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                    COMMERCIAL PLEDGE AND SECURITY AGREEMENT


Borrower: Magnavision Corporation   Lender: BSB Bank & Trust Company
          1725 Route 35                     Commercial Loan Department
          Wall, NJ 07719                    P. O. Box 1056 (58-68 Exchange St.)
                                            Binghamton, NY 13902


THIS COMMERCIAL PLEDGE AND SECURITY AGREEMENT is entered into between
Magnavision Corporation (referred to below as "Grantor"); and BSB Bank & Trust
Company (referred to below as "Lender").

GRANT OF SECURITY INTEREST. For valuable consideration, Grantor grants to Lender
a security interest in the Collateral to secure the Indebtedness and agrees that
Lender shall have the rights stated in this Agreement with respect to the
Collateral, in addition to all other rights which Lender may have by law.

DEFINITIONS. The following words shall have the following meanings when used in
this Agreement:

         Agreement. The word "Agreement" means this Commercial Pledge and
         Security Agreement, as this Commercial Pledge and Security Agreement
         may be amended or modified from time to time, together with all
         exhibits and schedules attached to this Commercial Pledge and Security
         Agreement from time to time.

         Collateral. The word "Collateral" means the following specifically
         described property, which Grantor has delivered or agrees to deliver
         (or cause to be delivered or appropriate book-entries made) immediately
         to Lender, together with all Income and Proceeds as described below:

                  Magnavision Corporation stock, Cert#_________

         Event of Default. The words "Event of Default' mean and include without
         limitation any of the Events of Default set forth below in the section
         titled "Events of Default."

         Grantor. The word 'Grantor" means Magnavision Corporation, its
         successors and assigns.



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Guarantor.  The word "Guarantor" means and includes without limitation each and
all of the guarantors, sureties, and accommodation parties in connection with 
the Indebtedness.

         Income and Proceeds. The words "Income and Proceeds' mean all present
         and future income, proceeds, earnings, increases, and substitutions
         from or for the Collateral of every kind and nature, including without
         limitation all payments, interest, profits, distributions, benefits,
         rights, options, warrants, dividends, stock dividends, stock splits,
         stock rights, regulatory dividends, distributions, subscriptions,
         monies, claims for money due and to become due, proceeds of any
         insurance on the Collateral, shares of stock of different par value or
         no par value issued in substitution or exchange for shares included in
         the Collateral, and all other property Grantor is entitled to receive
         on account of such Collateral, including accounts, documents,
         instruments, chattel paper, and general intangibles.

         Indebtedness. The word "Indebtedness" means the indebtedness evidenced
         by the Note, including all principal and interest, together with all
         other indebtedness and costs and expenses for which Grantor is
         responsible under this Agreement or under any of the Related Documents.
         In addition, the word "Indebtedness" includes all other obligations,
         debts and liabilities, plus interest thereon, of Grantor, or any one or
         more of them, to Lender, as well as all claims by Lender against
         Grantor, or any one or more of them, whether existing now or later;
         whether they are voluntary or involuntary, due or not due, direct or
         indirect, absolute or contingent, liquidated or unliquidated; whether
         Grantor may be liable individually or jointly with others; whether
         Grantor may be obligated as guarantor, surety, accommodation party or
         otherwise; whether recovery upon such indebtedness may be or hereafter
         may become barred by any statute of limitations; and whether such
         indebtedness may be or hereafter may become otherwise unenforceable.

         Lender. The word "Lender" means BSB Bank & Trust Company, its
         successors and assigns.

         Note. The word "Note" means the note or credit agreement dated June 18,
         1998, in the principal amount of $2,500,000.00 from Magnavision
         Corporation to Lender, together with all renewals of, extensions of,
         modifications of, refinancings of, consolidations of and substitutions
         for the note or credit agreement.

Obligor.  The word "Obligor" means and includes without limitation any and all 
persons or entities obligated to pay money or to perform some other act under 
the Collateral.



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         Related Documents. The words "Related Documents" mean and include
         without limitation all promissory notes, credit agreements, loan
         agreements, environmental agreements, guaranties, security agreements,
         mortgages, deeds of trust, and all other instruments, agreements and
         documents, whether now or hereafter existing, executed in connection
         with the Indebtedness.

