Document:

EXHIBIT 4.9

                              SECURITY AGREEMENT

             This SECURITY  AGREEMENT,  dated  as  of  March  8,  2006  (this
 "Agreement"), is  entered  into  by and  among  RAPID  LINK  INCORPORATED  a
 Delaware corporation  (the "Debtor")  and the  CHARGER INVESTMENTS,  LLC,  a
 California limited liability corporation,  (the "Secured Party"), the Holder
 of that certain 10% Secured Convertible Debenture due March 8, 2007 (or such
 earlier contingent  date as  set forth  therein) in  the original  aggregate
 principal amount  of $400,000  (the "Debenture"),  issued by  Debtor to  the
 Secured Party in connection with that certain Securities Purchase  Agreement
 of even date herewith entered into by and between the Debtor and the Secured
 Party (the "Purchase Agreement").

                             W I T N E S S E T H:

             WHEREAS, pursuant to the Debenture, the Secured Party has agreed
 to extend certain loans  described above to the  Debtor as evidenced by  the
 Debenture; and

             WHEREAS, in  order to  induce the  Secured Party  to extend  the
 loans evidenced  by the  Debenture, the  Debtor has  agreed to  execute  and
 deliver to the Secured Party this Agreement and to grant the Secured Party a
 perfected first priority security interest in all property of the Debtor not
 pledged as security to  the Global Capital Companies  as of the date  hereof
 (the "Global Capital Collateral") to secure the prompt payment,  performance
 and discharge  in  full  of  all  of  the  Debtor's  obligations  under  the
 Debenture.

             NOW,  THEREFORE,  in  consideration  of  the  agreements  herein
 contained and for  other good and  valuable consideration,  the receipt  and
 sufficiency of which is hereby acknowledged, the parties hereto hereby agree
 as follows:

             1.      Certain  Definitions. As  used  in this  Agreement,  the
 following terms shall have the meanings set forth in this Section 1.   Terms
 used but not otherwise defined in this Agreement that are defined in Article
 9 of  the Uniform  Commercial Code  (the "UCC")  shall have  the  respective
 meanings given such terms in Article 9 of the UCC, and capitalized terms not
 otherwise defined herein shall have the  meaning given them in the  Purchase
 Agreement.

           (a)   "Collateral"  means, other than with  respect to the  Global
      Capital Collateral, as such terms are  defined in Section 9.102 of  the
      UCC: all "collateral," "accounts," "chattel paper" (including, but  not
      limited to  tangible and  electronic chattel  paper), "commercial  tort
      claims,"  "commodity   contracts,"   "commodity   accounts,"   "deposit
      accounts,"  "documents,"  "equipment,"  "farm  products,"   "fixtures,"
      "general intangibles" (including "payment intangibles" and "software"),
      "goods,"   "health   care   insurance   receivables,"    "instruments,"
      "inventory,"  "investment   property,"  "letter   of  credit   rights,"
      "mortgages," and "records"  of the Debtor,  whether presently owned  or
      existing or  hereafter  acquired  or coming  into  existence,  and  all
      additions and accessions thereto and all substitutions and replacements
      thereof, and all "proceeds" (cash or noncash) (as defined in Article  9
      of the UCC) thereof, including,  without limitation, all proceeds  from
      the sale or transfer  of the Collateral and  of insurance covering  the
      same.  Without in any way limiting the generality of the foregoing,  if
      not already  included  in  the Collateral  described  above,  the  term
      "Collateral" shall  also  include, as  defined  in plain  English:  All
      machinery, equipment,  computers,  computer programs,  motor  vehicles,
      trucks, tanks, boats, ships, appliances, furniture, special and general
      tools, fixtures, test and quality  control devices and other  equipment
      of every  kind  and  nature and  wherever  situated,  contract  rights,
      partnership   interests,   stock   or   other   securities,   licenses,
      distribution and other agreements, computer software (whether "off-the-
      shelf", licensed from any third party or developed by Debtor)  computer
      software  development  rights,  leases,  franchises,  customer   lists,
      quality control procedures,  grants and  rights, goodwill,  trademarks,
      service marks, trade styles, trade names, patents, patent applications,
      copyrights, deposit  and investment  accounts and  income tax  refunds,
      insurance proceeds, and rights to refunds or indemnification whatsoever
      owing,  together  with   all  instruments,  all   documents  of   title
      representing any of  the foregoing,  all rights  in any  merchandising,
      goods, equipment, motor vehicles and trucks  which any of the same  may
      represent, and all right, title,  security and guaranties with  respect
      to same, including any  right of stoppage  in transit, business  papers
      together with all  documents of  title and  documents representing  the
      same, all additions and accessions thereto, replacements therefor,  all
      parts therefor, and all  substitutes for any of  the foregoing and  all
      other items used and useful in connection with the Debtor's  businesses
      and all improvements thereto.

