Document:

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EXHIBIT 10.9

                    INTELLECTUAL PROPERTY SECURITY AGREEMENT

         THIS INTELLECTUAL PROPERTY SECURITY AGREEMENT (this "SECURITY
AGREEMENT") dated as of December 9, 2004, is made by EASYLINK SERVICES
CORPORATION, a Delaware corporation ("ASSIGNOR"), in favor of WELLS FARGO
FOOTHILL, INC., a California corporation (together with its successors and
assigns, "ASSIGNEE").

                              W I T N E S S E T H:

         WHEREAS, Assignor and certain of its Subsidiaries (each a "BORROWER"
and collectively, the "BORROWERS") and Assignee are parties to that certain
Credit Agreement of even date herewith (as the same may be amended, supplemented
or modified from time to time, the "CREDIT AGREEMENT"), which provides for
Assignee to make certain loans to Borrowers.

         NOW, THEREFORE, in consideration of the premises set forth herein and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Assignor (intending to be legally bound hereby) agrees
as follows:

                  1. Incorporation of Credit Agreement. The Credit Agreement and
         the terms and provisions thereof are hereby incorporated herein in
         their entirety by this reference thereto. All terms capitalized but not
         otherwise defined herein shall have the same meanings herein as in the
         Credit Agreement.

                  2. Security Interest in Intellectual Property. To secure the
         complete satisfaction and payment when due or declared due of all
         Obligations (as defined in the Credit Agreement), Assignor hereby
         grants to Assignee, for the benefit of the Assignee and the Bank
         Product Providers, a first priority perfected security interest and
         lien having priority over all other security interests and liens, with
         power of sale, upon the occurrence of an Event of Default (as defined
         in the Credit Agreement), all of Assignor's right, title and interest
         in and to all of the following now owned and existing and hereafter
         arising, created or acquired property (collectively, the "INTELLECTUAL
         PROPERTY"):

         (i) patents and patent applications, including, without limitation, the
inventions and improvements described and claimed therein, and those patents
listed on Exhibit A attached hereto and hereby made a part hereof, and (a) all
reissues, divisions, continuations, renewals, extensions and
continuations-in-part thereof, (b) all income, royalties, damages, proceeds and
payments now and hereafter due or payable under or with respect thereto,
including, without limitation, damages and payments for past or future
infringements thereof, (c) the right to sue for past, present and future
infringements thereof, and (d) all rights corresponding thereto throughout the
world (all of the foregoing patents and applications, together with the items
described in clauses (a)-(d) of this subsection 2(i), are sometimes hereinafter
referred to individually as a "PATENT" and, collectively, as the "PATENTS");

         (ii) trademarks, trademark registrations, trademark applications, trade
names and tradestyles, brand names, service marks, service mark registrations
and service mark applications, including, without limitation, the trademarks,
trade names, brand names, service marks and applications and registrations
thereof listed on Exhibit B attached hereto and hereby made a part hereof, and
(a) all renewals or extensions thereof, (b) all income, royalties, proceeds,
damages and payments now and hereafter due or payable with respect thereto,
including, without limitation, damages and payments for past or future
infringements thereof, (c) the right to sue for past, present and future
infringements thereof, and (d) all rights corresponding thereto throughout the
world (all of the foregoing trademarks, trade names and tradestyles, brand
names, service marks and applications and registrations thereof, together with
the items described in clauses (a)-(d) of this subsection 2(ii), are sometimes
hereinafter referred to individually as a "TRADEMARK" and, collectively, as the
"TRADEMARKS");

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         (iii) rights under or interests in any patent, trademark, or copyright
license agreements with any other Person (to the extent such license agreements
may be assigned without violating the terms of any such license agreement;
provided that each such license agreement shall be deemed automatically assigned
to Assignee as security and Assignor shall execute any and all documents that
Assignee may from time to time request relating thereto at such time as any such
restriction shall no longer be applicable) with respect to any of the
Intellectual Property or any other patent, trademark, service mark or any
application or registration thereof or any other trade name or tradestyle
between Assignor and any other Person, whether Assignor is a licensor or
licensee under any such license agreement, including, without limitation, the
licenses listed on Exhibit C attached hereto and hereby made a part hereof (all
of the foregoing license agreements and Assignor's rights thereunder are
referred to collectively as the "LICENSES");

         (iv) the goodwill of Assignor's business connected with and symbolized
by the Trademarks;

         (v) copyrights, copyright registrations and copyright applications,
used in the United States and elsewhere, including, without limitation, the
copyright registrations and copyright applications listed on Exhibit D attached
hereto and made a part hereof, and (a) renewals or extensions thereof, (b) all
income, royalties, proceeds, damages and payments now and hereafter due and/or
payable with respect thereto, including, without limitation, damages and
payments for past or future infringements thereof, (c) the right to sue for
past, present and future infringements thereof, and (d) all rights corresponding
thereto throughout the world (all of the foregoing copyrights, copyright
registrations and copyright applications, together with the items described in
clauses (a)-(d), are sometimes hereinafter individually and/or collectively
referred to as the "COPYRIGHTS"); and

         (vi) all trade secrets, formulas, processes, devices, know-how, or
compilations of information (including technical information and non-technical
information such as customer lists and marketing plans), collectively referred
to as trade secrets, which are not available to others and which are maintained
as confidential by Assignor, and the right to prevent misappropriation and
unauthorized disclosures thereof and all rights corresponding thereto throughout
the world (all of the foregoing trade secrets and associated rights are
sometimes hereinafter individually and/or collectively referred to as the "TRADE
SECRETS").

