Document:

EXHIBIT
10.8

    

    Execution
Version

    

    SECURITY
AGREEMENT

    

    THIS
SECURITY AGREEMENT (this “Agreement”), dated as
of October 21, 2010, by and among EASYLINK SERVICES INTERNATIONAL CORPORATION, a
Delaware corporation (the “Borrower”), the
subsidiaries of the Borrower signatory hereto and each other subsidiary of the
Borrower hereafter a party hereto (Borrower, each subsidiary of the Borrower a
party hereto and each other subsidiary hereafter becoming a party hereto shall
be collectively known as the “Grantors”, and
individually as a “Grantor”), in favor
of SUNTRUST BANK, in its capacity as the administrative agent (the “Administrative
Agent”), for the several banks and other financial institutions and
lenders (the “Lenders”) from time
to time party to the Revolving Credit and Term Loan Agreement, dated as of the
date hereof, by and among the Borrower, the Administrative Agent, the Lenders,
and SunTrust Bank, as Issuing Bank and as the Swingline Lender (as amended,
restated, supplemented, or otherwise modified from time to time, the “Credit
Agreement”).

     

    WITNESSETH:

     

    WHEREAS,
pursuant to the Credit Agreement, the Lenders have agreed to establish a
revolving credit facility in favor of and extend term loans to the Borrower;
and

     

    WHEREAS,
it is a condition precedent to the obligations of the Administrative Agent, the
Issuing Bank, the Swingline Lender and the Lenders under the Credit Agreement
that the Grantors enter into this Agreement to secure the Secured Obligations
(as hereinafter defined), and the Grantors desire to satisfy such condition
precedent.

     

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

     

    SECTION 1. Definitions. Capitalized terms defined in
the Credit Agreement and not otherwise defined herein, when used in this
Agreement shall have the respective meanings provided for in the Credit
Agreement. The following additional terms, when used in this Agreement, shall
have the following meanings:

     

    “Account Debtor” shall
mean any person or entity that is obligated under an Account.

    
      
         

      

      
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    “Accounts” shall mean
all “accounts” (as defined in the UCC) now owned or hereafter acquired by any
Grantor or in which any Grantor has or acquires any rights, and, in any event,
shall mean and include, without limitation, (a) all accounts receivable,
contract rights, book debts, notes, drafts and other obligations or indebtedness
owing to any Grantor arising from the sale or lease of goods or other property
by any Grantor or the performance of services by any Grantor (including, without
limitation, any such obligation which might be characterized as an account,
contract right or general intangible under the UCC in effect in any
jurisdiction), (b) all of each Grantor’s rights in, to and under all
purchase and sales orders for goods, services or other property, and all of each
Grantor’s rights to any goods, services or other property represented by any of
the foregoing (including returned or repossessed goods and unpaid sellers’
rights of rescission, replevin, reclamation and rights to stoppage in transit),
(c) all monies due to or to become due to any Grantor under all contracts
for the sale, lease or exchange of goods or other property or the performance of
services by any Grantor (whether or not yet earned by performance on the part of
such Grantor), and (d) all collateral security and guarantees of any kind
given to any Grantor with respect to any of the foregoing.

     

    “Chattel Paper” shall
mean all “chattel paper” (as defined in the UCC) owned or acquired by any
Grantor or in which any Grantor has or acquires any rights.

     

    “Collateral” shall
mean, collectively, all of the following:

     

    
      	
               
      

            	
              (i)

            	
              all
      Accounts;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              all
      Chattel Paper;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              all
      Deposit Accounts;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              all
      Documents;

            

    

     

    
      	
               
      

            	
              (v)

            	
              all
      Equipment;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              all
      Fixtures;

            

    

     

    
      	
               
      

            	
              (vii)

            	
              all
      General Intangibles;

            

    

     

    
      	
               
      

            	
              (viii)

            	
              all
      Instruments;

            

    

     

    
      	
               
      

            	
              (ix)

            	
              all
      Inventory;

            

    

     

    
      	
               
      

            	
              (x)

            	
              all
      Investment Property;

            

    

     

    
      	
               
      

            	
              (xi)

            	
              all
      money, cash or cash equivalents;

            

    

     

    
      	
            	
               
      (xii) 

            	
               
      all other goods and personal property, whether tangible
      orintangible;

            

    

     

    
      
        	
              	
                 
      (xiii)

              	
                 
      all Supporting Obligations and Letter-of-Credit Rights of any
      Grantor;

              

      

    

     

    
      	
               
      

            	
               (xiv)

            	
              all
      books and records pertaining to any of the Collateral (including, without
      limitation, credit files, Software, computer programs, printouts and other
      computer materials and records but excluding customer lists);
      and

            

    

     

    
      	
               
      

            	
               (xv)

            	
              All
      products and Proceeds of all or any of the Collateral described in clauses
      (i) through (xiv) hereof.

            

    

     

    
      
         

      

      
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    Notwithstanding
the foregoing, the “Collateral” shall expressly exclude all Excluded
Assets.

     

    “Copyright License”
shall mean any and all rights of any Grantor under any written agreement
granting any right to use any Copyright or Copyright registration.

     

    “Copyrights” shall
mean all of the following now owned or hereafter acquired by any Grantor or in
which any Grantor now has or hereafter acquires any rights: (a) all copyrights
and general intangibles of like nature (whether registered or unregistered), all
registrations and recordings thereof, and all applications in connection
therewith, including all registrations, recordings and applications in the
United States Copyright Office or in any similar office or agency of the United
States, any state or territory thereof, or any other country or any political
subdivision thereof, and (b) all reissues, extensions or renewals
thereof.

     

    “Deposit Accounts”
shall mean all “deposit accounts” (as defined in the UCC) now owned or hereafter
acquired by any Grantor or in which any Grantor has or acquires any rights, or
other receipts, of any Grantor covering, evidencing or representing rights or
interest in such deposit accounts.

     

    “Documents” shall mean
all “documents” (as defined in the UCC) now owned or hereafter acquired by any
Grantor or in which any Grantor has or acquires any rights, or other receipts,
of any Grantor covering, evidencing or representing goods.

     

    “Equipment” shall mean
all “equipment” (as defined in the UCC) now owned or hereafter acquired by any
Grantor and wherever located, and, in any event, shall include without
limitation all machinery, furniture, furnishings, processing equipment,
conveyors, machine tools, engineering processing equipment, manufacturing
equipment, materials handling equipment, trade fixtures, trucks, trailers,
forklifts, vehicles, computers and other electronic data processing and other
office equipment of any Grantor, and any and all additions, substitutions and
replacements of any of the foregoing, together with all attachments, components,
parts, equipment and accessories installed thereon or affixed thereto, all fuel
therefore and all manuals, drawings, instructions, warranties and rights with
respect thereto.

     

    “Event of Default”
shall have the meaning set forth for such term in Section 7 hereof.

     

    “Excluded
Accounts” shall mean (i) any Deposit Account maintained exclusively to fund
taxes, payroll obligations, workers’ compensation, employee benefit plans and
other similar fiduciary accounts, and (ii) any Deposit Accounts established
exclusively as escrow accounts.

     

    “Excluded Assets”
shall mean the following assets and properties in which any Grantor has any
right, title or interest:

     

    (i)           any
shares of Capital Stock or other equity interests issued by any Subsidiary that
is not a Domestic Subsidiary in excess of 65% of all issued and outstanding
shares of all classes of Capital Stock or other equity interests of such
Subsidiary;

    
      
         

      

      
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    (ii)          Equipment
that is subject to a “purchase money security interest,” as such term is now or
hereafter defined in the UCC, which (x) constitutes a Permitted Lien under the
Credit Agreement and (y) prohibits the creation by such Grantor of a junior
security interest therein, provided, however, that the foregoing exclusion shall
not apply if (a) such prohibition has been waived or such other person has
otherwise consented to the creation hereunder of a security interest in such
Equipment; or (b) such prohibition would be rendered ineffective pursuant to
Section 9-406 of the UCC or Sections 9-407 or 9-408 of the UCC, as applicable
and as then in effect in any relevant jurisdiction, or any other applicable law
(including applicable bankruptcy and insolvency law or principles of equity)
provided further that immediately upon the ineffectiveness, lapse or termination
of such prohibition, the term “Collateral” shall include, and the applicable
Grantor shall be deemed to have granted a security interest in, all its rights,
title and interests in and to such Equipment as if such prohibition had never
been in effect;

    

    (iii)         any
property to the extent that the grant of a security interest therein would
violate applicable law, require a consent not obtained of any governmental
authority, or constitute a breach of or default under, or result in the
termination of or require a consent not obtained under, any contract, lease,
license or other agreement evidencing or giving rise to such property, or result
in the invalidation thereof or provide any party thereto with a right of
termination, provided, however, that the foregoing exclusion shall not apply if
(a) such prohibition has been waived or such other person has otherwise
consented to the creation hereunder of a security interest in such property, or
(b) such prohibition would be rendered ineffective to prevent the attachment of
the security interest granted hereunder pursuant to Section 9-406 of the UCC or
Sections 9-407, 9-408 or 9-409 of the UCC, as applicable and as then in effect
in any relevant jurisdiction, or any other applicable law (including applicable
bankruptcy and insolvency law or principles of equity); provided further that
immediately upon the ineffectiveness, lapse or termination of any such
provision, the term “Collateral” shall include, and the applicable Grantor shall
be deemed to have granted a security interest in, all its rights, title and
interests in and to such property as if such provision had never been in effect;
and provided further that the foregoing exclusion shall in no way be construed
so as to limit, impair or otherwise affect the Secured Party’s unconditional
continuing security interest in and to all rights, title and interests of any
Grantor in or to any payment obligations or other rights to receive monies due
or to become due under any such property and in any such monies and other
Proceeds, including without limitation Accounts, General Intangibles and
proceeds of Proceeds, of such property; 

    

    (iv)        any
Intellectual Property to the extent the creation of a security interest therein
or the grant of a mortgage thereon would void or invalidate such Intellectual
Property or such Grantor’s interest therein; or

     

    (v)          Excluded
Accounts;

     

    (vi)         motor
vehicles and other assets subject to certificates of title to the extent that a
Lien therein cannot be perfected by the filing of UCC financing statements in
the jurisdictions of organization of the Grantor with rights in such
asset;

    

    
      
        
        

      

      
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    provided
that, in the case of clauses (i) through (vi) immediately preceding, all
Proceeds of such property shall always be included in the Collateral and the
Administrative Agent’s security interest granted by the Grantors hereunder shall
attach at all times to such Proceeds.

    

    “Fixtures” shall mean
all “fixtures” (as defined in the UCC) now owned or hereafter acquired by any
Grantor and wherever located.

     

    “General Intangibles”
shall mean all “general intangibles” (as defined in the UCC) now owned or
hereafter acquired by any Grantor or in which any Grantor has or acquires any
rights and, in any event, shall include all right, title and interest in or
under all Purchase Transaction Documents, all contracts, all customer lists,
Licenses, Copyrights, Trademarks, Patents, and all applications therefor and
reissues, extensions or renewals thereof, rights in Intellectual Property,
interests in partnerships, joint ventures and other business associations,
licenses, permits, copyrights, trade secrets, proprietary or confidential
information, inventions (whether or not patented or patentable), technical
information, procedures, designs, knowledge, know-how, software, data bases,
data, skill, expertise, experience, processes, models, drawings, materials and
records, goodwill (including the goodwill associated with any Trademark or
Trademark License), all rights and claims in or under insurance policies
(including insurance for fire, damage, loss and casualty, whether covering
personal property, real property, tangible rights or intangible rights, all
liability, life, key man and business interruption insurance, and all unearned
premiums), uncertificated securities, choses in action, deposits, checking and
other bank accounts, rights to receive tax refunds and other payments, rights of
indemnification or warranty, all books and records, correspondence, credit
files, invoices, tapes, cards, computer runs, domain names, prospect lists,
customer lists and other papers and documents.

     

    “Instruments” shall
mean all “instruments” (as defined in the UCC) now owned or hereafter acquired
by any Grantor or in which any Grantor has or acquires any rights and, in any
event, shall include all promissory notes, all certificates of deposit and all
letters of credit evidencing, representing, arising from or existing in respect
of, relating to, securing or otherwise supporting the payment of, any of the
Accounts or other obligations owed to any Grantor.

     

    “Intellectual
Property” shall mean all of the following now owned or hereafter acquired
by any Grantor or in which any Grantor has or acquires any rights: (a) all
Patents, patent rights and patent applications, Copyrights and copyright
applications, Trademarks, trademark rights, trade names, trade name rights,
service marks, service mark rights, applications for registration of trademarks,
trade names and service marks, fictitious names registrations and trademark,
trade name and service mark registrations, mask works or similar rights, any and
all claims for damages by way of past, present or future infringement of any of
the rights included above, with the right, but not the obligation, to sue for
and collect such damages for said use or infringement and all derivations
thereof (including, without limitation, those Copyrights, Trademarks and Patents
listed on Schedule
IV hereto); and (b) Patent Licenses, Trademark Licenses, Copyright
Licenses and other licenses to use any of the items described in the preceding
clause (a), and any other items necessary to conduct or operate the business of
each Grantor.

