Document:

Exhibit 10.5

EXHIBIT 10.5

SECURITY AGREEMENT

THIS SECURITY AGREEMENT (this “Agreement”), dated as of May 19, 2009, among EASYLINK
SERVICES INTERNATIONAL CORPORATION, a Delaware corporation (the “Borrower”), the
subsidiaries of the Borrower signatory hereto and each other subsidiary of the Borrower hereafter a
party hereto (Borrower, each subsidiary of the Borrower a party hereto and each other subsidiary
hereafter becoming a party hereto shall be collectively known as the “Grantors”, and
individually as a “Grantor”), in favor of SUNTRUST BANK, in its capacity as the
administrative agent (the “Administrative Agent”), for the several banks and other
financial institutions and lenders (the “Lenders”) from time to time party to the Revolving
Credit and Term Loan Agreement, dated as of the date hereof, by and among the Borrower, the
Administrative Agent, the Lenders, and SunTrust Bank, as Issuing Bank (as amended, restated,
supplemented, or otherwise modified from time to time, the “Credit Agreement”).

W I T N E S S E T H:

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

WHEREAS, it is a condition precedent to the obligations of the Administrative Agent, the
Issuing Bank and the Lenders under the Credit Agreement that the Grantors enter into this Agreement
to secure (i) all obligations of the Borrower under the Credit Agreement, (ii) the obligations of
each Subsidiary of the Borrower under the Subsidiary Guaranty Agreement and all other Loan
Documents to which each Grantor is a party and (iii) all Hedging Obligations owed to the
Administrative Agent, any Lender or any of their affiliates to the extent expressly permitted by
the Credit Agreement, and the Grantors desire to satisfy such condition precedent;

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

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

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

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

 

 

 

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

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

	 	(i)	 	all Accounts;

	 
	 	(ii)	 	all Chattel Paper;

	 
	 	(iii)	 	all Deposit Accounts;

	 
	 	(iv)	 	all Documents;

	 
	 	(v)	 	all Equipment;

	 
	 	(vi)	 	all Fixtures;

	 
	 	(vii)	 	all General Intangibles;

	 
	 	(viii)	 	all Instruments;

	 
	 	(ix)	 	all Inventory;

	 
	 	(x)	 	all Investment Property;

	 
	 	(xi)	 	all money, cash or cash equivalents;

	 
	 	(xii)	 	all other goods and personal property, whether tangible or
intangible;

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

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

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

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

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

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

 

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

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

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

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

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

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

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

 

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(iii) any contract, instrument or chattel paper in which Grantor has any right, title or
interest if and solely to the extent such contract, instrument or chattel paper includes a
provision containing a restriction on assignment such that the creation of a security interest in
the right, title or interest of such Grantor therein would be prohibited and would, in and of
itself, cause or result in a default thereunder enabling another person party to such contract,
instrument or chattel paper to enforce any remedy with respect thereto; provided, however, that the
foregoing exclusion shall not apply if (a) such prohibition has been waived or such other person
has otherwise consented to the creation hereunder
of a security interest in such contract, instrument or chattel paper, or (b) such prohibition would
be rendered ineffective pursuant to Section 9-406 of the UCC or Sections 9-407 or 9-408 of the UCC,
as applicable and as then in effect in any relevant jurisdiction, or any other applicable law
(including applicable bankruptcy and insolvency law or principles of equity); provided further that
immediately upon the ineffectiveness, lapse or termination of any such provision, the term
“Collateral” shall include, and the applicable Grantor shall be deemed to have granted a security
interest in, all its rights, title and interests in and to such contract, instrument or chattel
paper as if such provision had never been in effect; and provided further that the foregoing
exclusion shall in no way be construed so as to limit, impair or otherwise affect the Secured
Party’s unconditional continuing security interest in and to all rights, title and interests of any
Grantor in or to any payment obligations or other rights to receive monies due or to become due
under any such contract, instrument or chattel paper and in any such monies and other Proceeds,
including without limitation Accounts, General Intangibles and proceeds of Proceeds, of such
contract, instrument or chattel paper;

