Document:

Unassociated Document

     

    EXHIBIT
      10.1

    

    

      
        	
                SuNTRust

              	 	 
	 	 	
                Commercial
                  Note

              
	 	 	 
	
                Borrower:

              	
                Debut
                  Broadcasting Mississippi, Inc

              	
                Date:
                  August 22, 2008

              
	
                Borrower
                  Address:

              	
                1209
                  16th Avenue S.

              	 
	 	
                Ste
                  200

              	 
	 	
                Nashville,
                  TN 37212

              	 
	
                Loan
                  Amount:

              	
                Five
                  Hundred Thousand Dollars and no cents ($500,000.00)

              	 
	
                Account
                  No :

              	
                10969113
                  Note No : 26

              	
                Officer:
                  Robert R Lawhon, 23158

              

      

    

     

    
       

      For
        value
        received, the borrower(s) named above whether one or more, (the "Borrower"),
        jointly and severally promise to pay to the order of SunTrust Bank, a Georgia
        banking corporation ("Sun-Trust") without offset in U.S. Dollars and in
        immediately available funds, the Loan Amount shown above, or the total of
        all
        amounts advanced under this commercial note and any modifications, renewals,
        extensions or replacements thereof (this "Note") if less than the full Loan
        Amount is advanced, plus interest and any other amounts due, upon the terms
        specified below

    

     

    

      
        	
                Loan
                  Type:

              	
                Revolving
                  Master Borrowing Loan This is an open and revolving line of credit.
                  Borrower may borrow an aggregate
                  principal amount up to the Loan Amount outstanding at any one time.
                  

              
	 	 
	
                Repayment
                  Terms:
                  

              	
                Principal
                  is due and payable in full on the Maturity Date, but the Borrower
                  shall be
                  liable for only so much of the
                  Loan Amount as shall be equal to the total amount advanced to the
                  Borrower
                  by SunTrust from time to time,
                  less all payments made by or for the Borrower and applied by SunTrust
                  to
                  principal Advances under this Note shall be recorded and maintained
                  by
                  SunTrust in its internal records and such records shall be conclusive
                  of
                  the principal and Interest owed by Borrower unless there is a material
                  error In such records Accrued
                  interest will be payable on the 22nd day of each month beginning
                  on
                  September 22, 2008, with all unpaid accrued interest due and payable
                  on
                  the Maturity Date 

              
	 	 
	 	
                "Maturity
                  Date" means August 22, 2009 or such date to which this Note may
                  be
                  extended or renewed in the sole discretion of SunTrust by written
                  notice
                  from SunTrust to Borrower. 

              
	 	 

      

    

     

    

      Interest
        

      Interest
        will accrue on an actual/360 basis (on the actual number of days elapsed
        over a
        year of 360 days). Interest shall accrue from the date of disbursement on
        the
        unpaid balance and shall continue to accrue until this Note is paid in full.
        This is a variable rate transaction. The Interest rate is prospectively subject
        to increase or decrease without prior notice Subject to the above, Interest
        per
        annum payable on this Note (the "Rate") shall be a variable rate based on
        the
        following Index: The Prime Rate as established from time to time by SunTrust
        Bank. The SunTrust Prime Rate Is a reference for fixing the lending rate
        for
        commercial loans and does not necessarily represent the lowest rate of interest
        charged for commercial borrowings The Sun? rust Prime Rate is subject to
        increase or decrease at the sole option of SunTrust. The Rate shall be equal
        to
        the Index plus 1.00% per annum. Adjustments to the Rate shall be effective
        as of
        the date the Index changes. The Rate shall not exceed any maximum interest
        rate
        permitted by applicable law 

    

     

    
      Collateral
        

      Unless
        otherwise agreed in writing, any collateral pledged to SunTrust to secure
        any of
        the existing or future liabilities of the Borrower to SunTrust shall also
        secure
        this Note To the extent permitted by law, the Borrower grants to SunTrust
        a
        security interest in and a lien upon all deposits and investments maintained
        by
        the Borrower with SunTrust and any affiliates thereof Collateral for this
        Note
        includes, but is not limited to, the following: All assets, including but
        not
        limited to, accounts, inventory, furniture, fixtures, equipment; general
        intangibles, instruments, documents and chattel paper, whether now existing
        or
        hereafter acquired, and all proceeds and products thereof as more particularly
        described in a Security Agreement executed by Debut Broadcasting Mississippi,
        Inc. dated this date. All of the foregoing security is referred to collectively
        as the "Collateral". Unless otherwise agreed in writing, the Collateral is
        security for the payment of this Note and any other liability (including
        overdrafts and future advances) of the Borrower to SunTrust, however evidenced,
        now existing or hereafter incurred, matured or unmatured, direct or indirect,
        absolute or contingent, several, joint, or joint and several, including any
        extensions, modifications or renewals The proceeds of any Collateral may
        be
        applied against the liabilities of the Borrower to SunTrust in such order
        as
        SunTrust deems proper.

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      Loan
        Purpose And Updated Financial Information Required 

      The
        Borrower warrants and represents that the loan evidenced by this Note is
        being
        made solely for the purpose of acquiring or carrying on a business, professional
        or commercial activity or acquiring real or personal property as an investment
        (other than a personal investment) or for carrying on an Investment activity
        (other than a personal investment activity). The Borrower agrees to provide
        to
        SunTrust updated financial information, including, but not limited to, tax
        returns and current financial statements in form satisfactory to SunTrust,
        as
        well as additional information, reports or schedules (financial or otherwise),
        all as SunTrust may from time to time request. 

      

      Representations
        and Warranties 

      This
        Note
        has been duly executed and delivered by Borrower, constitutes Borrower's
        valid
        and legally binding obligations and is enforceable in accordance with its
        terms
        against Borrower. The execution, delivery and performance of this Note and
        the
        consummation of the transaction contemplated will not, with or without the
        giving of notice or the lapse of time, (a) violate any material law applicable
        to Borrower, (b) violate any judgment, writ, injunction or order of any court
        or
        governmental body or officer applicable to Borrower, (c) violate or result
        in
        the breach of any material agreement to which Borrower is a party nor (d)
        as
        applicable, violate any charter, bylaws, operating agreement, partnership
        agreement or any other agreement by which Borrower is bound No consent,
        approval, license, permit or other authorization of any third party or any
        governmental body or officer is required for the valid and lawful execution
        and
        delivery of this Note.

    

    
       

      Default,
        Acceleration And Setoff 

      As
        used
        herein the term "Obligor" shall individually and collectively refer to the
        Borrower and any person or entity that is primarily or secondarily
        liable on this Note and any person of entity that has conveyed or may hereafter
        convey any security interest or lien to SunTrust in any real or personal
        property to secure payment of this Note. An "event of default" shall occur
        hereunder upon the occurrence of any one or more of the following events
        or
        conditions: 

       

      
        
          	
                  (a)

                	
                  the
                    failure by any Obligor to pay when due, whether by acceleration
                    or
                    otherwise, any amounts owed under this Note; 

                
	
                  (b)

                	
                  the
                    occurrence of any event of default under any agreement or loan
                    document
                    executed in conjunction with this Note or the failure of any
                    Obligor to
                    perform any covenant, promise or obligation contained in this
                    Note or any
                    other agreement to which any Obligor and Sun Trust are parties;
                    

                
	
                  (c)

                	
                  the
                    broach of any representation or warrantee of any Obligor contained
                    in this
                    Note or any other agreement with SunTrust;

                
	
                  (d)

                	
                  the
                    failure of any Obligor to pay when due any amount owed to any
                    creditor
                    other than Sun Trust under a written agreement calling for the
                    payment of money; 

                
	
                  (e)

                	
                  the
                    death, declaration of incompetency, dissolution, liquidation,
                    merger,
                    consolidation, termination or suspension of usual business of
                    any Obligor;
                    

                
	
                  (f)

                	
                  any
                    person or entity, or any group of related persons or entities,
                    shall have
                    or obtain legal or beneficial ownership of a majority of the
                    outstanding
                    voting securities or rights of any Obligor that is not a natural
                    person,
                    other than any person or entity, or any 

                
	
                   

                	
                  group
                    of related persons or entities that has such majority ownership
                    as of the
                    date of this Note; 

                
	
                  (g)

                	
                  the
                    insolvency or inability to pay debts as they mature of any Obligor,
                    the
                    application for the appointment of a receiver for any Obligor,
                    the filing
                    of a petition or the commencement of a proceeding by or against
                    any
                    Obligor under any provision of any applicable Bankruptcy Code
                    or other
                    insolvency law, or statute, or any assignment for the benefit
                    of creditors
                    by or against any Obligor; 

                
	
                  (h)

                	
                  the
                    entry of a judgment or the issuance or service of any attachment,
                    levy or
                    garnishment against any Obligor or the property of any Obligor
                    or the
                    repossession or seizure of property of any Obligor; 

                
	
                   

                	
                   

                
	
                  (i)

                	
                  a
                    determination by SunTrust that a material adverse change in the
                    financial
                    condition of any Obligor has occurred since the date of this
                    Note;

                
	
                   

                	
                   

                
	
                  (j)

                	
                   any
                    Obligor commits fraud or makes a material misrepresentation at
                    any time in
                    connection with this Note or any Collateral;

                
	
                  (k)

                	
                  any
                    deterioration or impairment of the Collateral or any decline
                    or
                    depreciation in the value of the Collateral which causes the
                    Collateral in
                    the judgment of SunTrust to become unsatisfactory as to character
                    or
                    value; 

                
	
                  (l)

                	
                  the
                    sale or transfer by any Obligor of all or substantially all of
                    such
                    Obligor's assets other than in the ordinary course of
                    business;

                
	
                  (m)

                	
                  the
                    termination of any guaranty of this Note by a guarantor;
                    or

                
	
                  (n)

                	
                  any
                    other act or circumstances leading SunTrust to doom itself
                    insecure.

