Document:

pv1012.htm

    
      

      

    

    Exhibit
10.12

     

    PERVASIP
CORP. AND CERTAIN OF ITS SUBSIDIARIES

     

    MASTER
SECURITY AGREEMENT

     

    
      	
              To:

            	
              LV
      Administrative Services, Inc., as
Agent

            

    

    
      	
               
      

            	
              c/o
      Valens Capital Management, LLC

            

    

    
      	
               
      

            	
              335
      Madison Avenue, 10th
      Floor

            

    

    
      	
               
      

            	
              New
      York, NY 10017

            

    

     

    Date: May
28, 2008

     

    To Whom
It May Concern:

     

    1. To secure
the payment of all Obligations (as hereafter defined), PERVASIP CORP.
(f/k/a  eLEC Communications Corp.), a New York corporation (the “Company”), each of
the other undersigned parties (other than the Agent as defined below) and each
other entity that is required to enter into this Master Security Agreement (each
an “Assignor”
and, collectively, the “Assignors”) hereby
assigns and grants to the Agent, for the ratable benefit of the Creditor Parties
(as defined in the Securities Purchase Agreement referred to below), a
continuing security interest in all of the following property now owned or at
any time hereafter acquired by any Assignor, or in which any Assignor now has or
at any time in the future may acquire any right, title or interest (the “Collateral”): all
cash, cash equivalents, accounts, accounts receivable, deposit accounts,
(including, without limitation, the Restricted Account (the “Restricted Account”)
maintained at North Fork Bank (Account Name: Pervasip Corp.
(f/k/a  eLEC Communications Corp.) Restricted - LV, Account Number:
270-405-7914)), inventory, equipment, goods, fixtures, documents, instruments
(including, without limitation, promissory notes and marketable equity
securities), contract rights, general intangibles (including, without
limitation, payment intangibles and an absolute right to license on terms no
less favorable than those current in effect among any Assignor’s affiliates),
chattel paper, supporting obligations, investment property (including, without
limitation, all partnership interests, limited liability company membership
interests and all other equity interests owned by any Assignor),
letter-of-credit rights, trademarks, trademark applications, tradestyles,
patents, patent applications, copyrights, copyright applications and other
intellectual property in which any Assignor now has or hereafter may acquire any
right, title or interest, all proceeds and products thereof (including, without
limitation, proceeds of insurance) and all additions, accessions and
substitutions thereto or therefor.  In the event any Assignor wishes
to finance the acquisition in the ordinary course of business of any hereafter
acquired equipment and have obtained a commitment from a financing source to
finance such equipment from an unrelated third party, Agent agrees to release
its security interest on such hereafter acquired equipment so financed by such
third party financing source.  Except as otherwise defined herein, all
capitalized terms used herein shall have the meaning provided such terms in that
certain Securities Purchase Agreement dated as of the date hereof (as amended,
restated, modified and/or supplemented from time to time, the “Securities Purchase Agreement”)
by and among the Company, the Purchasers party thereto and LV Administrative
Services, Inc., as administrative and collateral agent for the Purchasers (the
“Agent”).  All
items of Collateral which are defined in the UCC shall have the meanings set
forth in the UCC.  For purposes hereof, the term “UCC” means the
Uniform Commercial Code as the same may, from time to time, be in effect in the
State of New York; provided, that in the event that, by reason of mandatory
provisions of law, any or all of the attachment, perfection or priority of, or
remedies with respect to, the Agent’s security interest in any Collateral is
governed by the Uniform Commercial Code as in effect in a jurisdiction other
than the State of New York, the term “UCC” shall mean the
Uniform Commercial Code as in effect in such other jurisdiction for purposes of
the provisions of this Agreement relating to such attachment, perfection,
priority or remedies and for purposes of definitions related to such provisions;
provided further, that to the extent that the UCC is used to define any term
herein and such term is defined differently in different Articles or Divisions
of the UCC, the definition of such term contained in Article or Division 9 shall
govern.

     

    2. The term
“Obligations”
as used herein shall mean and include all debts, liabilities and obligations
owing by each Assignor to any Creditor Party arising under, out of, or in
connection with: (i) the Securities Purchase Agreement  and (ii) the
Related Agreements referred to in the Securities Purchase Agreement (the
Securities Purchase Agreement and each Related Agreement, as each may be
amended, modified, restated or supplemented from time to time, collectively,
referred to herein as the “Documents”), and in
connection with any documents, instruments or agreements relating to or executed
in connection with the Documents or any documents, instruments or agreements
referred to therein or otherwise, and in connection with any other indebtedness,
obligations or liabilities of each such Assignor to any Creditor Party, whether
now existing or hereafter arising, direct or indirect, liquidated or
unliquidated, absolute or contingent, due or not due and whether under, pursuant
to or evidenced by a note, agreement, guaranty, instrument or otherwise,
including, without limitation, obligations and liabilities of each Assignor for
post-petition interest, fees, costs and charges that accrue after the
commencement of any case by or against such Assignor under any bankruptcy,
insolvency, reorganization or like proceeding (collectively, the “Debtor Relief Laws”)
in each case, irrespective of the genuineness, validity, regularity or
enforceability of such Obligations, or of any instrument evidencing any of the
Obligations or of any collateral therefor or of the existence or extent of such
collateral, and irrespective of the allowability, allowance or disallowance of
any or all of the Obligations in any case commenced by or against any Assignor
under Title 11, United States Code, including, without limitation, obligations
or indebtedness of each Assignor for post-petition interest, fees, costs and
charges that would have accrued or been added to the Obligations but for the
commencement of such case.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

     

    3. Each
Assignor hereby jointly and severally represents, warrants and covenants to
Agent, for the benefit of the Creditor Parties, that:

     

    
      	
              (a)  

            	
              it
      is a corporation, partnership or limited liability company, as the case
      may be, validly existing, in good standing and organized under the
      respective laws of its jurisdiction of organization set forth on Schedule A, and
      each Assignor will provide the Agent thirty (30) days’ prior written
      notice of any change in any of its respective jurisdiction of
      organization;

            

    

     

    
      	
              (b)  

            	
              its
      legal name is as set forth in its Certificate of Incorporation or other
      organizational document (as applicable) as amended through the date hereof
      and as set forth on Schedule A
      attached hereto, and it will provide the Agent thirty (30) days’ prior
      written notice of any change in its legal
name;

