Document:

Exhibit 10.14

                        *000000000000009001095507012004

                      BUSINESS LOAN AGREEMENT (ASSET BASED)

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  Principal   Loan Date   Maturity  Loan No. Call/Coll  Account Officer Ititials

$1,500,000.00 07 01-2004 06/11/2005  9001      2 7350   9372834  34705
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   References in the shaded area are for Lender's use only and do not limit the
applicability of this document to any particular loan or item. Any item above
containing has been omitted due to text length
limitations.
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Borrower: VIDEO INTERNET BROADCASTING         Lender:  ZIONS FIRST NATIONAL BANK
          CORPORATION                                  PROVO REGION
          175 SOUTH MAIN STREET, STE 1210              111 NORTH 200 WEST
          SALT LAKE CITY, UT 84111                     PROVO, UT 84601

THIS BUSINESS LOAN AGREEMENT (ASSET BASED} dated July 1, 2004, is made and
executed between VIDEO INTERNET BROADCASTING CORPORATION ("Borrower") and ZIONS
FIRST NATIONAL BANK ("Lender") on the following terns and conditions. Borrower
has received prior commercial loans from Lender or has applied to Lender for a
commercial loan or loans or other financial accommodations, including those
which may be described on any exhibit or schedule attached to this Agreement
("Loan"). Borrower understands and agrees that: (A) in granting, renewing, or
extending any Loan, Lender is relying upon Borrower's representations,
warranties, and agreements as set forth in this Agreement; (B) the granting,
renewing, or extending of any Loan by Lender at all times shall be subject to
Lender's sole judgment and discretion; and (C) all such Loans shall be and
remain subject to the terms and conditions of this Agreement- TERM. This
Agreement shall be effective as of July 1, 2004, and shall continue in full
force and effect until such time as all of Borrower's Loans in favor of Lender
have been paid in full, including principal, interest, costs, expenses,
attorneys' fees, and other fees and charges, or until such time as the parties
may agree in writing-to terminate this Agreement.

ADVANCE AUTHORITY - The following person currently is authorized to request
advances and authorize payments under the line of credit until Lender receives
from Borrower, at Lender's address shown above, written notice of revocation of
his or her authority: W. KELLY RYAN, President of VIDEO INTERNET BROADCASTING
CORPORATION.

LINE OF CREDIT - Lender agrees to make Advances to Borrower from time to time
from the date of this Agreement to the Expiration Date, provided the aggregate
amount of such Advances outstanding at any time does not exceed the Borrowing
Base. Within the foregoing limits, Borrower may borrow, partially or wholly
prepay, and reborrow under this Agreement as follows:

Conditions Precedent to Each Advance. Lender's obligation to make any Advance to
or for the account of Borrower under this Agreement is subject to the following
conditions precedent, with all documents, instruments, opinions, reports, and
other items required under this Agreement to be in form and substance
satisfactory to Lender:

         (1) Lender shall have received evidence that this Agreement and all
         Related Documents have been duly authorized, executed, and delivered by
         Borrower to Lender.

         (2) Lender shall have received such opinions of counsel, supplemental
         opinions, and documents as Lender may request.

         (3) The security interests in the Collateral shall have been duly
         authorized, created, and perfected with first lien priority and shall
         be in full force and effect.

         (4) All guaranties required by Lender for the credit facility(ies)
         shall have been executed by each Guarantor, delivered to Lender, and be
         in full force and effect.

         (5) Lender, at its option and for its sole benefit, shall have
         conducted an audit of Borrower's Accounts, books, records, and
         operations, and Lender shall be satisfied as to their condition.

         (6) Borrower shall have paid to Lender all fees, costs, and expenses
         specified in this Agreement and the Rebated Documents as are then due
         and payable.

         (7) There shall not exist at the time of any Advance a condition which
         would constitute an Event of Default under this Agreement, and Borrower
         shall have delivered to Lender the compliance certificate called for in
         the paragraph below tilled "Compliance Certificate."

Making Loan Advances. Advances under this credit facility, as well as directions
for payment from Borrower's accounts, may be requested orally or in writing by
authorized persons. Lender may, but need not, require that all oral requests be
confirmed in writing. Each Advance shall be conclusively deemed to have been
made at the request of and for the benefit of Borrower (1) when credited to any
deposit account of Borrower maintained with Lender or {21 when advanced in
accordance with the instructions of an authorized person. Lender, at its option,
may set a cutoff time, after which all requests for Advances will be treated as
having been requested on the next succeeding Business Day.

         Mandatory Loan Repayments. If at any time the aggregate principal
         amount of the outstanding Advances shall exceed the applicable
         Borrowing Base, Borrower, immediately upon written or oral notice from
         Lender, shall pay to Lender an amount equal to the difference between
         the outstanding principal balance of the Advances and the Borrowing
         Base. On the Expiration Date, Borrower shall pay to Lender in full the
         aggregate unpaid principal amount of all Advances then outstanding and
         all accrued unpaid interest, together with all other applicable fees,
         costs and charges, if any, not yet paid.

         Loan Account. Lender shall) maintain on its books a record of account
         in which Lender shall make entries for each Advance and such other
         debits and credits as shall be appropriate in connection with the
         credit facility. Lender shelf provide Borrower with periodic statements
         of Borrower's account, which statements shall be considered to be
         correct and conclusively binding on Borrower unless Borrower notifies
         Lender to the contrary within thirty (30) days after Borrower's receipt
         of any such statement which Borrower deems to be incorrect.

COLLATERAL. To secure payment of the Primary Credit Facility and performance of
all other Loan, obligations and duties owed by Borrower to Lender, Borrower (and
others, if required) shall grant to Lender Security Interests in such property
and assets as Lender may require. Lender's Security Interests in the Collateral
shall be continuing liens and shall include the proceeds and products of the
Collateral, including without limitation the proceeds of any insurance. With
respect to the Collateral, Borrower agrees and represents and warrants to
Lender:

         Perfection of Security Interests. Borrower agrees to execute all
         documents perfecting Lender's Security Interest and to take whatever
         actions are requested ay Lender to perfect and continue Lender's
         Security Interests in the Collateral. Upon request of Lender, Borrower
         will deliver to Lender any and all of the documents evidencing or
         constituting the Collateral, and Borrower will note Lender's interest
         upon any and all chattel paper and instruments if not delivered to
         Lender for possession by Lender. Contemporaneous with the execution of
         this Agreement, Borrower will execute one or more UCC financing
         statements and any similar statements as may be required by applicable
         law, and Lender will file such financing statements and all such
         similar statements in the appropriate location or locations. Borrower
         hereby appoints Lender as its irrevocable attorney-in-fact for the
         purpose of executing any documents necessary to perfect or to continue
         any Security Interest. Lender may at any time, and without further
         authorization from Borrower, the a carbon, photograph, facsimile, or
         other reproduction of any financing statement for use as a financing
         statement. Borrower will reimburse Lender for all expenses for the
         perfection, termination, and the continuation of the perfection of
         Lender's security interest in the Collateral. Borrower promptly will
         notify Lender before any change in Borrower's name including any change
         to the assumed business names of Borrower. Borrower also promptly will
         notify Lender before any change in Borrower's Social Security Number or
         Employer Identification Number. Borrower further agrees to notify
         Lender in writing prior to any change in address or location of
         Borrower's principal governance office or should Borrower merge or
         consolidate with any other entity.

         Collateral Records. Borrower does now, and at all times hereafter
         shall, keep correct and accurate records of the Collateral, all of
         which records shall be available to Lender or Lender's representative
         upon demand ' for inspection and copying at any reasonable time. With
         respect to the Accounts, Borrower agrees to keep and maintain such
         records as Lender may require, including without limitation information
         concerning Eligible Accounts and Account balances and agings. Records
         related to Accounts (Receivables) are or will be located at 135 BASIN
         STREET SOUTHWEST, EPHRATA, WA 98823. The above is an accurate and
         complete list of all locations at which Borrower keeps or maintains
         business records concerning Borrower's collateral.

         Collateral Schedules. Concurrently with the execution and delivery of
         this Agreement, Borrower shall execute and deliver to Lender schedules
         of Accounts and schedules of Eligible Accounts in form and substance
         satisfactory to the Lender. Thereafter supplemental schedules shall be
         delivered according to the following schedule: With respect to Eligible
         Accounts, schedules shall be delivered Every 30 days.

         Representations and Warranties Concerning Accounts. With respect to the
         Accounts, Borrower represents and warrants to Lender: (1) Each Account
         represented by Borrower to be an Eligible Account for purposes of this
         Agreement conforms to the requirements of the definition of an Eligible
         Account; (2) All Account information listed on schedules delivered to
         Lender will be true and correct, subject to immaterial variance; and
         (3) Lender, its assigns, or agents shall have the right at any time and
         at Borrower's expense to inspect, examine, and audit Borrower's records
         and to confirm with Account Debtors the accuracy of such Accounts.

         Remittance Account. Borrower agrees that Lender may at any time require
         Borrower to institute procedures whereby the payments and other
         proceeds of the Accounts shall be paid by the Account Debtors under a
         remittance account or lock box arrangement with Lender, or Lender's
         agent, or with one or more financial institutions designated by Lender.
         Borrower further agrees that, if no Event of Default exists under this
         Agreement, any and all of such funds received under such a remittance
         account or lock box arrangement shall, at Lender's sole election and
         discretion, either be (1) paid or turned over to Borrower; (2)
         deposited into one or more accounts for the benefit of Borrower (which
         deposit accounts shall be subject to a security assignment in favor of
         Lender); (3) deposited into one or more accounts for the joint benefit
         of Borrower and Lender (which deposit accounts shall likewise be
         subject to a security assignment in favor of Lender); (4) paid or
         turned over to Lender to be applied to the Indebtedness in such order
         and priority as Lender may determine within its sole discretion; or (5)
         any combination of the foregoing as Lender shall determine from time to
         time. Borrower further agrees that, should one or more Events of
         Default exist, any and all funds received under such a remittance
         account or lock box arrangement shall be paid or turned over to Lender
         to be applied to the Indebtedness, again in such order and priority as
         Lender may determine within its sole discretion.

CONDITIONS PRECEDENT TO EACH ADVANCE. Lender's obligation to make the initial
Advance and each subsequent Advance under this Agreement shall be subject to the
fulfillment to Lender's satisfaction of all of the conditions set forth in this
Agreement and in the Related Documents.

         Loan Documents. Borrower shall provide to Lender the following
         documents for the Loan: (1) the Note; (2) Security Agreements granting
         to Lender security interests in the Collateral; (3) financing
         statements and all other documents perfecting Lender's Security
         Interests; (4) evidence of insurance as required below; (5) guaranties;
         (6) together with all such Related Documents as Lender may require for
         the Loan; all in form and substance satisfactory to Lender and Lender's
         counsel.

         Borrower's Authorization. Borrower shall have provided in form and
         substance satisfactory to Lender properly certified resolutions, duly
         authorizing the execution and delivery of this Agreement, the Note and
         the Related Documents. In addition, Borrower shall have provided such
         other resolutions, authorizations, documents and instruments as Lender
         or its counsel, may require.

         Fees and Expenses Under This Agreement. Borrower shall have paid to
         Lender all fees, costs, and expenses specified in this Agreement and
         the Related Documents as are then due and payable.

         Representations and Warranties. The representations and warranties set
         forth in this Agreement, in the Related Documents, and in any document
         or certificate delivered to Lender under this Agreement are true and
         correct.

         No Event of Default. There shall not exist at the time of any Advance a
         condition which would constitute an Event of Default under this
         Agreement or under any Related Document.

REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Lender, as
of the date of this Agreement, as of the date of each disbursement of loan
proceeds, as of the date of any renewal, extension or modification of any Loan,
and at all times any Indebtedness exists:

         Organization. Borrower is a corporation for profit which is, and at all
         times shall be, duly organized, validly existing, and in good standing
         under and by virtue of the laws of the State of Washington. Borrower is
         duly authorized to transact business in the State of Utah and all other
         states in which Borrower is doing business, having obtained all
         necessary filings, governmental licenses and approvals for each state
         in which Borrower is doing business. Specifically, Borrower is, and at
         all times shall be, duly qualified as a foreign corporation in all
         states in which the failure to so qualify would have a material adverse
         effect on its business or financial condition. Borrower has the full
         power and authority to own its properties and to transact the business
         in which it is presently engaged or presently proposes to engage.
         Borrower maintains an office at 135 BASIN STREET SW, EPHRATA, WA 98823.
         Unless Borrower has designated otherwise in writing, the principal
         office is the office at which Borrower keeps its books and records
         including its records concerning the Collateral. Borrower will notify
         Lender prior to any change in the location of Borrower's state of
         organization or any change in Borrower's name. Borrower shall do all
         things necessary to preserve and to keep in full force and affect its
         existence, rights and privileges, and shall comply with all
         regulations, rules, ordinances, statutes, orders and decrees of any
         governmental or quasi-governmental authority or court applicable to
         Borrower and Borrower's business activities.

         Assumed Business Names. Borrower has filed or recorded all documents or
         filings required by law relating to all assumed business names used by
         Borrower. Excluding the name of Borrower, the following is a complete
         list of all assumed business names under which Borrower does business:
         None authorized by all necessary action by Borrower and do not conflict
         with, result in a violation of, or constitute a default under (1) any
         provision of (a) Borrower's articles of incorporation or organization,
         or bylaws, or (b) any agreement or other instrument binding upon
         Borrower or (2) any law, governmental regulation, court decree, or
         order applicable to Borrower or to Borrower's properties.

         Financial information. Each of Borrower's financial statements supplied
         to Lender truly and completely disclosed Borrower's financial condition
         as of the date of the statement, and there has been no material adverse
         change in Borrower's financial condition subsequent to the date of the
         most recent financial statement supplied to Lender. Borrower has no
         material contingent obligations except as disclosed in such financial
         statements.

         Legal Effect. This Agreement constitutes, and any instrument or
         agreement Borrower is required to give under this Agreement when
         delivered will constitute legal, valid, and binding obligations of
         Borrower enforceable against Borrower in accordance with their
         respective terms.

         Properties. Except as contemplated by this Agreement or as previously
         disclosed in Borrower's financial statements or in writing to Lender
         and as accepted by Lender, and except for property tax liens for taxes
         not presently due and payable, Borrower owns and has good title to all
         of Borrower's properties free and clear of all Security Interests, and
         has not executed any security documents or financing statements
         relating to such properties. All of Borrower's properties are titled in
         Borrower's legal name, and Borrower has not used or filed a financing
         statement under any other name for at least the last five l5) years.

