Document:

EXHIBIT 10.2

GUARANTEE

GUARANTEE dated
as of March 6, 2007 (“Guarantee”) made by CHARYS HOLDING COMPANY,
INC (the “Guarantor”), in favor of NEW STREAM
COMMERCIAL FINANCE, LLC, a Delaware limited liability company, as
Lender (the “Lender”) under the Loan Agreement referred to below.

W I T N E S S E T H:

WHEREAS, pursuant to the
Loan and Security Agreement dated as of even date herewith (as the same may be
amended, supplemented or otherwise modified from time to time, the “Loan
Agreement”) among Complete Tower Sources, Inc., a Louisiana corporation (“Borrower”),
and Lender, the Lender has agreed to make extensions of credit to the Borrower
upon the terms and subject to the conditions set forth therein;

WHEREAS, the Guarantor
will derive substantial direct and indirect benefit from the making of the
Loans; and

WHEREAS, in consideration
of the loan and advances to be made to Borrower, Guarantor has agreed to
guarantee payment and performance of the Borrower’s obligations under the Loan
Agreement and the other Loan Documents;

NOW, THEREFORE, to induce
the Lender to make loans and extensions of credit to the Borrower under the
Loan Agreement and for other consideration the receipt and sufficiency of which
is hereby acknowledged, the Guarantor hereby agrees with the Lender as follows:

1.     Defined Terms. (a)  Unless otherwise defined herein, terms
defined in the Loan Agreement and used herein shall have the meanings given to
them in the Loan Agreement.

(b)           As used herein, “Obligations” shall
mean all loans, advances, debts, expense reimbursement, fees, liabilities, and
obligations, for the performance of covenants, tasks or duties or for payment
of monetary amounts (whether or not such performance is then required or
contingent, or amounts are liquidated or determinable) owing by Borrower and
any other Credit Party to Lender, of any kind or nature, present or future,
whether or not evidenced by any note, agreement or other instruments, whether
arising under any of the Loan Documents or under any other agreement between any
Borrower, such Credit Party and Lender, and all covenants and duties regarding
such amounts. This term includes all principal, interest (including interest
accruing at the then applicable rate provided in the Loan Agreement after the
maturity of the Loans and interest accruing at the then applicable rate
provided in the Loan Agreement after the filing of any petition in bankruptcy,
or the commencement of any insolvency, reorganization or like proceeding,
whether or not a claim for post-filing or post-petition interest is allowed in
such proceeding), Fees, Charges, expenses, attorneys’ fees and any other sum
chargeable to any Borrower under any of the Loan Documents, and all principal
and interest due in respect of the Loans and all obligations and liabilities of
the Guarantor under this Guarantee.

  	  
 	  
 	  
 

 
  
 

(c)           The words “hereof,” “herein” and “hereunder”
and words of similar import when used in this Guarantee shall refer to this
Guarantee as a whole and not to any particular provision of this Guarantee, and
section and paragraph references are to this Guarantee unless otherwise
specified.

(d)           The meanings given to terms defined
herein shall be equally applicable to both the singular and plural forms of
such terms.

2.     Guarantee. 
(a)  Guarantor hereby
unconditionally and irrevocably guarantees to the Lender and its successors,
indorsees, transferees and assigns, the prompt and complete payment and
performance by the Borrower when due (whether at the stated maturity, by
acceleration or otherwise) of the Obligations

(b)           The Guarantor further agrees to pay
any and all reasonable expenses (including, without limitation, all fees and
disbursements of counsel) which may be paid or incurred by the Lender in
enforcing, or obtaining advice of counsel in respect of, any rights with
respect to, or collecting, any or all of the Obligations and/or enforcing any
rights with respect to, or collecting against, the Guarantor under this
Guarantee.

(c)           The Guarantor agrees that the
Obligations may at any time and from time to time exceed the amount of the
liability of the Guarantor hereunder without impairing this Guarantee or
affecting the rights and remedies of the Lender hereunder.

(d)           No payment or payments made by the
Borrower, any other guarantor or any other Person or received or collected by
the Lender from the Borrower, any other guarantor or any other Person by virtue
of any action or proceeding or any set-off or appropriation or application at
any time or from time to time in reduction of or in payment of the Obligations
shall be deemed to modify, reduce, release or otherwise affect the liability of
the Guarantor hereunder which shall, notwithstanding any such payment or
payments, other than payments made by the Guarantor in respect of the
Obligations or payments received or collected from the Guarantor in respect of
the Obligations, remain liable for the Obligations hereunder until the
Obligations are indefeasibly paid in full.

