Common use of Secured Indebtedness and Liabilities Clause in Contracts

Secured Indebtedness and Liabilities. This Agreement secures: 1. That certain line of credit promissory note dated March 17, 2010, in the principal amount of $1,000,000.00, maturing on March 17, 2011, executed and delivered by Debtor to Secured Party (hereinafter referred to as the “Note”); 2. Those certain guaranties from ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ and J. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ (hereinafter referred to as the “Guarantors”), in favor of Secured Party securing the Note (hereinafter referred to, collectively, as the “Guaranty”); 3. All sums payable on or by reason of the promissory notes and/or guaranties identified above and any other instrument securing payment of said promissory notes and the performance and observance of all of the provisions hereof or any instrument securing payment of said promissory note; 4. All other present and future, direct and indirect obligations and liabilities of Secured Party to Secured Party or any of its affiliates up to a maximum aggregate indebtedness of $1,000,000.00; and 5. Any extensions, renewals, modifications and replacements of the foregoing, without limit as to number or frequency (hereinafter referred to as the “Indebtedness”). The Indebtedness is further secured, inter alia, by (i) a certain Lockbox and Account Control Agreement dated as of even date herewith (hereinafter referred to as the “Control Agreement”) covering the Lockbox Account, executed by and between Debtor, Secured Party, and Fifth Third; (ii) the Guaranty; and (iii) certain other security instruments which may be executed in connection with, or as security for, the Indebtedness (all of the above-described being hereinafter referred to as the “Credit Facilities”). In addition to the above-described Indebtedness, this Agreement shall further secure (i) the performance of all of the covenants of Debtor and the payment of all sums payable by Debtor, under the terms of this Agreement, the Indebtedness, and/or the Credit Facilities; (ii) the repayment of all sums advanced by Secured Party to protect its interest in the Collateral or to perform any covenants of Debtor hereunder which Debtor shall have failed to perform and interest at the Default Rate on such sums advanced by Secured Party; (iii) any and all now existing and future obligations of Debtor to Secured Party, however created, evidenced or acquired, whether direct or indirect, absolute or contingent, matured or unmatured, primary or secondary, or with joint, several, or joint and several liability, including future obligations and advances to the same extent as if such future obligations and advances were made on the date of execution of this Agreement (it being understood that Secured Party is not under any obligation to make any future advances except as specifically set forth in the notes comprising the Indebtedness); (iv) any and all modifications, extensions, renewals, substitutions and replacements of any Indebtedness or obligation hereinabove described; and (v) costs of collection of all such sums, including, but not limited to, attorney fees and court costs. All of the foregoing are sometimes hereinafter called the “Liabilities”.

Secured Indebtedness and Liabilities. This Agreement secures: 1. That certain line of credit promissory note dated March 17January 21, 20102011, in the principal amount of $1,000,000.002,000,000.00, maturing on March 17January 21, 20112013, executed and delivered by Debtor Lightyear Network Solutions Inc., a Nevada corporation (hereinafter referred to as “Debtor”) to Secured Party (hereinafter referred to as the “Note”); 2. Those certain guaranties from Pledgor, ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇, and J. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ (hereinafter referred to as the “Guarantors”), in favor of Secured Party securing the Note (hereinafter referred to, collectively, as the “Guaranty”); 3. All sums payable on or by reason of the promissory notes Note and/or guaranties Guaranty identified above and any other instrument securing payment of said promissory notes the Note and the performance and observance of all of the provisions hereof or any instrument securing payment of said promissory note; 4. All other present and future, direct and indirect obligations and liabilities of Secured Party Debtor and/or Pledgor to Secured Party or any of its affiliates up to a maximum aggregate indebtedness of $1,000,000.002,000,000.00; and 5. Any extensions, renewals, modifications and replacements of the foregoing, without limit as to number or frequency (hereinafter referred to as the “Indebtedness”). The Indebtedness is further securedsecured by, inter alia, by (i) a certain Lockbox and Account Control Agreement dated as of even date herewith (hereinafter referred to as the “Control Agreement”) covering the Lockbox Account, executed by and between DebtorPledgor, Secured Party, and Fifth Third; (ii) the Guaranty; and (iii) certain other security instruments which may be executed in connection with, or as security for, the Indebtedness (all of the above-described being hereinafter referred to as the “Credit FacilitiesSecurity Documents”). In addition to the above-described Indebtedness, this Agreement shall further secure (i) the performance of all of the covenants of Debtor and/or Pledgor and the payment of all sums payable by DebtorDebtor and/or Pledgor, under the terms of this Agreement, the Indebtedness, and/or the Credit FacilitiesSecurity Documents; (ii) the repayment of all sums advanced by Secured Party to protect its interest in the Collateral or to perform any covenants of Debtor Pledgor hereunder which Debtor Pledgor shall have failed to perform and interest at the Default Rate on such sums advanced by Secured Party; (iii) any and all now existing and future obligations of Debtor and/or Pledgor to Secured Party, however created, evidenced or acquired, whether direct or indirect, absolute or contingent, matured or unmatured, primary or secondary, or with joint, several, or joint and several liability, including future obligations and advances under the Note to the same extent as if such future obligations and advances were made on the date of execution of this Agreement (it being understood that Secured Party is not under any obligation to make any future advances except as specifically set forth in the notes comprising the Indebtedness); (iv) any and all modifications, extensions, renewals, substitutions and replacements of any Indebtedness or obligation hereinabove described; and (v) costs of collection of all such sums, including, but not limited to, attorney fees and court costs. All of the foregoing are sometimes hereinafter called the “Liabilities”.