                  3. Representations and Warranties. Assignor hereby represents
         and warrants to Assignee for the benefit of the Assignee and the Bank
         Product Providers, which representations and warranties shall survive
         the execution and delivery of this Security Agreement, that:

                                       -2-
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         (i) None of the Intellectual Property material to the Assignor's
business has been adjudged invalid or unenforceable nor has any such
Intellectual Property been cancelled, in whole or in part, and each such
Intellectual Property is presently subsisting;

         (ii) None of the Intellectual Property material to the Assignor's
business infringes upon the rights or property of any other Person or is
currently being challenged in any way, and there are no pending or, to the
knowledge of the Assignor, threatened claims, litigation, proceedings or other
investigations regarding any of the Intellectual Property;

         (iii) Each of the Intellectual Property material to the Assignor's
business is valid and enforceable, and the Assignor has adopted adequate
precautions to protect its Trade Secrets from unauthorized or accidental
disclosure;

         (iv) Assignor is the sole and exclusive owner of the entire and
unencumbered right, title and interest in and to the Intellectual Property
material to the Assignor's business, free and clear of any liens, security
interests, mortgages, charges and encumbrances, including, without limitation,
licenses, consent-to-use agreements, shop rights and covenants by Assignor not
to sue third Persons;

         (v) Assignor has adopted, used and is currently using all of the
Trademarks, and Assignor's use thereof does not infringe the intellectual
property rights of any person or entity;

         (vi) Assignor has no notice or knowledge of any suits or actions
commenced or threatened with reference to or in connection with any of the
Intellectual Property material to the Assignor's business;

         (vii) Assignor has the unqualified right to execute and deliver this
Security Agreement and perform its terms, this Security Agreement has been
executed and delivered by a duly authorized officer of Assignor, and this
Security Agreement is a legally enforceable obligation of Assignor;

         (viii) No trademark opposition or cancellation proceedings have ever
been filed with the United States Patent and Trademark Office against any of the
Trademarks; and

         (ix) The Licenses, complete copies of which have been provided to
Assignor, are valid and binding agreements, enforceable in accordance with their
terms (subject, as to the enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency and similar laws from time to time in effect). Each
of the Licenses is in full force and effect and has not been amended or
abrogated and there is no default under any of the Licenses.

                  4. Restrictions on Future Agreements. Assignor agrees that
         until all Obligations shall have been satisfied and paid in full and
         the Credit Agreement shall have been terminated, Assignor shall not,
         without the prior written consent of Assignee, sell, transfer,
         mortgage, convey, dispose, encumber or assign any or all of, or grant
         any license or sublicense under (other than non-exclusive licenses in
         the ordinary course of business), the Intellectual Property, or enter
         into any other agreement with respect to the Intellectual Property, and
         Assignor further agrees that it shall not take any action or permit any
         action to be taken by others subject to its control, including, without
         limitation, licensees or sublicensees, or fail to take any action,
         which would adversely affect the validity or enforcement of the rights
         provided or transferred to Assignee under this Security Agreement.

                                       -3-
<PAGE>

                  5. New Intellectual Property. Assignor hereby represents and
         warrants to Assignee for the benefit of the Assignee and the Bank
         Product Providers that the Intellectual Property listed on Exhibits A,
         B, C, and D, respectively, constitute all of the Intellectual Property
         material to the Assignor's business and now owned by Assignor. If,
         before all Obligations shall have been satisfied in full or before the
         Credit Agreement has been terminated, Assignor shall (i) become aware
         of any existing Intellectual Property material to the Assignor's
         business of which Assignor has not previously informed Assignee, (ii)
         obtain rights to any new patentable inventions or other Intellectual
         Property material to the Assignor's business, or (iii) become entitled
         to the benefit of any Intellectual Property material to the Assignor's
         business which benefit is not in existence on the date hereof, the
         provisions of this Security Agreement above shall automatically apply
         thereto and Assignor shall give to Assignee prompt written notice
         thereof. Assignor hereby authorizes Assignee to modify this Security
         Agreement by amending Exhibits A, B, C, and D, as applicable, to
         include any such Intellectual Property, and to file or refile this
         Security Agreement with the U.S Patent and Trademark Office and U.S.
         Copyright Office. Assignor agrees to execute and deliver any and all
         documents and instruments necessary or advisable to record or preserve
         Assignee's interest in all Intellectual Property added to Exhibits A,
         B, C, and D pursuant to this Section.

                  6. Royalties; Terms; Rights Upon Default. The term of this
         Security Agreement shall extend until the earlier of (i) the expiration
         of all of the respective Intellectual Property collaterally assigned
         hereunder, and (ii) the indefeasible payment in full of all Obligations
         and the termination of the Credit Agreement. Assignor agrees that upon
         the occurrence and during the continuance of an Event of Default, the
         use by Assignee for the benefit of the Assignee and the Bank Product
         Providers of all Intellectual Property shall be worldwide and as
         extensive as the rights of Assignor to use such Intellectual Property,
         and without any liability for royalties or other related charges from
         Assignee or the Bank Product Providers to Assignor. Upon the occurrence
         and during the continuance of any Event of Default, Assignor hereby
         authorizes: (a) the Commissioner of Patents and Trademarks, United
         States Patent and Trademark Office (or as appropriate, such equivalent
         agency in foreign countries), to issue any and all Patents to Assignee
         for the benefit of the Assignee and the Bank Product Providers as
         assignee of Assignor's entire interest therein; (b) the Register of
         Copyrights, United States Copyright Office (or as appropriate, such
         equivalent agency in foreign countries), to issue any and all
         certificates of registration or renewal for all of the Copyrights to
         Assignee for the benefit of the Assignee and the Bank Product Providers
         as assignee of Assignor's entire interest therein; and (c) the
         Commissioner of Patents and Trademarks, United States Patent and
         Trademark Office (or as appropriate, such equivalent agency in foreign
         countries) to issue any and all certificates of registration or renewal
         for all of the Trademarks to Assignee for the benefit of the Assignee
         and the Bank Product Providers as assignee of Assignor's entire
         interest therein and in the goodwill of Assignor's business connected
         therewith and symbolized thereby.

