Document:

EXHIBIT E

                        CUSTODIAL AND SECURITY AGREEMENT

         THIS CUSTODIAL AND SECURITY  AGREEMENT (this "AGREEMENT") is made as of
June 13, 2005, by and among Secured Services,  Inc., a Delaware corporation with
an  address  at 110  Williams  Street,  14th  Floor,  New  York,  NY 10038  (the
"COMPANY"),  the purchasers signatory hereto (each individually,  a "PURCHASER,"
and collectively, the "PURCHASERS"),  and Feldman Weinstein LLP, with an address
at 420 Lexington Avenue, Suite 2620, New York, New York 10170 (the "CUSTODIAN").
CAPITALIZED  TERMS USED BUT NOT DEFINED HEREIN SHALL HAVE THE MEANINGS SET FORTH
IN THE SECURITIES PURCHASE AGREEMENT REFERRED TO IN THE FIRST RECITAL.

                              W I T N E S S E T H:

         WHEREAS, the Company and each Purchaser has entered into the Securities
Purchase Agreement of even date herewith (the "PURCHASE AGREEMENT"), pursuant to
which the Purchasers are  purchasing the Company's 7.5%  Convertible  Debentures
due three  years  after  their  date of  issuance  (collectively,  the  "SECURED
DEBENTURES") and Warrants; and

         WHEREAS,  in order to induce the  Purchasers to enter into the Purchase
Agreement and to purchase the Debentures,  and as a condition precedent thereto,
the Company has agreed to secure the payment and  performance of its obligations
under the Purchase  Agreement,  the  Debentures,  this  Agreement  and the other
Transaction  Documents by granting to the Purchasers a first  priority  security
interest in certain of the cash proceeds from the sale of the Debentures; and

         WHEREAS,  the  Company  and the  Purchasers  have  requested  that  the
Custodian  hold  $3,000,000  of the  gross  cash  proceeds  from the sale of the
Debentures for the benefit of the Purchasers,  as secured parties, in accordance
with the terms hereof;

         WHEREAS, the Purchasers wish to initially appoint Midsummer Capital LLC
as a representative of the Purchasers (the "PURCHASER REPRESENTATIVE") to act on
behalf of all of the  Purchasers  solely  with  respect to the  release of funds
pursuant to this Agreement.

         NOW,  THEREFORE,  in  consideration  of the  premises  and  the  mutual
covenants hereinafter contained,  and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

          1.  CLOSING.

             (a) Upon the  Custodian's  receipt from the  Purchasers  of, in the
          aggregate,  $7,000,000 into its escrow account (the "ESCROW ACCOUNT"),
          together  with  each   Purchaser's   executed   counterparts  of  this
          Agreement,   the  Purchase  Agreement  and  the  Registration   Rights
          Agreement, the Custodian shall telephonically advise the Company,
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          or the Company's  designated attorney or agent, of its receipt of such
          funds and such documents.

             (b) Wire transfers to the Custodian shall be made as follows:

                                    STERLING NATIONAL BANK
                                    622 3RD AVENUE
                                    NEW YORK, NY 10017
                                    ACCOUNT NAME:  FELDMAN WEINSTEIN LLP
                                    ABA ROUTING NO: 026007773
                                    ACCT NO: 0814180101
                                    REMARK:  SSVC/[FUND NAME]

             (c) The Company, upon receipt of the telephonic notice described in
          Section 1(a) above,  shall deliver to the  Custodian the  certificates
          representing  the  Debentures  and the  Warrants  to be issued to each
          Purchaser at the Closing together with:

               (i) a counterpart  of the  Registration  Rights  Agreement,  duly
            executed by the Company;

               (ii) the executed legal opinion of Company Counsel;

               (iii) a counterpart of the Purchase  Agreement,  duly executed by
            the Company; and

               (iv) a  counterpart  of  this  Agreement,  duly  executed  by the
            Company.

             (d) In the event that the foregoing  items have not been  delivered
          to the Custodian by the Company within five (5) Trading Days after the
          Custodian  has  received all of the  Subscription  Amounts (net of any
          permitted  deductions pursuant to the Purchase  Agreement),  then each
          Purchaser  shall have an independent  and separate right to demand and
          receive the return of its Subscription Amount.

             (e) Once the  Custodian  receives  all of the items  required to be
          delivered hereunder,  it shall wire the gross proceeds raised pursuant
          to the Purchase Agreement per the written  instructions of the Company
          less the balance of $3,000,000 (the "SECURED PROCEEDS") which shall be
          initially  transferred into a separate  non-interest bearing custodian
          deposit   account  of  the  Custodian   (the   "CUSTODIAN   ACCOUNT").
          Thereafter, the Custodian Account shall be maintained by the Custodian
          in accordance with the terms of this Agreement and may be invested, if
          possible,  in an interest-bearing  government securities or commercial
          money  market  fund  made  available  by the  Custodian's  bank  or as
          otherwise  directed  in a  writing  executed  by the  Company  and the
          Purchaser Representative. The Custodian, by its execution and delivery
          of this  Agreement,  hereby  agrees to accept  receipt of the  Secured
          Proceeds and to hold such proceeds for the benefit of the  Purchasers,
          as secured parties.

             (f) After  transferring  the Secured  Proceeds  into the  Custodian
          Account,  the  Custodian  shall  then  arrange  to have  originals  or
          counterpart originals of the Purchase

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          Agreement,  the Warrants,  the  Debentures,  the  Registration  Rights
          Agreement,  this Agreement and the opinion of counsel delivered to the
          appropriate parties.