           (b)   "Obligations"  means all of  the Debtor's obligations  under
      the Transaction  Documents,  in each  case,  whether now  or  hereafter
      existing, voluntary  or involuntary,  direct or  indirect, absolute  or
      contingent, liquidated  or unliquidated,  whether or  not jointly  owed
      with others,  and  whether  or  not from  time  to  time  decreased  or
      extinguished and later increased, created or  incurred, and all or  any
      portion of such obligations or liabilities that are paid, to the extent
      all or any  part of such  payment is avoided  or recovered directly  or
      indirectly from the Secured Party as a preference, fraudulent  transfer
      or  otherwise  as  such  obligations  may  be  amended,   supplemented,
      converted, extended or modified from time to time.

             2.    Grant of Perfected First Priority Security Interest. As an
 inducement for the  Secured Party  to extend the  loan as  evidenced by  the
 Debenture and to  secure the complete  and timely  payment, performance  and
 discharge in full, as the case may be, of all of the Obligations, the Debtor
 hereby unconditionally and irrevocably  pledges, grants and hypothecates  to
 the Secured  Party  a  continuing  and  perfected  first  priority  security
 interest in and to, a lien upon and a right of set-off against all of  their
 respective right, title and  interest of whatsoever kind  and nature in  and
 to, the Collateral other than with respect to the Global Capital Collateral,
 and the collateral  previously granted  to Trident  Investment Group,  L.P.,
 (the "Security Interest").

             3.    Representations,  Warranties, Covenants and Agreements  of
 the Debtor. The Debtor represents and warrants to, and covenants and  agrees
 with, the Secured Party as follows:

           (a)   The Debtor has  the requisite corporate power and  authority
      to enter into this Agreement and otherwise to carry out its obligations
      hereunder. The execution,  delivery and  performance by  the Debtor  of
      this Agreement  and the  filings contemplated  therein have  been  duly
      authorized by all  necessary action on  the part of  the Debtor and  no
      further action is required by the Debtor.

           (b)   The Debtor represents  and warrants that they have no  place
      of business  or offices  where their  respective books  of account  and
      records are  kept  (other  than  temporarily  at  the  offices  of  its
      attorneys or  accountants)  or places  where  Collateral is  stored  or
      located, except as set forth on Schedule A attached hereto.

           (c)   The Debtor is the  sole owner of the Collateral (except  for
      non-exclusive licenses granted by the Debtor in the ordinary course  of
      business),  free   and  clear   of  any   liens,  security   interests,
      encumbrances, rights or claims, and are  fully authorized to grant  the
      Security Interest in  and to pledge  the Collateral.   There is not  on
      file in any governmental or  regulatory authority, agency or  recording
      office an effective financing statement, security agreement, license or
      transfer or any notice of any  of the foregoing (other than those  that
      will be filed in favor of the Secured Party pursuant to this Agreement)
      covering or affecting any of the Collateral.  So long as this Agreement
      shall be in effect,  Debtor shall not execute  and shall not  knowingly
      permit to be on file  in any such office  or agency any such  financing
      statement or other document or instrument  (except to the extent  filed
      or recorded in favor of the Secured Party pursuant to the terms of this
      Agreement).

           (d)   No  part  of  the Collateral  has  been  judged  invalid  or
      unenforceable. No written claim has  been received that any  Collateral
      or Debtor's use  of any  Collateral violates  the rights  of any  third
      party. There  has  been  no  adverse  decision  to  Debtor's  claim  of
      ownership rights in or  exclusive rights to use  the Collateral in  any
      jurisdiction or to Debtor's right to keep and maintain such  Collateral
      in full force and  effect, and there is  no Proceeding involving   said
      rights pending  or, to  the best  knowledge of  the Debtor,  threatened
      before any court, judicial  body, administrative or regulatory  agency,
      arbitrator or other governmental authority.

           (e)  The Debtor shall at  all times maintain its books of  account
      and records  relating  to the  Collateral  at its  principal  place  of
      business and its Collateral  at the locations set  forth on Schedule  A
      attached hereto and may not relocate such books of account and  records
      or tangible Collateral unless it delivers to the Secured Party at least
      30 days prior to such relocation (i) written notice of such  relocation
      and the new location thereof (which  must be within the United  States)
      and (ii) evidence that appropriate  financing statements under the  UCC
      and other necessary documents  have been filed  and recorded and  other
      steps have been  taken to perfect  the Security Interest  to create  in
      favor of the Secured Party a valid, perfected and continuing  perfected
      first priority lien in the Collateral.

           (f)   This Agreement creates in favor of the Secured Party a valid
      security  interest  in   the  Collateral  securing   the  payment   and
      performance of the Obligations and,  upon making the filings  described
      in the  immediately following  subsection, a  perfected first  priority
      security interest in such Collateral.

           (g)   The Debtor hereby authorizes the Secured Party to  file  one
      or more  financing  statements  under the  UCC,  with  respect  to  the
      Security Interest with the proper filing and recording agencies in  any
      jurisdiction deemed proper by them.

