Document:

PERSONAL GUARANTY AGREEMENT
                           ---------------------------

     THIS GUARANTY  AGREEMENT  ("Guaranty  Agreement")  is made and entered into
this 20th day of April, 2000 by Peter J. Salzano ("Guarantor"),  in favor of VDC
Communications, Inc. ("Lender").

                                   WITNESSETH:
                                   -----------

     WHEREAS,   concurrently  herewith,  Rare  Telephony,   Inc.  (f/k/a  Washoe
Technology  Corporation) and Cash Back Rebates LD.com,  Inc. Nevada and Delaware
corporations respectively ("Borrower"),  have executed a certain Promissory Note
in favor of Lender  in the  stated  principal  amount  of Two  Hundred  Thousand
Dollars ($200,000) (the "Note"); and

     WHEREAS,  to  induce  Lender  to lend  the  Two  Hundred  Thousand  Dollars
($200,000)  to  Borrower,  Guarantor  has  agreed to  guarantee  the Note  which
Guaranty is  collaterally  secured by certain  property which is referenced in a
security agreement by and between Guarantor and Lender;

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

     1. Guarantor  irrevocably and  unconditionally,  fully guarantees to Lender
the full and  prompt  payment  of the  indebtedness  evidenced  by the Note (the
"Indebtedness") at the times and according to the terms expressed.

     Guarantor  agrees that if all or any part of the  Indebtedness  is not paid
according to the tenor thereof,  Guarantor shall, upon demand of Lender, pay the
Indebtedness  in like manner as if the  Indebtedness  constituted the direct and
primary  obligation  of Guarantor as provided for herein.  Guarantor's  personal
liability hereunder shall be IN THE FULL AMOUNT of the Indebtedness.

     2. This Guaranty  Agreement is  irrevocable  and shall remain in full force
and effect  continuously from the date hereof to and until the date on which the
Indebtedness  is  paid  in  full,   whereupon  this  Guaranty   Agreement  shall
automatically terminate ("Termination Date").

     3. Guarantor grants to Lender, in Lender's sole and absolute discretion and
without  notice to  Guarantor,  the power and  authority  to deal in any  lawful
manner  with the  Indebtedness  and,  without  limiting  the  generality  of the
foregoing, the power and authority from time to time:

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         (a) To change, amend or modify the Note or any other documents relating
thereto in a non-material way (collectively, the "Loan Documents");

         (b) To discharge or release any person liable under the Loan Documents;

         (c) To take and  hold  security  for the  payment  of the  Indebtedness
and/or  the  performance  of the other  obligations  guaranteed  herein,  and to
exchange, enforce, subordinate, waive or release any such security;

         (d) To foreclose any security for the  Indebtedness,  and to direct the
order or manner of sale of any such  security  as  Lender in  Lender's  sole and
absolute discretion may determine;

         (e) To grant any  extensions  of time,  renewals or other  indulgences,
forbearance,  waivers or releases to Borrower or any other  person  liable under
the Loan Documents.

         (f) To  accept  or make  compositions  or other  alignments  or file or
refrain  from filing a claim in any  bankruptcy  proceedings  of Borrower or any
other person liable under the Loan Documents;

         (g) To credit  payments on the  Indebtedness in such manner and in such
order of  priority  as  Lender  may  determine  in  lender's  sole and  absolute
discretion; and

         (h) To otherwise  deal with  Borrower or any other  guarantor or person
related to the  Indebtedness or any security as Lender may determine in Lender's
sole and absolute discretion.

     Without limiting the generality of the foregoing,  Guarantor WAIVES any and
all rights,  benefits and defenses  under law which may provide that a surety is
exonerated if a creditor, without the consent of the surety, alters the original
obligation  of the  principal  in any  respect,  or if the  creditor  in any way
imperils or suspends the creditor's rights against the principal.

     The liability of Guarantor shall not be terminated,  affected,  impaired or
reduced in any way by any action taken by Lender under the foregoing  provisions
or any other provision  hereof or by any delay,  failure or refusal of Lender to
exercise  any right or remedy  Lender  may have  against  Borrower  or any other
person,  including other  guarantors,  if any, liable for all or any part of the
Indebtedness hereby guaranteed.

