Document:

EXHIBIT C

                          REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement (this "Agreement") is made and
entered into as of October 27, 2005, between Global Axcess Corp., a Nevada
corporation (the "Company"), and the purchaser signatory hereto (the
"Purchaser").

         This Agreement is made pursuant to the Securities Purchase Agreement,
dated as of the date hereof among the Company and the Purchaser (the "Purchase
Agreement").

         The Company and the Purchaser hereby agree as follows:

         1.  Definitions

         Capitalized terms used and not otherwise defined herein that are
defined in the Purchase Agreement shall have the meanings given such terms in
the Purchase Agreement. As used in this Agreement, the following terms shall
have the following meanings:

             "Advice" shall have the meaning set forth in Section 6(d).

             "Effectiveness Date" means, with respect to the initial
         Registration Statement required to be filed hereunder, the 135th
         calendar day following the date hereof and, with respect to any
         additional Registration Statements which may be required pursuant to
         Section 3(c), the 135th calendar day following the date on which the
         Company first knows, or reasonably should have known, that such
         additional Registration Statement is required hereunder; provided,
         however, in the event the Company is notified by the Commission that
         one of the above Registration Statements will not be reviewed or is no
         longer subject to further review and comments, the Effectiveness Date
         as to such Registration Statement shall be the fifth Trading Day
         following the date on which the Company is so notified if such date
         precedes the dates required above.

             "Effectiveness Period" shall have the meaning set forth in Section
         2(a).

             "Event" shall have the meaning set forth in Section 2(b).

             "Event Date" shall have the meaning set forth in Section 2(b).

             "Filing Date" means, with respect to the initial Registration
         Statement required hereunder, the 75th calendar day following the date
         hereof and, with respect to any additional Registration Statements
         which may be required pursuant to Section 3(c), the 75th day following
         the date on which the Company first knows, or reasonably should have
         known that such additional Registration Statement is required
         hereunder.

             "Holder" or "Holders" means the holder or holders, as the case may
         be, from time to time of Registrable Securities.

             "Indemnified Party" shall have the meaning set forth in Section
         5(c).

             "Indemnifying Party" shall have the meaning set forth in Section
         5(c).

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             "Losses" shall have the meaning set forth in Section 5(a).

             "Proceeding" means an action, claim, suit, investigation or
         proceeding (including, without limitation, an investigation or partial
         proceeding, such as a deposition), whether commenced or threatened.

             "Prospectus" means the prospectus included in a Registration
         Statement (including, without limitation, a prospectus that includes
         any information previously omitted from a prospectus filed as part of
         an effective registration statement in reliance upon Rule 430A
         promulgated under the Securities Act), as amended or supplemented by
         any prospectus supplement, with respect to the terms of the offering of
         any portion of the Registrable Securities covered by a Registration
         Statement, and all other amendments and supplements to the Prospectus,
         including post-effective amendments, and all material incorporated by
         reference or deemed to be incorporated by reference in such Prospectus.

             "Registrable Securities" means (i) all of the shares of Common
         Stock issuable upon conversion of the Notes, (ii) all Warrant Shares,
         (iii) any securities issued or issuable upon any stock split, dividend
         or other distribution recapitalization or similar event with respect to
         the foregoing and (iv) any additional shares issuable in connection
         with any anti-dilution provisions in the Notes or the Warrants.

             "Registration Statement" means the registration statements required
         to be filed hereunder and any additional registration statements
         contemplated by Section 3(c), including (in each case) the Prospectus,
         amendments and supplements to such registration statement or
         Prospectus, including pre- and post-effective amendments, all exhibits
         thereto, and all material incorporated by reference or deemed to be
         incorporated by reference in such registration statement.

             "Rule 415" means Rule 415 promulgated by the Commission pursuant to
         the Securities Act, as such Rule may be amended from time to time, or
         any similar rule or regulation hereafter adopted by the Commission
         having substantially the same purpose and effect as such Rule.

             "Rule 424" means Rule 424 promulgated by the Commission pursuant to
         the Securities Act, as such Rule may be amended from time to time, or
         any similar rule or regulation hereafter adopted by the Commission
         having substantially the same purpose and effect as such Rule.

         2.  Registration

             (a) The Company shall prepare and file with the Commission a
Registration Statement covering the resale of 125% of the Registrable Securities
for an offering to be made on a continuous basis pursuant to Rule 415. The
Registration Statement shall be on Form SB-2 (except if the Company is not then
eligible to register for resale the Registrable Securities on Form SB-2, in
which case such registration shall be on another appropriate form in accordance
herewith) and shall contain (unless otherwise directed by the Holders)
substantially the "Plan of Distribution" attached hereto as Annex A. Subject to
the terms of this Agreement, the Company shall use its best efforts to cause the
Registration Statement to be declared effective under the Securities Act as
promptly as possible after the filing thereof, but in any event prior to the
applicable Effectiveness Date, and shall use its best efforts to keep such
Registration Statement continuously effective under the Securities Act until all
Registrable Securities covered by such Registration Statement have been sold or
may be sold without volume restrictions pursuant to Rule 144(k) as determined by
the counsel to the Company pursuant to a written opinion letter to such effect,
addressed and acceptable to the Company's transfer agent and the affected
Holders (the "Effectiveness Period"). The Company shall immediately notify the
Holders via facsimile of the effectiveness of the Registration Statement on the
same day that the Company receives notification of the effectiveness from the
Commission. Failure to so notify the Holder within 1 Trading Day of such
notification shall be deemed an Event under Section 2(b).

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             (b) If: (i) a Registration Statement is not filed on or prior to
its Filing Date (if the Company files a Registration Statement without affording
the Holders the opportunity to review and comment on the same as required by
Section 3(a), the Company shall not be deemed to have satisfied this clause
(i)), or (ii) the Company fails to file with the Commission a request for
acceleration in accordance with Rule 461 promulgated under the Securities Act,
within five Trading Days of the date that the Company is notified (orally or in
writing, whichever is earlier) by the Commission that a Registration Statement
will not be "reviewed," or not subject to further review; or (iii) prior to its
Effectiveness Date, the Company fails to file a pre-effective amendment and
otherwise respond in writing to comments made by the Commission in respect of
such Registration Statement within 14 calendar days after the receipt of
comments by or notice from the Commission that such amendment is required in
order for a Registration Statement to be declared effective; or (iv) a
Registration Statement filed or required to be filed hereunder is not declared
effective by the Commission by its Effectiveness Date; or (v) after the
Effectiveness Date, a Registration Statement ceases for any reason to remain
continuously effective as to all Registrable Securities for which it is required
to be effective, or the Holders are not permitted to utilize the Prospectus
therein to resell such Registrable Securities for 10 consecutive calendar days
but no more than an aggregate of 15 calendar days during any 12-month period
(which need not be consecutive Trading Days) (any such failure or breach being
referred to as an "Event", and for purposes of clause (ii) or (iv) the date on
which such Event occurs, or for purposes of clause (ii) the date on which such
five Trading Day period is exceeded, or for purposes of clause (iii) the date
which such 14 calendar day period is exceeded, or for purposes of clause (v) the
date on which such 10 or 15 calendar day period, as applicable, is exceeded
being referred to as "Event Date"), then in addition to any other rights the
Holders may have hereunder or under applicable law, on each such Event Date and
on each monthly anniversary of each such Event Date (if the applicable Event
shall not have been cured by such date) until the applicable Event is cured, the
Company shall pay to each Holder an amount in cash, as partial liquidated
damages and not as a penalty, equal to 1.5% of the outstanding principal of the
Notes for any Registrable Securities then held by such Holder for the first 30
days (pro-rated for partial months) after the Event Date and an additional 1.5%
for any subsequent 30-day period (pro-rated for partial months), thereafter. If
the Company fails to pay any partial liquidated damages pursuant to this Section
in full within seven days after the date payable, the Company will pay interest
thereon at a rate of 20% per annum (or such lesser maximum amount that is
permitted to be paid by applicable law) to the Holder, accruing daily from the
date such partial liquidated damages are due until such amounts, plus all such
interest thereon, are paid in full. The partial liquidated damages pursuant to
the terms hereof shall apply on a daily pro-rata basis for any portion of a
month prior to the cure of an Event.

         3.  Registration Procedures

             In connection with the Company's registration obligations
hereunder, the Company shall:

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             (a) Not less than five Trading Days prior to the filing of each
Registration Statement or any related Prospectus or any amendment or supplement
thereto (including any document that would be incorporated or deemed to be
incorporated therein by reference), the Company shall, (i) furnish to each
Holder copies of all such documents proposed to be filed, which documents (other
than those incorporated or deemed to be incorporated by reference) will be
subject to the review of such Holders, and (ii) cause its officers and
directors, counsel and independent certified public accountants to respond to
such inquiries as shall be necessary, in the reasonable opinion of respective
counsel to conduct a reasonable investigation within the meaning of the
Securities Act. The Company shall not file the Registration Statement or any
such Prospectus or any amendments or supplements thereto to which the Holders of
a majority of the Registrable Securities shall reasonably object in good faith,
provided that, the Company is notified of such objection in writing no later
than 5 Trading Days after the Holders have been so furnished copies of such
documents. Each Holder agrees to furnish to the Company a completed
Questionnaire in the form attached to this Agreement as Annex B (a "Selling
Holder Questionnaire") not less than two Trading Days prior to the Filing Date
or by the end of the fourth Trading Day following the date on which such Holder
receives draft materials in accordance with this Section.

