Document:

Exhibit 4.10

                               FACTORING AGREEMENT

     THIS FACTORING AGREEMENT is made and entered into this 29th day of July,
2004 by and between Universal Lease and Finance Corp., a Delaware corporation,
with its place of business located at 1555 E. Flamingo Road, Suite 155, Las
Vegas, Nevada (the "Factor") and World Jet Corporation (the "Client"), a Nevada
corporation licensed to do business in Arizona and a wholly owned subsidiary of
Renegade Venture Corporation.

WITNESSETH:

     WHEREAS, Client is engaged primarily in the airline parts business and
delivers such merchandise and/or service to customers on a credit basis; and

     WHEREAS, Client desires to obtain funds for operation of its business
through the sale of accounts receivable acceptable to Factor; and

     WHEREAS, Factor is willing to purchase Acceptable Accounts, as that term is
defined hereinafter, from Client according to the terms set forth in this
Agreement.

     NOW, THEREFORE, in consideration of the covenants and conditions set forth
herein, and other good and valuable consideration, the receipt of which is
hereby acknowledged, the parties agree as follows:

     1. Sale of Accounts Receivable. Client shall from time to time, at Clients
option, sell, transfer and assign all of its right, title, and interest in and
to Accounts to Factor, together with all moneys due or which may become due upon
such Accounts. Accounts shall be identified by separate and subsequent written
assignments on a form to be provided to Client by Factor; however, in the
absence of such separate written assignment, this Agreement shall be deemed to
evidence the assignment of such Accounts sold.

     2. Approval. Factor shall not be obligated to purchase any Account from
Client; however, once an Account is submitted by Client and accepted by Factor,
Factor shall have the right. But not the obligation, to purchase all subsequent
Accounts relative to that Customer. Client shall submit each Account to Factor
for approval, which approval may be denied by Factor in its sole discretion,
with or without cause.

     3. Purchase Price. Factor agrees to purchase Acceptable Accounts from
Client at a price equal to their face value less a fee as set forth in Section 4
below. The Purchase Price shall be payable (a) in an amount equal to eighty
percent (80%) of their face value upon acceptance and (b) in an amount equal to
twenty percent (20%) of their face value less Factor's Fee on or before the
fifth business day following the date upon which Factor has received payment in
full of the Accounts purchased (the "Settlement Date").

     4. Collection. Upon collection by Factor of an Invoice Factor shall take
its fee. The fee earned by Factor for purchasing Accounts is a percent of the
face amount of the Accounts purchased and shall be taken at the time of
collection of an Invoice as follows:

             (i)      in up to 30 days Factor's fee is  2.25%; thereafter
             (ii)     in up to 45 days Factor's fee is  4.00%; thereafter
             (iii)    in up to 60 days Factor's fee is  5.75%; thereafter

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             (iv)     in up to 75 days Factor's fee is 7.50%; thereafter
             (v)      in up to 90 days Factor's fee is 9.25%; thereafter
             (vi)     in more than 90 days Factor's fee is 12.50%.

     5. Submission of Accounts. When submitting Invoices on Acceptable Accounts
for possible purchase by Factor, Client shall forward to Factor the original and
one copy of each such Invoice, together with a copy of the bill of lading, proof
of delivery, contract or purchase order, and other documents satisfactory to
Factor and a properly executed Schedule of Accounts prepared on a form provided
by Factor.

     6. Accepted Invoices. Factor shall advise Client of its acceptance or
rejection of a submitted Invoice within a reasonable time following receipt of
the items set out in the preceding paragraph (the "Accepted Invoice"). Upon
giving such notice, Factor shall have the right to:

          a. Cover Client's address on all original Accepted Invoices and
statements of account mailed or to be mailed to customers and substitute thereon
the post office address or other mailing address of, or designated by, Factor
(the "Designated Address").

          b. Receive and open all mail addressed to Client or to Client's trade
name at the Designated Address.

     7. Recourse. Factor shall be entitled to immediate and full recourse
against Client and to demand payment with respect to an Account for the full
Purchase Price(s) paid therefor by the Factor plus the Factor's fee (the
"Recourse Amount"), when:

          a. An Account or an Invoice or Invoices on an Account are not paid in
full by a customer when due or within ninety (90) days following date of
acceptance, whichever is less, regardless of the reason.

          b. A credit problem, as defined hereinafter, arises, regardless of the
validity of any such problem.

          c. A Credit Dispute, as defined hereinafter, arises, regardless of the
validity of any such dispute.

          d. An invoice or Invoices are mailed or delivered to a customer by any
person or entity other than Factor.

          e. Client breaches any warranty, representation or promise in this
Agreement, or when any representation or warranty made by Client is untrue.

          f. Client contributes to or aggravates in any manner the credit
problems of a Customer.

          g. A Customer alleges a claim of loss or offset of any kind against
Client or Factor, regardless of the validity of any such claim or offset.

          h. A mistaken, incorrect and/or erroneous Invoice is submitted by
Client to Factor.

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          i. Any circumstance arises which, in the Factor's sole discretion, may
delay, prevent or threaten to delay or prevent payment of the Account or
Invoice(s) on an Account in full to the Factor.

     8. Remedies. Within three business days following Factor's demand for
payment, Client will pay Factor the full amount of any Account with respect to
which any one or more of the events set out in paragraph number 7 above has
occurred, regardless of the validity of any such event. If Factor does not
receive full payment therefor within the time provided herein, Factor shall
have, in addition to all other remedies provided for under this Agreement and by
law, the right to:

          a. Withdraw from and off-set such amount to future Purchase Prices
coming due the Client, and to charge-back or sell back the Account to the
Client.

          b. In its sole discretion, at any time, to notify any Account
debtor/customer of Client to make payments directly to Factor, irrespective of
whether such Account has been purchased by Factor.

