Document:

EXHIBIT 10.2

STOCK PLEDGE,
HYPOTHECATION AND SECURITY AGREEMENT

This
STOCK PLEDGE, HYPOTHECATION AND SECURITY AGREEMENT, dated as of November 8,
2006 (together with all amendments, if any, from time to time hereto, this “Agreement”)
between AYIN HOLDING COMPANY, INC.,
a Delaware corporation (the “Pledgor”) and NEW
STREAM COMMERCIAL FINANCE, LLC, a Delaware limited liability company
(“Pledgee”).

W I T N E S S
E T H:

WHEREAS,
AYIN TOWER MANAGEMENT SERVICES, INC., a Delaware corporation (“Borrower”), and
Pledgee have entered into certain financing arrangements pursuant to certain
financing agreements, including, without limitation, the Loan and Security
Agreement dated as of November 8, 2006 (the “Loan Agreement”) and certain
notes, instruments, guaranties and other agreements executed and/or delivered
in connection therewith (all of the foregoing, together with the Credit
Agreement, as the same now exists or may hereafter be amended, restated,
renewed, extended, replaced, supplemented or otherwise modified, collectively,
the “Agreements”);

WHEREAS,
Pledgor is the record and beneficial owner of the shares of Stock listed in
Schedule I hereto;

WHEREAS,
Pledgor owns all of the issued and outstanding capital stock of Borrower and
benefits from the credit facilities made available to Borrower under the Loan
Agreement;

WHEREAS,
Pledgor has requested that Pledgee continue to make loans and advances to
Borrower, which loans and advances will have a direct benefit to Pledgor, and,
in consideration of the foregoing, Pledgor has agreed to secure the payment and
performance of the Borrower’s Obligations under the Agreements by executing and
delivering to Pledgee this Pledge Agreement, delivering to Pledgee the Pledged
Securities which are registered in the name of Pledgor, together with
appropriate powers duly executed in blank by Pledgor, and delivering to Pledgee
any and all other documents which Pledgee deems necessary to protect Pledgee’s
interests hereunder;

NOW,
THEREFORE, in consideration of the premises and the covenants hereinafter
contained and to induce Lender to make Loans under the Loan Agreement, it is
agreed as follows:

1.             Definitions.  Unless otherwise defined herein, terms
defined in the Loan Agreement are used herein as therein defined, and the
following shall have (unless otherwise provided elsewhere in this Agreement)
the following respective meanings (such meanings being equally applicable to
both the singular and plural form of the terms defined):

“Bankruptcy
Code” means title 11, United States Code, as amended from time to time, and any
successor statute thereto.

 

“Event
of Default” means:

(a)           a case or proceeding
shall have been commenced involuntarily against Borrower or Pledgor in a court
having competent jurisdiction seeking a decree or order:  (i) under the United States Bankruptcy Code
or any other applicable Federal, state or foreign bankruptcy or other similar
law, and seeking either (A) the appointment of a custodian, receiver,
liquidator, assignee, trustee or sequestrator (or similar official) for such
Person or of any substantial part of its properties, or (B) the reorganization
or winding up or liquidation of the affairs of any such Person, and such case
or proceeding shall remain undismissed or unstayed for sixty (60) consecutive
days or such court shall enter a decree or order granting the relief sought in
such case or proceeding; or (ii) invalidating or denying any Person’s right,
power, or competence to enter into or perform any of its obligations hereunder
or invalidating or denying the validity or enforceability of this Agreement or
any action taken hereunder or thereunder; or

(b)           Borrower or Pledgor
shall (i) commence any case, proceeding or other action under any existing or
future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization, conservatorship or relief of debtors, seeking to
have an order for relief entered with respect to it or seeking appointment of a
custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar
official) for it or any substantial part of its properties, (ii) make a general
assignment for the benefit of creditors, (iii) consent to or take any action in
furtherance of, or, indicating its consent to, approval of, or acquiescence in,
any of the acts set forth in paragraphs (b) or (c) of this definition or
clauses (i) and (ii) of this paragraph (c), or (iv) shall admit in writing its
inability to, or shall be generally unable to, pay its debts as such debts
become due.

“Pledged
Collateral” has the meaning assigned to such term in Section 2 hereof.

“Pledged
Entity” means an issuer of Pledged Shares.

“Pledged
Shares” means those shares listed on Schedule I hereto.

“Obligations”
has the meaning assigned to such term in the Loan Agreement.

2.             Pledge.  Pledgor hereby pledges to Lender, and grants
to Lender a first priority security interest in all of the following
(collectively, the “Pledged Collateral”):

(a)           the Pledged Shares
and the certificates representing the Pledged Shares, and all dividends,
distributions, cash, instruments and other property or proceeds from time to
time received, receivable or otherwise distributed in respect of or in exchange
for any or all of the Pledged Shares; and

(b)           such portion, as
determined by Lender as provided in Section 6(d) below, of any additional
shares of stock of a Pledged Entity from time to time acquired by Pledgor in
any manner (which shares shall be deemed to be part of the Pledged Shares), and
the certificates representing such additional shares, and all dividends, distributions,
cash, instruments and other property or proceeds from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all
of such Stock.