           (h)  The execution, delivery and performance of this Agreement  by
      the Debtor does not conflict with, or constitute a default (or an event
      that with  notice or  lapse of  time or  both would  become a  default)
      under,  or  give  to  others  any  rights  of  termination,  amendment,
      acceleration or cancellation (with or without notice, lapse of time  or
      both) of,  any agreement,  credit facility,  debt or  other  instrument
      (evidencing Debtor's debt or otherwise) or other understanding to which
      Debtor is a party or by  which any property or  asset of the Debtor  is
      bound or  affected. No  consent  (including, without  limitation,  from
      stockholders or creditors of the Debtor) is required for the Debtor  to
      enter into and perform its obligations hereunder.

           (i)  The Debtor shall at all times maintain the liens and Security
      Interest provided for hereunder as  valid and perfected first  priority
      liens and security interests in the Collateral in favor of the  Secured
      Party until this Agreement and the Security Interest hereunder shall be
      terminated pursuant to Section 11 hereof.  The Debtor hereby agrees  to
      defend the same against any and all persons. The Debtor shall safeguard
      and  protect  all Collateral for the account  of the Secured Party.  At
      the request of the Secured Party,  the Debtor will sign and deliver  to
      the Secured  Party  at any  time  or from  time  to time  one  or  more
      financing  statements   pursuant  to   the  UCC   in  form   reasonably
      satisfactory to the Secured Party and  will pay the cost of filing  the
      same in all  public offices  wherever filing is,  or is  deemed by  the
      Secured Party to be,  necessary or desirable to  effect the rights  and
      obligations provided for herein. Without limiting the generality of the
      foregoing, the  Debtor shall  pay all  fees,  taxes and  other  amounts
      necessary  to  maintain  the  Collateral  and  the  Security   Interest
      hereunder, and the Debtor shall obtain and furnish to the Secured Party
      from time to time, upon demand, such releases and/or subordinations  of
      claims and liens which may be required to maintain the priority of  the
      Security Interest hereunder.

           (j)  The Debtor will not transfer, pledge, hypothecate,  encumber,
      license (except for non-exclusive licenses granted  by a Debtor in  its
      ordinary  course  of  business  and  sales  of  "inventory"),  sell  or
      otherwise dispose of any of the  Collateral not in the ordinary  course
      of its business without the prior written consent of the Secured Party.

           (k)  The  Debtor  shall   keep  and  preserve   its   "equipment,"
      "inventory" and other tangible Collateral in good condition, repair and
      order and shall not operate or locate any such Collateral (or cause  to
      be operated or located) in any area excluded from insurance coverage.

           (l)  The Debtor shall, within ten (10) days of obtaining knowledge
      thereof, advise the  Secured Party promptly,  in sufficient detail,  of
      any substantial change in the Collateral, and of the occurrence of  any
      event which would have  a material adverse effect  on the value of  the
      Collateral or on the Secured Party's security interest therein.

           (m)   The  Debtor  shall  promptly  execute  and  deliver  to  the
      Secured Party  such  further deeds,  mortgages,  assignments,  security
      agreements,  financing  statements  or  other  instruments,  documents,
      certificates and assurances and take such further action as the Secured
      Party may from time to time request and may in its sole discretion deem
      necessary to perfect, protect or enforce  its security interest in  the
      Collateral including, without limitation, if applicable, the  execution
      and delivery  of a  separate security  agreement with  respect to  each
      Debtor's  intellectual   property  ("Intellectual   Property   Security
      Agreement") in  which the  Secured Party  has been  granted a  security
      interest hereunder, substantially in a  form acceptable to the  Secured
      Party, which Intellectual  Property Security Agreement,  other than  as
      stated therein, shall  be subject to  all of the  terms and  conditions
      hereof.

           (n)      The  Debtor  shall  permit  the  Secured  Party  and  its
      representatives and agents to inspect the  Collateral at any time,  and
      to make  copies of  records  pertaining to  the  Collateral as  may  be
      requested by the Secured Party from time to time.

           (o)   The Debtor  shall take  all  steps reasonably  necessary  to
      diligently pursue and seek to preserve, enforce and collect any rights,
      claims, causes  of action  and accounts  receivable in  respect of  the
      Collateral.

           (p)   The  Debtor  shall promptly  notify  the  Secured  Party  in
      sufficient detail upon becoming  aware of any attachment,  garnishment,
      execution or other legal process levied  against any Collateral and  of
      any other information received by the Debtor that may materially affect
      the value of the  Collateral, the Security Interest  or the rights  and
      remedies of the Secured Party hereunder.

           (q)  All information heretofore,  herein or hereafter supplied  to
      the Secured Party by  or on behalf  of the Debtor  with respect to  the
      Collateral is accurate and complete in all material respects as of  the
      date furnished.

           (r)    The Debtor shall  at all times  preserve and  keep in  full
      force and effect its valid existence  and good standing and any  rights
      and franchises material to its business.

