Document:

QuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

Exhibit 10.31    
  

PROMISSORY NOTE  

	$5,000,000	 	Chicago, Illinois

April 7, 2003

        FOR VALUE RECEIVED, Universal Access Global Holdings, Inc., a Delaware corporation ("Borrower"), promises to pay to the order of CityNet
Telecommunications, Inc., a Delaware corporation (collectively with any permitted assignee thereof being referred to herein as the "Lender") at 8405 Colesville Road, 6th Floor,
Silver Spring, Maryland 20910, or such other location as the Lender may require, in lawful money of the United States of America, the principal sum of Five Million U.S. Dollars ($5,000,000), together
with interest on the unpaid principal amount and capitalized interest as provided in Section 1.1 below. 

        This
Note is secured by a security interest granted to Lender by Borrower and its subsidiaries (the "Subsidiaries"), pursuant to a Security Agreement of even date herewith, by and among
Borrower, the Subsidiaries and Lender (the "Security Agreement"). 

        SECTION
1    PAYMENTS    

        1.1.    Interest.    This Note shall bear interest at a rate per annum equal to twelve percent (12%). All accrued
interest on this Note shall be due and payable on April 6, 2004 (the "Maturity Date") or, if earlier, on the Closing Date described below. All interest shall be computed for the actual number
of days elapsed on the basis of a 360-day year and shall compound quarterly. From and after the occurrence of an Event of Default (as defined below), the unpaid principal balance of this
Note and, to the extent permitted by law, overdue interest shall bear interest at a rate per annum equal to fifteen percent (15%). 

        1.2.    Payment Of Principal And Interest.    

        (a)  The
entire principal balance and all accrued but unpaid interest thereon shall be payable by Borrower to Lender on the Maturity Date or on such earlier date as amounts
outstanding hereunder shall become due and payable pursuant to Section 3 hereof. 

        (b)  Notwithstanding
anything to the contrary contained herein or in the Stock Purchase Agreement dated as of the date hereof, by and between Borrower and Lender (the
"Purchase Agreement"), in the event that the Closing Date under (and as defined in) the Purchase Agreement shall occur on or prior to the Maturity Date, amounts then owing hereunder shall be applied
to offset and reduce the consideration payable by Lender pursuant to Section 1.4(a) of the Purchase Agreement and this Note shall be deemed to be paid in full. 

        1.3.    Prepayment.    The principal amount of this Note and any accrued and unpaid interest thereon may be prepaid in
whole or in part at any time, and from time to time, without premium or penalty. 

        1.4.    Application Of Payments.    If Borrower makes any prepayments under this Note in advance of the Maturity Date,
each prepayment, if any, shall be applied in the following 

1

 

order:
first to pay any costs and expenses hereunder incurred by the Lender, second to pay accrued and unpaid interest, and third to pay principal. 

        SECTION
2    COVENANTS OF BORROWER    

        Until
such time as all amounts owing hereunder have been paid in full, the Borrower will, and will cause the Subsidiaries to comply with the following covenants. 

        2.1.    Conduct of Business.    Borrower will, and will cause each of the Subsidiaries to: 

        (a)  conduct
its business only in the ordinary and usual course and refrain from changing or introducing any method of management or operations except in the ordinary and
usual course of business and consistent with prior practices; 

        (b)  refrain
from (i) making any purchase, sale, disposition, lease or sublease of any asset or property other than in the ordinary and usual course of business and
other than subleases or dispositions of (A) Borrower's interest in its leases in the Sears Tower, Chicago, Illinois and on Madison Avenue in New York, New York and (B) UTX facilities,
(ii) purchasing any capital asset not reflected in Borrower's budget as provided to Lender, and (iii) mortgaging, pledging, subjecting to a lien or otherwise encumbering any of its
properties or assets other than in the ordinary and usual course of business or to Lender; 

        (c)  refrain
from making any change or incurring any obligation to make a change in its Certificate of Incorporation, By-laws or authorized or issued capital
stock other than as contemplated hereby; 

        (d)  use
its commercially reasonable efforts to prevent any adverse change with respect to the continued employment of ***; 

        (e)  diligently
operate its business substantially as previously operated and use commercially reasonable efforts to preserve intact its organization, goodwill and
relationships with material suppliers, customers, independent contractors and others having business relations with it; 

        (f)    furnish
Lender with copies of all filings and submissions to be made by Borrower or any Subsidiary with or to the SEC a reasonable time prior to such filing or
submission, and reflect therein all reasonable comments of Lender and its counsel thereon; and 

other
than as set forth in Schedule 2.1, refrain from (i) incurring any contingent liability as guarantor or otherwise with respect to the
obligations of others, (ii) canceling any material debt or claim owing to, or waiving any material right of, the Borrower or any Subsidiary, (iii) issuing any capital stock or other
security or other right convertible into, or exercisable or exchangeable for, capital stock, other than issuances of options to purchase Common Stock under plans approved by the Board of Directors of
Borrower, and shares of Common Stock on exercise of such options or options outstanding in the date
hereof, in each case, in the ordinary and usual course of Borrower's business, (iv) purchasing, selling or otherwise disposing of, or entering into 

2

 

any
agreement or other arrangement for the purchase, sale or other disposition of, any of the properties or assets of the Borrower or any Subsidiary other than in the ordinary and usual course of
business, (v) declaring, setting aside or paying any dividend, or making any other distribution in respect of its capital stock, or any direct or indirect redemption, purchase or other
acquisition by the Borrower or any Subsidiary of its own capital stock, other than the repurchase at zero cost of restricted stock from its employees who separate from Borrower, (vi) refrain
from changing the compensation payable or to become payable by the Borrower or any Subsidiary to any of its officers, employees, agents or independent contractors, other that increases of up to 10%
per annum in the compensation payable to any individual in the ordinary and usual course of Borrower's business, (vii) refrain from committing to make, or changing the terms of any commitment
with respect to, any bonus payment or arrangement made to or with any of such officers, employees, agents or independent contractors, (viii) refrain from paying or discharging any material lien
or liability of the Borrower or any Subsidiary which was not shown on the Borrower's Balance Sheet at December 31, 2002 or incurred in the ordinary and usual course of business thereafter,
(ix) refrain from creating any obligation or liability to, or making any loans or advances to, any of its officers, directors, stockholders or employees, except normal compensation and expense
allowances payable to officers or employees and (x) refrain from changing its outside auditors or the accounting methods or practices, credit practices or collection policies. 

        2.2.    Satisfaction of Conditions; Receipt of Necessary Approvals.    In connection with the sale of a majority
equity interest in Borrower to Lender (the "Transaction"), subject to terms and conditions provided in the Purchase Agreement, the Borrower shall, and shall cause the Subsidiaries to, use their
respective commercially reasonable efforts to (i) promptly effect all necessary registrations, submissions and filings required or requested by governmental authorities, in connection with the
consummation of the Transaction, (ii) defend any lawsuit or other legal proceedings, whether judicial or administrative, challenging the Purchase Agreement or the consummation of the
Transaction including, without limitation, seeking to have any stay or temporary restraining order entered by any court or other governmental entity vacated or reversed, (iii) use all
reasonable efforts to take all other action and to do all other things necessary, proper or advisable to satisfy the conditions precedent to the closing of the Transaction, to consummate and make
effective as promptly as practicable the Transaction, and to fully carry out the purposes of, the Purchase Agreement and (iv) use all reasonable efforts to obtain all other necessary or
appropriate waivers, consents and approvals (including but not limited to such filings, consents, approvals, orders, registrations and declarations as may be required under the laws of any foreign
country in which the Borrower or any of the Subsidiaries conducts any business or owns any assets) and to lift any injunction or other legal bar to the Transaction (and, in such case, to proceed with
the Transaction as expeditiously as possible), subject, however, to the requisite vote of the stockholders of the Borrower. 

        2.3.    Cooperation of the Borrower.    The Borrower shall cooperate with all reasonable requests of Lender and
Lender's counsel in connection with the consummation of the Transaction. 

