Document:

Security Agreement dated as of February 5, 2007

 Exhibit 10.3 
 SECURITY AGREEMENT 
 SECURITY AGREEMENT, dated as of February 5, 2007 (this
“Agreement”), by and among LATIN NODE, INC., a Florida corporation (together with its successors and assigns, “Debtor”), each subsidiary of Debtor listed on the signature pages hereto (each such subsidiary, individually, a
“Subsidiary Grantor” and, collectively, the “Subsidiary Grantors”; the Subsidiary Grantors and Debtor are referred to collectively herein as the “Grantors”) and ELANDIA, INC. (“Lender”). 
 W I T N E S S E T H: 
 WHEREAS,
lender has advanced credit to Debtor as evidenced by a Promissory Note of even date made and executed by Debtor to and in favor of Lender in the original principal amount of Three Million ($3,000,000.00) Dollars (together with any amendments,
modifications, extensions, renewals or refinancings thereof, the “Note”); and 
 WHEREAS, to secure payment of the Note, the
Grantors have agreed to grant to the Lender, for the benefit of Lender, a security interest in and lien upon the collateral as hereinafter described; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and in exchange for the mutual promises and covenants contained herein, the parties hereto, intending to
be legally bound, agree as follows: 
 1. DEFINITIONS. For purposes of this Agreement, capitalized terms used herein shall have the following
meanings, unless the context otherwise specifically requires: 
 (a) “Collateral” means all of the Grantors’ personal
assets and personal property and rights in and to property of any nature whatsoever, tangible and intangible, presently owned or hereafter acquired, including without limitation the following: 
 (i) all equipment, machinery, furniture, furnishings, fixtures, and any and all other tangible personal property, and all additions,
accessions, replacements and substitutions with respect thereto, presently owned or hereafter acquired by any Grantor (hereinafter collectively referred to as the “Equipment”); 
 (ii) all accounts (including, without limitation, cash and cash accounts), accounts receivable, contracts and contract rights, chattel
paper, documents, instruments, general intangibles, and other forms of obligation and rights to the payment of money or other property, presently owned or hereafter acquired by any Grantor (hereinafter collectively referred to as the
“Accounts”); 
 (iii) all inventory, including all goods, merchandise, materials, components, work in process,
finished goods, and other tangible personal property presently owned or hereafter acquired by any Grantor and held for sale, lease, consumption, or other use in any Grantor’s business, and all additions, accessions, replacements and
substitutions with respect thereto (hereinafter collectively referred to as “Inventory”); 
 (iv) all insurance
proceeds, refunds, and premium rebates, whether or not any lender or the Lender is the loss payee thereof, including, without limitation, proceeds of fire and credit insurance, to the extent that any such proceeds, refunds and premiums are related
to any of the foregoing; 
 (v) all claims for tax refunds, whether now existing or hereafter arising, of any Grantor against
any city, county, state or federal government or any agency or authority or other subdivision thereof, and the proceeds thereof; 
 (vi) all contract rights, intellectual property, and general intangibles (“General Intangibles”) of every kind, character and description, both now owned and hereafter acquired, including, without limitation, goodwill, trademarks,
copyrights, service marks, domain names, codes, scripts, works of authorship relating any Web site, trade styles, trade names, patents, applications for any of the foregoing (“Intellectual Property”) and deposit accounts; 

 (vii) all liens, guaranties, rights, remedies, and privileges pertaining to any of the
foregoing, including the rights of stoppage in transit; 
 (viii) all of Grantors’ stock, ownership interest, partnership
interest or other equity interest whatsoever in any subsidiary corporation, limited liability company, partnership, joint venture, association, entity or other organization (domestic or foreign); and 
 (ix) to the extent not otherwise included, all proceeds, products, substitutions, and accessions of or to any and all of the foregoing and
all collateral security, indemnities, warranties and guaranties given by any person with respect to any of the foregoing. 
 (b)
“Credit Agreement” means the Credit Agreement, dated as of the date hereof, among Grantors and the Lender, as the same may be amended or otherwise modified form time to time. 
 (c) “Event of Default” has the meaning ascribed thereto in the Note. 
 (d) “Grant of Security Interest” means the Grant of Security Interest, dated as of the date hereof, by the Grantors in favor of the
Lender, as the same may be amended or otherwise modified from time to time. 
 (e) “Permitted Liens” means: 
 (1) liens for taxes not yet due or which are being contested in good faith by appropriate proceedings, provided that adequate
reserves with respect thereto are maintained on the books of such Grantor in conformity with generally accepted accounting principles and the lien cannot be legally enforced during the contest proceedings; 
 (2) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like liens arising in the ordinary
course of business which are not overdue for a period of more than 30 days or that are being diligently contested in good faith by appropriate proceedings during which the liens cannot be legally enforced; 
 (3) pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security legislation; and

 (4) liens created pursuant to this Agreement. 
 (f) “Relevant Documents” means this Agreement, the Grant of Security Interest and the Stock Pledge Agreement. 
 (g) “Secured Debt” means (i) all amounts payable pursuant to the Note (including principal and interest) and pursuant to any
amendments, modifications, renewals, extensions or refinancings thereof, (ii) all future advances by a Lender to Debtor under any other Promissory Notes; (iii) any liabilities or obligations of the Grantors arising under or in connection
with this Agreement or any other Loan Document (as defined below), whether now existing or hereafter arising, contingent or otherwise; (iv) any and all other obligations of the Grantors to the Lender every kind and description, direct or
indirect, absolute or contingent, presently existing or hereafter arising; and (v) all costs and expenses of collection of the foregoing, or in preserving, protecting or realizing upon the Collateral, including, without limitation,
attorneys’ fees and other legal expenses. 
 (h) “Stock Pledge Agreement” means the Stock Pledge Agreement, dated as of
the date hereof, between Debtor and the Lender, as the same may be amended or otherwise modified from time to time. 
  

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 (i) “UCC” means the Uniform Commercial Code, as amended, in effect under the laws of the
State of Florida, or such other state as may be appropriate. 
 2. GRANT OF SECURITY INTEREST. As security for the full and timely
payment of all of the Secured Debt, each Grantor hereby assigns and grants to the Lender, a continuing security interest in and to all such Grantor’s right, title, and interest in and to the Collateral, to have and to hold unto the Lender, its
successors in interest and assigns forever, or until the earlier full payment, discharge and satisfaction of all of the Secured Debt. The Lender shall have all of the rights and remedies of a secured party under the applicable UCC as non-exclusive
rights and remedies. 
 3. REPRESENTATIONS AND WARRANTIES. The Grantors jointly and severally represent and warrant as follows (it
being understood, for purposes of this Section 3, that the term “Grantor” refers to each Grantor and its subsidiaries): 
 (a)
Organization and Good Standing. Each Grantor is duly organized, validly existing and in good standing under the laws of the state or jurisdiction of organization, with full power and authority to execute, deliver and perform this Agreement
and to own and operate its properties and to carry on its business as presently conducted and anticipated. Each Grantor is duly qualified as a foreign corporation or limited liability company, as the case may be, to transact business, and is in good
standing in every state or other jurisdiction where the character of its properties owned or leased, or the nature of its activities, makes such qualification necessary under applicable law, except where the failure to so qualify would not have a
Material Adverse Effect (as defined below). Other than as set forth in Schedule 3(a) hereto, no Grantor has operated under any legal or fictitious names other the names set forth in Section 3(h). 
 (b) Authority. Each Grantor has the requisite power and authority to enter into this Agreement, the Note, the Credit Agreement and the other
agreements and documents contemplated in connection herewith and therewith (collectively, the “Loan Documents”), to execute and deliver the Loan Documents and to perform its obligations hereunder and thereunder. The execution and delivery
of this Agreement and the other Loan Documents by the applicable Grantor and the consummation by each Grantor of the transactions contemplated hereby and thereby, have been duly authorized by all requisite corporate or other action on the part of
such Grantor and its partners, directors, managers, or members, as the case may be, and no other corporate, company or partnership proceedings on the part of such Grantor are necessary to authorize the execution, delivery and performance of this
Agreement or the other Loan Documents. 
 (c) Validity. This Agreement and the other Loan Documents have been duly executed and
delivered by each Grantor and constitute the legal, valid, and binding obligations of such Grantor, enforceable against such Grantor in accordance with their respective terms, except to the extent such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, and other similar laws affecting the enforcement of creditors’ rights generally. 
 (d) No
Violations. Except as provided in Schedule 3(d) hereto, neither the execution and delivery of this Agreement or the other Loan Documents nor the consummation by each Grantor of the transactions contemplated hereby or thereby, nor the compliance
by each Grantor with any of the provisions hereof or thereof, will (i) violate, conflict with, or constitute a breach or default under (or an event which, with notice, lapse of time or both, would constitute a breach or default), or give rise
to any right of termination or acceleration or result in the creation of any lien, security interest, charge or encumbrance upon any property of such Grantor (other than in favor of the Lender for the benefit of the Lender) under (x) such
Grantor’s charter (including any certificate of designation) or other organizational document, by-laws, or any voting agreement, stockholders’ agreement or similar document to which such Grantor is a party relating to the rights of
stockholders or other owners of such Grantor, (y) any note, bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which such Grantor is a party or by which it or any of its respective
properties or assets may be bound or subject or (ii) violate any judgment, ruling, order, writ, injunction, decree, statute, rule or regulation applicable to such Grantor or any of its properties or assets. 
 (e) No Consent. Except as provided in Schedule 3(e) hereto, except for filings under applicable state and federal securities laws, which will be
timely made, no notice to, filing with, or authorization, consent or approval of any governmental agency or authority, body or agency is necessary or required in connection with the execution, delivery or performance by such Grantor of this
Agreement or the other Loan Documents to which it is a party. 
  

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 (f) Title. Except for the security interest granted to the Lender hereunder and security interests
outstanding under the obligations (the “Prior Known Obligations”) as set forth on Schedule 3(f), each Grantor is the sole owner (or, in the case of leases or licenses, the sole right holder) of the Collateral and has good, valid and
marketable title thereto, free and clear of any and all liens, security interests, claims, encumbrances and adverse rights or interests whatsoever (other than the Permitted Liens). No Grantor has executed any financing statement with respect to all
or any portion of the Collateral except the financing statements executed in favor of the Lender for the benefit of the Lender in connection with this Agreement and in connection with Permitted Liens and in connection with the Prior Known
Obligations. Set forth on Exhibit A is a list of all Intellectual Property for which filings with governmental authorities have been made by each Grantor or any of its subsidiaries (along with the type of filing, the filing number and the authority
with which it was filed). 
 (g) Name and Address. Each Grantor’s current exact name and the address of its current principal
place of business is as set forth on Schedule 3(g). No Grantor has previously had or transacted business under any other names or addresses. Each Grantor agrees to give the Lender prior notice of any change in its name and/or address or any
additional names under which it intends to transact business at least 30 days prior to any such change or the use of any additional name(s). 
 (h) Possession and Location of the Collateral. The Collateral is and shall remain in the exclusive possession and control of each Grantor at the locations set forth on Schedule 3(h), other than the Collateral located at a co-location
facility as set forth on Schedule 3(h)(A), and no Grantor shall transfer possession of or relocate all or any portion of the Collateral without the Lender’s prior written consent. 
 (i) Litigation. Except as provided in Schedule 3(i) hereto, there is no litigation, action, suit, proceeding, claim or investigation pending, or
to the knowledge of each Grantor, threatened, against such Grantor or with respect to all or any portion of the Collateral, or which calls into question the validity or enforceability of this Agreement, the Note or any other Loan Document or which,
if adversely determined, could reasonably be expected to have a Material Adverse Effect (as defined below). 
 (j) Books and Records.
All books, records and documents relating to the Collateral are and shall continue to be true, correct and genuine in all material respects. 
 (k) Permits. Except for exceptions that would not have a Material Adverse Effect, no Grantor is in violation of or in default under any applicable statute, rule, order, decree, writ, injunction or regulation of any governmental body
(including any court). Except for exceptions that would not have a Material Adverse Effect, each Grantor has all permits and licenses to operate its business. 
 (l) Taxes. No Grantor is delinquent in the payment of any taxes which have been levied or assessed by any governmental authority against it or its assets. Each Grantor has timely filed all tax returns which are
required by law to be filed, and has paid all taxes and all other assessments or fees levied upon such Grantor or upon its properties to the extent that such taxes, assessments or fees have become due. Except for exceptions that would not have a
Material Adverse Effect, no controversy in respect of income taxes is pending or, to the knowledge of such Grantor, threatened. 
 (m)
Event of Default. No event has occurred and is continuing which constitutes an Event of Default (as defined in the Note) or would constitute an Event of Default after notice or lapse of time or both. No event has occurred and is continuing
which constitutes an event of default or would constitute an event of default after notice or lapse of time or both under any of the Prior Known Obligations. 
 (n) Full Disclosure. None of the Loan Documents, nor any statements furnished by or on behalf of any Grantor to any Lender in connection with the Loan Documents, contains or will contain any untrue statement of
a material fact or omits or will omit a material fact necessary to make the statements contained therein or herein not misleading, in light of the circumstances when made. 

