Document:

PLEDGE AGREEMENT

 Exhibit 10.4 
  
 PLEDGE AGREEMENT 
  
 PLEDGE AGREEMENT, dated as of September 25, 2003, by and among Interep National Radio Sales, Inc., a New York corporation (“Interep”),
McGavren Guild, Inc., a New York corporation, Interep New Media, Inc., a New York corporation, and Interep Interactive, Inc., a Delaware corporation (together with Interep, each a “Pledgor” and collectively the
“Pledgors”), in favor of Commerce Bank, N.A. (the “Lender”). All capitalized terms used herein and not otherwise defined shall have the same meanings ascribed to them in the Loan Agreement defined below. 

 
 BACKGROUND 
  
 Pursuant to the Loan and Security Agreement, dated as of even date herewith,
among Interep, the Lender and the other entities party thereto, as Guarantors (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), the Lender has agreed to make
extensions of credit to the Borrower in the aggregate principal amount of $10,000,000 upon the terms and subject to the conditions set forth therein. 
  
 The Pledgors are the legal and beneficial owners of all of the right, title and interest in and to the capital stock of and other ownership interests in
the Guarantors set forth on Schedule I hereto, together with all of right, title and interest in, to and under any stockholder’s or similar agreement relating to such capital stock or ownership interests, as described in Schedule I hereto (all
of the foregoing, the “Pledged Shares”). 
  
 It
is a condition precedent under the Loan Agreement that each Pledgor shall have made the pledge contemplated by this Agreement. 
  
 NOW, THEREFORE, in consideration of the premises contained herein, and in order to induce the Lender to enter into the Loan Agreement and to make its
extension of credit to Interep thereunder, each Pledgor hereby agrees with the Lender as follows: 
  
 Section 1. Pledge. Each Pledgor hereby pledges and grants to the Lender a valid and continuing first priority security interest in all of such
Pledgor’s right, title and interest in, to and under the following (collectively, the “Pledged Collateral”): 
  
 (a) all of the Pledged Shares; 
  
 (b) all additional shares of stock or other securities or ownership interests of each issuer of the Pledged Shares from time to time acquired by such
Pledgor in any manner (any such shares being “Additional Shares”); 
  
 (c) the certificates representing the shares referred to in clauses (a) and (b) above; 
  
 (d) all dividends, cash, instruments and other property or proceeds, from time to time received, receivable or otherwise distributed in respect of or in
exchange for any or all of the foregoing. 

 Section 2. Security for Obligations. This Agreement secures and the Pledged Collateral is security
for the full and prompt payment when due (whether at stated maturity, by acceleration or otherwise) of, and the performance of, the Obligations. 
  
 Section 3. Delivery of Pledged Collateral. All certificates or instruments representing or evidencing the Pledged Collateral shall be delivered to
and held by or on behalf of the Lender pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the
Lender. The Lender shall have the right, at any time in its discretion and without notice to any Pledgor, to transfer to or to register in its name or in the name of any of its nominees any or all of the Pledged Collateral. In addition, the Lender
shall have the right at any time to exchange certificates or instruments representing or evidencing any of the Pledged Collateral for certificates or instruments of smaller or larger denominations. 
  
 Section 4. Representations and Warranties. Each Pledgor makes the
following representations: 
  
 (a) The Pledged Shares (i) have
been duly authorized and validly issued; (ii) are fully paid and non-assessable; and (iii) constitute 100% of the issued and outstanding shares of capital stock and of other ownership interests of each issuer of the Pledged Shares, except as set
forth on Schedule I hereto. 
  
 (b) Such Pledgor is the legal and
beneficial owner of the Pledged Collateral pledged by it hereunder free and clear of any Lien, except for the Lien and security interest created by this Agreement and the Loan Agreement. 
  
 (c) The pledge of the Pledged Shares pursuant to this Agreement creates a valid and perfected first priority security
interest in the Pledged Collateral, securing the payment of all of the Obligations. 
  
 (d) No consent, authorization, approval, or other action by, and no notice to or filing with, any Governmental Authority is required either (i) for the pledge by such Pledgor of the Pledged Collateral pursuant to this
Agreement or for the due execution, delivery or performance of this Agreement by such Pledgor, or (ii) for the exercise by the Lender of the rights provided for in this Agreement or of the remedies in respect of the Pledged Collateral pursuant to
this Agreement, except as may be required in connection with the disposition of the Pledged Collateral by laws affecting the offering and sale of securities generally. 
  
 Section 5. Further Assurances, Etc. 
  
 (a) Each Pledgor agrees that at any time and from time to time, at the cost and expense of the Pledgors, such Pledgor will
promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that the Lender may request, in order to perfect and protect the Lien and security interest granted or purported
to be granted hereby or to enable the Lender to exercise and enforce its rights and remedies hereunder with respect to any Pledged Collateral. 
  

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 (b) Each Pledgor agrees to defend the title to the Pledged Collateral and the Lien thereon and security
interest therein of the Lender against the claim of any other Person and to maintain and preserve such Lien and security interest until payment in full of all of the Obligations and termination of the Loan Agreement. 
  
 Section 6. Voting Rights; Dividends; Etc. 
  
 (a) As long as no default or Event of Default shall have occurred and be
continuing under the Loan Agreement (or, in the case of subsection (a)(i) of this Section 6, as long as no notice thereof shall have been given by the Lender to any Pledgor): 
  
 (i) Each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Pledged
Collateral or any part thereof for any purpose not inconsistent with the terms of this Agreement or any other Transaction Document; provided, however, that each Pledgor shall not exercise or shall refrain from exercising any such right
if, in the Lender’s reasonable judgment, such action would have a material adverse effect on the value of the Pledged Collateral or any part thereof; and provided, further, that each Pledgor shall give the Lender at least five (5) Business
Days’ written notice of the manner in which it intends to exercise, or its reasons for refraining from exercising, any such right. 
  
