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                                                                    EXHIBIT 10.2

                      ASSIGNMENT AND ASSUMPTION AGREEMENT
                      -----------------------------------

     THIS ASSIGNMENT AND ASSUMPTION AGREEMENT is entered into by and between
ATCALL, Inc., a Delaware corporation located at 8401 Old Courthouse Road, Suite
300, Vienna, Virginia  22182 (the "Assignor"), EqualNet Corporation, a Delaware
corporation located at 1250 Wood Branch Park Drive, Houston, Texas  (the
"Assignee") on this 22nd day of March, 2000 and RFC Capital Corporation, a
Delaware corporation, located at 130 E. Chestnut Street, Suite 400, Columbus,
Ohio  43215 (RFC).

                                  WITNESSETH:

     WHEREAS, the Assignor and RFC have entered into a certain (i) Receivables
Sale Agreement dated July 11, 1997, as amended (together with any agreement,
instrument or document executed or delivered in connection therewith, the RSA)
and (ii) Loan and Security Agreement and Promissory Note dated June 26, 1998, as
amended (together with any agreement, instrument or document executed or
delivered in connection therewith, the LSA) (the RSA and LSA, collectively the
Transaction Documents);

     WHEREAS, on or about December, 1999, Assignor filed a petition under Title
11 of the United States Code, as amended,  with the Bankruptcy Court for the
Eastern District of Virginia, bankruptcy case number 99-16016 (the Proceeding);
and

     WHEREAS, the Assignor desires to assign and Assignee desires to assume all
of the rights, title, interests, liabilities, duties and obligations arising
under the Transaction Documents and other assets in the manner and on the terms
set forth herein; and

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties, intending to be
legally bound, do hereby represent, warrant, covenant and agree as follows:

     1.   Assignment.  Assignor hereby sells, assigns, conveys, and otherwise
          ----------
transfers and delivers to Assignee all rights, title and interests in the
Transaction Documents, and all accounts receivable of Assignor which have arisen
or will arise in the future from the provision or sale of telecommunication
goods, equipment and/or services, including but not limited to any right to
payment with respect thereto or other obligations of any obligor relating
thereto and any and all proceeds relating to the foregoing (the "Assets").
Assignee acknowledges and agrees that such Assets are being assigned by Assignor
to Assignee subject to any and all liens, claims and encumbrances held or
maintained by RFC.

     2.   Assumption.  The Assignee hereby accepts the foregoing assignment and
          ----------
expressly assumes all of the liabilities, duties and obligations of Assignor
pursuant to or arising from the Transaction Documents and with respect to the
Assets as of the date hereof, whether known or unknown, tangible or intangible,
actual or contingent, and including any and all liens, claims and encumbrances
held and/or maintained by RFC.

     3.   Representations Regarding Assets.  The Assignor hereby covenants with
          --------------------------------
Assignee that Assignor is the lawful owner of the Assets and the rights hereby
transferred or intended to be so transferred, and that Assignor has the right
and authority to transfer, assign and convey the Assets to Assignee, without
qualification or the consent of any third party other than as such consent may
relate to the Proceeding, and that such Assets are hereby transferred free and
clear of any lien, liability, claim or encumbrance except with respect to any
and all such liens, liabilities, claims and encumbrances held and/or maintained
by RFC.

     4.   Further Assurances.
          ------------------

       a. From and after the date hereof, Assignor shall duly perform such
          further acts and duly execute, acknowledge and deliver all such
          further bills of sale, assignments, transfers, conveyances, powers of
          attorney and assurances as may be reasonably required to convey to and
          vest in Assignee all of Assignor's right, title and interest in and
          the benefits of the Assets intended to be conveyed, transferred and
          assigned pursuant to this Agreement.  Assignor hereby constitutes and
          appoints Assignee its true and lawful attorney-in-

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          fact, with full power of substitution, in the name of Assignee or
          Assignor, but on behalf of and for the benefit of Assignee, to demand,
          collect, and receive for the account of Assignee all Assets hereby
          sold, conveyed, assigned or transferred to Assignee, to institute and
          prosecute, in the name of Assignor, Assignee, or otherwise, all
          proceedings which Assignee may deem necessary in order to realize
          upon, affirm, or obtain title to or possession of or to collect,
          assert, or enforce any claim or right in, to or under the Assets, to
          defend and compromise any and all actions, suits or proceedings in
          respect of any of the Assets and to do all such acts and things in
          relation thereto as Assignee shall deem necessary. Assignor agrees
          that the foregoing powers are coupled with an interest and are and
          shall be irrevocable by Assignor for any reason.

       b. Assignee covenants to execute such other assignments, security
          agreements,financing statements, and other documents that RFC may
          reasonably deem necessary to further evidence the obligations provided
          for herein or under the Transaction Documents, or to perfect, extend,
          or clarify RFC's rights in the respective collateral interests
          thereunder.

     5.   Successors and Assigns. This Agreement shall be binding upon and inure
          ----------------------
to the benefit of the parties hereto, and their respective successors in
interest and assigns.

     6.   Governing Law.  This Assignment and Assumption Agreement shall be
          -------------
governed by and construed in accordance with the internal laws (as opposed to
conflict of laws provisions) of the State of Ohio.

     7.   Notices. All notices in connection with this Assignment and Assumption
          -------
Agreement shall be in writing and mailed or telecommunicated, or delivered as to
each party hereto, at its address set forth under its name on the signature
page(s) hereof or at such other address as shall be designated by such party in
a written notice to the other party. All notices shall be effective upon receipt
by the party to whom addressed.

