Document:

Exhibit 10.7
                                  ------------

     THIS NOTE, AND THE SECURITIES  INTO WHICH IT IS CONVERTIBLE  (COLLECTIVELY,
     THE  "SECURITIES"),  HAVE  NOT  BEEN  REGISTERED  WITH  THE  UNITED  STATES
     SECURITIES  AND EXCHANGE  COMMISSION  OR THE  SECURITIES  COMMISSION OF ANY
     STATE.  THE  SECURITIES  ARE BEING  OFFERED  PURSUANT TO A SAFE HARBOR FROM
     REGISTRATION UNDER  REGULATION S  AND/OR REGULATION D PROMULGATED UNDER THE
     SECURITIES  ACT OF  1933,  AS  AMENDED  (THE  "ACT").  THE  SECURITIES  ARE
     "RESTRICTED" AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S.
     PERSONS (AS SUCH TERM IS DEFINED IN REGULATION S PROMULGATED UNDER THE ACT)
     UNLESS THE SECURITIES ARE REGISTERED UNDER THE ACT,  PURSUANT TO REGULATION
     S  AND/OR  REGULATION  D OR  PURSUANT  TO  AVAILABLE  EXEMPTIONS  FROM  THE
     REGISTRATION  REQUIREMENTS OF THE ACT AND THE COMPANY WILL BE PROVIDED WITH
     OPINION OF COUNSEL OR OTHER SUCH  INFORMATION AS IT MAY REASONABLY  REQUIRE
     TO CONFIRM THAT SUCH EXEMPTIONS ARE AVAILABLE. FURTHER HEDGING TRANSACTIONS
     INVOLVING THE SECURITIES MAY NOT BE MADE EXCEPT IN COMPLIANCE WITH THE ACT.

                                    DEBENTURE

                               CONDOR CAPITAL INC.

                            5% Convertible Debenture

                            Due December 4 ___, 2005

No.  ___                                                      $

     This Debenture is issued by CONDOR CAPITAL INC., a Nevada  corporation (the
"Company"),  to   ____________________________   (together  with  its  permitted
successors and assigns,  the "Holder")  pursuant to exemptions from registration
under the Securities Act of 1933, as amended.

                                   ARTICLE I.
                                   ---------

     Section 1.01  Principal and  Interest.  For value  received,  on December 4
____,  2000,  the Company  hereby  promises to pay to the order of the Holder in
lawful money of the United States of America and in immediately  available funds
the principal sum of _________DOLLARS (US $____),  together with interest on the
unpaid  principal  of this  Debenture  at the rate of five percent (5%) per year
(computed on the basis of a 365-day year and the actual days  elapsed)  from the
date of this Debenture until paid. At the Company's option, the entire principal
amount and all  accrued  interest  shall be either (a) paid to the Holder on the
five (5) year  anniversary  from the date hereof or (b)  converted in accordance
with Section 4.02 herein.

<PAGE>

     Section 1.02 Optional Conversion. The Holder is entitled, at its option, to
convert  at any  time  and  from  time to  time  until  payment  in full of this
Debenture,  all or any  part of the  principal  amount  of the  Debenture,  plus
accrued interest,  into shares (the "Conversion Shares") of the Company's common
stock,  $0.001  par  value  ("Common  Stock"),  at  the  price  per  share  (the
"Conversion Price") equal to the lower of either (a) an amount equal to 120 % of
the of the closing bid price of the Common Stock ( the "Fixed  Price") as listed
on a Principal  Market (as defined  herein),  as quoted by Bloomberg  L.P.  (the
"Closing  Bid Price") as of the date  hereof,  or (b) an  amount equal to eighty
percent (80%)  of the averaged  five (5) lowest  Closing Bid Price of the Common
Stock for the twenty (20) trading days immediately preceding the Conversion Date
(as defined herein).  Subparagraphs (a)  and (b) above are individually referred
to as a "Conversion  Price". As used herein,  "Principal  Market" shall mean the
Nasdaq  Bulletin  Board  System,  Nasdaq  SmallCap  Market,  or  American  Stock
Exchange.  If the Common Stock is not traded on a Principal Market,  the Closing
Bid Price shall mean,  the reported  Closing Bid Price for the Common Stock,  as
furnished by the National  Association  of  Securities  Dealers,  Inc.,  for the
applicable  periods.  No fraction of shares or scrip  representing  fractions of
shares will be issued on conversion,  but the number of shares issuable shall be
rounded to the nearest whole share. To convert this Debenture, the Holder hereof
shall deliver written notice thereof,  substantially  in the form of Exhibit "A"
to this Debenture, with appropriate insertions (the "Conversion Notice"), to the
Company at its address as set forth herein.  The date upon which the  conversion
shall be effective  (the  "Conversion  Date") shall be deemed to be the date set
forth in the Conversion Notice,  provided that the Company or the transfer agent
delivers the Conversion  Shares within ten (10) business days after receipt of a
Conversion  Notice.  If such Conversion Shares are not delivered within such ten
(10) business day period,  the Conversion Date shall be the date such shares are
actually delivered to the Holder.

