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                                                                   Exhibit 4.7.1

                       ASSUMPTION OF AND AMENDMENT TO THE
                             UNIVERSAL ACCESS, INC.
                        PREFERRED STOCK RIGHTS AGREEMENT

            This Agreement, dated as of July 13, 2001, among Universal Access,
Inc., a Delaware corporation ("UAI"), UAXS Global Holdings Inc., a Delaware
corporation ("Holdings"), and Wells Fargo Bank Minnesota, N.A. ("Wells Fargo");

            WHEREAS, UAI and Wells Fargo, as the Rights Agent, have entered into
a Preferred Stock Rights Agreement dated as of July 31, 2000 (the "Rights
Agreement");

            WHEREAS, the Board of Directors of UAI wishes to effect a
reorganization (the "Reorganization") pursuant to a merger under Section 251(g)
of the Delaware General Corporation Law, as a result of which UAI will become
the wholly-owned subsidiary of UAXS Global Holdings Inc., a Delaware corporation
(the "Company");

            WHEREAS, in connection with the Reorganization, UAI wishes to amend
the Rights Agreement as set forth below;

            WHEREAS, it is the intention of the Boards of Directors of UAI and
Holdings that, at the effective time of the Reorganization, Holdings will assume
the obligations of and succeed to the rights of UAI under the Rights Agreement
as amended hereby;

            NOW THEREFORE, in consideration of the premises and the mutual
agreements herein set forth, the parties hereby agree as follows:

            1. AMENDMENT OF THE RIGHTS AGREEMENT: (a) Upon the effective time of
the Reorganization, the legend set forth in Section 3(c) of the Rights Agreement
shall be deleted in its entirety and replaced with the legend set forth on Annex
A hereto.

                  (b) Upon the effective time of the Reorganization, the Rights
Agreement shall be deemed to be amended to the effect that any reference to
"Universal Access, Inc." or the "Company" in the Rights Agreement shall be
deemed a reference to Holdings, and Holdings shall have all of the rights,
privileges and obligations of UAI as set forth in the Rights Agreement. Holdings
shall not be an Acquiring Person (as defined in the Rights Agreement) nor shall
the Reorganization constitute a Triggering Event (as defined in the Rights
Agreement).

            2. UAI hereby assigns to Holdings, effective as of the effective
time of the Reorganization, all its interests in the Rights Agreement as
amended.

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            3. Holdings hereby assumes and covenants, effective as of the
effective time of the Reorganization, to perform all the obligations of UAI
under the Rights Agreement and to perform such obligations in the same manner
and to the same extent that UAI would have been required to perform had the
Reorganization not taken place.

            4. This Agreement shall be governed by and interpreted and construed
in accordance with the laws of the State of Delaware.

            5. This Agreement may be executed in several counterparts, each of
which shall be deemed to be an original but all of which together will
constitute one and the same instrument.

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            IN WITNESS WHEREOF, the parties hereto have executed this instrument
as of the date first set forth above.

                                         UNIVERSAL ACCESS, INC.

                                         By: /s/ Patrick C. Shutt
                                             -----------------------------------
                                             Name:  Patrick C. Shutt
                                             Title: Chief Executive Officer

                                         UAXS GLOBAL HOLDINGS INC.

                                         By: /s/ Patrick C. Shutt
                                             -----------------------------------
                                             Name:  Patrick C. Shutt
                                             Title: Chief Executive Officer

                                         WELLS FARGO BANK MINNESOTA, N.A.

                                         By: /s/ Nancy Rosengren
                                             -----------------------------------
                                             Name:  Nancy Rosengren
                                             Title: Vice President

                                      -3-
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ANNEX A

THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN RIGHTS
AS SET FORTH IN A RIGHTS AGREEMENT BETWEEN UNIVERSAL ACCESS, INC. AND WELLS
FARGO BANK MINNESOTA, N. A., AS THE RIGHTS AGENT, DATED AS OF JULY 31, 2000 (THE
"RIGHTS AGREEMENT"), THE TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN BY
REFERENCE. THE RIGHTS, DUTIES AND OBLIGATIONS OF UNIVERSAL ACCESS, INC. UNDER
THE RIGHTS AGREEMENT HAVE BEEN ASSUMED BY UAXS GLOBAL HOLDINGS INC., AND A COPY
OF THE RIGHTS AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF UAXS
GLOBAL HOLDINGS INC. UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS
AGREEMENT, SUCH RIGHTS WILL BE EVIDENCED BY SEPARATE CERTIFICATES AND WILL NO
LONGER BE EVIDENCED BY THIS CERTIFICATE. UAXS GLOBAL HOLDINGS INC. WILL MAIL TO
THE HOLDER OF THIS CERTIFICATE A COPY OF THE RIGHTS AGREEMENT WITHOUT CHARGE
AFTER RECEIPT OF A WRITTEN REQUEST THEREFOR. UNDER CERTAIN CIRCUMSTANCES SET
FORTH IN THE RIGHTS AGREEMENT, RIGHTS ISSUED TO, OR HELD BY, ANY PERSON WHO IS,
WAS OR BECOMES AN ACQUIRING PERSON OR ANY AFFILIATE OR ASSOCIATE THEREOF (AS
SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT), WHETHER CURRENTLY HELD BY OR ON
BEHALF OF SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BECOME NULL AND VOID.

