Document:

<PAGE>   1

                                                                   Exhibit 10.1

                            ASSET PURCHASE AGREEMENT

         This Asset Purchase Agreement (this "Agreement") is entered into as of
May 1, 2000 (the "Effective Date"), among 2AlertMe, Inc. an Illinois
corporation having its principal offices at 6355 Green Needle Drive, Loves
Park, Illinois 61111, (the "Company"), and SpectraFAX Corp., a Florida
corporation having its principal office at Suite 100, 3050 North Horseshoe
Drive, Naples, Florida 34104, (the "Buyer"), David McKinney, James Hughes and
Richard Wiegan who, collectively, hold 1,185,000 of the common stock of the
Company (each a "Shareholder" and collectively, the "Shareholders"). Certain
other capitalized terms used herein are defined in Article X and throughout
this Agreement.

                                    RECITALS

         Buyer and the Company have determined that it is in the best interests
of their respective shareholders for Buyer to acquire the assets of the Company
as provided herein. The Company will be paid cash, shares of Buyer's .001 par
value common stock ("Stock") and warrants to acquire Stock in exchange for the
assets of the Company being transferred hereby (the "Asset Purchase").

                               TERMS OF AGREEMENT

         In consideration of the mutual representations, warranties, covenants
and agreements contained herein, the parties hereto agree as follows:

                                   ARTICLE I

                              PURCHASE AND SALE OF
                        ASSETS; PURCHASE PRICE; CLOSING

         1.1      PURCHASED ASSETS. The Company agrees to and hereby sells,
conveys, transfers, assigns and delivers to Buyer concurrently herewith on the
terms and subject to the conditions set forth in this Agreement, all of its
assets, properties, goodwill and business of every kind and description,
whether real, personal or mixed, tangible or intangible, wherever located as
exists as of the date hereof (collectively, the "Purchased Assets"). Without
limiting the generality of the foregoing, the Purchased Assets shall include
the following:

                  (a)      all inventories of the Company;

                  (b)      all work in process, of whatsoever kind or nature of
         the Company;

<PAGE>   2

                  (c)      all of the interests, rights and benefits accruing
         to the Company under any licenses, service agreements, equipment
         leases franchise contracts, sales orders, sales contracts, supply
         contracts, service agreements, insurance policies, purchase orders,
         purchase commitments and Material Contracts (as defined herein) made
         by the Company in the ordinary course of business, all other
         agreements to which the Company is a party or by which it is bound in
         the ordinary course of business and all choses in action, causes of
         action and other rights of every kind of the Company;

                  (d)      all operating data and records of the Company,
         including all customer lists;

                  (e)      all cash and cash equivalents of the Company;

                  (f)      all intangibles of the Company, including, but not
         limited to, all source-codes, object-codes, manuals and other
         documentation and materials (whether or not in written form) and all
         versions thereof, together with all other intellectual property
         patents (and applications therefor), licenses, trademarks (and
         applications therefor), service marks, tradenames (whether registered
         or unregistered), domain names (and any derivations thereof),
         copyrights (and applications therefor), proprietary computer software,
         programming code (e.g., HTML) or scripts, proprietary inventions or
         proprietary technology assigned to the Company, technical information
         and data, discoveries, designs, proprietary rights and non-public
         information, trade secrets, business strategies and techniques,
         business proposals, client and prospective client information, and
         know-how, in each case whether or not patentable (including, without
         limitation all licenses, rights, software and computer code necessary
         to operate the 2AlertMe web site in the manner currently operated and
         including, without limitation, the rights and properties listed on
         Schedule 1.1(f) hereto) (collectively, the "Intellectual Property");
         and

                  (g)      all prepaid expenses.

         1.2      CLOSING. Subject to the satisfaction or waiver by the
appropriate party of all of the conditions precedent to Closing specified in
Article VIII hereof (the "Conditions"), the Closing shall take place at the
offices of Waller Lansden Dortch & Davis, A Professional Limited Liability
Company, 511 Union Street, Suite 2100, Nashville, Tennessee 37219-1760 on or
before June 1, 2000 or at such later date or at such other location as the
parties hereto may mutually designate in writing (the "Closing Date"). The
Closing shall be effective as of 12:01 a.m. on the Closing Date. If the
Conditions are not waived or satisfied by June 1, 2000, the Closing Date shall
be on the third (3rd) business day after the last of all such Conditions have
been satisfied or waived and notice of such waiver or satisfaction is provided
to the other party, in writing; provided, however, that the Closing Date shall
not be later than six months after the Effective Date (the "Outside Closing
Date").

                                       2
<PAGE>   3

         1.3      INSTRUMENTS OF TRANSFER. On the Closing Date, the Company
will deliver to Buyer, or will cause to be delivered to Buyer, duly executed
instruments of transfer and assignment in form and substance reasonably
satisfactory to Buyer and its counsel, sufficient to assign to Buyer the
contracts and liabilities set forth in Schedule 1.6(a) and (b) and to vest in
Buyer good and valid title to, and all of the Company's right, title and
interest in and to, the Purchased Assets, including, without limitation, one or
more of each of the following:

                  (a)      a bill of sale and assignment;

                  (b)      instruments of transfer and assignment of the
         Intellectual Property; and

                  (c)      such other instruments of transfer and assignment as
         may be reasonably necessary to transfer and assign the Purchased
         Assets to Buyer.

         1.4      ASSIGNMENT OF CONTRACTS. Notwithstanding anything in this
Agreement to the contrary, this Agreement shall not constitute an assignment of
any claim, contract, or other right or benefit if an attempted assignment
thereof, without the consent of a third party thereto, would constitute a
breach thereof or in any way adversely affect the rights of Buyer thereunder.
If any attempt at an assignment thereof would be ineffective so that Buyer
would not in fact receive all such rights, the Company shall cooperate with
Buyer to the extent necessary to provide for Buyer the benefits under such
claim, contract, or other right or benefit.

         1.5      PURCHASE PRICE. As consideration for the Purchased Assets,
Buyer shall concurrently herewith, on the terms and subject to the conditions
and limitations set forth herein, (a) issue to the Company 200,000 shares of
Stock (the "Spectrafax Shares"), (b) issue to the Company or to the Company's
designee, an option, substantially in the form of Exhibit A to acquire 200,000
shares of Stock for $3.50 a share (the "Option") and (c) pay to the Company one
hundred twenty-five thousand dollars ($125,000) less the difference between (i)
$14,771 and (ii) the amount of cash which is a Purchased Asset.

         1.6      EXCLUDED LIABILITIES. Notwithstanding anything else to the
contrary contained in this Agreement, the parties expressly agree that Buyer
does not assume or otherwise become liable for, and the Company and/or the
Shareholders shall remain unconditionally liable for, all of the obligations
and liabilities of the Company or the Shareholders other than the contracts set
forth on Schedule 1.6(a) and the liabilities set forth or Schedule 1.6(b)
(collectively, the "Assumed Liabilities").

         1.7      EMPLOYMENT AGREEMENT. Upon the Closing, Buyer and David
McKiney shall execute an employment agreement and stock option agreement
substantially in the form of Exhibit A (the "Employee Agreements").

                                       3
<PAGE>   4

                                   ARTICLE II

                    REPRESENTATIONS AND WARRANTIES OF BUYER

         As a material inducement to the Company and the Shareholders to enter
into this Agreement and to consummate the transactions contemplated hereby,
Buyer makes the following representations and warranties to the Company and the
Shareholders:

         2.1      CORPORATE STATUS. Buyer is a corporation duly organized,
validly existing and in good standing under the laws of the jurisdiction of its
incorporation and has the requisite power and authority to own or lease its
properties and to carry on their business as presently conducted.

         2.2      CORPORATE POWER AND AUTHORITY. Buyer has the corporate power
and authority to execute and deliver this Agreement, to perform its obligations
hereunder and to consummate the transactions contemplated hereby. Buyer has
taken all corporate action necessary to authorize its execution and delivery of
this Agreement, the performance of its obligations hereunder and the
consummation of the transactions contemplated hereby.

         2.3      ENFORCEABILITY. This Agreement has been duly executed and
delivered by Buyer and constitutes a legal, valid and binding obligation of
Buyer, enforceable against it in accordance with its terms, except as the same
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the enforcement of creditors' rights generally and
general equitable principles regardless of whether such enforceability is
considered in a proceeding at law or in equity.

                                  ARTICLE III

                       REPRESENTATIONS AND WARRANTIES OF
                        THE COMPANY AND THE SHAREHOLDERS

         As a material inducement to Buyer to enter into this Agreement and to
consummate the transactions contemplated hereby, the Company and each of the
Shareholders, jointly and severally, make the following representations and
warranties to Buyer:

         3.1      CORPORATE STATUS. The Company is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Illinois and has the requisite power and authority to own or lease its
properties and to carry on its business as now being conducted. The Company is
legally qualified to do business as a foreign corporation in each of the
jurisdictions where the nature of its properties and the conduct of its
business requires such qualification (all of which

                                       4
<PAGE>   5

jurisdictions are set forth in Schedule 3.1), which represent all jurisdictions
where the nature of its properties and the conduct of its business requires
such qualification, and is in good standing in each of the jurisdictions in
which it is so qualified. The Company has fully complied with all of the
requirements of any statute governing the use and registration of fictitious
names, and has the legal right to use the names under which it operates its
businesses. There is no pending or threatened proceeding for the dissolution,
liquidation, insolvency or rehabilitation of the Company. All names under which
the Company does business as of the date hereof are specified on Schedule 3.1.
Except as otherwise disclosed in Schedule 3.1, the Company has not changed its
name or used any assumed or fictitious name, or been the surviving entity in a
merger, acquired any business or changed its principal place of business or
chief executive office, within the past three years.

         3.2      POWER AND AUTHORITY. The Company has the corporate power and
authority to execute and deliver this Agreement, to perform its obligations
hereunder and to consummate the transactions contemplated hereby. The Company
has taken all corporate action necessary to authorize the execution and
delivery of this Agreement, the performance of its obligations hereunder and
the consummation of the transactions contemplated hereby. Each of the
Shareholders has the requisite competence and authority to execute and deliver
this Agreement, to perform their respective obligations hereunder and to
consummate the transactions contemplated hereby.

         3.3      ENFORCEABILITY. This Agreement has been duly executed and
delivered by the Company and each of the Shareholders, and constitutes the
legal, valid and binding obligation of each of them, enforceable against each
of them in accordance with its terms, except as the same may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors' rights generally and general equitable
principles regardless of whether such enforceability is considered in a
proceeding at law or in equity. The delivery of the instruments of transfer set
forth in Section 1.3 of this Agreement will grant Buyer good and marketable or
merchantable title in the Purchased Assets free and clear of all Liens, except
as set forth on Schedule 3.3.

         3.4      NO VIOLATION; CONSENTS AND APPROVALS. Except for any
approvals or consents required under the Material Contracts (as defined in
Section 3.14) identified in Schedule 3.14 as requiring the consent of third
parties, the execution and delivery of this Agreement by the Company and the
Shareholders, the performance by the Company and the Shareholders of their
obligations hereunder and the consummation by them of the transactions
contemplated by this Agreement will not (a) contravene any provision of the
Articles of Incorporation or Bylaws of the Company, (b) violate or conflict
with any law, statute, ordinance, rule, regulation, decree, writ, injunction,
judgment or order of any Governmental Authority or of any arbitration award
which is either applicable to, binding upon or

                                       5
<PAGE>   6

enforceable against the Company or any of the Shareholders, (c) conflict with,
result in any breach of, or constitute a default (or an event which would, with
the passage of time or the giving of notice or both, constitute a default)
under, or give rise to a right of payment or right to terminate, amend, modify,
abandon or accelerate, any Contract which is applicable to, binding upon or
enforceable against the Company or the Shareholders, (d) result in or require
the creation or imposition of any Lien upon or with respect to any of the
properties or assets of the Company, (e) give to any individual or entity a
right or claim against the Company or the Shareholders or (f) require the
consent, approval, authorization or permit of, or filing with or notification
to, any Governmental Authority, any court or tribunal or any other Person.

         3.5      RECORDS OF THE COMPANY. The copies of the articles of
incorporation, bylaws, and other documents and agreements of the Company which
were provided to Buyer are true, accurate and complete and reflect all
amendments made through the date of this Agreement. The minute books for the
Company made available to Buyer for review were correct and complete in all
material respects as of the date of such review, no further entries have been
made through the date of this Agreement, such minute books contain the true
signatures of the persons purporting to have signed them, and such minute books
contain an accurate record of all material corporate actions of the
shareholders and directors (and any committees thereof) of the Company taken by
written consent or at a meeting since incorporation. All material corporate
actions taken by the Company have been duly authorized or ratified. All
accounts, books, ledgers and official and other records of the Company are
substantially complete and fairly, fully and accurately reflect all matters
contained therein. The stock ledgers of the Company, as previously made
available to Buyer, contain accurate and complete records of all issuances,
transfers and cancellations of shares of the capital stock of the Company.

         3.6      SUBSIDIARIES. The Company does not own, directly or
indirectly, any outstanding voting securities of or other interests in, or have
any control over, any other corporation, partnership, joint venture or other
business entity.

         3.7      LIABILITIES OF THE COMPANY. The Company does not have any
liabilities or obligations, whether accrued, absolute, contingent or otherwise.

         3.8      LITIGATION. There is no action, suit, or other legal or
administrative proceeding or governmental investigation pending, anticipated,
or, to the knowledge of the Company or the Shareholders, threatened, or
contemplated against, by or affecting the Company or the Shareholders, or any
of the Company's properties or assets, or which question the validity or
enforceability of this Agreement or the transactions contemplated hereby, and
there is no basis for any of the foregoing. There are no outstanding orders,
decrees or stipulations issued by any Governmental Authority in any proceeding
to which the Company is or was a party which have not been complied with in
full or which continue to impose any material obligations on the Company.

                                       6
<PAGE>   7

         3.9      REAL ESTATE. The Company does not own any real property or
any interest therein (including without limitation any option or other right or
obligation to purchase any real property or any interest therein).

         3.10     GOOD TITLE TO AND CONDITION OF ASSETS.

                  (a)      The Company is the true and lawful owner of the
         Purchased Assets free and clear of all Liens.

                  (b)      The Purchased Assets constitute all the properties,
         assets and rights forming a part of, used, held or intended to be used
         in, and all such properties, assets and rights as are necessary in the
         conduct of the current business of the Company and/or to perform all
         functions and processes described on the Company's web site (the
         "Business").

                  (c)      The Company has the complete and unrestricted power
         and unqualified right to sell, assign, transfer, convey and deliver
         the Purchased Assets to Purchaser without penalty or other adverse
         consequences free and clear of all Liens.

         3.11     COMPLIANCE WITH LAWS. The Company and Affiliates of the
Company are and have been in compliance with all laws, regulations and orders
applicable to them, their business and operations (as conducted by it now and
in the past), the Purchased Assets and any other properties and assets (in each
case owned or used by it now or in the past). The Company has not been cited,
fined or otherwise notified of any asserted past or present failure to comply
with any laws, regulations or orders and no proceeding with respect to any such
violation is pending or threatened. Neither the Company, the Shareholders nor
any of their respective employees or agents, has made any payment of funds in
connection with their business which is prohibited by law, and no funds have
been set aside to be used in connection with their business for any payment
prohibited by law. Neither the Company nor the Shareholders is subject to any
Contract, decree or injunction in which it is a party which restricts the
continued operation of any business or the expansion thereof to other
geographical areas, customers and suppliers or lines of business.

         3.12     LICENSES AND PERMITS. The Company possesses all licenses,
approvals, permits or authorizations from governmental authorities
(collectively, the "Permits") for the operation of the Business, and Schedule
3.12 sets forth a true, complete and accurate list of all such Permits and all
applications for Permits. All such Permits are valid and in full force and
effect, the Company is in full compliance with the respective requirements
thereof, and no proceeding is pending or threatened to revoke or amend any of
them.

                                       7
<PAGE>   8

         3.13     INTELLECTUAL PROPERTY.

                  (a)      Schedule 1.1(f) contains a true and complete list of
         the Company's patents, patent applications, trademarks, trademark
         applications, service marks, service mark applications, trade names,
         Internet domain names (registered and reserved), copyrights and
         copyright registrations and applications and other filings and formal
         actions made or taken pursuant to federal, state, local and foreign
         laws by the Company to protect its interests in the Intellectual
         Property.

                  (b)      The Intellectual Property consists solely of items
         and rights which are: (i) owned Intellectual Property or (ii) in the
         public domain. The Purchased Assets include all rights in Intellectual
         Property necessary to conduct the Business, including without
         limitation, to the extent required to make, use, reproduce, modify,
         adopt, create derivative works based on, translate, distribute
         (directly and indirectly), transmit, display and perform publicly,
         license, rent and lease and assign and sell, the Intellectual
         Property. No payments are required for the continued use of the
         Intellectual Property.

                  (c)      The Company's reproduction, manufacturing,
         distribution, licensing, sublicensing, sale or the exercise of any
         other rights in any Intellectual Property or product, work, technology
         or process as now used in the conduct of the Business or offered or
         proposed for use in the conduct of the Business, does not infringe on
         any copyright, trade secret, trademark, service mark, trade name,
         trade dress, firm name, Internet domain name, logo, trade dress of any
         person or the patent of any person. No claims have been asserted or
         are, to the knowledge of the Company and/or Shareholders, threatened
         by any person, nor are there any valid grounds for any bona fide claim
         (i) challenging the validity, effectiveness or ownership by the
         Company of any of the Intellectual Property, or (ii) to the effect
         that the Company's use, distribution, licensing, sublicensing, sale or
         any other exercise of rights in any product, work, technology or
         process as now used or offered or proposed for use in the conduct of
         the Business, infringes or will infringe on any intellectual property
         or other proprietary right of any person. All registered, granted or
         issued patents, trademarks, Internet domain names and copyrights held
         by the Company are enforceable and subsisting. There is no
         unauthorized use, infringement or misappropriation of any of the
         Intellectual Property owned by the Company by any third party,
         employee or former employee.

                  (d)      All personnel, including employees, agents,
         consultants and contractors, who have contributed to or participated
         in the conception and development of the Intellectual Property owned
         by the Company on behalf of the Company (i) have been a party to a
         "work-for-hire" arrangement or agreements with the Company in
         accordance with applicable national and state law that has accorded
         the Company full, effective, exclusive and

                                       8
<PAGE>   9

         original ownership of all tangible and intangible property thereby
         arising, or (ii) have executed appropriate instruments of assignment
         in favor or the Company as assignee that have conveyed to the Company
         effective and exclusive ownership of all tangible and intangible
         property thereby arising.

                  (e)      The Company is not, nor as a result of the execution
         or delivery of this Agreement or performance of the Company's
         obligations hereunder, will the Company be, in violation of any
         license, sublicense, agreement or instrument to which the Company is a
         party or otherwise bound, nor will execution or delivery of this
         Agreement, or performance of the Company's obligations hereunder,
         cause the diminution, termination or forfeiture of any Intellectual
         Property.

                  (f)      Schedule 3.13(f) contains a true and complete list
         of all of the Company's software programs, modifications to third
         party software programs, programming code (e.g., HTML) and scripts
         (collectively the "Software Programs"). The Company owns full and
         unencumbered right and good, valid and marketable title to such
         Software Programs free and clear of all mortgages, pledges, liens,
         security interests, conditional sales agreements, encumbrances or
         charges of any kind.

                  (g)      The source code and system documentation relating to
         the Software Programs (i) have at all times been maintained in strict
         confidence, (ii) have been disclosed by the Company only to employees
         who have a "need to know" the contents thereof in connection with the
         performance of their duties to the Company and who have executed the
         nondisclosure agreements referred to in Section 3.13(d), and (iii)
         have not been disclosed to any third party.

                  (h)      All software sold or licensed by the Company to end
         users, or used by the Company, has been duly licensed by the owner of
         such software and is set forth on Schedule 3.13(h).

         3.14     CONTRACTS. All Material Contracts (as defined below) are
listed on Schedule 1.6(a). Schedule 1.6(a) identifies certain Material
Contracts identified therein that require the consents of third parties to the
transactions contemplated hereby. All consents set forth on Schedule 1.6(a)
have been obtained. The copy of each Material Contract furnished to Buyer is a
true, correct and complete copy of the document it purports to represent and
reflects all amendments thereto made through the date of this Agreement. The
Company has not violated any of the terms or conditions of any Material
Contract or any term or condition which would permit termination or material
modification of any Material Contract, all of the covenants to be performed by
any other party thereto have been fully performed, and there are no claims for
breach or indemnification or notice of default or termination under any
Material Contract. No event has occurred which constitutes, or after notice or
the passage of time, or both, would constitute, a default by the Company or any

                                       9
<PAGE>   10

other party under any material Contract. The Company is not subject to any
liability or payment resulting from renegotiation of amounts paid under any
Material Contract. As used in this Section 3.14 "Material Contracts" shall mean
formal or informal, written or oral, (a) loan agreements, indentures,
mortgages, pledges, hypothecations, deeds of trust, conditional sale or title
retention agreements, security agreements, equipment financing obligations or
guaranties, or other sources of contingent liability in respect of any
indebtedness or obligation to any other Person, or letters of intent or
commitment letters with respect to same; (b) contracts obligating the Company
to provide or obtain products or services; (c) leases of real property; (d)
leases of personal property; (e) distribution, sales agency or franchise or
similar agreements; (f) agreements providing for an independent contractor's
services; (g) employment agreements, management service agreements, consulting
agreements, confidentiality agreements, non-competition agreements, employee
handbooks, policy statements and any other agreements relating to any employee,
officer or director of the Company; (h) licenses, assignments or transfers of
trademarks, trade names, service marks, patents, copyrights, trade secrets or
know how, or other agreements regarding proprietary rights or intellectual
property; (i) contracts relating to pending capital expenditures by the
Company; (j) non-competition agreements restricting the Company or any
Shareholder in any manner, (k) any contracts obligating the Company to make
payments in excess of $7,500, in the aggregate, over the remaining term of such
contract; and (l) all other Contracts or understandings which are material to
the Company, or the Business, assets or properties, irrespective of subject
matter and whether or not in writing. The continuation, validity and
effectiveness of all the Material Contracts will not be effected by their
transfer to Buyer under this Agreement.

         3.15     NO COMMISSIONS. Neither the Company nor the Shareholders have
incurred any obligation for any finder's or broker's or agent's fees or
commissions or similar compensation in connection with the transactions
contemplated hereby.

         3.16     BANK ACCOUNTS; BUSINESS LOCATIONS. Schedule 3.16(a) sets
forth all accounts of the Company with any bank, broker or other depository
institution, and the names of all persons authorized to withdraw funds from
each such account. As of the date hereof, the Company has no office or place of
business other than as identified on Schedule 3.16(b) and the Company's
principal places of business and chief executive offices are indicated on
Schedule 3.16(b). All locations where the equipment, inventory, chattel paper
and books and records of the Company are located as of the date hereof are
fully identified on Schedule 3.16(b).

