Document:

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               CERTIFICATE OF DESIGNATION, PREFERENCES AND RIGHTS

                                       OF

                        7 1/2% REDEEMABLE PREFERRED STOCK

                                       OF

                        AQUIS COMMUNICATIONS GROUP, INC.

                         Pursuant to Section 151 of the

                General Corporation Law of the State of Delaware

         I, D. Brian Plunkett, Treasurer of Aquis Communications Group, Inc., a
corporation (the "Corporation") organized and existing under the General
Corporation Law of the State of Delaware, in accordance with the provisions of
Section 103 thereof,

DO HEREBY CERTIFY:

         That pursuant to the authority conferred upon the Board of Directors by
the Restated Certificate of Incorporation of the said Corporation, the said
Board of Directors on November 16, 1999, adopted the following resolution
creating a series of 100,000 shares of 7 1/2% Redeemable Preferred Stock, par
value $.01 per share, designated as 7 1/2% Preferred Stock:

         RESOLVED, that pursuant to the authority vested in the Board of
Directors of this Corporation in accordance with the provisions of its Restated
Certificate of Incorporation, a series of Preferred Stock of the Corporation is
hereby created, and that the designation and amount thereof and the voting
powers, preferences and relative, participating, optional and other special
rights of the shares of such series, and the qualifications, limitations or
restrictions thereof are as follows:

         1. DESIGNATION AND NUMBER. The designation of the series of preferred
stock fixed by this resolution shall be "7 1/2% Redeemable Preferred Stock" (the
"7 1/2% Preferred Stock") and the number of shares constituting such series
shall be 100,000.

         2. RANK. The 7 1/2% Preferred Stock shall rank: (i) prior to all of the
Corporation's Common Stock, par value $.01 per share ("Common Stock"), (ii)
prior to any class or series of capital stock of the Corporation hereafter
created either specifically ranking by its terms junior to the 7 1/2% Preferred
Stock or not specifically ranking by its terms senior to or on parity with the
7 1/2% Preferred Stock (collectively with the Common Stock, "Junior
Securities"); (iii) on parity with any class or series of capital stock of
the Corporation hereafter created specifically ranking by its terms on parity
with the 7 1/2% Preferred Stock ("Parity Securities"); and (iv) junior to any
class or series of capital stock of the Corporation hereafter created
specifically ranking by its terms senior to the 7 1/2% Preferred Stock
("Senior Securities"), in each case, as to payment of dividends or as to
distributions of assets upon liquidation, dissolution or winding-up of the
Corporation, whether voluntary or involuntary (all such distributions being
referred to collectively as "Distributions").

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         3. DIVIDENDS.

                  (i) The dividend rate of the 7 1/2% Preferred Stock shall be
computed at a rate of $7.50 per share per annum from the date of the issuance of
the 7 1/2% Preferred Stock. Dividends shall be payable in cash out of funds
legally available therefor on the Redemption Date (as hereinafter defined).
Dividends on shares of 7 1/2% Preferred Stock shall be cumulative and shall
accrue (whether or not declared), without interest, from the date of issuance.
On the Redemption Date, all dividends which shall have accrued on each share of
7 1/2% Preferred Stock outstanding on the applicable record date shall
accumulate and be deemed to become "due." Any dividend which shall not be paid
on the Redemption Date shall be deemed to be "past due" (a "Cumulated Dividend")
until such Cumulated Dividend shall have been paid.

                  (ii) The Board of Directors shall declare and pay dividends on
the shares of 7 1/2% Preferred Stock out of funds legally available therefor
(after giving effect to the payment of all requisite dividends on Senior
Securities).

                  (iii) In order to determine the holders of the 7 1/2%
Preferred Stock entitled to receive dividends, the Corporation shall fix a
record date not more than 60 days prior to any Redemption Date. If any such
Redemption Date should fall on a day that is not a Business Day, then the
Corporation shall pay the applicable dividend on the next succeeding Business
Day. "Business Day" shall mean a day other than a Saturday, Sunday on other day
on which any national securities exchange or quotation system on which the
Common Stock of the Corporation is traded or quoted is authorized or required by
law to close.

