Document:

<PAGE>

                                                                    EXHIBIT 10.5

          THIS WARRANT WAS ORIGINALLY ISSUED ON JANUARY 4, 2001 AND HAS NOT BEEN
          REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT
          BE TRANSFERRED IN VIOLATION OF SUCH ACT, THE RULES AND REGULATIONS
          THEREUNDER OR THE PROVISIONS OF THIS WARRANT.  THIS WARRANT IS ALSO
          SUBJECT TO A BRIDGE LOAN AGREEMENT DATED AS OF JANUARY 4, 2001 BY AND
          BETWEEN UNITED SHIPPING & TECHNOLOGY, INC. (THE "COMPANY") AND THE
          ORIGINAL HOLDER HEREOF, AS AMENDED FROM TIME TO TIME.  A COPY OF SUCH
          BRIDGE LOAN AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY
          TO THE HOLDER HEREOF UPON REQUEST.

                             STOCK PURCHASE WARRANT
                           TO ACQUIRE PREFERRED STOCK
                           --------------------------

Date of Issuance: January 4, 2001                          Certificate No. W-___

     For value received, UNITED SHIPPING & TECHNOLOGY, INC., a Utah corporation
(the "Company"), hereby grants to [NAME OF ENTITY], a [FORM OF ENTITY AND STATE
OF ORGANIZATION], or its transferees and assigns, the right to purchase from the
Company _____________ (___________) Warrant Shares (as defined herein) at a
price per Share equal to $0.01 (the "Exercise Price"). Certain capitalized terms
used herein are defined in Section 3 hereof.

     This Warrant is one of the "Warrants" (collectively, the "Warrants") issued
pursuant to the terms of a Bridge Loan Agreement dated as of January 4, 2001
between the Company and the Investors named therein (as amended, restated or
modified from time to time, the "Loan Agreement"). Certain capitalized terms
used herein are defined in Section 3 hereof.

     This Warrant is subject to the following provisions:

     SECTION 1. Exercise of Warrant.

          1A. Exercise Period. The purchase rights represented by this Warrant
     may only be exercised, in whole or in part, at any time, and from time to
     time until 5:00 p.m., New York time, on January 4, 2006 or, if such day is
     not a business day, on the next preceding business day (the "Exercise
     Period").

          1B. Exercise Procedure.

               (i) This Warrant shall be deemed to have been exercised when all
          of the following items have been delivered to the Company (the
          "Exercise Time"):

                    (a) a completed Exercise Agreement, as described in Section
               1C below, executed by the Person exercising all or part of the
               purchase rights represented by this Warrant (the "Purchaser");

                    (b) this Warrant;
<PAGE>

                    (c) if the Purchaser is not the Registered Holder, an
               Assignment or Assignments in the form set forth in Exhibit II
               attached hereto evidencing the assignment of this Warrant to the
               Purchaser; and

                    (d) a check or wire transfer payable to the Company in an
               amount equal to the product of the Exercise Price multiplied by
               the number of Warrant Shares being purchased upon such exercise
               (the "Aggregate Exercise Price").

               (ii) Certificates for Warrant Shares purchased upon exercise of
          this Warrant shall be delivered by the Company to the Purchaser within
          five days after the date of the Exercise Time. Unless this Warrant has
          expired or all of the purchase rights represented hereby have been
          exercised, the Company shall prepare a new Warrant, substantially
          identical hereto, representing the rights formerly represented by this
          Warrant which have not expired or been exercised and shall, within
          such five-day period, deliver such new Warrant to the Person
          designated for delivery in the Exercise Agreement.

               (iii) The Warrant Shares issuable upon the exercise of this
          Warrant shall be deemed to have been issued to the Purchaser at the
          Exercise Time, and the Purchaser shall be deemed for all purposes to
          have become the Registered Holder of such Warrant Shares at the
          Exercise Time.

               (iv) The Company shall not close its books against the transfer
          of this Warrant or of any Warrant Shares issued or issuable upon the
          exercise of this Warrant in any manner which interferes with the
          timely exercise of this Warrant. The Company shall from time to time
          take all such action as may be necessary to assure that the par value
          per share of the unissued Warrant Shares acquirable upon exercise of
          this Warrant is at all times equal to or less than the Exercise Price
          then in effect. In the event that the Company fails to comply with its
          obligations set forth in the foregoing sentence, the Purchaser may
          (but shall not be obligated to) purchase Warrant Shares hereunder at
          par value, and the Company shall be obligated to reimburse the
          Purchaser for the aggregate amount of consideration paid in connection
          with such exercise in excess of the Exercise Price then in effect.

