Document:

THIS
      NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
      OR
      ANY STATE SECURITIES LAWS. THIS NOTE MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED
      OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO
      THIS
      NOTE UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION
      OF
      COUNSEL REASONABLY SATISFACTORY TO CONVERSION SERVICES INTERNATIONAL, INC.
      THAT
      SUCH REGISTRATION IS NOT REQUIRED.

     

    SECURED
      NON-CONVERTIBLE REVOLVING NOTE

     

     

    FOR
      VALUE
      RECEIVED, CONVERSION SERVICES INTERNATIONAL, INC. a Delaware corporation (the
      “Parent”)
      and
      the other companies listed on Exhibit A attached hereto (such other companies
      together with the Parent, each a “Company” and collectively, the “Companies”),
      jointly and severally, promises to pay to LAURUS MASTER FUND, LTD., c/o M&C
      Corporate Services Limited, P.O. Box 309 GT, Ugland House, South Church Street,
      George Town, Grand Cayman, Cayman Islands, Fax: 345-949-8080 (the “Holder”)
      or its
      registered assigns, on order, the sum of Ten Million Dollars ($10,000,000),
      or,
      if different, the aggregate principal amount of all “Loans” (as such term is
      defined in the Security Agreement referred to below), together with any accrued
      and unpaid interest hereon, on December 31, 2007 (the “Maturity
      Date”)
      if not
      sooner paid.

     

    Capitalized
      terms used herein without definition shall have the meanings ascribed to such
      terms in the Security Agreement among th Companies and the Holder dated as
      of
      the date hereof (as amended, modified and supplemented from time to time, the
      “Security
      Agreement”).
      The
      Companies may repay and reborrow amounts under this Note in accordance with
      the
      borrowing mechanics set forth in the Security Agreement.

     

    The
      following terms shall apply to this Secured Non-Convertible Revolving Note
      (this
“Note”):

     

    ARTICLE
      I

     

    CONTRACT
      RATE & PREPAYMENTS

     

    1.1. Interest
      Rate.
      Subject
      to Sections 3.2, 4.1 and 5.7 hereof, interest payable on this Note shall accrue
      at a rate per annum equal to the “prime rate” published in The
      Wall Street Journal
      from
      time to time, plus one percent (1%) (the “Contract
      Rate”).
      The
      Prime Rate shall be increased or decreased as the case may be for each increase
      or decrease in the Prime Rate in an amount equal to such increase or decrease
      in
      the Prime Rate; each change to be effective as of the day of the change in
      such
      rate in accordance with the terms of the Security Agreement. Subject to Section
      1.2, the Contract Rate shall not be less than five percent (5%). Interest shall
      be (i) calculated on the basis of a 360 day year, and (ii) payable monthly,
      in
      arrears, commencing on March 1, 2006 and on the first business day of each
      consecutive calendar month thereafter until the Maturity Date (and on the
      Maturity Date), whether by acceleration or otherwise (each, a “Contract
      Rate Payment Date”).

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    ARTICLE
      II

     

    [INTENTIONALLY
      OMITTED]

     

    ARTICLE
      III

     

    EVENTS
      OF DEFAULT

     

    3.1. The
      occurrence of any of the events set forth in Section 19 of the Security
      Agreement shall constitute an Event of Default (“Event
      of Default”)
      hereunder. 

     

    DEFAULT
      RELATED PROVISIONS

     

    3.2 Default
      Interest Rate.
      Following the occurrence and during the continuance of an Event of Default,
      interest on this Note shall automatically be increased by two percent (2%)
      per
      month, and all outstanding Obligations, including unpaid interest, shall
      continue to accrue interest from the date of such Event of Default at such
      interest rate applicable to such Obligations until such Event of Default is
      cured or waived.