RIGHT OF SETOFF. In addition to Lender's right of setoff arising by operation of
law, Grantor hereby grants Lender a contractual security interest in and hereby
assigns, conveys, delivers, pledges, and transfers all of Grantor's right, title
and interest in and to Grantor's accounts with Lender (whether checking,
savings, or some other account and whether evidenced by a certificate of
deposit), including all accounts held jointly with someone else and all accounts
Grantor may open in the future, excluding, however, all IRA and Keogh accounts,
and all trust accounts for which the grant of a security interest would be
prohibited by law. Grantor authorizes Lender, to the extent permitted by
applicable law, to charge or setoff all Indebtedness against any and all such
accounts.

GRANTOR'S REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE COLLATERAL. Grantor
represents and warrants to Lender that:

         Ownership. Grantor is the lawful owner of the Collateral free and clear
         of all security interests, liens, encumbrances and claims of others
         except as disclosed to and accepted by Lender in writing prior to
         execution of this Agreement.

         Right to Pledge. Grantor has the full right, power and authority to
         enter into this Agreement and to pledge the Collateral.

         Binding Effect. This Agreement is binding upon Grantor, as well as
         Grantor's heirs, successors, representatives and assigns, and is
         legally enforceable in accordance with its terms.

         No Further Assignment. Grantor has not, and will not, sell, assign,
         transfer, encumber or otherwise dispose of any of Grantor's rights in
         the Collateral except as provided in this Agreement.

         No Defaults. There are no defaults existing under the Collateral, and
         there are no offsets or counterclaims to the same. Grantor will
         strictly and promptly perform each of the terms, conditions, covenants
         and agreements contained in the Collateral which are to be performed by
         Grantor, if any.

         No Violation. The execution and delivery of this Agreement will not
         violate any law or agreement governing Grantor or to which Grantor is a
         party, and its certificate or articles of incorporation and bylaws do
         not prohibit any term or condition of this Agreement.


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LENDER'S RIGHTS AND OBLIGATIONS WITH RESPECT TO COLLATERAL. Lender may hold the
Collateral until all the Indebtedness has been paid and satisfied and thereafter
may deliver the Collateral to any Grantor. Lender shall have the following
rights in addition to all other rights it may have by law:

         Maintenance and Protection of Collateral. Lender may, but shall not be
         obligated to, take such steps as it deems necessary or desirable to
         protect, maintain, insure, store, or care for the Collateral, including
         payment of any liens or claims against the Collateral. Lender may
         charge any cost incurred in so doing to Grantor.

         Income and Proceeds from the Collateral. Lender may receive all Income
         and Proceeds and add it to the Collateral. Grantor agrees to deliver to
         Lender immediately upon receipt, in the exact form received and without
         commingling with other property, all income and Proceeds from the
         Collateral which may be received by, paid, or delivered to Grantor or
         for Grantor's account, whether as an addition to, in discharge of, in
         substitution of, or in exchange for any of the Collateral.

         Application of Cash. At Lender's option, Lender may apply any cash,
         whether included in the Collateral or received as Income and Proceeds
         or through liquidation, sale, or retirement, of the Collateral, to the
         satisfaction of the Indebtedness or such portion thereof as Lender
         shall choose, whether or not matured.

         Transactions with Others. Lender may (a) extend time for payment or
         other performance, (b) grant a renewal or change in terms or
         conditions, or (c) compromise, compound or release any obligation, with
         any one or more Obligors, endorsers, or Guarantors of the Indebtedness
         as Lender deems advisable, without obtaining the prior written consent
         of Grantor, and no such act or failure to act shall affect Lender's
         rights against Grantor or the Collateral.

         All Collateral Secures Indebtedness. All Collateral shall be security
         for the Indebtedness, whether the Collateral is located at one or more
         offices or branches of Lender and whether or not the office or branch
         where the Indebtedness is created is aware of or relies upon the
         Collateral.