     Section 1.03  Reservation  of Common  Stock.  The Company shall reserve and
keep available out of its authorized but unissued shares of Common Stock, solely
for the purpose of effecting the  conversion of this  Debenture,  such number of
shares of Common Stock as shall from time to time be  sufficient  to effect such
conversion, based upon the Conversion Price. If at any time the Company does not
have a sufficient number of Conversion Shares authorized and available, then the
Company  shall  call and  hold a  special  meeting  of its  stockholders  within
thirty (30) days  of that time for the sole purpose of increasing  the number of
authorized shares of Common Stock.

     Section 1.04 Registration  Rights. The Company is obligated to register the
resale of the  Conversion  Shares under the  Securities Act of 1933, as amended,
pursuant to the terms of a Registration  Rights  Agreement,  between the Company
and the Holder of even date herewith (the "Registration Rights Agreement").

     Section 1.05 Interest Payments. The interest so payable will be paid at the
time of maturity or  conversion  to the person in whose name this  Debenture  is
registered.  At the time such  interest is  payable,  the  Company,  in its sole
discretion,  may elect to pay  interest in cash (via wire  transfer or certified
funds) or in the form of Common Stock. In the event of default,  as described in
Article III  Section 3.01  hereunder,  the Holder may elect that the interest be
paid in cash (via wire  transfer  or  certified  funds) or in the form of Common
Stock.  If paid in the form of Common  Stock,  the  amount of stock to be issued
will be calculated  as follows:  the value of the stock shall be the Closing Bid
Price on:  (i) the  date the  interest  payment is due; or (ii) if the  interest
payment is not made when due, the date the interest payment is made. A number of
shares of Common Stock with a value equal to the amount of interest due shall be
issued.  No fractional shares will be issued;  therefore,  in the event that the
value of the Common Stock per share does not equal the total  interest  due, the
Company will pay the balance in cash.

                                       2
<PAGE>

     Section 1.06 Paying Agent and Registrar. Initially, the Company will act as
paying agent and registrar.  The Company may change any paying agent, registrar,
or  Company-registrar by giving the Holder not less than ten (10) business days'
written notice of its election to do so, specifying the name, address, telephone
number and facsimile  number of the paying agent or  registrar.  The Company may
act in any such capacity.

     Section 1.07  Subordinated  Nature of  Debenture.  This  Debenture  and all
payments  hereon,  including  principal or interest,  shall be  subordinate  and
junior in right of payment to all  accounts  payable of the Company  incurred in
the  ordinary  course of business  and/or bank debt of the Company not to exceed
$500,000.

                                  ARTICLE II.
                                  ----------

     Section 2.01 Amendments and Waiver of Default. The Debenture may be amended
with the consent of the Holder. Without the consent of the Holder, the Debenture
may be amended to cure any ambiguity,  defect or  inconsistency,  to provide for
assumption of the Company  obligations  to the Holder or to make any change that
does not adversely affect the rights of the Holder.

                                  ARTICLE III.
                                  ------------

     Section 3.01 Events of Default.  An Event of Default is defined as follows:
(a) failure by the Company to pay amounts due hereunder within ten (10) business
days of the date of maturity of this  Debenture;  (b) failure  by the Company to
advise its transfer  agent to issue  Common Stock to the Holder  within ten (10)
business days of the Company's receipt of the attached Notice of Conversion from
Holder; (c) failure by the Company for the (10) business days after notice to it
to comply  with any of its other  agreements  in the  Debenture;  (d) events  of
bankruptcy or insolvency;  (e) a breach by the Company of its obligations  under
the  Registration  Rights  Agreement  which is not cured by the  Company  within
fifteen (15) business days after receipt of written notice  thereof.  The Holder
may not enforce the Debenture except as provided herein.

