Document:

<PAGE>
                                                                  EXHIBIT 10.33

                                 REVOLVING NOTE

$35,000,000.00                                    Dated as of: December 14, 1999
Chicago, Illinois                                              Due: May 31, 2000

         FOR VALUE RECEIVED, the undersigned, The Turner Subscription Agency,
Incorporated, a Delaware corporation ("Turner"), McGregor Subscription Service,
Inc., an Illinois corporation ("McGregor"), and The Faxon Company, Inc., a
Massachusetts corporation ("Faxon") (Turner, McGregor and Faxon are individually
a "Borrower" and collectively the "Borrowers"), jointly and severally promise to
pay to the order of American National Bank and Trust Company of Chicago, a
national banking association (the "Bank"), on or before May 31, 2000, the
principal sum of Thirty-Five Million and no/100 Dollars ($35,000,000.00), or
such lesser principal sum as the Bank may have advanced to Borrowers pursuant to
Section 2.1 of that certain Loan and Security Agreement of even date herewith by
and between the Bank and Borrowers (as amended, renewed or restated from time to
time, the "Loan Agreement"), together with interest thereon from the date hereof
at the rate set forth in Section 2.2 of the Loan Agreement. Interest shall be
payable on the last Business Day of each month as debited by the Bank. Interest
shall be calculated on the basis of a three hundred sixty (360) day year for the
actual number of days in which any principal, accrued interest or any other sum
due from Borrowers to the Bank pursuant to this Note or otherwise (collectively
the "Liabilities") remains outstanding. Upon maturity or an "Event of Default"
(hereinafter defined), whichever is first to occur, interest shall accrue upon
the outstanding Liabilities at the Default Rate. Payment of the Liabilities
shall be made at 120 South LaSalle Street, Chicago, Illinois 60603, or at such
other location as the Bank may designate in writing from time to time. Terms
used but not otherwise defined herein are used herein as defined in the Loan
Agreement.

         Each Borrower waives the right to direct the application of any and all
payments at any time or times hereafter received by the Bank on account of the
Liabilities, and each Borrower agrees that the Bank shall have the continuing
exclusive right to apply and reapply any and all payments in such manner and in
such order as the Bank may deem advisable, including, but not limited to, the
payment of any costs, fees and expenses due and owing by Borrowers to the Bank.

         The full and timely payment of the Liabilities and Borrowers' full and
timely performance of the Covenants are secured by security interests, liens and
encumbrances granted by Borrowers to the Bank pursuant to the Loan Agreement and
the other agreements, instruments, documents and guaranties as heretofore,
contemporaneously herewith or may hereafter be executed and delivered to the
Bank by Borrowers and any other persons and entities, from time to time, as the
case may be, evidencing, securing or guarantying the Liabilities and the
Covenants (collectively the "Collateral Documents"), including, without
limitation, the Massachusetts Mortgage, the RoweCom Guaranty and the Dawson
Guaranty.

         If (a) Borrowers default in the full and timely payment of any of the
Liabilities or the full and timely performance of any of the Covenants, or (b) a
breach, default or event of default occurs under any of the Collateral
Documents, and such breach, default or event of default is not cured within the
applicable grace or cure period, if any (collectively an "Event of Default"), at
the option of the Bank or the legal holder hereof, as the case may be, and
without demand therefor or notice thereof from the Bank to Borrowers or any
other person or entity, all of the Liabilities shall be immediately due and
payable and shall be collectible immediately or at any time after such Event of
Default. The acceptance by the Bank of any partial payment of the Liabilities
after an Event of Default will not establish a custom, or waive any of the
Bank's rights or remedies pursuant to this Note, the Collateral Documents, at
law, in equity or otherwise. Borrowers and every endorser of this Note hereby
each waive presentment, demand and protest, and notice of presentment, demand,
protest, default, non-payment, maturity, release, compromise,

                                  Page 1 of 4
<PAGE>

amendment, modification,  settlement, extension or renewal of the Liabilities or
this Note, the Covenants, the Collateral Documents or any collateral or security
for the Liabilities or the Covenants.