         Collection of Collateral. Lender, at Lender's option may, but need not,
         collect directly from the Obligors on any of the Collateral all Income
         and Proceeds or other sums of money and other property due and to
         become due under the Collateral, and Grantor authorizes and directs the
         Obligors, if Lender exercises such option, to pay and deliver to Lender
         all Income and Proceeds and other sums of money and other property
         payable by the terms of the Collateral and to accept Lender's receipt
         for the payments.



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         Power of Attorney. Grantor irrevocably appoints Lender as Grantor's
         attorney-in-fact, with full power of substitution, (a) to demand,
         collect, receive, receipt for, sue and recover all Income and Proceeds
         and other sums of money and other property which may now or hereafter
         become due, owing or payable from the Obligors in accordance with the
         terms of the Collateral; (b) to execute, sign and endorse any and all
         instruments, receipts, checks, drafts and warrants issued in payment
         for the Collateral; (c) to settle or compromise any and all claims
         arising under the Collateral, and in the place and stead of Grantor,
         execute and deliver Grantor's release and acquittance for Grantor; (d)
         to file any claim or claims or to take any action or institute or take
         part in any proceedings, either in Lender's own name or in the name of
         Grantor, or otherwise, which in the discretion of Lender may seem to be
         necessary or advisable; and (e) to execute in Grantor's name and to
         deliver to the Obligors on Grantor's behalf, at the time and in the
         manner specified by the Collateral, any necessary instruments or
         documents.

         Perfection of Security Interest. Upon request of Lender, Grantor will
         deliver to Lender any and all of the documents evidencing or
         constituting the Collateral. When applicable law provides more than one
         method of perfection of Lender's security interest, Lender may choose
         the method(s) to be used. Upon request of Lender, Grantor will sign and
         deliver any writings necessary to perfect Lender's security interest.
         If the Collateral consists of securities for which no certificate has
         been issued, Grantor agrees, at Lender's option, either to request
         issuance of an appropriate certificate or to execute appropriate
         instructions on Lender's forms instructing the issuer, transfer agent,
         mutual fund company, or broker, as the case may be, to record on its
         books or records, by book-entry or otherwise, Lender's security
         interest in the Collateral. Grantor hereby appoints Lender 'as
         Grantor's irrevocable attorney-in-fact for the purpose of executing any
         documents necessary to perfect or to continue the security interest
         granted in this Agreement. This is a continuing Security Agreement and
         will continue in effect even though all or any part of the Indebtedness
         is paid in full and even though for a period of time Grantor may not be
         indebted to Lender.

         EXPENDITURES BY LENDER. If not discharged or paid when due, Lender may
         (but shall not be obligated to) discharge or pay any amounts required
         to be discharged or paid by Grantor under this Agreement, including
         without limitation all taxes, liens, security interests, encumbrances,
         and other claims, at any time levied or placed on the Collateral.
         Lender also may (but shall not be obligated to) pay all costs for
         insuring, maintaining and preserving the Collateral. All such
         expenditures incurred or paid by Lender for such purposes, with the
         exception of insurance premiums paid by Lender with respect to motor
         vehicles, will then bear interest at the rate charged under the Note
         from the date incurred of paid by Lender to the date of repayment by
         Grantor.

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         All such expenses shall become a part of the Indebtedness and, at
         Lender's option, will (a) be payable on demand, (b) be added to the
         balance of the Note and be apportioned among and be payable with any
         installment payments to become due during either (i) the term of any
         applicable insurance policy or (ii) the remaining term of the Note, or
         (c) be treated as a balloon payment which will be due and payable at
         the Note's maturity. This Agreement also will secure payment of these
         amounts. Such right shall be in addition to all other rights and
         remedies to which Lender may be entitled upon the occurrence of an
         Event of Default.

