Document:

Exhibit 10.2

 

 

THIS DEBENTURE, AND THE SECURITIES INTO WHICH IT IS CONVERTIBLE
(COLLECTIVELY, THE “SECURITIES”), HAVE NOT BEEN REGISTERED WITH THE UNITED
STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
STATE. THE SECURITIES ARE BEING OFFERED PURSUANT TO A SAFE HARBOR FROM
REGISTRATION UNDER REGULATION D PROMULGATED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”). THE SECURITIES ARE “RESTRICTED” AND MAY NOT BE OFFERED
OR SOLD UNLESS THE SECURITIES ARE REGISTERED UNDER THE ACT, PURSUANT TO
REGULATION D OR PURSUANT TO AVAILABLE EXEMPTIONS FROM THE REGISTRATION
REQUIREMENTS OF THE ACT AND THE COMPANY WILL BE PROVIDED WITH OPINION OF
COUNSEL OR OTHER SUCH INFORMATION AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT
SUCH EXEMPTIONS ARE AVAILABLE. FURTHER HEDGING TRANSACTIONS INVOLVING THE
SECURITIES MAY NOT BE MADE EXCEPT IN COMPLIANCE WITH THE ACT.

 

CONVERTIBLE DEBENTURE

 

	
  Date:

  	
   

  	
  March 15, 2005

  
	
   

  	
   

  	
   

  
	
  Maker/Company:

  	
   

  	
  BLUE WIRELESS & DATA, INC.

  
	
   

  	
   

  	
  3001 Knox St., Suite 401, Dallas, TX 75205

  
	
   

  	
   

  	
  Contact: John W. Mills, III, COO

  
	
   

  	
   

  	
   

  
	
  Payee/Holder:

  	
   

  	
  GREG MARTIN

  
	
   

  	
   

  	
  6032 Canvas Back Dr., Frisco, TX 75034

  
	
   

  	
   

  	
  fax: (214) 853-5538

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  STEVEN BENAVIDES

  
	
   

  	
   

  	
  1740 Elmhurst Ct., Prosper, TX 75078

  
	
   

  	
   

  	
  fax: (214) 853-5538

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The singular term “Holder” herein shall
  collectively include both of the current Holders as identified above, and all
  of their heirs, successors and assigns.

  
	
   

  	
   

  	
   

  
	
  Panaband:

  	
   

  	
  DSG TECHNOLOGY, INC. d/b/a PANABAND

  
	
   

  	
   

  	
  4760 Preston Road, Suite 244-272, Frisco, Texas
  75034

  
	
   

  	
   

  	
   

  
	
  Limited Guarantor:

  	
   

  	
  TRENTON LIGHTHOUSE, L.P.

  
	
   

  	
   

  	
  3001 Knox St., Suite 403, Dallas, TX 75205

  
	
   

  	
   

  	
   

  
	
  Full Guarantor:

  	
   

  	
  TKM OIL & GAS, INC.

  
	
   

  	
   

  	
  3001 Knox St., Suite 403, Dallas, TX 75205

  
	
   

  	
   

  	
   

  
	
  Principal:

  	
   

  	
  ONE MILLION AND NO/100 DOLLARS ($1,000,000.00)

  
	
   

  
	
  Annual
  Interest Rate on Unpaid Principal:

  	
  0.00% per
  annum, provided that the interest payable shall not exceed the maximum amount
  that may be lawfully charged.  Interest will be calculated on the unpaid
  principal to the date of each payment.

  
	
   

  
	
  Maturity Date:

  	
   

  	
  March 15, 2006

  
	
   

  	
   

  	
   

  
	
  Terms of Payment:

  	
   

  	
  On or before the Maturity Date, Holder may elect
  at its sole and absolute discretion to require one of the following for full
  payment of and performance under this Debenture:

  
				

 

 

	
  Initials:

  	
   

  	
   

  

 

1

 

	
   

  	
   

  	
  1.