 2
 

 

3.             Security
for Obligations.  As
security for the prompt and unconditional payment and performance when due of
the Borrower’s Obligations to Pledgee, Pledgor hereby pledges, hypothecates,
assigns, transfers and sets over to Pledgee, the Pledged Property, and grants
to Pledgee a continuing security interest in the Pledged Property and the
proceeds thereof.

4.             Delivery
of Pledged Collateral. 
All certificates and all promissory notes and instruments evidencing the
Pledged Collateral shall be delivered to and held by or on behalf of Lender
pursuant hereto.  All Pledged Shares
shall be accompanied by duly executed instruments of transfer or assignment in
blank, all in form and substance satisfactory to Lender.

5.             Representations
and Warranties. 
Pledgor represents and warrants to Lender that:

(a)           Pledgor is, and at
the time of delivery of the Pledged Shares to Lender will be, the sole holder
of record and the sole beneficial owner of such Pledged Collateral pledged by
Pledgor free and clear of any Lien thereon or affecting the title thereto,
except for any Lien created by this Agreement;

(b)           All of the Pledged
Shares have been duly authorized, validly issued and are fully paid and
non-assessable;

(c)           Pledgor has the
right and requisite authority to pledge, assign, transfer, deliver, deposit and
set over the Pledged Collateral pledged by Pledgor to Lender as provided
herein;

(d)           The Pledged Shares
have not been issued or transferred in violation of the securities
registration, securities disclosure or similar laws of any jurisdiction to
which such issuance or transfer may be subject;

(e)           All of the Pledged
Shares are presently owned by Pledgor, and are presently represented by the
certificates listed on Part A of Schedule I hereto.  As of the date hereof, there are no existing
options, warrants, calls or commitments of any character whatsoever relating to
the Pledged Shares;

(f)            No consent,
approval, authorization or other order or other action by, and no notice to or
filing with, any Governmental Authority or any other Person is required (i) for
the pledge by Pledgor of the Pledged Collateral pursuant to this Agreement or
for the execution, delivery or performance of this Agreement by Pledgor, or
(ii) for the exercise by Lender of the voting or other rights provided for in
this Agreement or the remedies in respect of the Pledged Collateral pursuant to
this Agreement, except as may be required in connection with such disposition
by laws affecting the offering and sale of securities generally;

(g)           The pledge,
assignment and delivery of the Pledged Collateral pursuant to this Agreement
will create a valid first priority Lien on and a first priority perfected
security interest in favor of the Lender in the Pledged Collateral and the
proceeds thereof, securing the payment of the Obligations, subject to no other
Lien;

(h)           This Agreement has
been duly authorized, executed and delivered by Pledgor and constitutes a
legal, valid and binding obligation of Pledgor enforceable against Pledgor in
accordance 

 3
 

 

with its
terms; and

(i)            The Pledged Shares
constitute 100% of the issued and outstanding shares of Stock of each Pledged
Entity.

The
representations and warranties set forth in this Section 5 shall survive the
execution and delivery of this Agreement.

6.             Covenants.  Pledgor covenants and agrees that until the
Termination Date:

(a)           Without the prior
written consent of Lender, Pledgor will not sell, assign, transfer, pledge, or
otherwise encumber any of its rights in or to the Pledged Collateral, or any
unpaid dividends, interest or other distributions or payments with respect to
the Pledged Collateral or grant a Lien in the Pledged Collateral, unless
otherwise expressly permitted by the Loan Agreement;

(b)           Pledgor will, at its
expense, promptly execute, acknowledge and deliver all such instruments and
take all such actions as Lender from time to time may request in order to
ensure to Lender the benefits of the Liens in and to the Pledged Collateral
intended to be created by this Agreement, including the filing of any necessary
Code financing statements, which may be filed by Lender with or (to the extent permitted
by law) without the signature of Pledgor, and will cooperate with Lender, at
Pledgor’s expense, in obtaining all necessary approvals and making all
necessary filings under federal, state, local or foreign law in connection with
such Liens or any sale or transfer of the Pledged Collateral;

(c)           Pledgor has and will
defend the title to the Pledged Collateral and the Liens of Lender in the
Pledged Collateral against the claim of any Person and will maintain and
preserve such Liens; and

(d)           Pledgor will, upon
obtaining ownership of any additional Stock or promissory notes or instruments
of a Pledged Entity or Stock or promissory notes or instruments otherwise
required to be pledged to Lender pursuant to any of the Loan Documents, which
Stock, notes or instruments are not already Pledged Collateral, promptly (and
in any event within three (3) Business Days) deliver to Lender a Pledge
Amendment, duly executed by Pledgor, in substantially the form of Schedule II
hereto (a “Pledge Amendment”) in respect of any such additional Stock,
notes or instruments, pursuant to which Pledgor shall pledge to Lender all of
such additional Stock, notes and instruments. 
Pledgor hereby authorizes Lender to attach each Pledge Amendment to this
Agreement and agrees that all Pledged Shares listed on any Pledge Amendment
delivered to Lender shall for all purposes hereunder be considered Pledged
Collateral.