         Any forbearance by the Bank or the legal holder hereof, as the case may
be, in exercising any right or remedy pursuant to this Note or the Collateral
Documents, at law, in equity or otherwise, shall not be or be deemed a waiver of
nor shall preclude the subsequent exercise of any such right or remedy.

         If at any time or times before or after an Event of Default, the Bank:

         A.       employs an accountant, consultant, counsel or any other
                  representative or advisor:

                  1. with respect to the Liabilities,  this Note, the Collateral
                     Documents or otherwise,

                  2. to represent or consult with the Bank in connection with
                     any litigation, contest, dispute, suit or proceeding, or to
                     commence, defend, intervene or take any other action in or
                     with respect to any litigation, contest, dispute, suit or
                     proceeding, whether initiated by the Bank, Borrowers or any
                     other person or entity, in any way or respect arising from,
                     relating to or in connection with the Liabilities, this
                     Note, the Covenants, the Collateral Documents or any
                     collateral or security for the Liabilities or the
                     Covenants, or

                  3. to enforce any of the Bank's rights or remedies;

         B. takes any action or initiates any proceeding to protect, collect,
         sell, liquidate or otherwise dispose of any of the collateral or
         security for the Liabilities, the Covenants or the Collateral
         Documents; or

         C. attempts to or enforces any of the Bank's rights or remedies against
         Borrowers,

then the costs and expenses so incurred by the Bank shall be part of the
Liabilities payable by Borrowers to the Bank upon demand with interest at the
Default Rate until actually paid. Without limiting the generality of the
foregoing, such costs and expenses shall include the fees, expenses and charges
of attorneys, paralegals, accountants, investment bankers, appraisers, valuation
and other specialists, experts, expert witnesses, auctioneers, court reporters,
telegram, telex and telefax charges, overnight delivery services, messenger
services and expenses for travel, lodging and meals. Notwithstanding the
foregoing, Borrowers shall not be liable to the Bank for accountant or
consultant fees incurred by the Bank at any time while an Unmatured Event of
Default or Event of Default does not exist.

         Each Borrower represents and warrants to the Bank that the Liabilities
and Borrowers' use of the principal portion of the Liabilities is solely for
proper business purposes and consistent with all applicable laws, including,
without limitation, Illinois Compiled Statutes, Chapter 815, Act 205, Section 4
(815 ILCS 205/4). Each Borrower further represents and warrants to the Bank and
covenants unto the Bank that such Borrower is not in the business of extending
credit for the purpose of purchasing or carrying margin stock within the meaning
of Regulation U issued by the Board of Governors of the Federal Reserve System,
and none of the principal portion of the Liabilities will be used to purchase or
carry any margin stock or to extend credit to other persons or entities for the
purpose of purchasing or carrying any margin stock.

         This Note is executed and delivered by Borrowers to the Bank in
Chicago, Illinois, and shall be governed, controlled by and construed in
accordance with the laws and statutes of the State of Illinois, as to
interpretation, enforcement, validity, construction, effect, choice of law and
in all other respects.

                                  Page 2 of 4

<PAGE>

         This Note shall inure to the benefit of the Bank, the legal holder
hereof and any of their respective successors and assigns, as the case may be,
and shall be binding upon each Borrower, its respective legal representatives
and successors.

         If any provision of this Note is held to be invalid or unenforceable by
a court of competent jurisdiction, such provision shall be severed here from and
such invalidity or unenforceability shall not affect any other provision of this
Note, the balance of which shall remain in and have its intended full force and
effect. However, if such invalid or unenforceable provision may be modified so
as to be valid and enforceable as a matter of law, such provision shall be
deemed to have been modified so as to be valid and enforceable to the maximum
extent permitted by law. If any rate of interest described in this Note is
greater than the rate of interest permitted to be charged or collected by
applicable law, as the case may be, such rate of interest shall be reduced to
the maximum rate of interest permitted to be charged or collected by applicable
law.

