Document:

exv10w6

Exhibit 10.6

GUARANTY OF PAYMENT

     THIS GUARANTY AGREEMENT (this “Agreement”) is entered into as of July 17, 2009, by TRUSTWAY
INSURANCE AGENCIES, LLC, a Delaware limited liability company (the “Guarantor”) with an address as
set forth on the signature page to this Agreement, in favor of WACHOVIA BANK, NATIONAL ASSOCIATION
(“Lender”) with an address at 171 17th Street NW, 5th Floor, MC: GA4507 Atlanta, Georgia 30363.

     Guarantor has requested that Lender extend a $1,500,000.00 line of credit to AssuranceAmerica
Corporation (“Borrower”) (the “Loan Facility”) under the terms of that certain Loan Agreement
dated as of even date herewith (as amended or otherwise modified from time to time, the “Loan
Agreement”), and Lender has agreed to provide such Loan Facility to Borrower on the condition that
Guarantor execute and deliver this Agreement to Lender to secure the payment of the Loan Facility.

     NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

     SECTION 1. Definitions. Capitalized terms not defined herein have the respective
meanings provided for in the Loan Agreement.

     SECTION 2. Representations and Warranties. Guarantor represents and warrants (which
representations and warranties shall be deemed to have been renewed by Guarantor upon each
delivery of a compliance certificate under the Loan Agreement) that: (a) this Agreement has been
duly and validly executed and delivered by Guarantor and constitutes Guarantor’s legal, valid and
binding obligation, enforceable in accordance with its terms, except as the enforceability thereof
may be limited by bankruptcy, insolvency, reorganization or moratorium or other similar laws
relating to the enforcement of creditors’ rights generally and by general equitable principles;
(b) neither the execution and delivery by Guarantor of this Agreement nor compliance with the
terms and provisions hereof by Guarantor will conflict with or result in a breach of, or require
any consent under, any applicable law or regulation, or any order, writ, injunction or decree of
any court or governmental authority or agency, or any material agreement or instrument to which
Guarantor is a party or by which Guarantor is bound or to which Guarantor is subject, or
constitute a default under any such agreement or instrument, or result in the creation or
imposition of any lien upon any of Guarantor’s revenues or assets pursuant to the terms of any
such agreement or instrument; and (c) after giving effect to the execution and delivery of the
Loan Documents to which Guarantor is a party and the incurring of its obligations hereunder,
Guarantor, Borrower and each of Borrower’s Subsidiaries, collectively, will not be (i)
“insolvent,” within the meaning of such term as defined in § 101 of Title 11 of the United States
Code or § 2 of either the Uniform Fraudulent Transfer Act or the Uniform Fraudulent Conveyance
Act, as each is amended from time to time, or (ii) unable to pay Guarantor’s debts generally as
such debts become due, or have an unreasonably small capital to engage in any business or
transaction, whether current or contemplated.

     SECTION 3. The Guaranty. Guarantor hereby, jointly and severally with each other
guarantor of the Guaranteed Obligations (defined below), unconditionally and irrevocably,
guarantees the full and punctual payment (whether at stated maturity, upon acceleration or
otherwise) of all loans under the Loan Facility, interest thereon and all other Obligations
(defined in the Loan Agreement) (collectively the “Guaranteed Obligations”). Upon failure by
Borrower to pay punctually any such Guaranteed Obligations, Guarantor agrees Guarantor shall
forthwith on demand pay the amount not so paid at the place and in the manner specified in the Loan
Agreement, the Note or the relevant Loan Document, as the case may be. This guaranty is a guaranty
of payment and performance and not of collectibility and in no way conditional or contingent.
Without limiting the generality of the foregoing, this Agreement is in no way conditioned upon any
requirement that Lender first attempt to obtain or collect payment, or seek observance or
performance, of any of the Guaranteed Obligations from any person or entity which is or may become
directly or indirectly liable or responsible for any of the Guaranteed Obligations, or resort to
any other collateral or security or other means of obtaining or collecting payment or seeking
observance or performance of any of the Guaranteed Obligations, or upon any other contingency
whatsoever. Each and every default in the payment, observance or performance of any of the
Guaranteed Obligations shall give rise to a separate cause of action under this Agreement and
separate suits, actions or proceedings may be brought hereunder as and when any such cause of
action arises.

 

 