     

    “Inventory” shall mean
all “inventory” (as defined in the UCC) now owned or hereafter acquired by any
Grantor or in which any Grantor has or acquires any rights and, in any event,
shall include all goods owned or held for sale or lease to any other
Persons.

     

    
      
         

      

      
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    “Investment Property”
shall mean all “investment property” (as defined in the UCC) now owned or
hereafter acquired by any Grantor or in which any Grantor has or acquires any
rights and, in any event, shall include all “certificated securities”,
“uncertificated securities”, “security entitlements”, “securities accounts”,
“commodity contracts” and “commodity accounts” (as all such terms are defined in
the UCC) of each Grantor.

     

    “Letter-of-Credit
Rights” shall mean “letter-of-credit rights” (as defined in the UCC), now
owned or hereafter acquired by any Grantor, including rights to payment or
performance under a letter of credit, whether or not any Grantor, as
beneficiary, has demanded or is entitled to demand payment or
performance.

     

    “License” shall mean
any Copyright License, Patent License, Trademark License or other license of
rights or interests of each Grantor in Intellectual Property.

     

    “Patent License” shall
mean any written agreement now owned or hereafter acquired by any Grantor or in
which any Grantor has or acquires any rights granting any right with respect to
any property, process or other invention on which a Patent is in
existence.

     

    “Patents” shall mean
all of the following now owned or hereafter acquired by any Grantor or in which
any Grantor has or acquires any rights: (a) all letters patent of the United
States or any other country, all registrations and recordings thereof, and all
applications for letters patent of the United States or any other country,
including registrations, recordings and applications in the United States Patent
and Trademark Office or in any similar office or agency of the United States,
any State or Territory thereof, or any other country; and (b) all reissues,
continuations, continuations-in-part and extensions thereof.

     

    “Permitted Liens”
shall mean Liens expressly permitted under Section 7.2 of the Credit Agreement
or otherwise consented to in writing by the Required Lenders.

     

    “Proceeds” shall mean
all “proceeds” (as defined in the UCC) of, and all other profits, rentals or
receipts, in whatever form, arising from the collection, sale, lease, exchange,
assignment, licensing or other disposition of, or realization upon, the
Collateral, and, in any event, shall mean and include all claims against third
parties for loss of, damage to or destruction of, or for proceeds payable under,
or unearned premiums with respect to, policies of insurance in respect of any
Collateral, and any condemnation or requisition payments with respect to any
Collateral and the following types of property acquired with cash proceeds:
Accounts, Inventory, General Intangibles, Documents, Instruments and
Equipment.
 

    
      
         

      

      
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    “Secured Obligations”
shall mean (i) all Obligations of the Borrower under the Credit Agreement and
the other Loan Documents (whether for principal, interest, fees, expenses,
indemnity or reimbursement payments, or otherwise), (ii) all obligations of the
Borrower, monetary or otherwise, pursuant to any Hedging Transaction incurred to
limit interest rate or fee fluctuation with respect to the Loans and Letters of
Credit entered into with a Specified Hedge Provider, (iii) all Treasury
Management Obligations owing to a Specified Treasury Management
Provider (whether for principal, interest, fees, expenses, indemnity or
reimbursement payments, or otherwise), (iv) all obligations of each other
Grantor under the Subsidiary Guaranty Agreement and all other Loan Documents to
which such other Grantor is a party to (whether for principal, interest, fees,
expenses, indemnity or reimbursement payments, or otherwise), (v) all renewals,
extensions, refinancings and modifications thereof, and (vi) all reasonable and
documented costs and expenses actually incurred by the Administrative Agent in
connection with the exercise of its rights and remedies hereunder (including
reasonable and documented out-of-pocket attorneys’ fees actually incurred).
Where the context requires, (i) any Affiliate of a Lender which is party to a
Hedging Transaction entered into to limit interest rate or fee fluctuations with
respect to the Loans and Letters of Credit shall be deemed to be a “Secured
Party” for purposes of this Agreement and such affiliate shall only be required
to be an Affiliate of a Lender at the time the relevant Hedging Transaction is
entered into in order for such Hedging Transaction to be eligible to be
designated as a “Secured Obligation”, and (ii) any Affiliate of a Lender which
provides Treasury Management Services to a Grantor shall be deemed to be a
“Secured Party” for purposes of this Agreement and such Affiliate shall only be
required to be an Affiliate of a Lender at the time the relevant agreement is
entered into in order for such Treasury Management Obligations to be eligible to
be designated as “Secured Obligations”.

     

    “Secured Parties”
shall mean, collectively, the Administrative Agent, the Lenders, the Specified
Hedge Providers and the Specified Treasury Management Providers.

     

    “Security Interests”
shall mean the security interests granted to the Administrative Agent on its
behalf and on behalf of the Secured Parties pursuant to Section 3, as well as
all other security interests created or assigned as additional security for the
Secured Obligations pursuant to the provisions of this Agreement.

     

    “Software” shall mean
all “software” (as defined in the UCC), now owned or hereafter acquired by any
Grantor, including all computer programs and all supporting information provided
in connection with a transaction related to any program.

     

    “Specified Hedge
Provider” shall mean each party to a Hedging Transaction entered into to
limit interest rate or fee fluctuations with respect to the Loans and Letters of
Credit if at the date of entering into such Hedging Transaction such person was
a Lender or an Affiliate of a Lender and such person executes and delivers to
the Administrative Agent a letter agreement in form and substance acceptable to
the Administrative Agent pursuant to which such person (i) appoints the
Administrative Agent as its agent under the applicable Loan Documents and (ii)
agrees to be bound by the provisions of Article IX and X of the Credit
Agreement.

     

    “Specified Treasury
Management
Provider” shall mean any Lender or any Affiliate of a Lender that
provides to any Loan Party the services described in the definition of Treasury
Management Obligations if at the date of entering
into an agreement to provide such services such person was a Lender or an
Affiliate of a Lender and such person executes and delivers to the
Administrative Agent a letter agreement in form and substance acceptable to the
Administrative Agent pursuant to which such person (i) appoints the
Administrative Agent as its agent under the applicable Loan Documents and (ii)
agrees to be bound by the provisions of Article IX and X of the Credit
Agreement.
 

    
      
         

      

      
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    “Supporting
Obligations” means all “supporting obligations” (as defined in the UCC),
including letters of credit and guaranties issued in support of Accounts,
Chattel Paper, Documents, General Intangibles, Instruments, or Investment
Property.

     

    “Trademark License”
shall mean any written agreement now owned or hereafter acquired by any Grantor
or in which any Grantor has or acquires any such rights granting to any Grantor
any right to use any Trademark.

     

    “Trademarks” shall
mean all of the following now owned or hereafter acquired by any Grantor or in
which any Grantor has or acquires any such rights: (i) all trademarks, trade
names, corporate names, company names, business names, fictitious business
names, trade styles, service marks, logos, other source or business identifiers,
prints and labels on which any of the foregoing have appeared or appear, designs
and general intangibles of like nature (whether registered or unregistered), now
owned or existing or hereafter adopted or acquired, all registrations and
recordings thereof, and all applications in connection therewith, including,
without limitation, registrations, recordings and applications in the United
States Patent and Trademark Office or in any similar office or agency of the
United States, any State thereof or any other country or any political
subdivision thereof, (ii) all reissues, extensions or renewals thereof and (iii)
all goodwill associated with or symbolized by any of the foregoing.

     

    “UCC” shall mean the
Uniform Commercial Code as in effect, from time to time, in the State of
Georgia; provided that if by
reason of mandatory provisions of law, the perfection or the effect of
perfection or non-perfection of the Security Interests in any Collateral is
governed by the Uniform Commercial Code as in effect in a jurisdiction other
than Georgia, “UCC” shall mean the Uniform Commercial Code as in effect in such
other jurisdiction for purposes of the provisions hereof relating to such
perfection or effect of perfection or non-perfection.

     

    “United States” or
“U.S.” shall
mean the United States of America, any of the fifty states thereof, and the
District of Columbia.

     

    SECTION 2.  Representations
and Warranties.
Each Grantor represents and warrants to the Administrative Agent, for the
benefit of Secured Parties, as follows:

     

    (a)           Such
Grantor has rights in and the power to transfer each item of the Collateral upon
which it purports to grant a Lien hereunder and has good and marketable title to
all of its Collateral, free and clear of any Liens other than Permitted
Liens.

     

    (b)           Other
than financing statements, security agreements, or other similar or equivalent
documents or instruments with respect to Permitted Liens, no authorized and
effective financing statement, mortgage, security agreement or similar or
equivalent document or instrument evidencing a Lien on all or any part of the
Collateral is on file or of record in any jurisdiction. None of the Collateral
is in the possession of a Person (other than any Grantor) asserting any claim
thereto or security interest therein, except with respect to Permitted Liens and
except that the Administrative Agent or its designee may have possession of
Collateral as contemplated hereby.

     

    
      
         

      

      
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    (c)           When
the UCC financing statements in appropriate form are filed in the offices
specified on Schedule
I attached hereto, the Security Interests shall constitute valid and
perfected security interests in the Collateral, prior to all other Liens and
rights of others therein except for Permitted Liens, to the extent that a
security interest therein may be perfected by filing pursuant to the UCC,
assuming the proper filing and indexing thereof.

     

    (d)           All
Inventory and Equipment is insured in accordance with the requirements of the
Credit Agreement.

     

    (e)           None
of the Collateral constitutes, or is the Proceeds of, “farm products” (as
defined in the UCC).

     

    (f)           Schedule II correctly
sets forth each Grantor’s state of incorporation, taxpayer identification
number, organizational identification number and correct legal name indicated on
the public record of such Grantor’s jurisdiction of organization which shows
such Grantor to be organized.

     

    (g)          The
Perfection Certificate, which is attached hereto as Schedule III,
correctly sets forth, as of the date thereof, (i) all names and tradenames that
each Grantor has used within the five year period ending on the date thereof and
the names of all Persons that have merged into or been acquired by each Grantor
within such five year period, (ii) the chief executive offices of each Grantor,
(iii) all other locations in which tangible assets of each Grantor are located,
(iv) the name of each bank at which each Grantor maintains Deposit Accounts
(other than Excluded Accounts) and the account numbers for each Deposit Account,
(v) all letters of credit under which each Grantor is a beneficiary, (vi) all
third parties with possession of any Inventory or Equipment of any Grantor in an
aggregate value exceeding $100,000 and (vii) each Grantor’s mailing
address.

     

    (h)          With
respect to material Accounts, except as specifically disclosed from time to time
to the Administrative Agent, (i) they represent in all material respects bona
fide sales of Inventory or rendering of services to Account Debtors in the
ordinary course of such Grantor’s business; (ii) there are no setoffs, claims or
disputes existing or asserted with respect thereto except as have arisen in the
ordinary course of business and such Grantor has not made any agreement with any
Account Debtor for any extension of time for the payment thereof, any compromise
or settlement for less than the full amount thereof, any release of any Account
Debtor from liability therefor, or any deduction therefrom except a discount or
allowance allowed by such Grantor in the ordinary course of its business for
prompt payment; and (iii) at the time that the account receivable constituting
such Account was originated, such Grantor has no knowledge that any Account
Debtor is unable generally to pay its debts as they become due. Further with
respect to the Accounts, to such Grantor’s knowledge, all Account Debtors have
the capacity to contract.
 

    
      
         

      

      
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    (i)           With
respect to any material portion of Inventory, (i) such Inventory is located at
one of the Grantor’s locations set forth on the Perfection Certificate or at
another location identified in writing to the Administrative Agent, (ii) no
Inventory is now, or shall at any time or times hereafter be stored at any other
location without prior notice to the Administrative Agent, and such Grantor will
concurrently therewith obtain, subject to the post-closing periods and
requirements of the Credit Agreement, bailee, landlord and mortgagee agreements,
(iii) such Grantor has good, indefeasible and merchantable title to such
Inventory and such Inventory is not subject to any Lien or security interest or
document whatsoever except for the Lien granted to the Administrative Agent and
except for Permitted Liens, (iv) such Inventory is in all material respects of
good and merchantable quality, free from any defects, (v) such Inventory is not
subject to any licensing, patent, royalty, trademark, trade name or copyright
agreements with any third parties which would require any consent of any third
party upon sale or disposition of that Inventory or the payment of any monies to
any third party upon such sale or other disposition, and (vi) the completion of
manufacture, sale or other disposition of such Inventory by the Administrative
Agent following an Event of Default shall not require the consent of any Person
and shall not constitute a breach or default under any contract or agreement to
which such Grantor is a party or to which such property is subject.