         This Note evidences indebtedness incurred under, and is subject to the
terms and provisions of, the Loan Agreement. The Loan Agreement, to which
reference is hereby made, sets forth said terms and provisions, including those
under which this Note may or must be paid prior to its due date or may have its
due date accelerated.

         All references to Borrowers shall mean Turner, McGregor and Faxon, both
individually and collectively, and jointly and severally, and all
representations, warranties, duties, covenants, agreements and obligations of
Borrowers shall be the individual and collective representations, warranties,
duties, covenants, agreements and obligations of each of Turner, McGregor and
Faxon.

         EACH BORROWER HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND
CONSENTS THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY CERTIFIED MAIL, RETURN
RECEIPT REQUESTED, DIRECTED TO THE BORROWERS AS SET FORTH IN THE LOAN AGREEMENT
IN THE MANNER PROVIDED BY APPLICABLE STATUTE, LAW, RULE OF COURT OR OTHERWISE.

         Borrowers and the Bank irrevocably agree, and hereby consent and submit
to the non-exclusive jurisdiction of the Circuit Court of Cook County, Illinois,
and the United States District Court for the Northern District of Illinois,
Eastern Division, with regard to any actions or proceedings arising from,
relating to or in connection with the Liabilities, this Note, any of the
Covenants, the Collateral Documents or any collateral or security for the
Liabilities or the Covenants. Each Borrower hereby waives its right to transfer
or change the venue of any litigation filed in the Circuit Court of Cook County,
Illinois, or the United States District Court for the Northern District of
Illinois, Eastern Division. EACH BORROWER AND THE BANK HEREBY WAIVE THEIR
RESPECTIVE RIGHT TO TRIAL BY JURY.

                                  Page 3 of 4

<PAGE>

         This Note has been executed and delivered by Borrowers to the Bank as
of the date first set forth above, by Borrowers' duly authorized corporate
officers, pursuant to resolutions duly adopted by Borrowers' Board of Directors
and Borrowers' shareholders, if and to the extent such authorization is required
by applicable law, Borrowers' Articles or Certificate of Incorporation, By-Laws
or otherwise.

                        THE TURNER SUBSCRIPTION AGENCY, INCORPORATED,
                        a Delaware corporation

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

                        MCGREGOR SUBSCRIPTION SERVICE, INC.,
                        an Illinois corporation

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

                        THE FAXON COMPANY, INC.
                        a Massachusetts corporation

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

                                   Page 4 of 4

<PAGE><PAGE>
                                                                EXHIBIT 10.34

                           ROWECOM CORPORATE GUARANTY

         This Corporate Guaranty (this "Guaranty") is executed and delivered as
of December 14, 1999, by RoweCom Inc., a Delaware corporation ("Guarantor"), to
American National Bank and Trust Company of Chicago, a national banking
association (the "Bank").

1.       BACKGROUND.

         A. Contemporaneously herewith, The Turner Subscription Agency,
Incorporated, a Delaware corporation ("Turner"), McGregor Subscription Service,
Inc., an Illinois corporation ("McGregor"), and The Faxon Company, Inc., a
Massachusetts corporation ("Faxon") (Turner, McGregor and Faxon are collectively
the "Borrower"), desire the Bank to provide certain extensions of credit, loans
or other financial accommodations to Borrower (the "Financial Accommodations")
pursuant to the following documents (collectively the "Loan Documents"): that
certain Loan and Security Agreement of even date herewith by and between the
Bank and Borrower (as amended, renewed or restated from time to time, the "Loan
Agreement"), and the other agreements, documents and instruments referenced in
or executed and delivered pursuant to the Loan Agreement, including, without
limitation, that certain Revolving Note of even date herewith executed and
delivered by Borrower to the Bank in a maximum aggregate principal amount not to
exceed Thirty-Five Million and no/100 Dollars ($35,000,000.00).