(e)           The Guarantor agrees that whenever,
at any time, or from time to time, it shall make any payment to the Lender on
account of its liability hereunder, it will notify the Lender in writing that
such payment is made under this Guarantee for such purpose.

3.             No Subrogation.  Notwithstanding any payment or payments made
by the Guarantor hereunder or any set-off or application of funds of the
Guarantor by the Lender, the Guarantor shall not be entitled to be subrogated
to any of the rights of the Lender against the Borrower or any other guarantor
or any collateral security or guarantee or right of offset held by the Lender
for the payment of the Obligations, nor shall the Guarantor seek or be entitled
to seek any contribution or reimbursement from any Borrower or any other Person
in respect of payments made by the Guarantor hereunder until all amounts owing
to the Lender by the Borrower on account of the Obligations are indefeasibly
paid in full. If any amount shall be paid to the Guarantor on account of such
subrogation rights at any time when all of the Obligations shall not have been
indefeasibly paid in full, such amount shall be held by the

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Guarantor in trust for
the Lender, segregated from other funds of the Guarantor and shall forthwith
upon receipt by the Guarantor, be turned over to the Lender in the exact form
received by the Guarantor (duly indorsed by the Guarantor to the Lender, if
required), to be applied against the Obligations, whether matured or unmatured,
in such order as the Lender may elect.

4.             Amendments, etc. with respect to
the Obligations; Waiver of Rights. 
The Guarantor shall remain obligated hereunder notwithstanding that,
without any reservation of rights against the Guarantor and without notice to
or further assent by the Guarantor, any demand for payment of any of the
Obligations made by the Lender may be rescinded and any of the Obligations
continued, and the Obligations, or the liability of any other party upon or for
any part thereof, or any collateral security or guarantee therefor or right of
offset with respect thereto, may, from time to time, in whole or in part, be
renewed, extended, amended, modified, accelerated, compromised, waived,
surrendered or released by the Lender, and the Loan Agreement and the other
Loan Documents and any other documents executed and delivered in connection
therewith may be amended, modified, supplemented or terminated, in whole or in
part, as the Lender) may deem advisable from time to time, and any collateral
security, guarantee or right of offset at any time held by the Lender for the
payment of the Obligations may be sold, exchanged, waived, surrendered or
released.  The Lender shall not have any
obligation to protect, secure, perfect or insure any Lien at any time held by
it as security for the Obligations or for this Guarantee or any property
subject thereto.  When making any demand
hereunder against the Guarantor, the Lender may, but shall be under no
obligation to, make a similar demand on the Borrower or any other guarantor,
and any failure by the Lender to make any such demand or to collect any
payments from the Borrower or any such other guarantor or any release of the
Borrower or such other or guarantor shall not relieve the Guarantor of the
obligations or liabilities hereunder, and shall not impair or affect the rights
and remedies, express or implied, or as a matter of law, of the Lender against
the Guarantor.  For the purposes hereof “demand”
shall include the commencement and continuance of any legal proceedings.

5.             Guarantee Absolute and
Unconditional.  The Guarantor waives
any and all notice of the creation, renewal, extension or accrual of any of the
Obligations and notice of or proof of reliance by the Lender upon this
Guarantee or acceptance of this Guarantee, and the Obligations, and any of
them, shall conclusively be deemed to have been created, contracted or
incurred, or renewed, extended, amended or waived, in reliance upon this
Guarantee; and all dealings between the Borrower and the Guarantor, on the one
hand, and the Lender on the other hand, likewise shall be conclusively presumed
to have been had or consummated in reliance upon this Guarantee.  The Guarantor waives diligence, presentment,
protest, demand for payment and notice of default or nonpayment to or upon the
Borrower or the Guarantor with respect to the Obligations.  The Guarantor understands and agrees that
this Guarantee shall be construed as a continuing, absolute and unconditional
guarantee of payment without regard to (a) the validity, regularity or
enforceability of the Loan Agreement, or any other Loan Document, any of the
Obligations or any other collateral security therefor or guarantee or right of
offset with respect thereto at any time or from time to time held by the Lender
(b) any defense, set-off or counterclaim (other than a defense of payment or
performance) which may at any time be available to or be asserted by the
Borrower against the Lender, or (c) any other circumstance whatsoever (with or
without notice to or knowledge of the Borrower or the