           (s)   The Debtor will not change its name, corporate structure, or
      identity, or add any new fictitious name unless it provides at least 30
      days prior written notice to the  Secured Party of such change and,  at
      the time  of  such  written  notification,  such  Debtor  provides  any
      financing statements  or  fixture  filings  necessary  to  perfect  and
      continue perfected  the  perfected  first  priority  Security  Interest
      granted and evidenced by this Agreement.

           (t)  The Debtor may not consign any of its "inventory" or sell any
      of its "inventory" on bill and hold, sale or return, sale on  approval,
      or other conditional terms of sale  without the consent of the  Secured
      Party which shall not be unreasonably withheld.

           (u)  The Debtor may not  relocate its chief executive office to  a
      new location  without  providing  30 days  prior  written  notification
      thereof to  the Secured  Party and  so long  as, at  the time  of  such
      written notification, the Debtor  provides any financing statements  or
      fixture filings necessary to perfect and continue the Security Interest
      granted and evidenced by this Agreement.

             4.      Defaults.  The  following  events shall  be  "Events  of
 Default":

           (a)   The  occurrence of an  Event of Default  (as defined in  the
      Debenture) under the Debenture;

           (b)   Any representation or  warranty of Debtor in this  Agreement
      shall prove to have been incorrect in any material respect when made;

           (c)    The failure  by Debtor  to observe  or perform  any of  its
      obligations hereunder for  five (5) days  after delivery  to Debtor  of
      notice of such failure by or on behalf of a Secured Party; or

           (d)   If any provision of this Agreement shall at any time for any
      reason  be  declared  to  be  null   and  void,  or  the  validity   or
      enforceability thereof shall  be contested by  Debtor, or a  Proceeding
      shall be commenced by Debtor, or  by any governmental authority  having
      jurisdiction over  Debtor,  seeking  to  establish  the  invalidity  or
      unenforceability thereof,  or Debtor  shall deny  that Debtor  has  any
      liability or obligation purported to be created under this Agreement.

             5.    Duty To Hold In Trust. Upon the occurrence of any Event of
 Default and at any  time thereafter, the Debtor  shall, upon receipt of  any
 revenue, income  or other  sums subject  to the  Security Interest,  whether
 payable pursuant to  the Debenture  or otherwise,  or of  any check,  draft,
 note, trade acceptance or other instrument  evidencing an obligation to  pay
 any such  sum, hold  the same  in  trust for  the  Secured Party  and  shall
 forthwith endorse and transfer any such sums or instruments, or both, to the
 Secured Party for application to the satisfaction of the Obligations.

             6.    Rights and  Remedies Upon Default. Upon the occurrence  of
 any Event of  Default and at  any time thereafter,  the Secured Party  shall
 have the right to exercise all of the remedies conferred hereunder and under
 the Debenture, and the Secured Party shall have all the rights and  remedies
 of a secured  party under the  UCC.  Without  limitation, the Secured  Party
 shall have the following rights and powers:

           (a)   The Secured Party shall have the right to take possession of
      the  Collateral  and,  for  that  purpose,  enter,  with  the  aid  and
      assistance of any  person, any premises  where the  Collateral, or  any
      part thereof, is or may be placed  and remove the same, and the  Debtor
      shall assemble  the Collateral  and make  it available  to the  Secured
      Party at  places  which  the Secured  Party  shall  reasonably  select,
      whether at the Debtor's  premises or elsewhere,  and make available  to
      the Secured  Party,  without  rent,  all  of  the  Debtor's  respective
      premises and facilities  for the purpose  of the  Secured Party  taking
      possession of,  removing  or  putting the  Collateral  in  saleable  or
      disposable form.

           (b)    The  Secured Party  shall  have the  right to  operate  the
      business of the Debtor using the Collateral and shall have the right to
      assign, sell, lease or otherwise dispose of and deliver all or any part
      of the Collateral, at public or private sale or otherwise, either  with
      or without special conditions or stipulations, for cash or on credit or
      for future delivery,  in such  parcel or parcels  and at  such time  or
      times and at such place or  places, and upon such terms and  conditions
      as the  Secured Party  may deem  commercially reasonable,  all  without
      (except as  shall  be required  by  applicable statute  and  cannot  be
      waived) advertisement or demand upon or  notice to the Debtor or  right
      of redemption of  a Debtor, which  are hereby expressly  waived.   Upon
      each such sale, lease, assignment or other transfer of Collateral,  the
      Secured Party may, unless prohibited by applicable law which cannot  be
      waived, purchase all  or any part  of the Collateral  being sold,  free
      from and  discharged of  all trusts,  claims, right  of redemption  and
      equities of the Debtor, which are hereby waived and released.