            

    

     

    
      	
              (c)  

            	
              its
      organizational identification number (if applicable) is as set forth on
      Schedule
      A hereto, and it will provide the Agent thirty (30) days’ prior
      written notice of any change in any of its organizational identification
      number;

            

    

     

    
      	
              (d)  

            	
              it
      is the lawful owner of its respective Collateral and it has the sole right
      to grant a security interest therein and will defend the Collateral
      against all claims and demands of all persons and
  entities;

            

    

     

    
      	
              (e)  

            	
              other
      than permitted liens identified in Schedule 4.9 of the Securities Purchase
      Agreement, it will keep its Collateral free and clear of all attachments,
      levies, taxes, liens, security interests and encumbrances of every kind
      and nature (“Encumbrances”),
      except Permitted Encumbrances;

            

    

     

    
      	
              (f)  

            	
              it
      will, at its and the other Assignors’ joint and several cost and expense,
      keep the Collateral in good state of repair (ordinary wear and tear
      excepted) and will not waste or destroy the same or any part thereof other
      than ordinary course discarding of items no longer used or useful in its
      or such other Assignors’ business;

            

    

     

    
      	
              (g)  

            	
              it
      will not, without the Agent’s prior written consent, sell, exchange, lease
      or otherwise dispose of the Collateral, whether by sale, lease or
      otherwise, except for the sale of inventory in the ordinary course of
      business and except for the disposition or transfer in the ordinary course
      of business during any fiscal year of obsolete and worn-out equipment or
      equipment no longer necessary for its ongoing needs, having an aggregate
      fair market value of not more than $100,000 and only to the extent
      that:

            

    

     

    
      	
              (i)  

            	
              the
      proceeds of any such disposition are used to acquire replacement
      Collateral which is subject to the Agent’s first priority perfected
      security interest, or are used to repay the Obligations or to pay general
      corporate expenses; and

            

    

     

    
      	
              (ii)  

            	
              following
      the occurrence of an Event of Default which continues to exist the
      proceeds of which are remitted to the Agent to be held as cash collateral
      for the Obligations;

            

    

     

    
      	
              (h)  

            	
              it
      will insure or cause the Collateral to be insured in the Agent’s name
      against loss or damage by fire, theft, burglary, pilferage, loss in
      transit and such other hazards in amounts and coverage consistent and in
      accordance with industry practice under policies by insurers reasonably
      acceptable to the Agent and all premiums thereon shall be paid by such
      Assignor and the policies delivered to the Agent.  If any such
      Assignor fails to do so, the Agent may procure such insurance and the cost
      thereof shall be promptly reimbursed by the Assignors, jointly and
      severally, and shall constitute
Obligations;

            

    

     

    
      	
              (i)  

            	
              it
      will at all reasonable times and upon at least (1) day’s prior notice
      allow the Creditor Parties or their respective representatives free access
      to and the right of inspection of the Collateral;
  and

            

    

     

    
      	
              (j)  

            	
              such
      Assignor (jointly and severally with each other Assignor) hereby
      indemnifies and saves the Agent and each other Creditor Party harmless
      from all loss, costs, damage, liability and/or expense, including
      reasonable attorneys’ fees, that the Agent and each other Creditor Party
      may sustain or incur to enforce payment, performance or fulfillment of any
      of the Obligations and/or in the enforcement of this Master Security
      Agreement or in the prosecution or defense of any action or proceeding
      either against the Agent, any other Creditor Party or any Assignor
      concerning any matter growing out of or in connection with this Master
      Security Agreement, and/or any of the Obligations and/or any of the
      Collateral except to the extent caused by the Agent’s or any Creditor
      Party’s own gross negligence or willful misconduct (as determined by a
      court of competent jurisdiction in a final and non-appealable
      decision).

            

    

     

    
      
         

      

      
        - 2
-

        
          

        

      

      
         

      

    

     

     

    4. The
occurrence of any of the following events or conditions shall constitute an
“Event of
Default” under this Master Security Agreement:

     

    
      	
              (a)  

            	
              an
      Event of Default shall have occurred under and as defined in any
      Document;

            

    

     

    
      	
              (b)  

            	
              the
      loss, theft, substantial damage, destruction, sale or encumbrance to or of
      any of the Collateral or the making of any levy, seizure or attachment
      thereof or thereon except to the
extent:

            

    

     

    
      	
              (i)  

            	
              such
      loss is covered by insurance proceeds which are used to replace the item
      or repay the Agent; or

            

    

     

    
      	
              (ii)  

            	
              said
      levy, seizure or attachment does not secure indebtedness in excess of
      $100,000 and such levy, seizure or attachment has been removed or
      otherwise released within ten (10) days of the creation or the assertion
      thereof.

            

    

     

    5. Upon the
occurrence of any Event of Default and at any time thereafter, the Agent may
declare all Obligations immediately due and payable and the Agent shall have the
remedies of a secured party provided in the UCC, this Agreement and other
applicable law.  Upon the occurrence of any Event of Default and at
any time thereafter, the Agent will have the right to take possession of the
Collateral and to maintain such possession on its premises or to remove the
Collateral or any part thereof to such other premises as the Agent may
desire.  Upon the Agent’s request, each Assignor shall assemble or
cause the Collateral to be assembled and make it available to the Agent at a
place reasonably designated by the Agent.  If any notification of
intended disposition of any Collateral is required by law, such notification, if
mailed, shall be deemed properly and reasonably given if mailed at least ten
(10) business days before such disposition, postage prepaid, addressed to the
applicable Assignor either at any Assignor’s address shown herein or at any
address appearing on the Agent’s records for such Assignor.  Any
proceeds of any disposition of any of the Collateral shall be applied by the
Agent to the payment of all expenses in connection with the sale of the
Collateral, including reasonable attorneys’ fees and other legal expenses and
disbursements and the reasonable expenses of retaking, holding, preparing for
sale, selling, and the like, and any balance of such proceeds may be applied by
the Agent toward the payment of the Obligations in such order of application as
the Agent may elect, and each Assignor shall be liable for any
deficiency.  For the avoidance of doubt, following the occurrence and
during the continuance of an Event of Default, the Agent shall have the
immediate right to withdraw any and all monies contained in any deposit account
in the name of any Assignor and controlled by the Agent and apply same to the
repayment of the Obligations (in such order of application as the Agent may
elect).  The parties hereto each hereby agree that the exercise by any
party hereto of any right granted to it or the exercise by any party hereto of
any remedy available to it (including, without limitation, the issuance of a
notice of redemption, a borrowing request and/or a notice of default), in each
case, hereunder, under the Securities Purchase Agreement or under any other
Related Agreement shall not constitute confidential information and no party
shall have any duty to the other party to maintain such information as
confidential.

