Document:

EXHIBIT 10.1

               SECOND AMENDMENT TO OFFICE BUILDING LEASE AGREEMENT

                                    RECITALS

A.    HEALTHRENU MEDICAL, INC. ("Tenant") and DENMARK HOUSE INVESTMENT,  LTD., A
      TEXAS LIMITED PARTNERSHIP,  ("Landlord"),  entered into that certain Lease
      Agreement  effective  as of  the  30th  day of  June  2004  ("Lease")  and
      Amendment to Office Building Lease  Agreement  effective as of the 1st day
      of January 2006, in regard to the leasing of that certain space containing
      approximately  2,478 square feet, (the  "Premises") at the office building
      located at 12777 Jones Road, Houston, Texas 77070 (the "Project").

B.    Tenant  and  Landlord  desire to amend  certain  provisions  of the Lease,
      effective as of the 1st day of May 2006 (the "Effective Date");

NOW  THEREFORE,  for  good,  valuable  and  sufficient  consideration  received,
Landlord and Tenant hereby agree as follows:

                                    AGREEMENT

1.    On the  Effective  Date,  the Leased  Premises  shall be  decreased by 786
      non-contiguous   square  feet  of  Non  Rentable  Area  ("Decreased  Lease
      Premises"), as outlined on the attached Exhibit "A-2".

2.    On the Effective  Date, the Base Rent shall decrease to Two Thousand Three
      Hundred  Sixty-two and 50/100  Dollars  ($2,362.50)  per month through the
      31st day of January 2007. Effective the 1st day of February 2007, the Base
      Rent shall increase to Two Thousand Three Hundred  Ninety-seven and 00/100
      Dollars  ($2,397.00)  per month through the 31st day of February 2008, the
      Base Rent shall  increase to Two  Thousand  Four Hundred  Sixty-seven  and
      50/100 Dollars ($2,467.50) per month through the 31st day January 2009.

3.    Tenant shall  reimburse  Landlord for all costs  associated with the early
      termination  ("Termination Fee"). The total sum of the Termination Fee due
      from Tenant to Landlord is One Thousand  Eight  Hundred  Twelve and 57/100
      Dollars ($1,812.57).  This amount represents the unamortized leasing costs
      associated with the original leasing of the Decreased Leased Premises,  as
      defined in the First  Amendment to Office  Building Lease  Agreement and a
      termination  penalty charge.  These costs are Seven Hundred Thirty-one and
      84/100  Dollars  ($731.84)  and One  Thousand  Eighty and  75/100  Dollars
      ($1,080.75)  respectively.  Landlord agrees to deduct the Security Deposit
      on file from the  Termination  Fee,  reducing the  Termination  Fee due to
      Seven Hundred Thirty-one and 84/100 Dollars  ($731.84).  Tenant must remit
      payment of the  Termination  Fee to  Landlord  on or before the 5th day of
      May, 2006.

Except as  expressly  amended  herein,  the Lease  shall  control  the terms and
provisions  pertaining to the Lease and no modifications,  changes or amendments
in regard to the Lease other than expressly provided for herein are intended.

                                       37
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                                                          EXHIBIT 10.1 CONTINUED

Dated as of the 13th day of April, 2006.

TENANT:                    HEALTHRENU MEDICAL, INC.

                           /S/ Robert W Prokos /S/
                           -------------------------
                           ROBERT W PROKOS, PRESIDENT

LANDLORD:                  DENMARK HOUSE INVESTMENT, LTD.
                           A TEXAS LIMITED PARTNERSHIP

                           By: Denmark House Management LLC.
                               A Texas limited liability company

                            /S/ Mark Winkleman /S/
                           ------------------------
                           Mark Winkleman, Manager

                                       38
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                                                                     EXHIBIT A-2

                       [GRAPHIC OMITTED][GRAPHIC OMITTED]

                                       39NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE
HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY.

Original Issue Date: September ___, 2006
Original Conversion Price (subject to adjustment herein): $0.___

                                                                    $___________

                            6% CONVERTIBLE DEBENTURE
                             DUE SEPTEMBER ___, 2009

      THIS DEBENTURE is one of a series of duly authorized and issued 6%
Convertible Debentures of Preferred Voice, Inc., a Delaware corporation, having
a principal place of business at 6500 Greenville, Suite 570, Dallas, Texas 75206
(the "Company"), designated as its 6% Convertible Debenture, due September ___,
2009 (the "Debenture(s)").

      FOR VALUE RECEIVED, the Company promises to pay to_____________________ or
its registered assigns (the "Holder"), the principal sum of $_______________ on
September ___, 2009 or such earlier date as the Debentures are required or
permitted to be repaid as provided hereunder (the "Maturity Date"), and to pay
interest to the Holder on the aggregate unconverted and then outstanding
principal amount of this Debenture in accordance with the provisions hereof.
This Debenture is subject to the following additional provisions:

      Section 1. Definitions. For the purposes hereof, in addition to the terms
defined elsewhere in this Debenture: (a) capitalized terms not otherwise defined
herein have the meanings given to such terms in the Subscription Agreement, and
(b) the following terms shall have the following meanings:

            "Alternate Consideration" shall have the meaning set forth in
      Section 5(d).