            (g) The Custodian  shall hold the Secured  Proceeds in the Custodian
         Account,  for the  benefit  of each  Purchaser,  and not  release  such
         proceeds except as provided  herein.  NOTWITHSTANDING  ANYTHING IN THIS
         AGREEMENT TO THE CONTRARY,  AS TO ANY  PURCHASER,  THE CUSTODIAN  SHALL
         ONLY RELEASE FUNDS TO THE COMPANY OR A PURCHASER  UNDER THIS  AGREEMENT
         TO THE EXTENT ALL SUCH  RELEASES ON ACCOUNT OF SUCH  PURCHASER,  IN THE
         AGGREGATE,  DO NOT EXCEED  42.8% OF THE  ORIGINAL  PRINCIPAL  AMOUNT OF
         DEBENTURES  PURCHASED  BY  SUCH  PURCHASER  PURSUANT  TO  THE  PURCHASE
         AGREEMENT PLUS ACCRUED INTEREST.

            (h) The Purchasers  hereby appoint the Purchaser  Representative  as
         the  representative  of the  Purchasers  to act on behalf of all of the
         Purchasers  with  respect  to the  release  of funds  pursuant  to this
         Agreement.

          2. RELEASE OF SECURED PROCEEDS.

             (a) RELEASE  UPON  VOLUNTARY  CONVERSION  OF  DEBENTURES.  Upon the
          conversion  by a Purchaser of all or part of the  principal  amount of
          the Debenture(s)  held by such Purchaser in excess of such Purchaser's
          Pro Rata Amount of the sum of $4,000,000 ("PRO RATA AMOUNT" as defined
          in the Debenture),  (the "CONVERTED PRINCIPAL AMOUNT"), such Purchaser
          and the Company shall promptly  thereafter execute a joint certificate
          to the Custodian  certifying that such Converted  Principal Amount has
          been  converted by the  Purchaser (a  "CONVERSION  CERTIFICATE",  such
          release upon Conversion shall be a "CONVERSION  RELEASE" and such date
          of a  Conversion  Release  shall be the  "CONVERSION  RELEASE  DATE").
          Promptly after its receipt of a Conversion Certificate,  the Custodian
          shall release out of the Secured  Proceeds,  subject to the limitation
          set forth in Section  1(g),  to the account  specified  in the written
          instructions  of  the  Company,  an  amount  equal  to  the  Converted
          Principal Amount.

             (b) RELEASE UPON THE ENGAGEMENT OF A CHIEF EXECUTIVE OFFICER OF THE
          COMPANY.  Upon the Company engaging a Chief Executive Officer, who may
          be an  existing  officer or  employee of the  Company,  acceptable  to
          [Andrew  Nash],   the  Company  and  each  Purchaser   shall  promptly
          thereafter  execute a joint  certificate  to the Custodian  certifying
          that  the  Secured   Proceeds  are  to  be  released  to  the  Company
          ("EMPLOYMENT   CERTIFICATE").   Promptly   after  its  receipt  of  an
          Employment  Certificate,  the  Custodian  shall  release  the  Secured
          Proceeds to the account  specified in the written  instructions of the
          Company.

             (c) RELEASE UPON CONSENT OF PURCHASERS. Upon receipt by the Company
          of a written  consent of a  Purchaser  to release  any  portion of the
          Secured  Proceeds,  the Company and such  Purchaser  shall execute and
          deliver  to the  Custodian  a  joint  certificate  (each,  a  "CONSENT
          CERTIFICATE") certifying that consent to release such Secured Proceeds
          has been obtained,  which Consent Certificate shall include the amount
          of the Secured

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          Proceeds to be released, representations from such Purchaser as to the
          outstanding  principal amount of the Debentures held by it at the time
          such consent was obtained, and a representation by the Company's chief
          executive  officer  as  to  the  aggregate  principal  amount  of  the
          Debentures outstanding at the time consent was obtained. Any Purchaser
          may  consent or  withhold  consent  to any such  release of any of the
          Secured Proceeds in its sole and absolute discretion.  Upon receipt of
          the Consent  Certificate,  the Custodian shall release, to the account
          of the Company designated in the Consent Certificate, that Purchaser's
          Pro Rata  Portion of the  Secured  Proceeds  specified  in the Consent
          Certificate.  If less than all of the Secured  Proceeds are  released,
          the remaining  amount,  for purposes of calculating  each  Purchaser's
          rights hereunder,  shall be re-allocated according to such Purchaser's
          Pro Rata Portion.

               (d)  RELEASE UPON AN EVENT OF DEFAULT.

                    (i) If, on the maturity  date of the  Debentures,  or on the
                    120th  calendar  day  following  the date hereof the Secured
                    Proceeds  have  not  been  released  to  the  Company,   any
                    Debentures  shall  remain  unpaid,  then upon receipt by the
                    Custodian of a written notice from a Purchaser  holding such
                    Debentures  certifying that such  Debentures  remain unpaid,
                    the Custodian  shall release to such  Purchaser its Pro Rata
                    Portion of the Secured  Proceeds  remaining in the Custodian
                    Account  relating to such  Purchaser  (but not more than the
                    amount due under such Debentures then held by such Purchaser
                    and  amounts  due  under  the  Purchase  Agreement  to  such
                    Purchaser),  and such Secured  Proceeds  shall be applied to
                    reduce  amounts due and owing to such Purchaser with respect
                    to the  Debentures  and the  Purchase  Agreement as follows:
                    first,  to  the  payment  of  fees  and  expenses  including
                    liquidated damages; second, to interest payable in cash with
                    respect to the  Debentures;  and third,  to the  outstanding
                    principal under the Debentures.

