Document:

<PAGE>

      EX-10.41 OTHERDOC
          7
          0007.txt
             CONVERTIBLE DEBENTURE

                                           Document is copied.
                                                                       EXHIBIT A

                            11% CONVERTIBLE DEBENTURE

NEITHER THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE
BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE OR UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"). THE SECURITIES ARE RESTRICTED AND MAY NOT BE OFFERED,
RESOLD, PLEDGED OR TRANSFERRED EXCEPT AS PERMITTED UNDER THE ACT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION FROM SUCH REGISTRATION
REQUIREMENTS.

        No. 1                                                     US $2,000,000

                 11% CONVERTIBLE DEBENTURE DUE OCTOBER 12, 2001

              THIS DEBENTURE is issued by Aquis Communications Group, Inc., a
              corporation organized and existing under the laws of the State of
              Delaware (the "Company") and is designated as its 11% Convertible
              Debenture Due October 12, 2001.

                 FOR VALUE RECEIVED, the Company promises to pay to AMRO
International, S.A., or permitted assigns (the "Holder"), the principal sum of
Two Million and 00/100 (US $2,000,000) Dollars on October 12, 2001 (the
"Maturity Date") and to pay interest on the principal sum outstanding from time
to time quarterly in arrears at the rate of 11% per annum accruing from the date
of initial issuance. Accrual of interest shall commence on the frst business day
to occur after the date of initial issuance and continue until payment in full
of the principal sum has been made or duly provided for. Quarterly interest
payments shall be due and payable, as provided herein, on March 1, June 1,
September 1 and December 1 of each year, commencing with June 1, 2000. Accrued
but unpaid interest shall also be due and payable on any Conversion Date (as
defined herein). If any interest payment date or the Maturity Date is not a
business day in the State of New York, then such payment shall be made on the
next succeeding business day.

                 Interest payable other than at maturity shall accrue at least
five (5) days prior to a scheduled interest payment date the Holder notifies the
Company that it desires to convert the interest payment into shares of Common
Stock as provided in Section 4 below. The Company will pay the principal of,
Payment Premium (as defined herein) and any accrued but unpaid interest due upon
this Debenture on the Maturity Date, by check or wire transfer to the person

                                        1

<PAGE>

who is the registered holder of this Debenture as of the tenth day prior to the
Maturity Date and addressed to such Holder at the last address appearing on the
Debenture Register. The forwarding of such check, or completion of such wire
transfer, shall constitute a payment of principal and interest hereunder and
shall satisfy and discharge the liability for principal, Payment Premium and
interest on this Debenture to the extent of the sum represented by such check or
wire transfer.

                 This Debenture is subject to the following additional
provisions:

                 1. The Company shall be entitled to withhold from all payments
of interest on this Debenture any amounts required to be withheld under the
applicable provisions of the United States income tax laws or other applicable
laws at the time of such payments, and Holder shall execute and deliver all
required documentation in connection therewith.

                 2. This Debenture has been issued subject to investment
representations of the original purchaser hereof and may be transferred or
exchanged only in compliance with the Securities Act of 1933, as amended (the
"Act"), and other applicable state and foreign securities laws. The Holder shall
deliver written notice to the Company of any proposed transfer of this
Debenture. In the event of any proposed transfer of this Debenture, the Company
may require, prior to issuance of a new Debenture in the name of such other
person, that it receive reasonable transfer documentation including legal
opinions that the issuance of the Debenture in such other name does not and will
not cause a violation of the Act or any applicable state or foreign securities
laws. Prior to due presentment for transfer of this Debenture, the Company and
any agent of the Company may treat the person in whose name this Debenture is
duly registered on the Company's Debenture Register as the owner hereof for the
purpose of receiving payment as herein provided and for all other purposes,
whether or not this Debenture be overdue, and neither the Company nor any such
agent shall be affected by notice to the contrary. This Debenture has been
executed and delivered pursuant to the Loan Agreement dated as of March 31, 2000
between the Company and the original Holder (the "Loan Agreement"), and is
subject to the terns and conditions of the Loan Agreement, which are, by this
reference, incorporated herein and made a part hereof. Capitalized terms used
and not otherwise defined herein shall have the meanings set forth for such
terms in the Loan Agreement.

                 3. (a) The rate of interest on this Debenture shall be reduced
to nine percent (9%), retroactive to the Closing Date, if the Registration
Statement is declared effective not later than one hundred (100) days from the
Closing Date; and

                    (b) The rate of interest on this Debenture shall be reduced
to ten percent (10%), retroactive to the Closing Date, if this Debenture is
redeemed in full pursuant to Section 5 hereof on or before ninety (90) days from
the Closing Date.

                 4. The Holder of this Debenture is entitled, at its option, to
convert at any time commencing one hundred (120) days after the date hereof, the
principal amount of this Debenture or any portion thereof, and at the Holder's
election, any accrued but unpaid interest, into shares of Common Stock of the
Company ("Conversion Shares") at a conversion price for

                                        2

<PAGE>

each share of Common Stock ("Conversion Price") equal to 90% of the Market Price
at the Conversion Date (as defined in Section 6 hereof). The term "Market Price"
shall have the meaning set forth in the Loan Agreement. If, upon any conversion
of this Debenture, the Company's issuance of Conversion Shares would cause it to
violate any listing requirement of the Principal Market, then in lieu of such
stock issuance, the Company shall pay the Holder cash in an amount equal to the
closing price of the Common Stock on the Conversion Date multiplied by the
number of shares which would otherwise have been issuable upon such conversion.