7.             Pledgor’s
Rights.  As long as no
Event of Default shall have occurred and be continuing and until written notice
shall be given to Pledgor in accordance with Section 8(a) hereof:

(a)           Pledgor shall have
the right, from time to time, to vote and give consents with respect to the
Pledged Collateral, or any part thereof for all purposes not inconsistent with
the provisions of this Agreement, the Loan Agreement or any other Loan
Document; provided, however, that no vote shall be cast, and no consent shall
be given or action taken, which would have the effect of impairing the position
or interest of Lender in respect of the Pledged Collateral or which would
authorize,

 4
 

 

effect or consent to (unless and to the extent
expressly permitted by the Loan Agreement):

(i)            the dissolution or
liquidation, in whole or in part, of a Pledged Entity;

(ii)           the consolidation
or merger of a Pledged Entity with any other Person;

(iii)          the sale,
disposition or encumbrance of all or substantially all of the assets of a
Pledged Entity, except for Liens in favor of Lender;

(iv)          any change in the
authorized number of shares, the stated capital or the authorized share capital
of a Pledged Entity or the issuance of any additional shares of its Stock; or

(v)           the alteration of
the voting rights with respect to the Stock of a Pledged Entity; and

(b)           except as expressly
permitted under the Loan Agreement, all dividends, payments and interest and
all other distributions in respect of any of the Pledged Shares, whenever paid
or made, shall be delivered to Lender to hold as Pledged Collateral and shall,
if received by Pledgor, be received in trust for the benefit of Lender, be
segregated from the other property or funds of Pledgor, and be forthwith
delivered to Lender as Pledged Collateral in the same form as so received (with
any necessary endorsement).

8.             Defaults
and Remedies; Proxy.

(a)           Upon the occurrence
of an Event of Default and during the continuation of such Event of Default,
and concurrently with written notice to Pledgor, Lender (personally or through
an agent) is hereby authorized and empowered to transfer and register in its
name or in the name of its nominee the whole or any part of the Pledged
Collateral, to exchange certificates or instruments representing or evidencing
Pledged Collateral for certificates or instruments of smaller or larger
denominations, to exercise the voting and all other rights as a holder with
respect thereto, to collect and receive all cash dividends, interest, principal
and other distributions made thereon, to sell in one or more sales after ten
(10) days’ notice of the time and place of any public sale or of the time at
which a private sale is to take place (which notice Pledgor agrees is
commercially reasonable) the whole or any part of the Pledged Collateral and to
otherwise act with respect to the Pledged Collateral as though Lender was the
outright owner thereof.  Any sale shall
be made at a public or private sale at Lender’s place of business, or at any
place to be named in the notice of sale, either for cash or upon credit or for
future delivery at such price as Lender may deem fair, and Lender may be the
purchaser of the whole or any part of the Pledged Collateral so sold and hold
the same thereafter in its own right free from any claim of Pledgor or any
right of redemption.  Each sale shall be
made to the highest bidder, but Lender reserves the right to reject any and all
bids at such sale which, in its discretion, it shall deem inadequate.  Demands of performance, except as otherwise
herein specifically provided for, notices of sale, advertisements and the
presence of property at sale are hereby waived and any sale hereunder may be
conducted by an auctioneer or any officer or agent of Lender.  PLEDGOR HEREBY IRREVOCABLY CONSTITUTES AND
APPOINTS LENDER AS THE PROXY AND ATTORNEY IN FACT OF PLEDGOR WITH RESPECT TO
THE PLEDGED COLLATERAL, INCLUDING THE RIGHT TO VOTE THE PLEDGED SHARES, WITH
FULL POWER OF

 5
 

 

SUBSTITUTION
TO DO SO.  THE APPOINTMENT OF LENDER AS
PROXY AND ATTORNEY IN FACT IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE
UNTIL THE TERMINATION DATE.  IN ADDITION
TO THE RIGHT TO VOTE THE PLEDGED SHARES, THE APPOINTMENT OF LENDER AS PROXY AND
ATTORNEY IN FACT SHALL INCLUDE THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS,
PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF THE PLEDGED SHARES WOULD BE
ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS,
CALLING SPECIAL MEETINGS OF SHAREHOLDERS AND VOTING AT SUCH MEETINGS). SUCH
PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION
(INCLUDING ANY TRANSFER OF ANY PLEDGED SHARES ON THE RECORD BOOKS OF THE ISSUER
THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF THE PLEDGED SHARES OR ANY
OFFICER OR AGENT THEREOF), UPON THE OCCURRENCE OF AN EVENT OF DEFAULT.  NOTWITHSTANDING THE FOREGOING, LENDER SHALL
NOT HAVE ANY DUTY TO EXERCISE ANY SUCH RIGHT OR TO PRESERVE THE SAME AND SHALL
NOT BE LIABLE FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO.

