Form ________ (File No. 333-_____________) (the "Registration Statement") with
the Securities and Exchange Commission (the "SEC") relating to the Registrable
Securities which names the Investor as a selling stockholder thereunder.

         In connection with the foregoing, we advise you that a member of the
SEC's staff has advised us by telephone that the SEC has entered an order
declaring the Registration Statement effective under the 1933 Act at [ENTER TIME
OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS] and we have no knowledge,
after telephonic inquiry of a member of the SEC's staff, that any stop order
suspending its effectiveness has been issued or that any proceedings for that
purpose are pending before, or threatened by, the SEC and the Registrable
Securities are available for resale under the 1933 Act pursuant to the
Registration Statement.

                                              Very truly yours,

                                              KIRKPATRICK & LOCKHART LLP

                                              By:
                                                 ----------------------------
cc:  CORNELL CAPITAL PARTNERS, LP

                                       A-1<PAGE>
                                                                   EXHIBIT 10.1

                    AMENDMENT TO LOAN AND SECURITY AGREEMENT

                         AND LIMITED WAIVER OF DEFAULTS

                  This Amendment to Loan and Security Agreement and Limited
Waiver of Defaults (this "Amendment") is entered into as of May 13, 2003 by and
between GUARANTY BUSINESS CREDIT CORPORATION ("GBCC") and U.S. PLASTIC LUMBER
LTD., a Delaware Corporation ("Borrower"), with respect to the following:

                  A.       GBCC and Borrower have entered into that certain
Loan and Security Agreement dated as of December 19, 2002 (as amended,
restated, modified and supplemented from time to time, the "Loan Agreement").
Capitalized terms used but not defined in this Amendment shall have the
meanings given them in the Loan Agreement.

                  B.       Pursuant to an Asset Purchase Agreement between
Borrower and Illinois Tool Works Inc., a Delaware corporation ("Buyer") dated
as of May 12, 2003 (the "Asset Purchase Agreement") and the documents and
instruments delivered or executed in connection therewith, Borrower is selling
certain of its assets constituting its corner board division, as set forth in
Section 1.1 of the Asset Purchase Agreement (the "Purchased Assets"). Pursuant
to the Asset Purchase Agreement, Buyer will pay Borrower a purchase price of
$8,247,419 in cash (subject to an escrow as set forth in Section 1.7, and
payments to certain lienholders as set forth in Section 1.8, of the Asset
Purchase Agreement) and Borrower will deliver the Purchased Assets to Buyer. As
used in this Amendment, "Closing Date" and "Closing" shall have the meanings
given to them in the Asset Purchase Agreement.

                  C.       Pursuant to a Lease Agreement between Borrower and
Buyer dated as of May 12, 2003 (the Lease Agreement), and in connection with
the Asset Purchase Agreement, Borrower is leasing to Buyer the "Premises",
defined in the Lease Agreement as Suite No. 102 located in the building located
at 1909 NE 25th Ave., Ocala, Florida, 34470, for initial base rent of $233,472
per annum.

                  D.       Borrower has requested waivers of certain Events of
Default, amendments to the Loan Agreement and GBCC's consent to the Asset
Purchase Agreement and the Lease Agreement and GBCC has agreed to issue certain
waivers, amend the Loan Agreement and to consent to the Asset Purchase
Agreement and the Lease Agreement on the terms and conditions set forth herein.

                  NOW, THEREFORE, in consideration of the foregoing and the
terms and conditions hereof, the parties hereto agree as follows:

                  1.       CONSENT TO SALE OF THE ASSETS. On the terms and
subject to the conditions of this Amendment, GBCC hereby consents to the Asset
Purchase Agreement and the Lease Agreement, such consent being subject to the
documentation thereof being in the form delivered by Borrower by electronic
mail on April 30,2003 and GBCC approving all schedules to the Asset Purchase
Agreement. This is a one-time consent and not a consent to any future
transaction whether or not similar to the foregoing. Buyer may rely on this
document as consent by GBCC under the terms and conditions herein unless
informed to the contrary prior to the Closing Date

                                       1
<PAGE>
of the Asset Purchase Agreement.

                  2.       USE OF PROCEEDS. As a condition to GBCC's consent to
the sale of the Purchased Assets, Borrower agrees that all funds payable to
Borrower as a result of the Asset Purchase Agreement, in excess of the payment
amounts to be made as set forth on Schedule 1 hereto, shall be made by Buyer
directly to GBCC on the Closing Date, to be applied in accordance with this
Section 2.