                    (ii)  At any  time  after  the  occurrence  of an  Event  of
                    Default,  any  Purchaser  may,  at  its  option,  deliver  a
                    certificate to the Custodian and the Company  specifying the
                    nature of the Event of  Default.  If,  within ten days after
                    its receipt of such  certificate,  the  Custodian  shall not
                    have  received  written  notice  from  the  Company  that it
                    disputes the  occurrence of such Event of Default,  then the
                    Custodian  shall release to such Purchaser such  Purchaser's
                    Pro Rata  Portion of the Secured  Proceeds  remaining in the
                    Custodian  Account.  In the  event  that  the  Company  does
                    deliver a timely  notice to the  Custodian and the Purchaser
                    that it disputes such determination, then such dispute shall
                    be  resolved  between  the  Company  and  the  Purchaser  by
                    arbitration  conducted as follows:  the arbitration shall be
                    conducted in New York, New York, before an arbitration panel
                    of three  arbitrators,  one of whom shall be selected by the
                    Purchaser,  one of whom shall be  selected  by the  Company,
                    with the remaining arbitrator to be agreed upon by the first
                    two. The  arbitration  shall be conducted in accordance with
                    the commercial arbitration rules of the American Arbitration
                    Association  then in effect.  Any  arbitration

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                    decision  or award shall be final and  conclusive  as to the
                    parties to this Agreement and their  successors and assigns;
                    judgment  upon such  decision or award may be entered in any
                    competent court. In the event that the arbitration  shall be
                    decided  in favor of the  applicable  Purchaser,  then  upon
                    delivery of a written copy of such decision by the Purchaser
                    to the Custodian,  the Custodian shall promptly  release the
                    Purchaser's  Pro  Rata  Portion  of  the  remaining  Secured
                    Proceeds to the Purchaser. A release of the Secured Proceeds
                    after 120 days from the date hereof shall be immediate  upon
                    receipt by the Custodian of notice.

           3. SECURITY AGREEMENT.

             (a) GRANT.  The  Company  hereby  unconditionally  and  irrevocably
          grants to the  Purchasers,  to secure the payment and  performance  in
          full  when  due of all of the  Obligations  (as said  term is  defined
          below),  a  continuing  first  priority  security  interest in, and so
          pledges and assigns to the Purchasers all of, the Secured Proceeds and
          any interest that accrues thereon ("COLLATERAL").  "Obligations" means
          all present and future indebtedness,  obligations,  covenants,  duties
          and liabilities of any kind or nature of the Company to the Purchasers
          (or any of them) under this  Agreement,  the  Debentures and the other
          Transaction Documents, in each case whether now or hereafter existing,
          voluntary or involuntary,  direct or indirect, absolute or contingent,
          liquidated or  unliquidated,  whether or not jointly owed with others.
          Without  limiting the  generality  of the  foregoing,  this  Agreement
          secures  the  payment  of all  amounts  that  constitute  part  of the
          Obligations  and would be owed by the Company to the Purchasers  under
          the Transaction Documents but for the fact that they are unenforceable
          or not allowable due to the existence of a bankruptcy,  reorganization
          or similar  proceeding  involving  the Company or any of the Company's
          Subsidiaries.

             (b) FURTHER  ASSURANCES.  The  Company  agrees that at any time and
          from time to time,  at the expense of the Company,  the Company  shall
          promptly execute and deliver all further instruments, documents and/or
          control agreements and take all further action,  that may be necessary
          or desirable,  or that the Purchasers may reasonably request, in order
          to perfect and protect any security  interest  granted or purported to
          be granted  hereby or to enable any  Purchaser to exercise and enforce
          its  rights  and  remedies  hereunder  with  respect  to  any  of  the
          Collateral.

             (c) RIGHTS AND  REMEDIES.  At any time after the  occurrence  of an
          Event of Default,  and without any other  notice to or demand upon the
          Company,  the  Purchasers  shall have,  in any  jurisdiction  in which
          enforcement  hereof is sought,  in  addition  to all other  rights and
          remedies, the rights and remedies of a secured party under the Uniform
          Commercial  Code in effect  from time to time in the State of New York
          (the  "UCC")  and any  additional  rights  and  remedies  which may be
          provided to a secured party in any applicable jurisdiction.

             (d) POWER OF ATTORNEY.  The Company hereby irrevocably  constitutes
          and  appoints  the  Purchasers,  and  each of them,  and any  officer,
          partner, member or agent thereof, with full power of substitution,  as
          its true and lawful  attorneys-in-fact with full

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          irrevocable  power and  authority in the name,  place and stead of the
          Company or in their own names,  for the  purpose of  carrying  out the
          terms of this Agreement, to take any and all appropriate action and to
          execute any and all documents and instruments that may be necessary or
          useful to  accomplish  the  purposes of this  Agreement  and,  without
          limiting the generality of the foregoing,  hereby gives said attorneys
          the power and right,  on behalf of the Company,  without  notice to or
          assent by the Company, at any time after the occurrence of an Event of
          Default, to sell, transfer, pledge, make any agreement with respect to
          or  otherwise  dispose of or deal with any of the  Collateral  in such
          manner as is  consistent  with the UCC and as fully and  completely as
          though  the  Purchasers  were  the  absolute  owners  thereof  for all
          purposes,  and to do, at the  Company's  expense,  at any time or from
          time to time, all acts and things which the Purchasers  deem necessary
          or useful to protect,  preserve or realize upon the Collateral and the
          security  interest of the Purchasers  therein,  in order to effect the
          intent of this Agreement, all at least as fully and effectively as the
          Company might do.