(b)           If, at the original
time or times appointed for the sale of the whole or any part of the Pledged
Collateral, the highest bid, if there be but one sale, shall be inadequate to
discharge in full all the Obligations, or if the Pledged Collateral be offered
for sale in lots, if at any of such sales, the highest bid for the lot offered
for sale would indicate to Lender, in its discretion, that the proceeds of the
sales of the whole of the Pledged Collateral would be unlikely to be sufficient
to discharge all the Obligations, Lender may, on one or more occasions and in
its discretion, postpone any of said sales by public announcement at the time
of sale or the time of previous postponement of sale, and no other notice of
such postponement or postponements of sale need be given, any other notice
being hereby waived;  provided, however,
that any sale or sales made after such postponement shall be after ten (10)
days’ notice to Pledgor.

(c)           If, at any time when
Lender in its sole discretion determines, following the occurrence and during
the continuance of an Event of Default, that, in connection with any actual or
contemplated exercise of its rights (when permitted under this Section 8) to
sell the whole or any part of the Pledged Shares hereunder, it is necessary or
advisable to effect a public registration of all or part of the Pledged
Collateral pursuant to the Securities Act of 1933, as amended (or any similar
statute then in effect) (the “Act”), Pledgor shall, in an expeditious manner,
cause the Pledged Entities to:

(i)            Prepare and file
with the Securities and Exchange Commission (the “Commission”) a registration
statement with respect to the Pledged Shares and in good faith use commercially
reasonable efforts to cause such registration statement to become and remain
effective;

(ii)           Prepare and file
with the Commission such amendments and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary
to keep such registration statement effective and to comply with the provisions
of the Act with respect to the sale or other disposition of the Pledged Shares
covered by such registration statement whenever Lender shall desire to sell or
otherwise dispose of the Pledged Shares;

 6
 

 

(iii)          Furnish to Lender
such numbers of copies of a prospectus and a preliminary prospectus, in
conformity with the requirements of the Act, and such other documents as Lender
may request in order to facilitate the public sale or other disposition of the
Pledged Shares by Lender;

(iv)          Use commercially
reasonable efforts to register or qualify the Pledged Shares covered by such
registration statement under such other securities or blue sky laws of such
jurisdictions within the United States and Puerto Rico as Lender shall request,
and do such other reasonable acts and things as may be required of it to enable
Lender to consummate the public sale or other disposition in such jurisdictions
of the Pledged Shares by Lender;

(v)           Furnish, at the
request of Lender, on the date that shares of the Pledged Collateral are
delivered to the underwriters for sale pursuant to such registration or, if the
security is not being sold through underwriters, on the date that the
registration statement with respect to such Pledged Shares becomes effective,
(A) an opinion, dated such date, of the independent counsel representing such
registrant for the purposes of such registration, addressed to the
underwriters, if any, and in the event the Pledged Shares are not being sold
through underwriters, then to Lender, in customary form and covering matters of
the type customarily covered in such legal opinions; and (B)a comfort letter,
dated such date, from the independent certified public accountants of such
registrant, addressed to the underwriters, if any, and in the event the Pledged
Shares are not being sold through underwriters, then to Lender, in a customary
form and covering matters of the type customarily covered by such comfort
letters and as the underwriters or Lender shall reasonably request.  The opinion of counsel referred to above
shall additionally cover such other legal matters with respect to the
registration in respect of which such opinion is being given as Lender may reasonably
request.  The letter referred to above
from the independent certified public accountants shall additionally cover such
other financial matters (including information as to the period ending not more
than five (5) Business Days prior to the date of such letter) with respect to
the registration in respect of which such letter is being given as Lender may
reasonably request; and

(vi)          Otherwise use
commercially reasonable efforts to comply with all applicable rules and
regulations of the Commission, and make available to its security holders, as
soon as reasonably practicable but not later than 18 months after the effective
date of the registration statement, an earnings statement covering the period
of at least 12 months beginning with the first full month after the effective
date of such registration statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Act.

(d)           All expenses
incurred in complying with Section 8(c) hereof, including, without limitation,
all registration and filing fees (including all expenses incident to filing
with the National Association of Securities Dealers, Inc.), printing expenses,
fees and disbursements of counsel for the registrant, the fees and expenses of
counsel for Lender, expenses of the independent certified public accountants (including
any special audits incident to or required by any such registration) and
expenses of complying with the securities or blue sky laws or any
jurisdictions, shall be paid by Pledgor.