        2.4.    No Solicitation; Other Offers.    

        (a)  Prior
to the expiration or termination of the Purchase Agreement or the Closing of the Transaction, Borrower shall not, and shall not permit any Subsidiary to, and 

3

 

shall
use its best efforts to ensure that its officers, directors or employees, or any investment bankers, consultants or other agents retained by it or any Subsidiary to not, solicit, initiate or
encourage the submission of any Acquisition Proposal (as defined below) or engage in discussions or negotiations or furnish to any Person any information with respect to an Acquisition Proposal or
knowingly facilitate any effort or attempt to make an Acquisition Proposal. The Borrower will notify Lender within 48 hours of receipt by the Borrower or any Subsidiary of any Acquisition
Proposal or any request for nonpublic information relating to the Borrower or any Subsidiary by any Person who, to the knowledge of the Borrower, is making or considering making or who has made, an
Acquisition Proposal. The Borrower shall provide such notice orally and in writing including the terms and conditions of any such Acquisition Proposal or request. The Borrower shall, and shall cause
the Subsidiaries and directors, employees and other agents of the Borrower and the Subsidiaries to, cease immediately and cause to be terminated all activities, discussions and negotiations, if any,
with any Persons conducted prior to the date hereof with respect to any Acquisition Proposal. Nothing contained in the Purchase Agreement shall prevent the Board of Directors of the Borrower from
complying with applicable rules and regulations under the Securities Exchange Act of 1934, as amended, with respect to any Acquisition Proposal or making any disclosure to the Borrower's stockholders
if, in the good faith judgment of a majority of the disinterested members of the Board of Directors of the Borrower after receipt of a written opinion from its outside legal counsel, failure to so
disclose could reasonably be deemed to be inconsistent with its fiduciary duties under applicable law. For purposes of this Section, a "disinterested member of the Board of Directors" is a member of
the Board of Directors of the Borrower who is not an "interested director" as defined under Delaware General Corporation Law. 

        (b)  Notwithstanding
the first sentence of clause (a) of this Section 2.4, the Borrower may negotiate or
otherwise engage in substantive discussions with, and furnish nonpublic information to, any Person in response to an unsolicited Acquisition Proposal by such Person if the Borrower has complied with
the terms of this Section 2.4, a majority of the disinterested members of the Board of Directors of the Borrower reasonably determines in good
faith that such Acquisition Proposal could reasonably be expected to result in a Superior Proposal and, after receipt of a written opinion from its outside legal counsel, that the failure to take such
action could reasonably be deemed to be inconsistent with its fiduciary duties under applicable law, and such person executes a confidentiality agreement in customary form (including standstill
provisions). 

        (c)  Except
as permitted by the second sentence of this Subsection 2.4(c), neither the Board of Directors of the Borrower nor
any committee thereof shall withdraw or modify, or publicly propose to withdraw
or modify, in a manner adverse to Lender, or take any action not explicitly permitted by this Agreement that would be inconsistent with its approval of the Transaction, approve or recommend, or
publicly propose to approve or recommend, any Acquisition Proposal or cause the Borrower to enter into any letter of intent, agreement in principle, acquisition agreement or similar agreement related
to any Acquisition Proposal. The Board of Directors of the Borrower shall be permitted (i) not to recommend to its stockholders approval of the Purchase Agreement and the Transaction,
(ii) to withdraw, or modify in a manner adverse to Lender, its recommendation to its stockholders with respect to the Transaction, (iii) approve or recommend any Superior Proposal or
(iv) terminate the Purchase Agreement and in connection therewith enter into an agreement with respect to such Superior 

4

 

Proposal,
but only if (x) the Borrower has complied with the terms of this Section 2.4, (y) the Borrower has received an
unsolicited Acquisition Proposal which a majority of the disinterested members of the Board of Directors determines in good faith constitutes a Superior Proposal, and (z) a majority of the
disinterested members of the Board of Directors of the Borrower determines in good faith, after receipt of a written opinion from its outside legal counsel, that the failure to take such action could
reasonably be deemed to be inconsistent with its fiduciary duties under applicable law. 

        (d)  For
purposes of this Agreement: 

        "Acquisition
Proposal" means any offer or proposal for a merger, reorganization, consolidation, share exchange, business combination, or other similar transaction involving the Borrower
or any Subsidiary or any proposal or offer to acquire, directly or indirectly, securities representing more than 25% of the voting power of the Borrower, or all or substantially all of the assets of
the Borrower and the Subsidiaries taken as a whole, other than the Transaction. 

        "Superior
Proposal" means any bona fide written Acquisition Proposal which (i) a majority of the disinterested members of the Board of Directors of the Borrower determines in good
faith (after consultation with a financial advisor of nationally recognized reputation and taking into account all the terms and conditions of the Acquisition Proposal) is more favorable to the
Borrower's stockholders (in their capacities as stockholders) and/or, if applicable, the Borrower's creditors than the Transaction; and (ii) any conditions to such Acquisition Proposal are
reasonably capable of being satisfied promptly, including a conclusion that financing for such Acquisition Proposal, to the extent required, is then committed or is in the good faith judgment of a
majority of the disinterested members of the Board of Directors of the Borrower, reasonably available to the person making such Acquisition Proposal. 

        2.5.    Certain Filings.    The Borrower shall and shall cause the Subsidiaries to, reasonably cooperate with Lender
(a) in connection with the preparation of the Proxy Statement relating to the Transaction and any filings required to be made by Lender with governmental authorities with respect to the
Transaction, (b) in determining whether any action by or in respect of, or filing with, any governmental body, agency or official, or authority is required, or any actions, consents, approvals
or waivers are required to be obtained from parties to any material contracts, in connection with the consummation of the Transaction, and (c) in seeking any such actions, consents, approvals,
or waivers or making any such filings, furnishing information required in connection therewith or with such Proxy Statement and such other filings and seeking timely to obtain any such actions,
consents, approvals or waivers. 

        2.6.    Confidentiality.    The Borrower agrees that, unless and until the Closing has been consummated, each of the
Borrower, the Subsidiaries and their officers, directors, agents and representatives will hold in strict confidence, and will not use, any confidential or proprietary data or information of, or
relating to, Lender with respect to its business or financial condition except for the purpose of evaluating, negotiating and completing the Transaction. Notwithstanding the foregoing, the obligations
specified above will not apply to any confidential 

5

 

or
proprietary information that: (a) is or becomes publicly available without breach of the Purchase Agreement (as in effect on the date hereof); (b) is rightfully received from a third
party without, to the knowledge of the Borrower, a similar restriction on the third party's rights; (c) is required to be disclosed in response to a valid judicial or governmental order or
otherwise required by law; or (d) is disclosed with the prior consent of Lender. If the Transaction is not consummated, the Borrower and the Subsidiaries will return to Lender (or certify that
they have destroyed) all copies of such data and information, including but not limited to financial information, customer lists, business and corporate records, worksheets, test reports, tax returns,
lists, memoranda and other documents prepared by or made available to the Borrower or the Subsidiaries by Lender in connection with the Transaction, provided, however, that nothing herein shall
require the Borrower or any Subsidiary to return (or certify that they have destroyed) any data or information that the Borrower or any Subsidiary is required to retain under applicable law. 

        2.7.    Maintenance of Listing.    The Borrower shall use all commercially reasonable efforts to maintain the listing
of its Common Stock on the Nasdaq Small Cap Market, including, but not limited to, the authorization and consummation of a reverse stock split of its Common Stock. 

        2.8.    Maintenance.    Borrower will, and will cause each of the Subsidiaries to, maintain, preserve and keep its
respective properties which are used or useful in the conduct of its respective business (whether owned in fee or a leasehold interest) in good repair and working order and from time to time will make
all necessary repairs, replacements, renewals and additions so that at all times the efficiency thereof shall be maintained. 

        2.9.    Financial Statements and Other Information; Rights Of Inspection.    

        (a)  Borrower
shall keep proper books and records in which true and complete entries shall be made of all dealings or transactions of or in relation to the business and
affairs of Borrower and the Subsidiaries, if any, and Borrower shall furnish or cause to be furnished to Lender: (i) within 30 days after the end of each fiscal month, monthly unaudited
consolidated financial statements (including in each case balance sheets, statements of income and loss and statements of operating cash flows), all in reasonable detail, fairly presenting the
financial position and the results of the operations of Borrower and the Subsidiaries as of the end of and through such fiscal month, (ii) within 45 days after the end of each fiscal
quarter, quarterly unaudited consolidated financial statements (including in each case balance sheets, statements of income and loss and cash flow statements), all in reasonable detail, prepared in
accordance with GAAP, and fairly presenting the financial position and the results of the operations of Borrower and the Subsidiaries as of the end of and through such fiscal quarter, and
(iii) within 90 days after the end of each fiscal year, audited consolidated financial statements of Borrower and the Subsidiaries (including in each case balance sheets, statements of
income and loss, statements of cash flow and statements of shareholders' equity), and the accompanying notes thereto, all in reasonable detail, fairly presenting the financial position and the results
of the operations of Borrower and the Subsidiaries as of the end of and for such fiscal year, together with the opinion of independent certified public accountants, which accountants, if different
from PriceWaterhouseCoopers, shall be an independent accounting firm selected by Borrower and reasonably acceptable to Lender, that such financial statements have been prepared in 

6

 

accordance
with GAAP, and present fairly, in all material respects, the results of operations and financial condition of Borrower and the Subsidiaries as of the end of and for the fiscal year then
ended. 

        (b)  Borrower
shall promptly notify Lender in writing of the details of the occurrence of any Event of Default. 

        (c)  Promptly
upon the occurrence of, or promptly upon the Borrower becoming aware of the impending or threatened occurrence of, any event which would cause or constitute a
breach or default, or would have caused or constituted a breach or default had such event occurred or been known to the Borrower prior to the date hereof, of any of the covenants of the Borrower
contained in or referred to in the Purchase Agreement or in any Schedule or Exhibit referred to in the Purchase Agreement, the Borrower shall give detailed written notice thereof to Lender and the
Borrower shall use its best efforts to prevent or promptly remedy the same. 