     9. Notice of Dispute. At the time Factor purchases an Account, no defense,
offset, or counterclaim shall exist with respect thereto. Client shall provide
written notice to Factor within twenty four hours of Client obtaining any
knowledge from any source of any dispute or disagreement of any kind between the
Client and a Customer. Factor shall have the right, but not the obligation, to
settle any dispute directly with any Customer; however, any such settlement
shall not relieve Client from responsibility for full payment of such Account.

     10. Property of Factor. Upon Factor's purchase of an Account, any and all
payments from the Customer as to that Account are the sole property of Factor
and Client agrees not to interfere with payment thereof by the Customer;
however, should Client pay any such Account in full to Factor, or should any
such Account be charged back or sold back to Client by Factor, then title
thereto shall revest in Client.

     11. Payments Received by Client. Client warrants and represents that at the
time Factor purchases an Account, no payment will have been made by the Customer
named therein, either to or for the benefit of the Client. In the event that
Client receives a payment which is the property of Factor, Client shall be
deemed to have received same in trust for Factor, and Client shall immediately
turn over such payment to Factor. In the event that Client receives a payment
which is comprised of monies belonging partially to Client and partially to
Factor, Client shall immediately turn over said payment, in its original form,
duly endorsed over, to Factor, and Factor shall, upon clearance by Factor's bank
of the payment instrument, forward a check to Client for Client's portion of the
payment.

     12. Representations and Warranties of Client. Client hereby represents and
warrants that"

          a. Client is a corporation, validly formed, existing, and in good
standing under the laws of the State of Arizona, and is properly licensed and
authorized to operate its business. Client's identification number for Federal
Income Tax purposes is 84-1108499 . The undersigned signatory on behalf of
Client represents that he or she has full power and authority to execute this
agreement and bind Client hereto.

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          b. To the best of client's knowledge each Customer of Client is
solvent and Client has provided and will continue to provide to Factor all
documents and information available to Client concerning the business and
creditworthiness of each such Customer.

          c. Client is not insolvent as that term is defined under the
Bankruptcy Law and the Uniform Commercial Code.

          d. At the time of purchase of an Account by Factor, Client will be the
lawful owner thereof, with good and undisputed title thereto, free and clear of
any liens or encumbrances. Each Account shall represent an accurate and
undisputed statement of indebtedness owed to Client by a Customer for a sum
certain which is due and payable in 90 days or less, arising out of a bona fide
sale, delivery and acceptance of merchandise or performance of service by Client
to Customer in the ordinary course of Client's business, and no person, firm or
corporation shall have any lien on, or claim to, such accounts or to the
merchandise described thereon or any part thereof.

          e. Client shall furnish Factor with full financial statements and
other documents and information, including but not limited to proof of payment
and/or compliance with all Federal, State and/or local tax requirements, as may
be reasonably requested by Factor from time to time.

          f. Client shall notify Factor in writing immediately after obtaining
any knowledge from any source of the filing, recording or perfection by any
means of any non-consensual lien, claim, levy, attachment, encumbrance or other
court or legal proceeding or process against Client or any Customer, or against
any property of Client or of any Customer.

          g. Client does not and will not in any manner, whether directly or
indirectly, own, control or exercise dominion over the business of any Account
debtor/Customer to be offered or sold by Client to Factor.

          h. Each and every document, statement, record, book, account, and
invoice, and all information, whether financial or otherwise, provided to Factor
by client, whether heretofore or hereafter, shall be true, accurate and correct.

          i. Client shall not, under any circumstances, interfere with Factor's
rights under this Agreement in any manner whatsoever.

          j. Client will not sell, factor, or assign accounts except to Factor
during the term of this Agreement and/or for as long as any indebtedness
whatsoever remains owing by Client to Factor, and Client has not heretofore
sold, factored, assigned or encumbered any account or accounts which are or may
become subject to this Agreement.

          k. Client has not and shall not transfer, assign, or pledge any of its
accounts, and shall not grant a security interest therein, to any party other
than Factor.

          l. Client shall not later, modify, or extend in any manner the terms
of the original account with a customer, including but not limited to the
maximum credit limit or the

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time within which payment is to be made, without first obtaining Factor's
written consent to such change.

          m. Client has not transferred, pledged or granted a security interest
in its assets, or any of them, which Client has not fully disclosed in writing
to Factor.

          n. Client has not permitted and shall not permit any lien, encumbrance
or security interest to be created upon its assets, or any of them, including
but not limited to its accounts receivable, without the prior written consent of
Factor.

          o. Client shall maintain its assets in good order and repair and shall
maintain a policy or policies of insurance thereon satisfactory to Factor.

          p. Client shall not sell, assign, pledge or encumber this Agreement or
any rights whatsoever hereunder.

          q. Client shall, immediately upon the sale of Accounts to Factor, make
a proper entry or entries on its books and records, fully disclosing the
absolute sale of said Accounts to Factor.

          r. Client will maintain such insurance covering Client's business
and/or the property of Client's Customers as is customary for businesses similar
to the business of Client and, at the request of Factor, name Factor as loss
payee of such insurance.

          s. Client will notify Factor in writing prior to any change in the
location of Client's place(s) of business, or, if Client has or intends to
acquire any additional place(s) of business, or prior to any change in Client's
chief executive office, the office or offices where Client's books and records
concerning accounts are located.

          t. Client will immediately notify Factor in writing of any proposed
change of Client's name, identity, legal entity, corporate structure, use of
additional trade name(s), and/or any proposed change in any of the officers,
principals, partners, and/or owners of Client.

          u. At the time of submitting Invoices on an Account to the Factor for
possible purchase, the Client will have paid all transportation and carrier
charges in full.

          v. At all times prior to Notification of a Customer by Factor, as that
term is defined herein above, to be solely responsible, at its expense, for the
collection of all Accounts. Factor will keep Client informed with respect to
checks received on Accounts, and Factor shall have the right, but not the
obligation, to monitor and reasonably direct the collection efforts of Client in
order to increase the timeliness of payments.

          w. Client represents and warrants to Factor that its performance under
any obligations to its Customers are not assured in any way by any payment or
performance bond.

          x. Client represents and warrants that in the event any payments
purchased hereunder are not received by Factor when due that it shall exercise
such rights with respect to mechanics and/or artisans liens as shall be
available to Client under the laws of the State within which Client has rendered
performance to Customer and, to the fullest extent permitted by law, shall
assign all of such rights and/or remedies directly to Factor to be exercisable
by Factor in its sole discretion. To the fullest extent not directly exercisable
by Factor, Client agrees to exercise any and all such rights and remedies and to
assign and proceeds thereof directly to Factor.