 (ii) Each Pledgor shall be entitled to receive and retain any and all dividends paid in respect of the Pledged Collateral (subject to any restriction on
the payment of dividends set forth in the Loan Agreement), other than any and all dividends paid or payable other than in cash in respect of, and instruments and other property received, receivable or otherwise distributed in respect of, or in
exchange for, any Pledged Collateral, all of which shall be forthwith delivered to the Lender to hold as Pledged Collateral and shall, if received by such Pledgor, be received in trust for the benefit of the Lender, be segregated from the other
property or funds of such Pledgor, and be forthwith delivered to the Lender as Pledged Collateral in the same form as so received (with any necessary endorsement). 
  
 (iii) The Lender shall execute and deliver (or cause to be executed and delivered) to each Pledgor all such proxies and
other instruments as such Pledgor may reasonably request for the purpose of enabling such Pledgor to exercise the voting and other rights which it is entitled to exercise and to receive the dividends which it is authorized to receive and retain
pursuant to paragraph (i) above (subject to any restriction on the payment of dividends set forth in the Loan Agreement). 
  
 (b) Upon the occurrence and during the continuance of a default or an Event of Default under the Loan Agreement: 
  
 (i) Upon notice by the Lender to a Pledgor, all rights of such Pledgor to
exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 6(a)(i) above shall cease, and all such rights shall thereupon become vested in the Lender who shall thereupon have the sole right
to exercise such voting and other consensual rights. 
  
 (ii) All
rights of the Pledgors to receive the dividends which they would otherwise be authorized to receive and retain pursuant to Section 6(a)(ii) above shall cease, and 

  

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all such rights shall thereupon become vested in the Lender who shall thereupon have the sole right to receive and hold as Pledged Collateral such dividends.

  
 (iii) All dividends which are received by any Pledgor contrary
to the provisions of paragraph (ii) of this Section 6(b) shall be received in trust for the benefit of the Lender, shall be segregated from other funds of such Pledgor and shall be forthwith paid over to the Lender as Pledged Collateral in the same
form as so received (with any necessary endorsement). 
  
 (iv)
Each Pledgor shall, if necessary to permit the Lender to exercise the voting and other rights which it may be entitled to exercise pursuant to Section 6(b)(i) above and to receive all dividends and distributions which it may be entitled to receive
under Section 6(b)(ii) above, execute and deliver to the Lender, from time to time and upon written notice of the Lender, appropriate proxies, dividend payment orders and other instruments as the Lender may reasonably request. The foregoing shall
not in any way limit the Lender’s power and authority granted pursuant to Section 8 hereof. 
  
 Section 7. Transfers and Other Liens; Additional Shares. 
  

(a) Each Pledgor agrees that it will not (i) sell or otherwise dispose of, or grant any option or warrant with respect to, any of the Pledged
Collateral, or (ii) create or permit to exist any Lien upon or with respect to any of the Pledged Collateral, except for the Lien and the security interest created pursuant to this Agreement. 
  
 (b) Each Pledgor agrees that it will (i) cause the issuers of the Pledged
Shares (other than Cybereps, Inc.) not to issue any shares of stock or other securities or ownership interests in addition to or in substitution for the Pledged Shares, except (A) up to 3,000,000 shares of common stock, $0.01 par value per share, of
Interep Interactive, Inc. to Adam Guild pursuant to the Warrant issued in favor of Adam Guild, dated as of December 1, 1999, or (B) with the written consent of the Lender, to such Pledgor, (ii) pledge hereunder, immediately upon its acquisition
(directly or indirectly) thereof, any and all Additional Shares, and (iii) promptly (and in any event within three Business Days) deliver to the Lender a Pledge Amendment, duly executed by such Pledgor, in substantially the form of Schedule II
hereto (a “Pledge Amendment”), in respect of the Additional Shares, together with all certificates or instruments representing or evidencing the same. Each Pledgor hereby (i) authorizes the Lender to attach each Pledge Amendment to
this Pledge Agreement, (ii) agrees that all Additional Shares listed on any Pledge Amendment delivered to the Lender shall for all purposes hereunder constitute Pledged Shares, and (iii) is deemed to have made, upon such delivery, the
representations and warranties contained in Section 4 hereof with respect to such Pledged Collateral. 
  
 Section 8. Lender Appointed Attorney-in-Fact and Proxy. Each Pledgor hereby irrevocably constitutes and appoints the Lender and any officer
thereof, with full power of substitution, as its true and lawful attorney-in-fact and proxy with full irrevocable power and authority in the place and stead of such Pledgor and in the name of such Pledgor or in its own name, from time to time in the
Lender’s discretion, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute and deliver any and all documents and instruments which the Lender may deem necessary or advisable to
accomplish 

  

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the purposes of this Agreement, including, without limitation, to receive, indorse and collect all instruments made payable to such Pledgor representing any
dividend or other distribution or payment in respect of the Pledged Collateral or any part thereof and to give full discharge for the same and to vote or grant any consent in respect of the Pledged Shares authorized by Section 6(b) hereof. Each
Pledgor hereby ratifies, to the extent permitted by law, all that any said attorney shall lawfully do or cause to be done by virtue hereof. This power, being coupled with an interest, is irrevocable until the Obligations are paid or otherwise
satisfied in full and the Loan Agreement is terminated. 
  
 Section 9. Lender Play Perform. If any Pledgor fails to perform any agreement contained herein, the Lender may itself perform, or cause performance of, such agreement, and the expenses of the Lender incurred in connection therewith
shall be payable by the Pledgors under Section 12 hereof and constitute Obligations secured hereby. 
  
