Document:

<PAGE>   1
                                                                   EXHIBIT 10.45

                             SUBSCRIPTION AGREEMENT

                          dated as of February 3, 2000

                                     between

                           DOTCOM LIMITED PARTNERSHIP

                                       and

                               BROADBANDNOW, INC.

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
SECTION                                                                     PAGE

<S>                   <C>                                                   <C>
                                   ARTICLE I.

                                   DEFINITIONS

                                   ARTICLE II.

                            SUBSCRIPTION FOR WARRANTS

SECTION 2.1.          Subscription for Warrants ...............................2

                                  ARTICLE III.

                              PURCHASE OF WARRANTS

SECTION 3.1.          Purchase and Issuance ...................................2
SECTION 3.2.          Restrictions on Transfer ................................2
SECTION 3.3.          Legend ..................................................2

                                   ARTICLE IV.

                          ACKNOWLEDGMENTS OF SUBSCRIBER

SECTION 4.1.          Residence ...............................................3
SECTION 4.2.          Accredited Investor .....................................3
SECTION 4.3.          Exemption ...............................................3
SECTION 4.4.          No Registration .........................................3
SECTION 4.5.          Illiquidity .............................................4

                                   ARTICLE V.

                  REPRESENTATIONS AND WARRANTIES OF SUBSCRIBER

SECTION 5.1.          Organization ............................................4
SECTION 5.2.          Authority ...............................................4
SECTION 5.3.          No Consents; No Violations ..............................4
SECTION 5.4.          No Litigation ...........................................4
SECTION 5.5.          No Broker ...............................................4
SECTION 5.6.          Solvency of Subscriber ..................................4
SECTION 5.7.          Access to Information ...................................5
</TABLE>

<PAGE>   3

<TABLE>

<S>                   <C>                                                         <C>
SECTION 5.8.          Accredited Investor .........................................5
SECTION 5.9.          Investment Intent ...........................................5
SECTION 5.10.         No Recommendation ...........................................5
SECTION 5.11.         Independent Judgment ........................................5
SECTION 5.12.         No General Solicitation .....................................5

                                         ARTICLE VI.

                    REPRESENTATIONS AND WARRANTIES OF COMPANY

SECTION 6.1.          Organization ................................................6
SECTION 6.2.          Authority ...................................................6
SECTION 6.3.          No Consents; No Violations; Waiver of Preemptive Rights .....6
SECTION 6.4.          No Litigation ...............................................7
SECTION 6.5.          No Broker ...................................................7
SECTION 6.6.          Title to Warrants ...........................................7

                                        Article VII.

                  SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION

SECTION 7.1.          Survival ....................................................7
SECTION 7.2.          Indemnification by Subscriber ...............................7
SECTION 7.3.          Indemnification by the Company ..............................7

                                        Article VIII.

                            MISCELLANEOUS PROVISIONS

SECTION 8.1.          Amendment and Modification ..................................8
SECTION 8.2.          Waiver of Compliance; Consents ..............................8
SECTION 8.3.          Assignment ..................................................8
SECTION 8.4.          Expenses ....................................................8
SECTION 8.5.          Governing Law ...............................................8
SECTION 8.6.          Counterparts ................................................8
SECTION 8.7.          Notices .....................................................8
SECTION 8.8.          Headings ....................................................9
SECTION 8.9.          Entire Agreement ............................................9
SECTION 8.10.         Severability ................................................9
SECTION 8.11.         Further Assurances ..........................................9
</TABLE>

<PAGE>   4
                             SUBSCRIPTION AGREEMENT

         THIS SUBSCRIPTION AGREEMENT (this "AGREEMENT"), dated as of February 3,
2000, is by and between the subscriber designated on the signature page hereof
(the "SUBSCRIBER"), and BroadbandNOW, Inc., a Delaware corporation with an
address at 1440 Corporate Drive, Irving, Texas 75038 (the "COMPANY").

                                    RECITALS

         As of the date hereof, the Subscriber wishes to subscribe for and to
purchase from the Company Warrants (the "WARRANTS") to purchase 150,000 shares
of Class A Common Stock, par value $.001 per share, of the Company (the "COMMON
STOCK") and the Company wishes to accept such subscription and to issue the
Warrants to the Subscriber, all pursuant to the terms and conditions hereinafter
set forth.

                                    AGREEMENT

         In consideration of the foregoing and the mutual representations,
warranties, covenants and agreements contained herein, the Subscriber and the
Company, intending to be legally bound, hereby agree as follows:

                                   ARTICLE I.
                                   DEFINITIONS

         The following capitalized terms used in this Agreement shall have the
meanings (such definitions to be equally applicable to both the singular and
plural forms of the terms defined) set forth in this Article I.

         "AFFILIATE" means, with respect to any Person, any other Person that
directly or indirectly is controlling, controlled or under common control with
such Person.

         "AGREEMENT" or "THIS AGREEMENT" means this Subscription Agreement,
including all Schedules and Exhibits hereto.

         "DOLLAR" and "$" means the lawful money of the United States of
America.

         "LIEN" means any lien, pledge, charge, encumbrance, mortgage, deed of
trust, adverse ownership interest, hypothecation, assignment, security interest
or preference, priority or other security agreement or preferential arrangement
of any kind or nature whatsoever, other than one created or incurred by the
Company or its agents.

         "PERSON" means any individual, corporation, partnership, joint venture,
trust, limited liability company or corporation, unincorporated organization or
government or any agency or political subdivision thereof.

<PAGE>   5

                                  ARTICLE II.
                            SUBSCRIPTION FOR WARRANTS

         SECTION 2.1. SUBSCRIPTION FOR WARRANTS. Subject to the terms and
conditions of this Agreement, the Subscriber hereby irrevocably subscribes for
and agrees to purchase the Warrants from the Company at a purchase price set
forth opposite Subscriber's name on Schedule A hereto (the "PURCHASE PRICE"),
and the Company hereby accepts such subscription and agrees to sell the Warrants
to the Subscriber on the date hereof upon receipt of the Purchase Price in
accordance with Section 3.1.

                                  ARTICLE III.
                              PURCHASE OF WARRANTS

         SECTION 3.1. PURCHASE AND ISSUANCE. Upon payment by the Subscriber of
the Purchase Price by check or wire transfer to the account identified by the
Company and the receipt by the Company of applicable waivers pursuant to Section
6.3 hereof or the expiration of such preemptive rights, the Company shall issue,
sell and deliver to the Subscriber, and the Subscriber shall purchase and
accept, certificates evidencing the Warrants, substantially in the forms of
Exhibit A-1 and A-2 hereto, in the name of the Subscriber.

         SECTION 3.2. RESTRICTIONS ON TRANSFER. The Warrants may not be offered
for sale, sold, assigned, pledged, hypothecated, transferred or otherwise
disposed of, except (a) pursuant to an effective registration statement under
the Securities Act of 1933, as amended (the "SECURITIES ACT"), or in a
transaction that is exempt from registration under the Securities Act or for
which such registration is otherwise not required, (b) pursuant to an effective
registration statement under any applicable state act or in a transaction that
is exempt from registration under such state acts or for which such registration
otherwise is not required and (c) in accordance with the transfer restrictions
set forth in Section 5 of the Warrants.

         SECTION 3.3. LEGEND. Each certificate representing the Warrants shall
be stamped or otherwise imprinted with a legend substantially in the following
form:

         NEITHER THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON THE
         EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
         AS AMENDED, OR ANY OTHER APPLICABLE SECURITIES LAWS AND MAY NOT BE
         OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS
         AND UNTIL REGISTERED UNDER SAID ACT OR SUCH LAWS OR, IN THE OPINION OF
         COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE
         SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION DOES
         NOT VIOLATE THE PROVISIONS THEREOF.

