Document:

Exhibit 10.2

                             SECURED PROMISSORY NOTE

$910,000                                                         August 17, 2001

     FOR VALUE RECEIVED, Educational Video Conferencing, Inc. ("EVCI" or
"Maker"), with offices at 35 East Grassy Sprain Road, Suite 200, Yonkers, NY
10710, promises to pay Amaranth Trading LLC, Seneca Capital International, Ltd.,
Seneca Capital, L.P., Merced Partners Limited Partnership, and Lakeshore
International, Ltd., (each, a "Payee" and collectively, the "Payees"), the
aggregate amount of NINE HUNDRED AND TEN THOUSAND DOLLARS ($910,000); the
specific amount owed to each such party by EVCI is set forth on Schedule 1
attached hereto.

     This Note shall be due and payable in full in cash only on September 22,
2003, together with interest at the rate of 5% per annum, which interest shall
be payable, at EVCI's option, in cash or in shares of EVCI's common stock;
provided, however, (i) EVCI shall have the option to pay such interest in shares
of EVCI's common stock only if EVCI's common stock is quoted or listed or
admitted to trading on NASDAQ or another national securities exchange or
quotation system and (ii) to the extent payment in shares of EVCI's common stock
would result in a Payee being deemed the "beneficial owner" of more than 9.99%
of the then outstanding shares of EVCI's common stock, then EVCI shall not have
the right to pay, and such Payee shall not have the obligation to accept payment
of, such dividend in shares of EVCI's common stock. For such purposes, the per
share price of EVCI's common stock shall be the 10-day average closing bid
prices as reported on NASDAQ for the period of 10 consecutive trading days
ending on the date of determination, provided, however, if EVCI's common stock
is not listed or admitted to trading on NASDAQ, as reported on the principal
national security exchange or quotation system on which EVCI's common stock is
quoted or listed or admitted to trading. This Note shall be paid by wire
transfer to an account(s) designated by the Payees.

     By signing this Note under the caption "Agreed and Accepted", Amaranth
Trading LLC (`Amaranth"), Seneca Capital International, Ltd., Seneca Capital ,
L.P., Merced Partners Limited Partnership, and Lakeshore International, Ltd.

<PAGE>

each irrevocably agree that Amaranth is its exclusive agent for the collection
of this Note and that Amaranth is hereby authorized and directed to enforce all
of the Payees' rights hereunder and under the Escrow Agreement, as hereinafter
defined, as it deems appropriate, in its sole discretion, including but not
limited to, the collection from EVCI of the total amount due hereunder and the
distribution to each of them of their pro rata share of such amount, as set
forth in Schedule 1 attached hereto..

     Maker, at its option, at any time may prepay in cash all or any part of
this Note, together with accrued interest to the date of such payment, without
penalty or premium.

     If (i) Maker shall default in the payment when due of any amount under this
Note, or (ii) Maker shall make an assignment for the benefit of creditors, or
(iii) any petition or proceeding for any relief under any bankruptcy,
reorganization, arrangement, insolvency, readjustment or debt, receivership,
liquidation or dissolution, by law or statute now or hereafter in effect
(whether at law or in equity) is filed by or commenced by or against Maker, or
any of its property, or if any custodian, trustee or receiver is appointed for
such event, and any of the foregoing is not dismissed within 15 days, or (iv)
Maker shall, without written consent of Payees, cause to be issued any
additional capital stock of Interboro other than the Interboro Shares (each as
defined below), or (v) any representation made by Maker or Interboro herein
shall prove to be false, or (vi) Maker or Interboro shall be in default of any
of its obligations or warranties hereunder. in addition to all other rights and
remedies of the Payees under applicable law or otherwise, the Payees may, at
their option, declare this Note to be due and payable immediately, whereupon the
maturity of this Note shall be accelerated and this Note shall forthwith become
due and payable.

     All amounts which are not paid when due hereunder shall bear interest,
payable on demand, at the rate of 10% per annum, but in no event higher than the
maximum rate of interest permitted by law.

