Document:

LOAN AND SECURITY AGREEMENT

          LOAN AND
SECURITY AGREEMENT, dated as of August __, 2008 (this “Agreement”), by
and among KeyOn Communications Holdings, Inc., a Delaware corporation (the “Company”),
each of the subsidiaries of the Company (each such subsidiary a “Guarantor” and
collectively, the “Guarantors”) (the Company and Guarantors are
collectively referred to as the “Debtors”) and each holder of the
Company’s Secured Subordinated Promissory Notes due November 30, 2008 in the
original aggregate principal amount of up to $1,000,000 (the “Notes”)
that are signatory hereto and their respective endorsees, transferees and
assigns (collectively, the “Secured Parties” and each, a “Secured
Party”).

W I T N E S S E T H:

          WHEREAS,
pursuant to this Agreement, the Secured Parties have severally agreed to extend
the loans to the Company evidenced by the Notes;

          WHEREAS,
pursuant to a certain Subsidiary Guarantee, dated as of the date hereof, the
Guarantors have jointly and severally agreed to guarantee and act as surety for
payment of such loans; and

          WHEREAS, in
order to induce the Secured Parties to extend the loans evidenced by the Notes,
each Debtor has agreed to execute and deliver to the Secured Parties this
Agreement and to grant the Secured Parties, pari passu
with each other Secured Party and a subordinated security interest in certain
property of such Debtor as described herein, to secure the prompt payment,
performance and discharge in full of all of the Company’s obligations under the
Notes and the other Debtors’ obligations under the Guarantee.

          NOW,
THEREFORE, in consideration of the agreements herein contained and for other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

          1.          Certain Definitions. As used in this
Agreement, the following terms shall have the meanings set forth in this
Section 1. Terms used but not otherwise defined in this Agreement that are defined
in Article 9 of the UCC (such as “account”, “chattel paper”, “commercial tort
claim”, “deposit account”, “document”, “equipment”, “fixtures”, “general
intangibles”, “goods”, “instruments”, “inventory”, “investment property”,
“letter-of-credit rights”, “proceeds” and “supporting obligations”) shall have
the respective meanings given such terms in Article 9 of the UCC. All initially
capitalized, undefined terms used herein shall have the meanings ascribed to
such terms in the Notes and the other agreements entered into in connection
therewith.

	
 

	
 

	
 

	
 

	
             (a)          “Affiliate”
 means any Person that, directly or indirectly through one or more
 intermediaries, controls or is controlled by or is under common control with
 a Person, as such terms are used in and construed under Rule 405 under the
 Securities Act. 

	
 

	
 

	
 

	
 

	
             (b)          “Change
 of Control” means the occurrence of any of: (i) an acquisition after the
 date hereof by an individual or legal entity or “group” (as described in Rule
 13d-5(b)(1) promulgated under the Securities Exchange Act of 1934, as
 amended) of effective 

1

	
 

	
 

	
 

	
 

	
control (whether through legal or beneficial ownership of capital
 stock of Maker, by contract or otherwise) of in excess of 40% of the voting
 securities of Maker, (ii) a replacement at one time or over time of more than
 one-half of the members of Maker’s board of directors which is not approved
 by a majority of those individuals who are members of the board of directors
 on the date hereof (or by those individuals who are serving as members of the
 board of directors on any date whose nomination to the board of directors was
 approved by a majority of the members of the board of directors who are
 members on the date hereof), (iii) the merger of Maker with or into another
 entity that is not wholly-owned by Maker or the consolidation or sale of 40%
 or more of the assets of Maker in one or a series of related transactions, or
 (iv) the execution by Maker of an agreement to which Maker is a party or by
 which it is bound, providing for any of the events set forth above in (i),
 (ii) or (iii).

	
 

	
 

	
 

	
 

	
          (c)          “Sale
 of Securities Proceeds” means the sale or a series of sales of any debt
 (not including any lines of credit) or Common Stock or Common Stock
 Equivalents of the Maker so long as such sale results in aggregate gross
 proceeds to the Maker of $5,000,000 or more.

	
 

	
 

	
 

	
 

	
          (d)          “Collateral”
 means the collateral in which the Secured Parties are granted a security
 interest which may be subject to and limited by other pre-existing and
 superior in right or security interest by this Agreement and which shall
 include the following personal property of the Debtors, whether presently
 owned or existing or hereafter acquired or coming into existence, wherever
 situated, and all additions and accessions thereto and all substitutions and
 replacements thereof, and all proceeds, products and accounts thereof,
 including, without limitation, all proceeds from the sale or transfer of the
 Collateral and of insurance covering the same and of any tort claims in
 connection therewith, and all dividends, interest, cash, notes, securities,
 equity interest or other property at any time and from time to time acquired,
 receivable or otherwise distributed in respect of, or in exchange for, any or
 all of the Pledged Securities (as defined below):

	
 

	
 

	
 

	
 

	
 

	
 

	
               (i)          Except
 for such Collateral that is obtained in the ordinary course of business and
 is in the ordinary course, subject to third party liens and security
 agreements (“Permitted Liens”), all goods, including, without limitation, (A)
 all machinery, equipment, computers, motor vehicles, trucks, tanks, boats,
 ships, appliances, furniture, special and general tools, fixtures, test and
 quality control devices and other equipment of every kind and nature and
 wherever situated, together with all documents of title and documents
 representing the same, all additions and accessions thereto, replacements
 therefor, all parts therefor, and all substitutes for any of the foregoing
 and all other items used and useful in connection with any Debtor’s
 businesses and all improvements thereto; and (B) all inventory; 

	
 

	
 

	
 

	
 

	
 

	
 

	
               (ii)          All
 contract rights and other general intangibles, including, without limitation,
 all Intellectual Property, partnership interests, membership interests, stock
 or other securities, rights under any of the Organizational Documents,
 agreements related to the Pledged Securities, licenses, distribution and other

2

	
 

	
 

	
 

	
 

	
 

	
 

	
 agreements,
 computer software (whether “off-the-shelf”, licensed from any third party or
 developed by any Debtor), computer software development rights, leases,
 franchises, customer lists, quality control procedures, grants and rights,
 goodwill and income tax refunds;

	
 

	
 

	
 

	
 

	
 

	
 

	
             (iii)         All
 accounts, together with all instruments, all documents of title representing
 any of the foregoing, all rights in any merchandising, goods, equipment,
 motor vehicles and trucks which any of the same may represent, and all right,
 title, security and guaranties with respect to each account, including any
 right of stoppage in transit; 

	
 

	
 

	
 

	
 

	
 

	
 

	
             (iv)         All
 documents, letter-of-credit rights, instruments and chattel paper;

	
 

	
 

	
 

	
 

	
 

	
 

	
             (v)          All
 commercial tort claims;

	
 

	
 

	
 

	
 

	
 

	
 

	
             (vi)         All
 deposit accounts and all cash (whether or not deposited in such deposit
 accounts);

	
 

	
 

	
 

	
 

	
 

	
 

	
             (vii)        All
 investment property;

	
 

	
 

	
 

	
 

	
 

	
 

	
             (viii)       All
 supporting obligations;

	
 

	
 

	
 

	
 

	
 

	
 

	
             (ix)         All
 files, records, books of account, business papers, and computer programs; and

	
 

	
 

	
 

	
 

	
 

	
 

	
             (x)          the
 products and proceeds of all of the foregoing Collateral set forth in clauses
 (i)-(ix) above.

	
 

	
 

	
 

	
 

	
 

	
 

	
Without limiting
 the generality of the foregoing, the “Collateral” shall also include
 all investment property and general intangibles respecting ownership and/or
 other equity interests of the Company in each Guarantor, including, without
 limitation, the shares of capital stock and the other equity interests listed
 in the Subsidiary Guarantee (as the same may be modified from time to time
 pursuant to the terms hereof), and any other shares of capital stock and/or
 other equity interests of any other direct or indirect subsidiary of any
 Debtor obtained in the future, and, in each case, all certificates
 representing such shares and/or equity interests and, in each case, all
 rights, options, warrants, stock, other securities and/or equity interests
 that may hereafter be received, receivable or distributed in respect of, or
 exchanged for, any of the foregoing (all of the foregoing being referred to
 herein as the “Pledged Securities”) and all rights arising under or in
 connection with the Pledged Securities, including, but not limited to, all
 dividends, interest and cash.

	
 

	
 

	
 

	
 

	
 

	
 

	
             Notwithstanding
 the foregoing, nothing herein shall be deemed to constitute an assignment of
 any asset which, in the event of an assignment, becomes void by operation of
 applicable law or the assignment of which is

3

	
 

	
 

	
 

	
 

	
 

	
 

	
otherwise prohibited by applicable law (in each case to the extent
 that such applicable law is not overridden by Sections 9-406, 9-407 and/or
 9-408 of the UCC or other similar applicable law); provided, however,
 that, to the extent permitted by applicable law, this Agreement shall create
 a valid security interest in such asset and, to the extent permitted by
 applicable law, this Agreement shall create a valid security interest in the
 proceeds of such asset.

	
 

	
 

	
 

	
 

	
 

	
           (e)          “Common
 Stock” means the common stock of the Company, par value $0.001 per share,
 and any other class of securities into which such securities may hereafter be
 reclassified or changed into.

	
 

	
 

	
 

	
           (f)          “Common
 Stock Equivalents” means any securities of the Company or the
 Subsidiaries which would entitle the holder thereof to acquire at any time
 Common Stock, including, without limitation, any debt, preferred stock,
 rights, options, warrants or other instrument that is at any time convertible
 into or exercisable or exchangeable for, or otherwise entitles the holder
 thereof to receive, Common Stock.

	
 

	
 

	
 

	
           (g)          “Exchange
 Act” means the Securities Exchange Act of 1934, as amended, and the rules
 and regulations promulgated thereunder.

	
 

	
 

	
 

	
           (h)          “Intellectual
 Property” means the collective reference to all rights, priorities and
 privileges relating to intellectual property, whether arising under United
 States, multinational or foreign laws or otherwise, including, without
 limitation, (i) all copyrights arising under the laws of the United States,
 any other country or any political subdivision thereof, whether registered or
 unregistered and whether published or unpublished, all registrations and
 recordings thereof, and all applications in connection therewith, including,
 without limitation, all registrations, recordings and applications in the
 United States Copyright Office, (ii) all letters patent of the United States,
 any other country or any political subdivision thereof, all reissues and
 extensions thereof, and all applications for letters patent of the United
 States or any other country and all divisions, continuations and
 continuations-in-part thereof, (iii) all trademarks, trade names, corporate
 names, company names, business names, fictitious business names, trade dress,
 service marks, logos, domain names and other source or business identifiers,
 and all goodwill associated therewith, now existing or hereafter adopted or
 acquired, all registrations and recordings thereof, and all applications in
 connection therewith, whether in the United States Patent and Trademark
 Office or in any similar office or agency of the United States, any State
 thereof or any other country or any political subdivision thereof, or
 otherwise, and all common law rights related thereto, (iv) all trade secrets
 arising under the laws of the United States, any other country or any
 political subdivision thereof, (v) all rights to obtain any reissues,
 renewals or extensions of the foregoing, (vi) all licenses for any of the
 foregoing, and (vii) all causes of action for infringement of the foregoing.

	
 

	
 

	
 

	
 

	
 

	
           (i)          “Majority
 in Interest” shall mean, at any time of determination, holders
 representing more than 50% in principal amount of the Notes (based on
 then-outstanding principal amounts of Notes at the time of such
 determination) of the Secured Parties.

4

	
 

	
 

	
 

	
 

	
 

	
          (j)            “Necessary
 Endorsement” shall mean undated stock powers endorsed in blank or other
 proper instruments of assignment duly executed and such other instruments or
 documents as the Agent (as defined below) may reasonably request.

