Document:

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Exhibit
4.3

										
	NUMBER			(SEE
REVERSE SIDE FOR
LEGEND)			WARRANTS			 
	 			 			 			 
	-[SYMBOL]			THIS
WARRANT WILL BE VOID IF NOT
 EXERCISED PRIOR TO 5:00 P.M.
 NEW
YORK CITY TIME,                  , 2010,
 OR UPON
EARLIER
REDEMPTION			 			 
	 			 			 			 
	 			BANK
STREET TELECOM FUNDING
CORP.			 			 
	CUSIP			 			 			 
	 			WARRANT			 			 
	

THIS
CERTIFIES THAT, for value received

is the registered holder of a
Warrant or Warrants expiring at 5:00 p.m., New York City Time,
                     , 2010, or upon earlier redemption
(the ‘‘Warrant’’), to purchase one fully paid
and non-assessable share of Common Stock, par value $.0001 per share
(‘‘Shares’’), of Bank Street Telecom Funding
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 the consummation
by the Company of an acquisition through merger, capital stock
exchange, asset acquisition, stock purchase or other business
combination transaction, or a combination of any of the foregoing, of
one or more operating businesses in the communications industry that is
its initial business combination and which meets the size, timing and
other criteria outlined in the Company's registration statement
on Form S-1 initially filed with the Securities and Exchange Commission
on August 5, 2005 (File No.  333-127238), as amended.
(‘‘Business Combination’’) or
             , 2007, such number of Shares of the Company
at the price of $6.00 per share, upon surrender of this Warrant
Certificate accompanied by the annexed duly executed subscription form
and payment of the Warrant Price at the office or agency of the Warrant
Agent,
                          (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
                              (the
‘‘Warrant Agreement’’). 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.

Notwithstanding the foregoing, the Company
shall not be obligated to deliver any Shares pursuant to the exercise
of a Warrant and shall have no obligation to settle the Warrant
exercise unless a registration statement under the Securities Act of
1933, as amended (the ‘‘Securities Act’’), with
respect to the Shares is effective and a current prospectus with
respect to the Shares is available for delivery by the Warrant Agent.
In the event that a registration statement with respect to the Shares
underlying a Warrant is not effective under the Securities Act or a
current prospectus is not available for delivery by the Warrant Agent,
the registered holder of such Warrant shall not be entitled to exercise
such Warrant. Notwithstanding anything to the contrary herein or in the
Warrant Agreement, under no circumstances will the Company be required
to net cash settle a Warrant exercise. Warrants may not be exercised
by, or Shares issued to, any registered holder in any state in which
such exercise would be unlawful.

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 or down 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 his assignee a new Warrant Certificate
covering the number of Shares for which the Warrant has not been
exercised.

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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 redeem all (but
not part) of the then outstanding Warrants, provided that the Warrants
and Shares underlying the Warrants are covered by a registration
statement that is effective under the Securities Act and a current
prospectus is available for delivery by the Warrant Agent, with a
notice of redemption in writing to the holders of record of the
Warrants then outstanding, giving 30 days' notice of such
redemption at any time after such Warrants become exercisable if the
last sale price of the Shares has been at least $11.50 per share on
each of 20 trading days within a 30 trading day period ending on the
third business day prior to the date on which notice of such redemption
is given. The redemption 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 redemption
shall be canceled on the books of the Company and have no further value
except for the $.01 redemption
price.

				
	 			 
	 			 
	 			 
	Name:			Name:
	Title:			Title:
	

COUNTERSIGNED

_____________,

as Warrant Agent

	
		
	

Authorized
Officer

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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)

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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.Table of Contents
Exhibit
4.4

FORM OF
WARRANT AGREEMENT

Agreement made as of                     , 2006 between
Bank Street Telecom Funding Corp., a Delaware corporation, with offices
at One Landmark Square, 18th Floor, Stamford, Connecticut 06901,
(‘‘Company’’), and Continental Stock Transfer
& Trust Company, a New York corporation, with offices at 17 Battery
Place, New York, NY 10004 (‘‘Warrant
Agent’’).