                                       -4-
<PAGE>

                  7. Assignee's Right to Inspect; Trademark Quality Control.
         Assignee shall have the right, at any time and from time to time with
         prior notice (unless an Event of Default has occurred and is
         continuing, in which case prior notice shall not be required) and,
         during normal business hours and prior to payment in full of all
         Obligations and termination of the Credit Agreement, to inspect
         Assignor's premises and to examine Assignor's books, records and
         operations, including, without limitation, Assignor's quality control
         processes. Assignor agrees (i) to maintain the quality of any and all
         products in connection with which the Trademarks are used, consistent
         with the quality of said products as of the date hereof and (ii) to
         provide Assignee, upon Assignee's reasonable request from time to time,
         with a certificate of an officer of Assignor certifying Assignor's
         compliance with the foregoing. Upon the occurrence and during the
         continuance of an Event of Default, Assignor agrees that Assignee, or a
         conservator appointed by Assignee, shall have the right to establish
         such additional product quality controls as Assignee, or said
         conservator, in its sole judgment, may deem necessary to assure
         maintenance of the quality of products sold by Assignor under the
         Trademarks. The foregoing notwithstanding, unless and until an Event of
         Default shall have occurred, Assignee agrees to hold confidential and
         not disclose or use any non-public information regarding any Patent,
         Trademark or License unless such disclosure is required by applicable
         law or court order. This obligation shall survive the termination of
         this Agreement, the release of the security interest herein and such
         reassignment of the Intellectual Property, as applicable, unless such
         termination is due to an Event of Default.

                  8. Release of Security Agreement. Upon the payment and
         performance in full in cash of the Obligations, including the cash
         collateralization, expiration or cancellation of all Obligations, if
         any, consisting of letters of credit, and the full and final
         termination of any commitment to extend any financial accommodations
         under the Credit Agreement, this Security Agreement shall terminate,
         and Assignee shall execute and deliver such documents and instruments
         and take such further action reasonably requested by Assignor, at
         Assignor's expense, as shall be necessary to evidence termination of
         the security interest granted by Assignor to Assignee for the benefit
         of the Assignee and the Bank Product Providers hereunder.

                  9. Intentionally Omitted.

                  10. Duties of Assignor. Assignor shall have the duty to the
         extent commercially reasonable and in Assignor's good faith business
         judgment: (i) to file and prosecute diligently any patent, trademark or
         service mark applications pending as of the date hereof or hereafter
         until all Obligations shall have been paid in full and the Credit
         Agreement has been terminated, (ii) to make application on unpatented
         but patentable inventions and on trademarks and service marks, (iii) to
         preserve and maintain all rights in the Intellectual Property
         (including, but not limited to, with respect to Trademarks, the filing
         of affidavits of use and, incontestability, where applicable, under
         ss.ss.8 and 15 of the Lanham Act (15 U.S.C. ss. 1058, 1065) and
         renewals and, to the extent commercially reasonable, initiating
         opposition or cancellation proceedings or litigation against users of
         the same or confusingly similar marks who seriously threaten the
         validity or rights of Assignor in its Trademarks), and (iv) to ensure
         that the Intellectual Property is and remains enforceable. Any and all
         costs and expenses incurred in connection with Assignor's obligations
         under this Section 10 shall be borne by Assignor. Assignor shall not
         knowingly or unreasonably abandon any right to file a patent, trademark
         or service mark application, or abandon any pending patent application,
         or any other Intellectual Property, without the prior written consent
         of Assignee.

                                       -5-
<PAGE>

                  11. Assignee's Right to Sue. After an Event of Default,
         Assignee for the benefit of the Assignee and the Bank Product Providers
         shall have the right, but shall in no way be obligated, to bring suit
         in its own name to enforce the Intellectual Property, and, if Assignee
         shall commence any such suit, Assignor shall, at the request of
         Assignee, do any and all lawful acts and execute any and all proper
         documents and instruments reasonably required by Assignee for the
         benefit of the Assignee and the Bank Product Providers in aid of such
         enforcement and Assignor shall promptly, upon demand, reimburse and
         indemnify Assignee for all costs and expenses (including, without
         limitation, reasonable attorneys' fees) incurred by Assignee (for the
         benefit of the Assignee and the Bank Product Providers) in the exercise
         of its rights under this Section 11.

                  12. Waivers. No course of dealing between Assignor and
         Assignee, nor any failure to exercise, nor any delay in exercising, on
         the part of Assignee, any right, power or privilege hereunder or under
         the Credit Agreement shall operate as a waiver thereof; nor shall any
         single or partial exercise of any right, power or privilege hereunder
         or thereunder preclude any other or further exercise thereof or the
         exercise of any other right, power or privilege.

                  13. Severability. The provisions of this Security Agreement
         are severable, and if any clause or provision shall be held invalid and
         unenforceable in whole or in part in any jurisdiction, then such
         invalidity or unenforceability shall affect only such clause or
         provision, or part thereof, in such jurisdiction, and shall not in any
         manner affect such clause or provision in any other jurisdiction, or
         any other clause or provision of this Security Agreement in any
         jurisdiction.

                  14. Modification. This Security Agreement cannot be altered,
         amended or modified in any way, except as specifically provided in
         Section 5 hereof or by a writing signed by the Assignor and the
         Assignee.

                  15. Cumulative Remedies; Power of Attorney; Effect on Credit
         Agreement. All of Assignee's rights and remedies with respect to the
         Intellectual Property (for the benefit of the Assignee and the Bank
         Product Providers), whether established hereby or by the Credit
         Agreement, or by any other agreements or by law shall be cumulative and
         may be exercised singularly or concurrently. Assignor hereby authorizes
         Assignee for the benefit of the Assignee and the Bank Product Providers
         upon the occurrence of an Event of Default, to make, constitute and
         appoint any officer or agent of Assignee as Assignee may select, in its
         sole discretion, as Assignor's true and lawful attorney-in-fact, with
         power to, for the benefit of the Assignee and the Bank Product
         Providers, (i) endorse Assignor's name on all applications, documents,
         papers and instruments necessary or desirable for Assignee in the use
         of the Intellectual Property, or (ii) take any other actions with
         respect to the Intellectual Property as Assignee deems to be in the
         best interest of Assignee, or (iii) grant or issue any exclusive or
         non-exclusive license under the Intellectual Property to any person or
         entity, or (iv) assign, pledge, sell, convey or otherwise transfer
         title in or dispose of any of the Intellectual Property to any person
         or entity. Assignor hereby ratifies all that such attorney shall
         lawfully do or cause to be done by virtue hereof. This power of
         attorney being coupled with an interest shall be irrevocable until all
         Obligations shall have been paid in full and the Credit Agreement has
         been terminated. Assignor acknowledges and agrees that this Security
         Agreement is not intended to limit or restrict in any way the rights
         and remedies of Assignee under the Credit Agreement but rather is
         intended to facilitate the exercise of such rights and remedies.
         Assignee shall have, in addition to all other rights and remedies given
         it by the terms of this Security Agreement and the Credit Agreement,
         all rights and remedies allowed by law, in equity, and the rights and
         remedies of a secured party under the Uniform Commercial Code as
         enacted in New York.