                  (a)      Seven Hundred Fifty Thousand Dollars ($750,000)
         shall be used to pay GBCC in satisfaction of the value of certain
         equipment comprising a portion of the Purchased Assets, such equipment
         constituting Collateral. The sum received by GBCC under this Section
         2(a) shall be applied to the Term Advance in the inverse order of
         maturity of payments without affecting the payments otherwise due
         under Section 2.8 of the Loan Agreement.

                  (b)      All amounts received by GBCC in excess of the sum of
         the amounts set forth on Schedule 1 hereto and the amounts set forth
         in Section 2(b) above shall be applied to the Revolving Advances as
         set forth in Section 2.1 of the Loan Agreement and otherwise in
         accordance with the terms of the Loan Agreement. All rent payments
         made to Borrower under the Lease Agreement shall be remitted to GBCC
         in accordance with the terms of the Loan Agreement.

                  3.       RESERVES. So long as Borrower's Total Debt Service
Coverage Ratio is less than 1.0 to 1.0 for the twelve month period ending on
the date of calculation, and for all times while such ratio is not met, GBCC
may institute a reserve under the Borrowing Base in the amount of Eight Hundred
Fifty Thousand Dollars ($850,000).

                  4.       RELEASE OF LIENS. Borrower agrees that upon the
Closing Date, the amount of $6,969,062.97 shall be paid to GBCC and upon GBCC's
receipt of such good funds, and so long as the payments to the parties set
forth on Schedule 1 hereto do not exceed the disbursement amounts corresponding
thereto and no other distributions of the Purchase Price (as defined in the
Asset Purchase Agreement) are made by Buyer at Closing, GBCC shall release all
of its liens on all Purchased Assets and provide Buyer with recordable evidence
thereof within 30 days of payment. GBCC agrees not to disturb Buyer's lease of
the Premises as long as Buyer is not in default under the Lease Agreement.
Buyer may rely on this agreement.

                  5.       INSTRUCTIONS TO ESCROW. As a condition precedent to
GBCC's consent to the Asset Purchase Agreement, Borrower shall issue an
irrevocable instruction to Escrow Agent under the Escrow Agreement by and among
Borrower, Buyer and Bank One National Association and dated as of May 12, 2003,
instructing Escrow Agent that all funds otherwise payable to Borrower, in
excess of the payment amounts to be made as set forth on Schedule 1 hereto,
shall be remitted directly to GBCC.

                  6.       WAIVER OF DEFAULTS. Borrower hereby acknowledges
that the following Defaults or Events of Default have occurred and/or are
continuing (the "Existing Defaults"): (i) Borrower has failed to maintain an
EBITDA during the month of January, 2003 as required by Section 7.2 of the Loan
Agreement, (ii) Borrower has failed to maintain a Senior Debt Service

                                       2
<PAGE>
Coverage Ratio as required by Section 7.3 of the Loan Agreement, (iii) Borrower
has failed to maintain a Total Debt Service Coverage Ratio as required by
Section 7.4 of the Loan Agreement, and (iv) Borrower has exceeded the Capital
Expenditures allowed for the month of January 2003 by Section 7.5 of the Loan
Agreement.

         Conditioned upon consummation of the sale contemplated by the Asset
Purchase Agreement on the terms and conditions of this Amendment, GBCC waives
each of the Existing Defaults through the date hereof. The waiver granted in
this Amendment is a one-time waiver only, is a waiver only of the Existing
Defaults, shall be limited strictly as written and shall not be deemed to
constitute a waiver of, or any consent to noncompliance with, any term or
provision of this Amendment, the Agreement or any other Transaction Document
whether or not similar to the Existing Defaults, except as expressly set forth
herein.

                  7.       AMENDMENT OF DEFINITIONS.

                  (a)      The definition of Senior Debt Service Coverage Ratio
in Section 1.1 of the Loan Agreement is hereby deleted and replaced in its
entirety with the following:

                  "'Senior Debt Service Coverage Ratio' means, as of any date,
                  the ratio of EBITDA less non-financed Capital Expenditures
                  less taxes paid less cash dividends paid less distributions
                  or other cash transfers to Affiliates for the applicable
                  period ending on such date to the sum of (a) the Interest
                  Expense (other than non-cash Interest Expense) incurred by
                  Company during such period and (b) all scheduled principal
                  payments on the Obligations or assets financed under
                  capitalized leases by Company for such period ending on such
                  date."