  

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To each Grantor’s knowledge, there is no fact which such Grantor has not disclosed to each Lender which materially and adversely affects or, to such
Grantor’s knowledge, will materially and adversely affect, the Collateral, the Lender’s liens in the Collateral or the priority thereof, the other assets, business, liabilities, operations, prospects, profits or condition (financial or
otherwise) of such Grantor or the ability of such Grantor to perform its obligations under this Agreement, the Note or the other Loan Documents, as the case may be (a “Material Adverse Effect”). 
 (o) Compliance With Laws. Except for exceptions that would not have a Material Adverse Effect, each Grantor has duly complied with, and the
Collateral and its business operations and leaseholds are in compliance in all material respects with, the provisions of all federal, state and local laws, rules and regulations applicable to such Grantor, the Collateral or the conduct of its
business. 
 (p) Corporate Structure. Each Grantor’s corporate structure as of the date hereof, including any direct or indirect
subsidiaries, is as set forth in Schedule 3(p) hereto. 
 (q) Pledged Collateral. 
 (i) The collateral set forth in Section 1(a)(viii) of this Agreement (the “Pledged Collateral”) pledged by the Grantor
hereunder (a) is listed on Schedule 3(q) and constitutes that percentage of the issued and outstanding equity of all classes of each issuer thereof as set forth on Schedule 3(q), (b) has been duly authorized, validly issued and is fully
paid and nonassessable (other than equity interests in limited liability companies and partnerships) and (c) constitutes the legal, valid and binding obligation of the obligor with respect thereto, enforceable in accordance with its terms.

 (ii) As of the date of this Agreement, all Pledged Collateral consisting of instruments and certificates has been delivered
to Lender. 
 (iii) Upon the occurrence and during the continuance of an Event of Default, Lender shall be entitled to
exercise all of the rights of Grantor granting the security interest in any Pledged Collateral, and a transferee or assignee of such Pledged Collateral shall become a holder of such Pledged Collateral to the same extent as Grantor and be entitled to
participate in the management of the issuer of such Pledged Collateral and, upon the transfer of the entire interest of Grantor, Grantor shall, by operation of law, cease to be a holder of such Pledged Collateral. 
 4. COVENANTS. Each Grantor covenants and agrees that, from and after the date of this Agreement until all of the Secured Debt shall have been paid
in full (it being understood, for purposes of this Section 4, that the term “Grantor” refers to each Grantor and its subsidiaries): 
 (a) Covenants. Each Grantor shall take, or shall refrain from taking, as the case may be, each action that is necessary to be taken or not taken, as the case may be, so that no Event of Default is caused by the failure to take such
action or to refrain from taking such action by such Grantor. 
 (b) Insurance. 
 (i) Each Grantor will, and will cause each of its subsidiaries to, maintain, with financially sound and reputable insurance companies,
adequate insurance for its insurable properties, all to such extent and against such risks, including fire, casualty and other risks insured against by extended coverage, as is customary with companies in the same or similar businesses operating in
the same or similar locations. Each Grantor will furnish to the Lender, upon the request of the Lender, information in reasonable detail as to the insurance so maintained. 
 (ii) Each Grantor irrevocably makes, constitutes and appoints the Lender (and all officers, employees or agents designated by the Lender)
as such Grantor’s true and lawful agent (and attorney-in-fact) for the purpose of making, settling and adjusting claims in respect of Collateral under policies of insurance, endorsing the name of such Grantor on any check, draft, instrument or
other item of payment for the proceeds of such policies of insurance and for making all determinations and 
  

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decisions with respect thereto. In the event that any Grantor at any time or times shall fail to obtain or maintain any of the policies of insurance required
hereby or to pay any premium in whole or in part relating thereto, the Lender may, without waiving or releasing any obligation or liability of the Grantors hereunder or any Event of Default, in its sole discretion, obtain and maintain such policies
of insurance and pay such premium and take any other actions with respect thereto as the Lender deems advisable. All sums disbursed by the Lender in connection with this Section, including attorneys’ fees, court costs, expenses and other
charges relating thereto, shall be payable, upon demand, by the Grantors to the Lender and shall be additional Secured Debt secured hereby. 
 (iii) Each Grantor shall cause each insurance policy maintained by it to provide that no cancellation, reduction in amount or change in coverage thereof shall be effective until at least 30 days after receipt by the
Lender of written notice thereof, and to name the Lender, for the benefit of the Lender, as an additional insured party and as the loss payee. 
 (c) Maintenance of Perfected Security Interest; Further Documentation. 
 (i) Except as provided in Schedule
3(f) hereto, each Grantor shall maintain the security interest created by this Agreement as a perfected first priority security interest and shall defend such security interest against the claims and demands of all persons whomsoever. Grantor shall
not use or permit any Collateral to be used unlawfully or in violation of the Loan Documents or any requirement of law or any insurance policy covering the Collateral and not enter into any contractual obligation or undertaking restricting the right
or ability of Grantor or Lender to sell any Collateral if such restriction would have a material adverse effect. 
 (ii) Each
Grantor will furnish to each Lender from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as such Lender may request, all in such detail as such Lender
may request. 
 (iii) At any time and from time to time, upon the written request of the Lender, and at the sole expense of
the Grantors, each Grantor will promptly and duly execute, deliver and/or have recorded with appropriate agencies such further instruments and documents and take such further actions as such Lender may request for the purpose of obtaining or
preserving the full benefits of this Agreement and of the rights and powers herein granted, including, without limitation, the filing of any financing or continuation statements under the UCC (or other similar laws) in effect in any jurisdiction
with respect to the security interests created hereby and to the filing of any documents necessary to obtain and preserve the rights and powers in the Intellectual Property. 
 (d) Changes in Locations, Name, etc. No Grantor will, except upon 30 days’ prior written notice to Lender and delivery to Lender promptly
thereafter of all additional executed financing statements and other documents requested by the Lender to maintain the validity, perfection and priority of the security interests provided for herein: 
 (i) change the location of its chief executive office or principal place of business from that referred to in Section 3(h)
(provided, however that no such prior written notice shall be required with respect to any change in the location of any Grantor’s chief executive office or principal place of business occurring within 30 days after the date
hereof so long as such Grantor provides to the Lender written notice of such change within 15 days after the date thereof); or 
 (ii) change its name, identity or corporate structure to such an extent that any financing statement filed by the Lender in connection with this Agreement would become materially misleading. 
 (e) Notices. Each Grantor will advise each Lender promptly in writing, in reasonable detail, of any lien (other than security interests created
hereby or Permitted Liens) on any of the Collateral which would adversely affect the ability of the Lender to exercise any of its remedies hereunder and will take any and all actions reasonably requested by the Lender for the release and/or
satisfaction of such liens. 
  

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 (f) Receivables Collateral. No Grantor will sell or pledge any interest in any receivables
collateral (except for Permitted Liens and securities under Prior Known Obligations), other than in the ordinary course of business consistent with past practices. 
 (g) Inventory. 
 (i) Grantor shall not use of any of the Inventory in breach of any
provision of this Agreement. 
 (ii) All Inventory now owned or hereafter acquired by each Grantor is and will be of good and
merchantable quality and free from defects (other than defects within customary trade tolerances). 
 (h) Accounts. The amount of each
Account shown on the books, records, and invoices each Grantor represented as owing by each account debtor is and will be the correct amount actually owing by such account debtor and shall have been fully earned by performance of such Grantor,
except as otherwise permitted by generally accepted accounting principles. 
 (i) Notification to Account Debtors. The Lender shall
have the right at any time following an Event of Default and at anytime thereafter to notify any of the Grantor’s account debtors to make payments directly to the Lender and to collect all amounts due on account of the Collateral, subject to
Prior Known Obligations. 
 (j) Corporate Existence and Maintenance of Properties. Each Grantor shall maintain and preserve its
corporate existence and all rights, privileges and franchises now enjoyed; and each Grantor shall conduct its business in an orderly, efficient and customary manner, keep its properties in good working order and condition, and from time to time make
all needed repairs to, renewals or replacements of its properties (except to the extent that any of such properties is obsolete or is being replaced) so that the efficiency of such property shall be maintained and preserved. Each Grantor shall file
or cause to be filed in a timely manner all reports, applications, estimates and licenses which shall be required by any governmental authority and which, if not timely filed, would have a Material Adverse Effect. 
 5. RIGHTS OF LENDER UPON THE OCCURRENCE OF AN EVENT OF DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, the
Lender may exercise any rights under applicable law or the Loan Documents, including, but not limited to, any one or more of the following rights and remedies: 
 (a) Upon the occurrence of an Event of Default, and at any time thereafter, the Lender may, at its option, declare all of the Secured Debt immediately due and payable (and, upon an Event of Default arising by virtue
of any Grantor’s bankruptcy, all of the Secured Debt shall automatically and immediately be deemed declared due and payable), notwithstanding any of the terms thereof and exercise any rights and remedies available to a secured party under this
Agreement, under the UCC, or otherwise available at law or in equity, including without limitation the right to enter upon any of the premises of any Grantor, with or without process of law, and take immediate possession of and remove the Collateral
or any part thereof and collect and receive all income, revenues, payments and proceeds therefrom. The Grantors shall, upon the Lender’s request, assemble the Collateral (and all records and documents relating thereto) and make such items
available to the Lender at a place designated by the Lender which is reasonably convenient to the parties. Without removal, the Lender may render any Equipment unusable and may dispose of such items of Collateral at any Grantor’s business
premises as provided under the UCC. 
 (b) The Lender may sell, lease, or otherwise dispose of all or any portion of the Collateral in any
commercially reasonable manner. Disposition of the Collateral may be made by any one or more public or private proceedings upon any one or more contracts. Any such sale or disposition may be made in whole, in part, in units, or in parcels, and at
any time and place designated by the Lender. Any such sale or disposition may be for cash, upon credit, or upon such other terms and conditions as the Lender may determine, in its sole discretion. 
  

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 (c) Unless the Collateral is perishable or threatens to decline speedily in value or is of a type
customarily sold on a recognized market, reasonable notification of the time and place of any public sale or reasonable notification of the time after which any private sale or other intended disposition is to be made shall be sent by the Lender to
each Grantor unless such Grantor after the occurrence of an Event of Default shall have signed a statement renouncing or modifying its right to notification of sale. The requirements of a reasonable notice hereunder shall be met if such notice is
mailed by ordinary mail, postage prepaid, addressed to such Grantor at its business address described herein, at least ten days before the time of such sale or disposition. 
 (d) The Lender shall have the right to buy all of any portion of the Collateral at any public or private sale. 
 (e) Each Grantor acknowledges that when all or any portion of the Collateral is disposed of by the Lender after the occurrence of an Event of Default
such disposition shall transfer to any purchaser for value all of such Grantor’s rights and interests therein and any such purchaser shall take free of all rights and interests of such Grantor in such property. 
 (f) Upon the occurrence of an Event of Default, the Lender shall have the right to notify persons obligated to any Grantor on any Accounts to make
payment thereof directly to the Lender and the Lender may take control of all the proceeds of the Accounts. After the occurrence of an Event of Default, no Grantor will, without the prior written consent of the Lender, grant any extension of the
time for payment of any of the Accounts, compromise or settle any accounts for less than the full amount thereof, or release wholly or partly any person liable for the payment thereof or allow any credit or discount whatsoever thereon. 