                  (iv) The Corporation shall not: (A) pay or declare and set
apart for payment any dividends or Distributions on the Corporation's Junior
Securities, other than dividends payable in the form of additional shares of the
same Junior Security as that on which such dividend is declared, or (B) redeem,
purchase, or otherwise acquire any shares of Junior Securities or any right,
warrant or option to acquire any Junior Securities, unless full cumulative
dividends (whether or not declared or due) have been, or contemporaneously are,
paid or declared and set apart for such payment on the 7 1/2% Preferred Stock
for all quarterly dividend periods terminating on or prior to the date of
payment of such cumulative dividends..

                  (v) No full dividends shall be paid or declared and set apart
for payments on any class or series of Parity Securities for any period unless
full cumulative dividends (whether or not declared or due) have been, or
contemporaneously are, paid or declared and set apart for such payment on the
7 1/2% Preferred Stock for all quarterly dividend periods terminating on or
prior to the date of payment of such full cumulative dividends. No full
dividends shall be paid or declared and set apart for payment on the 7 1/2%
Preferred Stock for any period unless full cumulative dividends have been, or
contemporaneously are, paid or declared and set apart for payment on the
Parity Securities, for all dividend periods terminating on or prior to the
date of payment of such full cumulative dividends. When dividends are not
paid in full upon the 7 1/2% Preferred Stock and the Parity Securities, all
dividends paid or declared and set apart for payment upon shares of 7 1/2%
Preferred Stock and the Parity Securities shall be paid or declared and set
apart for payment pro rata, so that the amount of dividends paid or declared
and set apart for payment per share on the 7 1/2% Preferred Stock and the
Parity Securities shall in all cases bear to each other the same ratio that
accrued and unpaid dividends per share on the shares of 7 1/2%

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Preferred Stock and the Parity Securities bear to each other (without taking
into account the dividends so paid and those so declared and set apart for
payment).

                  (vi) No dividends shall be declared or paid or set apart for
payment on the 7 1/2% Preferred Stock for any period unless at the time of such
declaration or setting apart for payment, full cumulative dividends have been or
simultaneously are declared paid (or declared and a sum sufficient for the
payment thereof set apart for such payment) on any then outstanding Senior
Securities.

         4. Voting Rights

         (i) Except as may otherwise be provided herein or required by law, the
holders of the shares of 7 1/2% Preferred Stock ("Holders") shall not be
entitled to any vote in respect of such shares.

          (ii) On all matters on which the 7 1/2% Preferred Stock is entitled to
vote by law, the Holders shall be entitled to one vote per share of 7 1/2%
Preferred Stock, voting separately as a single class, and the presence, in
person or by proxy, of the Holders of a majority of the outstanding shares of
the 7 1/2% Preferred Stock shall constitute a quorum.

         (iii)In the event that the Corporation fails to pay the Cumulated
Dividends on the Redemption Date, the Holders of the 7 1/2% Preferred Stock,
voting separately as a class, shall be entitled to elect two directors. Such
right to vote for the election of such two directors may be exercised at any
annual meeting or at any special meeting called for such purpose as hereinafter
provided or at any adjournment thereof, or by the written consent, delivered to
the Secretary of the Corporation of the holders of a majority of all outstanding
shares of 7 1/2% Preferred Stock, until any such Cumulated Dividends have been
paid in full at which time the term of office of the two directors so elected
shall terminate automatically. So long as such right to vote continues and
unless such rights has been exercised by written consent of the holders of a
majority of the outstanding shares of 7 1/2% Preferred Stock as hereinabove
authorized), the Secretary of the Corporation may call, and upon the written
request of the holders of record of a majority of the outstanding shares of
7 1/2% Preferred Stock addressed to him at the principal office of the
Corporation shall call, a special meeting of the holders of such shares for
the election of such two directors as provided herein. Such meeting shall be
held within 30 days after delivery of such request to the Secretary, at the
place and upon the notice provided by law and in the By-laws for the holding
of meetings of stockholders. No such special meeting or adjournment thereof
shall be held on a date less than 30 days before an annual meeting of
stockholders or special meeting in lieu thereof. If at any such annual or
special meeting or any adjournment thereof the holders of a majority of the
then outstanding shares of 7 1/2% Preferred Stock entitled to vote in such
election shall be present or represented by proxy, then the authorized number
of directors shall be increased by two, and the holders of the 7 1/2%
Preferred Stock shall be entitled to elect the two additional directors.
Directors so elected shall serve until the next annual meeting or until their
successors shall be elected and shall qualify, unless the term of office of
the persons so elected as directors shall have terminated under the
circumstances set forth in the second sentence of this Clause (iii). In case
of any vacancy occurring among the directors elected by the holders of the
7 1/2% Preferred Stock as a class, the remaining director(s) who shall have
been so elected by the Holders of 7 1/2% Preferred Stock as a class shall
cease to serve as directors

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before their terms shall expire, the Holders of the 7 1/2% Preferred Stock then
outstanding and entitled to vote for such directors may, by written consent as
hereinabove provided or at a special meeting of such holders called as provided
above, elect successors to hold office for the unexpired terms of the directors
whose places shall be vacant.

