Document:

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                                                                   EXHIBIT 10.49

[Confidential treatment is being sought for certain portions of this Exhibit, as
indicated by a "[*]" symbol and footnoted as "omitted pursuant to Rule 24b-2 and
filed separately with the Commission." Such omitted portions have been filed
with the Securities and Exchange Commission.]

                     ASSIGNMENT AND ASSET TRANSFER AGREEMENT

         This Assignment and Asset Transfer Agreement (the "Agreement") dated as
of August 3, 2001 (the "Effective Date"), is entered into by and between Nycomed
Imaging AS, a Norwegian corporation having its principal offices at Nycoveien
1-2, Oslo ("Nycomed") and Sonus Pharmaceuticals, Inc., a Delaware corporation
with its principal offices at 22026 20th Avenue, Bothell, Washington 98021
("Sonus").

                                    RECITALS

         WHEREAS, Sonus and Nycomed are parties to that certain license
agreement dated August 31, 1999 (the "Nycomed License Agreement") and the
parties wish to supercede that license agreement effective as of the Effective
Date of this Agreement; and

         WHEREAS, Sonus is a party to that certain license agreement with Chugai
Pharmaceutical Company Ltd. and Molecular Biosystems, Inc., dated December 22,
2000 (the "Chugai License Agreement") and Sonus wishes to assign that license
agreement to Nycomed together with all its rights, benefits, duties and
obligations under the Chugai License Agreement, as referred to herein; and

         WHEREAS, Sonus owns and controls United States and foreign patents and
patent applications concerning ultrasound contrast agents, methods of making
and/or using same, and processes relating to ultrasound imaging; and

         WHEREAS, Sonus desires to assign such patents and patent applications
to Nycomed, and Sonus desires to transfer to Nycomed certain formulation data,
clinical data and regulatory data pertaining to Sonus Ultrasound Contrast
Products (as defined below); and

         WHEREAS, Nycomed desires to obtain from Sonus an assignment of such
patents and patent applications,

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

1.       DEFINITIONS

         As used in this Agreement, the following defined terms shall have the
respective meanings set forth below:

         1.1      "Sonus Patents" shall mean: (i) all pending (as of the
                  Effective Date of this Agreement) U.S. and foreign patents and
                  patent applications listed in Appendix 1.1 of this Agreement;
                  (ii) all U.S. and foreign patents that have issued or will
                  issue from

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

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                                                                   EXHIBIT 10.49

                  any application identified in sub-section (i) of this
                  paragraph, and (iii) all U.S. and foreign applications that
                  claim priority in any way from any application or patent
                  identified in sub-sections (i) or (ii) of this paragraph.

         1.2      "Affiliate" means any entity which controls, is controlled by,
                  or is under common control with another entity. An entity is
                  deemed to be in control of another entity (controlled entity)
                  if such company directly or indirectly owns 50% or more in
                  nominal value of the issued equity share capital of such other
                  company, or 50% or more of the shares entitled to vote upon
                  the election of: (i) the directors; (ii) persons performing
                  functions similar to those performed by directors; or (iii)
                  persons otherwise having the right to elect or appoint (a)
                  directors having the majority vote of the Board of Directors,
                  or (b) other persons having the majority vote of the highest
                  and most authoritative directive body of such other company.

         1.3      "Chugai License Agreement" shall mean the License Agreement
                  dated December 22, 2000 attached hereto as Appendix 1.3, which
                  was entered into by and between Sonus Pharmaceuticals, Inc.,
                  Chugai Pharmaceutical Co., Ltd., a Japanese corporation with
                  principal offices at 1-9 Kyobashi 2-Chome, Chuo-ku, Tokyo
                  104-8301, Japan ("Chugai"), and Molecular Biosystems, Inc., a
                  Delaware corporation with principal offices at 10030 Barnes
                  Canyon Road, San Diego, California 92221, USA ("MBI").

         1.4      [*]

         1.5      "Japanese Patent Applications" shall mean Sonus' Japanese
                  patent application Nos. 05-506054, 06-517084, and 2000-150619.

         1.6      [*]

         1.7      "Nycomed License Agreement" shall mean the License Agreement
                  which was entered into by and between Sonus and Nycomed dated
                  August 31, 1999.

         1.8      "Sonus Ultrasound Contrast Products" means all Sonus
                  ultrasound contrast agents including, but not limited to,
                  EchoGen and SonoGen, as defined in the Nycomed License
                  Agreement.

         1.9      "Third Party" shall mean all persons and entities other than
                  Nycomed, Sonus, and their respective Affiliates.

         1.10     "DuPont Litigation" shall mean that certain case pending in
                  the United States District Court for the Western District of
                  Washington captioned Sonus Pharmaceuticals, Inc. and Nycomed
                  Imaging AS v. E.I. DuPont DeNemours & Co. et al., Civ. Action
                  No. 00-1271R (consolidated with DuPont Pharmaceuticals et al
                  v. Sonus Pharmaceuticals et al. Civ. Action No. 01-52R).

         1.11     [*]

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

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2.       ASSIGNMENT OF SONUS PATENTS AND TRANSFER OF SONUS ASSETS TO NYCOMED

         2.1      In consideration of the one-time payment to Sonus defined in
                  this Agreement and the representations and warranties made
                  herein, Sonus hereby irrevocably assigns to Nycomed all of its
                  right, title, ownership, and interest in and to the Sonus
                  Patents, including the right to sue and collect damages for
                  any past infringement. Sonus further assigns to Nycomed all
                  formulation data, clinical data and/or regulatory data for
                  Sonus Ultrasound Contrast Products and agrees, upon request,
                  to transfer and deliver to Nycomed all such formulation data,
                  clinical data and/or regulatory data. Sonus further agrees to
                  grant Nycomed, upon request, access to all filings by Sonus
                  with the FDA or other regulatory agencies with respect to
                  Sonus Ultrasound Contrast Products. Sonus represents that the
                  assignment of such Sonus Patents and data constitute
                  substantially all of the assets of the ultrasound contrast
                  imaging business unit of Sonus.

         2.2      Except as may be set forth in this Agreement, upon the
                  Effective Date of this Agreement, and at all times thereafter,
                  Nycomed shall determine in its sole and absolute discretion
                  which of the Sonus Patents to prosecute or maintain, how such
                  prosecution shall be conducted, and whether to cease
                  prosecution and/or maintenance of any of the Sonus Patents,
                  and all expenses for such prosecution and/or maintenance after
                  the Effective Date shall be the sole responsibility of
                  Nycomed.

         2.3      Nycomed shall be responsible for preparing and recording in
                  various patent offices as Nycomed shall determine, documents
                  necessary to effectuate the assignment of the Sonus Patents to
                  Nycomed, at Nycomed's cost. Sonus agrees to execute such
                  documents as shall be needed by Nycomed for this purpose, and
                  to provide such other assistance as Nycomed shall require for
                  this purpose, at Sonus' own cost. Sonus agrees to execute such
                  powers of attorney and/or other documents as Nycomed shall
                  request for the purpose of providing Nycomed with power to
                  prosecute and maintain each of the Sonus Patents, and hereby
                  grants to Nycomed an irrevocable power of attorney for the
                  Sonus Patents.

         2.4      To ensure the timely prosecution and maintenance of the Sonus
                  Patents during a transition of responsibility to Nycomed,
                  Sonus shall direct that the respective attorneys or agents
                  responsible for maintaining or prosecuting the Sonus Patents
                  to continue to do so until directed otherwise by Nycomed, all
                  such prosecution and maintenance to be at Nycomed's expense.
                  Sonus further agrees that Sonus will promptly notify (in
                  writing, with a concurrent copy to Nycomed) each such agent or
                  attorney responsible for prosecuting or maintaining any patent
                  or application that is part of the Sonus Patents that each
                  such patent or application has been assigned to Nycomed.
                  Nycomed shall reimburse Sonus for any out of pocket costs that
                  Sonus so incurs in providing such direction.

         2.5      After the Effective Date of this Agreement, promptly after
                  receiving a written request from Nycomed, Sonus shall notify
                  (in writing, with a concurrent copy to Nycomed) each agent or
                  attorney responsible for the prosecution and maintenance of
                  each Sonus

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

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                  Patent that all further correspondence with the official
                  patent office shall be promptly forwarded to the specific
                  Nycomed representative or representatives identified in
                  Nycomed's written request, and all further instructions for
                  corresponding with the official patent office will come from
                  that person or persons. Until such time as Nycomed provides
                  Sonus with the written request identified in this paragraph
                  for each patent or application in the Sonus Patents, Sonus
                  agrees that: (i) Sonus will forward to Nycomed (specifically:
                  Tony Rollins, Vice President, Intellectual Property, Nycomed
                  Amersham plc, White Lion Road, Amersham, Buckinghamshire, HP7
                  9LL, U.K., or such other person as Nycomed so designates) all
                  correspondence received from any patent office, agent or
                  attorney regarding any such application or patent promptly
                  after its receipt by Sonus; and (ii) in accordance with
                  paragraph 2.2 of this Agreement, Sonus will not provide any
                  patent office, attorney, agent or agency with instructions for
                  prosecuting or maintaining any Sonus Patent without first
                  obtaining the written approval of Nycomed. Nycomed shall
                  reimburse Sonus for any out of pocket costs that Sonus so
                  incurs in providing such notifications, forwarding such
                  correspondence, and/or seeking such written approval.

         2.6      At any time on or after the Effective Date of this Agreement,
                  upon request by Nycomed, Sonus shall reasonably cooperate and
                  assist Nycomed, in the preparation, prosecution, and
                  maintenance of the Sonus Patents, including the signature of
                  documents to advance the prosecution or maintenance of any of
                  the Sonus Patents. Nycomed shall reimburse Sonus for any out
                  of pocket costs that Sonus so incurs at Nycomed's request.

         2.7      As soon as practical following the Effective Date of this
                  Agreement, Sonus shall use its commercially reasonable best
                  efforts to transfer to or provide Nycomed with copies of all
                  past correspondence between Sonus and official patent offices
                  relating to the Sonus Patents, including, but not limited to,
                  the complete file history for each patent and application in
                  the Sonus Patents. Nycomed shall reimburse Sonus for any out
                  of pocket costs relating to providing such transfer or copies.

         2.8      Nycomed shall have the right at any time to cease its efforts
                  in the preparation, prosecution, or maintenance of the Sonus
                  Patents in any country, provided that Nycomed gives reasonable
                  prior written notice to Sonus of any such intention by Nycomed
                  to terminate. In such event, Sonus shall have the option, but
                  not the obligation, to have Nycomed assign to Sonus, at no
                  cost to Sonus, such Sonus Patent(s) in order for Sonus to
                  continue the prosecution and/or maintenance of such Patent(s)
                  and to enforce any such Sonus Patent(s), including the right
                  to sue for infringement and retain any recovery therefrom for
                  Sonus' development, sale, manufacture and commercialization of
                  [*]. Upon any such assignment, Sonus shall be responsible for
                  all costs and expenses related to the continued prosecution,
                  maintenance or enforcement of such assigned Sonus Patent(s) by
                  Sonus. Upon any such assignment granted to Sonus under this
                  Section, Sonus hereby agrees to grant to Nycomed, at no cost
                  to Nycomed, an exclusive, worldwide, irrevocable license
                  thereunder for all uses other than [*].

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

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         2.9      The patents and patent applications listed on Appendix 1.1 to
                  this Agreement are intended to include all U.S. and foreign
                  patents and patent applications owned or controlled by Sonus
                  that describe, claim, are directed to, or concern [*]
                  (including formulations of, and methods of making and/or
                  using, ultrasound contrast agents). The parties agree that any
                  such patent or patent application which has been omitted from
                  Appendix 1.1 shall be promptly added to Appendix 1.1 by
                  amendment, and that any patent or patent application which has
                  been incorrectly included on Appendix 1.1 shall be promptly
                  deleted from Appendix 1.1 by amendment.

3.       ASSIGNMENT OF THE CHUGAI LICENSE AGREEMENT TO NYCOMED

         3.1      In further consideration of the one-time payment to Sonus
                  defined in this Agreement and the warranties and
                  representations herein, Sonus hereby assigns to Nycomed all of
                  its right, title, ownership and interest to the Chugai License
                  Agreement, together with all rights, benefits, duties and
                  obligations thereunder, subject to the provisions of paragraph
                  3.2 of this Agreement.