(e)           If, at any time when
Lender shall determine to exercise its right to sell the whole or any part of
the Pledged Collateral hereunder, such Pledged Collateral or the part thereof
to be sold shall not, for any reason whatsoever, be effectively registered
under the Securities Act of 1933, as

 7
 

 

amended (or
any similar statute then in effect) (the “Act”)/the Act, Lender may, in its
discretion (subject only to applicable requirements of law), sell such Pledged
Collateral or part thereof by private sale in such manner and under such
circumstances as Lender may deem necessary or advisable, but subject to the
other requirements of this Section 8, and shall not be required to effect such
registration or to cause the same to be effected.  Without limiting the generality of the
foregoing, in any such event, Lender in its discretion (i) may, in accordance
with applicable securities laws, proceed to make such private sale
notwithstanding that a registration statement for the purpose of registering
such Pledged Collateral or part thereof could be or shall have been filed under
said Act (or similar statute), (ii) may approach and negotiate with a single
possible purchaser to effect such sale, and (iii) may restrict such sale to a
purchaser who is an accredited investor under the Act and who will represent
and agree that such purchaser is purchasing for its own account, for investment
and not with a view to the distribution or sale of such Pledged Collateral or
any part thereof.  In addition to a
private sale as provided above in this Section 8, if any of the Pledged
Collateral shall not be freely distributable to the public without registration
under the Act (or similar statute) at the time of any proposed sale pursuant to
this Section 8, then Lender shall not be required to effect such registration
or cause the same to be effected but, in its discretion (subject only to
applicable requirements of law), may require that any sale hereunder (including
a sale at auction) be conducted subject to restrictions:

(A)          as to the financial
sophistication and ability of any Person permitted to bid or purchase at any
such sale;

(B)           as to the content of
legends to be placed upon any certificates representing the Pledged Collateral
sold in such sale, including restrictions on future transfer thereof;

(C)           as to the
representations required to be made by each Person bidding or purchasing at
such sale relating to that Person’s access to financial information about
Pledgor and such Person’s intentions as to the holding of the Pledged
Collateral so sold for investment for its own account and not with a view to the
distribution thereof; and

(D)          as to such other
matters as Lender may, in its discretion, deem necessary or appropriate in
order that such sale (notwithstanding any failure so to register) may be
effected in compliance with the Bankruptcy Code and other laws affecting the
enforcement of creditors’ rights and the Act and all applicable state
securities laws.

(f)            Pledgor recognizes
that Lender may be unable to effect a public sale of any or all the Pledged
Collateral and may be compelled to resort to one or more private sales thereof
in accordance with clause (e) above. 
Pledgor also acknowledges that any such private sale may result in
prices and other terms less favorable to the seller than if such sale were a
public sale and, notwithstanding such circumstances, agrees that any such
private sale shall not be deemed to have been made in a commercially
unreasonable manner solely by virtue of such sale being private.  Lender shall be under no obligation to delay
a sale of any of the Pledged Collateral for the period of time necessary to
permit the Pledged Entity to register such securities for public sale under the
Act, or under applicable state securities laws, even if Pledgor and the Pledged
Entity would agree to do so.

(g)           Pledgor agrees to
the maximum extent permitted by applicable law that following the

 8
 

 

occurrence and
during the continuance of an Event of Default it will not at any time plead,
claim or take the benefit of any appraisal, valuation, stay, extension,
moratorium or redemption law now or hereafter in force in order to prevent or
delay the enforcement of this Agreement, or the absolute sale of the whole or
any part of the Pledged Collateral or the possession thereof by any purchaser
at any sale hereunder, and Pledgor waives the benefit of all such laws to the
extent it lawfully may do so.  Pledgor
agrees that it will not interfere with any right, power and remedy of Lender
provided for in this Agreement or now or hereafter existing at law or in equity
or by statute or otherwise, or the exercise or beginning of the exercise by
Lender of any one or more of such rights, powers or remedies.  No failure or delay on the part of Lender to
exercise any such right, power or remedy and no notice or demand which may be given
to or made upon Pledgor by Lender with respect to any such remedies shall
operate as a waiver thereof, or limit or impair Lender’s right to take any
action or to exercise any power or remedy hereunder, without notice or demand,
or prejudice its rights as against Pledgor in any respect.

(h)           Pledgor further
agrees that a breach of any of the covenants contained in this Section 8 will
cause irreparable injury to Lender, that Lender shall have no adequate remedy
at law in respect of such breach and, as a consequence, agrees that each and
every covenant contained in this Section 8 shall be specifically enforceable
against Pledgor, and Pledgor hereby waives and agrees not to assert any
defenses against an action for specific performance of such covenants except
for a defense that the Obligations are not then due and payable in accordance
with the agreements and instruments governing and evidencing such obligations.