  	
  Receive the outstanding principal and interest (if
  any) in one lump sum; or

  
	
   

  	
   

  	
  2.

  	
  Convert this Debenture under the Conversion Terms
  herein.

  
	
   

  	
   

  	
   

  
	
  Obligation:

  	
   

  	
  Maker promises to pay or
  convert this Debenture under the Terms of Payment.

  
	
   

  	
   

  	
   

  
	
  Security:

  	
   

  	
  This Debenture is secured
  by 100% of the stock equity of Panaband, which is

  
	
   

  	
   

  	
  perfected in a Stock
  Pledge Agreement attached hereto as Exhibit 2 hereto.

  

 

General
Terms

 

1.             Conversion Terms. 
Under the Terms of Payment, Holder may elect, at its sole and absolute
discretion, to convert the principal amount of this Debenture into common stock
of the Company. Such conversion shall occur within ten (10) days of Holder’s
election to so convert. Upon such election, Holder shall be entitled to receive
the Calculated Number of fully paid and non-assessable shares of the common
stock (the “Common Stock”) of the Company. 
The Calculated Number shall be equal to the greater of the following:

 

a.             The number of common shares sufficient to
cause the Holder, after said conversion, to be owners of ten percent (10%) of
the equity value of the Company; or

b.             $1,000,000 of the Common Stock of the
Company.

 

For any share price valuation required in the
Conversion calculation, the share price shall be equal to the trailing 30 day
average trading price of Maker’s common stock.

 

2.             Limited Guarantee. 
Trenton Lighthouse, LP (“Trenton”), hereby guarantees this Debenture to
the extent that under the terms of Paragraph 1 herein, on the date of
conversion, there are not sufficient shares of the Company to issue to the
Holders.  In that instance only, the
Holders may look to Trenton and hold Trenton responsible to provide such shares
of the Company from Trenton’s reserve, or such other equity of equivalent value
to the Holder’s satisfaction.  Trenton
guarantees and promises to provide such shares upon such demand.  Holder may from time to time, but no more
often than once per month during the Term, request and receive a copy of the
financial statements of any Guarantor.

 

3.             Full Guarantee.  TKM
Oil & Gas, Inc. (“TKM”), does hereby guaranty to Holder the prompt,
punctual and full payment of all monies owed to Holder from Maker.  Until termination, this guaranty is unlimited
as to amount or duration and shall remain in full force and effect
notwithstanding any extension, compromise, adjustment, forbearance, waiver,
release or discharge of any party obligor or guarantor, or release in whole or
in part of any security granted for said indebtedness or compromise or
adjustment thereto, and TKM waives all notices thereto.  The obligations of TKM shall be at the
election of Holder, shall be primary and Holder shall not be required to
exhaust its remedies as against Maker prior to enforcing its rights under this
guaranty against TKM.  The guaranty
hereunder shall be unconditional and absolute. 
TKM waives all rights of subrogation and set-off until all sums under
this guaranty are fully paid.  In the
event payments due under this guaranty are not paid upon demand, TKM shall pay
all reasonable costs and attorney’s fees necessary for collection, and
enforcement of this guaranty.  TKM
warrants and represents it has full authority to enter into this guaranty.  This guaranty shall be binding upon and inure
to the benefit of the parties, their successors, assigns and personal
representatives.  Holder may from time to
time, but no more often than once per month during the Term, request and
receive a copy of the financial statements of any Guarantor.

 

4.             Adjustments to Conversion.  If
Maker is recapitalized, consolidated with or merged into any other corporation,
or sells or conveys to any other corporation all or substantially all of the
its property as an entity, provision shall be made as part of the terms of any
such transaction so that the Holders of this Debenture may receive, in lieu of
the Common Stock otherwise issuable to them upon conversion hereof, at the same
conversion ratio, the same kind and amount of securities 

 

2

 

or assets as may be
distributable upon the recapitalization, consolidation, merger, sale or
conveyance with respect to the Common Stock.