        (d)  Promptly
upon the occurrence of, or promptly upon the Borrower becoming aware of the impending or threatened occurrence of, any event with regard to the Borrower or a
Subsidiary which if such event
had occurred prior to the execution of the Purchase Agreement would have been required to be disclosed by the Borrower on a Schedule to the Purchase Agreement, the Borrower shall promptly update any
such Schedule and deliver such Schedule to Lender. 

        (e)  Without
limiting the foregoing, Borrower will permit Lender to visit and inspect, under Borrower's guidance, any of the properties of Borrower, to examine all their
books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and employees,
upon reasonable advance notice and as often as may be requested. 

        2.10.    Filing and Recording; Additional Assets or Jurisdictions.    Borrower shall, and shall cause the Subsidiaries
to, at Borrower's sole cost and expense, cause all instruments and documents given as evidence of security pursuant to this Note and the Security Agreement to be duly recorded and/or filed or
otherwise perfected in all places necessary, in the reasonable opinion of Lender, and take such other actions as Lender may reasonably request, in order to perfect and protect the security interest of
Lender in the Collateral (as defined in the Security Agreement), including, without limitation, updating any previous filings for newly acquired assets or assets moved among jurisdictions where
required to assert or maintain Lender's perfected security interest in all material assets of Borrower and the Subsidiaries. 

        2.11.    Litigation.    Borrower shall not, and shall not permit any of the Subsidiaries to, without consent of
Lender, which consent shall not be unreasonably withheld, commence, settle, fail to defend or abandon any material litigation. Notwithstanding the foregoing, Borrower shall not be required to obtain
the consent of Lender to settle, fail to defend or abandon (a) any litigation that is the subject of the Release and Settlement Agreement with Qwest Communications Corporation dated
March 24, 2003 or (b) any litigation involving ***, including the litigation with *** described in the Borrower's reports filed with the Securities and Exchange Commission. In addition,
Borrower shall not be required to obtain the 

7

 

consent
of Lender in connection with any litigation that is fully covered by Borrower's insurance policies (other than for standard deductibles). 

        2.12.    Additional Subsidiaries.    Borrower shall cause each Person that becomes a Subsidiary of Borrower after the
date hereof to execute and deliver to Lender, within five business days after such Person becomes a Subsidiary of Borrower, a Joinder Agreement to the Security Agreement in a form reasonably
acceptable to Borrower and Lender, together with all other documents, certificates, approvals and opinions as Lender may reasonably request in connection therewith. In addition, in the event any
Person becomes a Subsidiary of a Subsidiary of Borrower, Borrower shall cause such Person to execute and deliver to Lender, within five business days after such Person so becomes an indirect
Subsidiary of Borrower, a Joinder Agreement to the Security Agreement in a form reasonably acceptable to Borrower and Lender, and the Subsidiary of Borrower that is the parent of such indirect
Subsidiary to execute and deliver a Pledge Agreement in a form reasonably acceptable to Borrower and Lender, together with all other documents, certificates, approvals and opinions as Lender may
reasonably request in connection therewith. As used in this Note, "Person" means any individual, corporation, partnership, limited liability company, association, trust or any other entity or
organization of any kind or character, including a governmental department, authority or agency or subdivision thereof. 

        2.13.    Dividends, Distributions and Other Payments.    Borrower shall not, and shall not permit the Subsidiaries to,
without consent of Lender, declare or pay or set aside for payment any dividend or distribution or other payment upon the Common Stock or its or their other capital stock, respectively, nor redeem,
purchase or otherwise acquire any Common Stock or its or their capital stock, respectively, for any consideration (or pay or make available any moneys, whether by means of a sinking fund or otherwise,
for the redemption of or other distribution or payment with respect to any shares of any Common Stock or its or their other capital stock, respectively). 

        2.14.    Indebtedness.    Except with the prior consent of Lender, Borrower shall not, and shall not permit any of the
Subsidiaries to, (a) incur indebtedness for borrowed money (including, without limitation, any capitalized lease obligations, accounts receivable financing or other asset-backed financing), or
(b) enter into any guarantee or other similar contingent obligation with respect to the obligations of any Person other than any such guarantee or other similar contingent obligation incurred
in the ordinary course of business with respect to obligations of the Borrower or the Subsidiaries. 

        2.15.    Material Agreements.    Borrower shall not, and shall not permit any of the Subsidiaries to, without prior
written consent of Lender, (a) terminate, or materially modify, supplement, supersede or waive any material rights under, any material agreement to which Borrower or any Subsidiary is a party
other than any termination, modification supplement or waiver that is not adverse to Buyer or any Subsidiary, or (b) take any action or fail to take any action with respect to such material
agreements that could reasonably be expected to impair perfection of any of Lender's security interests. 

8

 

        SECTION
3    DEFAULTS    

        3.1.    Events of Default.    An "Event of Default" shall mean the occurrence of any one or more of the following
events: (a) the failure by Borrower to pay any amount owing hereunder when due hereunder; (b) if Borrower (i) shall file a voluntary petition under any Federal insolvency
legislation seeking liquidation, reorganization or to effect a plan or other arrangement with creditors, or (ii) shall be unable, or shall admit in writing its inability to pay its debts as
they become due, or (iii) shall file an answer admitting the jurisdiction of the bankruptcy court and the material allegations of any
involuntary petition filed pursuant to the United States Bankruptcy Code, or an order for relief under the United States Bankruptcy Code shall be entered, or any such involuntary petition is not
dismissed, stayed, or discharged within thirty (30) days from its date of entry, or (iv) shall make an assignment or arrangement or enter into a trust indenture for the benefit of its
creditors, or (v) shall apply for, consent to, or suffer the appointment of any receiver or trustee for any of its property; (c) the security interest of the Lender in the Collateral
shall cease to be perfected (unless such lack of perfection was caused by the action or inaction of Lender) or Borrower fails to take promptly any action reasonably requested by the Lender in order to
maintain the perfection of the security interest of the Lender in the Collateral; (d) Borrower shall have failed or neglected to perform, keep or observe in any material respect any of the
provisions contained in Section 2; or (e) Borrower shall have failed or neglected to perform, keep or observe any provision of this Note
other than those described in clause (d) above and the same shall not be remedied within 15 business days after the earlier of Borrower becoming aware of such failure or receipt of written
notice thereof to the Borrower by Lender. 

        3.2.    Remedies.    Upon the occurrence of an Event of Default hereunder, Lender may, at its option, exercise any
right, power or remedy permitted by law or by contract, including, without limitation, the right to declare the entire unpaid principal amount hereof and all interest accrued hereon, and such
principal, interest and other sums shall thereupon become, immediately due and payable; provided, however, that such principal, interest and other sums shall become automatically and immediately due
and payable, without any requirement of notice or action on the part of the Lender, upon the occurrence of an Event of Default of the type described in  Section 3.1(b) above. 

        SECTION
4    MISCELLANEOUS    

        4.1.    Waiver.    The rights and remedies of Lender under this Note shall be cumulative and not alternative. No
waiver by Lender of any right or remedy under this Note shall be effective unless in a writing signed by Lender. Neither the failure nor any delay in exercising any right, power or privilege under
this Note will operate as a waiver of such right, power or privilege and no single or partial exercise of any such right, power or privilege by Lender will preclude any other or further exercise of
such right, power or privilege or the exercise of any other right, power or privilege. To the maximum extent permitted by applicable law, (a) no claim or right of Lender arising out of this
Note can be discharged by Lender, in whole or in part, by a waiver or renunciation of the claim or right unless in a writing, signed by Lender; (b) no waiver that may be given by Lender will be
applicable except in the specific instance for which it is given; and (c) no notice to or demand on Borrower will be deemed to be a waiver of any obligation of Borrower or of the right of
Lender to take further action without notice or demand as provided in this Note. Borrower hereby waives presentment, demand, protest and notice of dishonor and protest. 

9

  

        4.2.    Severability.    If any provision in this Note is held invalid or unenforceable by any court of competent
jurisdiction, the other provisions of this Note will remain in full force and effect. Any provision of this Note held invalid or unenforceable only in part or degree will remain in full force and
effect to the extent not held invalid or unenforceable. 

        4.3.    Governing Law.    This Note shall be construed according to and governed by the substantive laws of the State
of Delaware, excluding its conflicts of laws principles to the extent such principles would lead to the application of a substantive law other than the law of the State of Delaware. 

        4.4.    Parties in Interest.    This Note shall bind Borrower and its successors and assigns. 

        4.5.    Assignment.    Neither party to this Note may assign any of its rights or obligations hereunder or under the
Security Agreement without the prior consent of the other party, which may be withheld in such party's sole discretion; provided, however, that Lender may assign any of its rights or obligations
hereunder or under the Security Agreement without the prior consent of Borrower following the occurrence of any Event of Default. 