         Hazardous Substances. Except as disclosed to and acknowledged by Lender
         in writing, Borrower represents and warrants that: (1) During the
         period of Borrower's ownership of Borrower's Collateral, there has been
         no use, generation, manufacture, storage, treatment, disposal, release
         or threatened release of any Hazardous Substance by any person on,
         under, about or from any of the Collateral. (2) Borrower has no
         knowledge of, or reason to believe that there has been (a) any breach
         or violation of any Environmental Laws; (b) any use, generation,
         manufacture, storage, treatment, disposal, release or threatened
         release of any Hazardous Substance on, under, about or from the
         Collateral by any prior owners or occupants of any of the Collateral;
         or (c) any actual or threatened litigation or claims of any kind by any
         person relating to such matters. (3) Neither Borrower nor any tenant,
         contractor, agent or other authorized user of any of the Collateral
         shall use, generate, manufacture, store, treat, dispose of or release
         any Hazardous Substance on, under, about or from any of the Collateral;
         and any such activity shall be conducted in compliance with all
         applicable federal, state, and local laws, regulations, and ordinances,
         including without limitation all Environmental Laws. Borrower
         authorizes Lender and its agents to enter upon the Collateral to make
         such inspections and tests as Lender may deem appropriate to determine
         compliance of the Collateral with this section of the Agreement. Any
         inspections or tests made by Lender shall be at Borrower's expense and
         for Lender's purposes only and shall not be construed to create any
         responsibility or liability on the part of Lender to Borrower or to any
         other person. The representations and warranties contained herein are
         based on Borrower's due diligence in investigating the Collateral for
         hazardous waste and Hazardous Substances. Borrower hereby (1) releases
         and waives any future claims against Lender for indemnity or
         contribution in the event Borrower becomes liable for cleanup or other
         costs under any such laws, and (2) agrees to indemnify and hold
         harmless Lender against any and all claims, fosses, liabilities,
         damages, penalties, and expenses which Lender may directly or
         indirectly sustain or suffer resulting from a breach of this section of
         the Agreement or as a consequence of any use, generation, manufacture,
         storage, disposal, release or threatened release of a hazardous waste
         or substance on the Collateral. The provisions of this section of the
         Agreement, including the obligation to indemnify, shall survive the
         payment of the Indebtedness and the termination, expiration or
         satisfaction of this Agreement and shall not be affected by Lender's
         acquisition of any interest in any of the Collateral, whether by
         foreclosure or otherwise.

         Litigation and Claims. No litigation, claim, investigation,
         administrative proceeding or similar action (including those for unpaid
         taxes) against Borrower is pending or threatened, and no other event
         has occurred which may materially adversely affect Borrower's financial
         condition or properties, other than litigation, claims, or other
         events, if any, that have been disclosed to and acknowledged by Lender
         in writing.

         Taxes. To the hest of Borrower's knowledge, all of Borrower's tax
         returns and reports that are or were required to be filed, have been
         filed, and all taxes, assessments and other governmental charges have
         been paid in full, except those presently being or to be contested by
         Borrower in good faith in the ordinary course of business an for which
         adequate reserves have been provided.

         Lien Priority. Unless otherwise previously disclosed to Lender in
         writing, Borrower has not entered into or granted any Security
         Agreements or permitted the filing or attachment of any Security
         Interests on or affecting any of the Collateral directly or indirectly
         securing repayment of Borrower's Loan and Note, that would be prior or
         that may in any way be superior to Lender's Security Interests and
         rights in and to such Collateral.

         Binding Effect. This Agreement, the Note, all Security Agreements {if
         any), and all Related Documents are binding upon the signers thereof,
         as well as upon their successors, representatives and assigns, an are
         legally enforceable in accordance with their respective terms.

AFFIRMATIVE COVENANTS. Borrower covenants and agrees with Lender that, so long
as this Agreement remains in effect, Borrower will:

         Notices of Claims and Litigation. Promptly inform Lender in writing of
         (1) all material adverse changes in Borrower's financial condition, and
         (2) all existing and all threatened litigation, claims, investigations,
         administrative proceedings or similar actions affecting Borrower or any
         Guarantor which could materially affect the financial condition of
         Borrower or the financial condition of any Guarantor.

         Financial Records. Maintain its books and records in accordance with
         GAAP, applied on a consistent basis, and permit Lender to examine and
         audit Borrower's books and records at all reasonable times.

         Financial Statements. Furnish Lender with the following:

         Annual Statements. As soon as available, but in no event later than 45
         days after the end of each fiscal year, Borrower's balance sheet and
         income statement for the year ended, prepared by Borrower.

         Tax Returns. As soon as available after the applicable filing date for
         the tax reporting period ended, Federal and other governmental tax
         returns, prepared by Borrower.

         All financial reports required to be provided under this Agreement
         shall be prepared in accordance with GAAP, applied on a consistent
         basis and certified by Borrower as being true and correct.

         Additional Information. Furnish such additional information and
         statements, as Lender may request from time to time.

         Insurance. Maintain fire and other risk insurance, public liability
         insurance, and such other insurance as Lender may require with respect
         to Borrower's properties and operations, in form, amounts, coverages
         and with insurance companies acceptable to Lender. Borrower, upon
         request of Lender, will deliver to Lender from time to time the
         policies or certificates of insurance in form satisfactory to Lender,
         including stipulations that coverages will not be cancelled or
         diminished without at least ten (10) days prior written notice to
         Lender. Each insurance policy also shall include an endorsement
         providing that coverage in favor of Lender will not be impaired in any
         way by any act, omission or default of Borrower or any other person. In
         connection with all policies covering assets in which Lender holds or
         is offered a security interest for the Loans, Borrower will provide
         Lender with such lender's loss payable or other endorsements as Lender
         may require.

         Insurance Reports. Furnish to Lender, upon request of Lender, reports
         on each existing insurance policy showing such information as Lender
         may reasonably request, including without [imitation the following: (1)
         the name of the insurer; (2) the risks insured; (3) the amount of the
         policy; (4) the properties insured; (5) the then current property
         values on the basis of which insurance has been obtained, and the
         manner of determining those values; and (6) the expiration date of the
         policy. In addition, upon request of Lender (however not more often
         than annually), Borrower will have an independent appraiser
         satisfactory to Lender determine, as applicable, the actual cash value
         or replacement cost of any Collateral. The cost of such appraisal shall
         be paid by Borrower.

         Guaranties. Prior to disbursement of any Loan proceeds, furnish
         executed guaranties of the Loans in favor of Lender, executed by the
         guarantors named below, on Lender's forms, and in the amounts and under
         the conditions set forth in those guaranties.

                    Names of Guarantors                        Amounts
                    -------------------                        -------
                    ROBERT B. JONES and
                    CAROL L. JONES, Trustees
                    of THE JONES FAMILY
                    TRUST, DATED MAY 22, 2000                  Unlimited
                    HOMENET UTAH, INC                          Unlimited
                    FRANK GILLEN, Individually                 Unlimited
                    MICHAEL W. DEVINE, Individually            Unlimited
                    R. BRUCE JONES, Individually               Unlimited
                    BRION W. POTTER, Individually              Unlimited
                    LARRY D. JONES, Individually               Unlimited
                    KEVIN R. DOHERTY, Individually             Unlimited
                    LEROY W. JACKSON, Individually             Unlimited
                    RODNEY S BADGER, Individually              Unlimited
                    SHAUNA BADGER, Individually                Unlimited

         Other Agreements. Comply with all terms and conditions of all other
         agreements, whether now or hereafter existing, between Borrower and any
         other party and notify Lender immediately in writing of any default in
         connection with any other such agreements.

         Loan Proceeds. Use all Loan proceeds solely for Borrower's business
         operations, unless specifically consented to the contrary by Lender in
         writing.

         Taxes, Charges and Liens. Pay and discharge when due all of its
         indebtedness and obligations, including without limitation all
         assessments, taxes, governmental charges, levies and liens, of every
         kind and nature, imposed upon Borrower or its properties, income, or
         profits, prior to the date on which penalties would attach and all
         lawful claims that, if unpaid, might become a lien or charge upon any
         of Borrower's properties, income, or profits.

         Performance. Perform and comply, in a timely manner, with all terms,
         conditions, and provisions set forth in this Agreement, in the Related
         Documents, and in all other instruments and agreements between Borrower
         and Lender. Borrower shall notify Lender immediately in writing of any
         default in connection with any agreement.

         Operations. Maintain executive and management personnel with
         substantially the same qualifications and experience as the present
         executive and management personnel; provide written notice to Lender of
         any change in executive and management personnel; conduct its business
         affairs in a reasonable and prudent manner.

         Environmental Studies. Promptly conduct and complete, at Borrower's
         expense, all such investigations, studies, samplings and testings as
         may be requested by Lender or any governmental authority relative to
         any substance, or any waste or by-product of any substance defined as
         toxic or a hazardous substance under applicable federal, state, or
         local law, rule, regulation, order or directive, at or affecting any
         property or any facility owned, leased or used by Borrower.

         Compliance with Governmental Requirements, Comply with all laws,
         ordinances, and regulations, now or hereafter in effect, of all
         governmental authorities applicable to the conduct of Borrower's
         properties, businesses and operations, and to the use or occupancy of
         the Collateral, including without limitation, the Americans With
         Disabilities Act. Borrower may contest in good faith any such law,
         ordinance, or regulation and withhold compliance during any proceeding,
         including appropriate appeals, so long as Borrower has notified Lender
         in writing prior to doing so and so long as, in Lender's sole opinion,
         Lender's interests in the Collateral are not jeopardized. Lender may
         require Borrower to post adequate security or a surety bond, reasonably
         satisfactory to Lender, to protect Lender's interest.

         Inspection. Permit employees or agents of Lender at any reasonable time
         to inspect any and all Collateral for the Loan or Loans and Borrower's
         other properties and to examine or audit Borrower's books, accounts,
         and records and to make copies and memoranda of Borrower's books,
         accounts, and records. If Borrower now or at any lime hereafter
         maintains any records (including without limitation computer generated
         records and computer software programs for the generation of such
         records} in the possession of a third party, Borrower, upon request of
         Lender, shall notify such party to permit Lender free access to such
         records at all reasonable times and to provide Lender with copies of
         any records it may request, all at Borrower's expense.

         Environmental Compliance and Reports. Borrower shall comply in all
         respects with any and all Environmental Laws; not cause or permit to
         exist, as a result of an intentional or unintentional action or
         omission on Borrower's part or on the part of any third party, on
         property owned and/or occupied by Borrower, any environmental activity
         where damage may result to the environment, unless such environmental
         activity is pursuant to and in' compliance with the conditions of a
         permit issued by the appropriate federal, state or local governmental
         authorities; shall furnish to Lender promptly and in any event within
         thirty (30) days after receipt thereof a copy of any notice, summons,
         lien, citation, directive, letter or other communication from any
         governmental agency or instrumentality concerning any intentional or
         unintentional action or omission on Borrower's part in connection with
         any environmental activity whether or not there is damage to the
         environment and/or other natural resources. Additional Assurances.
         Make, execute and deliver to Lender such promissory notes, mortgages,
         deeds of trust, security agreements, assignments, financing statements,
         instruments, documents and other agreements as Lender or its attorneys
         may reasonably request to evidence and secure the Loans and to perfect
         all Security Interests.

RECOVERY OF ADDITIONAL COSTS. If the imposition of or any change in any law,
rule, regulation or guideline, or the interpretation or application of any
thereof by any court or administrative or governmental authority (including any
request or policy not having the force of law) shall impose, modify or make
applicable any taxes (except federal, state or local income or franchise taxes
imposed on Lender), reserve requirements, capital adequacy requirements or other
obligations which would (A) increase the cost to Lender for extending or
maintaining the credit facilities to which this Agreement relates, (B) reduce
the amounts payable to Lender under this Agreement or the Related Documents, or
(C) reduce the rate of return on Lender's capital as a consequence of Lender's
obligations with respect to the credit facilities to which this Agreement
relates, then Borrower agrees to pay Lender such additional amounts as will
compensate Lender therefor, within five (5) days after Lender's written demand
for such payment, which demand shall be accompanied by an explanation of such
imposition or charge and a calculation in reasonable detail of the additional
amounts payable by Borrower, which explanation and calculations shall be
conclusive in the absence of manifest error.

LENDER'S EXPENDITURES. If any action or proceeding is commenced that would
materially affect Lender's interest in the Collateral or if Borrower fails to
comply with any provision of this Agreement or any Related Documents, including
but not limited to Borrower's failure to discharge or pay when due any amounts
Borrower is required to discharge or pay under this Agreement or any Related
Documents, Lender on Borrower's behalf may but shall not he obligated to) take
any action that Lender deems appropriate, including but not limited to
discharging or paying all taxes, liens, security interests, encumbrances and
other claims, at any time levied or placed on any Collateral and paying all
costs for insuring, maintaining and preserving any Collateral. All such
expenditures incurred or paid by Lender for such purposes will then bear
interest at the rate charged under the Note from the date incurred or paid by
Lender to the date of repayment by Borrower. All such expenses will become a
part of the Indebtedness and, at Lender's option, will {A} be payable on demand;
(B) be added to the balance of the Note and be apportioned among and be payable
with any installment payments to become due during either (1) the term of any
applicable insurance policy; or (2) the remaining term of the Note; or {C) be
treated as a balloon payment which will be due and payable at the Note's
maturity.

NEGATIVE COVENANTS. Borrower covenants and agrees with Lender that while this
Agreement is in effect, Borrower shall not, without the prior written consent of
Lender:

         Indebtedness and Liens. (1) Except for trade debt incurred in the
         normal course of business and indebtedness to Lender contemplated by
         this Agreement, create, incur or assume indebtedness for borrowed
         money, including capital leases, (2) sell, transfer, mortgage, assign,
         pledge, lease, grant a security interest in, or encumber any of
         Borrower's assets (except as allowed as Permitted Liens), or (3) sell
         with recourse any of Borrower's accounts, except to Lender.

         Continuity of Operations. (1) Engage in any business activities
         substantially different than those in which Borrower is presently
         engaged, (2) cease operations, liquidate, merge, transfer, acquire or
         consolidate with any other entity, change its name, dissolve or
         transfer or sell Collateral out of the ordinary course of business, or
         (3) pay any dividends on Borrower's stock (other than dividends payable
         in its stock), provided, however that notwithstanding the foregoing,
         but only so long as no Event of Default has occurred and is continuing
         or would result from the payment of dividends, if Borrower is a
         "Subchapter S Corporation" (as defined in the Internal Revenue Code of
         1986, as amended}, Borrower may pay cash dividends on its stock to its
         shareholders from time to time in amounts necessary to enable the
         shareholders to pay income taxes and make estimated income tax payments
         to satisfy their liabilities under federal and state law which arise
         solely from their status as Shareholders of a Subchapter S Corporation
         because of their ownership of shares of Borrower's stock, or purchase
         or retire any of Borrower's outstanding shares or alter or amend
         Borrower's capital structure.

         Loans, Acquisitions and Guaranties. (1) Loan, invest in or advance
         money or assets to any other person, enterprise or entity, (2)
         purchase, create or acquire any interest in any other enterprise or
         entity, or (3) incur any obligation as surety or guarantor other than
         in the ordinary course of business.

         Agreements. Borrower will not enter into any agreement containing any
         provisions which would be violated or breached by the performance of
         Borrower's obligations under this Agreement or in connection herewith.

