Document:

EXHIBIT 10.7

                             SECURED LOAN AGREEMENT

         THIS SECURED LOAN AGREEMENT  ("Agreement")  is made effective as of the
14th day of December,  2001, by and between  ACCESSPOINT  CORPORATION,  a Nevada
corporation  ("APC"),  and PROCESSING  SOURCE  INTERNATIONAL.  INC, a California
corporation  ("PSI")  (collectively,  "Debtors"),  on  the  one  hand,  and  NET
INTEGRATED SYSTEMS LTD., a Bermuda  corporation  ("Lender"),  on the other hand.
Debtors and/or Lender are sometimes herein referred to individually as a "party"
and collectively as the "parties."

                                 R E C I T A L S
                                 - - - - - - - -

         WHEREAS,  Debtors  and Lender are  entering  into a  Revolving  Line of
Credit  Secured  Promissory  Note ("Note")  contemporaneously  herewith  whereby
Lender  intends to loan certain  monies to Debtors on a revolving  credit basis;
and

         WHEREAS,  Debtors  and Lender  desire to enter into this  Agreement  in
order to provide collateral for the Note;

         NOW,  THEREFORE,  in consideration of the mutual covenants contained in
this Agreement,  and for other good and valuable consideration,  the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

1.       GENERAL  INTENT.  The mutual  intent of the  parties and the purpose of
this  Agreement  is to grant to Lender as broad a security  interest  as the law
permits in the assets of Debtors,  with  regard to which  Debtor  possesses  the
right to grant a  security  interest  hereunder  to Lender  and the grant of the
security  interest  contained  herein would not prejudice any existing  security
interest  or cause the breach of any  existing  agreement,  whether  tangible or
intangible,  real or personal,  presently owned or owned in the future, together
with all additions,  replacements and  substitutions  therefor,  and any and all
proceeds,  as defined in Section 9306 of the California  Uniform Commercial Code
of all or a part thereof.  To the extent the security interest granted herein to
Lender may pertain to property of Debtors as to which a prior security  interest
may have been  granted  by  Debtors,  and to the extent  the  security  interest
granted  herein to Lender does not  prejudice any such prior  existing  security
interest or cause the breach of any prior existing  security  agreement or other
agreement,  Lender  shall be deemed to have a junior  security  interest in such
property  as  collateral  with  respect  to any  such  prior  existing  security
interest.

2.       CREDIT EXTENSION ADVANCES.  Lender shall make credit extension advances
under the Note from time to time in lawful money of the United States of America
upon the request of Maker pursuant to the terms and conditions set forth in this
Note.  The foregoing  shall  include,  but not be limited to,  credit  extension
advances to fund monthly  operational  capital  requirements of Maker (including
its  subsidiaries).  These  advances  will be made in the best  interests of the
Maker pursuant to directives of the Board of Directors of the Company.

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3.       OBLIGATIONS SECURED.   This Agreement is  intended  to secure, and does
hereby secure, the payment,  in lawful money of the United States of America, to
the Lender, of the following:

         3.1.     The  obligations  (hereinafter referred to as the "Obligation"
or "Secured Obligations") of Debtors under the Note; and

         3.2.     Due, prompt and full payment of all other  amounts  (including
principal  and  interest,  additional  advances,  and any and all  renewals  and
extensions  of any  obligations)  now or  hereafter  owing by Debtors to Lender,
whether  Debtors'  obligation  to pay Lender said  amounts be direct,  indirect,
contingent,  joint,  several,  or otherwise secured and whether or not said sums
are evidenced by a promissory note or other written instrument; and

         3.3.     Due,  prompt and faithful   performance  of  all  of  Debtors'
obligations and agreements contained in this Agreement or any other agreement to
which Debtors are a party (or by which Debtors are bound) and to which Lender is
a party or of which Lender is a beneficiary.

4.       RELEASE OF COLLATERAL. Lender shall execute, acknowledge and deliver to
Debtors  such  financing   termination   statements  documents  as  Debtors  may
reasonably  request from time to time with regard to Collateral which is subject
to any pledge, assignment or security interest terminated hereunder.

5.       DEFINITIONS.   The  following terms shall have the following respective
meanings:

         "ACCOUNTS"  has the  meaning  assigned  to the term  "accounts"  in the
Uniform Commercial Code.

         "BANK"  has the  meaning  assigned  to the term  "bank" in the  Uniform
Commercial Code.

         "CERTIFICATED   SECURITY"   has  the  meaning   assigned  to  the  term
"certificated security" in the Uniform Commercial Code.

         "CHATTEL PAPER" has the meaning assigned to the term "chattel paper" in
the Uniform Commercial Code.

         "COLLATERAL" has the meaning assigned to that term in Section 6.

         "COMMERCIAL   TORT  CLAIM"  has  the  meaning   assigned  to  the  term
"commercial tort claim" in the Uniform Commercial Code.

         "CONTROL" has, with respect to Deposit Accounts,  Investment  Property,
Electronic  Chattel Paper and  Letter-of-Credit  Rights,  the respective meaning
assigned to the term "control" in the Uniform Commercial Code.

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         "COPYRIGHT COLLATERAL" shall mean all Copyrights,  whether now owned or
hereafter acquired by Debtors.

         "COPYRIGHTS" shall mean,  collectively,  (a) all copyrights,  copyright
registrations and applications for copyright registrations, (b) all renewals and
extensions of all  copyrights,  copyright  registrations  and  applications  for
copyright registration and (c) all rights, now existing or hereafter coming into
existence, (i) to all income,  royalties,  damages and other payments (including
in respect of all past, present or future infringements) now or hereafter due or
payable under or with respect to any of the foregoing, (ii) to sue for all past,
present and future  infringements with respect to any of the foregoing and (iii)
otherwise  accruing  under or pertaining to any of the foregoing  throughout the
world.

         "DAYS" shall mean  calendar  domestic  business  days and shall exclude
legal federal holidays, California state holidays, and weekends.

         "DEPOSIT  ACCOUNTS"  has the  meaning  assigned  to the  term  "deposit
accounts" in the Uniform Commercial Code.

         "DOCUMENTS"  has the meaning  assigned to the term  "documents"  in the
Uniform Commercial Code.

         "DOMESTIC  BUSINESS  DAYS"  shall mean the same as days,  above,  which
means calendar  domestic business days and shall exclude legal federal holidays,
California state holidays, and weekends.

         "ELECTRONIC  CHATTEL  PAPER"  has  the  meaning  assigned  to the  term
"electronic chattel paper" in the Uniform Commercial Code.

         "EQUIPMENT"  has the meaning  assigned to the term  "equipment"  in the
Uniform Commercial Code.

         "FINANCIAL  ASSETS"  has the meaning  assigned  to the term  "financial
assets" in the Uniform Commercial Code.

         "FIXTURES"  has the  meaning  assigned  to the term  "fixtures"  in the
Uniform Commercial Code.

         "GENERAL  INTANGIBLES"  has the meaning  assigned to the term  "general
intangibles" in the Uniform Commercial Code.

         "GOODS"  has the meaning  assigned  to the term  "goods" in the Uniform
Commercial Code.

         "GUARANTEED   OBLIGATIONS"   shall  mean  any  and  all   indebtedness,
liabilities,  and other obligations of Borrower (including,  but not limited to,
all such obligations in respect of principal, interest, fees, indemnities, costs

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and other  expenses,  whether due after  acceleration  or otherwise  and whether
incurred  before or after a  bankruptcy  of  Borrower),  of whatever  nature and
however  evidenced,  under  or  pursuant  to the  Notes  and/or  the  Management
Agreement,  in each case,  direct or indirect,  primary or  secondary,  fixed or
contingent, now or hereafter arising out of or relating to any such document.

         "INSTRUMENTS" has the meaning assigned to the term "instruments" in the
Uniform Commercial Code.