     

    (j)           As
of the date hereof, such Grantor does not have any interest in, or title to, any
Patent, Trademark or Copyright except as set forth on Schedule IV hereto.
This Agreement is effective to create a valid and continuing Lien on and, upon
filing of this Agreement or an appropriate short form security instrument with
the United States Copyright Office and and the United States Patent and
Trademark Office, perfected security interests in favor of, the Administrative
Agent in such Grantor’s Patents, Trademarks and Copyrights and such perfected
security interests are enforceable as such as against any and all creditors of
and purchasers from such Grantor. Upon filing of this Agreement with the United
States Copyright Office and the United States Patent and Trademark Office and
the filing of appropriate financing statements listed on Schedule I hereto,
all action necessary or desirable to protect and perfect the Administrative
Agent’s Lien on such Grantor’s Patents, Trademarks or Copyrights shall have been
duly taken.

     

    SECTION 3. The
Security Interests. In order to secure the full
and punctual payment and performance of the Secured Obligations in accordance
with the terms thereof, each Grantor hereby pledges, assigns, hypothecates, sets
over and conveys to the Administrative Agent on its behalf and on behalf of the
Secured Parties and grants to the Administrative Agent on its behalf and on
behalf of the Secured Parties a continuing security interest in and to, all of
its rights in and to all Collateral now or hereafter owned or acquired by such
Grantor or in which such Grantor now has or hereafter has or acquires any
rights, and wherever located. The Security Interests are granted as security
only and shall not subject the Administrative Agent or any other Secured Party
to, or transfer to the Administrative Agent or any other Secured Party, or in
any way affect or modify, any obligation or liability of the Grantor with
respect to any Collateral or any transaction in connection therewith.
Notwithstanding anything contained herein to the contrary, the Excluded Assets
shall be expressly excluded from the grant of security contemplated
herein.

     

    
      SECTION 4. Further
Assurances; Covenants.

    

     

    (a)          General.

     

    (i)         No
Grantor shall change the location of its chief executive office or principal
place of business unless it shall have given the Administrative Agent prior
notice thereof, as well as executed and delivered to the Administrative Agent
all financing statements and financing statement amendments which the
Administrative Agent may reasonably request in connection therewith. No Grantor
shall change the locations, or establish new locations, where it keeps or holds
any material portion of the Collateral or any records relating thereto from the
applicable locations described in the Perfection Certificate attached hereto as
Schedule III
unless such Grantor shall have given the Administrative Agent prior notice of
such change of location. The foregoing covenant shall not apply to any
Collateral (including trucks) perfected by recordation of the Administrative
Agent’s Lien on the appropriate certificate of title.

    
      
         

      

      
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    (ii)        No
Grantor shall change its name, organizational identification number, type of
entity, jurisdiction of organization or corporate structure in any manner (other
than as permitted under the Credit Agreement) unless it shall have given the
Administrative Agent at least ten (10) days prior written notice thereof, and
executed and delivered to the Administrative Agent all financing statements and
financing statement amendments which the Administrative Agent may reasonably
request in connection therewith. No Grantor shall merge or consolidate into, or
transfer any of the Collateral to, any other Person other than another Grantor,
without the prior written consent of the Required Lenders, other than as
permitted under the Credit Agreement.

     

    (iii)       Each
Grantor hereby authorizes the Administrative Agent, its counsel or its
representative, at any time and from time to time, to file financing statements
and amendments that describe the collateral covered by such financing statements
as “all assets of the Grantor”, “all personal property of the Grantor” or words
of similar effect, in such jurisdictions as the Administrative Agent may deem
necessary or desirable in order to perfect the security interests granted by
such Grantor under this Agreement. Each Grantor will, from time to time, at its
expense, execute, deliver, file and record any statement, assignment,
instrument, document, agreement or other paper and take any other action
(including, without limitation, any filings with the United States Patent and
Trademark Office, Copyright or Patent filings and any filings of financing or
continuation statements under the UCC) that from time to time the Administrative
Agent may request, in order to create, preserve, upgrade in rank (to the extent
required hereby), perfect, confirm or validate the Security Interests or to
enable the Administrative Agent to obtain the full benefits of this Agreement,
or to enable the Administrative Agent to exercise and enforce any of its rights,
powers and remedies hereunder with respect to any of its Collateral. Each
Grantor hereby authorizes the Administrative Agent to execute and file financing
statements, financing statement amendments or continuation statements on behalf
of such Grantor. Grantors shall pay the costs of, or incidental to, any
recording or filing of any financing statements, financing statement amendments
or continuation statements necessary in the sole discretion of the
Administrative Agent, to perfect the Administrative Agent and Secured Parties’
security interest in the Collateral. At any Grantor’s request, the
Administrative Agent shall take such actions as may be reasonably necessary to
indicate in such UCC Financing Statements or other filings that the Collateral
does not include any Excluded Assets.

    
      
         

      

      
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    (iv)       Except
as set forth in the Perfection Certificate attached hereto as Schedule III, no
Grantor shall permit any material portion of its tangible assets, including
without limitation, its Inventory and Equipment, to be in the possession of any
other Person (other than assets in transit to a Grantor’s location or to a
customer and assets in the possession of third parties for repair) unless
pursuant to an agreement in form and substance satisfactory to the
Administrative Agent, pursuant to which (A) such Person has acknowledged that
(1) it holds possession of such Inventory, Equipment and other tangible assets,
as the case may be, for the Administrative Agent’s benefit, subject to the
Administrative Agent’s instructions, and (2) such Person does not have a Lien in
such Inventory, Equipment or other tangible assets, (B) such Person agrees not
to hold such Inventory, Equipment or other tangible assets on behalf of any
other Person and (C) such Person agrees that, after the occurrence and during
the continuance of an Event of Default and upon request by the Administrative
Agent to issue and deliver to the Administrative Agent warehouse receipts, bills
of lading or any similar documents relating to such Collateral in the
Administrative Agent’s name and in form and substance acceptable to the
Administrative Agent.

     

    (v)   
    No Grantor shall (A) sell, transfer, lease, exchange,
assign or otherwise dispose of, or grant any option, warrant or other right with
respect to, any of its Collateral; or (B) create, incur or suffer to exist any
Lien with respect to any Collateral, in each case other than as permitted by the
Credit Agreement.

     

    (vi)       Each
Grantor will, promptly upon request, provide to the Administrative Agent all
information and evidence it may reasonably request concerning the Collateral, to
enable the Administrative Agent to enforce the provisions of this
Agreement.

     

    (vii)      Each
Grantor shall take all actions reasonably requested by the Administrative Agent
in order to maintain the perfected status of the Security
Interests.

     

    (viii)     No
Grantor shall file any amendment to or termination of a financing statement
naming any Grantor as debtor and the Administrative Agent as secured party, or
any correction statement with respect thereto, in any jurisdiction until such
time as the Secured Obligations have been satisfied and the Administrative Agent
and the Secured Parties have released their security interests granted
hereunder.

     

    (ix)       Each
Grantor shall take all steps requested by Administrative Agent to grant the
Administrative Agent control of all electronic chattel paper in accordance with
the UCC and all “transferable records” as defined in each of the Uniform
Electronic Transactions Act and the Electronic Signatures in Global and National
Commerce Act.

    
      
         

      

      
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    (b)          Accounts,
Etc.

     

    (i)         Each
Grantor shall use all reasonable efforts consistent with prudent business
practice to cause to be collected from its Account Debtors, as and when due, any
and all amounts owing under or on account of each Account (including, without
limitation, Accounts which are delinquent, such Accounts to be collected in
accordance with lawful collection procedures) and apply forthwith upon receipt
thereof all such amounts as are so collected to the outstanding balance of such
Account. The costs and expenses (including, without limitation, reasonable
attorneys’ fees actually incurred) of collection of Accounts incurred by such
Grantor (or the Administrative Agent, during the existence of an Event of
Default) shall be borne by the Grantors.

     

    (ii)        Upon
the occurrence and during the continuance of any Event of Default, upon request
of the Administrative Agent, each Grantor will promptly notify (and each Grantor
hereby authorizes the Administrative Agent so to notify) each Account Debtor in
respect of any Account or Instrument that such Collateral has been assigned to
the Administrative Agent hereunder, and that any payments due or to become due
in respect of such Collateral are to be made directly to the Administrative
Agent or its designee.

     

    (c)          Equipment, Etc. Each
Grantor shall, (i) within ten (10) days after a written request by the
Administrative Agent, in the case of Equipment now owned, and (ii) following a
request by the Administrative Agent pursuant to subclause (i) above, within ten
(10) days after acquiring any other Equipment, deliver to the Administrative
Agent, any and all certificates of title, and applications therefor, if any, of
such Equipment and shall cause the Administrative Agent to be named as
lienholder on any such certificate of title and applications. No Grantor shall
permit any such items to become a fixture to real estate or an accession to
other personal property unless such real estate or personal property is the
subject of a fixture filing (as defined in the UCC) creating a first priority
perfected Lien in favor of the Administrative Agent.

     

    (d)          Patents, Trademarks,
Etc. Each Grantor shall notify the Administrative Agent immediately upon
the occurrence of each of the following (i) such Grantor’s acquisition after the
date of this Agreement of any material Intellectual Property and (ii) such
Grantor’s obtaining knowledge, or reason to know, that any application or
registration relating to any Intellectual Property owned by or licensed to such
Grantor is reasonably likely to become abandoned or dedicated, or of any
material adverse determination or development (including, without limitation,
the institution of, or any such determination or development in, any proceeding
in the United States Copyright Office, the United States Patent and Trademark
Office or any court) regarding such Grantor’s ownership of any material
Intellectual Property, its right to register the same, or to keep and maintain
the same; provided that no such notice need be delivered with respect to any
Intellectual Property that such Grantor has determined, in the exercise of its
reasonable judgment, is no longer used or useful in such Grantor’s
business.

     

    
      
         

      

      
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    (e)          Deposit Accounts, Chattel
Paper, Investment Property and Letters of Credit.

     

    (i)         No
Grantor shall open or maintain any Deposit Accounts other than (1) Excluded
Accounts, (2) those listed on the Perfection Certificate attached hereto as
Schedule III,
and (3) such other Deposit Accounts as such Grantor shall open and maintain with
prior notice to the Administrative Agent subject to control agreements, in form
and substance satisfactory to the Administrative Agent in its sole discretion,
executed by such Grantor, the bank at which the deposit account is located and
the Administrative Agent.

     

    (ii)        No
Grantor shall become the beneficiary of any Letters of Credit in an amount in
excess of $250,000 unless, within ten (10) days of the issuance of such Letter
of Credit, the issuer of the Letter of Credit consents to the assignment of the
proceeds of such Letter of Credit to the Administrative Agent which consent
shall not be unreasonably withheld, such assignment to be in form and substance
acceptable to the Administrative Agent.

     

    (iii)       Each
Grantor, at any time and from time to time, will take such steps as the
Administrative Agent may reasonably request from time to time (a) for the
Administrative Agent to obtain “control” of any Investment Property (other than
Excluded Accounts) or electronic Chattel Paper, with any agreements establishing
control to be in form and substance reasonably satisfactory to the
Administrative Agent, and (b) otherwise to insure the continued perfection and
priority of the Administrative Agent’s security interest in any of the
Collateral and of the preservation of its rights therein.

     

    (f)           Commercial Tort
Claims. If any Grantor shall at any time acquire a “commercial tort
claim” (as such term is defined in the UCC) with a claim for damages that could
reasonably be expected to be in excess of $250,000, such Grantor shall promptly
notify the Administrative Agent thereof in a writing, providing a reasonable
description and summary thereof, and shall execute a supplement to this
Agreement granting a security interest in such commercial tort claim to the
Administrative Agent.

     

    SECTION 5.  Reporting
and Recordkeeping.
Each Grantor covenants and agrees with the Administrative Agent that from
and after the date of this Agreement and until the Secured Obligations have been
indefeasibly paid in full in cash:

     

    (a)          Maintenance of Records
Generally. Each Grantor will keep and maintain at its own cost and
expense records of its Collateral, complete in all material respects, including,
without limitation, a record of all payments received and all credits granted
with respect to the Collateral and all other dealings with its Collateral,
consistent with past practice. To the extent required by the Administrative
Agent, each Grantor will mark its books and records pertaining to its Collateral
to evidence this Agreement and the Security Interests. All Chattel Paper will be
marked with the following legend: “This writing and the obligations evidenced or
secured hereby are subject to the security interest of SunTrust Bank, as
Administrative Agent.” For the Administrative Agent’s further security, each
Grantor agrees that the Administrative Agent shall have a security interest in
all of such Grantor’s books and records pertaining to its Collateral and, upon
the occurrence and during the continuation of any Event of Default, such Grantor
shall deliver and turn over full and complete copies of any such books and
records to the Administrative Agent or to its representatives at any time on
demand of the Administrative Agent. Upon reasonable notice from the
Administrative Agent, and subject to the limitations set forth in the Credit
Agreement, each Grantor shall permit any representative of the Administrative
Agent, to inspect such books and records and will provide photocopies thereof to
the Administrative Agent.