         LIMITATIONS ON OBLIGATIONS OF LENDER. Lender shall use ordinary
         reasonable care in the physical preservation and custody of the
         Collateral in Lender's possession, but shall have no other obligation
         to protect the Collateral or its value. In particular, but without
         limitation, Lender shall have no responsibility for (a) any
         depreciation in value of the Collateral or for the collection or
         protection of any Income and Proceeds from the Collateral, (b)
         preservation of rights against parties to the Collateral or against
         third persons, (c) ascertaining any maturities, calls, conversions,
         exchanges, offers, tenders, or similar matters relating to any of the
         Collateral, or (d) informing Grantor about any of the above, whether or
         not Lender has or is deemed to have knowledge of such matters. Except
         as provided above, Lender shall have no liability for depreciation or
         deterioration of the Collateral.

         EVENTS OF DEFAULT. Each of the following shall constitute an Event of
         Default under this Agreement:

         Default on Indebtedness. Failure of Grantor to make any payment with 5
         days when due on the Indebtedness.

         Other Defaults. Failure of Grantor to comply with or to perform any
         other term, obligation, covenant or condition contained in this
         Agreement or in any of the Related Documents or in any other agreement
         between Lender and Grantor.

         Default in Favor of Third Parties. Should Borrower or any Grantor
         default under any loan, extension of credit, security agreement,
         purchase or sales agreement, or any other agreement, in favor of any
         other creditor or person that may materially affect any of Borrower's
         property or Borrower's or any Grantor's ability to repay the Loans or
         perform their respective obligations under this Agreement or any of the
         Related Documents.

         False Statements. Any warranty, representation or statement made or
         furnished to Lender by or on behalf of Grantor under this Agreement,
         the Note or the Related Documents is false or misleading in any
         material respect, either now or at the time made or furnished.

         Defective Collateralization. This Agreement or any of the Related
         Documents ceases to be in full force and effect (including failure of
         any collateral documents to create a valid and perfected security
         interest or lien) at any time and for any reason. Insolvency. The
         dissolution or termination of Grantor's existence as a going business,
         the insolvency of Grantor, the appointment of a receiver for any part
         of Grantor's property, any assignment for the benefit of creditors, any
         type of creditor workout, or the commencement of any proceeding under
         any bankruptcy or insolvency laws by or against Grantor.

         Creditor or Forfeiture Proceedings. Commencement of foreclosure or
         forfeiture proceedings, whether by judicial proceeding, self-help,
         repossession or any other method, by any creditor of Grantor or by any
         governmental agency against the Collateral or any other collateral
         securing the Indebtedness. This includes a garnishment of any of
         Grantor's deposit accounts with Lender. However, this Event of Default
         shall not apply if there is a good faith dispute by Grantor as to the
         validity or reasonableness of the claim which is the basis of the
         creditor or forfeiture proceeding and if Grantor gives Lender written
         notice of the creditor or forfeiture proceeding and deposits with
         Lender monies or a surety bond for the creditor or forfeiture
         proceeding, in an amount determined by Lender, in its sole discretion,
         as being an adequate reserve or bond for the dispute.

         Events Affecting Guarantor. Any of the preceding events occurs with
         respect to any Guarantor of any of the Indebtedness or such Guarantor
         dies or becomes incompetent. Lender, at its option, may, but shall not
         be required to, permit the Guarantor's estate to assume unconditionally
         the obligations arising under the guaranty in a manner satisfactory to
         Lender, and, in doing so, cure the Event of Default.
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Right to Cure. If any default, other than a Default on Indebtedness, is curable
and if Grantor has not been given a prior notice of a breach of the same
provision of this Agreement, it may be cured (and no Event of Default will have
occurred) if Grantor, after Lender sends written notice demanding cure of such
default, (a) cures the default within thirty (30) days; or (b), if the cure
requires more than thirty (30) days, immediately initiates steps which Lender
deems in Lender's sole discretion to be sufficient to cure the default and
thereafter continues and completes all reasonable and necessary steps sufficient
to produce compliance as soon as reasonably practical.

RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this
Agreement, at any time thereafter, Lender may exercise any one or more of the
following rights and remedies:

         Accelerate Indebtedness. Declare all Indebtedness, including any
         prepayment penalty which Grantor would be required to pay, immediately
         due and payable, without notice of any kind to Grantor.

         Collect the Collateral. Collect any of the Collateral and, at Lender's
         option and to the extent permitted by applicable law, retain possession
         of the Collateral while suing on the Indebtedness.