     All references in this Note to the Payees shall be deemed to include any
subsequent holder of this Note. This Note is secured by 100 shares of common
stock of Interboro Institute, Inc. ("Interboro"), which Maker hereby represents
constitutes all of the issued and outstanding capital stock of Interboro (the

                                       2
<PAGE>

"Interboro Shares") and by the grant of a first priority security interest to
the Payees by Interboro in all of its assets for good, valuable and acknowledged
consideration. Maker hereby waives demand for payment, notice of nonpayment,
presentment, notice of dishonor, protest, notice of protest, or any other
notice.

     Maker also hereby waives with respect to this Note: (i) the right to a
trial by jury; (ii) all rights of setoff and deduction; (iii) all rights to
interpose defenses, including, but not limited to, defenses based upon any
statute of limitations; (iv) any claim of laches; and (v) all counterclaims and
cross-claims. The liability of Maker hereunder shall be absolute and
unconditional. No waiver by the Payees of timely payment in any instance
hereunder shall be construed as a waiver of timely payment in any other
instance.

     As collateral security for the payment of this Note, Maker does hereby
pledge, hypothecate, assign, transfer, set over towards the Payees and grant to
the Payees a security interest in the Interboro Shares (together with the
certificates representing the Interboro Shares, and all cash, securities and
other property at any time and from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of the
Interboro Shares, the "Pledged Shares") and Maker hereby agrees to deliver the
Pledged Shares to Fischbeino Badilloo Wagnero Harding(the "Escrow Agent"), as
escrow agent, whom Maker and the Payees hereby agree will hold such shares
pursuant to the terms of the Escrow Agreement attached hereto as Exhibit A-1.

     The Payees hereby agree that the Maker may, at its option, deliver a letter
of credit in favor of the Payees, in form and substance reasonably acceptable to
the Payees, as substitute collateral security for the payment of this Note, in
which event the Payees agree that the Pledged Shares shall no longer constitute
collateral under this Note, the security interest therein shall be released and
the Pledged Shares shall be released from escrow and delivered by the Escrow
Agent to EVCI.

     The Payees shall not be entitled to exercise any voting and/or consensual
powers pertaining to the Pledged Shares or any part thereof until Maker shall
default in any payment of this Note as and when the same shall become due and

                                       3
<PAGE>

payable, whereupon the Payees shall immediately, and without notice to Maker, be
entitled to exercise such powers.

     Upon default in the payment by Maker of this Note, subject to applicable
securities laws, the Payees may exercise in respect of the Pledged Shares, in
addition to other rights and remedies provided for herein or otherwise available
to the Payees, all the rights and remedies of a secured party on default under
the Uniform Commercial Code in effect in the State of New York at that time.

     This Note in all respects shall be governed by and construed in accordance
with the substantive laws of the State of New York and shall be binding upon
Maker and Maker's legal representatives, successors and assigns.

     All notices, requests or other communications given or made hereunder shall
be in writing and shall be delivered by hand (which shall include an overnight
courier service), against written receipt, sent by facsimile transmission,
receipt confirmed, or mailed by registered or certified mail, return receipt
requested, postage prepaid, to the party at its address set forth in the Escrow
Agreement. Notices shall be deemed given on the date of receipt or, if mailed,
five business days after mailing, except notices of change of address, which
shall be deemed given when received.

     By its signature below under the caption "Agreed and Accepted", and subject
to the subordination below, Interboro hereby guarantees the performance by Maker
of its obligations under this Note (and in connection with such guarantee waives
any rights of exhaustion of remedies against Maker) and, in order to secure its
obligations under such guarantee, grants to the Payees a first priority security
interest in and lien upon all of the assets of Interboro, together with all
proceeds therefrom (collectively, the "Collateral"), to secure payment of this
Note when due. Interboro authorizes the Payees to file a financing statement
describing the Collateral and represents and warrants that Interboro is a New
York corporation and that substantially all of its assets are located in the
State of New York. The Payees agree to provide Interboro with a copy of such
financing statement promptly after filing. The Payees' security interest in the
Collateral shall be subordinate only to the rights of the following creditors of
Interboro (each, a "Senior Creditor") to receive payment in full of the total
amount indicated

                                       4
<PAGE>

opposite the identification of such Senior Creditor(s) before the Payees have
any right to receive payment of any amount due under this Note out of the
Collateral, upon exercise of the Payees' rights and remedies, following a
default in payment of this Note when due, and whether or not such Senior
Creditors of Interboro have perfected security interests in the Collateral:

          Senior                                                    Total
          Creditor                                                  Amount

          Bruce R. Kalisch                                          $1,000,000

          Such creditors as Interboro shall, by written             $2,000,000
          notice to Amaranth, designate as Senior Creditors
          (along with, in each case, the amount of
          indebtedness in respect of which the designation is
          being made), the total amount of designated
          indebtedness to such Senior Creditors not to exceed
          in the aggregate over all such designations the amount
          set forth to the right hereof; provided that the total
          amount of indebtedness under a revolving loan
          shall be the stated limit thereof

     The Payees agree not to take any action in contravention of such
subordination and Interboro agrees that, without the consent of the Payees
entitled to 2/3 of the total amount payable under this Note, Interboro will not
effect any sale, lease, assignment, transfer or other conveyance of all or
substantially all of the assets of Interboro except to the extent the grant of a
security interest to a Senior Creditor is permitted by the subordination
provisions of this Note. The Payees also agree that, while the foregoing
subordination provisions are self-operating, the Payees will execute and deliver
a subordination agreement in customary form and permit the filing of appropriate
financing statements that are requested by any Senior Creditor in order to give
it with a perfected security interest in the Collateral that is senior only to
the Payees' security interest in the Collateral.

     Any and all unresolved disputes, claims or controversies arising out of or
relating to the subordination provisions of this Note shall be submitted to
final and binding arbitration in New York City before JAMS, or its successor,
pursuant to the United States Arbitration Act, 9 U.S.C. Sec. 1 et seq. A party
may commence such arbitration process by filing a written demand for arbitration
with JAMS, with a copy to the other parties. The arbitration will be conducted

                                       5
<PAGE>

in accordance with the provisions of JAMS' Streamlined Arbitration Rules and
Procedures in effect at the time of filing of the demand for arbitration. The
parties to the arbitration will cooperate with JAMS and with one another in
selecting an arbitrator from JAMS' panel of neutrals, and in scheduling the
arbitration proceedings so that a final determination can be made within 30 days
after submission to arbitration. The parties to the arbitration covenant that
they will participate in the arbitration in good faith, and that they will share
equally in its costs. However, once an award is entered, the losing party shall
be responsible for paying all of the winner's reasonable costs and expenses of
the arbitration, including attorneys' fees. The provisions of this paragraph may
be enforced by any court of competent jurisdiction, and the party seeking
enforcement shall be entitled to an award of all costs, fees and reasonable
expenses, including attorneys' fees, to be paid by the party against whom
enforcement is ordered.

                             SIGNATURE PAGES FOLLOW

                                       6
<PAGE>

     IN WITNESS WHEREOF, the parties have executed and delivered this Note as of
the date first above.

EDUCATIONAL VIDEO CONFERENCING, INC.

By: /s/ Dr. Arol I. Buntzman
   ----------------------------------
   Dr. Arol I. Buntzman, Chairman & CEO

Agreed and Accepted

INTERBORO INSTITUTE, INC.

By: /s/ Dr. Arol I. Buntzman
   ----------------------------------
   Dr. Arol I. Buntzman, Chairman

AMARANTH TRADING LLC

By:  Amaranth Advisors, LLC
     (Managing Member)

     By:  /s/ Nicholas M. Maounis
        -----------------------------
         Name:  Nicholas M. Maounis
         Title:    Managing Member

                                       7
<PAGE>

SENECA CAPITAL INTERNATIONAL, LTD.

By: /s/ Michael Rosenthal
   ----------------------------------
   Name:  Michael Rosenthal
   Title: Partner

SENECA CAPITAL, L.P.

By: /s/ Michael Rosenthal
   ----------------------------------
   Name:  Michael Rosenthal
   Title: Partner

MERCED PARTNERS LIMITED PARTNERSHIP

By:  Global Capital Management, Inc.,
     General Partner

     By: /s/ Julie K. Braun
        -----------------------------
        Name:  Julie K. Braun
        Title: Vice President

LAKESHORE INTERNATIONAL, LTD.