                 5. The Company shall have the right at any time to deliver to
the Holder a written notice of the Company's intent to redeem the entire
outstanding amount of this Debenture, plus all accrued but unpaid interest and
the applicable Payment Premium. The Payment Premium shall be five percent (5%)
of the outstanding principal balance during the period commencing on the Closing
Date and ending ninety (90) days thereafter, ten percent (10%) from and
including the ninety-first day until the one hundred eightieth day and one
hundred ffteen percent (115%) thereafter. The Company shall make the redemption
payment to the Holder within five (5) Trading Days of the redemption date set
forth in the Company notice of redemption, or else the redemption notice shall
be void, and the Company shall thereafter not have any further right to redeem
this Debenture. The Holder shall have the right to convert this Debenture as set
forth in Section 4 until the Trading Day prior to the Trading Day set for
payment of the redemption price, if this Debenture is otherwise convertible at
that time.

                 6. (a) Conversion shall be effectuated by surrendering this
Debenture to the Company (if such Conversion will convert all outstanding
principal) together with the form of conversion notice attached hereto as
Exhibit A (the "Notice of Conversion"), executed by the Holder of this Debenture
evidencing such Holder's intention to convert this Debenture or a specified
portion (as above provided) hereof., and accompanied, if required by the
Company, by proper assignment hereof in blank. Interest accrued or accruing from
the date of issuance to the date of conversion shall, at the option of the
Holder, be paid in cash as set forth above or in Common Stock upon conversion at
the Conversion Price on the Conversion Date. No fraction of a share or scrip
representing a fraction of a share will be issued on conversion, but the number
of shares issuable shall be rounded to the nearest whole share. The date on
which Notice of Conversion is given (the "Conversion Date") shall be deemed to
be the date on which the Holder faxes the Notice of Conversion duly executed to
the Company. Facsimile delivery of the Notice of Conversion shall be accepted by
the Company at facsimile number (973) 560-8704 Attn: D. Brian Plunkett, Chief
Financial Officer. Certificates representing Common Stock upon conversion will
be delivered to the Holder within three (3) Trading Days from the date the
Notice of Conversion is delivered to the Company. Delivery of shares upon
conversion shall be made to the address specified by the Holder in the Notice of
Conversion.

                 (b) The Company understands that a delay in the issuance of
shares of Common Stock upon a conversion beyond the three (3) Trading Day period
described in Section 8(a) could result in economic loss to the Holder. As
compensation to the Holder for such loss, the Company agrees to pay late
payments to the Holder for late issuance of shares of Common Stock upon
conversion in accordance with the following schedule (where "No. Trading Days
Late" is defned as the number of Trading Days beyond three (3) Trading Days from
the date the Notice of Conversion is delivered to the Company).

                                        3

<PAGE>

--------------------------------------------------------------------------------
        No. Trading Days Late                Late Payment for Each
                                             $5,000 of Principal Amount
                                             Being Converted
--------------------------------------------------------------------------------
        1                                    $100
--------------------------------------------------------------------------------
        2                                    $200
--------------------------------------------------------------------------------
        3                                    $300
--------------------------------------------------------------------------------
        4                                    $400
--------------------------------------------------------------------------------
        5                                    $500
--------------------------------------------------------------------------------
        6                                    $600
--------------------------------------------------------------------------------
        7                                    $700
--------------------------------------------------------------------------------
        8                                    $800
--------------------------------------------------------------------------------
        9                                    $900
--------------------------------------------------------------------------------
        10                                   $1,000
--------------------------------------------------------------------------------
        More than 10                         $1,000 +$200 for each Trading Day
                                             Late beyond 10 Trading Days
--------------------------------------------------------------------------------

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

The Company shall pay any payments incurred under this Section 6(b) in
immediately available funds upon demand. Nothing herein shall limit Holder's
right to pursue injunctive relief and/or actual damages for the Company's
failure to issue and deliver Common Stock to the holder, including, without
limitation, the Holder's actual losses occasioned by any "buy-in" of Common
Stock necessitated by such late delivery. Furthermore, in addition to any other
remedies which may be available to the Holder, in the event that the Company
fails for any reason to effect delivery of such shares of Common Stock within
three (3) Trading Days from the date the Notice of Conversion is delivered to
the Company, the Holder will be entitled to revoke the relevant Notice of
Conversion by delivering a notice to such effect to the Company, whereupon the
Company and the Holder shall each be restored to their respective positions
immediately prior to delivery of such Notice of Conversion, and in such event no
late payments shall be due in connection with such withdrawn conversion.