            "Business Day" means any day except Saturday, Sunday and any day
      which shall be a federal legal holiday in the United States or a day on
      which banking institutions in the State of Texas are authorized or
      required by law or other government action to close.

<PAGE>

            "Closing Price" means, for any date, the price determined by the
      first of the following clauses that applies: (a) if the Common Stock is
      then listed or quoted on a Trading Market, the closing bid price of the
      Common Stock for such date (or the nearest preceding date) on the Trading
      Market on which the Common Stock is then listed or quoted as reported by
      Bloomberg Financial L.P. (based on a Business Day from 9:30 a.m. Eastern
      Time to 4:02 p.m. Eastern Time); (b) if the Common Stock is not then
      listed or quoted on a Trading Market and if prices for the Common Stock
      are then reported in the "Pink Sheets" published by the Pink Sheets, LLC
      (or a similar organization or agency succeeding to its functions of
      reporting prices), the most recent bid price per share of the Common Stock
      so reported; or (c) in all other cases, the fair market value of a share
      of Common Stock as determined by an independent appraiser selected in good
      faith by the Holders and reasonably acceptable to the Company.

            "Common Stock" means the common stock, no par value per share, of
      the Company and stock of any other class into which such shares may
      hereafter have been reclassified or changed.

            "Conversion Date" shall have the meaning set forth in Section 4(a).

            "Conversion Price" shall have the meaning set forth in Section 4(b).

            "Conversion Shares" means the shares of Common Stock issuable upon
      conversion of Debentures.

            "Debenture Register" shall have the meaning set forth in Section
      2(b).

            "Demand Registration Statement" means a registration statement
      meeting the requirements set forth in the Subscription Agreement, covering
      among other things the resale of the Conversion Shares and naming the
      Holder as a "selling stockholder" thereunder.

            "Event of Default" shall have the meaning set forth in Section 6.

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

            "Fundamental Transaction" shall have the meaning set forth in
      Section 5(d).

            "Interest Payment Date" shall have the meaning set forth in Section
      2(a).

            "Late Fees" shall have the meaning set forth in Section 2(c).

            "New York Courts" shall have the meaning set forth in Section 7(d).

            "Notice of Conversion" shall have the meaning set forth in Section
      4(a).

<PAGE>

            "Original Issue Date" shall mean the date of the first issuance of
      the Debentures regardless of the number of transfers of any Debenture and
      regardless of the number of instruments which may be issued to evidence
      such Debenture.

            "Person" means a corporation, an association, a partnership,
      organization, a business, an individual, a government or political
      subdivision thereof or a governmental agency.

            "Subscription Agreement" means the Subscription Agreement, dated as
      of September ___, 2006, to which the Company and the original Holder are
      parties, as amended, modified or supplemented from time to time in
      accordance with its terms.

            "Securities Act" means the Securities Act of 1933, as amended, and
      the rules and regulations promulgated thereunder.

            "Shareholder Approval" shall mean such approvals as may be required
      by applicable rules and regulations from the shareholders of the Company.

            "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 Nasdaq SmallCap Market, the American Stock Exchange, the New York
      Stock Exchange, the Nasdaq National Market or the OTC Bulletin Board.

            "Transaction Documents" shall mean the Subscription Agreement, the
      Debentures, the Warrants and any other documents or agreements executed in
      connection with the transactions contemplated hereunder.

      Section 2. Interest.

            a) Payment of Interest in Cash or Kind. The Company shall pay
      interest to the Holder on the aggregate unconverted and then outstanding
      principal amount of this Debenture at the rate of 6% per annum, payable
      annually, in arrears, beginning on September _______, 2007 and on each
      Conversion Date (as to that principal amount then being converted) and on
      the Maturity Date (except that, if any such date is not a Business Day,
      then such payment shall be due on the next succeeding Business Day) (each
      such date, an "Interest Payment Date"), in cash or shares of Common Stock
      at the Interest Conversion Rate, or a combination thereof; provided,
      however, payment in shares of Common Stock may only occur if (i) the
      Company shall have given the Holder notice in accordance with the notice
      requirements set forth below and (ii) the Interest Conversion Rate is
      equal to or exceeds $.07(1), subject to adjustment for reverse and forward
      stock splits, stock dividends, stock combinations and other similar
      transactions of the Common Stock that occur after the date of the
      Subscription Agreement.

<PAGE>

            b) Company's Election to Pay Interest in Kind. Subject to the terms
      and conditions herein, the decision whether to pay interest hereunder in
      shares of Common Stock or cash shall be at the discretion of the Company.
      Not less than 20 Trading Days prior to each Interest Payment Date, the
      Company shall provide the Holder with written notice of its election to
      pay interest hereunder either in cash or shares of Common Stock (the
      Company may indicate in such notice that the election contained in such
      notice shall continue for later periods until revised). Within 20 Trading
      Days prior to an Interest Payment Date, the Company's election (whether
      specific to an Interest Payment Date or continuous) shall be irrevocable
      as to such Interest Payment Date. Subject to the aforementioned
      conditions, failure to timely provide such written notice shall be deemed
      an election by the Company to pay the interest on such Interest Payment
      Date in cash.