                

        

      

    

     

    
      SunTrust
        shall not be obligated to fund this Note or make any advance under this Note
        if
        an event of default exists or would exist if such funding
        occurred or such advance made. Upon the occurrence of an event of default,
        SunTrust shall, at its option, have the remedies provided
        herein and by any other agreement between SunTrust and any Obligor or under
        applicable law, including without limitation, declaring
        the entire outstanding principal balance, together with all interest thereon
        and
        any other amounts due under this Note, to be due
        and
        payable immediately without presentment, demand, protest, or notice of any
        kind,
        except notice. required by law and SunTrust's
        obligation to make advances under this Note shall automatically terminate
        without notice or further action by SunTrust. Upon
        the
        occurrence of an event of default under section g above, the entire outstanding
        principal balance, together with all interest thereon
        and any other amounts due under this Note, shall automatically become due
        and
        payable without presentment, demand, protest, or notice of any kind except
        notice required by law Upon the occurrence of an event of default, as of
        the
        date of such event of default,
        SunTrust, at its option, may charge interest on the unpaid balance of this
        Note
        at the lesser of (i) the Rate plus 4.00% per annum
        or
        (ii) the maximum rate allowed by law (the "Default Rate") until paid in full.
        To
        the extent permitted by law, upon default SunTrust will have the right, in
        addition to all other remedies provided herein, to set off the amount due
        under
        this Note or due under any
        other
        obligation to SunTrust against any and all accounts, whether checking or
        savings
        or otherwise, credits, money, stocks, bonds or
        other
        security or property of any nature whatsoever on deposit with, held by, owed
        by,
        or in the possession of, SunTrust to the credit of
        or for
        the account of any Obligor, without notice to or consent by any Obligor.
        The
        remedies provided in this Note and any other agreement
        between SunTrust and any Obligor and by applicable law are cumulative and
        not
        exclusive of any other remedies provided by applicable
        law.

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      Late
        Charges And Other Authorized Fees And Charges 

      It
        any
        portion of a payment is at least 10 days past due, the Borrower agrees to
        pay a
        late charge of 5% of the amount which is past due. Unless prohibited by
        applicable law, the Borrower agrees to pay the fee established by SunTrust
        from
        time to time for returned checks if a payment is made on this Note with a
        check
        and the check is dishonored for any reason after the second presentment.
        In
        addition to any other amounts owed under the terms of this Note, the Borrower
        agrees to pay those fees and charges disclosed in the attached Disbursements
        and
        Charges Summary which is incorporated in this Note by reference and, as
        permitted by applicable law, the Borrower agrees to pay the following; (a)
        all
        expenses, including, without limitation, any and all costs Incurred by SunTrust
        related to default, all court costs and out-of-pocket collection expenses
        and
        reasonable attorneys' fees whether suit be brought or not, incurred in
        collecting this Note; (b) all costs incurred in evaluating, preserving or
        disposing of any Collateral granted as security for the payment of this Note,
        including the cost of any audits, appraisals, appraisal updates, reappraisals
        or
        environmental inspections which SunTrust from time to time in its sole
        discretion may deem necessary; (c) any premiums for property insurance purchased
        on behalf of the Borrower or on behalf of the owner(s) of any Collateral
        pursuant to any security instrument relating to any Collateral; and (d) any
        expenses or costs incurred in defending any claim arising out of the execution
        of this Note or the obligation which it evidences, or otherwise involving
        the
        employment by SunTrust of attorneys with respect to this Note and the
        obligations it evidences. The Borrower agrees to pay such amounts on demand
        or,
        at SunTrust's option, such amounts may be added to the unpaid balance of
        the
        Note and shall accrue interest at the stated Rate. Upon the occurrence of
        an
        event of default, or after demand and failure to pay if this Note is payable
        on
        demand, Interest shall accrue at the Default Rate.

    

     

    Prepayment
      Provision 

    
      Borrower
        may make a prepayment in any amount at any time without penalty.
        

    

     

    
      Payments
        

      Borrower
        Is directed to make payments at the address indicated on the billing statement
        provided by SunTrust, or at such place as SunTrust may otherwise indicate
        in
        writing Payments may also be made at those SunTrust branches which accept
        loan
        payments, however, the Borrower acknowledges that the Borrower is not directed
        to make payments at such branches and that SunTrust's acceptance of payments
        at
        such branches is an accommodation to the Borrower which may be revoked at
        any
        time in SunTrust's sole and absolute discretion All amounts received by SunTrust
        shall be applied to expenses, late fees and interest before principal or
        in any
        other order as determined by SunTrust, in it sole discretion, as permitted
        by
        law. Payments will be credited as of the date stamped upon receipt, or as
        of the
        standard payment processing date for similar payments if a payment Is not
        stamped Payments received on Saturday will be credited on SunTrust's next
        business day If any payment date falls on a Saturday or Sunday or a legal
        bank
        holiday, payment will be due on the next business day. SunTrust's business
        days
        are Monday through Friday, not including legal bank holidays.

    

     

    
      Waivers
        

      The
        Borrower and each other Obligor waive presentment, demand, protest, notice
        of
        protest and notice of dishonor and waive all exemptions, whether homestead
        or
        otherwise, as to the obligations evidenced by this Note and waive any discharge
        or defenses based on suretyship or impairment of Collateral or of recourse.
        The
        Borrower and each other Obligor waive any rights to require SunTrust to proceed
        against any other Obligor or any Collateral before proceeding against the
        Borrower or any of them, or any other Obligor, and agree that without notice
        to
        any Obligor and without affecting any Obligor's liability, SunTrust, at any
        time
        or times, may grant extensions of the time for payment or other indulgences
        to
        any Obligor or permit the renewal or modification of this Note, or permit
        the
        substitution, exchange or release of any Collateral for this Note and may
        add or
        release any Obligor primarily or secondarily liable. The Borrower and each
        other
        Obligor agree that SunTrust may apply all monies made available to it from
        any
        part of the proceeds of the disposition of any Collateral or by exercise
        of the
        right of setoff either to the obligations under this Note or to any other
        obligations of any Obligor to SunTrust, as SunTrust may elect from time to
        time.

    

    

      Waiver
        of Jury Trial 

      THE
        BORROWER AND SUNTRUST HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND
        IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE
        RIGHT
        EITHER OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION,
        WHETHER
        IN CONTRACT OR TORT, AT LAW OR IN EQUITY, BASED HEREON OR ARISING OUT OF,
        UNDER
        OR IN CONNECTION WITH THIS NOTE AND ANY OTHER DOCUMENT OR INSTRUMENT
        CONTEMPLATED TO BE EXECUTED IN CONJUNCTION WITH THIS NOTE, OR ANY COURSE
        OF
        CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS
        OF
        ANY PARTY HERETO THIS PROVISION IS A MATERIAL INDUCEMENT FOR SUNTRUST ENTERING
        INTO OR ACCEPTING THIS NOTE. FURTHER, THE BORROWER HEREBY CERTIFIES THAT
        NO
        REPRESENTATIVE OR AGENT OF SUNTRUST, NOR SUNTRUST'S COUNSEL, HAS REPRESENTED,
        EXPRESSLY OR OTHERWISE, THAT SUNTRUST WOULD NOT, IN THE EVENT OF SUCH
        LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL
        PROVISION.

    

     

    
      Patriot
        Act Notice 

      SunTrust
        hereby notifies Borrower that pursuant to the requirements of the USA PATRIOT
        Act Title III of Pub L 10756 (signed into law October 26, 2001), SunTrust
        may be
        required to obtain, verify and record information that identifies the Borrower,
        which information includes the name and address of the Borrower and other
        information that will allow SunT rust to identify the Borrower in accordance
        with the Act.

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      Hold
        Harmless and Indemnification 

      
        Borrower
          hereby Indemnifies and agrees to hold SunTrust and its officers, directors,
          employees, agents and affiliates harmless from and against all claims,
          damages,
          liabilities (including attorneys' fees and legal expenses), causes of action,
          actions, suits and other legal proceedings (collectively, "Claims") in
          any
          matter relating to or arising out of this Note or any loan document executed
          in
          connection with this Note, or any act, event or transaction related thereto
          or
          to the Collateral. Borrower shall immediately provide SunTrust with written
          notice of any such Claim. Upon request of SunTrust, Borrower shall defend
          SunTrust from such Claims, and pay the attorneys' fees, legal expenses
          and other
          costs incurred in connection therewith, or in the alternative, SunTrust
          shall be
          entitled to employ its own legal counsel to defend such Claims at Borrower's
          sole expense.