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Guarantor) which
constitutes, or might be construed to constitute, an equitable or legal
discharge of the Borrower for the Obligations, or of the Guarantor under this
Guarantee, in bankruptcy or in any other instance.  When pursuing its rights and remedies
hereunder against any Guarantor, the Lender may, but shall be under no obligation
to, pursue such rights and remedies as it may have against the Borrower or any
other Person or against any collateral security or guarantee for the
Obligations or any right of offset with respect thereto, and any failure by the
Lender to pursue such other rights or remedies or to collect any payments from
the Borrower or any such other Person or to realize upon any such collateral
security or guarantee or to exercise any such right of offset, or any release
of the Borrower or any such other Person or any such collateral security, guarantee
or right of offset, shall not relieve the Guarantor of any liability hereunder,
and shall not impair or affect the rights and remedies, whether express,
implied or available as a matter of law, of the Lender against the Guarantor.  This Guarantee shall remain in full force and
effect and be binding in accordance with and to the extent of its terms upon
the Guarantor and the successors and assigns thereof, and shall inure to the
benefit of the Lender, and its successors, indorsees, transferees and assigns,
until all the Obligations and the obligations of the Guarantor under this
Guarantee shall have been satisfied by indefeasible payment in full in cash.

6.             Reinstatement.  This Guarantee shall continue to be
effective, or be reinstated, as the case may be, if at any time payment, or any
part thereof, of any of the Obligations is rescinded or must otherwise be
restored or returned by the Lender upon the insolvency, bankruptcy,
dissolution, liquidation or reorganization of any Borrower or the Guarantor, or
upon or as a result of the appointment of a receiver, intervenor or conservator
of, or trustee or similar officer for, any Borrower or the Guarantor or any
substantial part of its property, or otherwise, all as though such payments had
not been made.

7.             Payments.  The Guarantor hereby guarantees that payments
hereunder will be paid to the Lender without set-off or counterclaim in U.S.
Dollars at the office of the Lender located at 38C Grove Street, Ridgefield,
Connecticut 06877.

8.             Representations and Warranties. The Guarantor
hereby represents and warrants that:

(a)           (i) it is a limited liability company
duly organized, validly existing and in good standing under the laws of the
jurisdiction of its formation and has the power and authority and the legal
right to own and operate its property, to lease the property it operates and to
conduct the business in which it is currently engaged, (ii) it has the power
and authority and the legal right and capacity to execute and deliver, and to
perform its obligations under, this Guarantee and has taken all necessary
action to authorize its execution, delivery and performance of this Guarantee;

(b)           this Guarantee constitutes a legal,
valid and binding obligation of the Guarantor enforceable in accordance with
its terms, except as affected by bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws relating to or affecting the
enforcement of creditors’ rights generally, general equitable principles and an
implied covenant of good faith and fair dealing;

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(c)           the execution, delivery and
performance of this Guarantee will not violate any provision of any Requirement
of Law or Contractual Obligation of the Guarantor and will not result in or
require the creation or imposition of any Lien on any of the properties or
revenues of the Guarantor pursuant to any Requirement of Law or Contractual
Obligation of the Guarantor;

(d)           no consent or authorization of,
filing with, or other act by or in respect of, any arbitrator or Governmental
Authority and no consent of any other Person (including, any shareholder or
creditor of the Guarantor) is required in connection with the execution,
delivery, performance, validity or enforceability of this Guarantee;

(e)           no litigation, investigation or
proceeding of or before any arbitrator or Governmental Authority is pending or,
to the knowledge of the Guarantor, threatened by or against the Guarantor or
against any of its properties or revenues (1) with respect to this Guarantee,
or any of the transactions contemplated hereby or (2) which could have a
material adverse effect on the business, property or financial or other
condition of the Guarantor;

(f)            the statements concerning the
financial condition and net worth of such Guarantor previously provided to the
Lender are true and correct; there is no event, fact, circumstance or condition
known to such Guarantor which is inconsistent with any such statements or is
required to be disclosed in order to cause such statements not to be
misleading.

The Guarantor agrees that
the foregoing representations and warranties shall be deemed to have been made
by the Guarantor on the date of each borrowing by the Borrower under the Loan
Agreement on and as of such date of borrowing as though made hereunder on and
as of such date.

9.             Notices.  All notices, requests and demands to or upon
the Lender or the Guarantor to be effective shall be in writing (or by telex,
fax or similar electronic transfer) and shall be deemed to have been duly given
or made (1) when delivered by hand or (2) if given by mail, when deposited in
the mails by certified mail, return receipt requested, or (3) if by telex, fax
or similar electronic transfer, when sent and receipt has been confirmed,
addressed as follows:

(a)           if to the Lender, at its address or transmission
number for notices provided in the Loan Agreement; and

(b)           if to the Guarantor, at its address
or transmission number for notices set forth under its signature below.

The Lender, and the
Guarantor may change their respective addresses and transmission numbers for
notices by notice in the manner provided in this Section.