        4.6.    Payments.    Except as otherwise provided herein in  Section 1.2, Borrower agrees that all amounts payable hereunder
shall be paid free and clear of, and without deduction, offset, abatement or
withholding for or on account of, any claims, counterclaims or present or future taxes or for any other reason. Notwithstanding the preceding sentence, amounts payable hereunder may be reduced by
taxes that are required to be withheld if such taxes would not have arisen but for a failure of Lender or its assignees to provide Borrower with the applicable Internal Revenue Service
Form W-8 or any substitute or successor form or if such assignees are not residents of a jurisdiction that is a party to a treaty for the avoidance of double taxation with the
United States that provides for no withholding of tax on interest payments by U.S. obligors to residents of such jurisdiction. 

        4.7.    Attorneys' Fees and Expenses.    If an attorney is used to enforce the terms of this Note or to collect this
Note for nonpayment, such attorney's reasonable fee together with all reasonable disbursements shall be added to the sum then due. 

        4.8.    Headings; Construction.    The headings of Sections in this Note are provided for convenience only and will
not affect its construction or interpretation. All references to "Section" or "Sections" refer to the corresponding Section or Sections of this Note unless otherwise specified. All words used in this
Note will be construed to be of such gender or number as the circumstances require. Unless otherwise expressly provided, the words "hereof' and "hereunder" and similar references refer to this Note in
its entirety and not to any specific section or subsection hereof. 

        4.9.    Notices.    Any notice, request, demand or other communication required or permitted hereunder shall be in
writing and shall be deemed to have been given if delivered or sent by facsimile transmission, upon receipt, if by hand delivery, upon receipt, if sent by nationally recognized overnight courier
service, one day after deposit with such, or if sent by registered or certified mail, upon the sooner of the date on which receipt is acknowledged or the 

10

 

expiration
of three days after deposit in United States post office facilities properly addressed with postage prepaid. All notices to a party will be sent to the addresses set forth below or to such
other address or person as such party may designate by notice to each other party hereunder: 

	To Lender:	 	CityNet Telecommunications, Inc.

8405 Colesville Road

6th Floor

Silver Spring, Maryland 20910

Attention: General Counsel

Facsimile: 301-608-8121
	

With a copy to:	
 	

McDermott, Will & Emery

50 Rockefeller Plaza

New York, NY 10020

Attention: Mark Selinger

Facsimile: 212-547-5444
	
To Borrower:	
 	

Universal Access Global Holdings Inc.

233 S. Wacker Drive, Suite 600

Chicago, IL 60606

Attention: Scott Fehlan

Facsimile: 312-660-1290
	

With a copy to:	
 	

Shefsky & Froelich Ltd.

444 N. Michigan Avenue, Suite 2500

Chicago, IL 60611

Attention: Michael J. Choate

Facsimile: 312-527-5921

        Any
notice given hereunder may be given on behalf of any party by his counsel or other authorized representatives. 

        4.10.    Confidentiality.    Until such time as all amounts owing hereunder have been paid in full, the Lender and its
officers, directors, agents and representatives shall hold in strict confidence, and shall not use, any confidential or proprietary data or information of, or relating to, Borrower. Notwithstanding
the foregoing, the obligations specified herein will not apply to any confidential or proprietary information that: (a) is or becomes publicly available without breach of
this Section 4.10; (b) is rightfully received from a third party without, to the knowledge of the Lender, a similar restriction on the
third party's rights; (c) is required to be disclosed in response to a valid judicial or governmental order or otherwise required by law; or (d) is disclosed with the prior consent of
Borrower. 

11

 

        IN
WITNESS WHEREOF, Borrower has caused this Note to be executed and delivered as of the date first above written. 

	 	 	UNIVERSAL ACCESS GLOBAL HOLDINGS, INC.
	

 	
 	

By:	

/S/ LANCE B. BOXER

	 	 	Name: Lance B. Boxer

Title: President and Chief Executive Officer

12

QuickLinks

Exhibit 10.31QuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

Exhibit 10.32    
  

GUARANTEE AND SECURITY AGREEMENT  

        THIS GUARANTEE AND SECURITY AGREEMENT (this "Security Agreement") dated as of April 7, 2003, is by and between: 

	(a)
	CityNet
Telecommunications, Inc., a corporation organized under the laws of Delaware (the "Secured Party");

	(b)
	Universal
Access Global Holdings, Inc., a corporation incorporated under the laws of the State of Delaware ("Parent");

	(c)
	each
Subsidiary of Parent signatory hereto (the "Current Subsidiaries"); and

	(d)
	each
future subsidiary of Parent which is organized under the laws of a jurisdiction within the United States (the Current Subsidiaries and each such future subsidiary, individually
and together with each of their respective successors and assigns, a "Subsidiary" and collectively the "Subsidiaries"). 

WITNESSETH  

        WHEREAS, pursuant to that certain Promissory Note of even date herewith (the "Promissory Note"), made by Parent in favor of the Secured Party, the Secured Party
is making loans in the amount of U.S.$5,000,000 to Parent; 

        NOW,
THEREFORE, in consideration of these premises, the mutual covenants herein contained and other good and valuable consideration, the receipt, adequacy and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

        SECTION
1    DEFINITIONS    

        Capitalized
terms used herein and not otherwise defined herein shall have the meanings provided to such terms in the Promissory Note. The following terms shall have the following
meanings: 

        "Event
of Default" means an "Event of Default" under the Promissory Note. 

        "Secured
Obligations" means, without duplication,(i) all of the obligations of Parent to the Secured Party under the Promissory Note (including, but not limited to, any accrued or
capitalized interest), whether now existing or hereafter arising, due or to become due, direct or indirect, absolute or contingent, howsoever evidenced, created, held or acquired, whether primary,
secondary, direct, contingent, or joint and several, as such obligations may be amended, modified, increased, extended, renewed or replaced from time to time; and (ii) all costs and expenses
incurred by the Secured Party in connection with enforcement and collection of the obligations described in clauses (a) above, including reasonable attorneys' fees. 

1

 

        "UCC"
means the Uniform Commercial Code in effect in the State of Delaware from time to time. 

        SECTION
2    GUARANTEE    

        2.1.    Guarantee.    (a) Each Subsidiary, jointly and severally, hereby irrevocably and unconditionally
guarantees to the Secured Party the full and prompt payment when due (whether at maturity or earlier, by reason of acceleration or otherwise, and at all times thereafter) of the Secured Obligations
(including, without limitation, interest accruing following the commencement of any insolvency or bankruptcy case or proceeding or other similar case or proceeding in respect of Parent, at the
applicable rate specified in the Promissory Note, whether or not such interest is allowed as a claim in such case or proceeding). 

        (b)  Anything
herein or in the Promissory Note to the contrary notwithstanding, the maximum liability of each Subsidiary hereunder or otherwise in respect of the Secured
Obligations shall in no event exceed the amount which can be guaranteed by such Subsidiary under applicable federal and state laws relating to the insolvency of debtors (after giving effect to the
right of contribution established in Section 2.2). 

        (c)  Each
Subsidiary agrees that the Secured Obligations may at any time and from time to time exceed the amount of the liability of such Subsidiary hereunder without
impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Secured Party hereunder. The guarantee contained
in this Section 2 shall remain in full force and effect until all of the Secured Obligations (including, without limitation, the obligations of
each Subsidiary under this Agreement) shall have been satisfied by payment in full. 

        (d)  No
payment made by Parent, any Subsidiary or any other guarantor or any other Person (as defined in the Purchase Agreement described in the Promissory Note) or received
or collected by the Secured Party from Parent, any Subsidiary, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application
at any time or from time to time in reduction of or in payment of the Secured Obligations shall be deemed to modify, release, reduce or otherwise affect the liability of any Subsidiary hereunder which
shall, notwithstanding any such payment (other than any payment made by such Subsidiary in respect of the Secured Obligations or any payment received or collected from such Subsidiary in respect of
the Secured Obligations), remain liable for the Secured Obligations up to the maximum liability of such Subsidiary hereunder until the Secured Obligations are paid in full. 

        2.2.    Right of Contribution.    Each Subsidiary hereby agrees that, to the extent that a Subsidiary shall have paid
more than its proportionate share of any payment made hereunder, such Subsidiary shall be entitled to seek and receive contribution from and against any other Subsidiary hereunder which has not paid
its proportionate share of such payment and each other Subsidiary agrees that it will contribute its proportionate share of such payment to the applicable Subsidiary. Each Subsidiary's right of
contribution shall be subject to the terms and conditions of Section 2.3. The provisions of this Section 2.2  shall in no respect limit the
obligations and 

2

 

liabilities
of any Subsidiary to the Secured Party, and each Subsidiary shall remain liable to the Secured Party for the full amount guaranteed by such Subsidiary hereunder. 