      

    

     

    
      Miscellaneous
        

      All
        amounts received by Sun I rust shall be applied to expenses, late fees and
        Interest before principal or in any other order as determined by SunTrust,
        in it
        sole discretion, as permitted by law Any provision of this Note which is
        prohibited or unenforceable shall be ineffective to the extent of such
        prohibition or unenforceability without invalidating the remaining provisions
        of
        this Note. No amendment, modification, termination or waiver of any provision
        of
        this Note, nor consent to any departure by the Borrower from any term of
        this
        Note, shall in any event be effective unless it is in writing and signed
        by an
        authorized officer of SunTrust, and then such waiver or consent shall be
        effective only in the specific Instance and for the specific purpose for
        which
        given No failure or delay on the part of SunTrust to exercise any right,
        power
        or remedy under this Note shall be construed as a waiver of the right to
        exercise the same or any other right at any time. If the Rate is tied to
        an
        external index and the index becomes unavailable during the term of this
        loan,
        SunTrust may, in its sole and absolute discretion, designate a substitute
        index
        with notice to the Borrower. The captions of the paragraphs of this Note
        are for
        convenience only and shall not be deemed to constitute a part hereof or used
        in
        construing the intent of the parties. All representations, warranties, covenants
        and agreements contained herein or made in writing by Borrower in connection
        herewith shall survive the execution and delivery of this Note and any other
        agreement, document or writing relating to or arising out of any of the
        foregoing. All notices or communications given to Borrower pursuant to the
        terms
        of this Note shall be in writing and may be given to Borrower at Borrower's
        address as stated below or at the top of this Note unless Borrower notifies
        SunTrust in writing of a different address. Unless otherwise specifically
        provided herein to the contrary, such written notices and communications
        shall
        be delivered by hand or overnight courier service, or mailed by first class
        mail, postage prepaid, addressed to the Borrower at the address referred
        to
        herein. Any written notice delivered by hand or by overnight courier service
        shall be deemed given or received upon receipt Any written notice delivered
        by
        U. S. Mail shall be deemed given or received on the third (3`) business day
        after being deposited in the US Mail.

       

      Notwithstanding
        any provision of this Note or any loan document executed in connection with
        this
        Note to the contrary, the Borrower and SunTrust intend that no provision
        of this
        Note or any loan document executed in connection with this Note be interpreted,
        construed, applied, or enforced in a way that will permit or require the
        payment
        or collection of interest in excess of the highest rate of interest permitted
        to
        be paid or collected by the laws of the jurisdiction indicated below, or
        federal
        law if federal law preempts the law of such jurisdiction with respect to
        this
        transaction (the “Maximum Permitted Rate”). If, however, any such provision is
        so interpreted, construed, applied, or enforced, Borrower and SunTrust intend
        (a) that such provision automatically shall be deemed revised so as to require
        payment only of interest at the Maximum Permitted Rate; and (b) if interest
        payments in excess of the Maximum Permitted Rate have been received, that
        the
        amount of such excess shall be deemed credited retroactively in reduction
        of the
        then-outstanding principal amount of this obligation, together with interest
        at
        the Maximum Permitted Rate. In connection with all calculations to determine
        the
        Maximum Permitted Rate, the Borrower and SunTrust intend (a) that all charges
        be
        excluded to the extent they are properly excludable under the usury laws
        of such
        jurisdiction or the United States, as they from time to time are determined
        to
        apply to this obligation; and (b) that all charges that may be spread in
        the
        manner provided by statute of the jurisdiction indicated or any similar law,
        be
        so spread.

    

     

    
      Liability,
        Successors And Assigns And Choice Of Law 

      Each
        Borrower shall be jointly and severally obligated and liable on this Note.
        This
        Note shall apply to and bind each of the Borrower's heirs, personal
        representatives, successors and permitted assigns and shall inure to the
        benefit
        of SunTrust, its successors and assigns. Notwithstanding the foregoing, Borrower
        shall not assign Borrower's rights or obligations under this Note without
        SunTrust's prior written consent. The Borrower agrees that certain material
        events and occurrences relating to this Note bear a reasonable relationship
        to
        the laws of Tennessee. This Note shall be governed by the laws of Tennessee
        and,
        unless applicable law provides otherwise, in the event of any legal proceeding
        arising out of or related to this Note, the Borrower consents to the
        jurisdiction and venue of any court located in Tennessee. 

      

      Documentary
        and Intangible Taxes 

      In
        the
        event that any intangible tax or documentary stamp tax is due from SunTrust
        to
        any state or other governmental agency or authority because of the execution
        or
        holding of this Note, the Borrower shall, upon demand, reimburse SunTrust
        for
        any such tax paid. 

      

      Transfer
        of Loan SunTrust
        may, at any time, sell, transfer or assign the Note, the related security
        instrument and any related loan documents, and any or all servicing rights
        with
        respect thereto, or grant participations therein or issue mortgage pass-through
        certificates or other securities evidencing a beneficial interest in a rated
        or
        unrated public offering or private placement (the "Securities"). SunTrust
        may
        forward to each purchaser, transferee, assignee, servicer, participant, or
        investor in such Securities or any Rating Agency (as hereinafter defined)
        rating
        such Securities (collectively, the "Investor") and each prospective Investor,
        all documents and information which SunTrust now has or may hereafter acquire
        relating to the Borrower, any loan to Borrower, any guarantor of the property,
        whether furnished by Borrower, any guarantor or otherwise, as SunTrust
        determines necessary or desirable. The term "Rating Agency" shall mean each
        statistical rating agency that has assigned a rating to the
        Securities.

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

      By
        signing below under seal, the Borrower agrees to the terms of this Note and
        the
        disbursement of proceeds as described in the Disbursements and Charges Summary
        provided in connection with this transaction 

      

      Debut
        Broadcasting Mississippi, Inc

      

      By:
        /s/
        Robert Marquitz

      Robert
        Marquitz, Chairman & President

      

      And:
        /s/
        Steven Ludwig

      Steven
        Ludwig, CEO

      

      Borrower's
        Billing Address: 

      1209
        16th
        Avenue S. 

      Ste
        200

      Nashville,
        TN 37212Unassociated Document

    
      EXHIBIT
        10.2

       

      
        
          	
                  SUNTRUST

                	
                  Security
                    Agreement

                

        

      

       

       

      This
        Security Agreement dated as of August 22, 2008, made by Debut Broadcasting
        Mississippi, Inc. (the "Owner") in favor of SunTrust Bank, its present and
        future affiliates and their successors and assigns (collectively, "SunTrust")
        provides: 

       

      Security
        Agreement, In order to induce SunTrust from time to time to enter into
        agreements with and to extend or continue to extend credit
        to
        Debut Broadcasting Mississippi, Inc. (and any one or more and any combination
        if
        more than one, the 'Borrower") and in consideration
        of any credit so extended, the Owner (which may include the Borrower) hereby
        grants, sells, assigns, transfers and conveys
        to SunTrust, a security interest in the collateral described below, whether
        now
        existing or hereafter acquired, and all proceeds, products,
        rents and profits thereof and all revenues from the right to use the collateral
        as described below to secure the prompt payment
        and performance of any and all liabilities, obligations, agreements and
        undertakings of Borrower to SunTrust (and, in addition,
        all liabilities, obligations, agreements and undertakings of Owner, or any
        one
        or more of them, to SunTrust if Owner and 

      Borrower
        are not the same person or entity) in any amount, whether now existing or
        hereafter arising, including those owed by Borrower
        or Owner to others and acquired by SunTrust through purchase, assignment
        or
        otherwise, however created, evidenced or arising,
        whether individually or jointly with others, and whether absolute or contingent,
        direct or indirect, as maker, endorser, guarantor, surety or otherwise,
        liquidated or unliquidated, matured or unmatured, whether or not secured
        by
        other collateral, and including, without
        limitation, (a) all obligations to perform or forebear from performing any
        acts,
        (b) all overdrafts on deposits or accounts maintained
        by Borrower or Owner with SunTrust, and (c) all liabilities, obligations,
        agreements and undertakings of Borrower or Owner to
        SunTrust pursuant to any interest rate hedge agreement or other derivative
        transaction agreement or any foreign exchange contract or any application
        or
        other agreement requesting SunTrust to issue any letter of credit including,
        without limitation, the obligation of Borrower
        or Owner to reimburse SunTrust for all amounts funded by SunTrust pursuant
        to
        any such letter of credit and (d) all costs of collection
        and protection of SunTrust's rights, including attorneys' fees allowed by
        law
        (in the amount of 15% of the principal and interest
        secured hereby if this Security Agreement is governed by the laws of Georgia),
        whether such collection of protection occurs prior
        to,
        during, or after any bankruptcy proceedings filed by or against any Obligor
        (as
        such term is defined below) (all the foregoing being
        hereinafter collectively referred to as the "Obligations") 

       

      Collateral.
        As used
        in this Security Agreement, the term "Collateral" shall mean the property
        described below, whether now existing or hereafter acquired. All
        assets of Owner, as more particularly described herein, and including but
        not
        limited to, all Accounts, Inventory, furniture, fixtures and Equipment, goods,
        deposit accounts, instruments, documents, commercial tort claims, letter
        of
        credit rights, investment property, chattel paper and General Intangibles
        (as
        all such terms are used herein and in the Uniform Commercial Code).