         5. LIQUIDATION PRICE. In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Corporation, the
amount that shall be paid to a Holder of each share of 7 1/2% Preferred Stock
shall be $100.00 and an additional sum equal to all Cumulated Dividends on a
share of 7 1/2% Preferred Stock (the "Liquidation Price"), and no more. Upon any
liquidation, dissolution or winding-up of the Corporation, the Holders will be
entitled to be paid, after payment or provision for payment of the debts and
other liabilities of the Corporation and after payment or provision for payment
is made upon any Senior Securities, but before any Distribution or payment is
made upon any Junior Securities, an amount in cash equal to the aggregate
Liquidation Price of all shares outstanding, and the Holders will not be
entitled to any further payment. If, upon any such liquidation, dissolution or
winding-up of the Corporation, the Corporation's assets to be distributed among
the Holders and the holders of Parity Securities (the "Parity Holders") are
insufficient to permit payment in full to such Holders and the Parity Holders of
the aggregate amount which they are entitled to be paid, then the available
assets to be distributed will be distributed ratably among such Holders and
Parity Holders based upon the aggregate Liquidation Price of the 7 1/2%
Preferred Stock and the aggregate liquidation preference of any Parity
Securities held by each such holder and Parity Holder, respectively. The
Corporation will mail written notice of such liquidation, dissolution or
winding-up, not less than 30 days prior to the payment date stated therein, to
each Holder of record. Neither the consolidation or merger of the Corporation
into or with any other corporation or any other person, nor the sale or transfer
by the Corporation of all or any part of its assets, nor the reduction of the
capital stock of the Corporation will be deemed to be a liquidation, dissolution
or winding-up of the Corporation within the meaning of paragraphs 2 and 5.

         6. REDEMPTION.

           (i) The Corporation may, at its option, redeem shares of the 7 1/2%
Preferred Stock, in whole or in part, out of funds legally available therefor,
by action of the Board of Directors, on any Dividend Payment Date, at a
redemption price of $100.00 per share, plus all Cumulated Dividends on a share
of 7 1/2% Preferred Stock, upon notice and in the manner set forth in, and
subject to the conditions of, this paragraph 7.

           (ii) On January 31, 2002, the Corporation shall redeem all
outstanding shares of the 7 1/2% Preferred Stock, at a redemption price of
$100.00 per share, plus all Cumulated Dividends on a share of 7 1/2% Preferred
Stock, upon notice and in the manner set forth in, and subject to the conditions
of, paragraph 7.

           (iii) Priority of Redemption. None of the shares of any class or
series of Parity Securities or Junior Securities shall be redeemed, repurchased
or otherwise acquired unless full Cumulated Dividends have been, or
contemporaneously are, paid or declared and set apart for such payment on the
7 1/2% Preferred Stock for all dividend periods terminating on or prior to the
date of payment of such full Cumulated Dividends. None of the shares of 7 1/2%
Preferred Stock shall be redeemed, repurchased or otherwise acquired unless full
Cumulative Dividends

                                      -4-
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have been, or contemporaneously are, paid or declared and set apart for payment
on the Parity Securities or Senior Securities, for all dividend periods
terminating on or prior to the Redemption Date of 7 1/2% Preferred Stock.

         7. PROCEDURES FOR REDEMPTION.  The 7 1/2% Preferred Stock shall be
redeemed  pursuant to subparagraph 6 in the following manner:

           (A) Shares of 7 1/2% Preferred Stock which have been issued and
reacquired in any manner, including shares purchased or redeemed, shall have
(upon compliance with any applicable provisions of the laws of the State of
Delaware) the status of authorized and unissued shares of the class of Preferred
Stock undesignated as to series and may be redesignated and reissued as part of
any series of the Preferred Stock.