	
 

	
 

	
 

	
 

	
 

	
          (k)           “Obligations”
 means all of the liabilities and obligations (primary, secondary, direct,
 contingent, sole, joint or several) due or to become due, or that are now or
 may be hereafter contracted or acquired, or owing to, of any Debtor to the
 Secured Parties pursuant to any Debtor’s obligations under this Agreement,
 the Notes, the Guarantee and any other instruments, agreements or other
 documents executed and/or delivered in connection herewith or therewith, in
 each case, whether now or hereafter existing, voluntary or involuntary,
 direct or indirect, absolute or contingent, liquidated or unliquidated,
 whether or not jointly owed with others, and whether or not from time to time
 decreased or extinguished and later increased, created or incurred, and all
 or any portion of such obligations or liabilities that are paid, to the
 extent all or any part of such payment is avoided or recovered directly or
 indirectly from any of the Secured Parties as a preference, fraudulent
 transfer or otherwise as such obligations may be amended, supplemented,
 converted, extended or modified from time to time. Without limiting the
 generality of the foregoing, the term “Obligations” shall include, without
 limitation: (i) principal of, and interest on the Notes and the loans
 extended pursuant thereto; (ii) any and all other fees, indemnities, costs,
 obligations and liabilities of the Debtors from time to time under or in
 connection with this Agreement, the Notes, the Guarantee and any other
 instruments, agreements or other documents executed and/or delivered in
 connection herewith or therewith; and (iii) all amounts (including but not
 limited to post-petition interest) in respect of the foregoing that would be
 payable but for the fact that the obligations to pay such amounts are
 unenforceable or not allowable due to the existence of a bankruptcy,
 reorganization or similar proceeding involving any Debtor.

	
 

	
 

	
 

	
 

	
 

	
          (l)           “Organizational
 Documents” means with respect to any Debtor, the documents by which such
 Debtor was organized (such as a certificate of incorporation, certificate of
 limited partnership or articles of organization, and including, without
 limitation, any certificates of designation for preferred stock or other
 forms of preferred equity) and which relate to the internal governance of
 such Debtor (such as bylaws, a partnership agreement or an operating, limited
 liability or members agreement).

	
 

	
 

	
 

	
 

	
 

	
          (m)           “Person”
 means an individual or corporation, partnership, trust, incorporated or
 unincorporated association, joint venture, limited liability company, joint
 stock company, government (or an agency or subdivision thereof) or other
 entity of any kind.

	
 

	
 

	
 

	
 

	
 

	
          (n)           “Securities
 Act” means the Securities Act of 1933, as amended, and the rules and
 regulations promulgated hereunder. 

	
 

	
 

	
 

	
 

	
 

	
          (o)           “Security
 Documents” shall mean any documents and filing required thereunder in
 order to grant the Secured Parties a first priority security interest in the
 assets of the Company and the Subsidiaries as provided in this Agreement,
 including all UCC-1 filing receipts.

5

	
 

	
 

	
 

	
 

	
 

	
          (p)           “Subscription
 Amount” means, as to each Secured Party, the aggregate amount to be paid
 for the Notes purchased hereunder as specified below such Secured Party’s
 name on the signature page of this Agreement and next to the heading
 “Subscription Amount,” in United States dollars and in immediately available
 funds, and which shall be, in each case, 97% of the face principal amount of
 such Secured Party’s Note.

	
 

	
 

	
 

	
 

	
 

	
          (q)           “Subsidiary”
 means any subsidiary of the Company.

	
 

	
 

	
 

	
 

	
 

	
          (r)           “Subsidiary
 Guarantee” or “Guarantee” means the Subsidiary Guarantee, dated
 the date hereof, by each Subsidiary in favor of the Secured Parties, in the
 form of Exhibit C attached hereto.

	
 

	
 

	
 

	
 

	
 

	
          (s)           “Trading
 Market” means the following markets or exchanges on which the Common
 Stock is listed or quoted for trading on the date in question: the American
 Stock Exchange, the Nasdaq Capital Market, the Nasdaq Global Market, the
 Nasdaq Global Select Market, the New York Stock Exchange or the OTC Bulletin
 Board.

	
 

	
 

	
 

	
 

	
 

	
          (t)           “Transaction
 Documents” means this Agreement, the Notes and the Subsidiary Guarantee.

	
 

	
 

	
 

	
 

	
 

	
          (u)           “UCC”
 means the Uniform Commercial Code of the applicable jurisdiction and or any
 other applicable law of any state or states which has jurisdiction with
 respect to all, or any portion of, the Collateral or this Agreement, from
 time to time. It is the intent of the parties that defined terms in the UCC
 should be construed in their broadest sense so that the term “Collateral”
 will be construed in its broadest sense. Accordingly if there are, from time
 to time, changes to defined terms in the UCC that broaden the definitions,
 they are incorporated herein and if existing definitions in the UCC are
 broader than the amended definitions, the existing ones shall be controlling.

	
 

	
 

	
 

	
 

	
          2.          Loan. Upon the terms and subject to the
 conditions set forth herein, substantially concurrent with the execution and
 delivery of this Agreement by the parties hereto, the Secured Parties,
 severally and not jointly, agree to advance an aggregate of up to $1,000,000
 in principal amount of Notes to the Company subject to certain retained
 amounts as set forth in the Notes. Each Secured Party shall deliver to the
 Company, via wire transfer or a certified check, immediately available funds
 equal to such Secured Party’s Subscription Amount and the Company shall
 deliver to each Secured Party its respective Note and the Company and each
 Secured Party shall deliver the other items set forth below. Upon
 satisfaction of the conditions set forth in this Section 2, the closing (the
 “Closing”) shall occur on or before July 31, 2008 at the offices of
 Company Counsel or such other location and time as the parties shall mutually
 agree.

	
 

	
 

	
 

	
 

	
 

	
(a)

	
Deliveries.

	
 

	
 

	
 

	
 

	
 

	
          (i)          On
 or prior to the Closing, the Company shall deliver or cause to be delivered
 to each Secured Party the following:

6

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
             (A)           this
 Agreement duly executed by the Company;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
             (B)           one
 or more Notes in favor of the Secured Parties, in the form of Exhibit A
 attached hereto, with an aggregate principal amount equal to 100.00% of such
 Secured Party’s Subscription Amount, in the name of such Secured Party and
 registered as such on the books and records of the Company;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
             (C)            the
 Subsidiary Guarantee duly executed by each of the Subsidiaries;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
             (D)           all
 of the Security Documents duly executed by the parties thereto. 

	
 

	
 

	
 

	
 

	
 

	
 

	
            (ii)         On
 the Closing Date, each Secured Party shall deliver or cause to be delivered
 to the Company the following:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
             (A)            this
 Agreement duly executed by such Secured Party; and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
             (B)            such
 Secured Party’s Subscription Amount by wire transfer to the account as
 specified in writing by the Company.

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Closing Conditions. 

	
 

	
 

	
 

	
 

	
 

	
 

	
           (i)          The
 obligations of the Company hereunder in connection with the Closing are
 subject to the following conditions being met:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
             (A)            the
 accuracy in all material respects when made and on the Closing Date of the
 representations and warranties of the Secured Parties contained herein;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
             (B)            all
 obligations, covenants and agreements of the Secured Parties required to be
 performed at or prior to the Closing shall have been performed; and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
             (C)            the
 delivery by the Secured Parties of the items set forth in Section 2(a)(ii) of
 this Agreement.

	
 

	
 

	
 

	
 

	
 

	
 

	
           (ii)          The
 respective obligations of the Secured Parties hereunder in connection with
 the Closing are subject to the following conditions being met:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
             (A)            the
 accuracy in all material respects when made and on the Closing Date of the
 representations and warranties of the Company contained herein;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
             (B)            all
 obligations, covenants and agreements of the Company required to be performed
 at or prior to the Closing Date shall have been performed; 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
             (C)            the
 delivery by the Company of the items set forth in Section 2(a)(i) of this
 Agreement.

	
 

	
 

	
 

	
 

	
 

	
          3.       Grant of Subordinated Security Interest.
 As an inducement for the Secured Parties to extend the loans as evidenced by
 the Notes and to secure the complete and timely 

7

	
 

	
 

	
 

	
 

	
 

	
payment, performance and discharge in full, as the case may be, of
 all of the Obligations, each Debtor hereby unconditionally and irrevocably
 pledges, grants and hypothecates to the Secured Parties a subordinated
 security interest in and to, a lien upon and a right of set-off against all
 of their respective right, title and interest of whatsoever kind and nature
 in and to, the Collateral (the “Security Interest”).

	
 

	
 

	
 

	
 

	
 

	
          4.       Representations, Warranties, Covenants and
 Agreements of the Debtors. Each Debtor represents and warrants to,
 and covenants and agrees with, the Secured Parties as follows:

	
 

	
 

	
 

	
 

	
 

	
 

	
          (a)          Each
 Debtor has the requisite corporate, partnership, limited liability company or
 other power and authority to enter into this Agreement and otherwise to carry
 out its obligations hereunder. The execution, delivery and performance by
 each Debtor of this Agreement and the filings contemplated therein have been
 duly authorized by all necessary action on the part of such Debtor and no
 further action is required by such Debtor. This Agreement has been duly
 executed by each Debtor. This Agreement constitutes the legal, valid and
 binding obligation of each Debtor, enforceable against each Debtor in accordance
 with its terms except as such enforceability may be limited by applicable
 bankruptcy, insolvency, reorganization and similar laws of general
 application relating to or affecting the rights and remedies of creditors and
 by general principles of equity. The Notes are duly authorized and, when
 issued, will be duly and validly issued, fully paid and nonassessable, free
 and clear of all liens imposed by the Company.

	
 

	
 

	
 

	
 

	
 

	
 

	
          (b)          The
 Debtors have no place of business or offices where their respective books of
 account and records are kept (other than temporarily at the offices of its
 attorneys or accountants) or places where Collateral is stored or located,
 except as set forth on Schedule A attached hereto. The Debtors own no
 real property. Except as disclosed on Schedule A, none of such
 Collateral is in the possession of any consignee, bailee, warehouseman, agent
 or processor.

	
 

	
 

	
 

	
 

	
 

	
 

	
          (c)          Except
 as set forth in the definition of Permitted Liens, the Debtors are the sole
 owners of the Collateral (except for non-exclusive licenses granted by any
 Debtor in the ordinary course of business), free and clear of any liens,
 security interests, encumbrances, rights or claims, and are fully authorized
 to grant the Security Interest. There is not on file in any governmental or
 regulatory authority, agency or recording office an effective financing
 statement, security agreement, license or transfer or any notice of any of
 the foregoing (other than those that will be filed in favor of the Secured
 Parties pursuant to this Agreement) covering or affecting any of the
 Collateral other than in respect of Permitted Liens. So long as this
 Agreement shall be in effect, the Debtors shall not execute and shall not
 knowingly permit to be on file in any such office or agency any such
 financing statement or other document or instrument (except to the extent
 filed or recorded in favor of the Secured Parties pursuant to the terms of
 this Agreement and except for Permitted Liens or any extension of Permitted
 Liens).

	
 

	
 

	
 

	
 

	
 

	
 

	
          (d)          No
 written claim has been received by Borrower that any Collateral or Debtor’s
 use of any Collateral violates the rights of any third party. Except as set
 forth 

8

	
 

	
 

	
 

	
 

	
 

	
 

	
on Schedule 5(d) attached hereto, there has been no adverse
 decision to any Debtor’s claim of ownership rights in or exclusive rights to
 use the Collateral in any jurisdiction or to any Debtor’s right to keep and
 maintain such Collateral in full force and effect, and there is no proceeding
 involving said rights pending or, to the best knowledge of any Debtor,
 threatened before any court, judicial body, administrative or regulatory
 agency, arbitrator or other governmental authority.

	
 

	
 

	
 

	
 

	
 

	
 

	
          (e)          Each
 Debtor shall at all times maintain its books of account and records relating
 to the Collateral at its principal place of business and its Collateral at
 the locations set forth on Schedule A attached hereto and may not
 relocate such books of account and records unless it delivers to the Secured
 Parties at least 30 days prior to such relocation (i) written notice of such
 relocation and the new location thereof (which must be within the United
 States) and (ii) evidence that appropriate financing statements under the UCC
 and other necessary documents have been filed and recorded and other steps
 have been taken to perfect the Security Interest to create in favor of the
 Secured Parties a valid, perfected and continuing perfected first priority
 lien in the Collateral. 

