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<SEC-DOCUMENT>0000950133-04-002798.txt : 20040719
<SEC-HEADER>0000950133-04-002798.hdr.sgml : 20040719
<ACCEPTANCE-DATETIME>20040719172228
ACCESSION NUMBER:		0000950133-04-002798
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20040526
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20040719

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACCERIS COMMUNICATIONS INC
		CENTRAL INDEX KEY:			0000849145
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEGRAPH & OTHER MESSAGE COMMUNICATIONS [4822]
		IRS NUMBER:				592291344
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17973
		FILM NUMBER:		04920551

	BUSINESS ADDRESS:	
		STREET 1:		9775 BUSINESSPARK AVENUE
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92131
		BUSINESS PHONE:		8585475700

	MAIL ADDRESS:	
		STREET 1:		1001 BRINTON ROAD
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	I LINK INC
		DATE OF NAME CHANGE:	19971020

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEDCROSS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>w98996e8vk.htm
<DESCRIPTION>FORM 8-K
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<DIV align="center" style="font-size: 10pt"><B>CURRENT REPORT</B></DIV>



<P align="center" style="font-size: 10pt"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>



<P align="center" style="font-size: 10pt"><B>May&nbsp;26, 2004</B><BR>
Date of Report (date of Earliest Event Reported)


<P align="center" style="font-size: 24pt"><B>ACCERIS COMMUNICATIONS INC.</B>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in its Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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    <TD width="30%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD align="center" valign="top"><B>Florida</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>0-17973</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>59-2291344</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of<BR>
Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File No.)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>


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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>9775 Businesspark Avenue, San Diego, CA 92131</B><BR>
(Address of principal executive offices and zip code)



<P align="center" style="font-size: 10pt"><B>(858)&nbsp;547-5700</B><BR>
(Registrant&#146;s telephone number, including area code)



<P align="center" style="font-size: 10pt"><B>N/A</B><BR>
(Former name or former address, if changed from last report)



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">ITEM 5. OTHER EVENTS

<P align="left" style="font-size: 10pt">During the quarter ended June&nbsp;30, 2004, approximately $4.5
million was advanced by Counsel Corporation, including certain subsidiaries, (&#147;Counsel&#148;) to Acceris
Communications Inc. (&#147;Acceris&#148;) pursuant to the existing keep well arrangement
between Counsel and Acceris. The advances are evidenced by promissory notes
attached hereto as Exhibits 10.44, 10.45 and 10.46.


<P align="left" style="font-size: 10pt">On June&nbsp;29, 2004, Acceris and Counsel agreed to extend the maturity date from
June&nbsp;30, 2005 to December&nbsp;31, 2005 with respect to all outstanding loans
payable owing to Counsel by Acceris as of June&nbsp;30, 2004, which total
approximately $47&nbsp;million as of that date, including the three above referenced
promissory notes. Accordingly, the underlying respective agreements and
promissory notes, where appropriate, have been amended as of June&nbsp;30, 2004 to
reflect this extension and are attached hereto as Exhibits 10.47 through 10.52.
All other terms of the respective loan agreements remain in effect. Advances
under the affected loan agreements occurring after June&nbsp;30, 2004 pursuant to
the existing keep well arrangement will also be subject to the extended
maturity date referenced above. The maturity date of the keep well agreement
was not amended, and continues to be June&nbsp;30, 2005. Counsel is the controlling
shareholder of Acceris, owning approximately 92% of the outstanding shares of
Acceris&#146; common stock.



<P align="left" style="font-size: 10pt">ITEM 7. EXHIBITS


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits</TD>
    <TD width="3%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">10.44</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$1,000,000 Note dated May&nbsp;26, 2004</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">10.45</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$248,020 Promissory Note dated June&nbsp;30, 2004</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">10.46</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$3,223,848 Promissory Note dated June&nbsp;30, 2004</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">10.47</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>First Amendment to Loan Agreement dated October&nbsp;1, 2003</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">10.48</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fourth Amendment to Senior Convertible Loan and Security
Agreement dated March&nbsp;1, 2001</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">10.49</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>First Amendment to Amended and Restated Loan Agreement dated
January&nbsp;30, 2004</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">10.50</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>First Amendment to Loan Agreement dated January&nbsp;26, 2004</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">10.51</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended and Restated Promissory Note ($2,050,000)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">10.52</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended and Restated Promissory Note ($7,600,000)</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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    <TD width="2%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: July&nbsp;19, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Gary M. Clifford
<HR size="1" noshade>
Name: Gary M. Clifford<br>
Title: Chief Financial Officer and Vice President of Finance</TD>
</TR>