             (e) Intentionally Omitted.

             (f)  MARSHALLING.   All  rights  and  remedies  of  the  Purchasers
          hereunder  and in respect of the  Collateral  and other  assurances of
          payment  shall be  cumulative  and in addition to all other rights and
          remedies,  however existing or arising. To the extent that it lawfully
          may,  the  Company  hereby  agrees  that it will  not  invoke  any law
          relating to the  marshalling of assets which might cause a delay in or
          impede the  enforcement  of the rights and remedies of the  Purchasers
          under this Agreement, the Debentures,  the other Transaction Documents
          or under  any  other  instrument  creating  or  evidencing  any of the
          Obligations or under which any of the Obligations is outstanding or by
          which  any of  the  Obligations  is  secured  or  payment  thereof  is
          otherwise assured, and to the extent that it lawfully may, the Company
          hereby irrevocably waives the benefits of all such law.

             (g) NO  WAIVER,  ETC.  The  Purchasers  shall not be deemed to have
          waived any of their  rights or remedies in respect of the  Obligations
          or the Collateral unless such waiver shall be in writing and signed by
          the Purchasers.  No delay or omission on the part of the Purchasers in
          exercising any right or remedy shall operate as a waiver of such right
          or remedy or any other right or remedy.  A waiver on any one  occasion
          shall not be construed as a bar to or waiver of any right or remedy on
          any future  occasion.  All rights and remedies of the Purchasers  with
          respect to the Obligations or the Collateral, whether evidenced hereby
          or by any other document or instrument, shall be cumulative and may be
          exercised singularly,  alternatively,  successively or concurrently at
          such time or at such times as the Purchasers deem expedient.

             (h) CERTAIN  DEFINED  TERMS.  Terms used in this  Section 3 but not
          otherwise  defined in this  Agreement  that are defined in the UCC (as
          such term is hereinafter  defined) shall have the respective  meanings
          given such terms therein; PROVIDED, HOWEVER, that if a term is defined
          in Article 9 of the UCC  differently  than in  another  Article of the
          UCC,  then such term shall have the  meaning  specified  in Article 9.
          "UCC" means the Uniform Commercial Code in effect from time to time in
          the State of New York.

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         4. CONDITIONS TO CUSTODIAN'S DUTIES. The acceptance by the Custodian of
its duties as such under this  Agreement is subject to the  following  terms and
conditions, which all of the parties to this Agreement hereby agree shall govern
and control with respect to the rights,  duties,  liabilities  and immunities of
the Custodian:

             (a) The  Custodian is not a party to, nor is it bound by, any other
          agreement by which the other parties  hereto may be bound  (whether or
          not it has  knowledge  of such),  other than as  expressly  herein set
          forth.

             (b) The  Custodian  shall be  protected  in acting upon any written
          notice, request,  waiver, consent, receipt or other document which the
          Custodian,  in good faith, believes to be genuine and what it purports
          to be. No waiver or any breach of any  covenant  or  provision  herein
          contained  shall be deemed a waiver  of any  preceding  or  succeeding
          breach  thereof,   or  of  any  other  covenant  or  provision  herein
          contained.  No extension of time for  performance of any obligation or
          act shall be deemed an  extension of the time for  performance  of any
          other obligation or act. If the Custodian reasonably requires other or
          further  instruments in connection  with this Agreement or obligations
          in  respect  hereto,  the  necessary  parties  hereto  shall  join  in
          furnishing such instruments.

             (c) The  Custodian  shall be  indemnified  and held harmless by the
          Company and the  Purchasers,  jointly and severally,  from and against
          any and all  loss,  expense,  fees  (including  attorneys'  fees)  and
          damages  that may be  incurred  by the  Custodian  as a result  of its
          agreeing  to  act  in  such  capacity  and  its  performance  of  this
          Agreement.  The Custodian  shall not be obligated to any party for any
          error in  judgment or for any act done or steps taken or omitted by it
          in good  faith,  or for any  mistake of fact or law,  or for  anything
          which it may do or refrain from doing in connection therewith,  except
          as a result of its own gross  negligence or willful  misconduct.  This
          indemnity   includes  the  costs  of  enforcing  the   indemnification
          (including attorneys' fees).

             (d) The  Custodian  may  consult  with or retain  legal  counsel in
          connection with any dispute or question as to the  construction of any
          of the  provisions  hereof or with  regard to its  duties and shall be
          held  harmless  and  protected  by the Company and the  Purchasers  in
          acting  in good  faith in  accordance  with the  instructions  of such
          counsel.  Such  counsel's fees and expenses shall be paid as set forth
          in Section 4(f) hereof.  The  Custodian  may  represent  itself at its
          usual rates.

             (e) The  Custodian  shall  not be  responsible  or  liable  for the
          default or misconduct of its agents,  attorneys or employees,  if they
          are selected with reasonable care.

             (f) The Company will pay the  Custodian's  fees (at the Custodian's
          customary   hourly  rate  for  legal   services)   and   out-of-pocket
          disbursements  for time  spent in  performing  its  duties  under this
          Agreement,  and if any of  Custodian's  invoices  are not paid in full
          within 30 days, the Custodian is directed to pay itself  directly from
          the Custodian  Account;  provided that if fees are taken directly from
          the Custodian  Account by the Custodian,  the Purchasers shall have no
          claim  against  the  Custodian  for such  funds but shall have a claim
          against the  Company for  reimbursement.  The Company  shall

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          promptly  replenish any funds that are disbursed to the Custodian from
          the Custodian Account.