 Section 10. Reasonable Care. The Lender shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral
in its possession if the Pledged Collateral is accorded treatment substantially equal to that which the Lender accords its own property, it being understood that the Lender shall have no responsibility for (i) ascertaining or taking action with
respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Pledged Collateral, whether or not the Lender has or is deemed to have knowledge of any such matter, or (ii) taking any necessary steps to preserve rights
against any Person with respect to any Pledged Collateral. 
  
 Section 11. Remedies upon Default. If any Event of Default shall have occurred and be continuing: 
  
 (a) The Lender may exercise in respect of the Pledged Collateral, in addition to other rights and remedies provided for herein or otherwise available to
it, all the rights and remedies of a secured party after default under the UCC in effect in the State of New York at that time, and the Lender may also, without notice except as specified below, sell the Pledged Collateral or any part thereof in one
or more parcels at public or private sale, at any exchange, broker’s board or at any office of the Lender or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Lender may deem commercially reasonable. Each
Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten days’ notice to such Pledgor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable
notification. The Lender shall not be obligated to make any sale of Pledged Collateral regardless of notice of sale having been given. The Lender may adjourn any public or private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor hereby waives any claims against the Lender arising by reason of the fact that the price at which any Pledged Collateral
may have been sold at such a private sale was less than the price which might have been obtained at a public sale, even if the Lender accepts the first offer received and does not offer such Pledged Collateral to more than one offeree. 

 
 (b) If the Lender shall determine to exercise its right to sell all or any
of the Pledged Collateral pursuant to this Section 11, each Pledgor agrees that, upon request of the Lender, such Pledgor will, at its own cost and expense: 
  

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 (i) execute and deliver, and use its best efforts to cause each issuer of the Pledged Shares and its
directors and officers to execute and deliver, all such instruments and documents, and do or cause to be done all such other acts and things, as may be necessary or, in the opinion of the Lender, necessary or advisable to register such Pledged
Shares under the provisions of the Securities Act of 1933, as from time to time amended (the “Securities Act”), and to cause the registration statement relating thereto to become effective and to remain effective for such period as
prospectuses are required by law to be furnished, and to make all amendments and supplements thereto and to the related prospectus which, in the opinion of the Lender, are necessary or advisable, all in conformity with the requirements of the
Securities Act and the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable thereto; 
  
 (ii) use its best efforts to qualify the Pledged Collateral under the state securities or “Blue Sky” laws and to obtain all necessary
governmental approvals for the sale of the Pledged Collateral, as requested by the Lender; 
  
 (iii) make available to its security holders, as soon as practicable, an earnings statement which will satisfy the provisions of section (a) of the Securities Act; and 
  
 (iv) do or cause to be done all such other acts and things as may be
necessary to make such sale of the Pledged Collateral or any part thereof valid and binding and in compliance with applicable law. 
  
 Each Pledgor further acknowledges the impossibility of ascertaining the amount of damages which would be suffered by the Lender by reason of the failure
by such Pledgor to perform any of the covenants contained in this Section 11 and, consequently, agrees that, if such Pledgor shall fail to perform any of such covenants, it shall pay, as liquidated damages and not as a penalty, an amount equal to
the value of the Pledged Collateral on the date the Lender shall demand compliance with this Section. 
  
 (c) Each Pledgor recognizes that, by reason of requirements and certain prohibitions contained in the Securities Act and applicable state securities laws,
the Lender may, at its option, elect not to require such Pledgor to register all or any part of the Pledged Collateral and may therefore be compelled, with respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to
those who will agree, among other things, to acquire such securities for their own account, for investment, and not with a view to the distribution or resale thereof. Each Pledgor acknowledges and agrees that any such sale may result in prices and
other terms less favorable to the seller than if such sale were a public sale without such restrictions and, notwithstanding such circumstances, agrees that any such sale shall be deemed to have been made in a commercially reasonable manner. The
Lender shall be under no obligation to delay the sale of any of the Pledged Collateral for the period of time necessary to permit any Pledger to register such securities for public sale under the Securities Act, or under applicable state securities
laws, even if such Pledger would agree to do so. 
  
 (d) If the
Lender determines to exercise its right to sell any or all of the Pledged Collateral, upon written request, each Pledgor shall, from time to time, furnish to the Lender all such information as the Lender may request in order to determine the number
of shares and other 

  

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instruments included in the Pledged Collateral which may be sold by the Lender as exempt transactions under the Securities Act and rules of the SEC
thereunder, as the same are from time to time in effect. 
  
 (e)
Any cash held by the Lender as Pledged Collateral and all cash proceeds received by the Lender in respect of any sale of, collection from, or other realization upon all or any part of the Pledged Collateral shall be applied by the Lender:

  
 First, to the payment of the costs and expenses of such sale,
including, without limitation, reasonable expenses of the Lender and its agents including the fees and expenses of its counsel, and all expenses, liabilities and advances made or incurred by the Lender in connection therewith or pursuant to Section
9 hereof; 
  
 Next, to the payment of the Obligations, in such
order as the Loan Agreement shall prescribe; and 
  
 Finally,
after payment in full of all of the Obligations, to the payment to each Pledgor, or its successors or assigns, or to whomsoever may be lawfully entitled to receive the same as a court of competent jurisdiction may direct. 
  
 Section 12. Expenses. Each Pledgor will upon demand pay to the Lender
the amount of any and all reasonable expenses, including, without limitation, the reasonable fees and expenses of the Lender’s counsel and of any experts and agents, which the Lender may incur in connection with (i) the administration of this
Agreement, (ii) the custody or preservation of, sale of, collection from, or other realization upon, any of the Pledged Collateral, (iii) the exercise or enforcement of any of the rights and remedies hereunder of the Lender, or (iv) the failure by
such Pledgor to perform or observe any of the provisions hereof. 
  