 

5.             Assignment.  This
Debenture and the obligations herein may not be assigned by Maker without prior
written consent of the Holder.  Holder
may freely assign all or any portion of its right, title and interest in and to
this Debenture.

 

6.             Default and Remedies.  If
Maker defaults hereunder, Holder may, at its sole option, seek one of the
following remedies, here listed in no particular order:

a.             Require and cause the Conversion contemplated
herein under the Conversion Terms;

b.             Exercise its rights under the Stock Pledge
Agreement; or

c.             Be made whole from the Guarantors hereto, in
accordance with the guaranty terms hereof.

 

 

7.             Notices.  Any notices required or permitted to be given
under this Agreement shall be sufficient if in writing and delivered or sent by
fax, registered or certified mail, or by Federal Express or other nationally
recognized overnight couriers to the principal office of each party and
addressed to its principal executive officer at the address set forth
herein.  Faxes should be marked for the
attention of the principal executive officer and sent to the fax number of the
recipient.

 

5.             Tender.  All cash amounts payable hereunder
are payable in lawful money of the United States.

 

6.             Nonusurious.  All agreements between Maker and the
holder hereof, whether now existing or hereafter arising and whether written or
oral, are hereby limited so that in no contingency, whether by reason of demand
for payment or acceleration of the maturity hereof or otherwise, shall the
interest contracted for, charged or received by the holder hereof exceed the
maximum amount permissible under applicable law.  If, from any
circumstance whatsoever, interest would otherwise be payable to the holder
hereof in excess of the maximum lawful amount, the interest payable to the
holder hereof shall be reduced to the maximum amount permitted under applicable
law; and if from any circumstance the holder hereof shall ever receive anything
of value deemed interest by applicable law in excess of the maximum lawful
amount, an amount equal to any excessive interest shall be applied to the
reduction of the principal hereof and not to the payment of interest, or if
such excessive interest exceeds the unpaid balance of principal hereof such
excess shall be refunded to Maker.  All interest paid or agreed to be paid
to the holder hereof shall, to the extent permitted by applicable law, be
amortized, prorated, allocated, and spread throughout the full period until
payment in full of the principal (including the period of any renewal or
extension hereof) so that the interest hereon for such full period shall not
exceed the maximum amount permitted by applicable law.  This paragraph
shall control all agreements between Maker and the Holder hereof.

 

7.             Headings.  The article, paragraph and
subparagraph headings hereof are inserted for convenience of reference only and
shall not alter, define, or be used in construing the text of such articles,
paragraphs or subparagraphs.

 

8.             Plurality.  When the context requires, singular
nouns and pronouns include the plural.

 

9.             Governing Law and
Jurisdiction.  This
Debenture and all matters related hereto shall be governed, construed and interpreted
strictly in accordance with the laws of the State of Texas, without regard to
its principles of conflicts of laws. 
Jurisdiction and venue shall reside exclusively in the courts of Dallas
County, Texas.

 

3

 

10.           Severability.  If
any provision of this Debenture is held to be invalid or unenforceable by any
court of competent jurisdiction, it is the intent of all of the parties that
all other provisions of this Debenture be construed to remain fully valid,
enforceable and binding on the parties.

 

11.           Power to Bind.  A
responsible officer of the Maker has read and understands the contents of this
Debenture and is empowered and duly authorized on behalf of the Maker to
execute it.

 

IN WITNESS WHEREOF, the parties hereto have caused their duly
authorized representatives to execute this Convertible Debenture effective on
the Date first stated herein.

 

	
  MAKER:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  John W. Mills, III

  	
   

  	
   

  
	
  BLUE
  WIRELESS & DATA, INC.