           (B) In the event of a redemption of shares of 7 1/2% Preferred Stock
pursuant to paragraph 6, notice of redemption of shares of 7 1/2% Preferred
Stock shall be given by the Corporation, not less than 30 nor more than 60 days
prior to the Business Day designated in such notice (the "Redemption Date"), by
first class mail to Holders at their respective addresses then appearing on the
records of the Corporation. Such notice of redemption shall specify the
Redemption Date, the redemption price plus the Cumulated Dividends on a shares
of 7 1/2% Preferred Stock, if any (the "Redemption Price"), the total number of
shares of 7 1/2% Preferred Stock to be redeemed and, if fewer than all the
shares held by such Redeemable Holder, the number of shares to be redeemed from
such holder, and the place or places of payment. On or before the Redemption
Date, each Holder shall surrender to the Corporation or its designated agent, at
such place as it may designate in the redemption notice, certificates, duly
endorsed for transfer, evidencing the number of shares of 7 1/2% Preferred Stock
held by such Holder and being redeemed. Upon such surrender, the Holder shall be
entitled to receive payment of the Redemption Price without interest.

           (C) If, on the Redemption Date, (1) notice of redemption has been
mailed or delivered as provided herein, (2) the Corporation has deposited with
an independent paying agent funds necessary to pay the amount due for all shares
of 7 1/2% Preferred Stock subject to such redemption, and (3) all such funds are
available for the sole purpose of paying such amount, then, unless the
Corporation defaults on the payment of the Redemption Price, all shares of
7 1/2% Preferred Stock subject to redemption shall, whether or not certificates
for such shares have been surrendered for cancellation, be deemed to be no
longer outstanding for any purpose and all rights with respect to such shares
shall cease, except the right of the Holder to receive the redemption price,
without interest.

           (D) If the Corporation shall not have funds legally available for
redemption of shares to be redeemed pursuant to subparagraph 6(i) on the
Redemption Date, the notice of redemption shall be null and void and at such
time as the Corporation shall have funds legally available for redemption of
such shares and shall determine to redeem the 7 1/2% Preferred Stock on the
terms and conditions set forth in subparagraph 6(i), a new notice of redemption
to Holders shall be required to effect such redemption.

           (E) If the funds of the Corporation legally available for the
redemption of all shares of the 7 1/2% Preferred Stock to be redeemed pursuant
to paragraph 6(ii), are insufficient

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to redeem the total number of outstanding shares of the 7 1/2% Preferred Stock
so required to be redeemed, such funds will be used promptly, and redemptions
pursuant to such paragraph 6(ii) hereof, shall be made ratably among such
holders, and in any event, within 90 days after such funds become legally
available to redeem the balance of such shares or such portion thereof for which
funds are then legally available, on the basis set forth above.

         IN WITNESS WHEREOF, the Corporation has caused this Certificate to be
signed by D. Brian Plunkett, its Treasurer

Date: January 27,2000

                        AQUIS COMMUNICATIONS GROUP, INC.

                            By: /s/ D. BRIAN PLUNKETT
                              --------------------------
                              D. Brian Plunkett, TreasurerEXHIBIT A
                            [Form of Warrant Certificate]
                                        [Face]

 Cusip No.   44851M 11 7                             ______ Warrants

                            Class A Warrant Certificate

                             HVIDE MARINE INCORPORATED

                  This Warrant  Certificate  certifies  that , or its registered
assigns,  is the registered  holder of Warrants  expiring December 14, 2003 (the
"Warrants") to purchase Common Stock,  par value $.01 (the "Common  Stock"),  of
Hvide Marine Incorporated,  a Delaware corporation (the "Company"). Each Warrant
entitles the  registered  holder upon  exercise at any time from 9:00 a.m. on or
after the date of the consummation of the Plan of Reorganization of Hvide Marine
Incorporated,  a Florida  corporation,  under Chapter 11 of the Bankruptcy  Code
(the  "Exercisability  Date") until 5:00 p.m. New York City Time on December 14,
2003,  to receive  from the  Company one fully paid and  nonassessable  share of
Common Stock (the "Warrant Shares") at the initial exercise price (the "Exercise
Price") of $38.49  per share  payable  in lawful  money of the United  States of
America upon surrender of this Warrant  Certificate  and payment of the Exercise
Price at the  office or agency of the  Warrant  Agent,  but only  subject to the
conditions  set forth  herein and in the  Warrant  Agreement  referred to on the
reverse  hereof.  The Exercise Price and number of Warrant Shares  issuable upon
exercise  of the  Warrants  are subject to  adjustment  upon the  occurrence  of
certain events set forth in the Warrant Agreement.