10.           Severability.  Any provision of this Guarantee which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and

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any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

11.           Integration.  This Guarantee represents the agreement of
the Guarantor with respect to the subject matter hereof and there are no
promises or representations by the Lender relative to the subject matter hereof
not reflected herein.

12.           Amendments in Writing; No Waiver; Cumulative
Remedies. (a)  None of the terms or
provisions of this Guarantee may be waived, amended, supplemented or otherwise
modified except by a written instrument executed by the Guarantor and the
Lender, provided that any provision of this Guarantee may be waived by the
Lender in a letter or agreement executed by the Lender or by telex or facsimile
transmission from the Lender.

(a)           The Lender shall not by any act
(except by a written instrument pursuant to paragraph 12(a) hereof), delay,
indulgence, omission or otherwise be deemed to have waived any right or remedy
hereunder or to have acquiesced in any Default or Event of Default or in any
breach of any of the terms and conditions hereof.  No failure to exercise, nor any delay in
exercising, on the part of the Lender, any right, power or privilege hereunder
shall operate as a waiver thereof.  No
single or partial exercise of any right, power or privilege hereunder shall
preclude any other or further exercise thereof or the exercise of any other
right, power or privilege.  A waiver by
the Lender of any right or remedy hereunder on any one occasion shall not be
construed as a bar to any right or remedy which the Lender would otherwise have
on any future occasion.

(b)           The rights and remedies herein
provided are cumulative, may be exercised singly or concurrently and are not
exclusive of any other rights or remedies provided by law.

13.           Section Headings. The section
headings used in this Guarantee are for convenience of reference only and are
not to affect the construction hereof or be taken into consideration in the
interpretation hereof.

14.           Negative Covenants. Guarantor
hereby agrees that it shall not accept or receive from any Borrower any
intercompany  transfers or advances and
shall not engage in any commercial transactions with any Borrower, except as
permitted under the Loan Agreement.

15.           Successors and Assigns.  This Guarantee shall be binding upon the
successors and assigns of the Guarantor and shall inure to the benefit of the
Lender and its successors and assigns.

16.           Governing Law.  THIS GUARANTEE SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
CONNECTICUT.

17.           Submission to Jurisdiction;
Waivers.  The Guarantor hereby
irrevocably and unconditionally:

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(a)           submits for itself and its property
in any legal action or proceeding relating to this Guarantee or any other Loan
Document to which it is a party, or for recognition and enforcement of any
judgment in respect thereof, to the non-exclusive general jurisdiction of the
courts of the State of Connecticut, the courts of the United States of America
for the District of Connecticut, and appellate courts from any thereof;

(a)           consents that any such action or
proceeding may be brought in such courts and waives trial by jury and any
objection that it may now or hereafter have to the venue of any such action or
proceeding in any such court or that such action or proceeding was brought in
an inconvenient court and agrees not to plead or claim the same;

(b)           agrees that service of process in any
such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail),
postage prepaid, to such Guarantor at its address set forth under its signature
below or at such other address of which the Lender shall have been notified
pursuant to Section 9; and

(c)           agrees that nothing herein shall
affect the right to effect service of process in any other manner permitted by
law or shall limit the right to sue in any other jurisdiction.

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IN
WITNESS WHEREOF, the undersigned has caused this Guarantee to be duly executed
and delivered as of the day and year first above written.

	
  

  	
  CHARYS HOLDING
  COMPANY, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Billy V.
  Ray, Jr.

  
	
   

  	
  Name: Billy V.
  Ray, Jr.

  
	
   

  	
  Title: Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  1117 Perimeter
  Center, Suite N 415

  
	
   

  	
   

  	
  Atlanta, Georgia
  30338-5417

  
	
   

  	
  Telephone:

  	
  (678) 443-2300

  
	
   

  	
  Facsimile:

  	
  (678) 443-2320

  
				

 

	
  STATE OF GEORGIA

  	
  )

  
	
   

  	
  ) ss.:

  
	
  COUNTY OF FULTON

  	
  )

  

 

On this 1st day of March,
2007, before me personally came Billy V. Ray, Jr., to me known, who, being duly
sworn, did depose and say, that he is the Chief Executive Officer of CHARYS
HOLDING COMPANY, INC, the corporation described in and which executed the
foregoing instrument; and that he signed his name thereto by order of the board
of directors of said company.

	
  

  	
   

  	
  /s/ Tracie
  Ferchek

  
	
   

  	
   

  	
  Notary Public

  

 

NOTARY PUBLIC

TRACIE FERCHEK

FULTON COUNTY, GEORGIA

MY COMMISSION EXPIRES

APRIL 2, 2007

 

 8EXHIBIT 10.3

GUARANTEE

GUARANTEE dated as of March 6,
2007 (“Guarantee”) made by AYIN TOWER MANAGEMENT
SERVICES, INC., a Delaware corporation  (the
“Guarantor”), in favor of NEW STREAM COMMERCIAL
FINANCE, LLC, a Delaware limited liability company, as Lender (the “Lender”)
under the Loan Agreement referred to below.