            c) Interest Calculations. Interest shall be calculated on the basis
      of a 360-day year and shall accrue daily commencing on the Original Issue
      Date until payment in full of the principal sum, together with all accrued
      and unpaid interest and other amounts which may become due hereunder, has
      been made. Payment of interest in shares of Common Stock shall otherwise
      occur pursuant to Section 4(c)(ii) and only for purposes of the payment of
      interest in shares, the Interest Payment Date shall be deemed the
      Conversion Date. Interest shall cease to accrue with respect to any
      principal amount converted, provided that the Company in fact delivers the
      Conversion Shares within the time period required by Section 4(c)(ii).
      Interest hereunder will be paid to the Person in whose name this Debenture
      is registered on the records of the Company regarding registration and
      transfers of Debentures (the "Debenture Register"). Except as otherwise
      provided herein, if at any time the Company pays interest partially in
      cash and partially in shares of Common Stock, then such payment shall be
      distributed ratably among the Holders based upon the principal amount of
      Debentures held by each Holder.

            d) Late Fee. All overdue accrued and unpaid interest to be paid
      hereunder shall entail a late fee at the rate of 15% per annum (or such
      lower maximum amount of interest permitted to be charged under applicable
      law) ("Late Fees") which will accrue daily, from the date such interest is
      due hereunder through and including the date of payment.

            e) Prepayment. Except as otherwise set forth in this Debenture, the
      Company may prepay any portion of the principal amount of this Debenture
      with ten days written notice to the Holder.

      Section 3. Registration of Transfers and Exchanges.

            a) Different Denominations. This Debenture is exchangeable for an
      equal aggregate principal amount of Debentures of different authorized
      denominations, as requested by the Holder surrendering the same. No
      service charge will be made for such registration of transfer or exchange.

            b) Investment Representations. This Debenture has been issued
      subject to certain investment representations of the original Holder set
      forth in the Subscription Agreement and may be transferred or exchanged
      only in compliance with the Subscription Agreement and applicable federal
      and state securities laws and regulations.

<PAGE>

            c) Reliance on Debenture Register. Prior to due presentment to the
      Company for transfer of this Debenture, the Company and any agent of the
      Company may treat the Person in whose name this Debenture is duly
      registered on the Debenture Register as the owner hereof for the purpose
      of receiving payment as herein provided and for all other purposes,
      whether or not this Debenture is overdue, and neither the Company nor any
      such agent shall be affected by notice to the contrary.

      Section 4. Conversion.

            a) Conversion Options.

                  i. By the Holder. At any time after the Original Issue Date
            until this Debenture is no longer outstanding, this Debenture shall
            be convertible into shares of Common Stock at the option of the
            Holder, in whole or in part at any time and from time to time
            (subject to the limitations on conversion set forth in Section 4(c)
            hereof). The Holder shall effect conversions by delivering to the
            Company the form of Notice of Conversion attached hereto as Annex A
            (a "Notice of Conversion"), specifying therein the principal amount
            of Debentures to be converted and the date on which such conversion
            is to be effected (a "Conversion Date"). If no Conversion Date is
            specified in a Notice of Conversion, the Conversion Date shall be
            the date that such Notice of Conversion is provided hereunder. To
            effect conversions hereunder, the Holder shall not be required to
            physically surrender Debentures to the Company unless the entire
            principal amount of this Debenture has been converted plus all
            accrued and unpaid interest thereon has been paid. Conversions
            hereunder shall have the effect of lowering the outstanding
            principal amount of this Debenture in an amount equal to the
            applicable conversion. The Holder and the Company shall maintain
            records showing the principal amount converted and the date of such
            conversions. The Company shall deliver any objection to any Notice
            of Conversion within 1 Business Day of receipt of such notice. In
            the event of any dispute or discrepancy, the records of the Holder
            shall be controlling and determinative in the absence of manifest
            error. The Holder and any assignee, by acceptance of this Debenture,
            acknowledge and agree that, by reason of the provisions of this
            paragraph, following conversion of a portion of this Debenture, the
            unpaid and unconverted principal amount of this Debenture may be
            less than the amount stated on the face hereof.

                  ii. By the Company. Upon the execution of a Fundamental
            Transaction as described in Section 5(d) of this Debenture, the
            Company may force conversion of the Debenture. The Company shall
            effect conversion by delivering to the Holder written notice of the
            Fundamental Transaction, specifying therein the then outstanding
            amount of the Debenture to be converted and the Conversion Date.
            Upon delivery of the Conversion Shares, the Holder shall return the
            Debenture marked "Paid in Full".