                 (c) If at any time (a) the Company challenges, disputes or
denies the right of the Holder to effect the conversion of this Debenture into
Common Stock or otherwise dishonors or rejects any Notice of Conversion
delivered in accordance with this Section 6 or (b) any Company stockholder who
is not and has never been an Affiliate (as defined in Rule 405 under the
Securities Act of 1933, as amended) of the Holder obtains a judgment or any
injunctive relief from any court or public or governmental authority which
denies, enjoins, limits, modifies, delays or disputes the right of the holder
hereof to effect the conversion of this Debenture into Common Stock, then the
Holder shall have the right, by written notice, to require the Company

                                        4

<PAGE>

to promptly redeem this Debenture for cash at a redemption price equal to one
hundred thirty percent (130%) of the outstanding principal amount hereof and all
accrued and unpaid interest hereon. Under any of the circumstances set forth
above, the Company shall be responsible for the payment of all costs and
expenses of the Holder, including reasonable legal fees and expenses, as and
when incurred in disputing any such action or pursuing its rights hereunder (in
addition to any other rights of the Holder), subject in the case of clause (b)
to the Company's right to control and assume the defense of any such action. In
the absence of an injunction precluding the same, the Company shall issue shares
upon a properly noticed conversion.

                 The Holder shall be entitled to exercise its conversion
privilege notwithstanding the commencement of any case under 11 U.S.C.ss.101 et
seq. (the "Bankruptcy Code"). In the event the Company is a debtor under the
Bankruptcy Code, the Company hereby waives to the fullest extent permitted any
rights to relief it may have under 11 U.S.C.ss.362 in respect of the Holder's
conversion privilege.

                 7. No provision of this Debenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the
principal of, and interest on, this Debenture at the time, place, and rate, and
in the coin or currency or shares of Common Stock, herein prescribed. This
Debenture is a direct obligation of the Company.

                 8. If the Company merges or consolidates with another
corporation or sells or transfers all or substantially all of its assets to
another person and the holders of the Common Stock are entitled to receive
stock, securities or property in respect of or in exchange for Common Stock,
then as a condition of such merger, consolidation, sale or transfer, the Company
and any such successor, purchaser or transferee agree that the Debenture may
thereafter be converted on the terms and subject to the conditions set forth
above into the kind and amount of stock, securities or property receivable upon
such merger, consolidation, sale or transfer by a holder of the number of shares
of Common Stock into which this Debenture might have been converted immediately
before such merger, consolidation, sale or transfer, subject to adjustments
which shall be as nearly equivalent as may be practicable. In the event of any
proposed merger, consolidation or sale or transfer of all or substantially all
of the assets of the Company (a "Sale"), the Holder hereof shall have the right
to convert by delivering a Notice of Conversion to the Company within fifteen
(15) days of receipt of notice of such Sale from the Company. In the event the
Holder hereof shall elect not to convert, the Company may prepay all outstanding
principal and accrued interest on this Debenture as provided in Section 5, less
all amounts required by law to be deducted, upon which tender of payment
following such notice, the right of conversion shall terminate.

                 9. This Debenture shall be governed by and construed in
accordance with the laws of the State of New York. Each of the parties consents
to the jurisdiction of the federal courts whose districts encompass any part of
the City of New York or the state courts of the State of New York sitting in the
City of New York in connection with any dispute arising under this Agreement and
hereby waives, to the maximum extent permitted by law, any objection, including
any objection based on forum non conveniens, to the bringing of any such
proceeding in such jurisdictions.

                                        5

<PAGE>

                 10. The following shall constitute an "Event of Default":

                         a.    The Company shall default in the payment of
                               principal or interest on this Debenture and same
                               shall continue for a period of three (3) days; or

                         b.    Any of the representations or warranties made by
                               the Company herein, in the Loan Agreement, the
                               Registration Rights Agreement, or in any
                               agreement, certificate or financial or other
                               written statements heretofore or hereafter
                               furnished by the Company in connection with the
                               execution and delivery of this Debenture or the
                               Loan Agreement shall be false or misleading in
                               any material respect at the time made; or

                         c.    The Company fails to issue shares of Common Stock
                               to the Holder or to cause its Transfer Agent to
                               issue shares of Common Stock upon exercise by the
                               Holder of the conversion rights of the Holder in
                               accordance with the terms of this Debenture,
                               fails to transfer or to cause its Transfer Agent
                               to transfer any certificate for shares of Common
                               Stock issued to the Holder upon conversion of
                               this Debenture as and when required by this
                               Debenture or the Registration Rights Agreement,
                               and such transfer is otherwise lawful, or fails
                               to remove any restrictive legend or to cause its
                               Transfer Agent to transfer any certificate or any
                               shares of Common Stock issued to the Holder upon
                               conversion of this Debenture as and when required
                               by this Debenture, the Loan Agreement or the
                               Registration Rights Agreement and such legend
                               removal is otherwise lawful, and any such failure
                               shall continue uncured for five (5) business
                               days; or

                         d.    The Company shall fail to perform or observe, in
                               any material respect, any other covenant, term,
                               provision, condition, agreement or obligation of
                               the Company under the Loan Agreement, the
                               Registration Rights Agreement or this Debenture
                               and such failure shall continue uncured for a
                               period of thirty (30) days after written notice
                               from the Holder of such failure; or

                         e.    The Company shall (1) admit in writing its
                               inability to pay its debts generally as they
                               mature; (2) make an assignment for the benefit of
                               creditors or commence proceedings for its
                               dissolution; or (3) apply for or consent to the
                               appointment of a trustee, liquidator or receiver
                               for its or for a substantial part of its property
                               or business; or

                         f.    A trustee, liquidator or receiver shall be
                               appointed for the Company or for a substantial
                               part of its property or business without its
                               consent and shall not be discharged within sixty
                               (60) days after such appointment; or