 Section 13. Security Interests Absolute. All rights of the Lender and security interests hereunder, and all obligations of each Pledgor hereunder, shall be absolute and unconditional irrespective of: 
  
 (a) any lack of validity or enforceability of any provision of the Loan
Agreement, the Revolving Note or any other Transaction Document or any other agreement or instrument relating thereto; 
  
 (b) any change in the time, manner or place of payment of, or in any other term of, or any increase in the amount of, all or any of the Obligations, or
any other amendment or waiver of any term of, or any consent to any departure from any requirement of, the Loan Agreement, the Revolving Note or any other Transaction Document; 
  
 (c) any exchange, release or non-perfection of any Lien on any other collateral, or any release or amendment or waiver of
any term of any guaranty of, or consent to departure from any requirement of any guaranty of, all or any of the Obligations; or 
  
 (d) any other circumstance which might otherwise constitute a defense available to, or a discharge of, a guarantor or surety. 
  

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 Section 14. Amendments, Etc. No amendment or waiver of any provision of this Agreement nor consent
to any departure by any Pledgor herefrom shall in any event be effective unless the same shall be in writing, approved and signed by the Lender, and then such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given. 
  
 Section 15. Addresses for
Notices. All notices and other communications provided for hereunder shall be given as provided in Section 10.5 of the Loan Agreement. 
  
 Section 16. Continuing Security Interest. This Pledge Agreement shall create a continuing security interest in the Pledged Collateral and shall (i)
remain in full force and effect until indefeasible payment in full of the Obligations and termination of the Loan Agreement, (ii) be binding upon each Pledgor, its successors and assigns, and (iii) inure, together with the rights and remedies of the
Lender hereunder, to the benefit of and be enforceable by the Lender and its successors, transferees and assigns. Upon the payment in full of the Obligations, each Pledgor shall be entitled to the return, upon its request and at its expense, of such
of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof. 
  
 Section 17. Governing Law; Severability Terms. This Agreement shall be governed by, and be construed and interpreted in accordance with, the law of
the State of New York. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under
applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity and without invalidating the remaining provisions of this Agreement. Unless otherwise defined herein or in the Loan Agreement, terms defined in
Article 9 of the UCC are used herein as therein defined. 
  
 Section 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 part of this Agreement. 
  
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 IN WITNESS WHEREOF, each Pledgor has caused this Agreement to be duly executed and delivered by its duly
authorized officer on the date first above written. 
  

	 INTEREP NATIONAL RADIO SALES, INC.

		
	 By:
	 	 /S/ WILLIAM J. MCENTEE,
JR.

	 Name:
	 	 William J. McEntee, Jr.

	 Title:
	 	 Senior Vice President and
 Chief Financial Officer

	
	 MCGAVREN GUILD, INC.

		
	 By:
	 	 /S/ WILLIAM J. MCENTEE,
JR.

	 Name:
	 	 William J. McEntee, Jr.

	 Title:
	 	 Senior Vice President and
 Chief Financial Officer

	
	 INTEREP NEW MEDIA, INC.

		
	 By:
	 	 /S/ WILLIAM J. MCENTEE,
JR.

	 Name:
	 	 William J. McEntee, Jr.

	 Title:
	 	 Senior Vice President and
 Chief Financial Officer

	
	 INTEREP INTERACTIVE, INC.

		
	 By:
	 	 /S/ WILLIAM J. MCENTEE,
JR.

	 Name:
	 	 William J. McEntee, Jr.

	 Title:
	 	 Senior Vice President and
 Chief Financial Officer

  

	 ACCEPTED AND AGREED TO BY:

	
	 COMMERCE BANK, N.A.

		
	 By:
	 	 /S/ HENRY G. KUSH,
JR.

	 Name:
	 	 Henry G. Kush, Jr.

	 Title:
	 	 Vice President

  

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 SCHEDULE I TO PLEDGE AGREEMENT 
  
 STOCK 
  

	 Stock Issuer

	  	 Class of
 Stock

	  	 Certificate
 Nos.

	  	Par Value

	  	 Number of
 Shares/ LLC
 Interests

	 	 	 Pledged By

						
	 American Radio Sales, Inc.
	  	Common	  	1	  	$	0.01	  	100	 	 	Interep National Radio Sales, Inc.
						
	 McGavren Guild, Inc.
	  	Common	  	5	  	 	No par	  	250	 	 	Interep National Radio Sales, Inc.
						
	 D&R Radio, Inc.
	  	Common	  	10	  	 	No par	  	196	 	 	Interep National Radio Sales, Inc.
						
	 Infinity Radio Sales, Inc.
	  	Common	  	1	  	 	No par	  	10	 	 	Interep National Radio Sales, Inc.
						
	 Allied Radio Partners, Inc.
	  	Common	  	1	  	$	1.00	  	1,790	 	 	Interep National Radio Sales, Inc.
						
	 SBS/Interep L.L.C.
	  	LLC Interests	  	1	  	 	N/A	  	95	%	 	Interep National Radio Sales, Inc.
						
	 SBS/Interep L.L.C.
	  	LLC Interests	  	2	  	 	N/A	  	5	%	 	McGavren Guild, Inc.
						
	 Public Radio Network, Inc.
	  	Common	  	1	  	$	0.01	  	100	 	 	Interep National Radio Sales, Inc.
						
	 Interep New Media, Inc.
	  	Common	  	1	  	$	0.01	  	1,000	 	 	Interep National Radio Sales, Inc.
						
	 Interep Interactive, Inc.
	  	Common	  	2	  	$	0.01	  	12,000,000	 	 	Interep New Media, Inc.
						
	 Streaming Audio, Inc.
	  	Common	  	1	  	$	0.01	  	100	 	 	Interep Interactive, Inc.
						
	 Morrison and Abraham, Inc.
	  	Common	  	1	  	$	0.01	  	100	 	 	Interep National Radio Sales, Inc.