         B. The Bank is willing to provide the Financial Accommodations to
Borrower, provided, among other things, Guarantor executes and delivers this
Guaranty to the Bank.

         C. Guarantor acknowledges and agrees that (i) Guarantor owns one
hundred percent (100%) of the issued and outstanding capital stock of Dawson,
Inc., which owns one hundred percent of the issued and outstanding capital stock
of each Borrower, and Guarantor is, thus, benefitted by the Financial
Accommodations made by the Bank to Borrower, (ii) Guarantor's execution and
delivery of this Guaranty is a material inducement to the Bank providing the
Financial Accommodations to Borrower, and (iii) without this Guaranty, the Bank
would not have provided the Financial Accommodations to Borrower.

         D. In consideration of the foregoing, and other good and valuable
consideration, the receipt and sufficiency of such consideration is hereby
acknowledged by Guarantor, Guarantor hereby covenants unto and agrees with the
Bank as set forth in this Guaranty.

2.       DEFINITIONS.

         A. "BORROWER'S LIABILITIES" shall mean, individually and collectively,
all debts, liabilities, covenants, duties, obligations and agreements of any
kind, nature or description whatsoever of each Borrower to and with the Bank
heretofore, now or hereafter made, incurred, evidenced or created, whether
voluntary or involuntary, and however arising, whether due or not due, absolute
or contingent, liquidated or unliquidated, determined or undetermined, direct or
indirect, insured or uninsured or foreseeable or unforeseeable, whether pursuant
to the Loan Documents or otherwise.

         B. "COVENANTS" shall mean all now existing and hereafter arising
covenants, duties, obligations and agreements of each Borrower to and with the
Bank, whether pursuant to the Loan Documents or otherwise.

         C. "EVENT OF DEFAULT" shall mean the occurrence of any one of the
following events: (i) Guarantor fails or neglects to perform, keep or observe
any term, provision, condition, warranty, representation or covenant contained
in this Guaranty or any other agreement, document or instrument executed and
delivered by Guarantor to the Bank; (ii) any of Guarantor's assets are seized,
attached, subjected to a writ or distress warrant, or are levied

<PAGE>

upon, if such seizure, attachment, writ or distress warrant could have a
material adverse effect on Guarantor's business, assets or financial condition
as determined by the Bank in its reasonable discretion, or come within the
possession of any receiver, trustee, custodian or assignee for the benefit of
creditors; (iii) Guarantor shall make an assignment for the benefit of
creditors, or an application is made by or against Guarantor for the appointment
of a receiver, trustee, custodian or conservator for Guarantor or any of
Guarantor's assets; (iv) a petition under the United States Bankruptcy Code or
any similar federal, state or local law, statute or regulation shall be filed by
Guarantor; (v) a petition under the United States Bankruptcy Code or any similar
federal, state or local law, statute or regulation shall be filed against
Guarantor and such petition is granted or is not dismissed within thirty (30)
days after the filing thereof; (vi) Guarantor is enjoined, restrained or in any
way prevented by court order from conducting any part of Guarantor's business;
(vii) a lawsuit or other proceeding is filed by or against Guarantor to
liquidate any of Guarantor's assets and such lawsuit or other proceeding could
have a material adverse effect on Guarantor's business, assets or financial
condition as determined by the Bank in its reasonable discretion; (viii) one or
more notices of a lien, levy or assessment are filed of record for past due
Indebtedness which individually or in the aggregate is in excess of Fifty
Thousand and no/100 Dollars ($50,000.00) with respect to any of Guarantor's
assets by the United States of America or any department, agency or
instrumentality thereof, or by any state, county, municipal or other
governmental department, agency or instrumentality; (ix) Guarantor defaults in
the payment of any of its other obligations or liabilities which individually or
in the aggregate are in excess of $1,000,000.00 and such default is not cured
within the time, if any, specified therefor; (x) the dissolution of Guarantor;
or (xi) an "Event of Default" (as defined in the Loan Agreement) occurs under
the Loan Documents.