     

    6. If any
Assignor defaults in the performance or fulfillment of any of the terms,
conditions, promises, covenants, provisions or warranties on such Assignor’s
part to be performed or fulfilled under or pursuant to this Master Security
Agreement, the Agent may, at its option without waiving its right to enforce
this Master Security Agreement according to its terms, immediately or at any
time thereafter and without notice to any Assignor, perform or fulfill the same
or cause the performance or fulfillment of the same for each Assignor’s joint
and several account and at each Assignor’s joint and several cost and expense,
and the cost and expense thereof (including reasonable attorneys’ fees) shall be
added to the Obligations and shall be payable on demand with interest thereon at
the highest rate permitted by law, or, at the Agent’s option during the
continuance of an Event of Default, debited by the Agent from any other deposit
accounts in the name of any Assignor and controlled by the Agent.

     

    7. Each
Assignor appoints the Agent, any of the Agent’s officers, employees or any other
person or entity whom the Agent may designate as its attorney, with power to
execute such documents on such Assignor’s behalf and to supply any omitted
information and correct patent errors in any documents executed by such Assignor
or on such Assignor’s behalf; to file financing statements against such Assignor
covering the Collateral (and, in connection with the filing of any such
financing statements, describe the Collateral as “all assets and all personal
property, whether now owned and/or hereafter acquired” (or any substantially
similar variation thereof)); to sign such Assignor’s name on public records; and
to do all other things the Agent deems necessary to carry out this Master
Security Agreement.  Each Assignor hereby ratifies and approves all
acts of the attorney and neither the Agent, any Creditor Party nor the attorney
will be liable for any acts of commission or omission, nor for any error of
judgment or mistake of fact or law other than gross negligence or willful
misconduct (as determined by a court of competent jurisdiction in a final and
non-appealable decision).  This power being coupled with an interest,
is irrevocable so long as any Obligations remains unpaid.

     

    8. No delay
or failure on the Agent’s part in exercising any right, privilege or option
hereunder shall operate as a waiver of such or of any other right, privilege,
remedy or option, and no waiver whatever shall be valid unless in writing,
signed by the Agent and then only to the extent therein set forth, and no waiver
by the Agent of any default shall operate as a waiver of any other default or of
the same default on a future occasion.  The Creditor Parties’ books
and records containing entries with respect to the Obligations shall be
admissible in evidence in any action or proceeding, shall be binding upon each
Assignor for the purpose of establishing the items therein set forth (absent
manifest error) and shall constitute prima facie proof
thereof.  The Agent shall have the right to enforce any one or more of
the remedies available to the Agent, successively, alternately or
concurrently.  Each Assignor agrees to join with the Agent in
executing such documents or other instruments to the extent required by the UCC
in form satisfactory to the Agent and in executing such other documents or
instruments as may be required or deemed necessary by the Agent for purposes of
affecting or continuing the Agent’s security interest in the
Collateral.

     

    
      
         

      

      
        - 3
-

        
          

        

      

      
         

      

    

     

     

    9. This
Master Security Agreement shall be governed and construed in accordance with the
laws of the State of New York and cannot be terminated orally.  All of
the rights, remedies, options, privileges and elections given to the Agent
hereunder shall inure to the benefit of the Agent’s successors and
assigns.  The term “Agent” as herein used
shall include the Agent, any parent of the Agent’s, any of the Agent’s
subsidiaries and any co-subsidiaries of the Agent’s parent, whether now existing
or hereafter created or acquired, and shall bind the representatives, successors
and assigns of each Assignor.  The Agent and each Assignor hereby (a)
waive any and all right to trial by jury in litigation relating to this
Agreement and the transactions contemplated hereby and each Assignor agrees not
to assert any counterclaim in such litigation, (b) submit to the nonexclusive
jurisdiction of any New York State court sitting in the borough of Manhattan,
the city of New York and (c) waive any objection the Agent or each Assignor may
have as to the bringing or maintaining of such action with any such
court.

     

    10. This
Master Security Agreement may be executed in any number of counterparts, each of
which shall be an original, but all of which shall constitute one
instrument.  Any signature delivered by a party by facsimile or
electronic transmission shall be deemed to be an original signature
hereto.

     

    11. It is
understood and agreed that any person or entity that desires to become an
Assignor hereunder, or is required to execute a counterpart of this Master
Security Agreement after the date hereof pursuant to the requirements of any
Document, shall become an Assignor hereunder by (x) executing a Joinder
Agreement in form and substance satisfactory to the Agent, (y) delivering
supplements to such exhibits and annexes to such Documents as the Agent shall
reasonably request and (z) taking all actions as specified in this Master
Security Agreement as would have been taken by such Assignor had it been an
original party to this Master Security Agreement, in each case with all
documents required above to be delivered to the Agent and with all documents and
actions required above to be taken to the reasonable satisfaction of the
Agent.

     

    
      
         

      

      
        - 4
-

        
          

        

      

      
         

      

    

     

    12. All
notices from the Agent to any Assignor shall be sufficiently given if mailed or
delivered to such Assignor’s address set forth below, with a copy to Pryor
Cashman LLP, 410 Park Avenue, New York, New York 10022, Attention: Eric M.
Hellige, Esq.

     

    Very
truly yours,

     

    PERVASIP
CORP. (f/k/a  eLEC Communications Corp.)

     

    
      	
               
      

            	
              By:

            	
              /s/ Paul H.
      Riss

            	 

    

    
      	
               
      

            	
              Name:
      Paul H. Riss

            

    

    
      	
               
      

            	
              Title:
      Chief Executive Officer

            

    

     

    
      	
               
      

            	
              Address:

            	
              75
      South Broadway, Suite 302

            

    

    
      	
               
      

            	
              White
      Plains, NY 10602

            

    

    
      	
               
      

            	
              Facsimile:914-682-0820

            

    

     

    VOX
COMMUNICATIONS CORP.