	
 

	
 

	
 

	
 

	
 

	
 

	
          (f)          This
 Agreement creates in favor of the Secured Parties a valid, security interest
 in the Collateral, securing the payment and performance of the Obligations.
 Upon making the filings described in the immediately following paragraph, all
 security interests created hereunder in any Collateral which may be perfected
 by filing UCC financing statements shall have been duly perfected. Except for
 the filing of the UCC financing statements referred to in the immediately
 following paragraph, the execution and delivery of deposit account control
 agreements satisfying the requirements of Section 9-104(a)(2) of the UCC with
 respect to each deposit account of the Debtors, and the delivery of the
 certificates, no action is necessary to create, perfect or protect the
 security interests presently required hereunder. Without limiting the
 generality of the foregoing, except for the filing of said financing
 statements, and the execution and delivery of said deposit account control
 agreements, no consent of any third parties and no authorization, approval or
 other action by, and no notice to or filing with, any governmental authority
 or regulatory body is required for (i) the execution, delivery and
 performance of this Agreement, (ii) the creation or perfection of the Security
 Interests created hereunder in the Collateral or (iii) the enforcement of the
 rights of the Secured Parties hereunder. 

	
 

	
 

	
 

	
 

	
 

	
 

	
          (g)          Provided
 a copy is provided and approved by the Debtors in advance, each Debtor hereby
 authorizes the Secured Parties, or any of them, to file one or more financing
 statements under the UCC, with respect to the Security Interest with the
 proper filing and recording agencies in any jurisdiction deemed reasonably
 necessary by them.

	
 

	
 

	
 

	
 

	
 

	
 

	
          (h)          The
 execution, delivery and performance of this Agreement by the Debtors does not
 (i) violate any of the provisions of any Organizational Documents of any
 Debtor or any judgment, decree, order or award of any court, governmental
 body or arbitrator or any applicable law, rule or regulation applicable to
 any Debtor or (ii) conflict with, or constitute a default (or an event that
 with notice or lapse of time or both would become a default) under, or give
 to others any rights of termination, amendment, acceleration or cancellation
 (with or without notice, lapse of time or both) of, any 

9

	
 

	
 

	
 

	
 

	
 

	
 

	
agreement, credit facility, debt or other instrument (evidencing any
 Debtor’s debt or otherwise) or other understanding to which any Debtor is a
 party or by which any property or asset of any Debtor is bound or affected.
 No consent (including, without limitation, from stockholders or creditors of
 any Debtor) is required for any Debtor to enter into and perform its
 obligations hereunder.

	
 

	
 

	
 

	
 

	
 

	
 

	
          (i)          The
 capital stock and other equity interests listed in the Subsidiary Guaranty
 hereto represent all of the capital stock and other equity interests existing
 in the Guarantors, and represent all capital stock and other equity interests
 owned, directly or indirectly, by the Company. All of the Pledged Securities
 are validly issued, fully paid and nonassessable, and the Company is the
 legal and beneficial owner of the Pledged Securities, free and clear of any
 lien, security interest or other encumbrance except for the security
 interests created by this Agreement and other Permitted Liens. 

	
 

	
 

	
 

	
 

	
 

	
 

	
          (j)          Each
 Debtor shall at all times maintain the liens and Security Interest provided
 for hereunder as valid and perfected security interests in the Collateral in
 favor of the Secured Parties until this Agreement and the Security Interest
 hereunder shall be terminated pursuant to Section 14 hereof. Each Debtor
 hereby agrees to defend the same against the claims of any and all persons and
 entities. Each Debtor shall safeguard and protect all Collateral for the
 account of the Secured Parties. At the request of the Secured Parties, each
 Debtor will sign and deliver to the Secured Parties at any time or from time
 to time one or more financing statements pursuant to the UCC in form
 reasonably satisfactory to both parties and will pay the cost of filing the
 same in all public offices wherever filing is necessary or desirable to
 effect the rights and obligations provided for herein. Without limiting the
 generality of the foregoing, each Debtor shall pay all fees, taxes and other
 amounts necessary to maintain the Collateral and the Security Interest
 hereunder, and each Debtor shall obtain and furnish to the Secured Parties
 from time to time, upon demand, such releases and/or subordinations of claims
 and liens which may be required to maintain the priority of the Security
 Interest hereunder as same is set forth herein.

	
 

	
 

	
 

	
 

	
 

	
 

	
          (k)          No
 Debtor will transfer, pledge, hypothecate, encumber, license, sell or
 otherwise dispose of any of the Collateral (except for non-exclusive licenses
 granted by a Debtor in its ordinary course of business and sales of inventory
 or obsolete or worn-out equipment by a Debtor in its ordinary course of business)
 in any material way without the prior written consent of a Majority in
 Interest.

	
 

	
 

	
 

	
 

	
 

	
 

	
          (l)           Each
 Debtor shall keep and preserve its equipment, inventory and other tangible
 Collateral in good condition, repair and order. 

	
 

	
 

	
 

	
 

	
 

	
 

	
          (m)         Each
 Debtor shall, within ten (10) days of obtaining knowledge thereof, advise the
 Secured Parties promptly, in sufficient detail, of any substantial change in
 the Collateral, and of the occurrence of any event which would have a Material
 Adverse Effect on the value of the Collateral or on the Secured Parties’
 security interest therein.

10

	
 

	
 

	
 

	
          (n)          Each
 Debtor shall promptly notify the Secured Parties in sufficient detail upon
 becoming aware of any attachment, garnishment, execution or other legal
 process levied against any Collateral and of any other information received by
 such Debtor that may materially affect the value of the Collateral, the
 Security Interest or the rights and remedies of the Secured Parties
 hereunder. 

	
 

	
 

	
 

	
          (o)          Debtor
 represents and warrants that any Collateral located outside of the United
 States has a current fair market value of less than, in the aggregate,
 $100,000. 

	
 

	
 

	
 

	
          (p)          Upon
 the occurrence and during the continuance of any Event of Default, if there
 is any investment property or deposit account included as Collateral that can
 be perfected by “control” through an account control agreement, the
 applicable Debtor shall cause such an account control agreement, in form and
 substance in each case satisfactory to the Secured Parties, to be entered
 into and delivered to the Secured Parties at the request of the Agent. 

	
 

	
 

	
 

	
          (q)          To
 the extent that any Collateral is in the possession of any third party, the
 applicable Debtor shall join with the Secured Parties in notifying such third
 party of the Secured Parties’ security interest in such Collateral and shall
 use commercially reasonable efforts to obtain an acknowledgement and
 agreement from such third party with respect to the Collateral, in form and
 substance satisfactory to the Secured Parties. 

	
 

	
 

	
 

	
          (r)          Each
 Debtor shall cause each subsidiary of such Debtor to immediately become a
 party hereto (an “Additional Debtor”), by executing and delivering an
 Additional Debtor Joinder in substantially the form of Annex A
 attached hereto and comply with the provisions hereof applicable to the
 Debtors. Concurrent therewith, the Additional Debtor shall deliver
 replacement schedules for, or supplements to all other Schedules to (or
 referred to in) this Agreement, as applicable, which replacement schedules
 shall supersede, or supplements shall modify, the Schedules then in effect.
 The Additional Debtor shall also deliver such opinions of counsel,
 authorizing resolutions, good standing certificates, incumbency certificates,
 organizational documents, financing statements and other information and
 documentation as the Agent may reasonably request. Upon delivery of the
 foregoing to the Agent, the Additional Debtor shall be and become a party to
 this Agreement with the same rights and obligations as the Debtors, for all
 purposes hereof as fully and to the same extent as if it were an original
 signatory hereto and shall be deemed to have made the representations,
 warranties and covenants set forth herein as of the date of execution and
 delivery of such Additional Debtor Joinder, and all references herein to the
 “Debtors” shall be deemed to include each Additional Debtor.

	
 

	
 

	
 

	
          (s)          Borrower
 shall vote the Pledged Securities to comply with the covenants and agreements
 set forth herein and in the Notes. 

	
 

	
 

	
 

	
          (t)          In
 the event that, upon an occurrence of an Event of Default, the Secured
 Parties shall sell all or any of the Pledged Securities to another party or
 parties (herein 

11

	
 

	
 

	
 

	
called the “Transferee”)
 or shall purchase or retain all or any of the Pledged Securities, each Debtor
 shall, to the extent applicable: (i) deliver to Secured Party or the
 Transferee, as the case may be, the articles of incorporation, bylaws, minute
 books, stock certificate books, corporate seals, deeds, leases, indentures,
 agreements, evidences of indebtedness, books of account, financial records
 and all other Organizational Documents and records of the Debtors and their
 direct and indirect subsidiaries; (ii) use commercially reasonable efforts to
 obtain resignations of the persons then serving as officers and directors of
 the Debtors and their direct and indirect subsidiaries, if so requested; and
 (iii) use commercially reasonable efforts to obtain any approvals that are
 required by any governmental or regulatory body in order to permit the sale
 of the Pledged Securities to the Transferee or the purchase or retention of
 the Pledged Securities by Secured Parties and allow the Transferee to
 continue the business of the Debtors and their direct and indirect
 subsidiaries.

	
 

	
 

	
 

	
          (u)          The
 Company shall, by 8:30 a.m. (New York City time) on or before the 4th
 business day following the date hereof, issue a Current Report on Form 8-K
 disclosing the material terms of the transactions contemplated hereby. The
 Company and each Secured Party shall consult with each other in issuing any
 other press releases with respect to the transactions contemplated hereby,
 and neither the Company nor any Secured Party shall issue any such press
 release or otherwise make any such public statement without the prior consent
 of the Company, with respect to any press release of any Secured Party, or
 without the prior consent of each Secured Party, with respect to any press
 release of the Company, which consent shall not unreasonably be withheld or
 delayed, except if such disclosure is required by law, in which case the
 disclosing party shall promptly provide the other party with prior notice of
 such public statement or communication. 

	
 

	
 

	
 

	
          (v)          The
 Company and the Subsidiaries, severally and jointly, will indemnify and hold
 each Secured Party and its directors, officers, shareholders, members,
 partners, employees and agents (and any other Persons with a functionally
 equivalent role of a Person holding such titles notwithstanding a lack of
 such title or any other title), each Person who controls such Secured Party
 (within the meaning of Section 15 of the Securities Act and Section 20 of the
 Exchange Act), and the directors, officers, shareholders, agents, members,
 partners or employees (and any other Persons with a functionally equivalent
 role of a Person holding such titles notwithstanding a lack of such title or
 any other title) of such controlling person (each, a “Indemnified Party”)
 harmless from any and all losses, liabilities, obligations, claims,
 contingencies, damages, costs and expenses, including all judgments, amounts
 paid in settlements, court costs and reasonable attorneys’ fees and costs of
 investigation that any such Indemnified Party may suffer or incur as a result
 of or relating to any breach of any of the representations, warranties,
 covenants or agreements made by the Company in this Agreement or in the other
 Transaction Documents. If any action shall be brought against any Indemnified
 Party in respect of which indemnity may be sought pursuant to this Agreement,
 such Indemnified Party shall promptly notify the Company in writing, and the
 Company shall have the right to assume the defense thereof with counsel of
 its own choosing reasonably acceptable to the Indemnified Party. Any
 Indemnified Party shall have the right to 

12

	
 

	
 

	
 

	
employ
 separate counsel in any such action and participate in the defense thereof,
 but the fees and expenses of such counsel shall be at the expense of such
 Indemnified Party except to the extent that (i) the employment thereof has
 been specifically authorized by the Company in writing, (ii) the Company has
 failed after a reasonable period of time to assume such defense and to employ
 counsel or (iii) in such action there is, in the reasonable opinion of such
 separate counsel, a material conflict on any material issue between the
 position of the Company and the position of such Indemnified Party, in which
 case the Company shall be responsible for the reasonable fees and expenses of
 no more than one such separate counsel. The Company will not be liable to any
 Indemnified Party under this Agreement (i) for any settlement by a
 Indemnified Party effected without the Company’s prior written consent, which
 shall not be unreasonably withheld or delayed or (ii) to the extent, but only
 to the extent, that a loss, claim, damage or liability is attributable to any
 Indemnified Party’s breach of any of the representations, warranties,
 covenants or agreements made by such Indemnified Party in this Agreement or
 in the other Transaction Documents, or such party’s gross negligence or
 willful misconduct. 