     

     

    3.3 Cumulative
      Remedies.
      The
      remedies under this Note shall be cumulative.

     

    ARTICLE
      IV

     

    DEFAULT
      PAYMENTS

     

    4.1. Default
      Payment.
      If an
      Event of Default occurs and is continuing beyond any applicable grace period,
      the Holder, at its option, may elect, in addition to all rights and remedies
      of
      Holder under the Security Agreement and the Ancillary Agreements and all
      obligations of each Company under the Security Agreement and the Ancillary
      Agreements, to accelerate all obligations outstanding under the Security
      Agreement and the Ancillary Agreements and, in connection therewith, require
      the
      Companies to make, jointly and severally, a Default Payment (“Default
      Payment”).
      The
      Default Payment shall be 115% of the outstanding principal amount of the Note,
      plus accrued but unpaid interest, all other fees then remaining unpaid, and
      all
      other amounts payable hereunder. The Default Payment shall be applied first
      to
      any fees due and payable to Holder pursuant to the Notes or the Ancillary
      Agreements, then to accrued and unpaid interest due on the Notes and then to
      outstanding principal balance of the Notes.

     

    4.2. Default
      Payment Date.
      The
      Default Payment shall be due and payable immediately on the date that the Holder
      has exercised its rights pursuant to Section 5.1 (“Default
      Payment Date”).

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      V

     

    MISCELLANEOUS

     

    5.1. Failure
      or Indulgence Not Waiver.
      No
      failure or delay on the part of the Holder hereof in the exercise of any power,
      right or privilege hereunder shall operate as a waiver thereof, nor shall any
      single or partial exercise of any such power, right or privilege preclude other
      or further exercise thereof or of any other right, power or privilege. All
      rights and remedies existing hereunder are cumulative to, and not exclusive
      of,
      any rights or remedies otherwise available.

     

    5.2. Notices.
      Any
      notice herein required or permitted to be given shall be in writing and provided
      in accordance with the terms of the Security Agreement.

     

    5.3. 
      Amendment Provision.
      The
      term “Note” and all reference thereto, as used throughout this instrument, shall
      mean this instrument as originally executed, or if later amended or
      supplemented, then as so amended or supplemented, and any successor instrument
      as it may be amended or supplemented.

     

    5.4. Assignability.
      This
      Note shall be binding upon each Company and its respective successors and
      assigns, and shall inure to the benefit of the Holder and its successors and
      assigns, and may be assigned by the Holder in accordance with the requirements
      of the Security Agreement.

     

    5.5. Cost
      of Collection.
      In the
      case of an Event of Default under this Note, the Companies shall, jointly and
      severally, pay the Holder hereof reasonable costs of collection, including
      reasonable attorneys’ fees.

     

    5.6. Governing
      Law.

     

    (a) THIS
      NOTE
      SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS
      OF
      THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
      LAW.

     

    (b) EACH
      COMPANY HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED
      IN
      THE COUNTY OF NEW YORK, STATE OF NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION
      TO
      HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN ANY COMPANY, ON THE ONE HAND,
      AND THE HOLDER, ON THE OTHER HAND, PERTAINING TO THIS NOTE, THE SECURITY
      AGREEMENT OR ANY OF THE OTHER ANCILLARY AGREEMENTS OR TO ANY MATTER ARISING
      OUT
      OF OR RELATED TO THIS NOTE, THE SECURITY AGREEMENT OR ANY OF THE OTHER ANCILLARY
      AGREEMENTS; PROVIDED, THAT, EACH COMPANY ACKNOWLEDGES THAT ANY APPEALS FROM
      THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE COUNTY
      OF
      NEW YORK, STATE OF NEW YORK; AND FURTHER PROVIDED, THAT, NOTHING IN THIS NOTE
      SHALL BE DEEMED OR OPERATE TO PRECLUDE THE HOLDER FROM BRINGING SUIT OR TAKING
      OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO
      REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO
      ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE HOLDER. EACH COMPANY
      EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION
      OR
      SUIT COMMENCED IN ANY SUCH COURT, AND EACH COMPANY HEREBY WAIVES ANY OBJECTION
      WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE
      OR
      FORUM NON CONVENIENS. EACH COMPANY HEREBY WAIVES PERSONAL SERVICE OF THE
      SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND
      AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE
      BY
      REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE COMPANY AT THE ADDRESS SET FORTH
      IN THE SECURITY AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED
      UPON THE EARLIER OF THE COMPANY’S ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER
      DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    (c) EACH
      COMPANY DESIRES THAT ITS DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
      APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS
      OF
      THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH COMPANY HERETO WAIVES ALL RIGHTS
      TO
      TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE,
      WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE HOLDER, AND/OR
      ANY
      COMPANY ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE
      RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS NOTE, THE SECURITY
      AGREEMENT, ANY OTHER ANCILLARY AGREEMENT OR THE TRANSACTIONS RELATED HERETO
      OR
      THERETO.