         3.2      Nycomed agrees to use its commercially reasonable best efforts
                  to obtain allowance of claims in Japanese Patent Application
                  05-506054, pursuant to the terms of the Chugai License
                  Agreement, by December 22, 2002. In the event that Nycomed
                  discontinues prosecution of Japanese Patent Application
                  05-506054 in Japan prior to the earlier of: (i) allowance of
                  claims thereunder by the Japanese Patent Office; (ii) final
                  decision from the Japanese Patent authorities that no claims
                  will be allowable; or (iii) December 22, 2002, then Nycomed
                  agrees to assume the obligation of Sonus under the Chugai
                  License Agreement to pay one million dollars ($1,000,000.00)
                  to Chugai pursuant to the terms of the Chugai License
                  Agreement. However, in the event that Nycomed continues to use
                  commercially reasonable best efforts to prosecute Japanese
                  Patent Application 05-506054 through the date of December 22,
                  2002, but does not obtain an allowance of a claim in that
                  application in accordance with the provisions of paragraph 3.2
                  of the Chugai License Agreement, Sonus shall be obligated to
                  pay the one million dollars ($1,000,000.00) to Chugai pursuant
                  to the terms of the Chugai License Agreement. Nycomed further
                  agrees that it shall keep Sonus reasonably informed of the
                  status of the prosecution and maintenance of the foregoing
                  application, for so long as Sonus has any contingent
                  obligations to repay any amount to Chugai pursuant to the
                  terms of the Chugai License Agreement.

         3.3      Sonus shall be entitled to receive all accrued but unpaid
                  royalties through the Effective Date of this Agreement
                  pursuant to the Chugai License Agreement.

         3.4      Upon request by Nycomed, Sonus shall reasonably cooperate and
                  assist Nycomed, in the preparation, prosecution, and
                  maintenance of the Japanese Patent Applications, including the
                  signature of documents to advance the prosecution of,
                  maintenance, or evidence the ownership of, the Japanese Patent
                  Applications. Nycomed shall reimburse Sonus for any out of
                  pocket costs that Sonus so incurs at Nycomed's request.

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

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4.       PAYMENT

         4.1      In consideration of the assignment of the Sonus Patents and
                  the Chugai License Agreement, the transfer of Sonus assets
                  defined herein, and the warranties and representations made
                  herein, Nycomed shall pay Sonus a non-refundable payment of
                  six million five hundred thousand dollars ($6,500,000.00),
                  within five (5) days from the Effective Date of this Agreement
                  and in the manner set forth in paragraph 4.2 of this
                  Agreement.

         4.2      Any and all payments made to Sonus under the terms and
                  conditions of this Agreement shall be made in United States
                  currency, and in the form of wire transfer to:

                  Bank:                              [*]
                  ABA:                               [*]
                  WFB Account:                       [*]
                  For further credit to:             [*]
                  Name of:                           [*]
                  Attn:                              [*]
                  Phone:                             [*]
                  International wires:
                  Swift #:                           [*]

5.       TERMINATION OF THE NYCOMED LICENSE AGREEMENT

         5.1      The parties agree that the Nycomed License Agreement shall be
                  terminated concurrently upon the Effective Date of this
                  Agreement.

         5.2      Sonus shall be entitled to receive all accrued but unpaid
                  royalties through the Effective Date of this Agreement
                  pursuant to the terms of Nycomed License Agreement, and
                  payable within sixty (60) days of the Effective Date.

         5.3      Payment of any fees due Sonus, or its consultants in
                  connection with the Nycomed License Agreement, including, but
                  not limited to, legal fees shall be paid by Nycomed within
                  thirty (30) days of receipt of a properly documented invoice
                  or within thirty (30) days of the Effective Date for amounts
                  previously invoiced.

6.       LIMITED LICENSE GRANT-BACK TO SONUS

         6.1      As of the Effective Date of this Agreement, and concurrently
                  with the assignment and transfer of the Sonus Patents to
                  Nycomed, Nycomed grants to Sonus and its Affiliates a
                  worldwide, exclusive (even as to Nycomed), irrevocable,
                  fully-paid limited license (the "Limited License"), under the
                  Sonus Patents, to make, have made, use, sell, offer to sell,
                  export and import [*] only. Sonus shall have the right to copy
                  any of the formulation data, clinical data, and regulatory
                  data described in paragraph 2.1 and to

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

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                                                                   EXHIBIT 10.49

                  use any such data in connection with [*] only. The costs of
                  any copies of such data shall be at Sonus' expense.

         6.2      As of the Effective Date of this Agreement, Nycomed grants
                  Sonus the right to sublicense any rights of the Limited
                  License granted in paragraph 6.1. If Sonus desires to enter
                  into any sublicense agreement with any Third Party pursuant to
                  this Section 6, Sonus agrees to provide prior written notice
                  to Nycomed at least ten (10) days before granting any such
                  sublicense. Sonus agrees that any sublicense granted by Sonus
                  pursuant to the terms and conditions of this Section 6 shall
                  include and be subject to the terms and conditions of this
                  Agreement.

         6.3

         (a)      As of the Effective Date of this Agreement, solely with regard
                  to the specific patents and applications listed on Appendix
                  6.3 to this Agreement, [*] shall have the right to enforce
                  such patents (or a future patent issuing directly or
                  indirectly from any such application) against any [*] sold,
                  used or marketed as a [*], of a Third Party, [*] or any of its
                  Affiliates by initiating a lawsuit against such a party. [*]
                  agrees to join or be joined in any lawsuit against a Third
                  Party as a party plaintiff or otherwise as shall be necessary
                  to enable [*] to exercise this right, which shall be at [*]
                  expense. Even if not joined as a party plaintiff in such a
                  lawsuit against a Third Party, [*] agrees to provide
                  reasonable cooperation and to execute all documents necessary
                  to assist in the enforcement of said patents against any Third
                  Party, provided [*] reimburses [*] for the reasonable expense
                  of such cooperation. [*] agrees to notify [*], in writing, at
                  least ten (10) days before initiating any such lawsuit
                  (including, but not limited to, a patent infringement suit in
                  any U.S. district court) and to provide [*] with information
                  about the subject matter of the planned lawsuit, including the
                  patent to be asserted and the product or process that [*]
                  deems to be infringing. [*] shall not have the right to
                  initiate or threaten to initiate any lawsuit under any of the
                  patents listed in Appendix 6.3 (or future patents issuing from
                  any of the applications listed in Appendix 6.3) for any act of
                  infringement other than the manufacture, use, sale, offer for
                  sale, exportation or importation of a [*] sold, used or
                  marketed as a [*].

         (b)      As of the Effective Date of this Agreement, with regard to the
                  specific patents and applications listed on Appendix 6.3 to
                  this Agreement, [*] shall have the right to enforce such
                  patents (or a future patent issuing from any such application)
                  against any [*] sold, used or marketed as an [*], of a Third
                  Party, [*] or any of its Affiliates by initiating a lawsuit
                  against such a party. If requested by [*], [*] agrees to join
                  or be joined in any such lawsuit against a Third Party as a
                  party plaintiff or otherwise as shall be necessary to enable
                  [*] to exercise this right, which shall be at [*] expense.
                  Even if not joined as a party plaintiff in such a lawsuit
                  against a Third Party, [*] agrees to provide reasonable
                  cooperation and to execute all documents necessary to assist
                  the enforcement of said patents against any Third Party,
                  provided [*] reimburses [*] for the reasonable expense of such
                  cooperation. [*] shall not have the right to initiate or
                  threaten to initiate any lawsuit under any of the patents
                  listed in Appendix 6.3 (or future patents issuing from any of
                  the applications listed in

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

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                                                                   EXHIBIT 10.49

                  Appendix 6.3) for any act of infringement other than the
                  manufacture, use, sale, offer for sale, exportation or
                  importation of an [*] sold, used or marketed as an [*].

         6.4

         (a)      As of the Effective Date of this Agreement, with regard to all
                  of the Sonus Patents other than those listed in Appendix 6.3
                  to this Agreement, [*] shall have the right to enforce any
                  such patent (or a future patent issuing from any such
                  application) at its sole discretion, without consulting [*],
                  against any product or process of any Third Party, [*] or its
                  Affiliates, except that, solely with regard [*] or its
                  Affiliates (or permitted licensees under any of the Sonus
                  Patents listed in Appendix 6.3), [*] shall not have the right
                  to enforce any such patents against any [*] sold, used or
                  marketed as an [*]. If requested by [*],[*] agrees to join or
                  be joined in any such lawsuit against a Third Party as a party
                  plaintiff or otherwise as shall be necessary to enable [*] to
                  exercise this right, which shall be at [*] expense. Even if
                  not joined as a party plaintiff in such a lawsuit against a
                  Third Party, [*] agrees to provide reasonable cooperation and
                  to execute all documents necessary to assist the enforcement
                  of said patents against any Third Party, provided [*]
                  reimburses [*] for the reasonable expense of such cooperation.
                  Except as provided in paragraph 6.3 and this paragraph of this
                  Agreement, as of the Effective Date of this Agreement, [*]
                  shall have the sole right to sue any Third Party for past
                  infringement of any of the Sonus Patents and to obtain damages
                  for such past infringement, including the right to obtain
                  damages for such past infringement that occurred before the
                  Effective Date of this Agreement.

         (b)      As of the Effective Date of this Agreement and thereafter,
                  Sonus shall not have any right to enforce any of the Sonus
                  Patents (including future patents issuing from applications
                  listed in the Sonus Patents) other than those patents
                  identified in Appendix 6.3 of this Agreement, pursuant to the
                  provisions of paragraph 6.4(a).

7.       RETENTION OF OWNERSHIP OF INTELLECTUAL PROPERTY

         7.1      Sonus and Nycomed hereby acknowledge and agree that other than
                  patents that may constitute Sonus Patents as defined herein,
                  the Chugai License Agreement, and the Limited License set
                  forth in Section 6, this Agreement does not convey or transfer
                  from one party to this Agreement to the other party, any
                  right, license, patent or patent application, or other right
                  held or owned by Sonus or Nycomed or that may be filed,
                  granted to, or acquired by Sonus or Nycomed after the
                  Effective Date of this Agreement. Moreover, this Agreement
                  does not obligate either Sonus or Nycomed to convey any
                  additional license or rights in the future.

8.       CONFIDENTIALITY

         8.1      Each party agrees that the terms of this Agreement and any
                  information provided by either party to the other hereunder,
                  including without limitation, the Chugai License Agreement,
                  shall remain confidential and shall not be disclosed to any
                  person or entity, except to a party's professional advisor,
                  without advance written permission of the other party,
                  provided that, either party in negotiation or business with a
                  Third

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

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                  Party concerning the sublicensing of patent rights pursuant to
                  this Agreement may disclose to such Third Party, under a
                  written confidentiality agreement, such terms of this
                  Agreement as are reasonably necessary in order to engage in
                  such negotiations or business, and further provided that
                  either party may make any filing of this Agreement, subject to
                  confidential treatment, required by law in any country. Each
                  party further agrees that it will not issue any press release
                  or publicity in regard to this Agreement without the advance
                  written permission of the other party. Advance written
                  permission will not be required when a party is ordered to
                  disclose information concerning the Agreement by a competent
                  tribunal, or to such disclosures as are required by law. Each
                  party agrees that to the extent that information is subject to
                  claims of attorney-client privilege, attorney work-product, or
                  any other similar privilege or immunity is disclosed to the
                  other pursuant to performance of this Agreement, such
                  disclosure is intended to further the parties common legal
                  interests and/or joint defense shall remain subject to such
                  privilege or immunity to the maximum extent permitted by law.

9.       ENTIRE AGREEMENT; NO ORAL MODIFICATIONS; WAIVER

         9.1      This Agreement contains the entire understanding and agreement
                  between Nycomed and Sonus with respect to the subject matter
                  hereof, and supersedes all prior oral or written
                  understandings and agreements relating thereto, including
                  without limitation, the Nycomed License Agreement. No change,
                  modification, extension or waiver of this Agreement, or any of
                  the provisions herein, shall be valid unless made in writing
                  and signed by duly authorized representatives of the parties.
                  Neither party shall be bound by any conditions, definitions,
                  warranties, understandings, or representations concerning the
                  subject matter hereof except as are (i) provided in this
                  Agreement, or (ii) duly set forth on or after the Effective
                  Date of this Agreement in a written instrument subscribed by
                  an authorized representative of the party to be bound thereby.