WHEREAS, the Company is
engaged in a public offering (‘‘Public
Offering’’) of Units (‘‘Units’’)
and, in connection therewith, has determined to issue and deliver up to
12,650,000 Warrants (‘‘Warrants’’) to the
public investors, each Warrant evidencing the right of the holder
thereof to purchase one share of common stock, par value $.0001 per
share, of the Company's Common Stock (‘‘Common
Stock’’) for $6.00, subject to adjustment as described
herein; and Whereas, the Company has filed with the Securities and
Exchange Commission a Registration Statement, No. 333-127238 on Form
S-1 (‘‘Registration Statement’’) for the
registration, under the Securities Act of 1933, as amended
(‘‘Act’’), of, among other securities, the
Warrants and the Common Stock issuable upon exercise of the Warrants;
and

WHEREAS, Citigroup Global Markets Inc. is acting as the
representative of the underwriters in the IPO (the
‘‘Underwriters’’);
and

WHEREAS, the Company desires the Warrant Agent
to act on behalf of the Company, and the Warrant Agent is willing to so
act, in connection with the issuance, registration, transfer, exchange,
redemption, exercise and cancellation of the Warrants; and

WHEREAS, the Company desires to provide for the form
and provisions of the Warrants, the terms upon which they shall be
issued and exercised, and the respective rights, limitation of rights,
and immunities of the Company, the Warrant Agent, and the holders of
the Warrants; and

WHEREAS, all acts and things
have been done and performed which are necessary to make the Warrants,
when executed on behalf of the Company and countersigned by or on
behalf of the Warrant Agent, as provided herein, the valid, binding and
legal obligations of the Company, and to authorize the execution and
delivery of this Agreement.

NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the parties
hereto agree as follows:

1.    Appointment of
Warrant Agent.    The Company hereby appoints the Warrant Agent
to act as agent for the Company for the Warrants, and the Warrant Agent
hereby accepts such appointment and agrees to perform the same in
accordance with the terms and conditions set forth in this
Agreement.

2.    Warrants.

2.1.    Form of Warrant.    Each Warrant shall be issued
in registered form only, shall be in substantially the form of Exhibit
A hereto, the provisions of which are incorporated herein and shall be
signed by, or bear the facsimile signature of, the Chairman of the
Board, the Chief Executive Officer or President and Treasurer or
Assistant Treasurer of the Company and shall bear a facsimile of the
Company's seal. In the event the person whose facsimile signature
has been placed upon any Warrant shall have ceased to serve in the
capacity in which such person signed the Warrant before such Warrant is
issued, it may be issued with the same effect as if he or she had not
ceased to be such at the date of issuance.

2.2.    Effect
of Countersignature.    Unless and until countersigned by the
Warrant Agent pursuant to this Agreement, a Warrant shall be invalid
and of no effect and may not be exercised by the holder thereof.

2.3.    Registration.

2.3.1.    Warrant
Register.    The Warrant Agent shall maintain books
(‘‘Warrant Register’’), for the registration of
original issuance and the registration of transfer of the Warrants.
Upon the 

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initial issuance of the Warrants, the Warrant
Agent shall issue and register the Warrants in the names of the
respective holders thereof in such denominations and otherwise in
accordance with instructions delivered to the Warrant Agent by the
Company.

2.3.2.    Registered
Holder.    Prior to due presentment for registration of transfer
of any Warrant, the Company and the Warrant Agent may deem and treat
the person in whose name such Warrant shall be registered upon the
Warrant Register (‘‘registered holder’’), as
the absolute owner of such Warrant and of each Warrant represented
thereby (notwithstanding any notation of ownership or other writing on
the Warrant Certificate made by anyone other than the Company or the
Warrant Agent), for the purpose of any exercise thereof, and for all
other purposes, and neither the Company nor the Warrant Agent shall be
affected by any notice to the contrary.

2.4.    Detachability of Warrants.    The securities
comprising the Units will not be separately transferable until five
business days following the earlier to occur of the expiration of the
Underwriters' over-allotment option or its exercise in full, (the
‘‘Detachment Date’’), but in no event will
separate trading of the securities comprising the Units be allowed
until the Company (i) files a Current Report on Form 8-K which includes
an audited balance sheet reflecting the receipt by the Company of the
gross proceeds of the Public Offering including the proceeds received
by the Company from the exercise of the Underwriters'
over-allotment option, if all or a part of the over-allotment option is
exercised prior to the filing of the Form 8-K, and (ii) issues a press
release announcing when such separate trading of the securities
comprising the Units is to commence.

3.    Terms and
Exercise of Warrants

3.1.    Warrant
Price.    Each Warrant shall, when countersigned by the Warrant
Agent, entitle the registered holder thereof, subject to the provisions
of such Warrant and of this Warrant Agreement, to purchase from the
Company the number of shares of Common Stock stated therein, at the
price of $6.00 per whole share, subject to the adjustments provided in
Section 4 hereof and in the last sentence of this Section 3.1. The term
‘‘Warrant Price’’ as used in this Warrant
Agreement refers to the price per share at which Common Stock may be
purchased at the time a Warrant is exercised. The Company in its sole
discretion may lower the Warrant Price at any time prior to the
Expiration Date.