        2.3.    No Subrogation.    Notwithstanding any payment made by any Subsidiary hereunder or any set-off or
application of funds of any Subsidiary by the Secured Party, no Subsidiary shall be entitled to be subrogated to any of the rights of the Secured Party against Parent or any other Subsidiary or any
collateral security or guarantee or right of offset held by the Secured Party for the payment of the Secured Obligations, nor shall any Subsidiary seek or be entitled to seek any contribution or
reimbursement from Parent or any other Subsidiary in respect of payments made by such Subsidiary hereunder, until all amounts owing to the Secured party by Parent on account of the Secured Obligations
are paid in full. If any amount shall be paid to any Subsidiary on account of such subrogation rights at any time when all of the Secured Obligations shall not have been paid in full, such amount
shall be held by such Subsidiary in trust for the Secured Party, segregated from other funds of such Subsidiary, and shall, forthwith upon receipt by such Subsidiary, be turned over to the Secured
Party in the exact form received by such Subsidiary (duly indorsed by such Subsidiary to the Secured Party, if required), to be applied against the Secured Obligations, whether matured or unmatured,
in such order as the Secured Party may determine. 

        2.4.    Amendments, etc. with respect to the Secured Obligations.    To the extent permitted by applicable law, each
Subsidiary shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Subsidiary and without notice to or further asset by any Subsidiary, any demand for
payment of any of the Secured Obligations made by the Secured Party may be rescinded by the Secured Party and any of the Secured Obligations continued, and the Secured Obligations, or the liability of
any other Person upon or for any part thereof, or any collateral security or guarantee therefore or right of offset with respect hereto, may, from time to time, in whole or in part, be renewed,
extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Secured Party, and the Promissory Note and any other documents executed and delivered in connection
therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Secured Party may deem advisable from time to time, and any collateral security, guarantee or right of
offset at any time held by the Secured Party for the payment of the Secured Obligations may be sold, exchanged, waived, surrendered or released. The Secured Party shall have no obligation to protect,
secure, perfect or insure any lien or security interest at any time held by it as security for the Secured Obligations or for the guarantee contained in this Section 2  or any property subject
thereto. 

        2.5.    Guarantee Absolute and Unconditional.    To the extent permitted by applicable law, each Subsidiary waives any
and all notice of the creation, renewal, extension or accrual of any of the Secured Obligations and notice of or proof of reliance by the Secured Party upon the guarantee contained in this  Section 2 or acceptance of the guarantee contained in this Section 2; the Secured
Obligations, and any of them, conclusively shall be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this  Section 2; and all dealings between Parent and any of the Subsidiaries, on the one hand, and the Secured Party, on the other hand, likewise shall
be conclusively presumed to have been had or consummated in reliance upon the guarantee 

3

 

contained
in this Section 2. To the extent permitted by applicable law, each Subsidiary waives diligence, presentment, protect, demand for
payment and notice of default or nonpayment to or upon Parent or any of the Subsidiaries with respect to the Secured Obligations. Each Subsidiary understands and agrees that the guarantee contained in
this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or
enforceability of the Promissory Note and agreement relating thereto, any of the Secured Obligations or any other collateral security therefore or guarantee or right of offset with respect thereto at
any time or from time to time held by the Secured Party, (b) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available
to or be asserted by Parent or any other Person against the Secured Party or (c) any other circumstance whatsoever (with or without notice to or knowledge of Parent or such Subsidiary) which
constitutes, or might be construed to constitute, an equitable or legal discharge of Parent for the Secured Obligations, or of such Subsidiary under the guarantee contained in this  Section 2, in
bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder
against any Subsidiary, the Secured Party may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against Parent, any other
Subsidiary or any other Person or against any collateral security or guarantee for the Secured Obligations or any right of offset with respect thereto, and any failure by the Secured Party to make any
such demand, to pursue such other rights or remedies or to collect any payments from Parent, any other Subsidiary or any other Person or to realize upon any such collateral security or guarantee or to
exercise any such right of offset, or any release of Parent, any other Subsidiary or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Subsidiary of
any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Secured Party against any Subsidiary.
For purposes hereof, the term "Demand" shall include the commencement and continuance of any legal proceedings. 

        2.6.    Reinstatement.    The guarantee contained in this Section 2  shall continue to be effective, or be reinstated, as the
case may be, if at any time payment, or any part thereof, of any of the Secured Obligations is rescinded or must
otherwise be restored or returned or repaid in a good faith compromised settlement of a pending avoidance claim by the Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or
reorganization of Parent or any Subsidiary, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, Parent or any Subsidiary or any
substantial part of its property, or otherwise, all as though such payments had not been made. 

        2.7.    Payments.    Each Subsidiary hereby guarantees that payments hereunder will be paid to the Secured Party
without set-off or counterclaim at the office of the Secured Party described in the Promissory Note. 

4

 

        SECTION
3    SECURITY INTEREST    

        3.1.    Grant of Security Interest.    

        (a)  To
secure the prompt payment and performance in full when due, whether by lapse of time, acceleration, mandatory prepayment or otherwise, of the Secured Obligations,
each Subsidiary hereby grants a security interest in, and a right of set off against, any and all right, title and interest of such Subsidiary in and to all of its tangible and intangible assets,
including, without limitation: (i) all accounts; (ii) all chattel paper; (iii) all deposit accounts (other than the interests in accounts that are pledged as security for letters
of credit); (iv) all instruments; (v) all general intangibles (including all intellectual property related to Borrower's and the Subsidiaries' LATTIS and UIX databases and all payment
intangibles and all patents, trademarks and copyrights, including those listed on Schedule 3.1); (vi) all goods (including all inventory
and all equipment); (vii) all investment property, including all capital stock of subsidiaries; (viii) all supporting obligations, (ix) all documents (including all warehouse
receipts and bills of lading), and (x) all products and proceeds of any and all of the foregoing (the "Subsidiary Collateral") and all accessions and all proceeds of any and all of the
foregoing. Notwithstanding the foregoing, Subsidiary Collateral shall not include any collateral used or useful by the Subsidiaries in the provision of regulated telecommunications services (the
"Utility Property"), where the grant of such a security interest violates the laws of a state or the regulations of a state utility commission (the "State PUCs"). The Parent and Subsidiaries will use
commercially reasonable efforts to receive all necessary authorizations from the State PUCs to permit the grant of a security interest in the Utility Property, where such approval is required. 

        (b)  To
secure the prompt payment and performance in full when due, whether by lapse of time, acceleration, mandatory prepayment or otherwise, of the Secured Obligations,
Parent hereby grants a security interest in, and a right of set off against, any and all right, title and interest of Parent in and to all of its tangible and intangible assets, including, without
limitation: (i) all accounts; (ii) all chattel paper; (iii) all deposit accounts (other than the interests in accounts that are pledged as security for letters of credit);
(iv) all instruments; (v) all general intangibles (including all intellectual property related to Borrower's and the Subsidiaries' LATTIS and UIX databases and all payment intangibles
and all patents, trademarks and copyrights, including those listed on Schedule 3.1); (vi) all goods (including all inventory and all
equipment); (vii) all investment property, including all capital stock of Subsidiaries; (viii) all supporting obligations, (ix) all documents (including all warehouse receipts and
bills of lading), and (x) all products and proceeds of any and all of the foregoing (the "Parent Collateral" and collectively with the Subsidiary Collateral, the "Collateral") and all
accessions and all proceeds of any and all of the foregoing. 

        3.2.    Sales of Collateral.    Neither Parent nor the Subsidiaries shall sell, transfer, assign or otherwise dispose
of any of the Collateral outside of the ordinary course of business without the prior written consent of the Secured Party. 

5

 

        SECTION
4    REPRESENTATIONS AND WARRANTIES    

        Parent
and the Subsidiaries each hereby represent and warrant to the Secured Party: 

        4.1.    Organization.    Parent and the Subsidiaries are duly authorized corporations under the laws of their
respective jurisdictions of incorporation. 

        4.2.    Location of Collateral.    Set forth in Schedule 4.2  are the location of Parent's and the Subsidiaries' chief executive
office, the principal place of business, and all locations where Collateral is kept. 

        4.3.    Name Changes, Tradenames, Mergers, Etc.    Since December 31, 2002, neither Parent nor any of the
Subsidiaries have changed its legal name, changed its state of formation, entered into a merger, consolidation or other change in structure, or used any tradename. 

        4.4.    Ownership of Collateral.    Parent is the legal and beneficial owner of Parent Collateral and has the right to
pledge, sell, assign or transfer the same. Each Subsidiary is the legal and beneficial owner of the Subsidiary Collateral purported to be pledged by it hereunder and has the right to pledge, sell,
assign or transfer the same. 

        4.5.    Enforceability; Priority of Security Interest.    Upon the filing of the financing statements attached as  Exhibit A hereto, this Security Agreement creates in favor of the Secured Party a valid, enforceable perfected security interest in all of the
Collateral. 