  

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 SCHEDULE II TO PLEDGE AGREEMENT 
  
 PLEDGE AMENDMENT 
  
 This Pledge Amendment, dated
                    , 200    , is delivered pursuant to Section 7 of the Pledge Agreement referred to below. The
undersigned hereby agrees that this Pledge Amendment may be attached to the Pledge Agreement, dated September 25, 2003, by the undersigned in favor of Commerce Bank, N.A. and that the Additional Shares listed on this Pledge Amendment shall be and
become part of the Pledged Collateral referred to in the Pledge Agreement and shall secure all the Obligations. The terms defined in the Pledge Agreement or the Loan Agreement are being used herein as therein defined. 
  

	 [                                      
                                        
              ]

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 11TRADEMARK SECURITY AGREEMENT

 Exhibit 10.5 
  
 TRADEMARK SECURITY AGREEMENT 
  

This Trademark Security Agreement (the “Agreement”), dated as of September 25, 2003, is made by and between INTEREP NATIONAL RADIO
SALES, INC., a New York corporation (the “Debtor”), and COMMERCE BANK, N.A. (the “Secured Party”). 
  
 BACKGROUND 
  
 The Debtor and the Secured Party are parties to a Loan and Security Agreement dated as of even date herewith (as the same may hereafter be amended,
supplemented or restated from time to time, the “Loan Agreement”) setting forth the terms on which the Secured Party has made or hereafter may make Loans or other financial accommodations to or for the account of the Debtor.

  
 As a condition to the making of any Loan or other financial
accommodation to the Debtor under the Loan Agreement or otherwise, the Secured Party has required the execution and delivery of this Agreement by the Debtor. 
  
 NOW, THEREFORE, in consideration of the mutual covenants contained in the Loan Agreement and herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
  
 1. Definitions. Capitalized terms used herein and not otherwise defined shall have the meanings assigned thereto in the Loan Agreement. In
addition, the following terms have the meanings set forth below: 
  
 “Obligations” has the meaning assigned thereto in the Loan Agreement. 
  
 “Trademarks” means all of the Debtor’s now owned or existing or hereafter acquired or arising, right, title and interest in and to
any and all trademarks, registered trademarks, trademark applications, trade names, service marks, registered service marks, service mark applications and collective membership marks, including, without limitation, the marks listed on Exhibit A, and
(a) all renewals thereof, (b) all income, royalties, damages and payments now or hereafter due and/or payable under or with respect thereto, including, without limitation, payments under all licenses entered into in connection therewith and damages
and payments for past, present or future infringements or dilutions thereof, (c) the right to sue for past, present and future infringements and dilutions thereof, (d) the goodwill associated therewith and (e) all other rights corresponding thereto
throughout the world. 
  
 2. Security Interest. The Debtor
hereby irrevocably pledges and assigns to the Secured Party, and grants the Secured Party a security interest in, with power of sale to the extent permitted by law, the Trademarks to secure payment of the Obligations (the “Security
Interest”). 
  
 3. Representations, Warranties and
Agreements. The Debtor hereby represents, warrants and agrees as follows: 
  
 (a) Trademarks. Exhibit A accurately lists all Trademarks owned or controlled by the Debtor as of the date hereof, accurately reflects the existence and status of 

 
registrations pertaining to the Trademarks as of the date hereof, and accurately lists all of the license agreements in connection with the Trademarks in
effect as of the date hereof. Each of the Trademarks listed on Exhibit A is subsisting, has not been adjudged invalid or unenforceable, in whole or in part, and is valid and enforceable. 
  
 (b) Title. The Debtor has absolute title to each of its Trademarks free and clear of all security interests, liens
and encumbrances, except the Security Interest. The Debtor (i) will have, at the time the Debtor acquires any rights in Trademarks hereafter arising, absolute title to each such Patent or Trademark free and clear of all security interests, liens and
encumbrances, except the Security Interest, and (ii) will keep all Trademarks free and clear of all security interests, liens and encumbrances except the Security Interest. No other person has any rights in or to any Trademarks. 
  
 (c) Valid Security Interest. This Agreement creates valid security
interests in favor of the Secured Party in the Trademarks, as security for the Obligations. Upon the filing of UCC financing statements with the New York Secretary of State listing the Debtor as a “debtor” and the Secured Party as
“secured party” and the Trademarks as collateral, the security interest of the Secured Party in the Trademarks will be a perfected first priority security interest. 
  
 (d) No Sale. The Debtor will not sell or otherwise dispose of any Trademarks, or any interest therein (including,
without limitation, pursuant to any license with respect thereto) without the Secured Party’s prior written consent. 
  
 (e) Infringement; Defense. Except as set forth in Exhibit C, to the best of the Debtor’s knowledge, no infringement or unauthorized use is
presently being made of any of the Trademarks by any person. To the best of the Debtor’s knowledge, the past, present and contemplated future use of the Trademarks by the Debtor has not, does not and will not infringe upon or violate any right,
privilege or license of or with any other person. The Debtor will at its own expense, and using its best efforts, protect and defend the Trademarks against all claims or demands of all persons other than the Secured Party. 
  
 (f) Maintenance. The Debtor will at its own expense maintain its
Trademarks to the extent reasonably advisable in its business including, but not limited to, filing all applications to register and all affidavits and renewals possible with respect to issued registrations. The Debtor covenants that it will not
abandon nor fail to pay any maintenance fee or annuity due and payable on any of its Trademarks, nor fail to file any required affidavit in support thereof, without first providing the Secured Party: (i) sufficient written notice, as provided in the
Loan Agreement, to allow the Secured Party to timely pay any such maintenance fees or annuity which may become due on any of said Trademarks, or to file any affidavit with respect thereto, and (ii) a separate written power of attorney or other
authorization to pay such maintenance fees or annuities, or to file such affidavit, should such be necessary or desirable. 
  