     SECTION 4. Guaranty Unconditional. The obligations of Guarantor hereunder shall be
unconditional, irrevocable, continuing and absolute and, without limiting the generality of the
foregoing, shall not be released, discharged or otherwise affected by: (i) any extension, renewal,
settlement, compromise, surrender, indulgence, forbearance, acceleration, waiver or release in
respect of any obligation of Borrower or any Guarantor (defined under the Loan Agreement; Borrower
and all Guarantors being referred to herein as a “Loan Party”) with respect to the Guaranteed
Obligations, the Loan Agreement, the Note, or any other Loan Document, by operation of law or
otherwise; (ii) any change in the terms of the Guaranteed Obligations, the Loan Agreement, the Note
or any other Loan Document or any amendment or other modification to the Loan Agreement, the Note,
or any other Loan Document; (iii) any invalidity, nonattachment, nonperfection, failure to obtain
priority, release, surrender, accept, exchange, substitution, subordination, enforcement or sale of
any part of the Collateral or any other direct or indirect security for any Guaranteed Obligations
or any other obligation of any of the Loan Parties under the Loan Agreement, the Note, any Loan
Document, or the manner of the application of the proceeds of any Collateral or any other direct or
indirect security for any Guaranteed Obligations; (iv) any change in the legal or organizational
structure or ownership of any of the Loan Parties, or any insolvency, bankruptcy, reorganization or
other similar proceeding affecting any of the Loan Parties, or its assets or any resulting release
or discharge of any obligation of any of the Loan Parties; (v) the existence of any setoff, claim,
defense, recoupment or other rights which Guarantor may have at any time against any of the Loan
Parties, the Lender, or any other person or entity, whether in connection herewith or any unrelated
transactions, provided that nothing herein shall prevent the assertion of any such claim by
separate suit or compulsory counterclaim; (vi) any discharge, invalidity or unenforceability
relating to or against any of the Loan Parties, for any reason related to the Loan Agreement, the
Note, any other Loan Document, or any other guaranty, or any provision of applicable law or
regulation purporting to prohibit the payment by any of the Loan Parties, of the principal of or
interest on the Loans or other Guaranteed Obligations under the Loan Agreement or any other Loan
Document; (vii) receipt of any additional Collateral or any other direct or indirect security for
any Guaranteed Obligations or any other obligation of any of the Loan Parties under the Loan
Agreement, the Note, any Loan Document; or (viii) any and all defenses based on suretyship or any
other applicable law, all of which are hereby expressly waived, including without limitation all
rights and defenses arising out of the following, each of which is hereby waived: (a) an election
of remedies by the Lender even though that election of remedies may have destroyed rights of
subrogation and reimbursement against any Loan Party by operation of law or otherwise, (b)
protections afforded to any Loan Party pursuant to antideficiency or similar laws limiting or
discharging any Loan Party’s obligations to the Lender, (c) the failure to notify any Loan Party of
the disposition of any property securing the obligations of any Loan Party, (d) the commercial
reasonableness of such disposition or the impairment, however caused, of the value of such
property, (e) any duty of the Lender (should such duty exist) to disclose to any Loan Party any
matter, fact or thing related to the business operations or condition (financial or otherwise) of
any Loan Party or its affiliates or property, whether now or hereafter known by the Lender, (f) any
defense of any Loan Party to payment, (g) the benefit of any statute of limitations in favor of
Borrower or any Loan Party, (h) any defense based on a claim that Guarantor’s obligations hereunder
are more burdensome than, or exceed those of Borrower or any Loan Party, (i) any right to assert
the doctrine of marshalling with respect to the Collateral, (j) any defense arising from Lender’s
performance or lack of performance of any due diligence, monitoring or examination of the Borrower,
any Collateral or any Loan Party or the exercise or non-exercise of any right, power, privilege or
remedy under the Loan Agreement, the Note or any other Loan Document, (k) the provisions of Section
10-7-24 of O.C.G.A. or 11-3-601 O.C.G.A., or (1) any other act or omission to act or delay of any
kind by any of the Loan Parties, the Lender or any other person or entity or any other circumstance
whatsoever which might, but for the provisions of this Section 4, constitute a legal or equitable
discharge of the obligations of Guarantor hereunder.

     SECTION 5. Discharge Only Upon Payment In Full; Reinstatement In Certain
Circumstances, (a) Guarantor’s obligations hereunder shall remain in full force and effect
until all Guaranteed Obligations (other than Cash Management Obligations that continue after the
termination of the Loan Facility) shall have been paid in full and the commitments under the Loan
Facility shall have terminated or expired. If at any time any payment of the principal of or
interest on the Note or any other amount payable by Borrower under the Loan Agreement or any other
Loan Document is rescinded or must be otherwise restored or returned upon the insolvency,
bankruptcy or reorganization of Borrower or otherwise, Guarantor’s obligations hereunder with
respect to such payment shall be reinstated as though such payment had been due but not made at
such time.

     (b) This Agreement is irrevocable and may only be terminated as provided herein. This
Agreement shall terminate (i) upon the termination of Lender’s commitments to make any advances
under the Loan Facility and the payment in full, in cash, of all Obligations (other than Cash
Management Obligations that continue after the termination of the Loan Facility) and (ii) in the
event that applicable law permits the Guarantor to terminate or

2

 

revoke any of Guarantor’s obligations under this Agreement, notwithstanding the provisions hereof,
Guarantor may terminate or revoke any such obligations but such termination or revocation shall
only be effective (i) thirty (30) days after Bank receives written notice from Guarantor and (ii)
only with respect to obligations arising after the end of such 30-day period.

     SECTION 6. Waiver of Notices. Guarantor waives all presentments, demands for
performance, notices of nonperformance, protests, notices of protest, notices of dishonor, notices
of intent to accelerate, notices of acceleration, notices of any suit or any other action against
Borrower or any other Loan Party, any other notices to any Loan Party, notices of acceptance of
this Agreement, notices of the existence, creation, or incurring of the Guaranteed Obligations or
any new or additional Guaranteed Obligations or any other indebtedness of Borrower to Lender,
notices of the execution and delivery of the Loan Agreement, the Note or any other Loan Document
from time to time, and notices of any fact that might increase Guarantor’s risk.

     SECTION 7. Subordination. Guarantor hereby subordinates each and all of Guarantor’s
interests, claims, rights and entitlements to payment of any sums now due or hereafter to become
due to Guarantor from Borrower or any other Loan Party to the interests, claims, rights and
entitlements of the Lender to payment of any sums now due or hereafter to become due to Lender
from Borrower or other Loan Party to the extent of the Guaranteed Obligations, provided, however,
that so long as no Event of Default is in existence at such time, Guarantor may receive payments
of the foregoing amounts from time to time as the same may become due and payable. Guarantor
hereby further assigns to the Lender each and all of Guarantor’s interests, claims, rights and
entitlements to payment of any sums now due or hereafter to become due to Guarantor from the
Borrower or any other Loan Party to the extent of the Guaranteed Obligations and any other amounts
due or to become due under this Agreement, and agrees, at Guarantor’s sole cost and expense, to
execute and/or deliver any other and further documents, instruments and agreements, as the Lender
may deem necessary or appropriate to evidence such assignment, provided, however, that so long as
no Event of Default is in existence at such time, Guarantor may receive payments of the foregoing
amounts from time to time as the same may become due and payable.