         "INTELLECTUAL PROPERTY" shall mean all Copyright Collateral, all Patent
Collateral  and all  Trademark  Collateral,  together  with (a) all  inventions,
processes,  production  methods,  proprietary  information,  know-how  and trade
secrets;  (b) all licenses or user or other  agreements  granted to Debtors with
respect to any of the foregoing,  in each case whether now or hereafter owned or
used, (c) all information,  customer lists,  identification of suppliers,  data,
plans,  blueprints,  specifications,   designs,  drawings,  recorded  knowledge,
surveys,  engineering  reports,  test  reports,  manuals,  materials  standards,
processing standards,  performance standards,  catalogs,  computer and automatic
machinery software and programs; (d) all field repair data, sales data and other
information   relating  to  sales  or  service  of  products  now  or  hereafter
manufactured;  (e) all accounting information and all media in which or on which
any  information  or  knowledge or data or records may be recorded or stored and
all computer  programs used for the compilation or printout of such information,
knowledge, records or data; (f) all Governmental Approvals now held or hereafter
obtained  by Debtors in respect of any of the  foregoing;  and (g) all causes of
action,  claims and  warranties  now owned or  hereafter  acquired by Debtors in
respect of any of the foregoing.  It is understood  that  Intellectual  Property
shall include all of the  foregoing  owned or acquired by Debtors on a worldwide
basis.

         "INVENTORY"  has the meaning  assigned to the term  "inventory"  in the
Uniform Commercial Code.

         "INVESTMENT  PROPERTY" has the meaning assigned to the term "investment
property" in the Uniform Commercial Code.

         "ISSUER" means any direct or indirect Subsidiary of Debtors that is the
issuer (as  defined  in the  Uniform  Commercial  Code) of any shares of capital
stock or partnership or other interests,  now owned or in the future acquired by
Debtors, as identified in Annex 1 under the caption "Issuer."

         "LETTER-OF-CREDIT   RIGHTS"  has  the  meaning  assigned  to  the  term
"letter-of-credit rights" in the Uniform Commercial Code.

         "MOTOR VEHICLES" shall mean motor vehicles,  of every description,  and
other like  property,  whether or not the title to any such property is governed
by a certificate of title or ownership.

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         "OPTION  AGREEMENT"  shall mean that certain stock option  agreement or
agreements  of even  date  herewith  whereby  certain  shareholders  of APC have
granted  Lender an option or options to purchase  their shares of common  voting
stock of APC.

         "PATENT  COLLATERAL"  shall  mean all  Patents,  whether  now  owned or
hereafter acquired by Debtors.

         "PATENTS"  shall  mean,  collectively,   (a)  all  patents  and  patent
applications, (b) all reissues, divisions,  continuations,  renewals, extensions
and  continuations-in-part  of all  patents or patent  applications  and (c) all
rights,  now existing or  hereafter  coming into  existence,  (i) to all income,
royalties,  damages,  and other  payments  (including  in  respect  of all past,
present and future  infringements) now or hereafter due or payable under or with
respect to any of the  foregoing,  (ii) to sue for all past,  present and future
infringements  with respect to any of the foregoing and (iii) otherwise accruing
under or pertaining to any of the foregoing throughout the world,  including all
inventions  and  improvements  described  or  discussed  in all such patents and
patent applications.

         "PAYMENT  INTANGIBLE"  has the meaning  assigned  to the term  "payment
intangible" in the Uniform Commercial Code.

         "PLEDGED OWNERSHIP  INTERESTS" has the meaning assigned to that term in
Section 6.

         "PROCEEDS"  has the  meaning  assigned  to the term  "proceeds"  in the
Uniform Commercial Code.

         "SECURED OBLIGATIONS" shall mean (a) the Guaranteed Obligations and (b)
all  obligations  and  liabilities of Debtors under this Agreement and any other
Basic Document to which it is a party, now or hereafter arising.

         "SECURED PARTIES" shall mean the  Administrative  Agent, the Collateral
Agent and each Lender (as a "Lender" under the Credit Agreement).

         "SECURITY"  has the  meaning  assigned  to the term  "Security"  in the
Uniform Commercial Code.

         "SECURITY  ENTITLEMENT"  has the meaning assigned to the term "security
entitlement" in the Uniform Commercial Code.

         "SECURITIES   INTERMEDIARY"  has  the  meaning  assigned  to  the  term
"securities intermediary" in the Uniform Commercial Code.

         "SOFTWARE"  has the  meaning  assigned  to the term  "software"  in the
Uniform Commercial Code.

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         "TRADEMARK COLLATERAL" shall mean all Trademarks,  whether now owned or
hereafter  acquired by Debtors.  Notwithstanding  the  foregoing,  the Trademark
Collateral  shall not include  any  Trademark  which would be rendered  invalid,
abandoned,  void or unenforceable by reason of its being included as part of the
Trademark Collateral.

         "TRADEMARKS" shall mean, collectively,  (a) all trade names, trademarks
and  service  marks,  logos,   trademark  and  service  mark  registrations  and
applications for trademark and service mark registrations,  (b) all renewals and
extensions of any of the foregoing and (c) all rights, now existing or hereafter
coming into existence, (i) to all income, royalties,  damages and other payments
(including  in respect of all past,  present  and future  infringements)  now or
hereafter due or payable under or with respect to any of the foregoing,  (ii) to
sue for all past,  present and future  infringements  with respect to any of the
foregoing  and  (iii)  otherwise  accruing  under  or  pertaining  to any of the
foregoing throughout the world,  together,  in each case, with the product lines
and goodwill of the business connected with the use of, or otherwise  symbolized
by, each such trade name, trademark and service mark.

         "UNIFORM  COMMERCIAL CODE" shall mean the California Uniform Commercial
Code and any  other  Uniform  Commercial  Code as in  effect  in any  applicable
jurisdiction from time to time.

6.       GRANT OF SECURITY INTEREST.   As  collateral  security  for  the prompt
payment in full when due (whether at stated maturity, upon acceleration,  on any
optional or mandatory  prepayment  date or  otherwise)  and  performance  of the
Secured  Obligations,  Debtors hereby pledge and grant to the Lender, a security
interest in all of Debtors' right,  title and interest in and to all of Debtors'
property  with  regard to which  Debtors  possess  the right to grant a security
interest  hereunder to Lender and the grant of the security  interest  contained
herein would not prejudice any existing security interest or cause the breach of
any existing  agreement,  whether now owned or in the future acquired by Debtors
and whether now existing or in the future coming into  existence  (collectively,
the "COLLATERAL"), including, without limitation, the following:

         6.1.     all Accounts, including, without limitation, all Merchant
Accounts;

         6.2.     all Deposit Accounts, including the Collateral Accounts and
the balance from time to time of the Collateral Accounts;

         6.3.     all Instruments;

         6.4.     all Documents;

         6.5.     all Chattel Paper, including all Electronic Chattel Paper;

         6.6.     all Inventory;

         6.7.     all Equipment and Motor Vehicles;

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         6.8.     all Fixtures;

         6.9.     all Goods not covered by the preceding clauses of this Section
6;

         6.10.    all Letter-of-Credit Rights;

         6.11.    all Intellectual Property;

         6.12.    all Commercial Tort Claims arising out of, relating to or in
connection  with all or any part of the  Inventory,  Equipment  or  Documents of
Debtors;

         6.13.    all Payment Intangibles, Software and General Intangibles not
covered by the preceding clauses of this Section 6;

         6.14.    all  other  tangible  and  intangible  property  of   Debtors,
including all books,  correspondence,  credit files, records,  invoices,  tapes,
cards,  computer runs and other papers and documents in the  possession or under
the control of Debtors or any  computer  bureau or service  company from time to
time acting for Debtors;

         6.15.    all Proceeds and products in whatever form of all or any  part
of the other Collateral,  including all rents, profits,  income and benefits and
all proceeds of insurance and all condemnation awards and all other compensation
for any Event of Loss with  respect  to all or any part of the other  Collateral
(together with all rights to recover and proceed with respect to the same),  and
all accessions to,  substitutions for and replacements of all or any part of the
other Collateral.

7.       PREEXISTING INTERESTS.  To  the  extent  the security  interest granted
herein to Lender may pertain to Collateral as to which a prior security interest
may have been granted by Debtor, and to the extent the security interest granted
herein to Lender does not prejudice any such prior existing security interest or
cause the breach of any prior existing  security  agreement or other  agreement,
Lender  shall be deemed to have a junior  security  interest in such  Collateral
with respect to any such prior existing security interest.

