Common use of Ownership of Pledged Property Clause in Contracts

Ownership of Pledged Property. The Company warrants and represents that it is the legal and beneficial owner of the Pledged Property free and clear of any lien, security interest, option or other charge or encumbrance except for that grant of a security interest in and to all undertakings, property and assets made by the Company in favor of ▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇ and ▇▇▇▇ ▇▇▇▇▇ pursuant to that certain General Security Agreement dated May 11, 2005, and except for that grant of a security interest in and to all undertakings, property and assets made by Telizon Inc., a subsidiary of the Company, in favor of ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ In Trust, ▇▇▇ ▇▇▇▇▇ In Trust, ▇▇▇▇▇ ▇▇▇▇▇▇▇ In Trust, ▇▇▇▇ ▇▇▇▇▇▇▇ In Trust, ▇▇▇▇▇▇▇ ▇▇▇▇▇ In Trust, ▇▇▇ ▇▇▇▇▇ In Trust, ▇▇▇▇ ▇. ▇▇▇▇▇▇ In Trust and ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ In Trust (collectively the "Vendors")and a pledge to the Vendors of all of the shares of Telizon Inc. purchased by Teleplus Connect Corp., a subsidiary of the Company, from the Vendors pursuant to the General Security Agreement and Share Pledge Agreement among Teleplus Connect, Corp., Telizon Inc. and the Vendors, effective June 30, 2005.

Ownership of Pledged Property. The Company warrants and represents that it is the legal and beneficial owner of the Pledged Property free and clear of any lien, security interest, option or other charge or encumbrance except for that grant of a security interest in and to all undertakings, property and assets made by Teleplus Connect Corp., a subsidiary of the Company Company, in favor of ▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇ and ▇▇▇▇ ▇▇▇▇▇ pursuant to that certain General Security Agreement dated May 11, 2005, and except for that grant of a security interest in and to all undertakings, property and assets made by Telizon Inc., a subsidiary of the Company, in favor of ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ In Trust, ▇▇▇ ▇▇▇▇▇ In Trust, ▇▇▇▇▇ ▇▇▇▇▇▇▇ In Trust, ▇▇▇▇ ▇▇▇▇▇▇▇ In Trust, ▇▇▇▇▇▇▇ ▇▇▇▇▇ In Trust, ▇▇▇ ▇▇▇▇▇ In Trust, ▇▇▇▇ ▇. ▇▇▇▇▇▇ In Trust and ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ In Trust (collectively the "Vendors")and Vendors") and a pledge to the Vendors of all of the shares of Telizon Inc. purchased by Teleplus Connect Corp., a subsidiary of the Company, from the Vendors pursuant to the General Security Agreement and Share Pledge Agreement among Teleplus Connect, Corp., Telizon Inc. and the Vendors, effective June 30, 2005.

Ownership of Pledged Property. The Company warrants and represents that it is the legal and beneficial owner of the Pledged Property free and clear of any lien, security interest, option or other charge or encumbrance except for that grant of a security interest in and to all undertakings, property and assets made by the Company in favor of ▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇ and ▇▇▇▇ ▇▇▇▇▇ pursuant to that certain General Security Agreement dated May 11, 2005, and except for that grant of a security interest in and to all undertakings, property and assets made by Telizon Inc., a subsidiary of the Company, in favor of ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ In Trust, ▇▇▇ ▇▇▇▇▇ In Trust, ▇▇▇▇▇ ▇▇▇▇▇▇▇ In Trust, ▇▇▇▇ ▇▇▇▇▇▇▇ In Trust, ▇▇▇▇▇▇▇ ▇▇▇▇▇ In Trust, ▇▇▇ ▇▇▇▇▇ In Trust, ▇▇▇▇ ▇. ▇▇▇▇▇▇ In Trust and ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ In Trust (collectively the "Vendors")and Vendors") and a pledge to the Vendors of all of the shares of Telizon Inc. purchased by Teleplus Connect Corp., a subsidiary of the Company, from the Vendors pursuant to the General Security Agreement and Share Pledge Agreement among Teleplus Connect, Corp., Telizon Inc. and the Vendors, effective June 30, 2005.