3.2.    Duration of Warrants.    A
Warrant may be exercised only during the period (‘‘Exercise
Period’’) commencing on the later of the consummation by
the Company of an acquisition through merger, capital stock exchange,
asset acquisition, stock purchase or other business combination
transaction of one or more operating businesses in the communications
industry that is its initial business combination and which meets the
size, timing and other criteria outlined in the Company's
registration statement on Form S-1 initially filed with the Securities
and Exchange Commission on August 5, 2005 (File No.  333-127238),
as amended (‘‘Business Combination’’) or
                            , 2007 and terminating at
5:00 p.m., New York City time on the earlier to occur of (i)
                                , 2010 or (ii) the date
fixed for redemption of the Warrants as provided in Section 6 of this
Agreement (‘‘Expiration Date’’). Except with
respect to the right to receive the Redemption Price (as set forth in
Section 6 hereunder), each Warrant not exercised on or before the
Expiration Date shall become void, and all rights thereunder and all
rights in respect thereof under this Agreement shall cease at the close
of business on the Expiration Date. The Company in its sole discretion
may extend the duration of the Warrants by delaying the Expiration
Date.

3.3.    Exercise of Warrants.

3.3.1.    Payment.    Subject to the provisions
of the Warrant and this Warrant Agreement, a Warrant, when
countersigned by the Warrant Agent, may be exercised by the registered
holder thereof by surrendering it, at the office of the Warrant Agent,
or at the office of its successor as Warrant Agent, in the Borough of
Manhattan, City and State of New York, with the subscription form, as
set forth in the Warrant, duly executed, and by paying in full, in
lawful money of the United States, in cash, good certified check or
good bank draft payable to the order of the Company (or as otherwise
agreed to by the Company), the Warrant Price for each full share of
Common Stock as to which the Warrant is exercised and any and all
applicable taxes due in connection with the exercise of the Warrant,
the exchange of the Warrant for the Common Stock, and the issuance of
the Common Stock.

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3.3.2.    Issuance of
Certificates.    As soon as practicable after the exercise of any
Warrant and the clearance of the funds in payment of any Warrant Price,
the Company shall issue to the registered holder of such Warrant a
certificate or certificates for the number of full shares of Common
Stock to which he is entitled, registered in such name or names as may
be directed by him, her or it, and if fewer than all of the Warrants
evidenced by a Warrant certificate are exercised, a new Warrant
certificate for the number of Warrants remaining unexercised shall be
executed by the Company and countersigned by the Warrant Agent.
Notwithstanding the foregoing, the Company shall not be obligated to
deliver any shares of Common Stock pursuant to the exercise of a
Warrant and shall have no obligation to settle the Warrant exercise
unless a registration statement under the Act, with respect to the
shares of Common Stock is effective and a current prospectus relating
to the shares of Common Stock (the
‘‘Prospectus’’) is available for delivery by
the Warrant Agent. In the event that a registration statement with
respect to the shares of Common Stock underlying a Warrant is not
effective under the Securities Act or a Prospectus is not available for
delivery by the Warrant Agent, the registered holder of such Warrant
shall not be entitled to exercise such Warrant. Notwithstanding
anything to the contrary in this Warrant Agreement, under no
circumstances will the Company be required to net cash settle the
Warrant exercise. Warrants may not be exercised by, or shares of Common
Stock issued to, any registered holder in any state in which such
exercise would be unlawful. As a result of this Section 3.3.2 any or
all of the Warrants may expire
unexercised.

3.3.3.    Valid Issuance.    All
shares of Common Stock issued upon the proper exercise of a Warrant in
conformity with this Agreement shall be validly issued, fully paid and
nonassessable.

3.3.4.    Date of
Issuance.    Each person in whose name any such certificate for
shares of Common Stock is issued shall for all purposes be deemed to
have become the holder of record of such shares on the date on which
the Warrant was surrendered for exercise and payment of the Warrant
Price was made, irrespective of the date of delivery of such
certificate, except that, if the date of such surrender and payment is
a date when the stock transfer books of the Company are closed, such
person shall be deemed to have become the holder of such shares at the
close of business on the next succeeding date on which the stock
transfer books are open.

4.    Adjustments.

4.1.    Stock Dividends – Split-Ups.    If, after
the date hereof, and subject to the provisions of Section 4.6 below,
the number of outstanding shares of Common Stock is increased by a
stock dividend payable in shares of Common Stock, or by a split-up of
shares of Common Stock, or other similar event, then, on the effective
date of such stock dividend, split-up or similar event, the number of
shares of Common Stock issuable on exercise of each Warrant shall be
increased in proportion to such increase in outstanding shares of
Common Stock.