         D. "GUARANTOR'S LIABILITIES" shall mean all of Guarantor's now existing
or hereafter arising debts, liabilities, covenants, duties, obligations and
agreements to and with the Bank, whether pursuant to this Guaranty or otherwise.

3.       GUARANTY.

         A. Guarantor hereby (i) unconditionally guaranties the full and timely
payment of Borrower's Liabilities when due or declared due, whether by
acceleration, maturity or otherwise; (ii) unconditionally guaranties the full
and timely performance of the Covenants; (iii) agrees to pay all costs, expenses
and fees, including, but not limited to, attorneys' fees, incurred by the Bank
in connection with this Guaranty, Borrower's Liabilities or any collateral or
security securing Borrower's Liabilities; and (iv) agrees to pay to the Bank the
amount of any payments made to the Bank in full or partial satisfaction of
Borrower's Liabilities, and which are subsequently invalidated, declared to be
preferential or fraudulent, set aside or required to be repaid by the Bank to
Borrower, its estate, a trustee, a receiver or any other party under the United
States Bankruptcy Code or any similar federal, state or local law, statute or
regulation.

         B. This Guaranty and the full and timely performance of the Covenants
and the full and timely payment of Borrower's Liabilities by Guarantor pursuant
to this Guaranty shall be a continuing, absolute and unconditional guaranty of
payment and not of collection, irrespective of (i) the validity or
enforceability of any instrument, agreement or document evidencing all or any
part of Borrower's Liabilities; (ii) the absence of any attempt to collect or
enforce Borrower's Liabilities from or against Borrower or other action to
enforce the full and timely performance of the Covenants and the full and timely
payment of Borrower's Liabilities, and the absence of any such attempt shall in
no way preclude or be a condition precedent to proceeding against Guarantor;
(iii) any waiver or consent by the Bank with respect to any term or provision of
any instrument, agreement or document executed and delivered by Borrower or
Guarantor to the Bank; (iv) the Bank obtaining any additional guaranties or any
collateral to secure Borrower's Liabilities from Guarantor or any other person
or entity; (v) any failure by the Bank to take any steps to preserve its rights
to any security or collateral securing Borrower's Liabilities or the Covenants
or to utilize any of its remedies, which failure shall in no way preclude or be
a condition precedent to the Bank proceeding against Guarantor; (vi) the
existence or extent of collateral or security pledged, assigned,

                                      -2-
<PAGE>

hypothecated or granted by Guarantor to secure Borrower's Liabilities,
Guarantor's Liabilities or the Covenants; or (vii) any other fact, event, act,
omission or circumstance which might otherwise constitute a legal or equitable
discharge of liability or performance by a guarantor.

         C. The Bank shall not be required or obligated to (i) take any action
to collect from, or to file any claim of any kind against, Borrower, any other
guarantor, or any other person or entity liable, jointly or severally, for the
full and timely performance of any of the Covenants or the full and timely
payment of any of Borrower's Liabilities, prior to pursuing any rights or
remedies the Bank may have against Guarantor; (ii) take any steps to protect,
enforce, take possession of, perfect any interest in, foreclose or realize on
any collateral or security, if any, securing the Covenants or Borrower's
Liabilities; or (iii) in any other respect, exercise any diligence whatsoever in
enforcing, collecting or attempting to collect any of Borrower's Liabilities by
any means.