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          y. Client shall maintain its corporate existence and good standing in
its jurisdiction of incorporation and maintain its qualification in each
jurisdiction necessary to Client's business or operations.

          z. Client shall give Factor at least 10 days prior written notice of
changes to its name, organization, chief executive office or location of
records.

          aa. Client shall pay all its taxes including gross payroll,
withholding and sales taxes when due and will deliver satisfactory evidence of
payment if requested.

          bb. Execute any further instruments and take further action as Factor
requests to perfect or continue Factor's security interest in the Collateral or
to effect the purposes of this Agreement.

     13. Security. As a further inducement for Factor to enter into this
Agreement, Client hereby grants to Factor, as collateral for the payment or
repayment of any and all Client's obligations, a security interest under the
Uniform Commercial Code, in all of Client's presently existing or hereafter
arising, now owned or hereafter acquired Accounts. It is understood and agreed
that Factor will not release its security interest in any accounts receivable
until payment has been received on all such Accounts purchased.

     14. Power of Attorney. In order to facilitate performance of this
Agreement, Client irrevocably appoints Factor, or any person(s) designated by
Factor, as its attorney in fact, which said appointment shall remain in full
force and effect until all Accounts sold to Factor have been paid in full and
all obligations of Client to Factor have been fully discharged, with full power
to:

          a. Strike or cover Client's address on all Invoices and statements of
Account mailed or to be mailed to customers and to substitute thereon the
designated address.

          b. Receive and open all mail addressed to Client, or to client's trade
name at Factor's address and the designated address.

          c. Endorse the name of Client or Client's trade name on any checks or
other evidences of payment that come into Factor's possession on Accounts sold
to Factor by Client or on which Factor holds a security interest and on any
invoices or other documents relating to any of such Accounts, and deposit same
into any account of Factor, or such other account as Factor shall choose.

          d. In Client's name, or otherwise, demand, sue for, collect, and,
subject to Client's prior written approval, give releases for, any and all
monies due or coming due on accounts purchased by or pledged to Factor.

          e. Compromise, settle, prosecute or defend any action, claim or
proceeding concerning accounts purchased by or pledged to Factor.

          f. Set up a doing business as (d/b/a) with a name similar to Client's
and open bank accounts under such name.

          g. Do any and all things reasonably necessary and proper to carry out
the purpose and intent of the Agreement.

     15. Notice to Customers. Factor may place labels, stickers, or stamps on
the face of all invoices, bills, notices, statements, and shipping documents
relating to Accounts sold or pledged to Factor, advising that payments are to be
made directly to the Factor at the designated address.

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     16. Inappropriate Payments. Should Factor receive a double payment on an
Account or other payment which Factor is incapable of identifying, Factor shall
carry these sums as open items and shall return them to Client or to the
Customer upon proof satisfactory to the Factor of the right thereto. If,
however, such proof is not received within six (6) months following Factor's
receipt of the payment, Factor shall have the right to consider such payments or
unidentified items as credits toward any outstanding obligations or indebtedness
of Client to Factor.

     17. Maximum Amount. It is specifically understood and agreed that Accounts
purchased by Factor and not yet paid shall not exceed the total sum of two
hundred thousand dollars ($350,000) at any time.

     18. Default. Any one or more of the following shall represent a default
under this Agreement:

          a. The failure of client to pay any indebtedness to Factor when due.

          b. The breach by Client of any term, provision, warranty,
representation or promise made hereunder or under any other agreement between
Factor and Client.

          c. The appointment of a receiver or trustee of all or a substantial
portion of the assets of the Client, the insolvency of Client or the inability
of Client to pay debts as the mature, or an assignment by Client for the benefit
of creditors, or the voluntary or involuntary filing of a petition in bankruptcy
court or a similar proceeding in any court.

          d. The filing or service of any levy, attachment, execution, tax
assessments or similar process affecting or which could threaten the Collateral.

          e. The furnishing at any time to Factor of a materially false or
inaccurate document, representation, warranty, or other information, whether
financial or otherwise.

     19. Remedies. In the event of a default, Factor shall have the right to do
the following, in addition to any other remedies provided hereunder or by law:

          a. Declare any and all indebtedness secured hereby to be immediately
due and payable.

          b. Enforce the security interest granted hereunder.

          c. Require Client to assemble the Collateral and the records
pertaining to all accounts and produce them to Factor at such time and place as
Factor designates.

          d. Enter the Client's premises and take possession of the Collateral
and of all records pertaining to the accounts and any other Collateral.

          e. Grant extensions, compromise claims and settle disputes with
respect to the accounts purchased by Factor, irrespective of the price of
methods of payment, all without prior notice to or permission of Client.

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          f. In connection with the assembly and/or disposition of any
Collateral, to use any trademark, trade name, trade style, copyright, patent
right or technical process used or utilized by Client.

          g. Return to Client any surplus realized and hold Client liable for
any deficiency as provided in the Uniform Commercial Code or by state law.

     20. Confidentiality. Factor acknowledges that any knowledge or information
relating to Client is valuable, proprietary and confidential in nature, and
Factor agrees to maintain the confidentiality of such information.

     21. Termination. Client hereby agrees that for a period of one year it may
only sell its accounts receivable to Factor under the terms and conditions of
this Agreement, should it decide to sell any. Should Client factor its accounts
with anyone other than Factor during this one year period Factor will be
entitled to liquidated damages of $7,500. After that point it shall continue
until terminated by thirty (30) days prior written notice by either party;
provided, however, that no such termination shall terminate or otherwise affect
Client's obligations hereunder incurred or accrued prior to such termination.
Following any termination, Client shall remain fully liable to Factor for any
Accounts purchased before such termination, and Factor will continue to hold a
security interest in Client's Accounts and other Collateral mentioned above
until all existing indebtedness of Client to Factor has been paid in full or
otherwise satisfied.