             (b) (i) Prepare and file with the Commission such amendments,
including post-effective amendments, to a Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep a
Registration Statement continuously effective as to the applicable Registrable
Securities for the Effectiveness Period and prepare and file with the Commission
such additional Registration Statements in order to register for resale under
the Securities Act all of the Registrable Securities; (ii) cause the related
Prospectus to be amended or supplemented by any required Prospectus supplement
(subject to the terms of this Agreement), and as so supplemented or amended to
be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible
to any comments received from the Commission with respect to a Registration
Statement or any amendment thereto and as promptly as reasonably possible
provide the Holders true and complete copies of all correspondence from and to
the Commission relating to a Registration Statement; and (iv) comply in all
material respects with the provisions of the Securities Act and the Exchange Act
with respect to the disposition of all Registrable Securities covered by a
Registration Statement during the applicable period in accordance (subject to
the terms of this Agreement) with the intended methods of disposition by the
Holders thereof set forth in such Registration Statement as so amended or in
such Prospectus as so supplemented.

             (c) If during the Effectiveness Period, the number of Registrable
Securities at any time exceeds 90% of the number of shares of Common Stock then
registered in a Registration Statement, then the Company shall file as soon as
reasonably practicable but in any case prior to the applicable Filing Date, an
additional Registration Statement covering the resale by the Holders of not less
than 125% of the number of such Registrable Securities.

             (d) Notify the Holders of Registrable Securities to be sold (which
notice shall, pursuant to clauses (ii) through (vi) hereof, be accompanied by an
instruction to suspend the use of the Prospectus until the requisite changes
have been made) as promptly as reasonably possible (and, in the case of (i)(A)
below, not less than five Trading Days prior to such filing) and (if requested
by any such Person) confirm such notice in writing no later than one Trading Day
following the day (i)(A) when a Prospectus or any Prospectus supplement or
post-effective amendment to a Registration Statement is proposed to be filed;
(B) when the Commission notifies the Company whether there will be a "review" of
such Registration Statement and whenever the Commission comments in writing on
such Registration Statement (the Company shall provide true and complete copies
thereof and all written responses thereto to each of the Holders); and (C) with
respect to a Registration Statement or any post-effective amendment, when the

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same has become effective; (ii) of any request by the Commission or any other
Federal or state governmental authority for amendments or supplements to a
Registration Statement or Prospectus or for additional information; (iii) of the
issuance by the Commission or any other federal or state governmental authority
of any stop order suspending the effectiveness of a Registration Statement
covering any or all of the Registrable Securities or the initiation of any
Proceedings for that purpose; (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification or exemption
from qualification of any of the Registrable Securities for sale in any
jurisdiction, or the initiation or threatening of any Proceeding for such
purpose; (v) of the occurrence of any event or passage of time that makes the
financial statements included in a Registration Statement ineligible for
inclusion therein or any statement made in a Registration Statement or
Prospectus or any document incorporated or deemed to be incorporated therein by
reference untrue in any material respect or that requires any revisions to a
Registration Statement, Prospectus or other documents so that, in the case of a
Registration Statement or the Prospectus, as the case may be, it will not
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading; and
(vi) the occurrence or existence of any pending corporate development with
respect to the Company that the Company believes may be material and that, in
the determination of the Company, makes it not in the best interest of the
Company to allow continued availability of the Registration Statement or
Prospectus; provided that any and all of such information shall remain
confidential to each Holder until such information otherwise becomes public,
unless disclosure by a Holder is required by law; provided, further,
notwithstanding each Holder's agreement to keep such information confidential,
the Holders make no acknowledgement that any such information is material,
non-public information.

             (e) Use its best efforts to avoid the issuance of, or, if issued,
obtain the withdrawal of (i) any order suspending the effectiveness of a
Registration Statement, or (ii) any suspension of the qualification (or
exemption from qualification) of any of the Registrable Securities for sale in
any jurisdiction, at the earliest practicable moment.

             (f) Furnish to each Holder, without charge, at least one conformed
copy of each such Registration Statement and each amendment thereto, including
financial statements and schedules, all documents incorporated or deemed to be
incorporated therein by reference to the extent requested by such Person, and
all exhibits to the extent requested by such Person (including those previously
furnished or incorporated by reference) promptly after the filing of such
documents with the Commission.

             (g) Promptly deliver to each Holder, without charge, as many copies
of the Prospectus or Prospectuses (including each form of prospectus) and each
amendment or supplement thereto as such Persons may reasonably request in
connection with resales by the Holder of Registrable Securities. Subject to the
terms of this Agreement, the Company hereby consents to the use of such
Prospectus and each amendment or supplement thereto by each of the selling
Holders in connection with the offering and sale of the Registrable Securities
covered by such Prospectus and any amendment or supplement thereto, except after
the giving on any notice pursuant to Section 3(d).

             (h) Prior to any resale of Registrable Securities by a Holder, use
its commercially reasonable efforts to register or qualify or cooperate with the
selling Holders in connection with the registration or qualification (or
exemption from the Registration or qualification) of such Registrable Securities
for the resale by the Holder under the securities or Blue Sky laws of such
jurisdictions within the United States as any Holder reasonably requests in
writing, to keep each registration or qualification (or exemption therefrom)
effective during the Effectiveness Period and to do any and all other acts or
things reasonably necessary to enable the disposition in such jurisdictions of
the Registrable Securities covered by each Registration Statement; provided,
that the Company shall not be required to qualify generally to do business in
any jurisdiction where it is not then so qualified, subject the Company to any
material tax in any such jurisdiction where it is not then so subject or file a
general consent to service of process in any such jurisdiction.

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             (i) If requested by the Holders, cooperate with the Holders to
facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to a
Registration Statement, which certificates shall be free, to the extent
permitted by the Purchase Agreement, of all restrictive legends, and to enable
such Registrable Securities to be in such denominations and registered in such
names as any such Holders may request.

             (j) Upon the occurrence of any event contemplated by this Section
3, as promptly as reasonably possible under the circumstances taking into
account the Company's good faith assessment of any adverse consequences to the
Company and its stockholders of the premature disclosure of such event, prepare
a supplement or amendment, including a post-effective amendment, to a
Registration Statement or a supplement to the related Prospectus or any document
incorporated or deemed to be incorporated therein by reference, and file any
other required document so that, as thereafter delivered, neither a Registration
Statement nor such Prospectus will contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they
were made, not misleading. If the Company notifies the Holders in accordance
with clauses (ii) through (v) of Section 3(d) above to suspend the use of any
Prospectus until the requisite changes to such Prospectus have been made, then
the Holders shall suspend use of such Prospectus. The Company will use its best
efforts to ensure that the use of the Prospectus may be resumed as promptly as
is practicable. The Company shall be entitled to exercise its right under this
Section 3(j) to suspend the availability of a Registration Statement and
Prospectus, subject to the payment of partial liquidated damages pursuant to
Section 2(b), for a period not to exceed 60 days (which need not be consecutive
days) in any 12 month period.

             (k) Comply with all applicable rules and regulations of the
Commission.

             (l) The Company may require each selling Holder to furnish to the
Company a certified statement as to the number of shares of Common Stock
beneficially owned by such Holder and, if required by the Commission, the person
thereof that has voting and dispositive control over the Shares. During any
periods that the Company is unable to meet its obligations hereunder with
respect to the registration of the Registrable Securities solely because any
Holder fails to furnish such information within three Trading Days of the
Company's request, any liquidated damages that are accruing at such time as to
such Holder only shall be tolled and any Event that may otherwise occur solely
because of such delay shall be suspended as to such Holder only, until such
information is delivered to the Company.

         4.  Registration Expenses. All fees and expenses incident to the
performance of or compliance with this Agreement by the Company shall be borne
by the Company whether or not any Registrable Securities are sold pursuant to
the Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees
(including, without limitation, fees and expenses (A) with respect to filings
required to be made with the Trading Market on which the Common Stock is then
listed for trading, and (B) in compliance with applicable state securities or
Blue Sky laws reasonably agreed to by the Company in writing (including, without
limitation, fees and disbursements of counsel for the Company in connection with

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Blue Sky qualifications or exemptions of the Registrable Securities and
determination of the eligibility of the Registrable Securities for investment
under the laws of such jurisdictions as requested by the Holders), (ii) printing
expenses (including, without limitation, expenses of printing certificates for
Registrable Securities and of printing prospectuses if the printing of
prospectuses is reasonably requested by the holders of a majority of the
Registrable Securities included in a Registration Statement), (iii) messenger,
telephone and delivery expenses, (iv) fees and disbursements of counsel for the
Company, (v) Securities Act liability insurance, if the Company so desires such
insurance, and (vi) fees and expenses of all other Persons retained by the
Company in connection with the consummation of the transactions contemplated by
this Agreement. In addition, the Company shall be responsible for all of its
internal expenses incurred in connection with the consummation of the
transactions contemplated by this Agreement (including, without limitation, all
salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit and the fees and expenses
incurred in connection with the listing of the Registrable Securities on any
securities exchange as required hereunder. In no event shall the Company be
responsible for any broker or similar commissions or, except to the extent
provided for in the Transaction Documents, any legal fees or other costs of the
Holders.