         THIS WARRANT ALSO IS SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AND
         OBLIGATIONS, TO WHICH ANY TRANSFEREE AGREES BY HIS ACCEPTANCE HEREOF,
         AS SET FORTH IN (1) THE SUBSCRIPTION AGREEMENT BETWEEN THE ISSUER AND
         THE SUBSCRIBER AND (2) THE

                                       2
<PAGE>   6

         CERTIFICATE OF INCORPORATION OF THE COMPANY, A COPY OF WHICH AGREEMENT
         AND CERTIFICATE MAY BE OBTAINED FROM THE COMPANY. NO TRANSFER OF SUCH
         WARRANT WILL BE MADE ON THE BOOKS OF THE COMPANY UNLESS ACCOMPANIED BY
         EVIDENCE OF COMPLIANCE WITH THE TERMS OF SUCH AGREEMENT AND BY AN
         AGREEMENT OF THE TRANSFEREE TO BE BOUND BY THE RESTRICTIONS SET FORTH
         IN SAID SUBSCRIPTION AGREEMENT AND CERTIFICATE OF INCORPORATION.

                                  ARTICLE IV.
                          ACKNOWLEDGMENTS OF SUBSCRIBER

         The Subscriber hereby acknowledges as follows:

         SECTION 4.1. RESIDENCE. If the Subscriber is a corporation,
partnership, trust or other entity, it has its principal place of business as
set forth on Schedule A, and if the Subscriber is an individual, he or she is at
least 21 years of age and the address set forth on Schedule A is the
Subscriber's true and correct address and residence.

         SECTION 4.2. ACCREDITED INVESTOR. In order to purchase the Warrants,
the Subscriber must satisfy one of the criteria for an "accredited investor" as
set forth in Section 5.8 hereof, and the Company shall rely upon representations
and warranties made by the Subscriber herein in determining whether the
Subscriber is an accredited investor.

         SECTION 4.3. EXEMPTION. The Subscriber's right to purchase the Warrants
hereunder is expressly conditioned upon the exemption from qualification of the
offer and sale of the Warrants from applicable federal and state securities (or
"blue sky") laws.

         SECTION 4.4. NO REGISTRATION. Based upon the acknowledgments,
representations, warranties and agreements made by the Subscriber herein, the
Company (i) has determined that one or more of the exemptions from the
registration provisions of the Securities Act and applicable state securities
laws are applicable to the offer and sale of the Warrants, and (ii) has not
registered the Warrants under the Securities Act or state securities laws by
reason of such exemption(s).

         SECTION 4.5. ILLIQUIDITY. There is no public market for the Warrants,
no such market may develop for the Warrants, and even if a public market
develops for such Warrants, Rule 144 promulgated under the Securities Act
requires, among other conditions, a one-year holding period prior to the resale
(in limited amounts) of securities acquired in a non-public offering without
having to satisfy the registration requirements of the Securities Act.

                                   ARTICLE V.
                  REPRESENTATIONS AND WARRANTIES OF SUBSCRIBER

         The Subscriber hereby represents and warrants to the Company that as of
the date hereof and as of the Subscription Date:

                                       3
<PAGE>   7

         SECTION 5.1. ORGANIZATION. The Subscriber (if a Person that is not an
individual) is an entity validly existing and in good standing under the laws of
its jurisdiction of organization.

         SECTION 5.2. AUTHORITY. The Subscriber has the power, authority and
capacity to execute and deliver this Agreement and to perform the Subscriber's
obligations hereunder. The execution, delivery and performance by the Subscriber
of this Agreement have been duly authorized by all necessary action; and this
Agreement has been duly executed and delivered by the Subscriber and is the
legal, valid and binding obligation of the Subscriber enforceable against the
Subscriber in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, receivership, conservatorship,
reorganization, liquidation, moratorium or similar events affecting the
Subscriber or the Subscriber's assets, or by general principles of equity.

         SECTION 5.3. NO CONSENTS; NO VIOLATIONS.

         (a) No authorization, approval or other action by, and no notice to or
filing with, any governmental, regulatory or legal authority or any other Person
is required for the due execution, delivery and performance by the Subscriber of
this Agreement or the consummation of the transactions contemplated hereby other
than such as has been obtained, given, effected or taken prior to the date
hereof.

         (b) The execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereby do not and shall not result
in any contravention of (i) any applicable law, rule or regulation of any
federal, state or local governmental or regulatory authority, (ii) any order,
writ, injunction, judgment, decree or award of any court, arbitrator, or
government or regulatory authority to which the Subscriber or any of the
Subscriber's properties are subject or (iii) any mortgage, contract, agreement,
deed of trust, license, lease or other instrument, arrangement, commitment,
obligation, understanding or restriction of any kind to which the Subscriber is
a party or by which any of the Subscriber's properties are bound.

         SECTION 5.4. NO LITIGATION. There is no pending or, to the best
knowledge of the Subscriber, threatened action or proceeding before any court,
governmental agency or arbitrator by or against, or involving the Subscriber or
the Subscriber's Affiliates or any of the Subscriber's property that questions
or challenges the validity or enforceability of this Agreement or any action
taken or to be taken by the Subscriber pursuant to this Agreement or in
connection with the transactions contemplated hereby.

         SECTION 5.5. NO BROKER. The Subscriber is not obligated to pay, and has
not retained any broker or finder or other Person that is entitled to, any
broker's or finder's fee or other commission based upon the consummation of the
transactions contemplated by this Agreement or any agreement contemplated
hereby.

         SECTION 5.6. SOLVENCY OF SUBSCRIBER. After giving effect to the
transactions contemplated by this Agreement, the Subscriber shall be solvent and
shall be able to pay the

                                       4
<PAGE>   8

Subscriber's anticipated liabilities as and when they become due. The payment of
the Purchase Price is being made in good faith and without any intent to hinder,
delay or defraud any of the creditors of the Subscriber.

         SECTION 5.7. ACCESS TO INFORMATION. The Subscriber has reviewed
information relating to the Company's business that the Company has provided to
the Subscriber and has had an opportunity to receive and review all other
documents and information that the Subscriber considers relevant or material to
the Subscriber's subscription for and purchase of the Warrants and to ask
questions of and receive satisfactory answers from the Company, or a person or
persons acting on behalf of the Company, concerning the Company, its business
and the terms and conditions of the purchase of the Warrants, and all such
questions have been answered to the full satisfaction of the Subscriber. The
Subscriber has been afforded full access to all documents, books and records of
the Company.

         SECTION 5.8. ACCREDITED INVESTOR. The Subscriber acknowledges that the
Subscriber has such knowledge and experience in investment, financial and
business matters (including, but not limited to, making investments in unlisted
and unregistered securities) that the Subscriber is capable of evaluating the
merits and risks of purchasing the Warrants. The Subscriber is an "accredited
investor" within the meaning of Rule 501 promulgated under the Securities Act by
virtue of being at least one of the following: (a) a corporation, or a
partnership or other entity not formed for the specific purpose of acquiring the
Warrants, in either case with total assets in excess of $5,000,000, (b) an
individual whose individual net worth, or joint net assets with such
individual's spouse, at the time of purchase exceeds $1,000,000 or (c) an entity
all of whose equity owners are described in (a) and/or (b).