         3.18     ACCURACY OF INFORMATION FURNISHED. No representation,
statement or information made or provided by the Company and/or any of the
Shareholders contained in this Agreement (including, without limitation, the
various Schedules attached hereto) or any agreement executed in connection
herewith or in any certificate delivered pursuant hereto or thereto, contains
or shall contain any untrue statement of a material fact or omits or shall omit
any material fact

                                      10
<PAGE>   11

necessary to make the information contained therein not misleading. The Company
has provided Buyer with true, accurate and complete copies of all documents
listed or described in the various Schedules attached hereto.

                                   ARTICLE IV

                             ADDITIONAL AGREEMENTS

         4.1      FURTHER ASSURANCES. Each party shall execute and deliver such
additional instruments and other documents and shall take such further actions
as may be necessary or appropriate to effectuate, carry out and comply with all
of the terms of this Agreement and the transactions contemplated hereby,
including, but not limited to, all such further deeds, bills of sale,
assignments, transfers, conveyances, powers of attorney and assurances as may
be required or appropriate to convey and transfer to and vest in Buyer and
protect its right, title and interest in all of the Purchased Assets.

         4.2      COMPLIANCE WITH COVENANTS. The Shareholders shall cause the
Company to comply with all of the covenants of the Company under this
Agreement.

         4.3      CONFIDENTIALITY; PUBLICITY.

                  (a)      The Company and each Shareholder understands and
         acknowledges that it possesses information that is proprietary to, or
         confidential to the Business that concerns the operation, methodology
         and plans of the Business, including, without limitation, business
         strategy and plans, financial information, protocols, proposals,
         manuals, clinical procedures and guidelines, technical data, computer
         source codes, programs, software, know-how and specifications,
         copyrights, trade secrets, market information, Developments (as
         hereinafter defined), information regarding acquisition and other
         strategic partner candidates, and customer information (collectively,
         "Proprietary Information"). The Company and each Shareholder agrees
         that, at all times, the Company, the Shareholders and the
         representatives of each will keep confidential and will not disclose
         directly or indirectly any such Proprietary Information to any third
         party, except as required to fulfill its duties hereunder, and will
         not misuse, misappropriate or exploit such Proprietary Information in
         any way. The restrictions contained herein shall not apply to any
         information which the Company or a Shareholder can demonstrate (i) was
         already available to the public at the time of disclosure, or
         subsequently becomes available to the public, otherwise than by breach
         of this Agreement by the Company or a Shareholder or (ii) was the
         subject of a court order for the Company or a Shareholder to disclose.
         On the date hereof, the Company shall deliver to Buyer all copies of
         any Proprietary Information in its possession. For purposes of this
         Agreement, the term "Developments" shall mean all data, discoveries,

                                      11
<PAGE>   12

         findings, reports, designs, inventions, improvements, methods,
         practices, techniques, developments, programs, concepts, and ideas,
         whether or not patentable, relating to the present or planned
         activities, or future activities, or the products and services of the
         Business.

                  (b)      Except as may be required by law or as otherwise
         permitted or expressly contemplated herein, no party to this Agreement
         or their respective Affiliates, employees, agents and representatives
         shall disclose to any third party this Agreement, the subject matter
         or terms hereof or any confidential information or other proprietary
         knowledge concerning the business or affairs of the other party which
         it may have acquired from such party in the course of pursuing the
         transactions contemplated by this Agreement without the prior consent
         of the other party hereto; provided, that any information that is
         otherwise publicly available, or has been obtained from a third party,
         without breach of this provision, shall not be deemed confidential
         information. No press release or other public announcement related to
         this Agreement or the transactions contemplated hereby shall be issued
         without the prior approval of Buyer and the Company, except as
         permitted in Section 11.13.

         4.4      RESTRICTIVE COVENANT.

                  (a)      In order to assure that Buyer will realize the
         benefits of this transaction, the Company and each Shareholder agrees
         with Buyer that neither the Company nor the Shareholders will for a
         period of three (3) years from the date hereof, anywhere in the United
         States, directly or indirectly, without the prior written approval of
         Buyer, own an interest in or, as principal, agent, consultant or
         otherwise, engage in activities for or render services to, any firm or
         business (i) engaged in direct or indirect competition with Buyer or
         any of its Affiliates, (ii) conducting a business of the type and
         character engaged in by (or contemplated by the Business Plan of) the
         Company, Buyer or any of its Affiliates, including but not limited to,
         the Business, (iii) developing products or services competitive with
         those of the Business, Buyer or any of its Affiliates or (iv)
         conducting any business in which the Company or any of its Affiliates
         has been engaged (all of the businesses in clauses (i), (ii), (iii)
         and (iv) collectively, "Competitive Business"). Notwithstanding the
         foregoing, the Company may have an interest consisting of publicly
         traded securities constituting less than 1 percent of any class of
         publicly traded securities in any public company engaged in a
         Competitive Business so long as he is not employed by and does not
         consult with, or become a director of or otherwise engage in any
         activities for, such company.

                  (b)      During the period beginning on the date hereof and
         ending on the third anniversary of the date hereof (the "Restricted
         Period"), neither the Company nor any Shareholder shall, directly or
         indirectly, without the prior written approval of Buyer, solicit or
         contact any customer, or any prospective

                                      12
<PAGE>   13

         customer, of Buyer or any of its Affiliates for any commercial pursuit
         which is in competition with the Business, or that is contemplated by
         the Business Plan (as defined below) or take away or interfere or
         attempt to interfere with any custom, trade, business or patronage of
         Buyer. During the Restricted Period, neither the Company nor any
         Shareholder shall, directly or indirectly, without the prior written
         approval of Buyer, solicit or induce, or attempt to induce, any
         employees, agents or consultants of or to Buyer or any of its
         Affiliates to leave the employ of Buyer or its Affiliate or do
         anything from which the Company is restricted by reason of this
         Agreement nor shall the Company, directly or indirectly, offer or aid
         others to offer employment to or interfere or attempt to interfere
         with any employees, agents or consultants of Buyer or any of its
         Affiliates. For purposes of this Agreement, "Business Plan" shall
         mean, at any point in time, the then current business plan of the
         Company, and or Buyer and any business plans of the Company or Buyer
         in effect during the prior 18 months.

                  (c)      For purposes of the covenant not to compete set
         forth in paragraph (a) above, the Company acknowledges that the
         Company, Buyer and its Affiliates presently conduct the Business and
         their businesses throughout the United States. The Company agrees that
         the time restriction and the geographical areas encompassed by such
         covenant are necessary and reasonable in order to protect Buyer and
         its Affiliates in the conduct of their businesses. The parties intend
         that the foregoing covenant of the Company shall be construed as a
         series of separate covenants, one for each geographic area specified
         or effected. Except for geographic coverage, each such separate
         covenant shall be deemed identical in terms to the covenant set forth
         in paragraph (a) above. To the extent that the foregoing covenant or
         any provision of this Section 4.4 shall be deemed illegal or
         unenforceable by a court or other tribunal of competent jurisdiction
         with respect to (i) any geographic area, (ii) any part of the time
         period covered by such covenant, (iii) any activity or capacity
         covered by such covenant or (iv) any other term or provision of such
         covenant, such determination shall not affect such covenant with
         respect to any other geographic area, time period, activity or other
         term or provision covered by or included in such covenant. If any such
         provision of this Section 4.4, or any part thereof, is held to be
         unenforceable because of the duration of such provision or the area
         covered thereby, the parties agree that the court making such
         determination shall have the power to reduce the duration and/or area
         of such provision, and/or to delete specific words or phrases, and in
         its reduced form, such provision shall then be enforceable and shall
         be enforced. The parties agree and acknowledge that the breach of this
         Section 4.4 will cause irreparable damage to Buyer and upon breach of
         any provision of this Section 4.4, Buyer shall be entitled to
         injunctive relief, specific performance or other equitable relief;
         provided, however, that, this shall in no way limit any other remedies
         which Buyer

                                      13
<PAGE>   14

         may have (including, without limitation, the right to seek monetary
         damages).

         4.5      DELIVERY OF PROPERTY RECEIVED BY THE COMPANY AFTER CLOSING.
From and after the date hereof, Buyer shall have the right and authority to
collect, for the account of Buyer, all receivables and other items which shall
be transferred or are intended to be transferred to Buyer as part of the
Purchased Assets as provided in this Agreement, and to endorse with the name of
the Company any checks or drafts received on account of any such receivables or
other items of the Purchased Assets. The Company and the Shareholders agree
that they will transfer or deliver to Buyer, promptly after the receipt
thereof, any cash or other property which the Company and the Shareholders
receive after the date hereof in respect of any claims, contracts, licenses,
leases, commitments, sales orders, purchase orders, receivables of any
character or any other items transferred or intended to be transferred to Buyer
as part of the Purchased Assets under this Agreement.

         4.6      BUYER APPOINTED ATTORNEY FOR THE COMPANY. The Company hereby
constitutes and appoints Buyer, and Buyer's successors and assigns, its true
and lawful attorney, in the name of either Buyer or the Company (as Buyer shall
determine in its sole discretion) but for the benefit and at the expense of
Buyer (except as otherwise herein provided), (a) to institute and prosecute all
proceedings which Buyer may deem proper in order to collect, assert or enforce
any claim, right or title of any kind in or to the Purchased Assets as provided
for in this Agreement; (b) to defend or compromise any and all actions, suits
or proceedings in respect of any of the Purchased Assets, and to do all such
acts and things in relation thereto as Buyer shall deem advisable; and (c) to
take all action which Buyer may reasonably deem proper in order to provide for
Buyer the benefits under any of the Purchased Assets where any required consent
of another party to the sale or assignment thereof to Buyer pursuant to this
Agreement shall not have been obtained. The Company acknowledges that the
foregoing powers are coupled with an interest and shall be irrevocable. Buyer
shall be entitled to retain for its own account any amounts collected pursuant
to the foregoing powers, including any amounts payable as interest in respect
thereof.

         4.7      SHAREHOLDER AND DIRECTOR VOTE. Each of the Shareholders, in
executing the Agreement, consents as a director and/or shareholder (as
applicable) of the Company to the Asset Purchase and waives notice of any
meeting in connection therewith.

         4.8      RELEASE BY THE COMPANY AND THE SHAREHOLDERS. Each of the
Company and the Shareholders do hereby each, for themselves and for their
respective heirs, personal representatives, successors and assigns
(collectively, the "Releasors") release, remise and forever discharge Buyer and
its subsidiaries, affiliates, officers, directors, trustees, shareholders,
agents, representatives, employees, consultants, attorneys, accountants,
successors and assigns (collectively, the "Releasees"), from any and all debts,
sums of money, accounts, claims, actions,

                                      14
<PAGE>   15

causes of action, suits, damages, judgments, losses, contracts, demands,
expenses (including attorneys' fees and costs) and/or liabilities of any kind
which any of the Releasors ever had, now have or which they can, shall or may
have for, upon or by reason of any matter, cause or thing whatsoever, from the
beginning of the world to the day of this Agreement, against the Releasees.
Notwithstanding anything contained herein to the contrary, this Agreement shall
not apply to any obligations, commitments or liabilities arising out of and/or
relating to the performance by the Releasees pursuant to this Agreement.

         4.9      USE OF THE INTELLECTUAL PROPERTY. Neither the Company nor the
Shareholders shall use any of the Intellectual Property after the date hereof,
except in connection with employment by Buyer.

         4.10     CORPORATE NAME. On the date hereof, the Company will deliver
to Buyer any documentation requested by Buyer to transfer all rights to the
Company's corporate name to Buyer.

                                   ARTICLE V

                                INDEMNIFICATION

         5.1      AGREEMENT BY THE COMPANY AND THE SHAREHOLDERS FOR
INDEMNIFICATION. The Company and the Shareholders jointly and severally agree
to indemnify and hold Buyer and its stockholders, directors, officers,
employees, attorneys and Affiliates (collectively, for purposes of this Article
V, the "Buyer Indemnitees") harmless from and against of all expenses, losses,
costs, deficiencies, liabilities and damages (including, without limitation,
related reasonable counsel and paralegal fees and expenses) incurred or
suffered by the Buyer Indemnitees arising out of or resulting from (i) any
breach of a representation or warranty made by the Company or the Shareholders
in or pursuant to this Agreement, (ii) any breach of the covenants or
agreements made by the Company or the Shareholders in or pursuant to this
Agreement, (iii) any inaccuracy in any certificate, instrument or other
document delivered by the Company or the Shareholders as required by this
Agreement, (iv) any Excluded Liabilities, or (v) any transfer taxes that may be
due and owing to any Governmental Authority (collectively, "Indemnifiable
Damages"). Without limiting the generality of the foregoing, with respect to
the measurement of Indemnifiable Damages, the Buyer Indemnitees shall have the
right to be put in the same pre-tax consolidated financial position as it would
have been in had each of the representations and warranties of the Company and
the Shareholders hereunder been true and correct and had the agreements of the
Company and the Shareholders hereunder been performed in full.

         5.2      SURVIVAL OF REPRESENTATIONS AND OPTIONS. Each of the
representations and options made Agreement by Buyer shall survive indefinitely.
Notwithstanding any knowledge of facts determined or determinable by any party

                                      15
<PAGE>   16

by investigation, each party for Indemnification. The Buyer agrees to indemnify
and hold the Company and the shareholders, directors, officers, employees,
attorneys and Affiliates (collectively, for purposes of this Article V, the
"Buyer Indemnitees") harmless from and against of all expenses, losses, costs,
deficiencies, liabilities and damages (including, without limitation, related
reasonable counsel and paralegal fees and expenses) incurred or suffered by the
Buyer Indemnitees arising out of or resulting from (i) any breach of a
representation or warranty made by the Buyer in or pursuant to this Agreement,
(ii) any breach of the covenants or agreements made by the Buyer in or pursuant
to this Agreement or (iii) any inaccuracy in any certificate, instrument or
other document delivered by the Buyer.

         5.3      SURVIVAL OF REPRESENTATIONS AND WARRANTIES. Each of the
representations and warranties made by the Company and the Shareholders shall
survive indefinitely. Notwithstanding any knowledge of facts determined or
determinable by any party by investigation, each party shall have the right to
fully rely on the representations, warranties, covenants and agreements of the
other parties hereto contained in this Agreement or in any other documents or
papers delivered in connection herewith. Each representation, warranties,
covenant and agreement contained in this Agreement is independent of each other
representation, warranties, covenant and agreement. The representations and
warranties made by Buyer shall expire upon the Closing.

                                   ARTICLE VI

                             SECURITIES LAW MATTERS

         The parties agree as follows with respect to the sale or other
disposition after the date hereof of the Spectrafax Shares and any Stock
deliverable upon exercise of the Options:

         6.1      LEGEND. The certificates representing the Buyer Shares and
any stock delivered upon exercise of the Options shall bear the following
legend:

                  THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE
                  NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
                  1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
                  STATE. SUCH SHARES MAY NOT BE SOLD OR TRANSFERRED
                  IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION
                  OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH
                  REGISTRATION IS NOT REQUIRED BY SAID ACT OR STATE
                  LAWS.

                                      16
<PAGE>   17

Buyer may, unless a registration statement is in effect covering such shares,
place stop transfer orders with its transfer agents with respect to such
certificates in accordance with federal securities laws.

         6.2      NO REGISTRATION. The Company and the Shareholders acknowledge
that the Spectrafax Shares being delivered hereunder and any Stock delivered
upon exercise of the Options are not, and will not be, registered shares and
that Buyer has no obligation to register the Spectrafax Shares or the Stock
delivered upon execution of the Options at any time.

         6.3      INVESTMENT INTENT: ACCREDITED INVESTOR STATUS; SECURITIES
DOCUMENTS. The Company and, when and if transferred to the Shareholders, each
of the Shareholders is acquiring the Spectrafax Shares the Options and the
Stock deliverable upon exercise of the Options for his, her or its own account
for investment and not with a view to, or for the sale in connection with, any
distribution of any of the Spectrafax Shares the Options and the Stock
deliverable upon exercise of the Options, except in compliance with applicable
state and federal securities laws. Each of the Shareholders has had the
opportunity to discuss the transactions contemplated hereby with Buyer and has
had the opportunity to obtain such information pertaining to Buyer as has been
requested, including but not limited to filings made by Buyer with the SEC
under the Exchange Act. Each of the Shareholders is an "accredited investor"
within the meaning of Regulation D promulgated under the Securities Act, and
has such knowledge and experience in business or financial matters that he/she
is capable of evaluating the merits and risks of an investment in the
Spectrafax Shares. Each of the Shareholders hereby represents that he/she can
bear the economic risk of losing his/her investment in the Spectrafax Shares
and has adequate means for providing for his/her current financial needs and
contingencies. The Shareholders have received copies of all Spectrafax Reports
filed with the SEC since March 1, 2000.

                                  ARTICLE VII

                OBLIGATIONS OF THE COMPANY AND THE SHAREHOLDERS

         7.1      CERTIFICATE. The Company shall deliver to Buyer (i) copies of
the Articles of Incorporation and Bylaws of the Company as in effect
immediately prior to the date hereof, (ii) copies of resolutions adopted by the
Board of Directors and shareholders of the Company authorizing the transactions
contemplated by this Agreement, and (iii) a certificate of good standing of the
Company issued by the Secretary of State of Illinois and each other state in
which it is qualified to do business as of a date not more than thirty days
prior to the date hereof, certified in each case as of the date hereof by the
Secretary of the Company as being true, correct and complete.

                                      17
<PAGE>   18

         7.2      INTELLECTUAL PROPERTY. The Company shall deliver to Buyer all
programming source codes, object codes or scripts related to the Intellectual
Property.

         7.3      INSTRUMENTS OF TRANSFER. On the date hereof, the Company will
deliver to Buyer all duly executed instruments of transfer and assignment for
the Purchased Assets required pursuant to Section 1.3 of this Agreement.

                                  ARTICLE VIII

                             CONDITIONS TO CLOSING

         8.1      CONDITIONS TO OBLIGATIONS OF THE COMPANY AND THE SHAREHOLDERS
TO CONSUMMATE THE SALE. The obligations of the Company and the Shareholders to
consummate the sale of the Assets and the other transactions contemplated
hereby shall be subject to the fulfillment at or prior to the Closing Date of
the following conditions:

                  (a)      Representations and Warranties. The representations
         and warranties of Buyer set forth herein shall be true and correct as
         of the Closing Date with the same effect as though made on and as of
         such date.

                  (b)      No Injunction, Etc. No action proceeding,
         investigation or legislation shall have been instituted, threatened or
         proposed before any court, governmental agency or legislative body to
         enjoin, restrain, prohibit or obtain substantial damages in respect
         of, or which is related to or arises out of, this Agreement or the
         consummation of the transactions contemplated hereby, or which is
         related to or arises out of the business or operations of Buyer, if
         such action, proceeding, investigation or legislation, in the
         reasonable judgment of the Company, the Shareholders or its counsel,
         would make it inadvisable to consummate such transactions.

         8.2      CONDITIONS TO OBLIGATION OF BUYER TO CONSUMMATE THE PURCHASE.
The obligations of Buyer to consummate the purchase of the Assets and the other
transactions contemplated by this Agreement shall be subject to the fulfillment
at or prior to the Closing Date of the following conditions:

                  (a)      Due Diligence Review; Delivery of Schedules. Buyer
         shall have completed, and in its sole discretion be satisfied with the
         results of, its due diligence review of the operations and financial
         condition of the Company. The Company and the Shareholders shall have
         delivered to Buyer the Schedules called for by this Agreement, and
         such Schedules shall be satisfactory to Buyer in its sole discretion.

                  (b)      Representations and Warranties. The representations
         and Warranties of the Company and each Shareholder contained in this

                                      18
<PAGE>   19

         Agreement, or any document or instrument delivered to Buyer hereunder,
         shall be true and correct as of the Closing Date with the same effect
         as though made on and as of such date.

                  (c)      Agreements. Buyer shall have executed the Employee
         Agreements.

                  (d)      Performance; Document Delivery. The Company and each
         Shareholder shall have performed in all material respects, at or prior
         to the Closing Date, all acts in accordance with their covenants
         herein.

                  (e)      Consents and Approvals. The Company shall have
         obtained all necessary consents and approvals, in form and substance
         satisfactory to Buyer, required under all material agreements and
         satisfying any approval or permit or licensing requirements for
         consummation of this transaction and necessary to carry on the
         Business of the Company as it is currently being conducted.

                  (f)      No Injunction, Etc. No action, proceeding,
         investigation or legislation shall have been instituted, threatened or
         proposed before any court, governmental agency or legislative body to
         enjoin, restrain, prohibit or obtain substantial damages in respect
         of, or which is related to or arises out of, this Agreement or the
         consummation of the transactions contemplated hereby, or which is
         related to or arises out of the business or operations of the Company,
         if such action, proceeding, investigation or legislation, in the
         reasonable judgment of Buyer or its counsel, would make it inadvisable
         to consummate such transactions.

                  (g)      Employee Agreements. David McKinney shall have
         executed the Employee Agreements.

                                   ARTICLE X

                                  TERMINATION

         9.1      MEANS OF TERMINATION. This Agreement may be terminated at any
time prior to the Closing in the following ways:

                  (a)      by the mutual consent in writing of the Company and
         the Buyer;

                  (b)      by Buyer if any of the conditions set forth in
         Section 8.2 hereof have not been satisfied within thirty (30) days of
         the date hereof or have not been waived by Buyer in writing; or

                                      19
<PAGE>   20

                  (c)      by the Company if any of the conditions set forth in
         Sections 8.1 hereof have not been satisfied within six (6) months of
         the date hereof or have not been waived by the Seller in writing.

         9.2      EFFECT OF TERMINATION. In the event this Agreement is
terminated in accordance with this Section 9, this Agreement shall become void
and of no further force or effect, except for the following agreements and
obligations of the parties, which shall survive the termination of this
Agreement: (a) the obligations of the parties hereto to preserve the
confidentiality of documents, certificates and information furnished to such
party pursuant hereto, (b) any obligation or liability of any party based on or
arising from any breach or default by such party with respect to its
representations, warranties, covenants or agreements contained in the
Agreement, and (c) the obligation of each party to bear its own expenses as set
forth in Section 11.3 hereof.

                                   ARTICLE X

                                  DEFINITIONS

         10.1     DEFINED TERMS. As used herein, the following terms shall have
the following meanings:

                  "Affiliate" shall have the meaning ascribed to it in Rule
         12b-2 of the General Rules and Regulations under the Exchange Act, as
         in effect on the date hereof.