(iv) any application to register any trademark, service mark or other mark prior to the filing
under applicable law of a verified statement of use (or the equivalent) for such trademark, service
mark or other mark to the extent the creation of a security interest therein or the grant of a
mortgage thereon would void or invalidate such trademark, service mark or other mark); or

(v) any Deposit Account maintained exclusively to fund taxes, payroll obligations and/or
employee benefit plans;

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

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

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

 

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

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

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

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

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

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

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

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

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

 

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

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

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

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

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

 

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

(i) With respect to any material portion of Inventory, (i) such Inventory is located at one of
the Grantor’s locations set forth on the Perfection Certificate or at another location identified
in writing to the Administrative Agent, (ii) no Inventory is now, or shall at any time or times
hereafter be stored at any other location without prior notice to the Administrative Agent, and
such Grantor will concurrently therewith obtain, subject to the post-closing period for which
landlord waivers may be obtained for properties on the date hereof, as set forth in Section 5.12 of
the Credit Agreement, bailee, landlord and mortgagee agreements, (iii) such Grantor has good,
indefeasible and merchantable title to such Inventory and such Inventory is not subject to any Lien
or security interest or document whatsoever except for the Lien granted to the Administrative Agent
and except for Permitted Liens, (iv) such Inventory is in all material respects of good and
merchantable quality, free from any defects, (v) such Inventory is not subject to any licensing,
patent, royalty, trademark, trade name or copyright agreements with any third parties which would
require any consent of any third party upon sale or disposition of that Inventory or the payment of
any monies to any third party upon such sale or other disposition, and (vi) the completion of
manufacture, sale or other disposition of such Inventory by the Administrative Agent following an
Event of Default shall not require the consent of any Person and shall not constitute a breach or
default under any contract or agreement to which such Grantor is a party or to which such property
is subject.

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

 

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

SECTION 4. Further Assurances; Covenants.

(a) General.

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

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

(iii) Each Grantor hereby authorizes the Administrative Agent, its counsel or
its representative, at any time and from time to time, to file financing statements
and amendments that describe the collateral covered by such financing statements as
“all assets of the Grantor”, “all personal property of the Grantor” or words of
similar effect, in such jurisdictions as the Administrative Agent may deem necessary
or desirable in order to perfect the security interests granted by such Grantor
under this Agreement. Each Grantor will, from time to time, at its expense,
execute, deliver, file and record any statement, assignment, instrument, document,
agreement or other paper and take any other action (including, without limitation,
any filings with the United States Patent and Trademark Office, Copyright or Patent
filings and any filings of financing or continuation statements under the UCC) that
from time to time the Administrative Agent may request, in order to create,
preserve, upgrade in rank (to the extent required hereby), perfect, confirm or
validate the Security Interests or to enable the Administrative Agent
to obtain the full benefits of this Agreement, or to enable the Administrative
Agent to exercise and enforce any of its rights, powers and remedies hereunder with
respect to any of its Collateral. Each Grantor hereby authorizes the Administrative
Agent to execute and file financing statements, financing statement amendments or
continuation statements on behalf of such Grantor. Grantors shall pay the costs of,
or incidental to, any recording or filing of any financing statements, financing
statement amendments or continuation statements necessary in the sole discretion of
the Administrative Agent, to perfect the Administrative Agent and Secured Parties’
security interest in the Collateral.

 

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

(v) No Grantor shall (A) sell, transfer, lease, exchange, assign or otherwise
dispose of, or grant any option, warrant or other right with respect to, any of its
Collateral other than sales of assets permitted under Section 7.3 of the Credit
Agreement; or (B) create, incur or suffer to exist any Lien with respect to any
Collateral, except for Permitted Liens.

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

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

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

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

 

10

 

(b) Accounts, Etc.