9.             Waiver.  No delay on Lender’s part in exercising any
power of sale, Lien, option or other right hereunder, and no notice or demand which
may be given to or made upon Pledgor by Lender with respect to any power of
sale, Lien, option or other right hereunder, shall constitute a waiver thereof,
or limit or impair Lender’s right to take any action or to exercise any power
of sale, Lien, option, or any other right hereunder, without notice or demand,
or prejudice Lender’s rights as against Pledgor in any respect.

10.           Assignment.  Lender may assign, indorse or transfer any
instrument evidencing all or any part of the Obligations as provided in, and in
accordance with, the Loan Agreement, and the holder of such instrument shall be
entitled to the benefits of this Agreement.

11.           Termination.  Immediately following the Termination Date,
Lender shall deliver to Pledgor the Pledged Collateral pledged by Pledgor at
the time subject to this Agreement and all instruments of assignment executed
in connection therewith, free and clear of the Liens hereof and, except as
otherwise provided herein, all of Pledgor’s obligations hereunder shall at such
time terminate.

12.           Lien
Absolute.  All rights
of Lender hereunder, and all obligations of Pledgor hereunder, shall be
absolute and unconditional irrespective of:

(a)           any lack of validity
or enforceability of the Loan Agreement, any other Loan Document or any other
agreement or instrument governing or evidencing any Obligations;

(b)           any change in the
time, manner or place of payment of, or in any other term of, all or any part
of the Obligations, or any other amendment or waiver of or any consent to any
departure

 9
 

 

from the Loan
Agreement,  any other Loan Document or
any other agreement or instrument governing or evidencing any Obligations;

(c)           any exchange,
release or n n perfection of any other Collateral, or any release or amendment
or waiver of or consent to departure from any guaranty, for all or any of the
Obligations;

(d)           the insolvency of
any Credit Party; or

(e)           any other
circumstance which might otherwise constitute a defense available to, or a
discharge of, Pledgor.

13.           Release.  Pledgor consents and agrees that Lender may
at any time, or from time to time, in its discretion:

(a)           renew, extend or
change the time of payment, and/or the manner, place or terms of payment of all
or any part of the Obligations; and

(b)           exchange, release
and/or surrender all or any of the Collateral (including the Pledged
Collateral), or any part thereof, by whomsoever deposited, which is now or may
hereafter be held by Lender in connection with all or any of the Obligations;
all in such manner and upon such terms as Lender may deem proper, and without
notice to or further assent from Pledgor, it being hereby agreed that Pledgor
shall be and remain bound upon this Agreement, irrespective of the value or
condition of any of the Collateral, and notwithstanding any such change, exchange,
settlement, compromise, surrender, release, renewal or extension, and
notwithstanding also that the Obligations may, at any time, exceed the
aggregate principal amount thereof set forth in the Loan Agreement, or any
other agreement governing any Obligations. 
Pledgor hereby waives notice of acceptance of this Agreement, and also
presentment, demand, protest and notice of dishonor of any and all of the
Obligations, and promptness in commencing suit against any party hereto or
liable hereon, and in giving any notice to or of making any claim or demand
hereunder upon Pledgor.  No act or
omission of any kind on Lender’s part shall in any event affect or impair this
Agreement.

14.           Reinstatement.  This Agreement shall remain in full force and
effect and continue to be effective should any petition be filed by or against
Pledgor or any Pledged Entity for liquidation or reorganization, should Pledgor
or any Pledged Entity become insolvent or make an assignment for the benefit of
creditors or should a receiver or trustee be appointed for all or any
significant part of Pledgor’s or a Pledged Entity’s assets, and shall continue
to be effective or be reinstated, as the case may be, if at any time payment
and performance of the Obligations, or any part thereof, is, pursuant to
applicable law, rescinded or reduced in amount, or must otherwise be restored
or returned by any obligee of the Obligations, whether as a “voidable
preference”, “fraudulent conveyance”, or otherwise, all as though such payment
or performance had not been made.  In the
event that any payment, or any part thereof, is rescinded, reduced, restored or
returned, the Obligations shall be reinstated and deemed reduced only by such
amount paid and not so rescinded, reduced, restored or returned.

15.           Miscellaneous.

(a)           Lender may execute
any of its duties hereunder by or through agents or employees

 10
 

 

and shall be
entitled to advice of counsel concerning all matters pertaining to its duties
hereunder.

(b)           Pledgor agrees to
promptly reimburse Lender for actual out of pocket expenses, including, without
limitation, reasonable counsel fees, incurred by Lender in connection with the
administration and enforcement of this Agreement.

(c)           Neither Lender, nor
any of its respective officers, directors, employees, agents or counsel shall
be liable for any action lawfully taken or omitted to be taken by it or them
hereunder or in connection herewith, except for its or their own gross
negligence or willful misconduct as finally determined by a court of competent
jurisdiction.