         SECTION 5.9. INVESTMENT INTENT. The Subscriber is purchasing the
Warrants for investment, for the Subscriber's own account, and with no present
intention of reselling, directly or indirectly, participating in any
distribution of or otherwise disposing of the Warrants. The Subscriber shall be
the sole beneficial owner of the Warrants at the time of the issuance. The
Subscriber understands that no disposition may be made of the Warrants except as
provided in Section 3.2 of this Agreement, and that the Subscriber must bear the
economic risk of purchasing the Warrants for an indefinite period of time. The
Subscriber would be able to sustain a total or partial loss of the Subscriber's
investment in the Warrants should such loss occur.

         SECTION 5.10. NO RECOMMENDATION. The Subscriber acknowledges that no
federal or state agency has made any finding or determination relating to the
fairness for investment in the Warrants and no federal or state agency has
recommended or endorsed the Warrants.

         SECTION 5.11. INDEPENDENT JUDGMENT. The Subscriber is not purchasing
the Warrants based upon any representation, oral or written, by any Person with
respect to the future value of, or income from, the Warrants, but rather upon an
independent examination and judgment as to the prospects of the Company.

         SECTION 5.12. NO GENERAL SOLICITATION. The Warrants were not offered to
the Subscriber by means of general solicitation, publicly disseminated
advertisements or sales

                                       5
<PAGE>   9

literature or a seminar or meeting whose attendees had
been invited by general solicitation or publicly disseminated advertisements.

                                  ARTICLE VI.
                    REPRESENTATIONS AND WARRANTIES OF COMPANY

         The Company hereby represents and warrants that as of the date hereof
and as of the Subscription Date:

         SECTION 6.1. ORGANIZATION. The Company is a corporation validly
existing and in good standing under the laws of the State of Delaware and has
all requisite power and authority to enter into the transactions contemplated by
this Agreement.

         SECTION 6.2. AUTHORITY. The Company has the power and authority to
carry on its business as now conducted, to own or hold under lease its
properties, and to execute and deliver this Agreement, and to perform its
obligations hereunder. The execution, delivery and performance by the Company of
this Agreement has been duly authorized by all necessary action; and this
Agreement has been duly executed and delivered by the Company and is the legal,
valid and binding obligation of the Company enforceable against the Company in
accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, receivership, conservatorship, reorganization,
liquidation, moratorium or similar events affecting the Company or its assets,
or by general principles of equity.

         SECTION 6.3. NO CONSENTS; NO VIOLATIONS; WAIVER OF PREEMPTIVE RIGHTS.

         (a) No authorization, approval or other action by, and no notice or
filing with, any governmental, regulatory or legal authority or any other Person
is required for the due execution, delivery and performance by the Company of
this Agreement or the consummation of the transactions contemplated hereby other
than such as has been obtained, given, effected or taken prior to the date
hereof. Subject to the accuracy of the acknowledgments, representations and
agreements made by the Subscriber herein, no registration under the Securities
Act or any applicable state securities laws is required for the sale of the
Warrants to Subscriber in accordance with the provisions hereof.

         (b) The execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereby do not and shall not result
in any contravention of (i) the certificate of incorporation or the bylaws of
the Company, (ii) any applicable law, rule or regulation of any federal, state
or local governmental or regulatory authority, (iii) any order, writ,
injunction, judgment, decree or award of any court, arbitrator, or governmental
or regulatory authority to which the Company or any of its properties are
subject or (iv) any mortgage, contract, agreement, deed of trust, license, lease
or other instrument, arrangement, commitment, obligation, understanding or
restriction of any kind to which the Company is a party or by which any of its
properties are bound.

                                       6
<PAGE>   10

         (c) The preemptive rights granted to the holders of the Company's
Series A Preferred Stock (the "PREFERRED STOCK") as set forth in Section 2.3 of
the Certificate of Designations regarding the Preferred Stock shall have been
waived or expired prior to issuance of the Warrants in accordance with such
Certificate of Designations with regard to the issuance of the Warrants and the
Common Stock issuable upon the exercise thereof. The Warrants and the Common
Stock issuable upon the exercise thereof will not be issued in contravention of
any other preemptive rights.

         SECTION 6.4. NO LITIGATION. There is no pending or, to the best
knowledge of the Company, threatened action or proceeding before any court,
governmental agency or arbitrator by, against or involving the Company or its
Affiliates or any of its property, or any of its stockholders, managers or
employees that questions or challenges the validity or enforceability of this
Agreement or any action taken or to be taken by the Company pursuant to this
Agreement or in connection with the transactions contemplated hereby.

         SECTION 6.5. NO BROKER. The Company is not obligated to pay, and has
not retained any broker or finder or other Person that is entitled to, any
broker's or finder's fee or other commission based upon the consummation of the
transaction contemplated by this Agreement or any other agreement contemplated
hereby.

         SECTION 6.6. TITLE TO WARRANTS. Upon the payment of the Purchase Price
to the Company and the issuance by the Company of the Warrants, each in
accordance with the terms of this Agreement, and upon delivery thereof the
Subscriber shall acquire good and indefeasible title to the Warrants, free and
clear of any and all liens, claims or encumbrances of any kind, other than
liens, claims or encumbrances created by or through the Subscriber.

                                  ARTICLE VII.
                  SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION

         SECTION 7.1. SURVIVAL. The representations and warranties of the
parties contained in this Agreement shall survive the execution and delivery of
this Agreement.

         SECTION 7.2. INDEMNIFICATION BY SUBSCRIBER. The Subscriber shall
indemnify and hold harmless the Company from and against any and all claims,
losses, liabilities and damages, including, without limitation, amounts paid in
settlement, reasonable costs of investigation and reasonable fees and
disbursements of counsel, arising out of or resulting from the inaccuracy of any
Subscriber representation or warranty or the breach by Subscriber of any
covenant or agreement contained herein or in any instrument or certificate
delivered pursuant hereto.

         SECTION 7.3. INDEMNIFICATION BY THE COMPANY. The Company shall
indemnify and hold harmless the Subscriber from and against any and all claims,
losses, liabilities and damages, including, without limitation, amounts paid in
settlement, reasonable costs of investigation and reasonable fees and
disbursements of counsel, arising out of or resulting from the inaccuracy of any
Company representation or warranty or the breach by Company of any covenant or
agreement contained herein or in any instrument or certificate delivered
pursuant hereto.

                                       7
<PAGE>   11

                                 ARTICLE VIII.
                            MISCELLANEOUS PROVISIONS

         SECTION 8.1. AMENDMENT AND MODIFICATION. This Agreement may be amended,
modified or supplemented only by written agreement of the parties hereto.

         SECTION 8.2. WAIVER OF COMPLIANCE; CONSENTS. Any failure of a party
hereto to comply with any obligation, covenant, agreement or condition herein
may be waived by the other party hereto; provided, however, that any such waiver
may be made only by a written instrument signed by the party hereto granting
such waiver, but such waiver or failure to insist upon strict compliance with
such obligation, covenant, agreement or condition shall not operate as a waiver
of, or estoppel with respect to, any subsequent or other failure. Whenever this
Agreement requires or permits consent by or on behalf of any party hereto, such
consent shall be given in writing in a manner consistent with the requirements
for a waiver of compliance as set forth in this Section 8.2, with appropriate
notice in accordance with Section 8.7 of this Agreement.