CESSATION OF ADVANCES. If Lender has made any commitment to make any Loan to
Borrower, whether under this Agreement or under any other agreement, Lender
shall have no obligation to make Loan Advances or to disburse Loan proceeds if:
{A} Borrower or any Guarantor is in default under the terms of this Agreement or
any of the Related Documents or any other agreement that Borrower or any
Guarantor has with Lender; (B) Borrower or any Guarantor dies, becomes
incompetent or becomes insolvent, files a petition in bankruptcy or similar
proceedings, or is adjudged a bankrupt; (C) there occurs a material adverse
change in Borrower's financial condition, in the financial condition of any
Guarantor, or in the value of any Collateral securing any Loan; or (D) any
Guarantor seeks, claims or otherwise attempts to limit, modify or revoke such
Guarantor's guaranty of the Loan or any other loan with Lender; or (El Lender in
good faith deems itself insecure, even though no Event of Default shall have
occurred.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a
right of setoff in all Borrower's accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Borrower holds
jointly with someone else and all accounts Borrower may open in the future.
However, this does not include any IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Borrower authorizes Lender, to the
extent permitted by applicable law, to charge or setoff all sums owing on the
Indebtedness against any and all such accounts, and, at Lender's option, to
administratively freeze all such accounts to allow Lender to protect Lender's
charge and setoff rights provided in this paragraph.

DEFAULT, Each of the following shall constitute an Event of Default under this
Agreement: Payment Default. Borrower fails to make any payment when due under
the Loan.

         Other Defaults. Borrower fails to comply with or to perform any other
         term, obligation, covenant or condition contained in this Agreement or
         in any of the Related Documents or to comply with or to perform any
         term, obligation, covenant or condition contained in any other
         agreement between Lender and Borrower.

         Default in Favor of Third Parties. Borrower or any Grantor defaults
         under any loan, extension of credit, security agreement, purchase or
         sales agreement, or any other agreement, in favor of any other creditor
         or person that may materially affect any of Borrower's or any Grantor's
         property or Borrower's or any Grantor's ability to repay the Loans or
         perform their respective obligations under this Agreement or any of the
         Related Documents.

         False Statements. Any warranty, representation or statement made or
         furnished to Lender by Borrower or on Borrower's behalf under this
         Agreement or the Related Documents is false or misleading in any
         material respect, either now or at the time made or furnished or
         becomes false or misleading at any time thereafter. Insolvency. The
         dissolution or termination of Borrower's existence as a going business,
         the insolvency of Borrower, the appointment of a receiver for any part
         of Borrower's property, any assignment for the benefit of creditors,
         any type of creditor workout, or the commencement of any proceeding
         under any bankruptcy or insolvency laws by or against Borrower.

         Defective Collateralization. This Agreement or any of the Related
         Documents ceases to be in full force and effect (including failure of
         any collateral document to create a valid and perfected security
         interest or lien} at any time and for any reason.

         Creditor or Forfeiture Proceedings. Commencement of foreclosure or
         forfeiture proceedings, whether by judicial proceeding, self-help,
         repossession or any other method, by any creditor of Borrower or by any
         governmental agency against any collateral securing the Loan. This
         includes a garnishment of any of Borrower's accounts, including deposit
         accounts, with Lender. However, this Event of Default shall not apply
         if there is a good faith dispute by Borrower as to the validity or
         reasonableness of the claim which is the basis of the creditor or
         forfeiture proceeding and if Borrower gives Lender written notice of
         the creditor or forfeiture proceeding and deposits with Lender monies
         or a surety bond for the creditor or forfeiture proceeding, in an
         amount determined by Lender, in its sole discretion, as being an
         adequate reserve or bond for the dispute.

         Events Affecting Guarantor. Any of the preceding events occurs with
         respect to any Guarantor of any of the Indebtedness or any Guarantor
         dies or becomes incompetent, or revokes or disputes the validity of, or
         liability under, any Guaranty of the Indebtedness. In the event of a
         death, Lender, at its option, may, but shall not be required to, permit
         the Guarantor's estate to assume unconditionally the obligations
         arising under the guaranty in a manner satisfactory to Lender, and, in
         doing so, cure arty Event of Default.

         Change In Ownership. Any change in ownership of twenty-five percent
         (25%) or more of the common stock of Borrower.

         Adverse Change. A material adverse change occurs in Borrower's
         financial condition, or Lender believes the prospect of payment or
         performance of the Loan is impaired. Insecurity. Lender in goad faith
         believes itself insecure.

         Right to Cure, if any default, other than a default on Indebtedness, is
         curable and if Borrower or Grantor, as the case may be, has not been
         given a notice of a similar default within the preceding twelve (12)
         months, it may be cured if Borrower or Grantor, as the case may be,
         after receiving written notice from Lender demanding cure of such
         default: (1} cure the default within fifteen {15} days; or (2) if the
         cure requires more than fifteen (15) days, immediately initiate steps
         which Lender deems in Lender's sole discretion to be sufficient to cure
         the default and thereafter continue and complete all reasonable and
         necessary steps sufficient to produce compliance as soon as reasonably
         practical.

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where
otherwise provided in this Agreement or the Related Documents, all commitments
and obligations of Lender under this Agreement or the Related Documents or any
other agreement immediately will terminate (including any obligation to make
further Loan Advances or disbursements), and, at Lender's option, all
Indebtedness immediately will become due and payable, all without notice of any
kind to Borrower, except that in the case of an Event of Default of the type
described in the Insolvency subsection above, such acceleration shall be
automatic and not optional. In addition, Lender shall have all the rights and
remedies provided in the Related Documents or available at law, in equity, or
otherwise. Except as may be prohibited by applicable law, all of Lender's rights
and remedies shall be cumulative and may be exercised singularly or
concurrently. Election by Lender to pursue any remedy shall not exclude pursuit
of any other remedy, and an election to make expenditures or to take action to
perform an obligation of Borrower or of any Grantor shall not affect Lender's
right to declare a default and to exercise its rights and remedies.

AUTHORIZATION TO VERIFY ACCOUNTS RECEIVABLE. Borrower hereby authorizes Lender
to verify its accounts receivable through written and/or verbal verification
methods at the discretion of the Lender.

WAIVER OF CLAIMS. BORROWER (i) _REPRESENTS THAN THEY HAVE NO DEFENSES TO OR
SETOFFS AGAINST ANY indebtedness OR OTHER OBLIGATIONS OWING TO LENDER OR ITS
AFFILIATES (THE OBLIGATIONS NOR CLAIMS AGAINST LENDER OR ITS AFFILILIATES FOR
ANY MATTER WHATSOEVER, RELATED OR UNRELATED TO THE OBLIGATIONS, AND (iii RELEASE
LENDER AND ITS AFFILIATES FROM ALL CLAIMS, CAUSES OF ACTION, AND COSTS, IN LAW
OR EQUITY, EXISTING AS OF THE DATE OF THIS AGREEMENT WHICH BORROWER HAS OR MAY
HAVE BY REASON OF ANY MATTER OF ANY CONCEIVABLE KIND OR CHARACTER WHATSOEVER,
RELATED OR UNRELATED TO THE OBLIGATIONS, INCLUDING THE SUBJECT MATTER OF THIS
AGREEMENT. THIS PROVISION SHALL NOT APPLY TO CLAIMS FOR PERFORMANCE OF EXPRESS
CONTRACTUAL OBLIGATIONS OWING TO BORROWER BY LENDER OR ITS AFFILIATES.

BORROWING BASE CERTIFICATE. Upon Borrower's request for an initial advance under
the Line of Credit, and at any time that the Line of Credit has $500,000.00
balance or greater, and Borrower requests an advance, Borrower shall furnish to
Lender a Borrowing Base Certificate. In addition, during such times as there is
an outstanding balance owing on the Line of Credit, Borrower shall furnish to
Lender the following:

Borrowing Base Certificate. Borrower shall furnish to Lender a Borrowing Base
Certificate certified by an authorized officer/employee of Borrower, within 30
days of each month end in form acceptable to Lender. DEFINITION OF NOTE. Note as
referenced herein is hereby deleted in its entirety and replaced with the
following:

Note: The word "Note" means and includes without (imitation Borrower's
promissory note or notes, if any, evidencing Borrower's Loan obligations in
favor of Lender, as well as any substitute, replacement or refinancing note or
notes therefor.

TIME OUT OF DEBT. For a period of at least thirty (30) days each calendar year,
30 days of which must be consecutive, Borrower shelf not have an outstanding
balance under the Promissory Note in the amount of $1,500,000.00.

MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of
this Agreement:

         Amendments. This Agreement, together with any Related Documents,
         constitutes the entire understanding and agreement of the parties as to
         the matters set forth in this Agreement. No alteration of or amendment
         to this Agreement shall be effective unless given in writing and signed
         by the party or parties sought to be charged or bound by The alteration
         or amendment. Arbitration Disclosures

         1.       ARBITRATION IS FINAL AND BINDING ON THE PARTIES AND SUBJECT TO
                  ONLY VERY LIMITED REVIEW BY A COURT.

         2.       IN ARBITRATION THE PARTIES ARE WAIVING THEIR RIGHT TO LITIGATE
                  IN COURT, INCLUDING THEIR RIGHT TO A JURY TRIAL.

         3.       DISCOVERY IN ARBITRATION IS MORE LIMITED THAN DISCOVERY IN
                  COURT.

         4.       ARBITRATORS ARE NOT REQUIRED TO INCLUDE FACTUAL FINDINGS OR
                  LEGAL REASONING IN THEIR AWARDS. THE RIGHT TO APPEAL OR SEEK
                  MODIFICATION OF ARBITRATORS' RULINGS IS VERY LIMITED.

         5.       A PANEL OF ARBITRATORS MIGHT INCLUDE AN ARBITRATOR WHO IS OR
                  WAS AFFILIATED WITH THE BANKING INDUSTRY. 5. ARBITRATION WILL
                  APPLY TO ALL DISPUTES BETWEEN THE PARTIES, NOT JUST THOSE
                  CONCERNING THE AGREEMENT. 7. IF YOU HAVE QUESTIONS ABOUT
                  ARBITRATION, CONSULT YOUR ATTORNEY OR THE AMERICAN ARBITRATION
                  ASSOCIATION.

         (a) Any claim or controversy ("Dispute") between or among the parties
         and their employees, agents, affiliates and assigns, including, but not
         limited to, Disputes arising out of or relating to this agreement, this
         arbitration provision ("arbitration clause"), or any related agreements
         or instruments relating hereto or delivered in connection herewith
         ("Related Agreements and including, but not limited to, a Dispute based
         on or arising from an alleged tort, shall at the request of any party
         be resolved by binding arbitration in accordance with the applicable
         arbitration rules of the American Arbitration Association {the
         "Administrator"). The provisions of this arbitration clause shall
         survive any termination, amendment, or expiration of this agreement or
         Related Agreements. The provisions of this arbitration clause shall
         supersede any prior arbitration agreement between or among the parties.

         (b) The arbitration proceedings shall be conducted in a city mutually
         agreed by the parties. Absent such an agreement, arbitration will be
         conducted in Salt Lake City, Utah or such other place as may be
         determined by the Administrator. The Administrator and the
         arbitrator(s) snail have the authority to the extent practicable to
         take any action to require the arbitration proceeding to be completed
         and the arbitrator(s)' award issued within 150 days of the tiling of
         the Dispute- with the Administrator. The arbitrator.

         (c) shall have the authority to impose sanctions on any party that
         fails to comply with time periods imposed by the Administrator or the
         arbitrator{s}, including the

<PAGE>

sanction of summarily dismissing any Dispute or defense with prejudice. The
arbitrator(s) shall have the authority to resolve any Dispute regarding the
terms of this agreement, this arbitration clause, or Related Agreements,
including any claim or controversy regarding the arbitrability of any Dispute.
All [imitations periods applicable to any Dispute or defense, whether by statute
or agreement, shall apply to any arbitration proceeding hereunder and the
arbitrator(s) shall have the authority to decide whether any Dispute or defense
is barred by a limitations period and, if so, to summarily enter an award
dismissing any Dispute or defense on that basis. The doctrines of compulsory
counterclaim, res judiceta, and collateral estoppel shall apply to any
arbitration proceeding hereunder so that a party must state as a counterclaim in
the arbitration proceeding any claim or controversy which arises out of the
transaction or occurrence that is the subject matter of the Dispute. The
arbitrators} may in the arbitrator(s)' discretion and at the request of any
party: (1} consolidate in a single arbitration proceeding any other claim
arising out of the same transaction involving another party to that transaction
that is bound by an arbitration clause with Lender, such as borrowers,
guarantors, sureties, and owners of collateral; and (2) consolidate or
administer multiple arbitration claims or controversies as a class action in
accordance with Rule 23 of the Federal Rules of Civil Procedure, {c} The
arbitrators shall be selected in accordance with the rules of the Administrator
from panels maintained by the Administrator. A single arbitrator shall have
expertise in the subject matter of the Dispute. Where three arbitrators conduct
an arbitration proceeding, the Dispute shall be decided by a majority vote of
the three arbitrators, at least one of whom must have expertise in the subject
matter of the Dispute and at least one of whom must be a practicing attorney.
The arbitrator(s) shall award to the prevailing party recovery of all costs and
fees (including attorneys' fees and costs, arbitration administration fees and
costs, and arbitrator{s}' fees). The arbitrator(s), either during the pendency
of the arbitration proceeding or as part of the arbitration award, also may
grant provisional or ancillary remedies including but not limited to an award of
injunctive relief, foreclosure, sequestration, attachment, replevin,
garnishment, or the appointment of a receiver. (d) Judgment upon an arbitration
award may be entered in any court having jurisdiction, subject to the following
limitation: the arbitration award is binding upon the parties only if the amount
does not exceed Four Million Dollars {54,000,000.00}; if the award exceeds that
limit, either party may demand the right to a court trial. Such a demand must be
filed with the Administrator within thirty (30} days following the date of the
arbitration award; if such a demand is not made with that time period, the
amount of the arbitration award shall be binding. The computation of the total
amount of an arbitration award shall include amounts awarded for attorneys' fees
and costs, arbitration administration fees and costs, and arbitrator(s)' fees.
{e) No provision of this arbitration clause, nor the exercise of any rights
hereunder, shall limit the right of any party to: {1} judicially or_
non-judicially foreclose against any real or personal property collateral or
other security; (2) exercise self-help remedies, including but not limited to
repossession and setoff rights; or (3) obtain from a court having jurisdiction
thereover any provisional or ancillary remedies including but not limited to
injunctive relief, foreclosure, sequestration, attachment, replevin,
garnishment, or the appointment of a receiver. Such rights can be exercised at
any time, before or after initiation of an arbitration proceeding, except to the
extent such action is contrary to the arbitration award. The exercise of such
rights shall not constitute a waiver of the right to submit any Dispute to
arbitration, and any claim or controversy related to the exercise of such rights
shall be a Dispute to be resolved under the provisions of this arbitration
clause. Any party may initiate arbitration with the Administrator. If any party
desires to arbitrate a Dispute asserted against such party in a complaint,
counterclaim, cross-claim, or third-party complaint thereto, or in an answer or
other reply to any such pleading, such party must make an appropriate motion to
the trial court seeking to compel arbitration, which motion must be filed with
the court within 45 days of service of the pleading, or amendment thereto,
setting forth such Dispute. if arbitration is compelled after commencement of
litigation of a Dispute, the party obtaining an order compelling arbitration
shall commence arbitration and pay the Administrator's filing fees and costs
within 45 days of entry of such order. Failure to do so shall constitute an
agreement to proceed with litigation and waiver of the right to arbitrate. In
any arbitration commenced by a consumer regarding a consumer Dispute, Lender
shall pay one half of the Administrator's filing fee, up to $250.
(f) Notwithstanding the applicability of any other law to this agreement, the
arbitration clause, or Related Agreements between or among the parties, the
Federal Arbitration Act, 9 U.S.C. Section 1 et seq., shall apply to the
construction and interpretation of this arbitration clause. If any provision of
this arbitration clause should be determined to be unenforceable, all other
provisions of this arbitration clause shall remain in full force and effect.
Attorneys' Fees; Expenses. Borrower agrees to pay upon demand all of Lender's
costs and expenses, including Lender's reasonable attorneys' fees and Lender's
legal expenses, incurred in connection with the enforcement of this Agreement.
Lender may hire or pay someone else to help enforce this Agreement, and Borrower
shell pay the costs and expenses of such enforcement. Costs and expenses include
Lender's reasonable attorneys' fees and legal expenses whether or not Lender's
salaried employee and whether or not there is a lawsuit, including reasonable
attorneys' fees and legal expenses for bankruptcy proceedings (including efforts
to modify or vacate any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services. Borrower also shall pay all court
costs and such additional fees as may be directed by the court. Caption
Headings. Caption headings in this Agreement are for convenience purposes only
and are not to be used to interpret or define the provisions of this Agreement.
Consent to Loan Participation. Borrower agrees and consents to Lender's sale or
transfer, whether now or later, of one or more participation interests in the
Loan to one or more purchasers, whether related or unrelated to Lender. Lender
may provide, without any limitation whatsoever, to any one or more purchasers,
or potential purchasers, any information or knowledge Lender may have about
Borrower or about any other matter relating to the Loan, and Borrower hereby
waives any rights to privacy Borrower may have with respect to such matters.
Borrower additionally waives any and all notices of sale of participation
interests, as well as all notices of any repurchase of such participation
interests. Borrower also agrees that the purchasers of any such participation
interests will be considered as the absolute owners of such interests in the
Loan and will have all the rights granted under the participation agreement or
agreements governing the sale of such participation interests. Borrower further
waives all rights of offset or counterclaim that it may have now or later
against lender or against any purchaser of such a participation interest and
unconditionally agrees that either Lender or such purchaser may enforce
Borrower's obligation under the Loan irrespective of the failure or insolvency
of any holder of any interest in the Loan. Borrower further agrees that the
purchaser of any such participation interests may enforce its interests
irrespective of any personal claims or defenses that Borrower may have against
Lender.