	
 

	
 

	
 

	
          (w)         To
 the extent that the Company or any Subsidiary makes a payment or payments to
 any Secured Party pursuant to any Transaction Document or a Secured Party
 enforces or exercises its rights thereunder, and such payment or payments or
 the proceeds of such enforcement or exercise or any part thereof are
 subsequently invalidated, declared to be fraudulent or preferential, set
 aside, recovered from, disgorged by or are required to be refunded, repaid or
 otherwise restored to the Company or any Subsidiary, a trustee, receiver or
 any other person under any law (including, without limitation, any bankruptcy
 law, state or federal law, common law or equitable cause of action), then to
 the extent of any such restoration the obligation or part thereof originally
 intended to be satisfied 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. 

	
 

	
 

	
 

	
          (x)          To
 the extent it may lawfully do so, the Company and the Subsidiaries hereby
 agrees not to insist upon or plead or in any manner whatsoever claim, and
 will resist any and all efforts to be compelled to take the benefit or
 advantage of, usury laws wherever enacted, now or at any time hereafter in
 force, in connection with any claim, action or proceeding that may be brought
 by any Secured Party in order to enforce any right or remedy under this
 Agreement or the Note. Notwithstanding any provision to the contrary
 contained in this Agreement or the Note, it is expressly agreed and provided
 that the total liability of the Company under this Agreement or the Note for
 payments in the nature of interest shall not exceed the maximum lawful rate
 authorized under applicable law (the “Maximum Rate”), and, without
 limiting the foregoing, in no event shall any rate of interest or default
 interest, or both of them, when aggregated with any other sums in the nature
 of interest that the Company or any Subsidiary may be obligated to pay under
 this Agreement or the Note exceed such Maximum Rate. It is agreed that if the
 maximum contract rate of interest allowed by law and applicable to this Agreement
 or the Note is increased or decreased by statute or any official governmental
 action subsequent to the date hereof, the new maximum contract rate of
 interest allowed by law will be the Maximum Rate applicable to this Agreement
 or the Note from the effective date forward, unless such application is
 precluded by applicable law. If under any circumstances 

13

	
 

	
 

	
 

	
whatsoever,
 interest in excess of the Maximum Rate is paid by the Company or any
 Subsidiary to any Secured Party with respect to indebtedness evidenced by
 this Agreement or the Note, such excess shall be applied by such Secured
 Party to the unpaid principal balance of any such indebtedness or be refunded
 to the Company or any Subsidiary, the manner of handling such excess to be at
 such Secured Party’s election. 

	
 

	
 

	
 

	
          (y)          Except
 in the ordinary course of business, no Debtor may consign any of its
 inventory or sell any of its inventory on bill and hold, sale or return, sale
 on approval, or other conditional terms of sale without the consent of the
 Secured Parties which shall not be unreasonably withheld. 

	
 

	
 

	
 

	
          (z)          Each
 Debtor, in its capacity as issuer, hereby agrees to comply with any and all
 reasonable orders and instructions of Secured Parties regarding the Pledged
 Interests consistent with the terms of this Agreement without the further
 consent of any Debtor as contemplated by Section 8-106 (or any successor
 section) of the UCC. Further, each Debtor agrees that it shall not enter into
 a similar agreement (or one that would confer “control” within the meaning of
 Article 8 of the UCC) with any other person or entity. 

	
 

	
 

	
 

	
          (aa)         Each
 Debtor shall cause all tangible chattel paper constituting Collateral to be
 delivered to the Agent, or, if such delivery is not possible, then to cause
 such tangible chattel paper to contain a legend noting that it is subject to
 the security interest created by this Agreement. To the extent that any
 Collateral consists of electronic chattel paper, the applicable Debtor shall
 cause the underlying chattel paper to be “marked” within the meaning of
 Section 9-105 of the UCC (or successor section thereto). 

	
 

	
 

	
 

	
          (bb)        To
 the extent that any Collateral consists of letter-of-credit rights, the
 applicable Debtor shall cause the issuer of each underlying letter of credit
 to consent to an assignment of the proceeds thereof to the Secured Parties. 

	
 

	
 

	
 

	
          (cc)         Each
 Debtor shall immediately provide written notice to the Secured Parties of any
 and all accounts which arise out of contracts with any governmental authority
 and, to the extent necessary to perfect or continue the perfected status of
 the Security Interests in such accounts and proceeds thereof, shall execute
 and deliver to the Secured Parties an assignment of claims for such accounts
 and cooperate with the Secured Parties in taking any other steps required, in
 its judgment, under the Federal Assignment of Claims Act or any similar
 federal, state or local statute or rule to perfect or continue the perfected
 status of the Security Interests in such accounts and proceeds thereof. 

          5.       Effect of Pledge on Certain Rights. If any of the Collateral subject to this
Agreement consists of nonvoting equity or ownership interests (regardless of
class, designation, preference or rights) that may be converted into voting
equity or ownership interests upon the occurrence of certain events (including,
without limitation, upon the transfer of all or any of the other stock or
assets of the issuer), it is agreed that the pledge of such equity or ownership
interests pursuant to this Agreement or the enforcement of any of Secured
Parties’ rights hereunder shall not be deemed to be the type of event which
would trigger such conversion rights 

14

notwithstanding
any provisions in the Organizational Documents or agreements to which any
Debtor is subject or to which any Debtor is party. 

	
 

	
 

	
 

	
6.       Defaults. The following events shall be
“Events of Default”:  

	
 

	
 

	
 

	
          (a)          The
 occurrence of an Event of Default (as defined in the Note) under the Note; 

	
 

	
 

	
 

	
          (b)          Any
 representation or warranty of any Debtor in this Agreement shall prove to
 have been incorrect in any material respect when made; 

	
 

	
 

	
 

	
          (c)          The
 failure by any Debtor to observe or perform any of its material obligations
 hereunder for ten (10) days after delivery to such Debtor by holders
 representing a Majority In Interest of notice of such failure, provided
 however, that such failure shall not constitute an Event of Default if such
 default is capable of cure but cannot be cured within such time frame and
 such Debtor is using commercially reasonable efforts to cure same in a timely
 fashion; or 

	
 

	
 

	
 

	
          (d)          If
 any material provision of this Agreement shall at any time for any reason be
 declared to be null and void, or the validity or enforceability thereof shall
 be contested by any Debtor, or a proceeding shall be commenced by any Debtor,
 or by any governmental authority having jurisdiction over any Debtor, seeking
 to establish the invalidity or unenforceability thereof, or any Debtor shall
 deny that any Debtor has any liability or obligation purported to be created
 under this Agreement. 

          7.       Rights and Remedies Upon Default. Upon the
occurrence of any Event of Default and at any time thereafter, the Secured
Parties shall have all of the rights and remedies available to them under the
UCC applicable to the Notes and the Collateral. 

          8.       Applications of Proceeds. The proceeds of
any such sale, lease or other disposition of the Collateral hereunder shall be
applied first, to the reasonable expenses of retaking, holding, storing,
processing and preparing for sale, selling, and the like (including, without
limitation, any taxes, fees and other costs incurred in connection therewith)
of the Collateral, to the reasonable attorneys’ fees and expenses incurred by
the Secured Parties in enforcing their rights hereunder and in connection with
collecting, storing and disposing of the Collateral, and then to satisfaction
of the Obligations pro rata among the Secured Parties (based on then
outstanding principal amounts of Notes at the time of any such determination),
and to the payment of any other amounts required by applicable law, after which
the Secured Parties shall pay to the applicable Debtor any surplus proceeds.
If, upon the sale, license or other disposition of the Collateral, the proceeds
thereof are insufficient to pay all amounts to which the Secured Parties are
legally entitled, the Debtors will be liable for the deficiency, together with
interest thereon, at the rate of 20% per annum or the lesser amount permitted
by applicable law (the “Default Rate”), and the reasonable fees of any attorneys
employed by the Secured Parties to collect such deficiency. To the extent
permitted by applicable law, each Debtor waives all claims, damages and demands
against the Secured Parties arising out of the repossession, removal, retention
or sale of the Collateral, unless due solely to the gross negligence or willful

15

misconduct of
the Secured Parties as determined by a final judgment (not subject to further
appeal) of a court of competent jurisdiction. 

          9.          Securities Law Provision. Each Debtor
recognizes that the Secured Parties may be limited in their ability to effect a
sale to the public of all or part of the Pledged Securities by reason of
certain prohibitions in the Securities Act of 1933, as amended, or other
federal or state securities laws (collectively, the “Securities Laws”),
and may be compelled to resort to one or more sales to a restricted group of
Secured Parties who may be required to agree to acquire the Pledged Securities
for their own account, for investment and not with a view to the distribution
or resale thereof. Each Debtor agrees that sales so made may be at prices and
on terms less favorable than if the Pledged Securities were sold to the public,
and that the Secured Parties have no obligation to delay the sale of any
Pledged Securities for the period of time necessary to register the Pledged
Securities for sale to the public under the Securities Laws. Each Debtor shall
cooperate with the Secured Parties in their attempt to satisfy any requirements
under the Securities Laws (including, without limitation, registration
thereunder) applicable to the sale of the Pledged Securities. 

          10.        Costs and Expenses. Each Debtor agrees to
pay all reasonable out-of-pocket fees, costs and expenses incurred in
connection with any filing required hereunder, including without limitation,
any financing statements pursuant to the UCC, continuation statements, partial
releases and/or termination statements related thereto or any expenses of any
searches reasonably required by the Secured Parties, within fifteen (15)
business days of demand. The Debtors shall also pay all other claims and
charges which in the reasonable opinion of the Secured Parties might prejudice,
imperil or otherwise affect the Collateral or the Security Interest therein.
The Debtors will also, within fifteen (15) business days of demand, pay to the
Secured Parties the amount of any and all reasonable expenses, including the
reasonable fees and expenses of its counsel and of any reasonably necessary
experts and agents, which the Secured Parties may incur in connection with (i)
the enforcement of this Agreement, (ii) the custody or preservation of, or the
sale of, collection from, or other realization upon, any of the Collateral, or
(iii) the exercise or enforcement of any of the rights of the Secured Parties
under the Notes. 

          11.        Responsibility for Collateral. The Debtors
assume all liabilities and responsibility in connection with all Collateral,
and the Obligations shall in no way be affected or diminished by reason of the
loss, destruction, damage or theft of any of the Collateral or its
unavailability for any reason. Without limiting the generality of the
foregoing, (a) No Secured Party (i) has any duty (either before or after an
Event of Default) to collect any amounts in respect of the Collateral or to
preserve any rights relating to the Collateral, or (ii) has any obligation to
clean-up or otherwise prepare the Collateral for sale, and (b) each Debtor
shall remain obligated and liable under each contract or agreement included in
the Collateral to be observed or performed by such Debtor thereunder. No
Secured Party shall have any obligation or liability under any such contract or
agreement by reason of or arising out of this Agreement or the receipt by any
Secured Party of any payment relating to any of the Collateral, nor shall any
Secured Party be obligated in any manner to perform any of the obligations of
any Debtor under or pursuant to any such contract or agreement, to make inquiry
as to the nature or sufficiency of any payment received by any Secured Party in
respect of the Collateral or as to the sufficiency of any performance by any
party under any such contract or agreement, to present or file any claim, to
take any action to enforce any performance or to collect the payment of any
amounts which 

16

may have been
assigned to any Secured Party or to which any Secured Party may be entitled at
any time or times. 