       

      Owner
        Representations and Warranties.
        The
        Owner represents and warrants to SunTrust as follows: 

      This
        Security Agreement has been duly executed and delivered by Owner, constitutes
        a
        valid and legally binding obligation of Owner and is enforceable in accordance
        with its terms against Owner. Owner represents and warrants to SunTrust that
        it
        has rights in all of the Collateral and/or has the power to transfer rights
        in
        all of the Collateral. The execution, delivery and performance of this Security
        Agreement, the grant of the security interest in the Collateral and the
        consummation of the transactions contemplated will not, with or without the
        giving of notice of the lapse of time, (a) violate any material law applicable
        to Owner, (b) violate any judgment, writ, injunction
        or order of any court or governmental body or officer applicable to Owner,
        (c)
        violate or result in the breach of any material agreement to which Owner
        is a
        party or by which any of Owner's properties, including the Collateral, is
        bound,
        nor (d) violate any restriction
        on the transfer of any of the Collateral; 

      No
        consent, approval, license, permit or other authorization of any third party
        or
        any governmental body or officer is required for the valid
        and
        lawful execution and delivery of this Security Agreement, the creation and
        perfection of SunTrust's security interest in the Collateral
        or the valid and lawful exercise by SunTrust of remedies available to it
        under
        this Security Agreement or applicable law. 

      The
        Owner
        is and will continue to be the absolute owner of the Collateral and there
        are no
        other liens or security interests affecting the Collateral other than the
        security interest granted in this Security Agreement except those previously
        disclosed to SunTrust in writing by the Owner: if the Owner is acting in
        the
        capacity of trustee, administrator or executor of an estate, such fact shall
        be
        disclosed and evidence of capacity shall be provided to SunTrust; Debut
        Broadcasting Mississippi, Inc. is a corporation duly organized and existing
        under the laws of the state of Mississippi, with Organizational
        Identification Number 913639, is duly qualified and in good standing as a
        foreign corporation in every jurisdiction where such qualification is necessary;
        the execution and performance of this Security Agreement have been duly
        authorized by action of its Board of Directors, no action of its shareholders
        being necessary; the execution and performance of this Security Agreement
        will
        not violate or contravene any provisions of law or regulation or its Articles
        of
        Incorporation, Shareholder Agreement, By-Laws or other agreements
        to which it is a party or by which it is bound; and no consent or approval
        of
        any governmental agency or authority is required
        in making or performing the obligations under, this Security Agreement;

      The
        Owner
        will maintain the Collateral in the following location(s): 1209
        16th
        Avenue S , Ste 200, Nashville, TN 37212.
        The Collateral
        shall not be moved from the location(s) without the prior written consent
        of
        SunTrust; Business
        books and records of Debut Broadcasting Mississippi, Inc are maintained at
        1209
        16th Avenue S., Ste 200, Nashville, TN 37212;
        The
        Collateral is and will be used or bought for use primarily for the following
        purpose: business or commercial purposes; and All
        information supplied and statements made to SunTrust in any financial statement
        or application are true, correct, complete, valid and genuine in all material
        respects.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Choice
        of Law.
        Owner
        agrees that certain material events and occurrences relating to this Agreement
        bear a reasonable relationship to the laws of Tennessee This Agreement shall
        be
        governed by the laws of Tennessee and, unless applicable law provides otherwise,
        In the event of any legal proceeding arising out of or related to this
        Agreement, the Owner consents to the jurisdiction and venue of any court
        located
        in Tennessee Unless otherwise specified, Uniform Commercial Code" as used
        herein
        shall refer to the Uniform 

       

      Commercial
        Code of Tennessee, both current and as it may be amended or revised from
        time to
        time in the future 

       

      Covenants.
        

       

      The
        Owner
        shall furnish to SunTrust such financial and business information and reports
        in
        form and content satisfactory to SunTrust as and when SunTrust may from time
        to
        time require 

       

      The
        Corporate Collateral Owner shall maintain its corporate existence in good
        standing and shall not consolidate or merge with or 

       

      acquire
        the stock of any other corporation without the prior written consent of
        SunTrust; the Owner shall, at the request of SunTrust, 

       

      qualify
        as a foreign corporation and obtain all requisite licenses and permits in
        each
        jurisdiction where the Owner does business.

       

      The
        Owner
        shall notify SunTrust in writing at least 30 days prior to any change of
        Its
        name or structure or change in Its jurisdiction of registration/organization,
        principal place of business or chief executive office.

       

      The
        Owner
        shall maintain all of the Collateral in good condition and repair SunTrust
        shall
        have the right to inspect the Collateral at any reasonable time and shall
        have
        the right to obtain such appraisals, reappraisals, appraisal updates or
        environmental inspections as SunTrust, in its sole discretion, may deem
        necessary from time to time Owner will not use or permit any person or entity
        to
        use the Collateral (a) in any manner inconsistent with the provisions of
        this
        Security Agreement; or (b) in violation of any policy of insurance issued
        with
        respect to the Collateral; or (c) in violation of any local, state or federal
        law or regulation, including but not limited to any such law or regulation
        pertaining to the protection of the environment or the protection of the
        health
        or safety of persons or animals, and any such law or regulation pertaining
        to
        the control of drugs, narcotics or other controlled substances Unless the
        description of the Collateral set forth above indicates the Collateral shall
        be
        attached as a fixture to real property, Owner shall not, without the
express
        prior written consent of SunTrust, cause or permit all or any part of the
        Collateral to be affixed to real property so as to become a fixture as that
        term
        is defined or interpreted in the state in which the Collateral is at any
        time
        located. 

       

      The
        Owner
        will defend the Collateral against the claims and demands of all parties.
        The
        Owner will not pledge or grant any security interest
        in any of the Collateral to any person or entity except SunTrust, or permit
        any
        lien or encumbrance to attach to any of the Collateral,
        or any levy to be made on the Collateral, or any financing statement (except
        financing statements In favor of SunTrust) to be on file against the Collateral.
        

       

      Owner
        hereby constitutes and appoints any officer or employee of SunTrust as its
        true
        and lawful attorney-in-,fact (a) to transfer the Collateral into SunTrust's
        name
        or the name of its nominee, but SunTrust's failure to do so shall not be
        interpreted to be a waiver of any interest, and (b) to do and perform all
        other
        acts and things necessary, proper and requisite to carry out the intent of
        this
        Security Agreement The power herein granted shall be deemed to be coupled
        with
        an interest and may not be revoked until the Obligations have been paid in
        full,
        including all expenses payable by Owner.

       

      The
        Owner
        agrees to pay on demand all legal expenses and reasonable attorneys' fees
        (in
        the amount of 15% of the principal and interest
        secured hereby if this agreement is governed by the laws of Georgia), as
        permitted by applicable law, any appraisal fees and all
        expenses incurred or paid by SunTrust in protecting and enforcing the rights
        of
        SunTrust under this Security Agreement, including SunTrust's
        right to take possession of the Collateral and its proceeds, and to hold,
        prepare for sale, sell and dispose of the Collateral.

       

      This
        Security Agreement shall be a continuing agreement and shall remain in full
        force and effect irrespective of any interruptions in the
        business relations of the Borrower with SunTrust and shall apply to any ultimate
        balance which shall remain due by the Borrower to SunTrust; provided, however,
        that the Owner may by written notice terminate this Security Agreement with
        respect to all Obligations of the Borrower incurred or contracted by the
        Borrower or acquired by SunTrust after the date on which such notice is
        personally delivered
        to or mailed via registered mail and accepted by the Borrower's lending officer.
        

       

      Blanket
        Security Interest.
        Owner
        acknowledges and agrees that this Security Agreement and any financing statement
        filed in connection
        with this Security Agreement is intended to cover and does cover all assets
        of
        the Owner, wherever located, whether now owned
        or
        subsequently acquired or arising, and all proceeds and products thereof and
        includes, but is not limited to all of the Owner's (a)
        Accounts, insurance refund claims and all other insurance claims and proceeds,
        tax refund claims, license fees. rents, contract rights,
        Instruments, certificates of deposit, documents, tangible chattel paper,
        electronic chattel paper, promissory notes, drafts, acceptances
        and other forms of obligations and receivables, whether or not earned by
        performance; (b) Inventory; (c) Equipment; (d) General
        Intangibles; (e) Demand, time, savings, passbook and other deposit accounts
        of
        the Owner with all banks, credit unions, savings
        and loan associations and other financial institutions which are now owned
        or
        hereafter acquired by the Owner or in which the Owner
        now
        has or hereafter acquires any right, title or interest (Deposit Accounts);
        and
        (f) Commercial tort claims, letter of credit rights,
        awards and other payments in respect of any taking and all insurance proceeds
        in
        respect of any of the foregoing, and all monies
        and claims for money due and to become due to Owner under all its Accounts,
        contract rights, leases and General Intangibles, all investment property
        and
        financial assets, all as said terms are defined in the Uniform Commercial
        Code.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Accounts
        

      
        
          	 	 	 
	 	
                  a.