6. APPLICATION OF PROCEEDS AND DEFICIENCY. The proceeds of any disposition of all or any portion of the Collateral following an
Event of Default shall be applied in the following order: 
 (a) First, to the payment of all reasonable expenses of retaking, holding,
preparing the Collateral for sale or lease, and selling, leasing, or otherwise disposing of the Collateral, including without limitation reasonable attorneys’ fees and other costs incurred by the Lender in connection therewith; 
 (b) Second, to the full and complete satisfaction of all of the Secured Debt; and 
 (c) Third, any surplus shall be remitted by the Lender to the Grantors promptly after payment of all of the foregoing. In the event there is a surplus
and any other person makes a claim to the surplus amount, the Lender may hold said sum (without liability for interest or otherwise) or institute an interpleader action and deposit said sum with an appropriate court of competent jurisdiction until
such time as the rights in such surplus are fully and finally determined by a final nonappealable decision of a court of competent jurisdiction or by agreement of all interested parties. 
 To the extent the proceeds from the disposition of the Collateral are insufficient to satisfy Sections 6(a) and (b) above, Debtor shall remain
liable to the Lender for the payment of such deficiency, with interest at the highest lawful rate. 
 7. POWER OF
ATTORNEY. Each Grantor hereby makes, constitutes and appoints the Lender as its true and lawful agent and attorney in fact, with full power of substitution, and in such Grantor’s name, place and stead after the occurrence of an Event
of Default (i) to collect, pursue collection of, and receive payment for any and all income, proceeds or payments with respect to any Collateral; (ii) to endorse the name of such Grantor upon any notes, checks, acceptances, drafts, money
orders, instruments or other documents relating to the Collateral, or the income, proceeds, or payments with respect thereto so as to affect the deposit and collection thereof, (iii) to waive, sue for, settle, adjust, or compromise any claims
or right with respect to the Collateral; and (iv) to take any action in the name and on behalf of such Grantor to fulfill any representation, warranty, covenant or agreement of such Grantor contained herein or as may be necessary or appropriate
to carry out the purposes and intent of this Agreement and to perfect and protect the Lender’s security interest in the Collateral and its rights therein. Each Grantor agrees that neither the Lender nor any of its agents, designees, officers or
employees will be liable for any acts of commission or omission, or for any error of judgment or mistake of facts or law with respect to the exercise of said power of attorney save and except fraud, gross misconduct, or a knowing violation of law.
The power of attorney granted hereunder is coupled with an interest and shall be irrevocable during the term of this Agreement. 
  

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 8. DURATION. This Agreement shall continue in full force and effect, and the
security interest granted hereby and the representations, warranties, covenants and obligations of each Grantor hereunder and all the terms, conditions and provisions hereof shall continue to be fully operative until the Debtor shall have fully paid
and discharged all of the Secured Debt. Each Grantor agrees that to the extent a payment or payments to a Lender are subsequently invalidated, set aside or otherwise required to be repaid, the obligation or part thereof intended to be satisfied, and
the security interest in the collateral granted hereby, shall be revived and continued in full force and effect as if said payment had not been made. 
 9. MISCELLANEOUS. 
 (a) Assignment. This Agreement and the rights,
obligations and duties of the Grantors hereunder shall not be assignable or otherwise transferable by the Grantors. The Lender may, upon notice to the Grantors, transfer, participate or assign any or all of its rights and obligations under this
Agreement. 
 (b) Fees of Legal Counsel. In the event the Lender shall employ legal counsel to protect its rights
hereunder or to enforce any term or provision hereof or to protect its interest in the Collateral, such attorneys’ fees and other legal expenses shall become part of the Secured Debt and shall be payable by the Grantors to the Lender upon
demand. The Grantors shall pay all fees and expenses of the Lender, including attorneys’ fees and expenses, in connection with the negotiation and consummation of this Agreement and other the Loan Documents. 
 (c) Further Assurances. Each Grantor agrees that from time to time hereafter, upon request, it will, at its sole expense, execute,
acknowledge and deliver such other instruments and documents and take such further action as may be reasonably necessary to carry out the intent of this Agreement and the other Loan Documents, specifically including, but not limited to, the delivery
of executed stock powers and stock certificates or other evidences of ownership necessary to perfect the pledge of any such securities granted hereunder and the execution and delivery of patent and other intellectual property assignments. Each
Grantor shall make appropriate entries upon its financial statements and its books and records disclosing the Lender’s liens and security interests in the Collateral. 
 (d) Amendments, etc. Neither this Agreement nor any other Relevant Document nor any other provision hereof or thereof may be waived,
amended or modified except, in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Grantors, the Lender or, in the case of any other Relevant Document, pursuant to an agreement or agreements in writing
entered into by the Lender and the Grantor or Grantors that are parties thereto. 
 (e) Effect and Benefit. This
Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto, their heirs, executors, administrators, personal representatives, successors in interest and permitted assigns. 
 (f) Headings and Captions. Subject headings and captions are included for convenience purposes only and shall not affect the
interpretation of this Agreement. 
 (g) Notice. All notices, requests, demands and other communications permitted or
required hereunder shall be in writing, and either (i) delivered in person, (ii) sent by express mail or other overnight delivery service providing receipt of delivery, (iii) mailed by certified or registered mail, postage prepaid,
return receipt requested or (iv) sent by telex, telegraph or other facsimile transmission as follows: 
 If to the Grantors, addressed
or delivered in person to: 
 Latin Node, Inc. 
 9800 NW 41St Street, #200 
 Miami, FL 33178 
  

 9 

 Telephone: (305) 592-4848 
 Facsimile: (305) 592-4949 
 Attention: Jorge Granados 
 With a copy to: 
 Alfred G. Smith 
 Shutts & Bowen LLP 
 1500 Miami Center 
 201 South Biscayne Boulevard 
 Miami, Florida 33131 
 Telephone: (305) 347-7364 
 Facsimile: (305) 347-7764 
 If to the Lender, addressed or delivered in person to: 
 Elandia, Inc. 
 1500 Cordova Road, Suite 312 
 Ft. Lauderdale, Florida 33316 
 Telephone: (954) 728-9090 
 Facsimile: (954) 728-9080 
 Attention: Harry Hobbs 
 With a copy to: 
 Carlton Fields, P.A. 
 100 SE 2nd Street, Suite 4000 
 Miami, Florida 33131-9101 
 Attn: Seth Joseph, Esq. 
 Facsimile: (305) 530-0055 
 or to such other address as either party may designate by notice in accordance with this
Section. 
 Any such notice or communication, if given or made by prepaid, registered or certified mail or by recorded express delivery,
shall be deemed to have been made when actually received, but not later than three (3) business days after the same was properly posted or given to such express delivery service and if made properly by telex, telecopy or other facsimile
transmission such notice or communication shall be deemed to have been made at the time of dispatch. 
 (h)
Severability. If any portion of this Agreement is held invalid, illegal or unenforceable, such determination shall not impair the enforceability of the remaining terms and provisions herein, which may remain effective, and to
this end this Agreement is declared to be severable. 
 (i) Time for Performance. Time is of the essence in this
Agreement. 
 (j) Waiver. No waiver of a default, breach or other violation of any provision of this
Agreement shall operate or be construed as a waiver of any subsequent default, breach or other violation or limit or restrict any right or remedy otherwise available. No delay or omission on the part of the Lender to exercise any right or power
arising by reason of a default shall impair any such right or power or prevent its exercise at any time during the continuance thereof. 
  

 10 

 (k) Gender and Pronouns. Throughout this Agreement, the masculine
shall include the feminine and neuter and the singular shall include the plural and vice versa as the context requires. 
 (l)
Entire Agreement. This Agreement and the other Loan Documents constitute the entire agreement of the parties with respect to the subject matter thereof and supersede any and all other prior agreements, oral or written, with
respect to the subject matter contained herein. 
 (m) Governing Law; Waiver of Jury Trial. THIS AGREEMENT SHALL BE
INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED, IN ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAW PROVISIONS) OF THE STATE OF FLORIDA. AS PART OF THE CONSIDERATION FOR NEW VALUE THIS DAY RECEIVED,
EACH GRANTOR HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN MIAMI-DADE COUNTY, FLORIDA. EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY SUIT OR PROCEEDING ARISING OUT OF OR
RELATED TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS. EACH GRANTOR WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED ON LACK OF JURISDICTION OR IMPROPER VENUE OR FORUM NON CONVENIENS TO ANY SUIT OR PROCEEDING INSTITUTED BY LENDER
UNDER THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS IN ANY STATE OR FEDERAL COURT LOCATED WITHIN MIAMI-DADE COUNTY, FLORIDA AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. NOTHING IN THIS SECTION
SHALL AFFECT THE RIGHT OF THE LENDER TO BRING ANY ACTION OR PROCEEDING AGAINST ANY GRANTOR OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION WHICH HAS JURISDICTION OVER SUCH GRANTOR OR ITS PROPERTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR
THE LENDER TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, MAKE THE LOANS AND EXTEND THE OTHER FINANCIAL ACCOMMODATIONS CONTEMPLATED HEREUNDER AND THEREUNDER. 
 (n) Incorporation by Reference. All exhibits and documents referred to in this Agreement shall be deemed incorporated herein by any reference thereto as if fully set out. 
 (o) Counterparts. This Agreement may be executed in one or more counterparts (all counterparts together reflecting the signature of
all parties), each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. 
 (p)
Consent to Jurisdiction and Service of Process. Each Grantor hereby irrevocably (i) consents to the jurisdiction of the courts of the State of Florida and of any federal court located in Florida in connection with any
action or proceeding arising out of or relating to this Agreement, or any other document or exhibit relating hereto or delivered in connection therewith and (ii) consents that service of legal process in any such action or proceeding may be
made in any manner permitted by the rules of practice and procedure applicable to such courts. 
 (q) Authority. Each
individual signing this Agreement in a representative capacity acknowledges and represents that he/she is duly authorized to execute this Agreement in such capacity in the name of, and on behalf of, the designated corporation, partnership, trust, or
other entity. 
 (r) Failure to Pay Costs or Expenses. If any Grantor fails to pay any cost or expense required
hereunder to be paid by such Grantor (including, without limitation, insurance and taxes), the Lender may, at its option, pay such cost or expense on behalf of such Grantor, and in such event the amount so paid by such party shall become part of the
Secured Debt hereunder and shall be payable by such Grantor, with interest, to Lender upon demand. 
 (s) Inspection.
The Lender (by any of its respective officers, employees and agents) shall have the right, at any reasonable time or times during each Grantor’s usual business hours, to inspect the Collateral, all records related thereto (and to make extracts
from such records), and the premises upon which any of the Collateral is located, and after an Event of Default, to request information relating to such Grantor from any person and to verify the amount, quality, quantity, value and condition of, or
any other matter relating to, the Collateral. The Lender may, at any time upon and after the occurrence of a default or an Event of Default and during the continuance thereof, employ and maintain in each Grantor’s premises custodians selected
by the Lender who shall have full 

  