          12.          Security Interests Absolute. All rights of
the Secured Parties and all obligations of the Debtors hereunder, shall be
absolute and unconditional, irrespective of: (a) any lack of validity or
enforceability of this Agreement, the Notes or any agreement entered into in
connection with the foregoing, or any portion hereof or thereof; (b) any change
in the time, manner or place of payment or performance of, or in any other term
of, all or any of the Obligations, or any other amendment or waiver of or any
consent to any departure from the Notes or any other agreement entered into in
connection with the foregoing; (c) any exchange, release or nonperfection of
any of the Collateral, or any release or amendment or waiver of or consent to
departure from any other collateral for, or any guarantee, or any other
security, for all or any of the Obligations; (d) any action by the Secured
Parties to obtain, adjust, settle and cancel in its reasonable discretion any
insurance claims or matters made or arising in connection with the Collateral;
or (e) any other circumstance which might otherwise constitute any legal or
equitable defense available to a Debtor, or a discharge of all or any part of
the Security Interests granted hereby. Until the Obligations shall have been
paid and performed in full, the rights of the Secured Parties shall continue
even if the Obligations are barred for any reason, including, without
limitation, the running of the statute of limitations or bankruptcy. Each
Debtor expressly waives presentment, protest, notice of protest, demand, notice
of nonpayment and demand for performance. In the event that at any time any
transfer of any Collateral or any payment received by the Secured Parties
hereunder shall be deemed by final order of a court of competent jurisdiction
to have been a voidable preference or fraudulent conveyance under the
bankruptcy or insolvency laws of the United States, or shall be deemed to be
otherwise due to any party other than the Secured Parties, then, in any such
event, each Debtor’s obligations hereunder shall survive cancellation of this
Agreement, and shall not be discharged or satisfied by any prior payment
thereof and/or cancellation of this Agreement, but shall remain a valid and
binding obligation enforceable in accordance with the terms and provisions
hereof. Each Debtor waives all right to require the Secured Parties to proceed
against any other person or entity or to apply any Collateral which the Secured
Parties may hold at any time, or to marshal assets, or to pursue any other
remedy. Each Debtor waives any defense arising by reason of the application of
the statute of limitations to any obligation secured hereby. 

          13.          Term of Agreement. The Security Interest
shall terminate on the date on which all payments under the Notes have been
indefeasibly paid in full and all other Obligations have been paid or
discharged. Upon such payment and/or discharge, the Secured Parties shall
acknowledge the same in writing to Debtors, and shall, at the expense and
request of any Debtor, release any liens or security interests relating thereto
and authorize the Debtors to file termination statements relating to any
Collateral on behalf of the Secured Parties. 

          14.          Notices. All notices, requests, demands and
other communications hereunder shall be subject to the notice provision of the
Notes. 

          15.          Other Security. To the extent that the
Obligations are now or hereafter secured by property other than the Collateral
or by the guarantee, endorsement or property of any other person, firm,
corporation or other entity, then the Secured Parties shall have the right, in
its sole 

17

discretion, to
pursue, relinquish, subordinate, modify or take any other action with respect
thereto, without in any way modifying or affecting any of the Secured Parties’
rights and remedies hereunder. 

          16.     Representations and Warranties of the Secured Parties.
Each Secured Party hereby, for itself and for no other Secured Party,
represents and warrants as of the date hereof to the Company as follows: 

	
 

	
 

	
 

	
          (a)          Authority. The execution, delivery and
 performance by such Secured Party of the transactions contemplated by this
 Agreement have been duly authorized by all necessary corporate or similar
 action on the part of such Secured Party. This Agreement has been duly
 executed by such Secured Party, and when delivered by such Secured Party in
 accordance with the terms hereof, will constitute the valid and legally
 binding obligation of such Secured Party, enforceable against it in
 accordance with its terms, except (i) as limited by general equitable
 principles and applicable bankruptcy, insolvency, reorganization, moratorium
 and other laws of general application affecting enforcement of creditors’
 rights generally, (ii) as limited by laws relating to the availability of
 specific performance, injunctive relief or other equitable remedies and (iii)
 insofar as indemnification and contribution provisions may be limited by
 applicable law. 

	
 

	
 

	
 

	
          (b)          Secured Party Status. Such Secured Party
 is an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3),
 (a)(7) or (a)(8) under the Securities Act. Such Secured Party is not required
 to be registered as a broker-dealer under Section 15 of the Exchange Act. 

	
 

	
 

	
 

	
          (c)          General Solicitation. Such Secured Party
 is not acquiring the Notes as a result of any advertisement, article, notice
 or other communication regarding the Notes published in any newspaper,
 magazine or similar media or broadcast over television or radio or presented
 at any seminar or any other general solicitation or general advertisement. 

          17.          Right to Exchange in a Change of Control or Sale of
Securities Proceeds. Each Secured Party shall have the right, as specifically
provided in the Note to be repaid in stock, in the event of a Change of Control
or Sale of Securities Proceeds by delivering such Secured Party’s Note to the
Company (together with any subscription documents which may be otherwise
necessary to participate in such Change of Control). The price per share to be
repaid in stock shall be negotiated in good faith by the Secured Parties and
the Independent Directors as defined in the Note. The Company shall provide
each Secured Party with not less than 7 business days’ written notice of such
Change of Control or Sale of Securities Proceeds, and the material terms
thereof. 

          18.     Miscellaneous. 

	
 

	
 

	
 

	
          (a)          No
 course of dealing between the Debtors and the Secured Parties, nor any
 failure to exercise, nor any delay in exercising, on the part of the Secured
 Parties, any right, power or privilege hereunder or under the Notes shall
 operate as a waiver thereof; nor shall any single or partial exercise of any
 right, power or privilege hereunder or 

18

	
 

	
 

	
 

	
thereunder
 preclude any other or further exercise thereof or the exercise of any other
 right, power or privilege. 

	
 

	
 

	
 

	
          (b)          All
 of the rights and remedies of the Secured Parties with respect to the
 Collateral, whether established hereby or by the Notes or by any other
 agreements, instruments or documents or by law shall be cumulative and may be
 exercised singly or concurrently. 

	
 

	
 

	
 

	
          (c)          This
 Agreement and the Notes and Guarantees together constitute the entire
 agreement of the parties with respect to the subject matter hereof and is
 intended to supersede all prior negotiations, understandings and agreements
 with respect thereto. Except as specifically set forth in this Agreement, no
 provision of this Agreement, the Notes or the Guarantees may be modified or
 amended except by a written agreement specifically referring to this
 Agreement and signed by the parties hereto (and if applicable, thereto). 

	
 

	
 

	
 

	
          (d)          In
 the event any provision of this Agreement is held to be invalid, prohibited
 or unenforceable in any jurisdiction for any reason, unless such provision is
 narrowed by judicial construction, this Agreement shall, as to such
 jurisdiction, be construed as if such invalid, prohibited or unenforceable
 provision had been more narrowly drawn so as not to be invalid, prohibited or
 unenforceable. If, notwithstanding the foregoing, any provision of this
 Agreement is held to be invalid, prohibited or unenforceable in any jurisdiction,
 such provision, as to such jurisdiction, shall be ineffective to the extent
 of such invalidity, prohibition or unenforceability without invalidating the
 remaining portion of such provision or the other provisions of this Agreement
 and without affecting the validity or enforceability of such provision or the
 other provisions of this Agreement in any other jurisdiction. 

	
 

	
 

	
 

	
          (e)          No
 waiver of any breach or default or any right under this Agreement shall be
 considered valid unless in writing and signed by the party giving such
 waiver, and no such waiver shall be deemed a waiver of any subsequent breach
 or default or right, whether of the same or similar nature or otherwise. 

	
 

	
 

	
 

	
          (f)          This
 Agreement shall be binding upon and inure to the benefit of each party hereto
 and its successors and assigns. 

	
 

	
 

	
 

	
          (g)          Each
 party shall take such further action and execute and deliver such further
 documents as may be necessary or appropriate in order to carry out the
 provisions and purposes of this Agreement. 

	
 

	
 

	
 

	
          (h)          All
 questions concerning the construction, validity, enforcement and
 interpretation of the Transaction Documents shall be governed by and
 construed and enforced in accordance with the internal laws of the State of
 New York, without regard to the principles of conflicts of law thereof. Each
 party hereto (including without limitation, each holder of Notes) agrees that
 all legal proceedings concerning the interpretations, enforcement and defense
 of the transactions contemplated by this Agreement and any 

19

	
 

	
 

	
 

	
other
 Transaction Documents (whether brought against a party hereto or its
 respective affiliates, directors, officers, shareholders, employees or
 agents) shall be commenced exclusively in the state and federal courts
 sitting in the City of New York. Each party hereby irrevocably submits to the
 exclusive jurisdiction of the state and federal courts sitting in the City of
 New York, borough of Manhattan for the adjudication of any dispute hereunder
 or in connection herewith or with any transaction contemplated hereby or
 discussed herein (including with respect to the enforcement of any of the
 Transaction Documents), and hereby irrevocably waives, and agrees not to
 assert in any suit, action or proceeding, any claim that it is not personally
 subject to the jurisdiction of any such court, that such suit, action or
 proceeding is improper or is an inconvenient venue for such proceeding. Each
 party hereto (including any holder of Notes) hereby irrevocably waives
 personal service of process and consents to process being served in any such
 suit, action or proceeding by mailing a copy thereof via registered or
 certified mail or overnight delivery (with evidence of delivery) to such
 party at the address in effect for notices to it under this Agreement and
 agrees that such service shall constitute good and sufficient service of
 process and notice thereof. Nothing contained herein shall be deemed to limit
 in any way any right to serve process in any other manner permitted by law.
 If either party shall commence an action or proceeding to enforce any
 provisions of the Transaction Documents, then the prevailing party in such
 action or proceeding shall be reimbursed by the other party for its reasonable
 attorneys’ fees and other costs and expenses incurred with the investigation,
 preparation and prosecution of such action or proceeding. 

	
 

	
 

	
 

	
          (i)          This
 Agreement may be executed in two or more counterparts, all of which when
 taken together shall be considered one and the same agreement and shall
 become effective when counterparts have been signed by each party and
 delivered to the other party, it being understood that both parties need not
 sign the same counterpart. In the event that any signature is delivered by
 facsimile transmission or by e-mail delivery of a “.pdf” format data file,
 such signature shall create a valid and binding obligation of the party
 executing (or on whose behalf such signature is executed) with the same force
 and effect as if such facsimile or “.pdf” signature page were an original
 thereof. 

	
 

	
 

	
 

	
          (j)          All
 Debtors shall jointly and severally be liable for the obligations of each
 Debtor to the Secured Parties hereunder, on the terms and conditions set
 forth in the Guarantees.

	
 

	
 

	
 

	
          (k)          Nothing
 in this Agreement shall be construed to subject any Secured Party to
 liability as a partner in any Debtor or any if its direct or indirect
 subsidiaries that is a partnership or as a member in any Debtor or any of its
 direct or indirect subsidiaries that is a limited liability company, nor
 shall any Secured Party be deemed to have assumed any obligations under any
 partnership agreement or limited liability company agreement, as applicable,
 of any such Debtor or any if its direct or indirect subsidiaries or
 otherwise, unless and until any such Secured Party exercises its right to be
 substituted for such Debtor as a partner or member, as applicable, pursuant
 hereto. 

20

	
 

	
 

	
 

	
          (l)          To
 the extent that the grant of the security interest in the Collateral and the
 enforcement of the terms hereof require the consent, approval or action of
 any partner or member, as applicable, of any Debtor or any direct or indirect
 subsidiary of any Debtor or compliance with any provisions of any of the
 Organizational Documents, the Debtors hereby grant such consent and approval
 and waive any such noncompliance with the terms of said documents. 