                                       -6-
<PAGE>

                  16. Indemnification. Assignor hereby agrees to and shall
         defend, indemnify, save, and hold Assignee and the Bank Product
         Providers and each of their respective officers, directors, employees,
         affiliates, and agents harmless from and against: (a) all obligations,
         demands, claims, and liabilities claimed or asserted by any person or
         entity arising out of or relating to this Security Agreement or the
         transactions contemplated hereby, and (b) all costs, expenses, charges,
         penalties, damages, and losses (including, without limitation,
         reasonable attorneys' fees and out-of-pocket costs and expenses) in any
         way suffered, incurred, or paid by Assignee (on behalf of the Assignee
         and/or the Bank Product Providers) as a result of or in any way arising
         out of, following, or consequential to this Security Agreement or the
         transactions contemplated hereby, except for any demands, claims,
         liabilities and losses suffered or incurred by Assignee or any Bank
         Product Provider because of its willful misconduct or gross negligence.
         The indemnification obligations of Assignor provided hereby shall
         survive the termination of this Security Agreement and the Credit
         Agreement.

                  17. Binding Effect; Benefits. This Security Agreement shall be
         binding upon Assignor and its respective successors and assigns, and
         shall inure to the benefit of Assignee, its successors, nominees and
         assigns; provided, however, Assignor shall not assign this Security
         Agreement or any of Assignor's obligations hereunder without the prior
         written consent of Assignee.

                  18. Governing Law. This Security Agreement shall be governed
         by, enforced and construed in accordance with the internal laws of the
         State of New York, without regard to choice of law or conflict of law
         principles.

                  19. Headings; Counterparts. Paragraph headings used herein are
         for convenience only and shall not modify the provisions which they
         precede. This Security Agreement may be signed in one or more
         counterparts, but all of such counterparts shall constitute and be
         deemed to be one and the same instrument. Any fax signature shall be
         deemed to be as legally enforceable and effective as a signed original.

                  20. Further Assurances. Assignor agrees to execute and deliver
         such further agreements, instruments and documents, and to perform such
         further acts, as Assignee shall reasonably request from time to time in
         order to carry out the purpose of this Security Agreement and
         agreements set forth herein. Assignor acknowledges that a copy of this
         Security Agreement will be filed by the Assignee with the United States
         Patent and Trademark Office and, if applicable, the United States
         Copyright Office, at the sole cost and expense of Assignor.

                  21. Intentionally Omitted.

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<PAGE>

                  22. Foreign Patents, Copyrights and Trademarks. Upon the
         request of Assignee at any time or from time to time, and at the sole
         cost and expense (including, without limitation, reasonable attorneys'
         fees) of Assignor, Assignor shall take all actions and execute and
         deliver any and all instruments, agreements, assignments, certificates
         and/or documents, reasonably required by Assignee to collaterally
         assign any and all of Assignor's foreign patent, copyright and
         trademark registrations and applications now owned or hereafter
         acquired to and in favor of Assignee. Upon the execution and delivery
         of any such collateral assignments or documents, the terms "Patents",
         "Copyrights", and "Trademarks" as used herein shall automatically be
         deemed amended to include such foreign patent, copyright and trademark
         registrations and applications without any action required by any
         person or entity.

                  23. VENUE: JURY TRIAL WAIVER. (a) THE PARTIES AGREE THAT ALL
         ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS SECURITY
         AGREEMENT SHALL BE TRIED AND LITIGATED ONLY IN A COURT OF COMPETENT
         JURISDICTION LOCATED IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, OR,
         AT THE SOLE OPTION OF ASSIGNEE, IN ANY OTHER COURT IN WHICH ASSIGNEE
         SHALL INITIATE LEGAL OR EQUITABLE PROCEEDINGS AND WHICH HAS SUBJECT
         MATTER JURISDICTION OVER THE MATTER IN CONTROVERSY.

         (b) TO THE FULLEST EXTENT PERMITTED BY LAW, AND AS SEPARATELY BARGAINED
FOR CONSIDERATION TO ASSIGNEE, ASSIGNOR HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY
(WHICH ASSIGNEE ALSO WAIVES) IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM OF
ANY KIND ARISING OUT OF OR OTHERWISE RELATING TO THIS SECURITY AGREEMENT.
ASSIGNOR HEREBY EXPRESSLY ACKNOWLEDGES THE INCLUSION OF THIS JURY TRIAL WAIVER
AND ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY TO CONSULT WITH INDEPENDENT
LEGAL COUNSEL REGARDING ITS MEANING.

                            [Signature Page Follows]

                                       -8-
<PAGE>

         IN WITNESS WHEREOF, Assignor has duly executed this Intellectual
Property Security Agreement in favor of Assignee, as of the date first written
above.

                                       EASYLINK SERVICES CORPORATION

ATTEST:                                By: s/Thomas F. Murawski
------                                     -------------------------------------
                                       Name: Thomas F. Murawski
By: s/David Ambrosia                   Its:  President & Chief Executive Officer
--------------------
Name: David Ambrosia
Its:  Secretary

Agreed and Accepted as of this
9th, day of December, 2004

WELLS FARGO FOOTHILL, INC.