     SECTION 8. Notices. All notices, requests and other communications to any party
hereunder shall be given or made by telecopier or other writing and telecopied or mailed or
delivered to the intended recipient at its address or telecopier number set forth on the signature
pages hereof or such other address or telecopy number as such party may hereafter specify for such
purpose, and with respect to the Lender, by notice to the Lender in accordance with the provisions
of Section 7.2 of the Loan Agreement. Except as otherwise provided in this Agreement, all such
communications shall be deemed to have been duly given when transmitted by telecopier, or
personally delivered or, in the case of a mailed notice, 72 hours after such communication is
deposited in the mails with first class postage prepaid, in each case given or addressed as
aforesaid.

     SECTION 9. No Waivers. No failure or delay by the Lender in exercising any right,
power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. The rights and remedies provided in this Agreement, the Loan Agreement,
the Note, and the other Loan Documents shall be cumulative and not exclusive of any rights or
remedies provided by law.

     SECTION 10. Successors and Assigns. This Agreement is for the benefit of the Lender
and its respective successors and assigns and in the event of an assignment of any amounts payable
under the Loan Agreement, the Note, or the other Loan Documents, the rights hereunder, to the
extent applicable to the indebtedness so assigned, may be transferred with such indebtedness. This
Agreement may not be assigned by Guarantor without the prior written consent of the Lender, and
shall be binding upon Guarantor and its successors, estate, and permitted assigns.

     SECTION 11. Taxes With Respect to Payments. All payments of principal, interest and
fees and all other amounts to be made by Guarantor pursuant to this Agreement with respect to any
Guaranteed Obligations shall be paid without deduction for, and free from, any tax, imposts,
levies, duties, deductions, or withholdings of any nature now or at anytime hereafter imposed by
any governmental authority or by any taxing authority thereof or therein, but excluding in the
case of Lender the following: taxes imposed on or measured by its net income, and franchise taxes
imposed on it, by the jurisdiction under the laws of which Lender is organized or any political
subdivision thereof and, in the case of Lender, taxes imposed on its income, and franchise taxes
imposed on it by the

3

 

State of Georgia (all such non-excluded taxes, imposts, levies, duties, deductions or withholdings
of any nature being “Taxes”). In the event that Guarantor is required by applicable law to make
any such withholding or deduction of Taxes with respect to any payment hereunder, Guarantor shall
pay such deduction or withholding to the applicable taxing authority, shall promptly furnish to
Lender in respect of which such deduction or withholding is made all receipts and other documents
evidencing such payment and shall pay to Lender additional amounts as may be necessary in order
that the amount received by Lender after the required withholding or other payment shall equal the
amount Lender would have received had no such withholding or other payment been made. If no
withholding or deduction of Taxes are payable in respect to any Guaranteed Obligations relating
thereto, Guarantor fails to provide such original or certified copy of a receipt evidencing
payment of Taxes, Guarantor agrees to compensate Lender for, and indemnify Lender with respect to,
the tax consequences of Guarantor’s failure to provide evidence of tax payments.

     SECTION 12. Expenses. Guarantor will upon demand pay to Lender the amount of any and
all actual expenses, including the reasonable fees and expenses of its counsel and of any experts
and agents, which Lender may incur in connection with (i) the exercise or enforcement of any of
the rights of Lender hereunder, or (ii) the failure by Guarantor to perform or observe any of the
provisions hereof. As used herein, the phrase “reasonable attorneys’ fees,” “attorneys’ fees” or
words of similar import shall refer to the fees of Lender’s outside legal counsel computed on the
basis of the regular billing rates of the attorneys and paralegals
involved in such matter, and
the number of hours actually worked by such attorneys and paralegals and shall be computed without
regard to O.C.G.A. 13-1-11 or any other statutory presumption.

     SECTION 13. Subrogation, etc. Guarantor hereby agrees that Guarantor will not exercise
any rights which Guarantor may acquire by way of subrogation, indemnification, reimbursement or
other claims against Borrower or any Loan Party under this Agreement, by any payment made hereunder
or otherwise, unless and until all of the Guaranteed Obligations (other than Cash Management
Obligations that continue after the termination of the Loan Facility) shall have been paid in full.
If any amount shall be paid to Guarantor on account of the foregoing at any time when all of the
Guaranteed Obligations shall not have been paid in full, such amount shall be held in trust for the
benefit of the Lender and shall forthwith be paid to the Lender to be credited and applied upon the
Guaranteed Obligations (other than Cash Management Obligations that continue after the termination
of the Loan Facility), whether matured or unmatured, in accordance with the terms of the Loan
Agreement.

     SECTION
14. Miscellaneous. (a) Amendments and Waivers. No waiver, amendment or
modification of any provision of this Agreement shall be valid unless in writing and signed by
Guarantor and an officer of Lender.

     (b) Assignment. All rights of Lender hereunder are freely assignable, in whole or in part,
and shall inure to the benefit of and be enforceable by Lender, its successors, assigns and affiliates.
Guarantor shall not assign its rights and interest hereunder without the prior written consent of Lender, and any attempt
by Guarantor to assign without Lender’s prior written consent is null and void. Any assignment shall not release
Guarantor from the Guaranteed Obligations. This Agreement shall be binding upon Guarantor, and the heirs,
personal representatives, successors, and assigns of Guarantor.

     (c) Final Agreement. This Agreement represents the final agreement between the parties with
respect to the matters set forth herein and may not be contradicted by evidence of prior,
contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties with
respect hereto.

     (d) Severability. If any provision of this Agreement shall be prohibited by or invalid under
applicable law, such provision shall be ineffective but only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

     (e) Captions. The captions contained herein are inserted for convenience only and shall not
affect the meaning or interpretation of this Agreement or any provision hereof. The use of the plural
shall also mean the singular, and vice versa.

     (f) Joint and Several Liability. If more than one party has signed this Agreement, such
parties are jointly and severally obligated hereunder.

4

 

     (g) Binding Contract. Guarantor by execution and Lender by acceptance of this Agreement,
agree that each party is bound by all terms and provisions of this Agreement.