             (g) The Custodian  shall have no obligation to seek to maximize the
          rate of  interest  on the  Secured  Proceeds,  and  shall  be  without
          liability to any person in respect thereof.

             (h) No modification of this Agreement shall, without the consent of
          the Custodian and all other parties  hereto,  modify the provisions of
          this  Agreement  relating to the duties,  obligations or rights of the
          Custodian. This Agreement is the final expression of, and contains the
          entire  agreement  between,  the parties  with  respect to the subject
          matter hereof and  supersedes  all prior  understandings  with respect
          thereto.

          5.  CONFLICT WITH RESPECT TO COLLATERAL.

             (a) In the event that the Custodian at any time receives or becomes
          aware of conflicting demands or claims with respect to the Collateral,
          this Agreement or its duties  hereunder,  the Custodian shall have the
          right to  discontinue  and refrain from any and all  activities on its
          part  under  this  Agreement  or in  connection  herewith  until  such
          conflict is resolved to its satisfaction.

             (b) The  Custodian  shall have the  further  right to  commence  or
          defend  any  action  or  proceedings  for  the  determination  of such
          conflict.  The Company and the Purchasers  jointly and severally agree
          to  pay  all  costs,  damages,   judgments  and  expenses,   including
          reasonable  attorneys' fees,  suffered or incurred by the Custodian in
          connection with or arising out of this Agreement and the  transactions
          described  herein  in the  event of bona  fide  conflicting  claims or
          demands,  including,  but  without  limiting  the  generality  of  the
          foregoing,  a suit in  interpleader  brought by the Custodian.  In the
          event  that  the  Custodian  files a suit in  interpleader,  it  shall
          thereupon  be  fully   released  and   discharged   from  all  further
          obligations to perform any and all duties or obligations  imposed upon
          it by this Agreement  (except it may not release the Collateral except
          as designated by the court).

         6.  ACKNOWLEDGEMENT.  ALL PARTIES  HERETO  AGREE THAT THE  CUSTODIAN IS
COUNSEL  FOR  MIDSUMMER  CAPITAL,  LLC  ("MIDSUMMER")  AND SHALL BE  ENTITLED TO
REPRESENT  MIDSUMMER WITH RESPECT TO THE PURCHASE AGREEMENT AND THE TRANSACTIONS
CONTEMPLATED THEREUNDER;  AND THE COMPANY AND EACH OTHER PURCHASER HEREBY WAIVES
ANY  RIGHT OR CLAIM TO OBJECT  TO SUCH  LEGAL  REPRESENTATION  BY  CUSTODIAN  OF
MIDSUMMER IN CONNECTION WITH THIS TRANSACTION.

         7.  RESIGNATION  OF  CUSTODIAN.  The  Custodian  may at any time resign
hereunder by giving  written  notice of its  resignation  to the Company and the
Purchasers,  at  least  ten (10)  days  prior  to the  date  specified  for such
resignation to take effect, and upon the effective date of such resignation, all
property then held by the Custodian  hereunder  shall be delivered by it to such
Person as may be  designated  by the  Company  and the  Purchasers,  in writing,
whereupon all the Custodian's  obligations  hereunder shall cease and terminate.
If no such Person shall have been  designated by such date,  all  obligations of
the  Custodian  hereunder  shall,   nevertheless,   cease  and  terminate.   The
Custodian's sole responsibility  thereafter shall be to keep safely all property
then

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held by it and to deliver the same to a Person  designated by the parties hereto
or in accordance  with the directions of a final order or judgment of a court of
competent jurisdiction, or to file a suit in interpleader as provided in Section
5 above.

         8. INTEREST ON SECURED PROCEEDS. The Custodian shall have no obligation
to any party to maintain any level of interest on the Secured  Proceeds.  In the
absence of an Event of Default,  all accrued interest,  if any, shall be payable
to the Company or its  assignees  at the  direction  of the Company  when actual
paid.

         9.  SUCCESSORS  AND  ASSIGNS.  The  Purchasers  may assign their rights
hereunder in  connection  with the transfer of  Debentures.  The Company may not
assign its rights under this Agreement. This Agreement shall be binding upon and
inure  to  the  benefit  of the  parties  hereto  and  their  respective  heirs,
administrators, successors and permitted assigns.

         10.  GOVERNING LAW;  JURISDICTION.  THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND
THE PARTIES AGREE AND CONSENT TO THE EXCLUSIVE  JURISDICTION  OF THE FEDERAL AND
STATE COURTS  LOCATED IN NEW YORK COUNTY,  NEW YORK IN ANY ACTION OR  PROCEEDING
HEREUNDER, AND TO SERVICE OF PROCESS BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED
(WHICH  SHALL  CONSTITUTE  "PERSONAL   SERVICE").   THE  PARTIES  HERETO  HEREBY
IRREVOCABLY  WAIVE,  TO THE FULLEST EXTENT  PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT.

         11. AMENDMENT.  No provision of this Agreement may be amended or waived
without  the  prior  written  consent  of the  Company  and all the  Purchasers;
PROVIDED,  HOWEVER,  that any provision relating to the duties,  obligations and
rights of the Custodian shall in addition require the approval of the Custodian,
as provided in Section 4 above.

         12. NOTICES.  All notices or other  communications  between the parties
contemplated under, or relating to, this Agreement shall be in writing, shall be
signed  by each  person  giving  such  notice  or  communication,  and  shall be
delivered by hand,  reputable  overnight  courier or by certified  mail,  return
receipt requested,  to the parties at their respective addresses set forth above
or to such other  address as to which the  sending  party has  received  written
notice in accordance with this Section 12.