	
 

	
 

	
 

	
          (m)        The
 obligations of each Secured Party under this Agreement are several and not
 joint with the obligations of any other Secured Party, and no Secured Party
 shall be responsible in any way for the performance of the obligations of any
 other Secured Party under this Agreement. Nothing contained herein or in this
 Agreement, and no action taken by any Secured Party pursuant thereto, shall
 be deemed to constitute the Secured Parties as a partnership, an association,
 a joint venture or any other kind of entity, or create a presumption that the
 Secured Parties are in any way acting in concert or as a group with respect
 to such obligations or the transactions contemplated by this Agreement. Each
 Secured Party shall be entitled to independently protect and enforce its
 rights, including without limitation the rights arising out of this
 Agreement, and it shall not be necessary for any other Secured Party to be
 joined as an additional party in any proceeding for such purpose. Each
 Secured Party has been represented by its own separate legal counsel in their
 review and negotiation of this Agreement. 

[SIGNATURE PAGES FOLLOW]

21

          IN
WITNESS WHEREOF, the parties hereto have caused this Loan and Security
Agreement to be duly executed on the day and year first above written. 

KEYON COMMUNICATIONS HOLDINGS, INC., a
Delaware corporation 

	
 

	
 

	
By:

	
 

	

	
 

	
Name:

	
 

	
Title:

Address for
Notice:

11742 Stonegate Circle

Omaha, NE 68164

	
 

	
 

	
 

	
 

	
KeyOn
 Communications, Inc.

	
 

	
 

	
By:

	
, its

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
KeyOn
 Communications, LLC

	
By:

	
, its

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
KeyOn
 Pahrump, LLC

	
By:

	
, its

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
KeyOn Idaho
 Falls, LLC

	
By:

	
, its

	
 

	
 

	

	
 

	

	
 

	
KeyOn Grand
 Junction, LLC

	
By:

	
, its

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
KeyOn
 Pocatello, LLC

	
By:

	
, its

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
KeyOn Siris,
 LLC

	
By:

	
, its

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
KeyOn
 SpeedNet, LLC

	
 

	
By:

	
, its

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
KeyOn
 Spectrum Holdings, LLC

	
By:

	
, its

	
 

	
 

	

	
 

	

[SIGNATURE PAGE OF SECURED PARTIES TO FOLLOW]

22

SIGNATURE PAGE OF SECURED PARTIES TO KEYO LSA

Name of
Investing Entity: ___________________________

Signature of Authorized Signatory of
Investing entity: ____________________________________

Name of
Authorized Signatory: _________________________

Title of
Authorized Signatory: __________________________

Address for
Notice: 

Address for
Delivery of Note (if different from address for notice): 

Subscription
Amount: $__________________ 

23

ANNEX A 

to 

SECURITY 

AGREEMENT

FORM OF ADDITIONAL DEBTOR JOINDER

Loan and Security Agreement dated as of July __, 2008 made by

KeyOn Communications Holdings, Inc.

and its subsidiaries party thereto from time to time, as Debtors

to and in favor of 

the Secured Parties identified therein (the “Security Agreement”)

          Reference
is made to the Security Agreement as defined above; capitalized terms used
herein and not otherwise defined herein shall have the meanings given to such
terms in, or by reference in, the Security Agreement. 

          The
undersigned hereby agrees that upon delivery of this Additional Debtor Joinder
to the Secured Parties referred to above, the undersigned shall (a) be an
Additional Debtor under the Security Agreement, (b) have all the rights and
obligations of the Debtors under the Security Agreement as fully and to the
same extent as if the undersigned was an original signatory thereto and (c) be
deemed to have made the representations and warranties set forth therein as of
the date of execution and delivery of this Additional Debtor Joinder. WITHOUT
LIMITING THE GENERALITY OF THE FOREGOING, THE UNDERSIGNED SPECIFICALLY GRANTS
TO THE SECURED PARTIES A SECURITY INTEREST IN THE COLLATERAL AS MORE FULLY SET
FORTH IN THE SECURITY AGREEMENT AND ACKNOWLEDGES AND AGREES TO THE WAIVER OF
JURY TRIAL PROVISIONS SET FORTH THEREIN. 

          Attached
hereto are supplemental and/or replacement Schedules to the Security Agreement,
as applicable. 

          An
executed copy of this Joinder shall be delivered to the Secured Parties, and
the Secured Parties may rely on the matters set forth herein on or after the
date hereof. This Joinder shall not be modified, amended or terminated without
the prior written consent of the Secured Parties. 

          IN
WITNESS WHEREOF, the undersigned has caused this Joinder to be executed in the
name and on behalf of the undersigned. 

	
 

	
 

	
 

	
[Name of Additional
 Debtor] 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name: 

	
 

	
Title:

	
 

	
 

	
 

	
Address:

	
 

	
 

	
Date:EXHIBIT C 

SUBSIDIARY GUARANTEE

            SUBSIDIARY
GUARANTEE, dated as of August ___, 2008 (this “Guarantee”), made
by each of the signatories hereto (together with any other entity that may
become a party hereto as provided herein, the “Guarantors”), in favor of
the Secured Parties signatory (the “Secured Parties”) to that certain
Loan and Security Agreement, dated as of the date hereof, between KeyOn
Communications Holdings, Inc. (the “Company”), the Guarantors and the
Secured Parties.

W I T N E S S E T H:

          WHEREAS,
pursuant to that certain Loan and Security Agreement, dated as of the date
hereof, by and between the Company and the Secured Parties (the “Security
Agreement”), the Company has agreed to sell and issue to the Secured
Parties, and the Secured Parties have agreed to purchase from the Company the
Company’s Secured Promissory Notes, due November 30, 2008 or such earlier date
as required therein (the “Notes”), subject to the terms and conditions
set forth therein; and 

          WHEREAS,
each Guarantor will directly benefit from the extension of credit to the
Company represented by the issuance of the Notes; and 

          NOW,
THEREFORE, in consideration of the premises and to induce the Secured Parties
to enter into the Security Agreement and to carry out the transactions
contemplated thereby, each Guarantor hereby agrees with the Secured Parties as
follows: 

          1.
          Definitions.
Unless otherwise defined herein, terms defined in the Security Agreement and
used herein shall have the meanings given to them in the Security Agreement.
The words “hereof,” “herein,” “hereto” and “hereunder” and words of similar
import when used in this Guarantee shall refer to this Guarantee as a whole and
not to any particular provision of this Guarantee, and Section and Schedule
references are to this Guarantee unless otherwise specified. The meanings given
to terms defined herein shall be equally applicable to both the singular and
plural forms of such terms. The following terms shall have the following
meanings: 

	
 

	
 

	
 

	
              “Guarantee”
 means this Subsidiary Guarantee, as the same may be amended, supplemented or
 otherwise modified from time to time. 

	
 

	
 

	
 

	
              “Obligations”
 means, in addition to all other costs and expenses of collection incurred by
 Secured Parties in enforcing any of such Obligations and/or this Guarantee,
 all of the liabilities and obligations (primary, secondary, direct,
 contingent, sole, joint or several) due or to become due, or that are now or
 may be hereafter contracted or acquired, or owing to, of any Debtor to the
 Secured Parties, including, without limitation, all obligations under this
 Agreement, the Notes, this Guarantee and any other instruments, agreements or
 other documents 

1

	
 

	
 

	
 

	
 

	
 

	
executed and/or delivered in connection herewith or therewith, in
 each case, whether now or hereafter existing, voluntary or involuntary,
 direct or indirect, absolute or contingent, liquidated or unliquidated,
 whether or not jointly owed with others, and whether or not from time to time
 decreased or extinguished and later increased, created or incurred, and all
 or any portion of such obligations or liabilities that are paid, to the
 extent all or any part of such payment is avoided or recovered directly or
 indirectly from any of the Secured Parties as a preference, fraudulent
 transfer or otherwise as such obligations may be amended, supplemented,
 converted, extended or modified from time to time. Without limiting the
 generality of the foregoing, the term “Obligations” shall include, without
 limitation: (i) principal of, and interest on the Notes and the loans
 extended pursuant thereto; (ii) any and all other fees, indemnities, costs,
 obligations and liabilities of the Debtors from time to time under or in
 connection with this Agreement, the Notes, the Guarantee and any other
 instruments, agreements or other documents executed and/or delivered in
 connection herewith or therewith; and (iii) all amounts (including but not
 limited to post-petition interest) in respect of the foregoing that would be
 payable but for the fact that the obligations to pay such amounts are
 unenforceable or not allowable due to the existence of a bankruptcy,
 reorganization or similar proceeding involving any Debtor.

	
 

	
 

	
 

	
 

	
 

	
2.

	
Guarantee. 

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
Guarantee.
 

	
 

	
 

	
 

	
 

	
 

	
 

	
          (i)          The
 Guarantors hereby, jointly and severally, unconditionally and irrevocably,
 guarantee to the Secured Parties and their respective successors, indorsees,
 transferees and assigns, the prompt and complete payment and performance by
 the Company when due (whether at the stated maturity, by acceleration or
 otherwise) of the Obligations. 

	
 

	
 

	
 

	
 

	
 

	
 

	
          (ii)          Anything
 herein or in any other Transaction Document to the contrary notwithstanding,
 the maximum liability of each Guarantor hereunder and under the other
 Transaction Documents shall in no event exceed the amount which can be
 guaranteed by such Guarantor under applicable federal and state laws,
 including laws relating to the insolvency of debtors, fraudulent conveyance
 or transfer or laws affecting the rights of creditors generally (after giving
 effect to the right of contribution established in Section 2(b)). 

	
 

	
 

	
 

	
 

	
 

	
 

	
          (iii)          Each
 Guarantor agrees that the Obligations may at any time and from time to time
 exceed the amount of the liability of such Guarantor hereunder without
 impairing the guarantee contained in this Section 2 or affecting the rights
 and remedies of the Secured Parties hereunder.

2

	
 

	
 

	
 

	
 

	
 

	
 

	
          (iv)          The
 guarantee contained in this Section 2 shall remain in full force and effect
 until all the Obligations and the obligations of each Guarantor under the
 guarantee contained in this Section 2 shall have been satisfied by payment in
 full. 

	
 

	
 

	
 

	
 

	
 

	
          (v)          No
 payment made by the Company, any of the Guarantors, any other guarantor or
 any other Person or received or collected by the Secured Parties from the
 Company, any of the Guarantors, 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 Obligations shall be deemed to modify, reduce, release or otherwise
 affect the liability of any Guarantor hereunder which shall, notwithstanding
 any such payment (other than any payment made by such Guarantor in respect of
 the Obligations or any payment received or collected from such Guarantor in
 respect of the Obligations), remain liable for the Obligations up to the
 maximum liability of such Guarantor hereunder after giving effect to any
 payment made pursuant to this Section 2 (e) until the Obligations are paid in
 full. 

	
 

	
 

	
 

	
 

	
 

	
          (vi)          Notwithstanding
 anything to the contrary in this Agreement, with respect to any defaulted
 non-monetary Obligations the specific performance of which by the Guarantors
 is not reasonably possible (e.g. the issuance of the Company’s Common Stock),
 the Guarantors shall only be liable for making the Secured Parties whole on a
 monetary basis for the Company’s failure to perform such Obligations in
 accordance with the Transaction Documents. 

	
 

	
 

	
 

	
 

	
          (b)     Right
 of Contribution. Each Guarantor hereby agrees that to the extent that a
 Guarantor shall have paid more than its proportionate share of any payment
 made hereunder, such Guarantor shall be entitled to seek and receive
 contribution from and against any other Guarantor hereunder which has not
 paid its proportionate share of such payment. Each Guarantor’s right of
 contribution shall be subject to the terms and conditions of Section 2(c).
 The provisions of this Section 2(b) shall in no respect limit the obligations
 and liabilities of any Guarantor to the Secured Parties, and each Guarantor
 shall remain liable to the Secured Parties for the full amount guaranteed by
 such Guarantor hereunder. 