Ownership of Pledged Property. The Company warrants and represents that it is the legal and beneficial owner of the Pledged Property free and clear of any lien, security interest, option or other charge or encumbrance except for that grant of a security interest in and to all undertakings, property and assets made by the Company in favor of ▇▇▇▇▇ ▇▇▇▇▇▇▇Steve Kerekes, ▇▇▇▇▇▇▇ ▇▇▇▇Melanie Kere▇▇▇, ▇▇▇ ▇▇▇▇▇▇es, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇nd▇▇▇, ▇▇▇ ▇▇▇ed▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇ and an▇ ▇▇▇▇ ▇▇▇▇▇ pursuant to pu▇▇▇▇▇▇ ▇▇ that certain General ▇▇▇▇▇▇▇ ▇eneral Security Agreement dated May 11, 2005, and except for that grant of a security interest in and to all undertakings, property and assets made by Telizon Inc., a subsidiary of the Company, in favor of ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ James R. Fairhead In Trust, ▇▇▇ ▇▇▇▇▇ In Trust▇▇ ▇▇▇st, Steve K▇▇▇▇▇▇ ▇▇ Trust, Pau▇ ▇▇▇▇▇▇▇ In ▇▇ Trust, ▇▇▇▇ ▇▇▇▇▇▇▇ In Trust, ▇▇▇▇Jacq▇▇▇ ▇▇▇▇▇ In ▇▇ Trust, Tom ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ In Trustst, ▇▇▇▇ ▇. Alan R. ▇▇▇▇▇▇ In ▇n Trust and ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ y In Trust (collectively the co▇▇▇▇▇▇▇▇▇▇ ▇▇▇ "Vendors")and a pledge to the Vendors of all of the shares of Telizon Inc. purchased by Teleplus Connect Corp., a subsidiary of the Company, from the Vendors pursuant to the General Security Agreement and Share Pledge Agreement among Teleplus Connect, Corp., Telizon Inc. and the Vendors, effective June 30, 2005.

Ownership of Pledged Property. The Company warrants and represents that it is the legal and beneficial owner of the Pledged Property free and clear of any lien, security interest, option or other charge or encumbrance except for that grant of a security interest in and to all undertakings, property and assets made by the Company in favor of ▇▇▇▇▇ ▇▇▇▇▇▇▇Steve Kerekes, ▇▇▇▇▇▇▇ ▇▇▇Melanie Ker▇▇▇▇, ▇▇▇ ▇▇▇▇▇te▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇an▇▇▇▇, ▇▇▇ ▇▇Re▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇n, ▇▇▇ ▇▇▇▇▇ and a▇▇ ▇▇▇▇ ▇▇▇▇▇ pursuant to that certain p▇▇▇▇▇▇▇ ▇o tha▇ ▇▇▇▇▇▇▇ General Security Agreement dated May 11, 2005, and except for that grant of a security interest in and to all undertakings, property and assets made by Telizon Inc., a subsidiary of the Company, in favor of ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ James R. Fairhead In Trust, ▇▇▇ ▇▇▇▇▇ In Trust▇▇ ▇▇ust, Steve ▇▇▇▇▇▇▇ ▇n Trust, Pa▇▇ ▇▇▇▇▇▇▇ In ▇▇ Trust, ▇▇▇▇ ▇▇▇▇▇▇▇ In Trust, ▇▇▇Jac▇▇▇▇ ▇▇▇▇▇ In ▇n Trust, ▇▇To▇ ▇▇▇▇▇ In Trust, ▇▇▇▇ ▇. ▇ust, Alan R. ▇▇▇▇▇▇ In Trust and an▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ey In Trust (collectively the c▇▇▇▇▇▇▇▇▇▇▇ ▇▇e "Vendors")and a pledge to the Vendors of all of the shares of Telizon Inc. purchased by Teleplus Connect Corp., a subsidiary of the Company, from the Vendors pursuant to the General Security Agreement and Share Pledge Agreement among Teleplus Connect, Corp., Telizon Inc. and the Vendors, effective June 30, 2005.