Governing Law. This Agreement will be governed by, construed and enforced in
accordance with federal law and the laws of the State of Utah. This Agreement
has been accepted by Lender in the State of Utah. Choice of Venue, if there is a
lawsuit, Borrower agrees upon Lender's request to submit to the jurisdiction of
the courts of SALT LAKE County, State of Utah.

No Waiver by Lender. Lender shall not be deemed to have waived any rights under
this Agreement unless such waiver is given in writing and signed by Lender. No
delay or omission on the part of Lender in exercising any right shall operate as
a waiver of such right or any ether right. A waiver by Lender of a provision of
this Agreement shall not prejudice or constitute a waiver of Lender's right
otherwise to demand strict compliance with that provision or any other provision
of this Agreement. No prior waiver by Lender, nor any course of dealing between
Lender and Borrower, or between Lender and any Grantor, shall constitute a
waiver of any of Lender's rights or of any of Borrower's or any Grantor's
obligations as to any future transactions. Whenever the consent of Lender is
required under this Agreement, the granting of such consent by Lender in any
instance shall not constitute continuing consent to subsequent instances where
such consent is required and in all cases such consent may be granted or
withheld in the sole discretion of Lender.

         Notices. Unless otherwise provided by applicable law, any notice
         required to be given under this Agreement or required by law shall be
         given in writing, and shall be effective when actually delivered in
         accordance with the law or with this Agreement, when actually received
         by telefacsimiie (unless otherwise required by law), when deposited
         with a nationally recognized overnight courier, or, if mailed, when
         deposited in the United States mail, as first class, certified or
         registered mail postage prepaid, directed to the addresses shown near
         the beginning of this Agreement. Any party may change its address for
         notices under this Agreement by giving format written notice to the
         other parties, specifying that the purpose of the notice is to change
         the party's address. For notice purposes, Borrower agrees to keep
         Lender informed at all times of Borrower's current address. Unless
         otherwise provided by applicable law, if there is more than one
         Borrower, any notice given by Lander to any Borrower is deemed to be
         notice given to all Borrowers. Severability. if a court of competent
         jurisdiction finds any provision of this Agreement to be illegal,
         invalid, or unenforceable as to any circumstance, that finding shall
         not make the offending provision illegal, invalid, or unenforceable as
         to any other circumstance. If feasible, the offending provision shall
         be considered modified so that it becomes legal, valid and enforceable.
         if the offending provision cannot be so modified, it shall be
         considered deleted from this Agreement. Unless otherwise required by
         law, the illegality, invalidity, or unenforceability of any provision
         of this Agreement shall not affect the legality, validity or
         enforceability of any other provision of this Agreement. Subsidiaries
         and Affiliates of Borrower. To the extent the context of any provisions
         of this Agreement makes it appropriate, including without limitation
         any representation, warranty or covenant, the word "Borrower" as used
         in this Agreement shall include all of Borrower's subsidiaries and
         affiliates. Notwithstanding the foregoing however, under no.
         circumstances shall this Agreement be construed to require Lender to
         make any Loan or other financial accommodation to any of Borrower's
         subsidiaries or affiliates. Successors and Assigns. All covenants and
         agreements by or on behalf of Borrower contained in this Agreement or
         any Related Documents shall bind Borrower's successors and assigns and
         shall inure to the benefit of Lender and its successors and assigns.
         Borrower shall not, however, have the right to assign Borrower's rights
         under this Agreement or any interest therein, without the prior written
         consent of Lender. Survival of Representations and Warranties. Borrower
         understands and agrees that in extending Loan Advances, Lender is
         relying on all representations, warranties, and covenants made by
         Borrower in this Agreement or in any certificate or other instrument
         delivered by Borrower to Lender under this Agreement or the Related
         Documents. Borrower further agrees that regardless of any investigation
         made by Lender, all such representations, warranties and covenants will
         survive the extension of Loan Advances and delivery to Lender of the
         Related Documents, shall be continuing in nature, shall be deemed made
         and redated by Borrower at the time each Loan Advance is made, and
         shall remain in full force and effect until such time as Borrower's
         Indebtedness shall be paid in full, or until this Agreement shall be
         terminated in the manner provided above, whichever is the last to
         occur.

Time is of the Essence. Time is of the essence in the performance of this
Agreement. DEFINITIONS. The following capitalized words and terms shall have the
following meanings when used in this Agreement. Unless specifically stated to
the contrary, all references to dollar amounts shall mean amounts in lawful
money of the United States of America. Words and terms used in the singular
shall include the plural, and the plural shall include the singular, as the
context may require. Words and terms not otherwise defined in this Agreement
shall have the meanings attributed to such terms in the Uniform Commercial Code.
Accounting words and terms not otherwise defined in this Agreement shall have
the meanings assigned to them in accordance with generally accepted accounting
principles as in effect on the date of this Agreement:

         Account. The word "Account" means a trade account, account receivable,
         other receivable, or other right to payment for goods sold or services
         rendered owing to Borrower (or to a third party grantor acceptable to
         Lender).

         Advance. The word "Advance" means a disbursement of Loan funds made, or
         to be made, to Borrower or on Borrower's behalf under the terms and
         conditions of this Agreement. Agreement. The word "Agreement" means
         this Business Loan Agreement {Asset Based), as this Business Loan
         Agreement (Asset Based) may be amended or modified from time to time,
         together with all exhibits and schedules attached to this Business Loan
         Agreement (Asset Based) from time to time. Borrower. The word
         "Borrower" means VIDEO INTERNET BROADCASTING CORPORATION and includes
         all co-signers and co-makers signing the Note. Borrowing Base. The
         words "Borrowing Base" mean as determined by Lender from time to time,
         the lesser of {1) $1,500,000.00 or (2) the sum of 65.00% of the
         aggregate amount of Eligible Accounts plus 1,500,000.00 of the Eligible
         Time Certificate Deposit.

         Business Day_ The words "Business Day" mean a day on which commercial
         banks are open in the State of Utah. Collateral. The word "Collateral"
         means all property and assets granted as collateral security for a
         Loan, whether real or personal property, whether granted directly or
         indirectly, whether granted now or in the future, and whether granted
         in the form of a security interest, mortgage, collateral mortgage, deed
         of trust, assignment, pledge, crop pledge, chattel mortgage, collateral
         chattel mortgage, chattel trust, factor's lien, equipment trust,
         conditional sale, trust receipt, lien, charge, lien or title retention
         contract, lease or consignment intended as a security device, or any
         other security or lien interest whatsoever, whether created by raw,
         contract, or otherwise. The word Collateral also includes without
         limitation all collateral described in the Collateral section of this
         Agreement. Eligible Accounts. The words 'Eligible Accounts" mean at any
         time, all of Borrower's Accounts which contain selling terms and
         conditions acceptable to Lender. The net amount of. any Eligible
         Account against which Borrower may borrow shall exclude all returns,
         discounts, credits, and offsets of any nature. Unless otherwise agreed
         to by Lender in writing, eligible Accounts do not include:

         (1} Accounts with respect to which the Account Debtor is employee or
         agent of Borrower.

         (2) Accounts with respect to which the Account Debtor is a subsidiary
         of, or affiliated with Borrower or its shareholders, officers, or
         directors.

         (3i Accounts with respect to which goods are placed on consignment,
         guaranteed sale, or other terms by reason of which the payment by the
         Account Debtor may be conditional.

         (41 Accounts with respect to which Borrower is or may become liable to
         the Account Debtor for goods sold or services rendered by the Account
         Debtor to Borrower.

         (51 Accounts which are subject to dispute, counterclaim, or setoff.

         (6) Accounts with respect to which the goods have not been shipped or
         delivered, or the services have not been rendered, to the Account
         Debtor.

         (7) Accounts with respect to which Lender, in its sole discretion,
         deems the creditworthiness or financial 'condition of the Account
         Debtor to be unsatisfactory.

         {8} Accounts of any Account Debtor who has filed or has had filed
         against it a petition in bankruptcy or an application for relief under
         any provision of any state or federal bankruptcy, insolvency, or
         debtor-in-relief acts; or who has had appointed a trustee, custodian,
         or receiver for the assets of such Account Debtor; or who has made an
         assignment for the benefit of creditors or has become insolvent or
         fails generally to pay its debts including its payrolls) as such debts
         become due.

         (9) Accounts with respect to which the Account Debtor is the United
         States government or any department or agency of the United States.

         (10) Accounts which have not been paid in full within 60 days from due
         date or 90 days from the invoice date. The entire balance of any
         Account of any single Account Debtor will be ineligible whenever the
         portion of the Account which has not been paid within 60 days from due
         data or 90 days from the invoice date is in excess of 20.000% of the
         total amount outstanding on the Account.

         (11) That portion of the Accounts of any single Account Debtor which
         exceeds 10.000% of all of Borrower's Accounts.

         (12) Accounts with respect to which the Account Debtor is not a
         resident of the United States or one of the following Canadian
         Provinces: British Columbia, Alberta, Saskatchewan, Manitoba, or
         Ontario, except to the extent such Accounts are supported by insurance,
         bonds, or other assurances satisfactory to Lender, Accounts which
         Lender in its sole discretion reasonably deems ineligible

Environmental Laws. The words "Environmental Laws" mean any and all state,
federal and local statutes, regulations and ordinances relating to the
protection of human health or the environment, including without [imitation the
Comprehensive Environmental Response, Compensation, and Liability Act of 1980,
as amended, 42 IJ,S:C. Section 9601, et seq. ("CERCLA"), the Superfund
Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the
Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the
Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or
other applicable state or federal laws, rules, or regulations adopted pursuant
thereto.

Event of Default. The words "Event of Default" mean any of the events of default
set forth in this Agreement in the default section of this Agreement.

Expiration Date. The words "Expiration Date" mean the date of termination of
Lender's commitment to lend under this Agreement. GAAP. The word "GAAP" means
generally accepted accounting principles. Grantor. The word "Grantor" means each
and all of the persons or entities granting a Security Interest in any
Collateral for the Loan, including without limitation ail Borrowers granting
such a Security Interest. Guarantor The word "Guarantor" means any guarantor,
surety, or accommodation party of any or all of the Loan. Guaranty. The word
"Guaranty" means the guaranty from Guarantor to Lender, including without
limitation a guaranty of all or part of the Note.

Hazardous Substances. The words "Hazardous Substances" mean materials that,
because of their quantity, concentration or physical, chemical or infectious
characteristics, may cause or pose a present or potential hazard to human health
or the environment when improperly used, treated, stored, disposed of,
generated, manufactured, transported or otherwise handled. The words "Hazardous
Substances" are used in their very broadest sense and include without limitation
any and all hazardous or toxic substances, materials or waste as defined by or
listed under the Environmental Laws. The term "Hazardous Substances" also
includes, without limitation, petroleum and petroleum by-products or any
fraction thereof and asbestos.

Indebtedness. The word "indebtedness" means and includes without limitation all
Loans, together with all other obligations, debts and liabilities of Borrower to
Lender, or any one or more of them, as well as all claims by Lender against
Borrower, or any one or more of them; whether now or hereafter existing,
voluntary or involuntary, due or not due, absolute or contingent, liquidated or
unliquidated; whether Borrower may be liable individually or jointly with
others; whether Borrower may be obligated as a guarantor, surety, or otherwise;
whether recovery upon such indebtedness may be or hereafter may become barred by
any statute of limitations; and whether such indebtedness may be or hereafter
may become otherwise unenforceable. Lender. The word "Lender" means ZIONS FIRST
NATIONAL BANK, its successors and assigns. Loan. The word "Loan" means any and
all loans and financial accommodations from Lender to Borrower whether now or
hereafter existing, and however evidenced, including without limitation those
loans and financial accommodations described herein or described on any exhibit
or schedule attached to this Agreement from time to time.

Note. The word "Note" means the Note executed by VIDEO INTERNET BROADCASTING
CORPORATION in the principal amount of $1,500,000.00 dated July 1, 2004,
together with all renewals of, extensions of, modifications of, refinancings of,
consolidations of, and substitutions for the note or credit agreement. Permitted
Liens. The words "Permitted Liens" mean (1) liens and security interests
securing Indebtedness owed by Borrower to Lender; (2) liens for taxes,
assessments, or similar charges either not yet due or being contested in good
faith; (3) liens of material men, mechanics, warehousemen, or carriers, or other
like liens arising in the ordinary course of business and securing obligations
which are not yet delinquent; (4} purchase money liens or purchase money
security interests upon or in any property acquired or held by Borrower in the
ordinary course of business to secure indebtedness outstanding on the date of
this Agreement or permitted to be incurred under the paragraph of this Agreement
titled "Indebtedness and liens"; 15i liens and security interests which, as of
the date of this Agreement, have been disclosed to and approved by the Lender in
writing; and (6) those liens and security interests which in the aggregate
constitute an immaterial and insignificant monetary amount with respect to the
net value of Borrower's assets. Primary Credit Facility. The words "Primary
Credit Facility" mean the credit facility described in the Line of Credit
section of this Agreement.