     Section 3.02 Failure to Issue  Unrestricted  Common Stock.  As indicated in
Article III  Section 3.01,  a breach by the Company of its obligations under the
Registration Rights Agreement shall be deemed an Event of Default,  which if not
cured within ten (10) days, shall entitle the Holder  accelerated full repayment
of all debentures outstanding.  The Company acknowledges that failure to honor a
Notice of Conversion shall cause hardship to the Holder.

                                  ARTICLE IV.
                                  ----------

     Section 4.01 Rights and Terms of Conversion. This Debenture, in whole or in
part, may be converted at any time following the date of closing, into shares of
Common  Stock  at a  price  equal  to  the  Conversion  Price  as  described  in
Section 1.02 above.

                                       3
<PAGE>

     Section 4.02 Re-issuance of Debenture.  When the Holder elects to convert a
part of the  Debenture,  then the Company  shall  reissue a new Debenture in the
same form as this Debenture to reflect the new principal amount.

     Section 4.03  Limitation  on Right and Power to Exercise.  Any provision in
this  Debenture  or any other  document to the contrary  not  withstanding,  the
Holder shall not have the right or power to convert this  Debenture  into Common
Stock,  either in whole or in part,  and any attempt to do so shall be void, if,
after having given  effect to such  conversion,  the Holder shall be or shall be
deemed  to be the  beneficial  owner  of ten  percent (10%)  or more of the then
outstanding Common Stock within the meaning or for the purposes of Section 13(d)
or 13(g) of the  Securities  Exchange  Act of 1934,  as amended  (the  "Exchange
Act"), or as the term "beneficial owner" is defined in Rule 13d-3 of the Act.

     Section 4.04  Termination  of  Conversion  Rights.  The  Holder's  right to
convert the Debenture  into the Common Stock in accordance  with  paragraph 4.01
shall terminate on the date that is the five (5) year  anniversary from the date
hereof  and this  Debenture  shall be  automatically  converted  on that date in
accordance  with  the  formula  set  forth  in  Section 4.01   hereof,  and  the
appropriate shares of Common Stock and amount of interest shall be issued to the
Holder.

                                   ARTICLE V.
                                   ---------

     Section 5.01 Anti-dilution. In the event that the Company shall at any time
subdivide  the  outstanding  shares  of  Common  Stock,  or shall  issue a stock
dividend  on the  outstanding  Common  Stock,  the  Conversion  Price in  effect
immediately  prior to such subdivision or the issuance of such dividend shall be
proportionately  decreased,  and in the event that the Company shall at any time
combine the outstanding  shares of Common Stock,  the Conversion Price in effect
immediately  prior  to such  combination  shall  be  proportionately  increased,
effective at the close of business on the date of such subdivision,  dividend or
combination as the case may be.

     Section 5.02 Consent of Holder to Sell Common Stock.  So long as any of the
principal  of or  interest  on this Note  remains  unpaid and  unconverted,  the
Company  shall  not,  without  the prior  consent of the  Holder,  issue or sell
(i) any Common Stock without consideration or for a consideration per share less
than its fair market value  determined  immediately  prior to its  issuance,  or
(ii) issue or sell any warrant, option, right, contract, call, or other security
or  instrument  granting  the holder  thereof the right to acquire  Common Stock
without  consideration  or for a  consideration  per share less than such Common
Stock's fair market value determined immediately prior to its issuance.

                                  ARTICLE VI.
                                  ----------

     Section 6.01 Notice.  Notices regarding this Debenture shall be sent to the
parties at the following  addresses,  unless a party notifies the other parties,
in writing, of a change of address:

           If to the Company:                Condor Capital Inc.,.

                                             Attention:

                                       4
<PAGE>

           With a copy to:

           If to Holder:

     Section 6.02 Governing Law. This Debenture shall be deemed to be made under
and  shall be  construed  in  accordance  with the laws of the State of New York
without giving effect to the principals of conflict of laws thereof. Each of the
parties consents to the  jurisdiction of the U.S.  District Court sitting in the
Southern  District of the State of New York or the state  courts of the State of
New York sitting in Manhattan in connection  with any dispute arising under this
Debenture  and hereby  waives,  to the  maximum  extent  permitted  by law,  any
objection, including any objection based on forum non conveniens to the bringing
of any such proceeding in such jurisdictions.

     Section 6.03 Severability.  The invalidity of any of the provisions of this
Debenture shall not invalidate or otherwise  affect any of the other  provisions
of this Debenture, which shall remain in full force and effect.

     Section 6.04 Entire Agreement and Amendments. This Debenture represents the
entire  agreement  between the parties hereto with respect to the subject matter
hereof and there are no  representations,  warranties or commitments,  except as
set forth herein. This Debenture may be amended only by an instrument in writing
executed by the parties hereto.