                  No Warrant may be exercised before the Exercisability Date. No
Warrant may be  exercised  after 5:00 p.m.,  New York City Time on December  14,
2003,  and to the extent not exercised by such time such  Warrants  shall become
void.

                  Reference  is hereby  made to the further  provisions  of this
Warrant  Certificate set forth on the reverse hereof,  which further  provisions
shall for all  purposes  have the same effect as though  fully set forth at this
place.

                  This   Warrant   Certificate   shall   not  be  valid   unless
countersigned  by the  Warrant  Agent,  as such  term  is  used  in the  Warrant
Agreement.

<PAGE>

                  This Warrant Certificate shall be governed by and construed in
accordance with the internal laws of the State of New York.

         IN WITNESS WHEREOF, Hvide Marine Incorporated,  a Delaware corporation,
has caused this Warrant  Certificate  to be signed by its  President  and by its
Secretary,  each  by a  signature  or a  facsimile  thereof,  and has  caused  a
facsimile of its corporate seal to be affixed hereunto or imprinted hereon.

Dated:

                                                     HVIDE MARINE INCORPORATED

                                                     By:
                                                         Name:
                                                         Title:  President

                                                     By:
                                                         Name:
                                                         Title:  Secretary

                                                     [SEAL]

Countersigned:

State Street Bank and Trust Company

----------------------
as Warrant Agent

By:
      Authorized Signature

<PAGE>

                                 [Form of Warrant Certificate]
                                           [Reverse]

      [ Because vessels owned by Hvide Marine  Incorporated  (the "Company") and
      its  subsidiaries  operate in the United States coastwise  trades,  United
      States law provides that no more than 25 percent of its stock may be owned
      or controlled by Non-Citizens,  as defined in the Application for Purchase
      of Common Stock printed below on this  Certificate.  Under the Articles of
      Incorporation  of  the  Company,  the  maximum  percentage  of  the  total
      outstanding  shares of common  stock of the  Company  that may be owned by
      Non-Citizens is 24.99%. Any purported sale,  transfer or other disposition
      to Non-Citizens of shares of common stock which would result in increasing
      the  ownership  of shares by  Non-Citizens  above such  maximum  permitted
      percentage  shall be  ineffective  as against the Company to transfer  the
      shares or any voting or other rights in respect thereof, and such transfer
      shall not be recorded  on the books of the  Company in any such case,  and
      neither the Company nor the  transfer  agent for the common stock shall be
      required to recognize the transferee or purported  transferee thereof as a
      stockholder of the Company for any purpose whatsoever except to the extent
      necessary to effect any remedy  available  to the  Company.  Each share of
      common stock issued by the Company shall be  represented by either CITIZEN
      SHARE  CERTIFICATES  or NON-  CITIZEN  SHARE  CERTIFICATES,  and  shall be
      subject to the  limitations set forth thereon.  Any shares  represented by
      CITIZEN  SHARE  CERTIFICATES  held in the names of or for the  account  of
      Non-Citizens  will  have  no  rights,  and  the  Company  may  regard  any
      certificate  representing  such shares,  whether or not validly issued, as
      having been  invalidly  issued.  The Company  will  furnish to any Warrant
      holder, upon written request and without charge,  copies of the applicable
      provisions of the Certificate of  Incorporation  of the Company.  Any such
      request may be addressed to the Company.  The shares of common stock to be
      purchased  pursuant  to this  Warrant  will be  issued on the books of the
      Company  only if [the  Application  for Purchase of Common Stock set forth
      below has been executed by the purchaser and]1 the Company determines that
      such issuance will not cause the  percentage  ownership of common stock by
      Non-Citizens to exceed the maximum permitted percentage.

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

                          APPLICATION FOR PURCHASE OF COMMON STOCK

          The undersigned (the  "Applicant")  makes application for the purchase
     by the  Applicant of the number of shares of common stock  indicated  below
     and hereby certifies to Hvide Marine  Incorporated  that:  (answer (a), (b)
     and/or (c) as applicable) -------- 1 This clause to be inserted only if the
     Warrant is in Definitive form.

<PAGE>

     (a) The  Applicant  will be the  beneficial  owner of shares of the  common
         stock of Hvide Marine Incorporated and is o is not o a "Citizen" (check
         one).