8.       INTELLECTUAL PROPERTY.  For  the  purpose of  enabling  the  Lender  to
exercise its rights,  remedies,  powers and privileges  under Section 17 at such
time or times as the Lender is  lawfully  entitled  to  exercise  those  rights,
remedies, powers and privileges,  and for no other purpose, Debtors hereby grant
to the Lender, to the extent assignable,  an irrevocable,  nonexclusive  license
(exercisable  without  payment of royalty or other  compensation  to Debtors) to
use, assign,  license or sublicense any of the Intellectual Property of Debtors,
together with reasonable  access to all media in which any of the licensed items
may be recorded or stored and to all computer  programs used for the compilation
or printout of those items.

9.       PERFECTION.  Debtors  authorize  the  Lender  to  file  such  financing
statements  and  continuation  statements  in such  offices  as are or  shall be
necessary or as the Lender may determine to be  appropriate  to create,  perfect

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and establish the priority of the liens granted by this Agreement in any and all
of the Collateral, to preserve the validity, perfection or priority of the liens
granted  by this  Agreement  in any and all of the  Collateral  or to enable the
Lender to  exercise  its  remedies,  rights,  powers and  privileges  under this
Agreement. Upon payment in full by Debtors, in lawful money of the United States
of America, under the Note of all amounts secured hereby, and the termination of
the  Note and  performance  of all  other  obligations  of  Debtors  under  this
Agreement,  and upon the request of Debtors  therefor,  Lender  will  deliver to
Debtor such UCC  termination  statements  and such other  documents  of release,
reconveyance and  reassignments  as shall be sufficient to discharge  Debtors of
the liabilities secured hereby and to terminate and release the security
interest in the Collateral created hereby.

10.      PRESERVATION AND PROTECTION OF SECURITY INTERESTS.  Debtors shall:

         10.1.    Upon  the  acquisition  after  the  date of this  Agreement by
Debtors of any  Certificated  Securities  (including any Ownership  Collateral),
Instruments,  Deposit Account,  other Investment  Property,  Electronic  Chattel
Paper,  Letter-of Credit Rights,  Motor Vehicles or other Equipment covered by a
certificate of title or ownership  promptly (i) take such action with respect to
that  Collateral  as is  specified  in  Section  17 and (ii) take all such other
actions,  and  authenticate  or sign and file or record  such  other  records or
instruments,  as are  necessary or as the Lender may request to create,  perfect
and establish the priority of the liens granted by this Agreement in any and all
the  Collateral,  to preserve the validity,  perfection or priority of the liens
granted  by this  Agreement  in any and all of the  Collateral  or to enable the
Lender to  exercise  its  remedies,  rights,  powers and  privileges  under this
Agreement;

         10.2.    upon Debtors' acquiring, or otherwise becoming entitled to the
benefits of, any Copyright (or  copyrightable  material),  Patent (or patentable
invention), Trademark (or associated goodwill) or other Intellectual Property or
upon or prior to Debtors'  filing,  either  directly or through the Lender,  any
licensee  or any  other  designee,  of any  application  with  any  Governmental
Authority for any Copyright,  Patent,  Trademark or other Intellectual Property,
in each  case  after  the  date of this  Agreement,  execute  and  deliver  such
contracts, agreements and other instruments as the Lender may request to create,
perfect and  establish  the priority of the liens  granted by this  Agreement in
that and any related Intellectual Property; and

         10.3.    whether with respect  to  Collateral  as of the  date  of this
Agreement  or  Collateral  in  which  Debtors  acquire  rights  in  the  future,
authorize,  give,  authenticate,  execute,  deliver,  file or record any and all
financing  statements,  notices,  contracts,  agreements  or  other  records  or
instruments,  obtain any and all Governmental Approvals, and take all such other
actions,  as are  necessary or as the Lender may request to create,  perfect and
establish the priority of the liens granted by this Agreement in any and all the
Collateral,  to  preserve  the  validity,  perfection  or  priority of the liens
granted  by this  Agreement  in any and all of the  Collateral  or to enable the
Lender to  exercise  its  remedies,  rights,  powers and  privileges  under this
Agreement,  including  causing any or all Securities to be transferred of record
into the name of the Lender or its  nominee  (and the Lender  agrees that if any

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Security is  transferred  into its name or the name of its  nominee,  the Lender
shall   thereafter   promptly  give  to  Debtors   copies  of  any  notices  and
communications received by it with respect to that Security).

11.      ATTORNEY-IN-FACT.  Debtors hereby make the following appointments:

         11.1.    Subject  to  Debtors' rights  under  Sections  12  through 15,
Debtors  hereby  appoint the Lender  their  attorney-in-fact  for the purpose of
carrying  out the  provisions  of this  Agreement  and  taking  any  action  and
executing  any  instruments  that the Lender may deem  necessary or advisable to
accomplish the purposes of this Agreement, to preserve the validity,  perfection
and priority of the liens granted by this Agreement and,  following any Default,
to exercise its rights,  remedies,  powers and privileges  under this Agreement.
This  appointment  as  attorney-in-fact  is  irrevocable  and  coupled  with  an
interest.  Without limiting the generality of the foregoing, the Lender shall be
entitled under this Agreement upon the occurrence and  continuation of any Event
of Default  (or,  in respect of  Section  9, any  Default)  (i) to ask,  demand,
collect,  sue for,  recover,  receive and give receipt and discharge for amounts
due and to become due under and in respect of all or any part of the Collateral,
(ii) to receive, endorse and collect any Accounts, Chattel Paper, Instruments or
General  Intangibles,  (iii) to file any claims or take any action or proceeding
that the Lender may deem necessary or advisable for the collection of all or any
part of the  Collateral,  and (iv) to execute,  in  connection  with any sale or
disposition of the Collateral  under Section 9, any  endorsements,  assignments,
bills of sale or other instruments of conveyance or transfer with respect to all
or any part of the Collateral.

         11.2.    Without limiting the rights  and  powers of the  Lender  under
Section  11.1,  Debtors  hereby  appoint  the Lender as their  attorney-in-fact,
effective the date of this  Agreement and  terminating  upon the  termination of
this  Agreement,  for the purpose of (i) executing on behalf of Debtors title or
ownership  applications  for filing with  appropriate  state  agencies to enable
Motor Vehicles now owned or in the future acquired by Debtors to be retitled and
the Lender to be listed as  lienholder as to those Motor  Vehicles,  (ii) filing
such  applications  with such  state  agencies  and (iii)  executing  such other
documents and instruments on behalf of, and taking such other action in the name
of,  Debtors as the Lender may deem  necessary or advisable  to  accomplish  the
purposes of this  Agreement  (including  the purpose of creating in favor of the
Lender a  perfected  Lien on the  Motor  Vehicles  and  exercising  the  rights,
remedies, powers and privileges of the Lender under Section 9). This appointment
as attorney-in-fact is irrevocable and coupled with an interest.

         11.3.    Without  limiting  the rights and  powers of the  Lender under
Section 11.1,  Debtors hereby  irrevocably  appoint Lender,  or any other person
whom Lender may  designate,  as Debtors'  Attorney-in-Fact,  with the  following
powers:

                  11.3.1   To perform any of  Debtors'  obligations  under  this
Agreement in Debtors' name or otherwise.

                  11.3.2.  To give  notice  of  Debtors'  right to  payment,  to
enforce that right, and to make extension agreements with respect to it.

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                  11.3.3.  To release  persons  liable of rights to payment,  to
compromise disputes with those persons, and to surrender security, all as Lender
determines in its sole discretion when acting in good faith based on information
known to it when it acts.

                  11.3.4.  To prepare and file financing statements,continuation
statements, statements of assignments,  termination statements, and the like, as
necessary to perfect,  protect,  preserve,  or release Lender's  interest in the
collateral.

                  11.3.5.  To endorse Debtors' name on instruments, documents,or
other forms of payment or security that come into Lender's possession.