                                        6

<PAGE>

                         g.    Any governmental agency or any court of competent
                               jurisdiction at the instance of any governmental
                               agency shall assume custody or control of the
                               whole or any substantial portion of the
                               properties or assets of the Company and shall not
                               be dismissed within sixty (60) days thereafter;
                               or

                         h.    Any money judgment, writ or warrant of
                               attachment, or similar process in excess of One
                               Hundred Thousand ($100,000) Dollars in the
                               aggregate shall be entered or filed against the
                               Company or any of its properties or other assets
                               and shall remain unpaid, unvacated, unbonded or
                               unstayed for a period of sixty (60) days or in
                               any event later than five (5) days prior to the
                               date of any proposed sale thereunder; or

                         i.    Bankruptcy, reorganization, insolvency or
                               liquidation proceedings or other proceedings for
                               relief under any bankruptcy law or any law for
                               the relief of debtors shall be instituted by or
                               against the Company and, if instituted against
                               the Company, shall not be dismissed within sixty
                               (60) days after such institution or the Company
                               shall by any action or answer approve of, consent
                               to, or acquiesce in any such proceedings or admit
                               the material allegations of, or default in
                               answering a petition filed in any such
                               proceeding; or

                         j.    The Company shall have its Common Stock suspended
                               or delisted from trading on a Principal Market
                               for in excess of two (2) Trading Days;

Then, or at any time thereafter, and in each and every such case, unless such
Event of Default shall have been waived in writing by the Holder (which waiver
shall not be deemed to be a waiver of any subsequent default) at the option of
the Holder and in the Holder's sole discretion, the Holder may consider this
Debenture immediately due and payable, without presentment, demand, protest or
notice of any kind, all of which are hereby expressly waived, anything herein or
in any note or other instruments contained to the contrary notwithstanding, and
the Holder may immediately enforce any and all of the Holder's rights and
remedies provided herein or any other rights or remedies afforded by law.

                 11. Nothing contained in this Debenture shall be construed as
conferring upon the Holder the right to vote or to receive dividends or to
consent or receive notice as a shareholder in respect of any meeting of
shareholders or any rights whatsoever as a shareholder of the Company, unless
and to the extent converted in accordance with the terms hereof

                 12. In no event shall the Holder be permitted to convert this
Debenture for shares of Common Stock in excess of the amount of this Debenture
upon the conversion of which, (x) the number of shares of Common Stock owned by
such Holder (other than shares of Common Stock issuable upon conversion of this
Debenture) plus (y) the number of shares of Common Stock issuable upon
conversion of this Debenture, would be equal to or exceed 9.9% of the number of

                                        7

<PAGE>

shares of Common Stock then issued and outstanding, including shares issuable
upon conversion of this Debenture held by such Holder after application of this
Section 12. As used herein, beneficial ownership shall be determined in
accordance with Section 13(d) of the Securities Exchange Act of 1934, as
amended, and the rules and regulations thereunder. To the extent that the
limitation contained in this Section 12 applies, the determination of whether
this Debenture is convertible (in relation to other securities owned by the
Holder) and of which a portion of this Debenture is convertible shall be in the
sole discretion of such Holder, and the submission of a Notice of Conversion
shall be deemed to be such Holder's determination of whether this Debenture is
convertible (in relation to other securities owned by such holder) and of which
portion of this Debenture is convertible, in each case subject to such aggregate
percentage limitation, and the Company shall have no obligation to verify or
confirm the accuracy of such determination. Nothing contained herein shall be
deemed to restrict the right of a holder to convert this Debenture into shares
of Common Stock at such time as such conversion will not violate the provisions
of this Section 12. The provisions of this Section 12 may be waived by the
Holder of this Debenture upon not less than 75 days' prior notice to the
Company, and the provisions of this Section 12 shall continue to apply until
such 75th day (or such later date as may be specified in such notice of waiver).
No conversion of this Debenture in violation of this Section 12 but otherwise in
accordance with this Debenture shall affect the status of the Common Stock
issued upon such conversion as validly issued, fully-paid and nonassessable.

                                        8

<PAGE>

                 IN WITNESS WHEREOF, the Company has caused this Debenture to be
duly executed by an officer thereunto duly authorized.

Dated: April 3, 2000

                               Aquis Communications Group, Inc.

                               By: /s/ D. Brian Plunkett
                                  ----------------------------------------------
                                  D. Brian Plunkett, Chief Financial Officer

Attest:

/s/ [ILLEGIBLE]

                                        9

<PAGE>

                                    EXHIBIT A

                              NOTICE OF CONVERSION

  (To be Executed by the Registered Holder in order to Convert the Debenture)

                 The undersigned hereby irrevocably elects to convert $
of the principal amount of the above Debenture No.   into Shares of Common Stock
of Aquis Communications Group, Inc. (the "Company") according to the conditions
hereof, as of the date written below.