                  "Code" means the Internal Revenue Code of 1986 as amended.

                  "Closing" means the consummation of the transactions
         contemplated hereby.

                  "Contract" means any agreement, contract, lease, note,
         mortgage, indenture, loan agreement, franchise agreement, covenant,
         employment agreement, license, instrument, purchase and sales order,
         commitment, undertaking, obligation, whether written or oral, express
         or implied.

                  "Effective Time" means the time when the transactions
         contemplated by this Agreement are consummated.

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

                  "GAAP" means generally accepted accounting principles in
         effect in the United States of America from time to time.

                                      20
<PAGE>   21

                  "Governmental Authority" means any nation or government, any
         state, regional, local or other political subdivision thereof, and any
         entity or official exercising executive, legislative, judicial,
         regulatory or administrative functions of or pertaining to government.

                  "Lien" means any mortgage, pledge, security interest,
         collateral assignment, preemptive or refused right, equity of any kind
         encumbrance, lien or charge of any kind (including, but not limited
         to, any conditional sale or other title retention agreement, any lease
         in the nature thereof, and the filing of or agreement to give any
         financing statement under the Uniform Commercial Code or comparable
         law or any jurisdiction in connection with such mortgage, pledge,
         security interest, encumbrance, lien or charge).

                  "Person" means an individual, partnership, corporation,
         business trust, joint stock Company, estate, trust, unincorporated
         association, joint venture, Governmental Authority or other entity, of
         whatever nature.

                  "Register," "registered" and "registration" refer to a
         registration of the offering and sale of securities effected by
         preparing and filing a registration statement in compliance with the
         Securities Act and the declaration or ordering of the effectiveness of
         such registration statement.

                  "SEC" means the Securities and Exchange Commission.

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

         10.2     OTHER DEFINITIONAL PROVISIONS.

                  (a)      All terms defined in this Agreement shall have the
         defined meanings when used in any certificates, reports or other
         documents made or delivered pursuant hereto or thereto, unless the
         context otherwise requires.

                  (b)      Terms defined in the singular shall have a
         comparable meaning when used in the plural, and vice versa.

                  (c)      All matters of an accounting nature in connection
         with this Agreement and the transactions contemplated hereby shall be
         determined in accordance with GAAP applied on a basis consistent with
         prior periods, where applicable.

                  (d)      As used herein, the neuter gender shall also denote
         the masculine and feminine, and the masculine gender shall also denote
         the neuter and feminine, where the context so permits.

                                      21
<PAGE>   22

                                   ARTICLE XI

                               GENERAL PROVISIONS

         11.1     NOTICES. All notices, requests, demands, claims, and other
communications hereunder shall be in writing and shall be delivered by
certified or registered mail (first class postage pre-paid), guaranteed
overnight delivery, or facsimile transmission if such transmission is confirmed
by delivery by certified or registered mail (first class postage pre-paid) or
guaranteed overnight delivery, to the following addresses and telecopy numbers
(or to such other addresses or telecopy numbers which such party shall
designate in writing to the other party):

                  If to the Buyer:    SpectraFAX, Corp.
                                      3050 North Horseshoe Drive, Suite 100
                                      Naples, Florida 34104
                                      Attn:  Thomas J. Conwell
                                      Facsimile Number:  (941) 643-8728

                  If to the Company:  2AlertMe
                                      6355 Green Needle Drive
                                      Loves Park, Illinois 61111
                                      Attn:  David McKinney
                                      Facsimile Number:  (815) 633-7367

         11.2     ENTIRE AGREEMENT. This Agreement (including the Schedules
attached hereto) and other documents delivered concurrently herewith, contains
the entire understanding of the parties in respect of its subject matter and
supersedes all prior agreements and understandings (oral or written) between or
among the parties with respect to such subject matter. The Schedules constitute
a part hereof as though set forth in full above.

         11.3     EXPENSES; SALES TAX. Except as otherwise provided herein, the
parties shall pay their own fees and expenses, including their own counsel
fees, incurred in connection with this Agreement or any transaction
contemplated hereby. The parties agree that the Company shall pay all sales,
transfer or similar taxes required to be paid by reason of the transfer by the
Company of the Purchased Assets pursuant to this Agreement.

         11.4     AMENDMENT; WAIVER. This Agreement may not be modified,
amended, supplemented, canceled or discharged, except by written instrument
executed by all parties. No failure to exercise, and no delay in exercising,
any right, power or privilege under this Agreement shall operate as a waiver,
nor shall any single or partial exercise of any right, power or privilege
hereunder preclude the exercise of any other right, power or privilege. No
waiver of any breach of any provision shall be deemed to be a waiver of any
preceding or succeeding breach of the same or any other provision, nor shall
any waiver be implied from any course of

                                      22
<PAGE>   23

dealing between the parties. No extension of time for performance of any
obligations or other acts hereunder or under any other agreement shall be
deemed to be an extension of the time for performance of any other obligations
or any other acts. The rights and remedies of the parties under this Agreement
are in addition to all other rights and remedies, at law or equity, that they
may have against each other.

         11.5     BINDING EFFECT; ASSIGNMENT. The rights and obligations of
this Agreement shall bind and inure to the benefit of the parties and their
respective successors and assigns. Nothing expressed or implied herein shall be
construed to give any other person any legal or equitable rights hereunder.
Except as expressly provided herein, the rights and obligations of this
Agreement may not be assigned or delegated by the Company without the prior
written consent of Buyer. Buyer may assign all or any portion of its rights
hereunder.

         11.6     COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be an original but all of which together
shall constitute one and the same instrument.

         11.7     INTERPRETATION. When a reference is made in this Agreement to
an article, section, paragraph, clause, schedule or exhibit, such reference
shall be deemed to be to this Agreement unless otherwise indicated. The
headings contained herein and on the schedules are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement
or the schedules. Whenever the words "include," "includes" or "including" are
used in this Agreement, they shall be deemed to be followed by the words"
without limitation." Time shall be of the essence in this Agreement.

         11.8     GOVERNING LAW; INTERPRETATION. This Agreement shall be
construed in accordance with and governed for all purposes by the laws of the
State of Florida applicable to contracts executed and to be wholly performed
within such State, without regard to conflict of laws principles.

         11.9     JURISDICTION. Any suit, action or proceeding against the
Company or the Shareholders arising out of, or with respect to, this Agreement
or any judgment entered by any court in respect thereof may be brought in the
courts of Collier County, Florida, or in the U.S. District Court for the
Southern District of Florida. as Buyer (in its sole discretion) may elect, and
the Company and the Shareholders hereby irrevocably accept and consent to the
nonexclusive personal jurisdiction of those courts for the purpose of any suit,
action or proceeding. In addition, each of the Company and the Shareholders
hereby irrevocably waives, to the fullest extent permitted by law, any
objection which it may now or hereafter have to the laying of venue of any
suit, action or proceeding arising out of or relating to this Agreement or any
judgment entered by any court in respect thereof brought in Collier County,
Florida, or the U.S. District Court for the Southern District of Florida, as
selected by Buyer, and hereby further irrevocably waives any claim that any
suit, action or

                                      23
<PAGE>   24

proceedings brought in Collier County, Florida, or in such District Court has
been brought in an inconvenient forum.

         11.10    ARM'S LENGTH NEGOTIATIONS. Each party herein expressly
represents and Options to all other parties hereto that (a) before executing
this Agreement, said party has fully informed itself of the terms, contents,
conditions and effects of this Agreement; (b) said party has relied solely and
completely upon its own judgment in executing this Agreement; (c) said party
has had the opportunity to seek and has obtained the advice of counsel before
executing this Agreement; (d) said party has acted voluntarily and of its own
free will in executing this Agreement; (e) said party is not acting under
duress, whether economic or physical, in executing this Agreement; and (f) this
Agreement is the result of arm's length negotiations conducted by and among the
parties and their respective counsel.

         11.11    SEVERABILITY. In the event that any one or more of the
provisions contained in this Agreement or in any other instrument referred to
herein, shall, for any reason, be held to be invalid, illegal or unenforceable
in any respect, then to the maximum extent permitted by law, such invalidity,
illegality or unenforceability shall not affect any other provision of this
Agreement or any other such instrument.

         11.12    ANCILLARY AGREEMENTS. To the extent any agreement ancillary
to this Agreement contains any representation or warranties that provides for
different or conflicting rights, duties or obligations from those
representations and warranties contained herein, the provisions of this
Agreement will control.

         11.13    PRESS RELEASE. All press releases, notices to customers and
suppliers and other announcements with respect to this Agreement and the
transactions contemplated by this Agreement shall be approved by both Buyer and
the Company prior to the issuance thereof; provided, that either party may make
any public disclosure it believes in good faith is required by law or
regulation (in which case the disclosing party will advise the other party
prior to making such disclosure and provide the other party a reasonable
opportunity to review the proposed disclosure).

                                      24
<PAGE>   25

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed and delivered as of the day and year first above written.

                                          SPECTRAFAX CORP.,
                                          a Florida corporation

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

                                          2ALERTME,
                                          an Illinois corporation

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

                                          -------------------------------------
                                          David McKinney, individually

                                          -------------------------------------
                                          James Hughes, individually

                                          /s/ Richard Wiegan
                                          -------------------------------------
                                          Richard Wiegan, individually

                                       25<PAGE>   1

                                                                    EXHIBIT 10.1

================================================================================

                                CREDIT AGREEMENT

                            DATED AS OF MAY 31, 2000

                                 BY AND BETWEEN

                                  NETZEE, INC.

                                       AND

                            THE INTERCEPT GROUP, INC.

================================================================================

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                              Page
                                                                                                              ----

<S>                                                                                                           <C>
ARTICLE 1.- DEFINITIONS..........................................................................................1
   SECTION 1.01  DEFINITIONS.....................................................................................1

ARTICLE 2 - REVOLVING CREDIT FACILITY...........................................................................10
   SECTION 2.01. REVOLVING LOANS................................................................................10
   SECTION 2.02. REPAYMENT OF REVOLVING LOANS...................................................................12
   SECTION 2.03. PREPAYMENTS....................................................................................12
   SECTION 2.04. VOLUNTARY REDUCTIONS OF THE REVOLVING COMMITMENT...............................................13

ARTICLE 3 - INTEREST, FEES AND OTHER PROVISIONS.................................................................13
   SECTION 3.01. RATES AND PAYMENT OF INTEREST ON LOANS.........................................................13
   SECTION 3.02. UNUSED FACILITY FEE............................................................................13
   SECTION 3.03. PAYMENTS.......................................................................................13
   SECTION 3.04. COMPUTATIONS...................................................................................14
   SECTION 3.05. USURY..........................................................................................14
   SECTION 3.06. AGREEMENT REGARDING INTEREST AND CHARGES.......................................................14
   SECTION 3.07. TAXES..........................................................................................14

ARTICLE 4 -CONDITIONS PRECEDENT.................................................................................15
   SECTION 4.01. CONDITIONS PRECEDENT TO INITIAL LOAN...........................................................15
   SECTION 4.02. CONDITIONS PRECEDENT TO ALL LOANS..............................................................17

ARTICLE 5 - REPRESENTATIONS AND WARRANTIES......................................................................17
   SECTION 5.01. REPRESENTATIONS AND WARRANTIES.................................................................17
   SECTION 5.02. SURVIVAL OF REPRESENTATIONS AND WARRANTIES, ETC................................................22

ARTICLE 6 - AFFIRMATIVE COVENANTS...............................................................................23
   SECTION 6.01. PRESERVATION OF CORPORATE EXISTENCE AND SIMILAR MATTERS........................................23
   SECTION 6.02. COMPLIANCE WITH APPLICABLE LAW AND MATERIAL CONTRACTS..........................................23
   SECTION 6.03. MAINTENANCE OF PROPERTY/CONDUCT OF BUSINESS....................................................23
   SECTION 6.04. PAYMENT OF TAXES AND CLAIMS....................................................................23
   SECTION 6.05. USE OF PROCEEDS................................................................................23
   SECTION 6.06. ERISA..........................................................................................24
   SECTION 6.07. INSPECTION OF BOOKS, RECORDS, PROPERTIES.......................................................24
   SECTION 6.08. INSURANCE......................................................................................24
   SECTION 6.09  ENVIRONMENTAL MATTERS..........................................................................24

ARTICLE 7 - INFORMATION.........................................................................................25
   SECTION 7.01  FINANCIAL STATEMENTS, COMPLIANCE CERTIFICATE AND INCOME TAX RETURNS............................25
   SECTION 7.02. DEFAULT; NOTICES UNDER OTHER AGREEMENTS........................................................26
   SECTION 7.03. LITIGATION; JUDGMENT...........................................................................26
   SECTION 7.04. MATERIAL CHANGE................................................................................26
   SECTION 7.05. OTHER NOTICES..................................................................................26
</TABLE>

                                     - i -
<PAGE>   3

<TABLE>
<S>                                                                                                             <C>
   SECTION 7.06. DEBT INSTRUMENTS...............................................................................27
   SECTION 7.07. ERISA..........................................................................................27
   SECTION 7.08  COPIES OF OTHER REPORTS........................................................................28
   SECTION 7.09. OTHER INFORMATION..............................................................................28

ARTICLE 8 - NEGATIVE COVENANTS..................................................................................28
   SECTION 8.01. FINANCIAL RATIOS...............................................................................28
   SECTION 8.02. DEBT...........................................................................................29
   SECTION 8.03. GUARANTEES.....................................................................................29
   SECTION 8.04. INVESTMENTS....................................................................................29
   SECTION 8.05. LIENS; AGREEMENTS REGARDING LIENS; OTHER MATTERS...............................................30
   SECTION 8.06. FISCAL YEAR....................................................................................30
   SECTION 8.07. DIVIDENDS AND STOCK REPURCHASE.................................................................30
   SECTION 8.08. PRESERVATION OF EXISTENCE, ETC.; MERGER, CONSOLIDATION AND SALE OF ASSETS......................31
   SECTION 8.09. TRANSACTIONS WITH AFFILIATES...................................................................31
   SECTION 8.10. CREATION OF SUBSIDIARIES.......................................................................32
   SECTION 8.11. DISPOSAL OF ASSETS OR SUBSIDIARY STOCK.........................................................33
   SECTION 8.14. ISSUANCE OF CAPITAL STOCK......................................................................33
   SECTION 8.14. CAPITAL EXPENDITURES...........................................................................34
   SECTION 8.15. MANAGEMENT FEES AND COMPENSATION...............................................................34

ARTICLE 9 - DEFAULT.............................................................................................34
   SECTION 9.01. EVENTS OF DEFAULT..............................................................................34
   SECTION 9.02. REMEDIES.......................................................................................36
   SECTION 9.03. APPLICATION OF PROCEEDS........................................................................37
   SECTION 9.04. PERFORMANCE BY LENDER..........................................................................37
   SECTION 9.05. RIGHTS CUMULATIVE..............................................................................37

ARTICLE 10 - MISCELLANEOUS......................................................................................38
   SECTION 10.01. NOTICES.......................................................................................38
   SECTION 10.02. EXPENSES......................................................................................38
   SECTION 10.03. STAMP, INTANGIBLE AND RECORDING TAXES.........................................................39
   SECTION 10.04. LITIGATION....................................................................................39
   SECTION 10.05. SUCCESSORS AND ASSIGNS........................................................................40
   SECTION 10.06. AMENDMENTS....................................................................................40
   SECTION 10.07. INDEMNIFICATION...............................................................................40
   SECTION 10.08. GOVERNING LAW.................................................................................42
   SECTION 10.09. SETOFF........................................................................................42
   SECTION 10.10. TERMINATION; SURVIVAL OF PROVISIONS...........................................................42
   SECTION 10.11. COUNTERPARTS..................................................................................42
   SECTION 10.12. LIMITATION OF LIABILITY.......................................................................42
   SECTION 10.13. ENTIRE AGREEMENT..............................................................................43
   SECTION 10.14. TITLES AND CAPTIONS...........................................................................43
   SECTION 10.15. SEVERABILITY OF PROVISIONS....................................................................43
   SECTION 10.16. OBLIGATIONS WITH RESPECT TO LOAN PARTIES......................................................43
</TABLE>

<PAGE>   4

<TABLE>
   <S>                                                                                                          <C>
   SECTION 10.17. MARSHALING; PAYMENTS SET ASIDE................................................................43
   SECTION 10.18. INDEPENDENT NATURE OF LENDER'S RIGHTS.........................................................43
   SECTION 10.19. NO FIDUCIARY RELATIONSHIP.....................................................................44
   SECTION 10.20. CONSTRUCTION..................................................................................44
   SECTION 10.21. BENEFITS......................................................................................44
</TABLE>

SCHEDULES

     Schedule 5.01(b) Ownership Structure
     Schedule 5.01(d) Liens
     Schedule 5.01(e) Debt
     Schedule 5.01(f) Litigation
     Schedule 5.01(j) ERISA
     Schedule 5.01(k) Affiliate Transactions
     Schedule 5.01(q) Intellectual Property
     Schedule 8.03    Guarantees
     Schedule 8.04    Investments
     Schedule 8.14    Management Fees and Compensation

EXHIBITS

     Exhibit A Form of Note
     Exhibit B Form of Notice of Borrowing
     Exhibit C Form of Pledge Agreement
     Exhibit D Form of Security Agreement
     Exhibit E Form of Guaranty
     Exhibit F Form of Opinion of Counsel to Loan Parties
     Exhibit G Form of Compliance Certificate Exhibit
     Exhibit H Form of Accession Agreement
     Exhibit I Form of Patent Security Agreement
     Exhibit J Form of Trademark Security Agreement

<PAGE>   5

         THIS CREDIT AGREEMENT dated as of May 31, 2000 (the "Agreement"), by
and between NETZEE, INC. (the "Borrower"), a Georgia corporation, and THE
INTERCEPT GROUP, INC. (the "Lender").

         WHEREAS, the Lender desires to make available to the Borrowers certain
financial accommodations on the terms and conditions contained herein.

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

                             ARTICLE 1. DEFINITIONS

         SECTION 1.01. DEFINITIONS. For the purposes of this Agreement:

         "Accession Agreement" means the Accession Agreement executed in
connection with Section 8.10 and substantially in the form of Exhibit H.

         "Affiliate" means any Person (other than the Lender): (a) directly or
indirectly controlling, controlled by, or under common control with, the
Borrower; (b) directly or indirectly owning or holding five percent (5.0%) or
more of any equity interest in the Borrower; or (c) five percent (5.0%) or more
of whose voting stock or other equity interest is directly or indirectly owned
or held by the Borrower. For purposes of this definition, "control" (including
with correlative meanings, the terms "controlling", "controlled by" and "under
common control with") means the possession directly or indirectly of the power
to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities or by contract or otherwise.

         "Applicable Law" means all applicable provisions of constitutions,
statutes, laws, rules, regulations and orders of all governmental bodies and all
orders, rulings and decrees of all courts and arbitrators.

         "Asset Disposition" means the disposition whether by sale, lease,
transfer, loss, damage, destruction, condemnation or otherwise of any of the
following: (a) any of the stock or equity interests of the Borrower's
Subsidiaries or (b) any or all of the assets of the Borrower or its Subsidiaries
(other than sales of inventory and licensing of copyrights, patents and
trademarks in the ordinary course of business and sale of the Encumbered Asset).

         "Beneficial Owner" has the meaning assigned to such term in Rule 13d-3
and Rule 13d-5 under the Exchange Act.

         "Business Day" means any day other than a Saturday, Sunday or other day
on which banks in Atlanta, Georgia are authorized or required to close.

<PAGE>   6

         "Business Unit" means the assets constituting the business or a
division or operating unit thereof of any Person.

         "Capital Expenditures" means, with respect to any Person, without
duplication, all expenditures made and liabilities incurred for the acquisition
of assets which are not, in accordance with GAAP, treated as expense items for
such Person in the year made or incurred or as a prepaid expense applicable to a
future year or years, and shall include all Capitalized Lease Obligations.

         "Capitalized Lease Obligation" means Debt represented by obligations
under a lease that is required to be capitalized for financial reporting
purposes in accordance with GAAP, and the amount of such Debt is the capitalized
amount of such obligations determined in accordance with GAAP.

         "Cash Equivalents" means: (a) securities issued, guaranteed or insured
by the United States of America or any of its agencies with maturities of not
more than one year from the date acquired; (b) certificates of deposit with
maturities of not more than one year from the date acquired issued by a United
States federal or state chartered commercial bank of recognized standing, which
has capital and unimpaired surplus in excess of $500,000,000.00 and which bank
or its holding company has a short-term commercial paper rating of at least A-2
or the equivalent by Standard & Poor's Rating Group, a division of McGraw-Hill,
Inc. ("S&P") or at least P-2 or the equivalent by Moody's Investors Services,
Inc. ("Moody's"); (c) reverse repurchase agreements with terms of not more than
seven days from the date acquired, for securities of the type described in
clause (a) above and entered into only with commercial banks having the
qualifications described in clause (b) above; (d) commercial paper issued by any
Person incorporated under the laws of the United States of America or any State
thereof and rated at least A-2 or the equivalent thereof by S&P or at least P-2
or the equivalent thereof by Moody's, in each case with maturities of not more
than one year from the date acquired; and (e) investments in money market funds
registered under the Investment Company Act of 1940, which have net assets of at
least $500,000,000.00 and at least 85% of whose assets consist of securities and
other obligations of the type described in clauses (a) through (d) above.

         "Change of Control" means the occurrence of any of the following: (1)
the sale, transfer, conveyance or other disposition (other than by way of merger
or consolidation), in one or a series of related transactions, or all or
substantially all of the assets of the Borrower and its Subsidiaries taken as a
whole to any "person" (as such term is used in Section 13(d)(3) of the Exchange
Act); (2) the adoption of a plan relating to the liquidation or dissolution of
the Borrower; (3) the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of which is that any
"person" (as defined above) other than a Permitted Holder becomes the Beneficial
Owner, directly or indirectly, of more than 30% of the Voting Stock of the
Borrower, measured by voting power rather than the number of shares; (4) the
first day on which a majority of the members of the Board of Directors of the
Borrower are not Continuing Directors; or (5) the Borrower consolidates with, or
merges with or into, any Person, or any Person consolidates with, or merges with
or into, the Borrower, in any such event pursuant to a transaction in which any
of the outstanding Voting Stock of the Borrower is converted into or exchanged
for cash, securities or other property, other than any such transaction where
the Voting Stock of the Borrower outstanding immediately prior to such
transaction is converted into or exchanged for

                                     - 2 -
<PAGE>   7

Voting Stock of the surviving or transferee Person constituting a majority of
the outstanding shares of such Voting Stock of such surviving or transferee
Person immediately after giving effect to such issuance.