                  11.3.6.  To take cash in payment of obligations.

                  11.3.7.  To verify information concerning rights to payment by
inquiry in its own name or in a fictitious name.

                  11.3.8.  To prepare, execute,  and deliver insurance forms; to
adjust insurance claims; to receive payment under insurance claims; and to apply
such payment to reduce Debtors' obligation therefrom.

12.      INSTRUMENTS.  So  long as  no Default  has occurred and  is continuing,
Debtors  may  retain for  collection  in the  ordinary  course of  business  any
Instruments  obtained by it in the ordinary  course of business,  and the Lender
will,  promptly  upon  the  request,  and  at  the  expense  of,  Debtors,  make
appropriate arrangements for making any Instruments pledged by Debtors available
to Debtors  for  purposes  of  presentation,  collection  or  renewal.  Any such
arrangement shall be effected,  to the extent deemed  appropriate by the Lender,
against a trust receipt or like document.

13.      USE OF COLLATERAL.  So long as no Event of Default has occurred  and is
continuing, Debtors shall be entitled to use and possess the Collateral, subject
to the rights,  remedies,  powers and privileges of the Lender under Sections 17
and 18.

14.      RIGHTS AND OBLIGATIONS.

         14.1.    No reference in this  Agreement  to proceeds or to the sale or
other  disposition of Collateral  shall  authorize  Debtors to sell or otherwise
dispose of any  Collateral.  Neither the Lender nor any Lender shall be required
to take steps necessary to preserve any rights against prior parties to any part
of the Collateral.

         14.2.    Debtors  shall  remain  liable  to  perform  their  duties and
obligations  under the contracts and  agreements  included in the  Collateral in
accordance with their  respective  terms to the same extent as if this Agreement
had not been  executed and  delivered.  The exercise by the Lender of any right,
remedy,  power or  privilege  in respect  of this  Agreement  shall not  release
Debtors  from any of their  duties and  obligations  under those  contracts  and

                                       10

<PAGE>

agreements.  Lender  shall have no duty,  obligation  or  liability  under those
contracts and agreements or in respect to any Governmental  Approval included in
the Collateral by reason of this Agreement, nor shall the Lender be obligated to
perform any of the duties or  obligations  of Debtors under any such contract or
agreement or any such Governmental  Approval or to take any action to collect or
enforce  any  claim  (for  payment)  under any such  contract  or  agreement  or
Governmental Approval.

         14.3.    No Lien granted by this Agreement in Debtors' right, title and
interest in any contract,  agreement or Governmental Approval shall be deemed to
be a consent  by the  Lender to any such  contract,  agreement  or  Governmental
Approval.

15.      FURTHER ACTS.     During the continuance hereof,the Debtors promise and
agree to execute,  and cooperate with executing or  maintaining,  all notices or
filings  required to perfect or maintain  perfection  of the  security  interest
created by this Agreement.

16.      EVENTS OF DEFAULT.  For all  purposes of this Agreement, the occurrence
of any or more of the  following  shall  constitute a "Default" by Debtors under
this  Agreement  (whatever  the reason for such  Default  and  whether it may be
voluntary  or  involuntary  or be effected by  operation  of law pursuant to any
judgment,  decree or order of any court or any order, rule or regulations of any
administrative or governmental body):

         16.1.    Debtors' breach or fail to comply with any of their
obligations under the Note;

         16.2.    Debtors' default on the payment of any sum of money when due
by Debtors, whether or not evidenced by the Note; or

         16.3.    Debtors' breach or fail to comply with any of their
obligations under this Agreement.

17.      REMEDIES IN EVENT OF DEFAULT.  After  a Default  hereunder,  and  after
making a request for an election determination by each optionor under the Option
Agreement (in accordance with the terms of the Option  Agreement) and a majority
in interest of optionors elect not to direct their option  exercise  proceeds to
APC, and subject to the provisions  set forth in Section 19 hereof,  the Lender,
without notice or demand and at any time  thereafter,  may do any one or more or
all of the following:

         17.1.    Take possession of the Collateral in any way  permitted by law
and protect, repair and care for the Collateral and perform any act necessary to
conserve the value or income  thereof and to apply any income or other  proceeds
in the manner specified by law upon the disposition of the Collateral;

         17.2.    Require the Debtors to  assemble  the  Collateral and  make it
available to the Lender at a reasonably  convenient  place as  designated by the
Lender;

                                       11

<PAGE>

         17.3.    Hold  the  Collateral  at  a  reasonably  convenient  place as
designated  by the  Lender  without  disposition  for any  period of time as the
Lender deems advisable;

         17.4.    Exercise any other right or remedy provided by law.

18.      CURE.  If any  Default,  other than a default in payment of money under
the Note,  is  curable  and if Debtors  have not been given a prior  notice of a
breach of the same provision of this Agreement, it may be cured (and no event of
default will have  occurred)  if Debtors,  after  Lender  sends  written  notice
demanding  cure of such default,  (i) cure the default within fifteen (15) Days;
or (ii), if the cure requires more than fifteen (15) Days,  immediately initiate
steps which Lender deems in Lender's  sole  discretion  to be sufficient to cure
the default and thereafter  continues and completes all reasonable and necessary
steps sufficient to produce compliance as soon as reasonably practical.  As used
herein, the word "Days" shall refer to calendar Domestic Business Days and shall
exclude legal federal holidays, California state holidays, and weekends.

19.      OPTION  ELECTION.  Lender shall exercise its options  under the  Option
Agreement  as  a  first  and  primary  source  of  repayment  of  the  Note  and
Obligations.  Lender's  first  resource for payment of the Note and  Obligations
shall be from the  exercise  proceeds  potentially  available  to APC  under the
Option  Agreement;  Lender  rights and remedies  hereunder,  including,  without
limitation, the right to foreclose Lender's security interests in any and/or all
Collateral  by any available  judicial  procedure or without  judicial  process,
shall be subject to  Pledgor's  election  under the  Option  Agreement,  so that
Lender may only enforce its rights and remedies  hereunder,  including,  without
limitation, the right to foreclose Lender's security interests in any and/or all
Collateral,  if first Lender requests an election determination by each optionor
under  the  Option  Agreement  (in  accordance  with  the  terms  of the  Option
Agreement)  and a majority in interest of  optionors  elect to direct the option
exercise  proceeds to the optionor rather than to APC. If a majority in interest
of optionors  elect to direct their exercise  proceeds to APC, Lender shall look
to such proceeds for  satisfaction and payment (whether or not APC actually pays
such proceeds to Lender under the Note,  or  otherwise)  and may not enforce its
rights  and  remedies  hereunder  against  the  Collateral,  including,  without
limitation, the right to foreclose Lender's security interests in any and/or all
Collateral  by any available  judicial  procedure or without  judicial  process.
Lender may only  enforce  the  Obligations  against  the  Collateral  under this
Agreement to the extent that no exercise  proceeds are available to APC under an
election by a majority in interest of optionors  pursuant to exercise  under the
Option   Agreements.   Lender  shall  exercise  the  Option  Agreement  equally,
share-for-share and dollar-for-dollar, against all shares of common voting stock
of APC in which Lender  shall have been  granted an option by Tom M.  Djokovich,
The Access Holdings  Limited  Partnership,  and Alfred Urcuyo.  Further,  Lender
shall  enforce any stock pledge  agreement,  and the security  interest  granted
therein, equally,  share-for-share and dollar-for-dollar,  against all shares of
common  voting  stock of APC in which  Lender shall have been granted a security
interest by Tom M.  Djokovich,  The Access  Holdings  Limited  Partnership,  and
Alfred  Urcuyo.  APC shall (and Lender as manager  shall cause APC to ) promptly
pay all exercise proceeds potentially directed to APC by the Optionors under the
Option  Agreement to Lender in reduction of the outstanding  Obligations and all
indebtedness under the Note.

                                       12

<PAGE>

20.      NOTICES.   All notices,  requests,  demands, or any other communication
under this Note shall be in writing.  Notice shall be sufficiently given for all
purposes as follows:

         20.1.    PERSONAL DELIVERY. When personally delivered to the recipient,
notice is effective upon delivery.

         20.2.    FIRST-CLASS MAIL.   When  mailed  via first  class to the last
address of the recipient  known to the party giving notice,  notice is effective
three mail delivery days after deposit in a United States Postal  Service office
or mailbox.