 (g) Secured Party’s Right to Take Action. If the Debtor fails to perform or observe any of its covenants or agreements set forth in this
Section 3, and if such failure continues for a period of ten (10) calendar days after the Secured Party gives the Debtor written notice thereof (or, in the case of the agreements contained in subsection (g), immediately upon the occurrence of such
failure, without notice or lapse of time), or if the Debtor notifies the 

 
Secured Party that it intends to abandon a Patent or Trademark, the Secured Party may (but need not) perform or observe such covenant or agreement on behalf
and in the name, place and stead of the Debtor (or, at the Secured Party’s option, in the Secured Party’s own name) and may (but need not) take any and all other actions which the Secured Party may reasonably deem necessary to cure or
correct such failure. The Secured Party shall not have any duty with respect to the Trademarks. Without limiting the generality of the foregoing, the Secured Party shall not be under any obligation to take any steps to preserve rights in the
Trademarks against any other parties, but the Secured Party may do so at its option as provided in this Agreement. 
  
 (h) Costs and Expenses. Except to the extent that the effect of such payment would be to render any loan or forbearance of money usurious or
otherwise illegal under any applicable law, the Debtor shall pay the Secured Party on demand the amount of all moneys expended and all costs and expenses (including reasonable attorneys’ fees) incurred by the Secured Party in connection with or
as a result of the Secured Party taking action under subsection (h) or exercising its rights under Section 7, together with interest thereon from the date expended or incurred by the Secured Party at the highest rate then applicable to any of the
Obligations. 
  
 (i) Power of Attorney. To facilitate the
Secured Party’s taking action under subsection (h) and exercising its rights under Section 7, the Debtor hereby irrevocably appoints the Secured Party, or its delegate, as the attorney-in-fact of the Debtor with the right (but not the duty)
from time to time to create, prepare, complete, execute, deliver, endorse or file, in the name and on behalf of the Debtor, any and all instruments, documents, applications, financing statements, and other agreements and writings required to be
obtained, executed, delivered or endorsed by the Debtor under this Section 3, or, necessary for the Secured Party, after an Event of Default, to enforce or use the Trademarks or to grant or issue any exclusive or non-exclusive license under the
Trademarks to any third party, or to sell, assign, transfer, pledge, encumber or otherwise transfer title in or dispose of the Trademarks to any third party. The Debtor hereby ratifies all that such attorney shall lawfully do or cause to be done by
virtue hereof. The power of attorney granted herein is coupled with an interest and shall be irrevocable until the termination of the Loan Agreement as provided therein and the payment and performance of all Obligations (as defined therein).

  
 4. Debtor’s Use of the Trademarks. The Debtor
shall be permitted to control and manage its Trademarks, including the right to exclude others from making, using or selling items covered by such Trademarks and any licenses thereunder, in the same manner and with the same effect as if this
Agreement had not been entered into, so long as no Event of Default occurs and remains uncured. 
  
 5. No Royalties. The Debtor hereby agrees that the Secured Party’s rights to use the Trademarks as authorized hereunder in connection with the
Secured Party’s exercise of its rights and remedies under paragraph 7 or under the Loan Agreement shall be co-extensive with the Debtor’s rights thereunder and with respect thereto and the Secured Party shall have no liability to the
Debtor for royalties or other related charges on account of any such use. 
  
 6. Events of Default. Each of the following occurrences shall constitute an event of default under this Agreement (herein called “Event of Default”): (a) an Event of Default, as 

 
defined in the Loan Agreement, shall occur; or (b) the Debtor shall fail promptly to observe or perform any covenant or agreement herein binding on it; or
(c) any of the representations or warranties contained in Section 3 shall prove to have been incorrect in any material respect when made. 
  
 7. Remedies. Upon the occurrence of an Event of Default and at any time thereafter, the Secured Party may, at its option, take any or all of the
following actions: 
  
 (a) The Secured Party may exercise any or
all remedies available under the Loan Agreement. 
  
 (b) The
Secured Party may sell, assign, transfer, pledge, encumber or otherwise dispose of the Trademarks. 
  
 (c) The Secured Party may enforce the Trademarks and any licenses thereunder, and if the Secured Party shall commence any suit for such enforcement, the
applicable Debtor shall, at the request of the Secured Party, do any and all lawful acts and execute any and all proper documents required by the Secured Party in aid of such enforcement. 
  
 (d) The Secured Party shall have, in addition to all of its rights and remedies hereunder, all rights and remedies allowed
by law and the rights and remedies of a secured party under the Uniform Commercial Code as enacted in any jurisdiction in which the Trademarks may be located or deemed located. 
  
 Upon the occurrence and during the continuation of an Event of Default, the Debtor agrees to assign, convey and otherwise
transfer title in and to the Trademarks to the Secured Party or any transferee of the Secured Party and to execute and deliver to the Secured Party or any such transferee all such agreements, documents and instruments as may be necessary, in the
exercise of the Secured Party’s commercially reasonable judgment, to effect such assignment, conveyance and transfer. All of the Secured Party’s rights and remedies with respect to the Trademarks, whether established hereby, by the Loan
Agreement, by any other Transaction Document or by law, shall be cumulative and may be exercised separately or concurrently. 
  
 8. Recordation of Assignment for Security. Simultaneously with the execution and delivery of this Agreement, the Debtor will execute and deliver to
the Secured Party a Notice of Assignment for Security (Trademarks) in the form attached hereto as Exhibit B, each for recording with the PTO. 
  