     

    
      	
               
      

            	
              By:

            	
              /s/ Paul H.
      Riss

            	 

    

    
      	
               
      

            	
              Name:
      Paul H. Riss

            

    

    
      	
               
      

            	
              Title:
      Chief Executive Officer

            

    

     

    
      	
               
      

            	
              Address:

            	
              75
      South Broadway, Suite 302

            

    

    
      	
               
      

            	
              White
      Plains, NY 10602

            

    

    
      	
               
      

            	
              Facsimile:914-682-0820

            

    

     

    AVI
HOLDING CORP.

     

    
      
        	
                 
      

              	
                By:

              	
                /s/ Paul H.
      Riss

              	 

      

      
        	
                 
      

              	
                Name:
      Paul H. Riss

              

      

      
        	
                 
      

              	
                Title:
      Chief Executive Officer

              

      

       

      
        	
                 
      

              	
                Address:

              	
                75
      South Broadway, Suite 302

              

      

      
        	
                 
      

              	
                White
      Plains, NY 10602

              

      

      
        	
                 
      

              	
                Facsimile:914-682-0820

              

      

       

    

    TELCOSOFTWARE.COM
CORP.

     

    
      	
               
      

            	
              By:

            	
              /s/ Paul H.
      Riss

            	 

    

    
      	
               
      

            	
              Name:
      Paul H. Riss

            

    

    
      	
               
      

            	
              Title:
      Chief Executive Officer

            

    

     

    
      	
               
      

            	
              Address:

            	
              75
      South Broadway, Suite 302

            

    

    
      	
               
      

            	
              White
      Plains, NY 10602

            

    

    
      	
               
      

            	
              Facsimile:914-682-0820

            

    

     

    LINE ONE,
INC.

    
       

      
        	
                 
      

              	
                By:

              	
                /s/ Paul H.
      Riss

              	 

      

      
        	
                 
      

              	
                Name:
      Paul H. Riss

              

      

      
        	
                 
      

              	
                Title:
      Chief Executive Officer

              

      

       

      
        	
                 
      

              	
                Address:

              	
                75
      South Broadway, Suite 302

              

      

      
        	
                 
      

              	
                White
      Plains, NY 10602

              

      

      
        	
                 
      

              	
                Facsimile:914-682-0820

              

      

       

    

     

    ACKNOWLEDGED:

     

    LV
ADMINISTRATIVE SERVICES, INC.,

    as
Agent

     

    
    

     

    
      	 	By:
      /s/ Patrick
      Regan
	
               
      

            	
              Name:
      Patrick Regan

            

    

    
      	
               
      

            	
              Title
      Authorized Signatory

            

    

     

    

      
        
           

        

        
          - 5
-pv1013.htm

    
      

      

    

    Exhibit
10.13

     

    STOCK PLEDGE
AGREEMENT

     

    This
Stock Pledge Agreement (as amended, modified, restated or supplemented from time
to time, this “Agreement”), dated as
of May 28, 2008, among LV ADMINISTRATIVE SERVICES, INC., as administrative and
collateral agent for the Creditor Parties (as defined below) (the “Pledgee”), PERVASIP
CORP. (f/k/a  eLEC Communications Corp.), a New York corporation (the
“Company”), and
each of the other undersigned parties (the Company and each such other
undersigned party, a “Pledgor” and
collectively, the “Pledgors”).

     

    BACKGROUND

     

    The
Company has entered into a Securities Purchase Agreement, dated as of the date
hereof (as amended, modified, restated or supplemented from time to time, the
“Securities Purchase
Agreement”) pursuant to which the Creditor Parties (as defined in the
Securities Purchase Agreement) party thereto provide or will provide certain
financial accommodations to the Company.

     

    In order
to induce the Pledgee and the other Creditor Parties to provide or continue to
provide the financial accommodations described in the Securities Purchase
Agreement, each Pledgor has agreed to pledge and grant a security interest in
the collateral described herein to the Pledgee on the terms and conditions set
forth herein.

     

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

     

    1. Defined
Terms.  All capitalized terms used herein which are not defined
shall have the meanings given to them in the Securities Purchase
Agreement.

     

    2. Pledge and Grant of Security
Interest.  To secure the full and punctual payment and
performance of (the following clauses (a) and (b), collectively, the “Obligations”) (a) all
obligations owing to Pledgee and the other Creditor Parties under the Securities
Purchase Agreement and the Related Agreements, as each may be amended, restated,
modified and/or supplemented from time to time, collectively, the “Documents”) and (b)
all other indebtedness, obligations and liabilities of each Pledgor to the
Pledgee and the other Creditor Parties, whether now existing or hereafter
arising, direct or indirect, liquidated or unliquidated, absolute or contingent,
due or not due and whether under, pursuant to or evidenced by a note, agreement,
guaranty, instrument or otherwise (in each case, irrespective of the
genuineness, validity, regularity or enforceability of such Indebtedness, or of
any instrument evidencing any of the Indebtedness or of any collateral therefor
or of the existence or extent of such collateral, and irrespective of the
allowability, allowance or disallowance of any or all of such in any case
commenced by or against any Pledgor under Title 11, United States Code,
including, without limitation, indebtedness, obligations of each Pledgor for
post-petition interest, fees, costs and charges that would have accrued or been
added to the Indebtedness but for the commencement of such case), each Pledgor
hereby pledges, assigns, hypothecates, transfers and grants a security interest
to the Pledgee, for the ratable benefit of the Creditor Parties, in all of the
following (the “Collateral”):

     

    (a) the
shares of stock or other equity interests set forth on Schedule A annexed
hereto and expressly made a part hereof (together with any additional shares of
stock or other equity interests acquired by any Pledgor, the “Pledged Stock”), the
certificates representing the Pledged Stock and all dividends, cash, instruments
and other property or proceeds from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of the Pledged
Stock;

     

    (b) all
additional shares of stock or other equity interests of any issuer (each, an
“Issuer”) of
the Pledged Stock from time to time acquired by any Pledgor in any manner,
including, without limitation, stock dividends or a distribution in connection
with any increase or reduction of capital, reclassification, merger,
consolidation, sale of assets, combination of shares, stock split, spin-off or
split-off (which shares shall be deemed to be part of the Collateral), and the
certificates representing such additional shares, and all dividends, cash,
instruments and other property or proceeds from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all
of such shares; and

     

    (c) all
options and rights, whether as an addition to, in substitution of or in exchange
for any shares of any Pledged Stock and all dividends, cash, instruments and
other property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all such options and
rights.