               (v) Notwithstanding any other provision hereof, if an exercise of
          any portion of this Warrant is to be made in connection with a public
          offering or a sale of the Company (pursuant to a merger, sale of
          stock, or otherwise), such exercise may at the election of the
          Registered Holder be conditioned upon the consummation of such
          transaction, in which case such exercise shall not be deemed to be
          effective until immediately prior to the consummation of such
          transaction.

               (vi) The Company shall at all times reserve and keep available
          out of its authorized but unissued Preferred Stock solely for the
          purpose of issuance upon the exercise of this Warrant, the maximum
          number of Warrant Shares issuable upon the exercise of this Warrant.
          All Warrant Shares which are so issuable shall, when issued and upon
          the payment of the applicable Exercise Price, be duly and validly
          issued, fully paid and nonassessable and free from all taxes, liens
          and charges except those created by actions of the holder hereof. The
          Company shall take all such reasonable actions as may be necessary to
          ensure that all such Warrant Shares may be so issued without violation
          by the Company of any applicable law or governmental regulation.

          1C. Exercise Agreement. Upon any exercise of this Warrant, the
     Purchaser shall deliver to the Company an Exercise Agreement in
     substantially the form set forth as Exhibit I hereto, except that if the
     Warrant Shares are not to be issued in the name of the Registered Holder,
     the Exercise Agreement shall also state the name of the Person to whom the
     certificates for the Warrant Shares are to be issued, and if the number of
     Warrant Shares to be issued does not include all of the Warrant Shares
     purchasable hereunder, it shall also state the name of the Person to whom a
     new Warrant for the unexercised portion of the rights hereunder is to be
     issued.

                                       2
<PAGE>

     SECTION 2. Adjustment of Exercise Price and Number of Shares. In order to
prevent dilution of the rights granted under this Warrant, the number of Warrant
Shares obtainable upon exercise of this Warrant shall be subject to adjustment
from time to time as provided in this Section 2.

          2A. Subdivision or Combination of Common Stock. If the Company at any
     time subdivides (by any stock split, stock dividend, recapitalization or
     otherwise) one or more classes of its outstanding shares of Common Stock
     into a greater number of shares, the number of Warrant Shares obtainable
     upon exercise of this Warrant shall be proportionately increased. If the
     Company at any time combines (by reverse stock split or otherwise) one or
     more classes of its outstanding shares of Preferred Stock into a smaller
     number of shares, the Exercise Price in effect immediately prior to such
     combination shall be proportionately increased and the number of Warrant
     Shares obtainable upon exercise of this Warrant shall be proportionately
     decreased.

          2B. Reorganization, Reclassification, Consolidation, Merger or Sale.
     Any recapitalization, reorganization, reclassification, consolidation,
     merger, sale of all or substantially all of the Company's assets or other
     transaction, which in each case is effected in such a way that the holders
     of Common Stock are entitled to receive (either directly or upon subsequent
     liquidation) stock, securities or assets with respect to or in exchange for
     Common Stock is referred to herein as "Organic Change." Prior to the
     consummation of any Organic Change, the Company shall make appropriate
     provision to insure that the Registered Holder of this Warrant shall
     thereafter have the right to acquire and receive, in lieu of the Warrant
     Shares immediately theretofore acquirable and receivable upon the exercise
     of such holder's Warrant, such shares of stock, securities or assets as
     such Registered Holder would have received in connection with such Organic
     Change if such Registered Holder had exercised this Warrant in full
     immediately prior to such Organic Change. In each such case, the Company
     shall make appropriate provision with respect to such holder's rights and
     interests to insure that the provisions of this Section 2 shall thereafter
     be applicable to this Warrant. The Company shall not effect any such
     consolidation, merger or sale, unless prior to the consummation thereof,
     the successor entity (if other than the Company) resulting from
     consolidation or merger or the entity purchasing such assets assumes by
     written instrument, the obligation to deliver to such holder such shares of
     stock, securities or assets as, in accordance with the foregoing
     provisions, such holder may be entitled to acquire.

          2C. Certain Events. If any event occurs of the type contemplated by
     the provisions of this Section 2 but not expressly provided for by such
     provisions, then the Company's Board of Directors shall make an appropriate
     adjustment in the number of Warrant Shares obtainable upon exercise of this
     Warrant so as to protect the rights of the holders of this Warrant;
     provided, that no such adjustment shall increase or decrease the number of
     Warrant Shares obtainable as otherwise determined pursuant to this Section
     2.

          2D. Notices.

               (i) The Company shall give written notice to the Registered
          Holder at least 20 days prior to the date on which the Company closes
          its books or takes a record (a) with respect to any pro rata
          subscription offer to holders of Common Stock or (b) for determining
          rights to vote with respect to any Organic Change, dissolution or
          liquidation.

               (ii) The Company shall also give written notice to the Registered
          Holders at least 20 days prior to the date on which any Organic
          Change, dissolution or liquidation shall take place.