     4. If at any time  all or any  part of any  payment  made by  Guarantor  or
received  by  Lender  from  Guarantor  under or with  respect  to this  Guaranty
Agreement  is avoided or  recovered  directly  or  indirectly  from  Lender as a

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preference,  fraudulent  transfer,  or otherwise,  then Guarantor's  obligations
hereunder shall, to the extent of the payment avoided or recovered, be deemed to
have  continued in  existence,  notwithstanding  such  previous  payment made by
Guarantor or receipt of payment by Lender, and Guarantor's obligations hereunder
shall continue to be effective or be reinstated,  as the case may be, as to such
payment,  all as though such previous  payment by Guarantor had never been made,
irrespective of the payment in full of the Indebtedness.

     5. To the fullest  extent  permitted by law,  Guarantor  hereby  WAIVES the
following rights, defenses and benefits:

         a. The defense of the statute of limitations in any action hereunder or
in any action for the collection of the  Indebtedness  or the performance of any
other obligation hereby guaranteed;

         b. Any  defense  that may arise by reason  of the  incapacity,  lack of
authority,  death or disability of any other person or persons or the failure of
Lender  to file or  enforce  a claim  against  the  estate  (in  administration,
bankruptcy or any other proceeding) of any other person or persons

         c. Except as  otherwise  provided  herein,  diligence  and all demands,
presentment for payment,  notice of nonpayment,  protest,  notice of protest and
all other notices of any kind, including, without limiting the generality of the
foregoing,  notice  of the  existence,  creation  or  incurring  of  any  new or
additional  obligation  or of any action or  nonaction  on the part of Borrower,
Lender,  any  endorser or creditor of Borrower or of Guarantor or on the part of
any other person  whomsoever  under this or any other  instrument  in connection
with  any  Indebtedness  or  evidence  of  Indebtedness  held  by  Lender  or in
connection with the Indebtedness hereby guaranteed;

         d. Any duty or obligation on Lender's part to perfect,  protect, retain
or enforce any security for the payment of the  Indebtedness  or the performance
of any of the other obligations guaranteed herein;

         e. Any duty on the part of Lender to  disclose to  Guarantor  any facts
Lender may now or hereafter  know about  Borrower,  regardless of whether Lender
has reason to believe  that any such facts  materially  increase the risk beyond
that which Guarantor  intends to assume or has reason to believe that such facts
are unknown to Guarantor or has a reasonable  opportunity  to  communicate  such
facts to  Guarantor,  it being  understood  and agreed that  Guarantor  is fully
responsible  for  being and  keeping  informed  of the  financial  condition  of

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Borrower and of any and all circumstances bearing on the risk that liability may
be incurred by Guarantor hereunder; and

         f. Any and all rights,  benefits  and defenses  under law  available to
guarantors or sureties, including without limitations, any such rights, benefits
or defenses which would otherwise  require Lender to proceed against Borrower or
any other person,  or to proceed  against or exhaust any security held by Lender
at any time,  or to first apply any security of Borrower to the discharge of the
Indebtedness,  or to pursue any other remedy in Lender's power before proceeding
against Guarantor hereunder.

     6.  Guarantor  agrees that  Guarantor  shall have no right of  subrogation,
reimbursement, exoneration, contribution, indemnity, or similar right as against
Borrower  which would  result in  Guarantor  being deemed a creditor of Borrower
under the Federal Bankruptcy Code or any other law or for any other purpose; and
Guarantor  further  WAIVES any and all rights,  benefits and defenses under law,
which may provide that a surety is entitled to the benefit of every security for
the performance of the principal obligation held by the creditor.

     7. With or without  notice to  Guarantor  and without  affecting in any way
Guarantor's  obligation or liability  hereunder for payment of the Indebtedness,
Lender, in Lender's sole and absolute  discretion,  at any time and from time to
time, and in such manner and upon such terms as Lender deems fit, may:

     a. Apply any or all payments or recoveries  from Borrower or from all other
guarantor or endorser under any other  instrument or realized from any security,
in such manner and order of priority as lender may  determine  in Lender's  sole
and absolute discretion,  to any Indebtedness of Borrower to Lender,  whether or
not such  Indebtedness is guaranteed hereby or is otherwise secured or is due at
the time of such application; or

     b. Refund to Borrower any payment  received by Lender upon the Indebtedness
hereby guaranteed.