     

    5.7. Maximum
      Payments.
      Nothing
      contained herein shall be deemed to establish or require the payment of a rate
      of interest or other charges in excess of the maximum permitted by applicable
      law. In the event that the rate of interest required to be paid or other charges
      hereunder exceed the maximum permitted by such law, any payments in excess
      of
      such maximum shall be credited against amounts owed by the Companies to the
      Holder and thus refunded to the Companies.

     

    5.8. Security
      Interest and Guarantee.
      The
      Holder has been granted a security interest (i) in certain assets of the Parent
      and its Subsidiaries as more fully described in (x) the Security Agreement
      and
      (y) the Master Security Agreement dated as of the date hereof and (ii) pursuant
      to the Stock Pledge Agreement dated as of the date hereof. The obligations
      of
      the Companies under this Note are guaranteed by certain Subsidiaries of the
      Parent pursuant to the Subsidiary Guaranty dated as of the date
      hereof.

     

    5.9. Construction.
      Each
      party acknowledges that its legal counsel participated in the preparation of
      this Note and, therefore, stipulates that the rule of construction that
      ambiguities are to be resolved against the drafting party shall not be applied
      in the interpretation of this Note to favor any party against the
      other.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    5.10 Registered
      Obligation.
      This
      Note is intended to be a registered obligation within the meaning of Treasury
      Regulation Section 1.871-14(c)(1)(i) and the Company (or its agent) shall
      register the Note (and thereafter shall maintain such registration) as to both
      principal and any stated interest. Notwithstanding any document, instrument
      or
      agreement relating to this Note to the contrary, transfer of this Note (or
      the
      right to any payments of principal or stated interest thereunder) may only
      be
      effected by (i) surrender of this Note and either the reissuance by the
      Companies of this Note to the new holder or the issuance by the Companies of
      a
      new instrument to the new holder, or (ii) transfer through a book entry system
      maintained by the Company (or its agent), within the meaning of Treasury
      Regulation Section 1.871-14(c)(1)(i)(B).

     

    [Balance
      of page intentionally left blank; signature page follows.]

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    IN
      WITNESS WHEREOF,
      each
      Company has caused this Secured Non-Convertible Revolving Note to be signed
      in
      its name effective as of this 1st day of February 2006.

     

    
      
        	
                WITNESS:

              	 	
                CONVERSION
                  SERVICES INTERNATIONAL, INC.

              
	 	 	 
	
                ______________________________

              	 	
                By:__________________________________

              
	 	 	
                Name:

              
	 	 	
                Title:

              
	 	 	 
	
                WITNESS:

              	 	
                MCKNIGHT
                  ASSOCIATES, INC.

              
	 	 	 
	
                ______________________________

              	 	
                By:__________________________________

              
	 	 	
                Name:

              
	 	 	
                Title:

              
	 	 	 
	
                WITNESS:

              	 	
                DELEEUW
                  ASSOCIATES, LLC

              
	 	 	 
	
                ______________________________

              	 	
                By:__________________________________

              
	 	 	
                Name:

              
	 	 	
                Title:

              
	 	 	 
	
                WITNESS:

              	 	
                CSI
                  SUB CORP. (DE)

              
	 	 	 
	
                ______________________________

              	 	
                By:__________________________________

              
	 	 	
                Name:

              
	 	 	
                Title:

              

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        	 	 	 
	
                WITNESS:

              	 	
                INTEGRATED
                  STRATEGIES, INC.

              
	 	 	 
	
                ______________________________

              	 	
                By:__________________________________

              
	 	 	
                Name:

              
	 	 	
                Title:

              
	 	 	 
	
                WITNESS:

              	 	
                CSI
                  SUB CORP. II (DE)

              
	 	 	 
	
                ______________________________

              	 	
                By:__________________________________

              
	 	 	
                Name:

              
	 	 	
                Title:

              

      

    

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      A

     

     

    OTHER
      COMPANIES

     

     

    MCKNIGHT
      ASSOCIATES, INC.

     

    DELEEUW
      ASSOCIATES, LLC

     

    CSI
      SUB CORP. (DE)

     

    INTEGRATED
      STRATEGIES, INC.

