AMENDED AND RESTATED STOCK PLEDGE AGREEMENTStock Pledge Agreement • May 11th, 2004 • Acceris Communications Inc • Telegraph & other message communications • New York
FOR VALUE RECEIVED and in consideration of the loan, or other financial accommodations now or hereafter made by Counsel Corporation, an Ontario corporation (“Secured Party”), on the one hand, to Acceris Communications Inc., formerly known as I-Link Incorporated, a Florida corporation (“Pledgor”), on the other hand, pursuant to the Loan Agreement between Secured Party and Pledgor dated as of January 26, 2004 (the “Loan Agreement”), including specifically the Original Advances, the Additional Advance and any Subsequent Advances (as such terms are defined in the Loan Agreement) and as evidenced from time to time by the Promissory Note(s) of Pledgor (collectively, the “Note”) and to induce Secured Party to make such extensions of credit or financial accommodations to Pledgor, Pledgor does hereby convey and grant a security interest to Secured Party in accordance with the terms set forth below in this Stock Pledge Agreement (the “Agreement”).