        4.6.    Other Financing Statements.    No effective UCC financing statements naming Parent or the Subsidiaries as
debtor (or the like) and covering any of the Collateral is on file in any filing office in any jurisdiction except for UCC financing statements in favor of the Secured Party under this Security
Agreement. 

        4.7.    Deposit and Security Accounts.    Set forth in Schedule 4.7  are the names and addresses of (i) all investment
property and (ii) all financial institutions at which Parent or the Subsidiaries maintain a deposit account or
security account, as well as related account names and numbers. 

        4.8.    Types of Collateral.    None of the Collateral consists of, or is the accessions or the proceeds of,
as-extracted collateral, consumer goods, farm products, manufactured homes or standing timber. 

        4.9.    Validity.    This Security Agreement is the legal, valid, and binding obligation of Parent and the
Subsidiaries in accordance with its terms. 

6

 

        SECTION
5    COVENANTS    

        Parent
and the Subsidiaries each covenant that, so long as any of the Secured Obligations remain outstanding and until all of the commitments relating thereto have been terminated, each
shall: 

        5.1.    Perfection of Security Interest.    Execute and deliver to the Secured Party such agreements, assignments or
instruments (including affidavits, notices, reaffirmations and amendments and restatements of existing documents, as the Secured Party may reasonably request) and do all such other things as the
Secured Party may reasonably deem necessary, appropriate or convenient to perfect and protect the security interests granted to the Secured Party hereunder, and mark its books and records to reflect
the security interest of the Secured Party in the Collateral; provided that Parent and the Subsidiaries shall not be required to obtain any further consent, approval, concession, instrument or other
document from or otherwise take any action with respect to any municipal authority or landlord. 

        5.2.    Collateral held by Warehouseman, Bailee, etc.    If any material Collateral is at any time in the possession
or control of a warehouseman, bailee, agent or processor of either Parent or any Subsidiary, then within thirty (30) days of such event (i) notify the Secured Party of such possession or
control, (ii) notify such person of the Secured Party's security interest in such Collateral, (iii) instruct such person to hold all such Collateral for the Secured Party's account and
subject to the Secured Party's instructions and (iv) use its commercially reasonable efforts to obtain an acknowledgment from such person that it is holding such Collateral for the benefit of
the Secured Party. 

        5.3.    Preservation and Defense of Collateral.    Preserve, protect, and defend the Collateral against any adverse
claims and demands not in favor of the Secured Party; 

        5.4.    Compliance with Laws, Etc.    Comply in all material respects with all applicable laws, and with all policies
of insurance relating in a material way to the Collateral; 

        5.5.    Change in Name, Identity, or Structure.    Not change its name, identity, jurisdiction of organization,
organizational structure or location of its chief executive office; 

        5.6.    Maintenance of Records.    Keep accurate and complete books and records with respect to the Collateral; 

        5.7.    Disposition of Collateral.    Not sell or assign, agree to sell or assign, or otherwise dispose of, any of the
Collateral or any right or interest therein, except for (a) the sale of inventory or of obsolete equipment, each in the ordinary and usual course of business and (b) the sale or lease of
fiber strands or capacity and the sale of IRUs in the ordinary and usual course of business. 

        5.8.    Security Interests.    Keep the Collateral free of all security interests of any kind, other than the security
interests granted hereunder; 

7

  

        5.9.    Notices, Reports and Information.    (i) Notify the Secured Party of any material claim made or
asserted against the Collateral by any person or entity and of any event which could materially adversely affect the value of the Collateral or the Secured Party's security interest therein;
(ii) furnish to the Secured Party such statements and schedules further identifying and describing the Collateral and such other reports and other information in connection with the Collateral
as the Secured Party may from time to time request, all in reasonable detail; and (iii) permit the Secured Party to inspect the Collateral and to have reasonable access to Parent's and the
Subsidiaries' books and records. 

        5.10.    Insurance.    Keep the Collateral at all times insured against loss, damage, theft, and other risks, in such
amounts and with such companies and under such policies and in such form, all as shall reasonably be satisfactory to the Secured Party, which policies shall provide that loss thereunder shall be
payable to the Secured Party, as its interests may appear, and such policies or certificates thereof shall, if the Secured Party so requests, be deposited with the Secured Party. 

        All
insurance policies with respect to the Collateral (the "Policies") are in full force and effect, all premiums with respect thereto are currently paid, and Parent and each Subsidiary
is in compliance in all material respects with the terms thereof. The Policies are adequate and customary for the business engaged in by Parent and each Subsidiary and are sufficient for compliance by
Parent and each Subsidiary with all requirements of law and all agreements and leases to which Parent or any Subsidiary is a party. 

        SECTION
6    AUTHORIZATION OF SECURED PARTY TO FILE FINANCING STATEMENTS    

        Parent
and the Subsidiaries each agree that the Secured Party may file one or more financing statements, including any amendments thereto, disclosing the Secured Party's security
interest in any or all of the Collateral without Parent's or the Subsidiaries' respective signature thereon, and further Parent and the Subsidiaries each also hereby irrevocably make, constitute and
appoint the Secured Party, its nominee or any other person whom the Secured Party may designate, as Parent's and Subsidiaries' attorney-in-fact with full power and for the
limited purpose to sign in the name of Parent or the Subsidiaries any such financing statements (including renewal statements), in-lieu statements, amendments and supplements, notices or
any similar documents which in the Secured Party's reasonable discretion would be necessary, appropriate or convenient in order to perfect and maintain perfection of the security interests granted
hereunder, such power, being coupled with an interest, being and remaining irrevocable so long as the Secured Obligations remain unpaid and until the commitments relating thereto shall have been
terminated. 

        SECTION
7    ADVANCES BY THE SECURED PARTY    

        On
failure of either Parent or any Subsidiary to perform any of the covenants and agreements contained herein, the Secured Party may, at its sole option and in its sole discretion, after
giving notice to Parent or such Subsidiary and allowing such party reasonable time to perform such covenant or agreement, perform the same and in so doing may expend such sums 

8

 

as
the Secured Party may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a
release of a lien or potential lien, expenditures made in defending against any adverse claim and all other expenditures which the Secured Party may make for the protection of the security granted
hereby or which may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by Parent or such Subsidiary promptly upon timely notice thereof and demand
therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at a rate equal to the default rate specified in the Promissory Note. No such
performance of any covenant or agreement by the Secured Party on behalf of either Parent or a Subsidiary, and no such advance or expenditure therefor, shall relieve such party of any default under the
terms of this Security Agreement or any other documents relating to the Secured Obligations. The Secured Party may make any payment hereby authorized in accordance with any bill, statement or estimate
procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax assessment,
sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by Parent or the Subsidiaries in appropriate proceedings and against which adequate
reserves are being maintained in accordance with generally accepted accounting principles. 

        SECTION
8    REMEDIES    

        8.1.    General Remedies.    Upon the occurrence of an Event of Default and during the continuation thereof, the
Secured Party shall have, in addition to the rights and remedies provided herein, in any other documents relating to the Secured Obligations, or by law (including, without limitation, levy of
attachment and garnishment), the rights and remedies of a secured party under the UCC of the jurisdiction applicable to the affected Collateral and, further, the Secured Party may, with or without
judicial process or the aid and assistance of others, (i) enter on any premises on which any of the Collateral may be located and, without resistance or interference by either Parent or the
Subsidiaries, take possession of the Collateral, (ii) dispose of any such Collateral on any such premises, (iii) require Parent and/or the Subsidiaries to assemble and make available to
the Secured Party at the expense of Parent or the Subsidiaries any Collateral at any place and time designated by the Secured Party which is reasonably convenient to both parties, (iv) remove
any Collateral from any such premises for the purpose of effecting sale or other disposition thereof, and/or (v) without demand and without
advertisement, notice, hearing or process of law, all of which Parent and the Subsidiaries each hereby waives to the fullest extent permitted by law, at any place and time or times, sell and deliver
any or all Collateral held by or for it at public or private sale, by one or more contracts, in one or more parcels, for cash, upon credit or otherwise, at such prices and upon such terms as the
Secured Party deems advisable, in its sole discretion (subject to any and all mandatory legal requirements). Neither the Secured Party's compliance with applicable law nor its disclaimer of warranties
relating to the Collateral shall be considered to adversely affect the commercial reasonableness of any sale. In addition to all other sums due the Secured Party with respect to the Secured
Obligations, Parent and the Subsidiaries shall each pay the Secured Party all reasonable documented costs and expenses incurred by the Secured Party, including, but not limited to, reasonable
attorneys' fees and expenses and court costs, in obtaining or liquidating the Collateral, in enforcing payment of the Secured Obligations, or in the prosecution or defense of 

9

 

any
action or proceeding by or against the Secured Party, Parent or the Subsidiaries concerning any matter arising out of or connected with this Security Agreement, any Collateral or the Secured
Obligations. To the extent the rights of notice cannot be legally waived hereunder, Parent and the Subsidiaries each agree that any requirement of reasonable notice shall be met if such notice is
personally served on or mailed, postage prepaid, to Parent and the Subsidiaries in accordance with the notice provisions of Section 11.5 hereof at least ten business days before the time of
sale or other event giving rise to the requirement of such notice. The Secured Party shall not be obligated to make any sale or other disposition of the Collateral regardless of notice having been
given. To the extent permitted by law, the Secured Party may be a purchaser at any such sale. To the extent permitted by applicable law, Parent and the Subsidiaries each hereby waive all of their
respective rights of redemption with respect to any such sale. Subject to the provisions of applicable law, the Secured Party may postpone or cause the postponement of the sale of all or any portion
of the Collateral by announcement at the time and place of such sale, and such sale may, without further notice, to the extent permitted by law, be made at the time and place to which the sale was
postponed, or the Secured Party may further postpone such sale by announcement made at such time and place. 