Related Documents. The words "Related Documents" mean all promissory notes,
credit agreements, loan agreements, environmental agreements, guaranties,
security agreements, mortgages, deeds of trust, security deeds, collateral
mortgages, and all other instruments, agreements and documents, whether now or
hereafter existing, executed in connection with the Loan.

Security Agreement. The wards "Security Agreement" mean and include without
limitation any agreements, promises, covenants, arrangements, understandings or
other agreements, whether created by law, contract, or otherwise, evidencing,
governing, representing, or creating a Security Interest,

Security Interest. The words "Security Interest" mean, without limitation, any
and all types of collateral security, present and future, whether in the form of
a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment,
pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel
trust, factor's lien, equipment trust, conditional sale, trust receipt, lien or
title retention contract, lease or consignment intended as a security device, or
any other security or lien interest whatsoever whether created by law, contract,
or otherwise.

FINAL AGREEMENT. Borrower understands that this Agreement and the related loan
documents are the final expression of the agreement between Lender and Borrower
and may not be contradicted by evidence of any alleged oral agreement.

BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN
AGREEMENT (ASSET BASED} AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN
AGREEMENT (ASSET BASED) IS DATED JULY 1, 2004,

BORROWER:                                           LENDER:
                                                    ZIONS FIRST NATIONAL BANK
________________________________________            By: /s/ Melissa Combs
 Authorized Signer
W. KELLY RYAN, President
VIDEO INTERNET BROADCASTING CORPORA ION

<PAGE>

Borrower: VIDEO INTERNET BROADCASTING CORPORATION
175 SOUTH MAIN STREET, STE 1210
SALT LAKE CITY, UT 84111

ZIONS FIRST NATIONAL BANK PROVO REGION
111 NORTH 200 WEST
PROVO, UT 84601

<PAGE>

Principal Amount: S1,500,000.00 Initial Rate: 6.250% Date of Note: July 1, 2004
PROMISE TO PAY. VIDEO INTERNET BROADCASTING CORPORATION ("Borrower") promises to
pay to ZIONS FIRST NATIONAL BANK ("Lender"), or order, in lawful money of the
United States of America, the principal amount of One Million Five Hundred
Thousand & 001100 Dollars 01,500,000.00) or so much as may be outstanding,
together with interest on the unpaid outstanding principal balance of each
advance. Interest shall be calculated from the date of each advance until
repayment of each advance.

PAYMENT. Borrower will pay this loan in one payment of all outstanding principal
plus all accrued unpaid interest on June 11, 2005. In addition, Borrower will
pay regular monthly payments of all accrued unpaid interest due as of each
payment date, beginning July 11, 2004, with all subsequent interest payments to
be due on the same day of each month after that. Unless otherwise agreed or
required by applicable law, payments will be applied first to any accrued unpaid
interest: then to principal: and then to any unpaid collection costs. The annual
interest rate for this Note is computed on a 3651360 basis; that is, by applying
the ratio of the annual interest rate over a year of 360 days, multiplied by the
outstanding principal balance, multiplied by the actual number of days the
principal balance is outstanding. Borrower will pay Lender at Lender's address
shown above or at such other place as Lender may designate in writing. VARIABLE
INTEREST RATE. The interest rate on this Note is subject to change from time to
time based on changes in an independent index which is the Prime Rate. Prime
Rate is to be strictly interpreted and is not intended to serve any purpose
other than providing an index to determine the variable interest rate used
herein. It is not the lowest rate at which Zions First National Bank may make
loans to any of its customers, either now or in the future. Prime Rate means an
index which is determined daily by the published commercial loan variable rate
index held by any two of the following banks: J.P. Morgan Chase & Co., Wells
Fargo Bank N.A., and Bank of America N.A. In the event no two of the above banks
have the same published rate, the bank having the median rate will establish the
Prime Rate (the "Index"). The Index is not necessarily the lowest rate charged
by Lender on its loans. If the Index becomes unavailable' during the term of
this loan, Lender may designate a substitute index after notice to Borrower.
Lender will tell Borrower the current Index rate upon Borrower's request. The
interest rate change will not occur more often than each Day. Borrower
understands that Lender may make loans based on other rates as well. The Index
currently is 4.250% per annum. The interest rate to be applied to the unpaid
principal balance of this Note will be at a rate of 2.000 percentage points over
the Index, resulting in an initial rate of 6.250% per annum. NOTICE: Under no
circumstances will the interest rate on this Note be more than the maximum rate
allowed by applicable law.

PREPAYMENT. Borrower agrees that all loan fees and other prepaid finance charges
are earned fully as of the date of the loan and will not be subject to refund
upon early payment (whether voluntary or as a result of default), except as
otherwise required by law. Except for the foregoing, Borrower may pay without
penalty all or a portion of the amount owed earlier than it is due. Early
payments will not, unless agreed to by Lender in writing, relieve Borrower of
Borrower's obligation to continue to make payments of accrued unpaid interest.
Rather, early payments will reduce the principal balance due. Borrower agrees
not to send Lender payments marked "paid in full", "without recourse", or
similar language. If Borrower sends such a payment, Lender may accept it without
losing any of Lender's rights under this Note, and Borrower will remain
obligated to pay any further amount owed to Lender. All written communications
concerning disputed amounts, including any check or other payment instrument
that indicates that the payment constitutes "payment in full" of the amount owed
or that is tendered with other conditions or limitations or as full satisfaction
of a disputed amount must be mailed or delivered to: Zions First National Bank,
P.O. Box 25822 Salt Lake City, UT 84125-0822.

INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final
maturity, Lender, at its option, may, if permitted under applicable law,
increase the variable interest rate on this Note to 5.000 percentage points over
the Index. The interest rate will not exceed the maximum rate permitted by
applicable law.

DEFAULT. Each of the following shall constitute an event of default ("Event of
Default") under this Note: Payment Default. Borrower fails to make any payment
when due under this Note.

         Other Defaults. Borrower fails to comply with or to perform any other
         term, obligation, covenant or condition contained in this Note or in
         any of the related documents or to comply with or to perform any term,
         obligation, covenant or condition contained in any other agreement
         between Lender and Borrower.

         Default in Favor of Third Parties. Borrower or any Grantor defaults
         under any loan, extension of credit, security agreement, purchase or
         sales agreement, or any other agreement, in favor of any other creditor
         or person that may materially affect any of Borrower's property or
         Borrower's ability to repay this Note or perform Borrower's obligations
         under this Note or any of the related documents. False Statements. Any
         warranty, representation or statement made or furnished to Lender by
         Borrower or on Borrower's behalf under this Note or the related
         documents is false or misleading in any material respect, either now or
         at the time made or furnished or becomes false or misleading at any
         time thereafter.

         Insolvency. The dissolution or termination of Borrower's existence as a
         going business, the insolvency of Borrower, the appointment of a
         receiver for any part of Borrower's property, any assignment for the
         benefit of creditors, any type of creditor workout, or the commencement
         of any proceeding under any bankruptcy or insolvency laws by or against
         Borrower. Creditor or Forfeiture Proceedings. Commencement of
         foreclosure or forfeiture proceedings, whether by judicial proceeding,
         self-help, repossession or any other method, by any creditor of
         Borrower or by any governmental agency against any collateral securing
         the Joan. This includes a garnishment of any of Borrower's accounts,
         including deposit accounts, with Lender. However, this Event of Default
         shall not apply if there is a good faith dispute by Borrower as to the
         validity or reasonableness of the claim which is the basis of the
         creditor or forfeiture proceeding end if Borrower gives Lender written
         notice of the creditor or forfeiture proceeding and deposits with
         Lender monies or a surety bond for the creditor or forfeiture
         proceeding, in an amount determined by Lender, in its sole discretion,
         as being an adequate reserve or bond for the dispute.

         Events Affecting Guarantor. Any of the preceding events occurs with
         respect to any Guarantor of any of the indebtedness or any Guarantor
         dies or becomes incompetent, or revokes or disputes the validity of, or
         liability under, any guaranty of the indebtedness evidenced by this
         Note. In the event of a death, Lender, at its option, may, but shall
         not be required to, permit the Guarantor's estate to assume
         unconditionally the obligations arising under the guaranty in a manner
         satisfactory to Lender, and, in doing so, cure any Event of Default.

         Change In Ownership, Any change in ownership of twenty-five percent
         (25%) or more of the common stock of Borrower. Adverse Change. A
         material adverse change occurs in Borrower's financial condition, or
         Lender believes the prospect of payment or performance of this Note is
         impaired. Insecurity. Lender in good faith believes itself insecure.

         Cure Provisions. If any default, other than a default in payment is
         curable and if Borrower has not been given a notice of a breach of the
         same provision of this Note within the preceding twelve (12) months, it
         may be cured if Borrower, after receiving written notice from Lender
         demanding cure of such default: f1) cures the default within fifteen
         (15) days; or (2) if the cure requires more than fifteen (15) days,
         immediately initiates steps which Lender deems in Lender's sole
         discretion to be sufficient to cure the default and thereafter
         continues and completes all reasonable and necessary steps sufficient
         to produce compliance as soon as reasonably practical.

LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal
balance on this Note and all accrued unpaid interest immediately due, and then
Borrower will pay that amount. ATTORNEYS' FEES; EXPENSES. Lender may hire or pay
someone else to help collect this Note if Borrower does not pay. Borrower will
pay Lender that amount. This includes, subject to any limits under applicable
law, Lender's reasonable attorneys' fees and Lender's legal expenses, whether or
not there is a lawsuit, including without limitation all reasonable attorneys'
fees and legal expenses for bankruptcy proceedings (including efforts to modify
or vacate any automatic stay or injunction), and appeals. If not prohibited by
applicable law, Borrower also will pay any court costs, in addition to all other
sums provided by law. GOVERNING LAW. This Note will be governed by, construed
and enforced in accordance with federal law and the laws of the State of Utah.
This Note has been accepted by Lender in the State of Utah. CHOICE OF VENUE. If
there is a lawsuit, Borrower agrees upon Lender's request to submit to the
jurisdiction of the courts of SALT LAKE County, State of Utah.

DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $15.00 if Borrower
makes a payment on Borrower's loan and the check or preauthorized charge with
which Borrower pays is later dishonored. RIGHT OF SETOFF. To the extent
permitted by applicable law, Lender reserves a right of setoff in all Borrower's
accounts with Lender (whether checking, savings, or some other account). This
includes all accounts Borrower holds jointly with someone else and all accounts
Borrower may open in the future. However, this does not include any IRA or Keogh
accounts, or any trust accounts for which setoff would be prohibited by law.
Borrower authorizes Lender, to the extent permitted by applicable law, to charge
or setoff all sums owing on the indebtedness against any and all such accounts,
and, at Lender's option, to administratively freeze all such accounts to allow
Lender to protect Lender's charge and setoff rights provided in this paragraph.
LINE OF CREDIT. This Note evidences a revolving line of credit. Advances under
this Note may be requested either orally or in writing by Borrower or as
provided in this paragraph. Lender may, but need not, require that all oral
requests be confirmed in writing. All communications, instructions, or
directions by telephone or otherwise to Lender are to be directed to Lender's
office shown above. The following person currently is authorized to request
advances and authorize payments under the line of credit until Lender receives
from Borrower, at Lender's address shown above, written notice of revocation of
his or her authority: W. KELLY RYAN, President of VIDEO INTERNET BROADCASTING
CORPORATION. Borrower agrees to be liable for all sums either: (A) advanced in
accordance with the instructions of an authorized person or (BI credited to any
of Borrower's accounts with Lender. The unpaid principal balance owing on this
Note at any time may be evidenced by endorsements on this Note or by Lender's
internal records, including daily computer print-outs. Lender will have no
obligation to advance funds under this Note if: (A) Borrower or any guarantor is
in default under the terms of this Note or any agreement that Borrower or any
guarantor has with Lender, including any agreement made in connection with the
signing of this Note; (B) Borrower or any guarantor ceases doing business or is
insolvent; (C) any guarantor seeks, claims or otherwise attempts to limit,
modify or revoke such guarantor's guarantee of this Note or any other loan with
Lender; (D) Borrower has applied funds provided pursuant to this Note for
purposes other than those authorized by Lender; or (E) Lender in good faith
believes itself insecure.

ARBITRATION DISCLOSURES.

1. ARBITRATION IS FINAL AND BINDING ON THE PARTIES AND SUBJECT TO ONLY VERY
   LIMITED REVIEW BY A COURT.

2. IN ARBITRATION THE PARTIES ARE WAIVING THEIR RIGHT TO LITIGATE IN COURT,
   INCLUDING THEIR RIGHT TO A JURY TRIAL.

3. DISCOVERY IN ARBITRATION IS MORE LIMITED THAN DISCOVERY IN COURT.

4. ARBITRATORS ARE NOT REQUIRED TO INCLUDE FACTUAL FINDINGS OR LEGAL REASONING
   IN THEIR AWARDS. THE RIGHT TO APPEAL OR SEEK MODIFICATION OF ARBITRATORS'
   RULINGS IS VERY LIMITED.

5. A PANEL OF ARBITRATORS MIGHT INCLUDE AN ARBITRATOR WHO IS OR WAS AFFILIATED
   WITH THE BANKING INDUSTRY.

6. ARBITRATION WILL APPLY TO ALL DISPUTES BETWEEN THE PARTIES, NOT JU.ST THOSE
   CONCERNING THE AGREEMENT.

7. IF YOU HAVE QUESTIONS ABOUT ARBITRATION, CONSULT YOUR ATTORNEY OR THE
AMERICAN ARBITRATION ASSOCIATION. la) Any claim or controversy ("Dispute")
between or among the parties and their employees, agents, affiliates, and
assigns, including, but not limited to, Disputes arising out of or relating to
this agreement, this arbitration provision ("arbitration clause'), or any
related agreements or instruments relating hereto or delivered in connection
herewith ("Related Agreements"), and including, but not limited to, a Dispute
based on or arising from an alleged tort, shall at the request of any party be
resolved by binding arbitration in accordance with the applicable arbitration
rules of the American Arbitration Association (the 'Administrator"). The
provisions of this arbitration clause shall survive any termination, amendment,
or expiration of this agreement or Related Agreements. The provisions of this
arbitration clause shall supersede any prior arbitration agreement between or
among the parties. (b) The arbitration proceedings shall be conducted in a city
mutually agreed by the parties. Absent such an agreement, arbitration will be
conducted in Salt Lake City, Utah or such other place as may be determined by
the Administrator. The Administrator and the arbitrator{s) shall have the
authority to the extent practicable to take any action to require the
arbitration proceeding to be completed and the arbitrator(s)' award issued
within 150 days of the filing of the Dispute with the Administrator. The
arbitrator(s) shall have the authority to impose sanctions on any party that
fails to comply with time periods imposed by the Administrator or the
arbitrator(s), including the sanction of summarily dismissing any Dispute or
defense with prejudice. The arbitrator(s) shall have the authority to resolve
any Dispute regarding the terms of this agreement, this arbitration clause, or
Related Agreements, including any claim or controversy regarding the
arbitrability of any Dispute. All limitations periods applicable to any Dispute
or defense, whether by statute or agreement, shall apply to any arbitration
proceeding hereunder and the arbitrator(s) shall have the authority to decide
whether any Dispute or defense is barred by a limitations period and, if so, to
summarily enter an award dismissing any Dispute or defense on that basis. The
doctrines of compulsory counterclaim, res judicata, and collateral estoppel
shall apply to any arbitration proceeding hereunder so that a party must state
as a counterclaim in the arbitration proceeding any claim or controversy which
arises out of the transaction or occurrence that is the subject matter of the
Dispute. The arbitrator(s) may in the arbitrator(s)' discretion and at the
request of any party: (1) consolidate in a single arbitration proceeding any
other claim arising out of the same transaction involving another party to that
transaction that is bound by an arbitration clause with Lender, such as
borrowers, guarantors, sureties, and owners of collateral; and (2) consolidate
or administer multiple arbitration claims or controversies as a class action in
accordance with Rule 23 of the Federal Rules of Civil Procedure.