     SECTION 15. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF GEORGIA (OTHER THAN THE CONFLICTS OF LAW PROVISIONS OF
SUCH STATE THAT REQUIRE OR PERMIT APPLICATION OF THE LAWS OF ANY OTHER STATE OR JURISDICTION).

     SECTION 16. LIMITATION ON LIABILITY; WAIVER OF PUNITIVE DAMAGES. GUARANTOR, AND
LENDER BY ACCEPTANCE HEREOF, AGREES THAT IN ANY JUDICIAL, MEDIATION OR ARBITRATION PROCEEDING OR
ANY CLAIM OR CONTROVERSY BETWEEN OR AMONG THEM (A “DISPUTE”) THAT MAY ARISE OUT OF OR BE IN ANY
WAY CONNECTED WITH THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY OTHER AGREEMENT OR DOCUMENT BETWEEN
OR AMONG THEM OR THE OBLIGATIONS EVIDENCED HEREBY OR RELATED HERETO, IN NO EVENT SHALL ANY PARTY
HAVE A REMEDY OF, OR BE LIABLE TO THE OTHER FOR, (1) INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OR
(2) PUNITIVE OR EXEMPLARY DAMAGES. EACH OF THE PARTIES HEREBY EXPRESSLY WAIVES ANY RIGHT OR CLAIM
TO PUNITIVE OR EXEMPLARY DAMAGES THEY MAY HAVE OR WHICH MAY ARISE IN THE FUTURE IN CONNECTION WITH
ANY DISPUTE, WHETHER THE DISPUTE IS RESOLVED BY ARBITRATION, MEDIATION, JUDICIALLY OR OTHERWISE.

     SECTION 17. BINDING ARBITRATION; PRESERVATION OF REMEDIES.

     (a) Binding Arbitration. Upon demand of any party hereto, whether made before or
after
institution of any judicial proceeding, any claim or controversy between parties hereto
arising out of or
relating to this Agreement or any other Loan Documents shall be resolved by binding
arbitration conducted
under and governed by the Commercial Financial Disputes Arbitration Rules (the
“Arbitration Rules”) of
the American Arbitration Association (the “AAA”) and the Federal Arbitration Act.
Disputes may include,
without limitation, tort claims, counterclaims, a dispute as to whether a matter is
subject to arbitration,
claims brought as class actions, or claims arising from documents executed in the
future. A judgment upon
the award may be entered in any court having jurisdiction. Notwithstanding the
foregoing, this arbitration
provision does not apply to disputes under or related to Swap Agreements.

     (b) Special Rules. All arbitration hearings shall be conducted in Atlanta, Georgia. A
hearing
shall begin within 90 days of demand for arbitration and all hearings shall conclude
within 120 days of
demand for arbitration. These time limitations may not be extended unless a party
shows cause for
extension and then for no more than a total of 60 days. The expedited procedures set
forth in Rule 51 et
seq. of the Arbitration Rules shall be applicable to claims of less than $1,000,000.00.
Arbitrators shall be
licensed attorneys selected from the Commercial Financial Dispute Arbitration Panel of
the AAA. The
parties do not waive applicable Federal or state substantive law except as provided
herein.

     (c) Preservation and Limitation of Remedies. Notwithstanding the preceding binding
arbitration provisions, the parties agree to preserve, without diminution, certain
remedies that any party
may exercise before or after an arbitration proceeding is brought. The parties shall
have the right to
proceed in any court of proper jurisdiction or by self-help to exercise or prosecute
the following remedies,
as applicable: (i) all rights to foreclose against any real or personal property or
other security by exercising
a power of sale or under applicable law by judicial foreclosure including a proceeding
to confirm the sale;
(ii) all rights of self-help including peaceful occupation of real property and
collection of rents, set-off, and
peaceful possession of personal property; (iii) obtaining provisional or ancillary
remedies including
injunctive relief, sequestration, garnishment, attachment, appointment of receiver and
filing an involuntary
bankruptcy proceeding; and (iv) when applicable, a judgment by confession of judgment.
Any claim or
controversy with regard to any party’s entitlement to such remedies is a Dispute.

     (d) Waiver of Jury Trial. THE PARTIES ACKNOWLEDGE THAT BY AGREEING TO
BINDING ARBITRATION THEY HAVE IRREVOCABLY WAIVED ANY RIGHT THEY MAY HAVE
TO JURY TRIAL WITH REGARD TO A DISPUTE.

5

 

[SIGNATURE
ON FOLLOWING PAGE]

6

 

     IN WITNESS WHEREOF, Guarantor has caused this Agreement to be duly executed, under seal, as of
the date first above written.

	 	 	 	 	 
	 	TRUSTWAY INSURANCE AGENCIES, LLC

a Delaware limited liability company

 	 
	 	By:  	/s/
Mark H. Hain
 	 
	 	 	Name:  	MARK H. HAIN 	 
	 	 	Title:  	EVP 	 
	 
	 	Notice Address for Guarantor:

 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

Signature
Page to Guarantyexv10w7

Exhibit 10.7

PLEDGE AGREEMENT

     THIS PLEDGE AGREEMENT (this “Agreement”) is made as of the 17th day of July, 2009, by and
between TRUSTWAY INSURANCE AGENCIES, LLC, a Georgia limited liability company (the “Pledgor”) and
WACHOVIA BANK, NATIONAL ASSOCIATION (the “Bank”). Unless otherwise defined herein or if the
context clearly requires to the contrary, any capitalized term used herein but not defined shall
have the meaning ascribed to such term in that certain that certain Guaranty of Payment dated as
of even date herewith among Pledgor and Bank (as amended, the “Guaranty”) guaranteeing the
obligations of AssuranceAmerica Corporation, a Nevada corporation (“Borrower”) pursuant to that
certain Loan Agreement between Borrower and Bank (as amended from time to time, the “Loan
Agreement”).