         20.3.    CERTIFIED MAIL. When mailed via certified mail, return receipt
requested,  notice is  effective  upon  receipt,  if delivery is  confirmed by a
return receipt.

         20.4.    OVERNIGHT  DELIVERY.  When delivered  via  overnight  delivery
(Federal Express - Airborne - United Parcel Service - DHL - WorldWide  Express),
charges  prepaid or charged to the sender's  account,  notice is effective  upon
delivery, if delivery is confirmed by the delivery service.

         20.5.    TELEX  OR  FACSIMILE  TRANSMISSION.  When  sent  via  telex or
facsimile to the last telex or facsimile  number of the  recipient  known to the
party giving  notice,  notice is effective  upon  receipt,  provided  that (a) a
duplicate copy of the notice is promptly given by  first-class,  certified mail,
or by  overnight  delivery,  or (b)  the  receiving  party  delivers  a  written
confirmation  of  receipt.  Any  notice  given by telex or fax  shall be  deemed
received on the next business day if it is received after 5:00 p.m. (recipient's
time) or on a non-business day.

         20.7.    ADDRESSES.   Addresses for purpose of giving notice, or making
payment, are as follows:

         If to Debtors:

                        ACCESSPOINT CORPORATION
                        Accesspoint Corporation/Processing Sources International
                        38 Executive Park, Suite 350
                        Irvine, CA  92614
                                Telephone: (949) 852-8526
                                Facsimile: (949) 852-8527

                        PROCESSING SOURCE INTERNATIONAL
                        38 Executive Park, Suite 350
                        Irvine, CA  92614
                                Telephone: (949) 852-8526
                                Facsimile: (949) 852-8527

                                      13

<PAGE>

         If to Lender:

                        NET INTEGRATED SYSTEMS LTD.
                        Sofia House
                        48 Church Street
                        Hamilton HM GX
                        BERMUDA
                                Telephone: (441) 295-7105
                                Facsimile: (441) 292-6814

         With a copy to:

                        Mr. William R. Barber
                        c/o  Sheraton Gateway Hotel
                        Penthouse Suite
                        6101 W. Century Boulevard
                        Los Angeles, California 90045
                                Telephone: (310) 642-4087
                                Facsimile: (310) 649-1156

         20.8.    UNCLAIMED NOTICES.  Any  correctly  addressed  notice  that is
refused,  unclaimed, or undeliverable because of an act or omission of the party
to be notified  shall be deemed  effective as of the first date that said notice
was  refused,  unclaimed,  or deemed  undeliverable  by the postal  authorities,
messenger,  or overnight  delivery service.  Any party may change its address or
telex or fax number by giving the other party notice of the change in any manner
permitted by this Agreement.

21.      ENFORCEMENT OF RIGHTS.  Debtors agree to reimburse Lender for all costs
and expenses  (including  attorneys'  fees) incurred by the Lender in protecting
and enforcing this Agreement.  Lender may file one or more financing  statements
or other  evidence of its security  interest,  signed only by the Debtors or the
Lender,  or  both.  Each  of Tom  M.  Djokovich,  The  Access  Holdings  Limited
Partnership, and Alfred Urcuyo shall be deemed a third party beneficiary to this
Agreement with full rights of enforcement as matters set forth at Sections

22.      ACCELERATION OF DEBT.  Upon  the occurrence of  any condition listed in
Section 16 hereof, subject to cure pursuant to Section 18 hereof, and subject to
the provisions of Section 19 hereof,  all  obligations and sums owing by Debtors
to Lender  (whether or not evidenced by the Note) shall become  immediately  due
and payable,  any note or other agreement to the contrary  notwithstanding,  and
Lender  shall  have all the  rights and  remedies  given a secured  party by the
Uniform Commercial Code. To the fullest extent permissible, Debtors hereby waive
and disclaim all rights given to a Debtors,  including  the right to enforce any
and all duties imposed upon a secured party by the Uniform  Commercial  Code. If
the sum realized from any disposition of the Collateral is not sufficient to pay
all  obligations  secured by this  Agreement,  Debtors  promise and agree to pay
Lender the deficiency.  Upon Debtors' default,  Lender shall not be obligated to

                                       14

<PAGE>

resort to any security  held by it hereunder or  otherwise,  but may enforce all
obligations owed by Debtors to it by any lawful means, in the same manner and to
the same extent as if no such  security were held by Lender.  Debtors  expressly
agree that Lender may apply  against  any  proceeds  of any  disposition  of the
Collateral upon Debtors' default all their attorneys' fees and legal expenses
incurred by it in the securing of payment therefrom.

23.      RIGHTS CUMULATIVE.   All rights and remedies granted Lender by (i) this
Agreement,  (ii) any other agreement Lender may now, or in the future, have with
Debtors,  (iii)  the  Uniform  Commercial  Code,  or (iv)  otherwise,  shall  be
cumulative and not in the alternative.

24.      NO  WAIVER.   No waiver by Lender shall be effective  unless in writing
signed by Lender,  and it shall be  effective  only to the  extent  specifically
stated in said  writing.  No failure to exercise,  or delay in  exercising,  any
right or remedy by Lender shall be a waiver.

25.      ATTORNEYS' FEES, ETC.  If  any  party  thereto  brings  any  action  or
proceeding  against  any other party for any cause  dependent  hereon or arising
hereunder or connected herewith, the prevailing party shall have and recover the
prevailing  party's  reasonable  attorneys' and accountants'  fees and costs and
expenses in connection therewith.  Specifically,  and without limitation, Lender
also have and recover from Debtors the reasonable  attorneys'  and  accountants'
fees and legal expenses  incurred in exercising its rights following any default
by Debtors.

26.      SEVERABILITY. Should any of the provisions of this Agreement be for any
reason  invalid,  the  invalidity  thereof  shall  not  affect  any of the other
provisions  of this  Agreement,  and all  invalid  provisions  hereof  shall  be
disregarded to the extent of their invalidity.

27.      NO  OFFSET.   The  enforcement  of  this  Agreement  and  the  monetary
obligations  secured  hereby shall not be subject,  in whole or in part,  to any
alleged  offset or claim which the Debtors or their  successors  in interest may
assert against Lender.

28.      SUCCESSORS AND ASSIGNS. The provisions of this Agreement shall bind and
inure to the benefit of the parties hereto and their successors and assigns.

29.      ENTIRE  AGREEMENT.  This Agreement constitutes the entire  agreement of
the  parties in relation to the subject  matter  hereof  except as  supplemented
and/or  complemented  by a  Revolving  Line of Credit  Secured  Promissory  Note
between  Lender  and  Debtors,  of even  date,  and  supersedes  all  prior  and
contemporaneous agreements,  representations, and understandings of the parties.
No  supplement,  modification,  or amendment of this  agreement  will be binding
unless  executed  in  writing  by  all  the  parties.  No  waiver  of any of the
provisions of this  agreement will  constitute a waiver of any other  provision,
whether or not similar,  nor will any waiver constitute a continuing  waiver. No
waiver will be binding unless executed in writing by the party making the
waiver.

30.      GOVERNING  LAW.  This  Agreement  will  be construed  and  enforced  in
accordance  with, and the rights of the parties will be governed by, the laws of
the State of California  without  regard to or  application  of conflict of laws
principles.

                                       15

<PAGE>

31.      VENUE.  Venue in any action arising by reason of this  Agreement  shall
lie exclusively in Los Angeles County, California.

32.      FORUM  SELECTION.   Any  litigation  hereunder  shall  be  brought  and
litigated exclusively in the state courts sitting in Orange County,  California,
or in the United States District Court(s) sitting in Orange County,  California.
All parties hereto consent to the personal jurisdiction of such courts and waive
any defense of forum non conveniens.  Each party hereby  irrevocably  waives, to
the fullest extent  permitted by law, any objection that it may now or hereafter
have to the laying of the venue of any such action,  suit or proceeding  brought
in such a court and any claim that any such action,  suit or proceeding  brought
in such a court has been brought in an inconvenient forum.