        Date of Conversion*_____________________________________________________

        Applicable Conversion Price* ___________________________________________

        Accrued Interest________________________________________________________

        Signature_______________________________________________________________
                                           (Name)
        Address:________________________________________________________________

                                       10<PAGE>

      EX-10.42 OTHERDOC
          8
          0008.txt
             STOCK PURCHASE WARRANT

                                           Document is copied.
                                                                       EXHIBIT B

NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")
OR ANY OTHER APPLICABLE SECURITIES LAWS IN RELIANCE UPON AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS.
NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF MAY BE SOLD,
PLEDGED, TRANSFERRED, ENCUMBERED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR IN A TRANSACTION
WHICH IS EXEMPT FROM REGISTRATION UNDER THE PROVISIONS OF THE SECURITIES ACT.

                             STOCK PURCHASE WARRANT

                To Purchase 357,942 Shares of the Common Stock of

                        AQUIS COMMUNICATIONS GROUP, INC.

                 THIS CERTIFIES that, for value received, AMRO International,
S.A. (the "Holder"), is entitled, upon the terms and subject to the conditions
hereinafter set forth, at any time on or after the date hereof (the "Initial
Exercise Date") and on or prior to the close of business on April 12, 2003 (the
("Termination Date") but not thereafter, to subscribe for and purchase from
Aquis Communications Group, Inc., a corporation incorporated in Delaware (the
"Company"), up to three hundred fifty-seven thousand nine hundred forty-two
(357,942) shares (the "Warrant Shares") of Common Stock, $0.01 par value, of the
Company (the "Common Stock"). The purchase price of one share of Common Stock
(the "Exercise Price") under this Warrant shall be $3.163 (115% of the average
of the closing bid price of the Company's Common Stock on the Trading Day
immediately prior to the Closing Date). The Exercise Price and the number of
shares for which the Warrant is exercisable shall be subject to adjustment as
provided herein. In the event of any conflict between the terms of this Warrant
and the Loan Agreement between the Company and the Holder dated as of March 31,
2000 pursuant to which this Warrant has been issued, the Loan Agreement shall
control. Capitalized terms used and not otherwise defined herein shall have the
meanings set forth for such terms in the Loan Agreement.

<PAGE>

                 1. Title to Warrant. Prior to the Termination Date and subject
to compliance with applicable laws and the terms of this Warrant, this Warrant
and all rights hereunder are transferable, in whole or in part, at the office or
agency of the Company by the holder hereof in person or by duly authorized
attorney, upon surrender of this Warrant together with the Assignment Form
annexed hereto properly endorsed.

                 2. Authorization of Shares. The Company covenants that all
shares of Common Stock which may be issued upon the exercise of rights
represented by this Warrant will, upon exercise of the rights represented by
this Warrant, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges in respect of the issue thereof
(other than taxes in respect of any transfer occurring contemporaneously with
such issue).

                 3. Exercise of Warrant. Except as provided in Section 4 herein,
exercise of the purchase rights represented by this Warrant may be made at any
time or times on or after the Initial Exercise Date (i) as to two-thirds of the
number of Warrants and (ii) if and only if the Convertible Debenture issued in
conjunction with this Warrant has not been redeemed in full by the Company in
accordance with its terms on or before the one-hundredth (100th) day after the
Initial Exercise Date, as to the remaining one-third of the Warrants, which
remaining third shall otherwise be void, and in either case before the close of
business on the Termination Date by the surrender of this Warrant and the Notice
of Exercise Form annexed hereto duly executed, at the office of the Company (or
such other office or agency of the Company as it may designate by notice in
writing to the registered holder hereof at the address of such holder appearing
on the books of the Company) and upon payment of the Exercise Price of the
shares thereby purchased by wire transfer or cashier's check drawn on a United
States bank, the holder of this Warrant shall be entitled to receive a
certificate for the number of shares of Common Stock so purchased. Certificates
for shares purchased hereunder shall be delivered to the holder hereof within
five (5) Trading Days after the date on which this Warrant shall have been
exercised as aforesaid. This Warrant shall be deemed to have been exercised and
such certificate or certificates shall be deemed to have been issued, and Holder
or any other person so designated to be named therein shall be deemed to have
become a holder of record of such shares for all purposes, as of the date the
Holder faxes a Notice of Exercise to the Company, provided that such fax notice
is followed by delivery of the original notice and payment to the Company of the
Exercise Price and all taxes required to be paid by Holder, if any, pursuant to
Section 5 prior to the issuance of such shares, have been paid within three (3)
Trading Days of such fax notice. If this Warrant shall have been exercised in
part, the Company shall, at the time of delivery of the certificate or
certificates representing Warrant Shares, deliver to Holder a new Warrant
evidencing the rights of Holder to purchase the unpurchased shares of Common
Stock called for by this Warrant, which new Warrant shall in all other respects
be identical with this Warrant. If there is no registration in effect permitting
the resale by the Holder of the Warrant Shares at any time from and after one
year from the issuance date of this Warrant, then the Holder shall have the
right to a "cashless exercise" in which the Holder shall be entitled to receive
a certificate for the number of shares equal to the quotient obtained by
dividing [(A-B)(X)] by (A), where:

(A) = the average of the high and low trading prices per share of Common Stock
on the Trading Day preceding the date of such election;

(B) = the Exercise Price of the Warrant; and

                                        2

<PAGE>

(X) = the number of shares issuable upon exercise of the Warrant in accordance
with the terms of this Warrant.

                 4. No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which Holder would otherwise be entitled
to purchase upon such exercise, the Company shall pay a cash adjustment in
respect of such final fraction in an amount equal to the Exercise Price.