By:   s/Brent Shay
      --------------
Name: Brent Shay
Its:  Vice President<PAGE>

EXHIBIT 10.10

                    INTELLECTUAL PROPERTY SECURITY AGREEMENT

         THIS INTELLECTUAL PROPERTY SECURITY AGREEMENT (this "SECURITY
AGREEMENT") dated as of December 9, 2004, is made by EASYLINK SERVICES USA,
INC., a Delaware corporation ("ASSIGNOR"), in favor of WELLS FARGO FOOTHILL,
INC., a California corporation (together with its successors and assigns,
"ASSIGNEE").

                              W I T N E S S E T H:

         WHEREAS, Assignor and certain of its Affiliates (each a "BORROWER" and
collectively, the "BORROWERS") and Assignee are parties to that certain Credit
Agreement of even date herewith (as the same may be amended, supplemented or
modified from time to time, the "CREDIT AGREEMENT"), which provides for Assignee
to make certain loans to Borrowers.

         NOW, THEREFORE, in consideration of the premises set forth herein and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Assignor (intending to be legally bound hereby) agrees
as follows:

                  1. Incorporation of Credit Agreement. The Credit Agreement and
         the terms and provisions thereof are hereby incorporated herein in
         their entirety by this reference thereto. All terms capitalized but not
         otherwise defined herein shall have the same meanings herein as in the
         Credit Agreement.

                  2. Security Interest in Intellectual Property. To secure the
         complete satisfaction and payment when due or declared due of all
         Obligations (as defined in the Credit Agreement), Assignor hereby
         grants to Assignee, for the benefit of the Assignee and the Bank
         Product Providers, a first priority perfected security interest and
         lien having priority over all other security interests and liens, with
         power of sale, upon the occurrence of an Event of Default (as defined
         in the Credit Agreement), all of Assignor's right, title and interest
         in and to all of the following now owned and existing and hereafter
         arising, created or acquired property (collectively, the "INTELLECTUAL
         PROPERTY"):

         (i) patents and patent applications, including, without limitation, the
inventions and improvements described and claimed therein, and those patents
listed on Exhibit A attached hereto and hereby made a part hereof, and (a) all
reissues, divisions, continuations, renewals, extensions and
continuations-in-part thereof, (b) all income, royalties, damages, proceeds and
payments now and hereafter due or payable under or with respect thereto,
including, without limitation, damages and payments for past or future
infringements thereof, (c) the right to sue for past, present and future
infringements thereof, and (d) all rights corresponding thereto throughout the
world (all of the foregoing patents and applications, together with the items
described in clauses (a)-(d) of this subsection 2(i), are sometimes hereinafter
referred to individually as a "PATENT" and, collectively, as the "PATENTS");

         (ii) trademarks, trademark registrations, trademark applications, trade
names and tradestyles, brand names, service marks, service mark registrations
and service mark applications, including, without limitation, the trademarks,
trade names, brand names, service marks and applications and registrations
thereof listed on Exhibit B attached hereto and hereby made a part hereof, and
(a) all renewals or extensions thereof, (b) all income, royalties, proceeds,
damages and payments now and hereafter due or payable with respect thereto,
including, without limitation, damages and payments for past or future
infringements thereof, (c) the right to sue for past, present and future
infringements thereof, and (d) all rights corresponding thereto throughout the
world (all of the foregoing trademarks, trade names and tradestyles, brand
names, service marks and applications and registrations thereof, together with
the items described in clauses (a)-(d) of this subsection 2(ii), are sometimes
hereinafter referred to individually as a "TRADEMARK" and, collectively, as the
"TRADEMARKS");

<PAGE>

         (iii) rights under or interests in any patent, trademark, or copyright
license agreements with any other Person (to the extent such license agreements
may be assigned without violating the terms of any such license agreement;
provided that each such license agreement shall be deemed automatically assigned
to Assignee as security and Assignor shall execute any and all documents that
Assignee may from time to time request relating thereto at such time as any such
restriction shall no longer be applicable) with respect to any of the
Intellectual Property or any other patent, trademark, service mark or any
application or registration thereof or any other trade name or tradestyle
between Assignor and any other Person, whether Assignor is a licensor or
licensee under any such license agreement, including, without limitation, the
licenses listed on Exhibit C attached hereto and hereby made a part hereof (all
of the foregoing license agreements and Assignor's rights thereunder are
referred to collectively as the "LICENSES");

         (iv) the goodwill of Assignor's business connected with and symbolized
by the Trademarks;

         (v) copyrights, copyright registrations and copyright applications,
used in the United States and elsewhere, including, without limitation, the
copyright registrations and copyright applications listed on Exhibit D attached
hereto and made a part hereof, and (a) renewals or extensions thereof, (b) all
income, royalties, proceeds, damages and payments now and hereafter due and/or
payable with respect thereto, including, without limitation, damages and
payments for past or future infringements thereof, (c) the right to sue for
past, present and future infringements thereof, and (d) all rights corresponding
thereto throughout the world (all of the foregoing copyrights, copyright
registrations and copyright applications, together with the items described in
clauses (a)-(d), are sometimes hereinafter individually and/or collectively
referred to as the "COPYRIGHTS"); and

         (vi) all trade secrets, formulas, processes, devices, know-how, or
compilations of information (including technical information and non-technical
information such as customer lists and marketing plans), collectively referred
to as trade secrets, which are not available to others and which are maintained
as confidential by Assignor, and the right to prevent misappropriation and
unauthorized disclosures thereof and all rights corresponding thereto throughout
the world (all of the foregoing trade secrets and associated rights are
sometimes hereinafter individually and/or collectively referred to as the "TRADE
SECRETS").