         9.2      Each party has relied solely on its own evaluation of the
                  subject matter in deciding to enter into this Agreement, and
                  has not been induced to enter into this Agreement by any
                  statements, promises, or representations of the other party,
                  nor has it relied on any such statements, promises, or
                  representations.

         9.3      No waiver by either party, whether express or implied, of any
                  provision of this Agreement, or of any breach or default
                  thereof, shall constitute a continuing waiver of such
                  provision or of any other provision of this Agreement. Either
                  party's acceptance of payments by the other under this
                  Agreement shall not be deemed a waiver of any violation of or
                  default under any of the provisions of this Agreement.

10.      ASSIGNMENT

         10.1     This Agreement may not be assigned or transferred by either
                  party without written consent of the other party, except that
                  either party may assign this Agreement to any of its
                  Affiliates, or to any successor by merger or sale of
                  substantially all of its business unit to which this Agreement
                  relates without the consent of the other party.

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

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                  Any attempted delegation or assignment not in accordance with
                  this Article shall be of no force or effect. This Agreement
                  shall inure to the benefit of and be binding upon the parties
                  hereto and their successors and permitted assigns.

11.      TERM

         11.1     This Agreement is effective as of the Effective Date. Unless
                  earlier terminated as provided in Section 12 herein, this
                  Agreement shall continue in effect until the expiration of the
                  last patent to expire among the Sonus Patents. As used in this
                  paragraph, "expiration" of a patent shall include irrevocable
                  lapse for failure to pay maintenance fees or the like, final
                  revocation by a national patent office and the exhaustion or
                  expiration of all appeals of such revocation, or a final
                  adjudication by a court of competent jurisdiction that all
                  claims of the patent are invalid or unenforceable and the
                  exhaustion or expiration of all appeals from said
                  adjudication.

12.      DEFAULT AND TERMINATION

         12.1     If either party breaches any of the material terms or
                  conditions of this Agreement, the party claiming such breach
                  may serve the alleged breaching party with a notice of breach
                  specifying the acts or omissions creating such alleged breach.
                  If the alleged breaching party fails to remedy said breach
                  within thirty (30) days of receipt of said notice, the other
                  party may terminate this Agreement by serving a notice of
                  termination, which notice shall be effective thirty (30) days
                  after dispatch. Notwithstanding the provisions of this
                  paragraph, the parties further agree that the assignment of
                  the Sonus Patents to Nycomed pursuant to this Agreement is
                  absolutely irrevocable, unless Nycomed failed to make the
                  one-time payment to Sonus that is described in paragraph 4.1
                  of this Agreement. The parties further agree that the payment
                  to Sonus described in paragraph 4.1 shall become irrevocable
                  and non-refundable upon the assignment to Nycomed of the Sonus
                  Patents.

         12.2     In the event that either party files a petition in bankruptcy,
                  is adjudicated a bankrupt or files a petition or otherwise
                  seeks relief under or pursuant to any bankruptcy, insolvency
                  or reorganization statute or proceeding, or if a petition in
                  bankruptcy is filed against it or it becomes insolvent or
                  makes an assignment for the benefit of its creditors or a
                  custodian, receiver or trustee is appointed for it or a
                  substantial portion of its business or assets, the other party
                  shall have the right to terminate this Agreement forthwith
                  upon written notice, which notice shall be effective upon
                  dispatch.

         12.3     No debtor-in-possession, assignee for the benefit of
                  creditors, custodian, receiver, trustee in bankruptcy, sheriff
                  or any other officer of the court or official charged with
                  taking over custody of a party's assets or business shall have
                  any right to continue this Agreement if this Agreement
                  terminates.

         12.4     In the event that, notwithstanding the provisions of Section
                  10 hereof, pursuant to the U.S. Bankruptcy Code or any
                  amendment or successor thereto (the "Code"), a trustee in
                  bankruptcy of a party to this Agreement, or a party to this
                  Agreement as debtor-in-

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

                                                    CONFIDENTIAL AND PROPRIETARY
                                       10
<PAGE>
                                                                   EXHIBIT 10.49

                  possession, is permitted to assume this Agreement and does so
                  and, thereafter, desires to assign this Agreement to a Third
                  Party, which assignment satisfies the requirements of the
                  Code, the trustee or debtor-in-possession, as the case may be,
                  shall notify the other party to this Agreement (the
                  "nonbankrupt party") of same in writing. Said notice shall set
                  forth the name and address of the proposed assignee, the
                  proposed consideration for the assignment and all other
                  relevant details thereof. The giving of such notice shall be
                  deemed to constitute the grant to the nonbankrupt party of an
                  option to have this Agreement assigned to it or to its
                  designee for such consideration, or its equivalent in money,
                  and upon such terms as are specified in the notice. The
                  aforesaid option may be exercised only by written notice by
                  the nonbankrupt party to the trustee or debtor-in-possession,
                  as the case may be, within fifteen (15) days of receipt of the
                  notice of the proposed transaction. If the nonbankrupt party
                  fails to accept the terms within the said exercise period, the
                  party giving notice may complete the assignment referred to in
                  its notice, but only if such assignment is to the entity named
                  in said notice and for the consideration and upon the terms
                  specified therein.

         12.5     Nothing contained herein shall be deemed to preclude or impair
                  any rights that the non-bankrupt party may have as a creditor
                  in any bankruptcy proceeding.

13.      RELATIONSHIP OF THE PARTIES

         13.1     Nothing herein contained shall be construed to constitute the
                  parties hereto as partners or as joint venturers, or either as
                  agent of the other. Neither party shall take any action that
                  purports to bind the other.

14.      SEVERABILITY

         14.1     If any provision or any portion of any provision of this
                  Agreement shall be held to be void or unenforceable (or a
                  formal indication to that effect is communicated by any
                  competent authority), the parties shall in good faith
                  negotiate valid substitute provisions which reflect, as
                  closely as reasonably practicable, their commercial intentions
                  as set out herein. Subject thereto, the remaining provisions
                  of this Agreement and the remaining portion of any provision
                  held void or unenforceable in part shall continue in full
                  force and effect.

15.      CONSTRUCTION

         15.1     This Agreement shall be construed without regard to any
                  presumption or other rule requiring construction against the
                  party causing this Agreement to be drafted. If any words or
                  phrases in this Agreement shall have been stricken out or
                  otherwise eliminated, whether or not any other words or
                  phrases have been added, this Agreement shall be construed as
                  if those words or phrases were never included in this
                  Agreement, and no implication or inference shall be drawn from
                  the fact that the words or phrases were so stricken out or
                  otherwise eliminated.

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

                                                    CONFIDENTIAL AND PROPRIETARY
                                       11
<PAGE>
                                                                   EXHIBIT 10.49

16.      HEADINGS

         16.1     The captions and paragraph headings appearing in this
                  Agreement are inserted for convenience and reference only and
                  in no way define, limit or describe the scope or intent of
                  this Agreement or any of the provisions thereof.

17.      PATENT MARKING

         17.1     Sonus (and any sublicensee of Sonus under the Limited License)
                  shall place, or shall cause the manufacturer to place,
                  appropriate markings on an exposed surface of each [*] made or
                  sold hereunder or on the packaging for such [*], in accordance
                  with 35 U.S.C. Section 287 in the U.S. The content, form,
                  size, location and language used in such markings shall be in
                  accordance with the laws and practices of the country where
                  such markings are required.

18.      REPRESENTATIONS AND WARRANTIES OF SONUS

         Sonus hereby represents and warrants that:

         18.1     Sonus has the full right, power, and corporate authority to
                  enter into this Agreement and to make the promises and grant
                  the assignments and transfers set forth herein.

         18.2     Sonus is the sole owner of all right, title, and interest in
                  and to the Sonus Patents, has not mortgaged or hypothecated
                  the Sonus Patents, is not party to any current license to the
                  Sonus Patents other than the license agreements that are
                  attached or referred to in this Agreement and to the best of
                  its knowledge and belief has not taken any action to impair
                  the validity or enforceability of the Sonus Patents. Sonus
                  further represents and warrants that it has no license
                  agreements or other agreements or obligations with or to Third
                  Parties or any other binding commitments, obligations, liens,
                  mortgages, or encumbrances of any kind or nature, other than
                  the license agreements that are attached or referred to in
                  this Agreement, that may diminish, limit, or impair (i) the
                  rights granted by Sonus to Nycomed in this Agreement or (ii)
                  the ability of Sonus to perform its covenants and obligations
                  under this Agreement.

         18.3     Sonus will not divest itself of any rights now or hereafter
                  possessed when the effect of doing so may diminish limit, or
                  impair (i) the rights granted by Sonus to Nycomed in this
                  Agreement or (ii) the ability of Sonus to perform its
                  covenants and obligations under this Agreement.

         18.4     Other than claims asserted against Sonus in the DuPont
                  Litigation, Sonus is not aware of any actual or threatened
                  litigation or claim by any party against Sonus or any of its
                  Affiliates relating to any Sonus Ultrasound Contrast Product.
                  In the event that Sonus breaches this paragraph 18.4, Sonus
                  agrees to indemnify Nycomed with respect to the full value of
                  any damages ultimately realized in the litigation or
                  settlement (not to be made without Sonus' reasonable consent)
                  of any such actual or potential claim relating to any Sonus
                  Ultrasound Contrast Product.

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

                                                    CONFIDENTIAL AND PROPRIETARY
                                       12
<PAGE>
                                                                   EXHIBIT 10.49

         18.5     Other than the DuPont Litigation, as defined herein, United
                  States patent interferences No. 103,880 (Schneider et al. v.
                  Quay v. Klaveness et al), No. 103,881 (Yan et al. v. Quay v.
                  Klaveness et al.), and No. 104,428 (Quay v. Schutt et al.),
                  and oppositions against Sonus patents or applications
                  including oppositions by Schering A.G. and by Alliance
                  Pharmaceuticals against Sonus' Australian patent 679,428, and
                  oppositions by DuPont Imaging, Accusphere Inc. and Bracco
                  against Sonus' European patent 605,477, Sonus is not aware of
                  any other present litigations, interferences, reexaminations,
                  reissue or opposition proceedings involving any of the Sonus
                  Patents.

         18.6     Sonus is free to assign the Chugai License Agreement to
                  Nycomed in connection with this transfer of substantially all
                  of the assets relating to Sonus Ultrasound Contrast Agent
                  business unit without causing a breach of the Chugai License
                  Agreement. Sonus further represents and warrants that the
                  Chugai License Agreement is in full force and effect, that it
                  is not in breach of the Chugai Agreement, and that to the best
                  of its knowledge no event of breach has occurred or been
                  alleged by the parties thereto.

         18.7     To the best of its knowledge, information and belief after due
                  and diligent inquiry, the patents and patent applications
                  listed on Appendix 1.1 to this Agreement are all U.S. and
                  foreign patents and patent applications owned or controlled by
                  Sonus that describe, claims, are directed to, or concern [*]
                  (including formulations of, and methods of making and/or
                  using, ultrasound contrast agents).

19.      REPRESENTATIONS AND WARRANTIES OF NYCOMED

         Nycomed hereby represents and warrants that:

         19.1     Nycomed has the full right, power, and corporate authority to
                  enter into this Agreement and to make the promises set forth
                  herein.

         19.2     Nycomed is not a party to any other agreement the terms of
                  which (i) conflict with the covenants and obligations of
                  Nycomed under this Agreement or the rights granted by Nycomed
                  to Sonus under this Agreement or (ii) diminish, limit or
                  impair the rights granted by Nycomed to Sonus in this
                  Agreement or the ability of Nycomed to perform its covenants
                  and obligations under this Agreement.

20.      TECHNICAL ASSISTANCE

         20.1     Sonus agrees to provide at the request of Nycomed technical
                  assistance of Sonus employees relating to the formulation
                  data, clinical data and regulatory data ( to the extent such
                  expertise exists at the time of the request) pertaining to
                  Sonus Ultrasound Contrast Products. Such technical assistance
                  shall not exceed one hundred (100) hours without the consent
                  of Sonus, and shall be reimbursed at the rate of three hundred
                  dollars ($300) per hour. For the sake of clarity, Technical
                  Assistance shall not include any time spent transferring the
                  aforementioned data to Nycomed as part of this Agreement.