     (b) The  Applicant  will hold  shares of the common  stock of Hvide  Marine
         Incorporated  for  the  benefit  of  one  or  more  "Persons"  who  ARE
         "Citizens."

     (c) The  Applicant  will hold  shares of the common  stock of Hvide  Marine
         Incorporated  for  the  benefit  of one or more  "Persons"  who ARE NOT
         "Citizens."

         The Applicant agrees that, on the request of Hvide Marine Incorporated,
      he will  furnish  proof in  support  of this  Certificate.  The  Applicant
      understands  that he has an ongoing  obligation to provide the information
      set forth herein and agrees to provide a new  Citizenship  Certificate  at
      any time as the facts  affecting his citizenship or the citizenship of the
      beneficial  owner(s)  for whom he holds Hvide Marine  Incorporated  common
      stock change.  Hvide Marine  Incorporated will provide a blank Citizenship
      Certificate to the Applicant upon request.

                                     IMPORTANT NOTICE

      THIS  APPLICATION  CONSTITUTES  A BASIS  FOR HVIDE  MARINE  INCORPORATED'S
      REPRESENTATION TO THE UNITED STATES GOVERNMENT THAT IT IS A CITIZEN WITHIN
      THE MEANING OF THE SHIPPING  ACT,  1916,  AS AMENDED.  ANY PERSON MAKING A
      STATEMENT HEREIN WHICH HE KNOWS TO BE FALSE MAY BE PROCEEDED AGAINST UNDER
      TITLE 18, UNITED  STATES CODE,  SECTION  1001,  WHICH  SECTION  PRESCRIBES
      PENALTIES OF UP TO FIVE YEARS IMPRISONMENT OR A FINE OF UP TO $10,000.

         This Application is dated                         ,                   .

                                                   Signature of Applicant

      For purposes of this Certificate:

      A "Citizen" is:

     (i) any  individual  who is a  citizen  of the  United  States,  by  birth,
         naturalization or as otherwise authorized by law;

     (ii)any  corporation  (A) that is  organized  under the laws of the  United
         States,  or of a state of the United States or a political  subdivision
         thereof,  Guam,  Puerto Rico, the Virgin Islands,  American Samoa,  the
         District  of  Columbia,  the  Northern  Mariana  Islands,  or any other
         territory or possession  of the United States (each a "State"),  (B) of
         which title to not less than 75% of each class or series of its capital
         stock is  Beneficially  Owned,  as  defined  herein,  by and  vested in
         Persons,  as defined herein, who are Citizens,  as defined herein, free
         from any trust or fiduciary  obligation  in favor of  Non-Citizens,  as
         defined  herein,  (C) of which not less than 75% of the voting power of
         the then  outstanding  shares  of  capital  stock  of such  corporation
         entitled  to  vote  generally  in the  election  of  directors  of such
         corporation   is  vested  in  Citizens   free  from  any   contract  or
         understanding  through  which it is arranged that such voting power may
         be exercised  directly or indirectly on behalf of Non-Citizens,  (D) of
         which there are no other means by which  control is  conferred  upon or
         permitted to be exercised by Non-Citizens,  (E) whose president,  chief
         executive  officer  (by  whatever  title),  chairman  of the  Board  of
         Directors  and  all  officers  authorized  to  act in  the  absence  or
         disability of such Persons are Citizens, and (F) of which more than 50%
         of that number of its  directors  necessary to  constitute a quorum are
         Citizens;

     (iii) any  partnership  (A) that is organized  under the laws of the United
         States or of a State,  (B) all general  partners of which are Citizens,
         and (C) of which not less than a 75% interest is Beneficially Owned and
         controlled by, and vested in, Persons who are Citizens,  free and clear
         of any trust or fiduciary obligation in favor of any Non-Citizens;

     (iv)any  association  (A) that is  organized  under the laws of the  United
         States or of a State,  (B) of which 100% of the members  are  Citizens,
         (C) whose  president or other chief  executive  officer (or  equivalent
         position),  chairman of the Board of Directors (or equivalent committee
         or body) and all Persons authorized to act in the absence or disability
         of such  Persons  are  Citizens,  (D) of which not less than 75% of the
         voting power of such association entitled to

<PAGE>

          vote generally in the election of directors (or equivalent Persons) is
     vested in Citizens,  free and clear of any trust or fiduciary obligation in
     favor of any Non-Citizens,  and (E) of which more than 50% of the number of
     its directors (or equivalent  Persons) necessary to constitute a quorum are
     Citizens;