     SECTION 3. Definitions. The following terms have the meanings set forth
below:

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

                                       3
<PAGE>

     "Registered Holder" means the holder of this Warrant as reflected in the
records of the Company maintained pursuant to the provisions of Section 11.

     "Preferred Stock" means, collectively, the Series D Convertible Preferred
Stock, or any series of convertible preferred stock of the Company issued
following the date of this Warrant senior to such Series D Convertible Preferred
Stock, and any securities into which such Preferred Stock is hereafter converted
or exchanged.

     "Subsidiary" means, with respect to any Person, any corporation, limited
liability company, partnership, association or other business entity of which
(i) if a corporation, a majority of the total voting power of shares of stock
entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person or a combination thereof, or (ii) if a limited
liability company, partnership, association or other business entity, a majority
of the partnership or other similar ownership interest thereof is at the time
owned or controlled, directly or indirectly, by that Person or one or more
Subsidiaries of that Person or a combination thereof. For purposes hereof, a
Person or Persons shall be deemed to have a majority ownership interest in a
limited liability company, partnership, association or other business entity if
such Person or Persons shall be allocated a majority of limited liability
company, partnership, association or other business entity gains or losses or
shall be or control the managing general partner of such limited liability
company, partnership, association or other business entity.

     "Warrant Shares" means shares of Preferred Stock issuable upon exercise of
the Warrant; provided, that if the securities issuable upon exercise of this
Warrant are issued by an entity other than the Company or there is a change in
the class of securities so issuable, then the term "Warrant Shares" shall mean
shares of the security issuable upon exercise of this Warrant if such security
is issuable in shares, or shall mean the equivalent units in which such security
is issuable if such security is not issuable in shares.

     SECTION 4. No Voting Rights; Limitations of Liability. This Warrant shall
not entitle the Registered Holder hereof to any voting rights or other rights as
a stockholder of the Company. No provision hereof, in the absence of affirmative
action by the Registered Holder to purchase Warrant Shares, and no enumeration
herein of the rights or privileges of the Registered Holder shall give rise to
any liability of such Registered Holder for the Exercise Price of Warrant Shares
acquirable by exercise hereof or as a stockholder of the Company.

     SECTION 5. Transferability. Subject to compliance with the Securities Act
of 1933, as amended, and other applicable securities law, this Warrant and all
rights hereunder are transferable, in whole or in part, without charge to the
Registered Holder, upon surrender of this Warrant with a properly executed
Assignment (in the form of Exhibit II hereto).

     SECTION 6. Warrant Exchangeable for Different Denominations. This Warrant
is exchangeable, upon the surrender hereof by the Registered Holder at the
principal office of the Company, for new Warrants of like tenor representing in
the aggregate the purchase rights hereunder, and each of such new Warrants shall
represent such portion of such rights as is designated by the Registered Holder
at the time of such surrender. At the request of the Registered Holder (pursuant
to a transfer of this Warrant or otherwise), this Warrant may be exchanged for
one or more Warrants to purchase Common Stock. The date the Company initially
issues this Warrant shall be deemed to be the date of issuance hereof regardless
of the number of times new certificates representing the unexpired and
unexercised rights formerly represented by this Warrant shall be issued.

     SECTION 7. Exchange. In the event that it becomes unlawful or, in the
reasonable judgment of any Registered Holder of this Warrant, unduly burdensome
by reason of a change in legal or regulatory considerations or the
interpretation thereof affecting the ability of financial institutions or their
affiliates to hold equity securities, or any material change (including a
reduction in the number of shares of

                                       4
<PAGE>

Common Stock outstanding) in the capital structure of the Company, to hold this
Warrant or any of the Warrant Shares, the Registered Holder of this Warrant
shall have the right to require all or part of this Warrant or such Registered
Holder's Warrant Shares to be exchanged for nonvoting stock or similar interests
that convey equivalent economic benefits to such Warrant or Warrant Shares. Any
such exchange shall occur as soon as practicable but in any event within sixty
(60) days after written notice by the Registered Holder of this Warrant to the
Company (or such earlier date if required to comply with applicable law).

     SECTION 8. Replacement. Upon receipt of evidence reasonably satisfactory to
the Company (an affidavit of the Registered Holder shall be satisfactory) of the
ownership and the loss, theft, destruction, or mutilation of any certificate
evidencing this Warrant, and in the case of any such loss, theft, or
destruction, upon receipt of indemnity reasonably satisfactory to the Company
(provided, that if the Registered Holder is a financial institution or other
institutional investor its own Agreement shall be satisfactory), or, in the case
of any such mutilation upon surrender of such certificate, the Company shall (at
its expense) execute and deliver in lieu of such certificate a new certificate
of like kind representing the same rights represented by such lost, stolen,
destroyed, or mutilated certificate and dated the date of such lost, stolen,
destroyed, or mutilated certificate.