     

    3. Delivery of
Collateral.  All certificates representing or evidencing the
Pledged Stock shall be delivered to and held by or on behalf of Pledgee pursuant
hereto and shall be accompanied by duly executed instruments of transfer or
assignments in blank, all in form and substance satisfactory to the
Pledgee.  Each Pledgor hereby authorizes the Issuer upon demand by the
Pledgee to deliver any certificates, instruments or other distributions issued
in connection with the Collateral directly to the Pledgee, in each case to be
held by the Pledgee, subject to the terms hereof.  If an Event of
Default (as defined below) has occurred and is continuing beyond any applicable
grace period, the Pledgee shall have the right, during such time in its
discretion and without notice to the Pledgor, to transfer to or to register in
the name of the Pledgee or any of its nominees any or all of the Pledged
Stock.  In addition, the Pledgee shall have the right at such time to
exchange certificates or instruments representing or evidencing Pledged Stock
for certificates or instruments of smaller or larger
denominations.  Notwithstanding anything contained herein to the
contrary, Pledgee acknowledges that all certificates representing or evidencing
the Pledged Stock have been previously delivered to Laurus Master Fund, Ltd. and
subsequently transferred to its assignees (“Laurus”) as
collateral security for the Pledgor’s obligations to Laurus.  The
Pledgee hereby agrees that, so long as the Pledged Stock is pledged to Laurus
and Laurus is in possession of such certificates, such certificates shall not be
required to be delivered to the Pledgee; provided, however, that once
Laurus terminates its security interest in such Pledged Stock the certificates
shall be delivered to the Pledgee to be held by the Pledgee in accordance with
the terms of this Agreement.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

       

       

    

    4. Representations and
Warranties of each Pledgor.  Each Pledgor jointly and severally
represents and warrants to the Pledgee (which representations and warranties
shall be deemed to continue to be made until all of the Indebtedness has been
paid in full and each Document and each agreement and instrument entered into in
connection therewith has been irrevocably terminated) that:

     

    (a) the
execution, delivery and performance by each Pledgor of this Agreement and the
pledge of the Collateral hereunder do not and will not result in any violation
of any agreement, indenture, instrument, license, judgment, decree, order, law,
statute, ordinance or other governmental rule or regulation applicable to any
Pledgor;

     

    (b) this
Agreement constitutes the legal, valid, and binding obligation of each Pledgor
enforceable against each Pledgor in accordance with its terms;

     

    (c) (i) all
Pledged Stock owned by each Pledgor is set forth on Schedule A hereto and
(ii) each Pledgor is the direct and beneficial owner of each share of the
Pledged Stock;

     

    (d) all of
the shares of the Pledged Stock have been duly authorized, validly issued and
are fully paid and non-assessable;

     

    (e) no
consent or approval of any person, corporation, governmental body, regulatory
authority or other entity, is or will be necessary for (i) the execution,
delivery and performance of this Agreement, (ii) the exercise by the Pledgee of
any rights with respect to the Collateral or (iii) the pledge and assignment of,
and the grant of a security interest in, the Collateral hereunder;

     

    (f) there are
no pending or, to the best of Pledgor’s knowledge, threatened actions or
proceedings before any court, judicial body, administrative agency or arbitrator
which may materially adversely affect the Collateral;

     

    (g) each
Pledgor has the requisite power and authority to enter into this Agreement and
to pledge and assign the Collateral to the Pledgee, for the ratable benefit of
the Creditor Parties, in accordance with the terms of this
Agreement;

     

    (h) each
Pledgor owns each item of the Collateral pledged by it hereunder and, except for
the pledge and security interest granted to Laurus and/or its assignees and
previously and currently granted to the Pledgee, the Collateral shall be free
and clear of any other security interest, pledge, claim, lien, charge,
hypothecation, assignment, offset or encumbrance whatsoever (collectively,
“Liens”);

     

    (i) there are
no restrictions on transfer of the Pledged Stock contained in the certificate of
incorporation or by-laws (or equivalent organizational documents) of the Issuer
or otherwise which have not otherwise been enforceably and legally waived by the
necessary parties;

     

    (j) none of
the Pledged Stock has been issued or transferred in violation of the securities
registration, securities disclosure or similar laws of any jurisdiction to which
such issuance or transfer may be subject;

     

    (k) the
pledge and assignment of the Collateral and the grant of a security interest
under this Agreement vest in the Pledgee, for the ratable benefit of the
Creditor Parties, all rights of each Pledgor in the Collateral as contemplated
by this Agreement; and

     

    (l) the
Pledged Stock includes one hundred percent (100%) of the issued and outstanding
shares of capital stock of each Pledgor (other than the Company).

     

    5. Covenants.  Each
Pledgor jointly and severally covenants that, until the Indebtedness shall be
satisfied in full and each Document and each agreement and instrument entered
into in connection therewith is irrevocably terminated:

     

    (a) No
Pledgor will sell, assign, transfer, convey, or otherwise dispose of its rights
in or to the Collateral or any interest therein; nor will any Pledgor create,
incur or permit to exist any Lien whatsoever with respect to any of the
Collateral or the proceeds thereof other than that created hereby.

     

    (b) Each
Pledgor will, at its expense, defend the Pledgee’s right, title and security
interest in and to the Collateral against the claims of any other
party.

     

    (c) Each
Pledgor shall at any time, and from time to time, upon the written request of
the Pledgee, execute and deliver such further documents and do such further acts
and things as the Pledgee may reasonably request in order to effect the purposes
of this Agreement including, but without limitation, delivering to the Pledgee,
upon the occurrence of an Event of Default, irrevocable proxies in respect of
the Collateral in form satisfactory to the Pledgee.  Until receipt
thereof, upon an Event of Default that has occurred and is continuing beyond any
applicable grace period, this Agreement shall constitute each Pledgor’s proxy to
the Pledgee or its nominee to vote all shares of Collateral then registered in
such Pledgor’s name.

