AEGIS COMMUNICATIONS GROUP INC
EXHIBIT 10.54
<DOCUMENT>
<TYPE>EX-10.54
<SEQUENCE>11
<FILENAME>a2132385zex-10_54.htm
<DESCRIPTION>EXHIBIT 10.54
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 10.54  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B>EXECUTION COPY  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="mm1172_amendment_no._1_to_subsidiary_guaranty"> </A>
<A NAME="toc_mm1172_1"> </A>
<BR></FONT><FONT SIZE=2><B>AMENDMENT NO. 1 TO SUBSIDIARY GUARANTY    <BR>    </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>Dated
as of January&nbsp;26, 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>AMENDMENT NO. 1 TO SUBSIDIARY GUARANTY</B></FONT><FONT SIZE=2> (this "</FONT><FONT SIZE=2><I>Amendment</I></FONT><FONT SIZE=2>") among Advanced Telemarketing
Corporation, LEXI International,&nbsp;Inc., IQI,&nbsp;Inc., Interserv Services Corporation, (collectively, the "</FONT><FONT SIZE=2><I>Guarantors</I></FONT><FONT SIZE=2>" and individually, a
"</FONT><FONT SIZE=2><I>Guarantor</I></FONT><FONT SIZE=2>"), Deutsche Bank AG London, acting through DB Advisors, LLC ("</FONT><FONT SIZE=2><I>DB</I></FONT><FONT SIZE=2>"), Essar Global Limited
("</FONT><FONT SIZE=2><I>Essar</I></FONT><FONT SIZE=2>" and together with DB, the "</FONT><FONT SIZE=2><I>Administrative Agents</I></FONT><FONT SIZE=2>" and together with their respective successors
and assigns as to the Notes referred to below, the "</FONT><FONT SIZE=2><I>Noteholders</I></FONT><FONT SIZE=2>") and Wilmington Trust Company, as Collateral Trustee. </FONT></P>

<UL>

<P><FONT SIZE=2><B> PRELIMINARY STATEMENTS:  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;The
Guarantors have entered into the Subsidiary Guaranty dated as of November&nbsp;5, 2003 (the "</FONT><FONT SIZE=2><I>Guaranty</I></FONT><FONT SIZE=2>") in favor of
the Noteholders and the Collateral Agent referred to in the Notes, pursuant to which the Guarantors agreed to guarantee the Guaranteed Obligations in connection with (a)&nbsp;the Secured Promissory
Note dated as of November&nbsp;5, 2003 (the "</FONT><FONT SIZE=2><I>Original DB Note</I></FONT><FONT SIZE=2>") made by Aegis Communications Group,&nbsp;Inc. (the
"</FONT><FONT SIZE=2><I>Company</I></FONT><FONT SIZE=2>") in the amount of $14,087,352.00 to the order of DB and (b)&nbsp;the Secured Promissory Note dated as of November&nbsp;5, 2003 (the
"</FONT><FONT SIZE=2><I>Original Essar Note</I></FONT><FONT SIZE=2>") in the amount of $14,143,815.00 to the order of Essar. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;The
Original DB Note has been amended and restated in its entirety by the Amended and Restated Secured Promissory Note dated January&nbsp;28, 2004 (the
"</FONT><FONT SIZE=2><I>New DB Note</I></FONT><FONT SIZE=2>") made by the Company in the amount of $10,087,352.00 to the order of DB, which New DB Note will be issued in replacement of the Original
DB Note and together with the Original DB Note the "Original Notes" and the Original Essar Note has been amended and restated in its entirety by the Amended and Restated Secured Promissory Note dated
January&nbsp;28, 2004 (the "</FONT><FONT SIZE=2><I>New Essar Note</I></FONT><FONT SIZE=2>" and, together with the New DB Note, the "</FONT><FONT SIZE=2><I>New Notes</I></FONT><FONT SIZE=2>"), made
by the Company in the amount of $10,143,815.00 to the order of Essar, which New Essar Note will be issued in replacement of the Original Essar Note. Capitalized terms not otherwise defined in this
Amendment have the same meanings as specified in the Guaranty or the New Notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;The
Company has requested that the Noteholders release EBA Direct,&nbsp;Inc. ("</FONT><FONT SIZE=2><I>EBA</I></FONT><FONT SIZE=2>") from its obligations under the
Guaranty and the Noteholders have agreed to do so. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;The
Guarantors and the Noteholders have agreed to amend the Guaranty, but only on the terms and conditions hereinafter set forth. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;Accordingly,
the Guaranty is hereby amended as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Amendment to Guaranty.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Guaranty is, effective as set forth in Section&nbsp;2, hereby amended as
follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
reference in the Guaranty to the DB Secured Note shall be a reference to the DB Note, as amended and restated by the New DB Note, and each reference in the Guaranty to the Essar
Secured Note shall be a reference to the Essar Note, as amended and restated by the New Essar Note. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Release of EBA from Guaranty.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Noteholders hereby release EBA from all its present and future
liabilities and obligations owing under the Guaranty. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conditions to Effectiveness.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Amendment shall become effective as of the date first above written
when, and only when, the Noteholders shall have received (a)&nbsp;counterparts of this Amendment executed by the Company, the Guarantors and each Noteholder; (b)&nbsp;the consent attached hereto
duly executed by the Company and each Guarantor and (c)&nbsp;the New Notes have been issued in replacement of, and upon surrender to the Company for cancellation of the Original Notes. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Reference to and Effect on the Guaranty and other Loan Documents.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a) On and after the effectiveness
of this Amendment, each reference in the Guaranty, the Guaranteed Notes and the other Loan Documents to "this Guaranty", "the Subsidiary Guaranty", "Guarantor", "Guarantors", "hereunder", "hereof",
"therunder", "thereof" or words of like import referring to the Guaranty, shall mean and be a reference to the Guaranty, as amended by this Amendment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Guaranty, as specifically amended by this Amendment, and each of the other Loan Documents (as defined in the New Notes) are and shall continue to be in full force
and effect and are hereby in all respects ratified and confirmed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Except
as expressly modified hereby, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any
Noteholder or Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Execution in Counterparts.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.
Delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Governing Law.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>[SIGNATURE
PAGES IMMEDIATELY FOLLOW] </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written. </FONT></P>