         5.  Indemnification

             (a) Indemnification by the Company. The Company shall,
notwithstanding any termination of this Agreement, indemnify and hold harmless
each Holder, the officers, directors, agents, brokers (including brokers who
offer and sell Registrable Securities as principal as a result of a pledge or
any failure to perform under a margin call of Common Stock), investment advisors
and employees of each of them, each Person who controls any such Holder (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act) and the officers, directors, agents and employees of each such controlling
Person, to the fullest extent permitted by applicable law, from and against any
and all losses, claims, damages, liabilities, costs (including, without
limitation, reasonable attorneys' fees) and expenses (collectively, "Losses"),
as incurred, arising out of or relating to any untrue or alleged untrue
statement of a material fact contained in a Registration Statement, any
Prospectus or any form of prospectus or in any amendment or supplement thereto
or in any preliminary prospectus, or arising out of or relating to any omission
or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein (in the case of any Prospectus or form
of prospectus or supplement thereto, in light of the circumstances under which
they were made) not misleading, except to the extent, but only to the extent,
that (i) such untrue statements or omissions are based solely upon information
regarding such Holder furnished in writing to the Company by such Holder
expressly for use therein, or to the extent that such information relates to
such Holder or such Holder's proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder
expressly for use in a Registration Statement, such Prospectus or such form of
Prospectus or in any amendment or supplement thereto (it being understood that
the Holder has approved Annex A hereto for this purpose) or (ii) in the case of
an occurrence of an event of the type specified in Section 3(d)(ii)-(vi), the
use by such Holder of an outdated or defective Prospectus after the Company has
notified such Holder in writing that the Prospectus is outdated or defective and
prior to the receipt by such Holder of the Advice contemplated in Section 6(d).
The Company shall notify the Holders promptly of the institution, threat or
assertion of any Proceeding arising from or in connection with the transactions
contemplated by this Agreement of which the Company is aware.

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             (b)  Indemnification by Holders. Each Holder shall, severally and
not jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the
directors, officers, agents or employees of such controlling Persons, to the
fullest extent permitted by applicable law, from and against all Losses, as
incurred, to the extent arising out of or based solely upon: (x) such Holder's
failure to comply with the prospectus delivery requirements of the Securities
Act or (y) any untrue or alleged untrue statement of a material fact contained
in any Registration Statement, any Prospectus, or any form of prospectus, or in
any amendment or supplement thereto or in any preliminary prospectus, or arising
out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein not
misleading (i) to the extent, but only to the extent, that such untrue statement
or omission is contained in any information so furnished in writing by such
Holder to the Company specifically for inclusion in such Registration Statement
or such Prospectus or (ii) to the extent that (1) such untrue statements or
omissions are based solely upon information regarding such Holder furnished in
writing to the Company by such Holder expressly for use therein, or to the
extent that such information relates to such Holder or such Holder's proposed
method of distribution of Registrable Securities and was reviewed and expressly
approved in writing by such Holder expressly for use in the Registration
Statement (it being understood that the Holder has approved Annex A hereto for
this purpose), such Prospectus or such form of Prospectus or in any amendment or
supplement thereto or (2) in the case of an occurrence of an event of the type
specified in Section 3(d)(ii)-(vi), the use by such Holder of an outdated or
defective Prospectus after the Company has notified such Holder in writing that
the Prospectus is outdated or defective and prior to the receipt by such Holder
of the Advice contemplated in Section 6(d). In no event shall the liability of
any selling Holder hereunder be greater in amount than the dollar amount of the
net proceeds received by such Holder upon the sale of the Registrable Securities
giving rise to such indemnification obligation.

             (c)  Conduct of Indemnification Proceedings. If any Proceeding
shall be brought or asserted against any Person entitled to indemnity hereunder
(an "Indemnified Party"), such Indemnified Party shall promptly notify the
Person from whom indemnity is sought (the "Indemnifying Party") in writing, and
the Indemnifying Party shall have the right to assume the defense thereof,
including the employment of counsel reasonably satisfactory to the Indemnified
Party and the payment of all fees and expenses incurred in connection with
defense thereof; provided, that the failure of any Indemnified Party to give
such notice shall not relieve the Indemnifying Party of its obligations or
liabilities pursuant to this Agreement, except (and only) to the extent that it
shall be finally determined by a court of competent jurisdiction (which
determination is not subject to appeal or further review) that such failure
shall have prejudiced the Indemnifying Party.

             An Indemnified Party shall have the right to employ separate
counsel in any such Proceeding and to participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such
Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in
writing to pay such fees and expenses; (2) the Indemnifying Party shall have
failed promptly to assume the defense of such Proceeding and to employ counsel
reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3)
the named parties to any such Proceeding (including any impleaded parties)
include both such Indemnified Party and the Indemnifying Party, and such
Indemnified Party shall reasonably believe that a material conflict of interest
is likely to exist if the same counsel were to represent such Indemnified Party
and the Indemnifying Party (in which case, if such Indemnified Party notifies
the Indemnifying Party in writing that it elects to employ separate counsel at
the expense of the Indemnifying Party, the Indemnifying Party shall not have the
right to assume the defense thereof and the reasonable fees and expenses of one
separate counsel shall be at the expense of the Indemnifying Party). The
Indemnifying Party shall not be liable for any settlement of any such Proceeding
effected without its written consent, which consent shall not be unreasonably
withheld. No Indemnifying Party shall, without the prior written consent of the
Indemnified Party, effect any settlement of any pending Proceeding in respect of
which any Indemnified Party is a party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability on claims
that are the subject matter of such Proceeding.

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             Subject to the terms of this Agreement, all reasonable fees and
expenses of the Indemnified Party (including reasonable fees and expenses to the
extent incurred in connection with investigating or preparing to defend such
Proceeding in a manner not inconsistent with this Section) shall be paid to the
Indemnified Party, as incurred, within ten Trading Days of written notice
thereof to the Indemnifying Party; provided, that the Indemnified Party shall
promptly reimburse the Indemnifying Party for that portion of such fees and
expenses applicable to such actions for which such Indemnified Party is not
entitled to indemnification hereunder, determined based upon the relative faults
of the parties.

             (d) Contribution. If a claim for indemnification under Section 5(a)
or 5(b) is unavailable to an Indemnified Party (by reason of public policy or
otherwise), then each Indemnifying Party, in lieu of indemnifying such
Indemnified Party, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such Losses, in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party and
Indemnified Party in connection with the actions, statements or omissions that
resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and Indemnified Party shall be
determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission
or alleged omission of a material fact, has been taken or made by, or relates to
information supplied by, such Indemnifying Party or Indemnified Party, and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such action, statement or omission. The amount paid or
payable by a party as a result of any Losses shall be deemed to include, subject
to the limitations set forth in this Agreement, any reasonable attorneys' or
other reasonable fees or expenses incurred by such party in connection with any
Proceeding to the extent such party would have been indemnified for such fees or
expenses if the indemnification provided for in this Section was available to
such party in accordance with its terms.

             The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account
the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 5(d), no Holder shall be required
to contribute, in the aggregate, any amount in excess of the amount by which the
proceeds actually received by such Holder from the sale of the Registrable
Securities subject to the Proceeding exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission, except in the case of fraud by
such Holder.

             The indemnity and contribution agreements contained in this Section
are in addition to any liability that the Indemnifying Parties may have to the
Indemnified Parties.

         6.  Miscellaneous

                                       9
<PAGE>

             (a)  Remedies. In the event of a breach by the Company or by a
Holder, of any of their obligations under this Agreement, each Holder or the
Company, as the case may be, in addition to being entitled to exercise all
rights granted by law and under this Agreement, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement. The
Company and each Holder agree that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate.

             (b)  No Piggyback on Registrations. Except as set forth on Schedule
6(i), neither the Company nor any of its security holders (other than the
Holders in such capacity pursuant hereto) may include securities of the Company
in the Registration Statement other than the Registrable Securities. Each
Purchaser acknowledges and agrees that the Company may, in its sole discretion,
file one registration statement to fulfill its obligations to the Purchaser
hereunder. The Company shall not file any other registration statements until
the initial Registration Statement required hereunder is declared effective by
the Commission, provided that this Section 6(b) shall not prohibit the Company
from filing amendments to registration statements already filed.