W I T N E S S E T H:

WHEREAS, pursuant to the Loan and Security Agreement
dated as of even date herewith (as the same may be amended, supplemented or
otherwise modified from time to time, the “Loan Agreement”) among
Complete Tower Sources, Inc., a Louisiana corporation (“Borrower”), and Lender,
the Lender has agreed to make extensions of credit to the Borrower upon the
terms and subject to the conditions set forth therein;

WHEREAS, the Guarantor will derive substantial direct
and indirect benefit from the making of the Loans; and

WHEREAS, in consideration of the loan and advances to
be made to Borrower, Guarantor has agreed to guarantee payment and performance
of the Borrower’s obligations under the Loan Agreement and the other Loan
Documents;

NOW, THEREFORE, to induce the Lender to make loans and
extensions of credit to the Borrower under the Loan Agreement and for other
consideration the receipt and sufficiency of which is hereby acknowledged, the Guarantor
hereby agrees with the Lender as follows:

1.     Defined Terms. (a) 
Unless otherwise defined herein, terms defined in the Loan Agreement and
used herein shall have the meanings given to them in the Loan Agreement.

(b)           As used herein, “Obligations” shall
mean all loans, advances, debts, expense reimbursement, fees, liabilities, and
obligations, for the performance of covenants, tasks or duties or for payment
of monetary amounts (whether or not such performance is then required or
contingent, or amounts are liquidated or determinable) owing by Borrower and
any other Credit Party to Lender, of any kind or nature, present or future,
whether or not evidenced by any note, agreement or other instruments, whether
arising under any of the Loan Documents or under any other agreement between
any Borrower, such Credit Party and Lender, and all covenants and duties
regarding such amounts. This term includes all principal, interest (including
interest accruing at the then applicable rate provided in the Loan Agreement
after the maturity of the Loans and interest accruing at the then applicable
rate provided in the Loan Agreement after the filing of any petition in
bankruptcy, or the commencement of any insolvency, reorganization or like
proceeding, whether or not a claim for post-filing or post-petition interest is
allowed in such proceeding), Fees, Charges, expenses, attorneys’ fees and any
other sum chargeable to any Borrower under any of the

Loan Documents, and all principal and interest due in
respect of the Loans and all obligations and liabilities of the Guarantor under
this Guarantee.

(c)           The words “hereof,” “herein” and “hereunder”
and words of similar import when used in this Guarantee shall refer to this
Guarantee as a whole and not to any particular provision of this Guarantee, and
section and paragraph references are to this Guarantee unless otherwise
specified.

(d)           The meanings given to terms defined
herein shall be equally applicable to both the singular and plural forms of
such terms.

2.     Guarantee.  (a)  Guarantor hereby unconditionally and
irrevocably guarantees to the Lender and its successors, indorsees, transferees
and assigns, the prompt and complete payment and performance by the Borrower
when due (whether at the stated maturity, by acceleration or otherwise) of the
Obligations.

(b)           The Guarantor further agrees to pay
any and all reasonable expenses (including, without limitation, all fees and
disbursements of counsel) which may be paid or incurred by the Lender in
enforcing, or obtaining advice of counsel in respect of, any rights with
respect to, or collecting, any or all of the Obligations and/or enforcing any
rights with respect to, or collecting against, the Guarantor under this
Guarantee.

(c)           The Guarantor agrees that the
Obligations may at any time and from time to time exceed the amount of the
liability of the Guarantor hereunder without impairing this Guarantee or
affecting the rights and remedies of the Lender hereunder.

(d)           No payment or payments made by the
Borrower, any other guarantor or any other Person or received or collected by
the Lender from the Borrower, any other guarantor or any other Person by virtue
of any action or proceeding or any set-off or appropriation or application at
any time or from time to time in reduction of or in payment of the Obligations
shall be deemed to modify, reduce, release or otherwise affect the liability of
the Guarantor hereunder which shall, notwithstanding any such payment or
payments, other than payments made by the Guarantor in respect of the Obligations
or payments received or collected from the Guarantor in respect of the
Obligations, remain liable for the Obligations hereunder until the Obligations
are indefeasibly paid in full.

(e)           The Guarantor agrees that whenever,
at any time, or from time to time, it shall make any payment to the Lender on
account of its liability hereunder, it will notify the Lender in writing that
such payment is made under this Guarantee for such purpose.