<PAGE>

            b) Conversion Price. The conversion price in effect on any
      Conversion Date shall be equal to $0.07 (subject to adjustment herein)(the
      "Conversion Price").

            c) Mechanics of Conversion.

                  i. Conversion Shares Issuable Upon Conversion of Principal
            Amount. The number of shares of Common Stock issuable upon a
            conversion hereunder shall be determined by the quotient obtained by
            dividing (x) the outstanding principal amount of this Debenture to
            be converted by (y) the Conversion Price.

                  ii. Delivery of Certificate Upon Conversion. Not later than
            five Business Days after any Conversion Date, the Company will
            deliver to the Holder (A) a certificate or certificates representing
            the Conversion Shares which shall have a restrictive legends and
            trading restrictions (unless the Demand Registration Statement has
            been filed) representing the number of shares of Common Stock being
            acquired upon the conversion of Debentures and (including, if so
            timely elected by the Company, shares of Common Stock representing
            the payment of accrued interest) and (B) a bank check in the amount
            of accrued and unpaid interest (if the Company is required to pay
            accrued interest in cash).

                  iii. Failure to Deliver Certificates. If in the case of any
            Notice of Conversion such certificate or certificates are not
            delivered to or as directed by the applicable Holder by the fifth
            Business Day after a Conversion Date, the Holder shall be entitled
            by written notice to the Company at any time on or before the
            Holder's receipt of such certificate or certificates thereafter, to
            rescind such conversion, in which event the Company shall
            immediately return the certificates representing the principal
            amount of Debentures tendered for conversion.

                  iv. Obligation Absolute; Partial Liquidated Damages. If the
            Company fails for any reason to deliver to the Holder such
            certificate or certificates pursuant to Section 4(d)(ii) by the
            fifth Business Day after the Conversion Date, the Company shall pay
            to such Holder, in cash, as liquidated damages and not as a penalty,
            for each $2,000 of principal amount being converted, $10 per
            Business Day (increasing to $20 per Business Day after 5 Business
            Days after such damages begin to accrue) for each Business Day after
            such fifth Business Day until such certificates are delivered;
            provided, however, the Company shall use best efforts to remedy or
            overcome such failures as promptly as possible. The Company's
            obligations to issue and deliver the Conversion Shares upon
            conversion of this Debenture in accordance with the terms hereof are
            absolute and unconditional, irrespective of any action or inaction
            by the Holder to enforce the same, any waiver or consent with
            respect to any provision hereof, the recovery of any judgment
            against any Person or any action to enforce the same, or any setoff,
            counterclaim, recoupment, limitation or termination, or any breach
            or alleged breach by the Holder or any other Person of any
            obligation to the Company or any violation or alleged violation of
            law by the Holder or any other person, and irrespective of any other
            circumstance which might otherwise limit such obligation of the
            Company to the Holder in connection with the issuance of such
            Conversion Shares; provided, however, such delivery shall not
            operate as a waiver by the Company of any such action the Company
            may have against the Holder. In the event a Holder of this Debenture
            shall elect to convert any or all of the outstanding principal
            amount hereof, the Company may not refuse conversion based on any
            claim that the Holder or any one associated or affiliated with the
            Holder of has been engaged in any violation of law, agreement or for
            any other reason, unless, an injunction from a court, on notice,
            restraining and or enjoining conversion of all or part of this
            Debenture shall have been sought and obtained and the Company posts
            a surety bond for the benefit of the Holder in the amount of 150% of
            the principal amount of this Debenture outstanding, which is subject
            to the injunction, which bond shall remain in effect until the
            completion of arbitration/litigation of the dispute and the proceeds
            of which shall be payable to such Holder to the extent it obtains
            judgment. In the absence of an injunction precluding the same, the
            Company shall issue Conversion Shares or, if applicable, cash, upon
            a properly noticed conversion. Nothing herein shall limit a Holder's
            right to pursue actual damages or declare an Event of Default
            pursuant to Section 8 herein for the Company's failure to deliver
            Conversion Shares within the period specified herein and such Holder
            shall have the right to pursue all remedies available to it at law
            or in equity including, without limitation, a decree of specific
            performance and/or injunctive relief. The exercise of any such
            rights shall not prohibit the Holders from seeking to enforce
            damages pursuant to any other Section hereof or under applicable
            law.

<PAGE>

                  v. Reservation of Shares Issuable Upon Conversion. The Company
            covenants that it will at all times reserve and keep available out
            of its authorized and unissued shares of Common Stock solely for the
            purpose of issuance upon conversion of the Debentures as herein
            provided, free from preemptive rights or any other actual contingent
            purchase rights of persons other than the Holders, not less than
            such number of shares of the Common Stock as shall (subject to any
            additional requirements of the Company as to reservation of such
            shares set forth in the Subscription Agreement) be issuable (taking
            into account the adjustments and restrictions of Section 5 upon the
            conversion of the outstanding principal amount of the Debentures.
            The Company covenants that all shares of Common Stock that shall be
            so issuable shall, upon issue, be duly and validly authorized,
            issued and fully paid, nonassessable and, if the Demand Registration
            Statement is then effective under the Securities Act, registered for
            public sale in accordance with such Demand Registration Statement.

                  vi. Fractional Shares. Upon a conversion hereunder the Company
            shall not be required to issue stock certificates representing
            fractions of shares of the Common Stock, but may if otherwise
            permitted, make a cash payment in respect of any final fraction of a
            share based on the Closing Price at such time. If the Company elects
            not, or is unable, to make such a cash payment, the Holder shall be
            entitled to receive, in lieu of the final fraction of a share, one
            whole share of Common Stock.