                	
                  The
                    Owner warrants that each and every Account, now owned or hereafter
                    acquired, is a bona fide existing obligation, valid and enforceable
                    against the account debtor, for goods sold or leased and delivered
                    or
                    services rendered in the ordinary course of business; it is subject
                    to no
                    dispute, defense or offset; the Owner has good title to the Account
                    and
                    has full right and power to grant SunTrust a security interest
                    in the
                    Accounts and the Owner will immediately notify SunTrust of any
                    Account to
                    which these warranties are or become untrue; the Owner agrees
                    that it will
                    not permit any return of merchandise, the sale of which gave
                    rise to any
                    of the Accounts, except in the usual and regular course of business;
                    

                
	 	 	 
	 	
                  b.
                    

                	
                  The
                    Owner shall maintain complete and accurate books of accounts
                    and records,
                    and its principal books and records, including all records concerning
                    Accounts shall be kept and maintained at the place(s) specified
                    above The
                    Owner shall not move such books and records without giving SunTrust
                    at
                    least 30 days prior written notice. All accounting records and
                    financial
                    reports furnished to SunTrust shall be maintained and prepared
                    in
                    accordance with generally accepted accounting principles consistently
                    applied It Is specifically agreed that SunTrust shall have and
                    the Owner
                    hereby grants to SunTrust a security interest in all books of
                    accounts and
                    records of the Owner and shall have access to them at any time
                    for
                    inspection, verification, examination and audit; 

                
	 	 	 
	 	
                  c.
                    

                	
                  The
                    Owner will prepare and deliver to SunTrust, at SunTrust's request
                    from
                    time to time, a listing and aging of all Accounts and any further
                    schedules or information with respect to Accounts that SunTrust
                    may
                    require; 

                
	 	
                   

                	 
	 	
                  d.
                     

                	
                  SunTrust
                    shall have the right at any time to notify account debtors of
                    its security
                    interest in the Accounts and supporting obligations and require
                    payments
                    to be made directly to SunTrust. The Owner hereby appoints SunTrust
                    and
                    any officer of SunTrust, as SunTrust may from time to time designate,
                    as
                    its attorneys-in-fact for the Owner, to sign and endorse in the
                    name of
                    the Owner, to give notice in the name of the Owner, and to perform
                    all
                    other actions necessary or desirable in the reasonable discretion
                    of
                    SunTrust to effect these provisions and carry out the intent
                    hereof, all
                    at the cost and expense of the Owner. The Owner hereby ratifies
                    and
                    approves all acts of such attorneys-in-fact and neither SunTrust
                    nor any
                    other such attorneys-in-fact will be liable for any acts of commission
                    or
                    omission nor for any error of judgment. This power being coupled
                    with an
                    interest is irrevocable so long as any Account of General Intangible
                    pledged to SunTrust remains unpaid and the Borrower has any unpaid
                    Obligations to SunTrust The costs of such collection and enforcement,
                    including attorneys' fees and out-of-pocket expenses, shall be
                    borne
                    solely by the Owner whether the same are incurred by SunTrust
                    or the
                    Owner; 

                
	 	
                  e. 

                	
                  At
                    the option of SunTrust, all payments on the Accounts received
                    by the Owner
                    shall be remitted to SunTrust in their original form on the day
                    of
                    receipt; all notes, checks, drafts and other instruments so received
                    shall
                    be duly endorsed to the order of SunTrust. At SunTrust's election,
                    the
                    payments shall be deposited into a special deposit account ("Special
                    Account") maintained with SunTrust. SunTrust may designate with
                    each such
                    deposit the particular Account upon which payment was made The
                    Special
                    Account shall be hold by SunTrust as additional security for
                    the
                    Obligations. Prior to depositing payments on the Accounts into
                    the Special
                    Account, the Owner agrees that it will not commingle such payments
                    with
                    any of the Owner's funds or property, but will hold them separate
                    and
                    apart and in trust for SunTrust. SunTrust will have the power
                    to withdraw
                    funds from the Special Account. SunTrust may at any time and
                    from time to
                    time, in its sole discretion, apply any part of the funds in
                    the Special
                    Account to the Obligations whether or not the same is due. Upon
                    full and
                    final satisfaction of the Obligations (including without limitation
                    all
                    fees and expenses owing to SunTrust or its attorneys), plus termination
                    of
                    any commitment to extend additional funds, SunTrust will pay
                    to the Owner
                    any excess funds, whether received by SunTrust as a deposit in
                    the Special
                    Account or, as a direct payment on any of the Accounts;

                
	 	
                   

                	 
	 	
                  f.
                     

                	
                  If
                    any of the Accounts arise out of contracts with the United States
                    or any
                    department, agency, or instrumentality thereof, the Owner will
                    immediately
                    notify SunTrust in writing and execute any instruments and take
                    any steps
                    required by SunTrust in order, that all moneys due and to become
                    due under
                    such contracts shall be assigned to SunTrust and in order that
                    proper
                    notice be given under the Federal Assignment of Claims Act;
                    

                
	 	
                   

                	 
	 	
                  g.
                     

                	
                  SunTrust
                    shall not be liable and shall suffer no loss on account of loss
                    or
                    depreciation of any Account due to acts or omissions of SunTrust
                    unless
                    SunTrust's conduct is willful and malicious, and SunTrust shall
                    have no
                    duty to take any action to preserve the Collateral or collect
                    Accounts;
                    

                
	 	
                   

                	 
	 	
                  h.
                     

                	
                  Upon
                    request by SunTrust, the Owner will note on its records concerning
                    the
                    Accounts, a notation of the security interest under this Security
                    Agreement, which notation must be satisfactory to SunTrust in
                    both form
                    and content; 

                
	 	
                   

                	 
	 	
                  i. 

                	
                  SunTrust
                    may enforce collection of any Account and supporting obligation
                    by suit or
                    otherwise and may surrender, release or exchange all or any part
                    thereof,
                    or compromise, extend or renew the same for any period. All monies
                    so
                    received by SunTrust may in SunTrust's sole discretion, be either
                    (i)
                    applied by SunTrust directly toward payment of all or any part
                    of the
                    Obligations, whether or not then due, in such order of application
                    as
                    SunTrust may determine; or (ii) deposited to the credit of Borrower
                    in an
                    account with SunTrust as security for payment of the Obligations
                    and
                    SunTrust may, from time to time, in its sole discretion, permit
                    Borrower
                    to use all or any part of the funds on deposit in said account
                    in the
                    normal course of business. Owner will promptly reimburse SunTrust
                    for all
                    expenses, including attorneys' fees and legal expenses, incurred
                    by
                    SunTrust in seeking to collect on or enforce collection of such
                    amounts;
                    and 

                
	 	
                   

                	 
	 	
                  j. 

                	
                  After
                    notice from SunTrust, Owner will forthwith, upon receipt, transmit
                    and
                    deliver to SunTrust, in the form received, all cash, checks,
                    drafts,
                    items, chattel paper and other instruments or writing for the
                    payment of
                    money (properly endorsed, where required, so that such items
                    may be
                    collected by Sun Trust) which may be received by Owner at any
                    time in full
                    or partial payment or otherwise as proceeds of any of the Accounts
                    After
                    such notice from SunTrust, Owner will not commingle any such
                    proceeds with
                    any other of its funds or property, but will hold them separate
                    and apart
                    from Owner's own funds or property and in express trust for SunTrust
                    until
                    delivery is made to SunTrust; and 

                
	 	
                   

                	 
	 	
                  k. 

                	
                  To
                    protect SunTrust's rights hereunder, Owner hereby constitutes
                    any officer
                    or employee of SunTrust its true and lawful attorney-in-fact
                    with full
                    power of substitution to endorse or sign the name of Owner upon
                    any
                    invoice, freight or express bill, or bill of lading relating
                    to any
                    Accounts covered hereby and to notify the post office authorities
                    to
                    change the address for delivery of Owner's mail relating to the
                    Accounts
                    to an address designated by SunTrust and to receive, open, and
                    dispose of
                    all mail addressed to Owner relating to the Accounts and to do
                    and perform
                    all other acts and things necessary, proper and requisite to
                    carry out the
                    intent of this Security Agreement. This power shall be deemed
                    to be
                    coupled with an interest and may not be revoked by Owner Until
                    the
                    Obligations have been paid in
                    full.

                

        

      

      
         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

      Inventory.

      
        
          	 	 	 
	 	
                  a.
                     