Ownership of Pledged Property. The Company warrants and represents that it is the legal and beneficial owner of the Pledged Property free and clear of any lien, security interest, option or other charge or encumbrance except for that grant of a security interest in and to all undertakings, property and assets made by the Company in favor of ▇S▇▇▇▇ ▇▇▇▇▇▇▇, ▇M▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇J▇▇ ▇▇▇▇▇▇, ▇G▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇, ▇J▇▇ ▇▇▇▇▇▇, ▇M▇▇▇▇▇ ▇▇▇▇▇▇, ▇T▇▇ ▇▇▇▇▇ and ▇J▇▇▇ ▇▇▇▇▇ pursuant to that certain General Security Agreement dated May 11, 2005, and except for that grant of a security interest in and to all undertakings, property and assets made by Telizon Inc., a subsidiary of the Company, in favor of ▇J▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ In Trust, ▇T▇▇ ▇▇▇▇▇ In Trust, ▇S▇▇▇▇ ▇▇▇▇▇▇▇ In Trust, ▇P▇▇▇ ▇▇▇▇▇▇▇ In Trust, ▇J▇▇▇▇▇▇ ▇▇▇▇▇ In Trust, ▇T▇▇ ▇▇▇▇▇ In Trust, ▇A▇▇▇ ▇. ▇▇▇▇▇▇ In Trust and ▇A▇▇▇▇▇ ▇▇▇▇▇▇▇ In Trust (collectively the "Vendors")and Vendors") and a pledge to the Vendors of all of the shares of Telizon Inc. purchased by Teleplus Connect Corp., a subsidiary of the Company, from the Vendors pursuant to the General Security Agreement and Share Pledge Agreement among Teleplus Connect, Corp., Telizon Inc. and the Vendors, effective June 30, 2005.

Ownership of Pledged Property. The Company warrants and represents that it is the legal and beneficial owner of the Pledged Property free and clear of any lien, security interest, option or other charge or encumbrance except for that grant of a security interest in and to all undertakings, property and assets made by Teleplus Connect Corp., a subsidiary of the Company Company, in favor of ▇▇▇▇▇ ▇▇▇▇▇▇▇Steve Kerekes, ▇▇▇▇▇▇▇ Melanie ▇▇▇▇▇▇▇, ▇▇▇ ▇O▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇br▇▇▇▇▇▇▇▇, ▇▇Ji▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇ed▇▇▇, ▇▇▇ ▇av▇▇ ▇▇▇ ▇▇▇▇ and ▇av▇▇ ▇▇▇▇▇▇nt to ▇▇▇▇ ▇▇▇▇▇ pursuant to that certain ain General Security Agreement dated May 11, 2005, and except for that grant of a security interest in and to all undertakings, property and assets made by Telizon Inc., a subsidiary of the Company, in favor of James R. Fairhead In T▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ In Trust, ▇▇▇ ▇▇▇▇▇ In ▇n Trust, ▇▇St▇▇▇ ▇▇▇▇▇▇▇ es In Trust, ▇▇▇▇ ▇▇▇▇▇▇▇ n In Trust, ▇▇▇▇▇▇▇ ▇▇▇▇▇ on In Trust, ▇▇▇ ▇▇▇▇▇ In ▇n Trust, ▇▇Al▇▇ ▇. ▇▇▇▇▇ser In Trus▇ In Trust and ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇cAuley In Trus▇ In Trust (collectively ▇▇▇▇▇▇▇▇▇▇▇y the "Vendors")and Vendors") and a pledge to the Vendors of all of the shares of Telizon Inc. purchased by Teleplus Connect Corp., a subsidiary of the Company, from the Vendors pursuant to the General Security Agreement and Share Pledge Agreement among Teleplus Connect, Corp., Telizon Inc. and the Vendors, effective June 30, 2005.