         "Collateral" means and includes all property and assets of any Person
now or hereafter pledged to the Lender as security for the Obligations,
including but not limited to the Collateral (as defined in the Security
Agreement) and the Pledged Stock (as defined in the Pledge Agreement).

         "Collateral Assignment Agreement" shall mean that certain Collateral
Assignment Agreement of Rights under Affiliate Loan Documents dated as of May
31, 2000, by and between the Lender and First Union National Bank.

         "Consolidated Tangible Net Worth" of Borrower shall mean the Borrower's
Total Assets less the Borrower's Consolidated Total Liabilities.

         "Consolidated Total Liabilities" of the Borrower shall mean the total
of all items and categories of indebtedness, obligations and liabilities of the
Borrower and its Subsidiaries and Affiliates, which, in accordance with GAAP,
would be included in determining total liabilities as shown on the liabilities
side of the Borrower's balance sheet at the date as of which total liabilities
are to be determined (including without limitation, all indebtedness owed to
officers, shareholders and employees of such entity, all capitalized leases and
all reserves for deferred taxes and other deferred sums).

         "Continuing Directors" means, as for any date of determination, any
member of the Board of Directors of the Borrower who: (1) was a member of such
Board of Directors on the date hereof; or (2) was nominated for election or
elected to such Board of Directors with the approval of a majority of the
Continuing Directors who were members of such Board at the time of such
nomination or election.

         "Debt" as applied to a Person means, without duplication, (a)
obligations of such Person in respect of money borrowed; (b) obligations of such
Person (other than trade debt incurred in the ordinary course of business),
whether or not for money borrowed (i) represented by notes payable, or drafts
accepted, in each case representing extensions of credit, (ii) evidenced by
bonds, debentures, notes or similar instruments, or (iii) constituting purchase
money indebtedness, conditional sales contracts, title retention debt
instruments or other similar instruments, upon which interest charges are
customarily paid or that are issued or assumed as full or partial payment for
property; (c) Capitalized Lease Obligations of such Person; (d) all
reimbursement obligations of such Person under any letters of credit or
acceptances (whether or not the same have been presented for payment); (e) any
Off Balance Sheet Liabilities; and (f) all Debt of other Persons which (i) such
Person has Guaranteed or is otherwise recourse to such Person but only to the
extent of the amount Guaranteed or (ii) is secured by a Lien on any property of
such Person.

         "Default" means any of the events specified in Section 9.01, whether or
not there has been satisfied any requirement for the giving of notice, the lapse
of time or both.

                                     - 3 -
<PAGE>   8

         "EBITDA" shall mean and refer to earnings before interest, taxes,
depreciation and amortization and deferred stock compensation, as each such term
is defined in accordance with GAAP.

         "Effective Date" means the later of: (a) the date hereof and (b) the
date on which all of the conditions precedent set forth in Section 4.01. shall
have been satisfied or waived in writing by the Lender.

         "Encumbered Asset" shall mean an asset of the Borrower (other than
assets related to software) having a fair market value not in excess of
$1,750,000 which is subject to a purchase money security interest in favor of
another lender.

         "Environmental Laws" means any Applicable Law relating to environmental
protection or the manufacture, storage, disposal or clean-up of Hazardous
Materials including, without limitation, the following: Clean Air Act, 42 U.S.C.
ss. 7401 et seq; Federal Water Pollution Control Act, 33 U.S.C. ss. 1251 et
seq.; Solid Waste Disposal Act, 42 U.S.C. ss. 6901 et seq.; Comprehensive
Environmental Response, Compensation and Liability Act, 42 U.S.C. ss. 9601 et
seq.; National Environmental Policy Act, 42 U.S.C. ss. 4321 et seq.; regulations
of the Environmental Protection Agency and any applicable rule of common law and
any judicial interpretation thereof relating primarily to the environment or
Hazardous Materials.

         "Equity Issuance" means any issuance or sale by any Loan Party of its
capital stock or any warrants, options or similar rights to acquire, or
securities convertible into or exchangeable for, such capital stock, other than
the exercise of employee and director stock options.

         "ERISA" means the Employee Retirement Income Security Act of 1974, as
in effect from time to time.

         "ERISA Affiliate" means any entity required at any relevant time to be
aggregated with the Borrower or any Subsidiary under Sections 414(b) or (c) of
the Internal Revenue Code. In addition, for purposes of any provision of this
Agreement that relates to Section 412(n) of the Internal Revenue Code, the term
ERISA Affiliate shall mean any entity aggregated with the Borrower or any
Subsidiary under Sections 414(b), (c), (m) or (o) of the Internal Revenue Code.

         "Event of Default" means any of the events specified in Section 9.01.

         "Fees" means the fees and commissions provided for or referred to in
Article III and any other fees payable by the Borrower hereunder or under any
other Loan Document, or otherwise payable by the Borrower to the Lender in
connection with the transactions relating to this Agreement.

         "GAAP" means generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such
other entity as may be approved by a significant segment of the accounting
profession.

                                     - 4 -
<PAGE>   9

         "Governmental Approvals" means all authorizations, consents, approvals,
licenses and exemptions of, registrations and filings with, and reports to, all
Governmental Authorities.

         "Governmental Authority" means any national, state or local government
(whether domestic or foreign), any political subdivision thereof or any other
governmental, quasi-governmental, judicial, public or statutory instrumentality,
authority, body, agency, bureau or entity or any arbitrator with authority to
bind a party at law.

         "Guaranty", "Guaranteed" or to "Guarantee" as applied to any obligation
means and includes (a) a guaranty (other than by endorsement of negotiable
instruments for collection in the ordinary course of business), directly or
indirectly, in any manner, of any part or all of such obligation, or (b) an
agreement, direct or indirect, contingent or otherwise, and whether or not
constituting a guaranty, the practical effect of which is to assure the payment
or performance (or payment of damages in the event of nonperformance) of any
part or all of such obligation whether by (i) the purchase of securities or
obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property
or the purchase or sale of services primarily for the purpose of enabling the
obligor with respect to such obligation to make any payment or performance (or
payment of damages in the event of nonperformance) of or on account of any part
or all of such obligation, or to assure the owner of such obligation against
loss, (iii) the supplying of funds to or in any other manner investing in the
obligor with respect to such obligation, (iv) repayment of amounts drawn down by
beneficiaries of letters of credit, or (v) the supplying of funds to or
investing in a Person on account of all or any part of such Person's obligation
under a Guaranty of any obligation or indemnifying or holding harmless, in any
way, such Person against any part or all of such obligation. As the context
requires, "Guaranty" shall also mean each guaranty executed and delivered by
each Loan Party (excluding the Borrower) in substantially the form of Exhibit E
attached hereto.

         "Hazardous Materials" means materials defined as "hazardous waste or
substances" under the Comprehensive Environmental Response, Compensation and
Liability Act, 42 U.S.C. ss.9601, et seq. and the Resource Conservation and
Recovery Act, 42 U.S.C. ss.6903 et seq., and other solid, semi-solid, liquid or
gaseous substances which are toxic, ignitable, corrosive, carcinogenic or
otherwise dangerous to human, plant or animal health and well being.

         "InterCept" shall mean the Lender.

         "InterCept Loan Agreement" means that certain Loan Agreement dated as
of April 28, 1998, by and among the Lender, InterCept Switch, Inc., Provesa,
Inc., Provesa Services, Inc., Lev Acquisition Corp., SBS Data Services, Inc. and
First Union National Bank (as such agreement may be amended, supplemented,
modified, restated, renewed, replaced, refinanced, or substituted for, in whole
or in part).

         "Intellectual Property" has the meaning giving that term in Section
5.01(q).

         "Internal Revenue Code" means the Internal Revenue Code of 1986, as
amended.

         "Investment" means, with respect to any Person and whether or not such
investment constitutes a controlling interest in such Person:

                                     - 5 -
<PAGE>   10

         (a)      the purchase or other acquisition of any share of capital
stock, evidence of Indebtedness or other security issued by any other Person;

         (b)      any loan, advance or extension of credit to, or contribution
(in the form of money or goods) to the capital of, any other Person;

         (c)      any other investment in any other Person; and

         (d)      any commitment or option to make an Investment in any other
Person.

         "Lending Office" means, the office of the Lender located at 3150
Holcomb Bridge Road, Suite 200, Norcross, Georgia 30071, or such other office of
the Lender as the Lender shall designate in writing from time to time.

         "Lien" means any security interest, lien, encumbrance, mortgage, deed
to secure debt, deed of trust, pledge, charge, conditional sale or other title
retention agreement, or other encumbrance of any kind covering any property of a
Person. For the avoidance of doubt, the licensing by any Person of any
copyrights, patents or trademarks owned or licensed to such Person shall not be
considered a "Lien" hereunder.

         "Loan Documents" means this Agreement, the Note, the Security
Agreement, the Pledge Agreement, the Patent Security Agreement, the Trademark
Agreement and any other document or instrument executed and delivered by any
Borrower or any other Loan Party in connection herewith or therewith.

         "Loan Party" means each Borrower and each of the Borrower's
Subsidiaries that is or becomes a party to any Loan Document.

         "Material Adverse Effect" means a materially adverse effect on (a) the
business, properties, condition (financial or otherwise), results of operations
or performance of the Borrower and its Subsidiaries, taken as a whole, (b) the
ability of any Loan Party to perform its obligations under any Loan Document to
which it is a party, (c) the validity or enforceability of any of the Loan
Documents, or (d) the rights and remedies of the Lender under any of such Loan
Documents.

         "Multiemployer Plan" means a multiemployer plan defined as such in
Section 3(37) of ERISA to which contributions have been made by the Borrowers or
any ERISA Affiliate and which is covered by Title IV of ERISA.

         "Net Proceeds" means, with respect to any Asset Sale or Equity
Issuance, the amount of cash, the principal amount of promissory notes or other
debt securities, and the fair market value of all other non-cash proceeds
received in connection therewith, net of reasonable costs incurred in connection
therewith, underwriting commissions and discount brokerage fees and, in
connection with the sale of assets, the payment of taxes incurred in connection
with such sale and the payment of Debt associated with Liens encumbering such
assets.

                                     - 6 -

<PAGE>   11
         "Net Profit" of an entity shall mean the excess of such entity's total
revenues over its total expenses after giving effect to taxes.

         "Note" means a promissory note of the Borrower in favor of the Lender
in substantially the form of Exhibit A.

         "Notice of Borrowing" means a notice in the form of Exhibit B to be
delivered to the Lender pursuant to Section 2.01(b) evidencing the Borrower's
request for a Revolving Credit Advance.

         "Obligations" means, individually and collectively: (a) all Revolving
Credit Advances and the obligation of the Borrower to repay the same and the
accrued interest thereon in accordance with this Agreement; and (b) all
obligations of the Borrower and the other Loan Parties to the Lender of every
kind, nature and description, under or in respect of this Agreement or any other
Loan Document, including, without limitation, the Fees and indemnification
obligations, whether direct or indirect, absolute or contingent, due or not due,
contractual or tortious, liquidated or unliquidated, and whether or not
evidenced by any note.

         "Off Balance Sheet Liabilities" of a Person means (a) any liability
under any sale and leaseback transactions which do not create a liability on the
consolidated balance sheet of said person, (b) any liability under any financing
lease, tax retention operating lease or so-called "synthetic" lease transaction
or (c) any obligation, arising with respect to any other transaction which is
the functional equivalent of or takes the place of borrowing but which does not
constitute a liability on the consolidated balance sheet of said Person or its
Subsidiaries.

         "Patent Security Agreement" means the Patent Security Agreement to be
executed by the Borrower and certain Loan Parties in favor of the Lender in
substantially the form of Exhibit I.

         "PBGC" means the Pension Benefit Guaranty Corporation and any successor
agency.

         "Permitted Acquisitions" means an acquisition by the Borrower or any
Subsidiary of the Borrower of the capital stock or all (or any substantial part)
of the property of another Person (including by merger or consolidation or by
incorporation of a new Subsidiary) for up to the fair market value of the
capital stock or property acquired; provided that (a) the capital stock or
property acquired in such acquisition relates to a line of business similar to
the business of the Borrower or any of its Subsidiaries engaged in on the
Effective Date; (b) the representations and warranties made by the Loan Parties
in each Loan Document shall be true and correct in all material respects at and
as of the date of such acquisition (as if made on such date after giving effect
to such acquisition) except to the extent such representations and warranties
expressly relate to an earlier date (in which case such representations and
warranties shall be true and correct in all material respects at and as of such
earlier date); (c) the Lender shall have received all items in respect of the
capital stock or property acquired in such acquisition required to be delivered
by the terms of Section 8.10; (d) no Default or Event of Default shall have
occurred and be continuing immediately after giving effect to such acquisition;
and (e) the aggregate consideration (including cash, assumption of indebtedness
and non-cash consideration) shall not exceed $5,000,000 during any one fiscal
year.

                                      -7-
<PAGE>   12

         "Permitted Holder" means InterCept, and its successors and assigns.

         "Permitted Liens" means: (a) Liens securing taxes, assessments and
other governmental charges or levies (excluding any Lien imposed pursuant to any
of the provisions of ERISA) not yet due and payable or the claims of
materialmen, mechanics, carriers, warehousemen or landlords for labor,
materials, supplies or rentals incurred in the ordinary course of business but
not yet due and payable; (b) Liens consisting of deposits or pledges made, in
the ordinary course of business, in connection with, or to secure payment of,
obligations under workmen's compensation, unemployment insurance or similar
legislation; (c) Liens consisting of encumbrances in the nature of zoning
restrictions, easements, and rights or restrictions of record on the use of real
property, which in the sole judgment of the Lender do not materially detract
from the value of such property or impair the use thereof in the business of the
Borrower; and (d) Liens in favor of the Lender; (e) Liens in connection with the
Encumbered Asset and (f) purchase money Liens securing Permitted Purchase
Obligations.

         "Permitted Purchase Obligations" means purchase money obligations
(including capital leases) incurred in the ordinary course of business of the
Borrower which are not in excess of $1,000,000 during any fiscal year or
$3,000,000 during any period of three consecutive fiscal years.

         "Person" means an individual, corporation, partnership, limited
liability company, association, trust or unincorporated organization, or a
government or any agency or political subdivision thereof.

         "Plan" means an employee benefit plan maintained for employees of the
Borrower or any of its Subsidiaries that is covered by Title IV of ERISA,
including such plans as may be established after the date hereof.

         "Pledge Agreement" means the Pledge Agreement executed by the Borrower
and certain Loan Parties and substantially in the form of Exhibit C.

         "Post-Default Rate" means, in respect of any principal of any Revolving
Credit Advance, a rate per annum equal to (i) one percent (1.0%) over the
interest rate as in effect from time to time for such principal if the Borrower
shall only fail to perform or observe any of the covenants set forth in Section
8.01 or (ii) two percent (2.0%) over the interest rate as in effect from time to
time for such principal for any other Event of Default.

         "Prime Rate" means for any date of determination, the "Prime Rate" as
published on such date in the "Money Rates" column of the Eastern edition of The
Wall Street Journal.

         "Reportable Event" has the meaning set forth in Section 4043(b) of
ERISA, but shall not include a Reportable Event as to which the provision for 30
days' notice to the PBGC is waived under applicable regulations.

         "Revolving Commitment" means the Lender's obligation, subject to the
terms and conditions of this Agreement, to make Revolving Credit Advances
pursuant to Section 2.01. in an

                                      -8-
<PAGE>   13

amount up to, but not exceeding, $15,000,000, as the same may be reduced from
time to time pursuant to Section 2.04.

         "Revolving Credit Advance" has the meaning set forth in Section 2.01
hereof.

         "Security Agreement" means the Security Agreement to be executed by the
Borrower and each Loan Party in favor of the Lender substantially in the form of
Exhibit D.

         "Shareholder Notes" shall mean those certain promissory notes each
dated as of July 1, 1999 executed by each of John Collins, Donny Jackson, Glenn
Sturm, Scott Meyerhoff and Richard Eiswirth payable to the Borrower.

         "Solvent" means, when used with respect to any Person, that (a) the
fair value and the fair salable value of its assets (excluding any Debt due from
any Affiliate of such Person) are each in excess of the fair valuation of its
total liabilities (including all contingent liabilities); and (b) such Person is
able to pay its debts or other obligations in the ordinary course as they mature
and (c) that the Person has capital not unreasonably small to carry on its
business and all business in which it proposes to be engaged.

         "Subordinated Debt" means Debt for money borrowed of the Borrower or
any of its Subsidiaries that is subordinated in right of payment and otherwise
to the Revolving Credit Advances and the other Obligations in a manner
satisfactory to the Lender in its sole and absolute discretion.

         "Subsidiary" means, for any Person, any corporation, partnership or
other entity of which at least a majority of the voting stock is at the time
directly or indirectly owned or controlled by such Person or one or more
Subsidiaries of such Person or by such Person and one or more Subsidiaries of
such Person.

         "Termination Date" means May 31, 2003.

         "Termination Event" means (a) a Reportable Event; (b) the filing of a
notice of intent to terminate a Plan or the treatment of a Plan amendment as a
termination under Section 4041 of ERISA or (c) the institution of proceedings to
terminate a Plan by the PBGC under Section 4042 of ERISA, or the appointment of
a trustee to administer any Plan.

         "Total Assets" of an entity shall mean the total of all items and
categories of properties which, in accordance with GAAP, would be included in
determining total assets as shown on the assets side of such entity's balance
sheet (excluding any value for goodwill, trademarks, patents, copyrights,
organization expense, non-competition agreements and other similar intangible
items).

         "Trademark Security Agreement" means the Trademark and Copyright
Collateral Assignment and Security Agreement to be executed by the Borrower and
certain Loan Parties in favor of the Lender substantially in the form of Exhibit
J.

         "Voting Stock" of any Person as of any date means the Capital Stock of
such Person that is at the time entitled to vote in the election of the Board of
Directors of such Person.

                                      -9-
<PAGE>   14

Unless otherwise indicated, all accounting terms, ratios and measurements shall
be interpreted or determined in accordance with GAAP. References in this
Agreement to "Sections", "Articles", "Exhibits" and "Schedules" are to Sections,
Articles, exhibits and schedules herein and hereto unless otherwise indicated.
references in this Agreement to any document, instrument or agreement (a) shall
include all exhibits, schedules and other attachments thereto, (b) shall include
all documents, instruments or agreements issued or executed in replacement
thereof, to the extent permitted hereby and (c) shall mean such document,
instrument or agreement, or replacement or predecessor thereto, as amended,
supplemented, restated or otherwise modified from time to time to the extent
permitted hereby and in effect at any given time. Wherever from the context it
appears appropriate, each term stated in either the singular or plural shall
include the singular and plural, and pronouns stated in the masculine, feminine
or neuter gender shall include the masculine, the feminine and the neuter.
Unless explicitly set forth to the contrary, a reference to "Subsidiary" means a
Subsidiary of the Borrower or a Subsidiary of such Subsidiary and a reference to
an "Affiliate" means a reference to an Affiliate of the Borrower. Titles and
captions of Articles, Sections, subsections and clauses in this Agreement are
for convenience only, and neither limit nor amplify the provisions of this
Agreement. Unless otherwise indicated, all references to time are references to
Atlanta, Georgia time. All references in the Loan Documents to "reasonable
attorneys fees," "reasonable counsel fees" or similar words shall mean the
actual reasonable fees and disbursements of the applicable attorneys, and shall
not be deemed to be 15% of the outstanding Obligations or any other presumed or
fixed amount.

                      ARTICLE 2.-REVOLVING CREDIT FACILITY

SECTION 2.01.     REVOLVING CREDIT ADVANCES.

         (a)      Generally Subject to the terms and conditions of this
Agreement, the Lender agrees to make loans ("Revolving Credit Advances") to the
Borrower from time to time during the period from the Effective Date through but
excluding the Termination Date; provided, however, that the maximum aggregate
principal amount of Revolving Credit Advances at any one time outstanding shall
not exceed the Revolving Commitment. Subject to the terms and conditions of this
Agreement, the Borrower may borrow, repay and reborrow Revolving Credit Advances
hereunder. The Revolving Credit Advances made by the Lender shall, in addition
to this Agreement, also be evidenced by the Note of the Borrower payable to the
order of the Lender in a principal amount equal to the amount of the Revolving
Commitment as originally in effect and otherwise duly completed.

         (b)      Requesting Revolving Credit Advances. The Borrower may request
Revolving Credit Advances hereunder in the minimum amount of $50,000 plus
integral multiples of $10,000 in excess thereof. The Borrower shall give the
Lender notice pursuant to a Notice of Borrowing or telephonic notice of each
borrowing of Revolving Credit Advances. Each Notice of Borrowing shall be
delivered to the Lender before 10:00 a.m. three Business Days prior to the date
of such borrowing. Any such telephonic notice shall include all information to
be specified in a written Notice of Borrowing and shall be promptly confirmed in
writing by the Borrower pursuant to a Notice of Borrowing sent to the Lender by
telecopy on the same day of the giving of such telephonic notice. Each Notice of
Borrowing or telephonic notice of each borrowing shall be irrevocable once given
and binding on the Borrower.

                                      -10-
<PAGE>   15

         (c)      Disbursements of Revolving Credit Advance Proceeds. Provided
that the applicable conditions set forth in Article 4 for such borrowing are
fulfilled, no later than 2:00 p.m. on the date specified in the Notice of
Borrowing, the Lender will make available the proceeds of the Revolving Credit
Advance to be made by the Lender at the account specified by the Borrower in
such Notice of Borrowing.

         (d)      Records; Endorsement on Transfer. The date, amount and
interest rate of each Revolving Credit Advance made by the Lender to the
Borrower, and each payment made on account of the principal thereof, shall be
recorded by the Lender on its books. Prior to the transfer of any Note, the
Lender shall endorse such items on such Note or any allonge thereof; provided
that the failure of the Lender to make any such recordation or endorsement shall
not affect the obligations of the Borrower to make a payment when due of any
amount owing hereunder or under such Note in respect of the Revolving Credit
Advances evidenced by such Note.