 11 

 
authority to do all acts necessary to protect the Lender’s interest. All expenses incurred by the Lender by reason of the employment of such custodians
shall be paid by the Grantors, added to the Secured Debt and secured by the Collateral. Each Grantor irrevocably waives the right to direct the application of any and all payments and collections at any time or times hereafter received by the Lender
from or on behalf of the Grantors, and each Grantor does hereby irrevocably agree that the Lender shall have the continuing exclusive right to apply and to reapply any and all such payments and collections received at any time or times hereafter by
the Lender or its agents against the Secured Debt which are due and payable at the time of such application, in such manner as provided herein. 
 (t) Non-Cumulative Remedies. The enumeration of the Lender’s rights and remedies set forth in this Agreement is not intended to be exhaustive and the exercise by them of any right or remedy shall not preclude the
exercise of any other rights or remedies, all of which shall be cumulative, and shall be in addition to any other right or remedy given hereunder, under the Loan Documents or under any other agreement to which the Grantors and the Lender may be
parties or which may now or hereafter exist in law or in equity or by suit or otherwise. No delay or failure to take action on the part of the Lender in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single
or partial exercise of any such right, power or privilege preclude other or further exercise thereof or the exercise of any other right, power or privilege or shall be construed to be a waiver of any Event of Default. No course of dealing between
the Grantors and any other party hereto or its employees shall be effective to change, modify or discharge any provision of this Agreement or to constitute a waiver of any Event of Default. The Lender shall not, under any circumstances or in any
event whatsoever, have any liability for any error, omission or delay of any kind occurring in the liquidation of the Collateral or for any damages resulting therefrom except damages directly attributable to such party’s (or its officers’,
employees’ or agents’) gross negligence or willful misconduct. 
 (u) Survival of Agreements. All agreements,
covenants, representations and warranties - contained herein or made in writing by or on behalf of the Grantors in connection with the transactions contemplated hereby shall survive the execution and delivery of this Agreement and the other Loan
Documents. 
 (v) Indemnification of the Lender. From and at all times after the date of this Agreement, and in addition
to all of the Lender’s other rights and remedies against the Grantors, each Grantor agrees to hold the Lender and each of their respective directors, officers, employees, attorneys and agents harmless from, and to indemnify each of them
against, all losses, damages, costs and expenses (including, but not limited to, attorneys’ fees, costs and expenses) incurred by any of them from and after the date hereof, whether direct, indirect or consequential, as a result of or arising
from or relating to any suit, action or proceeding by any person, whether threatened or initiated, asserting a claim for any legal or equitable remedy against any person under any statute or regulation, including, but not limited to, any federal or
state securities laws, or under any common law or equitable cause or other-wise, arising from or in connection with the negotiation, preparation, execution or performance of this Agreement and the other Loan Documents; provided,
however, that the foregoing indemnification shall not protect any party from loss, damage, cost or expense directly attributable to its willful misconduct or gross negligence. All of the foregoing losses, damages, costs and
expenses shall be payable by the Grantors upon demand upon any of them, and shall be additional Secured Debt hereunder secured by the Collateral. 
 [Signatures follow] 
  

 12 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above
written. 
  

			
	DEBTOR:
	
	LATIN NODE, INC.
		
	By:	 	 /s/ Jorge Granados

	Name:	 	Jorge Granados
	Title:	 	President
	
	SUBSIDIARY GRANTORS:
	
	Latin Node, LLC, a Florida limited liability company
		
	By:	 	 /s/ Jorge Granados

	Name:	 	Jorge Granados
	Title:	 	Manager
	
	Latinode Communications Corporation, a Florida corporation
		
	By:	 	 /s/ Jorge Granados

	Name:	 	Jorge Granados
	Title:	 	President
	
	NSite Software, LLC, a Florida limited liability company
		
	By:	 	 /s/ Jorge Granados

	Name:	 	Jorge Granados
	Title:	 	Manager
	
	Tropical Star Communications, Inc., a Florida corporation
		
	By:	 	 /s/ Jorge Granados

	Name:	 	Jorge Granados
	Title:	 	President
	
	TS Telecommunications, Inc., a Florida corporation
		
	By:	 	 /s/ Jorge Granados

	Name:	 	Jorge Granados
	Title:	 	President
	
	Total Solutions Telecom, Inc., a Florida corporation
		
	By:	 	 /s/ Jorge Granados

	Name:	 	Jorge Granados
	Title:	 	President

  

 13 

			
	Latin Node Europe, GmBH, a German corporation
		
	By:	 	 /s/ Victor Ias P. Rizza

	Name:	 	Victor Ias P. Rizza
	Title:	 	Managing Director
	
	Crossfone Honduras S.A.
		
	By:	 	 /s/ Jorge Granados

	Name:	 	Jorge Granados
	Title:	 	President
	
	LENDER:
	
	ELANDIA, INC., as Lender
		
	By:	 	 /s/ Harley L. Rollins

	Name:	 	Harley L. Rollins
	Title:	 	Chief Financial Officer

  

 14 

 EXHIBIT A 
 Intellectual Property 
 Service Mark applications for the following marks in the United States: 
 LatiNode 
 CrossFone 
 VipFone 
 RapiFone 
 CrossMedia 
 Registered Domain names:  
 Pending 

 Schedule 3(a) 
 Other Legal or Fictitious Names 
 Latinode Communications (LatinNode, Inc.) 
 CrossFone (TS Telecommunications, Inc.) 
 TS Prepaid (Total Solutions
Telecom Inc.) 
 TST (Total Solutions Telecom Inc.) 

 Schedule 3(d) 
 No Violations 
  

	(A)	Almiron Finance Corporation Loan 

 Loan Agreement,
dated June 9, 2006, between Retail Americas VoIP, LLC (“Borrower”) and Almiron Finance Corporation, a Venezuelan corporation (“Lender”) 
 Collateral: 
 Borrower has pledged to Lender 50% of the membership interests of Borrower and 50% of
the outstanding common stock of Latin Node (the “Collateral”) 
  

	 	•	 	 Collateral is held pursuant to an escrow agreement (described below) 

  

	 	•	 	 Security and Pledge Agreement provide that, upon an event of default and without prior notice to Borrower, Lender may transfer to or register in its name any of the
Collateral 

  

	 	•	 	 Events of Default include a breach or default under the terms of the Security and Pledge Agreement, Loan Agreement or Promissory Note 

 

	(B)	Expocredit Corporation Loan 

 Loan Agreement, dated
June 9, 2006, between Retail Americas VoIP, LLC, a Delaware limited liability company (“Borrower”) and Expocredit Corporation, a Florida corporation (“Lender”) 
 Collateral: 
 Borrower has pledged to
Lender 50% of the membership interests of Borrower and 50% of the outstanding common stock of Latin Node (the “Collateral”) 
  

	 	•	 	 Collateral is held pursuant to an escrow agreement (described below) 

  

	 	•	 	 Security and Pledge Agreement provide that, upon an event of default and without prior notice to Borrower, Lender may transfer to or register in its name any of the
Collateral 

  

	 	•	 	 Events of Default include a breach or default under the terms of the Security and Pledge Agreement, Loan Agreement or Promissory Note 

 Schedule 3(e) 
 Required Consents 
 Possible required authorization from the Federal Communications Commission for transfer of
control of Latin Node, Inc. (holder of 214 license), TS Telecommunications Inc. (holder of 214 license), and Total Solutions Telecom Inc. (pending 214 application) in the event of foreclosure by Lender. 

 Schedule 3(f) 
 Outstanding Security Interests 
  

	(A)	Almiron Finance Corporation Loan 

 Loan Agreement,
dated June 9, 2006, between Retail Americas VoIP, LLC (“Borrower”) and Almiron Finance Corporation, a Venezuelan corporation (“Lender”) 
 Collateral: 
 Borrower has pledged to Lender 50% of the membership interests of Borrower and 50% of
the outstanding common stock of Latin Node (the “Collateral”) 
  

	 	•	 	 Collateral is held pursuant to an escrow agreement (described below) 

  

	 	•	 	 Security and Pledge Agreement provide that, upon an event of default and without prior notice to Borrower, Lender may transfer to or register in its name any of the
Collateral 

  

	 	•	 	 Events of Default include a breach or default under the terms of the Security and Pledge Agreement, Loan Agreement or Promissory Note 

 

	(B)	Expocredit Corporation Loan 

 Loan Agreement, dated
June 9, 2006, between Retail Americas VoIP, LLC, a Delaware limited liability company (“Borrower”) and Expocredit Corporation, a Florida corporation (“Lender”) 
 Collateral: 
 Borrower has pledged to
Lender 50% of the membership interests of Borrower and 50% of the outstanding common stock of Latin Node (the “Collateral”) 
  

	 	•	 	 Collateral is held pursuant to an escrow agreement (described below) 

  

	 	•	 	 Security and Pledge Agreement provide that, upon an event of default and without prior notice to Borrower, Lender may transfer to or register in its name any of the
Collateral 

  

	 	•	 	 Events of Default include a breach or default under the terms of the Security and Pledge Agreement, Loan Agreement or Promissory Note 

 

	(C)	Factoring Agreement 

 Amended and Restated Factoring
Agreement, dated June 8, 2006, between Latin Node and Expocredit Corporation 
 Collateral: 
 Expocredit has a blanket lien on all of the assets of Latin Node including all accounts receivable and all inventory. 

	(D)	Capital Leases (see attachment) 

  

	(E)	Deposits (see attachment) 

 Schedule 3(g) 
 Grantors’ Names and Addresses 
 Latin Node, Inc. 
 9800 NW 41st St. Ste. 200 
 Miami, FL 33178 

 Latin Node LLC 
 9800 NW 41st St. Ste. 200 
 Miami, FL 33178 

 Latinode Communications Corporation

 9800 NW 41st St. Ste. 200 
 Miami, FL 33178 

NSite Software, LLC 
 9800 NW 41st St. Ste. 200 
 Miami, FL 33178 

 TS
Telecommunications, Inc. 
 9800 NW 41st St. Ste. 200 
 Miami, FL 33178 

 Tropical Star Communications, Inc. 
 9800 NW 41st St. Ste. 200 
 Miami, FL 33178 

 Total Solutions Telecom, Inc. 
 9800 NW 41st St. Ste. 200 
 Miami, FL 33178 

 Latin Node Europe,
GmbH 
 Hanauer Landstr 300-A 60314 Frankfurt am Main 
 Germany 

 Crossfone Europe, GmbH 
 Hanauer Landstr 300-A 60314 Frankfurt am Main 
 Germany 

 CrossFone Honduras S.A. 
 Edificio Copemh 
 3er Nivel No. 301

 Blvd. Centro America 
 Tegucigalpa, Honduras (no office in Honduras) 

 LN Comunicaciones S.A. 

15 Calle 3-20 Zona 10 
 Edificio Centro
Ejecutivo 
 Guatemala City 
 Guatemala 

 DSR Comunicaciones, S.A 
 Carlos Pellegrini 1075, C1009ABU 
 Ciudad
Autónoma de Buenos Aires, Argentina 

 Bantel , S.A. 
 Carlos Pellegrini 1075, C1009ABU 
 Ciudad
Autónoma de Buenos Aires, Argentina 

 CrossFone Colombia S.A., E.S.P. 
 Avenida 19, #131-04, Apto. 502, Torres del Country, Santa Fe de Bogota, Colombia 

 Donimar, S.A. 
 Montevideo, Uruguay 

No office in Uruguay 

 CrossFone Nicaragua S.A. 
 Managua, Nicaragua 
 No office in Nicaragua

 Crossfone Mexico S.A. de C.V. 
 Río Guadalquivir No. 75, Col. Cuauhtémoc, CP 06500, México D.F. 

 Previous address for US Companies: 7131 NW 31st Street, Miami, FL 33122 

 Schedule 3(h) 
 Collateral Locations 
 See attachment 

 Schedule 3(h)(A) 
 Co-Location Facilities 
 See attachment 

 Schedule 3(i) 
 Litigation 
  

	1.	Latin Node Europe GmbH v. Regina Schaening 

  

	2.	Latin Node, Inc. v. CitiBank, N.A.; CitiBank, FSB; CitiCorp North America, Inc; Francisco Estupinan Heredia, as General Asignee of Empresa Nacional de Telecommunicaciones –
Telecom in Liquidation; and Colombia Telecommunicaciones, S.A. E.S.P. (Case No. 03-8669) 

 Schedule 3(p) 
 Corporate Structure 
 

 

 Schedule 3(q) 
 Pledged Collateral 
 100% of the issued and outstanding equity interests of each Subsidiary Grantor.Stock Pledge Agreement dated February 5, 2006

 Exhibit 10.4 
 STOCK PLEDGE AGREEMENT 
 DATED FEBRUARY 5, 2007 
 between 
 LATIN NODE, INC

 and 
 ELANDIA,
INC. 

 THIS AGREEMENT (this Agreement) is dated February 5, 2007 
 BETWEEN: 
  

	1.	LATIN NODE, INC., a Florida corporation (Pledgor); and 

  

	2.	ELANDIA, INC. (Lender). 

 BACKGROUND: 
  

	(A)	Pledgor enters into this Agreement in connection with the Credit Agreement dated or on the date hereof among Pledgor, the other Borrowers thereunder and Lender (the Credit
Agreement). 