3.             No Subrogation. 
Notwithstanding any payment or payments made by the Guarantor hereunder
or any set-off or application of funds of the Guarantor by the Lender, the
Guarantor shall not be entitled to be subrogated to any of the rights of the
Lender against the Borrower or any other guarantor or any collateral security
or guarantee or right of offset held by the Lender for the payment of the
Obligations, nor shall the Guarantor seek or be entitled to seek any
contribution or reimbursement from any Borrower or any other Person in respect
of payments made by the Guarantor hereunder until all amounts owing to the
Lender by the Borrower on account of the Obligations are indefeasibly paid in
full. If any amount

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shall be paid to the Guarantor on account of such
subrogation rights at any time when all of the Obligations shall not have been
indefeasibly paid in full, such amount shall be held by the Guarantor in trust
for the Lender, segregated from other funds of the Guarantor and shall
forthwith upon receipt by the Guarantor, be turned over to the Lender in the
exact form received by the Guarantor (duly indorsed by the Guarantor to the
Lender, if required), to be applied against the Obligations, whether matured or
unmatured, in such order as the Lender may elect.

4.             Amendments, etc. with respect to the Obligations;
Waiver of Rights.  The Guarantor
shall remain obligated hereunder notwithstanding that, without any reservation
of rights against the Guarantor and without notice to or further assent by the
Guarantor, any demand for payment of any of the Obligations made by the Lender
may be rescinded and any of the Obligations continued, and the Obligations, or
the liability of any other party upon or for any part thereof, or any
collateral security or guarantee therefor or right of offset with respect
thereto, may, from time to time, in whole or in part, be renewed, extended,
amended, modified, accelerated, compromised, waived, surrendered or released by
the Lender, and the Loan Agreement and the other Loan Documents and any other
documents executed and delivered in connection therewith may be amended,
modified, supplemented or terminated, in whole or in part, as the Lender) may
deem advisable from time to time, and any collateral security, guarantee or
right of offset at any time held by the Lender for the payment of the
Obligations may be sold, exchanged, waived, surrendered or released.  The Lender shall not have any obligation to
protect, secure, perfect or insure any Lien at any time held by it as security
for the Obligations or for this Guarantee or any property subject thereto.  When making any demand hereunder against the
Guarantor, the Lender may, but shall be under no obligation to, make a similar
demand on the Borrower or any other guarantor, and any failure by the Lender to
make any such demand or to collect any payments from the Borrower or any such
other guarantor or any release of the Borrower or such other or guarantor shall
not relieve the Guarantor of the obligations or liabilities hereunder, and
shall not impair or affect the rights and remedies, express or implied, or as a
matter of law, of the Lender against the Guarantor.  For the purposes hereof “demand” shall
include the commencement and continuance of any legal proceedings.

5.             Guarantee Absolute and Unconditional.  The Guarantor waives any and all notice of
the creation, renewal, extension or accrual of any of the Obligations and
notice of or proof of reliance by the Lender upon this Guarantee or acceptance
of this Guarantee, and the Obligations, and any of them, shall conclusively be
deemed to have been created, contracted or incurred, or renewed, extended,
amended or waived, in reliance upon this Guarantee; and all dealings between
the Borrower and the Guarantor, on the one hand, and the Lender on the other
hand, likewise shall be conclusively presumed to have been had or consummated
in reliance upon this Guarantee.  The
Guarantor waives diligence, presentment, protest, demand for payment and notice
of default or nonpayment to or upon the Borrower or the Guarantor with respect
to the Obligations.  The Guarantor
understands and agrees that this Guarantee shall be construed as a continuing,
absolute and unconditional guarantee of payment without regard to (a) the
validity, regularity or enforceability of the Loan Agreement, or any other Loan
Document, any of the Obligations or any other collateral security therefor or
guarantee or right of offset with respect thereto at any time or from time to
time held by the Lender (b) any defense, set-off or counterclaim (other than a
defense of