     22. Definitions. The following terms shall have the following meanings when
used in this Agreement:

          a. "Account" means any and all rights to receive payment for goods
sold or leased and delivered or for services rendered to a customer of client,
which is not evidenced by an instrument or chattel paper, as those terms are
defined in the Uniform Commercial Code.

          b. "Acceptable Account" means an Account conforming to the warranties
and terms set forth herein, and otherwise acceptable to Factor.

          c. "Accepted Invoice" means an Invoice on which Client has received
notice of acceptance from the Factor.

          d. "Customer" means Client's Customer or account debtor.

          e. "Collateral" means the tangible and intangible property given as
security for the obligations of Client under this Agreement.

          f. "Credit Dispute" means a claim by Customer against Client of any
kind whatsoever that reduces the amount collectible from Customer by Factor,
arising from any kind of disagreement between Customer and Client whatsoever,
valid or invalid, at any time, both before and/or after the signing of this
Agreement or the purchase of the Account.

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          g. "Credit Problem" means a customer is unable to pay his debts
because of insolvency, the filing of a voluntary petition in bankruptcy, the
quitting of business and the like.

          h. "Invoice" means an invoice on an Acceptable Account, conforming to
the warranties and terms set forth herein, and otherwise acceptable to Factor.

          i. "Invoice Amount" means the face amount, or face value, of an
Invoice; the total amount billed to the Customer.

          j. "Purchase Price" means an amount equal to the Invoice Amount less
the Factor's Fee.

          k. "Settlement Date" refers to the date on or before the 5th business
day following the date upon which Factor has received payment in full of the
Accounts purchased (the "Settlement Date").

          l. "Warranty" means to guarantee, as a material element of this
Agreement. Each separate warranty herein is also an independent condition to
Factor's performance and duties under this Agreement.

     23. Indemnification. Client shall indemnify and hold Factor harmless
against any and all liability, claim, demand, ill-will and damage arising from
Factor's collecting or attempting to collect any account, provided that Factor
has complied with all applicable laws in its collection efforts, and from the
failure of Client to pay withholding taxes due and payable to any taxing
authority, including all costs and reasonable attorneys' fee.

     24. Miscellaneous.

          a. Waivers. No action taken pursuant to this Agreement, including any
investigation by or on behalf of any party shall be deemed to constitute a
waiver by the party taking such action of compliance with any representation,
warranty, covenant or agreement contained herein or and in any documents
delivered in connection herewith. No waiver by any party hereto of any right or
remedy shall be effective unless in writing and signed by the party waiving said
right or remedy. A waiver of a right or remedy under this Agreement is not a
waiver of the right or remedy on any subsequent occasion.

          b. Notices. All notices, requests, demands and other communications
which are required or may be given under this Agreement shall be in writing and
shall be delivered or mailed, by first class mail, postage prepaid, to the party
at the address set out hereinabove or to such other address as such party shall
have specified by notice in writing to the other party. Any such notice shall be
deemed to have been received on the date of actual receipt.

          c. Sections and Other Headings. The section and other headings
contained in this Agreement are for reference purposes only and shall not affect
the meaning or interpretations of this Agreement.

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          d. Governing Law. This agreement, and all transactions contemplated
hereby, shall be governed by, construed and enforced in accordance with the laws
of the State of Nevada. The parties herein waive trial by jury and agree to
submit to the personal jurisdiction and venue of a court of subject matter
jurisdiction located in Clark County, State of Nevada. In the event that
litigation results from or arises out of this Agreement or the performance
hereof, the parties agree to reimburse the prevailing party's reasonable
attorney's fees, court costs, and all other expenses, whether or not taxable by
the court as costs, in addition to any other relief to which the prevailing
party may be entitled. In such event, no action shall be entertained by said
court or any court of competent jurisdiction if filed more than one year
subsequent to the date the cause(s) of action actually accrued regardless of
whether damages were otherwise as of said time calculable.

          e. Successors and Assigns. This Agreement binds and is for the benefit
of successors and permitted assigns of each party. Borrower may not assign this
Agreement or any rights under it without Lender's prior written consent which
may be granted or withheld in Lender's discretion. Lender may, without the
consent of or notice to Borrower, sell, transfer, or grant participation in any
part of ender's obligations, rights or benefits under this Agreement.

          f. Time of Essence. Time is of the essence for performance of all
obligations in this Agreement.

          g. Severability of Provision. Each provision of this Agreement is
severable from every other provision in determining the enforceability of any
provision.

          h. Amendments in Writing, Integration. All amendments to this
Agreement must be in writing. This Agreement is the entire agreement about this
subject matter and supersedes prior negotiations or agreements.

          i. Survival. All covenants, representations and warranties made in
this Agreement continue in force while any Obligation remains outstanding.
Borrower's indemnification obligations survive until all statutes of limitations
for actions that may be brought against Lender have run.

          j. Effective Date. This Agreement shall become effective upon
acceptance and execution hereof by Factor's authorized representative.

          k. Reliance by Factor. All representations and warranties made by
Client herein and in the Application Form are true and correct and Client
acknowledges and understands that Factor has relied thereon in entering into
this Agreement.

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IN WITNESS WHEREOF, this Agreement has been executed by each of the individual
parties hereto and signed by an officer thereunto duly authorized and attested
under the seal of the notary public hereto, if any, on the date and year set out
hereinafter.

SIGNED, SEALED AND DELIVERED
IN THE PRESENCE OF:

CLIENT:  RENEGADE VENTURE (NEV.) CORPORATION

By:
     ----------------------------------------
John Sawyer
President

State of ___________________
County of __________________
On, ___/___/___, before me, (Name & Title of Notary), personally appeared, and
and , to be the persons whose names are subscribed to the within instrument and
acknowledge to me that they executed the same in their authorized capacities and
that by their signatures on the instrument the persons executed the instrument.