                  3. Representations and Warranties. Assignor hereby represents
         and warrants to Assignee for the benefit of the Assignee and the Bank
         Product Providers, which representations and warranties shall survive
         the execution and delivery of this Security Agreement, that:

                                       -2-
<PAGE>

         (i) None of the Intellectual Property material to the Assignor's
business has been adjudged invalid or unenforceable nor has any such
Intellectual Property been cancelled, in whole or in part, and each such
Intellectual Property is presently subsisting;

         (ii) None of the Intellectual Property material to the Assignor's
business infringes upon the rights or property of any other Person or is
currently being challenged in any way, and there are no pending or, to the
knowledge of the Assignor, threatened claims, litigation, proceedings or other
investigations regarding any of the Intellectual Property;

         (iii) Each of the Intellectual Property material to the Assignor's
business is valid and enforceable, and the Assignor has adopted adequate
precautions to protect its Trade Secrets from unauthorized or accidental
disclosure;

         (iv) Assignor is the sole and exclusive owner of the entire and
unencumbered right, title and interest in and to the Intellectual Property
material to the Assignor's business, free and clear of any liens, security
interests, mortgages, charges and encumbrances, including, without limitation,
licenses, consent-to-use agreements, shop rights and covenants by Assignor not
to sue third Persons;

         (v) Assignor has adopted, used and is currently using all of the
Trademarks, and Assignor's use thereof does not infringe the intellectual
property rights of any person or entity;

         (vi) Assignor has no notice or knowledge of any suits or actions
commenced or threatened with reference to or in connection with any of the
Intellectual Property material to the Assignor's business;

         (vii) Assignor has the unqualified right to execute and deliver this
Security Agreement and perform its terms, this Security Agreement has been
executed and delivered by a duly authorized officer of Assignor, and this
Security Agreement is a legally enforceable obligation of Assignor;

         (viii) No trademark opposition or cancellation proceedings have ever
been filed with the United States Patent and Trademark Office against any of the
Trademarks; and

         (ix) The Licenses, complete copies of which have been provided to
Assignor, are valid and binding agreements, enforceable in accordance with their
terms (subject, as to the enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency and similar laws from time to time in effect). Each
of the Licenses is in full force and effect and has not been amended or
abrogated and there is no default under any of the Licenses.

                  4. Restrictions on Future Agreements. Assignor agrees that
         until all Obligations shall have been satisfied and paid in full and
         the Credit Agreement shall have been terminated, Assignor shall not,
         without the prior written consent of Assignee, sell, transfer,
         mortgage, convey, dispose, encumber or assign any or all of, or grant
         any license or sublicense under (other than non-exclusive licenses in
         the ordinary course of business), the Intellectual Property, or enter
         into any other agreement with respect to the Intellectual Property, and
         Assignor further agrees that it shall not take any action or permit any
         action to be taken by others subject to its control, including, without
         limitation, licensees or sublicensees, or fail to take any action,
         which would adversely affect the validity or enforcement of the rights
         provided or transferred to Assignee under this Security Agreement.

                                       -3-
<PAGE>

                  5. New Intellectual Property. Assignor hereby represents and
         warrants to Assignee for the benefit of the Assignee and the Bank
         Product Providers that the Intellectual Property listed on Exhibits A,
         B, C, and D, respectively, constitute all of the Intellectual Property
         material to the Assignor's business and now owned by Assignor. If,
         before all Obligations shall have been satisfied in full or before the
         Credit Agreement has been terminated, Assignor shall (i) become aware
         of any existing Intellectual Property material to the Assignor's
         business of which Assignor has not previously informed Assignee, (ii)
         obtain rights to any new patentable inventions or other Intellectual
         Property material to the Assignor's business, or (iii) become entitled
         to the benefit of any Intellectual Property material to the Assignor's
         business which benefit is not in existence on the date hereof, the
         provisions of this Security Agreement above shall automatically apply
         thereto and Assignor shall give to Assignee prompt written notice
         thereof. Assignor hereby authorizes Assignee to modify this Security
         Agreement by amending Exhibits A, B, C, and D, as applicable, to
         include any such Intellectual Property, and to file or refile this
         Security Agreement with the U.S Patent and Trademark Office and U.S.
         Copyright Office. Assignor agrees to execute and deliver any and all
         documents and instruments necessary or advisable to record or preserve
         Assignee's interest in all Intellectual Property added to Exhibits A,
         B, C, and D pursuant to this Section.

                  6. Royalties; Terms; Rights Upon Default. The term of this
         Security Agreement shall extend until the earlier of (i) the expiration
         of all of the respective Intellectual Property collaterally assigned
         hereunder, and (ii) the indefeasible payment in full of all Obligations
         and the termination of the Credit Agreement. Assignor agrees that upon
         the occurrence and during the continuance of an Event of Default, the
         use by Assignee for the benefit of the Assignee and the Bank Product
         Providers of all Intellectual Property shall be worldwide and as
         extensive as the rights of Assignor to use such Intellectual Property,
         and without any liability for royalties or other related charges from
         Assignee or the Bank Product Providers to Assignor. Upon the occurrence
         and during the continuance of any Event of Default, Assignor hereby
         authorizes: (a) the Commissioner of Patents and Trademarks, United
         States Patent and Trademark Office (or as appropriate, such equivalent
         agency in foreign countries), to issue any and all Patents to Assignee
         for the benefit of the Assignee and the Bank Product Providers as
         assignee of Assignor's entire interest therein; (b) the Register of
         Copyrights, United States Copyright Office (or as appropriate, such
         equivalent agency in foreign countries), to issue any and all
         certificates of registration or renewal for all of the Copyrights to
         Assignee for the benefit of the Assignee and the Bank Product Providers
         as assignee of Assignor's entire interest therein; and (c) the
         Commissioner of Patents and Trademarks, United States Patent and
         Trademark Office (or as appropriate, such equivalent agency in foreign
         countries) to issue any and all certificates of registration or renewal
         for all of the Trademarks to Assignee for the benefit of the Assignee
         and the Bank Product Providers as assignee of Assignor's entire
         interest therein and in the goodwill of Assignor's business connected
         therewith and symbolized thereby.