     Section  6.05  Counterparts.  This  Debenture  may be  executed in multiple
counterparts,  each of which  shall be an  original,  but all of which  shall be
deemed to constitute on instrument.

     IN WITNESS WHEREOF, with the intent to be legally bound hereby, the Company
as executed this Debenture as of the date first written above.

                                                  CONDOR CAPITAL INC.
                                                  By: /s/ Lee Gahr
                                                  -----------------------------
                                                  Name: Lee Gahr
                                                  Title: President/CEO

                                       5
<PAGE>

                                   EXHIBIT "A"
                                   -----------

                              NOTICE OF CONVERSION
                              --------------------

           (To be executed by the Holder in order to Convert the Note)

TO:

     The  undersigned  hereby  irrevocably  elects to convert $ of the principal
amount of the above Note into  Shares of Common  Stock of Condor  Capital  Inc.,
according to the conditions  stated  therein,  as of the Conversion Date written
below.

Conversion Date:

Applicable Conversion Price:

Signature:

Name:

Address:

                                      A-1Exhibit 10.8
                                  ------------

                          REGISTRATION RIGHTS AGREEMENT
                          -----------------------------

     REGISTRATION RIGHTS AGREEMENT (this "Agreement"),  dated as of December 4 ,
2000, by and among Condor Capital Inc., a Nevada corporation, with its principal
office located at 3753 Howard Hughes Parkway,  Suite 2012, Las Vegas Nevada (the
"Company"), and the undersigned investors (each, an "Investor" and collectively,
the "Investors").

     WHEREAS:

     A. In connection  with the Securities  Purchase  Agreement by and among the
parties hereto of even date herewith (the "Securities Purchase Agreement"),  the
Company  has  agreed,  upon the  terms  and  subject  to the  conditions  of the
Securities Purchase Agreement, to issue and sell to the Investors that number of
shares of the Company's  common  stock,  par value $0.001 per share (the "Common
Stock"), which can be purchased pursuant to the terms of the Securities Purchase
Agreement  for an aggregate  purchase  price of up to One Million  Three Hundred
Thousand Dollars  ($1,300,000).  Capitalized terms not defined herein shall have
the meaning ascribed to them in the Securities Purchase Agreement.

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

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

     1. DEFINITIONS.
        -----------

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

     a. "Investor"  means an Investor and any transferee or assignee  thereof to
whom an  Investor  assigns  its rights  under this  Agreement  and who agrees to
become bound by the provisions of this Agreement in accordance with Section 9.

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

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

<PAGE>

     d.  "Registrable  Securities"  means the shares of Common Stock issuable to
Investors pursuant to the Securities Purchase Agreement.

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

     2. REGISTRATION.
        ------------

     a. Subject to the terms and conditions of this Agreement, the Company shall
prepare and file,  within sixty (60) calendar days following the date of receipt
of final proceeds from the sale of the  Convertible  Debentures  pursuant to the
Securities  Purchase  Agreement (the "Filing  Deadline"),  with the Commission a
registration statement on Form S-1 or SB-2 (or, if the Company is then eligible,
on Form S-3) under the Securities Act (the "Initial Registration Statement") for
the  registration  for the resale by all Investors who purchased the Convertible
Debentures pursuant to the Securities  Purchase  Agreement,  6,000,000 shares of
Common Stock to be issued upon conversion of the Convertible  Debentures  issued
pursuant to the Securities Purchase Agreement;  to be declared effective and the
Company shall cause the Registration  Statement to remain effective until all of
the Registrable  Securities  have been sold.  Prior to the filing of the Initial
Registration  Statement  with the SEC, the Company  shall  furnish a copy of the
Initial  Registration  Statement to  Investors,  May Davis Group,  Inc.,  as the
placement agent (the "Placement Agent") pursuant to that certain Placement Agent
Agreement,  and Butler Gonzalez LLP for their review and comment together with a
selling  shareholder  questionnaire in form prepared by the Company.  Investors,
the  Placement  Agent and Butler  Gonzalez,  LLP shall  furnish  comments on the
Initial Registration Statement and an executed selling shareholder questionnaire
to the Company  within  twenty four (24) hours of the receipt  thereof  from the
Company.