4.       WAIVERS.

         A. Guarantor unconditionally and irrevocably waives each and every
defense which would otherwise impair, restrict, diminish or affect any of
Guarantor's Liabilities. Without limiting the foregoing, the Bank shall have the
exclusive right from time to time without impairing, restricting, diminishing or
affecting any of Guarantor's Liabilities, and without notice of any kind to
Guarantor, to (i) provide additional financial accommodations to Borrower; (ii)
renew, extend, accelerate, modify or otherwise change the terms of any of the
Covenants or any of Borrower's Liabilities, or any instrument, agreement or
document between the Bank and Borrower; (iii) accept partial payments on
Borrower's Liabilities; (iv) take and hold collateral or security to secure the
Covenants or Borrower's Liabilities, or take any other guaranty to secure the
Covenants and Borrower's Liabilities; (v) in its sole discretion, apply any such
collateral or security, and direct the order or manner of sale thereof, and the
application of the proceeds thereof; (vi) release any other guarantor, person or
entity guarantying Borrower's Liabilities; and (vii) settle, release,
compromise, collect or otherwise liquidate Borrower's Liabilities or exchange,
enforce, sell, lease, use, maintain, impair and release any collateral or
security therefor in any manner, without affecting or impairing any of
Guarantor's Liabilities hereunder. Nothing contained in this Guaranty, except
the full and timely performance of the Covenants and the full and timely payment
of Borrower's Liabilities to the Bank, shall operate to discharge any of
Guarantor's Liabilities.

         B. Guarantor hereby unconditionally waives (i) notice of acceptance of
this Guaranty; (ii) notice of any default by Borrower in the full and prompt
performance of the Covenants or the full and prompt payment of Borrower's
Liabilities; (iii) presentment, notice of dishonor, protest, demand for payment
and any other notices of any kind; and (iv) any rights of set-off or
counterclaim against the Bank which would otherwise impair the Bank's rights
against Guarantors hereunder.

5.       INFORMATION.

         Guarantor assumes full responsibility for keeping informed of (A) the
financial condition of Borrower; (B) Borrower's Liabilities; and (C) all other
circumstances bearing upon Borrower or the risk of non-payment of Borrower's
Liabilities. Guarantor agrees that the Bank shall have no duty or obligation to
advise, furnish or supply Guarantor of or with any information known to the
Bank, including, but not limited to, Borrower's Liabilities, the financial
condition of Borrower, any other circumstances relating to non-payment of
Borrower's Liabilities or otherwise. If the Bank, in its sole discretion,
provides any advice or information to Guarantor, the Bank shall be under no
obligation to investigate the matters contained in such advice or information,
or to correct such advice or information if the Bank thereafter knows or should
have known that such advice or information is misleading or untrue, in whole or
in part, or to update or provide any other advice or information in the future.

                                      -3-
<PAGE>

6.       WAIVER OF GUARANTOR'S RIGHTS OF INDEMNIFICATION, SUBROGATION,
         CONTRIBUTION AND REIMBURSEMENT.

         Guarantor acknowledges and agrees that it may have a right of
indemnification, subrogation, contribution and reimbursement from Borrower based
upon its execution of this Guaranty. Guarantor understands the benefits of
having such rights, including, but not limited to, (A) Guarantor's right to
reimbursement from Borrower of all monies expended for the payment of Borrower's
Liabilities by Guarantor; and (B) Guarantor's subrogation to the rights of the
Bank after payment of Borrower's Liabilities. Guarantor knowingly and
voluntarily waives, releases and relinquishes its rights of indemnification,
subrogation, contribution and reimbursement from Borrower.

7.       REMEDIES UPON AN EVENT OF DEFAULT.

         Upon an Event of Default, Guarantor's Liabilities shall be immediately
due and payable by Guarantor, whether or not Borrower's Liabilities are then due
and payable or declared due and payable, and the Bank may, in its sole
discretion, exercise any of its rights or remedies provided in this Guaranty, at
law, in equity or otherwise; provided, however, if Guarantor is not a debtor in
any state or federal bankruptcy proceeding, the Bank shall be required to give
Guarantor notice of the occurrence of such Event of Default prior to Guarantor's
Liabilities becoming immediately due and payable by Guarantor hereunder. All of
the Bank's rights and remedies are cumulative and non-exclusive, and the
exercise by the Bank of any right or remedy shall not preclude the Bank from
subsequently exercising any other right or remedy, in any other respect or at
any other time.