          (C) The arbitrator(s) shall be selected in accordance with the rules
          of the Administrator from panels maintained by the Administrator. A
          single arbitrator shall have expertise in the subject matter of the
          Dispute. Where three arbitrators conduct an arbitration proceeding,
          the Dispute shall be decided by a majority vote of the three
          arbitrators, at least one of whom must have expertise in the subject
          matter of the Dispute and at least one of whom must be a practicing
          attorney. The arbitrators) shall award to the prevailing party
          recovery of all costs and fees {including attorneys' fees and costs,
          arbitration administration fees and costs, and arbitrator(s)' fees).
          The arbitrator{s), either during the pendency of the arbitration
          proceeding or as part of the arbitration award, also may grant
          provisional or ancillary remedies including but not limited to an
          award of injunctive relief, foreclosure, sequestration, attachment,
          replevin, garnishment, or the appointment of a receiver. (d) Judgment
          upon an arbitration award may be entered in any court having
          jurisdiction, subject to the following limitation: the arbitration
          award is binding upon the parties only if the amount does not exceed
          Four Million Dollars ($4,000,000.00); if the award exceeds that limit,
          either party may demand the right to a court trial. Such a demand must
          be filed with the Administrator within thirty (30) days following the
          date of the arbitration award; if such a demand is not made with that
          time period, the amount of the arbitration award shall be binding. The
          computation of the total amount of an arbitration award shall include
          amounts awarded for attorneys' fees and costs, arbitration
          administration fees and costs, and arbitrator(s)' fees.
          (a) No provision of this arbitration clause, nor the exercise of any
          rights hereunder, shall limit the right of any party to: (1)
          judicially or non-judicially foreclose against any real or personal
          property collateral or other security; (2) exercise self-help
          remedies, including but not limited to repossession and setoff rights;
          or (3) obtain from a court having jurisdiction thereover any
          provisional or ancillary remedies including but not limited to
          injunctive relief, foreclosure, sequestration, attachment, replevin,
          garnishment, or the appointment of a receiver. Such rights can be
          exercised at any time, before or after initiation of an arbitration
          proceeding, except to the extent such action is contrary to the
          arbitration award. The exercise of such rights shall not constitute a
          waiver of the right to submit any Dispute to arbitration, and any
          claim or controversy related to the exercise of such rights shall be a
          Dispute to be resolved under the provisions of this arbitration
          clause. Any party may initiate arbitration with the Administrator. If
          any party desires to arbitrate a Dispute asserted against such party
          in a complaint, counterclaim, cross-claim, or third-party complaint
          thereto, or in an answer or other reply to any such pleading, such
          party must make an appropriate motion to the trial court seeking to
          compel arbitration, which motion must be filed with the court within
          45 days of service of the pleading, or amendment thereto, setting
          forth such Dispute. If arbitration is compelled after commencement of
          litigation of a Dispute, the party obtaining an order compelling
          arbitration shall commence arbitration and pay the Administrator's
          filing fees and costs within 45 days of entry of such order. Failure
          to do so shall constitute an agreement to proceed with litigation and
          waiver of the right to arbitrate. In any arbitration commenced by a
          consumer regarding a consumer Dispute, Lender shall pay one half of
          the Administrator's filing fee, up to $250. (f) Notwithstanding the
          applicability of any other law to this agreement, the arbitration
          clause, or Related Agreements between or among the parties, the
          Federal Arbitration Act, 9 U.S.C. Section 1 et seq., shall apply to
          the construction and interpretation of this arbitration clause. If any
          provision of this arbitration clause should be determined to be
          unenforceable, all other provisions of this arbitration clause shall
          remain in full force and effect.

SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and
upon Borrower's heirs, personal representatives, successors and assigns, and
shall inure to the benefit of Lender and its successors and assigns.

GENERAL PROVISIONS. Lender may delay or forgo enforcing any of its rights or
remedies under this Note without losing them. Borrower and any other person who
signs, guarantees or endorses this Note, to the extent allowed by law, waive
presentment, demand for payment, and notice of dishonor. Upon any change in the
terms of this Note, and unless otherwise expressly stated in writing, no party
who signs this Note, whether as maker, guarantor, accommodation maker or
endorser, shall be released from liability. All such parties agree that Lender
may renew or extend (repeatedly and for any length of time) this loan or release
any party or guarantor or collateral; or impair, fail to realize upon or perfect
Lender's security interest in the collateral; and take any other action deemed
necessary by Lender without the consent of or notice to anyone. All such parties
also agree that Lender may modify this loan without the consent of or notice to
anyone other than the party with whom the modification is made. The obligations
under this Note are joint and several.

PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF
THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO
THE TERMS OF THE NOTE.

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS
PROMISSORY NOTE.

BORROWER:
VIDEO INTERN BROADCASTING CORPORATION

By: /s/W.KellyRyan
-----------------------
W. KELLY RYAN,
President of VIDEO

INTERNET BROADCASTING CORPORATIONExhibit 10.15

THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER
ANY STATE SECURITIES LAWS. THEY ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY
AND RESALE AND MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT
THERETO UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT ANY PROPOSED TRANSFER OR
RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

                                     $25,920

                       SECURED CONVERTIBLE PROMISSORY NOTE

                                       OF

                             FARADAY FINANCIAL, INC.

                                       AND

                     VIDEO INTERNET BROADCASTING CORPORATION

Up to $25,920                                     Dated as of September 16, 2004
                                                                    Lindon, Utah

         Faraday Financial, Inc., a Delaware corporation ("Faraday") and Video
Internet Broadcasting Corporation, a Washington corporation ("VIBC" and,
together with Faraday, the "Companies"), for value received, hereby jointly and
severally promise to pay to the order of The Canopy Group, Inc., a Utah
corporation (the "Noteholder"), at 333 South 520 West, Suite 300, Lindon, Utah
84042, or its assigns, the sum of Twenty-Five Thousand Nine Hundred and Twent
Dollars ($25,920), or such other greater or lesser amount as may be outstanding,
plus interest accrued on outstanding principal, compounded annually, and
calculated from the date of this secured convertible promissory note (this
"Note") at a rate of nine percent (9%) per annum until the principal amount
hereof and all interest accrued thereon is paid (or converted, as provided in
Section 2 hereof); provided, however, that in the event of an Event of Default
pursuant to Section 8, below, interest shall accrue at a rate of eighteen
percent (18%) per annum or, if such rate is prohibited by applicable law, the
highest interest rate permitted by applicable law. The outstanding principal
amount of this Note, and all interest accrued thereon, shall be payable at the
principal offices of Noteholder or by mail to the registered address of the
holder of this Note (unless this Note shall have been previously converted
pursuant to Section 2 hereof or as provided otherwise in this Note) on the
earliest to occur of (i) August 2005 (the "Maturity Date"), (ii) an uncured
default under this Note in accordance with Section 8 below, (iii) an Event of
Default as that term is defined in the Security Agreement (as defined in Section
9 below) executed herewith or (iv) the date that Faraday closes a Next Equity
Financing (as defined in Section 1.5 below), unless this Note shall have been
previously converted pursuant to Section 2 hereof or as provided otherwise in
this Note.

         The following is a statement of the rights of the holder of this Note
and the conditions to which this Note is subject, and to which the holder
hereof, by the acceptance of this Note, agrees:

         1. Definitions. The following definitions shall apply for all purposes
of this Note:

                  1.1 "Faraday" shall mean Faraday as defined above and includes
any corporation which shall succeed to or assume the obligations of Faraday
under this Note.

                  1.2 "Change of Control Transaction" shall mean a merger,
acquisition, or other business combination in which fifty percent (50%) or more
of Faraday's outstanding voting stock is transferred to different holders in a
single transaction or a series of related transactions.

                  1.3 "Conversion Date" shall mean the date on which, pursuant
to Sections 2 and 3 hereof, the Noteholder exercises its right to convert this
Note into the Conversion Stock at the Note Conversion Price.

                  1.4 "Conversion Stock" shall mean either of the following at
the election of Noteholder (i) if Faraday has issued any capital stock (the
"Capital Stock") in a Next Equity Financing on or before the Maturity Date, then
the shares of such series of Capital Stock or (ii) shares of Faraday's Common
Stock, or such other series of Faraday's capital stock acceptable to Noteholder.
The number and character of shares of Conversion Stock are subject to adjustment
as provided herein and the term "Conversion Stock" shall include shares and
other securities and property at any time receivable or issuable upon conversion
of this Note in accordance with its terms.

                  1.5 "Next Equity Financing" shall mean any preferred stock
equity financing or financings which occur after the date hereof and on or prior
to the Maturity Date in which the gross proceeds received by Faraday meet or
exceed $1,000,000.

                  1.6 "Note Conversion Price" shall equal (i) the price per
share paid by investors in a Next Equity Financing or (ii) if no Next Equity
Financing has taken place, the lowest exercise price for any options granted to
employees before the Maturity Date.

                  1.7 "Noteholder," "holder," or similar terms, when the context
refers to a holder of this Note, shall mean any person who shall at the time be
the registered holder of this Note.

         2. Conversion.

                  2.1 (a) Conversion of Note. At any time prior to payment in
full of the outstanding principal balance of this Note, plus accrued interest
hereunder, Noteholder shall have the right, at the holder's option, to convert
the outstanding principal and accrued interest on this Note, in whole or in
part, into Conversion Stock at the Note Conversion Price. Conversion under this
Section 2 shall occur only upon surrender of this Note for conversion at the
principal offices of Faraday.

                  (b) Prepayment of Note. This Note may be prepaid in full or in
part at any time without penalty upon fifteen (15) days written notice to
Noteholder; provided, however, Noteholder shall have no obligation to accept any
payment less than the entire principal balance, plus accrued interest.

                  2.2 Certain Transactions. Faraday shall give written notice to
the Noteholder of any Change of Control Transaction at least fifteen (15)
business days prior to the date on which such Change of Control Transaction
shall become effective ("Transaction Effective Date"). Prior to or
contemporaneous with the closing of such Change of Control Transaction, Faraday
shall, at Noteholder's election either (i) repay all unpaid principal and
interest under this Note, or (ii) convert this Note into Conversion Stock at the
Note Conversion Price; provided Noteholder delivers notice to Faraday of its
election under subclause (i) or (ii), above, not less than three (3) business
days prior to the Transaction Effective Date.

         3. Issuance of Conversion Stock. As soon as practicable after
conversion of this Note, Faraday will (i) at its expense, cause to be issued in
the name of and delivered to the holder of this Note, a certificate or
certificates for the number of shares of Conversion Stock to which the holder
shall be entitled upon such conversion (bearing such legends as may be required
by applicable state and federal securities laws in the opinion of legal counsel
of Faraday and as may be provided for in any applicable contracts between the
Holder and Faraday), together with any other securities and property to which
the holder is entitled upon such conversion under the terms of this Note; and
(ii) execute and deliver to Noteholder a stock purchase agreement, in a form
mutually acceptable to Noteholder and Faraday. Such conversion shall be deemed
to have been made (A) under Section 2 above and (B) immediately prior to the
close of business on the date that the Note shall have been surrendered for
conversion. No fractional shares will be issued upon conversion of this Note. If
upon any conversion of this Note a fraction of a share would otherwise result,
then, in lieu of such fractional share, Faraday will pay the cash value of that
fractional share, calculated on the basis of the applicable Note Conversion
Price.

         4. Adjustments and Reservation of Shares. The number and character of
shares of Conversion Stock issuable upon conversion of this Note (or any shares
of stock or other securities or property at the time receivable or issuable upon
conversion of this Note) are subject to adjustment upon the occurrence of any of
the following events:

                  4.1 Adjustment for Stock Splits, Stock Dividends,
Recapitalizations, etc. In the event that Faraday shall fix a record date for
the determination of holders of securities affected by any stock split, stock
dividend, reclassification, recapitalization or other similar event that will,
in the future, affect the number of outstanding shares of Faraday's capital
stock, then, and in each such case, the Noteholder, upon conversion of this Note
at any time after Faraday shall fix the record date for such event, shall
receive, in addition to the shares of Conversion Stock issuable upon conversion
on the Conversion Date, the right to receive the securities of Faraday to which
such holder would have been entitled if such holder had converted this Note
immediately prior to such record date (all subject to further adjustment as
provided in this Note).

                  4.2 Adjustment for Dividends and Distributions. In the event
that Faraday shall make or issue, or shall fix a record date for the
determination of eligible holders of securities entitled to receive, a dividend
or other distribution payable with respect to the Conversion Stock (or any
shares of stock or other securities at the time issuable upon conversion of this
Note) that is payable in (a) securities of Faraday other than capital stock or
(b) any other assets, then, and in each such case, the Noteholder, upon
conversion of this Note at any time after the consummation, effective date or
record date of such event, shall receive, in addition to the shares of
Conversion Stock (or such other stock or securities) issuable upon such
conversion prior to such date, the securities or such other assets of Faraday to
which such holder would have been entitled upon such date if such holder had
converted this Note immediately prior thereto (all subject to further adjustment
as provided in this Note).

                  4.3 Adjustment for Reorganization, Consolidation, Merger. In
the event of any reorganization not considered a Change of Control Transaction
of Faraday (or any other corporation the stock or other securities of which are
at the time receivable upon the conversion of this Note) after the date of this
Note, or in the event, after such date, Faraday (or any such corporation) shall
consolidate with or merge into another corporation or convey all or
substantially all of its assets to another corporation where such transaction is
not considered a Change of Control Transaction, then, and in each such case, the
Noteholder, upon the conversion of this Note (as provided in Section 2) at any
time after the consummation of such reorganization, consolidation, merger or
conveyance, shall be entitled to receive, in lieu of the stock or other
securities and property receivable upon the conversion of this Note prior to
such consummation, the stock or other securities or property to which such
Noteholder would have been entitled upon the consummation of such
reorganization, consolidation, merger or conveyance if such holder had converted
this Note immediately prior thereto, all subject to further adjustment as
provided in this Section 4, and the successor or purchasing corporation in such
reorganization, consolidation, merger or conveyance (if other than Faraday)
shall duly execute and deliver to the Noteholder a supplement hereto
acknowledging such corporation's obligations under this Note. In each such case,
the terms of the Note shall be applicable to the shares of stock or other
securities or property receivable upon the conversion of this Note after the
consummation of such reorganization, consolidation, merger or conveyance.