         IN  WITNESS  WHEREOF,  Debtors  and  Lender  have  hereunto  made  this
Agreement effective as of the day and year first hereinabove written.

                                      Debtors:

                                      APC:

                                      ACCESSPOINT CORPORATION,
                                      a Nevada corporation

                                      By:/s/TOM J. DJOKOVICH
                                      --------------------------------
                                      Tom M. Djokovich, CEO

                                      PSI:

                                      PROCESSING SOURCE INTERNATIONAL,
                                      a California corporation

                                      By:/s/ALFRED URCUYO
                                      --------------------------------
                                      Alfred Urcuyo, President

                                       16

<PAGE>

                                      Lender:

                                      NET INTEGRATED SYSTEMS LTD.,
                                      a Bermuda corporation

                                      By:/s/WILLIAM R. BARBER
                                      --------------------------------
                                      William R. Barber, President

                                       17EXHIBIT 10.8

                              MANAGEMENT AGREEMENT

         THIS MANAGEMENT AGREEMENT ("Agreement") is made effective this 14th day
of December 2001, by and between [COMPANY],  a [State] Corporation  ("Company"),
and NET INTEGRATED SYSTEMS LTD., a Bermuda corporation ("Manager").  The Company
and/or Manager are sometimes  herein  referred to  individually as a "party" and
collectively as the "parties."

                                 R E C I T A L S
                                 - - - - - - - -

         WHEREAS,  the  Company  desires  to  engage  Manager  to  assist in the
management of the day-to-day operation of the business of the Company; and

         WHEREAS,  Manager desires to accept such engagement,  Subject to all of
the terms and conditions set forth in this Agreement,

         NOW, THEREFORE,  for good and valuable  consideration,  the receipt and
sufficiency  of  which is  hereby  acknowledged,  the  parties  hereto  agree as
follows.

                                    AGREEMENT

         1.       ENGAGEMENT.  Manager is hereby engaged  by the  Company as its
general  manager,  with all the powers,  authority  and duties  hereinafter  set
forth, subject to the terms and conditions of this Agreement.

         2.       MANAGER'S DUTIES  AND  AUTHORITY.  Manager  shall,  subject to
the approval of the Board of Directors of the Company ("Board of Directors") and
to the terms and conditions of this Agreement,  have the exclusive  authority to
manage the  day-to-day  operation  of the  business of the  Company,  including,
without  limitation,  the power to hire,  discipline and terminate  personnel on
behalf of the Company, enter into, modify and terminate agreements and contracts
(including  leases,  etc.) on behalf of the  Company,  deal with and  manage all
aspects of the Company's  finances,  including,  without  limitation,  acting as
signatory on such bank  accounts as may be  determined by the Board of Directors
of the Company from time to time (the Board of Directors  may remove  Manager as
signatory  on any such bank  accounts),  deal  with and  manage  credit  matters
(including the extension of credit) on behalf of the Company,  deal with, manage
and  compromise  debts and  obligations  of the Company,  deal with,  manage and
acquire assets on behalf of the Company,  deal with, manage and make investments
on behalf of the Company,  and exercise  all related and other  similar  powers.
Manager  acknowledges  that the Company is a reporting  company  pursuant to the
provisions of the Securities Exchange Act of 1934, and the rules and regulations
promulgated  thereunder by the United States Securities and Exchange  Commission
("SEC").  Manager shall use its best efforts to cause the Company to timely file
all SEC reports and schedules  when due. In addition to the  foregoing,  Manager
shall:

         2.1      Devote  Manager's  best  efforts  and  skills  to the business
interests  of the  Company,  take all  reasonable  steps to further  enhance and
develop the interests  and welfare of the Company,  and devote such working time
and attention to the business of the Company as is reasonably indicated;

                                       1

<PAGE>

         2.2.     Truthfully and  accurately  make,  maintain  and  preserve all
records and reports that the Board of Directors may, from time to time,  request
or require, and shall fully account for all money, records, equipment, materials
or other property  belonging to the Company of which the Manger may have custody
and shall pay over and deliver  same  promptly  whenever and however the Manager
may be directed to do so by the Board of Directors;

         2.3.     Obey all  lawful  rules,  regulations,  special  instructions,
and  directives  of the Board of  Directors  and  endeavor to improve  Manager's
ability and  knowledge  of the  business of the Company in an effort to increase
the value of Manger's services for the benefit of the Company; and

         2.4.     Make available to the Company any and all material information
of which the Manager has knowledge  that is relevant to the Company's  business,
and make all suggestions and  recommendations  to the Board of Directors,  which
Manager believes will be of benefit to the Company.

3.       DELEGATION OF DUTIES. The authority of Manager to manage the day-to-day
conduct  of the  business  of the  Company  shall be  deemed to  constitute  the
delegation of the management of the day-to-day  operation of the business of the
Company to a management company or other person within the provisions of Section
300 of the California Corporation Code.  Accordingly,  notwithstanding  anything
contained  in this  Agreement to the  contrary,  the business and affairs of the
Company shall be managed and all corporate  powers shall be exercised only under
the ultimate direction of the Board of Directors.  The Board of Directors shall,
and hereby does, retain all right,  authority and power to approve,  disapprove,
oversee and direct the  activities of Manager in the  fulfillment  of its duties
under this Agreement.

4.       CERTAIN  ACTS AND EVENTS.  The Manager shall have the powers and duties
described  in  Section  2 hereof  and such  other  powers  and  duties as may be
prescribed  in this  Agreement,  subject  to the  terms and  conditions  of this
Agreement  and  specifically  subject to the ultimate  direction of the Board of
Directors. In addition, and without limitation,  the Manager shall not engage in
any  management  conduct on behalf of the Company which could have the effect of
or result in the  occurrence  of any of the  following  acts or events  unless a
majority of members of the  applicable  Board of Directors  shall have  provided
their prior written consent to such management conduct:

         4.1.     Any  conduct  that  would make it  impossible  to carry on the
ordinary  business  of the  Company  or  cause  the  cessation  or  unreasonable
interruption of the business of the Company;

         4.2.     Any confession of a judgment against the Company;

         4.3.     The dissolution of the Company;

         4.4.     The  making  of  any  contract or  agreement  on behalf of the
Company not in the ordinary course of the business of the company;

         4.5.     The incurring of any debt not in the ordinary course of the
business of the Company;

                                       2

<PAGE>

         4.6.     A change in the nature of the principal business of the
Company;

         4.7.     The filing of a petition in  bankruptcy  or the entering  into
of an arrangement among creditors;

         4.8.     The entering into, on behalf of the Company,of any transaction
constituting a merger or reorganization; or

         4.9.     The sale,transfer or other disposition of all or substantially
all of the asset of the Company.

5.       LIMITATIONS ON MANAGER'S AUTHORITY. Manager shall not commit any act of
fraud, malfeasance or misfeasance in the management of the Company, and shall at
all times use its best  efforts to comply with all  applicable  laws,  rules and
regulations.  Manager  shall use its best efforts to cause the Company to comply
with all applicable laws, rules and regulations,  including, without limitation,
all applicable securities laws, rules and regulations  (specifically  including,
without  limitation,  all securities  reporting rules and all shareholder voting
and proxy rules).  Notwithstanding  anything  contained in this Agreement to the
contrary,  this Agreement,  and the rights granted in this Agreement to Manager,
are  expressly  subject  to all  applicable  SEC and  securities,  laws,  rules,
regulations  and  reporting  and  disclosure  requirements,  including,  but not
limited to, shareholder voting and proxy solicitation rules.

6.       MANAGER'S COMPENSATION.   For  Manager's  services  performed and to be
performed  hereunder,  Manager  shall  be  paid a fee of  Ten  Thousand  Dollars
($10,000)  per  month.  The above fee shall  accrue  and only be  payable to the
extent the Company shall have current operating profits reasonably sufficient to
pay such fee.  Furthermore,  Manager  shall be entitled to the sums set forth at
Section 10 hereof pertaining to voluntary  termination and the fee paid pursuant
to this Section 6 shall offset and be credited toward such sums.