     

    CSI
      SUB CORP. II (DE)

     

    
      
        
        

      

      
        8THIS
      NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
      OR
      ANY STATE SECURITIES LAWS. THIS NOTE MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED
      OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO
      THIS
      NOTE UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION
      OF
      COUNSEL REASONABLY SATISFACTORY TO CONVERSION SERVICES INTERNATIONAL, INC.
      THAT
      SUCH REGISTRATION IS NOT REQUIRED.

     

    SECURED
      NON-CONVERTIBLE TERM NOTE

     

     

    FOR
      VALUE
      RECEIVED, CONVERSION SERVICES INTERNATIONAL, INC. a Delaware corporation (the
      “Company”)
      promises to pay to LAURUS MASTER FUND, LTD., c/o M&C Corporate Services
      Limited, P.O. Box 309 GT, Ugland House, South Church Street, George Town, Grand
      Cayman, Cayman Islands, Fax: 345-949-8080 (the “Holder”)
      or its
      registered assigns, on order, the sum of One Million Dollars ($1,000,000),
      together with any accrued and unpaid interest hereon, on December 31, 2007
      (the
“Maturity
      Date”)
      if not
      sooner paid.

     

    Capitalized
      terms used herein without definition shall have the meanings ascribed to such
      terms in the Security Agreement between the Company, certain Subsidiaries party
      thereto and the Holder dated as of the date hereof (as amended, modified and
      supplemented from time to time, the “Security
      Agreement”).

     

    The
      following terms shall apply to this Secured Non-Covertible Term Note (this
      “Note”):

     

    ARTICLE
      I

    CONTRACT
      RATE AND AMORTIZATION

     

    1.1. Interest
      Rate.
      Subject
      to Sections 3.2, 4.1 and 5.7 hereof, interest payable on this Note shall accrue
      at a rate per annum equal to the “prime rate” published in The
      Wall Street Journal
      from
      time to time, plus one percent (1%) (the “Contract
      Rate”).
      The
      Prime Rate shall be increased or decreased as the case may be for each increase
      or decrease in the Prime Rate in an amount equal to such increase or decrease
      in
      the Prime Rate; each change to be effective as of the day of the change in
      such
      rate in accordance with the terms of the Security Agreement. Subject to Section
      1.2, the Contract Rate shall not be less than five percent (5%). Interest shall
      be (i) calculated on the basis of a 360 day year, and (ii) payable monthly,
      in
      arrears, commencing on March 1, 2006 and on the first business day of each
      consecutive calendar month thereafter until the Maturity Date (and on the
      Maturity Date), whether by acceleration or otherwise (each, a “Contract
      Rate Payment Date”).

    

     

    1.2. Principal
      Payments.
      Amortizing payments of the aggregate principal amount outstanding under this
      Note at any time (the “Principal
      Amount”)
      shall
      be made by the Company on March 1, 2006 and on the first business day of each
      succeeding month thereafter through and including the Maturity Date (each,
      an
“Amortization
      Date”).
      Subject to Article III below, commencing on the first Amortization Date, the
      Company shall make monthly payments to the Holder on each Amortization Date,
      each such payment in the amount of $45,454,.54 together with any accrued and
      unpaid interest on such portion of the Principal Amount plus any and all other
      unpaid amounts which are then owing under this Note, the Purchase Agreement
      and/or any other Related Agreement (collectively, the “Monthly
      Amount”).
      Any
      outstanding Principal Amount together with any accrued and unpaid interest
      and
      any and all other unpaid amounts which are then owing by the Company to the
      Holder under this Note, the Purchase Agreement and/or any other Related
      Agreement shall be due and payable on the Maturity Date.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    ARTICLE
      II

    REDEMPTION

     

    2.1. Optional
      Redemption in Cash.
      The
      Company may prepay this Note (“Optional
      Redemption”)
      by
      paying to the Holder a sum of money equal to one hundred percent (100%) of
      the
      Principal Amount outstanding at such time together with accrued but unpaid
      interest thereon and any and all other sums due, accrued or payable to the
      Holder arising under this Note, the Security Agreement or any other Ancillary
      Agreement (the “Redemption
      Amount”)
      outstanding on the Redemption Payment Date (as defined below). The Company
      shall
      deliver to the Holder a written notice of redemption (the “Notice
      of Redemption”)
      specifying the date for such Optional Redemption (the “Redemption
      Payment Date”),
      which
      date shall be seven (7) business days after the date of the Notice of Redemption
      (the “Redemption
      Period”).
      On
      the Redemption Payment Date, the Redemption Amount must be paid in good funds
      to
      the Holder. In the event the Company fails to pay the Redemption Amount on
      the
      Redemption Payment Date as set forth herein, then such Redemption Notice will
      be
      null and void.