         13. THE PURCHASER REPRESENTATIVE.

             (a)  APPOINTMENT.  The  Purchasers,  by  their  acceptance  of  the
         benefits of the Agreement,  hereby designate  Midsummer  Capital LLC as
         the Purchaser Representative to act as specified herein. Each Purchaser
         shall be deemed  irrevocably to authorize the Purchaser  Representative
         to  take  such  action  on its  behalf  under  the  provisions  of this
         Agreement and any other  instruments and agreements  referred to herein
         or therein  and to  exercise  such  powers and to perform  such  duties
         hereunder and thereunder as are  specifically  delegated to or required
         of the  Purchaser  Representative  by the terms  hereof and thereof and
         such other powers as are reasonably  incidental thereto.  The Purchaser

                                       9
<PAGE>

         Representative  may perform any of its duties  hereunder  by or through
         its agents or employees.

             (b) NATURE OF DUTIES.  The Purchaser  Representative  shall have no
         duties or  responsibilities  except those  expressly  set forth in this
         Agreement.   Neither  the  Purchaser  Representative  nor  any  of  its
         partners,  members,  shareholders,  officers,  directors,  employees or
         agents  shall be liable for any  action  taken or omitted by it as such
         under  the  Agreement  or  hereunder  or  in  connection   herewith  or
         therewith,  unless  caused by its or their gross  negligence or willful
         conduct. The duties of the Purchaser Representative shall be mechanical
         and  administrative in nature; the Purchaser  Representative  shall not
         have by reason of this Agreement a fiduciary relationship in respect of
         the Company or any Purchaser;  and nothing in the Agreement,  expressed
         or implied,  is intended to or shall be so  construed as to impose upon
         the  Purchaser  Representative  any  obligations  in  respect  of  this
         Agreement except as expressly set forth herein and therein.

             (c) LACK OF RELIANCE ON THE PURCHASER REPRESENTATIVE. Independently
         and without reliance upon the Purchaser Representative, each Purchaser,
         to the extent it deems appropriate, has made and shall continue to make
         (i) its own independent  investigation  of the financial  condition and
         affairs of the Company and its  subsidiaries  in  connection  with such
         Purchaser's  investment in the Company, the creation and continuance of
         the  Obligations,  the  transactions  contemplated  by the  Transaction
         Documents,  and the taking or not  taking of any  action in  connection
         therewith,  and (ii) its own appraisal of the  creditworthiness  of the
         Company and its  subsidiaries,  and of the value of the Collateral from
         time to time,  and the Purchaser  Representative  shall have no duty or
         responsibility,  either initially or on a continuing  basis, to provide
         any Purchaser with any credit, market or other information with respect
         thereto,  whether coming into its possession before any Obligations are
         incurred   or  at  any  time  or  times   thereafter.   The   Purchaser
         Representative shall not be responsible to Company or any Purchaser for
         any recitals,  statements,  information,  representations or warranties
         herein or in any document,  certificate  or other writing  delivered in
         connection herewith, or for the execution, effectiveness,  genuineness,
         validity,  enforceability,   perfection,  collectibility,  priority  or
         sufficiency of this  Agreement,  or for the financial  condition of the
         Company or the value of any of the  Collateral,  or be required to make
         any inquiry  concerning  either the performance or observance of any of
         the terms, provisions or conditions of this Agreement, or the financial
         condition of the Company, or the value of any of the Collateral, or the
         existence  or  possible  existence  of any  default or Event of Default
         under this  Agreement,  the Debentures or any of the other  Transaction
         Documents.

             (d) CERTAIN RIGHTS OF THE PURCHASER  REPRESENTATIVE.  The Purchaser
         Representative  shall have the right to take any action with respect to
         the  Collateral,  on behalf  of all of the  Purchasers.  To the  extent
         practical, the Purchaser Representative shall request instructions from
         the  Purchasers  with respect to any material act or action  (including
         failure  to act) in  connection  with  this  Agreement,  and  shall  be
         entitled  to  act  or  refrain  from  acting  in  accordance  with  the
         instructions  of Purchasers  holding a majority in principal  amount of
         Debentures; if such instructions are not provided despite the Purchaser
         Representative's  request therefor, the Purchaser  Representative shall
         be entitled to refrain from such act or taking such action, and if such
         action is taken, shall be

                                       10
<PAGE>

         entitled to appropriate  indemnification from the Purchasers in respect
         of  actions  to be  taken  by the  Purchaser  Representative;  and  the
         Purchaser  Representative  shall not incur  liability  to any Person by
         reason of so refraining.  Without limiting the foregoing,  no Purchaser
         shall  have any  right  of  action  whatsoever  against  the  Purchaser
         Representative  as a result of the Purchaser  Representative  acting or
         refraining  from acting  hereunder in accordance  with the terms of the
         Agreement, and the Company shall have no right to question or challenge
         the  authority  of,  or  the  instructions   given  to,  the  Purchaser
         Representative pursuant to the foregoing.

             (e)  RELIANCE.  The Purchaser  Representative  shall be entitled to
         rely,  and  shall be fully  protected  in  relying,  upon any  writing,
         resolution,   notice,  statement,   certificate,   telex,  teletype  or
         telecopier message,  cablegram,  radiogram,  order or other document or
         telephone message signed,  sent or made by the proper person or entity,
         and, with respect to all legal matters pertaining to this Agreement and
         its duties thereunder, upon advice of counsel selected by it.