<PAGE>

                  vii. Transfer Taxes. The issuance of certificates for shares
            of the Common Stock on conversion of the Debentures shall be made
            without charge to the Holders thereof for any documentary stamp or
            similar taxes that may be payable in respect of the issue or
            delivery of such certificate, provided that the Company shall not be
            required to pay any tax that may be payable in respect of any
            transfer involved in the issuance and delivery of any such
            certificate upon conversion in a name other than that of the Holder
            of such Debentures so converted and the Company shall not be
            required to issue or deliver such certificates unless or until the
            person or persons requesting the issuance thereof shall have paid to
            the Company the amount of such tax or shall have established to the
            satisfaction of the Company that such tax has been paid.

      Section 5. Certain Adjustments.

            a) Stock Dividends and Stock Splits. If the Company, at any time
      while the Debentures are outstanding: (A) shall pay a stock dividend or
      otherwise make a distribution or distributions on shares of its Common
      Stock or any other equity or equity equivalent securities payable in
      shares of Common Stock (which, for avoidance of doubt, shall not include
      any shares of Common Stock issued by the Company pursuant to this
      Debenture), (B) subdivide outstanding shares of Common Stock into a larger
      number of shares, (C) combine (including by way of reverse stock split)
      outstanding shares of Common Stock into a smaller number of shares, or (D)
      issue by reclassification of shares of the Common Stock any shares of
      capital stock of the Company, then the Conversion Price shall be
      multiplied by a fraction of which the numerator shall be the number of
      shares of Common Stock (excluding treasury shares, if any) outstanding
      before such event and of which the denominator shall be the number of
      shares of Common Stock outstanding after such event. Any adjustment made
      pursuant to this Section shall become effective immediately after the
      record date for the determination of stockholders entitled to receive such
      dividend or distribution and shall become effective immediately after the
      effective date in the case of a subdivision, combination or
      re-classification.

            b) Most Favored Nation Provision. All other provisions hereof
      notwithstanding, if at any time immediately following the date hereof
      until the Maturity Date, the Company issues (enters into a binding
      contract to issue) any shares (the "Additional Shares") of the Company's
      Common Stock or Common Stock equivalents including indebtedness
      convertible into Common Stock or preferred stock convertible into Common
      Stock or warrants exercisable for Common Stock (the "Common Stock
      Equivalents"), to any third party (a "Third Party") for a price per share
      (the "Third Party Price Per Share"), which in the case of Common Stock
      Equivalents shall be the applicable conversion ratio or exercise price,
      that is less than the Conversion Price per share designated in Section
      4(b) (as adjusted for stock splits, stock dividends, recapitalizations and
      other adjustments to the Company's Common Stock as a whole) then, promptly
      after issuance of the Additional Shares or Common Stock Equivalents, the
      Company shall issue to the Holder (without payment of additional
      consideration by the Holder) that number of additional shares of the
      Company's Common Stock equal to the difference between (a) the total
      consideration paid by the Holder pursuant hereto divided by the Third
      Party Price Per Share and (b) the number of shares issued to the Holder
      pursuant hereto if the Holder has already converted the Debenture into
      Common Stock or shall adjust the Conversion Price per share designated in
      Section 4(b) to equal the Third Party Price Per Share. This provision
      shall not apply to issuances pursuant to currently outstanding options,
      rights and/or warrants. The delivery to the Holder of the additional
      shares of Common Stock shall be not later than the closing date of the
      transaction giving rise to the requirement to issue additional shares of
      Common Stock.

<PAGE>

            c) Pro Rata Distributions. If the Company, at any time while
      Debentures are outstanding, shall distribute to all holders of Common
      Stock (and not to Holders) evidences of its indebtedness or assets or
      rights or warrants to subscribe for or purchase any security, then in each
      such case the Conversion Price shall be determined by multiplying such
      Conversion Price in effect immediately prior to the record date fixed for
      determination of stockholders entitled to receive such distribution by a
      fraction of which the denominator shall be the Closing Price determined as
      of the record date mentioned above, and of which the numerator shall be
      such Closing Price on such record date less the then fair market value at
      such record date of the portion of such assets or evidence of indebtedness
      so distributed applicable to one outstanding share of the Common Stock as
      determined by the Board of Directors in good faith. In either case the
      adjustments shall be described in a statement provided to the Holders of
      the portion of assets or evidences of indebtedness so distributed or such
      subscription rights applicable to one share of Common Stock. Such
      adjustment shall be made whenever any such distribution is made and shall
      become effective immediately after the record date mentioned above.