     SECTION 9. Notices. Except as otherwise expressly provided herein, all
notices and deliveries referred to in this Warrant shall be in writing, shall be
delivered personally, sent by registered or certified mail, return receipt
requested and postage prepaid or sent via nationally recognized overnight
courier or via facsimile, and shall be deemed to have been given when so
delivered (or when received, if delivered by any other method) if sent (i) to
the Company, at its principal executive offices, and (ii) to a Registered
Holder, at such Registered Holder's address as it appears in the records of the
Company (unless otherwise indicated by any such Registered Holder).

     SECTION 10. Amendment and Waiver. Except as otherwise provided herein, the
provisions of this Warrant may be amended and the Company may take any action
herein prohibited, or omit to perform any act herein required to be performed by
it, only if the Company has obtained the prior written consent of the Registered
Holder.

     SECTION 11. Warrant Register. The Company shall maintain at its principal
executive offices books for the registration and the registration of transfer of
Warrants. The Company may deem and treat the Registered Holder as the absolute
owner hereof (notwithstanding any notation of ownership or other writing thereon
made by anyone) for all purposes and shall not be affected by any notice to the
contrary.

     SECTION 12. Descriptive Headings; Governing Law. The descriptive headings
of the several Sections and paragraphs of this Warrant are inserted for
convenience only and do not constitute a part of this Warrant. THE CONSTRUCTION,
VALIDITY AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS OR CHOICE OF
LAW OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION WHICH WOULD RESULT IN THE
APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

                                   * * * * *

                                       5
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this Warrant to be signed and
attested by its duly authorized officers under its corporate seal and to be
dated as of the date hereof.

                                       UNITED SHIPPING & TECHNOLOGY, INC.

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

Attest:

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

                                       6
<PAGE>

                                                                       EXHIBIT I
                               EXERCISE AGREEMENT

To:                                                       Dated:

     The undersigned, pursuant to the provisions set forth in the attached
Warrant (Certificate No. [ ]), hereby agrees to subscribe for the purchase of
______ Warrant Shares covered by such Warrant and makes payment herewith in full
therefor at the price per share provided by such Warrant.

                                       Signature
                                                 -------------------------------
                                       Address
                                               ---------------------------------

                                       7
<PAGE>

                                                                      EXHIBIT II

                                   ASSIGNMENT

     FOR VALUE RECEIVED, _____________________________ hereby sells, assigns and
transfers all of the rights of the undersigned under the attached Warrant
(Certificate No. [ ]) with respect to the number of the Warrant Shares covered
thereby set forth below, unto:

Names of Assignee                  Address                 No. of Shares
-----------------                  -------                 -------------

Dated:
                                       Signature
                                                 -------------------------------

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

                                       Witness
                                               ---------------------------------

                                       8<PAGE>

                                                                   Exhibit 10.13

              AMENDMENT NUMBER ONE TO LOAN AND SECURITY AGREEMENT
              ---------------------------------------------------

          This AMENDMENT NUMBER ONE TO LOAN AND SECURITY AGREEMENT (this
"Amendment"), dated as of April 27, 2001, is entered into by and among WAM!NET
INC., a Minnesota corporation ("Parent"), each of Parent's Subsidiaries
identified on the signature pages hereof (such Subsidiaries, together with
Parent, are referred to hereinafter each individually as a "Borrower", and
individually and collectively, jointly and severally, as the "Borrowers"), each
of the financial institutions signatories hereto (such financial institutions,
together with their respective successors and assigns, each a "Lender" and
collectively, the "Lenders"), and FOOTHILL CAPITAL CORPORATION, a California
corporation, as agent for the Lenders (in such capacity, the "Agent").

          WHEREAS, the Borrowers have requested the Lender Group to amend
certain terms of that certain Loan and Security Agreement, dated as of February
13, 2001, by and among the Borrowers, the Lenders, and Agent (as amended,
restated, supplemented, or otherwise modified from time to time, the "Loan
Agreement"), and the Lender Group is willing to amend the Loan Agreement subject
to the terms and conditions of this Amendment. All capitalized terms used herein
and not defined herein shall have the meanings ascribed to them in the Loan
Agreement, as amended hereby.

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

1.   Amendments.

     (a)  Section 1.1 of the Loan Agreement is hereby amended by adding the
          -----------
following definitions in alphabetical order:

          "First Amendment Closing Date" means the date that all conditions set
           ----------------------------
forth in Section 3 of this Amendment have been satisfied.
         ---------

          "Term A Loan" has the meaning set forth in Section 2.13.
           -----------                               ------------

          "Term A Loan Amount" means $2,400,000.
           ------------------

          "Term A Loan Commitment" means, with respect to each Term A Lender,
           ----------------------
its Term A Loan Commitment, and, with respect to all Term A Lenders, their Term
A Loan Commitments, in each case as such Dollar amounts are set forth beside
such Term A Lender's name under the applicable heading on Schedule C-1 or on the
                                                          ------------
signature page of the Assignment and Acceptance pursuant to which such Term A
Lender became a Term A Lender hereunder in accordance with the provisions of
Section 14.1.
------------

                                      -1-
<PAGE>

          "Term A Loan Lender" means each Lender that has issued a Term A Loan
           ------------------
Commitment.

