Exhibit
10.7
C2 GLOBAL TECHNOLOGIES
INC.
8813 Ridge
Road
Bethesda, Maryland
20817
Laurus Master
Fund, Ltd.
c/o Laurus
Capital Management, LLC
825 Third
Avenue
New York, New
York 10022
Re: Cash Collateral Deposit
Agreement
Gentlemen:
Reference is made to the Amended and Restated
Master Security Agreement dated as of October 14, 2004 and amended
and restated as of the date hereof, as the same may be further
amended, modified, supplemented and restated from time to time (the
“Security Agreement”) by and among C2 Global
Technologies, Inc. (f/k/a Acceris Communications, Inc.), a Florida
corporation (“C2 Global”), C2 Communications
Technologies, Inc., a Delaware corporation (“C2
Communications”), WebtoTel Inc., a Delaware corporation
(“WebtoTel”), CPT-1 Holdings, Inc., a Delaware
corporation (“CPT-1”), Mibridge, Inc., a Utah
corproration (“Mibridge”), Acceris Communications
Corp., a Delaware corporation (“Acceris”) (each a
“Company” and collectively the “Companies”)
and Laurus Master Fund, Ltd. (“Laurus”). All
capitalized terms used herein which are not defined shall have the
meanings given to them in the Security Agreement.
In consideration of Laurus’ agreement to
release its security interest in certain assets of one or more of
the Companies, and for other good and valuable consideration the
receipt and sufficiency of which is hereby acknowledged, as
collateral security for the Obligations, C2 Global (the parent
company of each of C2 Communications, WebtoTel, C
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