     8. All rights,  powers and remedies of Lender hereunder shall be cumulative
and not alternative and such rights, powers and remedies shall be in addition to
all  rights,  powers  and  remedies  given to lender  under  the Loan  Documents
(including any other guarantees of the Indebtedness) or otherwise by law.

     9. The  liability of Guarantor  under this Guaranty  Agreement  shall be an
absolute,  direct,  immediate and unconditional  guarantee of payment and not of
collection.  The  Indebtedness  of Guarantor  hereunder are  independent  of the
Indebtedness  of  Borrower  and are  not  conditioned  on  contingent  upon  the
genuineness,   validity,  regularity  or  enforceability  of  any  of  the  Loan
Documents.  In the event of any default hereunder,  a separate action or actions

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may be brought and  prosecuted  against  Guarantor,  whether or not  Borrower is
joined  therein or a separate  action or actions are brought  against  Borrower.
Lender may enforce  Lender's rights under the Guaranty  Agreement  without first
exercising  any other  remedy or right that Lender may have or seeking to obtain
payment or  performance  from  Borrower,  any other person  (including any other
guarantor)  or from any  collateral  which  Lender may hold as security  for the
Indebtedness.  Lender  may  maintain  successive  actions  for  other  defaults.
Lender's  rights  hereunder  shall not be  exhausted  by the  exercise of any of
Lender's rights or remedies or by any such action or by any number of successive
actions.  Guarantor  WAIVES any and all rights,  benefits and defenses under law
which may  generally  provide  that a  guarantor  or surety is not liable if for
certain  reasons there is no liability  upon the part of the principal or if the
principal  ceases to  become  liable or which  may  generally  provide  that the
Indebtedness  of a guarantor  or surety  must not be larger nor more  burdensome
than that of the principal.

     10.  Notwithstanding  the fact that Borrower may be a corporation,  a joint
venture or a  partnership,  Lender is not to be concerned to see or inquire into
the powers of Borrower,  its  directors,  officers,  joint  ventures,  partners,
associates  or other  agents  acting or  purporting  to act on its  behalf,  and
Guarantor  expressly  waives any  defense to the  enforcement  of this  Guaranty
Agreement to the effect that the transaction  between  Borrower and Lender is in
excess  of the  powers  of the  Borrower,  or  shall  be in any  way  irregular,
defective or informal.  Guarantor's liability hereunder shall not be affected by
changes in the name of the entity or the constituent members of the entity which
constitutes Borrower.

     11. It is expressly  understood that the obligations of Guarantor hereunder
are an additional and cumulative benefit given to Lender for Lender's security.

     12. No action based on this Guaranty  Agreement  shall be instituted  until
written demand for payment or performance,  as  appropriate,  has been made upon
Guarantor (a) upon delivery of such demand in person to Guarantor, or (b) on the
next business day following  deposit of an envelope  containing such demand with
an overnight  courier  service (such as United  Parcel  Service) for delivery to
Guarantor at the address set forth next to Guarantor's  signature hereon, or (c)
on the second  business day  following  deposit of an envelope  containing  such
demand  in  the  United   States  mail,   postage   prepaid,   certified   mail,
return-receipt  requested,  addressed to Guarantor as described above. Guarantor
may change  Guarantor's  address for such notices by giving notice of the change
of address to Lender in the manner provided herein. All payments hereunder shall
be made in lawful  money of the  United  States of  America.  No delay in making
demand on Guarantor for satisfaction of Guarantor's  liabilities hereunder shall
prejudice Lender's right to enforce such satisfaction.