         (e)      Obligation to Fund Conditioned on Availability of InterCept
Financing. The Borrower acknowledges that the Lender is not a commercial bank or
lending institution and that it must either borrow funds under the InterCept
Loan Agreement to make Revolving Credit Advances hereunder or, in its sole
discretion, make Revolving Credit Advances from any existing cash reserves. The
Borrower further acknowledges that the Lender's ability to borrow funds under
the InterCept Loan Agreement is subject to certain conditions contained therein
including that no default or event of default exists thereunder and that no
material adverse change (as may be determined by the lender (the "InterCept
Lender") under the InterCept Loan Agreement) in the business, operations, assets
or prospects of the Lender exist. Accordingly, the Lender shall not in any way
be liable for breach of contract, tort or any other "lender liability" or other
claim of any nature whatsoever by reason of the Lender's failure or inability to
make Revolving Credit Advances hereunder arising by reason of the InterCept
Lender's refusal, unwillingness or inability to make loans available to the
Lender under the InterCept Loan Agreement so long as the Lender uses its
commercially reasonable efforts to obtain such loans; provided, however, that if
the InterCept Lender is unwilling to make loans to the Lender by reason of the
occurrence of an event of default or material adverse change under the InterCept
Loan Agreement, the Lender shall have the right to obtain a waiver or amendment
with respect to, or otherwise deal with, such occurrence in its sole and
absolute discretion including, but not limited to, the right not to seek a
waiver or amendment with respect thereto; it being understood that, in the
exercise of commercially reasonable efforts to obtain loans, the Lender shall
not be obligated to pay additional fees or interest to the InterCept Lender to
obtain any such waiver or amendment and that it may (or may not) obtain any such
waiver or amendment upon whatever terms and conditions it desires (or not) to
negotiate. Further, in this connection, the obligation of the Lender to make
Revolving Credit Advances hereunder shall be suspended or terminated, as the
case may be, upon any suspension or termination of funding by the InterCept
Lender under the InterCept Loan Agreement. The Lender shall promptly notify the
Borrower of any such suspension and/or termination and the reasons therefor and
of the occurrence of any default or event of default under the InterCept Loan
Agreement. The Lender represents to the Borrower that, as of the date hereof, to
the knowledge of the Lender, no default or event of default under the InterCept
Loan Agreement exists. However, the Lender cannot give any assurance to the

                                      -11-
<PAGE>   16

Borrower that no default or event of default under the InterCept Loan Agreement
or material adverse change of the Lender, will arise in the future.

         SECTION 2.02. REPAYMENT OF REVOLVING CREDIT ADVANCES. The Borrower
shall repay the entire outstanding principal amount of, and all accrued but
unpaid interest on, and all other accrued but unpaid fees and charges with
respect to, the Revolving Credit Advances on the Termination Date.

         SECTION 2.03. PREPAYMENTS.

         (a)      Optional. The Borrower may prepay any Revolving Credit Advance
in whole or in part at any time and from time to time without premium or
penalty.

         (b)      Mandatory.

                  (i)      If at any time the aggregate principal amount of all
         outstanding Revolving Credit Advances exceeds the Revolving Commitment,
         the Borrower shall immediately pay to the Lender the amount of such
         excess. Such payment shall be applied to pay all amounts of principal
         outstanding on the Revolving Credit Advances in excess of the Revolving
         Commitment.

                  (ii)     The Borrower shall prepay an outstanding principal
         amount of the Revolving Credit Advances, and the Revolving Commitment
         shall be correspondingly immediately automatically and permanently
         reduced, in an amount equal to 100% of the Net Proceeds of any Asset
         Disposition (other than in connection with a disposal of Assets
         permitted under Section 8.11 hereof or, in the case of a disposition of
         the Shareholder Notes, the Borrower shall prepay the outstanding amount
         of Revolving Credit Advances in an amount equal to 100% of the Net
         Proceeds received upon such disposition, but the Revolving Commitment
         shall not be permanently reduced). The Borrower shall make the required
         mandatory prepayment hereunder on the date not later than three
         calendar days after the receipt by the Borrower or such Subsidiary of
         the Net Proceeds of such Asset Disposition (or, in the case any Net
         Proceeds are not in the form of cash, or the date three calendar days
         after the conversion of Net Proceeds into cash). In this connection,
         neither the Borrower nor any Subsidiary shall engage in an Asset
         Disposition without the consent of the Lender and, in any event, any
         such Asset Disposition shall be for a consideration of at least 80% of
         which shall be cash.

                  (iii)    The Borrower shall prepay any outstanding principal
         amount of the Revolving Credit Advances, and the Revolving Commitment
         shall be correspondingly immediately, automatically and permanently
         reduced, in an amount equal to 100% of the Net Proceeds of any issuance
         of capital stock or other equity interests of the Borrower or any
         Subsidiary other than (a) an issuance of capital stock or other equity
         interests of the Borrower to the Borrower or a Subsidiary (b) an
         issuance of capital stock or other equity interests of the Borrower
         made in connection with an acquisition that is permitted under Section
         8.04 or approved in writing by the Lender or (c) issuance by the
         Borrower of Options exercisable for Common Stock pursuant to that
         certain Netzee, Inc. 1999 Stock Option and Incentive Plan. The Borrower
         shall make the required mandatory prepayment

                                      -12-
<PAGE>   17

         hereunder on the date not later than three calendar days after the
         receipt by the Borrower or such Subsidiary of the Net Proceeds of such
         issuance of capital stock.

         SECTION 2.04. VOLUNTARY REDUCTIONS OF THE REVOLVING COMMITMENT. The
Borrower shall have the right to terminate or reduce the aggregate unused amount
of the Revolving Commitment at any time and from time to time upon not less than
5 Business Days prior written notice to the Lender of each such termination or
reduction. Any such notice shall specify the effective date and the amount of
any such reduction (which in the case of any partial reduction of the Revolving
Commitment shall not be less than $100,000 and integral multiples of $50,000 in
excess of that amount) and shall be irrevocable once given and effective only
upon receipt by the Lender. The Revolving Commitment once terminated or reduced
may not be increased or reinstated.

                 ARTICLE 3. INTEREST, FEES AND OTHER PROVISIONS

         SECTION 3.01. RATES AND PAYMENT OF INTEREST ON REVOLVING CREDIT
ADVANCES.

         (a)      Rates. The Borrower promises to pay to the Lender interest on
the unpaid principal amount of each Revolving Credit Advance made by the Lender
for the period from and including the date of the making of such Revolving
Credit Advance to but excluding the date such Revolving Credit Advance shall be
paid in full, at a rate per annum equal to the Prime Rate plus two percent
(2.00%). Notwithstanding the foregoing, upon the occurrence and during the
continuance of an Event of Default, the Borrower shall pay to the Lender
interest at the Post-Default Rate on the outstanding principal amount of all
Revolving Credit Advances.

         (b)      Payment of Interest. Accrued interest on each Revolving Credit
Advance shall be payable (i) quarterly on the first Business Day of each
calendar quarter; (ii) upon the payment or prepayment of such Revolving Credit
Advance (but only on the principal amount so paid or prepaid) and (iii) on the
Termination Date. Interest payable at the Post-Default Rate shall be payable
from time to time on demand. All determinations by the Lender of an interest
rate hereunder shall be presumptively correct for all purposes, absent manifest
error.

         SECTION 3.02. UNUSED FACILITY FEE. In consideration of the credit
facility made available to the Borrower hereunder, the Borrower agrees to pay to
the Lender an unused facility fee of one-quarter of one percent (1/4%) per annum
on the daily average unused amount of the Revolving Commitment during the period
this facility should be outstanding. Such commitment fee shall be payable
monthly in arrears on the first Business Day of each month.

         SECTION 3.03. PAYMENTS. Unless otherwise set forth herein, all payments
to the Lender shall be made by the Borrower in United States dollars in
immediately available funds not later than 2:00 p.m. on the due date thereof to
the Lending Office. The Borrower shall, at the time of making each payment under
this Agreement or the Note, specify to the Lender the amounts payable by the
Borrower hereunder to which such payment is to be applied. If the due date of
any payment under this Agreement or any other Loan Document would otherwise fall
on a day which is not a Business Day such date shall be extended to the next
succeeding Business Day and interest shall be payable for the period of such
extension The payment obligations of the

                                      -13-
<PAGE>   18

Borrower hereunder are absolute and unconditional and not subject to any offset,
deduction, counterclaim or withholding of any kind whatsoever.

         SECTION 3.04. COMPUTATIONS. Unless otherwise expressly set forth
herein, any accrued interest on any Revolving Credit Advance and any Fees due
hereunder shall be computed on the basis of a year of 360 days and the actual
number of days elapsed.

         SECTION 3.05. USURY. In no event shall the amount of interest due or
payable on the Revolving Credit Advances or other Obligations exceed the maximum
rate of interest allowed by Applicable Law and, if any such payment is paid by
the Borrower or received by the Lender, then such excess sum shall be credited
as a payment of principal, unless the Borrower shall notify the Lender in
writing that the Borrower elects to have such excess sum returned to it
forthwith. It is the express intent of the parties hereto that the Borrower not
pay and the Lender not receive, directly or indirectly, in any manner
whatsoever, interest in excess of that which may be lawfully paid by the
Borrower under Applicable Law.

         SECTION 3.06. AGREEMENT REGARDING INTEREST AND CHARGES. The parties
hereto hereby agree and stipulate that the only charge imposed upon the Borrower
for the use of money in connection with this Agreement is and shall be the
interest specifically described in Section 3.01(a). Notwithstanding the
foregoing, the parties hereto further agree and stipulate that all facility
fees, underwriting fees, default charges, late charges, funding or "breakage"
charges, increased cost charges, attorneys' fees and reimbursement for costs and
expenses paid by the Lender to third parties or for damages incurred by the
Lender, are charges made to compensate the Lender for underwriting or
administrative services and costs or losses performed or incurred, and to be
performed or incurred, by the Lender in connection with this Agreement and shall
under no circumstances be deemed to be charges for the use of money pursuant to
Official Code of Georgia Annotated Sections 7-4-2 and 7-4-18. All charges other
than charges for the use of money shall be fully earned and nonrefundable when
due.

         SECTION 3.07. TAXES. All payments by the Borrower of principal of, and
interest on, the Loans and all other Obligations shall be made free and clear of
and without deduction for any present or future excise, stamp or other taxes,
fees, duties, levies, imposts, charges, deductions, withholdings or other
charges of any nature whatsoever imposed by any taxing authority, but excluding
(i) franchise and excise taxes, (ii) any taxes (other than withholding taxes)
that would not be imposed but for a connection between the Lender and the
jurisdiction imposing such taxes (other than a connection arising solely by
virtue of the activities of the Lender pursuant to or in respect of this
Agreement or any other Loan Document), (iii) any withholding taxes payable with
respect to payments hereunder or under any other Loan Document under Applicable
Law in effect on the Agreement Date, and (iv) any taxes imposed on or measured
by the Lender's assets, net income, receipts or branch profits (such
non-excluded items being collective called "Taxes"). If any withholding or
deduction from any payment to be made by the Borrower hereunder is required in
respect of any Taxes pursuant to any Applicable Law, then the Borrower will (i)
pay directly to the relevant Governmental Authority the full amount required to
be so withheld or deducted; (ii) promptly forward to the Lender an official
receipt or other documentation satisfactory to the Lender evidencing such
payment to such Governmental Authority; and (iii) pay to the Lender such
additional amount or amounts as is necessary to ensure that the net amount

                                      -14-
<PAGE>   19

actually received by the Lender will equal the full amount that the Lender would
have received had no such withholding or deduction been required.

                        ARTICLE 4. CONDITIONS PRECEDENT

         SECTION 4.01. CONDITIONS PRECEDENT TO INITIAL REVOLVING CREDIT ADVANCE.
The obligation of the Lender to make the initial Revolving Credit Advance is
subject to the condition precedent that the Lender shall have received all of
the following, each of which shall be satisfactory in form and substance to the
Lender and its counsel:

         (a)      Counterparts of this Agreement executed by each of the parties
hereto;

         (b)      The Note executed and delivered by the Borrower;

         (c)      Favorable UCC, tax, judgment and lien search reports with
respect to the Borrower and each Subsidiary, in all necessary or appropriate
jurisdictions and under all legal and appropriate trade names indicating that
there are no prior liens on any of the Collateral other than Permitted Liens or
Liens to be terminated prior to the Effective Date;

         (d)      The Security Agreement executed by the Borrower and the Loan
Parties;

         (e)      The Guaranty executed by each Subsidiary of the Borrower;

         (f)      The Pledge Agreement executed by the Borrower and any
Subsidiary as applicable, and all certificates, if any, representing all of the
issued and outstanding capital stock and other equity interest of each
Subsidiary, together with stock powers duly endorsed in blank relating to all
such certificates;

         (g)      Uniform Commercial Code financing statements naming the
Borrower and each Subsidiary as debtor, the Lender as secured party, and
covering the Collateral described in the Security Agreement and the Pledge
Agreement, as applicable, to be filed in each jurisdiction where the filing of
such financing statements may be necessary or appropriate as determined by the
Lender;

         (h)      a certificate executed by the chief executive officer and
chief financial officer of the Borrower, stating that: (a) on such date, and
after giving effect to the transactions contemplated hereby, no Default or Event
of Default has occurred and is continuing and (b) the representations and
warranties set forth in Article 5 are true and correct in all material respects
on and as of such date with the same effect as though made on and as of such
date.

         (i)      A signed opinion of Sutherland, Asbill & Brennan LLP, special
counsel to the Loan Parties, addressed to the Lender, substantially in the form
of Exhibit F and dated the date hereof;

         (j)      The articles or certificate of incorporation or organization
of each Loan Party certified as of a recent date by the Secretary of State of
the State of formation of such Loan Party;

                                      -15-
<PAGE>   20

         (k)      A certificate of good standing or certificate of similar
meaning with respect to each Loan Party issued as of a recent date by the
Secretary of State of the State of formation of each such Loan Party and
certificates of qualification to transact business or other comparable
certificates issued as of a recent date by each Secretary of State of each state
in which the failure to be so qualified or authorized reasonably could be
expected to have a Material Adverse Effect such Loan Party is required to be so
qualified;

         (l)      A certificate of incumbency signed by the Secretary or
Assistant Secretary (or other individual performing similar functions) of each
Loan Party with respect to each of the officers of such Loan Party authorized to
execute and deliver the Loan Documents to which such Loan Party is a party, and
in the case of the Borrower, authorized to give Notices of Borrowing;

         (m)      Copies certified by the Secretary or Assistant Secretary of
each Loan Party (or other individual performing similar functions) of the
by-laws of such Loan Party;

         (n)      Certified copies (certified by the respective Secretary or
Assistant Secretary of each Loan Party, or other individual performing similar
functions) of all corporate or other necessary action taken by each Loan Party
to authorize the execution, delivery and performance of the Loan Documents to
which it is a party;

         (o)      A Notice of Borrowing for the initial Revolving Credit
Advance;

         (p)      Copies of the financial statements described in Section
5.01(i) and meeting the requirements thereof;

         (q)      Copies of each of the policies of insurance covering any of
the tangible insurable Collateral or a certificate of insurance summarizing the
coverage provided thereby in form and substance satisfactory to the Lender,
together with loss payable clauses in favor of the Lender, which comply with the
terms of the relevant Loan Documents;

         (r)       Copies of all consents, approvals, authorizations,
registrations or filings required to be made or obtained by the Borrower and its
Subsidiaries in connection with the execution and delivery of this Agreement and
the consummation of the transactions contemplated hereby;

         (s)      The Fees, if any, then due under Article 3, and any other Fees
payable to the Lender and its counsel;

         (t)      Evidence satisfactory to the Lender of the release and
termination of (or agreement to release and terminate) all liens other than
Permitted Liens;

         (u)      The Patent Security  Agreement  executed by the Borrower and
any Subsidiary as applicable;

         (v)      The Trademark  Security  Agreement executed by the Borrower
and any Subsidiary as applicable; and

                                      -16-
<PAGE>   21

         (w) Such other documents and instruments as the Lender may reasonably
request.

      SECTION 4.02. CONDITIONS PRECEDENT TO ALL REVOLVING CREDIT ADVANCES.

         The obligation of the Lender to make any Revolving Credit Advance is
subject to the further condition precedent that, as of the date of the making of
such Revolving Credit Advance and after giving effect thereto: (a) no Default or
Event of Default shall have occurred and be continuing, whether or not as a
result thereof, (b) the representations and warranties made or deemed made by
the Borrower and each other Loan Party in the Loan Documents to which it is a
party, shall be true and correct on and as of the date of the making of such
Revolving Credit Advance with the same force and effect as if made on and as of
such date except to the extent that such representations and warranties
expressly relate solely to an earlier date (in which case such representations
and warranties shall have been true and accurate on and as of such earlier date)
and (c) no material adverse change in the business, properties, condition
(financial or otherwise), results of operations or performance of the Borrower
and its Subsidiaries, taken as a whole, (all as reasonably determined by the
Lender) since the date hereof has occurred or is continuing.

                  ARTICLE 5.-REPRESENTATIONS AND WARRANTIES

         SECTION 5.01. REPRESENTATIONS AND WARRANTIES. The Borrower represents
and warrants to the Lender as follows:

         (a)      Organization; Power; Qualification. Each Loan Party is a
corporation, duly organized, validly existing and in good standing under the
jurisdiction of its incorporation, has the power and authority to own its
properties and to carry on its business as now being and hereafter proposed to
be conducted and is duly qualified and authorized to do business in each
jurisdiction in which the character of its properties or the nature of its
business requires such qualification or authorization and where the failure to
be so qualified or authorized reasonably could be expected to have, in each
instance, a Material Adverse Effect.

         (b)      Ownership Structure. Schedule 5.01.(b) correctly sets forth
(i) the organizational structure, ownership interests and correct legal name of
each Loan Party (other than the ownership interests of the Borrower), (ii) all
of its respective Subsidiaries and the correct legal name of each Subsidiary,
and (iii) the shareholders holding equity interests in such Loan Party and their
percentage equity or voting interest in such Loan Party (other than the
shareholders holding equity interests in the Borrower). Except as set forth in
such Schedule:

                  (i)      neither such Loan Party (other than the Borrower) has
         issued to any third party any securities convertible into such Loan
         Party's capital stock or any options, warrants or other rights to
         acquire any securities convertible into such capital stock, and

                  (ii)     the outstanding stock and securities of or other
         equity interests, as applicable, in such Loan Party (other than the
         Borrower) are owned by the Persons indicated on such Schedule, free and
         clear of all Liens, warrants, options and rights of others of any kind
         whatsoever.

                                      -17-
<PAGE>   22

         (c)      Authorization of Loan Documents and Borrowings/Compliance with
Laws/Contravention with Other Documents. Each Loan Party has the right and
power, and has taken all necessary corporate action to authorize it, to execute,
deliver and perform the Loan Documents to which it is a party in accordance with
their respective terms. The Loan Documents have been duly executed and delivered
by the duly authorized officers of the respective Loan Party a party thereto,
and each is a legal, valid and binding obligation of each Loan Party a party
thereto enforceable in accordance with its terms. Each Loan Party is in
compliance with all Applicable Laws binding upon it and its properties,
including, without limitation any state or federal banking law, rule and
regulation relating to the activities of any Loan Party except for any such
failure to comply which could not reasonably be expected to have a Material
Adverse Effect. The execution and delivery by the each Loan Party of the Loan
Documents to which it is a party do not require any Governmental Approval (other
than filings and recordations contemplated by the Loan Documents) and do not
conflict with, and will not result in a breach of, any material contract,
agreement or other document or instrument to which any Loan Party is a party or
with the Articles of incorporation or by-laws of any Loan Party.

         (d)      Liens. None of the properties and assets of the Borrower or
any Loan Party is, as of the date hereof, subject to any Lien, except Permitted
Liens.

         (e)      Debt. Schedule 5.01(e) is a complete and correct listing of
all Debt of the Borrower and each Loan Party. As of the date hereof, each Loan
Party has performed and is in compliance with all of the terms of such Debt and
all instruments and agreements relating thereto, and no default or event of
default, or event or condition which with the giving of notice, the lapse of
time, a determination of materiality, the satisfaction of any other condition or
any combination of the foregoing, would constitute such a default or event of
default, exists with respect to such Debt.

         (f)      Litigation. Except as set forth on Schedule 5.01(f), as of the
date hereof, there are no actions, suits or proceedings pending (nor, to the
knowledge of any Loan Party, threatened) against or in any other way relating
adversely to or affecting any Loan Party or any of its respective property in
any court or before any arbitrator of any kind or before or by any governmental
body which, if adversely determined, reasonably could be expected to have a
Material Adverse Effect, and there are no strikes, slow downs, work stoppages or
walkouts or other labor disputes in progress or threatened relating to any Loan
Party.

         (g)      Tax Returns and Payments/Filings. All material federal, state
and other taxes, assessments and other governmental charges or levies upon any
Loan Party and its properties, income, profits and assets which are due and
payable have been paid. Each Loan Party has filed all federal and state tax
returns which are required to be filed under Applicable Law. None of the United
States income tax returns of any Loan Party are under audit as of the date
hereof. As of the date hereof, no tax liens have been filed and no claims are
being asserted with respect to any such taxes. All charges, accruals and
reserves on the books of each Loan Party and each of its Subsidiaries in respect
of any taxes or other governmental charges are in accordance with GAAP.

         (h)      Financial Statements. The Borrower has furnished to the Lender
copies of the consolidated balance sheet of the Borrower and its consolidated
Subsidiaries as at December 31, 1999, and the related statements of operations
and cash flows for the periods covered thereby,

                                      -18-
<PAGE>   23
each certified by the President or Chief Financial Officer of the Borrower to
be, in his or her opinion, in compliance with the next sentence. Such balance
sheet and statements (including in each case related schedules and notes) are
complete and correct and present fairly in all material respects, in accordance
with GAAP consistently applied throughout the periods involved, the consolidated
financial position of the Borrower and its consolidated Subsidiaries as at their
respective dates and the results of operations and the cash flows of the
Borrower and its consolidated Subsidiaries for such periods, subject to normal
year-end audit adjustments and the absence of notes. None of the Borrower nor
any of its consolidated Subsidiaries has on the date hereof any material
contingent liabilities, liabilities, liabilities for taxes, unusual or long-term
commitments or unrealized or forward anticipated losses from any unfavorable
commitments, except as referred to or reflected or provided for in said
financial statements. From December 31, 1999 to the date hereof, there has been
no material adverse change in the consolidated financial condition, operations,
business or prospects of the Borrower and its consolidated Subsidiaries taken as
a whole. Each of the Loan Parties is Solvent.

         (i) ERISA. As of the date hereof:

                  (i)      No Other Plans. No Loan Party, nor any ERISA
         Affiliate maintains or contributes to, or has any obligation under, any
         Plan other than those identified on Schedule 5.01(j). The Borrower has
         provided the Lender accurate and complete copies of all contracts,
         agreements and documents described on such Schedule.

                  (ii)     ERISA and Internal Revenue Code Compliance and
         Liability. Each Loan Party, and each ERISA Affiliate is in compliance
         with all applicable provisions of ERISA and the regulations and
         published interpretations thereunder with respect to all Plans except
         where failure to comply would not result in a material liability to any
         Loan Party and except for any required amendments for which the
         remedial amendment period as defined in Section 401(b) of the Internal
         Revenue Code has not yet expired. Each Plan that is intended to be
         qualified under Section 401(a) of the Internal Revenue Code has been
         determined by the Internal Revenue Service to be so qualified, and each
         trust related to such plan has been determined to be exempt under
         Section 501(a) of the Internal Revenue Code. No material liability has
         been incurred by any Loan Party or ERISA Affiliate which remains
         unsatisfied for any taxes or penalties with respect to any Plan or any
         Multiemployer Plan.