     (b) Effectiveness of the Initial Registration Statement.  The Company shall
use its  commercially  reasonable  efforts (i) to have the Initial  Registration
Statement  declared  effective  by the SEC no later than one  hundred and twenty
(120) days after the date hereof (the "Scheduled  Effective  Deadline") and (ii)
to  insure  that  the  Initial   Registration   Statement  and  any   subsequent
Registration Statement remains in effect until all of the Registrable Securities
have been sold, subject to the terms and conditions of this Agreement.

     (c) Failure to Obtain Effectiveness of the Initial Registration  Statement.
If the Registration  statement is not declared effective by the SEC on or before
the Scheduled  Effective Date, or if after the  Registration  Statement has been
declared effective by the SEC, sales cannot be made pursuant to the Registration
Statement  (whether  because  of a failure  to keep the  Registration  Statement
effective,  to disclose  such  information  as is necessary for sales to be made
pursuant to the Registration  Statement, to register sufficient shares of Common
Stock or  otherwise),  then as partial  relief for the  damages to any holder of
Registrable  Securities  by  reason  of any such  delay in or  reduction  of its
ability to sell the underlying shares of Common Stock (which remedy shall not be
exclusive  of any other  remedies at law or in equity),  the Company will pay as
liquidated damages (the "Liquidated  Damages") in penalties to the holder a cash
amount  within  three (3)  business  days of the end of the  month  equal to two
percent (2%) of the shares outstanding as Liquidated Damages.

                                       2
<PAGE>

     (d) Liquidated Damages. The Company and the Investor hereto acknowledge and
agree  that the sums  payable  under  subsection  2(c)  above  shall  constitute
liquidated damages and not penalties.  The parties further  acknowledge that (i)
the amount of loss or damages likely to be incurred is incapable or is difficult
to precisely  estimate,  (ii) the amounts  specified in such  subsections bear a
reasonable  relationship to, and are not plainly or grossly  disproportionate to
the probable  loss likely to be incurred in  connection  with any failure by the
Company to obtain or maintain the  effectiveness  of a  Registration  Statement,
(iii) one of the reasons for the Company and the Investor  reaching an agreement
as to such amounts was the  uncertainty  and cost of  litigation  regarding  the
question  of  actual  damages,  and  (iv)  the  Company  and  the  Investor  are
sophisticated  business parties and have been  represented by sophisticated  and
able legal counsel and negotiated this Agreement at arm's length.

     3. RELATED OBLIGATIONS.
        -------------------

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

     b.  The  Company  shall  prepare  and file  with  the SEC  such  amendments
(including   post-effective   amendments)  and  supplements  to  a  Registration
Statement  and  the  prospectus  used  in  connection  with  such   Registration
Statement,  which  prospectus  is to be filed  pursuant to Rule 424  promulgated
under the 1933 Act,  as may be  necessary  to keep such  Registration  Statement
effective at all times during the Registration  Period, and, during such period,
comply with the  provisions of the 1933 Act with respect to the  disposition  of
all Registrable Securities of the Company covered by such Registration Statement
until such time as all of such  Registrable  Securities shall have been disposed
of in  accordance  with the  intended  methods of  disposition  by the seller or
sellers  thereof  as set forth in such  Registration  Statement.  In the case of
amendments and supplements to a Registration  Statement which are required to be
filed  pursuant to this Agreement  (including  pursuant to this Section 3(b)) by
reason of the Company's  filing a report on Form 10-K,  Form 10-Q or Form 8-K or
any analogous report under the Securities  Exchange Act of 1934, as amended (the
"1934 Act"),  the Company shall  incorporate  such report by reference  into the
Registration  Statement,  if  applicable,  or  shall  file  such  amendments  or
supplements  with the SEC on the same day on which the 1934 Act  report is filed
which  created  the  requirement  for the  Company  to amend or  supplement  the
Registration Statement.

                                       3
<PAGE>

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

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

     e. As  promptly  as  practicable  after  becoming  aware  of such  event or
development,  the Company shall notify each Investor in writing of the happening
of any event as a result  of which the  prospectus  included  in a  Registration
Statement, as then in effect, includes an untrue statement of a material fact or
omission to state a material fact required to be stated  therein or necessary to
make the statements therein, in light of the circumstances under which they were
made,  not  misleading  (provided that in no event shall such notice contain any
material, nonpublic information), and promptly prepare a supplement or amendment
to such Registration Statement to correct such untrue statement or omission, and
deliver ten (10) copies of such  supplement or amendment to each  Investor.  The
Company  shall  also  promptly  notify  each  Investor  in  writing  (i)  when a
prospectus or any  prospectus  supplement or  post-effective  amendment has been
filed,  and when a Registration  Statement or any  post-effective  amendment has
become effective  (notification of such effectiveness shall be delivered to each
Investor  by  facsimile  on the  same  day of such  effectiveness),  (ii) of any
request by the SEC for amendments or supplements to a Registration  Statement or
related prospectus or related information, and (iii) of the Company's reasonable
determination that a post-effective  amendment to a Registration Statement would
be appropriate.