             (c)  Compliance. Each Holder covenants and agrees that it will
comply with the prospectus delivery requirements of the Securities Act as
applicable to it in connection with sales of Registrable Securities pursuant to
the Registration Statement.

             (d)  Discontinued Disposition. Each Holder agrees by its
acquisition of such Registrable Securities that, upon receipt of a notice from
the Company of the occurrence of any event of the kind described in Section
3(d), such Holder will forthwith discontinue disposition of such Registrable
Securities under a Registration Statement until such Holder's receipt of the
copies of the supplemented Prospectus and/or amended Registration Statement, or
until it is advised in writing (the "Advice") by the Company that the use of the
applicable Prospectus may be resumed, and, in either case, has received copies
of any additional or supplemental filings that are incorporated or deemed to be
incorporated by reference in such Prospectus or Registration Statement. The
Company will use its best efforts to ensure that the use of the Prospectus may
be resumed as promptly as it practicable. The Company agrees and acknowledges
that any periods during which the Holder is required to discontinue the
disposition of the Registrable Securities hereunder shall be subject to the
provisions of Section 2(b).

             (e)  Piggy-Back Registrations. If at any time during the
Effectiveness Period there is not an effective Registration Statement covering
all of the Registrable Securities and the Company shall determine to prepare and
file with the Commission a registration statement relating to an offering for
its own account or the account of others under the Securities Act of any of its
equity securities, other than on Form S-4 or Form S-8 (each as promulgated under
the Securities Act) or their then equivalents relating to equity securities to
be issued solely in connection with any acquisition of any entity or business or
equity securities issuable in connection with the stock option or other employee
benefit plans, then the Company shall send to each Holder a written notice of
such determination and, if within fifteen days after the date of such notice,
any such Holder shall so request in writing, the Company shall include in such
registration statement all or any part of such Registrable Securities such
holder requests to be registered; provided, that, the Company shall not be
required to register any Registrable Securities pursuant to this Section 6(e)
that are eligible for resale pursuant to Rule 144(k) promulgated under the
Securities Act or that are the subject of a then effective Registration
Statement.

                                       10
<PAGE>

             (f)  Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, unless the same shall be in writing and signed by the Company
and each Holder of the then outstanding Registrable Securities. Notwithstanding
the foregoing, a waiver or consent to depart from the provisions hereof with
respect to a matter that relates exclusively to the rights of Holders and that
does not directly or indirectly affect the rights of other Holders may be given
by Holders of all of the Registrable Securities to which such waiver or consent
relates; provided, however, that the provisions of this sentence may not be
amended, modified, or supplemented except in accordance with the provisions of
the immediately preceding sentence.

             (g)  Notices. Any and all notices or other communications or
deliveries required or permitted to be provided hereunder shall be delivered as
set forth in the Purchase Agreement.

             (h)  Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and permitted assigns of each of
the parties and shall inure to the benefit of each Holder. The Company may not
assign its rights or obligations hereunder without the prior written consent of
all of the Holders of the then-outstanding Registrable Securities. Each Holder
may assign their respective rights hereunder in the manner and to the Persons as
permitted under the Purchase Agreement.

             (i)  No Inconsistent Agreements. Neither the Company nor any of its
subsidiaries has entered, as of the date hereof, nor shall the Company or any of
its subsidiaries, on or after the date of this Agreement, enter into any
agreement with respect to its securities, that would have the effect of
impairing the rights granted to the Holders in this Agreement or otherwise
conflicts with the provisions hereof. Except as set forth on Schedule 6(i),
neither the Company nor any of its subsidiaries has previously entered into any
agreement granting any registration rights with respect to any of its securities
to any Person that have not been satisfied in full.

             (j)  Execution and Counterparts. This Agreement may be executed in
any number of counterparts, each of which when so executed shall be deemed to be
an original and, all of which taken together shall constitute one and the same
Agreement. In the event that any signature is delivered by facsimile
transmission, such signature shall create a valid binding obligation of the
party executing (or on whose behalf such signature is executed) the same with
the same force and effect as if such facsimile signature were the original
thereof.

             (k)  Governing Law. All questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be determined
with the provisions of the Purchase Agreement.

             (l)  Cumulative Remedies. The remedies provided herein are
cumulative and not exclusive of any remedies provided by law.

             (m)  Severability. If any term, provision, covenant or restriction
of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their commercially reasonable efforts to find and employ an
alternative means to achieve the same or substantially the same result as that
contemplated by such term, provision, covenant or restriction. It is hereby
stipulated and declared to be the intention of the parties that they would have
executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or
unenforceable.

                                       11
<PAGE>

             (n)  Headings. The headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meaning hereof.

             (o)  Independent Nature of Holders' Obligations and Rights. The
obligations of each Holder hereunder are several and not joint with the
obligations of any other Holder hereunder, and no Holder shall be responsible in
any way for the performance of the obligations of any other Holder hereunder.
Nothing contained herein or in any other agreement or document delivered at any
closing, and no action taken by any Holder pursuant hereto or thereto, shall be
deemed to constitute the Holders as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Holders
are in any way acting in concert with respect to such obligations or the
transactions contemplated by this Agreement. Each Holder shall be entitled to
protect and enforce its rights, including without limitation the rights arising
out of this Agreement, and it shall not be necessary for any other Holder to be
joined as an additional party in any proceeding for such purpose.

                              ********************

                                       12
<PAGE>

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

                                GLOBAL AXCESS CORP.

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

                       [SIGNATURE PAGE OF HOLDERS FOLLOWS]

                                       13
<PAGE>

                [SIGNATURE PAGE OF HOLDERS TO GLOBAL AXCESS RRA]

Name of Investing Entity: __________________________
Signature of Authorized Signatory of Investing Entity: _________________________
Name of Authorized Signatory: _________________________
Title of Authorized Signatory: __________________________

                           [SIGNATURE PAGES CONTINUE]

                                       14
<PAGE>

                              Plan of Distribution

         Each Selling Stockholder (the "Selling Stockholders") of the common
stock ("Common Stock") of Global Axcess Corp., a Nevada corporation (the
"Company") and any of their pledgees, assignees and successors-in-interest may,
from time to time, sell any or all of their shares of Common Stock on the
Trading Market or any other stock exchange, market or trading facility on which
the shares are traded or in private transactions. These sales may be at fixed or
negotiated prices. A Selling Stockholder may use any one or more of the
following methods when selling shares:

         o   ordinary brokerage transactions and transactions in which the
             broker-dealer solicits Purchaser;

         o   block trades in which the broker-dealer will attempt to sell the
             shares as agent but may position and resell a portion of the block
             as principal to facilitate the transaction;

         o   purchases by a broker-dealer as principal and resale by the
             broker-dealer for its account;

         o   an exchange distribution in accordance with the rules of the
             applicable exchange;

         o   privately negotiated transactions;

         o   settlement of short sales entered into after the date of this
             prospectus;

         o   broker-dealers may agree with the Selling Stockholders to sell a
             specified number of such shares at a stipulated price per share;

         o   a combination of any such methods of sale;

         o   through the writing or settlement of options or other hedging
             transactions, whether through an options exchange or otherwise; or

         o   any other method permitted pursuant to applicable law.

         The Selling Stockholders may also sell shares under Rule 144 under the
Securities Act of 1933, as amended (the "Securities Act"), if available, rather
than under this prospectus.

         Broker-dealers engaged by the Selling Stockholders may arrange for
other brokers-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the Selling Stockholders (or, if any broker-dealer
acts as agent for the purchaser of shares, from the purchaser) in amounts to be
negotiated. Each Selling Stockholder does not expect these commissions and
discounts relating to its sales of shares to exceed what is customary in the
types of transactions involved.

         In connection with the sale of our common stock or interests therein,
the Selling Stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the
common stock in the course of hedging the positions they assume. The Selling
Stockholders may also sell shares of our common stock short and deliver these
securities to close out their short positions, or loan or pledge the common
stock to broker-dealers that in turn may sell these securities. The Selling
Stockholders may also enter into option or other transactions with
broker-dealers or other financial institutions or the creation of one or more
derivative securities which require the delivery to such broker-dealer or other
financial institution of shares offered by this prospectus, which shares such
broker-dealer or other financial institution may resell pursuant to this
prospectus (as supplemented or amended to reflect such transaction).

                                       15
<PAGE>

         The Selling Stockholders and any broker-dealers or agents that are
involved in selling the shares may be deemed to be "underwriters" within the
meaning of the Securities Act in connection with such sales. In such event, any
commissions received by such broker-dealers or agents and any profit on the
resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. Each Selling Stockholder has
informed the Company that it does not have any agreement or understanding,
directly or indirectly, with any person to distribute the Common Stock.

         The Company is required to pay certain fees and expenses incurred by
the Company incident to the registration of the shares. The Company has agreed
to indemnify the Selling Stockholders against certain losses, claims, damages
and liabilities, including liabilities under the Securities Act.