WITNESS my hand and official seal.

(Notary Seal)
                                    --------------------------------------------
                                                   Signature of Notary

FACTOR:  UNIVERSAL LEASE AND FINANCE CORP.

By:
    --------------------------------
Benjamin Jones
CFO

State of ___________________
County of __________________
On, ___/___/___, before me, (Name & Title of Notary), personally appeared, and ,
to be the persons whose names are subscribed to the within instrument and
acknowledge to me that they executed the same in their authorized capacities and
that by their signatures on the instrument the persons executed the instrument.

WITNESS my hand and official seal.

(Notary Seal)
                                    --------------------------------------------
                                                   Signature of Notary

                                       11EXHIBIT 4.2

The securities represented by this Warrant and issuable upon exercise hereof
have not been registered under the Securities Act of 1933, as amended (the
"Act"), or under the provisions of any applicable state securities laws, but
have been acquired by the registered holder hereof for purposes of investment
and in reliance on statutory exemptions under the Act, and under any applicable
state securities laws. These securities and the securities issued upon exercise
hereof may not be sold, pledged, transferred or assigned, nor may this Warrant
be exercised, except in a transaction which is exempt under the provisions of
the Act and any applicable state securities laws or pursuant to an effective
registration statement.

                          COMMON STOCK PURCHASE WARRANT
                          -----------------------------

Date of Issuance: July 6, 2005                              Certificate No. W-1

     For value received, Navidec Financial Services, Inc., a Colorado
corporation (the "Company"), hereby grants to The Elevation Fund, LLC, a
Delaware limited liability company or its permitted transferees and assigns
("Elevation"), the right to purchase from the Company a total of 100,000 shares
of the Company's common stock, par value $0.001 per share ("Common Stock"), at a
price per share of equal to $1.00 per share (the "Initial Exercise Price"). The
exercise price and number of Warrant Shares (and the amount and kind of other
securities) for which this Warrant is exercisable shall be subject to adjustment
as provided in Section 2 hereof. This Warrant is being issued in connection with
the Loan Agreement between Elevation and the Company of even date herewith (the
"Loan Agreement"). Certain capitalized terms used herein are defined in Section
4 hereof.

     This Warrant is subject to the following provisions:

     SECTION 1. Exercise of Warrant.
                -------------------

          (a) Terms of Warrants; Exercise Period. Subject to the terms of this
Agreement, the Registered Holder shall have the right, commencing on the date
hereof and expiring on the five year anniversary hereof (the "Expiration Date"),
to exercise this Warrant, in whole or in part, and receive from the Company the
number of Warrant Shares which the Registered Holder may at the time be entitled
to receive on exercise of this Warrant and payment of the Exercise Price then in
effect for the Warrant Shares. To the extent not exercised prior to the
Expiration Date, this Warrant shall become void and all rights thereunder and
all rights in respect thereof under this Agreement shall cease as of such time.

          (b) Exercise Procedure.

              (i) This Warrant shall be deemed to have been exercised on the
date specified in a written notice from the Registered Holder to the Company
(the "Exercise Time") and within three business days following the Exercise
Time, the Registered Holder shall deliver the following to the Company:

<PAGE>

              (A) a completed Exercise Agreement, as described in Section 1(c)
below;

              (B) this Warrant;

              (C) if this Warrant is not registered in the name of the
Registered Holder, an Assignment or Assignments in the form set forth in Exhibit
II hereto evidencing the assignment of this Warrant to the Registered Holder, in
which case the Registered Holder shall have complied with the provisions set
forth in Section 6 hereof; and

              (D) a check payable to the Company in an amount equal to the
product of the Exercise Price (as such term is defined in Section 2) multiplied
by the number of Warrant Shares being purchased upon such exercise (the
"Aggregate Exercise Price").

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

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

              (iv) The Company shall not close its books against the transfer of
this Warrant or of any Warrant Shares issued or issuable upon the exercise of
this Warrant in any manner which interferes with the timely exercise of this
Warrant.

              (v) The Company shall assist and cooperate with the Registered
Holder or any Registered Holder required to make any governmental filings or
obtain any governmental approvals prior to or in connection with any exercise of
this Warrant.

              (vi) The Company shall at all times reserve and keep available out
of its authorized but unissued capital stock, solely for the purpose of issuance
upon the exercise of this Warrant, the maximum number of Warrant Shares issuable
upon the exercise of this Warrant. All Warrant Shares which are so issuable
shall, when issued and upon the payment of the Exercise Price therefor, be duly
and validly issued, fully paid and nonassessable and free from all taxes, liens

                                       2

<PAGE>

and charges. The Company shall take all such actions as may be necessary to
assure that all such Warrant Shares may be so issued without violation by the
Company of any applicable law or governmental regulation or any requirements of
any domestic securities exchange upon which securities of the Company may be
listed (except for official notice of issuance which shall be immediately
delivered by the Company upon each such issuance).

          (c) Exercise Agreement. Upon any exercise of this Warrant, the
Registered Holder shall deliver an Exercise Agreement in the form set forth in
Exhibit I hereto, except that if the Warrant Shares are not to be issued in the
name of the Person in whose name this Warrant is registered, the Exercise
Agreement shall also state the name of the Person to whom the certificates for
the Warrant Shares are to be issued, and if the number of Warrant Shares to be
issued does not include all the Warrant Shares purchasable hereunder, it shall
also state the name of the Person to whom a new Warrant for the unexercised
portion of the rights hereunder is to be issued. Such Exercise Agreement shall
be dated the actual date of execution thereof.

     SECTION 2. Adjustment of Exercise Price and Number of Shares. In order to
prevent dilution of the rights granted under this Warrant, the Initial Exercise
Price shall be subject to adjustment from time to time as provided in this
Section 2 (such price or such price as last adjusted pursuant to the terms
hereof, as the case may be, is herein called the "Exercise Price"), and the
number of Warrant Shares obtainable upon exercise of this Warrant shall be
subject to adjustment from time to time as provided in this Section 2.