     

    
      
         

      

      
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    (b)          Special Provisions Regarding
Maintenance of Records and Reporting Re: Accounts, Inventory and
Equipment.

     

    (i)         Each
Grantor shall keep materially complete and accurate records of its Accounts.
Upon the request of the Administrative Agent, and prior to an Event of Default,
no more frequently than one time per calendar quarter, such Grantor shall
deliver to the Administrative Agent all documents, including, without
limitation, repayment histories and present status reports, relating to its
Accounts so scheduled and such other matters and information relating to the
status of its then existing Accounts as the Administrative Agent shall
reasonably request.

     

    (ii)        In
the event any amounts due and owing in excess of $250,000 in the aggregate are
in dispute between any Account Debtor and any Grantor, such Grantor shall
provide the Administrative Agent with written notice thereof promptly after such
Grantor’s learning thereof explaining in detail the reason for the dispute, all
claims related thereto and the amount in controversy.

     

    (iii)       Each
Grantor shall maintain itemized records, accurate in all material respects
consistent with past practice, itemizing and describing the kind, type, quality,
quantity, location and book value of its Inventory and Equipment and shall, upon
request by the Administrative Agent, furnish the Administrative Agent with a
current schedule containing the foregoing information.

     

    (iv)       Each
Grantor will promptly upon, but in no event later than five (5) Business Days
after:

     

    (A) Such
Grantor’s learning thereof, inform the Administrative Agent, in writing, of any
material delay in such Grantor’s performance of any of its obligations to any
Account Debtor and of any assertion of any claims, offsets or counterclaims by
any Account Debtor and of any allowances, credits or other monies granted by
such Grantor to any Account Debtor, in each case involving amounts in excess of
$250,000 in the aggregate for all Accounts of such Account Debtor;
and

     

    (B)  Such
Grantor’s receipt or learning thereof, furnish to and inform the Administrative
Agent of all material adverse information relating to the financial condition of
any Account Debtor with respect to Accounts exceeding $250,000 in the aggregate;
and

     

    (v)          Such
Grantor will promptly notify the Administrative Agent in writing if any Account,
the face value of which exceeds $250,000, arises out of a contract with the
United States of America, or any department, agency, subdivision or
instrumentality thereof, or of any state (or department, agency, subdivision or
instrumentality thereof) where such state has a state assignment of claims act
or other law comparable to the Federal Assignment of Claims Act, and will take
any action required or requested by the Administrative Agent to give notice of
the Administrative Agent’s security interest in such Accounts under the
provisions of the Federal Assignment of Claims Act or any comparable law or act
enacted by any state or local governmental authority.

    
      
         

      

      
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    (c)          Further Identification of
Collateral. Each Grantor will if so requested by the Administrative Agent
furnish to the Administrative Agent, as often as the Administrative Agent
reasonably requests but in no event more frequently than once per calendar
quarter, statements and schedules further identifying and describing the
Collateral and such other reports in connection with the Collateral as the
Administrative Agent may reasonably request, all in reasonable
detail.

     

    (d)          Notices. In addition
to the notices required by Section 5(b) hereof, each Grantor will advise the
Administrative Agent promptly, but in no event later than fifteen (15) days after the
occurrence thereof, in reasonable detail, (i) of any Lien or claim made or
asserted against any of the Collateral that is not expressly permitted by the
terms of the Credit Agreement, and (ii) of the occurrence of any other event
which would have a material adverse effect on the aggregate value of the
Collateral or on the validity, perfection or priority of the Security
Interests.

     

    SECTION 6. General
Authority. Each
Grantor hereby irrevocably appoints the Administrative Agent its true and lawful
attorney, with full power of substitution, in the name of such Grantor, the
Administrative Agent or otherwise, for the sole use and benefit of the
Administrative Agent on its behalf and on behalf of the Secured Parties, but at
such Grantor’s expense, to exercise, at any time (subject to the proviso below)
all or any of the following powers:

     

    (i)    
       to file the financing statements,
financing statement amendments and continuation statements referred to in
Section 4(a)(iii),

     

    (ii)           to
demand, sue for, collect, receive and give acquittance for any and all monies
due or to become due with respect to any Collateral or by virtue
thereof,

     

    (iii)          to
settle, compromise, compound, prosecute or defend any action or proceeding with
respect to any Collateral,

     

    (iv)         to
sell, transfer, assign or otherwise deal in or with the Collateral or the
proceeds or avails thereof, as fully and effectually as if the Administrative
Agent were the absolute owner thereof, and

     

    (v)          to
extend the time of payment of any or all thereof and to make any allowance and
other adjustments with reference to the Collateral.

     

    provided, however, that the
powers described in clauses (ii), (iii), (iv) and (v) above may be exercised by
the Administrative Agent only if an Event of Default then
exists.
 

    
      
         

      

      
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    SECTION 7.  Events of
Default. The existence or occurrence of any “Event of Default” as
provided under the terms of the Credit Agreement shall constitute an Event of
Default under this Agreement..

     

    SECTION
8.  Remedies upon
Event of Default.

     

    (a)       
   If any Event of Default has occurred and is continuing, the
Administrative Agent may, without further notice, exercise all rights and
remedies under this Agreement or any other Loan Document or that are available
to a secured creditor under the UCC or that are otherwise available at law or in
equity, at any time, in any order and in any combination, including to collect
any and all Secured Obligations from the Grantors, and, in addition, the
Administrative Agent may sell the Collateral or any part thereof at public or
private sale, for cash, upon credit or for future delivery, and at such price or
prices as the Administrative Agent may deem satisfactory. The Administrative
Agent shall give the Borrower not less than ten (10) days’ prior written notice
of the time and place of any sale or other intended disposition of Collateral,
except any Collateral which is perishable or threatens to decline speedily in
value or is of a type customarily sold on a recognized market. Each Grantor
agrees that any such notice constitutes “reasonable notification” within the
meaning of Section 9-611 of the UCC (to the extent such Section or any
successor provision under the UCC is applicable).

     

    (b)           The
Administrative Agent may be the purchaser of any or all of the Collateral so
sold at any public sale (or, if such Collateral is of a type customarily sold in
a recognized market or is of a type which is the subject of widely distributed
standard price quotations or if otherwise permitted under applicable law, at any
private sale) and thereafter hold the same, absolutely, free from any right or
claim of whatsoever kind. Each Grantor agrees during an Event of Default to
execute and deliver such documents and take such other action as the
Administrative Agent deems necessary or advisable in order that any such sale
may be made in compliance with law. Upon any such sale the Administrative Agent
shall have the right to deliver, assign and transfer to the purchaser thereof
the Collateral so sold. Each purchaser at any such sale shall hold the
Collateral so sold to it absolutely, free from any claim or right of any kind,
including any equity or right of redemption of the Grantors. To the extent
permitted by law, each Grantor hereby specifically waives all rights of
redemption, stay or appraisal which it has or may have under any law now
existing or hereafter adopted. The notice (if any) of such sale shall (1) in
case of a public sale, state the time and place fixed for such sale, and (2) in
the case of a private sale, state the day after which such sale may be
consummated. Any such public sale shall be held at such time or times within
ordinary business hours and at such place or places as the Administrative Agent
may fix in the notice of such sale. At any such sale Collateral may be sold in
one lot as an entirety or in separate parcels, as the Administrative Agent may
determine. The Administrative Agent shall not be obligated to make any such sale
pursuant to any such notice. The Administrative Agent may, without notice or
publication, adjourn any public or private sale or cause the same to be
adjourned from time to time by announcement at the time and place fixed for the
sale, and such sale may be made at any time or place to which the same may be so
adjourned. In case of any sale of all or any part of the Collateral on credit or
for future delivery, such Collateral so sold may be retained by the
Administrative Agent until the selling price is paid by the purchaser thereof,
but the Administrative Agent shall not incur any liability in case of the
failure of such purchaser to take up and pay for such Collateral so sold and, in
case of any such failure, such Collateral may again be sold upon like notice.
The Administrative Agent, instead of exercising the power of sale herein
conferred upon it, may proceed by a suit or suits at law or in equity to
foreclose the Security Interests and sell Collateral, or any portion thereof,
under a judgment or decree of a court or courts of competent jurisdiction. The
Grantors shall remain liable for any deficiency.
 

    
      
         

      

      
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    (c)           For
the purpose of enforcing any and all rights and remedies under this Agreement
following the occurrence and during the existence of an Event of Default, the
Administrative Agent may (i) require any Grantor to, and each Grantor agrees
that it will, at the joint and several expense of the Grantors, and upon the
request of the Administrative Agent, forthwith assemble all or any part of its
Collateral as directed by the Administrative Agent and make it available at a
place designated by the Administrative Agent which is, in the Administrative
Agent’s opinion, reasonably convenient to the Administrative Agent and such
Grantor, whether at the premises of such Grantor or otherwise, (ii) to the
extent permitted by applicable law, enter, with or without process of law and
without breach of the peace, any premise where any such Collateral is or may be
located and, without charge or liability to the Administrative Agent, seize and
remove such Collateral from such premises, (iii) have access to and use such
Grantor’s books and records, computers and software relating to the Collateral,
and (iv) prior to the disposition of any of the Collateral, store or
transfer such Collateral without charge in or by means of any storage or
transportation facility owned or leased by such Grantor, process, repair or
recondition such Collateral or otherwise prepare it for disposition in any
manner and to the extent the Administrative Agent deems appropriate and, in
connection with such preparation and disposition, use without charge any
trademark, trade name, copyright, patent or technical process used such
Grantor.

     

    (d)           Without
limiting the generality of the foregoing, if any Event of Default has occurred
and is continuing:

     

    (i)         the
Administrative Agent may (without assuming any obligations or liability
thereunder), at any time and from time to time, enforce (and shall have the
exclusive right to enforce) against any licensee or sublicensee all rights and
remedies of any Grantor in, to and under any Licenses and take or refrain from
taking any action under any thereof, and each Grantor hereby releases the
Administrative Agent from, and agrees to hold the Administrative Agent free and
harmless from and against any claims arising out of, any lawful action so taken
or omitted to be taken with respect thereto except for the
Administrative Agent’s gross negligence or willful misconduct as determined by a
final and nonappealable decision of a court of competent jurisdiction;
and

     

    (ii)        upon
request by the Administrative Agent, each Grantor agrees to execute and deliver
to the Administrative Agent powers of attorney, in form and substance
satisfactory to the Administrative Agent, for the implementation of any lease,
assignment, license, sublicense, grant of option, sale or other disposition of
any Intellectual Property. In the event of any such disposition pursuant to this
Section, each Grantor shall supply its know-how and expertise relating to the
manufacture and sale of the products bearing Trademarks or the products or
services made or rendered in connection with Patents or Copyrights, and its
customer lists and other records relating to such Intellectual Property and to
the distribution of said products, to the Administrative
Agent.
 

    
      
         

      

      
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    SECTION 9. Limitation
on Duty of Administrative Agent in Respect of Collateral. Beyond reasonable care in
the custody thereof, the Administrative Agent shall have no duty as to any
Collateral of any Grantor in its possession or control or in the possession or
control of any agent or bailee or any income thereon or as to the preservation
of rights against prior parties or any other rights pertaining thereto. The
Administrative Agent shall be deemed to have exercised reasonable care in the
custody of the Collateral of the Grantors in its possession if such Collateral
is accorded treatment substantially equal to that which it accords its own
property, and the Administrative Agent shall not be liable or responsible for
any loss or damage to any of the Grantors’ Collateral, or for any diminution in
the value thereof, by reason of the act or omission of any warehouseman,
carrier, forwarding agency, consignee or other agent or bailee selected by the
Administrative Agent in good faith.

     

    SECTION 10. Application
of Proceeds. The
proceeds of any sale of, or other realization upon, all or any part of the
Collateral of the Grantors shall be applied by the Administrative Agent in the
manner set forth in Section 2.21(b) of the Credit Agreement, and, after the
application and payment by the Administrative Agent of any other amount required
by any provision of law, including Section 9-615(a)(3) of the UCC, to account
for any surplus, to the applicable Grantor.

     

    SECTION 11. Concerning
the Administrative Agent. The provisions of Article IX
of the Credit Agreement shall inure to the benefit of the Administrative Agent
in respect of this Agreement and shall be binding upon the parties to the Credit
Agreement in such respect. In furtherance and not in derogation of the rights,
privileges and immunities of the Administrative Agent therein set
forth:

     

    (a)           The
Administrative Agent is authorized to take all such action as is provided to be
taken by it as the Administrative Agent hereunder or otherwise permitted under
the Credit Agreement and all other action reasonably incidental thereto. As to
any matters not expressly provided for herein or therein, the Administrative
Agent may request instructions from the Lenders and shall act or refrain from
acting in accordance with written instructions from the Required Lenders or, in
the absence of such instructions, in accordance with its
discretion.