         SECTION 8.3. ASSIGNMENT. This Agreement and all of the provisions
hereof shall be binding upon the parties hereto and their respective successors
and permitted assigns. Any party hereto may assign any of such party's rights
hereunder, but no such assignment shall relieve such party of such party's
liability for such party's obligations hereunder, provided that any assignee of
the Subscriber's rights hereunder shall at the time of such assignment be a
transferee of the Warrants in accordance with Article 3, and at the time of the
exercise of any rights hereunder shall be the record holder of such Warrants.
Nothing in this Agreement, expressed or implied, is intended or shall be
construed to confer upon any Person, other than the parties hereto and any
successors and permitted assigns, any rights, remedy or claim under or by reason
of this Agreement or any provision herein contained.

         SECTION 8.4. EXPENSES. All fees and expenses (including all fees of
counsel and accountants) incurred by any party in connection with the
negotiation and execution of this Agreement shall be borne by the party who
incurred them.

         SECTION 8.5. GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware (without regard
to its conflicts of law doctrines).

         SECTION 8.6. COUNTERPARTS. This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original, but both of which
together shall constitute one and the same instrument.

         SECTION 8.7. NOTICES. All notices and other communications hereunder
shall be in writing and shall be deemed to have been duly given if delivered by
hand, mailed by registered or certified mail (return receipt requested) or sent
by a nationally recognized overnight delivery service to the parties at the
following addresses (or at such other address for a party as shall be specified
by like notice):

         If to the Subscriber to the addresses set forth on Schedule A hereto.

                                       8
<PAGE>   12

         If to the Company:

                  BroadbandNOW, Inc.
                  1440 Corporate Drive
                  Irving, Texas  75038
                  Attn:  Matthew Hutchins, Sr., President & CEO

         with a copy to (such copy not to constitute notice):

                  King & Spalding
                  1185 Avenue of the Americas
                  New York, NY 10036
                  Attn:  Mark Zvonkovic, Esq.

         SECTION 8.8. HEADINGS. The article and section headings contained in
this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement.

         SECTION 8.9. ENTIRE AGREEMENT. This Agreement embodies the entire
agreement and understanding of the parties hereto in respect of the subject
matter contained herein. This Agreement supersedes all prior agreements and
understandings between the parties hereto with respect to such subject matter.

         SECTION 8.10. SEVERABILITY. If any one or more provisions contained in
this Agreement shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision of this Agreement, but this Agreement shall
be construed as if such invalid, illegal or unenforceable provision had never
been contained herein.

         SECTION 8.11. FURTHER ASSURANCES. Each party to this Agreement shall
execute such documents or instruments and take such other action as the other
party hereto may reasonably request after the date hereof in order to effectuate
the transactions contemplated hereby.

                            [SIGNATURE PAGES FOLLOW]

                                       9
<PAGE>   13

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

                                         DOTCOM LIMITED PARTNERSHIP

                                         By:
                                            ------------------------------------
                                              Name:  Jack Riggs
                                              Title: General Partner

                                         BROADBANDNOW, INC.

                                         By:
                                            ------------------------------------
                                              Name:  Matthew Hutchins, Sr.
                                              Title: President & CEO

<PAGE>   14

                                   SCHEDULE A

Subscriber:                    DOTCOM Limited Partnership

Purchase Price:                $60,000

Notices:                       DOTCOM Limited Partnership
                               5931 Velasco
                               Dallas, Texas  75206
                               Attn: Jack Riggs, General Partner

<PAGE>   15

                                   EXHIBIT A-1

                                 FORM OF WARRANT

<PAGE>   16

                                   EXHIBIT A-2

                                 FORM OF WARRANT<PAGE>   1
                                                                   EXHIBIT 10.46

                          REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of
this 3rd day of February 2000, by and among BroadbandNOW, Inc., a Delaware
corporation (the "Company") and DOTCOM Limited Partnership (the "Purchaser").

                              W I T N E S S E T H:

         WHEREAS, the Purchaser and the Company are parties to that certain
Subscription Agreement, dated as of February 3, 2000, whereby the Purchaser
shall purchase, and the Company shall issue and sell, Warrants to purchase an
aggregate of 150,000 shares of Class A Common Stock, par value $0.001 per share,
of the Company (the "Warrant"); and

         WHEREAS, in connection with the purchase of the Warrants, the Company
desires to grant to the Purchaser certain registration rights.

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

         1. DEFINITIONS. As used in this Agreement, the following terms shall
have the following respective meanings:

                  (a) "Commission" shall mean the United States Securities and
Exchange Commission, or any other federal agency at the time administering the
Securities Act.

                  (b) "Common Stock" shall mean the Company's Class A Common
Stock, par value $0.001 per share, as authorized on the date of this Agreement
or class of common stock issued in exchange therefor.

                  (c) "Conversion Shares" shall mean the shares of Common Stock
issued or issuable upon the exercise of the Warrants.

                  (d) "Exchange Act" shall mean the Securities Exchange Act of
1934, as amended, or any similar federal statute, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect at the time.

                  (e) "Forms S-1, S-2, S-3 and S-4" shall mean the forms so
designated, promulgated by the Commission for registration of securities under
the Securities Act, and any forms succeeding to the functions of such forms,
whether or not bearing the same designation.

                  (f) "Initial Public Offering" shall mean the initial
underwritten offering by the Company for its own account of Common Stock under
the Securities Act.

<PAGE>   2

                  (g) "Person" shall mean an individual, a corporation, a
partnership, a limited liability company, a joint venture, a trust, an estate,
an unincorporated organization, a government or any agency or political
subdivision thereof.

                  (h) "Preferred Stock" shall mean the Company's Series A
Convertible Preferred Stock as designated in its Certificate of Designation.

                  (i) "Preferred Rights Agreement" shall mean the First Amended
and Restated Registration Rights Agreement dated January 25, 2000 between the
Company and the holders of Preferred Stock.

                  (j) "Register," "registered" and "registration" refers to a
registration effected by filing a registration statement in compliance with the
Securities Act and the declaration or ordering by the Commission of
effectiveness of such registration statement.

                  (k) "Registrable Securities" shall mean (i) Conversion Shares
held by (x) the Purchaser, (y) a permitted purchaser of the Warrants pursuant to
its terms, or (z) a Person to whom registration rights have been properly
transferred and (ii) all shares of Common Stock issued by the Company in respect
of the Warrants.

                  (l) "Required Demand Amount" shall mean at least the total
number of Conversion Shares and shares of Common Stock issued by the Company in
respect of such shares for exercise in whole of the Warrant initially issued for
100,000 shares of Common Stock.

                  (m) "Securities Act" shall mean the Securities Act of 1933, as
amended, or any similar federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time.

         2. REQUIRED REGISTRATION.

                  (a) Subject to the provisions of Section 4 hereof, the
Purchaser may request the Company in writing to effect under the Securities Act
a registration, stating the number of shares of Registrable Securities to be
disposed of by such Purchaser and the intended method of disposition; provided,
however, that the number of shares requested to be registered by the Purchaser
is at least the Required Demand Amount and the Company can effect such
registration on Form S-3.

                  (b) Subject to the limitations set forth in Section 4 hereof,
the Company will use commercially reasonable efforts to effect the registration
under the Securities Act of all shares of Registrable Securities specified in
the request of the Purchaser; provided, however, that the number of shares
requested to be registered by the Purchaser is at least the Required Demand
Amount and the Company can effect such registration on Form S-3.