          (a) Reorganization, Reclassification, Consolidation, Merger or Sale.
In case of any reclassification, capital reorganization, consolidation, merger,
sale of all or substantially all of the Company's assets to another Person or
any other change in the Common Stock of the Company, other than as a result of a
subdivision, combination, or stock dividend provided for in Section 2(b) below
(any of which, a "Change Event"), then, as a condition of such Change Event,
lawful provision shall be made, and duly executed documents evidencing the same
from the Company or its successor shall be delivered to the Registered Holder,
so that the Registered Holder shall have the right at any time prior to the
expiration of this Warrant to purchase, at a total price equal to that payable
upon the exercise of this Warrant (subject to adjustment of the Exercise Price
as provided in Section 2), the kind and amount of shares of stock and other
securities and property receivable in connection with such Change Event by a
holder of the same number of shares of Common Stock as were purchasable by the
Registered Holder immediately prior to such Change Event. In any such case
appropriate provisions shall be made with respect to the rights and interest of
the Registered Holder so that the provisions hereof shall thereafter be
applicable with respect to any shares of stock or other securities and property
deliverable upon exercise hereof, and appropriate adjustments shall be made to
the purchase price per share payable hereunder, provided the aggregate purchase
price shall remain the same.

                                       3
<PAGE>

              (b) Subdivisions, Combinations and Other Issuances. If the Company
shall at any time prior to the expiration of this Warrant (i) subdivide its
Common Stock, by split-up or otherwise, or combine its Common Stock, or (ii)
issue additional shares of its Common Stock or other equity securities as a
dividend with respect to any shares of its Common Stock, the number of shares of
Common Stock issuable on the exercise of this Warrant shall forthwith be
proportionately increased in the case of a subdivision or stock, or
proportionately decreased in the case of a combination. Appropriate adjustments
shall also be made to the purchase price payable per share, but the aggregate
purchase price payable for the total number of Warrant Shares purchasable under
this Warrant (as adjusted) shall remain the same. Any adjustment under this
Section 2(b) shall become effective at the close of business on the date the
subdivision or combination becomes effective, or as of the record date of such
dividend, or in the event that no record date is fixed, upon the making of such
dividend.

          (c) Issuance of New Warrant. Upon the occurrence of any of the events
listed in this Section 2 that results in an adjustment of the type, number or
exercise price of the securities underlying this Warrant, the Registered Holder
shall have the right to receive a new warrant reflecting such adjustment upon
the Registered Holder tendering this Warrant in exchange. The new warrant shall
otherwise have terms identical to this Warrant.

          (d) Notices.

              (i) The Company shall give written notice to the Registered Holder
of this Warrant at least 10 days prior to the date on which the Company closes
its books or takes a record for determining rights to vote with respect to any
event described in this Section 2 or any dissolution or liquidation.

              (ii) The Company shall also give written notice to the Registered
Holder of this Warrant at least 10 days prior to the date on which any event
described in this Section 2 or any dissolution or liquidation shall take place.

     SECTION 3. Registration Rights.

          (a) Piggyback Registration.

              (i) If, at any time commencing on the date hereof and expiring on
the Expiration Date, the Company prepares and files a Registration Statement
under the Act or otherwise registers securities under the Act as to any of its
securities (other than under a Registration Statement pursuant to Form S-8 or
Form S-4) (each such filing, a "Registration Document"), it will give written
notice by registered mail, at least 20 days prior to the filing of such
Registration Document to the Registered Holders of the Registrable Securities of
its intention to do so; provided, however, that the Company is not required to
include any Registrable Securities in the registration statement on Form SB-2

                                       4

<PAGE>

filed by the Company on June 21, 2005. The Company shall include all Registrable
Securities in such Registration Documents with respect to which the Company has
received written requests for inclusion therein within 10 days of actual receipt
of the Company's notice.

              (ii) Subject to the Loan Agreement, the Company shall have the
right at any time after it shall have given written notice pursuant to this
Section 3(a) (irrespective of whether a written request for inclusion of any
Registration Securities shall have been made) to elect not to file any such
Registration Document, or to withdraw the same after the filing but prior to the
effective date thereof.

          (b) Covenants of the Company with Respect to Registration. In
connection with the filing of any Registration Document by the Company, the
Company covenants and agrees as follows:

              (i) The Company shall use its best efforts to have any
registration statement declared effective at the earliest practicable time. The
Company will promptly notify each Registered Holder of such Registrable
Securities and confirm such advice in writing, (i) when such registration
statement becomes effective, (ii) when any post-effective amendment to such
registration statement becomes effective and (iii) of any request by the SEC for
any amendment or supplement to such registration statement or any prospectus
relating thereto or for additional information.

              (ii) The Company shall furnish to each Registered Holder of such
Registrable Securities such number of copies of such registration statement and
of each such amendment and supplement thereto (in each case including each
preliminary prospectus and summary prospectus) in conformity with the
requirements of the Act, and such other documents as the Registered Holders may
reasonably request in order to facilitate the disposition of the Registrable
Securities by such Registered Holders.

              (iii) If the Company shall fail to comply with the provisions of
Sections 3(a) and 3(b), the Company shall, in addition to any other equitable or
other relief available to the Registered Holder(s), be liable for any or all
special and consequential damages sustained by the Registered Holder(s)
requesting registration of their Registrable Securities.