By:  Hunter Capital Management, L.L.C.,
     Investment Manager

By:  Global Capital Management, Inc.
     Member

     By: /s/ Julie K. Braun
        -----------------------------
        Name:  Julie K. Braun
        Title: Vice President

                                       8

<PAGE>

                                   SCHEDULE 1

                     PAYEE                                 SPECIFIC AMOUNT OWED
                                                           UNDER THIS NOTE

             AMARANTH TRADING LLC                                 $700,700

             SENECA CAPITAL INTERNATIONAL, LTD.                   $91,000

             SENECA CAPITAL, L.P.                                 $45,500

             MERCED PARTNERS LIMITED PARTNERSHIP                  $36,400

             LAKESHORE INTERNATIONAL, LTD.                        $36,400

                                       9Exhibit 10.3

                                ESCROW AGREEMENT

                                 August 17, 2001

Fischbein Badillo Wagner Harding
909 Third Avenue, 18th Floor
New York, New York 10022
Attention:  Joseph D. Alperin, Esq.

Ladies and Gentlemen:

     Reference is hereby made to that certain Secured Promissory Note, dated
today and in the aggregated principal amount of $910,000 (the "Note"), issued by
Educational Video Conferencing, Inc. ("EVCI" or the "Pledgor") in favor of
Seneca Capital International, Ltd. ("Seneca Int'l"), Seneca Capital , L.P.
("Seneca"), Merced Partners Limited Partnership ("Merced"), Lakeshore
International, Ltd. ("Lakeshore") and Amaranth Trading LLC ("Amaranth")
(collectively, the "Pledgee"), pursuant to which, upon the terms and subject to
the conditions set forth therein, EVCI has agreed to deposit the Pledged Shares
into escrow to secure payment of the amount due under the Note. Pursuant to the
letter agreement among EVCI and the Pledgee, dated today (the "Agreement") EVCI
has agreed to deposit the Note into escrow. All capitalized terms used and not
defined herein have the respective meanings assigned to them in the Note.

     By execution of this Agreement, each of Amaranth, Seneca Int'l, Seneca,
Merced and Lakeshore confirm the appointment of Amaranth as its exclusive agent
for the collection of the Note and the enforcement of all of their rights under
the Note and under this Escrow Agreement, as Amaranth deems appropriate, in its
sole discretion, including but not limited to, the collection from EVCI of the

<PAGE>

total amount due under the Note and the distribution to each of them of their
pro rata share of such amount, and each hereby authorizes the Escrow Agent to
accept instructions from Amaranth as if such instructions where given by each of
them.

     In accordance with the terms and subject to the conditions specified in
this Escrow Agreement, Fischbein Badillo Wagner Harding, in its capacity as
escrow agent (the "Escrow Agent"), is hereby authorized and directed to accept
the delivery of and to hold in escrow the Note and the Pledged Shares, in each
case in accordance with the following:

     1. The Escrow Agent shall deliver the Note to Amaranth promptly after
October 10, 2001 provided Escrow Agent has not received an affidavit of EVCI
stating that the Agreement is null and void pursuant to paragraph 4 of the
Agreement and that a copy of such affidavit has been given to Amaranth in
accordance with this Agreement. If Escrow Agent receives such an affidavit by
the close of business on October 10, 2001, it shall cancel and deliver the Note
to EVCI promptly. If either Amaranth or EVCI objects to delivery of the Note to
the other by written notice to Escrow Agent, Escrow Agent shall continue to hold
the Note in escrow in accordance with Section 8 hereof.

     2. The Escrow Agent shall, as promptly as practicable, notify Amaranth of
its receipt from EVCI of the Pledged Shares. EVCI hereby agrees to deliver to
the Escrow Agent, to be held in escrow hereunder, all cash, securities and other
property at any time and from time to time received, receivable or otherwise
distributed to any person in respect of or in exchange for any or all of the
Pledged Shares. Upon satisfaction of the Note, EVCI shall be entitled to prompt
return of all of the Pledged Shares, to or at the direction of EVCI, which have
not been used or applied toward satisfaction of the Note.