  	
   

  
	
  John
  W. Mills, III, COO

  	
   

  
	
   

  	
   

  
	
  PAYEE
  / HOLDER:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Greg Martin

  	
   

  	
  /s/
  Steven Benavides

  	
   

  
	
  GREG
  MARTIN

  	
  STEVEN
  BENAVIDES

  
	
   

  	
   

  
	
  LIMTED
  GUARANTOR:

  	
  FULL
  GUARANTOR:

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Dennis G. McLaughlin, III

  	
   

  	
  /s/
  Dennis G. McLaughlin, III

  	
   

  
	
  TRENTON
  LIGHTHOUSE, L.P.

  	
  TKM
  OIL & GAS, INC.

  
	
  Dennis
  G. McLaughlin, III, Managing Partner

  	
  Dennis
  G. McLaughlin, III, CEO

  

 

4Exhibit 10.3

 

 

STOCK PLEDGE AGREEMENT

 

	
  Date:

  	
   

  	
  March
  15, 2005

  
	
   

  	
   

  	
   

  
	
  Pledgor:

  	
   

  	
  BLUE
  WIRELESS & DATA, INC.

  
	
   

  	
   

  	
  3001
  Knox St., Suite 401, Dallas, TX 75205

  
	
   

  	
   

  	
  Contact:
  John W. Mills, III, COO

  
	
   

  	
   

  	
   

  
	
  Payee:

  	
   

  	
  GREG
  MARTIN

  
	
   

  	
   

  	
  6032
  Canvas Back Dr., Frisco, TX 75034

  
	
   

  	
   

  	
  fax:
  (214) 853-5538

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  STEVEN
  BENAVIDES

  
	
   

  	
   

  	
  1740
  Elmhurst Ct., Prosper, TX 75078

  
	
   

  	
   

  	
  fax:
  (214) 853-5538

  
	
   

  	
   

  	
   

  
	
  Company:

  	
   

  	
  DSG
  TECHNOLOGY, INC. d/b/a PANABAND

  
	
   

  	
   

  	
  4760
  Preston Road, Suite 244-272, Frisco, Texas 75034

  
	
   

  	
   

  	
   

  
	
  Pledged Stock:

  	
   

  	
  100% of the stock equity of the Company, which includes all of the
  assets and operations of the Company’s d/b/a, Panaband.

  

Recitals

WHEREAS:

 

A.           The parties have entered into a Stock Purchase Agreement, dated as of
the date hereof, for the acquisition of the Company, and as a part of the
consideration thereunder, Payee has agreed to accept a Secured Promissory Note
and a Convertible Debenture (the “Debts”) also dated as of the date hereof.

 

B.             As a condition to Payee accepting the Debts,
Pledgor is to pledge the Pledged Stock to secure Pledgor’s payment of its
obligations thereunder.

 

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

 

Definitions

 

All
capitalized terms used herein without definition shall have the respective
meanings provided therefore in the Debts. 
Terms used herein and not defined in the Debts or otherwise defined
herein that are defined in the Uniform Commercial Code of Texas have such
defined meanings herein, unless the context otherwise indicates or requires,
the following terms shall have the following meanings:

 

1.                                       Obligations.  The
term “Obligations” shall mean all of Buyer’s obligations under the Debts, and
shall include the Pledgor’s obligations to the Payee pursuant to this
Agreement.

 

2.                                       Pledged Stock means all Pledged Stock described herein,
including all options, warrants and similar rights to acquire such capital
stock.

 

3.                                       Event of Default means a default under the terms of the
Debts.

 

Terms and Conditions

 

1.                                       Security for Obligations. This Agreement is made with and granted to
the Payee, as security for the payment and performance in full of all the
Obligations.  As security for the payment
and performance of the Obligations, the Pledgor pledges, grants and assigns to
the Payee and the holders from time to time of

 

 

	
  Initials:

  	
   

  	
   

  

 

1

 

any Obligation, all of the
Pledgor’s right, title and interest in and to the Pledged Stock, as defined in
this Agreement.

 

2.                                       Remedy.   If
an Event of Default shall have occurred and not be cured, Payee shall
thereafter have the following right and remedy (to the extent permitted by
applicable law):  Payee may cause all or
any part of the Pledged Stock held by it to be transferred into its name or the
name of its nominee or nominees.