7.       REPRESENTATIONS  AND WARRANTIES OF THE COMPANY.  The Company represents
and  warrants to Manager,  as of the date of  execution  of this  Agreement,  as
follows:

         7.1.     The  Company  has  the  full  power  and authority to execute,
         deliver and perform this Agreement.  The Company has the right,  power,
         legal capacity, and authority to enter into and perform its obligations
         under this Agreement, and no approvals or consents of any persons other
         than the Company are necessary in connection with it.

         7.2.     The  execution  and delivery of this  Agreement by the Company
         have been duly authorized by all necessary corporate action on the part
         of the Company.

         7.3.     This  Agreement is valid,  binding,  and  enforceable  against
         the Company in accordance with its terms and no provision requiring the
         performance  of the Company is in conflict with  Company's  obligations
         under any charter or any other  agreement (of whatever form or subject)
         to which the Company is a party or by which the Company is bound.

         7.4      The Company is duly organized,authorized  and in good standing
         under  the  laws of the  State of  Nevada  and is duly  authorized  and
         qualified to conduct business in each jurisdiction in which the Company
         is required to be so authorized or qualified.

                                       3

<PAGE>

8.       REPRESENTATIONS  AND WARRANTIES OF THE MANAGER.  The Manager represents
and warrants to the Company,  as of the date of execution of this Agreement,  as
follows:

         8.1.     The  Manager  has  the  full  power  and authority to execute,
         deliver and perform this Agreement.  The Manager has the right,  power,
         legal capacity, and authority to enter into and perform its obligations
         under this Agreement, and no approvals or consents of any persons other
         than the Manager are necessary in connection with it.

         8.2.     The  execution  and delivery of this  Agreement by the Manager
         have been duly authorized by all necessary corporate action on the part
         of the Manager.

         8.3.     This Agreement is valid,  binding, and enforceable against the
         Manager in  accordance  with its terms and no provision  requiring  the
         performance  of the Manager is in conflict with  Manager's  obligations
         under any charter or any other  agreement (of whatever form or subject)
         to which the Manger is a party or by which the Manager is bound.

         8.4      The Manager is duly organized, authorized and in good standing
         under the laws of  Bermuda  and is duly  authorized  and  qualified  to
         conduct business in each  jurisdiction in which the Manager is required
         to be so authorized or qualified,  including,  without  limitation  the
         state of California.

9.       TERM.  The  term of  this Agreement  shall  be for a period of five (5)
years, subject to earlier termination as set forth herein.

10.      VOLUNTARY  TERMINATION.    Manager  may,  in  its  sole  and  exclusive
discretion,  terminate  this  Agreement for any reason upon ten (10) days' prior
written  notice to the  Company.  The  Company  may,  in its sole and  exclusive
discretion, terminate this Agreement for any reason (and other than for cause as
set forth below) upon ten (10) days' prior written  notice to the Manager within
the first year  following  the  execution of the  Agreement,  in which event the
Company shall pay to Manager the following:  (i) all sums then owing to Manager,
including without limitation,  all unpaid principal and interest on any loans or
credits extended by or on behalf of Manager for the benefit of the Company,  and
all unreimbursed  monies advanced by the Manager on behalf of or for the benefit
of  the  Company;   and  (ii)  the  sum  of  One  Million  and  no/100   Dollars
($1,000,000.00).

11.      TERMINATION  FOR CAUSE.  Notwithstanding  anything in this Agreement to
the contrary, the Company may, at its option,  terminate this Agreement for good
cause at any time without notice and without  payment of the fee set forth above
at Section 10. Termination for good cause shall include,  but not be limited to,
the following:

         11.1     The  conviction  of  Manager,  or  any  principal,   member,
         shareholder,  director  or  officer  of  Manager,  or any  employee  or
         representative  of Manager  involved in the  management  of the Company
         hereunder,  by a court  of  competent  jurisdiction  (and to  which  no
         further  appeal can be taken) of a felony or any other crime  involving
         moral turpitude;

         11.2.    The  commission  by  Manager,  or  any  principal,  member,
         shareholder,  director or officer of Manager,  or any representative of
         Manager  acting on behalf  of  Manger,  of an act of fraud or other act
         evidencing bad faith or dishonesty that materially affects the Company;

                                       4

<PAGE>

         11.3.    The misappropriation by  Manager,  or any  principal,  member,
         shareholder,   director,   officer  of  Manager,  or  any  employee  or
         representative  of Manager  involved in the  management  of the Company
         hereunder,  without  color of law,  of any funds or  property  or other
         rights of the Company;

         11.4.    The suspension or removal or  termination  of Manager,  or any
         principal, member, shareholder,  director or officer of Manager, or any
         employee or representative of Manager involved in the management of the
         Company  hereunder,  by  or  at  the  request  or  requirement  of  any
         governmental authority having jurisdiction over the Company;

         11.5.    The  willful  refusal  to  follow  any lawful directive of the
         Board of Directors of Company;

         11.6.    The breach by Manager of any  material terms of this Agreement
         or any other agreement between the Manager and the Company;

         11.7.    The filing by the Manager of any petition, or commencement  by
         Manager  of any  proceeding,  under  the  Bankruptcy  Act or any  state
         insolvency law;

         11.8.    The  making by  the  Manager of any general assignment for the
         benefit of creditors;

         11.9.    The filing of a voluntary  or  involuntary application  for or
         appointment of a receiver with regard to Manager;

         11.10.   The filing of any involuntary petition, or commencement of any
         involuntary   proceeding,   under  the  Bankruptcy  Act  or  any  state
         insolvency law, against Manager,  or the appointment of any receiver or
         trustee,  which  petition,  proceeding or  appointment is not fully and
         completely discharged, dismissed or vacated within sixty (60) days;

         11.11.   The  issuance  of  any  cease or desist order or other similar
         order against Manager, or any principal, member, shareholder,  director
         or officer of Manager,  or any  employee or  representative  of Manager
         involved in the management of the Company hereunder;

         11.12.   The liquidation of Manager.

         11.13.   The  substantial  cessation  of  business  by  Manager  for  a
         material amount of time;

         11.14.   The dissolution of Manager; or

         11.15.   The  insolvency  of Manager  as evidenced  by the inability of
         Manager to meet its ordinary obligations as they become due.

12.      MANAGER'S  LIABILITY  LIMITATION.   Notwithstanding  anything  in  this
Agreement  to the  contrary,  in no  event  shall  Manager,  or  its  respective
affiliates or any of their respective directors,  officers, employees, agents or
subcontractors,  be  liable  for lost  profits,  lost  revenues,  lost  business
opportunities,   exemplary,   punitive,   general,   incidental,   indirect   or
consequential  damages under this Agreement,  so long as Manager carries out its

                                       5

<PAGE>

duties  hereunder in good faith in a manner  Manager  believes to be in the best
interests  of the  Company  and  its  shareholders  with  such  care,  including
reasonable inquiry, as an ordinarily prudent person in a like position would use
under similar circumstances.  In performing its duties hereunder,  Manager shall
be entitled to rely on information,  opinions, reports or statements,  including
financial  statements  and  other  financial  data,  presented  by the  Board of
Directors, or prepared or presented by officers or employees of the Company whom
the Manager  believes to be reliable  and  competent  in the matters  presented,
counsel,  independent  accountants  or other  persons  as to  matters  which the
Manager believes to be within such person's  professional or expert  competence.
Subject to the foregoing, damages for lost profits, lost revenues, lost business
opportunities,   exemplary,   punitive,   general,   incidental,   indirect   or
consequential  damages under this Agreement are hereby excluded as to Manager by
Agreement of the parties,  to the fullest extent  allowed by law,  regardless of
whether such damages  where  foreseeable  or whether any party or any entity has
been advised of the possibility of such damages.