                                       2
<PAGE>

     3. In the event EVCI fails to pay the total amount owed under the Note when
due, whether on maturity or as a result of acceleration by the Payee:

          (a) Pledgee may deliver to the Escrow Agent an affidavit of Pledgee
demanding delivery of the Pledged Shares to Pledgee. Thereafter, the Escrow
Agent shall promptly furnish to EVCI a copy of such affidavit. Unless the Escrow
Agent receives from EVCI an affidavit of the President or Chief Financial
Officer of EVCI unequivocally refuting Pledgee's affidavit within five (5)
business days of providing a copy of Pledgee's affidavit to EVCI, the Escrow
Agent shall immediately deliver the Pledged Shares to Pledgee.

          (b) Thereafter, Pledgee may exercise in respect of the Pledged Shares,
in addition to other rights and remedies provided for in the Note or otherwise
available to Pledgee, all the rights and remedies of a secured party on default
under the Uniform Commercial Code in effect in the State of New York at that
time.

          (c) If the Escrow Agent shall have timely received the affidavit from
the Pledgor described in Section 1(a) hereof, the Escrow Agent shall continue to
hold the Pledged Shares until otherwise authorized and directed to distribute
the Pledged Shares (i) pursuant to a joint written instruction received by it
and signed by EVCI and the Pledgee or (ii) pursuant to a final and
non-appealable judgment, order, decree or award of a court of competent
jurisdiction ("Court Order") which is received by the Escrow Agent and which
Court Order is accompanied by an opinion of counsel for the party presenting the
Court Order to the Escrow Agent (which opinion shall be satisfactory to the
Escrow Agent) to the effect that the court issuing the Court Order has competent
jurisdiction and that the Court Order is final and non-appealable.

                                       3
<PAGE>

          (d) Pledgee hereby agrees that EVCI may, at its option, deliver to
Pledgee a letter of credit in favor of the Pledgee, in form and substance
reasonably acceptable to the Pledgee, as substitute collateral security for the
payment of the Note, in which event the Pledgee agrees that it will cooperate
with EVCI to deliver joint instructions to the Escrow Agent to the effect that
the Pledged Shares shall no longer constitute collateral under the Note, the
security interest therein shall be released and the Pledged Shares shall be
released from escrow and delivered by the Escrow Agent to EVCI.

          (e) Pledgee agrees that it will consider requests, other than that
described in Section 1(d) hereof, that may be made by EVCI from time to time for
substitution of collateral hereunder, and EVCI acknowledges that Pledgee is
under no obligation to grant such requests.

     4. The Escrow Agent shall be entitled to rely upon, and shall be fully
protected from, all liability, loss, cost, damage or expense in acting or
omitting to act pursuant to, any instruction, order, judgment, certification,
affidavit, demand, notice, opinion, instrument or other writing delivered to it
hereunder without being required to determine the authenticity of such document,
the correctness of any fact stated therein, the propriety of the service thereof
or the capacity, identity or authority of any party purporting to sign or
deliver such document. Reference below to the Pledged Shares be deemed to
include the Note, unless the context requires otherwise.

     5. The duties of the Escrow Agent are only as herein specifically provided,
and are purely ministerial in nature. The Escrow Agent shall neither be
responsible for or under, nor chargeable with any knowledge of, the terms and
conditions of any other agreement, instrument or document in connection herewith

                                       4
<PAGE>

and shall be required to act in respect of the Pledged Shares only as provided
in this Escrow Agreement. This Escrow Agreement sets forth all the obligations
of the Escrow Agent with respect to any and all matters pertinent to the escrow
contemplated hereunder and no additional obligations of the Escrow Agent shall
be implied from the terms hereof or any other agreement or instrument. The
Escrow Agent shall incur no liability in connection with the discharge of its
obligations hereunder or otherwise in connection therewith, except such
liability as may arise from the gross negligence or willful misconduct of the
Escrow Agent.

     6. The Escrow Agent may consult with counsel of its choice, which may
include attorneys in the firm of Fischbein Badillo Wagner Harding, and shall
not be liable for any action taken or omitted to be taken by the Escrow Agent in
accordance with the advice of such counsel.

     7. The Escrow Agent shall not be bound by any modification, cancellation or
rescission of this Escrow Agreement unless such modification, cancellation or
rescission is in writing and signed by the Escrow Agent.