 

3.                                       Defeasance (Return of Pledged
Stock).  When all Obligations arising under the Debts
have been paid, performed and reasonably determined by the Payee to have been
indefeasibly discharged in full, this Agreement shall terminate and, at the
Pledgor’s written request, accompanied by such certificates and other items as
the Payee shall reasonably deem necessary, the Pledged Stock shall revert to
the Pledgor and the right, title and interest of the Payee therein shall
terminate.  Thereupon, on the Pledgor’s
demand and at its cost and expense, the Payee shall execute proper instruments,
acknowledging satisfaction of and discharging this Agreement, and shall
redeliver to the Pledgor any Pledged Stock then in its possession.

 

4.                                       Liquidation, Recapitalization,
Etc..  Any
value received by Pledgor upon the liquidation or dissolution of the Company
shall be paid over and delivered to the Payee to be held by the Payee as
security for the payment and performance in full of all of the
Obligations.  In case, pursuant to the
recapitalization or reclassification of the capital of the Company thereof or
pursuant to the reorganization thereof, any distribution of capital shall be
made on or in respect of any of the Pledged Stock shall be distributed and be
delivered to the Payee to be held by it as security for the Obligations.  All sums of money paid or distributed in
respect of the Pledged Stock, whether upon such a liquidation, dissolution,
recapitalization or reclassification or otherwise, that are received by the
Pledgor shall, until paid or delivered to the Payee, be held in trust for the
Payee as security for the payment and performance in full of all of the
Obligations.

 

5.                                       Covenants with Respect to Pledged
Stock.  The Pledgor covenants that all shares of
capital stock and similar securities included in the Pledged Stock shall be at
all times duly authorized, validly issued, fully paid and (in the case of
capital stock) nonassessable.  The
Pledgor will deliver to the Payee certificates representing the Pledged Stock,
registered, if the Payee so requests, in the name of the Payee or its nominee
or accompanied by a stock transfer power executed in blank and, if the Payee so
requests, with the signature guaranteed, all in form and manner satisfactory to
the Payee.  From and after an Event of
Default which has not been cured, the Payee may at any time transfer into its
name or the name of its nominee any Pledged Stock.

 

6.                                       No Liens or Restrictions on
Transfer or Change of Control.  All Pledged Stock shall be free and clear of
any liens and restrictions on the transfer thereof, except for restrictions on
transfer permitted by this Agreement. 
None of the Pledged Stock shall be subject to any option to purchase or
similar rights of any Company.

 

7.                                       Voting of Pledged Stock.  So
long as no Event of Default shall have occurred and be continuing, the Pledgor
shall be entitled to vote the Stock and to give consents, waivers and
ratifications in respect of the Pledged Stock; provided, however,
that no vote shall be cast or consent, waiver or ratification given by the
Pledgor if the effect thereof would be inconsistent with or result in any
violation of any of the provisions of the Debts, and the Payee will, if so
requested, execute appropriate revocable proxies therefore.  All such rights of the Pledgor to vote and
give consents, waivers and ratifications with respect to the Pledged Stock
shall, at the Payee’s option, as evidenced by the Payee’s notifying the Pledgor
of such election, cease in case an Event of Default shall have occurred and be
continuing.  If an Event of Default shall
have occurred which has not been cured, if and to the extent that the Payee
shall so notify the Pledgor in writing, only the Payee or its assigns or
successors in interest shall be entitled to vote or consent or take any other
action with respect to the Pledged Stock (and the Pledgor will, if so
requested, execute or cause to be executed appropriate proxies therefore).