(d)           THIS AGREEMENT SHALL
BE BINDING UPON PLEDGOR AND ITS SUCCESSORS AND ASSIGNS (INCLUDING A DEBTOR IN
POSSESSION ON BEHALF OF PLEDGOR), AND SHALL INURE TO THE BENEFIT OF, AND BE
ENFORCEABLE BY, LENDER AND ITS SUCCESSORS AND ASSIGNS, AND SHALL BE GOVERNED
BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
CONNECTICUT APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE, AND NONE
OF THE TERMS OR PROVISIONS OF THIS AGREEMENT MAY BE WAIVED, ALTERED, MODIFIED
OR AMENDED EXCEPT IN WRITING DULY SIGNED FOR AND ON BEHALF OF LENDER AND
PLEDGOR.

16.           Severability.  If for any reason any provision or provisions
hereof are determined to be invalid and contrary to any existing or future law,
such invalidity shall not impair the operation of or effect those portions of
this Agreement which are valid.

17.           Notices.  Except as otherwise provided herein, whenever
it is provided herein that any notice, demand, request, consent, approval,
declaration or other communication shall or may be given to or served upon any
of the parties by any other party, or whenever any of the parties desires to
give or serve upon any other a communication with respect to this Agreement,
each such notice, demand, request, consent, approval, declaration or other
communication shall be in writing and either shall be delivered in person or
sent by registered or certified mail, return receipt requested, with proper
postage prepaid, or by facsimile transmission and confirmed by delivery of a
copy by personal delivery or United States Mail as otherwise provided herein:

	
  If to Lender, at:

  
	
   

  
	
  NEW
  STREAM COMMERCIAL FINANCE, LLC

  
	
  38C Grove Street

  
	
  Ridgefield,
  Connecticut 06877

  
	
  Attention:

  	
  William Steward

  
	
  Fax No.:

  	
  (203) 702-5377

  
	
   

  	
   

  
	
  If to Pledgor,
  at:

  
	
   

  
	
  AYIN
  HOLDING COMPANY, INC.

  
	
  17314 SH 249,
  Suite 230

  
	
  Houston, Texas
  77064

  
	
  Attention:

  	
  Jimmy R. Taylor, President

  
	
  Fax No.:

  	
  (281) 807-4188

  

 

 11
 

 

or at such other
address as may be substituted by notice given as herein provided.  The giving of any notice required hereunder
may be waived in writing by the party entitled to receive such notice.  Every notice, demand, request, consent,
approval, declaration or other communication hereunder shall be deemed to have
been duly served, given or delivered (i) upon the earlier of actual receipt and
three (3) Business Days after deposit in the United States Mail, registered or
certified mail, return receipt requested, with proper postage prepaid, (ii)
upon transmission, when sent by telecopy or other similar facsimile
transmission (with such telecopy or facsimile promptly confirmed by delivery of
a copy by personal delivery or United States Mail as otherwise provided in this
Section 17, (iii) one (1) Business Day after deposit with a reputable overnight
courier with all charges prepaid, or (iv) when delivered, if hand delivered by
messenger.  Failure or delay in
delivering copies of any notice, demand, request, consent, approval,
declaration or other communication to the persons designated above to receive
copies shall in no way adversely affect the effectiveness of such notice,
demand, request, consent, approval, declaration or other communication.

18.           Section
Titles.  The Section
titles contained in this Agreement are and shall be without substantive meaning
or content of any kind whatsoever and are not a part of the agreement between
the parties hereto.

19.           Counterparts.  This Agreement may be executed in any number
of counterparts, which shall, collectively and separately, constitute one
agreement.

20.           Benefit
of Lender.  All
security interests granted or contemplated hereby shall be for the benefit of
Lender, and all proceeds or payments realized from the Pledged Collateral in
accordance herewith shall be applied to the Obligations in accordance with the
terms of the Loan Agreement.

[SIGNATURE PAGE FOLLOWS]

 12

 

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

	
   

  	
  AYIN HOLDING COMPANY, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jimmy R.
  Taylor

  	
   

  
	
   

  	
  Name:

  	
  Jimmy R. Taylor

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW STREAM COMMERCIAL FINANCE, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James J. McKay

  	
   

  
	
   

  	
  Name:

  	
  James J. McKay

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  
										

 

Pledge
Agt. Sig Page

 

SCHEDULE I

PLEDGED SHARES

	
  Pledged Entity

  	
   

  	
  Class

  of Stock

  	
   

  	
  Stock Certificate

  Number(s)

  	
   

  	
  Number

  of Shares

  	
   

  	
  Percentage of

  Outstanding Shares

  	
   

  
	
  Ayin Tower Management Services, Inc.