     (v) any limited  liability  company (A) that is organized under the laws of
         the United States or of a State,  (B) of which not less than 75% of the
         membership  interests are  Beneficially  Owned by and vested in Persons
         that are Citizens free from any trust or fiduciary  obligation in favor
         of  Non-Citizens  and of which the remaining  membership  interests are
         Beneficially Owned by and vested in Persons meeting the requirements of
         46  U.S.C.ss.12102(a),  (C) of which  not less  than 75% of the  voting
         power is vested in Citizens  free from any  contract  or  understanding
         through  which it is arranged  that such voting  power may be exercised
         directly or  indirectly in behalf of  Non-Citizens,  (D) of which there
         are no other means by which  control is conferred  upon or permitted to
         be  exercised  by  Non-Citizens,  (E) whose  president  or other  chief
         executive  officer (or equivalent  position),  chairman of the Board of
         Directors  (or  equivalent  committee  or body),  managing  members (or
         equivalent),  if any, and all Persons  authorized to act in the absence
         or disability of such Persons are Citizens,  and (F) of which more than
         50% of the number of its directors (or equivalent Persons) necessary to
         constitute a quorum are Citizens;

     (vi)any joint venture (if not an association,  corporation, partnership, or
         limited liability  company) (A) that is organized under the laws of the
         United States or of a State,  and (B) of which 100% of the members are,
         or 100% of the  equity is  Beneficially  Owned by,  Citizens,  free and
         clear  of  any  trust  or   fiduciary   obligation   in  favor  of  any
         Non-Citizens; and

     (vii) any trust (A) that is domiciled in and existing under the laws of the
         United  States  or of a  State,  (B)  all the  trustees  of  which  are
         Citizens,  (C) of which  not less than a 75%  interest  is held for the
         benefit  of  Citizens,  free  and  clear  of  any  trust  or  fiduciary
         obligation in favor of any Non- Citizens,  and (D) each  beneficiary of
         which with an enforceable interest in the trust is a Citizen.

      The  foregoing  definition  is applicable at all tiers of ownership and in
      both form and substance at each tier of ownership.

      A "Non-Citizen" is any Person other than a Citizen.

      A "Person" is an individual, corporation, partnership, association, trust,
      joint venture, limited liability company or other entity.

      A  Person  shall  be  deemed  to  be  the  "Beneficial  Owner"  of,  or to
      "Beneficially  Own" shares of Common Stock to the extent such Person would
      be  deemed to be the  beneficial  owner  thereof  pursuant  to Rule  13d-3
      promulgated by the Securities and Exchange Commission under the Securities
      Exchange Act of 1934, as such rule may be amended from time to time.

      [ Unless  and  until  it is  exchanged  in  whole  or in part for  Warrant
      Certificates  in  definitive  form,  the  Warrants   represented  by  this
      Certificate may not be transferred  except as a whole by the depositary to
      a nominee  of the  depositary  or by a nominee  of the  depositary  to the
      depositary or another  nominee of the  depositary or by the  depositary or
      any such nominee to a successor  depositary or a nominee of such successor
      depositary.  The Depository Trust Company ("DTC"),  (55 Water Street,  New
      York,  New York) shall act as the  depositary  until a successor  shall be
      appointed  by the  Company.  Unless this  certificate  is  presented by an
      authorized   representative  of  DTC  to  the  issuer  or  its  agent  for
      registration  of transfer,  exchange or payment,  and any new  certificate
      issued  is  registered  in the name of Cede & Co.  or such  other  name as
      requested by an authorized  representative of DTC (and any payment is made
      to Cede & Co.  or such  other  entity  as is  requested  by an  authorized
      representative of

2   The Application is to be included only if the warrant is in Definitive Form.

<PAGE>

      DTC),  ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
      OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede
      & Co., has an interest herein.]3

          The Warrants evidenced by this Warrant  Certificate are part of a duly
      authorized  issue of Warrants  expiring  December 14, 2003  entitling  the
      holder on exercise to receive  shares of Common Stock,  par value $.01, of
      the Company (the "Common Stock"),  and are issued or to be issued pursuant
      to a Warrant  Agreement,  dated as of  December  15,  1999  (the  "Warrant
      Agreement"),  duly  executed and  delivered by the Company to State Street
      Bank and Trust  Company,  as warrant  agent (the "Warrant  Agent"),  which
      Warrant  Agreement is hereby  incorporated by reference  herein and made a
      part of this instrument and is hereby referred to for a description of the
      rights,   limitation  of  rights,   obligations,   duties  and  immunities
      thereunder  of the Warrant  Agent,  the Company and the holders (the words
      "holder" or "holders" meaning the registered holder or registered holders)
      of the  Warrants.  A copy of the Warrant  Agreement may be obtained by the
      holder hereof upon written request to the Company.  Capitalized terms used
      herein without  definition shall have the meanings ascribed to them in the
      Warrant Agreement.