     8. The Escrow Agent is acting as a stakeholder only with respect to the
Pledged Shares. If any dispute arises as to whether the Escrow Agent is
obligated to deliver the Pledged Shares or as to whom the Pledged Shares are to
be delivered or the amount or timing thereof, the Escrow Agent shall not be
required to make any delivery, but in such event the Escrow Agent may hold the
Pledged Shares until receipt by the Escrow Agent of instructions in writing,
signed by all parties which have, or claim to have, an interest in the Pledged
Shares, directing the disposition of the Pledged Shares, or in the absence of
such authorization, the Escrow Agent may hold the Pledged Shares until receipt
of a certified copy of a final judgment of a court of competent jurisdiction
providing for the disposition of the Pledged Shares. The Escrow Agent may
require, as a condition to the disposition of the Pledged Shares pursuant to
written instructions, indemnification and/or opinions of counsel, in form and
substance satisfactory to the Escrow Agent, from each party providing such
instructions. If such written instructions, indemnification and opinions are not
received, or proceedings for such determination are not commenced, within 30
days after receipt by the Escrow Agent of notice of any such dispute and
diligently continued, or if the Escrow Agent is uncertain as to which party or
parties are entitled to the Pledged Shares, the Escrow Agent may either (i) hold
the Pledged Shares until receipt of (x) such written instructions and
indemnification or (y) a certified copy of a final judgment of a court of
competent jurisdiction providing for the disposition of the Pledged Shares; or
(ii) deposit the Pledged Shares in the registry of a court of competent
jurisdiction; provided, however, that notwithstanding the foregoing, the Escrow
Agent may, but shall not be required to, institute legal proceedings of any
kind.

     9. EVCI agrees to reimburse the Escrow Agent on demand for, and to
indemnify and hold harmless the Escrow Agent from, against and with respect to,
any and all loss, liability, damage, claim or expense (including, without
limitation, attorneys' fees and costs) that the Escrow Agent may suffer or incur
in connection with agreeing to this Escrow Agreement and the performance of its
obligations hereunder or otherwise in connection therewith, except to the extent
such loss, liability, damage, claim or expense arises from the gross negligence
or willful misconduct of the Escrow Agent. Without in any way limiting the
foregoing, the Escrow Agent shall be reimbursed for the cost of all legal fees
and costs incurred by it in acting as the Escrow Agent hereunder (which may
include fees and costs of legal services provided by attorneys in the firm of
Fischbein Badillo Wagner Harding), based

                                       6
<PAGE>

on the normal hourly rates in effect at the time services are rendered. The
Escrow Agent shall have the right at any time and from time from time to charge,
and reimburse itself from, the Pledged Shares for all amounts to which it is
entitled pursuant to this Escrow Agreement.

     10. The Escrow Agent and any successor escrow agent may at any time resign
as such by delivering the Pledged Shares to either (i) any successor escrow
agent designated in writing by all the parties hereto (other than the Escrow
Agent), or (ii) any court having competent jurisdiction. Upon its resignation
and delivery of the Pledged Shares as set forth in this paragraph 10, the Escrow
Agent shall be discharged of, and from, any and all further obligations arising
in connection with the escrow contemplated by this Escrow Agreement.

     11. If the Escrow Agent requires any further instruments or instructions to
effectuate this Escrow Agreement or obligations in respect hereof, the necessary
parties hereto shall join in furnishing the same.

     12. The Escrow Agent shall have the right to represent EVCI in any dispute
between the parties hereto with respect to the Pledged Shares or otherwise.

     13. This Escrow Agreement shall inure to the benefit of, and be binding
upon, the parties hereto and their respective successors and assigns. Nothing
contained herein, express or implied, shall give to anyone, other than the
parties hereto and their respective permitted successors and assigns, any
benefit, or any legal or equitable right, remedy or claim, under or in respect
of this Escrow Agreement or the escrow contemplated hereby.