     In consideration of the mutual covenants and agreements contained in this Agreement and other
good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, Pledgor
hereby agrees with Bank as follows:

     SECTION 1. Pledge. As collateral security for payment in full of the Guaranteed
Obligations, Pledgor hereby pledges, hypothecates, collaterally assigns and delivers unto Bank, and
grants to Bank a lien on, upon, and in all of the following: (a) the securities, investment
properties and general intangibles listed on Exhibit A attached hereto (and as supplemented from
time to time in connection with a Permitted Acquisition (as defined in the Loan Agreement)), the
proceeds thereof and any earnings thereon, and (b) any cash, options, instruments, shares or
securities, dividends, distributions, rights or other property at any time and from time to time
receivable or otherwise distributable in respect of, in exchange for, or in substitution of, any
and all such securities described in clause (a), together with the proceeds thereof (all of the
foregoing being hereinafter collectively called the “Pledged Collateral”). Upon the execution
hereof, (i) any securities, investment properties and general intangibles now or hereafter included
in the Pledged Collateral (hereinafter called the “Pledged Securities”) shall be accompanied by
duly executed transfer powers, as applicable, in blank and by such other instruments or documents
as Bank or its counsel may reasonably request, and (ii) all other property comprising part of the
Pledged Collateral shall be delivered to Bank and accompanied by proper instruments of assignment
duly executed by Pledgor and by such other instruments or documents as Bank or its counsel may
reasonably request. At any time after an Event of Default, Bank, at its option, may have any and
all Pledged Securities registered in its name or that of its nominee, and Pledgor hereby covenants
that, upon Bank’s request, Pledgor will cause the issuer of the Pledged Securities to effect such
registration. Each schedule so delivered shall supersede any prior schedules so delivered.

     TO HAVE AND TO HOLD the Pledged Collateral, together with all rights, titles, interests,
powers, privileges and references pertaining or incidental thereto, unto Bank, its successors and
assigns, forever, subject, however, to the terms, covenants and conditions hereinafter set forth.

     SECTION 2. Guaranteed Obligations Secured. This Agreement is made, and the security
interest created hereby is granted to Bank, to secure payment and performance in full of the
Guaranteed Obligations.

     SECTION 3. Representations and Warranties. Pledgor hereby represents and warrants
that, except for the lien granted to Bank and other liens permitted by the terms of Section 5.3 of
the Loan Agreement, Pledgor is the legal and equitable owner of the Pledged Collateral, holds the
same free and clear of all liens, and will make no voluntary assignment, pledge, mortgage,
hypothecation or transfer of the Pledged Collateral during the term of this Agreement; that
Pledgor has good right and legal authority

 

 

to pledge the Pledged Collateral in the manner hereby done or contemplated and will defend its
title thereto against the claims of all persons whomsoever and that no consent or approval of any
Governmental Authority, or of any securities exchange, was or is necessary to the validity of such
pledge which has not been obtained; and that the pledge of the Pledged Collateral is effective to
vest in Bank the rights of Pledgor in the Pledged Collateral as set forth herein.

     SECTION 4. No Options or Rights. Pledgor agrees that, until the Guaranteed
Obligations (other than Cash Management Guaranteed Obligations that continue after the termination
of the Loan Facility) have been satisfied in full, no options or rights in respect of the Pledged
Collateral shall be granted by Pledgor without the prior approval of Bank.

     SECTION
5. Voting Rights; Distributions; Etc.

     (a) So long as no Event of Default shall have occurred:

     (i) Pledgor shall be entitled to exercise any and all voting and/or consensual rights
and powers accruing to an owner of the Pledged Securities or any part thereof for any
purpose not inconsistent with the terms of this Agreement or any Loan Document;
provided, however, that Pledgor shall not exercise, or refrain from
exercising, any such right or power if any such action would have a material adverse effect
on the value of such Pledged Securities or any part thereof or on the rights and interests
of Bank hereunder with respect to the Pledged Securities;

     (ii) Pledgor shall be entitled to retain and use any and all cash distributions paid on
Pledged Securities, but any and all stock and/or liquidating distributions, other
distributions in property, return of capital or other distributions made on or in respect of
Pledged Securities, whether resulting from a subdivision, combination or reclassification of
outstanding capital stock of any corporation the capital stock of which is pledged hereunder
or received in exchange for Pledged Securities or any part thereof or as a result of any
merger, consolidation, acquisition or other exchange of assets or on the liquidation,
whether voluntary or involuntary, of any issuer of the Pledged Securities, or otherwise,
shall be and become part of the Pledged Collateral pledged hereunder and, if received by
Pledgor, shall forthwith be delivered to Bank to be held as collateral subject to the terms
of this Agreement; and

     (iii) Bank shall execute and deliver to Pledgor, or cause to be executed and delivered
to Pledgor, as appropriate, all such proxies, powers of attorney, distribution orders and
other instruments as Pledgor may reasonably request for the purpose of enabling Pledgor to
exercise the voting and/or consensual rights and powers which Pledgor is entitled to
exercise pursuant to Subparagraph (a)(i) above and/or to receive the distributions which
Pledgor is authorized to retain pursuant to Subparagraph (a)(ii) above.

     (b) Upon (i) the occurrence and during the continuance of an Event of Default and (ii) five
(5) days prior written notice to the Pledgor, all rights of Pledgor to exercise the voting
and/or consensual
rights and powers which Pledgor is entitled to exercise pursuant to Subparagraph (a)(i) above
and/or to
receive the distributions which Pledgor is authorized to receive and retain pursuant to
Subparagraph (a)(ii)
above shall cease, and all such rights thereupon shall become vested in Bank, which shall have
the sole
and exclusive right and authority to exercise such voting and/or consensual rights and powers
which
Pledgor shall otherwise be entitled to exercise pursuant to Subparagraph (a)(i) above and/or
to receive and
retain the distributions which Pledgor shall otherwise be authorized to retain pursuant to
Subparagraph
(a)(ii) above. Any and all money and other property paid over to or received by Bank
pursuant to the
provisions of this Paragraph (b) shall be retained by Bank as additional collateral hereunder
and shall be
applied in accordance with the provisions of Section 9 hereof.

