PLEDGE AND CONTROL AGREEMENT
THIS PLEDGE AND CONTROL AGREEMENT
dated as of SEPTEMBER 17,
2008 (as amended, modified or restated from time to time, this
“ Agreement ”), is by and among (a)
THERMO CREDIT, LLC , a Colorado limited liability company
(together with its successors and assigns, “
Lender ”); and (b) LEON NOWALSKY , an
individual residing in the State of Louisiana (“
Nowalsky ”), and ROBERT SORRENTINO , an
individual residing in the State of Florida (“
Sorrentino ” and together with Nowalsky,
jointly, severally and in solido , “
Pledgor ”).
RECITALS
WHEREAS , Lender has extended certain financial
accommodations to UNITED ESYSTEMS, INC. , a Nevada
corporation (“ ESystems ”), NETCOM
DATA SOUTHERN CORP ., a Georgia corporation (“
Southern ”), NETCOM DATA CORP ., a
Georgia corporation (“ Netcom ”) and
UNITED CHECK SERVICES, L.L.C ., a Louisiana limited
liability company (“ Check Services ” and
together with ESystems, Southern and Netcom, jointly, severally and
in solido , “ Debtor ”) on the
terms and conditions of that certain LOAN, PLEDGE AND SECURITY
AGREEMENT dated as of even date herewith (as
amended, modified or restated from time to time, the “
Loan Agreement ”), between Debtor and Lender in
the (terms not otherwise defined herein shall have the same
meanings as in the Loan Agreement);
WHEREAS , it is expressly understood among Pledgor and
Lender that the execution and delivery of this Agreement is a
condition precedent to Lender’s obligation to make the Loans
under the Loan Agreement and is an integral part of the
transactions contemplated thereby; and
NOW,
THEREFORE , for good and
valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto agree as
follows:
1.
Grant of Security Interest . Pledgor
pledges, assigns and grants to Lender a first lien security
interest and lien in all right, title and interest in and to all of
the Capital Stock of ESystems (including but limited to all of the
Capital Stock listed on Schedule 1(a) attached hereto) now
owned by Pledgor and all Capital Stock of ESystems hereafter
acquired in connection with the Subordinate Indebtedness (as such
term is defined in that certain SUBORDINATION AGREEMENT dated as of even date herewith, by and among
Sorrentino, Lender and Debtor). , regardless of class or
designation, and all substitutions therefor and replacements
thereof, all proceeds thereof and all rights relating thereto,
including, without limitation, any certificates representing the
Capital Stock, the right to request after the occurrence and during
the continuation of an Event of Default that such Capital Stock be
registered in the name of Lender or any of its nominees, the right
to receive any certificates representing any of the Capital Stock
and the right to require that such certificates be delivered to
Lender together with undated powers or assignments of investment
securities with respect thereto, duly endorsed in blank by such
Pledgor, all warrants, options, share appreciation rights and other
rights, contractual or otherwise, in respect of such Capital Stock
and of all dividends, distributions of income, profits, surplus, or
other compensation by way of income or liquidating distributions,
in cash or in kind, and cash, instruments, and other property from
time to time received, receivable, or otherwise distributed in
respect of or in addition to, in substitution of, on account of, or
in exchange for any or all of the foregoing (the foregoing being,
the “ Collateral ”) as collateral for the
Indebtedness.
2.
Pledgor's Warranties . Pledgor hereby
represents and warrants to Lender as follows:
(a)
Financing Statements; Liens and Security Interests .
No financing statement covering the Collateral is or
will be on file in any public office, except the financing
statements relating to this security interest, and no security
interest, other than the one herein created, has attached or been
perfected in the Collateral or any part thereof. This
Agreement creates a valid first priority security interest in favor
of Lender in the Collateral. The taking possession by
the Lender of the certificates representing the Capital Stock (if
any) and all other certificates and instruments constituting
Collateral will perfect and establish the first priority of the
Lender's security interest in the Capital Stock.
PLEDGE AND
CONTROL AGREEMENT – PAGE 1
THERMO CREDIT,
LLC - UNITED ESYSTEMS, INC.
(b)
Ownership . Pledgor owns the Collateral
free from any setoff, claim, restriction, lien, security interest
or encumbrance except for taxes not yet due and payable and the
security interest hereunder. Except as set forth in the
Organizational Documents of ESystems (a true and correct copy of
which is attached hereto as Exhibit A ), there are no
options or other rights, contractual or otherwise, with respect to
the Capital Stock in favor of any third party and no such options
or rights shall be created until full payment and performance of
all of the Indebtedness and termination or expiration of any
obligation or commitment of Lender to make advances or loans to
Debtor.
(c)
Power and Authority . Pledgor has full
power and authority to make this Agreement, and all necessary
consents and approvals of any persons, entities, governmental or
regulatory authorities and securities exchanges have been obtained
to effectuate the validity of this Agreement.
3.
Pledgor's Covenants . Until full payment
and performance of all of the Indebtedness and termination or
expiration of any obligation or commitment of Lender to make
advances or Loans to, unless Lender otherwise consents in
writing:
(a)
Agreement . Pledgor shall perform all of
its agreements herein.
(b)
Ownership of Collateral . Pledgor shall
defend the Collateral against all claims and demands of all persons
at any time claiming any interest therein adverse to
Lender. Pledgor shall keep the Collateral free from all
liens and security interests.
(c)
Lender's Costs . Pledgor shall pay all
reasonable costs necessary preserve, defend and enforce the
security interest created by this Agreement, and preserve, defend,
enforce and collect the Collateral, including but not limited to
taxes, assessments, reasonable attorney's fees, legal expenses and
expenses of sales. Whether the Collateral is or is not
in Lender's possession, and without any obligation to do so and
without waiving Pledgor's default for failure to make any such
payment, Lender at its option may pay any such costs and expenses
and discharge encumbrances on the Collateral, and such payments
shall be a part of the Indebtedness and bear interest at the rate
set out in the Indebtedness.
(d)
Possession of Collateral . If the Capital
Stock is certificated, Pledgor shall deliver all such certificates
to Lender, and following and during the continuation of an Event of
Default, Pledgor shall deliver all other instruments and documents
which are a part of the Collateral and in Pledgor's possession to
Lender immediately, or if hereafter acquired, immediately following
acquisition, in a form suitable for transfer by delivery
or
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