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     13.  Guarantor  shall pay to Lender,  upon written  demand,  all reasonable
attorneys'  fees (including an allocable  portion of in-house  counsel fees) and
all costs and other  expenses  which Lender  expends or incurs in enforcing this
Guaranty  Agreement against  Guarantor whether or not suit is filed,  including,
without  limitation,  all  reasonable  attorneys'  fees  (including an allocable
portion of in-house  counsel  fees),  costs and  expenses  incurred by Lender in
connection with any insolvency, bankruptcy, reorganization, arrangement or other
similar proceedings  involving Borrower or Guarantor which in any way affect the
exercise  by Lender of Lender's  rights and  remedies  hereunder.  Until paid to
Lender, such attorneys' fees (including an allocable portion of in-house counsel
fees),  costs and expenses  shall bear  interest at the highest rate of interest
allowable by law.

     14. Should   any  one or more  provisions  of this  Guaranty  Agreement  be
determined to be illegal or  unenforceable,  all other  provisions  nevertheless
shall be effective.

     15. No provision of this  Guaranty  Agreement or right of Lender  hereunder
can  be  waived  nor  shall  Guarantor  be  released  from  any  of  Guarantor's
obligations  hereunder  except by a writing duly  executed by Lender,  or unless
this Guaranty  Agreement  terminates  pursuant to its terms as set forth herein.
This Guaranty Agreement may not be modified, amended, revised, changed or varied
in any way whatsoever  except by the express terms of a writing duly executed by
Lender and Guarantor.

     16. When the context and  construction  so requires,  all words used in the
singular  herein  shall be  deemed  to have  been  used in the  plural,  and the
masculine  shall  include  the  feminine  and neuter,  and vice versa.  The word
"person"  as  used  herein  shall  include  any   individual,   company,   firm,
association,  partnership,  corporation, trust or other legal entity of any kind
whatsoever.  The word  "Borrower"  as used herein  includes  Borrower  acting on
behalf of itself or any estate created by the  commencement  of a case under the
Federal Bankruptcy Code or any other insolvency,  bankruptcy,  reorganization or
liquidation  proceeding,  or by any trustee under the Federal  Bankruptcy  Code,
liquidator,  sequestrator,  and receiver of Borrower and Borrower's  property or
similar  person duly  appointed  pursuant to any laws  generally  governing  any
insolvency,  bankruptcy,  reorganization,   liquidation,  receivership  or  like
proceeding.  If more than one person  has  signed  this  Guaranty  Agreement  as
Guarantor,  it shall be the joint and several  obligation  of each of them.  The
words "Loan  Documents" as used herein  include any  modifications,  extensions,
renewals,  or  replacements  thereof.  All  references to statutes  herein shall
include any modifications, amendments, substitutions or replacements thereof.

     17. In the event that all or any part of the  Indebtedness  is  assigned by
Lender,  this Guaranty  Agreement shall  automatically be assigned  therewith in
whole or in part, as applicable, without the need of any express assignment and,

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when so assigned,  Guarantor shall be bound as above to the assignee(s)  without
in any manner  affecting  Guarantor's  liability  hereunder  for any part of the
Indebtedness retained by Lender.

     18.  Guarantor  agrees,  within seven (7) calendar  days after request from
Lender, to deliver to Lender a statement certifying that this Guaranty Agreement
is in full force and effect, and that no defense of offset exists to Guarantor's
obligations under the Guaranty Agreement (or stating any facts to the contrary).

     19.  This  Guaranty  Agreement  shall  inure to the benefit of and bind the
heirs, legal representatives, administrators, executors, successors, and assigns
of Lender and of Guarantor.

     20. Guarantor hereby agrees that:

         a. The execution  and delivery to Lender of this Guaranty  Agreement of
the  accrual  of a claim  hereunder  in favor of Lender  shall be deemed to have
caused an event to occur in the State of New Jersey,  bringing  Guarantor within
the jurisdiction of the state and federal courts in the State of New Jersey, and
Guarantor further hereby agrees to and, as a separate and independent  covenant,
does hereby submit to the  jurisdiction  of the state and federal  courts in the
State of New Jersey; and

         b. This  Guaranty  Agreement is made in the State of New Jersey and the
provisions hereof shall be construed and enforced in accordance with the laws of
the State of New Jersey  (irrespective  of its  conflicts of laws rules) and, to
the extent that federal law may preempt the applicability of state laws, federal
law.