         3. REGISTRATION PROCEDURES. Whenever the Company is required by the
provisions of this Agreement to use commercially reasonable efforts to effect
promptly the registration of shares of Registrable Securities, the Company will
use commercially reasonable efforts to :

                                      -2-
<PAGE>   3

                  (a) prepare and file with the Commission (i) a registration
statement on Form S-3 with respect to such Registrable Securities, if the
Company meets such eligibility requirements; provided, however, if for any
reason, the Company does not qualify for Form S-3 within 18 months of
registration of the Company's Common Stock under the Exchange Act, then Company
shall file a registration statement on Form S-1 or, if eligible, Form S-2 and
(ii) such amendments and post-effective amendments to the registration statement
as may be necessary to keep the registration statement effective for the period
necessary to complete the proposed distribution; cause the prospectus to be
supplemented by any required prospectus supplement, and as so supplemented to be
filed pursuant to Rule 424 under the Securities Act, and to comply fully with
the applicable provisions of Rules 424 and 430A under the Securities Act in a
timely manner; and comply with the provisions of the Securities Act with respect
to the disposition of all securities covered by such registration statement
during the applicable period in accordance with the intended method or methods
of distribution by the sellers thereof set forth in such registration statement
or supplement to the prospectus;

                  (b) keep such registration statement continuously effective
for the period necessary to complete the proposed distribution but for no longer
than one hundred eighty (180) days subsequent to the effective date of such
registration; upon the occurrence of any event that would cause the registration
statement or the prospectus contained therein to contain a material misstatement
or omission, the Company shall use commercially reasonable efforts to file as
promptly as practicable an appropriate amendment to such registration statement
correcting any such misstatement or omission;

                  (c) advise the underwriter(s), if any, and selling Purchaser
promptly and, if requested by such Persons, to confirm such advice in writing,
(i) when the prospectus or any prospectus supplement or post-effective amendment
has been filed, and, with respect to the registration statement or any
post-effective amendment thereto, when the same has become effective, (ii) of
any request by the Commission for amendments to the registration statement or
amendments or supplements to the prospectus or for additional information
relating thereto, (iii) of the issuance by the Commission of any stop order
suspending the effectiveness of the registration statement under the Securities
Act or of the suspension by any state securities commission of the qualification
of the Registrable Securities for offering or sale in any jurisdiction, or the
initiation of any proceeding for any of the preceding purposes, and (iv) of the
existence of any fact or the happening of any event that makes any statement of
a material fact made in the registration statement, the prospectus, any
amendment or supplement thereto, or any document incorporated by reference
therein untrue, or that requires the making of any additions to or changes in
the registration statement or the prospectus in order to make the statements
therein not misleading. If at any time the Commission shall issue any stop order
suspending the effectiveness of the registration statement or any state
securities commission or other regulatory authority shall issue an order
suspending the qualification or exemption from qualification of the Registrable
Securities under state securities or blue sky laws, the Company shall use
commercially reasonable efforts to obtain the withdrawal or lifting of such
order at the earliest possible time;

                                      -3-
<PAGE>   4

                  (d) furnish to the selling Purchaser and each of the
underwriter(s), if any, before filing with the Commission, copies of the
registration statement or any prospectus included therein or any amendments or
supplements to any such registration statement or prospectus, and the Company
will not file the registration statement or prospectus or any amendment or
supplement to any registration statement or prospectus to which the selling
Purchaser of Registrable Securities covered by such registration statement or
the underwriter(s), if any, shall reasonably object within three (3) business
days after the receipt thereof;

                  (e) if requested by the selling Purchaser or the
underwriter(s), if any, incorporate in the registration statement or prospectus,
pursuant to a supplement or post-effective amendment if necessary, such
information as such selling Purchaser and underwriter(s), if any, may reasonably
request to have included therein, information with respect to the number of
Registrable Securities being sold to such underwriter(s), the purchase price
being paid therefor and any other terms of the offering of the Registrable
Securities to be sold in such offering and make all required filings of such
prospectus supplement or post-effective amendment as soon as practicable after
the Company is notified of the matters to be incorporated in such prospectus
supplement or post-effective amendment;

                  (f) furnish to the selling Purchaser and each of the
underwriter(s), if any, without charge, at least one copy of the registration
statement, as first filed with the Commission, and of each amendment thereto,
including all documents incorporated by reference therein and all exhibits
(including exhibits incorporated therein by reference);

                  (g) deliver to the selling Purchaser and each of the
underwriter(s), if any, without charge, as many copies of the prospectus
(including each preliminary prospectus) and any amendment or supplement thereto
as such Persons reasonably may request; the Company hereby consents to the use
of the prospectus and any amendment or supplement thereto by the selling
Purchaser and each of the underwriter(s), if any, in connection with the
offering and the sale of the Registrable Securities covered by the prospectus or
any amendment or supplement thereto;

                  (h) prior to any public offering of Registrable Securities,
the Company shall register or qualify the Registrable Securities under the
securities or blue sky laws of such jurisdictions as the selling Purchaser or
underwriter(s), if any, may reasonably request and do any and all other acts or
things reasonably necessary or advisable to enable the disposition in such
jurisdictions of the Registrable Securities covered by the registration
statement; provided, however, that the Company shall not be required to register
or qualify as a foreign corporation where it is not now so qualified or to take
any action that would subject it to the service of process in suits or to
taxation, other than as to matters and transactions relating to the registration
statement, in any jurisdiction where it is not now so subject;

                  (i) cooperate with the selling Purchaser and the
underwriter(s), if any, to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold and not bearing any
restrictive legends; and enable such Registrable Securities to be in such
denominations and registered in such names as the selling Purchaser or the
underwriter(s),

                                      -4-
<PAGE>   5

if any, may reasonably request prior to any sale of Registrable Securities made
by such underwriter(s);

                  (j) if any fact or event contemplated by clause (c)(iv) above
shall exist or have occurred, prepare a supplement or post-effective amendment
to the registration statement or related prospectus or any document incorporated
therein by reference or file any other required document so that, as thereafter
delivered to the purchasers of Registrable Securities, the prospectus will not
contain an untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein not misleading;

                  (k) cooperate and assist in any filings required to be made
with the National Association of Securities Dealers, Inc. ("NASD") and in the
performance of any due diligence investigation by any underwriter (including any
"qualified independent underwriter") that is required to be retained in
accordance with the rules and regulations of the NASD;

                  (l) otherwise use its commercially reasonable efforts to
comply with all applicable rules and regulations of the Commission, and make
generally available to its security holders, as soon as practicable, a
consolidated earnings statement meeting the requirements of the Securities Act
and Rule 158 thereunder (which need not be audited) for the twelve-month period
(i) commencing at the end of any fiscal quarter in which Registrable Securities
are sold to underwriters in a firm or best efforts underwritten offering or (ii)
if not sold to underwriters in such an offering, beginning with the first month
of the Company's first fiscal quarter commencing after the effective date of the
registration statement;

                  (m) enter into such customary agreements (including an
underwriting agreement in customary form with provisions as may be reasonably
required by the managing underwriter, if any, in order to expedite or facilitate
the disposition of such Registrable Securities);