4.2.    Aggregation of Shares.    If,
after the date hereof, and subject to the provisions of Section 4.6,
the number of outstanding shares of Common Stock is decreased by a
consolidation, combination, reverse stock split or reclassification of
shares of Common Stock or other similar event, then, on the effective
date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Common Stock
issuable on exercise of each Warrant shall be decreased in proportion
to such decrease in outstanding shares of Common Stock.

4.3.    Adjustments in Exercise Price.    Whenever the
number of shares of Common Stock purchasable upon the exercise of the
Warrants is adjusted, as provided in Section 4.1 and 4.2 above, the
Warrant Price shall be adjusted (to the nearest cent) by multiplying
such Warrant Price immediately prior to such adjustment by a fraction
(x) the numerator of which shall be the number of shares of Common
Stock purchasable upon the exercise of the Warrants immediately prior
to such adjustment, and (y) the denominator of which shall be the
number of shares of Common Stock so purchasable immediately
thereafter.

4.4.    Replacement of Securities upon
Reorganization, etc.    In case of any reclassification or
reorganization of the outstanding shares of Common Stock (other than a
change covered by Section 4.1 or 4.2 hereof or that solely affects the
par value of such shares of Common Stock), or in the case of any merger
or consolidation of the Company with or into another corporation (other
than a 

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consolidation or merger in which the Company
is the continuing corporation and that does not result in any
reclassification or reorganization of the outstanding shares of Common
Stock), or in the case of any sale or conveyance to another corporation
or entity of the assets or other property of the Company as an entirety
or substantially as an entirety in connection with which the Company is
dissolved, the Warrant holders shall thereafter have the right to
purchase and receive, upon the basis and upon the terms and conditions
specified in the Warrants and in lieu of the shares of Common Stock of
the Company immediately theretofore purchasable and receivable upon the
exercise of the rights represented thereby, the kind and amount of
shares of stock or other securities or property (including cash)
receivable upon such reclassification, reorganization, merger or
consolidation, or upon a dissolution following any such sale or
transfer, that the Warrant holder would have received if such Warrant
holder had exercised his, her or its Warrant(s) immediately prior to
such event; and if any reclassification also results in a change in
shares of Common Stock covered by Section 4.1 or 4.2, then such
adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this
Section 4.4. The provisions of this Section 4.4 shall similarly apply
to successive reclassifications, reorganizations, mergers or
consolidations, sales or other transfers.

4.5.    Notices
of Changes in Warrant.    Upon every adjustment of the Warrant
Price or the number of shares issuable upon exercise of a Warrant, the
Company shall give written notice thereof to the Warrant Agent, which
notice shall state the Warrant Price resulting from such adjustment and
the increase or decrease, if any, in the number of shares purchasable
at such price upon the exercise of a Warrant, setting forth in
reasonable detail the method of calculation and the facts upon which
such calculation is based. Upon the occurrence of any event specified
in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company
shall give written notice to the Warrant holder, at the last address
set forth for such holder in the warrant register, of the record date
or the effective date of the event. Failure to give such notice, or any
defect therein, shall not affect the legality or validity of such
event.

4.6.    No Fractional
Shares.    Notwithstanding any provision contained in this
Warrant Agreement to the contrary, the Company shall not issue
fractional shares upon exercise of Warrants. If, by reason of any
adjustment made pursuant to this Section 4, the holder of any Warrant
would be entitled, upon the exercise of such Warrant, to receive a
fractional interest in a share, the Company shall, upon such exercise,
round up or down to the nearest whole number the number of the shares
of Common Stock to be issued to the Warrant holder.

4.7.    Form of Warrant.    The form of Warrant need not
be changed because of any adjustment pursuant to this Section 4, and
Warrants issued after such adjustment may state the same Warrant Price
and the same number of shares as is stated in the Warrants initially
issued pursuant to this Agreement. However, the Company may at any time
in its sole discretion make any change in the form of Warrant that the
Company may deem appropriate and that does not affect the substance
thereof, and any Warrant thereafter issued or countersigned, whether in
exchange or substitution for an outstanding Warrant or otherwise, may
be in the form as so changed.

5.    Transfer and
Exchange of Warrants.

5.1.    Transfer of
Warrants.    Prior to the Detachment Date, Warrants may be
transferred or exchanged only together with the Unit in which such
Warrant is included, and only for the purpose of effecting, or in
conjunction with, a transfer or exchange of such Unit. Furthermore,
prior to the Detachment Date, each transfer of a Unit on the register
relating to such Units shall operate also to transfer the Warrants
included in such Unit. From and after the Detachment Date, this Section
5.1 shall be of no further force and effect.