              (iv) The Company shall prepare and file with the SEC such
amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be reasonably necessary to keep such
registration statement effective for at least 12 months (or such longer period
as permitted by the Act), and to comply with the provisions of the Act with
respect to the disposition of all securities covered by such registration
statement during such period in accordance with the intended methods of
disposition by the Registered Holder or Registered Holders of Registrable
Securities set forth in such registration statement. If at any time the SEC
should institute or threaten to institute any proceedings for the purpose of

                                       5

<PAGE>

issuing a stop order suspending the effectiveness of any such registration
statement, the Company will promptly notify each Registered Holder of
Registrable Securities and will use all reasonable efforts to prevent the
issuance of any such stop order or to obtain the withdrawal thereof as soon as
possible. The Company will use its good faith reasonable efforts and take all
reasonably necessary action which may be required in qualifying or registering
the Registrable Securities included in a registration statement for offering and
sale under the securities or blue sky laws of such states as reasonably are
required by the Registered Holder(s), provided that the Company shall not be
obligated to execute or file any general consent to service of process or to
qualify as a foreign corporation to do business under the laws of any such
jurisdiction. The Company shall use its good faith reasonable efforts to cause
such Registrable Securities covered by such registration statement to be
registered with or approved by such other governmental agencies or authorities
of the United States or any State thereof as may be reasonably necessary to
enable the Registered Holder(s) thereof to consummate the disposition of such
Registrable Securities.

              (v) The Company shall indemnify the Registered Holder(s) of the
Registrable Securities to be sold pursuant to any registration statement and
each person, if any, who controls such Registered Holders within the meaning of
Section 15 of the Act or Section 20(a) of the Exchange Act against all loss,
claim, damage, expense or liability (including all expenses reasonably incurred
in investigating, preparing or defending against any claim whatsoever) to which
any of them may become subject under the Act, the Exchange Act or otherwise,
arising from such registration statement.

              (vi) If requested by the Company prior to the filing of any
registration statement covering the Registrable Securities, each of the
Registered Holder(s) of the Registrable Securities to be sold pursuant to a
registration statement, and their successors and assigns, shall severally, and
not jointly, indemnify the Company, its officers and directors and each person,
if any, who controls the Company within the meaning of Section 15 of the Act or
Section 20(a) of the Exchange Act, against all loss, claim, damage or expense or
liability (including all expenses reasonably incurred in investigating,
preparing or defending against any claim whatsoever) to which they may become
subject under the Act, the Exchange Act or otherwise, arising from written
information furnished by such Registered Holder, or their successors or assigns,
for specific inclusion in such registration statement, except that the maximum
amount which may be recovered from each Registered Holder pursuant to this
paragraph or otherwise shall be limited to the amount of net proceeds received
by the Registered Holder from the sale of the Registrable Securities.

              (vii) Nothing contained in this Agreement shall be construed as
requiring the Registered Holder(s) to exercise their Warrants prior to the
filing of any registration statement or the effectiveness thereof.

              (viii) The Company shall not, directly or indirectly, enter into
any merger, business combination or consolidation in which (i) the Company shall
not be the surviving corporation and (ii) the shareholders of the Company are to

                                       6

<PAGE>

receive, in whole or in part, capital stock or other securities of the surviving
corporation, unless the surviving corporation shall, prior to such merger,
business combination or consolidation, agree in writing to assume the
obligations of the Company under this Agreement, and for that purpose references
hereunder to "Registrable Securities" shall be deemed to include the securities
which the Registered Holders would be entitled to receive in exchange for
Registrable Securities under any such merger, business combination or
consolidation, provided that to the extent such securities to be received are
convertible into shares of Common Stock of the issuer thereof, then any such
shares of Common Stock as are issued or issuable upon conversion of said
convertible securities shall also be included within the definition of
"Registrable Securities."

              (ix) In the event of an underwritten registered offering the
managing underwriter(s) advise the Company in writing that in their opinion the
number of Registrable Securities exceeds the number of Registrable Securities
which can be sold therein without adversely affecting the marketability of the
offering, the Company will include in such registration the number of
Registrable Securities requested to be included which in the opinion of such
underwriter(s) can be sold without adversely affecting the marketability of the
offering, pro rata among the respective holders thereof on the basis of the
amount of Registrable Securities owned by each such holder. In the event the
number of shares available under a registration statement filed pursuant to
Section 3(a) is insufficient to cover 100% of the Registrable Securities
required to be covered by such Registration Statement, the Company shall amend
the registration statement, or file a new registration statement (on the short
form available therefor, if applicable), or both, so as to cover 100% of the
number of such Registrable Securities as of the trading day immediately
preceding the date of the filing of such amendment or new registration
statement, in each case, as soon as practicable. The Company shall use its
reasonable best efforts to cause such amendment or new registration statement to
become effective as soon as practicable following the filing thereof.

              (x) All expenses incident to the Company's performance of or
compliance with this Agreement, including without limitation all registration
and filing fees, fees and expenses of compliance with securities or blue sky
laws, printing expenses, messenger and delivery expenses, and fees and
disbursements of counsel for the Company and all independent certified public
accountants, underwriters (excluding discounts and commissions) and other
Persons retained by the Company will be borne by the Company. In no event shall
the Company be obligated to pay any discounts or commissions with respect to the
shares sold by any holder of Registrable Securities.

     SECTION 4. Definitions. The following terms have the meanings set forth
below:

     "Act" means the Securities Act of 1933, as amended.

     "Convertible Securities" means any evidence of indebtedness, shares or
other securities convertible into or exchangeable for Common Stock.

                                       7
<PAGE>

     "Exchange Act" means the Securities Exchange Act of 1934, as amended.

     "Fair Market Value" shall be determined on a per Share basis as of the
close of the business day preceding the date of exercise, which determination
shall be made as follows: (a) if the Common Stock is listed on a national
securities exchange or admitted to unlisted trading privileges on such an
exchange or quoted on either the National Market System or the Small Cap Market
of the automated quotation service operated by The Nasdaq Stock Market, Inc.,
the Fair Market Value shall be the last reported sale price of that security on
such exchange or system on the day for which the current market price is to be
determined or, if no such sale is made on such day, the average of the highest
closing bid and lowest asked price for such day on such exchange or system; (b)
if the Common Stock is not so listed or quoted or admitted to unlisted trading
privileges, the Fair Market Value shall be the average of the last reported
highest bid and lowest asked prices quoted on the Nasdaq Electronic Bulletin
Board, or, if not so quoted, then by the National Quotation Bureau, Inc. on the
last business day prior to the day for which the Fair Market Value is to be
determined; or (c) if the Common Stock is not so listed or quoted or admitted to
unlisted trading privileges and bid and asked prices are not reported, the Fair
Market Value shall be determined by the Company's Board of Directors in its
reasonable, good faith judgment.