                  (n) make available for inspection by the selling Purchaser of
Registrable Securities included in such registration statement, any underwriter
participating in any disposition pursuant to such registration statement, and
any attorney, accountant or other agent retained by any such seller or
underwriter (collectively, the "Inspectors"), all relevant financial and other
records, pertinent corporate documents and properties of the Company
(collectively, the "Records"), as shall be reasonably necessary to enable them
to exercise their due diligence responsibility, and cause the Company's
officers, directors and employees to supply all information reasonably requested
by any such Inspector in connection with such registration statement; provided
that Records which the Company determines, in good faith, to be confidential and
which it notifies the Inspectors are confidential shall not be disclosed by the
Inspectors unless (i) the disclosure of such Records is necessary to avoid or
correct a material misstatement or omission in the registration statement or
(ii) the release of such Records is ordered pursuant to a subpoena or other
order from a court of competent jurisdiction; provided, further, each Holder of
Registrable Securities and Inspector agrees that it will, upon learning that
disclosure of such Records is sought in a court of competent jurisdiction, give
notice to the Company and allow the Company, at its expense, to undertake
appropriate action and to prevent disclosure of the Records deemed confidential;

                                      -5-
<PAGE>   6

                  (o) obtain a cold comfort letter from the Company's
independent public accountants in customary form and covering such matters of
the type customarily covered by cold comfort letters as the selling Purchaser
may reasonably request; and

                  (p) the Company will give the selling Purchaser of Registrable
Securities registered under such registration statement, the underwriter, if
any, and one counsel or firm of counsel and one accountant or firm of
accountants representing the selling Purchaser, the opportunity to participate
in the preparation of such registration statement, each prospectus included
therein or filed with the Commission, and each amendment thereof or supplement
thereto, and will give each of them such access to its books and records and
such opportunities to discuss the business of the Company with its officers and
the independent public accountants who have certified its financial statements
as shall be reasonably necessary in the opinion of such selling Purchaser and
such underwriters' respective counsel to conduct a reasonable investigation
within the meaning of the Securities Act.

         4. LIMITATIONS ON REQUIRED REGISTRATIONS.

                  (a) The Company shall not be required to effect more than one
registration pursuant to Section 2 hereof.

                  (b) The Company may not cause any other registration of
securities for sale for its own account (other than a registration effected
solely to implement an employee benefit or incentive plan or securities for a
transaction on a Form S-4) to be initiated after a registration requested
pursuant to Section 2 hereof and to become effective less than ninety (90) days
after the effective date of any registration requested pursuant to Section 2
hereof.

                  (c) Whenever a requested registration is for an underwritten
offering, only shares which are to be included in the underwriting pursuant to
this Agreement or other agreements with the Company, or shares offered by the
Company may be included in the registration. Notwithstanding the provisions of
Sections 2(b) and 4(b) hereof, if the underwriter determines that (i) marketing
factors require a limitation of the total number of shares to be underwritten,
or (ii) the offering price per share would be reduced by the inclusion of the
shares in the underwriting, then the number of shares to be included in the
registration and underwriting shall be reduced in whole or in part by the
underwriter so long as such limitation is applied on a pro rata basis with
respect to all shares proposed or requested to be registered in the
underwriting. No stock excluded from the underwriting by reason of the
underwriter's marketing limitation shall be included in such registration. If
the Company disapproves of any such underwriting, the Company may elect to
withdraw its shares therefrom by written notice to the Purchaser and the
underwriter. The securities so withdrawn from such underwriting shall also be
withdrawn from such registration.

                  (d) If at the time of any request to register Registrable
Securities pursuant to Section 2 hereof, the Company is engaged, or has fixed
plans to engage within ninety (90) days of the time of the request in a
registered public offering, then the Company may at its option

                                      -6-
<PAGE>   7

direct that such request be delayed for a period not in excess of six months
from the effective date of such offering.

                  (e) The Company shall not be required to effect a registration
pursuant to Section 2 hereof until the earlier to occur of: (i) 18 months after
an Initial Public Offering if the Company obtains the requisite approval of the
holders of the Preferred Stock for such registration, or (ii) ninety (90) days
after a public offering for the account of the holders of Common Stock issued or
issuable to such holders of the Company's Preferred Stock (the "Preferred
Offering"). If a Preferred Offering has not occurred within 18 months after an
Initial Public Offering, the Company agrees to use its best efforts to obtain
the consent referred to in clause (i) in the previous sentence.

         5. INCIDENTAL REGISTRATION. At any time, (i) commencing one hundred
eighty (180) days after an Approved Offering (as defined in the Preferred Rights
Agreement) or (ii) subject to the Preferred Rights Agreement, if the Company
proposes to register any of its shares of Common Stock under the Securities Act
(other than a registration effected solely to implement an employee benefit or
incentive plan or securities for a transaction on a Form S-4) for its own
account or in a Preferred Offering, it will each such time give written notice
to Purchaser of its intention so to do. Upon the written request of Purchaser
given within 10 days after receipt of any such notice (stating the number of
shares of Registrable Securities to be disposed of by Purchaser), the Company
will use commercially reasonable efforts to cause all shares of Registrable
Securities to be sold to be registered under the Securities Act so as to permit
the disposition on the same terms and conditions as the shares of Common Stock
otherwise being sold through underwriters under such registration by such
holders of the shares so registered, subject, however, to the limitations set
forth in the Preferred Rights Agreement and Section 6 hereof.

         6. LIMITATIONS ON INCIDENTAL REGISTRATION. Notwithstanding any
provision of Section 5 hereof, if the underwriter determines that marketing
factors require a limitation of the number of shares to be underwritten, the
underwriter may exclude or otherwise limit the number of shares of Registrable
Securities to be included in the registration and underwriting. The Company
shall so advise the Purchaser, and the number of shares of Registrable
Securities that may be included in the registration and underwriting shall be
reduced in whole or in part by the underwriter. No Registrable Securities
excluded from the underwriting by reason of the underwriter's marketing
limitation shall be included in such registration. If Purchaser disapproves of
any such underwriting, such Purchaser may elect to withdraw therefrom by written
notice to the Company and the underwriter. The Registrable Securities and/or
other securities so withdrawn from such underwriting shall also be withdrawn
from such registration.

         7. DESIGNATION OF UNDERWRITER. The Company shall have the right to
designate the managing underwriter in any underwritten offering.

                                      -7-
<PAGE>   8

         8. COOPERATION BY PURCHASER.

                  (a) Purchaser will furnish to the Company such information as
the Company may reasonably require from Purchaser in connection with the
registration statement (and the prospectus included therein).

                  (b) Purchaser will not (until further notice) effect sales
thereof after receipt of telegraphic or written notice from the Company to
suspend sales to permit the Company to correct or update a registration
statement or prospectus; but the obligations of the Company with respect to
maintaining any registration statement current and effective shall be extended
by a period of days equal to the period such suspension is in effect unless (i)
such extension would result in the Company's inability to use the financial
statements in the registration statement initially filed pursuant to the
Purchaser's request and (ii) such correction or update did not result from the
Company's acts or failures to act. At the end of the period during which the
Company is obligated to keep the registration statement current and effective as
described in Section 3(b) hereof (and any extensions thereof required by the
preceding sentence), Purchaser shall discontinue sales of shares pursuant to
such registration statement upon receipt of notice from the Company of its
intention to remove from registration the shares covered by such registration
statement which remain unsold, and Purchaser shall notify the Company of the
number of shares registered which remain unsold immediately upon receipt of such
notice from the Company.

                  (c) Purchaser agrees to provide the Company with written
assurances that all sales of Registrable Securities made in connection with a
registration that is not underwritten were made in compliance with all
applicable securities laws, including, without limitation, the prospectus
delivery requirements of Section 5 of the Securities Act or any successor
provision and the restrictions of Rules l0b-2, l0b-6 and l0b-7 of the Exchange
Act or any successor provisions.