                 5. Charges, Taxes and Expenses. Issuance of certificates for
shares of Common Stock upon the exercise of this Warrant shall be made without
charge to the holder hereof for any issue or federal or state transfer tax or
other incidental expense in respect of the issuance of such certificate, all of
which taxes and expenses shall be paid by the Company, and such certificates
shall be issued in the name of the holder of this Warrant or in such name or
names as may be directed by the holder of this Warrant; provided, however, that
in the event certificates for shares of Common Stock are to be issued in a name
other than the name of the holder of this Warrant, thus Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the holder hereof; and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax
incidental thereto.

                 6. Closing of Books. The Company will not close its shareholder
books or records in any manner which prevents the timely exercise of this
Warrant.

                 7. Transfer, Division and Combination. (a) the Holder (and its
transferees and assigns), by acceptance of this Warrant, covenants and agrees
that it is acquiring the Warrants evidenced hereby, and, upon exercise hereof,
the Warrant Shares, for its own account as an investment and not with a view to
distribution thereof. The Warrant Shares have not been registered under the
Securities Act or any state securities laws and no transfer of any Warrant
Shares shall be permitted unless the Company has received notice of such
transfer, at the address of its principal office set forth in the Loan
Agreement, in the form of assignment attached hereto, accompanied by an opinion
of counsel reasonably satisfactory to the Company that an exemption from
registration of such Warrants or Warrant Shares under the Securities Act is
available for such transfer, except that no such opinion shall be required after
the registration for resale by the Holder of the Warrant Shares, as contemplated
by the Registration Rights Agreement. Upon any exercise of the Warrants,
certificates representing the Warrant Shares shall bear a restrictive legend
substantially identical to that set forth on the face of this Warrant
certificate. Any purported transfer of any Warrant or Warrant Shares not in
compliance with the provisions of this section shall be null and void.

                    (b) This Warrant may be divided or combined with other
Warrants upon, presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which
new Warrants are to be issued, signed by Holder or its agent or attorney.
Subject to compliance with Section 7(a), as to any transfer which may be
involved in such division or combination, the Company shall execute and deliver
a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided
or combined in accordance with such notice.

                                        3

<PAGE>

                    (c) The Company shall prepare, issue and deliver at its own
expense (other than transfer taxes) the new Warrant or Warrants under this
Section 7.

                    (d) The Company agrees to maintain, at its aforesaid office,
books for the registration and the registration of transfer of the Warrants.

                 8. No Rights as Shareholder until Exercise. This Warrant does
not entitle the holder hereof to any voting rights or other rights as a
shareholder of the Company prior to the exercise hereof. Upon the surrender of
this Warrant and the payment of the aggregate Exercise Price, the Warrant Shares
so purchased shall be and be deemed to be issued to such holder as the record
owner of such shares as of the close of business on the later of the date of
such surrender or payment.

                 9. Loss, Theft, Destruction or Mutilation of Warrant. The
Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant
certificate or any stock certificate relating to the Warrant Shares, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory
to it (which shall not exceed that customarily charged by the Company's transfer
agent), and upon surrender and cancellation of such Warrant or stock
certificate, if mutilated, the Company will make and deliver a new Warrant or
stock certificate of like tenor and dated as of such cancellation, in lieu of
such Warrant or stock certificate.

                 10. Saturdays, Sundays, Holidays, etc. If the last or appointed
day for the taking of any action or the expiration of any right required or
granted herein shall be a Saturday, Sunday or a legal holiday, then such action
may be taken or such right may be exercised on the next succeeding day not a
Saturday, Sunday or legal holiday.

                 11. Adjustments of Exercise Price and Number of Warrant Shares.
(a) Stock Splits, etc. The number and kind of securities purchasable upon the
exercise of this Warrant and the Exercise Price shall be subject to adjustment
from time to time upon the happening of any of the following. In case the
Company shall (i) pay a dividend in shares of Common Stock or make a
distribution in shares of Common Stock to holders of its outstanding Common
Stock, (ii) subdivide its outstanding shares of Common Stock into a greater
number of shares of Common Stock, (iii) combine its outstanding shares of Common
Stock into a smaller number of shares of Common Stock or (iv) issue any shares
of its capital stock in a reclassification of the Common Stock, then the number
of Warrant Shares purchasable upon exercise of this Warrant immediately prior
thereto shall be adjusted so that the holder of this Warrant shall be entitled
to receive the kind and number of Warrant Shares or other securities of the
Company which he would have been entitled to receive had such Warrant been
exercised in advance thereof. Upon each such adjustment of the kind and number
of Warrant Shares or other securities of the Company which are purchasable
hereunder, the holder of this Warrant shall thereafter be entitled to purchase
the number of Warrant Shares or other securities resulting from such adjustment
at an Exercise Price per Warrant Share or other security obtained by multiplying
the Exercise Price in effect immediately prior to such adjustment by the number
of Warrant Shares purchasable pursuant hereto immediately prior to such
adjustment and dividing by the number of Warrant Shares or other securities of
the Company resulting from such adjustment. An adjustment made pursuant to

                                        4

<PAGE>

this paragraph shall become effective immediately after the effective date of
such event retroactive to the record date, if any, for such event.