  

	(B)	It is a condition precedent to the Lender making the Loans under the Credit Agreement that Pledgor enter into this Agreement and grant the security described in this Agreement.

 IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 
 Event of Default means an event specified as such in Clause 9.1 (Events of Default). 
 Issuer means collectively, all Borrowers defined in the Credit Agreement except Pledgor. 
 Pledged Collateral means: 
  

	 	(a)	the Pledged Shares; 

  

	 	(b)	all additional shares, securities, and interests in the Issuer, and all warrants, rights, and options to purchase or receive shares, securities, or interests in the Issuer, in which
the Pledgor at any time has or obtains any interest; and 

  

	 	(c)	all dividends, interest, revenues, income, distributions, and proceeds of any kind, whether cash, instruments, securities, or other property, received by or distributable to the
Pledgor in respect of, or in exchange for, the Pledged Shares or any other Pledged Collateral. 

 Pledged Shares means
all shares, membership interests, partnership interests and other equity interests owned by Pledgor in the Issuers. 
 Relevant States
means: 
  

	 	(a)	the state of Pledgor's residence, or if Pledgor’s principal residence is in a jurisdiction outside the United States, Puerto Rico, the United States Virgin Islands or any
territory or possession subject to the jurisdiction of the United States and does not have its principal residence in any state, then the District of Columbia; and 

  

 2 

	 	(b)	any other state where the Pledgor has a residence. 

 Secured Liabilities means each liability and obligation specified in Clause 2 (Secured Liabilities). 
 Security mean
any security interest created by this Agreement. 
 Security Period means the period beginning on the date of this Agreement and ending
on the date on which all the Secured Liabilities have been indefeasibly, unconditionally and irrevocably paid and discharged in full. The Security Period will be extended to take into account any extension or reinstatement of this Agreement under
Clause 3.2(b) (General). Furthermore, if Lender considers that an amount paid to it under a Finance Document is capable of being avoided or otherwise set aside on the bankruptcy, liquidation, insolvency or administration of the payer or otherwise
then that amount will not be considered to have been irrevocably paid for the purposes of this Agreement. 
 UCC means the Uniform
Commercial Code as in effect on the date of this Agreement in the State of Florida. 
 U.S. Bankruptcy Law means the United States
Bankruptcy Code of 1978 or any other United States Federal or State bankruptcy, insolvency or similar law. 
  

	1.2	Construction 

  

	(a)	Any term defined in the UCC and not defined in this Agreement has the meaning given to that term in the UCC. 

  

	(b)	Any term defined in the Credit Agreement and not defined in this Agreement or the UCC has the meaning given to that term in the Credit Agreement. 

  

	(c)	No reference to proceeds in this Agreement authorizes any sale, transfer or other disposition of collateral by Pledgor. 

  

	(d)	In this Agreement, unless the contrary intention appears, a reference to fraudulent transfer law means any applicable U.S. Bankruptcy Law or state fraudulent transfer or
conveyance statute, and the related case law; 

  

	(e)	In this Agreement: 

  

	 	(i)	includes and including are not limiting; 

  

	 	(ii)	or is not exclusive; and 

  

	 	(iii)	the headings are for convenience only, do not constitute part of this Agreement and are not to be used in construing it. 

  

 3 

	2.	SECURED LIABILITIES 

  

	2.1	Secured Liabilities 

 Each obligation and liability
whether: 
  

	 	(a)	present or future, actual, contingent or unliquidated; or 

  

	 	(b)	owed jointly or severally (or in any other capacity whatsoever), 

 of Pledgor and all Issuers (collectively, jointly and severally, “Borrowers’) to Lender under or in connection with the Credit Agreement and all documents and agreements evidencing, securing or otherwise relating to the
indebtedness evidenced by and described therein (collectively, the “Finance Documents”), is a Secured Liability. 
  

	2.2	Specification of Secured Liabilities 

 The Secured
Liabilities include any liability or obligation for: 
  

	 	(a)	repayment of the principal of all loans (collectively, the “Loans”) described in the Credit Agreement; 

  

	 	(b)	payment of interest and any other amount payable under the Credit Agreement; 

  

	 	(c)	payment and performance of all other obligations and liabilities of any Obligor under the Finance Documents; 

  

	 	(d)	payment of any amount owed under any amendment, modification, renewal, extension or novation of any of the above liabilities and obligations; and 

  

	 	(e)	payment of an amount in respect of any such liabilities and obligations which arise under the Finance Documents after a petition is filed by, or against, Pledgor under the US
Bankruptcy Code of 1978 (or in analogous circumstances under any applicable law in any other jurisdiction) even if the obligations do not accrue because of the automatic stay under Section 362 of the US Bankruptcy Code of 1978 (or in analogous
circumstances under any applicable law in any other jurisdiction) or because any such obligation is not an allowed claim against Pledgor in any such bankruptcy proceeding or otherwise. 

  

	3.	CREATION OF PLEDGE AND SECURITY 

  

	3.1	Security interest 

 As security for the prompt and
complete payment and performance of the Secured Liabilities when due (whether due because of stated maturity, acceleration, mandatory prepayment, or otherwise) and to induce Lender to make the Loans, Pledgor pledges to Lender, and grants to Lender,
a continuing security interest in, the Pledged Collateral. 
  

	3.2	General 

  

	(a)	All the Security created under this Agreement: 

  

 4 

	 	(i)	is continuing security for the irrevocable and indefeasible payment in full of the Secured Liabilities, regardless of any intermediate payment or discharge in whole or in part;

  

	 	(ii)	is in addition to, and not in any way prejudiced by, any other security now or subsequently held by Lender. 

  

	(b)	If, at any time for any reason (including the bankruptcy, insolvency, receivership, reorganization, dissolution or liquidation of Pledgor, any Issuer, or the appointment of any
receiver, intervenor or conservator of, or agent or similar official for, Pledgor, any Issuer, or any of their respective properties), any payment received by Lender in respect of the Secured Liabilities is rescinded or avoided or must otherwise be
restored or returned by Lender, that payment will not be considered to have been made for purposes of this Agreement, and this Agreement will continue to be effective or will be reinstated, if necessary, as if that payment had not been made.

  

	(c)	This Agreement is enforceable against Pledgor to the maximum extent permitted by the fraudulent transfer laws. 

  

	4.	PERFECTION AND FURTHER ASSURANCES 

  

	4.1	General perfection 

 Pledgor must take, at its own
expense, promptly, and in any event within any applicable time limit: 
  

	 	(a)	whatever action is necessary or desirable; and 

  

	 	(b)	any action which Lender may require, 

 to ensure that this
Security is and will continue to be until the end of the Security Period, a validly created, attached, enforceable and perfected first priority continuing security interest in the Pledged Collateral, in all relevant jurisdictions, securing payment
and performance of the Secured Liabilities. 
 This includes the giving of any notice, order or direction, the making of any filing or
registration, the passing of any resolution and the execution and delivery of any documents or agreements which Lender may think expedient. 
  

	4.2	Delivery of certificates 

  

	(a)	Pledgor represents and warrants that it has delivered to Lender (or as directed by Lender) in the State of Florida all original certificates and instruments evidencing or
representing the Pledged Shares existing on the date of this Agreement. 

  

	(b)	Pledgor must deliver to Lender (or as directed by Lender), immediately upon receipt, all original certificates and instruments evidencing or representing any Pledged Collateral
arising or acquired by Pledgor after the date of this Agreement. 

  

	(c)	All Pledged Collateral delivered under this Agreement will be either: 

  

	 	(i)	duly endorsed and in suitable form for transfer by delivery; or 

  

 5 

	 	(ii)	accompanied by undated instruments of transfer endorsed in blank, 

 as directed by Lender, and in form and substance satisfactory to Lender. 
  

	(d)	Until the end of the Security Period, Lender will hold (directly or through an agent) all certificates, instruments, and stock powers delivered to it. 

  

	(e)	At any time and from time to time, Lender will have the right to exchange certificates or instruments evidencing or representing Pledged Collateral for certificates or instruments
of smaller or larger denominations. 

  

	4.3	Filing of financing statements 

  

	(a)	Pledgor authorizes Lender to prepare and file, at Pledgor's expense: 

  

	 	(i)	financing statements describing the Pledged Collateral; 

  

	 	(ii)	continuation statements; and 

  

	 	(iii)	any amendment in respect of those statements. 

  

	(b)	Promptly after filing an initial financing statement in respect of the Pledged Collateral, Pledgor must provide Lender with an official report from the Secretary of State of each
Relevant State indicating that Lender's security interest in the Pledged Collateral is prior to all other security interests or other interests reflected in the report. 

  

	4.4	Communication with Issuer 

 Pledgor authorizes
Lender at any time and from time to time to communicate with the Issuer with regard to any matter relating to any Pledged Collateral. 
  

	4.5	Further assurances 

  

	(a)	Pledgor must take, at its own expense, promptly, and in any event within any applicable time limit, whatever action Lender may require for: 

  

	 	(i)	creating, attaching, perfecting and protecting, and maintaining the priority of, any security interest intended to be created by this Agreement; 

  

	 	(ii)	facilitating the enforcement of this Security or the exercise of any right, power or discretion exercisable by Lender or any of its delegates or sub-delegates in respect of any of
the Pledged Collateral; 

  

	 	(iii)	obtaining possession and control of any Pledged Collateral; and 

  

	 	(iv)	facilitating the assignment or transfer of any rights and/or obligations of Lender under this Agreement. 

 This includes the execution and delivery of any transfer, assignment or other agreement or document, whether to Lender or its nominee, which Lender may
think expedient. 
  

 6 

	(b)	Pledgor irrevocably constitutes and appoints Lender, with full power of substitution, as Pledgor's true and lawful attorney-in-fact, in Pledgor's name or in Lender's name or
otherwise, and at Pledgor's expense , to take any of the actions referred to in paragraph (a) above without notice to or the consent of Pledgor. This power of attorney is a power coupled with an interest and cannot be revoked. Pledgor ratifies
and confirms all actions taken by Lender or its agents under this power of attorney. 

  

	5.	SURETYSHIP PROVISIONS 

  

	5.1	Nature of Pledgor's obligations 

  

	(a)	Pledgor's obligations under this Agreement are independent of any obligation of any other person. 

  

	(b)	A separate action or actions may be brought and prosecuted against Pledgor under this Agreement. 

  

	(c)	Lender may enforce its rights under this Agreement, whether or not any action is brought or prosecuted against any other obligors or any other person and whether or not any other
obligors or any other person is joined in any action under this Agreement. 

  

	5.2	Waiver of defenses 

  

	(a)	The obligations of Pledgor under this Agreement will not be affected by, and Pledgor irrevocably waives any defense Pledgor might have by virtue of, any act, omission, matter or
thing which, but for this Clause, would reduce, release or prejudice any of Pledgor's obligations under this Agreement (whether or not known to it or Lender). This includes: 

  

	 	(i)	any time, forbearance, extension or waiver granted to, or composition or compromise with, another person; 

  

	 	(ii)	any taking, variation, compromise, exchange, renewal or release of, or any refusal or failure to perfect, or enforce, any rights against, or security over assets of, any person;

  

	 	(iii)	any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realize the full value of any security;

  

	 	(iv)	any disability, incapacity or lack of powers, authority or legal personality of or dissolution or change in the members or status of any person; 

  

	 	(v)	any amendment, restatement, or novation (however fundamental) of a Finance Document or any other document, guaranty or security; 

  

	 	(vi)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document, guaranty or security, the intent of the parties
being that Lender's security interest in the Pledged Collateral and Pledgor's obligations under this Agreement are to remain in full force and be construed accordingly, as if there were no unenforceability, illegality or invalidity;

  

	 	(vii)	 any avoidance, postponement, discharge, reduction, non-provability or other similar circumstance affecting any obligation of any obligor under a Finance Document
resulting from any bankruptcy, insolvency, receivership, liquidation or dissolution 

  

 7 

	 	 
proceedings or from any law, regulation or order so that each such obligation is for the purposes of Pledgor's obligations under this Agreement construed as
if there were no such circumstance; or 

  

	 	(viii)	the acceptance or taking of other guaranties or security for the Secured Liabilities, or the settlement, release or substitution of any guaranty or security or of any endorser,
guarantor or other obligor in respect of the Secured Liabilities. 