                  (b)      The definition of Total Debt Service Coverage Ratio
in Section 1.1 of the loan Agreement is hereby deleted and replaced in its
entirety with the following:

                  "'Total Debt Service Coverage Ratio' means, as of any date,
                  the ratio of EBITDA less non-financed Capital Expenditures
                  less taxes paid less cash dividends paid less distributions
                  or other cash transfers to Affiliates for the applicable
                  period ending on such date to the sum of (a) the Interest
                  Expense (other than non-cash Interest Expense) incurred by
                  Company during such period and (b) all scheduled principal
                  payments on all Debt for money borrowed or assets financed
                  under capitalized leases by Company (including the
                  Obligations) for such period ending on such date (including
                  all scheduled principal payments on Debt expected to be
                  incurred during such period)."

                  8.       AMENDMENT OF COVENANTS.

                  (a)      Section 7.3 of the Loan Agreement is hereby deleted
and replaced in its entirety with the following:

                                       3
<PAGE>
                  "7.3 Company shall maintain a Senior Debt Service Coverage
                  Ratio during the periods indicated below of not less than the
                  corresponding amounts indicated for the cumulative period
                  from May 12, 2003 through each date of calculation: (a) (.20)
                  to 1.0 for the period from May 12, 2003 to May 31, 2003; (b)
                  .60 to 1.0 for the period from June 1,2003 to June 30, 2003;
                  (c) .93 to 1.0 for the period from July 1, 2003 to July 31,
                  2003; (d) 1.0 to 1.0 for the period from August 1, 2003 to
                  December 31, 2003; (i) 1.1 to 1.0 for the period from January
                  1, 2004 to April 30, 2004. Beginning on May 1, 2004 and
                  thereafter, the Company shall maintain a Senior Debt Service
                  Coverage Ratio of not less than 1.1 to 1.0 for the twelve
                  month period ending on the date of calculation."

                  (b)      Section 7.4 of the Loan Agreement is hereby deleted
and replaced in its entirety with the following:

                  "7.4 Company shall maintain a Total Debt Service Coverage
                  Ratio during the periods indicated below of not less than the
                  corresponding amounts indicated for the cumulative period
                  from May 12, 2003 through the date of calculation: (a) (.25)
                  to 1.0 for the period from May 12, 2003 to May 31, 2003; (b)
                  .50 to 1.0 for the period from June 1, 2003 to June 30, 2003;
                  (c) .75 to 1.0 for the period from July 1, 2003 to July 31,
                  2003; (d) .88 to 1.0 for the period from August 1, 2003 to
                  September 30, 2003; (e) .84 to 1.0 for the period from
                  October 1, 2003 to October 31, 2003; (f) .86 to 1.0 for the
                  period from November 1, 2003 to December 31, 2003; (g) 1.0 to
                  1.0 during the period from January 1, 2004 to April 30, 2004.
                  Beginning on May 1, 2004 and thereafter, the Company shall
                  maintain a Total Debt Service Coverage Ratio of not less than
                  1.0 to 1.0 for the twelve month period ending on the date of
                  calculation."

                  9.       AMENDMENT AND WAIVER FEE. In consideration for the
accommodations granted by GBCC herein and in addition to all other fees and
costs, Borrower hereby agrees to pay to GBCC a nonrefundable Amendment and
Waiver Fee of Sixty Three Thousand Dollars ($63,000), which shall be fully
earned as of the date hereof (the "Amendment Fee"). The Amendment Fee shall be
paid in equal monthly installments over twelve months from the date hereof,
and, at GBCC's election, each of the monthly installments required by this
Section 5 may be charged as a Revolving Advance.

                  10.      NO MODIFICATION OF LEASE AGREEMENT. Borrower hereby
agrees that the Lease Agreement shall not be modified or amended in any manner
that alters the "Lease Term", as defined therein, from an initial period of 12
months with an option for Buyer to renew on a month-to-month basis.

                  11.      MISCELLANEOUS.

                                       4
<PAGE>
                  (a)      Reference to the Loan Agreement and the Transaction
Documents.

                           (i)      Except as specifically amended by this
Amendment, the Loan Agreement and the Transaction Documents shall remain in
full force and effect in accordance with their respective terms and are hereby
ratified and confirmed.

                           (ii)     Borrowers hereby warrant and represent to
GBCC that there does not exist a Default or an Event of Default other than the
Existing Defaults and Borrower reaffirms, as of the date hereof, that all of
the warranties and representations of Borrower contained in the Loan Agreement
and in the Transaction Documents are true and correct.

