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EXHIBIT 10.25
Long Distance International Inc.
0000 XX 00xx Xxx
Xx. Xxxxxxxxxx, Xxxxxxx 00000
LDI Acquisition Sub Inc.
c/o Long Distance International Inc.
0000 XX 00xx Xxx
Xx. Xxxxxxxxxx, Xxxxxxx 00000
October 18, 1999
To: Xxxxxxxxx X. XxXxxx
000 XX 00xx Xxxxxx
Xx. Xxxxxxxxxx, Xxxxxxx 00000
Re: Amendment to Pledge Agreements (this "Amendment")
Gentlemen:
Reference is made to a certain (i) Parent Stock Pledge Agreement dated July 20,
1999 (herein called "Parent Pledge Agreement"), among Long Distance
International Inc., a Florida corporation (herein called "the Company"), and
Xxxxxxxxx XxXxxx, as collateral agent for the ratable benefit of himself and
the Lenders to the Term Loan Agreement ("XxXxxx"); and (ii) Stock Pledge
Agreement dated July 20, 1999 (herein called "Sub Pledge Agreement") among LDI
Acquisition Sub Inc. and XxXxxx. Capitalized terms used herein and defined in
the Parent Pledge Agreement shall have the same meanings as set forth therein
unless otherwise specifically defined herein.
The seventh paragraph of each of the Sub Pledge Agreement and Parent Pledge
Agreement is hereby amended by deleting the words "and on ten (10) days prior
notice to the Pledgor, without the curing by the Pledgor or the waiving by the
Collateral Agent of such Event of Default within such time," in the third,
fourth and fifth lines of such seventh paragraph.
Except as otherwise specifically amended herein, each of the Sub Pledge
Agreement and the Parent Pledge Agreement shall remain in full force and
effect.
This Amendment may be executed in one or more counterparts, each of which shall
be deemed to be an original as against the party executing the same and all of
which together shall be deemed to constitute one and the same agreement.
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This Amendment is to be governed by the laws of the State of New York.
Very truly yours,
LDI ACQUISITION SUB INC.
By: /s/ Xxxxx X. Xxxx
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Xxxxx X. Xxxx
Chief Executive Officer
LONG DISTANCE INTERNATIONAL INC.
By: /s/ Xxxxx X. Xxxx
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Xxxxx X. Xxxx
Chief Executive Officer
AGREED:
/s/ Xxxxxxxxx X. XxXxxx
----------------------------------------
Xxxxxxxxx X. XxXxxx, as Collateral Agent
WORLD ACCESS, INC.
By: /s/ W. Xxx Xxxxx
---------------------------------
Name:
Title:
THE BANK OF NEW YORK, not in its individual capacity,
but solely as Trustee
By: /s/ Xxxxxxx X. Xxx
---------------------------------
Name:
Title:
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