  

	(b)	Pledgor unconditionally and irrevocably waives: 

  

	 	(i)	diligence, presentment, demand for performance, notice of non-performance, protest, notice of protest, notice of dishonor, notice of the creation or incurring of new or additional
indebtedness of any other obligors to Lender, notice of acceptance of this Agreement, and notices of any other kind whatsoever; 

  

	 	(ii)	the filing of any claim with any court in the event of a receivership, insolvency or bankruptcy; 

  

	 	(iii)	the benefit of any statute of limitations affecting any obligor's obligations under the Finance Documents or Pledgor's obligations under this Agreement or the enforcement of this
Agreement or Lender's security interest in the Pledged Collateral; and 

  

	 	(iv)	any offset or counterclaim or other right, defense, or claim based on, or in the nature of, any obligation now or later owed to Pledgor by any other obligors, Lender.

  

	(c)	Pledgor irrevocably and unconditionally authorizes Lender to take any action in respect of the Secured Liabilities or any collateral or guaranties securing them or any other action
that might otherwise be deemed a legal or equitable discharge of a surety, without notice to or the consent of Pledgor and irrespective of any change in the financial condition of any obligor. 

  

	5.3	Immediate recourse 

 Pledgor waives any right it may
have of first requiring Lender (or any trustee or agent on its behalf) to proceed against or enforce any other rights, security or other guaranty or claim payment from any person before claiming from Pledgor under this Agreement and enforcing
Lender's security interest in the Pledged Collateral. 
  

	5.4	Appropriations 

 Until the expiry of the Security
Period, Lender (or any trustee or agent on its behalf) may: 
  

	(a)	refrain from applying or enforcing any other moneys, security, guaranties or rights held or received by Lender (or any trustee or agent on its behalf) in respect of the Secured
Liabilities, 

  

	(b)	apply and enforce them in such manner and order as it sees fit (whether against the Secured Liabilities or otherwise); and 

  

 8 

	(c)	hold in a suspense account any moneys received from any realization of the Pledged Collateral, from Pledgor or on account of Pledgor's liability under this Agreement or any other
Finance Document, without liability to pay interest on those moneys. 

  

	5.5	Non-competition 

 Unless the Security Period has
expired, or Lender otherwise directs in writing, Pledgor will not, after a claim has been made by Lender against Pledgor or any other obligor, or by virtue of any payment or performance by Pledgor under this Agreement: 
  

	(a)	be subrogated to any rights, security or moneys held, received or receivable by Lender (or any trustee or agent on its behalf); 

  

	(b)	be entitled to any right of contribution or indemnity in respect of any payment made or moneys received on account of Pledgor's liability under this Agreement or any other Finance
Document; 

  

	(c)	claim, rank, prove or vote as a creditor of any obligor or its estate in competition with Lender (or any trustee or agent on its behalf); or 

  

	(d)	receive, claim or have the benefit of any payment, distribution or security from or on account of any obligor, or exercise any right of set-off as against any obligor.

 The Pledgor must hold in trust for and immediately pay or transfer to Lender (or as directed by Lender) any payment or
distribution or benefit of security received by it contrary to this Subclause or in accordance with any directions given by Lender under this Subclause. 
  

	5.6	Waiver of subrogation 

 Notwithstanding any
provision to the contrary in any guaranty given by Pledgor in respect of the Secured Liabilities, Pledgor: 
  

	(a)	irrevocably and unconditionally waives, for the benefit of Lender ; and 

  

	(b)	agrees not to claim or assert after Lender has exercised its rights under Clause 8 (When Security becomes enforceable), 

 any right of subrogation, contribution or indemnity it may have against any obligor as a result of any payment under a guaranty or in respect of the
Secured Liabilities. 
  

	5.7	Election of remedies 

  

	(a)	Pledgor understands that the exercise by Lender of certain rights and remedies contained in the Finance Documents may affect or eliminate Pledgor's right of subrogation and
reimbursement and that Pledgor may therefore incur a partially or totally non-reimbursable liability under this Agreement. 

  

	(b)	Pledgor expressly authorizes Lender to pursue Lender’s rights and remedies with respect to the Secured Liabilities in any order or fashion Lender deems appropriate, in its sole
and absolute discretion. 

  

 9 

	(c)	Pledgor waives any defense arising out of the absence, impairment, or loss of any or all rights of recourse, reimbursement, contribution, or subrogation or any other rights or
remedies of Pledgor against any obligor, any other person or any security, whether resulting from any election of rights or remedies by Lender, or otherwise. 

  

	5.8	Information concerning the Issuer 

  

	(a)	Pledgor represents and warrants to Lender that it is affiliated with each entity constituting Issuer or is otherwise in a position to have access to all relevant information bearing
on the present and continuing creditworthiness of each issuer as an obligor under the Finance Documents and the risk that any Issuer will be unable to pay the Secured Liabilities when due. 

  

	(b)	Pledgor waives any requirement that Lender advise Pledgor of information known to Lender regarding the financial condition or business of any Issuer, or any other circumstance
bearing on the risk of non-performance of the Secured Liabilities. 

  

	(c)	Pledgor assumes sole responsibility for keeping informed of the financial condition and business of Issuer. 

  

	6.	REPRESENTATIONS AND WARRANTIES 

  

	6.1	Representations and warranties 

 The representations
and warranties set out in this Clause are made by Pledgor to Lender. 
  

	6.2	Pledgor 

  

	(a)	Its principal residence is set out in Schedule 1 hereto. 

  

	(b)	Its exact legal name, as it appears in the public records of its jurisdiction or organization, is set out in Schedule 1 hereto. It has not changed his name, since it was organized.

  

	(c)	Its tax identification number, as issued by the United States federal government, is set out in Schedule 1 hereto. 

  

	(d)	Pledgor has no residence(s) other than those set out in Schedule 1. 

  

	(e)	Pledgor keeps at its address indicated in Schedule 1 the corporate records and all records, documents and instruments constituting, relating to or evidencing Pledged Collateral,
except for the Pledged Collateral delivered to Lender in compliance with Clause 4.2 (Delivery of certificates). 

  

	6.3	The Pledged Collateral 

  

	(a)	The Pledged Shares have been duly authorized and are validly issued, fully-paid and non-assessable. 

  

	(b)	 The Pledged Shares listed in Schedule 2 constitute 100% of the issued and outstanding shares of capital stock of each entity constituting Issuer, and there are no
other equity or ownership interests in Issuer, options or rights to acquire or subscribe for any such interests, or securities or instruments convertible into or exchangeable or exercisable for any such interests other than the 

  

 10 

	 	 
securities and interests described in Schedule 2 (Other Equity Interests) to this Agreement. Pledgor has no ownership or other interest or rights in or to
the securities and interests described in Schedule 2. 

  

	(b)	Except as permitted under the Credit Agreement and the Security Agreement (the “Security Agreement”) dated as of the date hereof, if at all: 

  

	 	(i)	it is the sole legal and beneficial owner of, and has the power to transfer and grant a security interest in the Pledged Shares and all other Pledged Collateral now in existence;

  

	 	(ii)	none of the Pledged Collateral is subject to any lien other than Lender's security interest; 

  

	 	(iii)	it has not agreed or committed to sell, assign, pledge, transfer, license, lease or encumber any of the Pledged Collateral, or granted any option, warrant, or right with respect to
any of the Pledged Collateral; and 

  

	 	(iv)	no effective mortgage, deed of trust, financing statement, security agreement or other instrument similar in effect is on file or of record with respect to any Pledged Collateral,
except for those that create, perfect or evidence Lender's security interest. 

  

	(c)	No litigation, arbitration or administrative proceedings are current or pending or, to any Pledgor's knowledge, threatened, involving or affecting the Pledged Collateral, and none
of the Pledged Collateral is subject to any order, writ, injunction, execution or attachment. 

  

	(d)	None of the Pledged Collateral constitutes "margin stock" within the meaning of Regulation U or X issued by the Board of Governors of the United States Federal Reserve System.

  

	6.4	No liability 

  

	(a)	Its rights, interests, liabilities and obligations under contractual obligations that constitute part of the Pledged Collateral are not affected by this Agreement or the exercise by
Lender of its rights under this Agreement; 

  

	(b)	Lender will not have any liabilities or obligations under any contractual obligation that constitutes part of the Pledged Collateral as a result of this Agreement, the exercise by
Lender of its rights under this Agreement or otherwise; and 

  

	(c)	Lender does not have and will not have any obligation to collect upon or enforce any contractual obligation or claim that constitutes part of the Pledged Collateral, or to take any
other action with respect to the Pledged Collateral. 

  

	6.5	Security Interest 

  

	(a)	This Agreement confers the security interest it purports to confer over the Pledged Collateral in favor of Lender, and the Pledged Collateral is not subject to any other lien
(whether prior, pari passu or subordinate) except as set forth in the Security Agreement and that security interest is not liable to avoidance on liquidation or bankruptcy, composition or any other similar insolvency proceedings.

  

 11 

	(b)	The description of the Pledged Collateral contained in this Agreement is true, correct, and complete and is sufficient to describe the Pledged Collateral for the purpose of
creating, attaching, and perfecting the security interest in favor of Lender intended to be created by this Agreement. 

  

	(c)	As of the date of this Agreement, all necessary and appropriate deliveries, notices, recordings, filings, and registrations have been effected to create and perfect a first-priority
security interest in the Pledged Collateral in favor of Lender for the benefit of Lender in all relevant jurisdictions securing payment of the Secured Liabilities, and Lender has as of the date of this Agreement, and will continue to have until
Lender has been repaid in full and Lender's lien has been released, a duly and validly created, attached, perfected and enforceable first-priority security interest in the Pledged Collateral in all relevant jurisdictions securing payment of the
Secured Liabilities. 

  

	(d)	All actions necessary for Lender to obtain and maintain "control" (within the meaning of section 8-106 and 9-328 of the UCC as in effect on the date of this Agreement) of the
Pledged Collateral have been taken. 

  

	6.6	Consideration and solvency 

  

	(a)	Terms used in this Subclause have the meanings given to them in, and must be construed in accordance with, the fraudulent transfer laws. 

  

	(b)	Pledgor will receive valuable direct and indirect benefits as a result of the transactions financed by the Loan and these benefits constitute "reasonably equivalent value" and "fair
consideration" as those terms are used in the fraudulent transfer laws. 

  

	(c)	Lender has acted in good faith in connection with the transactions contemplated by this Agreement. 

  

	(d)	The sum of Pledgor’s debts (including its obligations under this Agreement) is less than the value of its property (calculated at the lesser of fair valuation and present fair
saleable value). 

  

	(e)	Pledgor’s capital is not unreasonably small to conduct its business as currently conducted or as proposed to be conducted. 

  

	(f)	Pledgor has not incurred, does not intend to incur and does not believe it will incur debts beyond its ability to pay as they mature. 

  

	(g)	Pledgor has not made a transfer or incurred an obligation under this Agreement with the intent to hinder, delay or defraud any of its present or future creditors.

  

	6.7	[INTENTIONALLY OMITTED] 

  

	7.	UNDERTAKINGS 

  

	7.1	Undertakings 

 Pledgor agrees to be bound by the
covenants set out in this Clause 7. 
  

 12 

	7.2	Pledgor 

  

	(a)	Pledgor will not, in one transaction or a series of related transactions, sell all or substantially all of its assets. 

  

	(b)	Pledgor must not change the jurisdiction of its principal residence without providing Lender with sixty days prior written notice of such change. 

  

	(c)	Pledgor must not change its name without providing Lender with 60 days' prior written notice. 

  

	(d)	Pledgor must keep at its address indicated in Schedule 1 its corporate records and all records, documents and instruments constituting, relating to or evidencing Pledged Collateral,
except for the Pledged Collateral delivered to Lender in compliance with Clause 4.2 (Delivery of certificates). 