         9. EXPENSES OF REGISTRATION. All expenses incurred in effecting any
registration pursuant to this Agreement including, without limitation, all
registration and filing fees, printing expenses, expenses of compliance with
blue sky laws, fees and disbursements of counsel for the Company and expenses of
certified independent public accountants of the Company, shall be borne by the
Company, except that (a) all expenses, fees and disbursements of any counsel
retained by Purchaser and all underwriting discounts and commissions
attributable to Registrable Securities being sold by Purchaser shall be borne by
Purchaser and (b) the Company shall not be required to pay for any expenses of
the registration proceeding begun pursuant to Section 2 hereof if such
registration request is subsequently withdrawn at the request of Purchaser,
unless Purchaser agrees to forfeit its rights to a demand registration pursuant
to Section 2 hereof. Notwithstanding the foregoing, in the case of the
registration requests in which the Company has agreed to pay the Purchaser's
expenses pursuant to this Section 9, the Company will pay up to $10,000 per
registration request, for expenses, fees and disbursements for legal counsel for
the Purchaser.

                                      -8-
<PAGE>   9

         10. INDEMNIFICATION.

                  (a) To the extent permitted by law, the Company will indemnify
the Purchaser requesting or joining in a registration, each agent, officer,
member and partner and director of such Purchaser, each Person controlling
(within the meaning of Section 15 of the Securities Act or any successor
provision) such Purchaser and each underwriter and selling broker of the
securities so registered (collectively, "Indemnitees") against all claims,
losses, damages and liabilities (or actions in respect thereof) arising out of
or based on any untrue statement (or alleged untrue statement) of a material
fact contained in any prospectus, offering circular or other document incident
to any registration, qualification or compliance (or in any related registration
statement, notification or the like) or any omission (or alleged omission) to
state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading in the light of the circumstances in which
they were made, or any violation by the Company of any rule or regulation
promulgated under the Securities Act applicable to the Company and relating to
action or inaction required of the Company in connection with any such
registration, qualification or compliance, and will reimburse each such
Indemnitee for any legal and any other expenses reasonably incurred in
connection with investigating or defending any such claim, loss, damage,
liability or action; provided, however, that the Company will not be liable in
any such case to the extent that any such claim, loss, damage or liability is
caused by any untrue statement or alleged untrue statement or omission or
alleged omission so made in conformity with written information furnished to the
Company by an instrument duly executed by such Indemnitees and stated to be
specifically for use therein and except that the foregoing indemnity agreement
is subject to the condition that, insofar as it relates to any such untrue
statement (or alleged untrue statement) or omission (or alleged omission) made
in the preliminary prospectus but eliminated or remedied in the amended
prospectus on file with the Commission at the time the registration statement
becomes effective or in the amended prospectus filed with the Commission
pursuant to Rule 424(b) or any successor provision (the "Final Prospectus"),
such indemnity agreement shall not inure to the benefit of any underwriter, or
any Indemnitee if there is no underwriter, if a copy of the Final Prospectus was
not furnished to the Person asserting the loss, liability, claim or damage at or
prior to the time such furnishing is required by the Securities Act, provided
further, that this indemnity shall not be deemed to relieve any underwriter of
any of its due diligence obligations; provided, further, that the indemnity
agreement contained in this Section 10(a) shall not apply to amounts paid in
settlement of any such claim, loss, damage, liability or action if such
settlement is effected without the consent of the Company, which consent shall
not be unreasonably withheld.

                  (b) To the extent permitted by law, Purchaser requesting or
joining in a registration and each underwriter of the securities so registered
will indemnify the Company and its officers and directors and each Person, if
any, who controls the Company within the meaning of Section 15 of the Securities
Act or any successor provision and their respective successors against all
claims, losses, damages and liabilities (or actions in respect thereof) arising
out of or based on any untrue statement of a material fact contained in any
prospectus, offering circular or other document incident to any registration,
qualification or compliance (or in any related registration statement,
notification or the like) or any omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances in which they were made and will
reimburse the Company and each

                                      -9-
<PAGE>   10

other Person indemnified pursuant to this Section 10(b) for any legal and any
other expenses reasonably incurred in connection with investigating or defending
any such claim, loss, damage, liability or action; provided, however, that this
Section 10(b) shall apply only if (and only to the extent that) such statement
or omission was made in reliance upon and in conformity with written information
(including, without limitation, written negative responses to inquiries)
furnished to the Company by an instrument duly executed by Purchaser or
underwriter and stated to be specifically for use in such prospectus, offering
circular or other document (or related registration statement, notification or
the like) or any amendment or supplement thereto provided that the indemnity
agreement contained in this Section 10(b) shall not apply to amounts paid in
settlement of any such claim, loss, damage, liability or action if such
settlement is effected without the consent of Purchaser or underwriter, as the
case may be, which consent shall not be unreasonably withheld.

                  (c) Each party entitled to indemnification hereunder (the
"indemnified party") shall give notice to the party required to provide
indemnification (the "indemnifying party") promptly after such indemnified party
has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the indemnifying party (at its expense) to assume the defense of any
claim or any litigation resulting therefrom, provided that counsel for the
indemnifying party, who shall conduct the defense of such claim or litigation,
shall be reasonably satisfactory to the indemnified party, and the indemnified
party may participate in such defense at such party's expense, and provided,
further, that the omission by any indemnified party to give notice as provided
herein shall not relieve the indemnifying party of its obligations under this
Section 10 except to the extent that the omission results in a failure of actual
notice to the indemnifying party and such indemnifying party is damaged solely
as a result of the failure to give notice. No indemnifying party, in the defense
of any such claim or litigation, shall, except with the consent of each
indemnified party, consent to entry of any judgment or enter into any settlement
which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.

                  (d) If for any reason the indemnification provided for in the
preceding subsections (a) and (b) of this Section 10 is unavailable to an
indemnified party or insufficient to hold it harmless as contemplated by such
preceding subsections, then the indemnifying party shall contribute to the
amount paid or payable by the indemnified party as a result of such
unavailability or insufficiency in proportion as is appropriate to reflect not
only the relative benefits received by the indemnified party and the
indemnifying party, but also the relative fault of the indemnified party and the
indemnifying party, as well as any other relevant equitable considerations,
provided that Purchaser shall not be required to contribute in any amount
greater than the dollar amount of the proceeds received by Purchaser with
respect to the sale of any Common Stock. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.

                  (e) The reimbursement required by this Section 10 shall be
made by periodic payments during the course of the investigation or defense, as
and when bills are received or expenses incurred.

                                      -10-
<PAGE>   11

                  (f) The obligation of the Company under this Section 10 shall
survive the completion of any offering of Registrable Securities in a
registration statement under this Agreement, or otherwise.

         11. RIGHTS MAY BE GRANTED TO SUBSEQUENT INVESTORS. The Company may
grant to subsequent investors in the Company rights of required and incidental
registration (such as those provided in Sections 2 and 5 hereof). Such rights
may be granted with respect to (i) registrations actually requested by Purchaser
pursuant to Section 2 hereof, but only in respect of that portion of any such
registration as remains after inclusion of all Registrable Securities requested
by Purchaser and (ii) registrations initiated by the Company.

         12. ASSIGNMENT OF REGISTRATION RIGHTS. Except as otherwise provided
below, neither party may assign any of its rights and obligations of the parties
hereunder without the prior written consent of the other party:

                  (a) Purchaser may assign this Agreement and all its rights and
obligations to a transferee who executes a counterpart of this Agreement and
agrees to be bound by the agreements, representations and warranties herein and
such permitted transferee shall be substituted for Purchaser in the Agreement;
but only to a transferee who shall acquire both of the Warrants or all shares of
Registrable Securities initially issuable under both of the Warrants and in
compliance with applicable securities laws and the terms of the Warrants; or

                  (b) either party may assign this Agreement and all its rights
and obligations under this Agreement to the assignee of all or substantially all
of the assets of such party including an acquisition through merger, provided
that such party shall in no event be released from its obligations hereunder
without the prior written consent of the other party.