         Sell the Collateral. Sell the Collateral, at Lender's discretion, as a
         unit or in parcels, at one or more public or private sales. Unless the
         Collateral is perishable or threatens to decline speedily in value or
         is of a type customarily sold on a recognized market, Lender shall give
         or mail to Grantor, or any of them, notice at least ten (10) days in
         advance of the time and place of any public sale, or of the date after
         which any private sale may be made. Grantor agrees that any requirement
         of reasonable notice is satisfied if Lender mails notice by ordinary
         mail addressed to Grantor, or any of them, at the last address Grantor
         has given Lender in writing. If a public sale is held, there shall be
         sufficient compliance with all requirements of notice to the public by
         a single publication in any newspaper of general circulation in the
         county where the Collateral is located, setting forth the time and
         place of sale and a brief description of the property to be sold.
         Lender may be a purchaser at any public sale.

         Register Securities. Register any securities included in the Collateral
         in Lender's name and exercise any rights normally incident to the
         ownership of securities.

         Sell Securities. Sell any securities included in the Collateral in a
         manner consistent with applicable federal and state securities laws,
         notwithstanding any other provision of this or any other agreement. If,
         because of restrictions under such laws, Lender is or believes it is
         unable to sell the 'securities in an open market transaction, Grantor
         agrees that Lender shall have no obligation to delay sale until the
         securities can be registered, and may make a private sale to one or
         more persons or to a restricted group of persons, even though such sale
         may result in a price that is less favorable than might be obtained in
         an open market transaction, and such a sale shall be considered
         commercially reasonable. If any securities held as Collateral are
         "restricted securities" as defined in the Rules of the Securities and
         Exchange Commission (such as Regulation D or Rule 144) or state
         securities departments under state "Blue Sky" laws, or if Grantor is an
         affiliate of the issuer of the securities, Grantor agrees that neither
         Grantor nor any member of Grantor's family will sell or dispose of any
         securities of such issuer without obtaining Lender's prior written
         consent.

         Foreclosure. Maintain a judicial suit for foreclosure and sale of the
         Collateral.

         Transfer Title. Effect transfer of title upon sale of all or part of
         the Collateral. For this purpose, Grantor irrevocably appoints Lender
         as its attorney-in-fact to execute endorsements, assignments and
         instruments in the name of Grantor and each of them (if more than one)
         as shall be necessary or reasonable.

         Other Rights and Remedies. Have and exercise any or all of the rights
         and remedies of a secured creditor under the provisions of the Uniform
         Commercial Code, at law, in equity, or otherwise.




         Application of Proceeds. Apply any cash which is part of the
         Collateral, or which is received from the collection or sale of the
         Collateral, to reimbursement of any expenses, including any costs for
         registration of securities, commissions incurred in connection with a
         sale, attorney fees as provided below, and court costs, whether or not
         there is a lawsuit and including any fees on appeal, incurred by Lender
         in connection with the collection and sale of such Collateral and to
         the payment of the Indebtedness of Grantor to Lender, with any excess
         funds to be paid to Grantor as the interests of Grantor may appear.
         Grantor agrees, to the extent permitted by law, to pay any deficiency
         after application of the proceeds of the Collateral to the
         Indebtedness.

         Cumulative Remedies. All of Lender's rights and remedies, whether
         evidenced by this Agreement or by any other writing, shall be
         cumulative and may be exercised singularly or concurrently. Election by
         Lender to pursue any remedy shall not exclude pursuit of any other
         remedy, and an election to make expenditures or to take action to
         perform an obligation of Grantor under this Agreement, after Grantor's
         failure to perform, shall not affect Lender's right to declare a
         default and to exercise its remedies.
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MISCELLANEOUS PROVISIONS.  The following miscellaneous provisions are a part of
this Agreement:

         Amendments. This Agreement, together with any Related Documents,
         constitutes the entire understanding and agreement of the parties as to
         the matters set forth in this Agreement. No alteration of or amendment
         to this Agreement shall be effective unless given in writing and signed
         by the party or parties sought to be charged or bound by the alteration
         or amendment.