                                       4
<PAGE>

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

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

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

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

                                       5
<PAGE>

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

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

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

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

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

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

                                       6
<PAGE>

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

     4. OBLIGATIONS OF THE INVESTORS.
        ----------------------------

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

     5. EXPENSES OF REGISTRATION.
        ------------------------

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

     6. INDEMNIFICATION.
        ---------------

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

     a. To the fullest  extent  permitted by law, the Company  will,  and hereby
does,  indemnify,  hold  harmless  and  defend  each  Investor,  the  directors,
officers, partners,  employees, agents,  representatives of, and each Person, if
any, who  controls  any Investor  within the meaning of the 1933 Act or the 1934
Act (each,  an  "Indemnified  Person"),  against  any losses,  claims,  damages,
liabilities,  judgments, fines, penalties, charges, costs, reasonable attorneys'
fees,  amounts paid in settlement or expenses,  joint or several  (collectively,
"Claims") incurred in investigating,  preparing or defending any action,  claim,
suit, inquiry,  proceeding,  investigation or appeal taken from the foregoing by
or before any court or governmental,  administrative or other regulatory agency,
body or the SEC,  whether  pending or threatened,  whether or not an indemnified
party is or may be a party thereto ("Indemnified Damages"), to which any of them
may become subject  insofar as such Claims (or actions or  proceedings,  whether
commenced or threatened, in respect thereof) arise out of or are based upon: (i)
any  untrue  statement  or alleged  untrue  statement  of a  material  fact in a
Registration Statement or any post-effective  amendment thereto or in any filing
made in connection with the  qualification  of the offering under the securities
or other "blue sky" laws of any jurisdiction in which Registrable Securities are
offered  ("Blue Sky  Filing"),  or the  omission or alleged  omission to state a
material fact required to be stated  therein or necessary to make the statements
therein not misleading; (ii) any untrue statement or alleged untrue statement of
a material fact contained in any final  prospectus (as amended or  supplemented,
if the Company files any amendment  thereof or supplement  thereto with the SEC)
or the omission or alleged omission to state therein any material fact necessary
to make the statements made therein,  in light of the circumstances  under which
the  statements  therein were made,  not  misleading;  or (iii) any violation or
alleged  violation  by the Company of the 1933 Act, the 1934 Act, any other law,
including,  without  limitation,  any  state  securities  law,  or any  rule  or

                                       7
<PAGE>

regulation  there  under  relating  to the  offer  or  sale  of the  Registrable
Securities  pursuant to a  Registration  Statement (the matters in the foregoing
clauses (i) through (iii) being, collectively,  "Violations"). The Company shall
reimburse  the  Investors  and each such  controlling  person  promptly  as such
expenses  are  incurred  and  are  due  and  payable,  for  any  legal  fees  or
disbursements or other reasonable  expenses  incurred by them in connection with
investigating  or  defending  any such  Claim.  Notwithstanding  anything to the
contrary  contained  herein,  the  indemnification  agreement  contained in this
Section 6(a):  (x) shall not apply to a Claim by an  Indemnified  Person arising
out of or based upon a Violation which occurs in reliance upon and in conformity
with information  furnished in writing to the Company by such Indemnified Person
expressly  for  use in  connection  with  the  preparation  of the  Registration
Statement or any such amendment thereof or supplement thereto;  (y) shall not be
available  to the extent  such Claim is based on a failure  of the  Investor  to
deliver  or to  cause to be  delivered  the  prospectus  made  available  by the
Company, if such prospectus was timely made available by the Company pursuant to
Section 3(d); and (z) shall not apply to amounts paid in settlement of any Claim
if such settlement is effected without the prior written consent of the Company,
which consent shall not be unreasonably withheld. Such indemnity shall remain in
full force and effect  regardless of any  investigation  made by or on behalf of
the  Indemnified  Person  and shall  survive  the  transfer  of the  Registrable
Securities by the Investors pursuant to Section 9.