                    (b) Reorganization, Reclassification, Merger, Consolidation
or Disposition of Assets. In case the Company shall reorganize its capital,
reclassify its capital stock, consolidate or merge with or into another
corporation (where the Company is not the surviving corporation or where there
is a change in or distribution with respect to the Common Stock of the Company),
or sell, transfer or otherwise dispose of all or substantially all its property,
assets or business to another corporation and, pursuant to the terms of such
reorganization, reclassification, merger, consolidation or disposition of
assets, shares of common stock of the successor or acquiring corporation, or any
cash, shares of stock or other securities or property of any nature whatsoever
(including warrants or other subscription or purchase rights) in addition to or
in lieu of common stock of the successor or acquiring corporation ("Other
Property"), are to be received by or distributed to the holders of Common Stock
of the Company, then Holder shall have the right thereafter to receive, upon
exercise of this Warrant, the number of shares of common stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation,
and Other Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. In case of any such reorganization,
reclassification, merger, consolidation or disposition of assets, the successor
or acquiring corporation (if other than the Company) shall expressly assume the
due and punctual observance and performance of each and every covenant and
condition of this Warrant to be performed and observed by the Company and all
the obligations and liabilities hereunder, subject to such modifications as may
be deemed appropriate (as determined in good faith by resolution of the Board of
Directors of the Company) in order to provide for adjustments of shares of
Common Stock for which this Warrant is exercisable which shall be as nearly
equivalent as practicable to the adjustments provided for in this Section 11.
For purposes of this Section 11, "common stock of the successor or acquiring
corporation" shall include stock of such corporation of any class which is not
preferred as to dividends or assets over any other class of stock of such
corporation and which is not subject to redemption and shall also include any
evidences of indebtedness, shares of stock or other securities which are
convertible into or exchangeable for any such stock, either immediately or upon
the arrival of a specified date or the happening of a specified event and any
warrants or other rights to subscribe for or purchase any such stock. The
foregoing provisions of this Section 11 shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations or disposition of
assets.

                 12. Voluntary Adjustment by the Company. The Company may at any
time during the term of this Warrant, reduce the then current Exercise Price to
any amount and for any period of time deemed appropriate by the Board of
Directors of the Company.

                 13. Notice of Adjustment. Whenever the number of Warrant Shares
or number or kind of securities or other property purchasable upon the exercise
of this Warrant or the Exercise Price is adjusted, as herein provided, the
Company shall promptly mail by registered or certified mail, return receipt
requested, to the holder of this Warrant notice of such adjustment or
adjustments setting forth the number of Warrant Shares (and other securities or
property) purchasable upon the exercise of this Warrant and the Exercise Price
of such Warrant Shares (and other securities or property) after such adjustment,
setting forth a brief statement of the facts

                                        5

<PAGE>

requiring such adjustment and setting forth the computation by which such
adjustment was made. Such notice, in the absence of manifest error, shall be
conclusive evidence of the correctness of such adjustment.

                 14. Notice of Corporate Action. If at any time:

                    (a) the Company shall take a record of the holders of its
Common Stock for the purpose of entitling them to receive a dividend or other
distribution, or any right to subscribe for or purchase any evidences of its
indebtedness, any shares of stock of any class or any other securities or
property, or to receive any other right, or

                    (b) there shall be any capital reorganization of the
Company, any reclassification or recapitalization of the capital stock of the
Company or any consolidation or merger of the Company with, or any sale,
transfer or other disposition of all or substantially all the property, assets
or business of the Company to, another corporation or,

                    (c) there shall be a voluntary or involuntary dissolution,
liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall give to Holder (i) at
least 10 days' prior written notice of the record date for such dividend,
distribution or right or for determining rights to vote in respect of any such
reorganization, reclassification, merger, consolidation, sale, transfer,
disposition, liquidation or winding up, and (ii) in the case of any such
reorganization, reclassification, merger, consolidation, sale, transfer,
disposition, dissolution, liquidation or winding up, at least 10 days' prior
written notice of the date when the same shall take place. Such notice in
accordance with the foregoing clause also shall specify (i) the date on which
any such record is to be taken for the purpose of such dividend, distribution or
right, the date on which the holders of Common Stock shall be entitled to any
such dividend, distribution or right, and the amount and character thereof, and
(ii) the date on which any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding
up is to take place and the time, if any such time is to be fixed, as of which
the holders of Common Stock shall be entitled to exchange their shares of Common
Stock for securities or other property deliverable upon such disposition,
dissolution, liquidation or winding up. Each such written notice shall be
sufficiently given if addressed to Holder at the last address of Holder
appearing on the books of the Company and delivered in accordance with Section
16(d).

                 15. Authorized Shares. The Company covenants that during the
period the Warrant is outstanding, it will reserve from its authorized and
unissued Common Stock a sufficient number of shares to provide for the issuance
of the Warrant Shares upon the exercise of any purchase rights under this
Warrant. The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of
executing stock certificates to execute and issue the necessary certificates for
the Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure
that such Warrant Shares may be issued as provided herein without violation of
any applicable law or regulation, or of any requirements of the Principal Market
upon which the Common Stock may be listed.