2

 

     SECTION 6. Remedies upon Default. If an Event of Default shall have occurred, Bank may
continue to hold the Pledged Collateral for its own account and may, with prior notice to Pledgor,
sell, assign, transfer, endorse and deliver the whole or, from time to time, any part of the
Pledged Collateral at public or private sale or on any securities exchange, for cash, upon credit
or for other property, for immediate or future delivery, and for such price or prices and on such
terms as Bank, in its sole discretion, shall deem appropriate. Bank shall be authorized at any sale
(if it deems it advisable to do so) to restrict the prospective bidders or purchasers to persons
who will represent and agree that they are purchasing the Pledged Collateral for their own account
in compliance with the Securities Act of 1933, as amended, and upon consummation of any such sale,
Bank shall have the right to assign, transfer, endorse and deliver to the purchaser or purchasers
thereof the Pledged Collateral so sold. Each such purchaser at any such sale shall hold the
property sold absolutely free from any claim or right on the part of Pledgor, and Pledgor hereby
waives (to the extent permitted by law) all rights of redemption, stay and/or appraisal which
Pledgor now has or may at any time in the future have under any rule of law or statute now existing
or hereafter enacted. Bank shall give Pledgor ten (10) days’ written notice (which Pledgor agrees
is reasonable notification within the meaning of Section 9-504(3) of the Uniform Commercial Code)
of Bank’s intention to make any such sale. Such notice, in case of public sale, shall state the
time and place for such sale, and, in the case of sale on a securities exchange, shall state the
exchange at which such sale is to be made and the day on which the Pledged Collateral, or portion
thereof, will first be offered for sale at such exchange. Any such public sale shall be held at
such time or times within ordinary business hours and at such place or places at the Bank may fix
and shall state in the notice or publication (if any) of such sale. At any such sale, the Pledged
Collateral, or portion thereof to be sold, may be sold in one lot as an entirety or in separate
parcels, as Bank may (in its sole and absolute discretion) determine. Bank shall not be obligated
to make any sale of the Pledged Collateral if it shall determine not to do so, regardless of the
fact that notice of sale of the Pledged Collateral may have been given. Bank may, without notice or
publication, adjourn any public or private sale or cause the same to be adjourned from time to time
by announcement at the time and place fixed for sale, and such sale may, without further notice, be
made at the time and place to which the same was so adjourned. In case sale of all or any part of
the Pledged Collateral is made on credit or for future delivery, the Pledged Collateral so sold may
be retained by Bank until the sale price is paid by the purchaser or purchasers thereof, but Bank
shall not incur any liability in case any such purchaser or purchasers shall fail to take up and
pay for the Pledged Collateral so sold and, in case of any such failure, such Pledged Collateral
may be sold again upon like notice. At any public sale made pursuant to this Agreement, Bank may
bid for or purchase, free from any right of redemption, stay and/or appraisal on the part of
Pledgor (all said rights being also hereby waived and released to the extent permitted by law), any
part of or all the Pledged Collateral offered for sale and may make payment on account thereof by
using any claim then due and payable to Bank from Pledgor as a credit against the purchase price,
and Bank may, in compliance with the terms of sale, hold, retain and dispose of such property
without further accountability to Pledgor thereof. As an alternative to exercising the power of
sale herein conferred upon it, Bank, at its option, may proceed by suit or suits at law or in
equity to foreclose this Agreement and sell the Pledged Collateral or any portion thereof pursuant
to judgment or decree of a court or courts of competent jurisdiction. Any sale pursuant to this
Section 6 shall conform to commercially reasonable standards as provided in Section 9-504(3) of the
Uniform Commercial Code.

     SECTION
7. Bank Appointed Attorney-in-Fact. Pledgor constitutes and appoints Bank the
attorney-in-fact for Pledgor for the purpose of carrying out the provisions of this Agreement and
taking any action and executing any instrument which Bank may deem necessary or advisable to
accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest;
provided, that Bank shall only exercise its power pursuant to this Section 7 if, and only if, an
Event of Default has occurred and is continuing. Without limiting the generality of the foregoing,
Bank shall have the right, after the occurrence of an Event of Default, with full power of
substitution, either in Bank’s name or in the name of Pledgor, to ask for, demand, sue for,
collect, receive, receipt and give acquittance for any and all moneys due or to become due under
and by virtue of any Pledged Collateral, to endorse checks, drafts, orders and

3

 

other instruments for the payment of money payable to Pledgor, representing any interest or
dividend or other distribution payable in respect of the Pledged Collateral or any part thereof or
on account thereof, and to give full discharge for the same, to settle, compromise, prosecute, or
defend any action, claim or proceeding with respect thereto, and to sell, assign, endorse, pledge,
transfer and make any agreement respecting, or otherwise deal with, the same; provided,
however, that nothing herein contained shall be construed as requiring or obligating Bank
to make any commitment or to make any inquiry as to the nature or sufficiency of any payment
received by it, or to present or file any claim or notice, or to take any action with respect to
the Pledged Collateral or any part thereof or the moneys due or to become due in respect thereof
or any property covered thereby, and no action taken by Bank or omitted to be taken with respect
to the Pledged Collateral or any part thereof shall give rise to any defense, counterclaim or
offset in favor of Pledgor or to any claim or action against Bank.

     SECTION 8. Application of Proceeds of Sale and Cash. The proceeds of any sale of the
whole or any part of the Pledged Collateral, together with any other moneys held by Bank under the
provisions of this Agreement, shall be applied by Bank as follows:

     First: to the payment of all costs and expenses incurred by Bank in connection
herewith, including but not limited to, all court costs and the fees and disbursements of
counsel for Bank in connection herewith, and to the repayment of all advances made by Bank
hereunder for the account of Pledgor, and the payment of all costs and expenses paid or
incurred by Bank in connection with the exercise of any right or remedy hereunder; and

     Second: to the payment in full of all other Guaranteed Obligations.