            d) Fundamental Transaction. If, at any time while this Debenture is
      outstanding, (A) the Company effects any merger or consolidation of the
      Company with or into another Person, (B) the Company effects any sale of
      all or substantially all of its assets in one or a series of related
      transactions, (C) any tender offer or exchange offer (whether by the
      Company or another Person) is completed pursuant to which holders of
      Common Stock are permitted to tender or exchange their shares for other
      securities, cash or property, or (D) the Company effects any
      reclassification of the Common Stock or any compulsory share exchange
      pursuant to which the Common Stock is effectively converted into or
      exchanged for other securities, cash or property (in any such case, a
      "Fundamental Transaction"), then upon any subsequent conversion of this
      Debenture, the Holder shall have the right to receive, for each Conversion
      Share that would have been issuable upon such conversion absent such
      Fundamental Transaction, the same kind and amount of securities, cash or
      property as it would have been entitled to receive upon the occurrence of
      such Fundamental Transaction if it had been, immediately prior to such
      Fundamental Transaction, the holder of one share of Common Stock (the
      "Alternate Consideration"). For purposes of any such conversion, the
      determination of the Conversion Price shall be appropriately adjusted to
      apply to such Alternate Consideration based on the amount of Alternate
      Consideration issuable in respect of one share of Common Stock in such
      Fundamental Transaction, and the Company shall apportion the Conversion
      Price among the Alternate Consideration in a reasonable manner reflecting
      the relative value of any different components of the Alternate
      Consideration. If holders of Common Stock are given any choice as to the
      securities, cash or property to be received in a Fundamental Transaction,
      then the Holder shall be given the same choice as to the Alternate
      Consideration it receives upon any conversion of this Debenture following
      such Fundamental Transaction. To the extent necessary to effectuate the
      foregoing provisions, any successor to the Company or surviving entity in
      such Fundamental Transaction shall issue to the Holder a new debenture
      consistent with the foregoing provisions and evidencing the Holder's right
      to convert such debenture into Alternate Consideration. The terms of any
      agreement pursuant to which a Fundamental Transaction is effected shall
      include terms requiring any such successor or surviving entity to comply
      with the provisions of this paragraph (c) and insuring that this Debenture
      (or any such replacement security) will be similarly adjusted upon any
      subsequent transaction analogous to a Fundamental Transaction.

<PAGE>

            e) Calculations. All calculations under this Section 5 shall be made
      to the nearest cent or the nearest 1/100th of a share, as the case may be.
      The number of shares of Common Stock outstanding at any given time shall
      not includes shares of Common Stock owned or held by or for the account of
      the Company, and the description of any such shares of Common Stock shall
      be considered on issue or sale of Common Stock. For purposes of this
      Section 5, the number of shares of Common Stock deemed to be issued and
      outstanding as of a given date shall be the sum of the number of shares of
      Common Stock (excluding treasury shares, if any) issued and outstanding.

            f) Notice to Holders.

                  i. Adjustment to Conversion Price. Whenever the Conversion
            Price is adjusted pursuant to any of this Section 5, the Company
            shall promptly mail to each Holder a notice setting forth the
            Conversion Price after such adjustment and setting forth a brief
            statement of the facts requiring such adjustment.

                  ii. Notice to Allow Conversion by Holder. If (A) the Company
            shall declare a dividend (or any other distribution) on the Common
            Stock; (B) the Company shall declare a special nonrecurring cash
            dividend on or a redemption of the Common Stock; (C) the Company
            shall authorize the granting to all holders of the Common Stock
            rights or warrants to subscribe for or purchase any shares of
            capital stock of any class or of any rights; (D) the approval of any
            stockholders of the Company shall be required in connection with any
            reclassification of the Common Stock, any consolidation or merger to
            which the Company is a party, any sale or transfer of all or
            substantially all of the assets of the Company, of any compulsory
            share exchange whereby the Common Stock is converted into other
            securities, cash or property; (E) the Company shall authorize the
            voluntary or involuntary dissolution, liquidation or winding up of
            the affairs of the Company; then, in each case, the Company shall
            cause to be filed at each office or agency maintained for the
            purpose of conversion of the Debentures, and shall cause to be
            mailed to the Holders at their last addresses as they shall appear
            upon the stock books of the Company, at least 20 calendar days prior
            to the applicable record or effective date hereinafter specified, a
            notice stating (x) the date on which a record is to be taken for the
            purpose of such dividend, distribution, redemption, rights or
            warrants, or if a record is not to be taken, the date as of which
            the holders of the Common Stock of record to be entitled to such
            dividend, distributions, redemption, rights or warrants are to be
            determined or (y) the date on which such reclassification,
            consolidation, merger, sale, transfer or share exchange is expected
            to become effective or close, and the date as of which it is
            expected that holders of the Common Stock of record shall be
            entitled to exchange their shares of the Common Stock for
            securities, cash or other property deliverable upon such
            reclassification, consolidation, merger, sale, transfer or share
            exchange; provided, that the failure to mail such notice or any
            defect therein or in the mailing thereof shall not affect the
            validity of the corporate action required to be specified in such
            notice. Holders are entitled to convert Debentures during the 20-day
            period commencing the date of such notice to the effective date of
            the event triggering such notice.