     "Options" means rights, options, or warrants to subscribe for, purchase or
otherwise acquire either Common Stock or Convertible Securities.

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

     "Registered Holders" means, collectively, Elevation and each other holder
of a Warrant or Warrant Shares, if any, reflected as such on the books of the
Company.

     "Registrable Securities" means the Warrant Shares.

     "Warrant" means the right to purchase one or more Warrant Shares pursuant
to the terms of this Warrant, as the same may be transferred, divided or
exchanged pursuant to the terms hereof.

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

                                       8

<PAGE>

     SECTION 5. No Voting Rights; Limitations of Liability. This Warrant shall
not entitle the holder hereof to any voting rights or other rights as a
stockholder of the Company. No provision hereof, in the absence of affirmative
action by the Registered Holder to purchase Warrant Shares, and no enumeration
herein of the rights or privileges of the Registered Holder shall give rise to
any liability of such holder for the Exercise Price of Warrant Shares acquirable
by exercise hereof or as a stockholder of the Company.

     SECTION 6. Warrant Transferable. Subject to compliance with applicable
securities laws and the terms of this Section 6, this Warrant and all rights
hereunder are transferable, in whole or in part, without charge to the
Registered Holder upon surrender of this Warrant with a properly executed
Assignment (in the form of Exhibit II hereto) at the principal office of the
Company.

     SECTION 7. Warrant Exchangeable for Different Denominations. This Warrant
is exchangeable, upon the surrender hereof by the Registered Holder at the
principal office of the Company, for new Warrants of like tenor representing in
the aggregate the purchase rights hereunder, and each of such new Warrants shall
represent such portion of such rights as is designated by the Registered Holder
at the time of such surrender. The date the Company initially issues this
Warrant shall be deemed to be the "Date of Issuance" hereof regardless of the
number of times new certificates representing the unexpired and unexercised
rights formerly represented by this Warrant shall be issued. All Warrants
representing portions of the rights hereunder are referred to herein as the
"Warrants."

     SECTION 8. Replacement. Upon receipt of evidence reasonably satisfactory to
the Company of the ownership and the loss, theft, destruction or mutilation of
any certificate evidencing this Warrant, and in the case of any such loss, theft
or destruction, upon receipt of indemnity reasonably satisfactory to the
Company, or, in the case of any such mutilation upon surrender of such
certificate, the Company shall (at the expense of the Registered Holder) execute
and deliver in lieu of such certificate a new certificate of like kind
representing the same rights represented by such lost, stolen, destroyed or
mutilated certificate and dated the date of such lost, stolen, destroyed or
mutilated certificate.

     SECTION 9. Notices. All notices, requests, deliveries, consents and other
communications provided for herein shall be in writing and shall be effective
upon delivery in person, faxed, or mailed by certified or registered mail,
return receipt requested, postage pre-paid, addressed as follows:

                                       9
<PAGE>

         If to the Company, to:

                  Navidec Financial Services, inc.
                  6399 S. Fiddler's Green Circle, Suite 300
                  Greenwood Village, CO 80111
                  Attn: Robert D. Grizzle

                  with a copy to:

                  Ballard Sphar Andrews & Ingersoll, LLP
                  1225 17th Street
                  Suite 2300
                  Denver, CO  80202-5596
                  Attn: Roger Davidson
                  Fax: (303) 296-3956

         If to Elevation, to:

                  The Elevation Fund, LLC
                  8400 East Prentice Avenue
                  Penthouse, Suite 1500
                  Greenwood Village, CO 80111
                  Attn:  Lance J. Baller
                  Fax No.:  (303) 265-9382

                  with a copy to:

                  Brownstein Hyatt & Farber, P.C.
                  410 Seventeenth Street, 22nd Floor
                  Denver, CO  80202
                  Attn:  Adam J. Agron
                  Fax No.:  (303) 223-1111

or, in any case, at such other address or addresses as shall have been furnished
in writing to the Company (in the case of a Registered Holder of Warrants) or to
the Registered Holders of Warrants (in the case of the Company) in accordance
with the provisions of this paragraph.

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

                                       10
<PAGE>

upon exercise of the then-outstanding Warrants; provided, however, that no such
action may change the Exercise Price of the Warrants or the number of shares or
class of capital stock obtainable upon exercise of each Warrant without the
written consent of all Registered Holders.

     SECTION 11. Descriptive Headings; Governing Law.

          (a) The descriptive headings of the several Sections of this Warrant
are inserted for convenience only and do not constitute a part of this Warrant.

          (b) All issues and questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be governed by, and
construed in accordance with, the laws of the State of Colorado, without giving
effect to any choice of law or conflict of law rules or provisions (whether of
the State of Colorado or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Colorado.

     SECTION 12. Warrant Register. The Company shall maintain at its principal
executive office books for the registration and the registration of transfer of
this Warrant. The Company may deem and treat the Registered Holder as the
absolute owner hereof (notwithstanding any notation of ownership or other
writing thereon made by anyone) for all purposes and shall not be affected by
any notice to the contrary.

     SECTION 13. Fractions of Shares. The Company may, but shall not be
required, to issue a fraction of a Warrant Share upon the exercise of this
Warrant in whole or in part. As to any fraction of a share which the Company
elects not to issue, the Company shall make a cash payment in respect of such
fraction in an amount equal to the same fraction of the market price of a
Warrant Share on the date of such exercise (as determined by the board of
directors in its reasonable discretion).

                                    * * * * *

                                       11

<PAGE>

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

                        NAVIDEC FINANCIAL SERVICES, INC.

                                  By:  /s/ Robert D. Grizzle
                                       -----------------------------------------
                                       Name: Robert D. Grizzle
                                       Title: President, Chief Operating Officer
                                       and Chief Financial Officer

                                       12

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