     8.  Survival.  All of the obligations of the parties set forth in this
         --------
Assignment and Assumption Agreement shall survive the termination of the
Transaction Documents.

     9.  Counterparts.  This Assignment and Assumption Agreement may be executed
         ------------
in any number of counterparts, each of which when so executed shall be deemed to
be an original and all of which when taken together shall constitute one and the
same agreement.

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
by the duly authorized representatives as of the date first above written.

ASSIGNOR    -   ATCALL, INC.         ASSIGNEE-EQUALNET CORPORATION

   /s/ Khaled Alhegelan                        /s/ Mitchell Bodian
   ----------------------------                -----------------------
By:  Khaled Alhegelan                       By:   Mitchell Bodian
Title:  Chief Executive Officer             Title:   President

Acknowledged by on this 22nd day of March, 2000:

RFC Capital Corporation

/s/ Patrick O. Quinton
----------------------------------
Patrick O. Quinton, Vice President

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                                       2<PAGE>

                                                                    EXHIBIT 10.3
                               LETTER AGREEMENT

                             EqualNet Corporation
                          1250 Wood Branch Park Drive
                             Houston, Texas  77079
                                (281) 529-4600
                             (281) 529-4650 (fax)

                                March 22, 2000

Via email and facsimile

Mr. Patrick Quinton
RFC Capital Corporation
130 East Chestnut St., Suite 400
Columbus, Ohio  43215

     Re:  Letter Agreement pertaining to Assignment and Assumption Agreement
          dated March 22, 2000 between EqualNet Corporation ("EqualNet") and
          ATCALL, Inc ("Atcall") as approved by RFC Capital Corporation ("RFC")

Dear Patrick:

     The purpose of this letter is to confirm the agreement between EqualNet and
RFC regarding EqualNet's assumption of Atcall's obligations to RFC under the
above-captioned Assignment and Assumption Agreement.  This confirms the
following:

     1.   Atcall and RFC have entered into a certain (i) Receivables Sale
Agreement dated July 11, 1997, as amended (together with any agreement,
instrument or document executed or delivered in connection therewith, the "RSA")
and (ii) Loan and Security Agreement and Promissory Note dated June 26, 1998, as
amended (together with any agreement, instrument or document executed or
delivered in connection therewith, the "LSA") (the RSA and LSA, collectively the
"Transaction Documents");
     2.   Atcall's obligations to RFC under the RSA were originally on a limited
recourse basis to Atcall as more fully set forth in the RSA.  Such recourse
included but is not limited to Atcall's conversion of certain proceeds relating
to purchased receivables otherwise belonging to RFC in violation of the RSA (the
`Atcall Conversion').  Atcall assumed recourse liability to RFC for certain
substantial obligations to RFC under the RSA and other Transaction Documents;
     3.   On December, 1999, Atcall filed a petition under Title 11 of the
United States Code, as amended, with the Bankruptcy Court for the Eastern
District of Virginia, bankruptcy case number 99-16016;
     4.   On March 17, 2000, citing an emergency regarding likely diminution of
RFC's collateral under the Transaction Documents, the Bankruptcy Court in
Atcall's Chapter 11 case approved an Order authorizing Atcall to sell its assets
to EqualNet free and clear of all liens, claims and encumbrances except for
RFC's liens and security interests under the Transaction Documents;
     5.   Pursuant to the March 17 Order, EqualNet,contemporaneous with the
execution and delivery of this letter,is entering into the above-captioned
Assignment and Assumption Agreement under which it is assuming Atcall's
obligations to RFC under the Transaction Documents;
     6.   Due to the emergency circumstances surrounding EqualNet's purchase of
the Atcall assets and its assumption of Atcall's obligations under the
Transaction Documents, EqualNet has not had adequate time to review the
Transaction Documents; and
     7.   Accordingly, EqualNet and RFC confirm their following agreements
relating to EqualNet's assumption of the Atcall obligations under the
Transaction Documents:
     1    EqualNet's assumption of Atcall's obligations to RFC under the RSA is
on the same limited recourse basis to EqualNet as it was to Atcall; provided,
however, such recourse shall not include any obligation or liability resulting
from or arising out of the Atcall Conversion;
     2    EqualNet's assumption of Atcall's obligations to RFC under the LSA is
(such obligations estimated to approximately $165,000) is on a recourse basis to
EqualNet;
     3  Nothing in this Letter Agreement precludes RFC from asserting that
EqualNet has recourse liability for certain obligations under the Transaction
Documents relating to EqualNet's subsequent conversion of RFC's property or
collateral under the Transaction Documents;

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     4    You and the undersigned are authorized to execute and deliver this
letter agreement on behalf of RFC and EqualNet, respectively; and
     5    RFC and EqualNet will enter into such other agreements or
modifications relating to the Transaction Documents that our respective counsel
deem appropriate to reflect the agreements set forth in this letter.

     If the foregoing reflects your understanding of our agreement, please
execute this letter in the appropriate space below and return a signed copy to
the undersigned.

                                             Very truly yours,

                                             EqualNet Corporation

                                        By:    /s/ Mitchell H. Bodian
                                           -------------------------------
                                           Mitchell H. Bodian, President
Approved:

RFC Capital Corporation

By:   /s/ Patrick Quinton
   -----------------------------
     Patrick Quinton, Vice President

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