 3
 

payment or performance) which may at any time be
available to or be asserted by the Borrower against the Lender, or (c) any
other circumstance whatsoever (with or without notice to or knowledge of the
Borrower or the Guarantor) which constitutes, or might be construed to
constitute, an equitable or legal discharge of the Borrower for the
Obligations, or of the Guarantor under this Guarantee, in bankruptcy or in any
other instance.  When pursuing its rights
and remedies hereunder against any Guarantor, the Lender may, but shall be
under no obligation to, pursue such rights and remedies as it may have against
the Borrower or any other Person or against any collateral security or
guarantee for the Obligations or any right of offset with respect thereto, and
any failure by the Lender to pursue such other rights or remedies or to collect
any payments from the Borrower or any such other Person or to realize upon any
such collateral security or guarantee or to exercise any such right of offset,
or any release of the Borrower or any such other Person or any such collateral
security, guarantee or right of offset, shall not relieve the Guarantor of any
liability hereunder, and shall not impair or affect the rights and remedies,
whether express, implied or available as a matter of law, of the Lender against
the Guarantor.  This Guarantee shall
remain in full force and effect and be binding in accordance with and to the
extent of its terms upon the Guarantor and the successors and assigns thereof,
and shall inure to the benefit of the Lender, and its successors, indorsees,
transferees and assigns, until all the Obligations and the obligations of the
Guarantor under this Guarantee shall have been satisfied by indefeasible
payment in full in cash.

6.             Reinstatement. 
This Guarantee shall continue to be effective, or be reinstated, as the
case may be, if at any time payment, or any part thereof, of any of the
Obligations is rescinded or must otherwise be restored or returned by the
Lender upon the insolvency, bankruptcy, dissolution, liquidation or
reorganization of any Borrower or the Guarantor, or upon or as a result of the
appointment of a receiver, intervenor or conservator of, or trustee or similar
officer for, any Borrower or the Guarantor or any substantial part of its
property, or otherwise, all as though such payments had not been made.

7.             Payments. 
The Guarantor hereby guarantees that payments hereunder will be paid to
the Lender without set-off or counterclaim in U.S. Dollars at the office of the
Lender located at 38C Grove Street, Ridgefield, Connecticut 06877.

8.             Representations
and Warranties. The Guarantor hereby represents and warrants that:

(a)           (i)
it is a limited liability company duly organized, validly existing and in good
standing under the laws of the jurisdiction of its formation and has the power
and authority and the legal right to own and operate its property, to lease the
property it operates and to conduct the business in which it is currently
engaged, (ii) it has the power and authority and the legal right and capacity
to execute and deliver, and to perform its obligations under, this Guarantee
and has taken all necessary action to authorize its execution, delivery and
performance of this Guarantee;

(b)           this Guarantee constitutes a legal,
valid and binding obligation of the Guarantor enforceable in accordance with
its terms, except as affected by bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws

 4
 

relating to or affecting the enforcement of creditors’
rights generally, general equitable principles and an implied covenant of good
faith and fair dealing;

(c)           the execution, delivery and
performance of this Guarantee will not violate any provision of any Requirement
of Law or Contractual Obligation of the Guarantor and will not result in or
require the creation or imposition of any Lien on any of the properties or
revenues of the Guarantor pursuant to any Requirement of Law or Contractual
Obligation of the Guarantor;

(d)           no consent or authorization of,
filing with, or other act by or in respect of, any arbitrator or Governmental
Authority and no consent of any other Person (including, any shareholder or
creditor of the Guarantor) is required in connection with the execution,
delivery, performance, validity or enforceability of this Guarantee;

(e)           no litigation, investigation or
proceeding of or before any arbitrator or Governmental Authority is pending or,
to the knowledge of the Guarantor, threatened by or against the Guarantor or
against any of its properties or revenues (1) with respect to this Guarantee,
or any of the transactions contemplated hereby or (2) which could have a
material adverse effect on the business, property or financial or other
condition of the Guarantor;

(f)            the statements concerning the
financial condition and net worth of such Guarantor previously provided to the
Lender are true and correct; there is no event, fact, circumstance or condition
known to such Guarantor which is inconsistent with any such statements or is
required to be disclosed in order to cause such statements not to be
misleading.

The Guarantor agrees that the foregoing
representations and warranties shall be deemed to have been made by the
Guarantor on the date of each borrowing by the Borrower under the Loan
Agreement on and as of such date of borrowing as though made hereunder on and
as of such date.

9.             Notices. 
All notices, requests and demands to or upon the Lender or the Guarantor
to be effective shall be in writing (or by telex, fax or similar electronic
transfer) and shall be deemed to have been duly given or made (1) when
delivered by hand or (2) if given by mail, when deposited in the mails by
certified mail, return receipt requested, or (3) if by telex, fax or similar
electronic transfer, when sent and receipt has been confirmed, addressed as
follows:

(a)           if to the Lender, at its address or
transmission number for notices provided in the Loan Agreement; and

(b)           if to the Guarantor, at its address
or transmission number for notices set forth under its signature below.

The Lender, and the Guarantor may change their
respective addresses and transmission numbers for notices by notice in the
manner provided in this Section.