     21. Except as provided in any other written agreement at any time hereafter
in force between Lender and Guarantor,  this Guaranty Agreement shall constitute
the entire agreement of Guarantor with Lender with respect to the subject matter
hereof and no representation, understanding, promise or condition concerning the
subject matter hereof shall be binding upon Lender unless expressed herein.

     22. Notwithstanding anything in this Guaranty Agreement to the contrary, it
is agreed that this is a fully "collateralized" guaranty.

     THE UNDERSIGNED GUARANTOR ACKNOWLEDGES THAT HE WAS AFFORDED THE OPPORTUNITY
TO READ THIS DOCUMENT  CAREFULLY AND TO REVIEW IT WITH AN ATTORNEY OF HIS CHOICE
BEFORE  SIGNING  IT. THE  UNDERSIGNED  GUARANTOR  ACKNOWLEDGES  HAVING  READ AND
UNDERSTOOD THE MEANING AND EFFECT OF THIS DOCUMENT, INCLUDING BUT NOT LIMITED TO
ALL WAIVERS CONTAINED HEREIN, BEFORE SIGNING IT.

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

WITNESS:                                    "GUARANTOR"

/s/ Debra A. Santa Lucia                    /s/ Peter J. Salzano
------------------------                    ------------------------------------
Signature                                   Peter J. Salzano

Debra A. Santa Lucia                        Address:
--------------------                        74 Jesse Court
Print Name                                  Montville, NJ  07045

ATTEST                                      "LENDER"

                                            VDC COMMUNICATIONS, INC.

/s/ Louis D. Frost                          By:      /s/ Frederick A. Moran
--------------------                           ---------------------------------
Signature                                            Frederick A. Moran
                                                     Chief Executive Officer

Louis D. Frost                              Address:
--------------------                        75 Holly Hill Lane
Print Name                                  Greenwich, CT  06830

                                       8SECURITY AGREEMENT
                               ------------------

     THIS SECURITY  AGREEMENT  ("Agreement")  is made and entered into this 20th
day of  April,  2000,  by and  between  VDC  Communications,  Inc.,  a  Delaware
corporation ("Secured Party"), and Network Consulting Group, Inc., ("Pledgor").

     RECITALS
     --------

     A. Concurrently  herewith,  Rare  Telephony, Inc. (f/k/a/ Washoe Technology
Corporation)  and Cash Back Rebates LD.com,  Inc.  ("Borrower")  have executed a
certain  Promissory  Note (the  "Note")  in the stated  principal  amount of Two
Hundred Thousand Dollars ($200,000) in favor of the Secured Party.

     B. Also  concurrently  herewith,  Pledgor has  executed in favor of Secured
Party a certain Guaranty  Agreement (the  "Guaranty")  pursuant to which Pledgor
has guaranteed the indebtedness of Borrower, to Secured Party under the Note.

     C. The  indebtedness  of Pledgor to the Secured Party under the Guaranty is
hereinafter collectively referred to as the "Indebtedness".

     D. It is the purpose and intent of the parties hereto to secure the payment
by  Pledgor  to  Secured  Party  of the  Indebtedness  by a  pledge  of  certain
collateral, according to the terms and conditions set forth herein.

     NOW,  THEREFORE,  in consideration of the premises and the mutual covenants
and conditions set forth herein, the parties agree as follows:

     1. Pledgor  hereby  grants to Secured  Party a security  interest in and to
6,250  shares  of the  common  stock  of Rare  Telephony,  Inc.  (f/k/a/  Washoe
Technology  Corporation) evidenced by Share Certificate No. 8 ("Collateral") and
does hereby deliver to and deposit the Collateral  with Secured Party,  together
with a stock power duly executed in blank.

     During the term hereof,  and subject to the  provisions of this  Agreement,
Secured Party shall hold and retain the Collateral for the purpose of perfecting
the security  interest  herein granted to Secured Party,  and for the purpose of
carrying out the provisions of this Agreement.