 

8.                                       Representations and Warranties. 
Pledgor represents, warrants, covenants and pledges the following:

 

2

 

a.                   Organization and Qualification. 
Pledgor is duly organized and an existing corporation under the laws of
the State of its incorporation with the exact legal name set forth in the first
paragraph of this Agreement.  Pledgor is
in good standing under the laws of said State, has the power to own its
property and conduct its business as now conducted and as currently proposed to
be conducted, and is duly qualified to do business under the laws of each state
where the nature of the business done or property owned requires such
qualification, except where the failure to so qualify would not have a material
adverse effect.

 

b.                  Valid Obligations.  The
execution, delivery and performance of this Agreement have been duly authorized
by all necessary corporate action and each represents a legal, valid and
binding obligation of the Pledgor and is fully enforceable according to its
terms, except as limited by laws relating to the enforcement of creditors’
rights.

 

c.                   Conflicts.  There is no provision in
Pledgor’s organizational or charter documents, if any, or in any indenture,
contract or agreement to which the Pledgor is a party which prohibits, limits
or restricts the execution, delivery or performance of this Agreement.

 

d.                  Governmental Approvals.  The
execution, delivery and performance of this Agreement does not require any
approval of or filing with any governmental agency or authority.

 

e.                   Good Title.  Pledgor has good and
marketable title to the Pledged Stock, subject to no pledges, liens, security
interests, charges, options, restrictions or other encumbrances except the
pledge and security interest created by this Agreement.

 

f.                     Full Power.  Pledgor has full power,
authority and legal right to execute, deliver and perform its obligations under
this Agreement; and

 

g.                  Defense.  Pledgor covenants that it will
indemnify Payee and hold it harmless, and defend the Payee’s rights and
security interest in such Pledged Stock against all claims and demands
whatsoever.

 

9.                                       Marshalling.  The
Payee shall not be required to marshal any present or future security for
(including but not limited to this Agreement), or other assurances of payment
of, the Obligations or any of them, or to resort to such security or other
assurances of payment in any particular order. 
All of the Payee’s rights hereunder and in respect of such security and
other assurances of payment shall be cumulative and in addition to all other
rights, however existing or arising.  To
the extent that it lawfully may, the Pledgor hereby agrees that it will not
invoke any law relating to the marshalling of collateral that might cause delay
in or impede the enforcement of the Payee’s rights under this Agreement or
under any other instrument evidencing any of the Obligations or under which any
of the Obligations is outstanding or by which any of the Obligations is secured
or payment thereof is otherwise assured, and to the extent that it lawfully may
the Pledgor hereby irrevocably waives the benefits of all such laws.

 

10.                                 Pledgor’s Obligations Not
Affected.  The obligations of the Pledgor hereunder
shall remain in full force and effect without regard to, and shall not be
impaired by (a) any exercise or non-exercise, or any waiver, by the Payee or
any seller of any right, remedy, power or privilege under or in respect of any
of the Obligations (including this Agreement); (b) any amendment to or
modification of the Debts, or any of the Obligations; (c) any amendment to or
modification of any instrument (other than this Agreement) securing any of the
Obligations; whether or not the Pledgor shall have notice or knowledge of any
of the foregoing.

 

11.                                 Successors and Assigns.  The
provisions of this Agreement shall inure to the benefit of the Payee and its
successors and assigns and shall be binding upon the Pledgor and its respective
successors and assigns.  The Pledgor may
not assign its rights or obligations under this Agreement without the written
consent of the Payee.

 

12.                                 No Waiver, Etc. 
Neither this Agreement nor any term hereof may be changed, waived,
discharged or terminated except by a written instrument expressly referring to
this Agreement and to the provisions so modified or limited, and executed by
all of the parties hereto.  No act,
failure or delay by the Payee shall constitute a waiver of its rights and
remedies hereunder or otherwise.  No
single or partial waiver by the Payee of any default or right or remedy that it
may have shall operate as a waiver of any other default, right or remedy or of
the same default, right or remedy on a future occasion.