             7.    Applications of  Proceeds. The proceeds of any such  sale,
 lease or  other disposition  of the  Collateral hereunder  shall be  applied
 first, to  the  expenses  of  retaking,  holding,  storing,  processing  and
 preparing for sale,  selling, and the  like (including, without  limitation,
 any taxes, fees  and other costs  incurred in connection  therewith) of  the
 Collateral, to the reasonable attorneys' fees  and expenses incurred by  the
 Secured Party  in enforcing  its rights  hereunder  and in  connection  with
 collecting,  storing  and   disposing  of  the   Collateral,  and  then   to
 satisfaction of  the Obligations  to the  Secured Party  based on  its  then
 outstanding principal amount  of the Debenture,  and to the  payment of  any
 other amounts  required by  applicable law,  after which  the Secured  Party
 shall pay to the applicable Debtor any surplus proceeds. If, upon the  sale,
 license or other  disposition of the  Collateral, the  proceeds thereof  are
 insufficient to  pay all  amounts  to which  the  Secured Party  is  legally
 entitled, the  Debtor  will be  liable  for the  deficiency,  together  with
 interest thereon,  at  the  rate of  18%  per  annum or  the  lesser  amount
 permitted by applicable law (the "Default Rate"), and the reasonable fees of
 any attorneys employed by the Secured Party to collect such deficiency.   To
 the extent  permitted  by applicable  law,  the Debtor  waives  all  claims,
 damages  and  demands  against  the  Secured   Party  arising  out  of   the
 repossession, removal, retention or  sale of the  Collateral, unless due  to
 the gross negligence or willful misconduct of the Secured Party.

             8.       Costs  and  Expenses. The  Debtor  agrees  to  pay  all
 reasonable out-of-pocket  fees, costs  and expenses  incurred in  connection
 with any  filing  required  hereunder,  including  without  limitation,  any
 financing statements pursuant to  the UCC, continuation statements,  partial
 releases and/or termination  statements related thereto  or any expenses  of
 any searches reasonably  required by the  Secured Party.   The Debtor  shall
 also pay all other claims and charges which in the reasonable opinion of the
 Secured Party might prejudice, imperil or otherwise affect the Collateral or
 the Security Interest therein. The Debtor will also, upon demand, pay to the
 Secured Party the amount of any  and all reasonable expenses, including  the
 reasonable fees and expenses of its  counsel and of any experts and  agents,
 which the Secured Party may incur in connection with (i) the enforcement  of
 this Agreement,  (ii)  the custody  or  preservation  of, or  the  sale  of,
 collection from, or other realization upon, any of the Collateral, or  (iii)
 the exercise or enforcement of any of the rights of the Secured Party  under
 the Debenture. Until so paid, any  fees payable hereunder shall be added  to
 the principal amount of the Debenture and shall bear interest at the Default
 Rate.

             9.      Responsibility for  Collateral. The  Debtor assumes  all
 liabilities and responsibility  in connection with  all Collateral, and  the
 Obligations shall in no way be affected or diminished by reason of the loss,
 destruction, damage or theft of any of the Collateral or its  unavailability
 for any reason.

             10.    Security  Interest Absolute.  All rights  of the  Secured
 Party and all  Obligations of the  Debtor hereunder, shall  be absolute  and
 unconditional, irrespective of: (a) any  lack of validity or  enforceability
 of this Agreement, the Debenture or any agreement entered into in connection
 with the foregoing, or any portion hereof or thereof; (b) any change in  the
 time, manner or place of payment or performance of, or in any other term of,
 all or any of the Obligations,  or any other amendment  or waiver of or  any
 consent to any departure from the  Debenture or any other agreement  entered
 into in  connection  with  the  foregoing;  (c)  any  exchange,  release  or
 nonperfection of  any of  the Collateral,  or any  release or  amendment  or
 waiver of or  consent to  departure from any  other collateral  for, or  any
 guaranty, or any other security, for all or any of the Obligations; (d)  any
 action by the Secured Party to obtain, adjust, settle and cancel in its sole
 discretion any insurance  claims or matters  made or  arising in  connection
 with the Collateral;  or (e) any  other circumstance  which might  otherwise
 constitute any  legal or  equitable  defense available  to  a Debtor,  or  a
 discharge of all or any part of the Security Interest granted hereby.  Until
 the Obligations shall have  been paid and performed  in full, the rights  of
 the  Secured  Party  shall continue  even  if the Obligations are barred for
 any reason, including,  without  limitation,  the  running  of  the  statute
 of limitations  or bankruptcy.  The  Debtor  expressly  waives  presentment,
 protest, notice  of protest,  demand, notice  of nonpayment  and demand  for
 performance. In the event that at any time any transfer of any Collateral or
 any payment received by the Secured Party hereunder shall be deemed by final
 order of  a  court  of  competent  jurisdiction  to  have  been  a  voidable
 preference or fraudulent conveyance under the bankruptcy or insolvency  laws
 of the United States, or shall  be deemed to be  otherwise due to any  party
 other than  the  Secured  Party,  then, in  any  such  event,  the  Debtor's
 obligations hereunder  shall survive  cancellation  of this  Agreement,  and
 shall not be  discharged or satisfied  by any prior  payment thereof  and/or
 cancellation of  this  Agreement,  but shall  remain  a  valid  and  binding
 obligation enforceable in accordance with  the terms and provisions  hereof.
 The Debtor waives all right to require the Secured Party to proceed  against
 any other person or to apply any Collateral which the Secured Party may hold
 at any time, or to marshal assets, or to pursue any other remedy. The Debtor
 waives any defense arising  by reason of the  application of the statute  of
 limitations to any obligation secured hereby.