                                       -4-
<PAGE>

                  7. Assignee's Right to Inspect; Trademark Quality Control.
         Assignee shall have the right, at any time and from time to time with
         prior notice (unless an Event of Default has occurred and is
         continuing, in which case prior notice shall not be required) and,
         during normal business hours and prior to payment in full of all
         Obligations and termination of the Credit Agreement, to inspect
         Assignor's premises and to examine Assignor's books, records and
         operations, including, without limitation, Assignor's quality control
         processes. Assignor agrees (i) to maintain the quality of any and all
         products in connection with which the Trademarks are used, consistent
         with the quality of said products as of the date hereof and (ii) to
         provide Assignee, upon Assignee's reasonable request from time to time,
         with a certificate of an officer of Assignor certifying Assignor's
         compliance with the foregoing. Upon the occurrence and during the
         continuance of an Event of Default, Assignor agrees that Assignee, or a
         conservator appointed by Assignee, shall have the right to establish
         such additional product quality controls as Assignee, or said
         conservator, in its sole judgment, may deem necessary to assure
         maintenance of the quality of products sold by Assignor under the
         Trademarks. The foregoing notwithstanding, unless and until an Event of
         Default shall have occurred, Assignee agrees to hold confidential and
         not disclose or use any non-public information regarding any Patent,
         Trademark or License unless such disclosure is required by applicable
         law or court order. This obligation shall survive the termination of
         this Agreement, the release of the security interest herein and such
         reassignment of the Intellectual Property, as applicable, unless such
         termination is due to an Event of Default.

                  8. Release of Security Agreement. Upon the payment and
         performance in full in cash of the Obligations, including the cash
         collateralization, expiration or cancellation of all Obligations, if
         any, consisting of letters of credit, and the full and final
         termination of any commitment to extend any financial accommodations
         under the Credit Agreement, this Security Agreement shall terminate,
         and Assignee shall execute and deliver such documents and instruments
         and take such further action reasonably requested by Assignor, at
         Assignor's expense, as shall be necessary to evidence termination of
         the security interest granted by Assignor to Assignee for the benefit
         of the Assignee and the Bank Product Providers hereunder.

                  9. Intentionally Omitted.

                  10. Duties of Assignor. Assignor shall have the duty to the
         extent commercially reasonable and in Assignor's good faith business
         judgment: (i) to file and prosecute diligently any patent, trademark or
         service mark applications pending as of the date hereof or hereafter
         until all Obligations shall have been paid in full and the Credit
         Agreement has been terminated, (ii) to make application on unpatented
         but patentable inventions and on trademarks and service marks, (iii) to
         preserve and maintain all rights in the Intellectual Property
         (including, but not limited to, with respect to Trademarks, the filing
         of affidavits of use and, incontestability, where applicable, under
         ss.ss.8 and 15 of the Lanham Act (15 U.S.C. ss. 1058, 1065) and
         renewals and, to the extent commercially reasonable, initiating
         opposition or cancellation proceedings or litigation against users of
         the same or confusingly similar marks who seriously threaten the
         validity or rights of Assignor in its Trademarks), and (iv) to ensure
         that the Intellectual Property is and remains enforceable. Any and all
         costs and expenses incurred in connection with Assignor's obligations
         under this Section 10 shall be borne by Assignor. Assignor shall not
         knowingly or unreasonably abandon any right to file a patent, trademark
         or service mark application, or abandon any pending patent application,
         or any other Intellectual Property, without the prior written consent
         of Assignee.

                                       -5-
<PAGE>

                  11. Assignee's Right to Sue. After an Event of Default,
         Assignee for the benefit of the Assignee and the Bank Product Providers
         shall have the right, but shall in no way be obligated, to bring suit
         in its own name to enforce the Intellectual Property, and, if Assignee
         shall commence any such suit, Assignor shall, at the request of
         Assignee, do any and all lawful acts and execute any and all proper
         documents and instruments reasonably required by Assignee for the
         benefit of the Assignee and the Bank Product Providers in aid of such
         enforcement and Assignor shall promptly, upon demand, reimburse and
         indemnify Assignee for all costs and expenses (including, without
         limitation, reasonable attorneys' fees) incurred by Assignee (for the
         benefit of the Assignee and the Bank Product Providers) in the exercise
         of its rights under this Section 11.

                  12. Waivers. No course of dealing between Assignor and
         Assignee, nor any failure to exercise, nor any delay in exercising, on
         the part of Assignee, any right, power or privilege hereunder or under
         the Credit Agreement shall operate as a waiver thereof; nor shall any
         single or partial exercise of any right, power or privilege hereunder
         or thereunder preclude any other or further exercise thereof or the
         exercise of any other right, power or privilege.

                  13. Severability. The provisions of this Security Agreement
         are severable, and if any clause or provision shall be held invalid and
         unenforceable in whole or in part in any jurisdiction, then such
         invalidity or unenforceability shall affect only such clause or
         provision, or part thereof, in such jurisdiction, and shall not in any
         manner affect such clause or provision in any other jurisdiction, or
         any other clause or provision of this Security Agreement in any
         jurisdiction.

                  14. Modification. This Security Agreement cannot be altered,
         amended or modified in any way, except as specifically provided in
         Section 5 hereof or by a writing signed by the Assignor and the
         Assignee.

                  15. Cumulative Remedies; Power of Attorney; Effect on Credit
         Agreement. All of Assignee's rights and remedies with respect to the
         Intellectual Property (for the benefit of the Assignee and the Bank
         Product Providers), whether established hereby or by the Credit
         Agreement, or by any other agreements or by law shall be cumulative and
         may be exercised singularly or concurrently. Assignor hereby authorizes
         Assignee for the benefit of the Assignee and the Bank Product Providers
         upon the occurrence of an Event of Default, to make, constitute and
         appoint any officer or agent of Assignee as Assignee may select, in its
         sole discretion, as Assignor's true and lawful attorney-in-fact, with
         power to, for the benefit of the Assignee and the Bank Product
         Providers, (i) endorse Assignor's name on all applications, documents,
         papers and instruments necessary or desirable for Assignee in the use
         of the Intellectual Property, or (ii) take any other actions with
         respect to the Intellectual Property as Assignee deems to be in the
         best interest of Assignee, or (iii) grant or issue any exclusive or
         non-exclusive license under the Intellectual Property to any person or
         entity, or (iv) assign, pledge, sell, convey or otherwise transfer
         title in or dispose of any of the Intellectual Property to any person
         or entity. Assignor hereby ratifies all that such attorney shall
         lawfully do or cause to be done by virtue hereof. This power of
         attorney being coupled with an interest shall be irrevocable until all
         Obligations shall have been paid in full and the Credit Agreement has
         been terminated. Assignor acknowledges and agrees that this Security
         Agreement is not intended to limit or restrict in any way the rights
         and remedies of Assignee under the Credit Agreement but rather is
         intended to facilitate the exercise of such rights and remedies.
         Assignee shall have, in addition to all other rights and remedies given
         it by the terms of this Security Agreement and the Credit Agreement,
         all rights and remedies allowed by law, in equity, and the rights and
         remedies of a secured party under the Uniform Commercial Code as
         enacted in New York.