          "Term A Loan Rate" means a rate per annum equal to 12.00 %.
           ----------------

     (b) Section 1.1 of the Loan Agreement is hereby amended by amending and
         -----------
restating the following definitions in their respective entirety as follows:

          "Commitment" means, with respect to each Lender, its Revolver
           ----------
Commitment or Term A Loan Commitment, as the context requires, and, with respect
to all Lenders, their Revolver Commitments or Term A Loan Commitments, as the
context requires, in each case as such Dollar amounts are set forth beside such
Lender's name under the applicable heading on Schedule C-1 or on the signature
                                              ------------
page of the Assignment and Acceptance pursuant to which such Lender became a
Lender hereunder in accordance with the provisions of Section 14.1.
                                                      ------------

          "Obligations" means all loans (including the Term A Loan), Advances,
           -----------
debts, principal, interest (including any interest that, but for the provisions
of the Bankruptcy Code, would have accrued), contingent reimbursement
obligations with respect to outstanding Letters of Credit, premiums, liabilities
(including all amounts charged to Borrowers' Loan Account pursuant hereto),
obligations, fees (including the fees provided for in the Fee Letter), charges,
costs, Lender Group Expenses (including any fees or expenses that, but for the
provisions of the Bankruptcy Code, would have accrued), lease payments,
guaranties, covenants, and duties of any kind and description owing by Borrowers
to the Lender Group pursuant to or evidenced by the Loan Documents and
irrespective of whether for the payment of money, whether direct or indirect,
absolute or contingent, due or to become due, now existing or hereafter arising,
and including all interest not paid when due and all Lender Group Expenses that
Borrowers are required to pay or reimburse by the Loan Documents, by law, or
otherwise, and all debts, liabilities and obligations now or hereafter arising
from or in connection with Bank Products. Any reference in this Agreement or in
the Loan Documents to the Obligations shall include all amendments, changes,
extensions, modifications, renewals replacements, substitutions, and
supplements, thereto and thereof, as applicable, both prior and subsequent to
any Insolvency Proceeding.

          "Pro Rata Share" means, as of any date of determination:
           --------------

          (a) with respect to a Lender's obligation to make Advances and receive
payments of principal, interest, fees, costs, and expenses with respect thereto,
(x) prior to the Revolver Commitment being reduced to zero, the percentage
obtained by dividing (i) such Lender's Revolver Commitment, by (ii) the
aggregate Revolver Commitments of all Lenders, and (y) from and after the time
that the Revolver Commitment has been terminated or reduced to zero, the
percentage obtained by dividing (I) the aggregate principal amount of such
Lender's Advances by (II) the aggregate principal amount of all Advances,

          (b) with respect to a Lender's obligation to participate in Letters of
Credit, to reimburse the Issuing Lender, and to receive payments of fees with
respect thereto, (x) prior to the Revolver Commitment being reduced to zero, the
percentage obtained by dividing (i) such Lender's Revolver Commitment, by (ii)
the aggregate Revolver Commitments of all Lenders,

                                      -2-
<PAGE>

and (y) from and after the time that the Revolver Commitment has been terminated
or reduced to zero, the percentage obtained by dividing (I) the aggregate
principal amount of such Lender's Advances by (II) the aggregate principal
amount of all Advances,

          (c) with respect to a Lender's obligation to make the Term A Loan and
receive payments of interest, fees, and principal with respect thereto, (i)
prior to the making of the Term A Loan, the percentage obtained by dividing (x)
such Lender's Term A Loan Commitment, by (y) the aggregate amount of all
Lenders' Term A Loan Commitments, and (ii) from and after the making of the Term
A Loan, the percentage obtained by dividing (x) the principal amount of such
Lender's portion of the Term A Loan Amount by (y) the Term A Loan Amount, and

          (d) with respect to all other matters as to a particular Lender
(including the indemnification obligations arising under Section 16.7), the
                                                         ------------
percentage obtained by dividing (i) such Lender's Revolver Commitment plus the
unpaid principal amount of such Lender's portion of the Term A Loan Amount, by
(ii) the aggregate amount of Revolver Commitments of all Lenders plus the Term A
Loan Amount; provided, however, that in the event the Revolver Commitments have
been terminated or reduced to zero, Pro Rata Share shall be the percentage
obtained by dividing (A) the principal amount of such Lender's Advances plus the
unpaid principal amount of such Lender's portion of the Term A Loan Amount by
(B) the principal amount of all outstanding Advances plus the Term A Loan
Amount.