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</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DOCUMENT>
<TYPE>EX-10.44
<SEQUENCE>2
<FILENAME>w98996exv10w44.htm
<DESCRIPTION>EX-10.44
<TEXT>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.44


<P align="center" style="font-size: 10pt"><B>NOTE</B>



<P align="right" style="font-size: 10pt">May&nbsp;26, 2004

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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    <TD width="41%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$1,000,000.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">San Diego, California</TD>
</TR>


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</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR VALUE RECEIVED, Acceris Communications Inc., a Florida corporation
formerly known as I-Link Incorporated (the &#147;<B>Maker</B>&#148;) hereby promises effective
as of May&nbsp;26, 2004, to pay to the order of COUNSEL CORPORATION (US), a Delaware
corporation (the &#147;<B>Payee</B>&#148;) in immediately available funds, on or before the
Maturity Date, the principal sum of One Million Dollars ($1,000,000.00),
pursuant to the Loan Agreement, as that term is defined below, together with
interest thereon as provided herein. All capitalized terms used herein and not
otherwise defined shall have the meanings ascribed to them in the Loan
Agreement (as defined below).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Loan Agreement</u>. The unpaid principal balance of this Note shall bear
interest commencing May&nbsp;26, 2004, at the rate and in the manner determined in
accordance with the provisions of that certain Amended and Restated Loan
Agreement dated as of January&nbsp;30, 2004, between the Maker and the Payee (as the
same may be amended, modified, extended or restated, the &#147;<B>Loan Agreement</B>&#148;), the
terms of which are incorporated herein by reference.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<u>Address for Payments</u>. All payments made hereunder shall be paid in
lawful money of the United States of America at Payee&#146;s business address, or at
such other place as the Payee may at any time or from time to time designate
in writing to the Maker.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<u>Severability</u>. If any part of this Note is declared invalid or
unenforceable, such invalidity or unenforceability shall not affect the
remainder of this Note, which shall continue in full force and effect. Any
provision that is invalid or unenforceable in any application shall remain in
full force and effect as to valid applications.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<u>Notices</u>. All notices which are required or permitted hereunder shall
be given by first class mail, to be confirmed by telephone.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<u>Governing Law</u>. This Note shall be governed by and construed in
accordance with the laws of the State of New York with the exception of the
conflicts of laws provisions thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<u>Authority</u>. The party executing this Note for and on behalf of Maker
warrants and represents that he has full power and authority to bind Maker for
the uses and purposes as in this Note contained.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<u>Waivers</u>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Maker hereby waives and renounces, for itself and all its successors
and assigns, all right to the benefit of any moratorium, reinstatement,
marshalling, forbearance, valuation, stay, extension, redemption, appraisement,
exemption and homestead now provided or which hereafter may be provided by the
Constitution and laws of the United States of America and of any state thereof,
as to itself and in and to all of its property, real and personal, against the
enforcement and collection of the Indebtedness evidenced by this Note.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Presentment for payment, demand, protest and notice of demand, notice
of dishonor and notice of nonpayment and all other notices are hereby waived by
Maker.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<u>Prohibition on Assignment</u>. Maker shall not give, grant, bargain, sell,
transfer, assign, convey or deliver this Note or any of its obligations
hereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Maker has executed this Note as of the date and
year first above written.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">ACCERIS COMMUNICATIONS, INC.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade width="70%"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade width="70%"></TD>
</TR>


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</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DOCUMENT>
<TYPE>EX-10.45
<SEQUENCE>3
<FILENAME>w98996exv10w45.htm
<DESCRIPTION>EX-10.45
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.45


<P align="center" style="font-size: 10pt"><B>PROMISSORY NOTE</B>



<div align="left" style="font-size: 10pt; float: left; width: 49%">$248,020.96</DIV>
<div align="right" style="font-size: 10pt; float: right; width: 49%">June&nbsp;30,
2004</DIV>