5.2.    Registration of Transfer.    The Warrant Agent
shall register the transfer, from time to time, of any outstanding
Warrant upon the Warrant Register, upon surrender of such Warrant for
transfer, properly endorsed with signatures properly guaranteed and
accompanied by appropriate instructions for transfer. Upon any such
transfer, a new Warrant representing an equal aggregate number of
Warrants shall be issued and the old Warrant shall be cancelled by the
Warrant Agent. The Warrants so cancelled shall be delivered by the
Warrant Agent to the Company from time to time upon request.

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5.3.    Procedure for Surrender of
Warrants.    Warrants may be surrendered to the Warrant Agent,
together with a written request for exchange or transfer, and thereupon
the Warrant Agent shall issue in exchange therefor one or more new
Warrants as requested by the registered holder of the Warrants so
surrendered, representing an equal aggregate number of Warrants;
provided, however, that in the event that a Warrant surrendered for
transfer bears a restrictive legend, the Warrant Agent shall not cancel
such Warrant and issue new Warrants in exchange therefor until the
Warrant Agent has received an opinion of counsel for the Company
stating that such transfer may be made and indicating whether the new
Warrants must also bear a restrictive legend.

5.4.    Fractional Warrants.    The Warrant Agent shall
not be required to effect any registration of transfer or exchange
which will result in the issuance of a warrant certificate for a
fraction of a warrant.

5.5.    Service Charges.    No
service charge shall be made for any exchange or registration of
transfer of Warrants.

5.6.    Warrant Execution and
Countersignature.    The Warrant Agent is hereby authorized to
countersign and to deliver, in accordance with the terms of this
Agreement, the Warrants required to be issued pursuant to the
provisions of this Section 5, and the Company, whenever required by the
Warrant Agent, will supply the Warrant Agent with Warrants duly
executed on behalf of the Company for such purpose.

6.    Redemption.

6.1.    Redemption.    Not less than all of the
outstanding Warrants may be redeemed, at the option and sole discretion
of the Company, at any time after they become exercisable and prior to
their expiration, at the office of the Warrant Agent, upon the notice
referred to in Section 6.2, at the price of $.01 per Warrant
(‘‘Redemption Price’’), provided that the last
sales price of the Common Stock has been at least $11.50 per share, on
each of twenty (20) trading days within a thirty (30) trading day
period ending on the third business day prior to the date on which
notice of redemption is given; and provided, further, that the Warrants
and shares of Common Stock underlying the Warrants are covered by a
registration statement that is effective under the Securities Act and a
Prospectus is available for delivery by the Warrant Agent. Because
redemption is at the option of the Company and because such redemption
is subject to conditions, any or all of the Warrants may expire
unredeemed.

6.2.    Date Fixed for, and Notice of,
Redemption.    In the event the Company shall elect to redeem all
of the Warrants, the Company shall fix a date for the redemption, which
date shall be prior to the expiration of the Warrants. Notice of
redemption shall be mailed by first class mail, postage prepaid, by the
Company not less than 30 days prior to the date fixed for redemption to
the registered holders of the Warrants to be redeemed at their last
addresses as they shall appear on the registration books. Any notice
mailed in the manner herein provided shall be conclusively presumed to
have been duly given whether or not the registered holder received such
notice.

6.3.    Exercise After Notice of
Redemption.    The Warrants may be exercised in accordance with
Section 3 of this Agreement at any time after notice of redemption
shall have been given by the Company pursuant to Section 6.2 hereof and
prior to the time and date fixed for redemption. On and after the
redemption date, the record holder of the Warrants shall have no
further rights except to receive, upon surrender of the Warrants, the
Redemption Price.

7.    Other Provisions Relating to
Rights of Holders of Warrants.

7.1.    No Rights as
Stockholder.    A Warrant does not entitle the registered holder
thereof to any of the rights of a stockholder of the Company,
including, without limitation, the right to receive dividends, or other
distributions, exercise any preemptive rights to vote or to consent or
to receive notice as stockholders in respect of the meetings of
stockholders or the election of directors of the Company or any other
matter.

7.2.    Lost, Stolen, Mutilated, or Destroyed
Warrants.    If any Warrant is lost, stolen, mutilated, or
destroyed, the Company and the Warrant Agent may on such terms as to
indemnity or otherwise as they may in their discretion impose (which
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surrender thereof), issue a new Warrant of
like denomination, tenor, and date as the Warrant so lost, stolen,
mutilated, or destroyed. Any such new Warrant shall constitute a
substitute contractual obligation of the Company, whether or not the
allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any
time enforceable by anyone.