                                       -6-
<PAGE>

                  16. Indemnification. Assignor hereby agrees to and shall
         defend, indemnify, save, and hold Assignee and the Bank Product
         Providers and each of their respective officers, directors, employees,
         affiliates, and agents harmless from and against: (a) all obligations,
         demands, claims, and liabilities claimed or asserted by any person or
         entity arising out of or relating to this Security Agreement or the
         transactions contemplated hereby, and (b) all costs, expenses, charges,
         penalties, damages, and losses (including, without limitation,
         reasonable attorneys' fees and out-of-pocket costs and expenses) in any
         way suffered, incurred, or paid by Assignee (on behalf of the Assignee
         and/or the Bank Product Providers) as a result of or in any way arising
         out of, following, or consequential to this Security Agreement or the
         transactions contemplated hereby, except for any demands, claims,
         liabilities and losses suffered or incurred by Assignee or any Bank
         Product Provider because of its willful misconduct or gross negligence.
         The indemnification obligations of Assignor provided hereby shall
         survive the termination of this Security Agreement and the Credit
         Agreement.

                  17. Binding Effect; Benefits. This Security Agreement shall be
         binding upon Assignor and its respective successors and assigns, and
         shall inure to the benefit of Assignee, its successors, nominees and
         assigns; provided, however, Assignor shall not assign this Security
         Agreement or any of Assignor's obligations hereunder without the prior
         written consent of Assignee.

                  18. Governing Law. This Security Agreement shall be governed
         by, enforced and construed in accordance with the internal laws of the
         State of New York, without regard to choice of law or conflict of law
         principles.

                  19. Headings; Counterparts. Paragraph headings used herein are
         for convenience only and shall not modify the provisions which they
         precede. This Security Agreement may be signed in one or more
         counterparts, but all of such counterparts shall constitute and be
         deemed to be one and the same instrument. Any fax signature shall be
         deemed to be as legally enforceable and effective as a signed original.

                  20. Further Assurances. Assignor agrees to execute and deliver
         such further agreements, instruments and documents, and to perform such
         further acts, as Assignee shall reasonably request from time to time in
         order to carry out the purpose of this Security Agreement and
         agreements set forth herein. Assignor acknowledges that a copy of this
         Security Agreement will be filed by the Assignee with the United States
         Patent and Trademark Office and, if applicable, the United States
         Copyright Office, at the sole cost and expense of Assignor.

                  21. Intentionally Omitted.

                                       -7-
<PAGE>

                  22. Foreign Patents, Copyrights and Trademarks. Upon the
         request of Assignee at any time or from time to time, and at the sole
         cost and expense (including, without limitation, reasonable attorneys'
         fees) of Assignor, Assignor shall take all actions and execute and
         deliver any and all instruments, agreements, assignments, certificates
         and/or documents, reasonably required by Assignee to collaterally
         assign any and all of Assignor's foreign patent, copyright and
         trademark registrations and applications now owned or hereafter
         acquired to and in favor of Assignee. Upon the execution and delivery
         of any such collateral assignments or documents, the terms "Patents",
         "Copyrights", and "Trademarks" as used herein shall automatically be
         deemed amended to include such foreign patent, copyright and trademark
         registrations and applications without any action required by any
         person or entity.

                  23. VENUE: JURY TRIAL WAIVER. (a) THE PARTIES AGREE THAT ALL
         ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS SECURITY
         AGREEMENT SHALL BE TRIED AND LITIGATED ONLY IN A COURT OF COMPETENT
         JURISDICTION LOCATED IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, OR,
         AT THE SOLE OPTION OF ASSIGNEE, IN ANY OTHER COURT IN WHICH ASSIGNEE
         SHALL INITIATE LEGAL OR EQUITABLE PROCEEDINGS AND WHICH HAS SUBJECT
         MATTER JURISDICTION OVER THE MATTER IN CONTROVERSY.

         (b) TO THE FULLEST EXTENT PERMITTED BY LAW, AND AS SEPARATELY BARGAINED
FOR CONSIDERATION TO ASSIGNEE, ASSIGNOR HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY
(WHICH ASSIGNEE ALSO WAIVES) IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM OF
ANY KIND ARISING OUT OF OR OTHERWISE RELATING TO THIS SECURITY AGREEMENT.
ASSIGNOR HEREBY EXPRESSLY ACKNOWLEDGES THE INCLUSION OF THIS JURY TRIAL WAIVER
AND ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY TO CONSULT WITH INDEPENDENT
LEGAL COUNSEL REGARDING ITS MEANING.

                            [Signature Page Follows]

                                       -8-
<PAGE>

         IN WITNESS WHEREOF, Assignor has duly executed this Intellectual
Property Security Agreement in favor of Assignee, as of the date first written
above.

                                      EASYLINK SERVICES USA, INC.

ATTEST:                               By:   s/Thomas F. Murawski
------                                      --------------------
                                      Name: Thomas F. Murawski
By:   s/David Ambrosia                Its:  President & Chief Executive Officer
      ----------------
Name: David Ambrosia
Its:  Secretary

Agreed and Accepted as of this
9th day of December, 2004

WELLS FARGO FOOTHILL, INC.

By:   s/Brent Shay
      --------------
Name: Brent Shay
Its:  Vice President

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