             (f)   INDEMNIFICATION.   The  Purchaser   Representative  shall  be
         indemnified  and  held  harmless  by the  Company  and the  Purchasers,
         jointly and severally, from and against any and all loss, expense, fees
         (including  attorneys'  fees) and  damages  that may be incurred by the
         Purchaser  Representative  as a result of its  agreeing  to act in such
         capacity  and  its  performance  of  this   Agreement.   The  Purchaser
         Representative  shall  not be  obligated  to any party for any error in
         judgment  or for any act done or steps  taken or  omitted by it in good
         faith,  or for any mistake of fact or law, or for anything which it may
         do or refrain from doing in connection therewith, except as a result of
         its own gross negligence or willful misconduct. This indemnity includes
         the costs of enforcing the indemnification (including attorneys' fees).
         To the extent that the Purchaser  Representative  is not reimbursed and
         indemnified by the Company and/or its subsidiaries, the Purchasers will
         jointly  and   severally   reimburse   and   indemnify   the  Purchaser
         Representative,  in proportion to their initially purchased  respective
         principal  amounts  of  Debentures,   from  and  against  any  and  all
         liabilities,   obligations,   losses,  damages,   penalties,   actions,
         judgments,  suits,  costs,  expenses  or  disbursements  of any kind or
         nature  whatsoever  which may be imposed  on,  incurred  by or asserted
         against the Purchaser Representative in performing its duties hereunder
         or under this  Agreement,  or in any way  relating to or arising out of
         this  Agreement  except for those  determined by a final  judgment (not
         subject to further appeal) of a court of competent jurisdiction to have
         resulted   solely  from  the  Purchaser   Representative's   own  gross
         negligence or willful misconduct.

             (g) RESIGNATION BY THE PURCHASER REPRESENTATIVE.

                    (i)  The  Purchaser   Representative  may  resign  from  the
                 performance   of  all  its  functions  and  duties  under  this
                 Agreement at any time by giving 30 days' prior  written  notice
                 (as  provided  in  the   Agreement)  to  the  Company  and  the
                 Purchasers.   Such  resignation  shall  take  effect  upon  the
                 appointment of a successor Purchaser Representative pursuant to
                 clauses (b) and (c) below.

                                       11
<PAGE>

                    (ii) Upon any such notice of  resignation,  the  Purchasers,
                 acting by a majority  in  interest,  shall  appoint a successor
                 Purchaser Representative hereunder.

                    (iii) If a successor Purchaser Representative shall not have
                 been so  appointed  within said 30-day  period,  the  Purchaser
                 Representative   shall  then  appoint  a  successor   Purchaser
                 Representative  who  shall  serve as  Purchaser  Representative
                 until such time, if any, as the Purchasers  appoint a successor
                 Purchaser  Representative  as  provided  above.  If a successor
                 Purchaser  Representative  has not been  appointed  within such
                 30-day period,  the Purchaser  Representative  may petition any
                 court of competent  jurisdiction  or may interplead the Company
                 and the  Purchasers in a proceeding  for the  appointment  of a
                 successor Purchaser  Representative,  and all fees,  including,
                 but not  limited to,  extraordinary  fees  associated  with the
                 filing of interpleader and expenses associated therewith, shall
                 be payable by the Company on demand.

                               *******************

                                       12
<PAGE>

IN WITNESS  WHEREOF,  the parties hereto have duly executed this Agreement as of
the day and year first above written.

SECURED SERVICES, INC.

By:__________________________________________
   Name:
   Title:

CUSTODIAN:

FELDMAN WEINSTEIN LLP

By:__________________________________________
   Name:
   Title:

PURCHASER REPRESENTATIVE
MIDSUMMER CAPITAL LLC

By:___________________________________
Name:
Title:

                     [PURCHASERS' SIGNATURE PAGES TO FOLLOW]

                                       13
<PAGE>

            [PURCHASER'S SIGNATURE PAGE TO SSVC CUSTODIAL AGREEMENT]

Name of Investing Entity: __________________________
SIGNATURE OF AUTHORIZED SIGNATORY OF INVESTING ENTITY: _________________________
Name of Authorized Signatory: _________________________
Title of Authorized Signatory: __________________________

               [ADDITIONAL PURCHASERS' SIGNATURE PAGES TO FOLLOW]

                                       14Exhibit 4.3

                                NUMBER
                        ________-                                       WARRANTS

                          (SEE REVERSE SIDE FOR LEGEND)
         (THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 5:00 P.M.
                      NEW YORK CITY TIME, __________, 2009

                            ITHAKA ACQUISITION CORP.
                                                     CUSIP

                                     WARRANT

THIS CERTIFIES THAT, for value received

is the registered holder of a Warrant or Warrants expiring  ________,  2009 (the
"Warrant") to purchase one fully paid and non-assessable  share of Common Stock,
par value $.0001 per share ("Shares"),  of Ithaka  Acquisition Corp., a Delaware
corporation  (the  "Company"),  for  each  Warrant  evidenced  by  this  Warrant
Certificate.  The  Warrant  entitles  the holder  thereof to  purchase  from the
Company,  commencing on the later of (i) the  Company's  completion of a merger,
capital stock exchange,  asset acquisition or other similar business combination
and (ii) ______________, 2006, such number of Shares of the Company at the price
of $5.00 per share,  upon surrender of this Warrant  Certificate  and payment of
the  Warrant  Price at the office or agency of the  Warrant  Agent,  Continental
Stock Transfer & Trust Company (such payment to be made by check made payable to
the Warrant  Agent),  but only subject to the conditions set forth herein and in
the Warrant Agreement between the Company and Continental Stock Transfer & Trust
Company.  The Warrant  Agreement  provides  that upon the  occurrence of certain
events the Warrant Price and the number of Warrant Shares purchasable hereunder,
set forth on the face hereof, may, subject to certain  conditions,  be adjusted.
The term Warrant Price as used in this Warrant  Certificate  refers to the price
per Share at which Shares may be purchased at the time the Warrant is exercised.