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

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

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

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

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

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

 

11

 

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

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

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

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

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

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

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

 

12

 

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

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

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

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

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

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

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

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

 

13

 

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

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

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

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

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

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

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

SECTION 7. Events of Default. Each of the following specified events shall constitute
an Event of Default under this Agreement:

(a) The existence or occurrence of any “Event of Default” as provided under the terms of the
Credit Agreement;

(b) Any representation or warranty made by or on behalf of any Grantor under or pursuant to
this Agreement shall have been false or misleading in any material respect when made; or

(c) Any Grantor shall fail to observe or perform any covenant or agreement set forth in this
Agreement other than those referenced in paragraphs (a) and (b) above, and if such failure is
capable of being remedied, such failure shall remain unremedied for fifteen (15) days.

SECTION 8. Remedies upon Event of Default.

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

 

14

 

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

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

 

15

 

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

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

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

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

SECTION 10. Application of Proceeds. The proceeds of any sale of, or other realization
upon, all or any part of the Collateral of the Grantors shall be applied by the Administrative
Agent in the manner set forth in Section 2.12(a) in the Credit Agreement.

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

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

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

 

16

 

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

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

SECTION 14. Termination of Security Interests; Release of Collateral. Upon the
repayment in full in cash of all Secured Obligations (other than those Secured Obligations relating
to the Hedging Obligations and indemnification obligations that survive termination of the Loan
Documents), termination of all commitments of the Lenders under the Credit Agreement and the cash
collateralization of the LC Exposure, the Security Interests shall terminate and all rights to the
Collateral shall revert to the Grantors. Upon any such termination of the Security Interests or
release of such Collateral, the Administrative Agent will, at the expense of the Borrower, execute
and deliver to the Borrower such documents as the Grantors shall reasonably request, but without
recourse or warranty to the Administrative Agent, including but not limited to written
authorization to file termination statements to evidence the termination of the Security Interests
in such Collateral.

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

 

17

 

SECTION 16. No Waiver; Remedies Cumulative.

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

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

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

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

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

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

 

18

 

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

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

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

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

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

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

(Signatures on following page)

 

19

 

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

	 	 	 	 	 	 	 
	 	 	EASYLINK SERVICES INTERNATIONAL CORPORATION, 

a Delaware corporation
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Glen E. Shipley
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Glen E. Shipley
	 

	 	 	 	Title:
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	[CORPORATE SEAL]

	 
	 	 	 	 	 	 
	 	 	EASYLINK SERVICES CORPORATION, a Delaware corporation
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Glen E. Shipley
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Glen E. Shipley
	 

	 	 	 	Title:
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	[CORPORATE SEAL]

	 
	 	 	 	 	 	 
	 	 	EASYLINK SERVICES USA, INC., a Delaware corporation
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Glen E. Shipley
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Glen E. Shipley
	 

	 	 	 	Title:
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	[CORPORATE SEAL]

 

20Exhibit 10.6

EXHIBIT 10.6

STOCK PLEDGE AGREEMENT

THIS STOCK PLEDGE AGREEMENT (this “Agreement”), dated as of May 19, 2009, is made by
EASYLINK SERVICES INTERNATIONAL CORPORATION, a Delaware corporation (“Borrower”), the
subsidiaries of the Borrower signatory hereto (Borrower and each subsidiary of the Borrower a party
hereto shall be collectively known as the “Pledgors”, and individually as a
“Pledgor”), in favor of SUNTRUST BANK, in its capacity as administrative agent (the
“Administrative Agent”) for the several banks and other financial institutions and lenders
(the “Lenders”) from time to time party to the Credit Agreement (as defined below).

W I T N E S S E T H:

WHEREAS, the Borrower, the Lenders, and the Administrative Agent have entered into that
certain Revolving Credit and Term Loan Agreement, dated as of May 19, 2009 (as amended, restated,
supplemented, or otherwise modified from time to time, the “Credit Agreement”), pursuant to
which the Lenders have agreed to establish a revolving credit facility in favor of and extend term
Loans to Borrower; and

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

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

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

ARTICLE 1

DEFINITIONS

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

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

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

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

 

 

 

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

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

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

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

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

“Secured Obligations” means, collectively, the respective obligations of each Pledgor
under this Agreement, the Credit Agreement, the Subsidiary Guaranty Agreement and the other Loan
Documents, including, without limitation, the Obligations.