                  (iii)    Funding. No Plan has been terminated, nor has any
         accumulated funding deficiency (as defined in Section 412 of the
         Internal Revenue Code) been incurred (without regard to any waiver
         granted under Section 412 of the Internal Revenue Code), nor has any
         funding waiver from the Internal Revenue Service been received or
         requested with respect to any Plan, nor has any Loan Party or any ERISA
         Affiliate failed to make any contributions or to pay any amounts due
         and owing as required by Section 412 of the Internal Revenue Code,
         Section 302 of ERISA or the terms of any Plan prior to the due dates of
         such contributions under Section 412 of the Internal Revenue Code or
         Section 302 of ERISA, nor has there been any event requiring any
         disclosure under Section 4041(c)(3)(C), 4063(a) or 4068(f) of ERISA
         with respect to any Plan.

                                     - 19 -
<PAGE>   24

                  (iv)     Prohibited Transactions and Payments. No Loan Party
         nor any ERISA Affiliate has: (1) engaged in a nonexempt prohibited
         transaction described in Section 406 of ERISA or Section 4975 of the
         Internal Revenue Code except where such engagement would not result in
         any material liability to any Loan Party; (2) incurred any liability to
         the PBGC which remains outstanding other than the payment of premiums
         and there are no prepayments which are due and unpaid; (3) failed to
         make a required contribution or payment to a Multiemployer Plan; or (4)
         failed to make a required installment or other required payment under
         Section 412 of the Internal Revenue Code.

                  (v)      No ERISA Termination Event. No Termination Event has
         occurred or is reasonably expected to occur.

                  (vi)     ERISA Litigation. No material proceeding, claim,
         lawsuit and/or investigation is existing or, to the best knowledge any
         Loan Party after due inquiry, threatened concerning or involving any
         (1) employee welfare benefit plan (as defined in Section 3(1) of ERISA)
         currently maintained or contributed to by any Loan Party, or any ERISA
         Affiliate other than a claim made in the ordinary course of the
         operation of such Plan, (2) Plan or (3) Multiemployer Plan.

         (j)      Hazardous Materials. Each of the Loan Parties has obtained all
Governmental Approvals which are required under Environmental Laws and is in
compliance with all terms and conditions of such Governmental Approvals which
the failure to obtain or to comply with could reasonably be expected to have a
Material Adverse Effect. Each of the Loan Parties is also in compliance with all
other limitations, restrictions, conditions, standards, prohibitions,
requirements, obligations, schedules, and timetables contained in the
Environmental Laws the failure to comply with which could reasonably be expected
to have a Material Adverse Effect. Except for any of the following matters that
could not be reasonably expected to have a Material Adverse Effect, the Loan
Parties are not aware of, and have not received notice of, any past, present, or
future events, conditions, circumstances, activities, practices, incidents,
actions, or plans which, with respect to the Loan Parties, may interfere with or
prevent compliance or continued compliance with Environmental Laws, or may give
rise to any common-law or legal liability, or otherwise form the basis of any
claim, action, demand, suit, proceeding, hearing, study, or investigation, based
on or related to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport, or handling or the emission, discharge, release or
threatened release into the environment, of any pollutant, contaminant,
chemical, or industrial, toxic, or other Hazardous Material.

         (k)      Affiliate Transactions; Restrictions on Dividend, Etc. Except
as permitted by Section 8.09 or as set forth on Schedule 5.01(k), none of the
Loan Parties is subject to or bound by any agreement or arrangement (whether
oral or written) with any Affiliate of any of the Loan Parties. None of the Loan
Parties is a party to any agreement or arrangement which contains or imposes
encumbrances or restrictions prohibited by Section 8.05.

         (l)      Absence of Defaults. No Loan Party is in default under its
articles of incorporation or its bylaws, and no event has occurred, which has
not been remedied, cured or waived: (i) which constitutes a Default or an Event
of Default; or (ii) which constitutes, or which with the passage of time, the
giving of notice or any combination of the foregoing, would

                                     - 20 -
<PAGE>   25

constitute, a default or event of default by such Loan Party under any agreement
(other than this Agreement) or judgment, decree or order to which such Loan
Party is a party or by which such Loan Party or any of its properties may be
bound where such default or event of default could reasonably be expected to,
individually or in the aggregate, have a Material Adverse Effect.

         (m)      Title to Properties/Necessary Agreements, Licenses,
Permits/Adverse Contracts. Each Loan Party (i) has good and marketable title to
its assets and properties except as disclosed in the consolidated financial
statements of the Borrower delivered to the Lender, (ii) is in compliance with
all real and personal property leases where the failure to so be in compliance
would have a Material Adverse Effect and (iii) possesses all necessary and
appropriate agreements, contracts, franchise arrangements, patents, trademarks,
licenses, permits and other intellectual property rights free from burdensome or
undue restriction and (iv) has not infringed upon or otherwise violated any
trademark, patent, license or other intellectual property agreement where such
infringement would have a Material Adverse Effect. None of the Loan Parties and
none of their respective Subsidiaries has assumed liability under or is a party
to nor is it or any of its property subject to or bound by any forward purchase
contract, futures contract, covenant not to compete, unconditional purchase,
take or pay or other agreement which restricts its ability to conduct its
business and, either individually or in the aggregate, has a Material Adverse
Effect or could reasonably be expected to have a Material Adverse Effect.

         (n)      Use of Proceeds. All proceeds of the Loans will be used only
in accordance with Section 6.05.

         (o)      Investment Company; Public Utility Holding Company. No Loan
Party is (i) an "investment company" or a company "controlled" by an "investment
company" within the meaning of the Investment Company Act of 1940, as amended,
(ii) a "holding company" or a "subsidiary company" of a "holding company", or an
"affiliate" of a "holding company" or of a "subsidiary company" of a "holding
company", within the meaning of the Public Utility Holding Company Act of 1935,
as amended, or (iii) subject to any other Applicable Law which purports to
regulate or restrict its ability to borrow money or to consummate the
transactions contemplated by this Agreement or to perform its obligations under
any Loan Document to which it is a party.

         (p)      Intellectual Property. Each Loan Party owns, is licensed to
use or otherwise has the legal right to use, all patents, trademarks, trade
names, copyrights, technology, know-how and processes used in or necessary for
the conduct of its business as currently conducted that are material to the
condition (financial or other), business or operations of such Person
(collectively called "Intellectual Property"). All such Intellectual Property
existing as of the date hereof is identified on Schedule 5.01(q) and fully
protected and/or duly and properly registered, filed or issued in the
appropriate office and jurisdictions for such registrations, filing or
issuances. All Intellectual Property that is registered or for which application
for registration is pending is identified on such Schedule. Except as disclosed
in such Schedule, no material claim has been asserted by any Person with respect
to the use of any Intellectual Property, or challenging or questioning the
validity or effectiveness of any Intellectual Property. Except as disclosed in
such Schedule, the use of such Intellectual Property by the Loan Parties, does
not infringe on the rights of any Person, subject to such claims and
infringements as do not, in the aggregate, give rise to any liabilities on the
part of the Loan Parties that could reasonably be expected to have a Material
Adverse Effect.

                                     - 21 -
<PAGE>   26

         (q)      Accuracy and Completeness of Information. All written
information, reports and other papers and data furnished to the Lender by, on
behalf of, or at the direction of, the any Loan Party were, at the time the same
were so furnished, complete and correct in all material respects, to the extent
necessary to give the recipient a true and accurate knowledge of the subject
matter, or, in the case of financial statements, present fairly in all material
respects, in accordance with GAAP consistently applied throughout the periods
involved, the financial position of the Persons involved as at the date thereof
and the results of operations for such periods. No fact is known to the Borrower
which has had, or may in the future have (so far as the Borrower can reasonably
foresee), a Material Adverse Effect which has not been set forth in the
financial statements referred to in Section 5.01(i) or in such information,
reports or other papers or data or otherwise disclosed in writing to the Lender
prior to the Effective Date. No document furnished or written statement made to
the Lender in connection with the negotiation, preparation or execution of this
Agreement or any of the other Loan Documents contains or will contain any untrue
statement of a fact material to the creditworthiness of any Loan Party or omits
or will omit to state a material fact necessary in order to make the statements
contained therein not misleading.

         (r)      Margin Stock. No Loan Party is engaged principally, or as one
of its important activities, in the business of extending credit for the
purpose, whether immediate, incidental or ultimate, of buying or carrying
"margin stock" within the meaning of Regulation T, U or X of the Board of
Governors of the Federal Reserve System.

         SECTION 5.02. SURVIVAL OF REPRESENTATIONS AND WARRANTIES, ETC.

         All statements contained in any certificate, financial statement or
other instrument delivered by or on behalf of any Loan Party to the Lender
pursuant to or in connection with this Agreement or any of the other Loan
Documents (including, but not limited to, any such statement made in or in
connection with any amendment thereto or any statement contained in any
certificate, financial statement or other instrument delivered by or on behalf
of the Loan Parties prior to the Agreement Date and delivered to the Lender in
connection with closing the transactions contemplated hereby) shall constitute
representations and warranties made by the Borrower under this Agreement. All
representations and warranties made under this Agreement shall be deemed to be
made at and as of the date hereof and the Effective Date and at and as of the
date of any borrowing, except to the extent that such representations and
warranties expressly relate solely to an earlier date (in which case such
representations and warranties shall have been true and accurate on and as of
such earlier date) and except for changes in factual circumstances specifically
permitted hereunder.

                       ARTICLE 6. - AFFIRMATIVE COVENANTS

         For so long as any of the Obligations remains unpaid or unperformed, or
this Agreement is in effect, the Borrower shall:

         SECTION 6.01. PRESERVATION OF CORPORATE EXISTENCE AND SIMILAR MATTERS.
Preserve and maintain, and cause each other Loan Party to preserve and maintain,
its corporate existence, rights, franchises, licenses and privileges in the
jurisdiction of its incorporation and qualify and remain qualified as a foreign
corporation and authorized to do business in each jurisdiction in

                                     - 22 -
<PAGE>   27

which the character of its properties or the nature of its businesses require
such qualification or authorization, except to the extent that the failure to
preserve any such rights, franchises, licenses and privileges could not
reasonably be expected to result in a Material Adverse Effect, and except to the
extent that any failure to preserve and maintain it corporate existence results
from the merger of a Loan Party into another Loan Party permitted by Section
8.08.

         SECTION 6.02. COMPLIANCE WITH APPLICABLE LAW AND MATERIAL CONTRACTS.
Comply with, and cause each other Loan Party to comply with, (a) all Applicable
Law, including the obtaining of all Governmental Approvals required for the
conduct of its business and (b) all terms and conditions of all material
contracts to which it is a party, except in each case to the extent that the
failure to do so could not reasonably be expected to result in a Material
Adverse Effect.

         SECTION 6.03. MAINTENANCE OF PROPERTY/CONDUCT OF BUSINESS. In addition
to, and not in derogation of, the requirements of any of the Loan Documents,
protect and preserve, and cause each other Loan Party to protect and preserve,
all its respective properties, and maintain in good repair, working order and
condition all of its respective tangible properties, except to the extent that
the failure to do so would not have a Material Adverse Effect. Each Borrower
shall engage, and shall cause each Loan Party to engage, only in businesses in
substantially the same field as the businesses conducted by it on the date
hereof, businesses reasonably related thereto and reasonable extensions thereof.

         SECTION 6.04. PAYMENT OF TAXES AND CLAIMS. Pay or discharge when due,
and cause each other Loan Party to pay or discharge when due: (a) all taxes,
assessments and governmental charges or levies imposed upon it or upon any
properties belonging to the Borrower or such other Loan Party and (b) all lawful
claims of materialmen, mechanics, carriers, warehousemen and landlords for
labor, materials, supplies and rentals which, if unpaid, might become a Lien on
any properties of any Loan Party; provided, however, that this Section shall not
require the payment or discharge of any such tax, assessment, charge, levy or
claim which is being contested in good faith by appropriate proceedings which
operate to suspend the collection thereof and for which adequate reserves have
been established on the books of such Loan Party in accordance with GAAP.

         SECTION 6.05. USE OF PROCEEDS. Use the proceeds of the Revolving Credit
Advances for their general corporate purposes in the ordinary course of business
of the Borrower. The Borrower shall not, directly or indirectly, use any part of
such proceeds to purchase or carry, or to reduce or retire or refinance any
credit incurred to purchase or carry, any margin stock (within the meaning of
Regulation T, U or X of the Board of Governors of the Federal Reserve System) or
to extend credit to others for the purpose of purchasing or carrying any such
margin stock.

         SECTION 6.06. ERISA. Fund, and cause each of the other Loan Parties to
fund, all current service pension liabilities as they are incurred by the
Borrower or such other Loan Party under the provisions of all Plans from time to
time in effect, and comply in all material respects, and cause each of the other
Loan Parties to comply, with all applicable provisions of ERISA with respect to
all Plans.

         SECTION 6.07. INSPECTION OF BOOKS, RECORDS, PROPERTIES. Allow the
Lender, and cause each other Loan Party to allow the Lender, during normal
business hours and upon reasonable

                                     - 23 -
<PAGE>   28

prior notice, to inspect the books, records and properties of the Borrower and
each other Loan Party and to discuss the business and financial affairs of the
Borrower and each other Loan Party with executive officers of the Borrower or
such other Loan Party. Maintain, and cause each Loan Party to maintain, books
and records pertaining to its business operations in such detail, form and scope
as is consistent with good business practice.

         SECTION 6.08. INSURANCE. In addition to, and not in derogation of, the
requirements of any of the other Loan Documents, maintain, and cause each Loan
Party to maintain, insurance with financially sound and reputable insurance
companies against such risks and in such amounts as is customarily maintained by
similar businesses or as may be required by Applicable Law, and from time to
time deliver to the Lender upon its request a detailed list, together with
copies of all policies of the insurance then in effect, stating the names of the
insurance companies, the amounts and rates of the insurance, the dates of the
expiration thereof and the properties and risks covered thereby. The Borrower
shall provide written notice to the Lender of the occurrence of any of the
following events within five Business Days after the occurrence of such event:
any asset or property owned or used by the Loan Parties and having a value in
excess of $150,000 is (i) materially damaged or destroyed, or suffers any other
loss, or (ii) is condemned, confiscated or otherwise taken, in whole or in part,
or the use thereof is otherwise diminished so as to render impracticable or
unreasonable the use of such asset or property for the purposes to which such
asset or property were used immediately prior to such condemnation, confiscation
or taking, by exercise of the powers of condemnation or eminent domain or
otherwise, and in either case the amount of the damage, destruction, loss or
diminution in value which is in excess of $150,000 (collectively, a "Casualty
Loss").

         SECTION 6.09. ENVIRONMENTAL MATTERS. Comply, and cause all Loan Parties
to comply, with all Environmental Laws the failure with which to comply would
have a Material Adverse Effect. If any Loan Party shall (a) receive notice that
any violation of any Environmental Law may have been committed or is about to be
committed by such Person, (b) receive notice that any administrative or judicial
complaint or order has been filed or is about to be filed against the Loan Party
alleging violations of any Environmental Law or requiring the Loan Party to take
any action in connection with the release of Hazardous Materials or (c) receive
any notice from a Governmental Authority or private party alleging that the Loan
Party may be liable or responsible for costs associated with a response to or
cleanup of a release of a Hazardous Materials or any damages caused thereby, and
such notices, individually or in the aggregate, reasonably could be expected to
have a Material Adverse Effect, the Borrower shall provide the Lender with a
copy of such notice within 30 days after the receipt thereof by the Loan Party.
The Borrower shall promptly take all actions necessary to prevent the imposition
of any Liens on any of their respective properties arising out of or related to
any Environmental Laws.

                            ARTICLE 7. - INFORMATION

         For so long as any of the Obligations remains unpaid or unperformed, or
this Agreement is in effect, the Borrower will furnish to the Lender:

         SECTION 7.01. FINANCIAL STATEMENTS, COMPLIANCE CERTIFICATE AND INCOME
TAX RETURNS.

                                     - 24 -
<PAGE>   29

         (a)      Audited Year-End Statements. As soon as available and in any
event within 90 days after the end of each fiscal year of the Borrower, the
consolidated balance sheet of the Borrower and its Subsidiaries as at the end of
such fiscal year and the related consolidated statements of operations and cash
flows of the Borrower and its Subsidiaries for such fiscal year with any
supporting schedules, setting forth in comparative form the figures as at the
end of and for the previous fiscal year, all of which shall be certified by (i)
the chief financial officer of the Borrower, in his or her opinion, to present
fairly, in all material respects and in accordance with GAAP, the consolidated
financial position of the Borrower and its Subsidiaries as at the date thereof
and the consolidated result of operations for such period and (ii) the
Borrower's current independent certified public accountants or other independent
certified public accountants of recognized national standing reasonably
acceptable to the Lender, whose certificate shall be unqualified and in scope
and substance reasonably satisfactory to the Lender and who shall have
authorized the Borrower to deliver such financial statements and certification
thereof to the Lender pursuant to this Agreement; provided, however, the
delivery of the Borrower's annual filings on Form 10-K made with the Securities
and Exchange Commission, or any successor agency, shall satisfy this
requirement.

         (b)      Quarterly Unaudited Statements. As soon as available and in
any event within 45 days after the close of each of the first, second and third
fiscal quarters of the Borrower, the unaudited consolidated and consolidating
balance sheet of the Borrower and its Subsidiaries as at the end of such period
and the related consolidated and consolidating statements of operations and
consolidated statements of cash flows of the Borrower and its Subsidiaries for
such period, setting forth in each case in comparative form the figures for the
corresponding periods of the previous fiscal year, all of which shall be
certified by the chief financial officer of the Borrower in his or her opinion,
to present fairly, in accordance with GAAP, the consolidated and consolidating,
as applicable, financial position of the Borrower and its Subsidiaries as at the
date thereof and the results of operations for such period (subject to normal
year-end audit adjustments and absence of full footnote disclosures); provided,
however, the delivery of the Borrower's quarterly filings on Form 10-Q made with
the Securities and Exchange Commission, or any successor agency, shall satisfy
this requirement.

         (c)      Compliance Certificate. Simultaneously with the delivery of
each set of financial statements referred to in the immediately preceding
clauses (a) and (b), a certificate of the chief financial officer of the
Borrower substantially in the form of Exhibit G (i) setting forth in reasonable
detail the calculations required to establish whether the Borrower was in
compliance with the requirements of Section 8.01 on the date of such financial
statements, and (ii) stating whether any Default or Event of Default exists on
the date of such certificate and, if any Default or Event of Default then
exists, setting forth the details thereof and the action which the Borrower is
taking or propose to take with respect thereto.

         (d)      Income Tax Returns. As soon as available and in any event
within 30 days after their filing, complete copies of all federal income tax
returns filed by the Borrower and its Subsidiaries, each of which shall be
certified by the chief financial officer of each of the Borrower and its
Subsidiaries to be true, complete and correct copies of such income tax returns.
If any Loan Party shall file an extension request relating to the filing of any
federal income tax return, such Borrower shall deliver a copy of such extension
request to the Lender within 30 days of its filing.

                                     - 25 -
<PAGE>   30

         (e)      Reports. Promptly upon transmission or receipt thereof, copies
of all filings and registrations with, and reports to or from, the Securities
and Exchange Commission, or any successor agency, and copies of all publicly
available financial statements, proxy statements, waivers, amendments or other
modifications which could have an adverse effect on the Borrower or any other
Loan Party, notices of non-compliance or default and reports as the Borrower or
any other Loan Party may send to its shareholders.

         SECTION 7.02. DEFAULT; NOTICES UNDER OTHER AGREEMENTS. Prompt notice of
the occurrence of (a) any Default or Event of Default; (b) any default or event
of default, or event or condition which with the giving of notice, the lapse of
time, or both, would constitute such a default or event of default, with respect
to any Debt of any of the Loan Parties or (c) any material amendment to the
Articles of Incorporation or bylaws of any Loan Party.

         SECTION 7.03. LITIGATION; JUDGMENT. Prompt written notice of (a) any
action, suit, claim or proceeding instituted against the Borrower or any other
Loan Party seeking damages in excess of $250,000 or which, if adversely
determined, would have a Material Adverse Effect or (b) any order, judgment or
decree in excess of $100,000 having been entered against any other Loan Party or
any of its properties or assets.

         SECTION 7.04. MATERIAL CHANGE. Prompt written notice of any change in
the senior management or the business, properties, condition (financial or
otherwise), results of operations or performance of the Borrower or any
Subsidiary which has had, or could reasonably be expected to have, a Material
Adverse Effect.

         SECTION 7.05. OTHER NOTICES. Prompt written notice of (a) any
notification of a material violation of any law or regulation or any inquiry
with respect thereto shall have been received by the Borrower or any other Loan
Party from any Governmental Authority; (b) the proposed sale, transfer or other
disposition of any material assets of any Loan Party to any Person; (c) any
strikes, slow downs, work stoppages or walkouts or other labor disputes in
progress or threatened relating to the Borrower, or any other Loan Party; or (d)
the suspension, termination or revocation or non-renewal of any permit material
to any Loan Party's business.

         SECTION 7.06. DEBT INSTRUMENTS. Promptly upon request by the Lender, a
copy of each of the documents, instruments and agreements evidencing any of the
Debt described on Schedule 5.01(e).

         SECTION 7.07. ERISA.

         As soon as possible, and in any event within ten days after any Loan
Party knows or has reason to know that any of the events or conditions specified
below have occurred or exist, a statement signed by the chief financial officer
of the Borrower setting forth details respecting such event or condition and the
action, if any, which any Loan Party or its ERISA Affiliates proposes to take
with respect thereto (and a copy of any report or notice required to be filed
with or given to the PBGC by any Loan Party or any of its ERISA Affiliates as of
such date with respect to such event or condition):

                                     - 26 -
<PAGE>   31

         (a)      any reportable event, as defined in Section 4043(b) of ERISA
and the regulations issued thereunder, with respect to a Plan of any Loan Party
or any of its ERISA Affiliates, as to which the PBGC has not by regulation
waived the requirement of Section 4043 (a) of ERISA that it be notified within
30 days of the occurrence of such event (provided that a failure to meet the
minimum funding standard of Section 412 of the Code or Section 302 of ERISA
shall be a reportable event regardless of the issuance of any waivers in
accordance with Section 412(d) of the Code);

         (b)      the filing under Section 4041 of ERISA of a notice of intent
to terminate any Plan of any Loan Party or any of its ERISA Affiliates or the
termination of any such Plan;

         (c)      the institution by the PBGC of proceedings under Section 4042
of ERISA for the termination of, or the appointment of a trustee to administer,
any Plan of any Loan Party or any of its ERISA Affiliates, or the receipt by any
Loan Party or any of its ERISA Affiliates of a notice from a Multiemployer Plan
of any Loan Party or any of its ERISA Affiliates that such action has been taken
by the PBGC with respect to such Multiemployer Plan;

         (d)      the complete or partial withdrawal by any Loan Party or any of
its ERISA Affiliates under Section 4201 or 4204 of ERISA from a Multiemployer
Plan, or the receipt by any Loan Party or any such ERISA Affiliate of notice
from such a Multiemployer Plan that it is in reorganization or insolvency
pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has
terminated under Section 4041A of ERISA, which in any such case could reasonably
be expected to result in the imposition of withdrawal liability upon any Loan
Party or any of its ERISA Affiliates;

         (e)      the institution of a proceeding by a fiduciary of any
Multiemployer Plan against any Loan Party or any of its ERISA Affiliates to
enforce Section 515 of ERISA, which proceeding is not dismissed within 30 days;
and

         (f)      the fair market value of the assets of any Plan does not equal
or exceed the accumulated benefit obligations with respect to such Plan, as
disclosed on the most recent actuarial report with respect to such Plan.