     (c) Section 2.4(b)(i) of the Loan Agreement hereby is amended and restated
         -----------------
in its entirety to read as follows:

          (i) Except as otherwise provided with respect to Defaulting Lenders
and except as otherwise provided in the Loan Documents (including letter
agreements between Agent and individual Lenders), aggregate principal and
interest payments shall be apportioned ratably among the Lenders (according to
the unpaid principal balance of the Obligations to which such payments relate
held by each Lender) and payments of fees and expenses (other than fees or
expenses that are for Agent's separate account and Term A Loan Lender's separate
account, after giving effect to any letter agreements between Agent and
individual Lenders) shall be apportioned ratably among the Lenders having a Pro
Rata Share of the type of Commitment or Obligation to which a particular fee
relates. All payments shall be remitted to Agent and all such payments (other
than payments received while no Default or Event of Default has occurred and is
continuing and which relate to the payment of principal or interest of specific
Obligations or which relate to the payment of specific fees), and all proceeds
of Accounts or other Collateral received by Agent, shall be applied as follows:

                 A.  first, to pay any Lender Group Expenses then due to Agent
                     -----
under the Loan Documents, until paid in full,

                 B.  second, to pay any Lender Group Expenses then due to the
                     ------
Lenders under the Loan Documents, on a ratable basis, until paid in full,

                                      -3-
<PAGE>

                 C.  third, to pay any fees then due to Agent (for its separate
                     -----
accounts, after giving effect to any letter agreements between Agent and the
individual Lenders) under the Loan Documents until paid in full,

                 D.  fourth, to pay any fees then due to any or all of the
                     ------
Lenders (after giving effect to any letter agreements between Agent and the
individual Lenders) under the Loan Documents, on a ratable basis, until paid in
full,

                 E.  fifth, to pay interest due in respect of all Agent
                     -----
Advances, until paid in full,

                 F.  sixth, ratably to pay interest due in respect of the
                     -----
Advances (other than Agent Advances), and the Swing Loans, until paid in full,

                 G.  seventh, so long as no Event of Default has occurred and is
                     -------
continuing or, if an Event of Default has occurred and is continuing and Agent
agrees in its sole discretion, to pay interest due in respect of the Term A Loan
until paid in full (if an Event of Default has occurred or is continuing, the
priority of the payment of interest on the Term A Loan Amount, is deferred to
item "twelfth" below),

                 H.  eighth, to pay the principal of all Agent Advances until
                     ------
paid in full,

                 I.  ninth, to pay the principal of all Swing Loans until paid
                     -----
in full,

                 J.  tenth, to pay the principal of all Advances until paid in
                     -----
full,

                 K.  eleventh, if an Event of Default has occurred and is
                     --------
continuing, to Agent, to be held by Agent, for the ratable benefit of Issuing
Lender and those Lenders having a Revolver Commitment, as cash collateral in an
amount up to 105% of the then extant Letter of Credit Usage until paid in full,

                 L.  twelfth, if an Event of Default has occurred and is
                     -------
continuing, to pay interest due in respect of the Term A Loan until paid in
full,

                 M.  thirteenth, if an Event of Default has occurred and is
                     ----------
continuing, to pay the outstanding principal balance of the Term A Loan until
the Term A Loan is paid in full,

                 N.  fourteenth, to pay any other Obligations (other than Bank
                     ----------
Products) until paid in full,

                 O.  fifteenth, to the payment of any amounts relating to Bank
                     ---------
Products, and

                 P.  sixteenth, to Borrowers (to be wired to the Designated
                     ---------
Account) or such other Person entitled thereto under applicable law.

                                      -4-
<PAGE>

     (d) Section 2.6(a) of the Loan Agreement hereby is amended and restated in
         --------------
its entirety to read as follows:

         (a) Interest Rates. Except as provided in clause (c) below, all
Obligations (except for undrawn Letters of Credit) that have been charged to the
Loan Account pursuant to the terms hereof shall bear interest on the Daily
Balance thereof as follows: (i) if the relevant Obligation is a Term A Loan, at
a per annum rate equal to the Term A Loan Rate, and (ii) otherwise, at a per
annum rate equal to the Base Rate plus the Base Rate Margin.