No  fraction of a Share will be issued  upon any  exercise of a Warrant.  If the
holder of a Warrant  would be entitled to receive a fraction of a Share upon any
exercise of a Warrant,  the Company shall,  upon such exercise,  round up to the
nearest whole number the number of Shares to be issued to such holder.

Upon any  exercise of the Warrant for less than the total  number of full Shares
provided for herein,  there shall be issued to the  registered  holder hereof or
the registered holder's assignee a new Warrant  Certificate  covering the number
of Shares for which the Warrant has not been exercised.

Warrant  Certificates,  when  surrendered at the office or agency of the Warrant
Agent by the registered  holder hereof in person or by attorney duly  authorized
in  writing,  may be  exchanged  in the  manner and  subject to the  limitations
provided in the Warrant  Agreement,  but without  payment of any service charge,
for  another  Warrant  Certificate  or  Warrant  Certificates  of like tenor and
evidencing in the aggregate a like number of Warrants.

Upon due presentment for registration of transfer of the Warrant  Certificate at
the office or agency of the Warrant Agent, a new Warrant  Certificate or Warrant
Certificates  of like tenor and  evidencing  in the  aggregate  a like number of
Warrants  shall be  issued  to the  transferee  in  exchange  for  this  Warrant
Certificate,  subject to the  limitations  provided  in the  Warrant  Agreement,
without charge except for any applicable tax or other governmental charge.

The Company and the Warrant  Agent may deem and treat the  registered  holder as
the absolute owner of this Warrant Certificate  (notwithstanding any notation of
ownership  or other  writing  hereon  made by  anyone),  for the  purpose of any
exercise hereof, of any distribution to the registered holder, and for all other
purposes, and neither the Company nor the Warrant Agent shall be affected by any
notice to the contrary.

This  Warrant does not entitle the  registered  holder to any of the rights of a
stockholder of the Company.

The  Company  reserves  the right to call the  Warrant  at any time prior to its
exercise,  with the prior consent of  EarlyBirdCapital,  Inc.,  with a notice of
call in writing to the holders of record of the Warrant,  giving 30 days' notice
of such call at any time after the Warrant becomes  exercisable if the last sale
price of the Shares has been at least $8.50 per share on each of 20 trading days
within any 30 trading day period  ending on the third  business day prior to the
date on which notice of such call is given. The call price of the Warrants is to
be $.01 per Warrant.  Any Warrant  either not  exercised or tendered back to the
Company by the end of the date specified in the notice of call shall be canceled
on the books of the Company and have no further  value  except for the $.01 call
price.

By

     -----------------------------                -----------------------------
                         Secretary                Chairman of the Board

<PAGE>

                                SUBSCRIPTION FORM
      To Be Executed by the Registered Holder in Order to Exercise Warrants

The undersigned Registered Holder irrevocably elects to exercise  ______________
Warrants represented by this Warrant Certificate,  and to purchase the shares of
Common Stock  issuable  upon the exercise of such  Warrants,  and requests  that
Certificates for such shares shall be issued in the name of

--------------------------------------------------------------------------------
                    (PLEASE TYPE OR PRINT NAME AND ADDRESS)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                      (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)
and be delivered to
                    ------------------------------------------------------------
                          (PLEASE PRINT OR TYPE NAME AND ADDRESS)

--------------------------------------------------------------------------------
and, if such number of Warrants shall not be all the Warrants  evidenced by this
Warrant  Certificate,  that a new  Warrant  Certificate  for the balance of such
Warrants be registered in the name of, and delivered to, the  Registered  Holder
at the address stated below:

Dated:
       ---------------------                    --------------------------------
                                               (SIGNATURE)

                                               ---------------------------------
                                               (ADDRESS)

                                               ---------------------------------

                                               ---------------------------------
                                               (TAX IDENTIFICATION NUMBER)

                                   ASSIGNMENT

       To Be Executed by the Registered Holder in Order to Assign Warrants

For Value Received, _____________________ hereby sell, assign, and transfer unto

--------------------------------------------------------------------------------
                     (PLEASE TYPE OR PRINT NAME AND ADDRESS)
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to
                    ------------------------------------------------------------
                          (PLEASE PRINT OR TYPE NAME AND ADDRESS)

______________________  of the Warrants represented by this Warrant Certificate,
and hereby irrevocably constitute and appoint  _________________________________
Attorney to transfer this Warrant Certificate on the books of the Company,  with
full power of substitution in the premises.

Dated:
      -------------------------             -----------------------------
                                                    (SIGNATURE)

THE SIGNATURE TO THE ASSIGNMENT OF THE SUBSCRIPTION  FORM MUST CORRESPOND TO THE
NAME  WRITTEN  UPON THE FACE OF THIS WARRANT  CERTIFICATE  IN EVERY  PARTICULAR,
WITHOUT  ALTERATION  OR  ENLARGEMENT  OR ANY  CHANGE  WHATSOEVER,  AND  MUST  BE
GUARANTEED  BY A  COMMERCIAL  BANK OR  TRUST  COMPANY  OR A  MEMBER  FIRM OF THE
AMERICAN  STOCK  EXCHANGE,  NEW YORK STOCK  EXCHANGE,  PACIFIC STOCK EXCHANGE OR
CHICAGO STOCK EXCHANGE.

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