<BR clear="all">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR VALUE RECEIVED, Acceris Communications Inc., a Florida corporation
formerly known as I-Link Incorporated (the &#147;Maker&#148;) promises to pay to Counsel
Corporation, an Ontario corporation, or its assigns (the &#147;Payee&#148;), in the
lawful money of the United States of America (&#147;Dollars&#148; or &#147;$&#148;) the principal
sum of Two-Hundred and Forty Eight Thousand and Twenty and 20/100ths Dollars
funded from time to time by Payee to Maker, together with interest thereon as
set forth herein, on or before the Maturity Date as provided below and in
accordance with the provisions of that certain Loan Agreement dated as of
January&nbsp;26, 2004 between the Maker and Payee as the same may be amended,
modified, extended or restated, the &#147;Loan Agreement.&#148; Capitalized terms used
herein but not defined shall have the meanings ascribed to them in the Loan
Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<u>Interest</u>. The outstanding principal amount of this Promissory Note
(the &#147;Note&#148;), together with unpaid interest, shall bear interest at the rate of
ten percent (10%) per annum commencing on July&nbsp;1, 2004, which interest shall
accrue and be compounded quarterly and shall result in a corresponding increase
in the principal amount of the Indebtedness.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<u>Time and Place of Payment</u>. The Indebtedness shall be due and payable
in full on December&nbsp;31, 2005 (the &#147;Maturity Date&#148;); provided, however, the
Maturity Date shall be accelerated to the date ten (10)&nbsp;calendar days following
closing under or conclusion of each occurrence of (a)&nbsp;the sale or sales by
Maker to a third party unrelated to Payee of the Buyers United, Inc. Series&nbsp;B
Convertible Preferred Stock and/or the common stock into which such stock is
convertible owned by Maker and held by Payee as security for the performance by
Maker hereunder pursuant to the Stock Pledge Agreement between the Maker and
Payee (as hereinafter defined), or any portion thereof (a &#147;BUI Sale&#148;) or (b)&nbsp;an
equity investment or investments in Maker by a third party unrelated to Payee
through the capital markets, whether pursuant to a registered offering or
unregistered offering or other transaction (an &#147;Equity Investment&#148;); provided,
further, however, that the Maturity Date shall be accelerated with respect only
to the portion of the unpaid Indebtedness equal to the net amount received by
Maker from any such BUI Sale or any such Equity Investment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The Indebtedness, including that portion of the Indebtedness
represented by this Note, is secured pursuant to that Amended and Restated
Stock Pledge Agreement between the Maker and Payee dated as of January&nbsp;26,
2004, executed and delivered concurrent herewith as the same has been amended,
modified, extended or restated, the &#147;Stock Pledge Agreement.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<u>Events of Default</u>. The occurrence of any of the following events or
conditions shall constitute an event of default (each an &#147;Event of Default&#148;):