     (e) Section 2.9 of the Loan Agreement is amended and restated in its
         -----------
entirety to read as follows:

         2.9   Designated Account. Agent is authorized to make the Advances and
               ------------------
the Term A Loan, and Issuing Lender is authorized to issue Letters of Credit,
under this Agreement based upon telephonic or other instructions received from
anyone purporting to be an Authorized Person, or without instructions if
pursuant to Section 2.6 (d). Administrative Borrower agrees to establish and
            ---------------
maintain the Designated Account with the Designated Account Bank for the purpose
of receiving the proceeds of the Advances and Term A Loan requested by Borrowers
and made by Agent or the Lenders hereunder. Unless otherwise agreed by Agent and
Administrative Borrower, any Advance, Agent Advance, Swing Loan or Term A Loan
requested by Borrowers and made by Agent or the Lenders hereunder shall be made
to the Designated Account.

     (f) Section 2.10 of the Loan Agreement is amended and restated in its
         ------------
entirety to read as follows:

         2.10  Maintenance of Loan Account; Statements of Obligations. Agent
               ------------------------------------------------------
shall maintain an account on its books in the name of Borrowers (the "Loan
Account") on which Borrowers will be charged with all Advances (including Agent
Advances and Swing Loans) and the Term A Loan made by Agent, Swing Lender, or
the Lenders to Borrowers or for Borrowers' account, the Letters of Credit issued
by Issuing Lender for Borrowers' account, and with all other payment Obligations
hereunder or under the other Loan Documents, including, accrued interest, fees
and expenses, and Lender Group Expenses. In accordance with Section 2.8, the
                                                            -----------
Loan Account will be credited with all payments received by Agent from Borrowers
or for Borrowers' account, including all amounts received in the Agent's Account
from any Cash Management Bank. Agent shall render statements regarding the Loan
Account to Administrative Borrower, including principal, interest, fees, and
including an itemization of all charges and expenses constituting Lender Group
Expenses owing, and such statements shall be conclusively presumed to be correct
and accurate and constitute an account stated between Borrowers and the Lender
Group unless, within 30 days after receipt thereof by Administrative Borrower,
Administrative Borrower shall deliver to Agent written objection thereto
describing the error or errors contained in any such statements.

                                      -5-
<PAGE>

     (g) Section 2.13 of the Loan Agreement hereby is amended and restated in
         ------------
its entirety to read as follows:

         2.13  Term A Loan.  Subject to the terms and conditions of this
               -----------
Agreement, on the First Amendment Closing Date Lender agrees to make a term loan
(the "Term A Loan") to Borrower in an amount equal to the Term A Loan Amount.
      -----------
The outstanding unpaid principal balance and all accrued and unpaid interest
under the Term A Loan shall be due and payable on the date of termination of
this Agreement, whether by its terms, by prepayment, or by acceleration.  All
amounts outstanding under the Term A Loan shall constitute Obligations.

     (h) Schedule C-1 hereby is amended and restated in its entirety to read as
         ------------
set forth in Annex I attached hereto.

2.   Acknowledgement of the Obligations. Borrowers acknowledge that, as of April
26, 2001, Borrowers owe Lenders $13,924,086.82 in principal plus accrued and
unpaid interest. The total amount of the Obligations, including without
limitation principal, interest and fees and reasonable expenses of Lenders'
counsel, is by the execution of this Amendment by Borrowers, ratified, confirmed
and approved by Borrowers in all respects. Borrowers acknowledge and agree that
(a) the Obligations are valid and binding obligations of Borrowers, enforceable
against Borrowers in accordance with their terms, and (b) Borrowers are
presently obligated to pay these amounts and all of their other existing
Obligations in accordance with the terms of the Loan Documents, all without any
further demand, notice or claim. In addition, Borrowers acknowledge and agree
with Lenders that (x) Borrowers have no known claim or cause of action against
Lenders (or Lenders' directors, officers, employees, agents, affiliates or
attorneys), (y) Borrowers have no known offset right, counterclaim or defense of
any kind against any Obligations, and (z) Lenders have heretofore properly
performed and satisfied in a timely manner all of Lenders' obligations to
Borrowers.

3.   Conditions. This Amendment shall become effective only upon satisfaction in
full of the following conditions precedent:

     (a) Agent shall have received on or before the First Amendment Closing Date
the following, each in form and substance satisfactory to Agent (and, where
indicated, the applicable Lender) and, unless indicated otherwise, dated as of
the First Amendment Closing Date:

         (i)   counterparts of this Amendment, duly executed by the Borrowers
         and Lender Group; and

         (ii)  such other agreements, instruments, approvals, opinions and other
         documents as Agent or any Lender may reasonably request.