  	
   

  	
  Common

  	
   

  	
  1

  	
   

  	
  1,000

  	
   

  	
  100

  	
  %

  

 

 

SCHEDULE II

PLEDGE
AMENDMENT

This
Pledge Amendment, dated                           ,
      is delivered pursuant to Section 6(d) of the
Pledge Agreement referred to below.  All
defined terms herein shall have the meanings ascribed thereto or incorporated
by reference in the Pledge Agreement. 
The undersigned hereby certifies that the representations and warranties
in Section 5 of the  Pledge Agreement are
and continue to be true and correct, both as to the instruments and shares
pledged prior to this Pledge Amendment and as to instruments and shares pledged
pursuant to this Pledge Amendment.  The
undersigned further agrees that this Pledge Amendment may be attached to that
certain Pledge Agreement, dated November   , 2006, between
undersigned, as Pledgor, and New Stream Commercial Finance, LLC (the “Pledge
Agreement”) and that the Pledged Shares listed on this Pledge Amendment shall
be and become a part of the Pledged Collateral referred to in said  Pledge Agreement and shall secure all
Obligations referred to in said Pledge Agreement.  The undersigned acknowledges that any
instruments or shares not included in the Pledged Collateral at the discretion
of Lender may not otherwise be pledged by Pledgor to any other Person or
otherwise used as security for any obligations other than the Obligations.

	
  

  	
  AYIN HOLDING COMPANY, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
					

 

 

 

	
  Name and Address of Pledgor

  	
   

  	
  Pledged

  Entity

  	
   

  	
  Class

  of

  Stock

  	
   

  	
  Certificate Numbers(s)

  	
   

  	
  Numbers

  of

  SharesEXHIBIT 10.3

REVOLVING CREDIT NOTE

	
  $14,000,000

  	
  November 8, 2006

  
	
   

  	
  Ridgefield, Connecticut

  

 

FOR VALUE RECEIVED, AYIN TOWER
MANAGEMENT SERVICES, INC.,
a Texas corporation (the “Borrower”), HEREBY PROMISES TO PAY to the order of NEW STREAM COMMERCIAL FINANCE, LLC, a Delaware limited
liability company (“Lender”), as Lender under the Loan Agreement (as
hereinafter defined), at Lender’s chief executive office at 38C Grove Street,
Ridgefield, Connecticut 06877, or at such other place as Lender may designate
from time to time in writing, in lawful money of the United States of America
and in immediately available funds, the amount of FOURTEEN MILLION DOLLARS AND
NO CENTS ($14,000,000) or, if less, the aggregate unpaid amount of all Revolving
Credit Advances made to the Borrower under the Loan Agreement.  All capitalized terms used but not otherwise
defined herein have the meanings given to them in the Loan Agreement or in
Annex A thereto.

This Revolving Note (a) is the Revolving Credit Note issued
pursuant to that certain Loan and Security Agreement dated as of the date
hereof by and among Borrower, Lender and the other Persons signatory thereto
from time to time as Credit Parties (including all annexes, exhibits and
schedules thereto, and as from time to time amended, restated, supplemented or
otherwise modified, the “Loan Agreement”), and (b) is entitled to the benefit
and security of the Loan Agreement and all of the other Loan Documents referred
to therein.  Reference is hereby made to
the Loan Agreement for a statement of all of the terms and conditions under
which the Loans evidenced hereby are made and are to be repaid.  The date and amount of each Revolving Credit
Advance made by Lender to Borrower, the rates of interest applicable thereto
and each payment made on account of the principal thereof, shall be recorded by
Lender on its books; provided  that the failure of Lender to make
any such recordation shall not affect the obligations of the Borrower to make a
payment when due of any amount owing under the Loan Agreement or this Revolving
Note in respect of the Revolving Credit Advances made by Lender to the Borrower.

The principal amount of the indebtedness evidenced
hereby shall be payable in the amounts and on the dates specified in the Loan
Agreement, the terms of which are hereby incorporated herein by reference.  Interest thereon shall be paid until such
principal amount is paid in full at such interest rates and at such times, and
pursuant to such calculations, as are specified in the Loan Agreement.

If any payment on this Revolving Note becomes due and
payable on a day other than a Business Day, the maturity thereof shall be
extended to the next succeeding Business Day and, with respect to payments of
principal, interest thereon shall be payable at the then applicable rate during
such extension.

 

Upon and after the occurrence of any Event of Default,
this Revolving Note may, as provided in the Loan Agreement, and without demand,
notice or legal process of any kind, be declared, and immediately shall become,
due and payable.

Time is of the essence of this Revolving Note.  Demand, presentment, protest and notice of
nonpayment and protest are hereby waived by Borrower.

Except as provided in the Loan Agreement, this
Revolving Note may not be assigned by Lender to any Person.

THIS REVOLVING NOTE SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
CONNECTICUT APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE.

	
   

  	
  AYIN TOWER MANAGEMENT SERVICES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jimmy R. Taylor

  	
   

  
	
   

  	
  Name:

  	
  Jimmy R. Taylor

  
	
   

  	
  Title:

  	
  President

  
						

 

 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]