                  4.4 Conversion of Stock. In the event that all of the
authorized Conversion Stock of Faraday is converted, pursuant to Faraday's
Certificate of Incorporation, into other capital stock or securities or
property, or the Conversion Stock otherwise ceases to exist, then the
Noteholder, upon conversion of this Note at any time after the date on which the
Conversion Stock is so converted or ceases to exist (the "Termination Date"),
shall receive, in lieu of the number of shares of Conversion Stock that would
have been issuable upon such conversion immediately prior to the Termination
Date (the "Former Number of Shares of Conversion Stock"), the stock and other
securities and property to which such Noteholder would have been entitled to
receive upon the Termination Date if such holder had converted this Note with
respect to the Former Number of Shares of Conversion Stock immediately prior to
the Termination Date (all subject to further adjustment as provided in this
Note).

                  4.5 Notice of Adjustments. Faraday shall promptly give written
notice of each adjustment or readjustment of the number of shares of Conversion
Stock or other securities issuable upon conversion of this Note, by first class
mail, postage prepaid, to the registered holder of this Note at the holder's
address as shown on Faraday's books. The notice shall describe the adjustment or
readjustment and show in reasonable detail the facts on which the adjustment or
readjustment is based.

                  4.6 No Change Necessary. The form of this Note need not be
changed because of any adjustment in the number of shares of Conversion Stock
issuable upon its conversion.

                  4.7 Reservation of Stock. Faraday will, as soon as
practicable, but in any event within fifteen (15) days of the date of this Note,
take all necessary corporate action and obtain all necessary government consents
and approvals to authorize the issuance of this Note and, prior to the
conversion hereof, the shares of Conversion Stock issuable upon conversion of
this Note. If at any time the number of authorized but unissued Conversion Stock
or other securities shall not be sufficient to effect the conversion of this
Note, then Faraday will take such corporate action as may, in the opinion of its
legal counsel, be necessary to increase its authorized but unissued Conversion
Stock or other securities to such number of shares of Conversion Stock or other
securities as shall be sufficient for such purpose.

         5. Fully Paid Shares. All shares of Conversion Stock issued upon the
conversion of this Note shall be validly issued, fully paid and non-assessable.

         6. No Rights or Liabilities as Stockholder. This Note does not by
itself entitle the Noteholder to any voting rights or other rights as a
stockholder of Faraday. In the absence of conversion of this Note, no provisions
of this Note, and no enumeration herein of the rights or privileges of the
holder, shall cause such holder to be a stockholder of Faraday for any purpose.

         7. Corporate Action; No Impairment. Neither of the Companies will, by
amendment of its Certificate of Incorporation or bylaws, or through
reorganization, consolidation, merger, dissolution, issue or sale of securities,
repurchase of securities, sale of assets or any other action, avoid or seek to
avoid the observance or performance of any of the terms of this Note, but will
at all times in good faith assist in the carrying out of all such terms and in
the taking of all such action as may be necessary or appropriate in order to
protect the rights of the Noteholder under this Note against wrongful
impairment. Neither of the Companies shall, without the prior written consent of
the Noteholder, amend its Certificate of Incorporation or issue any capital
stock or options to purchase any capital stock of either of the Companies;
provided, however, that each of the Companies may, without prior consent of
Noteholder, (i) issue capital stock and options to employees, directors,
officers, and consultants pursuant to the terms of such Company's employee
incentive or other stock option plan as approved by the Board of Directors of
such Company, and (ii) issue capital stock under currently outstanding options,
warrants and convertible instruments.

         8. Default. Five (5) days after written notice from Noteholder to the
Companies for monetary defaults and ten (10) days after written notice from
Noteholder to the Companies for non-monetary defaults, if such defaults are not
cured within such five (5) day or ten day (10) periods, respectively, each of
the following shall constitute an event of default ("Event of Default") under
this Agreement:

                  a. Default in Payment. If Faraday and VIBC fail to make any
payment due and payable under the terms of this Note, the Security Agreement
(referred to in Section 9, below) or any other document executed in connection
therewith.

                  b. Representations and Warranties. If any of the
representations and warranties made by Faraday or VIBC under this Note, the
Security Agreement or any other document executed in connection therewith shall
be false or misleading in any material respect when made.

                  c. Covenants. If Faraday or VIBC shall be in material default
under any of the material terms, covenants, conditions, or obligations under
this Note, the Security Agreement or any other document executed in connection
therewith.

                  d. Dissolution. If Faraday or VIBC is dissolved, suspends its
normal business operations or otherwise fails to continue to operate its
business in the ordinary course.

                  e. Receiver. If a receiver, trustee, or custodian is appointed
for any part of the Collateral (as that term is defined in the Security
Agreement), or any part of the Collateral is assigned for the benefit of
creditors.

                  f. Impairment to Lien. If at any time the Security Agreement
or any other document executed in connection therewith creating a lien on any of
the Collateral may be impaired by any material lien, encumbrance or other defect
other than the Permitted Liens (as that term is defined in the Security
Agreement).

                  g. Inconsistent Transfer. If at any time Faraday transfers an
interest in any of the Collateral contrary to the provisions of the Security
Agreement without the prior written consent of Noteholder, other than in the
ordinary course of business.

                  h. Bankruptcy; Insolvency. If a petition in bankruptcy is
filed against Faraday or VIBC, and such petition is not dismissed within sixty
(60) days of filing, a petition in bankruptcy is filed by Faraday or VIBC or a
receiver, trustee or custodian of any part of the Collateral is appointed; or if
Faraday or VIBC files a petition for reorganization under any of the provisions
of the Bankruptcy Act or any law, State or Federal; or if Faraday or VIBC makes
an assignment for the benefit of creditors or is adjudged insolvent by any State
or Federal Court of competent jurisdiction; or if Faraday or VIBC is unable to
pay its debts as they become due.

                  i. Default Under Other Agreements. Notwithstanding the
five-day and ten-day cure periods provided for above, if Faraday or VIBC is in
breach under the terms of any other agreement with the Noteholder that has not
been cured in accordance with the terms of such agreement, such breach shall
constitute an Event of Default under this Note five (5) days after the date
allowed for cure, if any, of such breach under such other agreement.

In the event of an Event of Default under this Section 8, Noteholder shall, in
addition to any other remedies allowed by law, by written notice to the
Companies, be entitled to accelerate all unpaid principal and interest under
this Note. Waiver of any Event of Default will not constitute a waiver of any
other or subsequent Event of Default.

         9. Security Agreement. This Note is secured by a security interest in
certain collateral, which security interest was granted by Faraday to the
original holder of the Note pursuant to the terms of a certain security
agreement dated as of an even date herewith, (the "Security Agreement"), among
the original holder of the Note and Faraday.

         10. Waiver and Amendment. ANY PROVISION OF THIS NOTE MAY BE AMENDED,
WAIVED, MODIFIED, DISCHARGED OR TERMINATED ONLY WITH THE WRITTEN CONSENT OF
FARADAY, VIBC AND THE NOTEHOLDER.

         11. Assignment; Binding upon Successors and Assigns. Neither of the
Companies may assign any of its obligations hereunder without the prior written
consent of Noteholder. The terms and conditions of this Note shall inure to the
benefit of and be binding upon the successors and permitted assigns of the
parties.

         12. Waiver of Notice; Attorneys' Fees. Each of the Companies and all
endorsers of this Note hereby waive notice, demand, notice of nonpayment,
presentment, protest and notice of dishonor. If any action at law or in equity
is necessary to enforce this Note or to collect payment under this Note, the
Noteholder shall be entitled to recover, as an element of the costs of suit and
not as damages, reasonable attorneys' fees, costs and necessary disbursements in
addition to any other relief to which it may be entitled. Noteholder will be
entitled to recover its costs of suit, regardless of whether such suit proceeds
to final judgment.

         13. Construction of Note. The terms of this Note have been negotiated
by the Companies, the original holder of this Note and their respective
attorneys and the language hereof will not be construed for or against either of
the Companies or Noteholder. Unless otherwise explicitly set forth, a reference
to a Section will mean a Section in this Note. The titles and headings herein
are for reference purposes only and will not in any manner limit the
construction of this Note which will be considered as a whole.

         14. Notices. Any notice or other communication required or permitted to
be given under this Note shall be in writing, shall be delivered by hand or
overnight courier service, by certified mail, postage prepaid, or by facsimile,
and will be deemed given upon delivery, if delivered personally, one business
day after deposit with a national courier service for overnight delivery, or one
business day after transmission by facsimile with confirmation of receipt, and
three days after deposit in the mails, if mailed, to the following addresses:

                  (i) If to the Noteholder:

                           The Canopy Group, Inc.
                           333 South 520 West,
                           Suite 300
                           Lindon, Utah 84042
                           Attention:  President

                  (ii) If to Companies:

                           ______________________
                           ______________________
                           ______________________
                           Attention:  __________

or to such other address as may have been furnished to the other party in
writing pursuant to this Section 14, except that notices of change of address
shall only be effective upon receipt.

         15. Governing Law. This Note shall be governed by and construed under
the internal laws of the United States and the State of Utah as applied to
agreements among Utah residents entered into and to be performed entirely within
Utah, without reference to principles of conflict of laws or choice of laws.

         16. Line of Credit. This Note evidences a line of credit. Advances
under this Note may be requested orally by any officer or other authorized
person of VIBC. Noteholder may, but need not, require that all oral requests be
confirmed in writing. Upon VIBC's request for an advance, Noteholder shall
deliver such requested amount. Each of the Companies agree to be jointly and
severally liable for all sums advanced in accordance with the instructions of
VIBC's officers or authorized persons. The unpaid principal balance owing on
this Note at any time may be evidenced by endorsements on this note, or by a
Schedule attached to this note. Notwithstanding anything to the contrary
contained in this Note, in no event shall the total amount of principal
outstanding under this Note exceed $25,920 at any given time. Notwithstanding
anything to the contrary contained in this note, Noteholder may, for any reason
or no reason, refuse to make additional advances under this Note.

         17. Use of Proceeds. Advances under this Note shall be used by the
Companies to pay VIBC's lease payments under that certain Lease Agreement by and
between Canopy Properties, Inc. and VIBC dated September 16, 2004 (the "Lease
Agreement"). Faraday acknowledges that, as the parent company of VIBC, it
directly benefits from the extension of credit under this Note to VIBC for the
purpose of making such lease payments.

         18. Fees. The Companies shall pay to Noteholder Two Hundred Fifty
Dollars ($250) to reimburse Noteholder for any legal fees and expenses incurred
by Noteholder in connection with negotiating, documenting or consummating this
Note and the Security Agreement and any other documents related thereto.
Noteholder may withhold such amount out of the proceeds that give rise to this
Note.
                            [Signature Page Follows]

<PAGE>

IN WITNESS WHEREOF, each of the Companies has caused this Note to be signed in
its name as of the date first above written.

                                       FARADAY FINANCIAL, INC.

                                         By: /s/ Frank Gillen
                                         Name: Frank Gillen
                                         Its: President

                                       VIDEO INTERNET BROADCASTING CORPORATION

                                         By: /s/ W Kelly Ryan
                                         Name: W Kelly Ryan
                                         Its: CEO

<PAGE>

                               SECURITY AGREEMENT

THIS SECURITY AGREEMENT (the "Security Agreement") is entered into as of August
___, 2004, by and between Faraday Financial, Inc., a Delaware corporation
("Company"), and The Canopy Group, Inc., a Utah corporation ("Secured Party")

                                    RECITALS

                  A. Company has co-issued a Secured Convertible Promissory Note
in favor of Secured Party dated as of an even date herewith (the "Note"),
pursuant to which Secured Party has agreed to advance funds in accordance with
the Note.

                  B. The proceeds of the Note will be used to make lease
payments under the Lease Agreement (as that term is defined in the Note) for the
benefit of Video Internet Broadcasting Corporation ("VIBC"), a wholly-owned
subsidiary of Company.

                  C. Secured Party, as a condition to accepting the issuance of
the Note and advancing funds under the Note, has required that Company grant a
security interest in all of its assets to Secured Party.

                  D. As security for its repayment obligations under the Note
and in consideration of Secured Party making the Note available to the Company
and VIBC, Company has agreed to grant Secured Party a security interest in the
Collateral described below.

                  E. This Security Agreement together with the Note shall
collectively be referred to herein as the "Loan Documents." NOW, THEREFORE, to
that end and in consideration of the premises, covenants and agreements set
forth below, and the mutual benefits to be derived from this Security Agreement,
and other good and valuable consideration, the parties hereto agree as follows:

                  Security Interest. To secure the "Obligations" (as defined
below), Company hereby transfers, conveys, assigns, and grants to Secured Party
a security interest in all right, title and interest of Company in and to all of
Company's assets as of the date of this Security Agreement, and all proceeds,
and products therefrom and improvements and accessions thereto, including
without limiting the generality of the foregoing, the following items
(hereinafter, collectively, the "Collateral"):

         a. General Intangibles. All of Company's General Intangibles, now
existing or hereafter arising or acquired, together with the proceeds therefrom.
As used herein, the term "General Intangibles" means any "general intangibles,"
as such term is defined in the UCC, including all personal property (including
things in action) other than goods, accounts, chattel paper, documents,
instruments, and money, and includes, but is not limited to, business records,
deposit accounts, inventions, intellectual property, designs, patents, patent
applications, trademarks, trademark applications, trademark registrations,
service marks, service mark applications, service mark registrations, trade
names, goodwill, technology, know-how, confidential information, trade secrets,
customer lists, supplier lists, copyrights, copyright applications, copyright
registrations, licenses, permits, franchises, tax refund claims, and any letters
of credit, guarantee claims, security interests, or other security held by
Company to secure any "Accounts" (as hereinafter defined).

         b. Accounts (including Accounts Receivable). All of Company's Accounts,
whether now existing or hereafter arising or acquired, together with the
proceeds therefrom. As used herein, the term "Accounts" means any "account" and
any "right to payment" as such terms are defined in the UCC, and any right of
Company to receive payment from another person or entity, including payment for
goods sold or leased, or for services rendered, no matter how evidenced or
arising, and regardless of whether yet earned by performance. It includes, but
is not limited to, accounts, accounts receivable, contract rights, contracts
receivable, purchase orders, notes, drafts, acceptances, all rights to payment
earned or unearned under any contract and all rights incident to the contract,
and other forms of obligations and receivables.

         c. Inventory. All of Company's Inventory, whether now owned or
hereafter acquired, together with the products and proceeds therefrom and all
packaging, manuals, and instructions related thereto. As used herein, the term
"Inventory" means any "inventory," as such term is defined in the UCC, including
all goods, merchandise, and personal property held for sale or leased or
furnished or to be furnished under contracts of service, and all raw materials,
work in process, or materials used or consumed in Company's business, wherever
located and whether in the possession of Company, a warehouseman, a bailee, or
any other person.

         d. Equipment. All of Company's Equipment, now owned or hereafter
acquired, together with the products and proceeds therefrom, and all substitutes
and replacements therefor. As used herein, the term "Equipment" means any
"equipment" as such term is defined in the UCC, and includes all equipment,
machinery, tools, office equipment, supplies, furnishings, furniture, or other
items used or useful, directly or indirectly, in Company's business, all
accessions, attachments, and other additions thereto, all parts used in
connection therewith, all packaging, manuals, and instructions related thereto,
and all leasehold or equitable interests therein.

         e. Goods. All of Company's Goods (other than Inventory and Equipment),
now owned or hereafter acquired, together with the products and proceeds
therefrom, and all substitutes and replacements therefor. "Goods" means any
"goods," as such term is defined in the UCC.

         f. Fixtures. All of Company's interest in and to all fixtures and
furnishings, now owned or hereafter acquired, together with the products and
proceeds therefrom, all substitutes and replacements therefor, all accessories,
attachments, and other additions thereto, all tools, parts, and supplies used in
connection therewith, and all packaging, manuals, and instructions related
thereto, located on or attached to Company's business premises.

         g. Chattel Paper, Documents and Instruments. All of Company's right,
title, and interest in any chattel paper, deposit accounts, investment property,
documents, or instruments, as such terms are defined in the UCC, now owned or
hereafter acquired or arising, or now or hereafter coming into the possession,
control, or custody of Company or Secured Party, together with all proceeds
therefrom.

         h. Records. All of Company's computer programs, software, hardware,
source codes and data processing information, all written documents, books,
invoices, ledger sheets, financial information and statements, and all other
writings concerning the Collateral.