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Maker shall fail to pay any of the Indebtedness pursuant to terms of
this Note;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Maker shall fail to comply with any term, obligation, covenant, or
condition contained in any agreement between Maker and Payee (each, an
&#147;Agreement&#148;);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any warranty or representation made to Payee by Maker under any
Agreement proves to have been false when made or furnished;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If Maker voluntarily files a petition under the federal Bankruptcy
Act, as such Act may from time to time be amended, or under any similar or
successor federal statute relating to bankruptcy, insolvency, arrangements or
reorganizations, or under any state bankruptcy or insolvency act, or files an
answer in an involuntary proceeding admitting insolvency or inability to pay
debts, or if Maker is adjudged a bankrupt, or if a trustee or receiver is
appointed for Maker&#146;s property, or if Maker makes an assignment for the benefit
of its creditors, or if there is an attachment, receivership, execution or
other judicial seizure, then Payee may, at Payee&#146;s option, declare all of the
Indebtedness to be immediately due and payable without prior notice to Maker,
and Payee may invoke any remedies permitted by this Note. Any attorneys&#146; fees
and other expenses incurred by Payee in connection with Maker&#146;s bankruptcy or
any of the other events described in this Section&nbsp;3 shall be additional
Indebtedness of Maker secured by this Note.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;There exists a material breach by Maker under (or a termination by any
party of) a material contract of Maker (for purposes of this Section&nbsp;4 a
material contract shall mean any contract resulting in revenues of in excess of
$10,000 per annum);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Maker is in default under any funded indebtedness, including but not
limited to indebtedness evidenced by notes or capital leases, of Maker other
than the amounts loaned pursuant to this Note; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;If Maker&#146;s business undergoes a material adverse change in Payee&#146;s
reasonable opinion.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default specified in Section 4(d) hereof occurs and is
continuing, the principal amount of the Indebtedness, together with all accrued
and unpaid interest thereon, shall automatically become and be immediately due
and payable, without any declaration or other act on the part of Payee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<u>Acceleration</u>. Upon an Event of Default, the Payee may give written
notice to the Maker of the occurrence of such Event of Default and Maker shall
have the shorter of (i)&nbsp;thirty (30)&nbsp;days or (ii)&nbsp;such remedy period as set
forth in the applicable provisions of Section&nbsp;4 within which to cure such Event
of Default. If the Event of Default is not cured within the applicable cure
period, then, at the option of the Payee, Payee may declare the Maker in
default (a &#147;Default&#148;) and all sums due hereunder shall become immediately due
and payable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any written notification from Payee to Maker hereunder shall be deemed to
be written notification of an Event of Default, or Default, or rescission of
Acceleration (as provided below), respectively, only if such notification,
communication or other election shall (a)&nbsp;be clearly and distinctly identified
as such a Notice of Event of Default, Notice of Default, or Notice of
Rescission of Acceleration, respectively, and (b)&nbsp;be given by certified mail,
return receipt requested or overnight delivery requiring acknowledgement of
receipt, and any communication between the parties not so designated and
delivered shall not be construed or deemed to be effective notice under this
Section&nbsp;5.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<u>Waivers</u>. The Maker hereby waives presentment, demand for payment,
notice of dishonor and any and all other notices or demands in connection with
the delivery, acceptance, performance, default or enforcement of this Note and
hereby consents to any waivers or modifications that may be granted or
consented to by the Payee of this Note. No waiver by the Payee or any breach
of any covenant of the Maker herein contained or any term or condition hereof
shall be construed as a waiver of any subsequent breach of the same or of any
other covenant, term or condition whatsoever.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<u>Enforcement</u>. In the event that any Payee of this Note shall institute
any action for the enforcement or the collection of this Note, there shall be
immediately due and payable, in addition to the unpaid balance of this Note,
all late charges, and all costs and expenses of such action including
reasonable attorney&#146;s fees. The Maker waives the right to interpose any
setoff, counterclaim or defense of any nature or description whatsoever.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<u>Replacement of Note</u>. Upon receipt by the Maker of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Note,
and (in case of loss, theft or destruction) of an indemnity reasonably
satisfactory to it, and upon reimbursement to the Make of all reasonable
expenses incidental thereto, and upon surrender and cancellation of this Note
if mutilated, the Maker will make and delivery a new Note of like tenor in lieu
of this Note.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<u>Amendments</u>. This Note may not be changed, modified, amended, or
terminated except by a writing duly executed by the Maker and the Payee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<u>Governing Law</u>. This Note shall be governed by, and construed in
accordance with, the laws of the State of New York.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<u>Assignment</u>. This Note may not be assigned, in whole or in part, by
operation of law or otherwise, by the Maker without the prior written consent
of the Payee in its sole and absolute discretion, and any purported assignment
without the express prior written consent of the Payee shall be void ab initio.
The Payee may assign any or all of its rights and interests hereunder to any
party. Subject to the foregoing, this Note shall be binding upon, and inure to
the benefit of, the successors and assigns of the Payee and the Maker.


<P align="center" style="font-size: 10pt">&#091;See attached Signature Page&#093;



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>Signature Page<BR>
to Promissory Note<BR>
dated as of June&nbsp;30, 2004</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Maker has executed this Promissory Note by its
duly authorized officer as of the 30th day of June, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">ACCERIS COMMUNICATIONS INC.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade width="70%"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade width="70%"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade width="70%"></TD>
</TR>


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</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.46
<SEQUENCE>4
<FILENAME>w98996exv10w46.htm
<DESCRIPTION>EX-10.46
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w46</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.46


<P align="center" style="font-size: 10pt"><B>PROMISSORY NOTE</B>



<div align="left" style="font-size: 10pt; float: left; width: 49%">$3,223,848.04</DIV>
<div align="right" style="font-size: 10pt; float: right; width: 49%">June&nbsp;30,
2004</DIV>