         Because Selling Stockholders may be deemed to be "underwriters" within
the meaning of the Securities Act, they will be subject to the prospectus
delivery requirements of the Securities Act. In addition, any securities covered
by this prospectus which qualify for sale pursuant to Rule 144 under the
Securities Act may be sold under Rule 144 rather than under this prospectus.
Each Selling Stockholder has advised us that they have not entered into any
agreements, understandings or arrangements with any underwriter or broker-dealer
regarding the sale of the resale shares. There is no underwriter or coordinating
broker acting in connection with the proposed sale of the resale shares by the
Selling Stockholders.

         We agreed to keep this prospectus effective until the earlier of (i)
the date on which the shares may be resold by the Selling Stockholders without
registration and without regard to any volume limitations by reason of Rule
144(e) under the Securities Act or any other rule of similar effect or (ii) all
of the shares have been sold pursuant to the prospectus or Rule 144 under the
Securities Act or any other rule of similar effect. The resale shares will be
sold only through registered or licensed brokers or dealers if required under
applicable state securities laws. In addition, in certain states, the resale
shares may not be sold unless they have been registered or qualified for sale in
the applicable state or an exemption from the registration or qualification
requirement is available and is complied with.

         Under applicable rules and regulations under the Exchange Act, any
person engaged in the distribution of the resale shares may not simultaneously
engage in market making activities with respect to our common stock for a period
of two business days prior to the commencement of the distribution. In addition,
the Selling Stockholders will be subject to applicable provisions of the
Exchange Act and the rules and regulations thereunder, including Regulation M,
which may limit the timing of purchases and sales of shares of our common stock
by the Selling Stockholders or any other person. We will make copies of this
prospectus available to the Selling Stockholders and have informed them of the
need to deliver a copy of this prospectus to each purchaser at or prior to the
time of the sale.

                                       16
<PAGE>

                                                                         Annex B

                               Global Axcess Corp.

                 Selling Securityholder Notice and Questionnaire

         The undersigned beneficial owner of common stock, par value $0.001 (the
"Common Stock"), of Global Axcess Corp., a Nevada corporation (the "Company"),
(the "Registrable Securities") understands that the Company has filed or intends
to file with the Securities and Exchange Commission (the "Commission") a
registration statement on Form SB-2 (the "Registration Statement") for the
registration and resale under Rule 415 of the Securities Act of 1933, as amended
(the "Securities Act"), of the Registrable Securities, in accordance with the
terms of the Registration Rights Agreement, dated as of October 27, 2005 (the
"Registration Rights Agreement"), among the Company and the Purchaser named
therein. A copy of the Registration Rights Agreement is available from the
Company upon request at the address set forth below. All capitalized terms not
otherwise defined herein shall have the meanings ascribed thereto in the
Registration Rights Agreement.

         Certain legal consequences arise from being named as a selling
securityholder in the Registration Statement and the related prospectus.
Accordingly, holders and beneficial owners of Registrable Securities are advised
to consult their own securities law counsel regarding the consequences of being
named or not being named as a selling securityholder in the Registration
Statement and the related prospectus.

                                     NOTICE

         The undersigned beneficial owner (the "Selling Securityholder") of
Registrable Securities hereby elects to include the Registrable Securities owned
by it and listed below in Item 3 (unless otherwise specified under such Item 3)
in the Registration Statement.

         The undersigned hereby provides the following information to the
Company and represents and warrants that such information is accurate:

                                  QUESTIONNAIRE

1.       Name.

         (a)   Full Legal Name of Selling Securityholder

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

         (b)   Full Legal Name of Registered Holder (if not the same as (a)
               above) through which Registrable Securities Listed in Item 3
               below are held:

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

                                       17
<PAGE>

         (c)   Full Legal Name of Natural Control Person (which means a
               natural person who directly you indirectly alone or with
               others has power to vote or dispose of the securities covered
               by the questionnaire):

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

2.  Address for Notices to Selling Securityholder:

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

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

--------------------------------------------------------------------------------
Telephone:
          ----------------------------------------------------------------------
Fax:
     ---------------------------------------------------------------------------
Contact Person:
               -----------------------------------------------------------------
3.  Beneficial Ownership of Registrable Securities:

         (a) Type and Principal Amount of Registrable Securities beneficially
owned:

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

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

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

4.  Broker-Dealer Status:

         (a)   Are you a broker-dealer?

                                            Yes |_|  No |_|

         Note: If yes, the Commission's staff has indicated that you should be
               identified as an underwriter in the Registration Statement.

         (b)   Are you an affiliate of a broker-dealer?

                                            Yes |_|  No |_|

         (c)   If you are an affiliate of a broker-dealer, do you certify that
               you bought the Registrable Securities in the ordinary course of
               business, and at the time of the purchase of the Registrable
               Securities to be resold, you had no agreements or understandings,
               directly or indirectly, with any person to distribute the
               Registrable Securities?

                                            Yes |_|  No |_|

         Note: If no, the Commission's staff has indicated that you should be
               identified as an underwriter in the Registration Statement.

                                       18
<PAGE>

5.  Beneficial Ownership of Other Securities of the Company Owned by the Selling
    Securityholder.

         Except as set forth below in this Item 5, the undersigned is not the
         beneficial or registered owner of any securities of the Company other
         than the Registrable Securities listed above in Item 3.

         (a)   Type and Amount of Other Securities beneficially owned by the
               Selling Securityholder:

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

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

6.  Relationships with the Company:

         Except as set forth below, neither the undersigned nor any of its
         affiliates, officers, directors or principal equity holders (owners of
         5% of more of the equity securities of the undersigned) has held any
         position or office or has had any other material relationship with the
         Company (or its predecessors or affiliates) during the past three
         years.

         State any exceptions here:

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

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

         The undersigned agrees to promptly notify the Company of any
inaccuracies or changes in the information provided herein that may occur
subsequent to the date hereof at any time while the Registration Statement
remains effective.

         By signing below, the undersigned consents to the disclosure of the
information contained herein in its answers to Items 1 through 6 and the
inclusion of such information in the Registration Statement and the related
prospectus. The undersigned understands that such information will be relied
upon by the Company in connection with the preparation or amendment of the
Registration Statement and the related prospectus.

         IN WITNESS WHEREOF the undersigned, by authority duly given, has caused
this Notice and Questionnaire to be executed and delivered either in person or
by its duly authorized agent.

Dated:                       Beneficial Owner:
       -----------------                      ----------------------------------

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

PLEASE FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND
RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

                                       19Exhibit 4.5

                                                                       EXHIBIT E

                              SUBSIDIARY GUARANTEE

      SUBSIDIARY GUARANTEE, dated as of October 27, 2005, made by each of the
signatories hereto (together with any other entity that may become a party
hereto as provided herein, (the "Guarantors"), in favor of the Purchasers
signatory (the "Purchasers") to that certain Securities Purchase Agreement,
dated as of the date hereof, between Global Axcess Corp., a Nevada corporation
(the "Company") and the Purchasers.

                              W I T N E S S E T H:

      Whereas, pursuant to that certain Securities Purchase Agreement, dated as
of the date hereof, by and between the Company and the Purchasers (the "Purchase
Agreement"), the Company has agreed to sell and issue to the Purchasers, and the
Purchasers has agreed to purchase from the Company the Company's 9% Senior
Subordinated Secured Convertible Notes, due October 27, 2010 (the "Notes"),
subject to the terms and conditions set forth therein; and

      Whereas, each Guarantor will directly benefit from the extension of credit
to the Company represented by the issuance of the Notes; and

      NOW, THEREFORE, in consideration of the premises and to induce the
Purchasers to enter into the Purchase Agreement and to carry out the
transactions contemplated thereby, each Guarantor hereby agrees with the
Purchasers as follows:

      1. Definitions. Unless otherwise defined herein, terms defined in the
Purchase Agreement and used herein shall have the meanings given to them in the
Purchase Agreement. The words "hereof," "herein," "hereto" and "hereunder" and
words of similar import when used in this Guarantee shall refer to this
Guarantee as a whole and not to any particular provision of this Guarantee, and
Section and Schedule references are to this Guarantee unless otherwise
specified. The meanings given to terms defined herein shall be equally
applicable to both the singular and plural forms of such terms. The following
terms shall have the following meanings:

            "Guarantee" means this Subsidiary Guarantee, as the same may be
      amended, supplemented or otherwise modified from time to time.

            "Obligations" means the collective reference to all obligations and
      undertakings of the Company of whatever nature, monetary or otherwise,
      under the Notes, the Purchase Agreement, the Security Agreement, the
      Warrants, the Registration Rights Agreement or any other future agreement
      or obligations undertaken by the Company to the Purchasers, together with
      all reasonable attorneys' fees, disbursements and all other costs and
      expenses of collection incurred by Purchasers in enforcing any of such
      Obligations and/or this Guarantee.

      2. Guarantee.

            (a) Guarantee.