          Warrants  may be  exercised at any time from 9:00 a.m. on or after the
      Exercisability  Date  and  until  5:00  p.m.,  New York  City  Time on the
      Expiration  Date.  The  holder  of  Warrants  evidenced  by  this  Warrant
      Certificate  may exercise them by surrendering  this Warrant  Certificate,
      with the form of election to purchase set forth hereon properly  completed
      and executed,  together with payment of the Exercise Price in lawful money
      of the United States of America at the office of the Warrant Agent. In the
      event that upon any  exercise of Warrants  evidenced  hereby the number of
      Warrants  exercised  shall  be less  than the  total  number  of  Warrants
      evidenced  hereby,  there  shall be  issued  to the  holder  hereof or his
      assignee a new Warrant  Certificate  evidencing the number of Warrants not
      exercised.  No  adjustment  shall be made for any  dividends on any Common
      Stock issuable upon exercise of this Warrant.

          The Warrant  Agreement  provides  that upon the  occurrence of certain
      events the Exercise  Price set forth on the face hereof  and/or the number
      of shares of Common  Stock  issuable  upon the  exercise  of each  Warrant
      shall,  subject to certain conditions,  be adjusted.  Upon the exercise of
      any  Warrant,  the Company  may,  at its  option,  pay cash in lieu of the
      issuance of  fractional  shares of Common Stock as provided in the Warrant
      Agreement.

          Warrant  Certificates,  when  surrendered at the office of the Warrant
      Agent  by  the   registered   holder   thereof   in  person  or  by  legal
      representative  or attorney duly authorized in writing,  may be exchanged,
      in the  manner and  subject to the  limitations  provided  in the  Warrant
      Agreement,  but without payment of any service charge, for another Warrant
      Certificate  or  Warrant  Certificate's  of like tenor  evidencing  in the
      aggregate a like number of Warrants.

          Upon due  presentation  for  registration  of transfer of this Warrant
      Certificate  at the office of the Warrant Agent a new Warrant  Certificate
      or Warrant  Certificates  of like tenor and  evidencing in the aggregate a
      like number of Warrants shall be issued to the  transferee(s)  in exchange
      for this Warrant  Certificate,  subject to the limitations provided in the
      Warrant Agreement, without charge except for any tax or other governmental
      charge imposed in connection therewith.

          The  Company and the  Warrant  Agent may deem and treat the  Holder(s)
      hereof   as  the   absolute   owner(s)   of   this   Warrant   Certificate
      (notwithstanding any notation of ownership or

--------
3        This paragraph is to be included only if the Warrant is in global form.

<PAGE>

      other  writing  hereon  made by anyone),  for the purpose of any  exercise
      hereof,  of any  distribution to the Holder(s)  hereof,  and for all other
      purposes,  and neither the Company nor the Warrant Agent shall be affected
      by any notice to the  contrary.  Neither  the  Warrants  nor this  Warrant
      Certificate  entitles any Holder hereof to any rights of a stockholder  of
      the Company.

<PAGE>

                                [Form of Election to Purchase]
                           (To Be Executed Upon Exercise Of Warrant)

          The undersigned  hereby  irrevocably elects to exercise the right with
     respect to ______  Warrants,  represented by this Warrant  Certificate,  to
     receive shares of Common Stock and herewith  makes payment  therefor in the
     amount of  $___________.  The  undersigned  requests that a certificate for
     such shares be  registered  in the name of , whose address is and that such
     shares be  delivered  to , whose  address is . If said  number of shares is
     less than all of the  shares of Common  Stock  purchasable  hereunder,  the
     undersigned  requests  that  a new  Warrant  Certificate  representing  the
     remaining  balance  of such  shares  be  registered  in the name of , whose
     address is , and that such  Warrant  Certificate  be  delivered  to , whose
     address is . .

                                                    Signature

          Date:

                                                    Signature Guaranteed

<PAGE>

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