<BR clear="all">


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR VALUE RECEIVED, Acceris Communications Inc., a Florida corporation
formerly known as I-Link Incorporated (the &#147;Maker&#148;) promises to pay to Counsel
Corporation, an Ontario corporation, or its assigns (the &#147;Payee&#148;), in the
lawful money of the United States of America (&#147;Dollars&#148; or &#147;$&#148;) the principal
sum of Three Million Two-Hundred and Twenty-Three Thousand Eight-Hundred and
Forty Eight and 4/l00ths Dollars ($3,223,848.04) funded from time to time by
Payee to Maker, together with interest thereon as set forth herein, on or
before the Maturity Date as provided below and in accordance with the
provisions of that certain Loan Agreement dated as of January&nbsp;26, 2004 between
the Maker and Payee as the same may be amended, modified, extended or restated,
the &#147;Loan Agreement.&#148; Capitalized terms used herein but not defined shall have
the meanings ascribed to them in the Loan Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<u>Interest</u>. The outstanding principal amount of this Promissory Note
(the &#147;Note&#148;), together with unpaid interest, shall bear interest at the rate of
ten percent (10%) per annum commencing on the date funded as to principal
hereunder, namely, commencing April&nbsp;8, 2004 in respect of Eight-Hundred
Thousand Dollars ($800,000.00) funded on that date reduced by Eighty
Nine-Thousand Eight-Hundred and Six and 96/100ths Dollars ($89,806.96) of such
amount repaid on April&nbsp;30, 2004, commencing May&nbsp;31, 2004 in respect of One
Million One-Hundred and Twenty-Three Thousand Dollars ($1,123,000.00) funded on
that date, commencing on June&nbsp;18, 2004 in respect of One Million One-Hundred
Thousand Dollars ($1,100,000.00) funded on that date, and commencing June&nbsp;29,
2004 in respect of Two-Hundred and Ninety Thousand Six-Hundred and Fifty-Five
Dollars ($290,655.00) funded on that date, which interest shall accrue and be
compounded quarterly and shall result in a corresponding increase in the
principal amount of the Indebtedness.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<u>Time and Place of Payment</u>. The Indebtedness shall be due and payable
in full on December&nbsp;31, 2005 (the &#147;Maturity Date&#148;); provided, however, the
Maturity Date shall be accelerated to the date ten (10)&nbsp;calendar days following
closing under or conclusion of each occurrence of (a)&nbsp;the sale or sales by
Maker to a third party unrelated to Payee of the Buyers United, Inc. Series&nbsp;B
Convertible Preferred Stock and/or the common stock into which such stock is
convertible owned by Maker and held by Payee as security for the performance by
Maker hereunder pursuant to the Stock Pledge Agreement between the Maker and
Payee (as hereinafter defined), or any portion thereof (a &#147;BUI Sale&#148;) or (b)&nbsp;an
equity investment or investments in Maker by a third party unrelated to Payee
through the capital markets, whether pursuant to a registered offering or
unregistered offering or other transaction (an &#147;Equity Investment&#148;); provided,
further, however, that the Maturity Date shall be accelerated with respect only
to the portion of the unpaid Indebtedness equal to the net amount received by
Maker from any such BUI Sale or any such Equity Investment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The Indebtedness, including that portion of the Indebtedness
represented by this Note, is secured pursuant to that Amended and Restated
Stock Pledge Agreement between the Maker and Payee dated as of January&nbsp;26,
2004, executed and delivered concurrent herewith as the same has been amended,
modified, extended or restated, the &#147;Stock Pledge Agreement.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<u>Events of Default</u>. The occurrence of any of the following events or
conditions shall constitute an event of default (each an &#147;Event of Default&#148;):


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Maker shall fail to pay any of the Indebtedness pursuant to terms of
this Note;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Maker shall fail to comply with any term, obligation, covenant, or
condition contained in any agreement between Maker and Payee (each, an
&#147;Agreement&#148;);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any warranty or representation made to Payee by Maker under any
Agreement proves to have been false when made or furnished;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If Maker voluntarily files a petition under the federal Bankruptcy
Act, as such Act may from time to time be amended, or under any similar or
successor federal statute relating to bankruptcy, insolvency, arrangements or
reorganizations, or under any state bankruptcy or insolvency act, or files an
answer in an