                	
                  The
                    Owner agrees to maintain books and records pertaining to the
                    Inventory in
                    such detail, form and scope as SunTrust shall require. The Owner
                    shall
                    promptly advise SunTrust of any substantial changes relating
                    to the type
                    or quantity of the inventory or any event which would have a
                    material
                    effect on the value of the Inventory or on the security interest
                    granted
                    to SunTrust. 

                
	 	 	 
	 	
                  b.
                     

                	
                  If
                    the Inventory remains in the possession or control of any of
                    the Owner's
                    agents or processors, the Owner shall notify such agents or processors
                    of
                    SunTrust's security interest, and upon request, instruct them
                    to hold such
                    Inventory for SunTrust's account and subject to SunTrust's
                    instruction.

                
	 	
                   

                	 
	 	
                  c. 

                	
                  The
                    Owner will prepare and deliver to SunTrust, at SunTrust's request
                    from
                    time to time, a listing of all Inventory and suchinformation
                    regarding the
                    Inventory as SunTrust may require.

                
	 	 	 
	 	
                  d.
                     

                	
                  SunTrust
                    may require the Owner to assemble the Inventory and make it available
                    to
                    SunTrust at a place to be designated by SunTrust which is reasonably
                    convenient. SunTrust may take possession of the Inventory without
                    a court
                    order.

                
	 	 	 
	 	
                  e.
                     

                	
                  Until
                    default hereunder, Owner may, unless otherwise provided in this
                    Security
                    Agreement, in the ordinary course of business, at its own expense,
                    sell,
                    lease or furnish under contract of service any of the Inventory
                    normally
                    held by Owner for such purpose. 

                
	 	 	 

        

        
          All
            Collateral has been produced in compliance with the Fair Labor Standards
            Act or
            other applicable wage and employee law, rule, regulation or order, and
            that no
            existing or future liability shall occur as a result thereof. The Owner
            may
            contest, in good faith, the applicability of any such law, rule, regulation
            or
            order, including prosecuting any appeals, so long as SunTrust's interest
            in the
            Collateral, in the opinion of SunTrust, is not jeopardized as a result.
             

          

          Insurance,
            Taxes and Assessments.
            The
            Owner shall at all times keep insurable Collateral insured against any
            and all
            risks, including, without limitation, fire, and such other insurance,
            including
            but not limited to flood insurance, as may be required by SunTrust from
            time to
            time, and in such amounts as may be satisfactory to SunTrust. Insurance
            may be
            purchased from an insurer of the Owner's choice, except as otherwise
            required by
            law. All such insurance policies are to be made payable to SunTrust,
            in the
            event of loss, under a standard non-contributory "mortgagee", "lender",
            or
            "secured party" clause and shall contain a breach of warranty provision
            acceptable to SunTrust which shall establish SunTrust's right to be paid
            the
            insurance proceeds irrespective of any action, inaction, breach of warranty
            or
            conditions, or negligence of Owner or any other person or entity with
            respect to
            such policies. All such insurance policies shall provide for a minimum
            of thirty
            days written notice to SunTrust prior to cancellation. Owner appoints
            SunTrust
            attorney-in fact to file claims under, any insurance policies, to receive,
            receipt and give acquittance for any payments that may be payable to
            Owner
            thereunder, and to execute any and all endorsements, receipts, releases,
            assignments, reassignments, or other documents that may be necessary
            to effect
            the collection, compromise or settlement of any claims under any such
            insurance
            policies, which power of attorney shall be deemed coupled with an interest
            and
            irrevocable so long as SunTrust has a security interest in any of the
            Collateral
            Owner shall provide proof of such insurance as requested by SunTrust.
            The Owner
            shall pay and discharge all taxes, assessments and charges of every kind
            prior
            to the date when such taxes, assessments or charges shall become delinquent
            and
            provide proof of such payments to SunTrust, upon request. However, nothing
            contained in this Security Agreement shall require the Owner to pay any
            such
            taxes, assessments and charges so long as it shall contest its validity
            in good
            faith and shall post any bond or security required by SunTrust against
            the
            payment. Upon the failure of the Owner to purchase required insurance
            or to pay
            such required amounts, SunTrust, at its option, and at the Owner's expense,
            may
            obtain such insurance or pay such taxes, assessments, and charges. In
            addition,
            SunTrust may from time to time, in its sole discretion, perform any undertakings
            of the Owner which the Owner shall fail to perform and take any other
            action
            which SunTrust deems necessary for the maintenance or preservation of
            any of the
            Collateral, Any amounts so paid shall be included in the Obligations
            secured by
            the Collateral. At SunTrust's request, the Owner agrees to promptly reimburse
            SunTrust on demand for all such expenses incurred by SunTrust, together
            with
            interest thereon from the date paid by SunTrust at the highest rate payable
            on
            the Obligations. Any insurance obtained by SunTrust, at its option, may
            be
            single or dual interest, protecting its rights, rights of the Owner or
            joint
            rights. Any insurance obtained by SunTrust may provide, at its option,
            that such
            insurance will pay the lesser of the unpaid balance of the Obligations
            or the
            repair or replacement value of the Collateral SunTrust may use the proceeds
            of
            any insurance obtained by Owner or by SunTrust to repair or replace the
            Collateral or if SunTrust elects to do so, to repay part or all of the
            Obligations, whether or not then due, and in such order as SunTrust may
            determine, and the Borrower will still be responsible to repay any remaining
            unpaid balance of the Obligations. The whole or partial loss or destruction
            of
            all or any part of the Collateral shall not affect or impair the obligation
            of
            any person or entity liable under the Obligations. 

           

          Additional
            Covenants and Agreements if Borrower Is Different than
            Owner.
            If
            Borrower is different than Owner, then so long as any of the Obligations
            remain
            outstanding or so long as this Security Agreement shall remain in effect
            Owner
            covenants and agrees as follows: (a) Owner hereby expressly consents
            to and
            adopts any agreements which Borrower has entered into or will enter into
            with
            SunTrust regarding any of the Obligations or the Collateral; (b) Owner
            hereby
            agrees that the Collateral shall be subject to disposition in accordance
            with
            the terms and conditions of this Security Agreement and any agreements
            executed
            by Borrower in connection with any of the Obligations or the Collateral;
            (c)
            Owner will not be subrogated to SunTrust's rights to any other collateral
            and
            any proceeds thereof in which SunTrust holds a security interest to secure
            payment of any of the Obligations; (d) Owner agrees that SunTrust may
            at any
            time and from time to lime, without notice to, or the consent of, Owner:
            (i)
            retain any of the Collateral in satisfaction of any of the Obligations
            to the
            extent permitted by applicable law, (ii) retain or obtain a security
            interest or
            lion in any property in addition to the  Collateral
            to secure payment or performance of any of the Obligations, (iii) allow
            or cause
            any Obligations to be incurred, (iv) retain or obtain persons or entities
            that
            are primarily or secondarily obligated upon any of the Obligations other
            than
            the Borrower, (v) extend or renew any of the Obligations for any period
            (whether
            or not longer than the original term), (vi) release, compromise or modify
            any of
            the Obligations, (vii) release, in whole or in part, any person or entity
            primarily or secondarily obligated upon any of the Obligations or enter
            into any
            compromise with respect to the obligation of any such person or entity
            relative
            to any of the Obligations, (viii) release, with or without consideration,
            SunTrust's security interest or lien in any property other than the Collateral
            which may at any time secure payment or performance of any of the Obligations,
            (ix) accept substitutions or exchanges for any property other than the
            Collateral which may at any time secure payment or performance of any
            of the
            Obligations, (x) exercise its rights as a secured party and dispose of
            the
            Collateral without having first resorted to any property securing any
            of the
            Obligations other than the Collateral and without having first proceeded
            against
            or demanded payment from any person or entity primarily or secondarily
            obligated
            upon any of the Obligations; and (e) Owner specifically waives any and
            all
            rights pursuant to O.C.G.A. Sec. 10-7-24 or T.C A. Sec 47-12-101 et seq.
            If this
            Security Agreement is governed by the laws of Georgia or Tennessee, and
            the same
            or similar provision contained in the Uniform Commercial Code of any
            other state
            or states which may govern this Security Agreement. 

          

          
            
               

            

            
               

              
                

              

            

            
               

            

          

          Events
            of Default.
            As used
            herein the term "Obligor" shall individually and collectively refer to
            Borrower,
            Owner and any other person or entity that is primarily or secondarily
            liable
            upon all or any part of the Obligations secured hereby and any person
            of entity
            that has conveyed or may hereafter convey any security interest of lien
            to
            SunTrust in any real or personal property to secure payment of all or
            any part
            of the Obligations. Unless prohibited by applicable law, an "Event of
            Default"
            shall occur hereunder upon the occurrence of any one or more of the following
            events or conditions: 

          
            
              	 	 	 
	 	
                      a. 

                    	
                      the
                        failure by any Obligor to pay when due, whether by acceleration
                        or
                        otherwise, any sum constituting all or any part of the
                        Obligations;

                    
	 	
                       

                    	 
	 	
                      b.
                         