                                        6

<PAGE>

                 The Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the
rights of Holder against impairment. Without limiting the generality of the
foregoing, the Company will (a) not increase the par value of any shares of
Common Stock receivable upon the exercise of this Warrant above the amount
payable therefor upon such exercise immediately prior to such increase in par
value, (b) take all such action as may be necessary or appropriate in order that
the Company may validly and legally issue fully paid and nonassessable shares of
Common Stock upon the exercise of this Warrant, and (c) use its best efforts to
obtain all such authorizations, exemptions or consents from any public
regulatory body having jurisdiction thereof as may be necessary to enable the
Company to perform its obligations under this Warrant.

                 Before taking any action which would result in an adjustment in
the number of shares of Common Stock for which this Warrant is exercisable or in
the Exercise Price, the Company shall obtain all such authorizations or
exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof.

                 16. Miscellaneous.

                    (a) Jurisdiction. This Warrant shall be binding upon any
successors or assigns of the Company. This Warrant shall constitute a contract
under the laws of Delaware without regard to its conflict of law, principles or
rules, and be subject to arbitration pursuant to the terms set forth in the Loan
Agreement.

                    (b) Restrictions. The holder hereof acknowledges that the
Warrant Shares acquired upon the exercise of this Warrant, if not registered,
will have restrictions upon resale imposed by state and federal securities laws.

                    (c) Nonwaiver and Expenses. No course of dealing or any
delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice Holder's rights, powers
or remedies, notwithstanding all rights hereunder terminate on the Termination
Date. If the Company fails to comply with any provision of this Warrant, the
Company shall pay to Holder such amounts as shall be sufficient to cover any
costs and expenses including, but not limited to, reasonable attorneys' fees,
including those of appellate proceedings, incurred by Holder in collecting any
amounts due pursuant hereto or in otherwise enforcing any of its rights, powers
or remedies hereunder.

                    (d) Notices. Any notice, request or other document required
or permitted to be given or delivered to the holder hereof by the Company shall
be delivered in accordance with the notice provisions of the Loan Agreement.

                    (e) Limitation of Liability. No provision hereof, in the
absence of affirmative action by Holder to purchase shares of Common Stock, and
no enumeration herein of

                                        7

<PAGE>

the rights or privileges of Holder hereof, shall give rise to any liability of
Holder for the purchase price of any Common Stock or as a stockholder of the
Company, whether such liability is asserted by the Company or by creditors of
the Company.

                 (f) Remedies. Holder, in addition to being entitled to exercise
all rights granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Warrant. The Company agrees that
monetary damages would not be adequate compensation for any loss incurred by
reason of a breach by it of the provisions of this Warrant and hereby agrees to
waive the defense in any action for specific performance that a remedy at law
would be adequate.

                 (g) Successors and Assigns. Subject to applicable securities
laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors of the Company and the
successors and permitted assigns of Holder. The provisions of this Warrant are
intended to be for the benefit of all Holders from time to time of this Warrant
and shall be enforceable by any such Holder or holder of Warrant Shares.

                 (h) Indemnification. The Company agrees to indemnify and hold
harmless Holder from and against any liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, claims, costs, attorneys' fees, expenses
and disbursements of any kind which may be imposed upon, incurred by or asserted
against Holder in any manner relating to or arising out of any failure by the
Company to perform or observe in any material respect any of its covenants,
agreements, undertakings or obligations set forth in this Warrant; provided,
however, that the Company will not be liable hereunder to the extent that any
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
claims, costs, attorneys' fees, expenses or disbursements are found in a final
non-appealable judgment by a court to have resulted from Holder's negligence,
bad faith or willful misconduct.

                 (i) Amendment. This Warrant may be modified or amended or the
provisions hereof waived with the written consent of the Company and the Holder.

                 (j) Severability. Wherever possible, each provision of this
Warrant shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provisions or the remaining provisions of this Warrant.

                                        8

<PAGE>

                 (k) Headings. The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a part
of this Warrant.

                 IN WITNESS WHEREOF, the Company has caused this Warrant to be
executed by its officer thereunto duly authorized.

Dated: March 31, 2000

                              Aquis Communications Group, Inc.

                              By: /S/  D. Brian Plunkett
                                 --------------------------------------------
                                   D. Brian Plunkett, Chief Financial Officer

                                        9

<PAGE>

                               NOTICE OF EXERCISE

To: Aquis Communications Group, Inc.

                 (1) The undersigned hereby elects to purchase _____ shares of
Common Stock (the "Common Stock"), of Aquis Communications Group, Inc. pursuant
to the terms of the attached Warrant, and tenders herewith payment of the
exercise price in fu11, together with all applicable transfer taxes, if any.

                 (2) Please issue a certificate or certificates representing
said shares of Common Stock in the name of the undersigned or in such other name
as is specified below:

                           ------------------------------
                           (Name)

                           ------------------------------
                           (Address)

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

       Dated:

                                                ---------------------------
                                                Signature

<PAGE>

                                 ASSIGNMENT FORM

                    (To assign the foregoing warrant, execute this form and
                   supply required information.
                 Do not use this form to exercise the warrant.)

                 FOR VALUE RECEIVED, the foregoing Warrant and all rights
evidenced thereby are hereto assigned to

_________________________________________________ whose address is

------------------------------------------------------------------.

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

                                        Dated: ____________ , ____

                             Holder's Signature: _________________

                             Holder's Address: ___________________

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

Signature Guaranteed: ___________________________________

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in an fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing
Warrant.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00029-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00029-of-00352.parquet"}]]