     

    (b)           The
Administrative Agent shall not be responsible for the existence, genuineness or
value of any of the Grantors’ Collateral or for the validity, perfection,
priority or enforceability of the Security Interests, whether impaired by
operation of law or by reason of any action or omission to act on its part. The
Administrative Agent shall have no duty to ascertain or inquire as to the
performance or observance of any of the terms of this Agreement by the
Grantors.

     

    SECTION 12. Appointment
of Co-Agents. At
any time or times, in order to comply with any legal requirement in any
jurisdiction, the Administrative Agent may appoint another bank or trust company
or one or more other Persons reasonably acceptable to the Required Lenders and,
so long as no Event of Default has occurred or is continuing, the Borrower,
either to act as co-agent or co-agents, jointly with the Administrative Agent,
or to act as separate agent or agents on behalf of the Administrative Agent and
the Secured Parties with such power and authority as may be necessary for the
effectual operation of the provisions hereof and specified in the instrument of
appointment (which may, in the discretion of the Administrative Agent, include
provisions for the protection of such co-agent or separate agent similar to the
provisions of Section 11).

     

    
      
         

      

      
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    SECTION 13. Expenses. In the event that any
Grantor fails to comply with the provisions of the Credit Agreement, this
Agreement or any other Loan Document, such that the value of any of its
Collateral or the validity, perfection, rank or value of the Security Interests
are thereby diminished or potentially diminished or put at risk, the
Administrative Agent may, but shall not be required to, effect such compliance
on behalf of such Grantor, and the Grantors shall jointly and severally
reimburse the Administrative Agent for the reasonable, documented and actual
costs thereof on demand. All insurance expenses and all reasonable, documented
and out-of-pocket expenses of protecting, storing, warehousing, appraising,
insuring, handling, maintaining and shipping such Collateral, any and all
excise, stamp, intangibles, transfer, property, sales, and use taxes imposed by
any state, federal, or local authority or any other governmental authority on
any of such Collateral, or in respect of periodic appraisals and inspections of
such Collateral (subject to any limitations contained in the Credit Agreement),
or in respect of the sale or other disposition thereof, shall be borne and paid
by the Grantors jointly and severally; and if the Grantors fail promptly to pay
any portion thereof when due, the Administrative Agent may, at its option, but
shall not be required to, pay the same and charge the Grantors’ accounts
therefor, and the Grantors agree jointly and severally to reimburse the
Administrative Agent therefor on demand. All sums so paid or incurred by the
Administrative Agent for any of the foregoing and any and all other sums for
which the Grantors may become liable hereunder and all reasonable, documented
out-of-pocket costs and expenses (including reasonable attorneys’ fees, legal
expenses and court costs) actually incurred by the Administrative Agent in
enforcing or protecting the Security Interests or any of its rights or remedies
thereon shall be payable by the Grantors on demand and shall bear interest
(after as well as before judgment) until paid at the default rate of interest
set forth in the Credit Agreement and shall be additional Secured Obligations
hereunder.

     

    SECTION 14. Termination
of Security Interests; Release of Collateral. Upon the repayment in full
in cash of all Secured Obligations (other than indemnification obligations that
survive termination of the Loan Documents and Treasury Management Obligations to
the extent comprised solely of any requirement to maintain or terminate any
deposit accounts with any Lender), termination of all commitments of the Lenders
under the Credit Agreement and the cash collateralization of the LC Exposure, if
any, or termination of any required cash collateralization of any LC Exposure by
the Issuing Bank in its sole discretion, the Security Interests shall terminate
and all rights to the Collateral shall revert to the Grantors. Upon any such
termination of the Security Interests or release of such Collateral, the
Administrative Agent will, at the expense of the Borrower, execute and deliver
to the Borrower such documents as the Grantors shall reasonably request, but
without recourse or warranty to the Administrative Agent, including but not
limited to written authorization to file termination statements to evidence the
termination of the Security Interests in such Collateral.

     

    SECTION 15. Notices. All notices, requests and
other communications to the Grantors or the Administrative Agent hereunder shall
be delivered in the manner required by the Credit Agreement and shall be
sufficiently given to the Administrative Agent or any Grantor if addressed or
delivered to them at, in the case of the Administrative Agent and the Borrower,
its addresses and telecopier numbers specified in the Credit Agreement and in
the case of any other Grantors, at their respective addresses and telecopier
numbers provided in the Subsidiary Guaranty Agreement. All such notices and
communications shall be deemed to have been duly given at the times set forth in
the Credit Agreement.

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    SECTION 16. No
Waiver; Remedies Cumulative.

     

    (a)           No
failure or delay of the Administrative Agent of any kind in exercising any
power, right or remedy hereunder and no course of dealing between any Grantor on
the one hand and the Administrative Agent or any holder of any Note on the other
hand shall operate as a waiver thereof, nor shall any single or partial exercise
of any such power, right or remedy hereunder or under any other Loan Document,
or any abandonment or discontinuance of steps to enforce such a power, right or
remedy, preclude any other or further exercise thereof or the exercise of any
other power, right or remedy. The rights of the Administrative Agent hereunder
and of the Lenders under the other Loan Documents are cumulative and are not
exclusive of any rights or remedies that they would otherwise have. No waiver of
any provision of this Agreement or consent to any departure by any Grantor
therefrom shall in any event be effective unless the same shall be permitted by
subsection (b) below, and then such waiver and consent shall be effective
only in the specific instance and for the purpose for which given. No notice or
demand on any Grantor in any case shall entitle such Grantor to any other or
further notice in similar or other circumstances.

     

    (b)           Neither
this Agreement nor any provision hereof may be waived, amended or modified
except pursuant to a written agreement entered into between the Grantors with
respect to which such waiver, amendment or modification relates and the
Administrative Agent, with the prior written consent of the Required Lenders
(except as otherwise provided in the Credit Agreement).

     

    SECTION 17. Successors
and Assigns. This
Agreement is for the benefit of the Administrative Agent and the Secured Parties
and their permitted successors and assigns, and in the event of an assignment of
all or any of the Secured Obligations, the rights hereunder, to the extent
applicable to the indebtedness so assigned, may be transferred with such
indebtedness. This Agreement shall be binding on the Grantors and their
successors and assigns; provided, however, that no
Grantor may assign any of its rights or obligations hereunder without the prior
written consent of the Administrative Agent and the Lenders.

     

    SECTION
18.  Governing Law; Jurisdiction;
Consent to Service of Process.

     

    (a)           This
Agreement shall be construed in accordance with and be governed by the law
(without giving effect to the conflict of law principles thereof) of the State
of Georgia.

     

    (b)           Each
Grantor hereby irrevocably and unconditionally submits, for itself and its
property, to the exclusive jurisdiction of the United States courts located
within Northern District in the State of Georgia, and the Business Case Division
of the Fulton County Superior Court located in Atlanta, Georgia and any
appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement or any other Loan Document or the transactions
contemplated hereby or thereby, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard
and determined in such Georgia state court or, to the extent permitted by
applicable law, such Federal court. Each Grantor agrees that a final judgment in
any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement shall affect any right that the Administrative Agent,
the Issuing Bank or any Lender may otherwise have to bring any action or
proceeding relating to this Agreement against any Grantor or its properties in
the courts of any jurisdiction.

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    (c)           Each
Grantor irrevocably and unconditionally waives any objection which it
may now or hereafter have to the laying of venue of any such suit, action
or proceeding described in paragraph (b) of this Section and brought in any
court referred to in paragraph (b) of this Section. Each party hereto
irrevocably waives, to the fullest extent permitted by applicable law, the
defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

     

    (d)           Each
Grantor irrevocably consents to the service of process in the manner provided
for notices in Section 10.1 of the Credit Agreement. Nothing in this Agreement
will affect the right of the Administrative Agent or any Lender to serve process
in any other manner permitted by law.

     

    SECTION 19.  WAIVER OF
JURY TRIAL. EACH
PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
OR INDIRECTLY ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR
ANY OTHER THEORY). EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER, AND (ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

     

    SECTION 20. Severability. Any provision of this
Agreement held to be illegal, invalid or unenforceable in any jurisdiction,
shall, as to such jurisdiction, be ineffective to the extent of such illegality,
invalidity or unenforceability without affecting the legality, validity or
enforceability of the remaining provisions hereof or thereof; and the
illegality, invalidity or unenforceability of a particular provision in a
particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.

     

    SECTION 21. Counterparts;
Integration. This
Agreement may be executed by one or more of the parties to this Agreement on any
number of separate counterparts (including by telecopy), and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument. This Agreement constitutes the entire agreement among the parties
hereto regarding the subject matters hereof and supersedes all prior agreements
and understandings, oral or written, regarding such subject
matter.
 

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    SECTION 22.  Additional
Grantors.
Pursuant to Section 5.11 of the Credit Agreement, each Domestic
Subsidiary that was not in existence on the date of the Credit Agreement is
required to enter into this Agreement as a Grantor upon becoming such a
Subsidiary. Upon execution and delivery after the date hereof by the
Administrative Agent and such Subsidiary of an instrument in the form of Exhibit A, such
Subsidiary shall become a Grantor hereunder with the same force and effect as if
originally named as a Grantor herein. The execution and delivery of any
instrument adding an additional Grantor as a party to this Agreement shall not
require the consent of any other Grantor hereunder. The rights and obligations
of each Grantor hereunder shall remain in full force and effect notwithstanding
the addition of any new Grantor as a party to this Agreement.

    

    (Signatures
on following page)

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Grantors have caused this Agreement to be duly executed and
delivered by their duly authorized officers as of the day and year first above
written.

    

    
      
        
          
            
              
                	 
      	
                        EASYLINK
      SERVICES INTERNATIONAL CORPORATION, a Delaware
  corporation

                      
	 
      	 
      	 
      
	 
      	
                        By:

                      	
                        /s/ Thomas J. Stallings

                      
	 
      	
                        Name:

                      	
                          Thomas J.
  Stallings

                      
	 
      	
                        Title:

                      	
                           Chief Executive
      Officer

                      
	 
      	 
      	 
      
	 
      	 
      	
                        [CORPORATE
      SEAL]

                      
	 
      	 
      	 
      
	 
      	
                        EASYLINK
      SERVICES CORPORATION, a Delaware corporation

                      
	 
      	 
      	 
      
	 
      	
                        By:

                      	
                        /s/ Thomas J. Stallings

                      
	 
      	
                        Name:

                      	
                          Thomas J.
  Stallings

                      
	 
      	
                        Title:

                      	
                          President

                      
	 
      	 
      	 
      
	 
      	 
      	
                        [CORPORATE
      SEAL]

                      
	 
      	 
      	 
      
	 
      	
                        EASYLINK
      SERVICES USA, INC., a Delaware corporation

                      
	 
      	 
      	 
      
	 
      	
                        By:

                      	
                        /s/ Thomas J. Stallings

                      
	 
      	
                        Name:

                      	
                          Thomas J.
  Stallings

                      
	 
      	
                        Title:

                      	
                          President

                      
	 
      	 
      	 
      
	 
      	 
      	
                        [CORPORATE
      SEAL]

                      

              

            

          

        

      

    

     

    (Signatures
continue on following page)

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        	 
      	
                                XPEDITE
      SYSTEMS, LLC, a Delaware limited liability company

                              
	 
      	 
      	 
      
	 
      	
                                By:

                              	
                                EasyLink
      Services International

                                Corporation,
      a Delaware corporation,

                              
	 
      	
                                 

                              	

                                its
      Sole Member

                              
	 
      	 
      	 
      
	 
      	
                                By:

                              	
                                /s/ Thomas J. Stallings

                              
	 
      	
                                Name:

                              	
                                  Thomas J.
  Stallings

                              
	 
      	
                                Title:

                              	
                                  Chief Executive
    Officer

                              
	 
      	 
      	 
      
	 
      	 
      	
                                [CORPORATE
      SEAL]

                              
	 
      	 
      	 
      
	 
      	
                                XPEDITE
      SYSTEMS WORLDWIDE, INC., a

                                Delaware
      corporation

                              
	 
      	 
      	 
      
	 
      	
                                By:

                              	
                                /s/ Thomas J. Stallings

                              
	 
      	
                                Name:

                              	
                                  Thomas J.
  Stallings

                              
	 
      	
                                Title:

                              	
                                  President

                              
	 
      	 
      	 
      
	 
      	 
      	
                                [CORPORATE
      SEAL]

                              
	 
      	 
      	 
      
	 
      	
                                XPEDITE
      NETWORK SERVICES, INC., a

                                Georgia
      corporation

                              
	 
      	 
      	 
      
	 
      	
                                By:

                              	
                                /s/ Thomas J. Stallings

                              
	 
      	
                                Name:

                              	
                                  Thomas J.
  Stallings

                              
	 
      	
                                Title:

                              	
                                  President

                              
	 
      	 
      	 
      
	 
      	 
      	
                                [CORPORATE
      SEAL]

                              
	 
      	 
      	 
      
	 
      	
                                PTEK
      SERVICES, INC., a Delaware corporation

                              
	 
      	 
      	 
      
	 
      	
                                By:

                              	
                                /s/ Thomas J. Stallings

                              
	 
      	
                                Name:

                              	
                                  Thomas J.
  Stallings

                              
	 
      	
                                Title:

                              	
                                  President

                              
	 
      	 
      	 
      
	 
      	 
      	
                                [CORPORATE
      SEAL]

                              

                      

                    

                  

                

              

            

          

        

      

    
 

    
      
         

      

      
        25EXHIBIT
10.9

    

    Execution
Version

    

    STOCK PLEDGE
AGREEMENT

     

    THIS
STOCK PLEDGE AGREEMENT (this “Agreement”), dated as
of October 21, 2010, is made by EASYLINK SERVICES
INTERNATIONAL CORPORATION, a Delaware corporation (“Borrower”), the
subsidiaries of the Borrower signatory hereto (Borrower and each subsidiary of
the Borrower a party hereto shall be collectively known as the “Pledgors”, and
individually as a “Pledgor”), in favor
of SUNTRUST BANK, in its capacity as administrative agent (the “Administrative
Agent”) for the several banks and other financial institutions and
lenders (the “Lenders”) from time
to time party to the Credit Agreement (as defined below).