     (b) Agent shall have received from the Borrowers, for the ratable benefit
of the Term A Lenders, an amendment fee in the amount of $400,000, which
amendment fee shall be fully earned as of the date of this Amendment;

                                      -6-
<PAGE>

     (c) The several counsel to the members of the Lender Group shall have
received payment, in immediately available funds, of all accrued and unpaid
attorneys fees and expenses constituting Lender Group Expenses incurred in
connection with this Amendment and the transactions contemplated hereunder or
reasonably ancillary hereto;

     (d) The representations and warranties in this Amendment, the Loan
Agreement as amended by this Amendment, and the other Loan Documents shall be
true and correct in all respects on and as of the date hereof, as though made on
such date (except to the extent that such representations and warranties relate
solely to an earlier date);

     (e) No Default or Event of Default shall have occurred and be continuing on
the date hereof, nor shall result from the consummation of the transactions
contemplated herein;

     (f) No injunction, writ, restraining order, or other order of any nature
prohibiting, directly or indirectly, the consummation of the transactions
contemplated herein shall have been issued and remain in force by any
governmental authority against Borrowers or the Lender Group; and

     (g) All other documents and legal matters in connection with the
transactions contemplated by this Amendment shall have been delivered or
executed or recorded and shall be in form and substance satisfactory to Agent
and its counsel.

4.   Representations and Warranties.  Each Borrower hereby represents and
warrants to the Lender Group that (a) the execution, delivery, and performance
of this Amendment and of the Loan Agreement, as amended by this Amendment, are
within its corporate or other organizational powers, have been duly authorized
by all necessary corporate action, and are not in contravention of any law,
rule, or regulation, or any order, judgment, decree, writ, injunction, or award
of any arbitrator, court, or governmental authority, or of the terms of its
charter or bylaws, or of any contract or undertaking to which it is a party or
by which any of its properties may be bound or affected, and (b) this Amendment
and the Loan Agreement, as amended by this Amendment, constitute such Borrower's
legal, valid, and binding obligation, enforceable against such Borrower in
accordance with its terms.

5.   Further Assurances.  Borrowers shall execute and deliver all agreements,
documents, and instruments, in form and substance satisfactory to Agent, and
take all actions as Agent may reasonably request from time to time fully to
consummate the transactions contemplated under this Amendment and the Loan
Agreement, as amended by this Amendment.

6.   Miscellaneous.

     (a) Upon the effectiveness of this Amendment, each reference in the Loan
Agreement to "this Agreement", "hereunder", "herein", "hereof" or words of like
import referring to the Agreement shall mean and refer to the Loan Agreement as
amended by this Amendment.

     (b) Upon the effectiveness of this Amendment, each reference in the Loan
Documents to the "Loan Agreement", "thereunder", "therein", "thereof" or words
of like import referring to the Loan Agreement shall mean and refer to the
Agreement as amended by this Amendment.

                                      -7-
<PAGE>

     (c) This Amendment shall be governed by and construed in accordance with
the laws of the State of New York.

     (d) This Amendment may be executed in any number of counterparts and by
different parties on separate counterparts, each of which, when executed and
delivered, shall be deemed to be an original, and all of which, when taken
together, shall constitute but one and the same Amendment.  Delivery of an
executed counterpart of this Amendment by telefacsimile shall be equally as
effective as delivery of a manually executed counterpart of this Amendment.  Any
party delivering an executed counterpart of this Amendment by telefacsimile also
shall deliver a manually executed counterpart of this Amendment but the failure
to deliver a manually executed counterpart shall not affect the validity,
enforceability, and binding effect of this Amendment.

     (e) This Amendment is a Loan Document.

               [Remainder of this page intentionally left blank]

                                      -8-
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed as of the date first above written.

                                 WAM!NET INC., a
                                 Minnesota corporation

                                 By: ____________________________________
                                 Title: _________________________________

                                 WAM!NET GOVERNMENT SERVICES, INC.,
                                 a Minnesota corporation

                                 By: ____________________________________
                                 Title: _________________________________

                                 WAM!NET PROFESSIONAL SERVICES LLC,
                                 a Minnesota limited liability company

                                 By: _____________________________________
                                 Title: __________________________________

                                 FOOTHILL CAPITAL CORPORATION,
                                 a California corporation, as Agent and
                                 as a Lender

                                 By: _____________________________________
                                 Title: __________________________________

                                 ABLECO FINANCE LLC,
                                 a Delaware limited liability company (for
                                 itself and as agent for certain of its
                                 affiliates)

                                 By: _____________________________________
                                 Title: __________________________________

                                      -9-
<PAGE>

                                    ANNEX I

                                 Schedule C-1
                                 ------------

                                  Commitments

<TABLE>
<CAPTION>
       Lender                            Revolver Commitment        Term A Loan Commitment        Total Commitment
==================================================================================================================
<S>                                      <C>                        <C>                           <C>
Foothill Capital Corporation                 $15,000,000                   $        0                 $15,000,000
==================================================================================================================
Abelco Finance LLC                           $15,000,000                   $2,400,000                 $17,400,000
==================================================================================================================
All Lenders                                  $30,000,000                   $2,400,000                 $32,400,000
==================================================================================================================
</TABLE>

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