     b. In connection  with a Registration  Statement,  each Investor  agrees to
severally  and not jointly  indemnify,  hold  harmless  and defend,  to the same
extent and in the same manner as is set forth in Section 6(a), the Company, each
of its directors, each of its officers,  employees,  representatives,  or agents
and each Person, if any, who controls the Company within the meaning of the 1933
Act or the  1934  Act  (each  an  "Indemnified  Party"),  against  any  Claim or
Indemnified Damages to which any of them may become subject, under the 1933 Act,
the 1934 Act or otherwise,  insofar as such Claim or  Indemnified  Damages arise
out of or is based upon any Violation,  in each case to the extent,  and only to
the extent,  that such Violation  occurs in reliance upon and in conformity with
written information  furnished to the Company by such Investor expressly for use
in connection with such  Registration  Statement;  and, subject to Section 6(d),
such Investor will reimburse any legal or other expenses  reasonably incurred by
them in connection  with  investigating  or defending any such Claim;  provided,
however,  that the  indemnity  agreement  contained in this Section 6(b) and the
agreement with respect to contribution contained in Section 7 shall not apply to
amounts paid in settlement of any Claim if such  settlement is effected  without
the  prior  written  consent  of  such  Investor,  which  consent  shall  not be
unreasonably withheld;  provided,  further,  however, that the Investor shall be
liable under this  Section  6(b) for only that amount of a Claim or  Indemnified
Damages as does not exceed the net proceeds to such  Investor as a result of the
sale of Registrable  Securities  pursuant to such Registration  Statement.  Such
indemnity shall remain in full force and effect  regardless of any investigation
made by or on behalf of such Indemnified Party and shall survive the transfer of
the   Registrable   Securities   by  the   Investors   pursuant  to  Section  9.
Notwithstanding  anything to the contrary contained herein, the  indemnification
agreement  contained in this Section 6(b) with respect to any  prospectus  shall
not inure to the benefit of any  Indemnified  Party if the untrue  statement  or
omission of material fact contained in the prospectus was corrected and such new
prospectus  was delivered to each Investor  prior to such  Investor's use of the
prospectus to which the Claim relates.

                                       8
<PAGE>

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

                                       9
<PAGE>

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

     e. The indemnity  agreements  contained  herein shall be in addition to (i)
any cause of action or similar  right of the  Indemnified  Party or  Indemnified
Person against the  indemnifying  party or others,  and (ii) any liabilities the
indemnifying party may be subject to pursuant to the law.

     7. CONTRIBUTION.
        ------------

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

     8. REPORTS UNDER THE 1934 ACT.
        --------------------------

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

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

     b. file with the SEC in a timely  manner all  reports  and other  documents
required  of the  Company  under  the  1933  Act and the 1934 Act so long as the
Company remains subject to such  requirements  (it being understood that nothing
herein  shall  limit  the  Company's  obligations  under  Section  4(c)  of  the
Securities  Agreement) and the filing of such reports and other documents as are
required  by the  applicable  provisions  of Rule 144;  and

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

                                       10
<PAGE>

     9. ASSIGNMENT OF REGISTRATION RIGHTS.
        ---------------------------------

     The rights under this Agreement  shall be  automatically  assignable by the
Investors to any transferee of all or any portion of Registrable  Securities if:
(i) the  Investor  agrees in writing with the  transferee  or assignee to assign
such rights,  and a copy of such  agreement is furnished to the Company within a
reasonable time after such assignment;  (ii) the Company is, within a reasonable
time after such transfer or assignment, furnished with written notice of (a) the
name and address of such  transferee or assignee,  and (b) the  securities  with
respect to which such  registration  rights are being  transferred  or assigned;
(iii) at or before the time the Company receives the written notice contemplated
by clause (ii) of this  sentence the  transferee  or assignee  agrees in writing
with the Company to be bound by all of the provisions contained herein; and (iv)
such  transfer   shall  have  been  made  in  accordance   with  the  applicable
requirements of the Credit Agreement.

     10. AMENDMENT OF REGISTRATION RIGHTS.
         --------------------------------

     Provisions of this Agreement may be amended and the observance  thereof may
be waived (either generally or in a particular instance and either retroactively
or  prospectively),  only with the written  consent of the Company and Investors
who then  hold at least  two-thirds  (2/3) of the  Registrable  Securities.  Any
amendment or waiver effected in accordance with this Section 10 shall be binding
upon each Investor and the Company.  No such amendment shall be effective to the
extent  that it  applies to fewer  than all of the  holders  of the  Registrable
Securities.  No consideration shall be offered or paid to any Person to amend or
consent to a waiver or  modification  of any provision of any of this  Agreement
unless the same  consideration  also is  offered  to all of the  parties to this
Agreement.