     

    WITNESSETH:

     

    WHEREAS,
the Borrower, the Lenders and SunTrust Bank, as Administrative Agent, Issuing
Bank and Swingline Lender, have entered into that certain Revolving Credit and
Term Loan Agreement, dated as of October 21, 2010 (as amended, restated,
supplemented, or otherwise modified from time to time, the “Credit Agreement”),
pursuant to which the Lenders have agreed to establish a revolving credit
facility in favor of and extend a term loan to Borrower; and

     

    WHEREAS,
the Pledgors are the record and beneficial owners of the Pledged Shares;
and

     

    WHEREAS,
in order to induce the Lenders and the Administrative Agent to enter into the
Credit Agreement, Subsidiary Guaranty Agreement and other Loan Documents, the
Pledgors have agreed to execute and deliver to the Administrative Agent, for the
benefit of the Administrative Agent and the Secured Parties (as defined below),
this Agreement as security for the Secured Obligations (as defined
below);

     

    NOW,
THEREFORE, in consideration of the premises and mutual covenants herein
contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as
follows:

     

    ARTICLE 1

     

    DEFINITIONS

     

    SECTION 1.1.  Certain
Terms.  The following terms (whether or not underscored) when
used in this Agreement, including its preamble and recitals, shall have the
following meanings (such definitions to be equally applicable to the singular
and plural forms thereof):

     

    “Agreement” shall mean
this Stock Pledge Agreement as originally in effect on the Closing Date and as
thereafter from time to time amended, supplemented, restated or otherwise
modified.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Collateral” shall
mean, collectively, (a) the Pledged Shares; (b) all other Pledged
Property, whether now or hereafter delivered to the Administrative Agent in
connection with this Agreement; and (c) all proceeds of any of the
foregoing.  The Collateral shall expressly exclude the Capital Stock
constituting more than sixty-five percent (65%) of all issued and outstanding
shares of all classes of Capital Stock or other equity interests of any
Subsidiary of any Pledgor which Subsidiary is not a Domestic
Subsidiary.

     

    “Distributions” shall
mean all dividends paid in stock, liquidating dividends, shares of stock
resulting from stock splits, reclassifications, warrants, options, non-cash
dividends and other distributions (whether similar or dissimilar to the
foregoing) on or with respect to any Pledged Shares or other shares of Capital
Stock constituting Collateral, but shall not mean Dividends.

     

    “Dividends” shall mean
cash dividends and cash distributions with respect to any Pledged Shares made
out of capital surplus.

     

    “Event of Default”
shall mean any event described in Section 5.1.

     

    “Pledged Property”
shall mean all Pledged Shares and the certificates evidencing the Pledged
Shares, and all Dividends, Distributions, securities, cash, instruments,
interest payments and other property and proceeds from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all
of the Pledged Shares.

     

    “Pledged Shares”
shall mean, subject to the final sentence of this definition, all of the Capital
Stock of any Subsidiary owned by the Pledgors from time to time, including
without limitation the Capital Stock more particularly described in Schedule 1 hereto, as
amended and supplemented from time to time and all other shares of Capital Stock
which are pledged by the Pledgors to the Administrative Agent as Pledged
Property hereunder.  The Pledged Shares shall expressly exclude the
Capital Stock constituting more than sixty-five percent (65%) of all issued and
outstanding shares of all classes of Capital Stock or other equity interests of
any Subsidiary of any Pledgor which Subsidiary is not a Domestic
Subsidiary.

     

    “Ratable” or “ratably” shall mean,
in the context of a distribution of Collateral or a distribution of proceeds of
any of the Collateral, an allocation of such Collateral or proceeds among the
Lenders pro
rata in accordance with their respective portion of the aggregate dollar
amount of the Secured Obligations to which the distribution is being
applied.

     

    “Secured Obligations”
shall mean (i) all Obligations of the Borrower under the Credit Agreement and
the other Loan Documents (whether for principal, interest, fees, expenses,
indemnity or reimbursement payments, or otherwise), (ii) all obligations of the
Borrower, monetary or otherwise, pursuant to any Hedging Transaction incurred to
limit interest rate or fee fluctuation with respect to the Loans and Letters of
Credit entered into with a Specified Hedge Provider, (iii) all Treasury
Management Obligations owing to a Specified Treasury Management Provider
(whether for principal, interest, fees, expenses, indemnity or reimbursement
payments, or otherwise), (iv) all obligations of each other Pledgor under the
Subsidiary Guaranty Agreement and all other Loan Documents to which such other
Grantor is a party to (whether for principal, interest, fees, expenses,
indemnity or reimbursement payments, or otherwise), (v) all renewals,
extensions, refinancings and modifications thereof, and (vi) all reasonable
and documented costs and expenses actually incurred by the Administrative Agent in
connection with the exercise of its rights and remedies hereunder (including
reasonable and documented out-of-pocket
attorneys’ fees actually
incurred).  Where the context requires, (i) any Affiliate of a
Lender which is party to a Hedging Transaction entered into to limit interest
rate or fee fluctuations with respect to the Loans and Letters of Credit shall
be deemed to be a “Secured Party” for purposes of this Agreement and such
affiliate shall only be required to be an Affiliate of a Lender at the time the
relevant Hedging Transaction is entered into in order for such Hedging
Transaction to be eligible to be designated as a “Secured Obligation”, and (ii)
any Affiliate of a Lender which provides Treasury Management Services to a
Pledgor shall be deemed to be a “Secured Party” for purposes of this Agreement
and such Affiliate shall only be required to be an Affiliate of a Lender at the
time the relevant agreement is entered into in order for such Treasury
Management Obligations to be eligible to be designated as “Secured
Obligations”.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    “Secured Parties”
shall mean, collectively, the Administrative Agent, the Lenders, the Specified
Hedge Providers and the Specified Treasury Management Providers.

     

    “Specified Hedge
Provider” shall mean each party to a Hedging Transaction entered into to
limit interest rate or fee fluctuations with respect to the Loans and Letters of
Credit if at the date of entering into such Hedging Transaction such person was
a Lender or an Affiliate of a Lender and such person executes and delivers to
the Administrative Agent a letter agreement in form and substance acceptable to
the Administrative Agent pursuant to which such person (i) appoints the
Administrative Agent as its agent under the applicable Loan Documents and (ii)
agrees to be bound by the provisions of Article IX and X of the Credit
Agreement.

     

    “Specified Treasury
Management
Provider” shall mean any Lender or any Affiliate of a Lender that
provides to any Loan Party the services described in the definition of Treasury
Management Obligations if at the date of entering
into an agreement to provide such services such person was a Lender or an
Affiliate of a Lender and such person executes and delivers to the
Administrative Agent a letter agreement in form and substance acceptable to the
Administrative Agent pursuant to which such person (i) appoints the
Administrative Agent as its agent under the applicable Loan Documents and (ii)
agrees to be bound by the provisions of Article IX and X of the Credit
Agreement.

     

    “U.C.C.” means the
Uniform Commercial Code as in effect in the State of Georgia from time to
time.

     

    SECTION 1.2.  Credit
Agreement Definitions, Cross-References.  Capitalized terms
used herein and not otherwise defined (including the preamble and recitals
hereof) shall have the meanings assigned to them in the Credit Agreement, unless
the context otherwise requires or unless otherwise defined
herein.  References in this Agreement to any Section, unless otherwise
specified, are references to such Section of this Agreement, and references
in such Section to any subsection or clause, unless otherwise specified,
are references to such subsection or clause of such Section.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    SECTION 1.3.  U.C.C.
Definitions.  Unless otherwise defined herein or the context
otherwise requires, terms for which meanings are provided in the U.C.C. are used
in this Agreement, including its preamble and recitals, with such
meanings.

     

    ARTICLE 2

     

    PLEDGE

     

    SECTION 2.1.  Grant of
Security Interest.  Each Pledgor hereby pledges, assigns,
delivers, sets over, conveys and transfers to the Administrative Agent, for its
benefit and the benefit of the Secured Parties, and hereby grants to the
Administrative Agent, for its benefit and the benefit of the Secured Parties, a
continuing security interest in and to, all of the Collateral.

     

    SECTION 2.2.  Security
for Secured Obligations.  This Agreement and the Collateral
secure the payment in full and performance of all Secured
Obligations.

     

    SECTION 2.3.  Delivery
of Pledged Property upon Event of Default; Registration of Pledge;
Transfer.  All certificates and instruments representing or
evidencing any Collateral, including all Pledged Shares, shall be delivered to
the Administrative Agent and shall be held by the Administrative Agent, shall be
in suitable form for transfer by delivery, and shall be accompanied by all
necessary instruments of transfer or assignment, duly executed in blank and, if
the Administrative Agent shall so request, with signatures guaranteed by a
member of a registered national securities exchange or the National Association
of Securities Dealers, Inc. or by a commercial bank or trust company having an
office or correspondent in the United States.  The Administrative
Agent shall have the right, upon the occurrence and during the continuation of
an Event of Default, and without notice to the Pledgors, to transfer to, or to
register in the name of the Administrative Agent or any of its nominees, any or
all of the Pledged Shares, subject only to Section 2.5(b) and
Section 4.6.  In
addition, the Administrative Agent shall have the right at any time to request
that any Pledgor exchange certificates or instruments representing or evidencing
any Pledged Shares for certificates or instruments of smaller or larger
denominations.

     

    SECTION 2.4.  No Duty
to Administrative Agent.  The powers conferred on the
Administrative Agent hereunder are solely to protect its interest in the
Collateral and shall not impose any duty upon it to exercise any such
powers.  Beyond reasonable care in the custody of any Collateral in
its possession and the accounting for moneys actually received by it hereunder,
the Administrative Agent shall have no duty as to any Collateral or as to the
taking of any necessary steps to preserve rights against prior parties or any
other rights pertaining to any Collateral.  The Administrative Agent
shall not be liable or responsible for any loss or damage to any of the
Collateral, or from any diminution in the value thereof, by reason of the act or
omission of any carrier, forwarding agency, or other agent selected by the
Administrative Agent in good faith.

     

    SECTION 2.5.  Continuing
Security Interest; Transfer of Secured Obligation.  This
Agreement shall:

     

    (a)          create
a continuing security interest in the Collateral;

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    (b)          remain
in full force and effect until the payment in full and performance of all
Secured Obligations (other than indemnification obligations that survive
termination of the Loan Documents and Treasury Management Obligations to the
extent comprised solely of any requirement to maintain or terminate any deposit
accounts with any Lender), and termination of the Commitments;

     

    (c)          be
binding upon each Pledgor, and their respective successors and assigns, provided, however, that no
Pledgor may assign any of its rights or obligations hereunder without the prior
written consent of the Required Lenders; and

     

    (d)          inure
to the benefit of the Administrative Agent and the Lenders and their respective
permitted successors, transferees and assigns.

     

    Without
limitation to the foregoing, any Lender may assign or otherwise transfer any
Note, Loan or other Secured Obligation, held by it to any other Person, in
accordance with the terms of the Credit Agreement, and such other Person shall
thereupon become vested with all the benefits in respect thereof granted herein
or otherwise.  Upon the occurrence of the event described in Section 2.5(b)
above, the security interest granted herein shall terminate and all rights to
the Collateral shall revert to the Pledgors, as applicable.  Upon any
such termination, the Administrative Agent will, at the Pledgors’ expense,
execute and deliver to the Pledgors such documents as the Pledgors shall
reasonably request to evidence such termination, without recourse or warranty to
the Administrative Agent.