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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
ADVANCED TELEMARKETING<BR>
CORPORATION</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HERMAN M. SCHWARZ</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Herman M. Schwarz<BR>
President and Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
IQI,&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HERMAN M. SCHWARZ</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Herman M. Schwarz<BR>
President and Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
LEXI INTERNATIONAL,&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HERMAN M. SCHWARZ</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Herman M. Schwarz<BR>
President and Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
INTERSERV SERVICES CORPORATION</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>GENE SPEYER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Gene Speyer<BR>
President<BR></FONT>
</TD>
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<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
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DEUTSCHE BANK AG, LONDON ACTING<BR>
THROUGH DB ADVISORS LLC, as Noteholder and<BR>
Administrative Agent</FONT></TD>
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<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
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By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROGER EHRENBERG</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Roger Ehrenberg<BR>
President and Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>PAUL BIGLER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Paul Bigler<BR>
Chief Operating Officer<BR></FONT>
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<TD COLSPAN=2><FONT SIZE=2>ESSAR GLOBAL LIMITED, as Noteholder and<BR>
Administrative Agent</FONT></TD>
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<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>MADHU S. VUPPULURI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Madhu S. Vuppuluri<BR>
Executive Director<BR></FONT>
</TD>
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<TD COLSPAN=2><FONT SIZE=2>WILMINGTON TRUST COMPANY, as Collateral Trustee</FONT></TD>
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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JAMES J. MCGINLEY</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> James J. McGinley<BR>
Authorized Signatory<BR></FONT>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="mm1172_consent"> </A>
<A NAME="toc_mm1172_2"> </A>
<BR></FONT><FONT SIZE=2><B>CONSENT    <BR>    </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>Dated
as of January&nbsp;13, 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the undersigned as (i)&nbsp;a Guarantor under the Guaranty in favor of the Noteholders and the other Guaranteed Noteholder Parties and (ii)&nbsp;a grantor under the
Collateral Documents (as defined in the New Notes) in favor of the Collateral Trustee, in each case for its benefit and the benefit of the Noteholders, hereby consents to the foregoing Amendment and
hereby confirms and agrees that (a)&nbsp;notwithstanding the effectiveness of such Amendment, each Loan Document is, and shall continue to be, in full force and effect and is hereby ratified and
confirmed in all respects (after giving effect to the foregoing Amendment), except that, on and after the effectiveness of such Amendment, each reference in each Loan Document to the "Guaranty", the
"Subsidiary Guaranty", "thereunder", "thereof" or words of like import shall mean and be a reference to the Guaranty, as amended by such Amendment, and (b)&nbsp;the Collateral Documents to which the
undersigned is a party and all of the Collateral, as described therein, do, and shall continue to, secure the payment of all of the Secured Obligations or Obligations, as the case may be, as defined
therein. Terms used herein have the meanings specified in the foregoing Amendment. </FONT></P>

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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
AEGIS COMMUNICATIONS GROUP,&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HERMAN M. SCHWARZ</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Herman M. Schwarz<BR>
President and Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
ADVANCED TELEMARKETING CORPORATION</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HERMAN M. SCHWARZ</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Herman M. Schwarz<BR>
President and Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
IQI,&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HERMAN M. SCHWARZ</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Herman M. Schwarz<BR>
President and Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
LEXI INTERNATIONAL,&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HERMAN M. SCHWARZ</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Herman M. Schwarz<BR>
President and Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
INTERSERV SERVICES CORPORATION</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>GENE SPEYER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Gene Speyer<BR>
President</FONT></TD>
</TR>
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<P><br><A NAME="04DFW1171_10">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_mm1172_1">AMENDMENT NO. 1 TO SUBSIDIARY GUARANTY</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_mm1172_2">CONSENT</A></FONT><BR>
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