         SECTION 7.08. COPIES OF OTHER REPORTS. (a) No later than 60 days after
the beginning of each fiscal year of the Borrower, the business plan of the
Borrower for such year including the proposed budget of revenues and expenses of
the Borrower for such fiscal year; and

         (b)      Promptly upon receipt thereof, copies of all reports, if any,
submitted to the Borrower or its respective Board of Directors by its
independent public accountants including, without limitation, any management
report (but excluding internal audit reports performed by such accountants,
unless such reports are requested by the Lender).

         SECTION 7.09. OTHER INFORMATION. From time to time and promptly upon
each request, such data, certificates, reports, statements, documents or further
information regarding the business, properties, condition (financial or
otherwise), results of operations or performance of the Borrower, any Loan Party
and any other Subsidiary as the Lender may reasonably request.

                                     - 27 -
<PAGE>   32

                        ARTICLE 8. - NEGATIVE COVENANTS

         So long as any of the Obligations remain unpaid or unperformed, or this
Agreement is in effect, the Borrower shall not, directly or indirectly:

         SECTION 8.01. FINANCIAL RATIOS. Permit at any time:

         (a)      EBITDA. EBITDA to be less than the number specified in the
table set forth below for such period:

<TABLE>
<CAPTION>

         From                     To and Including            EBITDA
         ----                     ----------------            ------

         <S>                      <C>                         <C>
         Effective Date           March 31, 2000              $ -2,800,000
         April 1, 2000            June 30, 2000               $ -2,900,000
         July 1, 2000             September 30, 2000          $ -1,600,000
         October 1, 2000          December 31, 2000           $   -500,000
         January 1, 2001          March 31, 2001              $    500,000
         April 1, 2001            June 30, 2001               $  1,400,000
         July 1, 2001             September 30, 2001          $  1,800,000
         October 1, 2001          December 31, 2000           $  2,000,000
</TABLE>

         (b)      Consolidated Tangible Net Worth. Consolidated Tangible Net
Worth to be less than $ -20,000,000, on the date hereof, and such minimum
Consolidated Tangible Net Worth shall increase by 100% of its Net Profit for
each fiscal year thereafter.

         SECTION 8.02. DEBT. Create, incur, assume, or permit or suffer to
exist, or permit any Subsidiary to create, incur, assume, or permit or suffer to
exist, any Debt other than the following:

         (a)      the Obligations;

         (b)      Debt in existence as of the date hereof and described on
Schedule 5.01.(e);

         (c)      intercompany Debt among or between the Borrower and its
Subsidiaries so long as such Debt is Subordinated Debt;

         (d)      Permitted Purchase Money Obligations;

         (e)      Guarantees of Debt to the extent permitted under Section
8.03.; and

         (f)      other unsecured Debt not in excess of $1,000,000 at any time.

Notwithstanding the foregoing, the Borrower shall not, and shall not permit any
other Loan Party to, create, incur or assume any Debt after the date hereof if
immediately prior to the creation, incurring or assumption thereof, or
immediately thereafter and after giving effect thereto, a Default or Event of
Default is or would be in existence.

                                     - 28 -
<PAGE>   33

         SECTION 8.03. GUARANTEES. Become or remain liable, or permit any
Subsidiary to become or remain liable, on or under any Guarantee other than (a)
Guarantees in existence as of the date hereof and set forth in Schedule 8.03 and
not required to be terminated as a condition precedent to the making of the
initial Revolving Credit Advances; (b) Guarantees executed by the Borrower or
any Subsidiary covering Debt permitted by Section 8.02; (c) Guarantees
constituting investments permitted under Section 8.04 and (d) the Guaranty.

         SECTION 8.04. INVESTMENTS. (a) Acquire or purchase, or permit any
Subsidiary to acquire or purchase, after the date hereof, any Business Unit, (b)
acquire, make or purchase, or permit any Subsidiary to acquire, make or purchase
any Investment or (c) permit any Investment of the Loan Parties to be
outstanding on and after the date hereof, other than the following:

         (i)      Investments in Subsidiaries in existence on the date hereof;

         (ii)     Investments in Cash Equivalents;

         (iii)    Investments in existence on the date hereof and set forth on
Schedule 8.04;

         (iv)     intercompany Debt among the Borrower provided that such
Indebtedness is permitted by the terms of Section 8.02;

         (v)      Guarantees constituting Investments to the extent permitted
under Section 8.03;

         (vii)    loans and advances to employees for moving, entertainment,
travel and other similar expenses and other purposes in the ordinary course of
business consistent with past practices not to exceed $50,000 in the aggregate
at any one time outstanding; and

         (viii)   prior to the occurrence of an Event of Default, Permitted
Acquistions.

         SECTION 8.05. LIENS; AGREEMENTS REGARDING LIENS; OTHER MATTERS.

         (a)      Create, assume, incur or permit or suffer to exist, or permit
any Subsidiary to create, assume, incur or permit to suffer to exist, any Lien
upon any of its respective properties, assets, income or profits of any
character whether now owned or hereafter acquired, other than Permitted Liens;

         (b)      Enter into or assume any agreement (other than the Loan
Documents), or permit, any Subsidiary to create, assume, incur or permit to
suffer to exist prohibiting the creation or assumption of any Lien upon its
respective properties or assets, whether now owned or hereafter acquired unless
such agreement permits Liens and security interests in any and all assets of the
Borrower and its Subsidiaries in favor of the Lender; or

         (c)      Except for the restrictions set forth in the Loan Documents,
create or otherwise cause or suffer to exist or become effective, or permit any
Subsidiary to create, assume, incur or permit to suffer to exist or become
effective, any consensual encumbrance or restriction of any kind on the ability
of any Subsidiary to: (i) pay dividends or make any other distribution on any of

                                     - 29 -
<PAGE>   34

such Subsidiary's capital stock owned by the Borrower or any Subsidiary of the
Borrower; (ii) pay any Debt owed to the Borrower or any other Subsidiary; (iii)
make loans or advances to the Borrower or any other Subsidiary; or (iv) transfer
any of its property or assets to the Borrower or any other Subsidiary.

         SECTION 8.06. FISCAL YEAR. Change its fiscal year from that in effect
as of the date hereof.

         SECTION 8.07. DIVIDENDS AND STOCK REPURCHASE. (a) Declare or pay any
dividend or other distribution, direct or indirect, on account of any shares of
any common stock or other equity interest of the Borrower now or hereafter
outstanding, except (i) a dividend or distribution payable solely in shares of
that class of common stock or other equity interest to the holders of that class
or (ii) dividends payable to holders of shares of the Series A Preferred Stock
of the Borrower provided that the aggregate amount paid in respect of such
dividends shall not exceed $520,000 in any fiscal year of the Borrower; (b)
effect any redemption, conversion, exchange, retirement, sinking fund or similar
payment, purchase or any other acquisition for value, direct or indirect, of any
shares of any common stock or other equity interest of the Borrower now or
hereafter outstanding; (c) make or effect any payment or prepayment of principal
of, premium, if any, or interest on, redemption, conversion, exchange, purchase,
retirement, defeasance, sinking fund or similar payment with respect to, any
Debt which is subordinate in right of repayment to any of the Obligations; (d)
voluntarily prepay any Debtor otherwise pay any Debt prior to its then stated
maturity or (e) make any payment made to retire, or to obtain the surrender of,
any outstanding warrants, options or other rights to acquire shares of any
common stock or other equity interest of the Borrower now or hereafter
outstanding.

         SECTION 8.08. PRESERVATION OF EXISTENCE, ETC.; MERGER, CONSOLIDATION
AND SALE OF ASSETS. (a) Merge or consolidate with, or permit any other Loan
Party to merge or consolidate with, any other Person, (b) liquidate, wind-up or
dissolve itself (or suffer any liquidation or dissolution) or permit any Loan
Party to do any of the foregoing or (c) convey, sell, lease, sublease, transfer
or otherwise dispose of, in one transaction or a series of transactions, all or
substantially all of its business or assets, or the capital stock of or other
equity interests in any of its Subsidiaries, whether now owned or hereafter
acquired or permit any Loan Party to do any of the foregoing; provided, however,
that:

                  (i)      Subsidiaries of the Borrower or any Loan Party may
         merge or consolidate with the Borrower or any other Loan Party;

                  (ii)     a Subsidiary may sell, transfer or dispose of its
         assets to the Borrower or any other Loan Party;

                  (iii)    the Borrower or any Subsidiary may sell inventory or
         other assets in the ordinary course of business, including sales of
         credit card loans in the ordinary course of business consistent with
         past practice; and

                  (iv)     in connection with a Permitted Acquisition, (x) the
         Borrower may merge or consolidate with any other Person if the Borrower
         is the surviving corporation of the merger or consolidation and (y) any
         other Loan Party may merge or consolidate with any

                                     - 30 -
<PAGE>   35

         other Person if the entity surviving the merger or consolidation
         remains a Loan Party or becomes a Loan Party by delivering the
         documents required by Section 8.10.

Further, no Loan Party shall enter into any sale-leaseback transactions or other
transaction by which such Loan Party shall remain liable as lessee (or the
economic equivalent thereof) of any real or personal property that it has sold
or leased to another Person.

         SECTION 8.09. TRANSACTIONS WITH AFFILIATES. Effect, or permit any other
Loan Party to effect, any transaction with any Affiliate by which any of the
assets of any Loan Party are transferred to such Affiliate at less than the cost
or fair market value of such asset, or enter into any other transaction with an
Affiliate on terms more favorable to such Affiliate than would be reasonably
expected to be given in a similar transaction with an unrelated entity, except
in each case for transactions between or among the Borrower and the
Subsidiaries.

         SECTION 8.10. CREATION OF SUBSIDIARIES. Incorporate, create or acquire
any Subsidiary other than Subsidiaries in existence as of the date hereof,
unless, on or before 5 days after the incorporation, creation or acquisition of
such Subsidiary, such Subsidiary executes and delivers to the Lender an
Accession Agreement to the Guaranty, Pledge Agreement (if applicable) and
Security Agreement, executed by the Borrower and such Subsidiary in favor of the
Lender, together with the following all in form and substance satisfactory to
the Lender:

         (a)      The articles or certificate of incorporation of such
Subsidiary certified as of a recent date by the Secretary of State of the State
of formation of such Subsidiary;

         (b)      A certificate of good standing or certificate of similar
meaning with respect to such Subsidiary issued as of a recent date by the
Secretary of State of the State of formation of such Subsidiary and certificates
of qualification to transact business or other comparable certificates issued as
of a recent date by each Secretary of State (and any state department of
taxation, as applicable) of each state in which such Subsidiary is so qualified;

         (c)      A certificate of incumbency signed by the Secretary or
Assistant Secretary (or other individual performing similar functions) of such
Subsidiary with respect to each of the officers of such Subsidiary authorized to
execute and deliver the Loan Documents to which such Subsidiary is a party;

         (d)      Copies certified by the Secretary or Assistant Secretary of
such Subsidiary (or other individual performing similar functions) of the
by-laws of such Subsidiary;

         (e)      Certified copies (certified by the respective Secretary or
Assistant Secretary of such Subsidiary, or other individual performing similar
functions) of all corporate or other necessary action taken by such Subsidiary
to authorize the execution, delivery and performance of the Loan Documents to
which it is a party;

         (f)      Favorable Uniform Commercial Code, tax, judgment and lien
search reports with respect to such Subsidiary in all necessary or appropriate
jurisdictions and under all legal and appropriate trade names indicating that
there are no prior liens on any of the Collateral other than Permitted Liens;

                                     - 31 -
<PAGE>   36

         (g)      all certificates, if any, representing all of the issued and
outstanding capital stock and other equity interest of such Subsidiary, together
with stock powers duly endorsed in blank relating to all such certificates;

         (h)      Uniform Commercial Code financing statements naming such
Subsidiary as debtor, the Lender as secured party, and covering the Collateral
to be filed in each jurisdiction where the filing of such financing statements
may be necessary or appropriate as determined by the Lender;

         (i)      an opinion of Sutherland Asbill & Brennan LLP, special counsel
to Borrower, addressed to the Lender, and regarding, among other things, the
authority of such Subsidiary to execute, deliver and perform the Loan Documents
to which it is a party, the enforceability of such Loan Documents and the
perfection of security interests in the Collateral granted pursuant to such Loan
Documents, and such other matters as the Lender or its counsel may request;

         (j)      a certificate executed by the chief executive officer and
chief financial officer of the Borrower, stating that: (a) on such date, and
after giving effect to the transactions contemplated hereby, no Default or Event
of Default has occurred and is continuing and (b) the representations and
warranties set forth in Article 5 are true and correct in all material respects
on and as of such date with the same effect as though made on and as of such
date;

         (k)      Copies of each of the policies of insurance covering any of
the tangible insurable Collateral of such Subsidiary, together with loss payable
clauses in favor of the Lender, which comply with the terms of the relevant Loan
Documents;

         (l)      Copies of all consents, approvals, authorizations,
registrations or filings required to be made or obtained by such Subsidiary in
connection with the execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby;

         (m)      such other documents and instruments as the Lender may
reasonably request;

provided, however, that the foregoing shall not apply to any Subsidiary formed
solely for the purpose of acquiring the assets or stock of a Person until such
acquisition is consummated, so long as such Subsidiary holds only nominal assets
prior to the consummation of such acquisition. Further, and notwithstanding the
foregoing, Subsidiaries shall not own, after the date hereof, Total Assets of
the Borrower and its Subsidiaries, determined on a consolidated basis
("Consolidated Total Assets") in excess of that percentage of Consolidated Total
Assets owned by Subsidiaries on the date hereof.

         SECTION 8.11. DISPOSAL OF ASSETS OR SUBSIDIARY STOCK. (a) Sell, lease,
transfer or otherwise dispose of any of its property, business or assets, or
grant any Person an option to acquire any such property, business or assets, or
permit any Subsidiary to do any of the foregoing except for: (i) bona fide sales
of inventory to customers for fair value in the ordinary course of business,
(ii) dispositions of equipment in the ordinary course of business and not used
or useful in the business, (iii) disposition of the Encumbered Asset, (iv) the
sale or other disposition of the Shareholder Notes and (v) the licensing of
copyrights, patents and trademarks in the ordinary course of business or (b)
sell, assign, pledge or otherwise encumber or dispose of any shares of

                                     - 32 -
<PAGE>   37

capital stock or other equity securities or interests in the Loan Parties (other
than the issuance of common stock of the Borrower to the extent permitted under
Section 8.12) or any Subsidiary including warrants, rights or options to acquire
shares of other equity securities or interests of any of its Subsidiaries,
except to the Borrower or another Subsidiary of the Borrower. A Person who
acquires any assets of a Loan Party as the result of a disposition of such
assets by such Loan Party as permitted under this Section 8.11 shall take such
assets free and clear of the Lender's Lien therein.

         SECTION 8.12. ISSUANCE OF CAPITAL STOCK. Issue any shares, interests,
warrants, participations or other equivalents (however designated) of any Loan
Party; except that (a) the Borrower may issue common stock or warrants or
options exercisable for common stock and (b) any Subsidiary of the Borrower may
issue shares of capital stock to the Borrower or any other Subsidiary.

         SECTION 8.13. CAPITAL EXPENDITURES. Permit Capital Expenditures
incurred by the Borrower and its Subsidiaries to exceed $5,000,000 in any such
fiscal year.

         SECTION 8.14. MANAGEMENT FEES AND COMPENSATION.

         (A)      Management Fees. The Borrower will not, and will not permit
any other Loan Party or any of their respective Subsidiaries to, pay any
management, consulting or similar fees to any Affiliate of the Borrower or to
any director, officer or employee of any Loan Party except as set forth on
Schedule 8.14(A).

         (B)      Compensation. The Borrower will not, and will not permit any
of its Subsidiaries to, make payments of salary or bonus or otherwise provide
compensation (including benefits) to its principal executive officers or
employees which are in excess of those customarily paid in the industry in which
the Borrower and its Subsidiaries is engaged.

         SECTION 8.15 MANAGEMENT. Allow the Chief Executive Officer to cease to
be a "senior" or "executive" officer of the Board.

                              ARTICLE 9. - DEFAULT

         SECTION 9.01. EVENTS OF DEFAULT. Each of the following shall constitute
an Event of Default:

         (a)      Default in Payment. The Borrower shall fail to pay (i) the
principal of any of the Revolving Credit Advances when and as due (whether upon
demand, at maturity, by reason of acceleration or otherwise) or (ii) the
interest on any Revolving Credit Advance payable hereunder, when and as due, and
such failure shall continue for three Business Days after such due date or (iii)
any other Obligations payable hereunder within 30 days after the date when
presented for payment hereunder.

         (b)      Misrepresentations. Any statement, representation or warranty
made by or on behalf of the Borrower or any other Loan Party under or pursuant
to any Loan Document or in any other writing or statement at any time furnished
or made by or on behalf on the Borrower or

                                     - 33 -

<PAGE>   38

any other Loan Party to the Lender shall at any time prove to have been
incorrect or misleading in any material respect when furnished or made.

         (c)      Default in Performance. (i) The Borrower or any other Loan
Party shall fail to perform or observe any term, covenant, condition or
agreement on its part to be performed or observed and contained in Articles 7 or
8 of this Agreement or (ii) the Borrower or any other Loan Party shall fail to
perform or observe any term, covenant, condition or agreement contained in this
Agreement or any other Loan Document to which it is a party and not otherwise
mentioned in this Section and in the case of this clause (ii) only, such failure
shall continue for a period of 30 days after the earlier of (x) the date upon
which the president or chief financial officer of the Borrower obtains knowledge
of such failure of (y) the date upon which the Borrower has received written
notice of such failure from the Lender.

         (d)      Debt Cross-Default. (i) Any Loan Party shall fail to pay when
due and payable (following the expiration of any applicable cure periods) the
principal of, or interest on, any Debt (other than the Revolving Credit
Advances) having a principal amount outstanding individually or in the aggregate
of $250,000 or more; or (ii) the maturity of any such Debt shall have (x) been
accelerated in accordance with the provisions of any indenture, contract or
instrument evidencing, providing for the creation of or otherwise concerning
such Debt or (y) been required to be prepaid prior to the stated maturity
thereof; or (iii) any other event shall have occurred and be continuing which
would permit any holder or holders of any such Debt, any trustee or agent acting
on behalf of such holder or holders or any other Person, to accelerate the
maturity of any such Debt or require any such Debt to be prepaid prior to its
stated maturity.

         (e)      Other Cross-Default. Any default or event of default arising
from any Loan Party's failure to pay amounts due or failure to perform or
observe any term, covenant, condition or agreement on its part to be performed
or observed and contained in any note, loan agreement, indenture or other
contract entered into by such Loan Party with the Lender or any affiliate of the
Lender shall occur (following the expiration of any applicable cure periods).

         (f)      Voluntary Bankruptcy Proceeding. Any Loan Party shall: (i)
commence a voluntary case under the Bankruptcy Code of 1978, as amended or other
federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition
seeking to take advantage of any other Applicable Laws, domestic or foreign,
relating to bankruptcy, insolvency, reorganization, winding-up, or composition
or adjustment of debts; (iii) consent to, or fail to contest in a timely and
appropriate manner, any petition filed against it in an involuntary case under
such bankruptcy laws or other Applicable Laws or consent to any proceeding or
action described in the immediately following subsection; (iv) apply for or
consent to, or fail to contest in a timely and appropriate manner, the
appointment of, or the taking of possession by, a receiver, custodian, trustee,
or liquidator of itself or of a substantial part of its property, domestic or
foreign; (v) admit in writing its inability to pay its debts as they become due;
(vi) make a general assignment for the benefit of creditors; or (vii) take any
corporate or similar action for the purpose of effecting any of the foregoing.

         (g)      Involuntary Bankruptcy Proceeding. A case or other proceeding
shall be commenced against any Loan Party, in any court of competent
jurisdiction seeking: (i) relief under the Bankruptcy Code of 1978, as amended
or other federal bankruptcy laws (as now or

                                      -34-
<PAGE>   39

hereafter in effect) or under any other Applicable Laws, domestic or foreign,
relating to bankruptcy, insolvency, reorganization, winding-up, or composition
or adjustment of debts; or (ii) the appointment of a trustee, receiver,
custodian, liquidator or the like of such Person, or of all or any substantial
part of the assets, domestic or foreign, of such Person, and such case or
proceeding shall continue undismissed or unstayed for a period of 60 consecutive
calendar days, or an order granting the remedy or other relief requested in such
case or proceeding against any Loan Party (including, but not limited to, an
order for relief under such Bankruptcy Code or such other federal bankruptcy
laws) shall be entered.

         (h)      Judgment. A judgment or judgments for the payment of money, in
excess of $100,000 in the aggregate shall be entered against any Loan Party by
any court or other tribunal and such judgment or order shall continue for a
period of 30 days without being stayed or dismissed through appropriate
appellate proceedings.

         (i)      Challenge of Loan Documents. Any Borrower or any other Loan
Party shall disavow, revoke or terminate or attempt to do any of the foregoing
with respect to any Loan Document to which it is a party or shall otherwise
challenge or contest in any action, suit or proceeding in any court or before
any Governmental Authority the validity or enforceability of this Agreement, the
Note or any other Loan Document.

         (j)      Loan Documents. An Event of Default (as defined therein) shall
occur under any of the other Loan Documents.

         (k)      Attachment. A warrant, writ of attachment, execution or
similar process which, together with all other warrants, writs of attachment,
execution or similar process, exceeds $100,000 shall be issued against any
property of any of the Loan Parties and such warrant, writ, execution or process
shall not be discharged, vacated, stayed or bonded for a period of 30 days.