         Applicable Law. This Agreement has been delivered to Lender and
         accepted by Lender in the State of New York. If there is a lawsuit,
         Grantor agrees upon Lender's request to submit to the jurisdiction of
         the courts of Broome County, the State of New York. Lender and Grantor
         hereby waive the right to any jury trial in any action, proceeding, or
         counterclaim brought by either Lender or Grantor against the other.
         This Agreement shall be governed by and construed in accordance with
         the laws of the State of New York.

         Attorneys' Fees; Expenses. Grantor agrees to pay upon demand all of
         Lender's costs and expenses, including reasonable attorneys' fees and
         Lender's legal expenses, incurred in connection with the enforcement of
         this Agreement. Lender may pay someone else to help enforce this
         Agreement, and Grantor shall pay the costs and expenses of such
         enforcement. Costs and expenses include Lender's reasonable attorneys'
         fees and legal expenses whether or not there is a lawsuit, including
         reasonable attorneys' fees and legal expenses for bankruptcy
         proceedings (and including efforts to modify or vacate any automatic
         stay or injunction), appeals, and any anticipated post-judgment
         collection services. Grantor also shall pay all court costs and such
         additional fees as may be directed by the court. Caption Headings.
         Caption headings in this Agreement are for convenience purposes only
         and are not to be used to interpret or define the provisions of this
         Agreement.

         Notices. All notices required to be given under this Agreement shall be
         given in writing, may be sent by telefacsimile (unless otherwise
         required by law), and shall be effective when actually delivered or
         when deposited with a nationally recognized overnight courier or
         deposited in the United States mail, first class, postage prepaid,
         addressed to the party to whom the notice is to be given at the address
         shown above. Any party may change its address for notices under this
         Agreement by giving formal written notice to the other parties,
         specifying that the purpose of the notice is to change the party's
         address. To the extent permitted by applicable law, if there is more
         than one Grantor, notice to any Grantor will constitute notice to all
         Grantors. For notice purposes, Grantor will keep Lender informed at all
         times of Grantor's current addressees).


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         Severability. If a court of competent jurisdiction finds any provision
         of this Agreement to be invalid or unenforceable as to any person or
         circumstance, such finding shall not render that provision invalid or
         unenforceable as to any other persons or circumstances. If feasible,
         any such offending provision shall be deemed to be modified to be
         within the limits of enforceability or validity; however, if the
         offending provision cannot be so modified, it shall be stricken and all
         other provisions of this Agreement in all other respects shall remain
         valid and enforceable.

         Successor Interests. Subject to the limitations set forth above on
         transfer of the Collateral, this Agreement shall be binding upon and
         inure to the benefit of the parties, their successors and assigns.

         Waiver. Lender shall not be deemed to have waived any rights under this
         Agreement unless such waiver is given in writing and signed by Lender.
         No delay or omission on the part of Lender in exercising any right
         shall operate as a waiver of such right or any other right. A waiver by
         Lender of a provision of this Agreement shall not prejudice or
         constitute a waiver of Lender's right otherwise to demand strict
         compliance with that provision or any other provision of this
         Agreement. No prior waiver by Lender, nor any course of dealing between
         Lender and Grantor, shall constitute a waiver of any of Lender's rights
         or of any of Grantor's obligations as to any future transactions.
         Whenever the consent of Lender is required under this Agreement, the
         granting of such consent by Lender in any instance shall not constitute
         continuing consent to subsequent instances where such consent is
         required and in all cases such consent may be granted or withheld in
         the sole discretion of Lender.

         Termination. When Lender has been paid in full under all of Borrower's
         outstanding obligations and all Loans have been terminated, Lender will
         release any and all liens. Borrower will be responsible for all fees
         and costs to effectuate the release of liens.

GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS PLEDGE AND SECURITY
AGREEMENT, AND GRANTOR AGREES TO ITS TERMS. THIS AGREEMENT IS DATED JULY 3,
1998.
GRANTOR:

Magnavision Corporation


By:       
   ----------------------------------
    Robert E. Hoffman, President