7.3.    Reservation of Common
Stock.    The Company shall at all times reserve and keep
available a number of its authorized but unissued shares of Common
Stock that will be sufficient to permit the exercise in full of all
outstanding Warrants issued pursuant to this Agreement.

7.4.    Registration of Common Stock.     Prior to the
commencement of the Exercise Period, the Company shall use its best
efforts to prepare and file with the Securities and Exchange Commission
a post-effective amendment to the Registration Statement, or a new
registration statement, for the registration under the Act of, and it
shall use its best efforts to take such action as is necessary to
qualify for sale, in those states in which the Warrants were initially
offered by the Company, the shares of Common Stock issuable upon
exercise of the Warrants. The Company shall use its best efforts to
cause the same to become effective on or prior to the commencement of
the Exercise Period and shall use its best efforts to maintain the
effectiveness of such registration statement and ensure that a
Prospectus is available for delivery by the Warrant Agent until the
expiration of the Warrants in accordance with the provisions of this
Agreement; provided, however, that the Company shall not be obligated
to deliver shares of Common Stock and shall not have penalties nor be
liable to the Warrant holder for failure to deliver shares of Common
Stock, if a registration statement is not effective or a Prospectus is
not available for delivery by the Warrant Agent at the time of exercise
of the Warrant by the registered holder.

7.5.    Delivery of
Prospectus or Notice.    The Company shall furnish to the Warrant
Agent sufficient copies of the Prospectus and the Warrant Agent agrees
that upon the exercise of any Warrant, the Warrant Agent shall deliver
a Prospectus to the registered holder of such Warrant, prior to or
concurrently with the delivery of the shares of Common Stock issued
upon such exercise; provided, however, that the Warrant Agent shall
deliver to each such holder at such time the notice referred to in Rule
173 under the Securities Act in lieu of such Prospectus to the extent
permitted by the Securities Act and the rules and regulations
promulgated thereunder.

8.    Concerning the Warrant
Agent and Other Matters.

8.1.    Payment of
Taxes.    The Company will from time to time promptly pay all
taxes and charges that may be imposed upon the Company or the Warrant
Agent in respect of the issuance or delivery of shares of Common Stock
upon the exercise of Warrants, but the Company shall not be obligated
to pay any transfer taxes in respect of the Warrants or such
shares.

8.2.    Resignation, Consolidation, or Merger of
Warrant Agent.

8.2.1.    Appointment of
Successor Warrant Agent.    The Warrant Agent, or any successor
to it hereafter appointed, may resign its duties and be discharged from
all further duties and liabilities hereunder after giving sixty (60)
days' notice in writing to the Company. If the office of the
Warrant Agent becomes vacant by resignation or incapacity to act or
otherwise, the Company shall appoint in writing a successor Warrant
Agent in place of the Warrant Agent. If the Company shall fail to make
such appointment within a period of 30 days after it has been notified
in writing of such resignation or incapacity by the Warrant Agent or by
the holder of the Warrant (who shall, with such notice, submit his
Warrant for inspection by the Company), then the holder of any Warrant
may apply to the Supreme Court of the State of New York for the County
of New York for the appointment of a successor Warrant Agent at the
Company's cost. Any successor Warrant Agent, whether appointed by
the Company or by such court, shall be a corporation organized and
existing under the laws of the State of New York, in good standing and
having its principal office in the Borough of Manhattan, City and State
of New York, and authorized under such laws to exercise corporate trust
powers and subject to supervision or examination by federal or state
authority. After appointment, any successor Warrant Agent shall be
vested with all the authority, powers, rights, immunities, duties, and
obligations of its predecessor Warrant Agent with like effect as if
originally named as Warrant Agent hereunder, without any further act or
deed; but if for any reason it becomes necessary or appropriate, the

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predecessor Warrant Agent shall execute and
deliver, at the expense of the Company, an instrument transferring to
such successor Warrant Agent all the authority, powers, and rights of
such predecessor Warrant Agent hereunder; and upon request of any
successor Warrant Agent the Company shall make, execute, acknowledge,
and deliver any and all instruments in writing for more fully and
effectually vesting in and confirming to such successor Warrant Agent
all such authority, powers, rights, immunities, duties, and
obligations.

8.2.2.    Notice of Successor Warrant
Agent.    In the event a successor Warrant Agent shall be
appointed, the Company shall give notice thereof to the predecessor
Warrant Agent and the transfer agent for the Common Stock not later
than the effective date of any such appointment.