         Notwithstanding any provision of this Section 12, the registration
rights granted to the Purchaser under this Agreement may not be assigned to any
Person which, in the Company's reasonable judgment, is a competitor of the
Company.

         13. "STAND-OFF" AGREEMENT. In consideration for the Company performing
its obligations under this Agreement, Purchaser agrees to enter into an
agreement providing that for a period of time (not to exceed one hundred eighty
(180) days) from the effective date of any registration (other than a
registration effected solely to implement an employee benefit or incentive plan)
of Common Stock (or derivatives thereof) of the Company (upon request of the
Company or of the underwriters managing the underwritten offering covered by
such registration), such Purchaser shall not sell, make any short sale of, loan,
grant any option for the purchase of, or otherwise dispose of any Registrable
Securities, other than shares of Registrable Securities included in the
registration, without the prior written consent of the Company or such
underwriters, as the case may be; provided, however, such Purchaser shall not be
obligated to enter into such agreement unless all executive officers and
directors of the Company shall have entered into similar agreements.

                                      -11-
<PAGE>   12

         14. DELAY OF REGISTRATION. The Purchaser shall have no right to take
any action to restrain, enjoin, or otherwise delay any registration as the
result of any controversy that might arise with respect to the interpretation or
implementation of this Agreement.

         15. TERMINATION OF REGISTRATION RIGHTS. Unless the registration rights
granted in this Agreement are terminated earlier, the registration rights shall
terminate on the earlier of:

                  (a) June 2, 2006; or

                  (b) with respect to Purchaser, or permissible transferee or
assignee of such rights, at such time when such Purchaser or, transferee or
assignee owns less than the number of shares of Registrable Securities that
could be sold within a single three-month period pursuant to Rule 144.

         16. RULE 144 REQUIREMENTS. If the Company becomes subject to the
reporting requirements of the Exchange Act, the Company will file with the
Commission such information as the Commission may require to make available Rule
144 under the Securities Act (or any successor exemptive rule).

         17. NOTICES. All notices, requests, consents and other communications
herein (except as stated in the last sentence of this Section 17) shall be in
writing and shall be mailed by first class or certified mail, postage prepaid,
sent by a nationally recognized overnight delivery service, or personally
delivered, as follows:

                  (a)      If to the Company:

                           BroadbandNOW, Inc.
                           1440 Corporate Drive
                           Irving, Texas  75038
                           Attn:  Matthew Hutchins, Sr., President and CEO

                           with a copy which shall not constitute notice to:

                           King & Spalding
                           1185 Avenue of the Americas
                           New York, New York  10036-4003
                           Attn:  Mark Zvonkovic

                  (b)      If to the Purchaser:

                           DOTCOM Limited Partnership
                           5931 Velasco
                           Dallas, Texas  75206
                           Attn:  Jack Riggs, General Partner

                                      -12-
<PAGE>   13

                           with a copy which shall not constitute notice to:

                           Haynes & Boone, LLP
                           901 Main Street, Suite 3100
                           Dallas, Texas  75202-3789
                           Attn:  Gregory R. Samuel

or such other addresses as each of the parties hereto may provide from time to
time in writing to the other parties.

         18. MODIFICATIONS; WAIVER. Neither this Agreement nor any provision
hereof may be changed, waived, discharged or terminated orally or in writing,
except that any provision of this Agreement may be amended and the observance of
any such provision may be waived (either generally or in a particular instance
and either retroactively or prospectively) with (but only with) the written
consent of (a) the Company and (b) Purchaser.

         19. REPLACEMENT AGREEMENT. This Agreement contains the entire agreement
between the parties with respect to the registration rights contemplated hereby,
and supersedes all negotiations, agreements, representations, warranties and
commitments relating to the registration rights contemplated hereby, whether in
writing or oral, prior to the date hereof.

         20. SUCCESSORS AND ASSIGNS. The Company may not assign or delegate any
of its rights or duties under this Agreement. Except as otherwise provided in
this Agreement, all of the terms of this Agreement including the agreements,
representations and warranties set forth herein shall be binding upon and inure
to the benefit of and be enforceable by the respective successors and assigns of
the parties hereto, except that the rights set forth in this Agreement may only
be transferred in accordance with Section 12 hereof.

         21. ENFORCEMENT.

                  (a) Remedies at Law or in Equity. If any party shall default
         in any of its obligations under this Agreement or if any representation
         or warranty made by or on behalf of such party in this Agreement or in
         any certificate, report or other instrument delivered under or pursuant
         to any term hereof shall be untrue or misleading in any material
         respect as of the date of this Agreement or as of the date it was made,
         furnished or delivered, any party damaged may proceed to protect and
         enforce its rights by suit in equity or action at law, whether for the
         specific performance of any term contained in this Agreement or for an
         injunction against the breach of any such term or in furtherance of the
         exercise of any power granted in this Agreement, or to enforce any
         other legal or equitable right of such party or to take any one or more
         of such actions. The prevailing party in such dispute shall be entitled
         to recover from the losing party all fees, costs and expenses of
         enforcing any right of such prevailing party under or with respect to
         this Agreement, including without limitation reasonable fees and
         expenses of attorneys and accountants, which shall include, without
         limitation, all fees, costs and expenses of appeals.

                  (b) Remedies Cumulative; Waiver. No remedy referred to herein
         is intended to be exclusive, but each shall be cumulative and in
         addition to any other remedy referred to above or otherwise available
         at law or in equity. No express or implied waiver of any

                                      -13-
<PAGE>   14

         default shall be a waiver of any future or subsequent default. The
         failure or delay in exercising any rights granted hereunder shall not
         constitute a waiver of any such right and any single or partial
         exercise of any particular right shall not exhaust the same or
         constitute a waiver of any other right provided herein.

         22. EXECUTION AND COUNTERPARTS. This Agreement may be executed in any
number of counterparts, each of which when so executed and delivered shall be
deemed an original, and such counterparts together shall constitute one
instrument. Each party shall receive a duplicate original of the counterpart
copy or copies executed by it and by the Company.

         23. GOVERNING LAW AND SEVERABILITY. THIS AGREEMENT SHALL BE GOVERNED BY
THE LAWS OF THE STATE OF TEXAS AS APPLIED TO AGREEMENTS ENTERED INTO AND TO BE
PERFORMED ENTIRELY WITHIN TEXAS. To the maximum extent practicable, this
Agreement will be deemed to call for performance in Dallas County, Texas. In the
event any provision of this Agreement or the application of any such provision
to any party shall be held by a court of competent jurisdiction to be contrary
to law, the remaining provisions of this Agreement shall remain in full force
and effect.

         24. HEADINGS. The descriptive headings of the Sections hereof and the
Schedules hereto are inserted for convenience only and do not constitute a part
of this Agreement.

                                      -14-

<PAGE>   15

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

                           DOTCOM LIMITED PARTNERSHIP

                           By:
                              -------------------------------------------------
                              Name:  Jack Riggs
                              Title: General Partner

                           BROADBANDNOW, INC.

                           By:
                              -------------------------------------------------
                              Name:  Matthew Hutchins, Sr.
                              Title: President and Chief Executive Officer

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