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">involuntary proceeding admitting insolvency or inability to pay debts, or
if Maker is adjudged a bankrupt, or if a trustee or receiver is appointed for
Maker&#146;s property, or if Maker makes an assignment for the benefit of its
creditors, or if there is an attachment, receivership, execution or other
judicial seizure, then Payee may, at Payee&#146;s option, declare all of the
Indebtedness to be immediately due and payable without prior notice to Maker,
and Payee may invoke any remedies permitted by this Note. Any attorneys&#146; fees
and other expenses incurred by Payee in connection with Maker&#146;s bankruptcy or
any of the other events described in this Section&nbsp;3 shall be additional
Indebtedness of Maker secured by this Note.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;There exists a material breach by Maker under (or a termination by any
party of) a material contract of Maker (for purposes of this Section&nbsp;4 a
material contract shall mean any contract resulting in revenues of in excess of
$10,000 per annum);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Maker is in default under any funded indebtedness, including but not
limited to indebtedness evidenced by notes or capital leases, of Maker other
than the amounts loaned pursuant to this Note; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;If Maker&#146;s business undergoes a material adverse change in Payee&#146;s
reasonable opinion.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default specified in Section 4(d) hereof occurs and is
continuing, the principal amount of the Indebtedness, together with all accrued
and unpaid interest thereon, shall automatically become and be immediately due
and payable, without any declaration or other act on the part of Payee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<u>Acceleration</u>. Upon an Event of Default, the Payee may give written
notice to the Maker of the occurrence of such Event of Default and Maker shall
have the shorter of (i)&nbsp;thirty (30)&nbsp;days or (ii)&nbsp;such remedy period as set
forth in the applicable provisions of Section&nbsp;4 within which to cure such Event
of Default. If the Event of Default is not cured within the applicable cure
period, then, at the option of the Payee, Payee may declare the Maker in
default (a &#147;Default&#148;) and all sums due hereunder shall become immediately due
and payable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any written notification from Payee to Maker hereunder shall be deemed to
be written notification of an Event of Default, or Default, or rescission of
Acceleration (as provided below), respectively, only if such notification,
communication or other election shall (a)&nbsp;be clearly and distinctly identified
as such a Notice of Event of Default, Notice of Default, or Notice of
Rescission of Acceleration, respectively, and (b)&nbsp;be given by certified mail,
return receipt requested or overnight delivery requiring acknowledgement of
receipt, and any communication between the parties not so designated and
delivered shall not be construed or deemed to be effective notice under this
Section&nbsp;5.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<u>Waivers</u>. The Maker hereby waives presentment, demand for payment,
notice of dishonor and any and all other notices or demands in connection with
the delivery, acceptance, performance, default or enforcement of this Note and
hereby consents to any waivers or modifications that may be granted or
consented to by the Payee of this Note. No waiver by the Payee or any breach
of any covenant of the Maker herein contained or any term or condition hereof
shall be construed as a waiver of any subsequent breach of the same or of any
other covenant, term or condition whatsoever.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<u>Enforcement</u>. In the event that any Payee of this Note shall institute
any action for the enforcement or the collection of this Note, there shall be
immediately due and payable, in addition to the unpaid balance of this Note,
all late charges, and all costs and expenses of such action including
reasonable attorney&#146;s fees. The Maker waives the right to interpose any
setoff, counterclaim or defense of any nature or description whatsoever.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<u>Replacement of Note</u>. Upon receipt by the Maker of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Note,
and (in case of loss, theft or destruction) of an indemnity reasonably
satisfactory to it, and upon reimbursement to the Make of all reasonable
expenses incidental thereto, and upon surrender and cancellation of this Note
if mutilated, the Maker will make and delivery a new Note of like tenor in lieu
of this Note.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<u>Amendments</u>. This Note may not be changed, modified, amended, or
terminated except by a writing duly executed by the Maker and the Payee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<u>Governing Law</u>. This Note shall be governed by, and construed in
accordance with, the laws of the State of New York.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<u>Assignment</u>. This Note may not be assigned, in whole or in part, by
operation of law or otherwise, by the Maker without the prior written consent
of the Payee in its sole and absolute discretion, and any purported assignment
without the express prior written consent of the Payee shall be void ab initio.
The Payee may assign any or all of its rights and interests hereunder to any
party. Subject to the foregoing, this Note shall be binding upon, and inure to
the benefit of, the successors and assigns of the Payee and the Maker.


<P align="center" style="font-size: 10pt">&#091;See attached Signature Page&#093;



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>Signature Page<BR>
to Promissory Note<BR>
dated as of June&nbsp;30, 2004</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Maker has executed this Promissory Note by its
duly authorized officer as of the 30th day of June, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
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    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">ACCERIS COMMUICATIONS INC.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade width="70%"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade width="70%"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade width="70%"></TD>
</TR>


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</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.47
<SEQUENCE>5
<FILENAME>w98996exv10w47.htm
<DESCRIPTION>EX-10.47
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w47</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.47