Any amounts remaining after such application shall be promptly remitted to Pledgor, Pledgor’s
successors, legal representatives, or assigns, or as otherwise provided by law. Bank shall have
absolute discretion as to the time of application of any proceeds in accordance with this
Agreement.

     SECTION 9. Specific Performance; Injunctive Relief. Pledgor acknowledges that a breach
of any of the provisions contained in this Agreement may cause irreparable injury to Bank; that
Bank will have no adequate remedy at law with respect to such breach; and that, as a consequence,
Pledgor’s obligations hereunder shall be specifically enforceable against Pledgor and that Bank
shall be entitled to injunctive relief as a remedy for such breach.

     SECTION 10. Additional Rights and Remedies. The rights and remedies provided in this
Agreement and in all other agreements, instructions or documents delivered pursuant hereto are
cumulative and are in addition to any rights or remedies provided by law, including, without
limitation, the rights and remedies of a secured party under the Uniform Commercial Code.

     SECTION 11. Further Assurances. Pledgor covenants and agrees that, at Pledgor’s cost
and expense, upon request of Bank, Pledgor shall duly execute and deliver, or cause to be duly
executed and delivered, to Bank such further instruments and do and cause to be done such further
acts as may be reasonably necessary or proper to carry out more effectively the provisions and
purposes of this Agreement.

     SECTION 12. Indemnity. Pledgor hereby agrees to indemnify Bank and its officers,
directors, agents, and attorneys (each, an “Indemnified Person”) against, and to hold Bank and all
such other Indemnified Persons harmless from all losses resulting from any representation or
warranty made by Pledgor or on Pledgor’s behalf pursuant to this Agreement having been false when
made, or resulting from Pledgor’s breach of any of the covenants set forth in this Agreement,
which indemnification is in addition to, and not in derogation of, any statutory, equitable, or
common law right or remedy Bank may

4

 

have for breach of representation, warranty, statement or covenant or otherwise may have under any
of the Loan Documents; provided, however, Pledgor shall have no obligation hereunder to any
Indemnified Person with respect to any losses to the extent arising from the bad faith, gross
negligence or willful misconduct of such Indemnified Person, as determined by a court of competent
jurisdiction in a final, non-appealable judgment. This agreement of indemnity shall be a continuing
agreement and shall survive payment of the Guaranteed Obligations and termination of this
Agreement.

     SECTION 13. Enforcement and Waiver by Bank. Bank shall have the right at all times to
enforce the provisions of this Agreement in strict accordance with the terms hereof,
notwithstanding any conduct or custom on the part of Bank in refraining from so doing at any time
or times. The failure of Bank at any time or times to enforce its rights under such provisions,
strictly in accordance with the same, shall not be construed as having created a custom in any way
or manner contrary to specific provisions of this Agreement or as having in any way or manner
modified or waived the same. All rights and remedies of Bank are cumulative and concurrent and the
exercise of one right or remedy shall not be deemed a waiver or release of any other right or
remedy.

     SECTION 14. Expenses of Bank. Pledgor will, on demand, reimburse Bank for all actual
and reasonable expenses incurred by Bank in connection with the preparation, administration,
amendment, modification or enforcement of this Agreement and/or in the collection of any amounts
owing from Pledgor or any other person or entity to Bank under this Agreement and, until so paid,
the amount of such expenses shall be added to and become part of the amount of the Guaranteed
Obligations.

     SECTION 15. Attorneys’ Fees. If at any time or times hereafter Bank employs counsel
to advise or provide other representation with respect to this Agreement or any other agreement,
document or instrument heretofore, now or hereafter executed by Pledgor and delivered to Bank with
respect to the Guaranteed Obligations, or to commence, defend or intervene, file a petition,
complaint, answer, motion or other pleadings or to take any other action in or with respect to any
suit or proceeding relating to this Agreement or any other agreement, instrument or document
heretofore, now or hereafter executed by Pledgor and delivered to Bank with respect to the
Guaranteed Obligations, or to represent Bank in any litigation with respect to the affairs of
Pledgor, or to enforce any rights of Bank or obligations of Pledgor or any other Person which may
be obligated to Bank by virtue of this Agreement or any other agreement, document or instrument
heretofore, now or hereafter delivered to Bank by or for the benefit of Pledgor with respect to
the Guaranteed Obligations, or to collect from Pledgor any amounts owing hereunder, then in any
such event, all of the reasonable attorneys’ fees actually incurred by Bank arising from such
services and any actual expenses, costs and charges relating thereto shall constitute additional
obligations of Pledgor payable on demand and, until so paid, shall be added to and become part of
the Guaranteed Obligations.

     SECTION 16. Notices. All notices and other communications from either party to the
other hereunder shall be given and deemed received when given in accordance with the terms of the
Loan Agreement, with respect to the Bank, at the address or telecopier number specified in the
Loan Agreement, and with respect to the Pledgor, at the address or telecopier number set forth on
the signature pages of the Guaranty.

     SECTION 17. Governing Law. This Agreement shall be deemed a contract made under the
laws of the State of Georgia and shall be governed by and construed in accordance with the laws of
the State of Georgia (excluding its conflict of laws provisions if such provisions would require
application of the laws of another jurisdiction).

     SECTION 19. BINDING ARBITRATION; PRESERVATION OF REMEDIES.

5

 

     (a) Binding Arbitration. Upon demand of any party hereto, whether made before or after
institution of any judicial proceeding, any claim or controversy between parties hereto
arising out of or
relating to this Agreement shall be resolved by binding arbitration conducted under and
governed by the
Commercial Financial Disputes Arbitration Rules (the “Arbitration Rules”) of the American
Arbitration
Association (the “AAA”) and the Federal Arbitration Act. Disputes may include, without
limitation, tort
claims, counterclaims, a dispute as to whether a matter is subject to arbitration, claims
brought as class
actions, or claims arising from documents executed in the future. A judgment upon the award
may be
entered in any court having jurisdiction.