     2. The Collateral shall secure the payment of the Indebtedness.

     3. Pledgor warrants that Pledgor is the sole lawful owner of the Collateral
and that there is no lien or charge against, or encumbrance or security interest
in, or adverse claim to, the Collateral,  or any portion thereof, other than the

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security  interest created  pursuant to this Agreement.  So long as there is any
Indebtedness  whatsoever  owing to  Secured  Party,  Pledgor  agrees to keep the
Collateral free and clear of any and all liens, encumbrances, security interests
(other  than  the  security  interest  of  Secured  Party),  adverse  claims  or
interests.

     4. As  long  as  Pledgor  is not in  default  hereunder,  any and all  cash
dividends or other property (but not stock  dividends)  which may be received by
Secured  Party  during  the  term of  this  Agreement  which  derives  from  the
Collateral  shall be remitted to Pledgor,  and Pledgor  shall  retain all voting
rights  associated  with the  Collateral.  Any cash  dividends or other property
received  with  respect  to the  Collateral  after the  occurrence  of a default
hereunder  shall  be  delivered  to and  held by  Secured  Party  as  additional
Collateral,  and after the  occurrence of such default  Secured Party shall have
all voting rights associated with the Collateral.

     5. Pledgor shall be in default under this  Agreement  upon the happening of
any of the following events:

              (a) Pledgor fails to pay any portion of the Indebtedness when due;

              (b) Borrower commits a default under the Note or Pledgor commits a
default under the Guaranty;

              (c) Pledgor fails to perform any other agreement or covenant under
this Agreement  within any applicable  notice and/or "grace"  periods  specified
herein, provided that if no notice or grace period is herein specified,  Pledgor
shall have ten (10)  calendar  days after  notice  thereof has been given within
which to cure any such default;

              (d) All or a majority of the value of the Collateral or the assets
of  Borrower  is  seized  or  levied  upon by writ of  attachment,  garnishment,
execution or otherwise,  and such seizure or levy is not released  within thirty
(30) calendar days thereafter;

              (e) Either Pledgor or Borrower  executes a general  assignment for
the benefit of its  creditors,  convenes any meeting of its  creditors,  becomes
insolvent, admits in writing its insolvency or inability to pay its debts, or is
unable to pay or is generally not paying its debts as they become due;

              (f) A receiver,  trustee,  custodian or agent is appointed to take
possession  of all or any portion of the  Collateral  or all or any  substantial
potion of Pledgor's or Borrower's assets;

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<PAGE>

              (g) Any case or proceeding is voluntarily  commenced by Pledgor or
Borrower under any provision of the federal Bankruptcy Code or any other federal
or  state  law  relating  to  debtor  rehabilitation,   insolvency,  bankruptcy,
liquidation, or reorganization,  or any such case or proceeding is involuntarily
commenced  against  Pledgor or Borrower  and not  dismissed  within  thirty (30)
calendar days thereafter;

              (h) Any representation made by Pledgor in this Agreement or in any
of the other documents delivered in connection therewith, shall have been untrue
or incorrect in any material respect when made.

     Upon  such  default,   Secured  Party  may,  at  its  option,  declare  all
Indebtedness  to be  immediately  due and payable.  Additionally,  Secured Party
shall have the rights and remedies set forth in Paragraph 6 below.

     6. Should Pledgor  default under this  Agreement,  Secured Party shall have
all rights and remedies  afforded a secured  party under the Uniform  Commercial
Code of New Jersey and may, in connection therewith, also:

              (a) Sell,  lease, or otherwise dispose of the Collateral at public
or private sale, in one or more sales, as a unit or in parcels,  at wholesale or
retail,  and at such  time and  place  and on such  terms as  Secured  Party may
determine. Secured Party may be the purchaser or any or all of the Collateral at
any public or private sale.  If, at any time when Secured Party shall  determine
to  exercise  its  right  to sell  all or any  part of the  Collateral  and such
Collateral, or the part thereof to be sold, it has been advised by legal counsel
that the  Collateral is subject to the  Securities Act of 1933 as amended or any
state securities  laws,  Secured Party in its sole and absolute  discretion,  is
hereby  expressly  authorized  to sell  such  Collateral,  or any part  thereof,
subject to obtaining all required regulatory approvals,  by private sale in such
manner  and under such  circumstances  as Secured  Party may deem  necessary  or
advisable in order that such sale may be effected  legally without  registration
or  qualification  under  applicable   securities  laws.  Without  limiting  the
generality of the foregoing,  Secured Party, in it sole and absolute discretion,
may approach and negotiate with a restricted  number of potential  purchasers to
effect such sale or  restrict  such sale to a purchaser  or  purchaser  who will
represent and agree that such  purchaser or purchasers are purchasing for his or
their own account,  for investment only, and not with a view of the distribution
or sale of such Collateral or any part thereof. Any such sale shall be deemed to
be a sale made in a  commercially  reasonable  manner  within the meaning of the
Uniform  Commercial  Code of the State of New Jersey and Pledgor hereby consents
and agrees that Secured  Party shall incur no  responsibility  or liability  for
selling all or any part of the  Collateral at a price which is not  unreasonably
low,  notwithstanding  the possibility  that a higher price might be realized if