                  (i)   The Guarantors hereby, jointly and severally,
                        unconditionally and irrevocably, guarantee to the
                        Purchasers and their respective successors, indorsees,
                        transferees and assigns, the prompt and complete payment
                        and performance by the Company when due (whether at the
                        stated maturity, by acceleration or otherwise) of the
                        Obligations.

<PAGE>

                  (ii)  Anything herein or in any other Transaction Document to
                        the contrary notwithstanding, the maximum liability of
                        each Guarantor hereunder and under the other Transaction
                        Documents shall in no event exceed the amount which can
                        be guaranteed by such Guarantor under applicable federal
                        and state laws, including laws relating to the
                        insolvency of debtors, fraudulent conveyance or transfer
                        or laws affecting the rights of creditors generally
                        (after giving effect to the right of contribution
                        established in Section 2(b)).

                  (iii) Each Guarantor agrees that the Obligations may at any
                        time and from time to time exceed the amount of the
                        liability of such Guarantor hereunder without impairing
                        the guarantee contained in this Section 2 or affecting
                        the rights and remedies of the Purchasers hereunder.

                  (iv)  The guarantee contained in this Section 2 shall remain
                        in full force and effect until all the Obligations and
                        the obligations of each Guarantor under the guarantee
                        contained in this Section 2 shall have been satisfied by
                        payment in full.

                  (v)   No payment made by the Company, any of the Guarantors,
                        any other guarantor or any other Person or received or
                        collected by the Purchasers from the Company, any of the
                        Guarantors, any other guarantor or any other Person by
                        virtue of any action or proceeding or any set-off or
                        appropriation or application at any time or from time to
                        time in reduction of or in payment of the Obligations
                        shall be deemed to modify, reduce, release or otherwise
                        affect the liability of any Guarantor hereunder which
                        shall, notwithstanding any such payment (other than any
                        payment made by such Guarantor in respect of the
                        Obligations or any payment received or collected from
                        such Guarantor in respect of the Obligations), remain
                        liable for the Obligations up to the maximum liability
                        of such Guarantor hereunder until the Obligations are
                        paid in full.

                  (vi)  Notwithstanding anything to the contrary in this
                        Agreement, with respect to any defaulted non-monetary
                        Obligations the specific performance of which by the
                        Guarantors is not reasonably possible (e.g. the issuance
                        of the Company's Common Stock), the Guarantors shall
                        only be liable for making the Purchasers whole on a
                        monetary basis for the Company's failure to perform such
                        Obligations in accordance with the Transaction
                        Documents.

                                    2 of 13
<PAGE>

            (b) Right of Contribution. Each Guarantor hereby agrees that to the
      extent that a Guarantor shall have paid more than its proportionate share
      of any payment made hereunder, such Guarantor shall be entitled to seek
      and receive contribution from and against any other Guarantor hereunder
      which has not paid its proportionate share of such payment. Each
      Guarantor's right of contribution shall be subject to the terms and
      conditions of Section 2(c). The provisions of this Section 2(b) shall in
      no respect limit the obligations and liabilities of any Guarantor to the
      Purchasers, and each Guarantor shall remain liable to the Purchasers for
      the full amount guaranteed by such Guarantor hereunder.

            (c) No Subrogation. Notwithstanding any payment made by any
      Guarantor hereunder or any set-off or application of funds of any
      Guarantor by the Purchasers, no Guarantor shall be entitled to be
      subrogated to any of the rights of the Purchasers against the Company or
      any other Guarantor or any collateral security or guarantee or right of
      offset held by the Purchasers for the payment of the Obligations, nor
      shall any Guarantor seek or be entitled to seek any contribution or
      reimbursement from the Company or any other Guarantor in respect of
      payments made by such Guarantor hereunder, until all amounts owing to the
      Purchasers by the Company on account of the Obligations are paid in full.
      If any amount shall be paid to any Guarantor on account of such
      subrogation rights at any time when all of the Obligations shall not have
      been paid in full, such amount shall be held by such Guarantor in trust
      for the Purchasers, segregated from other funds of such Guarantor, and
      shall, forthwith upon receipt by such Guarantor, be turned over to the
      Purchasers in the exact form received by such Guarantor (duly indorsed by
      such Guarantor to the Purchasers, if required), to be applied against the
      Obligations, whether matured or unmatured, in such order as the Purchasers
      may determine.

            (d) Amendments, Etc. With Respect to the Obligations. Each Guarantor
      shall remain obligated hereunder notwithstanding that, without any
      reservation of rights against any Guarantor and without notice to or
      further assent by any Guarantor, any demand for payment of any of the
      Obligations made by the Purchasers may be rescinded by the Purchasers and
      any of the Obligations continued, and the Obligations, or the liability of
      any other Person upon or for any part thereof, or any collateral security
      or guarantee therefor or right of offset with respect thereto, may, from
      time to time, in whole or in part, be renewed, extended, amended,
      modified, accelerated, compromised, waived, surrendered or released by the
      Purchasers, and the Purchase Agreement and the other Transaction Documents
      and any other documents executed and delivered in connection therewith may
      be amended, modified, supplemented or terminated, in whole or in part, as
      the Purchasers may deem advisable from time to time, and any collateral
      security, guarantee or right of offset at any time held by the Purchasers
      for the payment of the Obligations may be sold, exchanged, waived,
      surrendered or released. The Purchasers shall have no obligation to
      protect, secure, perfect or insure any Lien at any time held by them as
      security for the Obligations or for the guarantee contained in this
      Section 2 or any property subject thereto.

                                    3 of 13
<PAGE>

            (e) Guarantee Absolute and Unconditional. Each Guarantor waives any
      and all notice of the creation, renewal, extension or accrual of any of
      the Obligations and notice of or proof of reliance by the Purchasers upon
      the guarantee contained in this Section 2 or acceptance of the guarantee
      contained in this Section 2; the Obligations, and any of them, shall
      conclusively be deemed to have been created, contracted or incurred, or
      renewed, extended, amended or waived, in reliance upon the guarantee
      contained in this Section 2; and all dealings between the Company and any
      of the Guarantors, on the one hand, and the Purchasers, on the other hand,
      likewise shall be conclusively presumed to have been had or consummated in
      reliance upon the guarantee contained in this Section 2. Each Guarantor
      waives to the extent permitted by law diligence, presentment, protest,
      demand for payment and notice of default or nonpayment to or upon the
      Company or any of the Guarantors with respect to the Obligations. Each
      Guarantor understands and agrees that the guarantee contained in this
      Section 2 shall be construed as a continuing, absolute and unconditional
      guarantee of payment without regard to (a) the validity or enforceability
      of the Purchase Agreement or any other Transaction Document, any of the
      Obligations or any other collateral security therefor or guarantee or
      right of offset with respect thereto at any time or from time to time held
      by the Purchasers, (b) any defense, set-off or counterclaim (other than a
      defense of payment or performance or fraud or misconduct by Purchasers)
      which may at any time be available to or be asserted by the Company or any
      other Person against the Purchasers, or (c) any other circumstance
      whatsoever (with or without notice to or knowledge of the Company or such
      Guarantor) which constitutes, or might be construed to constitute, an
      equitable or legal discharge of the Company for the Obligations, or of
      such Guarantor under the guarantee contained in this Section 2, in
      bankruptcy or in any other instance. When making any demand hereunder or
      otherwise pursuing its rights and remedies hereunder against any
      Guarantor, the Purchasers may, but shall be under no obligation to, make a
      similar demand on or otherwise pursue such rights and remedies as it may
      have against the Company, any other Guarantor or any other Person or
      against any collateral security or guarantee for the Obligations or any
      right of offset with respect thereto, and any failure by the Purchasers to
      make any such demand, to pursue such other rights or remedies or to
      collect any payments from the Company, any other Guarantor or any other
      Person or to realize upon any such collateral security or guarantee or to
      exercise any such right of offset, or any release of the Company, any
      other Guarantor or any other Person or any such collateral security,
      guarantee or right of offset, shall not relieve any Guarantor of any
      obligation or liability hereunder, and shall not impair or affect the
      rights and remedies, whether express, implied or available as a matter of
      law, of the Purchasers against any Guarantor. For the purposes hereof,
      "demand" shall include the commencement and continuance of any legal
      proceedings.

            (f) Reinstatement. The guarantee contained in this Section 2 shall
      continue to be effective, or be reinstated, as the case may be, if at any
      time payment, or any part thereof, of any of the Obligations is rescinded
      or must otherwise be restored or returned by the Purchasers upon the
      insolvency, bankruptcy, dissolution, liquidation or reorganization of the
      Company or any Guarantor, or upon or as a result of the appointment of a
      receiver, intervenor or conservator of, or trustee or similar officer for,
      the Company or any Guarantor or any substantial part of its property, or
      otherwise, all as though such payments had not been made.

            (g) Payments. Each Guarantor hereby guarantees that payments
      hereunder will be paid to the Purchasers without set-off or counterclaim
      in U.S. dollars at the address set forth or referred to in the Purchase
      Agreement.