     11. MISCELLANEOUS.
         -------------

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

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

                                       11
<PAGE>

             If to the Company:

                          CONDOR CAPITAL INC.
                          3753 Howard Hughes Parkway
                          Suite 2012
                          Las Vegas, NV 84109

                          Telephone:
                          Facsimile:
                          Attention:       Lee Gahr and Les Hammond

If to an  Investor,  to its  address  and  facsimile  number on the  Schedule of
Investors attached hereto, with copies to such Investor's representatives as set
forth on the  Schedule of Investors or to such other  address  and/or  facsimile
number and/or to the  attention of such other person as the recipient  party has
specified  by written  notice  given to each other  party five days prior to the
effectiveness of such change.  Written  confirmation of receipt (A) given by the
recipient  of  such  notice,  consent,   waiver  or  other  communication,   (B)
mechanically  or  electronically  generated  by the sender's  facsimile  machine
containing the time, date,  recipient facsimile number and an image of the first
page of such  transmission  or (C)  provided by a courier or  overnight  courier
service shall be rebuttable  evidence of personal service,  receipt by facsimile
or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), (ii) or (iii) above, respectively.

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

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

                                       12
<PAGE>

     e.  This  Agreement,  the  Securities  Purchase  Agreement  and the  escrow
agreement  executed  with First Union  National  Bank (the  "Escrow  Agreement")
constitute  the entire  agreement  among the parties  hereto with respect to the
subject  matter  hereof  and  thereof.  There  are  no  restrictions,  promises,
warranties or undertakings, other than those set forth or referred to herein and
therein. This Agreement, the Credit Agreement and the Escrow Agreement supersede
all prior agreements and understandings among the parties hereto with respect to
the subject matter hereof and thereof.

     f. Subject to the  requirements of Section 9, this Agreement shall inure to
the benefit of and be binding upon the permitted  successors and assigns of each
of the parties hereto.

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

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

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

     j.  All  consents  and  other  determinations  to be made by the  Investors
pursuant to this Agreement  shall be made,  unless  otherwise  specified in this
Agreement, by Investors holding a majority of the Registrable Securities.

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

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

                                       13
<PAGE>

                    [REMAINDER OF PAGE INTIONALLY LEFT BLANK]

                                       14
<PAGE>

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

                                             CONDOR CAPITAL INC.

                                             By:  /s/  Lee Gahr
                                             ----------------------------------
                                                 Name:  Lee Gahr
                                                 Title: President/ CEO

                                             By: /S/ Michael Jacons
                                             ----------------------------------
                                                 Name: Michael Jacobs
                                                 Title: Managing Director

                                       15
<PAGE>

                              SCHEDULE OF INVESTORS
                              ---------------------

                            Investor Address        Investor's Representatives'
    Investor Name          and Facsimile Number     Address and Facsimile Number
---------------------    ------------------------  -----------------------------

                                       16
<PAGE>

                                                                   EXHIBIT A

                         FORM OF NOTICE OF EFFECTIVENESS
                            OF REGISTRATION STATEMENT

[TRANSFER AGENT]
Attn:

                 Re: CONDOR CAPITAL INC.

Ladies and Gentlemen:

     We  are  counsel  to  Condor  Capital  Inc.,  a  Nevada   corporation  (the
"Company"),  and have  represented  the Company in connection  with that certain
Securities  Purchase  Agreement (the "Purchase  Agreement")  entered into by and
among  the  Company  and  the  investors   named  therein   (collectively,   the
"Investors") pursuant to which the Company issued to the Investors shares of its
Common Stock,  par value $0.01 per share (the "Common  Stock").  Pursuant to the
Purchase  Agreement,  the Company  also has entered into a  Registration  Rights
Agreement with the Investors (the "Registration  Rights Agreement")  pursuant to
which the Company  agreed,  among other  things,  to  register  the  Registrable
Securities  (as  defined  in  the  Registration   Rights  Agreement)  under  the
Securities  Act of 1933,  as amended (the "1933 Act").  In  connection  with the
Company's  obligations under the Registration Rights Agreement,  on ____________
____,  the Company filed a  Registration  Statement on Form  ________  (File No.
333-_____________)  (the  "Registration  Statement")  with  the  Securities  and
Exchange  Commission (the "SEC") relating to the  Registrable  Securities  which
names each of the Investors as a selling stockholder there under.

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

                                                 Very truly yours,

                                                 [ISSUER'S COUNSEL]

                                                 By:
cc:      [LIST NAMES OF Investors]

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