     (b) Special Rules. All arbitration hearings shall be conducted in the city named in the
address of Bank first stated above. A hearing shall begin within 90 days of demand for
arbitration and all
hearings shall conclude within 120 days of demand for arbitration. These time limitations
may not be
extended unless a party shows cause for extension and then for no more than a total of 60
days. The
expedited procedures set forth in Rule 51 et seq. of the Arbitration Rules shall be applicable
to claims of
less than $1,000,000.00. Arbitrators shall be licensed attorneys selected from the Commercial
Financial
Dispute Arbitration Panel of the AAA. The parties do not waive applicable Federal or state
substantive
law except as provided herein.

     (c) Preservation and Limitation of Remedies. Notwithstanding the preceding binding
arbitration provisions, the parties agree to preserve, without diminution, certain remedies
that any party
may exercise before or after an arbitration proceeding is brought. The parties shall have
the right to
proceed in any court of proper jurisdiction or by self-help to exercise or prosecute the
following remedies,
as applicable: (i) all rights to foreclose against any real or personal property or other
security by
exercising a power of sale or under applicable law by judicial foreclosure including a
proceeding to
confirm the sale; (ii) all rights of self-help including peaceful occupation of real property
and collection of
rents, set-off, and peaceful possession of personal property; (iii) obtaining provisional or
ancillary
remedies including injunctive relief, sequestration, garnishment, attachment, appointment of
receiver and
filing an involuntary bankruptcy proceeding; and (iv) when applicable, a judgment by
confession of
judgment.

     (d) Waiver of Jury Trial. THE PARTIES ACKNOWLEDGE THAT BY AGREEING TO
BINDING ARBITRATION THEY HAVE IRREVOCABLY WAIVED ANY RIGHT THEY MAY
HAVE TO JURY TRIAL WITH REGARD TO A DISPUTE.

     SECTION 19. Binding Effect, Assignment. This Agreement shall inure to the benefit of,
and shall be binding upon, the respective successors and permitted assigns of the parties hereto.
Pledgor does not have any right to assign any of its rights or obligations hereunder without the
prior written consent of Bank.

     SECTION 20. Entire Agreement, Amendments. This Agreement and the documents executed
and delivered pursuant hereto, constitute the entire agreement between the parties, and may be
amended only by a writing signed on behalf of each party.

     SECTION 21. Severability. If any provision of this Agreement shall be held invalid
under any applicable laws, such invalidity shall not affect any other provision of this Agreement
that can be given effect without the invalid provision, and, to this end, the provisions hereof
are severable

     SECTION 22. Headings. The section and paragraph headings hereof are inserted for
convenience of reference only, and shall not alter, define, or be used in construing the text of
such sections and paragraphs.

6

 

     SECTION 23. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all of which together shall
constitute but one and the same instrument.

     SECTION 24. Seal. This Agreement is intended to take effect as an instrument under
seal.

     SECTION 25. Termination. Upon indefeasible payment in full of all the principal,
interest and fees due with respect to the Loan Facility and termination of the Loan Facility, this
Agreement shall terminate and Bank agrees to promptly return any and all stock or membership
interest certificates in Bank’s possession, as applicable, to Pledgor. Upon termination of this
Agreement in accordance with its terms, the Bank agrees to take such actions as any Pledgor may
reasonably request, and at the sole cost and expense of such Pledgor, to evidence the termination
of this Agreement.

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

7

 

     IN WITNESS WHEREOF, the parties hereto have caused this Pledge Agreement to be executed
effective as of the date first above written.

	 	 	 	 	 
	 	TRUSTWAY INSURANCE AGENCIES, LLC

 	 
	 	By:  	/s/ Mark H. Hain
 	 
	 	 	Name:  	MARK H. HAIN 	 
	 	 	Title:  	EVP

	 
	[SEAL] 	 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL 

ASSOCIATION

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

8

 

	 	 	 	 	 

     IN WITNESS WHEREOF, the parties hereto have caused this Pledge Agreement to be executed
effective as of the date first above written.

	 	 	 	 	 

	 	 	 	 	 
	 	TRUSTWAY INSURANCE AGENCIES, LLC

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	[SEAL] 	 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL 

ASSOCIATION

 	 
	 	By:  	/s/ Elaine Eaton
 	 
	 	 	Name:  	Elaine Eaton 	 
	 	 	Title:  	SVP 	 
	 

8

 

EXHIBIT A

PLEDGED SECURITIES

Eighty percent (80%) of the ownership interests of Trustway T.E.A.M., Inc. (the “Company”)
(including but not limited to all rights of Pledgor as a director or officer of the Company whether
arising under applicable law or any agreement of the Company with Pledgor as a director or officer
of the Company, including but not limited to the Bylaws of the Company), the proceeds thereof and
any earnings thereon, and any cash, options, instruments, shares or securities, dividends,
distributions, rights or other property at any time and from time to time receivable or otherwise
distributable in respect of, in exchange for, or in substitution of, any and all such securities,
together with the proceeds thereof.

9

 

IRREVOCABLE STOCK POWER

(separate from Certificate)

     FOR VALUE RECEIVED, the undersigned does (do) hereby sell, assign and transfer to                                                   
                                                  (800)
shares of the capital stock of TRUSTWAY T.E.A.M., INC., a corporation organized and existing
under the laws of the State of Georgia represented by Certificate
No(s) 1
standing in the name of undersigned on the books of said company.

The undersigned does hereby irrevocably constitute and appoint                                         attorney to transfer the said stock on the books of said company with full power of substitution in
the premises.

Date:                                        

[leave date blank upon execution]

	 	 	 	 	 
	TRUSTWAY INSURANCE AGENCIES, LLC

 	 	 
	/s/ Mark H. Hain
 	 	 
	Name:  	MARK H. HAIN 	 	 
	Title:  	EVP

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}]]