13.      CONFIDENTIALITY.  Unless specified in writing otherwise  by  the  party
providing the same, all information  pertaining to any party hereto or to APC or
PSI, is and shall remain confidential.  The above information shall include, but
not be limited to, all computer programs,  software, source codes, computations,
data  files,  algorithms,   techniques,   processes,  designs,   specifications,
drawings,  charts,  plans,  schematics,  computer disks,  magnetic tapes, books,
files,  records,  reports,  documents,   Instruments,   agreements,   contracts,
correspondence,  letters, memoranda, financial,  accounting, sales, purchase and
employment  data,  capital  structure   information,   business   organizational
information,  and  information  pertaining to contractors,  vendors,  suppliers,
customers and clients.  Notwithstanding the foregoing,  confidential information
shall not include:  (i) any information which is recorded in any county or filed
with any  public  body and  available  for  public  inspection  or which  may be
otherwise generally available to the public,  through no unauthorized act of any
party or its agents or employees;  and (ii)  information  that is required to be
disclosed pursuant to applicable law, including any court order or subpoena. all
confidential  information and other items,  whether or not directly furnished or
prepared  by any party or its  agents or  employees,  is and  shall  remain  the
property  of the party who  originally  produced  the same.  Each  party and its
agents and employees shall:

         13.1.    Not  directly or indirectly  divulge,  disclose,  disseminate,
         distribute,  license,  sell or  otherwise  make known any  confidential
         information  to any  third  party or person  or  entity  not  expressly
         authorized  or  permitted  by  the  providing  party  to  receive  such
         confidential information.

         13.2.    Use best efforts to  prevent  disclosure  of any  confidential
         information  to any third party and exercise the highest degree of care
         and  discretion  in  accordance  with all express  duties  hereunder to
         prevent the same.

         13.3.    Except as otherwise set forth herein above, and subject to the
         provisions of this Agreement  pertaining to software  escrow and mirror
         site facilities,  not directly or indirectly make any use whatsoever of
         the confidential information or of any feature,  specification,  detail
         or other characteristic  contained in or derived from, the confidential
         information, except for purposes of performing services hereunder.

         13.4.    Return  to  the other parties all  confidential information or
         other items then in its possession or control, or that of its agents or
         employees,   including  originals,   reproductions,   replications  and
         photocopies  thereof,  at any time upon  request by any other  party or
         upon the termination of this Agreement for any reason.

                                       6

<PAGE>

14.      INJUNCTIVE RELIEF; SPECIFIC PERFORMANCE.  Each party agrees that in the
event  of any  action  by the  other  party  that in the  non-breaching  party's
reasonable  judgment  will  create  an  actual  or  threatened  breach  of  this
Agreement, the non-breaching party's remedies shall include specific performance
or injunctive  relief,  or both,  without the necessity of posting bond or other
security,  in addition to any and all  remedies at law or in equity and all such
rights shall be cumulative.

15.      RELATIONSHIP OF PARTIES. The Company intends no contract of employment,
express or implied,  with Manager and Manager shall make no  representations  to
the  contrary.  Without  limitation,  Manager  has not  obtained  any  right  to
employment or  compensation  or any other benefits of an employee by way of this
Agreement. The parties agree that in performing their responsibilities  pursuant
to this  Agreement  they are in the position of  independent  contractors.  This
Agreement  is not  intended  to  create,  nor does it  create  and  shall not be
construed to create, a relationship of partnership or joint venture.  Manager is
not  authorized by this  Agreement to make any  representation  or warranty,  or
create any liability or potential liability on behalf of the Company without the
Company's written consent.

16.      EFFECTIVE  DATE.  This  Agreement  shall  have no force or effect until
and unless it is approved and ratified by unanimous  consent of Company's Boards
of Directors.

17.      ASSIGNMENT. Neither party shall assign, delegate, subcontract, license,
franchise,  or in any manner  attempt to extend to any third  party any right or
obligation  under this Agreement  without the prior written consent of the other
party;  provided,  however, that Manager may assign no more than a fifty percent
(50%)  interest  in any of its  rights  or  benefits  hereunder  to any party or
parties,  so  long  as  Manager  remains  fully  responsible  for  the  faithful
performance and accomplishment of its duties of its responsibilities hereunder.

18.      AMENDMENTS.   Except  as  otherwise  provided  in  this  Agreement,  no
provision  of this  Agreement  may be amended,  modified  or waived  except by a
written agreement signed by both parties.

19.      NOTICES.  All  notices and other  communication  required or  permitted
under  this  Agreement  shall be in  writing  and  given by  personal  delivery,
telecopy  (confirmed  by a mailed  copy) or first class mail,  postage  prepaid,
addressed as follows:

                  If to the Company:

                           [COMPANY NAME]

                           [COMPANY ADDRESS]

                                       7

<PAGE>

                  If to the Manager:

                           NET INTEGRATED SYSTEMS LTD.
                           Sofia House
                           48 Church Street
                           Hamilton HM GX
                           BERMUDA

20.      SEVERABILITY.  If any provision of this agreement  is determined to  be
invalid or unenforceable by any court of final jurisdiction, it is the intent of
the parties that all other  provisions of this  agreement be construed to remain
fully valid,  enforceable,  and binding on the parties.  The  invalidity  of any
Section or  Subsection  shall not affect the  validity  of any other  Section or
Subsection.

21.      SECTION  HEADINGS.  The Section  headings  contained  in this Agreement
are for convenient reference only and shall not in any way affect the meaning or
interpretation of this Agreement.

22.      COUNTERPARTS.   This  Agreement  may  be  executed  in  one  or  more
counterparts,  each  of,  which  shall  be  deemed  to be an  original,  and the
counterparts shall together constitute one and the same instrument.

23.      ENTIRE  AGREEMENT;  BINDING  EFFECT.   This  Agreement,  including  all
Schedules,   Addendums,   Exhibits   and   attachments,   embodies   the  entire
understanding and agreement of the parties  concerning the subject matter.  This
Agreement  shall be  binding  upon and shall  inure  only to the  benefit of the
parties and their respective successors and assigns.  Nothing in this Agreement,
express or implied,  is intended to confer or shall be deemed to confer upon any
persons or entities (not parties to this Agreement) any rights or remedies under
or by reason of this Agreement.

24.      RECOVERY OF LITIGATION  COSTS.  If any legal action or any  arbitration
or other proceeding is brought for the enforcement of this Agreement, or because
of an alleged dispute,  breach,  default or misrepresentation in connection with
any of the provisions of this Agreement,  the successful or prevailing  party or
parties shall be entitled to recover as an element of their damages,  reasonable
attorneys'  fees and other  costs  incurred  in that  action or  proceeding,  in
addition to any other relief to which they may be entitled.

25.      SURVIVAL.   All  representations  and  warranties  shall  survive   the
execution of this Agreement.

26.      AUTHORITY.  Each of the  respective  persons  executing  this Agreement
here  covenants  and warrants he has full legal power,  right,  and authority to
enter this transaction.

27.      CONSTRUCTION.  The  parties agree that each  party and its counsel have
received and revised this  Agreement  and that any rule of  construction  to the
effect that  ambiguities are to be resolved against the drafting party shall not
apply in the  interpretation  of this  Agreement or any  amendments,  Schedules,
Addendums or Exhibits thereto.

28.      GOVERNING  LAW. This  Agreement shall be construed in accordance  with,
and  governed  by,  the laws of the  State of  California  without  regard to or
application of conflict of laws or choice of law rules.

                                       8

<PAGE>

29.      VENUE.   Venue for any action brought  regarding the  interpretation or
enforcement  of this  Agreement  shall lie  exclusively  in Los Angeles  County,
California.

30.      FORUM SELECTION.   Any litigation shall be brought and litigated in the
state courts sitting in Los Angeles County,  California, or in the United States
District Court(s) sitting in Los Angeles County,  California. All parties hereto
consent to the  personal  jurisdiction  of such  courts and waive any defense of
forum non-conveniens.

         IN WITNESS WHEREOF,  this Agreement is made effective on the date first
set forth above.

                                            Company:

                                            [COMPANY]

                                            By:/s/[NAME]
                                            ------------------------------------
                                            [NAME],
                                            [TITLE]

                                            Manager:

                                            NET INTEGRATED SYSTEMS LTD.,
                                            a Bermuda corporation

                                            By:/s/WILLIAM R. BARBER
                                            ------------------------------------
                                            William R. Barber,
                                            President

                                       9

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