8.       TERM OF GUARANTY.

         This Guaranty and Guarantor's Liabilities shall apply to all
transactions between Borrower and the Bank. This Guaranty may only be terminated
by Guarantor giving notice of such termination to the Bank in accordance with
Paragraph 10 hereof. Such notice of termination, however, shall not release or
affect any of Guarantor's Liabilities existing as of the effective date of such
termination.

9.       SUBORDINATION.

          Guarantor acknowledges and agrees that all indebtedness, obligations
or liabilities now and at any time or times hereafter owing by any Borrower to
Guarantor are hereby subordinated to the full and timely performance of the
Covenants and the full and timely payment of Borrower's Liabilities to the Bank.
Guarantor will not accept any payments on the indebtedness, obligations or
liabilities of Borrower due and owing to Guarantor until Borrower's Liabilities
to the Bank have been fully paid and satisfied. If Guarantor receives any
payments on account of such indebtedness, obligations or liabilities from
Borrower in violation of this Guaranty, Guarantor shall receive and hold such
payments in trust for the benefit of and as the property of the Bank, and shall
immediately deliver all such payments to the Bank.

10.      NOTICE.

         Any and all notices, demands, requests, consents, designations, waivers
and other communications required or desired hereunder shall be in writing and
shall be deemed effective upon personal delivery, upon confirmed facsimile
transmission, upon receipted delivery by overnight carrier, or three (3) days
after mailing if mailed by registered or certified mail, return receipt
requested, postage prepaid, to Guarantor or the Bank at the following addresses
or facsimile numbers or such other address or facsimile number as Guarantor or
the Bank specify in like manner; provided, however, that notices of termination
of this Guaranty and notices of a change of address or facsimile number shall be
effective only upon receipt thereof.

                                      -4-
<PAGE>

<TABLE>

  <S>                                         <C>
  If to Guarantor, then to:                   If to the Bank, then to:

     RoweCom Inc.                                 American National the Bank and Trust
     15 Southwest Park                              Company of Chicago
     Westwood, Massachussets 02090                IL1-1458
     Attention: Dr. Richard Rowe                  120 S. LaSalle Street, 8th Floor
     Facsimile Number: (617) 661-9440             Chicago, Illinois 60603
                                                  Attention: Mr. Dennis Harrison
                                                  Facsimile No.: (312) 661-3530

  with a copy to:                                 with a copy to:

     Bingham Dana LLP                             Fagel & Haber
     150 Federal Street                           140 South Dearborn Street
     Boston, Massachusetts                        Suite 1400
     Attention: Matthew Furlong, Esq.             Chicago, Illinois 60603
     Facsimile No.: (617) 951-8736                Attention: Victor A. Des Laurier, Esq.
                                                  Facsimile No.: (312) 580-2201
</TABLE>

11. APPLICATION OF PAYMENTS.

    Guarantor hereby agrees that all payments to the Bank made by or on behalf
of Borrower, including, without limitation, payments from Guarantor, may be
applied and reapplied, in whole or in part, to any of Borrower's Liabilities or
Guarantor's Liabilities as the Bank sees fit in its sole discretion.

12. REPRESENTATIONS, WARRANTIES AND COVENANTS. Guarantor represents, warrants
and covenants unto the Bank that: (A) Guarantor is and at all times hereafter
shall be a corporation duly organized and existing and in good standing under
the laws of the State of Delaware; (B) Guarantor has the right, power and
capacity and is duly authorized and empowered to enter into, execute, deliver
and perform this Guaranty; and (C) the execution, delivery and performance by
Guarantor of this Guaranty shall not, by the lapse of time, the giving of notice
or otherwise, constitute a violation of any applicable law or breach of any
provision contained in Guarantor's Articles of Incorporation or By-Laws, or
contained in any agreement, instrument or document to which Guarantor is now or
hereafter a party or by which it is or may become bound.