             11.     Term  of Agreement.  This  Agreement  and  the  Security
 Interest shall  terminate  on the  date  on  which all  payments  under  the
 Debenture have  been made  in full  or  have been  satisfied and  all  other
 Obligations have been paid or discharged. Upon such termination, the Secured
 Party, at  the request  and at  the  expense of  the  Debtor, will  join  in
 executing any termination statement with respect to any financing  statement
 executed and filed pursuant to this Agreement.

             12.      Power of Attorney; Further Assurances.

            (a) The  Debtor authorizes  the Secured  Party, and  does  hereby
      make, constitute  and  appoint the  Secured  Party and  its  respective
      officers,  agents,   successors  or   assigns   with  full   power   of
      substitution, as the  Debtor's true and  lawful attorney-in-fact,  with
      power, in the name of  the Secured Party or  the Debtor, to, after  the
      occurrence and  during the  continuance of  an  Event of  Default,  (i)
      endorse any note, checks, drafts, money orders or other instruments  of
      payment (including payments payable under or  in respect of any  policy
      of  insurance)  in  respect  of  the  Collateral  that  may  come  into
      possession of the Secured Party; (ii) to sign and endorse any financing
      statement pursuant to the UCC or any invoice, freight or express  bill,
      bill of lading, storage or warehouse receipts, drafts against  debtors,
      assignments, verifications and notices in connection with accounts, and
      other documents relating to the Collateral;  (iii) to pay or  discharge
      taxes, liens,  security interests  or other  encumbrances at  any  time
      levied or  placed on  or threatened  against  the Collateral;  (iv)  to
      demand, collect, receipt for, compromise, settle and sue for monies due
      in respect of the Collateral; and  (v) generally, to do, at the  option
      of the Secured Party, and at the expense of the Debtor, at any time, or
      from time to  time, all acts  and things which  the Secured Party  deem
      necessary to protect, preserve and realize upon the Collateral and  the
      Security Interest granted therein in order to effect the intent of this
      Agreement and the Debenture all as fully and effectually as the  Debtor
      might or  could  do; and  the  Debtor  hereby ratifies  all  that  said
      attorney shall lawfully do or cause to be done by virtue hereof.   This
      power of attorney is coupled with an interest and shall be  irrevocable
      for the term of  this Agreement and  thereafter as long  as any of  the
      Obligations shall be outstanding.

           (b)  On  a  continuing  basis,  the  Debtor  will  make,  execute,
      acknowledge, deliver, file  and record, as  the case may  be, with  the
      proper filing and  recording agencies in  any jurisdiction,  including,
      without limitation, the jurisdictions indicated on Schedule B  attached
      hereto,  all  such  instruments,  and  take  all  such  action  as  may
      reasonably be deemed necessary or advisable, or as reasonably requested
      by  the  Secured  Party,  to  perfect  the  Security  Interest  granted
      hereunder and otherwise to  carry out the intent  and purposes of  this
      Agreement, or  for assuring  and confirming  to the  Secured Party  the
      grant or  perfection  of  a perfected  security  interest  in  all  the
      Collateral under the UCC.

           (c) The Debtor  hereby irrevocably appoints  the Secured Party  as
      the Debtor's attorney-in-fact,  with full  authority in  the place  and
      instead of the Debtor and in the name of the Debtor, from time to  time
      in the Secured Party's  discretion, to take any  action and to  execute
      any instrument which the Secured Party may deem necessary or  advisable
      to accomplish the purposes of this Agreement, including the filing,  in
      its  sole  discretion,  of  one  or  more  financing  or   continuation
      statements and amendments  thereto, relative to  any of the  Collateral
      without the signature of the Debtor where permitted by law.

             13.      Notices.  All  notices,  requests,  demands  and  other
 communications hereunder shall  be subject to  the notice  provision of  the
 Purchase Agreement.

             14.   Other Security. To the extent that the Obligations are now
 or hereafter  secured  by property  other  than  the Collateral  or  by  the
 guarantee, endorsement or  property of any  other Person,  then the  Secured
 Party shall have the right, in  its sole discretion, to pursue,  relinquish,
 subordinate, modify or take any other  action with respect thereto,  without
 in any way  modifying or  affecting any of  the Secured  Party's rights  and
 remedies hereunder.