                    	
                      the
                        failure of any Obligor to perform any covenant, promise or
                        obligation
                        contained in this Security Agreement, any document evidencing
                        any of the
                        Obligations, or any other agreement to which any Obligor
                        and SunTrust are
                        parties; 

                    
	 	
                       

                    	 
	 	
                      c. 

                    	
                      the
                        breach of any of any Obligor's representations or warranties
                        in this
                        Security Agreement or any other agreement with SunTrust;
                        

                    
	 	
                       

                    	 
	 	
                      d. 

                    	
                      the
                        failure of any Obligor to pay when due any amount owed to
                        any creditor
                        other than SunTrust under a written agreement
                        calling for the payment of money;

                    
	 	
                       

                    	 
	 	
                      e.
                         

                    	
                      the
                        death, declaration of incompetency, dissolution, liquidation,
                        merger,
                        consolidation, termination or suspension of usual business
                        of any Obligor
                        or the sale or transfer by any Obligor of all or substantially
                        all of such
                        Obligor's assets other than in the ordinary course of business;
                        

                    
	 	
                       

                    	 
	 	
                      f. 

                    	
                      any
                        person or entity, or any group of related persons or entities,
                        shall have
                        or obtain legal or beneficial ownership of a majority of
                        the outstanding
                        voting securities or rights of any Obligor that is not a
                        natural person,
                        other than any person or entity, or any group of related
                        persons or
                        entities that has such majority ownership as of the date
                        of this Security
                        Agreement; 

                    
	 	
                       

                    	 
	 	
                      g.
                         

                    	
                      the
                        insolvency or inability to pay debts as they mature of any
                        Obligor, the
                        filing of any petition or the commencement of any proceeding
                        by an Obligor
                        for relief under any bankruptcy of insolvency law, or any
                        law relating to
                        the relief of debtors, readjustment of indebtedness, debtor
                        reorganization, or composition or extension of debt; 

                    
	 	
                       

                    	 
	 	
                      h. 
                        

                    	
                      the
                        entry of a judgment or the issuance or service of any attachment,
                        levy or
                        garnishment against any Obligor or the property of any Obligor
                        or the
                        repossession or seizure of property of any Obligor; 

                    
	 	
                       

                    	 
	 	
                      i. 

                    	
                      any
                        deterioration or impairment of the Collateral or, any decline
                        or
                        depreciation in the value of the Collateral (whether actual
                        or reasonably
                        anticipated) which causes the Collateral in the judgment
                        of Sun Trust to
                        become unsatisfactory as to character or value; 

                    
	 	
                       

                    	 
	 	
                      j. 

                    	
                      a
                        determination by SunTrust that a material adverse change
                        in the financial
                        condition of any Obligor has occurred since the
                        date of this Security Agreement;

                    
	 	
                       

                    	 
	 	
                      k. 

                    	
                      any
                        Obligor commits fraud or makes a material misrepresentation
                        at any time in
                        connection with this Security Agreement, the
                        Obligations or the Collateral;

                    
	 	
                       

                    	 
	 	
                      l. 

                    	
                      the
                        Collateral or any part thereof is located for more than thirty
                        consecutive
                        days outside the state or states in which the Collateral
                        is to be located
                        pursuant to this Security Agreement or if the Collateral
                        or any part
                        hereof is removed from such state with the intent that it
                        will be located
                        outside such state for more than thirty days; or 

                    
	 	
                       

                    	 
	 	
                      m. 

                    	
                      any
                        other act or circumstance occurs or exists which leads SunTrust
                        to deem
                        itself insecure. 

                    

            

             

            
              
                 

              

              
                 

                
                  

                

              

              
                 

              

            

            

              Remedies
                Upon Default; Acceleration of Obligations.
                Unless
                prohibited by applicable law, the Obligations secured hereby shall
                automatically
                and simultaneously mature and become due and payable, without notice
                or demand,
                upon the filing of any petition or the commencement of any proceeding
                by an
                Obligor for relief under any bankruptcy or insolvency law, or any
                law relating
                to the relief of debtors, readjustment of indebtedness, debtor reorganization,
                or composition or extension of debt. Unless prohibited by applicable
                law, upon
                the occurrence of any one or more of the other Events of Default
                describe above,
                the Obligations secured hereby shall, at the option of SunTrust,
                immediately
                mature and become due and payable, without notice or demand if all
                or any part
                of the Obligations secured hereby are not paid as and when due and
                payable,
                whether by acceleration or otherwise, then SunTrust may, at its option,
                without
                notice or demand of any kind: (a) transfer all or any part of the
                Collateral
                into the name of SunTrust or its nominee, at Owner's expense, with
                or without
                disclosing that such Collateral is subject to SunTrust's security
                interest; (b)
                require the Owner to assemble the Collateral and make it available
                to SunTrust
                at a place to be designated by SunTrust which is reasonably convenient,
                enter
                upon premises upon which the Collateral is located and, to the extent
                permitted
                by law without legal process, take exclusive possession of the Collateral,
                and
                redeem the Collateral, or any part thereof (irrespective of redemption
                penalty);
                (c) appropriate and apply toward payment of such of the Obligations,
                and in such
                order of application, as SunTrust may from time to time elect, all
                or any part
                of any balances, credits, items or monies in any bank deposit or
                deposit account
                constituting a part of the Collateral; (d) sell the Collateral at
                public or
                private sale, either in whole or in part, and SunTrust may purchase
                the
                Collateral at any such public sale and at any private sale as permitted
                by law.
                Such sale shall result In the sale, conveyance and disposition of
                all right,
                title and interest of Owner in all or any part of the Collateral
                which is the
                subject of such a disposition. SunTrust is authorized as attorney-in-
                fact for
                Owner to sign and execute any transfer, conveyance or instrument
                in writing that
                may be necessary or desirable to effectuate any such disposition
                of the
                Collateral, which power shall be coupled with an interest; and (e)
                exercise all
                other rights of a secured party under the Uniform Commercial Code
                and all other
                rights under law or pursuant to this Security Agreement, all of which
                shall be
                cumulative If any notification of intended disposition of any Collateral
                is
                required by law, reasonable notification shall be deemed given if
                written notice
                is deposited in the US. Mail, first class or certified postage prepaid,
                addressed to Owner and such other persons or entities as SunTrust
                deems to be
                appropriate, stating all items required by applicable statutes, including
                the
                time and place of any public sale, or the time and place of any public
                sale or
                the time after which any private sale or disposition is to be made,
                at least ten
                (10) days prior thereto. The proceeds of any disposition of the Collateral
                shall
                be applied in the following order (i) First, to pay all costs and
                expenses
                associated with the retaking, holding, preparation and disposition
                of the
                Collateral; (ii) Then to pay attorneys' fees; (iii) Next, to pay
                all accrued but
                unpaid interest upon the Obligations in such order as SunTrust may
                determine at
                its discretion; and (iv) Finally, to all unpaid principal outstanding
                upon the
                Obligations, whether or not due and payable, in such order as SunTrust
                may
                determine at its discretion. Any remaining surplus shall be paid
                to Owner or
                otherwise in accordance with law if the proceeds of such disposition
                are
                insufficient to pay the Obligations in full, Borrower and all other
                persons or
                entities liable thereon shall remain fully obligated to SunTrust
                for the unpaid
                balance thereof. 

            

          

        

      

      

        Execution
          by More than One Party.
          The term
          "Owner" as used in this Security Agreement shall, if this instrument is
          signed
          by more than one party, mean the "Owner and each of them" and each shall
          be
          jointly and severally obligated and liable. If any party is a partnership
          or
          limited liability company, the agreements and obligations on the part of
          the
          Owner shall remain in force and applicable regardless of any changes in
          the
          parties composing the partnership or limited liability company and the
          term
          "Owner" shall include any altered or successive partnership or limited
          liability
          company and the predecessor partnership or limited liability company and
          its
          partners or members/managers shall not be released from any obligation
          or
          liability.

        

          Waivers
            by the Owner.
            To the
            extent permitted by applicable law, the Owner hereby waives (a) notice
            of
            acceptance of this Agreement and of any extensions or renewals of credit
            by
            SunTrust to the Borrower; (b) presentment and demand for payment of the
            Obligations; (c) protest and notice of dishonor or default to the Owner
            or to
            any other party with respect to the Obligations; (d) all other notices
            to which
            the Owner might otherwise be entitled; and (e) if for business purposes,
            the
            benefit of the Homestead Exemption. To the extent permitted by applicable
            law,
            the Owner further waives any right to require that any action be brought
            against
            the Borrower or any other party, the right to require that resort be
            had to any
            security or to any balance of any deposit account or credit on the books
            of
            SunTrust in favor of the Borrower or any other party, the right to redeem
            the
            Collateral and to object to SunTrust's proposal to retain the Collateral
            in
            satisfaction of any of Obligations and any right to obtain injunctive
            or other
            relief relative to SunTrust's sale or other disposition of the Collateral
            and to
            recover losses caused by SunTrust's failure to approve or correct any
            list of
            Collateral provided to SunTrust for any purpose by any person or entity.
            