         (l)      Change of Control. A Change of Control shall occur.

         (m)      ERISA. (i) Any Termination Event with respect to a Plan shall
occur; (ii) any Plan shall incur an "accumulated funding deficiency" (as defined
in Section 412 of the Internal Revenue Code or Section 302 of ERISA) for which a
waiver has not been obtained in accordance with the applicable provisions of the
Internal Revenue Code and ERISA; or (iii) any Loan Party is in "default" (as
defined in Section 4219(c)(5) of ERISA) with respect to payments to a
Multiemployer Plan resulting from such Loan Party's complete or partial
withdrawal (as described in Section 4203 or 4205 of ERISA) from such
Multiemployer Plan.

         (n)      Injunction. The Loan Parties are enjoined, restrained or in
any way prevented by the order of any Governmental Authority from conducting all
or any material part of their respective businesses and such order continues for
more than 30 days.

         (o)      Failure of Security. The Lender does not have or ceases to
have a valid and perfected first priority security interest in the Collateral
(subject to Permitted Liens), in each case, for any reason other than the
failure of the Lender to take any action within its control.

                                      -35-
<PAGE>   40

         SECTION 9.02. REMEDIES. Upon the occurrence of an Event of Default, the
Lender may exercise any or all of the following rights and remedies:

         (a)      Acceleration. If any Event of Default shall have occurred and
be continuing, the Lender may: (i) declare the principal of, and accrued but
unpaid interest on, the Revolving Credit Advances at the time outstanding, and
all of the other Obligations, to be forthwith immediately due and payable,
whereupon the same shall immediately become due and payable without presentment,
demand, protest or other notice of any kind, all of which are expressly waived,
anything in any Loan Document or any other agreement evidencing any Obligations
to the contrary notwithstanding and (ii) terminate this Agreement and the making
of Revolving Credit Advances hereunder; provided, however, that if the Event of
Default set forth in Section 9.01(f) or 9.01(g) hereof shall have occurred, all
of the principal of, and accrued but unpaid interest on, the Revolving Credit
Advances and all other Obligations shall become automatically due and payable
and this Agreement and the making of Revolving Credit Advances shall
automatically terminate.

         (b)      Loan Documents. The Lender may exercise any and all of its
rights under any and all of the other Loan Documents.

         (c)      Applicable Law. The Lender may exercise all other rights and
remedies it may have under any Applicable Law.

         (d)      Appointment of Receiver. The Lender shall be entitled to the
appointment of a receiver for the assets and properties of the Borrower and any
other Loan Party, without notice of any kind whatsoever and without regard to
the adequacy of any security for the Obligations or the solvency of any party
bound for its payment, to take possession of all or any portion of the business
operations of the Borrower and the Loan Parties and to exercise such power as
the court shall confer upon such receiver.

         SECTION 9.03. APPLICATION OF PROCEEDS. All proceeds from each sale of,
or other realization upon, all or any part of the Collateral following an Event
of Default shall be applied or paid over as follows: (a) First: to the payment
of all reasonable costs and expenses incurred in connection with such sale or
other realization, including reasonable attorneys' fees if the Lender endeavored
to collect the Obligations by or through an attorney at law; (b) Second: to the
payment of the interest due upon any of the Obligations, in any order which the
Lender may elect; (c) Third: to the payment of the principal due upon any of the
Obligations in any order which the Lender may elect; and (d) Fourth: the balance
(if any) of such proceeds shall be paid to whomever may be legally entitled
thereto.

         SECTION 9.04. PERFORMANCE BY LENDER. If the Borrower shall fail to
perform any covenant, duty or agreement contained in any of the Loan Documents,
the Lender may perform or attempt to perform such covenant, duty or agreement on
behalf of the Borrower after the expiration of any cure or grace periods set
forth herein. In such event, the Borrower shall, at the request of the Lender,
promptly pay any amount reasonably expended by the Lender in such performance or
attempted performance to the Lender, together with interest thereon at the
applicable Post-Default Rate from the date of such expenditure until paid.
Notwithstanding the

                                      -36-
<PAGE>   41

foregoing, the Lender shall not have any liability or responsibility whatsoever
for the performance of any obligation of the Borrower under this Agreement or
any other Loan Document.

         SECTION 9.05. RIGHTS CUMULATIVE. The rights and remedies of the Lender
under the Loan Documents shall be cumulative and not exclusive of any rights or
remedies which it would otherwise have. In exercising its rights and remedies
the Lender may be selective and no failure or delay by the Lender in exercising
any right shall operate as a waiver of it, nor shall any single or partial
exercise of any power or right preclude its other or further exercise or the
exercise of any other power or right.

                          ARTICLE 10. - MISCELLANEOUS

         SECTION 10.01. NOTICES. Unless otherwise provided herein,
communications provided for hereunder shall be in writing and shall be mailed,
telecopied or delivered as follows:

         If to the Borrower:

                  Netzee, Inc.
                  6190 Powers Ferry Road
                  Suite 400
                  Atlanta, Georgia  30339
                  Attention: Richard S. Eiswirth
                  Facsimile Number: 770-200-7150

         If to the Lender:

                  The InterCept Group, Inc.
                  3150 Holcomb Bridge Road
                  Suite 200
                  Norcross, Georgia  30071
                  Attention: Scott R. Meyerhoff
                  Facsimile Number: 770-840-2521

or, as to each party at such other address as shall be designated by such party
in a written notice to the other parties delivered in compliance with this
Section. All such notices and other communications shall be effective (i) if
mailed, when received; (ii) if telecopied, when transmission is confirmed; or
(iii) if hand delivered, when delivered. Notwithstanding the immediately
preceding sentence, all notices or communications to the Lender under Article 2
shall be effective only when actually received. The Lender shall not incur any
liability to the Borrower for acting upon any telephonic notice referred to in
this Agreement which the Lender believes in good faith to have been given by a
Person authorized to deliver such notice or for otherwise acting in good faith
under hereunder.

         SECTION 10.02. EXPENSES. The Borrower agrees (a) to pay or reimburse
the Lender for all of its out-of-pocket costs and expenses incurred in
connection with the preparation, negotiation and execution of, and any
amendment, supplement or modification to, any of the Loan Documents (including
without limitation, reasonable due diligence, and travel expenses relating to

                                      -37-
<PAGE>   42

closing), and the consummation of the transactions contemplated thereby,
including the reasonable fees and disbursements of counsel to the Lender; (b) to
pay or reimburse the Lender for all costs and expenses incurred in connection
with the enforcement or preservation of any rights under the Loan Documents or
the protection, preservation or exercise of rights with respect to any
collateral security provided for in any of the Loan Documents, including the
reasonable fees and disbursements of its counsel, (c) to pay, indemnify and hold
the Lender harmless from any and all recording and filing fees and any and all
liabilities with respect to, or resulting from any failure to pay or delay in
paying, documentary, stamp, excise and other similar taxes, if any, which may be
payable or determined to be payable in connection with the execution and
delivery of any of the Loan Documents, or consummation of any amendment,
supplement or modification of, or any waiver or consent under or in respect of,
any Loan Document and (d) to the extent not already covered by any of the
preceding subsections, to pay or reimburse the Lenders for all reasonable costs
and expenses incurred in connection with any bankruptcy or other proceeding of
the type described in Sections 9.01.(f) or (g), including the reasonable fees
and disbursements of counsel to the Lender, whether such fees and expenses are
incurred prior to, during or after the commencement of such proceeding or the
confirmation or conclusion of any such proceeding.

         SECTION 10.03. STAMP, INTANGIBLE AND RECORDING TAXES. The Borrower will
pay any and all stamp, intangible, registration, recordation and similar taxes,
fees or charges and shall indemnify the Lender against any and all liabilities
with respect to or resulting from any delay in the payment or omission to pay
any such taxes, fees or charges, which may be payable or determined to be
payable in connection with the execution, delivery, recording, performance or
enforcement of this Agreement, the Note and any of the other Loan Documents or
the perfection of any rights or Liens thereunder.

         SECTION 10.04. LITIGATION. (a) THE LENDER AND THE BORROWER ACKNOWLEDGE
AND AGREE THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE OTHER
LOAN DOCUMENTS OR THE RELATIONSHIP OF ANY BORROWER AND THE LENDER ESTABLISHED
HEREBY AND THEREBY WOULD BE BASED UPON DIFFICULT AND COMPLEX ISSUES.
ACCORDINGLY, EACH OF THE LENDER AND EACH BORROWER HEREBY WAIVES ITS RESPECTIVE
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN
ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY
BORROWER OR THE LENDER ARISING OUT OF ANY LOAN DOCUMENT, THE OBLIGATIONS OR ANY
OTHER DOCUMENT EXECUTED AND DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR IN
CONNECTION WITH THE COLLATERAL OR ANY ASSIGNMENT THEREOF OR BY REASON OF ANY
OTHER CAUSE OR DISPUTE WHATSOEVER BETWEEN ANY BORROWER AND LENDER OF ANY KIND OR
NATURE.

         (b)      THE BORROWER AND LENDER EACH HEREBY AGREE THAT THE FEDERAL
DISTRICT COURT OF THE NORTHERN DISTRICT OF GEORGIA OR, AT THE OPTION OF LENDER,
ANY STATE COURT LOCATED IN ATLANTA, GEORGIA SHALL HAVE EXCLUSIVE JURISDICTION TO
HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN ANY BORROWER AND THE LENDER,
PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE NOTE, ANY LOAN DOCUMENT
OR TO ANY MATTER ARISING THEREFROM, THE COLLATERAL OR

                                      -38-
<PAGE>   43

ANY OTHER DOCUMENT EXECUTED AND DELIVERED IN CONNECTION HEREWITH OR THEREWITH.
EACH BORROWER EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN
ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. THE EXCLUSIVE CHOICE OF FORUM
SET FORTH IN THIS PARAGRAPH SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY
ACTION BY THE LENDER OR THE ENFORCEMENT BY THE LENDER OF ANY JUDGMENT OBTAINED
IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION.

         (c)      THE FOREGOING WAIVERS HAVE BEEN MADE WITH THE ADVICE OF
COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF.

         SECTION 10.05. SUCCESSORS AND ASSIGNS. All the provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns, except that the Borrower may not
assign or transfer any of their respective rights under this Agreement. The
Lender may assign to one or more Persons all or a portion of its rights and
obligations hereunder and under the Note and, in connection with any such
assignment may assign its rights and obligations under the other Loan Documents.
The Lender will be assigning to First Union National Bank all of its rights and
remedies with respect to this Agreement, the Note and the other Loan Documents
pursuant to the Collateral Assignment Agreement. The Lender may, in connection
with any assignment or proposed assignment disclose to the assignee or proposed
participant any information relating to the Borrower furnished to the Lender by
or on behalf of the Borrower. Furthermore, Borrower acknowledges that Lender
will be providing information relating to the Borrower furnished to the Lender
by or on behalf of the Borrower to First Union National Bank on a regular basis,
including, but not limited to, the financial and other information provided
pursuant to Article 7 hereof.

         SECTION 10.06. AMENDMENTS. Except as otherwise expressly provided in
this Agreement, any consent or approval required or permitted by this Agreement
or in any Loan Document to be given by the Lender may be given, and any term of
this Agreement or of any other Loan Document may be amended, and the performance
or observance by the Borrower or any other Loan Party of any terms of this
Agreement or such other Loan Document or the continuance of any Default or Event
of Default may be waived (either generally or in a particular instance and
either retroactively or prospectively) with, but only with, the written consent
of the Lender (and, in the case of an amendment to any Loan Document, the
written consent of each Loan Party that is a party to such Loan Document).

         SECTION 10.07. INDEMNIFICATION. (a) The Borrower shall and hereby
agrees to indemnify, defend and hold harmless the Lender and its directors,
officers, shareholders, agents, employees and counsel (each referred to herein
as an "Indemnified Party") from and against any and all losses, claims, damages,
liabilities, deficiencies, judgments or expenses of every kind and nature
(including, without limitation, amounts paid in settlement, court costs and the
reasonable fees and disbursements of counsel incurred in connection with any
litigation, investigation, claim or proceeding or any advice rendered in
connection therewith) (the foregoing items referred to herein as "Claims and
Expenses") incurred by an Indemnified Party arising out of or by reason of any
suit, cause of action, claim, arbitration, investigation or settlement, consent
decree or other

                                      -39-
<PAGE>   44

proceeding by any third party (the foregoing referred to herein as an "Indemnity
Proceeding") which arise out of, or are in any way related directly or
indirectly to: (i) this Agreement or any other Loan Document or the transactions
contemplated thereby; (ii) the making of any Revolving Credit Advance hereunder;
(iii) any actual or proposed use by the Borrower of the proceeds of the
Revolving Credit Advances; (iv) the Lender's entering into this Agreement; (v)
the fact that the Lender has established the credit facility evidenced hereby in
favor of the Borrower; (vi) the fact that the Lender is a creditor of the
Borrower and has or is alleged to have information regarding the financial
condition, strategic plans or business operations of the Borrower and the other
Loan Parties; (vii) the fact that the Lender is a material creditor of the
Borrower and is alleged to influence directly or indirectly the business
decisions or affairs of the Borrower and the other Loan Parties or their
financial condition; (viii) the exercise of any right or remedy the Lender may
have under this Agreement or the other Loan Documents including, but not limited
to, the foreclosure upon, or seizure of, any Collateral or the exercise of any
other rights of a secured party; (ix) any violation or non-compliance by the
Borrower or any Loan Party of any Applicable Law (including any Environmental
Law) including, but not limited to, any Indemnity Proceeding commenced by (A)
the Internal Revenue Service or state taxing authority or (B) any Governmental
Authority or other Person under any Environmental Law, including any Indemnity
Proceeding commenced by a Governmental Authority or other Person seeking
remedial or other action to cause the Borrower or any Loan Party (or its
respective properties) (or the Lender as successor to the Borrower or any Loan
Party) to be in compliance with such Environmental Laws; provided, however, that
the Borrower or any Loan Party shall not be obligated to indemnify any
Indemnified Party for any acts or omissions of such Indemnified Party in
connection with matters described in this paragraph (a) that constitute gross
negligence or willful misconduct.

         (b)      This indemnification shall apply to all Indemnity Proceedings
arising out of, or related to, the foregoing whether or not an Indemnified Party
is a named party in such Indemnity Proceeding. In this connection, this
indemnification shall cover all costs and expenses of any Indemnified Party in
connection with any deposition of any Indemnified Party or compliance with any
subpoena (including any subpoena requesting the production of documents). This
indemnification shall, among other things, apply to any Indemnity Proceeding
commenced by other creditors of the Borrower or any Loan Party, any shareholder
of the Borrower or any Loan Party (whether such shareholder(s) are prosecuting
such Indemnity Proceeding in their individual capacity or derivatively on behalf
of the Borrower), any account debtor of the Borrower or any Loan Party or by any
Governmental Authority.

         (c)      All out-of-pocket fees and expenses of, and all amounts paid
to third-persons by, an Indemnified Party shall be advanced by the Borrower at
the request of such Indemnified Party notwithstanding any claim or assertion by
the Borrower that such Indemnified Party is not entitled to indemnification
hereunder upon receipt of an undertaking by such Indemnified Party that such
Indemnified Party will reimburse the Borrower if it is actually and finally
determined by a court of competent jurisdiction that such Indemnified Party is
not so entitled to indemnification hereunder.

         (d)      An Indemnified Party may conduct its own investigation and
defense of, and may formulate its own strategy with respect to, any Indemnified
Proceeding covered by this Section and, as provided above, all reasonable costs
and expenses incurred by the Indemnified Party shall be reimbursed by the
Borrower. No action taken by legal counsel chosen by an Indemnified Party

                                      -40-
<PAGE>   45

in investigating or defending against any such Indemnified Proceeding shall
vitiate or in any way impair the obligations and duties of the Borrower
hereunder to indemnify and hold harmless each such Indemnified Party; provided,
however, that (i) if the Borrower is required to indemnify an Indemnified Party
pursuant hereto and (ii) the Borrower have provided evidence reasonably
satisfactory to such Indemnified Party that the Borrower have the financial
wherewithal to reimburse such Indemnified Party for any amount paid by such
Indemnified Party with respect to such Indemnified Proceeding, such Indemnified
Party shall not settle or compromise any such Indemnified Proceeding without the
prior written consent of the Borrower (which consent shall not be unreasonably
withheld or delayed).

         (f)      The Borrower's obligations hereunder shall survive any
termination of this Agreement and the other Loan Documents and the payment in
full of the Obligations, and are in addition to, and not in substitution of, any
other of their obligations set forth in this Agreement or any other Loan
Document to which it is a party.

         SECTION 10.08. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA.

         SECTION 10.09. SETOFF. In addition to any rights now or hereafter
granted under Applicable Law and not by way of limitation of any such rights,
the Lender is hereby authorized by the Borrower, at any time or from time to
time during the continuance of an Event of Default, without prior notice to the
Borrower or to any other Person, any such prior notice being hereby expressly
waived to set-off and to appropriate and to apply any and all indebtedness at
any time held or owing by the Lender or any affiliate of the Lender, to or for
the credit or the account of the Borrower against and on account of any of the
Obligations, irrespective of whether or not any or all of the Revolving Credit
Advances and all other Obligations have been declared to be, or have otherwise
become, due and payable as permitted under the Loan Documents, and although such
obligations shall be contingent or unmatured.

         SECTION 10.10. TERMINATION; SURVIVAL OF PROVISIONS. At such time as (a)
the Revolving Commitment has been terminated, (b) the Lender is not obligated
under this Agreement to make any Revolving Credit Advances, and (c) all
Obligations (other than obligations which survive as provided in the following
sentence) have been paid and satisfied in full, this Agreement shall terminate.
Notwithstanding any termination of this Agreement, or of the other Loan
Documents, the indemnities to which the Lender is entitled under any of the
provisions of this Agreement and the other Loan Documents, and the waiver of
jury trial and submission to jurisdictions contained herein or therein, shall
continue in full force and effect and shall protect the Lender against events
arising after such termination as well as before.

         SECTION 10.11. COUNTERPARTS. This Agreement and any amendments,
waivers, consents or supplements may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all of which
counterparts together shall constitute but one and the same instrument.

         SECTION 10.12. LIMITATION OF LIABILITY. To the maximum extent permitted
by Applicable Law, neither the Lender nor any affiliate, officer, director,
employee, attorney, or agent of the Lender, shall have any liability with
respect to, and the Borrower hereby waive,

                                      -41-
<PAGE>   46

release, and agree not to sue any of them upon, any claim for any special,
indirect, incidental, or consequential damages suffered or incurred by the
Borrower in connection with, arising out of, or in any way related to, this
Agreement or any of the other Loan Documents, or any of the transactions
contemplated by this Agreement or any of the other Loan Documents. The Borrower
hereby waives, releases, and agrees not to sue the Lender or any of its
affiliates, officers, directors, employees, attorneys, or agents for punitive
damages in respect of any claim in connection with, arising out of, or in any
way related to, this Agreement or any of the other Loan Documents, or any of the
transactions contemplated by this Agreement or financed hereby.

         SECTION 10.13. ENTIRE AGREEMENT. This Agreement, the Note, and the
other Loan Documents referred to herein embody the final, entire agreement among
the parties hereto with respect to the subject matter hereof and supersede any
and all prior commitments, agreements, representations, and understandings,
whether written or oral, relating to the subject matter hereof and may not be
contradicted or varied by evidence of prior, contemporaneous, or subsequent oral
agreements or discussions of the parties hereto.

         SECTION 10.14. TITLES AND CAPTIONS. Titles and captions of Articles,
Sections, subsections and clauses in this Agreement are for convenience only,
and neither limit nor amplify the provisions of this Agreement.

         SECTION 10.15. SEVERABILITY OF PROVISIONS. Any provision of this
Agreement which is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective only to the extent of such prohibition or
unenforceability without invalidating the remainder of such provision or the
remaining provisions or affecting the validity or enforceability of such
provision in any other jurisdiction.

         SECTION 10.16. OBLIGATIONS WITH RESPECT TO LOAN PARTIES. The
obligations of the Borrower to direct or prohibit the taking of certain actions
by the other Loan Parties as specified herein shall be absolute and not subject
to any defense the Borrower may have that the Borrower do not control such Loan
Parties.

         SECTION 10.17. MARSHALING; PAYMENTS SET ASIDE. The Lender shall not be
under any obligation to marshal any assets in favor of any Loan Party or any
other party or against or in payment of any or all of the Obligations. To the
extent that any Loan Party makes a payment or payments to the Lender, or the
Lender enforces its security interest or exercises its right of setoff, and such
payment or payments or the proceeds of such enforcement or setoff or any part
thereof are subsequently invalidated, declared to be fraudulent or preferential,
set aside and/or required to be repaid to a trustee, receiver or any other party
under any bankruptcy law, state or federal law, common law or equitable cause,
then to the extent of such recovery, the Obligations or part thereof originally
intended to be satisfied, and all Liens, rights and remedies therefor, shall be
revived and continued in full force and effect as if such payment had not been
made or such enforcement or setoff had not occurred.

         SECTION 10.18. INDEPENDENT NATURE OF LENDER'S RIGHTS. Nothing contained
in any Loan Document and no action taken by the Lender or the Borrower or any
Loan Party pursuant hereto or thereto shall be deemed to constitute the Lender
and/or any Loan Party to be a partnership, an association, a joint venture or
any other kind of entity.

                                      -42-
<PAGE>   47

         SECTION 10.19. NO FIDUCIARY RELATIONSHIP. No provision in this
Agreement or in any of the other Loan Documents and no course of dealing between
the parties shall be deemed to create any fiduciary duty owing by the Lender to
the Borrower or any other Loan Party.

         SECTION 10.20. CONSTRUCTION. The Borrower and the Lender acknowledge
that each of them has had the benefit of legal counsel of its own choice and has
been afforded an opportunity to review this Agreement and the other Loan
Documents with its legal counsel and that this Agreement and the other Loan
Documents shall be construed as if jointly drafted by the Borrower and the
Lender.

         SECTION 10.21. BENEFITS. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns, except that the Borrower may not assign or
otherwise transfer any of its rights under this Agreement without the prior
written consent of the Lender. Applicable Law at any time sell or assign to one
or more banks or financial institutions all or any part of its rights and
obligations under this Agreement and the Note.

                            [Signature on Next Page]

                                      -43-
<PAGE>   48

         IN WITNESS WHEREOF, the parties hereto have caused this Credit
Agreement to be executed by their authorized officers all as of the day and year
first above written.

                                            BORROWER:

                                            NETZEE, INC.

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

                                            LENDER:

                                            THE INTERCEPT GROUP, INC.

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

                                      -44-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00011-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00011-of-00352.parquet"}]]