             15.   Best Efforts for  Licensed Collateral. Notwithstanding any
 other provision contained herein or any  of the Transaction Documents,  upon
 the occurrence of an  Event of Default, the  Debtor hereby agrees that  with
 respect to any part of the Collateral  which may require the consent of  any
 third party or third parties in  order for Debtor to transfer and/or  convey
 its interest in  and to  such Collateral  to the  Secured Party,  as may  be
 required in accordance  herewith, Debtor agrees  to and shall  use its  best
 efforts to obtain  such consents or  approvals in as  expedient a manner  as
 possible.

      16.  Miscellaneous.

           (a)    No course  of dealing between  the Debtor  and the  Secured
      Party, nor any failure to exercise, nor any delay in exercising, on the
      part of the Secured Party, any  right, power or privilege hereunder  or
      under the Debenture 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.

           (b)   All  of the rights  and remedies of  the Secured Party  with
      respect to  the  Collateral,  whether  established  hereby  or  by  the
      Debenture or by any  other agreements, instruments  or documents or  by
      law shall be cumulative and may be exercised singly or concurrently.

           (c)    This  Agreement constitutes  the  entire agreement  of  the
      parties with respect to  the subject matter hereof  and is intended  to
      supersede all prior  negotiations, understandings  and agreements  with
      respect thereto. Except as specifically set forth in this Agreement, no
      provision of this  Agreement may  be modified  or amended  except by  a
      written agreement specifically referring  to this Agreement and  signed
      by the parties hereto.

           (d)   In the event any provision  of this Agreement is held to  be
      invalid, prohibited  or  unenforceable  in  any  jurisdiction  for  any
      reason, unless  such provision  is narrowed  by judicial  construction,
      this Agreement shall, as to such jurisdiction, be construed as if  such
      invalid, prohibited or unenforceable  provision had been more  narrowly
      drawn  so  as not  to  be invalid,  prohibited  or  unenforceable.  If,
      notwithstanding the foregoing, any provision of this Agreement is  held
      to be invalid,  prohibited or unenforceable  in any jurisdiction,  such
      provision, as to such jurisdiction, shall be ineffective to the  extent
      of   such   invalidity,   prohibition   or   unenforceability   without
      invalidating the  remaining  portion of  such  provision or  the  other
      provisions of  this Agreement  and without  affecting the  validity  or
      enforceability of  such  provision  or the  other  provisions  of  this
      Agreement in any other jurisdiction.

           (e)   No waiver of any breach  or default or any right under  this
      Agreement shall be considered valid unless in writing and signed by the
      party giving such waiver, and no  such waiver shall be deemed a  waiver
      of any subsequent breach  or default or right,  whether of the same  or
      similar nature or otherwise.

           (f)  This Agreement shall be binding upon and inure to the benefit
      of each party hereto and its successors and assigns.

           (g)   Each  party shall take such  further action and execute  and
      deliver such further documents  as may be  necessary or appropriate  in
      order to carry out the provisions and purposes of this Agreement.

           (h)      All  questions  concerning  the  construction,  validity,
      enforcement and interpretation of this  Agreement shall be governed  by
      and construed and enforced in accordance with the internal laws of  the
      State of Texas, without  regard to the principles  of conflicts of  law
      thereof.   Each  party  agrees  that  all  Proceedings  concerning  the
      interpretations,  enforcement   and   defense   of   the   transactions
      contemplated by  this  Agreement  and the  Debenture  (whether  brought
      against  a  party  hereto  or  its  respective  affiliates,  directors,
      officers,  shareholders,  employees  or  agents)  shall  be   commenced
      exclusively in the state and federal  courts sitting in Dallas,  Texas.
      Each  party  hereto  hereby   irrevocably  submits  to  the   exclusive
      jurisdiction of the state and federal  courts sitting in Dallas,  Texas
      for the adjudication of any dispute hereunder or in connection herewith
      or with any  transaction contemplated hereby  or discussed herein,  and
      hereby irrevocably waives, and agrees not to assert in any  Proceeding,
      any claim that it is not personally subject to the jurisdiction of  any
      such court,  or that  such Proceeding  is improper.  Each party  hereto
      hereby irrevocably waives personal service  of process and consents  to
      process being served in any such  Proceeding by mailing a copy  thereof
      via registered or certified mail  or overnight delivery (with  evidence
      of delivery) to such party at the  address in effect for notices to  it
      under this Agreement and agrees that such service shall constitute good
      and sufficient service of process and notice thereof. Nothing contained
      herein shall be deemed to limit in  any way any right to serve  process
      in any manner permitted by law.   Each party hereto hereby  irrevocably
      waives, to the fullest extent permitted by applicable law, any and  all
      right to  trial by  jury in  any  legal Proceeding  arising out  of  or
      relating to this Agreement or the transactions contemplated hereby.  If
      either party shall commence a Proceeding  to enforce any provisions  of
      this Agreement, then the prevailing party  in such Proceeding shall  be
      reimbursed by the  other party for  its reasonable  attorneys fees  and
      other costs and expenses  incurred with the investigation,  preparation
      and prosecution of such Proceeding.