<PAGE>

      Section 6. Events of Default.

            a) "Event of Default", wherever used herein, means any one of the
      following events (whatever the reason and whether it shall be voluntary or
      involuntary or effected by operation of law or pursuant to any judgment,
      decree or order of any court, or any order, rule or regulation of any
      administrative or governmental body):

                  i. any default in the payment of (A) the principal amount of
            any Debenture, or (B) interest (including Late Fees) on, or
            liquidated damages in respect of, any Debenture, in each case free
            of any claim of subordination, as and when the same shall become due
            and payable (whether on a Conversion Date or the Maturity Date or by
            acceleration or otherwise) which default, solely in the case of an
            interest payment or other default under clause (B) above, is not
            cured, within 10 calendar days after notice of such default sent by
            the Holder or by any other Holder;

                  ii. the Company shall materially fail to observe or perform
            any other covenant or agreement contained in this Debenture (other
            than a breach addressed separately under this Section 6(a) as an
            Event of Default) which failure is not cured, if possible to cure,
            within 10 business days after notice of such default sent by the
            Holder or by any other Holder;

                  iii. any representation or warranty made herein, in any other
            Transaction Documents, in any written statement pursuant hereto or
            thereto, or in any other report, financial statement or certificate
            made or delivered to the Holder or any other holder of Debentures
            shall be untrue or incorrect in any material respect as of the date
            when made or deemed made;

<PAGE>

                  iv. (i) the Company shall commence, or there shall be
            commenced against the Company, a case under any applicable
            bankruptcy or insolvency laws as now or hereafter in effect or any
            successor thereto, or the Company commences any other proceeding
            under any reorganization, arrangement, adjustment of debt, relief of
            debtors, dissolution, insolvency or liquidation or similar law of
            any jurisdiction whether now or hereafter in effect relating to the
            Company or (ii) there is commenced against the Company any such
            bankruptcy, insolvency or other proceeding which remains undismissed
            for a period of 60 days; or (iii) the Company is adjudicated by a
            court of competent jurisdiction insolvent or bankrupt; or any order
            of relief or other order approving any such case or proceeding is
            entered; or (iv) the Company suffers any appointment of any
            custodian or the like for it or any substantial part of its property
            which continues undischarged or unstayed for a period of 60 days; or
            (v) the Company makes a general assignment for the benefit of
            creditors; or (vi) the Company shall fail to pay, or shall state
            that it is unable to pay, or shall be unable to pay, its debts
            generally as they become due; or (vii) the Company shall call a
            meeting of its creditors with a view to arranging a composition,
            adjustment or restructuring of its debts; or (viii) the Company
            shall by any act or failure to act expressly indicate its consent
            to, approval of or acquiescence in any of the foregoing; or (ix) any
            corporate or other action is taken by the Company for the purpose of
            effecting any of the foregoing;

                  v. the Company shall default in any of its obligations under
            any mortgage, credit agreement or other facility, indenture
            agreement, factoring agreement or other instrument under which there
            may be issued, or by which there may be secured or evidenced any
            indebtedness for borrowed money or money due under any long term
            leasing or factoring arrangement of the Company in an amount
            exceeding $150,000, whether such indebtedness now exists or shall
            hereafter be created and such default shall result in such
            indebtedness becoming or being declared due and payable prior to the
            date on which it would otherwise become due and payable;

                  vi. the Common Stock shall not be eligible for quotation on or
            quoted for trading on a Trading Market and shall not again be
            eligible for and quoted or listed for trading thereon within five
            Business Days;

                  vii. the Company shall fail for any reason to deliver
            certificates to a Holder prior to the tenth Business Day after a
            Conversion Date pursuant to and in accordance with Section 4(d) or
            the Company shall provide notice to the Holder, including by way of
            public announcement, at any time, of its intention not to comply
            with requests for conversions of any Debentures in accordance with
            the terms hereof.

<PAGE>

            b) Remedies Upon Event of Default. If any Event of Default occurs,
      the full principal amount of this Debenture, together with interest and
      other amounts owing in respect thereof, to the date of acceleration shall
      become, at the Holder's election delivered at any time within 30 days of
      written notice by the Company or public disclosure by the Company of the
      occurrence of such an Event of Default, immediately due and payable in
      cash. Commencing 5 days after the occurrence of any Event of Default that
      results in the eventual acceleration of this Debenture, the interest rate
      on this Debenture shall accrue at the rate of 15% per annum, or such lower
      maximum amount of interest permitted to be charged under applicable law.
      The Holder need not provide and the Company hereby waives any presentment,
      demand, protest or other notice of any kind, and the Holder may
      immediately and without expiration of any grace period enforce any and all
      of its rights and remedies hereunder and all other remedies available to
      it under applicable law. Such declaration may be rescinded and annulled by
      Holder at any time prior to payment hereunder and the Holder shall have
      all rights as a Debenture holder until such time, if any, as the full
      payment under this Section shall have been received by it. No such
      rescission or annulment shall affect any subsequent Event of Default or
      impair any right consequent thereon.

      Section 7. Miscellaneous.

            a) Notices. Any and all notices or other communications or
      deliveries to be provided by the Holders hereunder, including, without
      limitation, any Notice of Conversion, shall be in writing and delivered
      personally, by facsimile, sent by a nationally recognized overnight
      courier service, addressed to the Company, at the address set forth above,
      facsimile number (214)265-9663, Attn: Chief Financial Officer or such
      other address or facsimile number as the Company may specify for such
      purposes by notice to the Holders delivered in accordance with this
      Section. Any and all notices or other communications or deliveries to be
      provided by the Company hereunder shall be in writing and delivered
      personally, by facsimile, sent by a nationally recognized overnight
      courier service addressed to each Holder at the facsimile telephone number
      or address of such Holder appearing on the books of the Company, or if no
      such facsimile telephone number or address appears, at the principal place
      of business of the Holder. Any notice or other communication or deliveries
      hereunder shall be deemed given and effective on the earliest of (i) the
      date of transmission, if such notice or communication is delivered via
      facsimile at the facsimile telephone number specified in this Section
      prior to 5:30 p.m. (Dallas, Tx time), (ii) the date after the date of
      transmission, if such notice or communication is delivered via facsimile
      at the facsimile telephone number specified in this Section later than
      5:30 p.m. (Dallas, Tx time) on any date and earlier than 11:59 p.m.
      (Dallas, Tx time) on such date, (iii) the second Business Day following
      the date of mailing, if sent by nationally recognized overnight courier
      service, or (iv) upon actual receipt by the party to whom such notice is
      required to be given.