	
 

	
 

	
 

	
          (c)     No
 Subrogation. Notwithstanding any payment made by any Guarantor hereunder
 or any set-off or application of funds of any Guarantor by the Secured
 Parties, no Guarantor shall be entitled to be subrogated to any of the rights
 of the Secured Parties against the Company or any other Guarantor or any
 collateral security or guarantee or right of offset held by the Secured
 Parties for the payment of the Obligations, nor shall any Guarantor seek or
 be entitled to seek any contribution or reimbursement from the Company or any
 other Guarantor in respect of payments made by such Guarantor hereunder,
 until all amounts owing to the Secured Parties by the Company on account of
 the Obligations are paid in 

3

	
 

	
 

	
 

	
 

	
full. If any amount shall be paid to any Guarantor on account of such
 subrogation rights at any time when all of the Obligations shall not have
 been paid in full, such amount shall be held by such Guarantor in trust for
 the Secured Parties, segregated from other funds of such Guarantor, and
 shall, forthwith upon receipt by such Guarantor, be turned over to the
 Secured Parties in the exact form received by such Guarantor (duly indorsed
 by such Guarantor to the Secured Parties, if required), to be applied against
 the Obligations, whether matured or unmatured, in such order as the Secured
 Parties may determine. 

	
 

	
 

	
 

	
          (d)          Amendments,
 Etc. With Respect to the Obligations. Each Guarantor shall remain
 obligated hereunder notwithstanding that, without any reservation of rights
 against any Guarantor and without notice to or further assent by any
 Guarantor, any demand for payment of any of the Obligations made by the
 Secured Parties may be rescinded by the Secured Parties and any of the
 Obligations continued, and the Obligations, or the liability of any other
 Person upon or for any part thereof, or any collateral security or guarantee
 therefor or right of offset with respect thereto, may, from time to time, in
 whole or in part, be renewed, extended, amended, modified, accelerated,
 compromised, waived, surrendered or released by the Secured Parties, and the
 Security Agreement and the other Transaction Documents 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
 Parties may deem advisable from time to time, and any collateral security,
 guarantee or right of offset at any time held by the Secured Parties for the
 payment of the Obligations may be sold, exchanged, waived, surrendered or
 released. The Secured Parties shall have no obligation to protect, secure,
 perfect or insure any Lien at any time held by them as security for the
 Obligations or for the guarantee contained in this Section 2 or any property
 subject thereto. 

	
 

	
 

	
 

	
          (e)          Guarantee
 Absolute and Unconditional. Each Guarantor waives any and all notice of
 the creation, renewal, extension or accrual of any of the Obligations and
 notice of or proof of reliance by the Secured Parties upon the guarantee
 contained in this Section 2 or acceptance of the guarantee contained in this
 Section 2; the Obligations, and any of them, shall conclusively 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 the Company and any of the Guarantors, on the one hand, and
 the Secured Parties, on the other hand, likewise shall be conclusively presumed
 to have been had or consummated in reliance upon the guarantee contained in
 this Section 2. Each Guarantor waives to the extent permitted by law
 diligence, presentment, protest, demand for payment and notice of default or
 nonpayment to or upon the Company or any of the Guarantors with respect to
 the Obligations. Each Guarantor 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 Security Agreement or any other Transaction Document,
 any of the Obligations or any 

4

	
 

	
 

	
 

	
 

	
other collateral security therefor or guarantee or right of offset
 with respect thereto at any time or from time to time held by the Secured
 Parties, (b) any defense, set-off or counterclaim (other than a defense of
 payment or performance or fraud or misconduct by Secured Parties) which may
 at any time be available to or be asserted by the Company or any other Person
 against the Secured Parties, or (c) any other circumstance whatsoever (with
 or without notice to or knowledge of the Company or such Guarantor) which
 constitutes, or might be construed to constitute, an equitable or legal
 discharge of the Company for the Obligations, or of such Guarantor 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 Guarantor, the Secured Parties may, but shall
 be under no obligation to, make a similar demand on or otherwise pursue such
 rights and remedies as they may have against the Company, any other Guarantor
 or any other Person or against any collateral security or guarantee for the
 Obligations or any right of offset with respect thereto, and any failure by
 the Secured Parties to make any such demand, to pursue such other rights or
 remedies or to collect any payments from the Company, any other Guarantor 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 the Company, any
 other Guarantor or any other Person or any such collateral security,
 guarantee or right of offset, shall not relieve any Guarantor 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 Parties against any Guarantor. For the purposes hereof, “demand”
 shall include the commencement and continuance of any legal proceedings. 

	
 

	
 

	
 

	
          (f)          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 Obligations is rescinded or must otherwise be restored
 or returned by the Secured Parties upon the insolvency, bankruptcy,
 dissolution, liquidation or reorganization of the Company or any Guarantor,
 or upon or as a result of the appointment of a receiver, intervenor or
 conservator of, or trustee or similar officer for, the Company or any
 Guarantor or any substantial part of its property, or otherwise, all as
 though such payments had not been made. 

	
 

	
 

	
 

	
          (g)          Payments.
 Each Guarantor hereby guarantees that payments hereunder will be paid to the
 Secured Parties without set-off or counterclaim in U.S. dollars at the
 address set forth or referred to in the Security Agreement. 

	
 

	
 

	
          3.       Representations
 and Warranties. Each Guarantor hereby makes the following representations
 and warranties to Secured Parties as of the date hereof: 

	
 

	
 

	
          (a)          Organization
 and Qualification. The Guarantor is a corporation, duly incorporated,
 validly existing and in good standing under the laws of the applicable
 jurisdiction set forth on Schedule 1, with the requisite corporate power 

5

	
 

	
 

	
 

	
and authority to own and use its properties and assets and to carry
 on its business as currently conducted. The Guarantor has no subsidiaries
 other than those identified as such on the Disclosure Schedules to the
 Security Agreement. The Guarantor is duly qualified to do business and is in
 good standing as a foreign corporation in each jurisdiction in which the
 nature of the business conducted or property owned by it makes such
 qualification necessary, except where the failure to be so qualified or in
 good standing, as the case may be, could not, individually or in the
 aggregate, (x) adversely affect the legality, validity or enforceability of
 any of this Guaranty in any material respect, (y) have a material adverse
 effect on the results of operations, assets, prospects, or financial
 condition of the Guarantor or (z) adversely impair in any material respect
 the Guarantor’s ability to perform fully on a timely basis its obligations
 under this Guaranty (a “Material Adverse Effect”). 

	
 

	
 

	
 

	
          (b)          Authorization;
 Enforcement. The Guarantor has the requisite corporate power and
 authority to enter into and to consummate the transactions contemplated by
 this Guaranty, and otherwise to carry out its obligations hereunder. The
 execution and delivery of this Guaranty by the Guarantor and the consummation
 by it of the transactions contemplated hereby have been duly authorized by
 all requisite corporate action on the part of the Guarantor. This Guaranty
 has been duly executed and delivered by the Guarantor and constitutes the
 valid and binding obligation of the Guarantor enforceable against the
 Guarantor in accordance with its terms, except as such enforceability may be
 limited by applicable bankruptcy, insolvency, reorganization, moratorium,
 liquidation or similar laws relating to, or affecting generally the
 enforcement of, creditors’ rights and remedies or by other equitable
 principles of general application. 

	
 

	
 

	
 

	
          (c)          No
 Conflicts. The execution, delivery and performance of this Guaranty by
 the Guarantor and the consummation by the Guarantor of the transactions
 contemplated thereby do not and will not (i) conflict with or violate any provision
 of its Certificate of Incorporation or By-laws or (ii) conflict with,
 constitute a default (or an event which with notice or lapse of time or both
 would become a default) under, or give to others any rights of termination,
 amendment, acceleration or cancellation of, any agreement, indenture or
 instrument to which the Guarantor is a party, or (iii) result in a violation
 of any law, rule, regulation, order, judgment, injunction, decree or other
 restriction of any court or governmental authority to which the Guarantor is
 subject (including Federal and state securities laws and regulations), or by
 which any material property or asset of the Guarantor is bound or affected,
 except in the case of each of clauses (ii) and (iii), such conflicts,
 defaults, terminations, amendments, accelerations, cancellations and
 violations as could not, individually or in the aggregate, have or result in
 a Material Adverse Effect. The business of the Guarantor is not being
 conducted in violation of any law, ordinance or regulation of any
 governmental authority, except for violations which, individually or in the
 aggregate, do not have a Material Adverse Effect. 

6

          (d)          Consents
and Approvals. The Guarantor is not required to obtain any consent, waiver,
authorization or order of, or make any filing or registration with, any court
or other federal, state, local, foreign or other governmental authority or
other person in connection with the execution, delivery and performance by the
Guarantor of this Guaranty. 

          (e)          Security
Agreement. The representations and warranties of the Company set forth in
the Security Agreement as they relate to such Guarantor, each of which is
hereby incorporated herein by reference, are true and correct as of each time
such representations are deemed to be made pursuant to such Security Agreement,
and the Secured Parties shall be entitled to rely on each of them as if they
were fully set forth herein, provided that each reference in each such
representation and warranty to the Company’s knowledge shall, for the purposes
of this Section 3, be deemed to be a reference to such Guarantor’s knowledge. 

4.       Covenants.

          (a)          Each
Guarantor covenants and agrees with the Secured Parties that, from and after
the date of this Guarantee until the Obligations shall have been paid in full,
such Guarantor shall take, and/or shall refrain from taking, as the case may
be, each commercially reasonable action that is necessary to be taken or not
taken, as the case may be, so that no Event of Default is caused by the failure
to take such action or to refrain from taking such action by such Guarantor. 

          (b)          Each
Guarantor will not directly or indirectly on or after the date of this
Guarantee: 

	
 

	
 

	
 

	
 

	
                i.          other
 than Permitted Indebtedness (as defined in the Note), enter into, create,
 incur, assume or suffer to exist any indebtedness for borrowed money of any
 kind, including but not limited to, a guarantee, on or with respect to any of
 its property or assets now owned or hereafter acquired or any interest
 therein or any income or profits therefrom; 

	
 

	
 

	
 

	
 

	
                ii.          other
 than Permitted Liens (as defined in the Note), enter into, create, incur,
 assume or suffer to exist any liens of any kind, on or with respect to any of
 its property or assets now owned or hereafter acquired or any interest
 therein or any income or profits therefrom; 

	
 

	
 

	
 

	
 

	
                iii.          amend
 its certificate of incorporation, bylaws or other charter documents so as to
 adversely affect any rights of the Holder hereunder; 

7

	
 

	
 

	
 

	
 

	
                iv.        repay,
 repurchase or offer to repay, repurchase or otherwise acquire more than a de
 minimis number of shares of its securities or debt obligations; 

	
 

	
 

	
 

	
 

	
                v.         repay,
 repurchase or offer to repay, repurchase or otherwise acquire any
 indebtedness, other than the Debentures if on a pro-rata basis, other than
 regularly scheduled principal and interest payments as such terms are in
 effect as of the Original Issue Date; provided, however, that no regularly
 scheduled principal and interest payments may be made if, at the time such payment
 is due or is otherwise made or after giving effect to such payment, an event
 constituting, or that with the passage of time and without being cured would
 constitute, an Event of Default has occurred and is continuing; 

	
 

	
 

	
 

	
 

	
                vi.       pay
 cash dividends on any equity securities of the Company; 

	
 

	
 

	
 

	
 

	
                vii.     enter
 into any transaction with any Affiliate of the Guarantor which would be
 required to be disclosed in any public filing of the Company with the
 Commission, unless such transaction is made on an arm’s-length basis and
 expressly approved by a majority of the disinterested directors of the
 Company (even if less than a quorum otherwise required for board approval);
 or 

	
 

	
 

	
 

	
 

	
               viii.     enter
 into any agreement with respect to any of the foregoing. 

5.        Miscellaneous.

	
 

	
 

	
           (a)          Amendments
 in Writing. None of the terms or provisions of this Guarantee may be
 waived, amended, supplemented or otherwise modified except in writing by the
 Secured Parties. 

	
 

	
 

	
           (b)          Notices.
 All notices, requests and demands to or upon the Secured Parties or any
 Guarantor hereunder shall be effected in the manner provided for in the
 Security Agreement. 