     

    ARTICLE
      III

    EVENTS
      OF DEFAULT

     

    3.1. The
      occurrence of any of the events set forth in Section 19 of the Security
      Agreement shall constitute an Event of Default (“Event
      of Default”)
      hereunder. 

     

    DEFAULT
      RELATED PROVISIONS

     

    3.2 Default
      Interest Rate.
      Following the occurrence and during the continuance of an Event of Default,
      interest on this Note shall automatically be increased by two percent (2%)
      per
      month, and all outstanding Obligations, including unpaid interest, shall
      continue to accrue interest from the date of such Event of Default at such
      interest rate applicable to such Obligations until such Event of Default is
      cured or waived.

     

    3.3 Cumulative
      Remedies.
      The
      remedies under this Note shall be cumulative.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    ARTICLE
      IV

    DEFAULT
      PAYMENTS

     

    4.1. Default
      Payment.
      If an
      Event of Default occurs and is continuing beyond any applicable grace period,
      the Holder, at its option, may elect, in addition to all rights and remedies
      of
      Holder under the Security Agreement and the Ancillary Agreements and all
      obligations of the Company under the Security Agreement and the Ancillary
      Agreements, to accelerate all obligations outstanding under the Security
      Agreement and the Ancillary Agreements and, in connection therewith, require
      the
      Company to make a Default Payment (“Default
      Payment”).
      The
      Default Payment shall be 115% of the outstanding principal amount of the Note,
      plus accrued but unpaid interest, all other fees then remaining unpaid, and
      all
      other amounts payable hereunder. The Default Payment shall be applied first
      to
      any fees due and payable to Holder pursuant to the Notes or the Ancillary
      Agreements, then to accrued and unpaid interest due on the Notes and then to
      outstanding principal balance of the Notes.

     

    4.2. Default
      Payment Date.
      The
      Default Payment shall be due and payable immediately on the date that the Holder
      has exercised its rights pursuant to Section 5.1 (“Default
      Payment Date”).

     

     

    ARTICLE
      V

    MISCELLANEOUS

     

    5.1. Failure
      or Indulgence Not Waiver.
      No
      failure or delay on the part of the Holder hereof in the exercise of any power,
      right or privilege hereunder shall operate as a waiver thereof, nor shall any
      single or partial exercise of any such power, right or privilege preclude other
      or further exercise thereof or of any other right, power or privilege. All
      rights and remedies existing hereunder are cumulative to, and not exclusive
      of,
      any rights or remedies otherwise available.

     

    5.2. Notices.
      Any
      notice herein required or permitted to be given shall be in writing and provided
      in accordance with the terms of the Security Agreement.

     

    5.3. Amendment
      Provision.
      The
      term “Note” and all reference thereto, as used throughout this instrument, shall
      mean this instrument as originally executed, or if later amended or
      supplemented, then as so amended or supplemented, and any successor instrument
      as it may be amended or supplemented.

     

    5.4. Assignability.
      This
      Note shall be binding upon the Company and its successors and assigns, and
      shall
      inure to the benefit of the Holder and its successors and assigns, and may
      be
      assigned by the Holder in accordance with the requirements of the Security
      Agreement.

     

    5.5. Cost
      of Collection.
      In the
      case of an Event of Default underthis Note, the Company shall pay the Holder
      hereof reasonable costs of collection, including reasonable attorneys’
fees.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

       

    

    5.6. Governing
      Law.

     

    (a) THIS
      NOTE
      SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS
      OF
      THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
      LAW.