        8.2.    Access.    In addition to the rights and remedies hereunder, upon the occurrence of an Event of Default and
during the continuation thereof, the Secured Party, with reasonable prior written notice, shall have the right to enter and remain upon the various premises of Parent or the Subsidiaries without cost
or charge to the Secured Party, and use the same, together with materials, supplies, books and records of Parent or the Subsidiaries for the purpose of collecting and liquidating the Collateral, or
for preparing for sale and conducting the sale of any such collateral, whether by foreclosure, auction or otherwise. In addition, the Secured Party, with reasonable prior written notice, may remove
the Collateral, or any part thereof, from such premises and/or any records with respect thereto, in order to effectively collect or liquidate such collateral. 

        8.3.    Nonexclusive Nature of Remedies.    Failure by the Secured Party to exercise any right, remedy or option under
this Security Agreement, any other documents relating to the Secured Obligations, or as provided by law, or any delay by the Secured Party in exercising the same, shall not operate as a waiver of any
such right, remedy or option. No waiver hereunder shall be effective unless it is in writing,
signed by the party against whom such waiver is sought to be enforced and then only to the extent specifically stated, which in the case of the Secured Party shall only be granted as provided herein.
To the extent permitted by law, neither the Secured Party nor any party acting as attorney for the Secured Party, shall be liable hereunder for any acts or omissions or for any error of judgment or
mistake of fact or law other than their gross negligence or willful misconduct hereunder. The rights and remedies of the Secured Party under this Security Agreement shall be cumulative and not
exclusive of any other right or remedy which the Secured Party may have. 

        8.4.    Retention of Collateral.    To the extent permitted under applicable law, in addition to the rights and
remedies hereunder, upon the occurrence of an Event of Default, the Secured Party may, after providing the notices required by Sections 9-620 and 9-621 of the UCC or otherwise
complying with the requirements of applicable law of the relevant jurisdiction, accept or retain all or any portion of the Collateral in satisfaction of the Secured Obligations. 

10

 

Unless
and until the Secured Party shall have provided such notices, however, the Secured Party shall not be deemed to have accepted or retained any Collateral in satisfaction of any Secured
Obligations for any reason. 

        8.5.    Deficiency.    In the event that the proceeds of any sale, collection or realization are insufficient to pay
all amounts to which the Secured Party is legally entitled, Parent and the Subsidiaries shall be jointly and severally liable for the deficiency, together with interest thereon at a rate equal to the
default rate specified in the Promissory Note. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to Parent and/or the Subsidiaries or to
whomsoever a court of competent jurisdiction shall determine to be entitled thereto. 

        SECTION
9    RIGHTS OF THE SECURED PARTY    

        9.1.    Power of Attorney.    In addition to other powers of attorney contained herein, Parent and the Subsidiaries
each hereby designate and appoint the Secured Party and each of its designees or agents, as attorney-in-fact of Parent and the Subsidiaries, respectively, irrevocably and with
power of substitution, with authority to take any or all of the following actions upon the occurrence and during the continuation of an Event of Default: 

        (a)  to
demand, collect, settle, compromise and adjust, and give discharges and releases concerning the Collateral, all as the Secured Party may reasonably deem appropriate; 

        (b)  to
commence and prosecute any actions at any court for the purposes of collecting any of the Collateral and enforcing any other right in respect thereof; 

        (c)  to
defend, settle or compromise any action brought and, in connection therewith, give such discharge or release as the Secured Party may reasonably deem appropriate; 

        (d)  to
receive, open and dispose of mail addressed to Parent or the Subsidiaries and endorse checks, notes, drafts, acceptances, money orders, bills of lading, warehouse
receipts or other instruments or documents evidencing payment, shipment or storage of the goods giving rise to the Collateral on behalf of and in the name of Parent or the Subsidiaries, or securing,
or relating to such Collateral; 

        (e)  to
pay or discharge taxes, liens, security interests or other encumbrances levied or placed on or threatened against the Collateral; 

        (f)    to
direct any parties liable for any payment in connection with any of the Collateral to make payment of any and all monies due and to become due thereunder directly to
the Secured Party or as the Secured Party shall direct; 

        (g)  to
receive payment of and receipt for any and all monies, claims, and other amounts due and to become due at any time in respect of or arising out of any Collateral; 

11

 

        (h)  to
sell, assign, transfer, make any agreement in respect of, or otherwise deal with or exercise rights in respect of, any Collateral or the goods or services which have
given rise thereto, as fully and completely as though the Secured Party were the absolute owner thereof for all purposes; 

        (i)    to
adjust and settle claims under any insurance policy relating thereto; 

        (j)    to
execute and deliver all assignments, conveyances, statements, financing statements, renewal financing statements, security and pledge agreements, affidavits, notices
and other agreements, instruments and documents that the Secured Party may reasonably deem appropriate in order to perfect and maintain the security interests and liens granted in this Security
Agreement and in order to fully consummate all of the transactions contemplated therein; 

        (k)  to
institute any foreclosure proceedings that the Secured Party may reasonably deem appropriate; and 

        (l)    to
do and perform all such other acts and things as the Secured Party may reasonably deem appropriate or convenient in connection with the Collateral. 

This
power of attorney is a power coupled with an interest and shall be irrevocable for so long as any of the Secured Obligations shall remain outstanding and until all of the commitments relating
thereto shall have been terminated. The Secured Party shall be under no duty to exercise or withhold the exercise of any of the rights, powers, privileges and options expressly or implicitly granted
to the Secured Party in this Security Agreement, and shall not be liable for any failure to do so or any delay in doing so. The Secured Party shall not be liable for any act or omission or for any
error of judgment or any mistake of fact or law in its individual capacity or its capacity as attorney-in-fact except acts or omissions resulting from its gross negligence or
willful misconduct. This power of attorney is conferred on the Secured Party solely to protect, preserve and realize upon its security interest in the Collateral. 

        9.2.    Assignment by the Secured Party.    The Secured Party may not assign the Secured Obligations and any portion
thereof and/or the Collateral and any portion thereof to any assignee without the prior consent of Parent, which consent may be withheld in Parent's sole discretion; provided, however, that following
the occurrence of an Event of Default under the Promissory Note, the Secured Party may assign the Secured Obligations and any portion thereof and/or the Collateral and any portion thereof to any
assignee without the prior consent of Parent. 

        9.3.    The Secured Party's Duty of Care.    Other than the exercise of reasonable care to assure the safe custody of
the Collateral while being held by the Secured Party hereunder, the Secured Party shall have no duty or liability to preserve rights pertaining thereto, it being understood and agreed that Parent
and/or the Subsidiaries shall be responsible for preservation of all rights in the Collateral, and the Secured Party shall be relieved of all responsibility for the Collateral upon surrendering it or
tendering the surrender of it to Parent and/or the Subsidiaries. The Secured Party shall be deemed to have exercised reasonable care in the custody and 

12

 

preservation
of the Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Secured Party accords its own property, which shall be no less than the
treatment employed by a reasonable and prudent agent in the industry, it being understood that the Secured Party shall not have responsibility for taking any necessary steps to preserve rights against
any parties with respect to any of the Collateral. In the event of a public or private sale of Collateral
pursuant to Section 8 hereof, the Secured Party shall have no obligation to clean, repair or otherwise prepare the Collateral for sale. 

        SECTION
10    APPLICATION OF PROCEEDS    

        Upon
the occurrence and during the continuation of an Event of Default, any payments in respect of the Secured Obligations and any proceeds of the Collateral, when received by the
Secured Party in cash or its equivalent, will be applied in reduction of the Secured Obligations, and Parent and the Subsidiaries each irrevocably waive the right to direct the application of such
payments and proceeds and acknowledges and agrees that the Secured Party shall have the continuing and exclusive right to apply and reapply any and all such payments and proceeds in the Secured
Party's sole discretion, notwithstanding any entry to the contrary upon any of its books and records. 