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

                                                    CONFIDENTIAL AND PROPRIETARY
                                       13
<PAGE>
                                                                   EXHIBIT 10.49

21.      CHOICE OF LAW; CHOICE OF FORUM

         21.1     This Agreement shall be construed and interpreted in
                  accordance with the laws of the State of Delaware without
                  reference to its choice of law principles. As provided in
                  Section 22 of this Agreement, any dispute between the parties
                  related to or arising out of this Agreement, the parties'
                  relationship created hereby, and/or the negotiations for and
                  entry into this Agreement including any dispute concerning its
                  conclusion, binding effect, amendment, coverage, or
                  termination, shall be submitted to and resolved by
                  arbitration. If, however, any such dispute is not subject to
                  arbitration under Section 22 of this Agreement, the state and
                  federal courts located in New York County, New York shall have
                  exclusive jurisdiction of such dispute. Said courts shall also
                  have exclusive jurisdiction of any action to compel
                  arbitration under this Agreement, incident to arbitration
                  under this Agreement, or to enter or set aside an arbitration
                  award. The parties expressly submit to the personal
                  jurisdiction of such courts for any action described in this
                  Section 21, agree that such courts provide a convenient forum
                  for any such action, and waive any objections or challenges to
                  venue.

22.      ARBITRATION

         22.1     Subject to the mediation requirements of paragraph 22.2 below,
                  all disputes between the parties related to or arising out of
                  this Agreement, the parties' relationship created hereby,
                  and/or the negotiations for and entry into this Agreement,
                  including any dispute concerning its conclusion, binding
                  effect, amendment, coverage, or termination, shall be
                  resolved, to the exclusion of the ordinary courts, by a
                  three-person arbitral tribunal composed of one arbitrator
                  appointed by each party and a third arbitrator, who shall be a
                  retired judge of a U.S. federal or state trial or appeal court
                  of record, selected by the arbitrators appointed by the
                  parties. Arbitration shall proceed in accordance with the CPR
                  Rules for Non-Administered Arbitration of Patent and Trade
                  Secret Disputes in effect on the day of the Closing of this
                  Agreement. The decision of the arbitral tribunal shall be
                  final, and the parties waive all challenge of the award. The
                  venue of any such proceeding shall be New York County, New
                  York. All proceedings shall be conducted in the English
                  language.

         22.2     If either party desires to commence arbitration pursuant to
                  paragraph 22.1 above, prior to doing so it shall so notify the
                  other party in writing and simultaneously request an internal
                  mediation proceeding between the parties ("Mediation
                  Request"). The Mediation Request shall not constitute a notice
                  of arbitration, nor serve to commence arbitration proceedings
                  under paragraph 22.1 above. Within 7 business days of service
                  of the Mediation Request, each party shall (i) designate a
                  senior member of its management, at the level of at least
                  executive vice president or division chief executive, and with
                  authority to settle the dispute (subject to approval of a
                  settlement by the party's board if necessary), to participate
                  in the mediation as its management representative, and (ii)
                  submit to the other party a confidential summary of its
                  position, in letter form not to exceed 5 pages in length,
                  which shall be provided to that other party's management
                  representative. Within 14 business days thereafter, the
                  management representatives shall meet with each other in
                  person to attempt in

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

                                                    CONFIDENTIAL AND PROPRIETARY
                                       14
<PAGE>
                                                                   EXHIBIT 10.49

                  good faith to resolve the dispute. If a party desires to have
                  counsel also attend such meeting, it shall notify the other
                  party at least 5 business days in advance. The meeting shall
                  be held in London, England, if the Mediation Request is served
                  by Sonus, and in Seattle, Washington, if the Mediation Request
                  is served by Nycomed. If the parties are unable to resolve the
                  dispute within 7 business days following the meeting, either
                  party may commence arbitration under paragraph 22.1 above. A
                  party that refuses or fails to participate in the mediation
                  process shall not initiate arbitration proceedings until such
                  time as it so participates, but the other party shall be free
                  to initiate arbitration proceedings (and the non-participating
                  party shall respond to the commencement of arbitration in
                  accordance with the arbitration rules specified in paragraph
                  22.1).

23.      NOTICES

         23.1     All reports, approvals, requests, demands and notices required
                  or permitted by this Agreement to be given to a party
                  (hereafter, "Notices") shall be in writing. Notices shall be
                  hand delivered, sent by certified or registered mail, return
                  receipt requested, or sent via a reputable private express
                  service which requires the addressee to acknowledge receipt
                  thereof. Notices may also be transmitted by fax, provided that
                  a confirmation copy is also sent by one of the above methods.
                  Except as otherwise provided in this Agreements, Notices shall
                  be effective upon dispatch.

         23.2     Notices shall be sent to the party concerned as follows (or at
                  such other address as a party may specify by notice to the
                  other):

                  As to Nycomed:

                           Nycomed Amersham Imaging
                           Amersham Place
                           Little Chalfont
                           Buckinghamshire HP7 9LL
                           ENGLAND
                           Telefax: +44 1494 542242
                           Attn:    Group Legal Advisor and Corporate Secretary

                  with a copy to-

                           Richard L. DeLucia, Esq.
                           Kenyon & Kenyon
                           1 Broadway
                           New York, NY 10004-1050
                           Telefax: (212) 425-5288

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

                                                    CONFIDENTIAL AND PROPRIETARY
                                       15
<PAGE>
                                                                   EXHIBIT 10.49

                  As to Sonus:

                           Sonus Pharmaceuticals, Inc.
                           22026 20th Avenue, S.E., Suite 102
                           Bothell, Washington 98021
                           Telefax:  (206) 489-0626
                           Attention: President

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

                                                    CONFIDENTIAL AND PROPRIETARY
                                       16
<PAGE>
                                                                   EXHIBIT 10.49

         IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
executed by its duly authorized representative as of the day and year first
above written.

NYCOMED IMAGING AS                      SONUS PHARMACEUTICALS, INC.

By:   /s/ John Padfield                 By:  /s/ Michael A. Martino
      ------------------                     ----------------------
      John Padfield                          Michael A. Martino
      Director                               President and CEO

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

                                                    CONFIDENTIAL AND PROPRIETARY
                                       17
<PAGE>
                                                                   EXHIBIT 10.49

[Each of the exhibits to, and schedules delivered in connection with, this
exhibit have been omitted pursuant to Item 601 of Regulation S-K. Sonus agrees
to furnish supplementally to the Commission a copy of any such exhibit or
schedule upon request.]

*   Omitted pursuant to Rule 24b-2 and filed separately with the Commission

                                                    CONFIDENTIAL AND PROPRIETARY
                                       18<PAGE>
                                                                   EXHIBIT 10.36

                                CREDIT AGREEMENT

                                     BETWEEN

                         U.S. BANK NATIONAL ASSOCIATION

                                       AND

                           LOUDEYE TECHNOLOGIES, INC.

                           DATED AS OF AUGUST 22, 2001

<PAGE>

                                    CONTENTS

<TABLE>
<S>                                                                                  <C>
ARTICLE I.        DEFINITIONS.........................................................1

        1.1    Terms Defined..........................................................1
        1.2    Accounting Terms.......................................................4
        1.3    Rules of Construction..................................................4
        1.4    Incorporation of Recitals and Exhibits.................................4

ARTICLE II.       REVOLVING LOAN......................................................4

        2.1    Loan Commitment........................................................4
        2.2    Use of Proceeds........................................................5
        2.3    Revolving Note.........................................................5
        2.4    Interest Rate..........................................................5
        2.5    Repayment..............................................................5
        2.6    Fundings...............................................................5

ARTICLE III.      LETTERS OF CREDIT...................................................6

        3.1    Commitment.............................................................6
        3.2    Purpose................................................................6
        3.3    Issuance...............................................................6
        3.4    Note...................................................................7
        3.5    Interest Rate..........................................................7
        3.6    Repayment..............................................................7
        3.7    Letter of Credit Fees..................................................7
        3.8    Draws/Collateral.......................................................7

ARTICLE IV.       GENERAL PROVISIONS APPLICABLE TO THE LOANS..........................8

        4.1    Manner of Payment......................................................8
        4.2    Statements.............................................................8
        4.3    Book Entry Loan Account................................................8
        4.4    Extensions, Renewals and Modifications.................................9

ARTICLE V.        CONDITIONS PRECEDENT FOR FUNDINGS UNDER THE LOANS...................9

        5.1    Conditions Precedent for Initial Funding...............................9
        5.2    Conditions Precedent to Each Subsequent Funding.......................10

ARTICLE VI.       AFFIRMATIVE COVENANTS..............................................11

        6.1    Financial Data........................................................11
        6.2    Maintenance of Records................................................12
        6.3    Inspection............................................................12
        6.4    Corporate Existence...................................................12
        6.5    Notice of Disputes and Other Matters..................................12
</TABLE>

                                                                          PAGE i
<PAGE>

<TABLE>
<S>                                                                                  <C>
        6.6    Exchange of Note......................................................12
        6.7    Maintenance of Liens..................................................13
        6.8    Other Agreements......................................................13
        6.9    Further Assurances....................................................13

ARTICLE VII.      NEGATIVE COVENANTS.................................................13

        7.1    Investments...........................................................13
        7.2    Wind Up, Liquidation and Dissolution..................................13
        7.3    Change of Chief Executive Office or Name..............................13
        7.4    Change in Documents...................................................14

ARTICLE VIII.     REPRESENTATIONS AND WARRANTIES.....................................14

        8.1    Corporate Status......................................................14
        8.2    Power and Authority...................................................14
        8.3    No Violation of Agreements............................................14
        8.4    Recording and Enforceability..........................................15
        8.5    Litigation............................................................15
        8.6    Good Title to Properties..............................................15
        8.7    Licenses and Permits..................................................15
        8.8    Financial Statements..................................................16
        8.9    Taxes.................................................................16
        8.10   License Fees..........................................................16
        8.11   Intentionally Omitted.................................................16
        8.12   Intentionally Omitted.................................................16
        8.13   Disclosure............................................................16
        8.14   Regulations U and X...................................................17
        8.15   Names.................................................................17

ARTICLE IX.       EVENTS OF DEFAULT; REMEDIES........................................17

        9.1    Events of Default.....................................................17
        9.2    Acceleration; Remedies................................................19

ARTICLE X.        MISCELLANEOUS......................................................19

        10.1   Notices...............................................................19
        10.2   Payment of Expenses...................................................20
        10.3   Setoff................................................................20
        10.4   Fees and Commissions..................................................21
        10.5   No Waiver.............................................................21
        10.6   Entire Agreement and Amendments.......................................21
        10.7   Benefit of Agreement..................................................21
        10.8   Severability..........................................................22
        10.9   Descriptive Headings..................................................22
        10.10  Governing Law.........................................................22
        10.11  Consent to Jurisdiction, Service and Venue............................22
        10.12  Counterparts..........................................................22
</TABLE>

                                                                         PAGE ii
<PAGE>

<TABLE>
<S>                                                                                  <C>
        10.13  Jury Waiver...........................................................22
        10.14  Statutory Notice......................................................23
</TABLE>

                                    EXHIBITS

Exhibit A -- Revolving Note, Section 2.3

Exhibit B -- Security Agreement, Section 5.1(b)

Exhibit C -- Board Resolution and Incumbency Certificate, Section 5.1(f)(iii)

                                                                        PAGE iii
<PAGE>

                                CREDIT AGREEMENT

        This credit agreement is made and entered into as of the 22nd day of
August, 2001, by and between U.S. BANK NATIONAL ASSOCIATION, a national banking
association ("U.S. Bank"), and LOUDEYE TECHNOLOGIES, INC., a Delaware
("Borrower"). Words and phrases with initial capitalized letters have the
meanings assigned in Article I hereof.

                                    RECITALS:

        U.S. Bank is a national banking association with its principal place of
business in Seattle, Washington. Borrower is a corporation formed and existing
under the laws of the state of Delaware.

        Borrower has requested U.S. Bank to extend to Borrower a revolving line
of credit in the amount of $15,000,000.

        U.S. Bank is ready, able and willing to extend such credit facilities to
Borrower on the terms and conditions of this Agreement.