           (i)      This  Agreement  may   be  executed  in  any  number   of
      counterparts, each of which when so  executed shall be deemed to be  an
      original and, all of which taken together shall constitute one and  the
      same Agreement.  In  the  event that  any  signature  is  delivered  by
      facsimile transmission,  such signature  shall create  a valid  binding
      obligation of the party executing (or on whose behalf such signature is
      executed) the same with the same force and effect as if such  facsimile
      signature were the original thereof.

             IN WITNESS WHEREOF, the parties hereto have caused this Security
 Agreement to be duly executed on the day and year first above written.

 DEBTOR

 RAPID LINK INCORPORATED                 Address for Notice and Delivery:
                                         17383 Sunset Boulevard
                                         Suite 350
                                         Pacific Palisades, California  90272
                                         Telephone:  (310) 566-1700
                                         Facsimile:  (310) 573-9435
                                         Attn: John Jenkins, CEO

 By:____________________________________
    Name:  John Jenkins
    Title: Chief Executive Officer

 SECURED PARTY

 CHARGER INVESTMENT, LLC.                Address for Notice and Delivery:
 By:

 By:____________________________________
    Name:
    Title:

<PAGE>

                                  SCHEDULE A
                                  ----------

 Principal Place of Business of Debtor:
 -------------------------------------

 17383 Sunset Boulevard
 Suite 350
 Pacific Palisades, California  90272

 Locations Where Collateral is Located or Stored:
 -----------------------------------------------

 17383 Sunset Boulevard
 Suite 350
 Pacific Palisades, California  90272

 Internap C/O Rapidlinks
 76 9th Ave
 10th floor
 New York NY 10011

<PAGE>

                                  SCHEDULE B
                                  ----------

 State of DelawareEXHIBIT 10.1

                             AMENDMENT NUMBER 2

                                     TO

                         SECURITIES PURCHASE AGREEMENT
                         -----------------------------

      THIS IS AMENDMENT NUMBER 2 (the "Amendment") being executed
 and delivered by and between Rapid Link, Incorporated, a Delaware
 corporation ("Rapid Link"), and GCA Strategic Investment Fund Limited, a
 Bermuda corporation ("GCASIF"), and dated as of November 26, 2005 in
 order to amend that certain Securities Purchase Agreement by and between
 Rapid Link and the GCASIF dated as of January 23, 2002 as amended by
 Amendment Number 1 dated June 1, 2005 (the "Securities Purchase Agreement").

                                   RECITALS

      The parties to this Amendment wish to amend certain terms of that
 certain secured promissory note dated as of January 23, 2002 in the
 principal amount of $550,000 issued pursuant to the Securities Purchase
 Agreement (the "Primary Note"), to extend the Maturity Date.

                                  AGREEMENT

      NOW THEREFORE, in consideration of the mutual promises contained in
 this Amendment and other good and valuable consideration, the sufficiency,
 mutuality and adequacy of which are hereby acknowledged, the parties hereto
 hereby agree as follows:

      1. Amendment of the Primary Note.  The Primary Note shall be amended
 such that the Maturity Date shall be changed to November 26, 2006.

      2. No Other Effect on the Securities Purchase Agreement or 6%
 Convertible Debenture.  Except as amended by this Amendment, the Securities
 Purchase Agreement and 6% Convertible  Debenture remains in full force and
 effect.

      3. Effective Date. This Amendment shall be effective as of November
 26, 2005 (the "Effective Date").

      4. Miscellaneous.

           (a) Captions; Certain Definitions.  Titles and captions of or
      in this Amendment are inserted only as a matter of convenience and
      for reference and in no way define, limit, extend or describe the
      scope of this Amendment or the intent of any of its provisions.  All
      capitalized terms not otherwise defined herein shall have the meaning
      therefor, as set forth in the Securities Purchase Agreement.

           (b) Controlling Law.  This Amendment is governed by, and shall
      be construed and enforced in accordance with the laws of the State of
      Delaware (except the laws of that jurisdiction that would render such
      choice of laws ineffective).

           (c) Counterpart.  This Amendment may be executed in one or
      more counterparts (one counterpart reflecting the signatures of all
      parties), each of which shall be deemed to be an original, and it
      shall not be necessary in making proof of this Amendment or its terms
      to account for more than one of such counterparts. This Amendment may
      be executed by each party upon a separate copy, and one or more
      execution pages may be detached from a copy of this Amendment and
      attached to another copy in order to form one or more counterparts.

      IN WITNESS WHEREOF, this Amendment has been executed and delivered
 by Rapid Link and GCASIF as of the date first set forth above.

 Rapid Link                  Rapid Link, Incorporated

                             By:
                             Name: _____________________________
                             Title: ____________________________

 GCASIF:                     GCA STRATEGIC INVESTMENT FUND LIMITED

                             By:
                             Name: _____________________________
                             Title: ____________________________

                                    * * * * *

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