      3. Representations and Warranties. Each Guarantor hereby makes the
following representations and warranties to Purchasers as of the date hereof:

            (a) Organization and Qualification. The Guarantor is a corporation
      or limited liability company, duly incorporated, validly existing and in
      good standing under the laws of the applicable jurisdiction set forth on
      Schedule 1, with the requisite corporate power and authority to own and
      use its properties and assets and to carry on its business as currently
      conducted. The Guarantor has no subsidiaries other than those identified
      as such on the Disclosure Schedules to the Purchase Agreement. The
      Guarantor is duly qualified to do business and is in good standing as a
      foreign corporation in each jurisdiction in which the nature of the
      business conducted or property owned by it makes such qualification
      necessary, except where the failure to be so qualified or in good
      standing, as the case may be, could not, individually or in the aggregate,
      (x) adversely affect the legality, validity or enforceability of any of
      this Guaranty in any material respect, (y) have a material adverse effect
      on the results of operations, assets, prospects, or financial condition of
      the Guarantor or (z) adversely impair in any material respect the
      Guarantor's ability to perform fully on a timely basis its obligations
      under this Guaranty (a "Material Adverse Effect").

                                    4 of 13
<PAGE>

            (b) Authorization; Enforcement. The Guarantor has the requisite
      corporate power and authority to enter into and to consummate the
      transactions contemplated by this Guaranty, and otherwise to carry out its
      obligations hereunder. The execution and delivery of this Guaranty by the
      Guarantor and the consummation by it of the transactions contemplated
      hereby have been duly authorized by all requisite corporate action on the
      part of the Guarantor. This Guaranty has been duly executed and delivered
      by the Guarantor and constitutes the valid and binding obligation of the
      Guarantor enforceable against the Guarantor in accordance with its terms,
      except as such enforceability may be limited by applicable bankruptcy,
      insolvency, reorganization, moratorium, liquidation or similar laws
      relating to, or affecting generally the enforcement of, creditors' rights
      and remedies or by other equitable principles of general application.

            (c) No Conflicts. The execution, delivery and performance of this
      Guaranty by the Guarantor and the consummation by the Guarantor of the
      transactions contemplated thereby do not and will not (i) conflict with or
      violate any provision of its Certificate of Incorporation or By-laws or
      (ii) conflict with, constitute a default (or an event which with notice or
      lapse of time or both would become a default) under, or give to others any
      rights of termination, amendment, acceleration or cancellation of, any
      agreement, indenture or instrument to which the Guarantor is a party, or
      (iii) result in a violation of any law, rule, regulation, order, judgment,
      injunction, decree or other restriction of any court or governmental
      authority to which the Guarantor is subject (including Federal and state
      securities laws and regulations), or by which any material property or
      asset of the Guarantor is bound or affected, except in the case of each of
      clauses (ii) and (iii), such conflicts, defaults, terminations,
      amendments, accelerations, cancellations and violations as could not,
      individually or in the aggregate, have or result in a Material Adverse
      Effect. The business of the Guarantor is not being conducted in violation
      of any law, ordinance or regulation of any governmental authority, except
      for violations which, individually or in the aggregate, do not have a
      Material Adverse Effect.

            (d) Consents and Approvals. The Guarantor is not required to obtain
      any consent, waiver, authorization or order of, or make any filing or
      registration with, any court or other federal, state, local, foreign or
      other governmental authority or other person in connection with the
      execution, delivery and performance by the Guarantor of this Guaranty.

            (e) Purchase Agreement. The representations and warranties of the
      Company set forth in the Purchase Agreement as they relate to such
      Guarantor, each of which is hereby incorporated herein by reference, are
      true and correct as of each time such representations are deemed to be
      made pursuant to such Purchase Agreement, and the Purchasers shall be
      entitled to rely on each of them as if they were fully set forth herein,
      provided, that each reference in each such representation and warranty to
      the Company's knowledge shall, for the purposes of this Section 3, be
      deemed to be a reference to such Guarantor's knowledge.

                                    5 of 13
<PAGE>

            (f) Foreign Law. Each Guarantor has consulted with appropriate
      foreign legal counsel with respect to any of the above representations for
      which non-U.S. law is applicable. Such foreign counsel have advised each
      applicable Guarantor that such counsel knows of no reason why any of the
      above representations would not be true and accurate. Such foreign counsel
      were provided with copies of this Subsidiary Guarantee and the Transaction
      Documents prior to rendering their advice.

      4. Covenants. Each Guarantor covenants and agrees with the Purchasers
that, from and after the date of this Guarantee until the Obligations shall have
been paid in full, such Guarantor shall take, and/or shall refrain from taking,
as the case may be, each commercially reasonable action (including complying
with all of its obligations in Section 7 of the Note) that is necessary to be
taken or not taken, as the case may be, so that no Event of Default is caused by
the failure to take such action or to refrain from taking such action by such
Guarantor.

      5. Miscellaneous.

            (a) Amendments in Writing. None of the terms or provisions of this
      Guarantee may be waived, amended, supplemented or otherwise modified
      except in writing by the majority in interest (based on the
      then-outstanding principal amount of the Notes at the time of such
      determination) of the Purchasers.

            (b) Notices. All notices, requests and demands to or upon the
      Purchasers or any Guarantor hereunder shall be effected in the manner
      provided for in the Purchase Agreement; provided that any such notice,
      request or demand to or upon any Guarantor shall be addressed to such
      Guarantor at its notice address set forth on Schedule 5(b).

            (c) No Waiver By Course Of Conduct; Cumulative Remedies. The
      Purchasers shall not by any act (except by a written instrument pursuant
      to Section 5(a)), delay, indulgence, omission or otherwise be deemed to
      have waived any right or remedy hereunder or to have acquiesced in any
      default under the Transaction Documents or Event of Default. No failure to
      exercise, nor any delay in exercising, on the part of the Purchasers, any
      right, power or privilege hereunder shall operate as a waiver thereof. No
      single or partial exercise of any right, power or privilege hereunder
      shall preclude any other or further exercise thereof or the exercise of
      any other right, power or privilege. A waiver by the Purchasers of any
      right or remedy hereunder on any one occasion shall not be construed as a
      bar to any right or remedy which the Purchasers would otherwise have on
      any future occasion. The rights and remedies herein provided are
      cumulative, may be exercised singly or concurrently and are not exclusive
      of any other rights or remedies provided by law.

                                    6 of 13
<PAGE>

            (d) Enforcement Expenses; Indemnification.

                  (i)   Each Guarantor agrees to pay, or reimburse the
                        Purchasers for, all its costs and expenses incurred in
                        collecting against such Guarantor under the guarantee
                        contained in Section 2 or otherwise enforcing or
                        preserving any rights under this Guarantee and the other
                        Transaction Documents to which such Guarantor is a
                        party, including, without limitation, the reasonable
                        fees and disbursements of counsel to the Purchasers.

                  (ii)  Each Guarantor agrees to pay, and to save the Purchasers
                        harmless from, any and all liabilities with respect to,
                        or resulting from any delay in paying, any and all
                        stamp, excise, sales or other taxes which may be payable
                        or determined to be payable in connection with any of
                        the transactions contemplated by this Guarantee.

                  (iii) Each Guarantor agrees to pay, and to save the Purchasers
                        harmless from, any and all liabilities, obligations,
                        losses, damages, penalties, actions, judgments, suits,
                        costs, expenses or disbursements of any kind or nature
                        whatsoever with respect to the execution, delivery,
                        enforcement, performance and administration of this
                        Guarantee to the extent the Company would be required to
                        do so pursuant to the Purchase Agreement.

                  (iv)  The agreements in this Section shall survive repayment
                        of the Obligations and all other amounts payable under
                        the Purchase Agreement and the other Transaction
                        Documents.

            (e) Successor and Assigns. This Guarantee shall be binding upon the
      successors and assigns of each Guarantor and shall inure to the benefit of
      the Purchasers and their respective successors and assigns; provided that
      no Guarantor may assign, transfer or delegate any of its rights or
      obligations under this Guarantee without the prior written consent of the
      Purchasers.

            (f) Set-Off. Each Guarantor hereby irrevocably authorizes the
      Purchasers at any time and from time to time while an Event of Default
      under any of the Transaction Documents shall have occurred and be
      continuing, without notice to such Guarantor or any other Guarantor, any
      such notice being expressly waived by each Guarantor, to set-off and
      appropriate and apply any and all deposits, credits, indebtedness or
      claims, in any currency, in each case whether direct or indirect, absolute
      or contingent, matured or unmatured, at any time held or owing by the
      Purchasers to or for the credit or the account of such Guarantor, or any
      part thereof in such amounts as the Purchasers may elect, against and on
      account of the obligations and liabilities of such Guarantor to the
      Purchasers hereunder and claims of every nature and description of the
      Purchasers against such Guarantor, in any currency, whether arising
      hereunder, under the Purchase Agreement, any other Transaction Document or
      otherwise, as the Purchasers may elect, whether or not the Purchasers have
      made any demand for payment and although such obligations, liabilities and
      claims may be contingent or unmatured. The Purchasers shall notify such
      Guarantor promptly of any such set-off and the application made by the
      Purchasers of the proceeds thereof, provided that the failure to give such
      notice shall not affect the validity of such set-off and application. The
      rights of the Purchasers under this Section are in addition to other
      rights and remedies (including, without limitation, other rights of
      set-off) which the Purchasers may have.