        NOW, THEREFORE, in consideration of the mutual covenants and conditions
set forth herein, the parties agree as follows:

ARTICLE I. DEFINITIONS

        1.1 TERMS DEFINED

        As used herein, the following terms have the meanings set forth below:

        "Affiliate" means a Person that now or hereafter, directly or indirectly
through one or more intermediaries, controls, is controlled by or is under
common control with Borrower. A Person shall be deemed to control a corporation,
limited liability company or partnership if such Person possesses, directly or
indirectly, the power to direct or cause the direction of the management of such
corporation, limited liability company or partnership, whether through the
ownership of voting securities, by contract, or otherwise.

        "Agreement" means this credit agreement and includes all amendments to
this Agreement.

        "Applicable Law" means all applicable provisions and requirements of all
(a) constitutions, statutes, ordinances, rules, regulations, standards, orders
and directives of any Governmental Bodies, (b) Governmental Approvals, and (c)
orders, decisions, decrees, judgments, injunctions and writs of all courts and
arbitrators, whether such Applicable Laws presently exist, or are modified,
promulgated or implemented after the date hereof.

                                                                          PAGE 1
<PAGE>

        "Borrower" means Loudeye Technologies, Inc., a Delaware corporation, and
its successors.

        "Borrowing Notice" has the meaning set forth in Section 2.6(a) hereof.

        "Business Day" means any day except a Saturday, Sunday or other day on
which national banks in the state of Washington are authorized or required by
law to close.

        "Collateral" means all the property, real or personal, tangible or
intangible, now owned or hereafter acquired, in which U.S. Bank has been or is
to be granted a security interest by Borrower or any other Person, to secure the
Indebtedness of Borrower to U.S. Bank.

        "Commitment Period" has the meaning set forth in Section 2.1 hereof.

        "Default" means any condition or event that constitutes an Event of
Default or with the giving of notice or lapse of time or both would, unless
cured or waived, become an Event of Default.

        "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time.

        "Event of Default" has the meaning set forth in Section 9.1 hereof.

        "Extended Maturity Date" has the meaning set forth in the Note.

        "Funding" means any disbursement of the proceeds of the Revolving Loan
or the issuance or renewal of any Letters of Credit.

        "Governmental Approval" means any authorization, consent, approval,
certificate of compliance, license, permit or exemption from, contract with,
registration or filing with, or report or notice to, any Governmental Body
required or permitted by Applicable Law.

        "Governmental Body" means the government of the United States, any state
or any foreign country, or any governmental or regulatory official, body,
department, bureau, subdivision, agency, commission, court, arbitrator or
authority, or any instrumentality thereof, whether federal, state, or local.

        "Hazardous Materials" means oil or petrochemical products, PCB's,
asbestos, urea formaldehyde, flammable explosives, radioactive materials,
hazardous wastes, toxic substances or related materials, including, but not
limited to, substances defined as or included in the definition of "hazardous
substances," "hazardous wastes," "hazardous materials" or "toxic substances"
under any Hazardous Materials Laws.

        "Hazardous Materials Claims" means (a) enforcement, cleanup, removal or
other regulatory actions instituted, completed or threatened by any Governmental
Body pursuant to

                                                                          PAGE 2
<PAGE>

any applicable Hazardous Materials Laws and (b) claims made or threatened by any
third party against Borrower or its property relating to damage, contribution,
cost recovery, compensation, loss or injury resulting from Hazardous Materials.

        "Hazardous Materials Laws" means all Applicable Laws pertaining to
Hazardous Materials.

        "Indebtedness" means all items that in accordance with generally
accepted accounting principles would be included in determining total
liabilities as shown on the liabilities side of the balance sheet as of the date
that "Indebtedness" is to be determined and in any event includes liabilities
secured by any mortgage, deed of trust, pledge, lien or security interest on
property owned or acquired, whether or not such a liability has been assumed,
and the guaranties, endorsements (other than for collection in the ordinary
course of business) and other contingent obligations with regard to the
obligations of other Persons.

        "L/C Application" has the meaning set forth in Section 3.1(a) hereof.

        "Letters of Credit" has the meaning set forth in Section 3.1 hereof and
includes all renewals, replacements and modifications thereof.

        "Loan Documents" means this Agreement, the Note, the Security Agreement,
together with all other agreements, instruments and documents arising out of or
relating to this Agreement or the Loan, and includes all renewals, replacements
and amendments thereof.

        "Loan" means the Revolving Loan, as well as all renewals, replacements
and amendments thereof.

        "Maturity Date" has the meaning set forth in the Note.

        "Note" means the Revolving Note, as well as all renewals, replacements
and amendments thereof.

        "Participant" means any financial institution to which U.S. Bank sells a
participation in any of the Loans.

        "Permitted Liens" has the meaning set forth in Section 7.5 hereof.

        "Person" means any individual, partnership, limited liability company,
joint venture, firm, corporation, association, trust or other enterprise or any
Governmental Body.

        "Plan" means an employee pension benefit plan that is covered by ERISA
or subject to the minimum funding standards under Section 412 of the Internal
Revenue Code of 1986 and is either (a) maintained by Borrower or any Affiliate
for employees of Borrower or any Affiliate or (b) maintained pursuant to a
collective bargaining agreement or any other arrangement under which more than
one employer makes contributions and to which

                                                                          PAGE 3
<PAGE>

Borrower or any Affiliate is then making or accruing an obligation to make
contributions or has within the preceding five plan years made contributions.

        "Prime Rate" means the prime rate announced by U.S. Bank.

        "Revolving Loan" has the meaning set forth in Section 2.1 hereof and
includes all renewals, replacements and amendments of the Revolving Loan.

        "Revolving Note" has the meaning set forth in Section 2.3 hereof and
includes all renewals, replacements and amendments of the Revolving Note.

        "Security Agreement" has the meaning set forth in Section 5.1(b) hereof
and includes all renewals, replacements and amendments of the Security
Agreement.

        "Unreimbursed L/C Payment" means the unreimbursed portion of any payment
made by U.S. Bank under any Letter of Credit.

        "U.S. Bank" means U.S. Bank National Association, a national banking
association, and its successors and assigns.

        1.2 ACCOUNTING TERMS

        Unless otherwise specified herein, all accounting terms used herein
shall be interpreted, all accounting determinations hereunder shall be made and
all financial statements required to be delivered hereunder shall be prepared in
accordance with generally accepted accounting principles consistently applied.

        1.3 RULES OF CONSTRUCTION

        Unless the context otherwise requires, the following rules of
construction apply to the Loan Documents:

        (a) Words in the singular include the plural and in the plural include
the singular.

        (b) In the event of any inconsistency between the provisions of this
Agreement and the provisions of any of the other Loan Documents, the provisions
of this Agreement govern.

        1.4 INCORPORATION OF RECITALS AND EXHIBITS

        The foregoing recitals are incorporated into this Agreement by
reference. All references to "Exhibits" contained herein are references to
exhibits attached hereto, the terms and conditions of which are made a part
hereof for all purposes.

                                                                          PAGE 4
<PAGE>

ARTICLE II. REVOLVING LOAN

        2.1 LOAN COMMITMENT

        Subject to and upon the terms and conditions set forth herein and in
reliance upon the representations, warranties, and covenants of Borrower
contained herein or made pursuant hereto, U.S. Bank will make Fundings to
Borrower from time to time from the date hereof through the Maturity Date or
Extended Maturity Date as applicable ("Commitment Period"), but the outstanding
principal amount of such Fundings (including any Unreimbursed L/C Payments and
the amount available to be drawn under any outstanding Letters of Credit) shall
not exceed, in the aggregate principal amount at any one time outstanding,
$15,000,000 (the "Revolving Loan"). Borrower may borrow, repay and reborrow
hereunder either the full amount of the Revolving Loan or any lesser sum.

        2.2 USE OF PROCEEDS

        The proceeds of the Revolving Loan shall be used by Borrower for general
corporate purposes, including working capital needs and to refinance certain
existing long-term debt.

        2.3 REVOLVING NOTE

        The Revolving Loan shall be evidenced by a promissory note in the form
attached hereto as Exhibit A (the "Revolving Note").

        2.4 INTEREST RATE

        The unpaid principal balance of the Revolving Loan will bear interest as
set forth in the Revolving Note.

        2.5 REPAYMENT

        (a) Commencing on the first day of the first month following the initial
Funding under the Revolving Loan and on the first day of each month thereafter,
Borrower shall pay U.S. Bank an amount equal to all accrued interest on the
Revolving Loan.

        (b) Borrower shall pay U.S. Bank all outstanding principal, accrued
interest and other charges with respect to the Revolving Loan as set forth in
the Revolving Note.

        2.6 FUNDINGS

        (a) U.S. Bank is hereby authorized by Borrower to make Fundings under
the Revolving Loan upon receipt for each Funding of a request therefor as set
forth in the Revolving Note ("Borrowing Notice"). Any such Funding shall be
conclusively presumed to have been made to or for the benefit of Borrower when
made in accordance with such a request and direction for disposition or when
such Funding is deposited to the credit of the account of Borrower with U.S.
Bank or is transmitted to any other bank with directions to

                                                                          PAGE 5
<PAGE>

credit the same to the account of Borrower at such bank, regardless of whether
persons other than those authorized hereunder to make requests for Fundings have
authority to draw against any such account.

        (b) Borrower acknowledges that U.S. Bank cannot effectively determine
whether a particular request for a Funding is valid, authorized or authentic. It
is nevertheless important to Borrower that it has the privilege of making
requests for Fundings in accordance with Section 2.6(a) hereof. Therefore, to
induce U.S. Bank to lend funds in response to such requests and in consideration
for U.S. Bank's agreement to receive and consider such requests, Borrower
assumes all risk of the validity, authenticity and authorization of such
requests, whether or not the individual making such requests has authority to
request Fundings and whether or not the aggregate sum owing exceeds the maximum
principal amount referred to above. U.S. Bank shall not be responsible under
principles of contract, tort or otherwise for the amount of an unauthorized or
invalid Funding; rather, Borrower agrees to repay any sums with interest as
provided herein.

ARTICLE III LETTERS OF CREDIT

        3.1 COMMITMENT

        Subject to and upon the terms and conditions set forth herein and in
reliance upon the representations, warranties and covenants of Borrower
contained herein or made pursuant hereto, U.S. Bank agrees from time to time
during the Commitment Period to issue for the account of Borrower standby and
commercial letters of credit backed by this Agreement (the "Letters of Credit"),
provided that the aggregate face amount of Letters of Credit and Unreimbursed
L/C Payments at any time outstanding shall not exceed: $1,000,000. The issuance
of a Letter of Credit by U.S. Bank shall constitute a Funding hereunder.

        3.2 PURPOSE

        The Letters of Credit may be issued only in the ordinary course of
Borrower's business.

        3.3 ISSUANCE

        (a) Borrower may request U.S. Bank to issue Letters of Credit by
delivering to U.S. Bank a letter of credit application and security agreement in
U.S. Bank's then customary form ("L/C Application"), completed to the
satisfaction of U.S. Bank, and such other certificates, documents, papers and
information as U.S. Bank customarily requests in connection with the issuance of
letters of credit.

        (b) Upon receipt of any L/C Application from Borrower, U.S. Bank will
process such L/C Application, and the other certificates, documents, papers, and
information delivered to U.S. Bank in connection therewith, in accordance with
its customary procedures. Upon approval of Borrower's L/C Application, U.S. Bank
shall promptly issue a Letter of Credit to the beneficiary thereof and furnish a
copy of such Letter of Credit to Borrower.

                                                                          PAGE 6
<PAGE>

        (c) No Letter of Credit issued hereunder shall have an expiration date
occurring later than the Maturity Date or Extended Maturity Date (both dates as
defined in the Note).

        3.4 NOTE

        Borrower's reimbursement obligations under the Letters of Credit shall
be evidenced by the respective L/C Applications and, if paid from a Funding
under the Revolving Loan, by the Note.

        3.5 INTEREST RATE

        Unreimbursed L/C Payments shall bear interest at a rate of interest
equal to Default Interest Rate set forth in the Note.

        3.6 REPAYMENT

        (a) Borrower shall reimburse U.S. Bank, forthwith upon its demand and
otherwise in accordance with the terms of the L/C Application relating thereto,
for any payment made by U.S. Bank under any Letter of Credit that is not
immediately paid from a Funding under the Revolving Loan.

        (b) Borrower shall pay interest on any Unreimbursed L/C Payment in
respect of any Letter of Credit from the date of such payment until
reimbursement in full thereof.