 9. Miscellaneous. This Agreement has been duly and validly authorized by all necessary action, corporate or other, by each party hereto. This
Agreement can be waived, modified, amended, terminated or discharged, and the Security Interest can be released, only explicitly in a writing signed by the Secured Party. A waiver signed by the Secured Party shall be effective only in the specific
instance and for the specific purpose given. Mere delay or failure to act shall not preclude the exercise or enforcement of any of the Secured Party’s rights or remedies. All rights and remedies of the Secured Party shall be cumulative and may
be exercised singularly or concurrently, at the Secured Party’s option, and the exercise or enforcement of any one such right or remedy shall neither be a condition to nor bar the exercise or enforcement of any other. The Secured Party shall
not be obligated to preserve any rights the Debtor may have 

 
against prior parties, to realize on the Trademarks at all or in any particular manner or order, or to apply any cash proceeds of Trademarks in any
particular order of application. This Agreement shall be binding upon and inure to the benefit of the Debtor and the Secured Party and their respective participants, successors and assigns and shall take effect when signed by the Debtor and
delivered to the Secured Party, and the Debtor waives notice of the Secured Party’s acceptance hereof. The Secured Party may execute this Agreement if appropriate for the purpose of filing, but the failure of the Secured Party to execute this
Agreement shall not affect or impair the validity or effectiveness of this Agreement. A carbon, photographic or other reproduction of this Agreement or of any financing statement shall have the same force and effect as the original for all purposes
of a financing statement. This Agreement shall be governed by the internal law of the State of New York without regard to conflicts of law provisions. If any provision or application of this Agreement is held unlawful or unenforceable in any
respect, such illegality or unenforceability shall not affect other provisions or applications which can be given effect and this Agreement shall be construed as if the unlawful or unenforceable provision or application had never been contained
herein or prescribed hereby. All representations and warranties contained in this Agreement shall survive the execution, delivery and performance of this Agreement and the creation and payment of the Obligations. 
  
 THE PARTIES WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING
BASED ON OR PERTAINING TO THIS AGREEMENT. 
  
 [SIGNATURE PAGE
FOLLOWS] 

 IN WITNESS WHEREOF, the undersigned has executed this Trademark Security Agreement as of the date written
above. 
  

	 INTEREP NATIONAL RADIO SALES, INC.

		
	 By:
	 	 /S/ WILLIAM J. MCENTEE,
JR.

	 Name:
	 	 William J. McEntee, Jr.

	 Title:
	 	 Senior Vice President and
 Chief Financial Officer

	
	 COMMERCE BANK, N.A.

		
	 By:
	 	 /S/ HENRY G. KUSH,
JR.

	 Name:
	 	 Henry G. Kush, Jr.

	 Title:
	 	 Vice President

 EXHIBIT A 
  

TRADEMARKS, SERVICE MARKS 
  

	 Trademark

	 	 Reg. No.

	 	 Issue Date

	  	 Owner/Assignment
 History

	 	  	Registered Marks

	 Trademark

	  	 File
 #

	  	Date Reg.

	  	 Cont. Use Due

	  	Exp.

	  	Registration
Number

	  	Original

	The Power of Country Radio Tour 94	  	E	  	5/6/97	  	5/6/03	  	5/6/07	  	2,058,570	  	N
	Internet	  	 	  	2/26/85	  	filed	  	2/26/05f	  	1,322,486	  	N
	Interep	  	K	  	8/23/88	  	Filed, 10/18/95	  	8/23/08	  	1,501,570	  	Y
	Interep (and design)	  	P	  	8/23/88	  	Filed, 10/18/95	  	8/23/08	  	1,501,571	  	Y
	The Interep Radio Store (and design)	  	J	  	10/29/02	  	10/29/08	  	10/29/12	  	2,641,653	  	Y
	Country Radio Format Network	  	CC	  	8/23/94	  	 8/23/00 [f. 2-22-01]
 [acc/ack 2-13-02]
	  	8/23/04	  	1,850,836	  	Y
	Urban Radio Format Network	  	N	  	8/23/94	  	 8/23/00 [f. 2-22-01]
 [acc/ack 5-31-01]
	  	8/23/04	  	1,850,838	  	Y
	Stationscan	  	F	  	2/18/97	  	 2/18/03 [f. 3/25/02]
 [acc/ack 5/22/02]
	  	2/18/07	  	2,038,896	  	Y
	Allied Radio Partners	  	C	  	7/15/97	  	7/15/03 [f. 7/7/03]	  	7/15/07	  	2,079,087	  	Y
	U CAN WIN	  	A	  	12/15/98	  	12/15/04	  	12/15/08	  	2,211,596	  	Y
	E-RADIO	  	G	  	1/18/00	  	1/18/06	  	1/18/10	  	2,309,898	  	N
	 SELLING TODAY...INNOVATING FOR TOMORROW
	  	0	  	4/11/00	  	4/11/06	  	4/11/10	  	2,340,620	  	Y
	RADIO 2000	  	I	  	3/14/00	  	3/14/06	  	3/14/10	  	2,328,970	  	Y
	INTEREP INTERACTIVE and design	  	M	  	4/18/00	  	4/18/06	  	4/18/10	  	2,343,602	  	 
	E-RADIO SALES	  	H	  	6/20/00	  	6/20/06	  	6/20/10	  	2,360,699	  	Y
	RADIO 20:20	  	Q	  	5/1/01	  	5/1/07	  	5/1/11	  	2,447,356	  	Y
	RADIOEXCHANGE	  	U	  	6/18/02	  	6/18/08	  	6/18/12	  	2,580,769	  	Y
	SHOP HEALTHY SWEEPSTAKES	  	CC	  	7/23/02	  	7/23/08	  	7/23/12	  	2,598,139	  	Y
	CONVERGING MEDIA 20:20	  	Z	  	8/13/02	  	8/13/08	  	8/13/12	  	2,608,028	  	Y
	 PRN THE PUBLIC RADIO NETWORK NATIONAL UNDERWRITING REPRESENTATIVES
	  	*	  	3/13/01	  	3/13/07	  	3/13/11	  	2,435,242	  	N
	PUBLIC RADIO NETWORK	  	*	  	03/20/01	  	03/20/07	  	03/20/11	  	2,437,687	  	N