                                       7
<PAGE>

     14. All notices and other communications hereunder shall be in writing and
shall be deemed to have been given when delivered by hand (which shall include
delivery by Federal Express or similar service) or upon receipt or two days
after mailing when mailed by registered or certified mail (return receipt
requested), postage prepaid, to the parties at the following addresses (or at
such other address for a party as shall be specified by like notice):

                  (a) if to EVCI, to:

                      Educational Video Conferencing, Inc.
                      35 East Grassy Sprain Road
                      Yonkers, New York 10710
                      Attention: Dr. Arol I. Buntzman, Chairman
                      (914) 787-3500
                      (914) 395-3498 (Fax)
                  (b) if to the Pledgee, to:

                      Amaranth Trading LLC
                      Two American Lane
                      Greenwich, Connecticut 06836-2571
                      Attention:  Michael S. Katz, Esq.
                      (203) 862-8000
                      (203) 861-3210 (Fax)

                  (c) if to the Escrow Agent, to:

                      Fischbein Badillo Wagner Harding
                      909 Third Avenue, 18th Floor
                      New York, New York 10022
                      Attention:  Joseph D. Alperin, Esq.
                      (212) 453-3708
                      (212) 644-3601 (Fax)

     15. This Escrow Agreement shall be governed by and construed and enforced
in accordance with the laws of the State of New York, without regard to the
conflicts of law doctrine of such state. All actions against the Escrow Agent
arising under or relating to this Agreement shall be brought against the Escrow
Agent exclusively in the appropriate court in the County of New York, State of
New York. Each of the parties hereto agrees to submit to personal jurisdiction

                                       8
<PAGE>

and to waive any objection as to venue in the County of New York, State of New
York. Service of process on any party hereto in any action arising out of or
relating to this Escrow Agreement shall be effective if mailed to such party as
set forth in the immediately preceding paragraph.

     16. TO THE FULL EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR
IN CONNECTION WITH THIS ESCROW AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO.
THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE ESCROW AGENT ENTERING INTO THIS
ESCROW AGREEMENT.

     17. This Escrow Agreement may be executed in counterparts, each of which
shall constitute an integral original part of one and the same original
instrument.

     18. All pronouns and any variations thereof shall be deemed to refer to the
masculine, feminine or neuter, singular or plural, as the identity of the
parties hereto taken within context may require.

     19. The rights of the Escrow Agent contained herein, including, without
limitation, the right to indemnification, shall survive the resignation of the
Escrow Agent and the termination of the escrow contemplated hereunder.

                                       9

<PAGE>

     If the foregoing correctly sets forth the understanding between EVCI and
the Pledgee, please so indicate in the space provided below for that purpose,
whereupon this letter shall constitute a binding agreement between us.

                                        Very truly yours,

                                        EDUCATIONAL VIDEO CONFERENCING, INC.

                                        By:  /s/ Dr. Arol I. Buntzman
                                             -------------------------------
                                             Name:  Dr. Arol I. Buntzman
                                             Title: Chairman and CEO
AMARANTH TRADING LLC

By:  Amaranth Advisors, LLC
     (Managing Member)

     By:  /s/ Micholas M. Maounis
        ------------------------------
         Name:  Nicholas M. Maounis
         Title:    Managing Member

SENECA CAPITAL INTERNATIONAL, LTD.

By: /s/ Michael Rosenthal
   -----------------------------------
     Name:  Michael Rosenthal
     Title: Partner

SENECA CAPITAL, L.P.

By: /s/ Michael Rosenthal
   -----------------------------------
     Name:  Michael Rosenthal
     Title: Partner

MERCED PARTNERS LIMITED PARTNERSHIP

By:  Global Capital Management, Inc.,
     General Partner

     By: /s/ Julie K. Braun
        ------------------------------
         Name:  Julie K. Braun
         Title: Vice President

                                       10
<PAGE>

LAKESHORE INTERNATIONAL, LTD.

By:  Hunter Capital Management, L.L.C.,
     Investment Manager

By:  Global Capital Management, Inc.
     Member

     By:  /s/ Julie K. Braun
        -----------------------------
         Name:  Julie K. Braun
         Title: Vice President

ACCEPTED AS OF THE DATE FIRST ABOVE WRITTEN:

FISCHBEIN BADILLO WAGNER HARDING

 By:   /s/ Joseph D. Alperin
      -------------------------------
      Joseph D. Alperin
      Partner

                                       11

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