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the sale were  public.  Any public sale of any or all of the  Collateral  may be
postponed  from time to time by public  announcement  at the time and place last
scheduled for the sale.  Without  limiting the  generality of this Section 6, it
shall conclusively be deemed to be commercially  reasonable for Secured Party to
direct any  prospective  purchaser of any or all of the Collateral to Pledgor to
ascertain all information  concerning the status of Borrower.  Securing  Party's
disposition of any or all of the Collateral in any manner which differs from the
procedures  specified in this  Section 6 shall not be deemed to be  commercially
unreasonable; or

         (b)  Propose  to accept  the  Collateral  after  giving  notice of such
proposal  to Pledgor  and to any other  person  with a security  interest in the
Collateral in accordance with the Uniform  Commercial Code of New Jersey, or any
applicable successor statute.  Such acceptance shall discharge the obligation of
Pledgor and the  Corporation  with respect to the  Indebtedness,  provided  that
neither Pledgor nor any other person with a security  interest in the Collateral
objects in writing to such a proposal within twenty one (21) calendar days after
receipt of such notice.

     The  proceeds of any sale,  lease or other  disposition  of the  Collateral
shall be applied in the manner and priority set forth in the Uniform  Commercial
Code of New Jersey, or any applicable successor statute.

     7. Pledgor  unconditionally  agrees upon demand to pay to the Secured Party
the amount of any and all reasonable and necessary out-of-pocket costs, expenses
and disbursements, including fees and expenses of its counsel, which the Secured
Party may incur in connection  with (i) the  administration  of this  Agreement,
(ii) the custody,  preservation, use or operation of, or the sale of, collection
from,  or  other  realization  upon,  the  Collateral,  (iii)  the  exercise  or
enforcement  of any of the rights of the  Secured  Party  hereunder  or (iv) the
failure by Pledgor to perform or observe any of the provisions  hereof.  Pledgor
unconditionally  agrees to indemnify  the Secured Party from and against any and
all  claims,  losses  and  liabilities  arising  out of or  resulting  from this
Agreement (including  enforcement of this Agreement),  except claims,  losses or
liabilities  resulting  from the gross  negligence or willful  misconduct of the
Secured Party.

     8. Pledgor waives any right to require the Secured Party to:

              (a) Proceed against any person;

              (b) Proceed against or exhaust any collateral; or

              (c) Pursue any other remedy in Secured Party's power.

                                       4
<PAGE>

     Pledgor further authorizes the Secured Party,  without notice or demand and
without affecting its liability  hereunder or on the Indebtedness,  from time to
time to:

         (d)  Amend  or  modify  the  terms  of the  Note or the  Guaranty  with
Pledgor's  consent,  including,  but not  limited  to,  any  such  amendment  or
modification which affects the Indebtedness.

         (e) Take and hold security, other than the Collateral herein described,
for the payment of the Indebtedness or any part thereof, and exchange,  enforce,
waive,  and release the Collateral  herein  described or any part thereof or any
such other security.

         (f) Apply such  Collateral  or other  security  and direct the order or
manner of sale thereof as Secured Party in its discretion may determine.

     9. In the event that any additional shares of capital stock of Borrower are
issued  to or  acquired  by  Pledgor  during  the term of this  Agreement,  such
additional  shares shall be  considered  additional  Collateral  subject to this
Agreement,  and Pledgor shall immediately deliver stock certificates  evidencing
such  additional  shares of  capital  stock and duly  executed  stock  powers to
Secured Party.