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                                                                   Exhibit 10.9

                                    AGREEMENT

                  THIS AGREEMENT, made and entered into as of the 17th day of
July, 2001, by and between AirNet Systems, Inc., an Ohio corporation having its
principal place of business at 3939 International Gateway, Columbus, Ohio 43219
("AirNet"), and Gerald G. Mercer, an individual residing at 1804 Avanti Court,
Daytona, FL 32124 ("Mercer").

                  WHEREAS, Mercer was AirNet's founder and, most recently,
Chairman and has also served as a Director of AirNet; and

                  WHEREAS, on or before August 15, 2001, Mercer will resign as
Chairman and remain as a Director in accordance with that certain agreement
dated May 26, 2001, a copy of which is attached ("Agreement").

                  WHEREAS, AirNet wishes to accept Mercer's resignation and to
enter into an agreement with respect to competition as contemplated by the
Agreement in accordance with the following terms and conditions.

                  NOW, THEREFORE, the parties hereto, intending to be legally
bound, hereby agree as follows:

                  1. For good and valuable consideration described in the
Agreement, Mercer agrees for a period of three (3) years, commencing on July 17,
2001 and ending on July 17, 2004, that he will not act as a consultant, manager,
officer, director, shareholder, agent, owner, partner, employee or be affiliated
in any other way with any business that competes with AirNet within the United
States. This prohibition shall not preclude Mercer from owning stock in any
competitive company whose stock is publicly

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traded, provided Mercer does not own more than 1% of the total outstanding stock
of such company.

                  2. Mercer covenants and agrees that he shall hold in
confidence all of the confidential and proprietary information which he
possesses concerning the business of AirNet and he shall never, directly or
indirectly, disclose, disseminate or supply any of such information to any
person, firm or corporation, other than officers, directors and other employees
of AirNet, unless directed by AirNet to do so in writing. Such information shall
involve all financial information, customer lists, pricing information,
projections, business plans, sales and marketing information and plans, and all
non-public information concerning AirNet's business.

                  3. Each of the parties hereto further states and represents
that he or it has carefully read the foregoing Agreement and knows the contents
thereof, and that he or it has executed the same as his or its own free act and
deed.

                  4. This Agreement may be executed in one or more counterparts,
and any executed copy of this Agreement shall be valid and have the same force
and effect as the originally-executed Agreement.

                  5. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Ohio. If any provision or
provisions hereof shall at any time be found or declared invalid or
unenforceable, such finding or declaration shall not impair the remaining
provisions hereof, but the same shall remain valid and enforceable.

                  6. Mercer's obligations and agreements under this Agreement
shall be binding on Mercer's executors, legal representatives and assigns and
shall inure to the

                                      -2-

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benefit of any successors and assigns of AirNet. AirNet may, at any time, assign
this Agreement or any of its rights or obligations arising hereunder to any
party.

                  7. This Agreement constitutes the entire agreement between the
parties hereto in respect of the subject matter hereof and this Agreement
supersedes all prior and contemporaneous agreements between the parties hereto
in connection with the subject matter hereof, except as otherwise provided
herein. No change, termination or attempted waiver of any of the provisions of
this Agreement shall be binding on any party hereto unless in writing and signed
by the party affected.

                  8. The failure of any party hereto to enforce at any time any
of the provisions of this Agreement shall in no way be construed to be a waiver
of any such provisions, nor in any way to affect the validity of this Agreement
or any part thereof or the right of any party thereof to enforce each and every
such provision. No waiver or any breach of this Agreement shall be held to be a
waiver of any other or subsequent breach.

                  IN WITNESS WHEREOF, AirNet and Mercer have executed this
Agreement as of the date first above written.

                                  AIRNET SYSTEMS, INC.

                                  By: /s/ Joel E. Biggerstaff
                                      ------------------------------

                                   /s/ Gerald G. Mercer
                                  ---------------------------
                                  Gerald G. Mercer

                                      -3-

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