            b) Absolute Obligation. Except as expressly provided herein, no
      provision of this Debenture shall alter or impair the obligation of the
      Company, which is absolute and unconditional, to pay the principal of,
      interest and liquidated damages (if any) on, this Debenture at the time,
      place, and rate, and in the coin or currency, herein prescribed. This
      Debenture is a direct debt obligation of the Company. This Debenture ranks
      pari passu with all other Debentures now or hereafter issued under the
      terms set forth herein.

<PAGE>

            c) Lost or Mutilated Debenture. If this Debenture shall be
      mutilated, lost, stolen or destroyed, the Company shall execute and
      deliver, in exchange and substitution for and upon cancellation of a
      mutilated Debenture, or in lieu of or in substitution for a lost, stolen
      or destroyed Debenture, a new Debenture for the principal amount of this
      Debenture so mutilated, lost, stolen or destroyed but only upon receipt of
      evidence of such loss, theft or destruction of such Debenture, and of the
      ownership hereof, and indemnity, if requested, all reasonably satisfactory
      to the Company.

            d) Governing Law. All questions concerning the construction,
      validity, enforcement and interpretation of this Debenture 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 agrees that all legal proceedings
      concerning the interpretations, enforcement and defense of the
      transactions contemplated by any of the Transaction Documents (whether
      brought against a party hereto or its respective affiliates, directors,
      officers, shareholders, employees or agents) shall be commenced in the
      state and federal courts sitting in City of New York, Borough of Manhattan
      (the " New York Courts"). Each party hereto hereby irrevocably submits to
      the exclusive jurisdiction of the New York Courts 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, or such New York Courts are improper or inconvenient venue for such
      proceeding. Each party 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 Debenture 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 manner permitted by law. Each party
      hereto hereby irrevocably waives, to the fullest extent permitted by
      applicable law, any and all right to trial by jury in any legal proceeding
      arising out of or relating to this Debenture or the transactions
      contemplated hereby. If either party shall commence an action or
      proceeding to enforce any provisions of this Debenture, then the
      prevailing party in such action or proceeding shall be reimbursed by the
      other party for its attorneys fees and other costs and expenses incurred
      with the investigation, preparation and prosecution of such action or
      proceeding.

            e) Waiver. Any waiver by the Company or the Holder of a breach of
      any provision of this Debenture shall not operate as or be construed to be
      a waiver of any other breach of such provision or of any breach of any
      other provision of this Debenture. The failure of the Company or the
      Holder to insist upon strict adherence to any term of this Debenture on
      one or more occasions shall not be considered a waiver or deprive that
      party of the right thereafter to insist upon strict adherence to that term
      or any other term of this Debenture. Any waiver must be in writing.

<PAGE>

            f) Severability. If any provision of this Debenture is invalid,
      illegal or unenforceable, the balance of this Debenture shall remain in
      effect, and if any provision is inapplicable to any person or
      circumstance, it shall nevertheless remain applicable to all other persons
      and circumstances. If it shall be found that any interest or other amount
      deemed interest due hereunder violates applicable laws governing usury,
      the applicable rate of interest due hereunder shall automatically be
      lowered to equal the maximum permitted rate of interest. The Company
      covenants (to the extent that it may lawfully do so) that it shall not at
      any time insist upon, plead, or in any manner whatsoever claim or take the
      benefit or advantage of, any stay, extension or usury law or other law
      which would prohibit or forgive the Company from paying all or any portion
      of the principal of or interest on this Debenture as contemplated herein,
      wherever enacted, now or at any time hereafter in force, or which may
      affect the covenants or the performance of this indenture, and the Company
      (to the extent it may lawfully do so) hereby expressly waives all benefits
      or advantage of any such law, and covenants that it will not, by resort to
      any such law, hinder, delay or impeded the execution of any power herein
      granted to the Holder, but will suffer and permit the execution of every
      such as though no such law has been enacted.

            g) Next Business Day. Whenever any payment or other obligation
      hereunder shall be due on a day other than a Business Day, such payment
      shall be made on the next succeeding Business Day.

            h) Headings. The headings contained herein are for convenience only,
      do not constitute a part of this Debenture and shall not be deemed to
      limit or affect any of the provisions hereof.

<PAGE>

IN WITNESS WHEREOF, the Company has caused this Debenture to be duly executed by
a duly authorized officer as of the date first above indicated.

                                          PREFERRED VOICE, INC.

                                          By:___________________________________
                                             Name:
                                             Title:

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