     

    ARTICLE 3

     

    REPRESENTATIONS
AND WARRANTIES

     

    SECTION 3.1.  Representations
and Warranties.  Each Pledgor represents and warrants as
follows:

     

    (a)          The
Pledgor is and at all times will be the legal and beneficial owner of, and has
and will have at all times good and marketable title to (and has and will at all
times have full right and authority to pledge and assign), all Collateral, free
and clear of all Liens or other charges or encumbrances, except the Lien granted
pursuant hereto in favor of the Administrative Agent and other Liens permitted
under the Credit Agreement.

     

    (b)          The
filing of a UCC-1 financing statement and the delivery of the Collateral to the
Administrative Agent are each effective to create a valid, perfected, first
priority security interest in such Collateral and all proceeds thereof, securing
the Secured Obligations, except that the filing of a financing statement, the
taking of possession or some other action may be required under
Section 9-306 of the U.C.C. to perfect a security interest in certain
proceeds of the Collateral that does not constitute Pledged Shares or other
securities or instruments.

     

    (c)          The
Pledged Shares have been duly authorized and validly issued, and are fully paid,
and nonassessable.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    (d)          The
Pledged Shares constitute, and at all times thereafter the Pledged Shares will
constitute, (a) 100% of all of the issued and outstanding shares of Capital
Stock of the Domestic Subsidiaries owned by the Pledgor and (b) 65% of all of
the issued and outstanding shares of Stock of any other Subsidiaries (“Foreign
Subsidiaries”) owned by the Pledgor.

     

    (e)          Except
for compliance with the requirements of Section 5.7, no
authorization, approval, or other action by and no notice to or filing with, any
Governmental Authority is or will be required either:

     

    (i)         for
the pledge by the Pledgor of any Collateral pursuant to this Agreement or for
the execution, delivery, or performance of this Agreement by the Pledgor,
or

     

    (ii)        for
the exercise by the Administrative Agent of the voting or other rights provided
for in and in accordance with the terms of this Agreement or the remedies in
respect of the Collateral pursuant to this Agreement (except, with respect to
any Pledged Shares, as may be required in connection with a disposition of such
Pledged Shares by laws affecting the offering and sale of securities
generally).

     

    SECTION 3.2.  Warranties
upon Pledge of Additional Collateral.  Each Pledgor shall be
deemed to restate each representation and warranty set forth in Section 3.1 as at the
date of each pledge hereunder by such Pledgor to the Administrative Agent of any
Collateral with respect to such additional Collateral.

     

    ARTICLE 4

     

    COVENANTS

     

    SECTION 4.1.  Protect
Collateral; Further Assurances.  No Pledgor will sell, assign,
transfer, pledge or encumber in any other manner the Collateral (except in favor
of the Administrative Agent hereunder).  Each Pledgor will warrant and
defend the right, title and security interest herein granted to the
Administrative Agent in and to the Collateral (and all right, title and interest
represented by the Collateral) against the claims and demands of all Persons
whomsoever.  Each Pledgor agrees that at any time, and from time to
time, at the expense of the Pledgor, the Pledgor will promptly execute and
deliver all further instruments, and take all further action, that the
Administrative Agent may reasonably request, in order to perfect and protect any
security interest granted or purported to be granted hereby or to enable the
Administrative Agent to exercise and enforce its rights and remedies hereunder
with respect to any Collateral.

     

    SECTION 4.2.  Issuance
of Stock.  No Pledgor will, subsequent to the date of this
Agreement, without the prior written consent of the Required Lenders, cause or
permit the Subsidiaries that have issued any shares pledged hereunder to issue
or grant any warrants, stock options of any nature or other instruments
convertible into shares of any class of Capital Stock or issue any additional
shares of Capital Stock or sell or transfer any treasury Capital Stock, except
that any Subsidiary may issue shares of Capital Stock to the Pledgor that are or
become contemporaneously with such issuance, Pledged Shares that are pledged
hereunder and become a part of the Collateral (in the same proportion as
currently pledged), and in the case of any Subsidiary that is not a Domestic
Subsidiary except for any qualifying shares required to be issued to directors
or officers of such Subsidiary under applicable law.  Such Pledgor
will notify the Administrative Agent within five Business Days of the issuance
of any such additional Pledged Shares, and of any additional Subsidiary formed
or acquired after the date hereof (the stock of which shall likewise become
additional Pledged Shares hereunder, subject to the limitation on the pledging
of shares of Foreign Subsidiaries contained in the definition of “Pledged
Shares”), and within fifteen Business Days of such issuance, acquisition or
formation, cause such Pledged Shares, together with signed stock powers and
proxies, and such other documents and instruments as the Administrative Agent
may require in its reasonable discretion, to be delivered into the
Administrative Agent’s possession, and take all other steps deemed necessary by
the Administrative Agent in its reasonable discretion to perfect the
first-priority security interest of the Administrative Agent in such additional
Pledged Shares.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    SECTION 4.3.  Taxes.  Each
Pledgor will pay all taxes, assessments and charges levied, assessed or imposed
upon the Collateral before the same become delinquent or become Liens upon any
of the Collateral except where the same may be contested in good faith by
appropriate proceedings and as to which adequate reserves have been
provided.

     

    SECTION 4.4.  Stock
Powers.  Each Pledgor agrees that all Pledged Shares (and all
other shares of Capital Stock constituting Collateral) delivered by the Pledgor
to the Administrative Agent pursuant to this Agreement will be accompanied by
all necessary instruments of transfer or assignment, duly executed in blank and,
if the Administrative Agent shall so request, with signatures guaranteed by a
member of a national securities exchange or the National Association of
Securities Dealers, Inc. or by a commercial bank or trust company having an
office or correspondent in the United States.  Thereafter, each
Pledgor will, upon the request of the Administrative Agent, promptly deliver to
it such stock powers, instruments and similar documents, satisfactory in form
and substance to the Administrative Agent, with respect to the Collateral as the
Administrative Agent may reasonably request and will, from time to time upon the
request of the Administrative Agent, promptly transfer any Pledged Shares or
other shares of Capital Stock, including all Distributions, constituting
Collateral into the name of the Administrative Agent or any nominee designated
by the Administrative Agent.

     

    SECTION 4.5.  Continuous
Pledge.  Each Pledgor will at all times keep pledged to the
Administrative Agent pursuant hereto all Pledged Shares, all Dividends and
Distributions received following the occurrence and during the continuance of an
Event of Default with respect thereto, and all other Collateral.

     

    SECTION 4.6.  Voting
Rights; Dividends.  In addition, each Pledgor agrees
that:

     

    (a)          after
any Event of Default shall have occurred and be continuing or if any Default or
Event of Default shall occur as a result thereof, promptly upon receipt thereof
by the Pledgor and without any request therefor by the Administrative Agent, the
Pledgor shall deliver (properly endorsed where required hereby or requested by
the Administrative Agent) to the Administrative Agent all Dividends, all of
which shall be held by the Administrative Agent as additional Collateral for use
in accordance with Section 5.5;

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    (b)          after
any Event of Default shall have occurred and be continuing, upon written notice
to the Pledgor by the Administrative Agent, all rights of the Pledgor to
exercise or refrain from exercising voting or other consensual rights in respect
of the Collateral shall cease and all such rights shall thereupon become vested
in the Administrative Agent who shall thereupon have the sole right to exercise
or refrain from exercising such voting and other consensual rights;
and

     

    (c)          after
any Event of Default shall have occurred and be continuing, promptly upon
request of the Administrative Agent, the Pledgor shall deliver to the
Administrative Agent such proxies and other documents as may be necessary to
allow the Administrative Agent to exercise the voting and other consensual
rights with respect to any Collateral.

     

    Except as
set forth in the immediately preceding sentence, each Pledgor shall be entitled
to exercise, in its reasonable judgment, but in a manner not inconsistent with
the terms of the Credit Agreement, Subsidiary Guaranty Agreement or any other
Loan Document (including this Agreement), the voting powers and all other
incidental rights of ownership with respect to any Pledged Shares or other
shares of Capital Stock constituting Collateral (subject to the Pledgor’s
obligation to deliver to the Administrative Agent such Pledged Shares and other
shares in pledge hereunder) and to the receipt of all Dividends.  All
Dividends, Distributions, cash payments and proceeds which the Pledgor is then
obligated to deliver to the Administrative Agent, shall, until delivery to the
Administrative Agent, be held by the Pledgor separate and apart from its other
property in trust for the Administrative Agent.  The Administrative
Agent agrees that unless an Event of Default shall have occurred and be
continuing, the Administrative Agent shall, upon the written request of any
Pledgor, promptly deliver such proxies and other documents, if any, as shall be
reasonably requested by the Pledgor which are necessary to allow the Pledgor to
exercise voting power with respect to any share of Capital Stock (including
Pledged Shares) constituting Collateral; provided, however, that no vote
shall be cast, or consent, waiver or ratification given, or action taken by the
Pledgor that would impair in any material respect any Collateral or be
inconsistent with or violate any provision of the Credit Agreement, the
Subsidiary Guaranty Agreement or any other Loan Document (including this
Agreement).

     

    SECTION 4.7.  Additional
Information.  Each Pledgor will furnish to the Administrative
Agent and the Lenders written notice of the occurrence of any event which would
make any representation contained in Article 3 untrue
at such time.

     

    ARTICLE 5

     

    EVENTS OF
DEFAULT; REMEDIES

     

    SECTION 5.1.  Events of
Default.  Each of the following shall constitute an “Event of
Default” hereunder:

     

    (a)          if
there shall occur any Event of Default under the Credit Agreement;

     

    (b)          if
any of the Collateral shall be levied upon or seized in any legal proceeding, or
held by virtue of any Lien or distress, or any Lien other than a Lien permitted
under the Credit Agreement shall attach to any of the Collateral;
or

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    (c)          if
any representation or warranty of any Pledgor set forth herein shall be untrue
in any material respect or if any Pledgor shall default in the due performance
and observance of any covenant contained herein and such default shall continue
unremedied for a period of thirty (30) days after the earlier of (i) any officer
of the Borrower becoming aware of such failure or (ii) notice thereof shall have
been given to the Borrower by the Administrative Agent or any
Lender.

     

    SECTION 5.2.  Actions
upon Event of Default.  In addition to its rights and remedies
provided hereunder, whenever an Event of Default shall have occurred and be
continuing, the Administrative Agent shall have all rights and remedies of a
secured party upon default under the U.C.C. or other applicable
law.  Any notification required by law of any intended disposition by
the Administrative Agent of any of the Collateral shall be deemed reasonably and
properly given if given at least ten (10) days before such
disposition.  Without limitation of the above, the Administrative
Agent may, and upon direction of the Required Lenders shall, whenever an Event
of Default shall have occurred and be continuing, take all or any of the
following actions after giving at least ten (10) days prior notice to the
Pledgors:

     

    (a)          transfer
all or any part of the Collateral into the name of the Administrative Agent or
its nominee, without disclosing that such Collateral is subject to the Lien
hereunder;

     

    (b)          take
control of any proceeds of the Collateral; and

     

    (c)          execute
(in the name, place and stead of the Pledgors) endorsements, assignments, stock
powers and other instruments of conveyance or transfer with respect to all or
any of the Collateral.

     

    SECTION 5.3.  Attorney-in-Fact.  Each
Pledgor hereby irrevocably appoints the Administrative Agent its true and lawful
attorney, with full power of substitution, in the name of the Pledgors, the
Administrative Agent, the Lenders or otherwise, for the sole use and benefit of
the Administrative Agent and the Lenders, but at the Pledgors’ expense, upon the
occurrence and during the continuation of an Event of Default to take any action
and to execute any instrument which the Administrative Agent may deem reasonably
necessary or advisable enable the Administrative Agent to realize the benefit of
the security interest provided for in this Agreement.

     

    SECTION 5.4.  Private
Sales.  (a)  Each Pledgor recognizes that the
Administrative Agent may be unable, after the occurrence and during the
continuance of any Event of Default, to effect a public sale of any or all the
Pledged Shares by reason of certain prohibitions contained in the Securities Act
of 1933, as amended (the “Securities Act”) and
applicable state securities law or otherwise, and may be compelled to resort to
one or more private sales thereof to a restricted group of purchasers that will
be obligated to agree, among other things, to acquire such securities for their
own account for investment and not with a view to the distribution or resale
thereof.  Each Pledgor acknowledges and agrees that any such private
sale may result in prices and other terms less favorable than if such sale were
a public sale and, notwithstanding such circumstances, agrees that any such
private sale shall be deemed to have been made in a commercially reasonable
manner.  The Administrative Agent shall be under no obligation to
delay sale of any of the Pledged Shares for the period of time necessary to
permit any Subsidiary to register such securities for public sale under the
Securities Act, or under applicable state securities law, even if such
Subsidiary would agree to do so.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (b)          Each
Pledgor further agrees to use its reasonable best efforts, after the occurrence
and during the continuance of an Event of Default, to do or cause to be done all
such acts as may be necessary to make such sale or sales of all or any portion
of the Pledged Shares pursuant to this Section 5.4
valid and binding and in compliance with any and all applicable Requirements of
Law.