13. REPORTING. From time to time hereafter, Guarantor covenants to promptly
deliver to the Bank, such information, financial or otherwise, as the Bank may
reasonable request.

14. CONSTRUCTION.

    A. This Guaranty shall be interpreted, construed and governed by and under
the laws of the State of Illinois. Wherever possible, each provision of this
Guaranty shall be interpreted in such manner as to be valid and enforceable
under applicable law, but if any provision of this Guaranty is held to be
invalid or unenforceable by a court of competent jurisdiction, such provision
shall be severed herefrom and such invalidity or unenforceability shall not
affect any other provision of this Guaranty, the balance of which shall remain
in and have its intended full force and effect. Provided, however, if such
provision may be modified so as to be valid and enforceable as a matter of law,
such provision shall be deemed to be modified so as to be valid and enforceable
to the maximum extent permitted by law.

                                      -5-
<PAGE>

    B. The Paragraph headings contained in this Guaranty are solely for the
purpose of reference, are not part of the agreement between Guarantor and the
Bank, and shall not in any way affect the meaning or interpretation of this
Guaranty or any Paragraph. This Guaranty shall be binding on Guarantor and upon
the successors of Guarantor, its affiliates, divisions and shareholders, as the
case may be, and shall inure to the benefit of the Bank, its successors,
assigns, affiliates, divisions, parents and shareholders, and may be assigned by
the Bank without notice to Guarantor. This Guaranty may not be assigned by
Guarantor.

    C. No failure to exercise, and no delay in exercising, any right, power or
privilege hereunder shall operate as a waiver thereof. No waiver of any breach
of any provision shall be deemed to be a waiver of any preceding or succeeding
breach of the same or any other provision. No extension of time for performance
of Guarantor's Liabilities or any other obligation or act hereunder or under any
other agreement shall be deemed to be an extension of the time for performance
of any other obligation or any other act. This Guaranty may not be altered,
changed, amended or modified except by an agreement in writing signed by the
Bank and Guarantor.

    D. All references to Borrower shall mean Turner, McGregor and Faxon, both
individually and collectively, and jointly and severally.

15. CONSENT TO JURISDICTION.

    Guarantor and the Bank irrevocably agree, and hereby consent and submit to
the non-exclusive jurisdiction of the Circuit Court of Cook County, Illinois,
and the United States District Court for the Northern District of Illinois,
Eastern Division, with regard to any litigation, actions or proceedings arising
from, relating to or in connection with Borrower's Liabilities, the Covenants,
Guarantor's Liabilities, this Guaranty or any collateral or security therefor.
Guarantor hereby waives any right Guarantor may have to transfer or change the
venue of any litigation, actions or proceedings filed in the Circuit Court of
Cook County, Illinois, or the United States District Court for the Northern
District of Illinois, Eastern Division.

16. SERVICE OF PROCESS.

    GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND CONSENTS
THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY CERTIFIED MAIL, RETURN RECEIPT
REQUESTED, DIRECTED TO THE BORROWERS AS SET FORTH HEREIN IN THE MANNER PROVIDED
BY APPLICABLE STATUTE, LAW, RULE OF COURT OR OTHERWISE.

17. WAIVER OF JURY TRIAL.

    GUARANTOR AND THE BANK EACH HEREBY ABSOLUTELY AND UNCONDITIONALLY WAIVE
THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IN CONNECTION WITH ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION ARISING UNDER OR RELATING TO THIS GUARANTY,
GUARANTOR'S LIABILITIES OR BORROWER'S LIABILITIES, OR ANY OTHER INSTRUMENT,
DOCUMENT OR AGREEMENT EXECUTED AND DELIVERED IN CONNECTION THEREWITH OR RELATED
THERETO.

                                      -6-
<PAGE>

    IN WITNESS WHEREOF, Guarantor has duly executed this Guaranty on the day and
year first above written.

                                            ROWECOM, INC.,
                                            a Delaware corporation

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

                                      -7-
<PAGE>

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