<P align="center" style="font-size: 10pt"><B>FIRST AMENDMENT<BR>
TO<BR>
LOAN AGREEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS FIRST AMENDMENT TO LOAN AGREEMENT </B>is made and entered into as of June
30, 2004, by and between, Counsel Corporation (US), a Delaware corporation,
(&#147;Lender&#148;) and Acceris Communications Inc. (formerly known as I-Link
Incorporated), a Florida corporation (&#147;Borrower&#148;) (hereinafter collectively
referred to as the &#147;Parties&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, Acceris Communications Corp. (formerly known as WorldxChange
Corp., a Delaware corporation (&#147;WorldxChange&#148;)), Lender and Borrower entered
into a Loan and Security Agreement dated June&nbsp;4, 2001, as heretofore amended
(the &#147;2001 Loan Agreement&#148;); and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, pursuant to an Assignment and Assumption Agreement dated as of
October&nbsp;1, 2003, between Lender and Borrower, Lender assigned to Borrower the
total principal plus accrued interest of the indebtedness represented by and
subject to the 2001 Loan Agreement and the Promissory Note of even date issued
by WorldxChange in the principal amount of Nine Million Seven Hundred
Forty-Three Thousand Four Hundred Seventy-Nine and 16/100ths Dollars
($9,743,479.16) (the &#147;Assigned Debt&#148;); and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, Borrower and WorldxChange entered into that Stock Subscription
and Purchase Agreement dated as of October&nbsp;1, 2003 (the &#147;Subscription
Agreement&#148;) pursuant to which Borrower contributed the Assigned Debt to
WorldxChange in partial consideration for the issuance by WorldxChange of 221
shares of WorldxChange Common Stock; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, Borrower issued its Secured Promissory Note as of October&nbsp;1,
2003, to Lender in the principal amount of Nine Million Seven Hundred
Forty-Three Thousand Four Hundred Seventy-Nine and 16/l00ths Dollars
($9,743,479.16), which indebtedness is subject to the terms and conditions of
the Loan Agreement; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, the repayment of the indebtedness represented by the Secured
Promissory Note, (as the same may be amended, modified, extended or restated,
the &#147;Secured Promissory Note&#148;) is secured pursuant to that Stock Pledge
Agreement (as the same may be amended, modified, extended or restated, the
&#147;Stock Pledge Agreement&#148;) between the Lender and the Borrower pursuant to which
the Borrower granted to Lender a security interest in the Collateral described
therein including all of the shares of common stock of WorldxChange issuable or
issued to Borrower.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, the Parties desire to further document, ratify and confirm the
amendment to the Loan Agreement effective as of June&nbsp;30, 2004 (the &#147;<B>Effective
Date"</B>).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW, THEREFORE</B>, for good and valuable consideration the receipt and
adequacy of which is hereby acknowledged it is agreed as follows:

<P align="left" style="font-size: 10pt">1. <u>Maturity Date</u>. Effective as of the Effective Date, Section&nbsp;1.4 of the Loan
Agreement is hereby amended and restated in its entirety to read as follows:




<P align="left" style="margin-left:6%; font-size: 10pt">&#147;Section&nbsp;1.4. <u>Principal Repayment</u> The outstanding principal balance
of the Loan plus any accrued and unpaid interest thereon, together
with any and all other Liabilities (as such term is defined in the
Stock Pledge Agreement (collectively, the &#147;Secured Obligations&#148;),
shall be due and payable on December&nbsp;31, 2005 (the &#147;Maturity
Date&#148;).&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<u>Effect on Loan Agreement and Loan Note</u>. This First Amendment is not
intended, nor shall it be construed, as a modification or termination of the
Amended and Restated Debt Restructuring Agreement, dated October&nbsp;15, 2002.
Except as expressly provided herein, the Loan Agreement is hereby ratified and
confirmed and remains in full force and effect in accordance with its terms.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF</B>, the Parties have executed this First Amendment as of
the date first set forth above.


<P align="center" style="font-size: 10pt">&#091;See attached signature page&#093;



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>Signature page<BR>
to<BR>
First Amendment to Loan Agreement<BR>
dated as of June&nbsp;30, 2004</B>



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">COUNSEL CORPORATION (US)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2">__________________________
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">ACCERIS COMMUNICATIONS INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2">__________________________
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.48
<SEQUENCE>6
<FILENAME>w98996exv10w48.htm
<DESCRIPTION>EX-10.48
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w48</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.48