 

3

 

13.                                 Notices, Etc.  All
notices and other communications made or required to be given pursuant to this
Agreement shall be in writing and shall be by United States registered or
certified first class mail, postage prepaid, or sent by overnight courier and
confirmed by delivery via courier or postal service, addressed to the party at
the address and fax number first stated herein. 
Any such notice or demand shall be deemed to have been duly given or
made and to have become effective (i) if delivered overnight courier to the
party to which it is directed, at the time of the receipt thereof by such party
and (ii) if sent by registered or certified first-class mail, postage prepaid,
at the time of the receipt thereof by such party.

 

14.                                 Termination.  Upon
final payment and performance in full of the Obligations and upon the
termination of the Debts, this Agreement shall terminate and the Payee shall,
at the Pledgor’s request and expense, return the Pledged Stock in the
possession or control of the Payee as has not theretofore been disposed of
pursuant to the provisions hereof at the time held by the Payee hereunder.

 

15.                                 Headings.  The article, paragraph and
subparagraph headings hereof are inserted for convenience of reference only and
shall not alter, define, or be used in construing the text of such articles,
paragraphs or subparagraphs.

 

16.                                 Plurality.  When the context requires, singular
nouns and pronouns include the plural.

 

17.                                 Governing Law and
Jurisdiction.  This
Agreement shall be governed by and construed in accordance with the laws of the
State of Texas, without reference to its conflict of laws rules.  Jurisdiction and venue shall reside
exclusively in the courts of Dallas County, Texas.

 

18.                                 Severability.  If
any provision of this Agreement is held to be invalid or unenforceable by any
court of competent jurisdiction, it is the intent of all of the parties that
all other provisions of this Agreement be construed to remain fully valid,
enforceable and binding on the parties.

 

19.                                 Entire Agreement; Amendments.  Each of the parties represents
that no promise or agreement which is not expressed in this Agreement, has been
made to such party in executing this Agreement, and neither of the parties is
relying upon any statement or representation not contained in this Agreement.  This Agreement, including any Exhibit hereto,
constitutes the entire understanding between the parties hereto relative to the
subject matter hereof, superseding any and all prior agreements, arrangements,
and understandings, written or oral, between the parties.  This Agreement may be amended only by a
written instrument signed by the parties.

 

20.                                 Power to Bind.  A
responsible officer of the Pledgor has read and understands the contents of
this Agreement and is empowered and duly authorized on behalf of the Pledgor to
execute it.

 

IN
WITNESS WHEREOF, the
parties have caused this Agreement to be duly executed and delivered as of the
Date first written above.

 

	
  PLEDGOR:

  
	
   

  
	
   

  
	
  /s/
  John W. Mills, III

  	
   

  
	
  BLUE
  WIRELESS & DATA, INC.

  
	
  John
  W. Mills, III, COO

  

 

STATE OF TEXAS

COUNTY OF DALLAS

 

This instrument was acknowledged before me on the 14th day
of March, 2005, by John W. Mills, III, COO of BLUE WIRELESS & DATA, INC.,
on behalf of said corporation.

 

4

 

	
   

  	
  /s/ Marcella Smith

  	
   

  
	
   

  	
  Notary Public, State of Texas

  
	
   

  	
   

  
	
   

  	
   

  
	
  PAYEES:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Greg Martin

  	
   

  	
  /s/
  Steven Benavides

  	
   

  
	
  GREG
  MARTIN

  	
  STEVEN
  BENAVIDES

  
				

 

STATE OF TEXAS

COUNTY OF DALLAS

 

This
instrument was acknowledged before me on the 15th day of March,
2005, by GREG MARTIN.

 

	
   

  	
  /s/ Marcella Smith

  	
   

  
	
   

  	
  Notary Public, State of Texas

  

 

 

STATE OF TEXAS

COUNTY OF DALLAS

 

This
instrument was acknowledged before me on the 11th day of March,
2005, by STEVEN BENAVIDES.

 

	
   

  	
  /s/ Marcella Smith

  	
   

  
	
   

  	
  Notary Public, State of Texas

  

 

5

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