                                    7 of 13
<PAGE>

            (g) Counterparts. This Guarantee may be executed by one or more of
      the parties to this Guarantee on any number of separate counterparts
      (including by telecopy), and all of said counterparts taken together shall
      be deemed to constitute one and the same instrument.

            (h) Severability. Any provision of this Guarantee which is
      prohibited or unenforceable in any jurisdiction shall, as to such
      jurisdiction, be ineffective to the extent of such prohibition or
      unenforceability without invalidating the remaining provisions hereof, and
      any such prohibition or unenforceability in any jurisdiction shall not
      invalidate or render unenforceable such provision in any other
      jurisdiction.

            (i) Section Headings. The Section headings used in this Guarantee
      are for convenience of reference only and are not to affect the
      construction hereof or be taken into consideration in the interpretation
      hereof.

            (j) Integration. This Guarantee and the other Transaction Documents
      represent the agreement of the Guarantors and the Purchasers with respect
      to the subject matter hereof and thereof, and there are no promises,
      undertakings, representations or warranties by the Purchasers relative to
      subject matter hereof and thereof not expressly set forth or referred to
      herein or in the other Transaction Documents.

            (k) Governing Law. THIS GUARANTEE SHALL BE GOVERNED BY, AND
      CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
      YORK WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAWS.

            (l) Submission to Jurisdictional; Waiver. Each Guarantor hereby
      irrevocably and unconditionally:

                  (i)   submits for itself and its property in any legal action
                        or proceeding relating to this Guarantee and the other
                        Transaction Documents to which it is a party, or for
                        recognition and enforcement of any judgment in respect
                        thereof, to the non-exclusive general jurisdiction of
                        the Courts of the State of New York, located in New York
                        County, New York, the courts of the United States of
                        America for the Southern District of New York, and
                        appellate courts from any thereof;

                  (ii)  consents that any such action or proceeding may be
                        brought in such courts and waives any objection that it
                        may now or hereafter have to the venue of any such
                        action or proceeding in any such court or that such
                        action or proceeding was brought in an inconvenient
                        court and agrees not to plead or claim the same;

                  (iii) agrees that service of process in any such action or
                        proceeding may be effected by mailing a copy thereof by
                        registered or certified mail (or any substantially
                        similar form of mail), postage prepaid, to such
                        Guarantor at its address referred to in the Purchase
                        Agreement or at such other address of which the
                        Purchasers shall have been notified pursuant thereto;

                                    8 of 13
<PAGE>

                  (iv)  agrees that nothing herein shall affect the right to
                        effect service of process in any other manner permitted
                        by law or shall limit the right to sue in any other
                        jurisdiction; and

                  (v)   waives, to the maximum extent not prohibited by law, any
                        right it may have to claim or recover in any legal
                        action or proceeding referred to in this Section any
                        special, exemplary, punitive or consequential damages.

            (m) Acknowledgements. Each Guarantor hereby acknowledges that:

                  (i)   it has been advised by counsel in the negotiation,
                        execution and delivery of this Guarantee and the other
                        Transaction Documents to which it is a party;

                  (ii)  the Purchasers have no fiduciary relationship with or
                        duty to any Guarantor arising out of or in connection
                        with this Guarantee or any of the other Transaction
                        Documents, and the relationship between the Guarantors,
                        on the one hand, and the Purchasers, on the other hand,
                        in connection herewith or therewith is solely that of
                        debtor and creditor; and

                  (iii) no joint venture is created hereby or by the other
                        Transaction Documents or otherwise exists by virtue of
                        the transactions contemplated hereby among the
                        Guarantors and the Purchasers.

            (n) Additional Guarantors. The Company shall cause each of its
      subsidiaries formed or acquired on or subsequent to the date hereof to
      become a Guarantor for all purposes of this Guarantee by executing and
      delivering an Assumption Agreement in the form of Annex 1 hereto.

            (o) Release of Guarantors. Subject to Section 2(f), each Guarantor
      will be released from all liability hereunder concurrently with the
      repayment in full of all amounts owed under the Purchase Agreement, the
      Notes and the other Transaction Documents; provided, however, that in the
      event that the Company sells all of the assets or stock of ______________,
      on terms satisfactory to the Purchaser, __________ will be released from
      all liability hereunder.

            (p) Seniority. The Obligations of each of the Guarantors hereunder
      rank senior in priority to any other debt of such Guarantor other than
      debt in favor of the Senior Lender.

            (q) Waiver of Jury Trial. EACH GUARANTOR AND, BY ACCEPTANCE OF THE
      BENEFITS HEREOF, THE PURCHASERS, HEREBY IRREVOCABLY AND UNCONDITIONALLY
      WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS
      GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.

                                    9 of 13
<PAGE>

      IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee to
be duly executed and delivered as of the date first above written.

                          [SUBSIDIARY]

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

                                    10 of 13
<PAGE>

                                   SCHEDULE 1

                                   GUARANTORS

                  The following are the names, notice addresses and jurisdiction
of organization of each Guarantor.

                                              JURISDICTION OF   COMPANY OWNED
NAME                         ADDRESS           INCORPORATION    BY PERCENTAGE
--------------------   --------------------   ---------------   -------------
Nationwide Money       224 Ponte Vedra Park       Nevada             100%
Services Inc           Drive, Ponte Vedra
                       Beach, FL, 32082

EFT Integration Inc.   224 Ponte Vedra Park       Florida            100%
                       Drive, Ponte Vedra
                       Beach, FL, 32082

Electronic Payment &   224 Ponte Vedra Park       Nevada             100%
Transfer Corp          Drive, Ponte Vedra
                       Beach, FL, 32082

Axcess Technology      224 Ponte Vedra Park       Nevada             100%
Corp                   Drive, Ponte Vedra
                       Beach, FL, 32082

Axcess Technology      South Africa            South Africa          100%
Corp SA

Cash Axcess Corp       South Africa            South Africa          100%

Nationwide Money       224 Ponte Vedra Park       Nevada             100%
Services Inc           Drive, Ponte Vedra
                       Beach, FL, 32082

EFT Integration Inc.   224 Ponte Vedra Park       Florida            100%
                       Drive, Ponte Vedra
                       Beach, FL, 32082

                                    11 of 13
<PAGE>

                                   Annex 1 to

                              SUBSIDIARY GUARANTEE

ASSUMPTION AGREEMENT, dated as of ____ __, ______ made by
______________________________, a ______________ corporation (the "Additional
Guarantor"), in favor of the Purchasers pursuant to the Purchase Agreement
referred to below. All capitalized terms not defined herein shall have the
meaning ascribed to them in such Purchase Agreement.

                              W I T N E S S E T H :

      WHEREAS, Global Axcess Corp., a _____________ corporation (the "Company")
and the Purchasers have entered into a Securities Purchase Agreement, dated as
of October 27, 2005 (as amended, supplemented or otherwise modified from time to
time, the "Purchase Agreement");

      WHEREAS, in connection with the Purchase Agreement, the Company and its
Subsidiaries (other than the Additional Guarantor) have entered into the
Subsidiary Guarantee, dated as of October 27, 2005 (as amended, supplemented or
otherwise modified from time to time, the "Guarantee") in favor of the
Purchasers;

      WHEREAS, the Purchase Agreement requires the Additional Guarantor to
become a party to the Guarantee; and

      WHEREAS, the Additional Guarantor has agreed to execute and deliver this
Assumption Agreement in order to become a party to the Guarantee;

                          NOW, THEREFORE, IT IS AGREED:

      1. Guarantee. By executing and delivering this Assumption Agreement, the
Additional Guarantor, as provided in Section 5(n) of the Guarantee, hereby
becomes a party to the Guarantee as a Guarantor thereunder with the same force
and effect as if originally named therein as a Guarantor and, without limiting
the generality of the foregoing, hereby expressly assumes all obligations and
liabilities of a Guarantor thereunder. The information set forth in Annex 1-A
hereto is hereby added to the information set forth in Schedule 1 to the
Guarantee. The Additional Guarantor hereby represents and warrants that each of
the representations and warranties contained in Section 3 of the Guarantee is
true and correct on and as the date hereof as to such Additional Guarantor
(after giving effect to this Assumption Agreement) as if made on and as of such
date.

      2. Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

                                    12 of 13
<PAGE>

      IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement
to be duly executed and delivered as of the date first above written.

                                           [ADDITIONALGUARANTOR]

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

                                    13 of 13

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