8.2.3.    Merger or Consolidation of Warrant
Agent.    Any corporation into which the Warrant Agent may be
merged or with which it may be consolidated or any corporation
resulting from any merger or consolidation to which the Warrant Agent
shall be a party shall be the successor Warrant Agent under this
Agreement without any further act.

8.3.    Fees and
Expenses of Warrant Agent.

8.3.1.    Remuneration.    The Company agrees to
pay the Warrant Agent reasonable remuneration for its services as such
Warrant Agent hereunder and will reimburse the Warrant Agent upon
demand for all expenditures that the Warrant Agent may reasonably incur
in the execution of its duties hereunder.

8.3.2.    Further Assurances.    The Company
agrees to perform, execute, acknowledge, and deliver or cause to be
performed, executed, acknowledged, and delivered all such further and
other acts, instruments, and assurances as may reasonably be required
by the Warrant Agent for the carrying out or performing of the
provisions of this Agreement.

8.4.    Liability of Warrant
Agent.

8.4.1.    Reliance on Company
Statement.    Whenever in the performance of its duties under
this Warrant Agreement, the Warrant Agent shall deem it necessary or
desirable that any fact or matter be proved or established by the
Company prior to taking or suffering any action hereunder, such fact or
matter (unless other evidence in respect thereof be herein specifically
prescribed) may be deemed to be conclusively proved and established by
a statement signed by the Chief Executive Officer, President, Chief
Financial Officer, any Vice President or Chairman of the Board of the
Company and delivered to the Warrant Agent. The Warrant Agent may rely
upon such statement for any action taken or suffered in good faith by
it pursuant to the provisions of this Agreement.

8.4.2.    Indemnity.    The Warrant Agent shall
be liable hereunder only for its own negligence, willful misconduct or
bad faith. The Company agrees to indemnify the Warrant Agent and save
it harmless against any and all liabilities, including judgments, costs
and reasonable counsel fees, for anything done or omitted by the
Warrant Agent in the execution of this Agreement except as a result of
the Warrant Agent's negligence, willful misconduct, or bad
faith.

8.4.3.    Exclusions.    The Warrant
Agent shall have no responsibility with respect to the validity of this
Agreement or with respect to the validity or execution of any Warrant
(except its countersignature thereof); nor shall it be responsible for
any breach by the Company of any covenant or condition contained in
this Agreement or in any Warrant; nor shall it be responsible to make
any adjustments required under the provisions of Section 4 hereof or
responsible for the manner, method, or amount of any such adjustment or
the ascertaining of the existence of facts that would require any such
adjustment; nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of
any shares of Common Stock to be issued pursuant to this Agreement or
any Warrant or as to whether any shares of Common Stock will when
issued be valid and fully paid and nonassessable.

8.5.    Acceptance of Agency.    The Warrant Agent hereby
accepts the agency established by this Agreement and agrees to perform
the same upon the terms and conditions herein set forth and among other
things, shall account promptly to the Company with respect to Warrants
exercised and concurrently account for, and pay to the Company, all
moneys received by the Warrant Agent for the purchase of shares of the
Company's Common Stock through the exercise of Warrants.

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8.6.    The Warrant Agent hereby waives
any and all right, title, interest or claim of any kind
(‘‘Claim’’) in or to any distribution of the
Trust Account (as defined in that certain Investment Management Trust
Agreement, dated as of the date hereof, by and between the Company and
the Trustee), and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against the Trust Fund for any
reason whatsoever.

9.    Miscellaneous
Provisions.

9.1.    Amendments.    (a) This
Agreement and any Warrant Certificate may be amended by the parties
hereto by executing a supplemental warrant agreement (a
‘‘Supplemental Agreement’’), without the
consent of the registered holder of any Warrant, for the purpose of (i)
curing any ambiguity, or curing, correcting or supplementing any
defective provision contained herein, or making any other provisions
with respect to matters or questions arising under this Agreement that
is not inconsistent with the provisions of this Agreement or the
Warrant Certificate, (ii) evidencing the succession of another
corporation to the Company and the assumption by any such successor of
the covenants of the Company contained in this Agreement and the
Warrants, (iii) evidencing and providing for the acceptance of
appointment by a successor Warrant Agent with respect to the Warrants,
(iv) adding to the covenants of the Company for the benefit of the
registered holders or surrendering any right or power conferred upon
the Company under this Agreement, (vii) appointing a successor Warrant
Agent, or (viii) amending this Agreement and the Warrants in any manner
that the Company may deem to be necessary or desirable and that will
not adversely affect the interests of the registered holders in any
material respect.