     

    (d) No
Pledgor will consent to or approve the issuance of (i) any additional shares of
any class of capital stock or other equity interests of the Issuer; or (ii) any
securities convertible either voluntarily by the holder thereof or automatically
upon the occurrence or nonoccurrence of any event or condition into, or any
securities exchangeable for, any such shares, unless, in either case, such
shares are pledged as Collateral pursuant to this Agreement.

     

    
      
         

      

      
        - 2
-

        
          

        

      

      
         

      

       

       

    

    6. Voting Rights and
Dividends.  In addition to the Pledgee’s rights and remedies
set forth in Section 8 hereof, in case an Event of Default shall have occurred
and be continuing, beyond any applicable cure period, the Pledgee shall (i) be
entitled to vote the Collateral, (ii) be entitled to give consents, waivers and
ratifications in respect of the Collateral (each Pledgor hereby irrevocably
constituting and appointing the Pledgee, with full power of substitution, the
proxy and attorney-in-fact of each Pledgor for such purposes) and (iii) be
entitled to collect and receive for its own use cash dividends paid on the
Collateral.  Unless and until there shall have occurred and be
continuing an Event of Default, each Pledgor shall be permitted to exercise or
refrain from exercising any voting rights or other powers; provided that, in
each case, no vote shall be cast or any consent, waiver or ratification given or
any action taken or omitted to be taken if, in the reasonable judgment of the
Pledgee, such action would have a material adverse effect on the value of the
Collateral or any part thereof; and, provided, further, that each
Pledgor shall give at least five (5) days’ written notice of the manner in which
such Pledgor intends to exercise, or the reasons for refraining from exercising,
any voting rights or other powers other than with respect to any election of
directors and voting with respect to any incidental
matters.  Following the occurrence of an Event of Default, all rights
of each Pledgor to vote and to give consents, waivers and ratifications shall
cease and all dividends and all other distributions in respect of any of the
Collateral, shall be delivered to the Pledgee to hold as Collateral and shall,
if received by any Pledgor, be received in trust for the benefit of the Pledgee,
be segregated from the other property or funds of any other Pledgor, and be
forthwith delivered to the Pledgee as Collateral in the same form as so received
(with any necessary endorsement).

     

    7. Event of
Default.  An “Event of Default”
under this Agreement shall be deemed to have occurred and may be declared by the
Pledgee upon the happening of any of the following events:

     

    (a) An “Event of Default”
under any Document or any agreement or note related to any Document shall have
occurred and be continuing beyond any applicable cure period; or

     

    (b) Any
portion of the Collateral is subjected to a levy of execution, attachment,
distraint or other judicial process or any portion of the Collateral is the
subject of a claim (other than by the Pledgee) of a Lien or other right or
interest in or to the Collateral and such levy or claim shall not be cured,
disputed or stayed within a period of fifteen (15) business days after the
Pledgee or any of its subsidiaries has knowledge thereof.

     

    8. Remedies.  In
case an Event of Default shall have occurred and is declared by the Pledgee, the
Pledgee may:

     

    (a) Transfer
any or all of the Collateral into its name, or into the name of its nominee or
nominees;

     

    (b) Exercise
all corporate rights with respect to the Collateral including, without
limitation, all rights of conversion, exchange, subscription or any other
rights, privileges or options pertaining to any shares of the Collateral as if
it were the absolute owner thereof, including, but without limitation, the right
to exchange, at its discretion, any or all of the Collateral upon the merger,
consolidation, reorganization, recapitalization or other readjustment of the
Issuer thereof, or upon the exercise by the Issuer of any right, privilege or
option pertaining to any of the Collateral, and, in connection therewith, to
deposit and deliver any and all of the Collateral with any committee,
depository, transfer agent, registrar or other designated agent upon such terms
and conditions as it may determine, all without liability except to account for
property actually received by it; and

     

    (c) Subject
to any requirement of applicable law, sell, assign and deliver the whole or,
from time to time, any part of the Collateral at the time held by the Pledgee,
at any private sale or at public auction, with or without demand, advertisement
or notice of the time or place of sale or adjournment thereof or otherwise (all
of which are hereby waived, except such notice as is required by applicable law
and cannot be waived), for cash or credit or for other property for immediate or
future delivery, and for such price or prices and on such terms as the Pledgee
in its sole discretion may determine, or as may be required by applicable
law.

     

    Each
Pledgor hereby waives and releases any and all right or equity of redemption,
whether before or after sale hereunder.  At any such sale, unless
prohibited by applicable law, the Pledgee may bid for and purchase the whole or
any part of the Collateral so sold free from any such right or equity of
redemption.  All moneys received by the Pledgee hereunder, whether
upon sale of the Collateral or any part thereof or otherwise, shall be held by
the Pledgee and applied by it as provided in Section 10 hereof.  No
failure or delay on the part of the Pledgee in exercising any rights hereunder
shall operate as a waiver of any such rights nor shall any single or partial
exercise of any such rights preclude any other or future exercise thereof or the
exercise of any other rights hereunder.  The Pledgee shall have no
duty as to the collection or protection of the Collateral or any income thereon
nor any duty as to preservation of any rights pertaining thereto, except to
apply the funds in accordance with the requirements of Section 10
hereof.  The Pledgee may exercise its rights with respect to property
held hereunder without resort to other security for or sources of reimbursement
for the Indebtedness.  In addition to the foregoing, Pledgee shall
have all of the rights, remedies and privileges of a secured party under the
Uniform Commercial Code of New York (the “UCC”) regardless of
the jurisdiction in which enforcement hereof is sought.

     

    9. Private
Sale.  Each Pledgor recognizes that the Pledgee may be unable
to effect (or to do so only after delay which would adversely affect the value
that might be realized from the Collateral) a public sale of all or part of the
Collateral by reason of certain prohibitions contained in the Securities Act,
and may be compelled to resort to one or more private sales to a restricted
group of purchasers who will be obliged to agree, among other things, to acquire
such Collateral for their own account, for investment and not with a view to the
distribution or resale thereof.  Each Pledgor agrees that any such
private sale may be at prices and on terms less favorable to the seller than if
sold at public sales and that such private sales shall be deemed to have been
made in a commercially reasonable manner.  Each Pledgor agrees that
the Pledgee has no obligation to delay sale of any Collateral for the period of
time necessary to permit the Issuer to register the Collateral for public sale
under the Securities Act.