                  Obligation. The security interest granted hereunder is given
as security for the payment and performance of all indebtedness and obligations
owed by Company to Secured Party, whether now existing or hereafter incurred,
under or in connection with or evidenced by the Note, this Security Agreement,
and/or any other instrument evidencing indebtedness to Noteholder together with
all extensions, modifications, or renewals of any of the foregoing, including,
without limitation, all unpaid principal amounts, all interest accrued thereon,
all fees and all other amounts payable by Company to Secured Party thereunder or
in connection therewith (hereinafter referred to, collectively, as the
"Obligations").

                  Proceeds; UCC Terms. As used in this Security Agreement, the
term "proceeds" means all products of the Collateral and all additions and
accessions to, replacements of, insurance or condemnation proceeds of, and
documents covering any of the Collateral, all property received wholly or partly
in trade or exchange for any of the Collateral, all leases of any of the
Collateral, and all rents, revenues, issues, profits, and proceeds arising from
the sale, lease, license, encumbrance, collection, or any other temporary or
permanent disposition, of any of the Collateral or any interest therein. As used
in this Agreement, "UCC" means the Uniform Commercial Code as the same may, from
time to time, be in effect in the State of Utah; provided, that in the event
that, by reason of mandatory provisions of law, any or all of the attachment,
perfection or priority of, or remedies with respect to, the security interests
of Secured Party on any Collateral is governed by the Uniform Commercial Code as
enacted and in effect in a jurisdiction other than the State of Utah, the term
"UCC" shall mean the Uniform Commercial Code as enacted and in effect in such
other jurisdiction solely for purposes of the provisions thereof relating to
such attachment, perfection, priority or remedies and for purposes of
definitions related to such provisions. Unless otherwise defined herein, terms
that are defined in the UCC and used herein shall have the meanings given to
them in the UCC.

                  Title; Filing. Company warrants that, (i) Company is the owner
of the Collateral free and clear of all liens, claims, and encumbrances except
for Permitted Liens ("Permitted Liens") set forth on Exhibit A or, (ii) in the
case of after-acquired Collateral, at the time Company acquires rights in the
Collateral, will be the owner thereof, free and clear of all liens, claims and
encumbrances except for Permitted Liens. Company covenants that so long as any
portion of the Obligation remains unpaid, Company will not execute or file a
financing statement or security agreement covering the Collateral to anyone
other than Secured Party, except with respect to Permitted Liens or as
unanimously approved by Company's board of directors. Company agrees to sign and
deliver one or more financing statements or supplements thereto or other
instruments as Secured Party may from time to time require to comply with the
Uniform Commercial Code or other applicable law to preserve, protect and enforce
the security interest of Secured Party and to pay all costs of filing such
statements or instruments. In connection with the foregoing, Company authorizes
Secured Party to prepare and file any financing statements describing the
Collateral without otherwise obtaining Company's signature or consent with
respect to the filing of such financing statements. Company will cooperate with
Secured Party in obtaining control (as defined in the UCC) of Collateral
consisting of deposit accounts, investment property, letter of credit rights and
electronic chatter paper, and will join with Secured Party in notifying any
third party who has possession of any Collateral of Secured Party's security
interest therein and obtaining an acknowledgment from the third party that it is
holding the Collateral for the benefit of Secured Party. Company will not create
any chattel paper without placing a legend on the chattel paper acceptable to
Secured Party indicating that Secured Party has a security interest in the
chattel paper.

                  Care of Collateral. Company will keep in effect all material
licenses, permits and franchises required by law or contract relating to
Company's business (if applicable), property, or the Collateral; maintain
insurance on the Collateral; keep the Collateral in good repair and be
responsible for any loss or damage to it; at all times warrant and defend
Company's ownership and possession of the Collateral; keep the Collateral free
from all liens, claims, encumbrances and security interests, other than
Permitted Liens; pay when due all taxes, license fees, and other charges upon
the Collateral or upon Company's business, property or the income therefrom; not
enter into any agreement (including any license or royalty agreement) pertaining
to any of its intellectual property, including patents, copyrights, trademarks,
service marks and trade names, except for non-exclusive licenses in the ordinary
course of business; not enter into any agreement to transfer any of the
Collateral except for transfers in the ordinary course of business for fair
value; immediately notify Secured Party if Company holds or acquires (i) any
commercial tort claims, (ii) any chattel paper, including any interest in any
electronic chattel paper, or (iii) any letter-of-credit rights; and not misuse,
conceal or in any way use or dispose of the Collateral unlawfully or contrary to
the provisions of this Security Agreement or of any insurance coverage in any
material respect. Loss of, damage to, or uncollectability of the Collateral or
any part thereof will not release Company from any of its obligations hereunder.

                  Default. Five (5) days after written notice from Secured Party
to Company for monetary defaults and ten (10) days after written notice from
Secured Party to Company for non-monetary defaults, if such defaults are not
cured within such five (5) day or ten day (10) periods, respectively, each of
the following shall constitute an event of default ("Event of Default") under
this Agreement:

                  a. Default in Payment. If Company fails to make any payment
due and payable under the terms of the Note, this Security Agreement or any
other document executed in connection therewith.

                  b. Representations and Warranties. If any of the
representations and warranties made by Company shall be false or misleading in
any material respect when made.

                  c. Covenants. If Company shall be in material default under
any of the material terms, covenants, conditions, or obligations under the Note,
this Security Agreement or any other document executed in connection therewith.

                  d. Dissolution. If Company is dissolved, suspends its normal
business operations or otherwise fails to continue to operate its business in
the ordinary course.

                  e. Receiver. If a receiver, trustee, or custodian is appointed
for any part of the Collateral, or any part of the Collateral is assigned for
the benefit of creditors.

                  f. Impairment to Lien. If at any time this Security Agreement
or any other document executed in connection herewith creating a lien on any of
the Collateral may be impaired by any material lien, encumbrance or other defect
other than the Permitted Liens.

                  g. Inconsistent Transfer. If at any time Company transfers an
interest in any of the Collateral contrary to the provisions of this Security
Agreement without the prior written consent of Secured Party other than in the
ordinary course of business.

                  h. Bankruptcy; Insolvency. If a petition in bankruptcy is
filed against Company, and such petition is not dismissed within sixty (60) days
of filing, a petition in bankruptcy is filed by Company or a receiver, trustee
or custodian of any part of the Collateral is appointed; or if Company files a
petition for reorganization under any of the provisions of the Bankruptcy Act or
any law, State or Federal; or if Company makes an assignment for the benefit of
creditors or is adjudged insolvent by any State or Federal Court of competent
jurisdiction; or if Company is unable to pay its debts as they become due.

                  i. Default Under Other Agreements. Notwithstanding the
five-day and ten-day cure periods provided for above, if Company is in breach
under the terms of any agreement with Secured Party that has not been cured in
accordance with the terms of such agreement, such breach shall constitute an
Event of Default under this Security Agreement five (5) days after the date of
such breach.

         Waiver of any Event of Default will not constitute a waiver of any
other or subsequent Event of Default.

                  Remedies. Upon the occurrence of an Event of Default and
during the continuance of any such default at any time thereafter, Secured Party
shall, by written notice to Company, be entitled to accelerate all unpaid
Obligations. Secured Party will have the remedies of a secured party under the
UCC or other applicable law. Secured Party shall give Debtor such notice of any
private or public sales as may be required by the UCC or other applicable law.
Secured Party shall have the right upon any such public sale, and, to the extent
permitted by law, upon any such private sale, to purchase the whole or any part
of the Collateral so sold, free of any right or equity of redemption, which
right or equity of redemption Debtor hereby releases, to the extent permitted by
law. For the purpose of enabling Secured Party to exercise its rights and
remedies under this Section 7 or otherwise in connection with this Agreement,
Company hereby grants to Secured Party an irrevocable, non-exclusive and
assignable license (exercisable without payment or royalty or other compensation
to Company) to use, license or sublicense any intellectual property Collateral
after an Event of Default.

                  Costs and Expenses. Company agrees to pay on demand all
reasonable costs and expenses of Secured Party, and the reasonable fees and
disbursements of counsel, in connection with the enforcement of any rights or
interests under this Agreement, including in any out-of-court workout or other
refinancing or restructuring or in any bankruptcy case, and the protection, sale
or collection of, or other realization upon, any of the Collateral, including
all expenses of taking, collecting, holding, sorting, handling, preparing for
sale, selling, or the like, and other such expenses of sales and collections of
Collateral. Any amounts payable to Secured Party under this Section 8 or
otherwise under this Agreement if not paid upon demand shall bear interest from
the date of such demand until paid in full, at the default rate of interest set
forth in the Note.

                  General. The waiver by Secured Party of any breach of any
provision of this Security Agreement or warranty or representation herein set
forth will not be construed as a waiver of any subsequent breach. The failure to
exercise any right hereunder by Secured Party will not operate as a waiver of
such right. All rights and remedies herein provided are cumulative. Company may
not assign its rights or delegate its duties hereunder without Secured Party's
written consent. This Security Agreement may not be altered or amended except by
a writing signed by all the parties hereto. This Security Agreement shall be
governed by, and construed in accordance with, the law of the State of Utah,
except as required by mandatory provisions of law and to the extent the validity
or perfection of the security interests hereunder, or the remedies hereunder, in
respect of any Collateral are governed by the law of a jurisdiction other than
Utah. Any provision hereof found to be invalid will not invalidate the
remainder. All words used herein will be construed to be of such gender and
number as the circumstances require. This Security Agreement binds Company and
its successors and assigns, and inures to the benefit of Secured Party and its
successors and assigns. This Security Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute but one and the same agreement.

                  Notices. All notices or other communications hereunder shall
be in writing (including by facsimile transmission or by email) and mailed, sent
or delivered to the respective parties hereto at or to their respective
addresses, facsimile numbers or email addresses set forth below their names on
the signature pages hereof, or at or to such other address, facsimile number or
email address as shall be designated by any party in a written notice to the
other parties hereto. All such notices and other communications shall be deemed
to be delivered when a record (within the meaning of the UCC) has been (i)
delivered by hand; (ii) sent by mail upon the earlier of the date of receipt or
five business days after deposit in the mail, first class (or air mail as to
communications sent to or from the United States); (iii) sent by facsimile
transmission; or (iv) sent by email.

                            [Signature page follows]

<PAGE>

IN WITNESS WHEREOF, the parties have executed this Security Agreement as of the
date first written above.

                           COMPANY:              FARADAY FINANCIAL, INC.
                                                 a Delaware corporation

                                                 By:      /s/ Frank Gillen
                                                 Name Frank Gillen
                                                 Its: President

                                                 Address: ___________________
                                                          ___________________
                                                 Attn: ______________

                            SECURED PARTY:       THE CANOPY GROUP, INC.
                                                 a Utah corporation

                                                 By:   /s/ Kevin Flanagan
                                                 Name:  Kevin Flanagan
                                                 Its:  Manager
                                                 Address: 333 South 520 West
                                                          Suite 300
                                                          Lindon, Utah 84042

<PAGE>

                                    EXHIBIT A
                                 PERMITTED LIENS

                  g. statutory liens for taxes to the extent that the payment
thereof is not in arrears or otherwise due;

                  h. encumbrances in the nature of zoning restrictions,
easements, rights or restrictions on the use of property if the same do not
impair its use in the conduct of the business of the Company and its
subsidiaries as currently conducted and as currently proposed to be conducted;

                  i. statutory or common law liens to secure landlords, lessors
or renters under leases or rental agreements confined to the premises rented to
the extent that no payment or performance under any such lease or rental
agreement is in arrears or is otherwise due;

                  j. deposits or pledges made in connection with, or to secure
payment of, worker's compensation, unemployment insurance, old age pension
programs mandated under applicable Legal Requirements or other social security;

                  k. statutory or common law liens in favor of carriers,
warehousemen, mechanics and materialmen, statutory or common law liens to secure
claims for labor, materials, equipment or supplies and other like liens, which
secure obligations to the extent that payment thereof is not in arrears or
otherwise due;

                  l. liens incurred in connection with surety bonds, bids,
performance bonds and similar obligations for sums not overdue or being
contested in good faith by appropriate proceedings;

                  m. liens arising in connection with capital leases (and
attaching only to the property being leased), liens existing on property at the
time of the acquisition thereof by the Company (and not created in contemplation
of such acquisition) and liens that constitute purchase money security interests
on any property securing debt incurred for the purpose of financing all or any
part of the cost of acquiring such property, provided that any such lien
attaches to such property within 60 days of the acquisition thereof and attaches
solely to the property so acquired; and

                  n. attachments, appeal bonds, judgments and other similar
liens arising in connection with court proceedings, provided the execution or
other enforcement of such liens is effectively stayed and the claims secured
thereby are being actively contested in good faith and by appropriate
proceedings.

                  o. Liens securing indebtedness held by a creditor that has
agreed to subordinate its (i) right to repayment, (ii) priority of liens
securing such indebtedness, and (iii) right to enforce remedies against Company
following default to the liens of Secured Party and the prior payment of the
Obligations to Secured Party pursuant to a written subordination agreement
approved by Secured Party, which approval shall not be unreasonably withheld.

                  p. Liens in favor of Secured Party.

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