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

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

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

ARTICLE 2

PLEDGE

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

 

2

 

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

SECTION 2.3. Delivery of Pledged Property upon Event of Default; Registration of Pledge;
Transfer. Subject to Section 5.12 of the Credit Agreement, all certificates and instruments
representing or evidencing any Collateral, including all Pledged Shares, shall be delivered to the
Administrative Agent and shall be held by the Administrative Agent, shall be in suitable form for
transfer by delivery, and shall be accompanied by all necessary instruments of transfer or
assignment, duly executed in blank and, if the Administrative Agent shall so request, with
signatures guaranteed by a member of a registered national securities exchange or the National
Association of Securities Dealers, Inc. or by a commercial bank or trust company having an office
or correspondent in the United States. The Administrative Agent shall have the right, upon the
occurrence and during the continuation of an Event of Default, and without notice to the Pledgors,
to transfer to, or to register in the name of the Administrative Agent or any of its nominees, any
or all of the Pledged Shares, subject only to Section 2.5(b) and Section 4.6. In
addition, the Administrative Agent shall have the right at any time to request that any Pledgor
exchange certificates or instruments representing or evidencing any Pledged Shares for certificates
or instruments of smaller or larger denominations.

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

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

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

(b) remain in full force and effect until the payment in full and performance of all
Secured Obligations and termination of the Commitments;

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

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

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

 

3

 

ARTICLE 3

REPRESENTATIONS AND WARRANTIES

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

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

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

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

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

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

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

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

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

 

4

 

ARTICLE 4

COVENANTS

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

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

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

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

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

 

5

 

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

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

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

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

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

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

 

6

 

ARTICLE 5

EVENTS OF DEFAULT; REMEDIES

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

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

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

(c) if any representation or warranty of any Pledgor set forth herein shall be untrue
in any material respect or if any Pledgor shall default in the due performance and
observance of any covenant contained herein and such default shall continue unremedied for a
period of ten (10) days.

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

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

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

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

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

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

 

7

 

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

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

(a) first, ratably, to the unpaid interest accrued and then due or owing on the
Secured Obligations and to the aggregate amount of fees described in Section 2.11 of the
Credit Agreement which have accrued and are unpaid;

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

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

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

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

(a) the administration of this Agreement;

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

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

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

 

8

 

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

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

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

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

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

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

ARTICLE 6

MISCELLANEOUS

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

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

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

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

 

9

 

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

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

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

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

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

SECTION 6.6. Governing Law; Jurisdiction.

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

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

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

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

 

10

 

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

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

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

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

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

(Signatures on following page)

 

11

 

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

	 	 	 	 	 
	 	EASYLINK SERVICES INTERNATIONAL CORPORATION, 

a Delaware corporation

 	 
	 	By:  	/s/ Glen E. Shipley
 	 
	 	 	Name:  	Glen E. Shipley 	 
	 	 	Title:  	Chief Financial Officer

[CORPORATE SEAL] 	 
	 
	 	EASYLINK SERVICES CORPORATION,
 a Delaware
corporation

 	 
	 	By:  	/s/ Glen E. Shipley
 	 
	 	 	Name:  	Glen E. Shipley 	 
	 	 	Title:  	Chief Financial Officer

[CORPORATE SEAL] 	 
	 
	 	EASYLINK SERVICES USA, INC., a Delaware

corporation

 	 
	 	By:  	/s/ Glen E. Shipley
 	 
	 	 	Name:  	Glen E. Shipley 	 
	 	 	Title:  	Chief Financial Officer

[CORPORATE SEAL] 	 

 

12

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