        SECTION
11    MISCELLANEOUS    

        11.1.    Costs of Counsel.    At all times hereafter, whether or not upon the occurrence of an Event of Default,
Parent and the Subsidiaries each agree to promptly pay upon demand any and all reasonable costs and expenses (including, without limitation, attorneys' fees) of the Secured Party as necessary to
protect the Collateral or to exercise any rights or remedies under this Security Agreement or with respect to any of the Collateral. All of the foregoing costs and expenses shall constitute Secured
Obligations hereunder. 

        11.2.    Continuing Agreement.    

        (a)  This
Security Agreement shall be a continuing agreement in every respect and shall remain in full force and effect so long as any of the Secured Obligations remain
outstanding and until all of the commitments relating thereto have been terminated (other than contingent indemnity obligations). Upon such payment and termination, this Security Agreement shall be
automatically terminated and the Secured Party shall, upon the request and at the expense of Parent, forthwith release all of its liens and security interests hereunder and shall execute and deliver
all UCC termination statements and/or other documents reasonably requested by Parent and/or the Subsidiaries evidencing such termination. Notwithstanding the foregoing, all releases and indemnities
provided hereunder shall survive termination of this Security Agreement. 

        (b)  This
Security Agreement shall continue to be effective or be automatically reinstated, as the case may be, if at any time payment, in whole or in part, of any of the
Secured Obligations is rescinded or must otherwise be restored or returned by the Secured Party as a preference, fraudulent conveyance or otherwise under any bankruptcy, insolvency or similar law, all
as though such payment had not been made; provided that in the event payment 

13

 

of
all or any part of the Secured Obligations is rescinded or must be restored or returned, all reasonable costs and expenses (including, without limitation, attorneys' fees and disbursements)
incurred by the Secured Party in defending and enforcing such reinstatement shall be deemed to be included as a part of the Secured Obligations. 

        11.3.    Amendments and Waivers.    This Security Agreement and the provisions hereof may not be amended, waived,
supplemented, modified or terminated except by a written instrument executed by Parent, the Subsidiaries and the Secured Party. 

        11.4.    Successors in Interest.    This Security Agreement shall create a continuing security interest in the
Collateral and shall be binding upon Parent, the Subsidiaries and their respective successors and assigns, and shall inure, together with the rights and remedies of the Secured Party hereunder, to the
benefit of the Secured Party and their successors and permitted assigns; provided, however, that neither Parent nor the Subsidiaries may assign their respective rights or delegate their respective
duties hereunder without the prior written consent of the Secured Party. To the fullest extent permitted by law, Parent and the Subsidiaries each hereby release the Secured Party and its successors
and assigns, from any liability for any act or omission relating to this Security Agreement or the Collateral, except for any liability arising from the gross negligence or willful misconduct of the
Secured Party and its officers, employees or agents. 

        11.5.    Notices.    All notices and other communications provided for hereunder shall be in writing (including by
facsimile transmission). All such written notices shall be mailed, faxed or delivered to the applicable address or facsimile number address set forth below or to such other address, facsimile number,
electronic mail address or telephone number as shall be designated by such party in a notice to the other parties: 

	If to Parent:	 	Universal Access Global Holdings Inc.

233 S. Wacker Drive, Suite 600

Chicago, Illinois 60606

Attention: Scott Fehlan

Facsimile: 312-660-1290
	

If to the Subsidiaries:	
 	

The address set forth under its name on the signature pages hereto
	

with a copy of notices, in the

case of either Parent or

The Subsidiaries, to:	
 	

Shefsky & Froelich Ltd.

444 N. Michigan Avenue, Suite 2500

Chicago, Illinois 60611

Attention: Michael J. Choate

Facsimile: 312-527-5921
	

If to the Secured Party:	
 	

CityNet Telecommunications, Inc.

8405 Colesville Road, 6th Floor

Silver Spring, Maryland 20910

Attention: General Counsel
	
 	
 	

 

14

 

	

 	

 	

 
	

 	
 	

Facsimile: 301-608-8121
	

with a copy to:	
 	

McDermott, Will & Emery

50 Rockefeller Plaza

New York, New York 10020

Attention: Mark Selinger

Facsimile: 212-547-5444

        11.6.    Counterparts.    This Security Agreement may be executed in any number of counterparts, each of which when so
executed and delivered shall be an original, but all of which shall constitute one and the same instrument. It shall not be necessary in making proof of this Security Agreement to produce or account
for more than one such counterpart. 

        11.7.    Headings.    The headings of the sections and subsections hereof are provided for convenience only and shall
not in any way affect the meaning or construction of any provision of this Security Agreement. 

        11.8.    Governing Law; Submission to Jurisdiction; Venue.    

        (a)  THIS
SECURITY AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED ACCORDING TO AND GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF
DELAWARE, EXCLUDING ITS CONFLICTS OF LAWS PRINCIPLES TO THE EXTENT SUCH PRINCIPLES WOULD LEAD TO THE APPLICATION OF A SUBSTANTIVE LAW OTHER THAN THE LAW OF THE STATE OF DELAWARE. 

        (b)  ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS SECURITY AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF DELAWARE OR IN ANY UNITED STATES DISTRICT COURT
SITTING WITHIN THE STATE OF DELAWARE, AND BY EXECUTION AND DELIVERY OF THIS SECURITY AGREEMENT, EACH OF PARENT, THE SUBSIDIARIES AND SECURED PARTY CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY,
TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF PARENT, THE SUBSIDIARIES AND SECURED PARTY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR
BASED ON THE GROUNDS OF FORUM NON CONVENIENS, THAT IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS SECURITY AGREEMENT. EACH OF PARENT,
THE SUBSIDIARIES AND SECURED PARTY WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, THAT MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE. 

        (c)  EACH
PARTY TO THIS SECURITY AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS SECURITY
AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS 

15

 

OF
THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS SECURITY AGREEMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN
CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO
THIS SECURITY AGREEMENT MAY
FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

        11.9.    Severability.    If any provision of this Security Agreement is determined to be illegal, invalid or
unenforceable, such provision shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or
unenforceable provisions. 

        11.10.    Entirety.    This Security Agreement and the other documents relating to the Secured Obligations represent
the entire agreement of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or written, if any, including any commitment letters or correspondence relating to
the Secured Obligations, any other documents relating to the Secured Obligations, or the transactions contemplated herein and therein. 

        11.11.    Survival.    All representations and warranties of Parent and the Subsidiaries hereunder shall survive the
execution and delivery of this Security Agreement and the other documents relating to the Secured Obligations and the extension of credit thereunder or in connection therewith. 

        11.12.    Other Security.    To the extent that any of the Secured Obligations are hereafter secured by property other
than the Collateral, or by a guarantee, endorsement or property of any other person, then the Secured Party shall have the right to proceed against such other property, guarantee or endorsement upon
the occurrence of any Event of Default, and the Secured Party shall have the right, in its sole discretion, to determine which rights, security, liens, security interests or remedies the Secured Party
shall at any time pursue, relinquish, subordinate, modify or take with respect thereto, without in any way modifying or affecting any of them or the Secured Obligations or any of the rights of the
Secured Party or the Secured Parties under this Security Agreement or under any other document relating to the Secured Obligations. 

[Remainder of Page Intentionally Left Blank]

16

 

        IN
WITNESS WHEREOF, each of the parties hereto has caused this Security Agreement to be duly executed and delivered as of the date first above written. 

	 	 	CITYNET TELECOMMUNICATIONS, INC.
	

 	
 	

By:	
 	

/S/ Emilio Pardo

	 	 	Name: Emilio Pardo
	 	 	Title: Chief Executive Officer
	

 	
 	

UNIVERSAL ACCESS GLOBAL HOLDINGS INC.
	

 	
 	

By:	
 	

/S/ Lance B. Boxer

	 	 	Name: Lance B. Boxer
	 	 	Title: President and Chief Executive Officer
	

 	
 	

UNIVERSAL ACCESS, INC.
	

 	
 	

By:	
 	

/S/ Lance B. Boxer

	 	 	Name: Lance B. Boxer
	 	 	Title: President and Chief Executive Officer
	

 	
 	

233 South Wacker Drive, Suite 600

Chicago, Illinois 60606

Attention: Scott Fehlan

Facsimile: 312-660-1290
	

 	
 	

UNIVERSAL ACCESS OF VIRGINIA, INC.
	

 	
 	

By:	
 	

/S/ Lance B. Boxer

	 	 	Name: Lance B. Boxer
	 	 	Title: President
	

 	
 	

233 South Wacker Drive, Suite 600

Chicago, Illinois 60606

Attention: Scott Fehlan

Facsimile: 312-660-1290

17

 

	

 	
 	

 	
 	

 
	 	 	TRI-QUAD ENTERPRISES, INC.
	

 	
 	

By:	
 	

/S/ Lance B. Boxer

	 	 	Name: Lance B. Boxer
	 	 	Title: President
	

 	
 	

233 South Wacker Drive, Suite 600

Chicago, Illinois 60606

Attention: Scott Fehlan

Facsimile: 312-660-1290

18

QuickLinks

Exhibit 10.32

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}]]