     10. Neither the acceptance of any partial or delinquent  payment by Secured
Party nor Secured  Party's  failure to exercise any of its rights or remedies on
default by Pledgor  shall be a waiver of the  default,  a  modification  of this
Agreement  or Pledgor's  obligations  under this  Agreement,  or a waiver of any
subsequent default by Pledgor.

     11. All notices  are  required or  permitted  to be given  pursuant to this
Agreement  shall be in writing,  and shall be delivered  either  personally,  by
overnight  delivery  service or by U.S.  certified or registered  mail,  postage
prepaid,  return-receipt  requested  and  addressed  to  the  parties  at  their
respective  addresses as the appear below their signatures  hereon.  Notices may
also be given by facsimile transmission to the facsimile telephone numbers which
appear below the parties' respective signatures hereon, provided that either (a)
receipt  of  the  facsimile  transmission  is  acknowledged  in  writing  by the
receiving party,  which may also be by a facsimile  transmission is acknowledged
in writing by the receiving party, which may also be by facsimile  transmission,
or (b) the  transmitting  party  obtains  a  written  confirmation  from its own
facsimile  machine showing that the entire  transmission  was transmitted to the
receiving  party.  The parties  may also change  their  addresses  or  facsimile

                                       5
<PAGE>

telephone  numbers for notice by giving notice of such change in accordance with
this  section.  Notices  sent by  overnight  delivery  service  shall be  deemed
received on the  business  day  following  the date of deposit with the delivery
service. Mailed notices shall be deemed received upon the earlier of the date of
delivery shown on the return-receipt,  or the second business day after the date
of mailing. Notices sent by facsimile transmission shall be deemed served on the
date of  transmission,  provided  that all such notices are sent during  regular
business hours, otherwise on the next business day.

     12.  Time  is  hereby  expressly  declared  to be of the  essence  of  this
Agreement.

     13.  This  Agreement  and each of its  provisions  shall be  binding on the
heirs, executors, administrators, successors, and assigns of each of the parties
hereto.

     14.  This Agreement  is made and entered into and shall be  interpreted  in
accordance with the laws of the State of New Jersey.  Any action concerning this
Agreement  shall be commenced in a court of competent  jurisdiction in the State
of New Jersey.

     15.  Upon payment in full of the portion of  Indebtedness  evidenced by the
Note, this Agreement shall terminate and be of no further force or effect.  Upon
receipt of satisfactory  proof from both parties in writing that such portion of
the Indebtedness has been paid in full, Secured Party shall immediately  deliver
to Pledgor the Collateral and the stock powers.

     16.  Secured Party shall not be  responsible  for any damage of loss to the
Collateral, or any part thereof, arising from an act of God, flood, fire, or any
other cause beyond the reasonable control of Secured Party.

     17. Upon the request of Secured Party, from time to time, Pledgor agrees to
execute,  acknowledge  and deliver,  or cause to be executed,  acknowledged  and
delivered,  all such additional  instruments,  and agrees to perform any and all
acts reasonably  required to carry into effect the provisions and intent of this
Agreement.

     IN WITNESS WHEREOF, the parties have executed this Agreement on the day and
year first above written.

WITNESS:                                     "PLEDGOR"

/s/ Debra A. Santa Lucia                     /s/ Peter J. Salzano
------------------------                     --------------------
Signature

                                       6
<PAGE>

Peter J. Salzano /s/ Peter J. Salzano        74 Jesse Court
-------------------------------------        Montville, NJ  07045
Print Name                                   Facsimile No. 973-822-8520
                                                          -------------

ATTEST:                                      "SECURED PARTY"

/s/ Louis D. Frost                           VDC COMMUNICATIONS, INC.
------------------
Signature

                                             By:  /s/ Frederick A. Moran
                                                -------------------------
Louis D. Frost                                    Frederick A. Moran
--------------                                    Chief Executive Officer
Print Name
                                             75 Holly Hill Lane
                                             Greenwich, CT  06830
                                             Facsimile No. (203) 552-0908

                                       7

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