          

            No
              Obligation to Extend Credit.
              This
              Security Agreement shall not be construed to impose any obligation
              on Sun Trust
              to extend or continue to extend any credit at any time. 

            

            Indemnity.
              The
              Owner agrees to indemnify and hold harmless SunTrust, its subsidiaries,
              affiliates, successors, and assigns and their respective agents, directors,
              employees, and officers from and against any and all complaints, claims,
              defenses, demands, actions, bills, causes of action (including, without
              limitation, costs and attorneys' fees), and losses of every nature
              and kind
              whatsoever, which may be raised or sustained by any directors, officers,
              employees, shareholders, creditors, regulators, successors in interest,
              or
              receivers of the Borrower or any third party as a result of or arising
              out of.
              directly or indirectly, SunTrust extending credit as evidenced by the
              Obligations to the Borrower, and taking the Collateral as security
              for the
              Obligations, and the Owner agrees to be liable for any and all judgments
              which
              may be recovered in any such action, claim, proceeding, suit, or bill,
              including
              any compromise or settlement thereof, and defray any and all expenses,
              including, without limitation, costs and attorneys' fees, that may
              be incurred
              in or by reason of such actions, claims, proceedings, suits, or bills
              This
              obligation to indemnify shall survive the payment of the Obligations
              and the
              satisfaction of this Security Agreement 

             

            Additional
              Documentation.
              The Bank
              is authorized to file such financing statements and amendments as the
              Bank deems
              necessary to perfect, continue or assure its security interest in the
              Collateral
              and the Owner hereby ratifies any financing statement filed previously
              by the
              Bank,. The Owner will deliver such instruments of future assignment
              or assurance
              as the Bank may from time to time request to carry out the intent of
              this
              Security Agreement, and will join with the Bank in executing any documents
              in
              form satisfactory to the Bank, and pay any cost of filing the same,
              including
              all recordation, transfer and other taxes and fees, deemed advisable
              by the
              Bank. 

             

            Environmental
              Requirements.
              No part
              of the Collateral has been, and never will be so long as this Security
              Agreement
              remains a lien on the Collateral, used for the generation, collection,
              manufacture, storage, treatment, disposal, release or threatened release
              of any
              hazardous substance, as those terms are defined in the Comprehensive
              Environmental Response, Compensation and Liability Act of 1980, as
              amended, 42
              U.S.C., Section 9601, et seq ("CERCLA"), Superfund Amendments and
              Reauthorization Act ("SARA"), applicable state laws, or regulations
              adopted
              pursuant to either of the foregoing. The Owner agrees to comply with
              any
              federal, state or local law, statute, ordinance or regulation, court
              or
              administrative order or decree or private agreement regarding materials
              which
              require special handling in collection, storage, treatment or disposal
              because
              of their impact on the environment ("Environmental Requirements") The
              Owner
              agrees to indemnify and hold SunTrust harmless against any and all
              claims,
              losses and expenses resulting from a breach of this provision of this
              Security
              Agreement and the Owner will pay or reimburse SunTrust for all costs
              and expense
              for expert opinions or investigations required or requested by SunTrust
              which,
              In SunTrust's sole discretion, are necessary to ensure compliance with
              this
              provision of this Security Agreement. The obligation to indemnify shall
              survive
              the payment of the Obligations and the satisfaction of this Security
              Agreement.

            
              
                 

              

              
                 

                
                  

                

              

              
                 

              

            

            

              Successor
                In Interest; SunTrust as Collateral Agent.
                This
                Security Agreement shall be binding upon the Owner, its successors
                and assigns,
                and the benefits hereof shall inure to SunTrust, its successors and
                assigns.
                SunTrust Bank shall serve as collateral agent on behalf of itself
                and present
                and future affiliates.

               

              Miscellaneous.
                (a) Each
                and every power given herein is coupled with an interest and is irrevocable
                by
                death or otherwise. (b) The captions of the paragraphs of this Security
                Agreement are for convenience only and shall not be deemed to constitute
                a part
                hereof or used in construing the intent of the parties. (c) If any
                part of any
                provision of this Security Agreement shall be invalid or unenforceable
                under
                applicable law, such part shall be ineffective to the extent of such
                invalidity
                only, without in any way affecting the remaining parts of such provision
                or the
                remaining provisions of this Security Agreement. (d) This Security
                Agreement
                shall not be modified or amended except in a writing signed by Owner
                and
                SunTrust. (e) All representations, warranties, covenants and agreements
                contained heroin or made in writing by Owner in connection herewith
                shall
                survive the execution and delivery of this Security Agreement and
                any and all
                notes, other agreements, documents and writings relating to or arising
                out of
                any of the foregoing or any of the Obligations. (f) All rights and
                remedies of
                SunTrust expressed herein are in addition to all other rights and
                remedies
                possessed by SunTrust under applicable law or other agreements, including
                rights
                and remedies under any other agreement or instrument relating to
                any of the
                Obligations or any security therefor. (g) No waiver by SunTrust of
                any of its
                rights or remedies or of any default shall operate as a waiver of
                any other
                right or remedy or of any other default or of the same right or remedy
                or of the
                same default on a future occasion No delay or omission on the part
                of SunTrust
                in exercising any right or remedy shall operate as a waiver thereof,
                and no
                single or partial exercise by SunTrust of any right or remedy shall
                preclude any
                other or further exercise thereof or the exercise of any other right
                or remedy.
                No action of SunTrust permitted hereunder or under any agreement
                or instrument
                relating to any of the Obligations or any security therefor shall
                impair or
                affect the rights of SunTrust in and to the Collateral. (h) All terms
                as defined
                herein shall include both the plural and singular, where applicable.
                (i) All
                notices or communications given to Owner or SunTrust pursuant to
                the terms of
                this Security Agreement shall be in writing and given to Owner and
                SunTrust at
                the address set forth below. Unless otherwise specifically provided
                herein to
                the contrary, such written notices and communications shall be delivered
                by hand
                or overnight courier service, or mailed by first class mail, postage
                prepaid,
                addressed to the parties hereto at the addresses referred to herein
                or to such
                other addresses as either party may designate to the other party
                by a written
                notice given in accordance with the provisions of this Security Agreement.
                Any
                written notice delivered by hand or by overnight courier service
                shall be deemed
                given or received upon receipt. Any written notice delivered by U
                S. Mall shall
                be deemed given or received on the third (3rd) business day after
                being
                deposited in the U S. Mail. (j) SunTrust shall not be responsible
                or liable for
                its failure to give notice to Owner of any default In the payment
                of any amounts
                that might become due and owing with respect to the Collateral nor
                shall
                SunTrust be responsible or liable for Sun Trust's failure to collect
                any amounts
                payable with respect to the Collateral. (k) SunTrust shall be under
                no
                obligation to monitor the market value of any Collateral, to advise
                the Owner of
                such market value, or to take any action whatsoever to preserve the
                value of any
                Collateral by selling, exchanging or otherwise disposing of such
                Collateral in
                order to avoid any loss to the Owner resulting from a decline in
                the market
                value of such Collateral; and (l) SunTrust shall be under no obligation
                to pay
                any amounts owing with respect to any Collateral. (m) This Agreement
                is in
                addition to and not in replacement of any other agreement between
                Owner and
                SunTrust. (n) The term Owner shall include all persons signing below
                as Owner
                and the obligation of such Owners hereunder shall be their joint
                and several
                obligations.

            

             

          

        

      

      WAIVER
        OF JURY TRIAL.
        OWNER
        AND SUN T'RUSTHEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY
        WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT EITHER
        OF
        THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT'TO,ANY LITIGATION, WHETHER IN
        CONTRACT OR TORT, AT LAW OR IN EQUITY, BASED HEREON OR ARISING OUT OF, UNDER
        OR
        IN CONNECTION WITH THIS AGREEMENT AND ANY OTHER DOCUMENT' OR INSTRUMENT
        CONTEMPLATED TO BE EXECUTED IN CONJUNCTION WITH THIS AGREEMENT, OR ANY COURSE
        OF
        CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS
        OF
        ANY PARTY HERETO THIS. PROVISION IS A MATERIAL INDUCEMENT FOR SUNTRUST ENTERING
        INTO OR ACCEPTING THIS AGREEMENT„ FURTHER,
        OWNER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF SUNTRUST, NOR
        SUNTRUS'T'S COUNSEL,
        HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUNTRUSTWOULD NOT IN THE EVENT
        OF
        SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGH T TO JURY TRIAL PROVISION.
        

       

      Addresses
        for Purpose of Notice 

       

      Owner
        Address: 1209 16th Avenue S., Ste. 200, Nashville, TN 37212

       

      SunTrust
        Address: 211 Perimeter
        Center Parkway, Suite 100, Atlanta, GA 30346

       

      This
        Security Agreement has been executed by the undersigned, under seal, as of
        the
        date first written above.

       

      

      Debut
        Broadcasting, Inc.

      

      By:
        /s/
        Robert Marquitz

      Robert
        Marquitz, Chairman & President

      

      And:
        /s/
        Steven Ludwig

      Steven
        Ludwig, CEO

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