 5
 

10.           Severability.  Any provision of this Guarantee which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

11.           Integration.  This Guarantee represents the agreement of
the Guarantor with respect to the subject matter hereof and there are no
promises or representations by the Lender relative to the subject matter hereof
not reflected herein.

12.           Amendments in Writing; No Waiver;
Cumulative Remedies. (a)  None of the
terms or provisions of this Guarantee may be waived, amended, supplemented or
otherwise modified except by a written instrument executed by the Guarantor and
the Lender, provided that any provision of this Guarantee may be waived by the
Lender in a letter or agreement executed by the Lender or by telex or facsimile
transmission from the Lender.

(a)           The Lender shall not by any act
(except by a written instrument pursuant to paragraph 12(a) hereof), delay,
indulgence, omission or otherwise be deemed to have waived any right or remedy
hereunder or to have acquiesced in any Default or Event of Default or in any
breach of any of the terms and conditions hereof.  No failure to exercise, nor any delay in
exercising, on the part of the Lender, any right, power or privilege hereunder
shall operate as a waiver thereof.  No
single or partial exercise of any right, power or privilege hereunder shall
preclude any other or further exercise thereof or the exercise of any other
right, power or privilege.  A waiver by
the Lender of any right or remedy hereunder on any one occasion shall not be
construed as a bar to any right or remedy which the Lender would otherwise have
on any future occasion.

(b)           The rights and remedies herein
provided are cumulative, may be exercised singly or concurrently and are not
exclusive of any other rights or remedies provided by law.

13.           Section Headings. The section
headings used in this Guarantee are for convenience of reference only and are
not to affect the construction hereof or be taken into consideration in the
interpretation hereof.

14.           Negative Covenants. Guarantor
hereby agrees that it shall not accept or receive from any Borrower any
intercompany  transfers or advances and
shall not engage in any commercial transactions with any Borrower, except as
permitted under the Loan Agreement.

15.           Successors and Assigns.  This Guarantee shall be binding upon the
successors and assigns of the Guarantor and shall inure to the benefit of the
Lender and its successors and assigns.

16.           Governing Law.  THIS GUARANTEE SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
CONNECTICUT.

 6
 

17.           Submission to Jurisdiction;
Waivers.  The Guarantor hereby
irrevocably and unconditionally:

(a)           submits for itself and its property
in any legal action or proceeding relating to this Guarantee or any other Loan
Document to which it is a party, or for recognition and enforcement of any
judgment in respect thereof, to the non-exclusive general jurisdiction of the
courts of the State of Connecticut, the courts of the United States of America
for the District of Connecticut, and appellate courts from any thereof;

(a)           consents that any such action or
proceeding may be brought in such courts and waives trial by jury and any
objection that it may now or hereafter have to the venue of any such action or
proceeding in any such court or that such action or proceeding was brought in
an inconvenient court and agrees not to plead or claim the same;

(b)           agrees that service of process in any
such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail),
postage prepaid, to such Guarantor at its address set forth under its signature
below or at such other address of which the Lender shall have been notified
pursuant to Section 9; and

(c)           agrees that nothing herein shall
affect the right to effect service of process in any other manner permitted by
law or shall limit the right to sue in any other jurisdiction.

 7
 

IN WITNESS
WHEREOF, the undersigned has caused this Guarantee to be duly executed and
delivered as of the day and year first above written.

	
   

  	
  AYIN TOWER MANAGEMENT SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Billy V. Ray, Jr.

  
	
   

  	
  Name:

  	
  Billy V. Ray, Jr.

  
	
   

  	
  Title:

  	
  Chairman and Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  17314 SH 249

  
	
   

  	
   

  	
  Suite 230

  
	
   

  	
   

  	
  Houston, Texas
  77064

  
	
   

  	
  Telephone:

  	
  (     )       -          

  
	
   

  	
  Facsimile:

  	
  (     )       -          

  
	
   

  	
   

  	
   

  
	
  STATE OF GEORGIA

  	
  )

  	
   

  
	
   

  	
  ) ss.:

  	
   

  
	
  COUNTY OF FULTON

  	
  )

  	
   

  
						

 

On this 1st day of March,
2007, before me personally came Billy V. Ray, Jr., to me known, who, being duly
sworn, did depose and say, that he is the Chairman and Executive Vice President
of AYIN TOWER MANAGEMENT SERVICES, INC.,
the corporation described in and which executed the foregoing instrument; and
that he signed his name thereto by order of the board of directors of said
company.

	
   

  	
  /s/ Tracie Ferchek

  
	
   

  	
  Notary Public

  

 

NOTARY PUBLIC

TRACIE FERCHEK

FULTON COUNTY, GEORGIA

MY COMMISSION EXPIRES

APRIL 2, 2007

 8

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