                  (b)      Counterparts. This Amendment may be executed in one
or more counterparts, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument.

                  (c)      Governing Law. This Amendment shall be governed by
and construed according to the laws of the State of California.

                  (d)      Attorneys' Fees. Borrower shall pay, on written
demand, all fees and costs incurred by GBCC in connection with the negotiation,
documentation and execution of this Amendment, including the reasonable fees
and expenses of attorneys. If any legal action or proceeding shall be commenced
at any time by any party to this Amendment in connection with its
interpretation or enforcement, the prevailing party or parties in such action
or proceeding shall be entitled to reimbursement of its reasonable attorneys'
fees and costs in connection therewith, in addition to all other relief to
which the prevailing party or parties may be entitled.

                  (e)      Jury Trial Waiver. EACH OF THE PARTIES HERETO WAIVES
ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION TO ENFORCE, DEFEND, INTERPRET OR
OTHERWISE CONCERNING THIS AMENDMENT.

                  [Remainder of Page Intentionally Left Blank]

                                       5
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have duly executed this
Amendment as of the date first written above.

                                    U.S. PLASTIC LUMBER LTD., a Delaware
                                    corporation

                                    By:
                                    Name:    Bruce C. Rosetto
                                    Title:   Secretary

                                    GUARANTY BUSINESS CREDIT CORPORATION,
                                    a Delaware corporation

                                    By
                                      -----------------------------------------
                                    Name:
                                         --------------------------------------
                                    Title
                                         --------------------------------------

                                       6
<PAGE>
         The undersigned hereby consents to and acknowledges the terms and
conditions of the foregoing Amendment and agrees that its Continuing Guaranty
and each other document executed in favor of GBCC remain in full force and
effect.

                                    U.S. PLASTIC LUMBER IP CORPORATION

                                    By:
                                       ----------------------------------------
                                    Name:
                                         --------------------------------------
                                    Title:
                                          -------------------------------------

                                    U.S. PLASTIC LUMBER CORP.

                                    By:
                                       ----------------------------------------
                                    Name:
                                         --------------------------------------
                                    Title:
                                          -------------------------------------

                                    U.S. PLASTIC LUMBER FINANCE CORPORATION

                                    By:
                                       ----------------------------------------
                                    Name:
                                         --------------------------------------
                                    Title:
                                          -------------------------------------

                                       7
<PAGE>
                                   SCHEDULE 1

<TABLE>
<CAPTION>
PAYMENT AMOUNT                              WIRE TRANSFER INSTRUCTIONS
--------------                              --------------------------
<S>                          <C>
$521,292.80                                   J.P. Morgan Chase Bank
                                                 ABA No. 021000021
                                  For Credit to: Siemens Financial Services, Inc.
                                              Account No. 9102694362
                                           Contact Name: Peter Donaldson
                                          Contact Number: (908) 429-6000
                                        Reference: U.S. Plastic Lumber Sale

$134,332.16                                    Bank of America, N.A.
                                                 ABA No. 121000358
                                      For Credit to: CIT/Equipment Financing
                                              Account No. 1233518855
                                            Contact Name: Michael Vlcek
                                          Contact Number: (480) 784-9633
                                        Reference: U.S. Plastic Lumber Sale

$250,000.00                                Bank One National Association
                                                  BANK ONE, N.A.
                                                 ABA # 044-000-037
                                                  DDA #980219416
                                                 Attn: Escrow Unit
                                 Ref.: SEI Acct # 2600119700 ITW/US Plastic Lumber

$300,000.00                                              Citibank, N.A.
                                                        ABA # 021-000-089
                                           A/C Credit Suisse First Boston Corp., N.Y.
                                                         A/C # 4080-4003
                                                      FFC Halifax Fund, LP
                                                         Account # 70025
                                           Attn: Equity Finance/Prime Broker Services

$55,555.86                                             Via Cashiers Check
                                                       Thomas "Mac" Olson,
                                                   Marion County Tax Collector
                                                          P.O. Box 970
                                                      Ocala, FL 34478-0970
                             (Please send Remittance Copy with Check and forward a copy to USPL for
                                                          our records)
</TABLE>

                                       8
<PAGE>
<TABLE>
<S>                          <C>
$17,175.21                                             Via Cashiers Check
                                                       Thomas "Mac" Olson,
                                                   Marion County Tax Collector
                                                          P.O. Box 970
                                                      Ocala, FL 34478-0970
                             (Please send Remittance Copy with Check and forward a copy to USPL for
                                                          our records)
</TABLE>

                                      9

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