  

	(e)	Pledgor must permit Lender and its agents and representatives, during normal business hours and upon reasonable notice, to inspect the Pledged Collateral, to examine and make copies
of and abstracts from the records referred to in paragraph (d) above, and to discuss matters relating to the Pledged Collateral directly with the Pledgor's officers and employees. 

  

	(f)	At Lender's request, Pledgor must provide Lender with any information concerning the Collateral that Lender may reasonably request. 

  

	7.3	The Pledged Collateral 

  

	(a)	Pledgor will cause the Issuer to keep and maintain, at its address indicated in Clause 6.3(a) (The Pledged Collateral) its corporate records and all records, documents and
instruments constituting, relating to, or evidencing Pledged Collateral. Pledgor agrees to cause the Issuer to permit Lender and its agents and representatives during normal business hours and upon reasonable notice, to examine and make copies of
and abstracts from the records and stock ledgers and to discuss matters relating to the Issuer and its records directly with the Issuer's officers and employees. 

  

	(b)	Except as expressly permitted by the Credit Agreement, the Security Agreement or this Agreement, each Pledgor: 

  

	 	(i)	must maintain sole legal and beneficial ownership of the Pledged Collateral; 

  

	 	(ii)	must not permit any Pledged Collateral to be subject to any lien other than Lender's security interest and must at all times warrant and defend Lender's security interest in the
Pledged Collateral against all other liens and claimants; 

  

	 	(iii)	must not sell, assign, transfer, pledge, license, lease or encumber, or grant any option, warrant, or right with respect to, any of the Pledged Collateral, or agree or contract to
do any of the foregoing; 

  

	 	(iv)	must not waive, amend or terminate, in whole or in part, any accessory or ancillary right or other right in respect of any Pledged Collateral; and 

  

	 	(v)	must not take any action which would result in a reduction in the value of any Pledged Collateral. 

  

 13 

	(c)	Pledgor must pay when due (and in any case before any penalties are assessed or any lien is imposed on any Pledged Collateral) all taxes, assessments and charges imposed on or in
respect of Pledged Collateral and all claims against the Pledged Collateral. 

  

	(d)	In any suit, legal action, arbitration or other proceeding involving the Pledged Collateral or Lender's security interest, Pledgor must take all lawful action to avoid impairment of
Lender's security interest or Lender's rights under this Agreement or the imposition of a lien on any of the Pledged Collateral. 

  

	(e)	Pledgor will not permit Issuer to make, declare, or pay any dividends, distributions, or returns of capital, or purchase, redeem, or otherwise acquire for value any shares of
capital stock or other ownership interests in the Issuer now or later outstanding, or make any distribution of assets or property to its shareholder as such. 

  

	(f)	Pledgor will not permit Issuer to cancel or change the terms of the Pledged Shares, or authorize, create or issue any additional shares of capital stock or ownership interests in
Issuer. Pledgor will not effect or permit any change of control of the Issuer. 

  

	(g)	Pledgor will take no action, and will not permit the Issuer to take any action, that could cause any of the Pledged Collateral to constitute "margin stock" within the meaning of
Regulation U or X issued by the Board of Governors of the United States Federal Reserve System. 

  

	(i)	Pledgor will take all actions necessary to insure that Lender has and continues to have in all relevant jurisdictions a duly and validly created, attached, perfected and enforceable
first-priority security interest in the Pledged Collateral (including after-acquired Pledged Collateral) securing payment of the Secured Liabilities. Immediately upon acquiring rights in any Pledged Collateral, Pledgor will deliver possession of any
Pledged Collateral to Lender or its designated agent to the extent Lender is required or permitted to perfect its interest in that Pledged Collateral by taking possession. 

  

	(j)	Pledgor will take all actions necessary for Lender to obtain and maintain "control" (within the meaning of sections 8-106 and 9-328 of the UCC as in effect on the date of this
Agreement) of the Pledged Collateral. 

  

	(k)	Pledgor will use its best efforts in accordance with the organizational documents of each Issuer to cause that Issuer to take the actions and achieve the objectives set out in this
Agreement, and Pledgor agrees that it will not take any action, or refuse to grant any consents, which would interfere with or impede the ability of that Issuer to take such actions or achieve such objectives. 

  

	(l)	Pledgor will not suffer to exist any lien upon the Pledged Collateral other than Lender’s lien. If foreclosure or enforcement of any lien upon any Pledged Collateral is at any
time initiated, Lender will have the right, but not the obligation, to take any action it deems appropriate, including payment of the obligation secured by that lien, and each Pledgor will immediately upon demand reimburse Lender for all sums
expended by Lender in taking any such action. 

  

	7.4	Notices 

  

	(a)	Pledgor must give Lender prompt notice of the occurrence of any of the following events: 

	

  

 14 

	 	(i)	any pending or threatened claim, suit, legal action, arbitration or other proceeding involving or affecting Pledgor, any Issuer or any Pledged Collateral which could reasonably be
expected to impair Lender's security interest or Lender’s rights under this Agreement or result in the imposition of a Lien on any Pledged Collateral; or 

  

	 	(ii)	any representation or warranty contained in this Agreement is or becomes untrue, incorrect or incomplete in any material respect. 

  

	(b)	Each notice delivered under this Clause, must include: 

  

	 	(i)	reasonable details about the event; and 

  

	 	(ii)	the Pledgor's proposed course of action. 

 Delivery of a
notice under this Clause does not affect Pledgor's obligations to comply with any other term of this Agreement. 
  

	8.	WHEN SECURITY BECOMES ENFORCEABLE 

 This Security
may be enforced by Lender at any time after an Event of Default has occurred. 
  

	9.	ENFORCEMENT OF SECURITY 

  

	9.1	Events of Default 

 Each of the events set out in
this Subclause is an Event of Default. 
  

	(a)	The occurrence of an Event of Default under the Note executed of even date by Pledgor to Lender in regard to the indebtedness described in the Credit Agreement.

  

	(b)	Pledgor does not comply with Clause 7.3(b) (The Pledged Collateral); 

  

	(c)	Pledgor does not comply with any other term of this Agreement or any Control Agreement; 

  

	(d)	a representation or warranty made or repeated in this Agreement is untrue or incorrect in any material aspect when made or deemed to be repeated; 

  

	(e)	any attachment, execution or levy is made in respect of any part of the Pledged Collateral; or 

  

	(f)	an "Event of Default" (as that term is defined in the Credit Agreement) occurs. 

  

	9.2	General 

  

	(a)	After this Security has become enforceable, Lender may immediately, in its absolute discretion, exercise any right under: 

  

	 	(i)	applicable law; or 

  

	 	(ii)	this Agreement, 

  

 15 

 to enforce all or any part of the Security in respect of any Pledged Collateral in any manner or order it
sees fit. 
  

	(b)	This includes: 

  

	 	(i)	any rights and remedies available to Lender under applicable law and under the UCC (whether or not the UCC applies to the affected Pledged Collateral and regardless of whether or
not the UCC is the law of the jurisdiction where the rights or remedies are asserted) as if those rights and remedies were set forth in this Agreement in full; 

  

	 	(ii)	transferring or assigning to, or registering in the name of, Lender or its nominees any of the Pledged Collateral; 

  

	 	(iii)	exercising any voting, consent, management and other rights relating to any Pledged Collateral; 

  

	 	(iv)	performing or complying with any contractual obligation that constitutes part of the Pledged Collateral; 

  

	 	(v)	receiving, endorsing, negotiating, executing and delivering or collecting upon any check, draft, note, acceptance, instrument, document, contract, agreement, receipt, release, bill
of lading, invoice, endorsement, assignment, bill of sale, deed, security, share certificate, stock power, proxy, or instrument of conveyance or transfer constituting or relating to any Pledged Collateral; 

  

	 	(vi)	asserting, instituting, filing, defending, settling, compromising, adjusting, discounting or releasing any suit, action, claim, counterclaim, right of set-off or other right or
interest relating to any Pledged Collateral; 

  

	 	(vii)	executing and delivering acquittances, receipts and releases in respect of Pledged Collateral; and 

  

	 	(viii)	exercising any other right or remedy available to Lender under the other Finance Documents or any other agreement between the parties. 

  

	9.3	Dividend and voting rights 

  

	(a)	So long as no Event of Default has occurred and is continuing, Pledgor will be entitled to exercise all voting and other consensual rights with respect to the Pledged Collateral for
any purpose not inconsistent with the terms of the Finance Documents and to receive and retain all dividends and other payments in respect of the Pledged Collateral to the extent permitted by the Finance Documents. 

  

	(b)	 Upon the occurrence and during the continuation of an Event of Default, all rights of Pledgor to exercise voting and other consensual rights with respect to the
Pledged Collateral and to receive dividends and other payments in respect of the Pledged Collateral will cease, and all these rights will immediately become vested solely in Lender or its nominees, and the Pledgor grants Lender or its nominees
Pledgor's irrevocable and unconditional proxy for this purpose. After the occurrence and during the continuation of an Event of Default, any dividends and other payments in respect of the Pledged Collateral received by Pledgor will be held in trust
for Lender, and such Pledgor will keep all such amounts separate and apart from all other funds and property 

  

 16 

	 	 
so as to be capable of identification as the property of Lender and will deliver these amounts at such time as Lender may request to Lender in the identical
form received, properly endorsed or assigned if required to enable Lender to complete collection. 

  

	9.4	Security Agent’s rights upon default 

  

	(a)	Pledgor irrevocably constitutes and appoints Lender, with full power of substitution, as Pledgor's true and lawful attorney-in-fact, in Pledgor's name or in Lender's name or
otherwise, and at Pledgor's expense , to take any of the actions authorized by this Agreement or permitted under applicable law upon the occurrence and during the continuation of an Event of Default, without notice to or the consent of Pledgor. This
power of attorney is a power coupled with an interest and cannot be revoked. Pledgor ratifies and confirms all actions taken by Lender or its agents under this power of attorney. 

  

	(b)	Pledgor agrees that 10 days notice shall constitute reasonable notice in connection with any sale, transfer or other disposition of Pledged Collateral. 

  

	(c)	Lender may comply with any applicable state or federal law requirements in connection with a disposition of Pledged Collateral and compliance will not be considered adversely to
affect the commercial reasonableness of any sale of Pledged Collateral. 

  

	(d)	The grant to Lender under this Agreement of any right, power or remedy does not impose upon Lender any duty to exercise that right, power or remedy. Lender will have no obligation
to take any steps to preserve any claim or other right against any person or with respect to any Pledged Collateral. 

  

	(e)	Pledgor bears the risk of loss, damage, diminution in value, or destruction of the Pledged Collateral. 

  

	(f)	Lender will have no responsibility for any act or omission of any courier, bailee, broker, bank, investment bank or any other person chosen by it with reasonable care.

  

	(g)	Lender makes no express or implied representations or warranties with respect to any Pledged Collateral or other property released to Pledgor or its successors and assigns.

  

	(h)	Pledgor agrees that Lender will have met its duty of care under applicable law if it holds, maintains and disposes of Pledged Collateral in the same manner that it holds, maintains
and disposes of property for its own account. 

  

	(i)	Except as set forth in this Clause or as required under applicable law, Lender will have no duties or obligations under this Agreement or otherwise with respect to the Pledged
Collateral. 

  

	(j)	With regard to Pledgor, the sale, transfer or other disposition under this Agreement of any right, title, or interest of Pledgor in any item of Pledged Collateral will:

  

	 	(i)	operate to divest Pledgor permanently and all persons claiming under or through Pledgor of that right, title, or interest, and 

  

 17 

	 	(ii)	be a perpetual bar, both at law and in equity, to any claims by Pledgor or any person claiming under or through Pledgor 

 with respect to that item of Pledged Collateral. 
  

	9.5	No Marshaling 

  

	(a)	Lender need not, and Pledgor irrevocably waives and agrees that it will not invoke or assert any law requiring Lender to: 

  

	 	(i)	attempt to satisfy the Secured Liabilities by collecting them from any other person liable for them; or 

  

	 	(ii)	marshal any security or guarantee securing payment or performance of the Secured Liabilities or any particular asset of Pledgor. 

  

	(b)	Lender may release, modify or waive any collateral or guarantee provided by any other person to secure any of the Secured Liabilities, without affecting Lender's rights against any
Pledgor. 