     

    
      
         

      

      
        - 3
-

        
          

        

      

      
         

      

    

     

     

    10. Proceeds of
Sale.  The proceeds of any collection, recovery, receipt,
appropriation, realization or sale of the Collateral shall be applied by the
Pledgee as follows:

     

    (a) First, to
the payment of all costs, reasonable expenses and charges of the Pledgee and to
the reimbursement of the Pledgee for the prior payment of such costs, reasonable
expenses and charges incurred in connection with the care and safekeeping of the
Collateral (including, without limitation, the reasonable expenses of any sale
or any other disposition of any of the Collateral), the expense of any taking,
attorneys’ fees and reasonable expenses, court costs, any other fees or expenses
incurred or expenditures or advances made by the Pledgee in the protection,
enforcement or exercise of its rights, powers or remedies
hereunder;

     

    (b) Second,
to the payment of the Indebtedness, in whole or in part, in such order as the
Pledgee may elect, whether or not such Indebtedness is then due;

     

    (c) Third, to
such persons, firms, corporations or other entities as required by applicable
law including, without limitation, Section 9-615(a)(3) of the UCC;
and

     

    (d) Fourth,
to the extent of any surplus to the Pledgors or as a court of competent
jurisdiction may direct.

     

    In the
event that the proceeds of any collection, recovery, receipt, appropriation,
realization or sale are insufficient to satisfy the Indebtedness, each Pledgor
shall be jointly and severally liable for the deficiency plus the costs and fees
of any attorneys employed by the Pledgee to collect such
deficiency.

     

    11. Waiver of
Marshaling.  Each Pledgor hereby waives any right to compel any
marshaling of any of the Collateral.

     

    12. No
Waiver.  Any and all of the Pledgee’s rights with respect to
the Liens granted under this Agreement shall continue unimpaired, and Pledgor
shall be and remain obligated in accordance with the terms hereof,
notwithstanding (a) the bankruptcy, insolvency or reorganization of any Pledgor,
(b) the release or substitution of any item of the Collateral at any time, or of
any rights or interests therein, or (c) any delay, extension of time, renewal,
compromise or other indulgence granted by the Pledgee in reference to any of the
Indebtedness.  Each Pledgor hereby waives all notice of any such
delay, extension, release, substitution, renewal, compromise or other
indulgence, and hereby consents to be bound hereby as fully and effectively as
if such Pledgor had expressly agreed thereto in advance.  No delay or
extension of time by the Pledgee in exercising any power of sale, option or
other right or remedy hereunder, and no failure by the Pledgee to give notice or
make demand, shall constitute a waiver thereof, or limit, impair or prejudice
the Pledgee’s right to take any action against any Pledgor or to exercise any
other power of sale, option or any other right or remedy.

     

    13. Expenses.  The
Collateral shall secure, and each Pledgor shall pay to the Pledgee on demand,
from time to time, all reasonable costs and expenses, (including but not limited
to, reasonable attorneys’ fees and costs, taxes, and all transfer, recording,
filing and other charges) of, or incidental to, the custody, care, transfer,
administration of the Collateral or any other collateral, or in any way relating
to the enforcement, protection or preservation of the rights or remedies of the
Pledgee under this Agreement or with respect to any of the
Indebtedness.

     

    14. The Pledgee Appointed
Attorney-In-Fact and Performance by the Pledgee.  Upon the
occurrence of an Event of Default, each Pledgor hereby irrevocably constitutes
and appoints the Pledgee as such Pledgor’s true and lawful attorney-in-fact,
with full power of substitution, to execute, acknowledge and deliver any
instruments and to do in such Pledgor’s name, place and stead, all such acts,
things and deeds for and on behalf of and in the name of such Pledgor, which
such Pledgor could or might do or which the Pledgee may deem necessary,
desirable or convenient to accomplish the purposes of this Agreement, including,
without limitation, to execute such instruments of assignment or transfer or
orders and to register, convey or otherwise transfer title to the Collateral
into the Pledgee’s name.  Each Pledgor hereby ratifies and confirms
all that said attorney-in-fact may so do and hereby declares this power of
attorney to be coupled with an interest and irrevocable.  If any
Pledgor fails to perform any agreement herein contained, the Pledgee may itself
perform or cause performance thereof, and any costs and expenses of the Pledgee
incurred in connection therewith shall be paid by the Pledgors as provided in
Section 10 hereof.

     

    15. Waivers.  EACH
PARTY HERETO HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR ANY OTHER
INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH
OR THEREWITH, OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF THE PARTIES HERETO OR THERETO OR ANY OTHER AGREEMENT EXECUTED OR
DELIVERED BY THEM IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR
THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER
SOUNDING IN CONTRACT OR TORT OR OTHERWISE AND EACH PARTY HERETO HEREBY AGREES
AND CONSENTS THAT ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED
BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENT OF EACH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

     

    16. Recapture.  Notwithstanding
anything to the contrary in this Agreement, if the Pledgee or any other Creditor
Party receives any payment or payments on account of
the  Indebtedness, which payment or payments or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside
and/or required to be repaid to a trustee, receiver, or any other party under
the United States Bankruptcy Code, as amended, or any other federal or state
bankruptcy, reorganization, moratorium or insolvency law relating to or
affecting the enforcement of creditors’ rights generally, common law or
equitable doctrine, then to the extent of any sum not finally retained by the
Pledgee or such other Creditor Party, each Pledgor’s obligations to the Pledgee
and the other Creditor Parties shall be reinstated and this Agreement shall
remain in full force and effect (or be reinstated) until payment shall have been
made to the Pledgee and the other Creditor Parties, which payment shall be due
on demand.

     

    17. Captions.  All
captions in this Agreement are included herein for convenience of reference only
and shall not constitute part of this Agreement for any other
purpose.

     

    
      
         

      

      
        - 4
-

        
          

        

      

      
         

      

    

     

     

    18. Miscellaneous.

     

    (a) This
Agreement constitutes the entire and final agreement among the parties with
respect to the subject matter hereof and may not be changed, terminated or
otherwise varied except by a writing duly executed by the parties
hereto.