	
 

	
 

	
           (c)          No
 Waiver By Course Of Conduct; Cumulative Remedies. The Secured Parties
 shall not by any act (except by a written instrument pursuant to Section
 5(a)), delay, indulgence, omission or otherwise be deemed to have waived any
 right or remedy hereunder or to have acquiesced in any default under the
 Transaction Documents or Event of Default. No failure to exercise, nor any
 delay in exercising, on the part of the Secured Parties, any right, power or
 privilege hereunder shall operate as a waiver thereof. No single or partial exercise
 of any right, power or privilege hereunder shall preclude any other or
 further exercise thereof or the exercise of any other right, power or
 privilege. A waiver by the 

8

Secured
Parties of any right or remedy hereunder on any one occasion shall not be
construed as a bar to any right or remedy which the Secured Parties would
otherwise have on any future occasion. The rights and remedies herein provided
are cumulative, may be exercised singly or concurrently and are not exclusive
of any other rights or remedies provided by law. 

	
 

	
 

	
 

	
 

	
(d)

	
       Enforcement
 Expenses; Indemnification. 

	
 

	
 

	
 

	
 

	
                (i)          Each
 Guarantor agrees to pay, or reimburse the Secured Parties for, all its costs
 and expenses incurred in collecting against such Guarantor under the
 guarantee contained in Section 2 or otherwise enforcing or preserving any
 rights under this Guarantee and the other Transaction Documents to which such
 Guarantor is a party, including, without limitation, the reasonable fees and
 disbursements of counsel to the Secured Parties. But in no event shall the
 Guarantors collectively by liable for more than the aforementioned costs and
 expenses. 

	
 

	
 

	
 

	
 

	
                (ii)         Each
 Guarantor agrees to pay, and to save the Secured Parties harmless from, any
 and all liabilities with respect to, or resulting from any delay in paying,
 any and all stamp, excise, sales or other taxes which may be payable or
 determined to be payable in connection with any of the transactions
 contemplated by this Guarantee. 

	
 

	
 

	
 

	
 

	
                (iii)        Each
 Guarantor agrees to pay, and to save the Secured Parties harmless from, any
 and all liabilities, obligations, losses, damages, penalties, actions,
 judgments, suits, costs, expenses or disbursements of any kind or nature
 whatsoever with respect to the execution, delivery, enforcement, performance
 and administration of this Guarantee to the extent the Company would be
 required to do so pursuant to the Security Agreement. 

	
 

	
 

	
 

	
 

	
                (iv)        The
 agreements in this Section shall survive repayment of the Obligations and all
 other amounts payable under the Security Agreement and the other Transaction
 Documents. 

          (e)          
Successor and Assigns. This Guarantee shall be binding upon the
successors and assigns of each Guarantor and shall inure to the benefit of the
Secured Parties and their respective successors and assigns; provided that no
Guarantor may assign, transfer or delegate any of its rights or obligations
under this Guarantee without the prior written consent of the Secured Parties. 

          (f)           Set-Off.
Each Guarantor hereby irrevocably authorizes the Secured Parties at any time
and from time to time while an Event of Default under any of the Transaction
Documents shall have occurred and be continuing, upon three (3) days prior
written notice, to set-off and appropriate and apply any and all deposits,
credits, indebtedness or claims, in any currency, in each case whether 

9

direct or
indirect, absolute or contingent, matured or unmatured, at any time held or
owing by the Secured Parties to or for the credit or the account of such
Guarantor, or any part thereof in such amounts as the Secured Parties may
elect, against and on account of the obligations and liabilities of such
Guarantor to the Secured Parties hereunder and claims of every nature and
description of the Secured Parties against such Guarantor, in any currency,
whether arising hereunder, under the Security Agreement, any other Transaction
Document or otherwise, as the Secured Parties may elect, whether or not the
Secured Parties have made any demand for payment and although such obligations,
liabilities and claims may be contingent or unmatured. The Secured Parties
shall notify such Guarantor promptly of any such set-off and the application
made by the Secured Parties of the proceeds thereof. The rights of the Secured
Parties under this Section are in addition to other rights and remedies
(including, without limitation, other rights of set-off) which the Secured
Parties may have. 

          (g)          Counterparts.
This Guarantee may be executed by one or more of the parties to this Guarantee
on any number of separate counterparts (including by telecopy), and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument. 

          (h)          Severability.
Any provision of this Guarantee which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. 

          (i)          Section
Headings. The Section headings used in this Guarantee are for convenience
of reference only and are not to affect the construction hereof or be taken
into consideration in the interpretation hereof. 

          (j)          Integration.
This Guarantee and the other Transaction Documents represent the agreement of
the Guarantors and the Secured Parties with respect to the subject matter
hereof and thereof, and there are no promises, undertakings, representations or
warranties by the Secured Parties relative to subject matter hereof and thereof
not expressly set forth or referred to herein or in the other Transaction
Documents. 

          (k)          Governing
Law. THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY
PRINCIPLES OF CONFLICTS OF LAWS. 

          (l)          Submission
to Jurisdictional; Waiver. Each Guarantor hereby irrevocably and
unconditionally: 

10

          (i)          submits
for itself and its property in any legal action or proceeding relating to this
Guarantee and the other Transaction Documents to which it is a party, or for
recognition and enforcement of any judgment in respect thereof, to the
non-exclusive general jurisdiction of the Courts of the State of New York, located
in New York County, New York, the courts of the United States of America for
the Southern District of New York, and appellate courts from any thereof; 

          (ii)          consents
that any such action or proceeding may be brought in such courts and waives any
objection that it may now or hereafter have to the venue of any such action or
proceeding in any such court or that such action or proceeding was brought in
an inconvenient court and agrees not to plead or claim the same; 

          (iii)          agrees
that service of process in any such action or proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to such Guarantor at its address
referred to in the Security Agreement or at such other address of which the
Secured Parties shall have been notified pursuant thereto; 

          (iv)          agrees
that nothing herein shall affect the right to effect service of process in any
other manner permitted by law or shall limit the right to sue in any other
jurisdiction; and 

          (v)          waives,
to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section any
special, exemplary, punitive or consequential damages. 

(m)    Acknowledgements.
Each Guarantor hereby acknowledges that: 

	
 

	
 

	
 

	
 

	
          (i)          it
 has been advised by counsel in the negotiation, execution and delivery of
 this Guarantee and the other Transaction Documents to which it is a party; 

	
 

	
 

	
 

	
 

	
          (ii)          no
 joint venture is created hereby or by the other Transaction Documents or
 otherwise exists by virtue of the transactions contemplated hereby among the
 Guarantors and the Secured Parties. 

          (n)   Additional
Guarantors. The Company shall cause each of its subsidiaries formed or
acquired on or subsequent to the date hereof to become a Guarantor for all
purposes of this Guarantee by executing and delivering an Assumption Agreement
in the form of Annex 1 hereto. 

11

          (o)          Release
of Guarantors. Subject to Section 2, each Guarantor will be released from
all liability hereunder concurrently with the repayment by cash payment or
delivery of securities in lieu of or in addition to cash, as more fully set
forth in the Security Agreement, in full of all amounts owed under the Security
Agreement, the Notes and the other Transaction Documents. 

          (p)          Waiver
of Jury Trial. EACH GUARANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF,
THE SECURED PARTIES, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY
IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND FOR ANY
COUNTERCLAIM THEREIN. 

****************

12

          IN WITNESS WHEREOF, each of the
undersigned has caused this Guarantee to be duly executed and delivered as of
the date first above written. 

	
 

	
 

	
 

	
 

	
 

	
KEYON COMMUNICAIONS HOLDINGS, INC., a
 Delaware corporation

	
 

	
By:

	
 

	

	
        Name:

	
 

	
        Title:

	
 

	
 

	
 

	
 

	
 

	
KeyOn
 Communications, Inc.

	
By:

	
, its

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
KeyOn
 Communications, LLC

	
 

	
By:

	
, its

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
KeyOn
 Pahrump, LLC

	
 

	
By:

	
, its

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
KeyOn Idaho
 Falls, LLC

	
 

	
By:

	
 

	
, its

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
KeyOn Grand
 Junction, LLC

	
 

	
By:

	
 

	
, its

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
KeyOn
 Pocatello, LLC

	
By:

	
 

	
, its

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
KeyOn Siris,
 LLC

	
 

	
By:

	
 

	
, its

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
KeyOn
 SpeedNet, LLC

	
 

	
By:

	
 

	
, its

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
KeyOn
 Spectrum Holdings, LLC

	
 

	
By:

	
 

	
, its

	
 

	
 

	

	
 

	

13

SCHEDULE 1

GUARANTORS

          The
following are the names, notice addresses and jurisdiction of organization of
each Guarantor.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
JURISDICTION OF

 INCORPORATION

	
 

	
COMPANY

 OWNED BY

 PERCENTAGE

	
 

	
 

	
 

	

	
 

	

	
 

	
KeyOn Communications, Inc.,

	
 

	
 

	
Nevada

	
 

	
100

	
%

	
 

	
KeyOn
 Communications, LLC

	
 

	
 

	
Nevada

	
 

	
100

	
%

	
 

	
KeyOn
 Pahrump, LLC

	
 

	
 

	
Nevada

	
 

	
100

	
%

	
 

	
KeyOn Idaho
 Falls, LLC

	
 

	
 

	
Nevada

	
 

	
100

	
%

	
 

	
KeyOn Grand
 Junction, LLC

	
 

	
 

	
Nevada

	
 

	
100

	
%

	
 

	
KeyOn
 Pocatello, LLC

	
 

	
 

	
Nevada

	
 

	
100

	
%

	
 

	
KeyOn Siris,
 LLC

	
 

	
 

	
Nevada

	
 

	
100

	
%

	
 

	
KeyOn
 SpeedNet, LLC

	
 

	
 

	
Nevada

	
 

	
100

	
%

	
 

	
KeyOn
 Spectrum Holdings, LLC

	
 

	
 

	
Nevada

	
 

	
100

	
%

	
 

14

Annex 1 to

SUBSIDIARY GUARANTEE

ASSUMPTION AGREEMENT, dated as of ____ __, ______ made by
______________________________, a ______________ corporation (the “Additional
Guarantor”), in favor of the Secured Parties pursuant to the Security
Agreement referred to below. All capitalized terms not defined herein shall
have the meaning ascribed to them in such Security Agreement. 

W I T N E S S E T H :

          WHEREAS,
[COMPANY], a [___________ corporation (the “Company”) and the Secured
Parties have entered into a Loan and Security Agreement, dated as of [________
___, 2008 (as amended, supplemented or otherwise modified from time to time,
the “Security Agreement”); 

          WHEREAS, in
connection with the Security Agreement, the Company and its Subsidiaries (other
than the Additional Guarantor) have entered into the Subsidiary Guarantee,
dated as of [______________ ____, 2008 (as amended, supplemented or otherwise
modified from time to time, the “Guarantee”) in favor of the Secured
Parties; 

          WHEREAS,
the Security Agreement requires the Additional Guarantor to become a party to
the Guarantee; and

          WHEREAS,
the Additional Guarantor has agreed to execute and deliver this Assumption
Agreement in order to become a party to the Guarantee;

NOW, THEREFORE, IT IS AGREED:

          1.          Guarantee.
By executing and delivering this Assumption Agreement, the Additional
Guarantor, as provided in Section 5(n) of the Guarantee, hereby becomes a party
to the Guarantee as a Guarantor thereunder with the same force and effect as if
originally named therein as a Guarantor and, without limiting the generality of
the foregoing, hereby expressly assumes all obligations and liabilities of a
Guarantor thereunder. The information set forth in this Annex 1 hereto is hereby
added to the information set forth in Schedule 1 to the Guarantee. The
Additional Guarantor hereby represents and warrants that each of the
representations and warranties contained in Section 3 of the Guarantee is true
and correct on and as the date hereof as to such Additional Guarantor (after
giving effect to this Assumption Agreement) as if made on and as of such date.

          2.          Governing
Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

15

          IN WITNESS
WHEREOF, the undersigned has caused this Assumption Agreement to be duly
executed and delivered as of the date first above written.

	
 

	
 

	
 

	
 

	
[ADDITIONALGUARANTOR]

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
Name:

	
 

	
Title:

16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]