     

    SECTION 5.5.  Application
of Proceeds.  All cash proceeds received by the Administrative
Agent in respect of any sale of, collection from, or other realization upon, all
or any part of the Collateral may, in the discretion of the Administrative
Agent, be held by the Administrative Agent as additional collateral security
for, or then or at any time thereafter be applied (after payment of any amounts
payable to the Administrative Agent pursuant to Section 2.9 of
the Credit Agreement and Section 5.6 of
this Agreement) in whole or in part by the Administrative Agent against, all or
any part of the Secured Obligations in the following order:

     

    (a)          first, ratably, to
the unpaid interest accrued and then due or owing on the Secured Obligations and
to the aggregate amount of fees described in Section 2.14 of
the Credit Agreement which have accrued and are unpaid;

     

    (b)          second, ratably,
among the Lenders, on account of all principal of any Secured Obligations then
due or owing; and

     

    (c)          third, to any other
Secured Obligations then due or owing.

     

    After
termination of the Commitments, any surplus of such cash or cash proceeds held
by the Administrative Agent and remaining after payment in full of all the
Secured Obligations, shall be paid over to the Pledgors or to whomsoever may be
lawfully entitled to receive such surplus.

     

    SECTION 5.6.  Indemnity
and Expenses.  Each Pledgor hereby indemnifies and holds
harmless the Administrative Agent and the Lenders from and against any and all
claims, losses, and liabilities growing out of or resulting from this Agreement
(including enforcement of this Agreement), to the same extent as the Borrower
pursuant to the terms of Section 10.3 of the
Credit Agreement.  Upon demand, each Pledgor will pay, or cause to be
paid, to the Administrative Agent the amount of any and all reasonable and
documented expenses actually incurred, including the reasonable fees and
disbursements of its counsel and of any experts and Administrative Agents
actually incurred, which the Administrative Agent incurs in connection
with:

     

    (a)          the
administration of this Agreement;

     

    (b)          the
custody, preservation, use, or operation of, or the sale of, collection from, or
other realization upon, any of the Collateral;

     

    (c)          the
exercise or enforcement of any of the rights of the Administrative Agent
hereunder and any action taken by the Administrative Agent under Section 6.4;
and

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (d)          the
failure by any Pledgor to perform or observe any of the provisions
hereof.

     

    SECTION 5.7.  Registration
Rights.  If the Administrative Agent shall determine to
exercise its right to sell any of the Pledged Shares pursuant to Section 5.2 or under
applicable law, each Pledgor agrees that, upon request of the Administrative
Agent, as soon as practicable, each Pledgor will, at its own
expense:

     

    (a)          execute
and deliver, and cause each issuer of the Pledged Shares and the directors and
officers thereof to execute and deliver, all such instruments and documents, and
do or cause to be done all such other acts and things, as may be necessary or,
in the opinion of the Administrative Agent, advisable to register such Pledged
Shares under the provisions of the Securities Act, and to cause the registration
statement relating thereto to become effective and remain effective for such
period as prospectuses are required by law to be furnished, and to make all
amendments and supplements thereto and to the related prospectuses which, in the
opinion of the Administrative Agent, are necessary or advisable, all in
conformity with the requirements of the Securities Act and the rules and
regulations of the Securities and Exchange Commission applicable
thereto;

     

    (b)          use
its best efforts to qualify the Pledged Shares under state securities or “Blue
Sky” laws and to obtain all necessary governmental approval for the sale of the
Pledged Shares, as requested by the Administrative Agent;

     

    (c)          cause
each issuer of the Pledged Shares to make available to its security holders, as
soon as practicable, an earnings statement which will satisfy the provisions of
Section 14(a) of the Securities Act; and

     

    (d)          do
or cause to be done all such other acts and things as may be necessary to make
such sale of the Pledged Shares or any part thereof valid and binding and in
compliance with applicable law.

     

    Each
Pledgor further acknowledges the impossibility of ascertaining the amount of
damages which would be suffered by the Administrative Agent and the Lenders by
reason of the failure of a Pledgor to perform any of the covenants contained in
this Section and, consequently, agrees that the remedy of specific performance
may be granted to require the Pledgor to comply with the covenants contained in
this Section, at any time after the Administrative Agent shall demand compliance
with this Section.

     

    ARTICLE 6

     

    MISCELLANEOUS

     

    SECTION 6.1.  Loan
Document.  This Agreement is a Loan Document executed pursuant
to the Credit Agreement and shall (unless otherwise expressly indicated herein)
be construed, administered and applied in accordance with the terms and
provisions thereof.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    SECTION 6.2.  Amendments.  No
amendment or waiver of any provision of this Agreement nor consent to any
departures by the Pledgors herefrom shall in any event be effective unless the
same shall be in writing, signed by the Administrative Agent (with the consent
of the Required Lenders), and then such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which it is
given.

     

    SECTION 6.3.  Obligations
Not Affected.  The obligations of the Pledgors under this
Agreement shall remain in full force and effect without regard to, and shall not
be impaired or affected by:

     

    (a)          any
amendment or modification or addition or supplement to the Credit Agreement, any
Note, any other Loan Document, any instrument delivered in connection therewith
or any assignment or transfer thereof;

     

    (b)          any
exercise, non-exercise or waiver by the Administrative Agent or any Lender of
any right, remedy, power or privilege under or in respect of, or any release of
any guaranty or collateral provided pursuant to, this Agreement, the Credit
Agreement or any other Loan Document;

     

    (c)          any
waiver, consent, extension, indulgence or other action or inaction in respect of
this Agreement, the Credit Agreement or any other Loan Document or any
assignment or transfer of any thereof; or

     

    (d)          any
bankruptcy, insolvency, reorganization, arrangement, readjustment, composition,
liquidation or the like, of any Pledgor or any other Person, whether or not the
Pledgor shall have notice or knowledge of any of the foregoing.

     

    SECTION 6.4.  Protection
of Collateral.  The Administrative Agent may from time to time
perform, at its option, any act which any Pledgor agrees hereunder to perform
and which the Pledgor shall fail to perform, and the Administrative Agent may
from time to time take any other action which the Administrative Agent
reasonably deems necessary for the maintenance, preservation or protection of
any of the Collateral or of its security interest therein.

     

    SECTION 6.5. Addresses
for Notices.  All notices and other communications provided for
hereunder to any party hereto shall be given in the manner provided in Section 10.1 of
the Credit Agreement, and if to the Administrative Agent, at the address set
forth in Section
10.1 of the Credit Agreement.

     

    SECTION 6.6.  Governing
Law; Jurisdiction.

     

    (a)           This
Agreement shall be construed in accordance with and be governed by the law
(without giving effect to the conflict of law principles thereof) of the State
of Georgia.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    (b)           Each
Pledgor hereby irrevocably and unconditionally submits, for itself and its
property, to the non-exclusive jurisdiction of the United States District Court
of the Northern District of Georgia, and of any state court of the State of
Georgia located in Fulton County and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this
Agreement or the transactions contemplated hereby or thereby, or for recognition
or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in such Georgia state court or,
to the extent permitted by applicable law, such Federal court.  Each
Pledgor agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or
in any other manner provided by law. Nothing in this Agreement shall affect any
right that the Administrative Agent or any Lender may otherwise have to bring
any action or proceeding relating to this Agreement against the Pledgors or
their respective properties in the courts of any jurisdiction.

     

    (c)           Each
Pledgor irrevocably and unconditionally waives any objection which it
may now or hereafter have to the laying of venue of any such suit, action
or proceeding described in paragraph (b) of this Section and brought in any
court referred to in paragraph (b) of this Section.  Each Pledgor
irrevocably waives, to the fullest extent permitted by applicable law, the
defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

     

    (d)           Each
Pledgor irrevocably consents to the service of process in the manner provided
for notices in Section
10.1.  Nothing in this Agreement or in any other Loan Document
will affect the right of any party hereto to serve process in any other manner
permitted by law.

     

    SECTION 6.7.  Waiver of
Jury Trial.  EACH PLEDGOR HERETO IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH
PLEDGOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY LENDER OR
THE ADMINISTRATIVE AGENT HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
LENDER OR ADMINISTRATIVE AGENT WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO
ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS,
THE WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     

    SECTION 6.8.  Postponement
of Subrogation.  Each
Pledgor subordinates and agrees not to exercise any rights against the Borrower
which it may acquire by way of subrogation or contribution, by any payment made
hereunder or otherwise, until all the Secured Obligations shall have been
irrevocably paid in full and the Credit Agreement shall have been irrevocably
terminated.  If any amount shall be paid to a Pledgor on account of
such subrogation or contribution rights at any time when all the Secured
Obligations shall not have been paid in full, such amount shall be held in trust
for the benefit of the Secured Parties and shall forthwith be paid to the
Administrative Agent to be credited and applied to the Secured Obligations,
whether matured or unmatured, in accordance with the terms of the Credit
Agreement.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    SECTION 6.9.  Limitation
of Liability.  Neither the Administrative Agent, the Lenders
nor any Affiliate thereof, shall have any liability with respect to, and EACH
PLEDGOR HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE UPON, ANY CLAIM FOR ANY
SPECIAL, INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES SUFFERED BY SUCH
PLEDGOR IN CONNECTION WITH, ARISING OUT OF, OR IN ANY WAY RELATED TO THIS
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREIN OR ANY ACT, OMISSION OR EVENT
OCCURRING IN CONNECTION HEREWITH.

     

    SECTION 6.10. Waiver of
O.C.G.A. Section 10-7-24.  Each Pledgor hereby waives all
rights under Section 10-7-24 of the Official Code of Georgia Annotated, as
amended, including any right to require Lenders to proceed against the
Borrower.

     

    SECTION 6.11.  Counterparts,
Effectiveness, etc.  This Agreement may be executed by the
parties hereto in several counterparts, each of which shall be executed by the
Pledgors and the Administrative Agent and be deemed to be an original and all of
which shall constitute together but one and the same agreement.  This
Agreement shall become effective when counterparts hereof executed on behalf of
each Pledgor and each Lender (or notice thereof satisfactory to the
Administrative Agent) shall have been received by the Administrative Agent and
notice thereof shall have been given by the Administrative Agent to each Pledgor
and each Lender.

     

    (Signatures
on following page)

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the date first above written.

    

    
      
        
          	 
      	
                  EASYLINK
      SERVICES

                
	 
      	
                  INTERNATIONAL
      CORPORATION, a

                
	 
      	
                  Delaware
      corporation

                
	 
      	 
      	 
      
	 
      	
                  By:

                	
                  /s/ Thomas J. Stallings

                
	 
      	
                  Name:

                	
                  Thomas J. Stallings

                
	 
      	
                  Title:

                	
                  Chief Executive Officer

                
	 
      	 
      	 
      
	 
      	
                  [CORPORATE
      SEAL]

                
	 
      	 
      
	 
      	
                  EASYLINK
      SERVICES CORPORATION,

                
	 
      	
                  a
      Delaware corporation

                
	 
      	 
      	 
      
	 
      	
                  By:

                	
                  /s/ Thomas J. Stallings

                
	 
      	
                  Name: 

                	
                  Thomas J. Stallings

                
	 
      	
                  Title:

                	
                  President

                
	 
      	 
      	 
      
	 
      	
                  [CORPORATE
      SEAL]

                
	 
      	 
      
	 
      	
                  EASYLINK
      SERVICES USA, INC., a

                
	 
      	
                  Delaware
      corporation

                
	 
      	 
      	 
      
	 
      	
                  By:

                	
                  /s/ Thomas J. Stallings

                
	 
      	
                  Name:

                	
                  Thomas J. Stallings

                
	 
      	
                  Title:

                	
                  President

                
	 	 
	 
      	
                  [CORPORATE
      SEAL]

                

        

      

    

    

    (Signatures
continue on following page)

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

    
      
        	 
      	
                XPEDITE
      SYSTEMS, LLC, a Delaware

              
	 
      	
                limited
      liability company

              
	 
      	 
      
	 
      	
                By:

              	
                EasyLink
      Services International

              
	 
      	
                Corporation,
      a Delaware corporation,

              
	 
      	
                its
      Sole Member

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/ Thomas J. Stallings

              
	 
      	
                Name:

              	
                Thomas J. Stallings

              
	 
      	
                Title:

              	
                Chief Executive Officer

              
	 
      	 
      	 
      
	 
      	
                [CORPORATE
      SEAL]

              
	 
      	 
      
	 
      	
                XPEDITE
      SYSTEMS WORLDWIDE,

                INC.,
      a Delaware corporation

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/ Thomas J. Stallings

              
	 
      	
                Name: 

              	
                Thomas J. Stallings

              
	 
      	
                Title:

              	
                President

              
	 
      	 
      
	 
      	
                [CORPORATE
      SEAL]

              

      

    

    
      
         

      

      
        16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00179-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00179-of-00352.parquet"}]]