     

    (b) No waiver
of any term or condition of this Agreement, whether by delay, omission or
otherwise, shall be effective unless in writing and signed by the party sought
to be charged, and then such waiver shall be effective only in the specific
instance and for the purpose for which given.

     

    (c) In the
event that any provision of this Agreement or the application thereof to any
Pledgor or any circumstance in any jurisdiction governing this Agreement shall,
to any extent, be invalid or unenforceable under any applicable statute,
regulation, or rule of law, such provision shall be deemed inoperative to the
extent that it may conflict therewith and shall be deemed modified to conform to
such statute, regulation or rule of law, and the remainder of this Agreement and
the application of any such invalid or unenforceable provision to parties,
jurisdictions, or circumstances other than to whom or to which it is held
invalid or unenforceable shall not be affected thereby, nor shall same affect
the validity or enforceability of any other provision of this
Agreement.

     

    (d) This
Agreement shall be binding upon each Pledgor, and each Pledgor’s successors and
assigns, and shall inure to the benefit of the Pledgee and its successors and
assigns for the ratable benefit of the Creditor Parties.

     

    (e) Any
notice or other communication required or permitted pursuant to this Agreement
shall be given in accordance with the Securities Purchase
Agreement.

     

    (f) This
Agreement shall be governed by and construed and enforced in all respects in
accordance with the laws of the State of New York applied to contracts to be
performed wholly within the State of New York.

     

    (g) EACH
PLEDGOR EXPRESSLY CONSENTS TO THE JURISDICTION AND VENUE OF EACH COURT OF
COMPETENT JURISDICTION LOCATED IN THE STATE OF NEW YORK FOR ALL PURPOSES IN
CONNECTION WITH THIS AGREEMENT.  ANY JUDICIAL PROCEEDING INVOLVING,
DIRECTLY OR INDIRECTLY ANY MATTER OR CLAIM IN ANY WAY ARISING OUT OF, RELATED TO
OR CONNECTED WITH THIS AGREEMENT SHALL BE BROUGHT ONLY IN A STATE COURT LOCATED
IN THE COUNTY OF NEW YORK, STATE OF NEW YORK.  EACH PLEDGOR FURTHER
CONSENTS THAT ANY SUMMONS, SUBPOENA OR OTHER PROCESS OR PAPERS (INCLUDING,
WITHOUT LIMITATION, ANY NOTICE OR MOTION OR OTHER APPLICATION TO EITHER OF THE
AFOREMENTIONED COURTS OR A JUDGE THEREOF) OR ANY NOTICE IN CONNECTION WITH ANY
PROCEEDINGS HEREUNDER, MAY BE SERVED INSIDE OR OUTSIDE OF THE STATE OF NEW YORK
OR THE SOUTHERN DISTRICT OF NEW YORK BY REGISTERED OR CERTIFIED MAIL, RETURN
RECEIPT REQUESTED, OR BY PERSONAL SERVICE PROVIDED A REASONABLE TIME FOR
APPEARANCE IS PERMITTED, OR IN SUCH OTHER MANNER AS MAY BE PERMISSIBLE UNDER THE
RULES OF SAID COURTS.  EACH PLEDGOR  WAIVES ANY OBJECTION TO
JURISDICTION AND VENUE OF ANY ACTION INSTITUTED HEREON AND SHALL NOT ASSERT ANY
DEFENSE BASED ON LACK OF JURISDICTION OR VENUE OR BASED UPON FORUM NON
CONVENIENS.

     

    (h) It is
understood and agreed that any person or entity that desires to become a Pledgor
hereunder, or is required to execute a counterpart of this Agreement after the
date hereof pursuant to the requirements of any Document, shall become a Pledgor
hereunder by (x) executing a Joinder Agreement in form and substance
satisfactory to the Pledgee, (y) delivering supplements to such exhibits and
annexes to such Documents as the Pledgee shall reasonably request and (z) taking
all actions as specified in this Agreement as would have been taken by such
Pledgor had it been an original party to this Agreement, in each case with all
documents required above to be delivered to the Pledgee and with all documents
and actions required above to be taken to the reasonable satisfaction of the
Pledgee.

     

    (i) This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original and all of which when taken together shall constitute one and
the same agreement.  Any signature delivered by a party by facsimile
or electronic transmission shall be deemed an original signature
hereto.

    
      
         

      

      
        - 5
-

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and
year first written above.

     

    PERVASIP
CORP. (f/k/a  eLEC Communications Corp.)

     

    
      	 	By:
      /s/ Paul H.
      Riss
	
               
      

            	
              Name:
      Paul H. Riss

            

    

    
      	
               
      

            	
              Title:
      Chief Executive Officer

            

    

     

    
      	
               
      

            	
              VOX
      COMMUNICATIONS CORP.

            

    

    
       

      
        	 	By:
      /s/ Paul H.
      Riss
	
                 
      

              	
                Name:
      Paul H. Riss

              

      

      
        	
                 
      

              	
                Title:
      Chief Executive Officer

              

      

       

    

    
      	
               
      

            	
              AVI
      HOLDING CORP.

            

    

    
       

      
        	 	By:
      /s/ Paul H.
      Riss
	
                 
      

              	
                Name:
      Paul H. Riss

              

      

      
        	
                 
      

              	
                Title:
      Chief Executive Officer

              

      

       

    

    
      	
               
      

            	
              TELCOSOFTWARE.COM
      CORP.

            

    

    
       

      
        	 	By:
      /s/ Paul H.
      Riss
	
                 
      

              	
                Name:
      Paul H. Riss

              

      

      
        	
                 
      

              	
                Title:
      Chief Executive Officer

              

      

       

    

    
      	
               
      

            	
              LINE
      ONE, INC.

            

    

    
       

      
        	 	By:
      /s/ Paul H.
      Riss
	
                 
      

              	
                Name:
      Paul H. Riss

              

      

      
        	
                 
      

              	
                Title:
      Chief Executive Officer

              

      

       

       

    

     

    LV
ADMINISTRATIVE SERVICES, INC.,

    as
Agent

     

    
      	
               
      

            	
              By: /s/ Patrick
      Regan

            

    

    
      	
               
      

            	
              Name:
      Patrick Regan

            

    

    
      	
               
      

            	
              Title:
      Authorized Signatory

            

    

    

    
      
         

      

      
        - 6
-

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