(b) The Company and the Warrant Agent may
amend this Agreement and the Warrants by executing a Supplemental
Agreement with the consent of the registered holders of not fewer than
a majority of the unexercised Warrants affected by such amendment, for
the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in
any manner the rights of the registered holders under this Agreement;
provided, however, that, without the consent of each registered holder
of Warrants affected thereby, no such amendment may be made that (i)
changes the Warrants so as to reduce the number of shares of Common
Stock purchasable upon exercise of the Warrants or so as to increase
the Warrant Price (other than as provided by Section 4), (ii) shortens
the period of time during which the Warrants may be exercised, (iii)
otherwise adversely affects the exercise rights of the registered
holders in any material respect, or (iv) reduces the number of
unexercised Warrants the consent of the registered holders of which is
required for amendment of this Agreement or the Warrants.

9.2.    Successors.    All the covenants and provisions
of this Agreement by or for the benefit of the Company or the Warrant
Agent shall bind and inure to the benefit of their respective
successors and assigns.

9.3.    Notices.    Any
notice, statement or demand authorized by this Warrant Agreement to be
given or made by the Warrant Agent or by the holder of any Warrant to
or on the Company shall be sufficiently given when so delivered if by
hand or overnight delivery or if sent by certified mail or private
courier service within five days after deposit of such notice, postage
prepaid, addressed (until another address is filed in writing by the
Company with the Warrant Agent), as follows:

Bank
Street Telecom Funding Corp.
 One Landmark Square, 18th Floor

Stamford, Connecticut 06901
 Attention: Chief Financial Officer

Any notice, statement or demand authorized by this Agreement
to be given or made by the holder of any Warrant or by the Company to
or on the Warrant Agent shall be sufficiently given when so delivered
if by hand or overnight delivery or if sent by certified mail or
private courier service within five days after deposit of such notice,
postage prepaid, addressed (until another address is filed in writing
by the Warrant Agent with the Company), as follows:

Continental Stock Transfer & Trust Company
 17
Battery Place, New York, NY 10004
 Attention: Compliance
Department

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with a copy in each case to:

[Counsel for the Warrant Agent]

and

Fried, Frank, Harris, Shriver & Jacobson LLP New
York
 One New York Plaza
 New York, NY 10004
 Attention:
Stuart H. Gelfond

9.4.    Applicable law.    The
validity, interpretation, and performance of this Agreement and of the
Warrants shall be governed in all respects by the laws of the State of
New York, without giving effect to conflict of laws. The Company hereby
agrees that any action, proceeding or claim against it arising out of
or relating in any way to this Agreement shall be brought and enforced
in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits to
such jurisdiction, which jurisdiction shall be exclusive. The Company
hereby waives any objection to such exclusive jurisdiction and that
such courts represent an inconvenience forum. Any such process or
summons to be served upon the Company may be served by transmitting a
copy thereof by registered or certified mail, return receipt requested,
postage prepaid, addressed to it at the address set forth in Section
9.3 hereof. Such mailing shall be deemed personal service and shall be
legal and binding upon the Company in any action, proceeding or
claim.

9.5.    Persons Having Rights under this
Agreement.    Nothing in this Agreement expressed and nothing
that may be implied from any of the provisions hereof is intended, or
shall be construed, to confer upon, or give to, any person or
corporation other than the parties hereto and the registered holders of
the Warrants any right, remedy, or claim under or by reason of this
Warrant Agreement or of any covenant, condition, stipulation, promise,
or agreement hereof. All covenants, conditions, stipulations, promises,
and agreements contained in this Warrant Agreement shall be for the
sole and exclusive benefit of the parties hereto and their successors
and assigns and of the registered holders of the Warrants.

9.6.    Examination of the Warrant Agreement.    A copy
of this Agreement shall be available at all reasonable times at the
office of the Warrant Agent in the Borough of Manhattan, City and State
of New York, for inspection by the registered holder of any Warrant.
The Warrant Agent may require any such holder to submit his Warrant for
inspection by it.

9.7.    Counterparts.    This
Agreement may be executed in any number of counterparts and each of
such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the
same instrument.

9.8.    Effect of Headings.    The
Section headings herein are for convenience only and are not part of
this Warrant Agreement and shall not affect the interpretation
thereof.

[SIGNATURE PAGE FOLLOWS]

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

				
	Attest:			BANK STREET TELECOM FUNDING CORP.
	 			By:                                                                                   
Name:

Title:
	Attest:			CONTINENTAL STOCK TRANSFER & TRUST
COMPANY
	 			By:                                                                                   

Name:

Title:
	

10

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