  

	9.6	Registration Rights 

  

	(a)	If Lender shall determine to exercise its right to sell any or all of the Pledged Collateral pursuant to this Clause 9, and if in the opinion of Lender it is necessary or advisable
to have the Pledged Collateral, or that portion thereof to be sold, registered under the provisions of the Securities Act of 1933 (the Securities Act), Pledgor will cause the Issuer thereof to (i) execute and deliver, and cause the
directors and officers of such Issuer to execute and deliver, all such instruments and documents, and do or cause to be done all such other acts as may be, in the opinion of Lender, necessary or advisable to register the Pledged Collateral, or that
portion thereof to be sold under the provisions of the Securities Act, (ii) use its best efforts to cause the registration statement relating thereto to become effective and to remain effective for a period of one year from the date of the
first public offering of the Pledged Shares, or that portion thereof to be sold, and (iii) make all amendments thereto and/or to the related prospectus which, in the opinion of Lender, 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. Pledgor agrees to cause such Issuer to comply with the provisions of the securities or “Blue Sky” laws of any
and all jurisdictions which Lender shall designate and to make available to its security holders, as soon as practicable, an earnings statement (which need not be audited) which will satisfy the provisions in section 11(a) of the Securities Act.

  

	(b)	Pledgor recognizes that Lender may be unable to effect a public sale of any or all the Pledged Collateral, by reason of certain prohibitions contained in the Securities Act and
applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged 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. 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. Lender shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time
necessary to permit the Issuer thereof to register such securities or other interests for public sale under the Securities Act, or under applicable state securities laws, even if such Issuer would agree to do so. 

  

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	(c)	Pledgor agrees to use its best efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales of all or any portion of the Pledged Collateral
pursuant to this Clause 9.6 valid and binding and in compliance with applicable law. Pledgor further agrees that a breach of any of the covenants contained in this Clause 9.6 will cause irreparable injury to Lender and the Lenders, that Lender and
the Lenders have no adequate remedy at law in respect of such breach, and, as a consequence, that each and every covenant contained in this Clause 9.6 shall be specifically enforceable against Pledgor, and Pledgor hereby waives and agrees not to
assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred under any Finance Document. 

  

	10.	APPLICATION OF PROCEEDS 

 Any moneys received in
connection with the Pledged Collateral by Lender after this Security has become enforceable must be applied in the following order of priority: 
  

	 	(a)	first, in or towards payment of or provision for all costs and expenses incurred by Lender in connection with the enforcement of this Security; 

  

	 	(b)	second, in or towards payment of, or provision for, the Secured Liabilities; and 

  

	 	(c)	third, in payment of the surplus (if any) to any person entitled to it under applicable law. 

 This Clause is subject to the payment of any claims having priority over this Security. This Clause does not prejudice the right of Lender to recover any
shortfall from the Pledgor. 
  

	11.	EXPENSES AND INDEMNITY 

  

	 	(a)	Pledgor agrees to pay, jointly and severally, immediately on demand to Lender all costs and expenses incurred by Lender or any attorney, manager, delegate, sub-delegate, agent or
other person appointed by Lender under this Agreement for the purpose of enforcing its rights under this Agreement. This includes: 

 (i) costs of foreclosure and of any transfer, disposition or sale of Pledged Collateral; 
 (ii) costs of maintaining or preserving
the Pledged Collateral or assembling it or preparing it for transfer, disposition or sale; 
 (iii) costs of obtaining money damages; and

 (iv) fees and expenses of attorneys employed by Lender for any purpose related to this Agreement or the Secured Liabilities, including
consultation, preparation and negotiation of any amendment or restructuring, drafting documents, sending notices or instituting, prosecuting or defending litigation or arbitration; 
  

	 	(b)	Pledgor agrees to indemnify, exonerate and hold, and keep indemnified and exonerated and continue to hold, Lender and its affiliates, employees, directors, officers, representatives
and agents from and against all claims, liabilities, obligations, losses, damages, penalties, judgments, costs and expenses of any kind (including attorney's fees and expenses) which may be imposed on, incurred by or asserted against any of them by
any person in any way relating to or arising out of: 

  

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	 	(i)	this Agreement; 

  

	 	(ii)	the Pledged Collateral; 

  

	 	(iii)	Lender's security interest in the Pledged Collateral; 

  

	 	(iv)	any Event of Default; 

  

	 	(v)	any action taken or omitted by Lender under this Agreement or any exercise or enforcement of rights or remedies under this Agreement; or 

  

	 	(vi)	any transfer sale or other disposition of or any realization on Pledged Collateral. 

  

	 	(c)	Pledgor will not be liable to an indemnified party to the extent any liability results from that indemnified party's gross negligence or willful misconduct. Payment by an
indemnified party will not be a condition precedent to the obligations of Pledgor under this indemnity. 

  

	 	(d)	This Clause survives the making and repayment of the Loans, any novation, transfer or assignment of the Loans and the termination of this Agreement. 

  

	12.	DELEGATION 

  

	12.1	Power of attorney 

 Lender may delegate by power of
attorney or in any other manner to any person any right, power or discretion exercisable by it under or in connection with this Agreement. 
  

	12.2	Terms 

 Any such delegation may be made upon any
terms (including power to sub-delegate) which Lender may think fit. 
  

	12.3	Liability 

 Lender will not be in any way liable or
responsible to Pledgor for any loss or liability arising from any act, default, omission or misconduct on the part of any delegate or sub-delegate. 
  

	13.	EVIDENCE AND CALCULATIONS 

 In the absence of
manifest error, the records of Lender are conclusive evidence of the existence and the amount of the Secured Liabilities. 
  

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	14.	CHANGES TO THE PARTIES 

  

	14.1	Pledgor 

 Pledgor may not assign, delegate or
transfer any of its rights or obligations under this Agreement without the consent of the Lender, and any purported assignment, delegation or transfer in violation of this provision shall be void and of no effect. 
  

	14.2	Lender 

  

	(a)	Lender may assign or transfer its rights and obligations under this Agreement. 

  

	(b)	Pledgor waives and will not assert against any assignee of Lender any claims, defenses or set-offs which Pledgor could assert against Lender except for defenses which cannot be
waived under applicable law. 

  

	14.3	Successors and assigns 

 This Agreement shall be
binding on and inure to the benefit of the respective successors and permitted assigns of Pledgor and Lender. Pledgor may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of Lender.

  

	15.	MISCELLANEOUS 

  

	15.1	Amendments and waivers 

 Any term of this Agreement
may be amended or waived only by the written agreement of Pledgor and Lender. 
  

	15.2	Waivers and remedies cumulative 

  

	(a)	The rights and remedies of Lender under this Agreement: 

  

	 	(i)	may be exercised as often as necessary; 

  

	 	(ii)	are cumulative and not exclusive of its rights under applicable law; and 

  

	 	(iii)	may be waived only in writing and specifically. 

  

	(b)	Delay in exercising, or non-exercise, of any right or remedy under this Agreement is not a waiver of that right or remedy. 

  

	15.3	Counterparts 

 This Agreement may be executed in
counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement. 
  

	16.	SEVERABILITY 

 If any term of this Agreement is or
becomes illegal, invalid or unenforceable in any jurisdiction, that will not affect: 
  

 21 

	(a)	the legality, validity or enforceability in that jurisdiction of any other term of this Agreement; or 

  

	(b)	the legality, validity or enforceability in any other jurisdiction of that or any other term of this Agreement. 

  

	17.	RELEASE 

 At the end of the Security Period, Lender
must, at the request and cost of the Pledgors, take whatever action is necessary to release the Pledged Collateral from this Security. 
  

	18.	NOTICES 

  

	18.1	Notices 

 Any communication in connection with this
Agreement must be given in writing and, unless otherwise stated, must be given in person or by fax. 
  

	18.2	Contact Details 

  

	(a)	The contact details of each Pledgor and Lender are set out in the Credit Agreement: 

  

	(b)	Either party may change its contact details by giving five Business Days' notice to the other party. 

  

	(c)	Where a party nominates a particular department or officer to receive a communication, a communication will not be effective if it fails to specify that department or officer.

  

	18.3	Effectiveness 

  

	(a)	Except as provided below, any communication in connection with this Agreement will be deemed to be given as follows: 

  

	 	(i)	if delivered in person, at the time of delivery; 

  

	 	(ii)	if by fax, when sent with confirmation of transmission. 

  

	(b)	A communication given under this Clause but received on a non-working day or after business hours on a working day in the place of receipt will only be deemed to be given on the
next working day in that place. 

  

	19.	GOVERNING LAW 

 This Agreement, the relationship
between the Pledgor and Lender and any claim or dispute (whether sounding in contract, tort, statute or otherwise) relating to this Agreement or that relationship shall be governed by and construed in accordance with law of the State of Florida but
excluding any conflict of law rules that would lead to the application of the law of another jurisdiction. If the law of a jurisdiction other than Florida is, under section 1-105(2) of the UCC, mandatorily applicable to the perfection, priority or
enforcement of any security interest granted under this Agreement in respect of any part of the Pledged Collateral, that other law shall apply solely to the matters of perfection, priority or enforcement to which it is mandatorily applicable.

  

 22 

	20.	ENFORCEMENT 

  

	20.1	Jurisdiction 

  

	(a)	For the benefit of Lender, Pledgor agrees that any Florida State court or Federal court sitting in MIAMI-DADE COUNTY, FLORIDA has jurisdiction to settle any disputes and any
judgment, order or award in connection with this Agreement and accordingly submits to the jurisdiction of those courts. 

  

	(b)	Pledgor: 

  

	 	(i)	waives objection to the Florida State and Federal courts on grounds of personal jurisdiction, inconvenient forum or otherwise as regards proceedings in connection with this
Agreement; and 

  

	 	(ii)	agrees that a judgment or order of a Florida State or Federal court in connection with this Agreement is conclusive and binding on it and may be enforced against it in the courts of
any other jurisdiction. 

 (c) Nothing in this Clause limits the right of Lender to bring proceedings against Pledgor in connection with this
Agreement: 
  

	 	(i)	in any other court of competent jurisdiction; or 

  

	 	(ii)	concurrently in more than one jurisdiction. 

  

	20.2	Service of process 

  

	(a)	Pledgor agrees to maintain an agent for service of process in the State of Florida until the end of the Security Period. 

  

	(b)	Pledgor agrees that failure by a process agent to notify Pledgor of the process will not invalidate the proceedings concerned. 

  

	(c)	Pledgor consents to the service of process relating to any proceedings by a notice given in accordance with Clause 18 (Notices). 

  

	(d)	If the appointment of any person mentioned in this paragraph ceases to be effective, each Pledgor must immediately appoint a further person in the State of Florida to accept service
of process on its behalf in the State of Florida and, if such Pledgor does not appoint a process agent within 15 days, Pledgor authorizes Lender to appoint a process agent for Pledgor. 

  

	20.3	Waiver of immunity 

 To the extent that Pledgor has
or hereafter may acquire any immunity from jurisdiction of any court or from legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its
properties, the Pledgor irrevocably waives that immunity in respect of its obligations under this Agreement. 
  

 23 

	20.4	Complete agreement 

 This Agreement and the other
Finance Documents contain the complete agreement between the parties on the matters to which they relate and supersede all prior commitments, agreements and understandings, whether written or oral, on those matters. 
  

	20.5	Waiver of Jury Trial 

 PLEDGOR AND LENDER (FOR
ITSELF AND ON BEHALF OF THE OTHER FINANCE PARTIES) WAIVE ANY RIGHTS THEY MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED ON OR ARISING FROM THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. In the event of litigation,
this Agreement may be filed as a written consent to a trial by the court. 
 [SIGNATURES ON NEXT PAGE] 
  

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 The undersigned, intending to be legally bound, have executed and delivered this Agreement on the date stated at the
beginning of this Agreement. 
  

			
	LATIN NODE, INC.
		
	By:	 	 /s/ Jorge Granados

	Name:	 	Jorge Granados
	Title:	 	President
	
	ELANDIA, INC.
		
	By:	 	 /s/ Harley L. Rollins

	Name:	 	Harley L. Rollins
	Title:	 	Chief Financial Officer

  

 25

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