        3.7 LETTER OF CREDIT FEES

        (a) Borrower agrees to pay to U.S. Bank an issuance fee of 0.0075
concurrently with the issuance of each Letter of Credit.

        3.8 DRAWS/COLLATERAL

        Any draws on Letters of Credit issued by U.S. Bank pursuant to the terms
of this Agreement shall be paid by Borrower immediately upon receipt of notice
from U.S. Bank of such draw. So long as Borrower meets the conditions to
Fundings under the Loan, draws on Letters of Credit may be paid from Fundings
under the Revolving Loan. In the event Borrower fails to make such immediate
repayment, U.S. Bank shall be authorized to consider any such draws as Fundings
under the Revolving Loan. In the event that there exists a Default or Event of
Default under this Agreement on the date of any such draw, such draw will
nevertheless constitute a Funding on the Revolving Loan and shall not constitute
a waiver of any of U.S. Bank's rights hereunder or under any of the other Loan
Documents. In the event that any Letters of Credit are outstanding upon the
expiration of the Commitment Period for the Revolving Loan, Borrower shall, upon
U.S. Bank's request, deposit with U.S. Bank in a special demand deposit account
set up by Borrower, an amount of cash necessary to cover all outstanding Letters
of Credit. Borrower hereby grants U.S. Bank a security interest in any such
demand deposit account and gives U.S. Bank the authority to charge against such
account upon a draw on outstanding Letters of Credit in an amount equal

                                                                          PAGE 7
<PAGE>

to the amount paid by U.S. Bank to the beneficiaries of such Letters of Credit.
In the event Borrower does not establish such an account, or in the event the
amount of funds in such account are insufficient to satisfy the obligations of
U.S. Bank under all outstanding Letters of Credit, then all payments made by
U.S. Bank under such Letters of Credit shall automatically constitute Fundings
under the Revolving Loan, notwithstanding the fact that the Commitment Period
for the Revolving Loan has expired. U.S. Bank shall maintain possession of the
Revolving Note until all Letters of Credit have either expired, been canceled or
been paid by U.S. Bank and U.S. Bank has been reimbursed in full. In the event
that the Loan has been paid in full, but there remain outstanding any Letters of
Credit, U.S. Bank will retain a security interest in all of the Collateral to
secure the reimbursement obligations of Borrower under the Letters of Credit.

ARTICLE IV. GENERAL PROVISIONS APPLICABLE TO THE LOANS

        4.1 MANNER OF PAYMENT

        All sums payable to U.S. Bank pursuant to this Agreement shall be paid
directly to U.S. Bank in immediately available United States funds. Whenever any
payment to be made hereunder or on any of the Note becomes due and payable on a
day that is not a Business Day, such payment may be made on the next succeeding
Business Day and such extension of time shall in such case be included in
computing interest on such payment.

        4.2 STATEMENTS

        U.S. Bank shall send Borrower statements of all amounts due hereunder;
the statements shall be considered correct and conclusively binding, absent
manifest error or demonstratable error, on Borrower unless Borrower notifies
U.S. Bank to the contrary within 30 days of receipt of any statement that
Borrower claims to be incorrect. Borrower agrees that accounting entries made by
U.S. Bank with respect to Borrower's loan accounts shall constitute evidence of
all Fundings made under and payments made on the Loan. Without limiting the
methods by which U.S. Bank may otherwise be entitled by Applicable Law to make
demand for payment of the Loan upon Borrower, Borrower agrees that any
statement, invoice or payment notice from U.S. Bank to Borrower with respect to
any principal or interest obligation of Borrower to U.S. Bank shall be deemed to
be a demand for payment in accordance with the terms of such statement, invoice
or payment notice. Under no circumstances shall a demand by U.S. Bank for
partial payment of principal or interest or both be construed as a waiver by
U.S. Bank of its right thereafter to demand and receive payment (in part or in
full) of any remaining principal or interest obligation.

        4.3 BOOK ENTRY LOAN ACCOUNT

        U.S. Bank shall establish a book entry loan account for the Loan in
which U.S. Bank will make debit entries of all Fundings pursuant to the terms of
this Agreement. U.S. Bank will also record in the applicable loan account, in
accordance with customary banking practices, all interest and other charges,
expenses and other items properly chargeable to

                                                                          PAGE 8
<PAGE>

Borrower, if any, together with all payments made by Borrower on account of the
Indebtedness evidenced by Borrower's respective loan accounts and all other sums
credited to the respective loan accounts. The debit balance of Borrower's
respective loan accounts shall reflect the amount of Borrower's Indebtedness to
U.S. Bank from time to time by reason of advances, charges, payments or credits.

        4.4 EXTENSIONS, RENEWALS AND MODIFICATIONS

        Any extensions, renewals, and modifications of the Loan shall be
governed by the terms and conditions of this Agreement and the other Loan
Documents unless otherwise agreed to in writing by U.S. Bank and Borrower.

ARTICLE V. CONDITIONS PRECEDENT FOR FUNDINGS UNDER THE LOANS

        5.1 CONDITIONS PRECEDENT FOR INITIAL FUNDING

        U.S. Bank shall not be required to make the initial Funding under the
Loan unless or until the following conditions have been fulfilled to the
satisfaction of U.S. Bank:

        (a) U.S. Bank shall have received this Agreement and the Revolving Note,
duly executed and delivered by the respective parties thereto.

        (b) U.S. Bank shall have received, duly executed and delivered by
Borrower, a security agreement in the form attached hereto as Exhibit B
("Security Agreement"), granting to U.S. Bank a first priority and exclusive
security interest in the Collateral.

        (c) U.S. Bank shall have received, duly executed and delivered by
Borrower, such financing statements and other documents deemed necessary by U.S.
Bank to perfect the security interest granted to U.S. Bank.

        (d) No Default or Event of Default hereunder shall exist, and after
having given effect to the requested Funding, no Default or Event of Default
shall exist.

        (e) All representations and warranties of Borrower contained herein or
otherwise made in writing in connection herewith shall be true and correct in
all material respects with the same effect as though such representations and
warranties had been made on and as of the date of the initial Funding.

        (f) All corporate proceedings of Borrower shall be satisfactory in form
and substance to U.S. Bank, and U.S. Bank shall have received all information
and copies of all documents, including records of all corporate proceedings,
that U.S. Bank has requested in connection therewith, such documents where
appropriate to be certified by proper corporate authorities or Governmental
Bodies. Borrower shall provide U.S. Bank with the following documents prior to
or upon the execution of this Agreement:

                                                                          PAGE 9
<PAGE>

                (i) Copies of the articles of incorporation of Borrower,
        together with all amendments thereto, certified by Borrower to be true
        and complete;

                (ii) A certificate of authority for Borrower to do business in
        the state of Washington, dated within 30 days of the date of the
        execution of this Agreement; and

                (iii) A certified resolution of the directors of Borrower and
        incumbency certificate in the form attached hereto as Exhibit C.

        (g) U.S. Bank shall have received such evidence deemed necessary by U.S.
Bank that U.S. Bank's security interest in the Collateral constitutes a first
priority and exclusive security interests.

        (h) U.S. Bank shall have received a Borrowing Notice from Borrower for
the initial Funding requested under the Revolving Loan.

        5.2 CONDITIONS PRECEDENT TO EACH SUBSEQUENT FUNDING

        The obligation of U.S. Bank to make any Funding subsequent to the
initial Funding hereunder is subject to the fulfillment, to the satisfaction of
U.S. Bank, of the following:

        (a) The conditions set forth in Section 5.1 hereof shall have been
previously satisfied, and U.S. Bank shall have received evidence satisfactory to
U.S. Bank of satisfaction thereof;

        (b) U.S. Bank shall have received a Borrowing Notice for each requested
Funding under the Revolving Loan;

        (c) There shall be executed and delivered to U.S. Bank such further
instruments, agreements and documents, as may be reasonably necessary or proper
in the opinion of U.S. Bank to confirm the obligations of Borrower to U.S. Bank
hereunder, the grant of security therefor and the proper use of the proceeds of
all Fundings;

        (d) The representations and warranties of Borrower in Article VIII
hereof shall be true on the date of each Funding with the same force and effect
as if made on and as of that date;

        (e) No Default or Event of Default shall exist, and after having given
effect to the requested Funding, no Default or Event of Default shall exist; and

        (f) To the extent not previously delivered, all other documents,
agreements and instruments from or with respect to Borrower or any other Person
that may be called for hereunder shall be duly executed and delivered to U.S.
Bank, including, but not limited to, all documents, agreements and instruments
deemed necessary by U.S. Bank to perfect its security interest in Collateral
acquired after the date of this Agreement. For the purposes of this Agreement,
the waiver of delivery of any document, agreement or instrument from or

                                                                         PAGE 10
<PAGE>

with respect to Borrower or any other Person does not constitute a continuing
waiver with respect to the obligation to fulfill the conditions precedent to
each Funding hereunder.

ARTICLE VI. AFFIRMATIVE COVENANTS

        Borrower hereby covenants and agrees that so long as this Agreement is
in effect, and until the Loan, together with interest thereon, and all other
obligations incurred hereunder are paid or satisfied in full, Borrower shall:

        6.1 FINANCIAL DATA

        Keep its books of account in accordance with generally accepted
accounting principles, consistently applied, and furnish to U.S. Bank:

        (a) As soon as practicable and in any event within 45 days after the
close of each fiscal quarter of Borrower, the following unaudited financial
statements of Borrower for each such quarter, all in reasonable detail and
certified by Borrower to be true and correct: balance sheet, statement of income
and statement of cash flows.

        (b) As soon as practicable and in any event within 120 days after the
close of each fiscal year of Borrower, the following financial statements of
Borrower, setting forth the corresponding figures for the previous fiscal year
in comparative form where appropriate, all in reasonable detail and audited
(without any qualification or exception deemed material by U.S. Bank) by
Borrower's current independent certified public accountant or such other
independent certified public accountants selected by Borrower and satisfactory
to U.S. Bank: balance sheet, statement of income and statement of cash flows. At
U.S. Bank's request, Borrower shall review with U.S. Bank a copy of its
independent certified public accountants' management letter or other similar
report or correspondence to Borrower.

        (c) As soon as practicable and in any event within 5 business days after
the close of each calendar month of Borrower, certificates signed by Borrower,
stating that during such period no Default or Event of Default existed or if any
such Default or Event of Default existed, specifying the nature thereof, the
period of existence thereof and what action Borrower proposes to take or has
taken with respect thereto, and promptly upon the occurrence of any Default or
Event of Default, a certificate signed by Borrower, specifying the nature
thereof, the period of existence thereof and what action Borrower proposes to
take or has taken with respect thereto.

        (d) Upon request by U.S. Bank, copies of all reports relative to the
operations of Borrower and its Affiliates filed with any Governmental Body.

        (e) With reasonable promptness, such other information regarding the
business, operations and financial condition of Borrower as U.S. Bank may from
time to time reasonably request.

                                                                         PAGE 11
<PAGE>

        6.2 MAINTENANCE OF RECORDS

        Keep at all times books of account and other records in which full, true
and correct entries will be made of all dealings or transactions in relation to
the business and affairs of Borrower.

        6.3 INSPECTION

        Allow any representative of U.S. Bank to visit and inspect any of the
properties of Borrower, to examine the books of account and other records and
files of Borrower, to make copies thereof, and to discuss the affairs, business,
finances and accounts of Borrower with its officers, employees and accountants,
all at such reasonable times and as often as U.S. Bank may desire provided that
U.S. Bank does not unreasonably interfere with Borrower's business activities.
This right of inspection shall specifically include U.S. Bank's collateral and
financial examinations.

        6.4 CORPORATE EXISTENCE

        Maintain and preserve the corporate existence of Borrower.