 INVENTORY OF INTEREP TRADEMARK FILINGS 
 Updated as of 09/23/03 
  

	 	  	 Pending
 Applications

	 Trademark

	  	File#

	  	Date Filed

	  	 Latest Action

	  	 Date of
 Latest
 Action

	  	Serial Number

	  	 Next Action
 Item Due

	CONVERSION MEDIA 2020	  	W	  	5/4/00	  	Notice of Allowance	  	07/03/01	  	76/039614	  	Statement of Use or 5th Ext 01/03/04
	CONVERSION MEDIA SALES	  	X	  	5/4/00	  	Notice of Allowance	  	03/25/03	  	76/039615	  	Statement of Use or 1st Ext 09/25/03
	CONVERSION MEDIA MARKETING	  	Y	  	5/4/00	  	Notice of Allowance	  	12/31/02	  	76/039616	  	Statement of Use or 2nd Ext 12/31/03
	E-RADIO 20:20	  	DD	  	3/30/01	  	Response to Office Action	  	7/30/03	  	78/055962	  	Notice of Allowance
	RADIOXCHANGE	  	HH	  	12/10/01	  	 NOA 10/29/02;
 1st ext
granted
	  	5/21/03	  	78/097565	  	 Second extension
 10/29/03

	E-RADIO RESOURCE	  	JJ	  	05/31/02	  	Response to Office Action	  	04/03/03	  	78/132341	  	Notice of Allowance
	ERADIO	  	KK	  	9/9/02	  	Response to Office Action	  	08/14/03	  	78/162011	  	Notice of Allowance
	CONSUMER LIFESTYLE NETWORKS	  	LL	  	11/4/02	  	Response to Office Action	  	09/05/03	  	76/466294	  	Notice of Allowance
	INTEREP (STYLIZED)	  	MM	  	04/21/03	  	 	  	 	  	78/239932	  	 
	INTEREP UNIVERSITY	  	NN	  	04/21/03	  	 	  	 	  	78/240078	  	 
	THE POWER OF URBAN RADIO	  	PP	  	04/21/03	  	 	  	 	  	78/240131	  	 
	THE POWER OF HISPANIC RADIO	  	QQ	  	04/21/03	  	 	  	 	  	78/240161	  	 
	 CUSTOMIZED SERVICE COLLECTIVE CLOUT
	  	RR	  	07/03/03	  	 	  	 	  	78/270420	  	 

 LICENSE AGREEMENTS 
  
 License Agreement dated September 24, 1999, between Interep National Radio Sales, Inc., and Streamline Publishing, Inc., pursuant to which
Interep granted Streamline Publishing the right to use the “E-Radio” mark. 
  

 EXHIBIT B 
  

NOTICE OF ASSIGNMENT FOR SECURITY 
  
 (Trademarks) 
  
 WHEREAS, Interep National Radio Sales, Inc. (the “Assignor”) has adopted, used and is using the trademarks and service marks listed on
the annexed Schedule A, which trademarks and service marks are registered or applied for in the United States Patent and Trademark Office (the “Trademarks”); 
  
 WHEREAS, the Assignor and certain of its subsidiaries and affiliates have entered into a Trademark Security Agreement dated
as of the date hereof (the “Security Agreement”) in favor of Commerce Bank, N.A. (the “Assignee”); 
  
 WHEREAS, pursuant to the Security Agreement, the Assignor has assigned to the Assignee and granted to the Assignee a security interest in all right, title
and interest of the Assignor in, to and under the Trademarks, together with the goodwill of the business symbolized by the Trademarks and the applications and restrictions thereof, and all proceeds thereof, including, without limitation, any and all
causes of action which may exist by reason of infringement thereof (all of the foregoing collectively, the “Collateral”), to secure the payment, performance and observance of the Obligations (as defined in the Security Agreement);

  
 NOW, THEREFORE, for good and valuable consideration, receipt
of which is hereby acknowledged, the Assignor does hereby assign unto the Assignee and grants to the Assignee a security interest in the Collateral to secure the prompt payment, performance and observance of the Obligations. 
  
 The Assignor does hereby further acknowledge and affirm that the rights and
remedies of the Assignee with respect to the Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. 
  
 IN WITNESS WHEREOF, the Assignor has caused this Notice of Assignment for
Security to be duly executed by its officer thereunto duly authorized as of September 25, 2003. 
  

	 INTEREP NATIONAL RADIO SALES, INC.

	
	 By:

	 Name:
	 	 William J. McEntee, Jr.

	 Title:
	 	Senior Vice President, Chief Financial Officer and Treasurer

	 STATE OF NEW YORK
	 	 )

	 	 	 ) ss.:

	 COUNTY OF NEW YORK
	 	 )

  
 On this 25th day of
September, 2003, before me personally came                             , to me known to be the person
who executed the foregoing instrument, and who, being duly sworn by me, did depose and say that he is the
                             of Interep National Radio Sales, Inc., a New York corporation, and that
he executed the foregoing instrument in the name of such entity and that he had authority to sign the same, and he acknowledged to me that he executed the same as the act and deed of said entity for the uses and purposes therein mentioned.

  

	

	Notary Public

 SCHEDULE A TO ASSIGNMENT FOR SECURITY 
  
 (TRADEMARKS, TRADEMARK APPLICATIONS, SERVICE MARKS 
 AND SERVICE MARK APPLICATIONS) 
  

	 Trademark

	 	 Reg. No.

	 	 Issue Date

	  	Owner/Assignment History

 EXHIBIT C 
  

The Debtor has written several letters to the owner of the website “www.e-radio.com” regarding such owner’s use of that website and that
any use of that website would interfere with the rights that the Debtor has in the “E-RADIO” trademark and that the Debtor will take legal action to enforce its rights. Currently, the website is inactive.

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