     

    (b) EACH
      COMPANY HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED
      IN
      THE COUNTY OF NEW YORK, STATE OF NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION
      TO
      HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN ANY COMPANY, ON THE ONE HAND,
      AND THE HOLDER, ON THE OTHER HAND, PERTAINING TO THIS NOTE, THE SECURITY
      AGREEMENT OR ANY OF THE OTHER ANCILLARY AGREEMENTS OR TO ANY MATTER ARISING
      OUT
      OF OR RELATED TO THIS NOTE, THE SECURITY AGREEMENT OR ANY OF THE OTHER ANCILLARY
      AGREEMENTS; PROVIDED, THAT, EACH COMPANY ACKNOWLEDGES THAT ANY APPEALS FROM
      THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE COUNTY
      OF
      NEW YORK, STATE OF NEW YORK; AND FURTHER PROVIDED, THAT, NOTHING IN THIS NOTE
      SHALL BE DEEMED OR OPERATE TO PRECLUDE THE HOLDER FROM BRINGING SUIT OR TAKING
      OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO
      REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO
      ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE HOLDER. EACH COMPANY
      EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION
      OR
      SUIT COMMENCED IN ANY SUCH COURT, AND EACH COMPANY HEREBY WAIVES ANY OBJECTION
      WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE
      OR
      FORUM NON CONVENIENS. EACH COMPANY HEREBY WAIVES PERSONAL SERVICE OF THE
      SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND
      AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE
      BY
      REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE COMPANY AT THE ADDRESS SET FORTH
      IN THE SECURITY AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED
      UPON THE EARLIER OF THE COMPANY’S ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER
      DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID

     

    (c) EACH
      COMPANY DESIRES THAT ITS DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
      APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS
      OF
      THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH COMPANY HERETO WAIVES ALL RIGHTS
      TO
      TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE,
      WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE HOLDER, AND/OR
      ANY
      COMPANY ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE
      RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS NOTE, THE SECURITY
      AGREEMENT, ANY OTHER ANCILLARY AGREEMENT OR THE TRANSACTIONS RELATED HERETO
      OR
      THERETO.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

       

    

    5.7. Maximum
      Payments.
      Nothing
      contained herein shall be deemed to establish or require the payment of a rate
      of interest or other charges in excess of the maximum permitted by applicable
      law. In the event that the rate of interest required to be paid or other charges
      hereunder exceed the maximum permitted by such law, any payments in excess
      of
      such maximum shall be credited against amounts owed by the Company to the Holder
      and thus refunded to the Company.

     

    5.8. Security
      Interest and Guarantee.
      The
      Holder has been granted a security interest (i) in certain assets of the Company
      and its Subsidiaries as more fully described in (x) the Security Agreement
      and
      (y) the Master Security Agreement dated as of the date hereof and (ii) pursuant
      to the Stock Pledge Agreement dated as of the date hereof. The obligations
      of
      the Company under this Note are guaranteed by certain Subsidiaries of the
      Company pursuant to the Subsidiary Guaranty dated as of the date
      hereof.

     

    5.9. Construction.
      Each
      party acknowledges that its legal counsel participated in the preparation of
      this Note and, therefore, stipulates that the rule of construction that
      ambiguities are to be resolved against the drafting party shall not be applied
      in the interpretation of this Note to favor any party against the
      other.

     

    5.10 Registered
      Obligation.
      This
      Note is intended to be a registered obligation within the meaning of Treasury
      Regulation Section 1.871-14(c)(1)(i) and the Company (or its agent) shall
      register the Note (and thereafter shall maintain such registration) as to both
      principal and any stated interest. Notwithstanding any document, instrument
      or
      agreement relating to this Note to the contrary, transfer of this Note (or
      the
      right to any payments of principal or stated interest thereunder) may only
      be
      effected by (i) surrender of this Note and either the reissuance by the Company
      of this Note to the new holder or the issuance by the Company of a new
      instrument to the new holder, or (ii) transfer through a book entry system
      maintained by the Company (or its agent), within the meaning of Treasury
      Regulation Section 1.871-14(c)(1)(i)(B).

     

    [Balance
      of page intentionally left blank; signature page follows.]

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

       

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Secured Non-Convertible Term Note to be signed in its
      name effective as of this 1st day of February 2006.

     

     

    
      	
              WITNESS:

            	 	
              CONVERSION
                SERVICES INTERNATIONAL, INC.

            
	 	 	 
	
              ______________________________

            	 	
              By:__________________________________

            
	 	 	
              Name:

            
	 	 	
              Title:

            

    

     

    

    
      
         

      

      
        6

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