        6.5 NOTICE OF DISPUTES AND OTHER MATTERS

        Promptly give written notice to U.S. Bank of:

        (a) Any citation, order to show cause or other legal process or order
that could reasonably be expected to have a material adverse effect on Borrower,
directing Borrower to become a party to or to appear at any proceeding or
hearing by or before any Governmental Body that has granted to Borrower any
Governmental Approval, and include with such notice a copy of any such citation,
order to show cause, or other legal process or order;

        (b) Any (i) refusal, denial, threatened denial or failure by any
Governmental Body to grant, issue, renew or extend any material Governmental
Approval; (ii) proposed or actual revocation, termination or modification
(whether favorable or adverse) of any material Governmental Approval by any
Governmental Body; (iii) dispute or other action with regard to any material
Governmental Approval by any Governmental Body; (iv) notice from any
Governmental Body of the imposition of any material fines or penalties or
forfeitures; or (v) threats or notice with respect to any of the foregoing or
with respect to any proceeding or hearing that might result in any of the
foregoing;

        6.6 EXCHANGE OF NOTE

        Upon receipt of a written notice of loss, theft, destruction or
mutilation of the Note, and upon surrendering such Note for cancellation if
mutilated, execute and deliver a new Note or a Note of like tenor in lieu of
such lost, stolen, destroyed or mutilated Note. Any Note issued pursuant to this
Section 6.11 shall be dated so that neither gain nor loss of interest shall
result therefrom.

                                                                         PAGE 12
<PAGE>

        6.7 MAINTENANCE OF LIENS

        At all times maintain the liens and security interests provided under or
pursuant to this Agreement as valid and perfected first liens and security
interests on the property and assets intended to be covered thereby. Except as
contemplated under Section 7.5, hereof Borrower shall take all action requested
by U.S. Bank necessary to assure that U.S. Bank has valid and exclusive liens
and security interests in all Collateral.

        6.8 OTHER AGREEMENTS

        Comply with all covenants and agreements set forth in or required
pursuant to any of the other Loan Documents.

        6.9 FURTHER ASSURANCES

        Within ten days of request by U.S. Bank, duly execute and deliver or
cause to be duly executed and delivered to U.S. Bank such further instruments,
agreements and documents and do or cause to be done such further acts as may be
necessary or proper in the opinion of U.S. Bank to carry out more effectively
the provisions and purpose of this Agreement and the other Loan Documents.

ARTICLE VII. NEGATIVE COVENANTS

        Borrower covenants and agrees that until all the Loans, together with
interest thereon, and all other obligations incurred hereunder are paid or
satisfied in full, Borrower shall not, without the prior written consent of U.S.
Bank:

        7.1 INVESTMENTS

        Invest the Collateral other than in investments described in Exhibit A
to the Security Agreement.

        7.2 WIND UP, LIQUIDATION AND DISSOLUTION

        Wind up, liquidate or dissolve Borrower's affairs.

        7.3 CHANGE OF CHIEF EXECUTIVE OFFICE OR NAME

        Change (a) the state of incorporation of Borrower, (b) Borrower's name,
or (c) adopt or use any trade name without (x) prior written notice to U.S. Bank
and (y) the execution, delivery and filing (and payment of filing fees and
taxes) of all such documents as may be necessary or advisable in the opinion of
U.S. Bank to continue to perfect and protect the liens and security interests in
the Collateral.

                                                                         PAGE 13
<PAGE>

        7.4 CHANGE IN DOCUMENTS

        Amend, supplement, terminate or otherwise modify in any way Borrower's
articles of incorporation, contracts or other documents delivered to U.S. Bank
hereunder or executed in connection herewith if such amendment, supplement,
termination or other modification may materially affect Borrower's performance
or its obligations under this Agreement.

ARTICLE VIII. REPRESENTATIONS AND WARRANTIES

        In order to induce U.S. Bank to enter into this Agreement and to make
the Loans as herein provided, Borrower hereby makes the following
representations, covenants and warranties, all of which shall survive the
execution and delivery of this Agreement and shall not be affected or waived by
any inspection or examination made by or on behalf of U.S. Bank:

        8.1 CORPORATE STATUS

        Borrower is a corporation organized and validly existing under the laws
of the state of Delaware. Borrower has the power and authority to own its
property and assets and to transact the business in which it is engaged or
presently proposes to engage. Borrower is qualified to do business in all states
except where the failure to be qualified could not have a material adverse
effect on Borrower.

        8.2 POWER AND AUTHORITY

        Borrower has the power to execute, deliver and carry out the terms and
provisions of this Agreement and each of the Loan Documents and has taken all
necessary action to authorize the execution, delivery and performance of this
Agreement and the other Loan Documents, the borrowings hereunder and the making
and delivery of the Notes and all Loan Documents delivered hereunder. This
Agreement constitutes and the Notes and other Loan Documents and instruments
issued or to be issued hereunder, when executed and delivered pursuant hereto,
constitute or will constitute the authorized, valid and legally binding
obligations of Borrower enforceable in accordance with their respective terms.

        8.3 NO VIOLATION OF AGREEMENTS

        Borrower is not in default under any material provision of any agreement
to which it is a party or in violation of any Applicable Laws. The execution and
delivery of this Agreement, the Note, the other Loan Documents and the
instruments incidental hereto; the consummation of the transactions herein or
therein contemplated; and compliance with the terms and provisions hereof or
thereof (a) will not violate any material Applicable Law, (b) will not conflict
or be inconsistent with, result in any breach of any of the material terms,
covenants, conditions or provisions of, constitute a default under, or result in
the creation or imposition of (or the obligation to impose) any lien, charge or
encumbrance upon any of the property or assets of Borrower pursuant to the terms
of any material Governmental Approval, mortgage, deed of trust, lease, agreement
or other instrument to which Borrower is a party, by

                                                                         PAGE 14
<PAGE>

which Borrower may be bound or to which Borrower may be subject, and (c) will
not violate any of the provisions of the articles of incorporation of Borrower.
No Governmental Approval is necessary (x) for the execution of this Agreement,
the making of the Note or the assumption and performance of this Agreement or
the Note by Borrower or (y) for the consummation by Borrower of the transactions
contemplated by this Agreement, including, but not limited to, the grant of the
security interests to U.S. Bank.

        8.4 RECORDING AND ENFORCEABILITY

        Neither the articles of incorporation, bylaws or other applicable
corporate documents of Borrower nor other agreements require recording, filing,
registration, notice or other similar action in order to insure the legality,
validity, binding effect or enforceability against all Persons of this
Agreement, the Note or other Loan Documents executed or to be executed
hereunder, other than filings or recordings that may be required under the
Uniform Commercial Code.

        8.5 LITIGATION

        There are no actions, suits or proceedings pending or threatened against
or affecting Borrower before any Governmental Body that could reasonably be
expected to have a material adverse effect on Borrower or the Collateral, except
those disclosed in the Borrower's filings with the Securities and Exchange
Commission or previously disclosed to U.S. Bank. Borrower is not in default
under any material provision of any Applicable Law or Governmental Approval of
any Governmental Body which could have a material adverse effect on Borrower or
on the Collateral.

        8.6 GOOD TITLE TO PROPERTIES

        Borrower has good and marketable title to the Collateral, subject to no
liens, mortgages, pledges, encumbrances or charges of any kind.

        8.7 LICENSES AND PERMITS

        All Governmental Approvals with respect to the business of Borrower were
to Borrower's knowledge duly and validly issued by the respective Governmental
Bodies, are in full force and effect and are to Borrower's knowledge valid and
enforceable in accordance with their terms. With regard to such Governmental
Approvals, no fact or circumstance exists that constitutes or, with the passage
of time or the giving of notice or both, would constitute a material default
under any thereof, or permit the grantor thereof to cancel or terminate the
rights thereunder, except upon the expiration of the full term thereof. Borrower
presently holds all material Governmental Approvals as are necessary or
advisable in connection with the conduct of its business as now conducted and as
presently proposed to be conducted.

                                                                         PAGE 15
<PAGE>

        8.8 FINANCIAL STATEMENTS

        The (a) audited financial statements of Borrower dated December 31,
2000, and all schedules and notes included in such financial statements and (b)
unaudited financial statements of Borrower that have heretofore been delivered
to U.S. Bank are true and correct in all material respects and present fairly
(i) the financial position of Borrower as of the date of said statements and
(ii) the results of operations of Borrower for the periods covered thereby; and
there are not any significant liabilities that should have been reflected in the
financial statements or the notes thereto under generally accepted accounting
principles, contingent or otherwise, including liabilities for taxes or any
unusual forward or long-term commitments, that are not disclosed or reserved
against in the statements referred to above or in the notes thereto or that are
not disclosed herein. All such financial statements have been prepared in
accordance with generally accepted accounting principles consistently applied.
There has been no material adverse change (including, but not limited to, any
such change occasioned by accident, act of God, war, fire, flood, explosion,
strike or other labor dispute, or orders or action by any Governmental Body or
public utility) in the operations, business, property, assets or condition
(financial or otherwise) of Borrower since June 30, 2001.

        8.9 TAXES

        Borrower has duly filed all tax returns and reports required by
Applicable Law to be filed; and all taxes, assessments, levies, fees and other
charges of Governmental Bodies upon Borrower or upon its assets that are due and
payable have been paid (except as otherwise permitted in this Agreement).

        8.10 LICENSE FEES

        Borrower has paid all fees and charges that have become due for any
material Governmental Approval for its business or has made adequate provisions
for any such fees and charges that have accrued.

        8.11 INTENTIONALLY OMITTED

        8.12 INTENTIONALLY OMITTED

        8.13 DISCLOSURE

        To the best of Borrower's knowledge, the exhibits hereto, the financial
information and statements referred to in Section 8.10 hereof, any certificate,
statement, report or other document furnished to U.S. Bank by Borrower or any
other Person in connection herewith or in connection with any transaction
contemplated hereby, and this Agreement, do not contain any untrue statements of
material fact or omit to state any material fact necessary in order to make the
statements contained therein or herein not misleading.

                                                                         PAGE 16
<PAGE>

        8.14 REGULATIONS U AND X

        Borrower does not own and no part of the proceeds hereof will be used to
purchase or carry any margin stock (within the meaning of Regulation U of the
Board of Governors of the Federal Reserve System) or to extend credit to others
for the purpose of purchasing or carrying any margin stock. Borrower is not
engaged principally or as one of its important activities in the business of
extending credit for the purpose of purchasing or carrying any margin stock. If
requested by U.S. Bank, Borrower will furnish to U.S. Bank a statement in
conformity with the requirements of Federal Reserve Form U-1 referred to in said
Regulation. No part of the proceeds of the Loan will be used for any purpose
that violates or is inconsistent with the provisions of Regulation X of said
Board of Governors.

        8.15 NAMES

        Neither Borrower nor any of its predecessors operate or do business or
during the past five years have operated or done business under a fictitious,
trade or assumed name.

ARTICLE IX. EVENTS OF DEFAULT; REMEDIES

        9.1 EVENTS OF DEFAULT

        "Event of Default," wherever used herein, means any one of the following
events (whatever the reason for the Event of Default, whether it shall relate to
one or more of the parties hereto, and whether it shall be voluntary or
involuntary or be pursuant to or affected by operation of Applicable Law):

        (a) If Borrower fails to pay the principal of or any installment of
interest on the Note, when and as the same becomes due and payable, whether at
scheduled maturity, by acceleration or otherwise and such failure continues for
10 days after written notice of such failure is given by Lender to Borrower; or

        (b) If any representation or warranty (i) made by Borrower in this
Agreement or (ii) made by Borrower, or any other Person in any document,
certificate or statement furnished pursuant to this Agreement or in connection
herewith, is false or misleading in any material respect; or

        (c) If Borrower fails to observe or perform any term, covenant or
agreement to be performed or observed pursuant to Articles VI and VII hereof and
such failure continues for 10 days after written notice of such failure is given
by Lender to Borrower; or

        (d) If Borrower fails to observe or perform (not otherwise specified in
this Article IX) any term, covenant or agreement to be performed or observed
pursuant to the provisions of this Agreement, the other Loan Documents or any
other agreement incidental hereto and such failure continues for 10 days after
written notice of such failure is given by Lender to Borrower; or

                                                                         PAGE 17
<PAGE>

        (e) If Borrower fails to perform any of its obligations under any of the
Loan Documents not otherwise specified in this Article IX and such failure
continues for 10 days after written notice of such failure is given by Lender to
Borrower, or if the validity of any of such documents has been disaffirmed by or
on behalf of any of the parties thereto other than U.S. Bank; or

        (f) If custody or control of any substantial part of the property of
Borrower is assumed by any Governmental Body or if any Governmental Body takes
any final action, the effect of which would be to have a material adverse effect
on Borrower; or

        (g) If Borrower suspends or discontinues its business, or if Borrower
makes an assignment for the benefit of creditors or a composition with
creditors, is unable or admits in writing its inability to pay its debts as they
mature, files a petition in bankruptcy, becomes insolvent (howsoever such
insolvency may be evidenced), is adjudicated insolvent or bankrupt, petitions or
applies to any tribunal for the appointment of any receiver, liquidator or
trustee of or for it or any substantial part of its property or assets,
commences any proceeding relating to it under any Applicable Law of any
jurisdiction whether now or hereafter in effect relating to bankruptcy,
reorganization, arrangement, readjustment of debt, receivership, dissolution or
liquidation; or if there is commenced against Borrower any such proceeding that
remains undismissed for a period of 90 days or more, or an order, judgment or
decree approving the petition in any such proceeding is entered; or if Borrower
by any act or failure to act indicates its consent to, approval of, or
acquiescence in, any such proceeding or any appointment of any receiver,
liquidator or trustee of or for it or for any substantial part of its property
or assets, suffers any such appointment to continue undischarged or unstayed for
a period of 90 days or more, or takes any corporate action for the purpose of
effecting any of the foregoing; or if any court of competent jurisdiction
assumes jurisdiction with respect to any such proceeding, or if a receiver or a
trustee or other officer or representative of a court or of creditors, or if any
Governmental Body, under color of legal authority, takes and holds possession of
any substantial part of the property or assets of Borrower; or

        (h) If there is any refusal or failure by any Governmental Body to
issue, renew, or extend any lease or Governmental Approval with respect to the
operation of the business of Borrower, or any denial, forfeiture or revocation
by any Governmental Body of any Governmental Approval that could have a material
adverse effect on Borrower; or

        (i) If any of the events described in Section 6.5 hereof occur or are
threatened and, in U.S. Bank's reasonable judgment, such event jeopardizes or
could reasonably be expected to jeopardize repayment of the Note; or

        (j) If any event occurs that impairs that portion of the Collateral that
Borrower covenants to maintain at a minimum of $25,000,000 and such event
continues for three days after written notice of such event has been given by
Lender to Borrower; provided, however, that such right to a cure period shall
not apply in circumstances when a delay in effecting a cure is, in the judgment
of the Lender, likely to result in the portion of the Collateral that

                                                                         PAGE 18
<PAGE>

Borrower covenants to maintain at a minimum of $25,000,000 being unavailable to
Lender or the value thereof being adversely affected.

        9.2 ACCELERATION; REMEDIES

        (a) If any Event of Default shall occur, then immediately and
automatically U.S. Bank's commitment under the Revolving Loan shall terminate
and all other amounts owing under this Agreement and the Revolving Note and an
amount equal to the maximum aggregate amount that is or at any time thereafter
may become available for drawing under any outstanding Letters of Credit
(whether or not any beneficiary shall have presented, or shall be entitled at
such time to present, the drafts or other documents required to draw under such
Letters of Credit) shall become due and payable and U.S. Bank's obligation to
make any advances under the Revolving Loan shall immediately terminate.

        (b) Except as expressly provided above in this Section 9.2, presentment,
demand and all other notices of any kind are hereby expressly waived. U.S. Bank
may proceed to protect and enforce its rights hereunder or realize on any or all
security granted pursuant to any the Loan Documents in any manner or order it
deems expedient without regard to any equitable principles of marshaling or
otherwise. No failure or delay on the part of U.S. Bank in exercising any right,
power or privilege hereunder and no course of dealing between Borrower and U.S.
Bank shall operate as a waiver thereof; nor shall any single or partial exercise
of any right, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any right, power or privilege. The rights
and remedies herein expressly provided are cumulative and not exclusive of any
rights or remedies that U.S. Bank would otherwise have. No notice to or demand
on Borrower in any case shall entitle Borrower to any other or further notice or
demand in similar or other circumstances or shall constitute a waiver of the
right of U.S. Bank to any other or further action in any circumstances without
notice or demand.

ARTICLE X. MISCELLANEOUS

        10.1 NOTICES

        All notices, requests, consents, demands, approvals and other
communications hereunder shall be deemed to have been duly given, made or served
if made in writing and delivered personally, sent via facsimile or mailed by
first-class mail, postage prepaid, to the respective parties to this Agreement
as follows:

               (a)    If to Borrower:

                      Loudeye Technologies, Inc.
                      414 Olive Way, Suite 500
                      Seattle, Washington 98101
                      Attention:  Brad Berg
                      Facsimile No.:  (206) 832-4001

                                                                         PAGE 19
<PAGE>

               (b)    If to U.S. Bank:

                      U.S. Bank National Association
                      10800 N.E. 8th Street
                      Suite 1000
                      Bellevue, Washington  98004
                      Attention:  Ken Plank
                      Facsimile No.:  (425) 450-5989

The designation of the persons to be so notified or the address of such persons
for the purposes of such notice may be changed from time to time by similar
notice in writing, except that any communication with respect to a change of
address shall be deemed to be given or made when received by the party to whom
such communication was sent.

        10.2 PAYMENT OF EXPENSES

        Whether or not the transactions hereby contemplated are consummated,
Borrower shall pay on demand all reasonable costs and expenses of U.S. Bank
incurred in connection with the preparation, negotiation, execution and delivery
of the Loan Documents, as well as any amendments, modifications, consents or
waivers relating thereto, including, without limitation, reasonable attorneys'
fees and recording fees. In addition, if there shall occur any Default or Event
of Default, U.S. Bank shall be entitled to recover any reasonable costs and
expenses incurred in connection with the preservation of rights under, and
enforcement of, the Loan Documents, whether or not any lawsuit is commenced, in
all such cases, including, without limitation, reasonable attorneys' fees and
costs (including the allocated fees of internal counsel). Costs and expenses as
referred to above, shall include, without limitation, a reasonable hourly rate
for collection personnel, whether employed in-house or otherwise, overhead costs
as reasonably allocated to the collection effort and all other expenses actually
incurred. Reasonable attorneys' fees shall include, without limitation,
attorneys' fees and costs incurred in connection with any bankruptcy case or
other insolvency proceeding commenced by or against Borrower or any Person
granting a security interest in any item of Collateral, including all fees
incurred in connection with (a) moving from relief from the automatic stay, to
convert or dismiss the case or proceeding, or to appoint a trustee or examiner,
or (b) proposing or opposing confirmation of a plan of reorganization or
liquidation, in any case without regard to the identity of the prevailing party.

        10.3 SETOFF

        Borrower grants to U.S. Bank a contractual security interest in, and
hereby assigns, conveys, delivers, pledges, and transfers to U.S. Bank all
Borrower's right, title and interest in and to, Borrower's accounts with U.S.
Bank (whether checking, savings, or some other accounts), including without
limitation all accounts held jointly with someone else and all accounts Borrower
may open in the future, excluding all trust accounts for which the grant of a
security interest would be prohibited by law. Borrower authorizes U.S. Bank, to
the extent

                                                                         PAGE 20
<PAGE>

permitted by applicable law, to charge or setoff all sums owing on the Notes
against any and all such accounts.

        10.4 FEES AND COMMISSIONS

        Borrower agrees to indemnify U.S. Bank and hold it harmless with regard
to any commissions, fees, judgments or expenses of any nature and kind that U.S.
Bank may become liable to pay by reason of any claims by or on behalf of
brokers, finders or agents in connection with any act or failure to act by
Borrower or any litigation or similar proceeding arising from such claims.
Borrower states that it is aware of no valid basis for any such claims.

        10.5 NO WAIVER

        No failure or delay on the part of U.S. Bank or the holder of any of the
Note in exercising any right, power or privilege hereunder and no course of
dealing between Borrower and U.S. Bank or the holder of any of the Note shall
operate as a waiver thereof; nor shall any single or partial exercise of any
right, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any right, power or privilege. The rights and
remedies herein expressly provided are cumulative and not exclusive of any
rights or remedies that U.S. Bank or any subsequent holder of any of the Note
would otherwise have. No notice to or demand on Borrower in any case shall
entitle Borrower to any other or further notice or demand in similar or other
circumstances or shall constitute a waiver of the right of U.S. Bank to any
other or further action in any circumstances without notice or demand.

        10.6 ENTIRE AGREEMENT AND AMENDMENTS

        This Agreement represents the entire agreement between the parties
hereto with respect to the Loan and the transactions contemplated hereunder and,
except as expressly provided herein, shall not be affected by reference to any
other documents. This Agreement, or any provision hereof, may not be changed,
waived, discharged or terminated orally, but only by an instrument in writing,
signed by the party against whom enforcement of the change, waiver, discharge or
termination is sought.

        10.7 BENEFIT OF AGREEMENT

        This Agreement is binding upon and inures to the benefit of Borrower and
U.S. Bank and their successors and assigns and all subsequent holders of any of
the Note or any portion thereof. Borrower expressly acknowledges that U.S. Bank
is not prohibited or restricted from assigning rights or participations
hereunder or any portion thereof to another Person. Borrower, however, is
precluded from assigning any of its respective rights or delegating any of its
obligations hereunder or under any of the other agreements between Borrower and
U.S. Bank without the prior written consent of U.S. Bank.

                                                                         PAGE 21
<PAGE>

        10.8 SEVERABILITY

        If any provision of this Agreement or any of the Loan Documents is held
invalid under any Applicable Laws, such invalidity shall not affect any other
provision of this Agreement that can be given an effect without the invalid
provision, and, to this end, the provisions hereof are severable.

        10.9 DESCRIPTIVE HEADINGS

        The descriptive headings of the several sections of this Agreement are
inserted for convenience only and do not affect the meaning or construction of
any of the provisions hereof.

        10.10 GOVERNING LAW

        Except to the extent that the federal laws of the United States of
America provide U.S. Bank with greater rights or remedies, this Agreement and
the rights and obligations of the parties hereunder and under the other Loan
Documents shall be construed in accordance with and shall be governed by the
laws of the state of Washington without regard to the choice of law rules
thereof.

        10.11 CONSENT TO JURISDICTION, SERVICE AND VENUE

        For the purpose of enforcing payment of any of the Note, performance of
the obligations under any of the Note, or otherwise in connection herewith,
Borrower hereby consents to the jurisdiction and venue of the courts of the
state of Washington or of any federal court located in such state including, but
not limited to, the Superior Court of Washington for King County and the United
States District Court for the Western District of Washington. Borrower hereby
waives the right to contest the jurisdiction and venue of courts located in King
County, Washington, on the ground of inconvenience or otherwise and waives any
right to bring any action or proceeding against U.S. Bank in any court outside
King County, Washington. The provisions of this Section 10.12 do not limit or
otherwise affect the right of U.S. Bank to institute and conduct action in any
other appropriate manner, jurisdiction, or court.

        10.12 COUNTERPARTS

        This Agreement and each of the Loan Documents may be executed in one or
more counterparts, each of which shall constitute an original agreement, but all
of which together shall constitute one and the same instrument.

        10.13 JURY WAIVER

        BORROWER HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM ARISING
OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, WHETHER NOW OR HEREAFTER
ARISING AND WHETHER

                                                                         PAGE 22
<PAGE>

SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND HEREBY CONSENTS AND AGREES THAT ANY
SUCH CLAIM MAY, AT U.S. BANK'S ELECTION, BE DECIDED BY TRIAL WITHOUT A JURY AND
THAT U.S. BANK MAY FILE AN ORIGINAL COUNTERPART OR COPY OF THIS SECTION WITH ANY
COURT AS WRITTEN EVIDENCE OF THE WAIVER AND AGREEMENT CONTAINED HEREIN.

        10.14 STATUTORY NOTICE

        ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR
FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON
LAW.

        IN WITNESS WHEREOF, Borrower and U.S. Bank have caused this Agreement to
be duly executed by the respective, duly authorized signatories as of the date
first above written.

                                      LOUDEYE TECHNOLOGIES, INC.

                                    By: /s/ Bradley A. Berg
                                         ---------------------------------------

                                         Name: Bradley A. Berg
                                              ----------------------------------

                                         Title: Senior Vice President and
                                                Chief Financial Officer
                                               ---------------------------------

                                      U.S. BANK NATIONAL ASSOCIATION

                                      By: /s/ Kevin Blair
                                         ---------------------------------------

                                         Name: Kevin Blair
                                              ----------------------------------

                                         Title: Vice President
                                               ---------------------------------

                                                                         PAGE 23

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