<P align="center" style="font-size: 10pt"><B>FOURTH AMENDMENT<BR>
TO<BR>
SENIOR CONVERTIBLE LOAN AND SECURITY AGREEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS FOURTH AMENDMENT TO SENIOR CONVERTIBLE LOAN AND SECURITY AGREEMENT </B>is
made and entered into as of June&nbsp;30, 2004 , by and between Acceris
Communications Inc. (formerly known as I-Link Incorporated), a Florida
corporation (the &#147;<B>Borrower</B>&#148;) and Counsel Corporation, an Ontario corporation
(&#147;Counsel Corp&#148;), and Counsel Capital Corporation, an Ontario corporation
(&#147;Counsel Capital&#148;), (collectively hereinafter referred to as the &#147;<B>Parties</B>&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, Counsel Communications, LLC, a Delaware limited liability company
(&#147;<B>CCOM</B>&#148;) having assigned ninety percent (90%) of its right title and interests
in the Loan Agreement (as hereinafter defined) subject to the Amended Debt
Restructuring Agreement (as hereinafter defined) on October&nbsp;31, 2001, to
Counsel Corp and ten percent (10%) of its right, title and interests to Counsel
Capital (hereinafter Counsel Corp and Counsel Capital collectively referred to
as the &#147;<B>Lender"</B>); and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, the Borrower and the Lender are Parties to a Senior Convertible
Loan and Security Agreement, dated March&nbsp;1, 2001 as amended by the First,
Second and Third Amendments to Senior Convertible Loan and Security Agreement,
dated May&nbsp;8, 2001, March&nbsp;1, 2003 and November&nbsp;19, 2003 (collectively the &#147;<B>Loan
Agreement</B>&#148;) and subject of the Amended and Restated Debt Restructuring
Agreement dated October&nbsp;15, 2002 between Borrower, Counsel Corporation (US), a
Delaware corporation, and CCOM (the &#147;<B>Amended Debt Restructuring Agreement</B>&#148;);
and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS, </B>the Parties, inter alia, desire to amend the Loan Agreement
effective as of June&nbsp;30, 2004 (the &#147;<B>Effective Date</B>&#148;) as provided herein.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW, THEREFORE</B>, for good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the Parties agree as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<u>Extension of Maturity Date</u>. Effective as of the Effective Date,
Section&nbsp;4 of the Loan Agreement is hereby amended and restated in its entirety
to read as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Section&nbsp;4. <u>Term</u>. This Agreement shall be effective from the date hereof
and shall terminate on December&nbsp;31, 2005, unless terminated earlier pursuant to
the default provisions of this Agreement (the &#147;<B>Maturity Date</B>&#148;). Principal and
interest shall be due and payable on the Maturity Date.&#148;


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><u>Effect on Loan Agreement and Loan Note</u>. This Fourth
Amendment is not intended, nor shall it be construed, as a
modification or termination of the Amended Debt Restructuring
Agreement. Except as expressly provided herein, the Loan Agreement
and the Loan Note annexed thereto are hereby ratified and confirmed
and remain in full force and effect in accordance with their
respective terms.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&#091;See attached signature page&#093;



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>Signature page<BR>
to<BR>
Fourth Amendment to Senior Convertible Loan and Security Agreement<BR>
dated as of June&nbsp;30, 2004</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF</B>, the Borrower and the Lender have executed this Fourth
Amendment as the date first set forth above.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">ACCERIS COMMUNICATIONS INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2">__________________________
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">COUNSEL CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2">     __________________________
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">COUNSEL CAPITAL CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2">__________________________
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.49
<SEQUENCE>7
<FILENAME>w98996exv10w49.htm
<DESCRIPTION>EX-10.49
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w49</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.49


<P align="center" style="font-size: 10pt"><B>FIRST AMENDMENT<BR>
TO<BR>
AMENDED AND RESTATED LOAN AGREEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT is made and
entered into as of June&nbsp;30, 2004 (the &#147;<B>Effective Date</B>&#148;) by and between Acceris
Communications Inc., formerly known as I-Link Incorporated, a Florida
corporation (the &#147;<B>Borrower</B>&#148;) and Counsel Corporation (US), a Delaware
corporation (the &#147;<B>Lender</B>&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Borrower and Lender are parties to an Amended and Restated
Loan Agreement, dated January&nbsp;30, 2004 (the &#147;<B>Loan Agreement</B>&#148;) and the parties
desire to amend the Loan Agreement as provided herein.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, for good and valuable consideration the receipt and
adequacy of which is hereby acknowledged it is agreed as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<u>Extension of Maturity Date</u>. Effective as of the Effective Date,
Section&nbsp;2 of the Loan Agreement is hereby amended and restated in its entirety
to read as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All borrowings hereunder, together with any interest thereon, shall be due
and payable to CCUS in one installment on December&nbsp;31, 2005 (the &#147;<B>Maturity
Date</B>&#148;). Interest shall accrue and be compounded quarterly and shall result in
a corresponding increase in the principal amount of the Indebtedness.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<u>Effect on Loan Agreement and Loan Note</u>. This First Amendment is not
intended, nor shall it be construed, as a modification or termination of the
Amended and Restated Debt Restructuring Agreement, dated October&nbsp;15, 2002.
Except as expressly provided herein, the Loan Agreement and the Note annexed
thereto are hereby ratified and confirmed and remain in full force and effect
in accordance with their respective terms.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Borrower and the Lender have executed this First
Amendment as of the Effective Date.


<P align="center" style="font-size: 10pt">&#091;See attached signature page&#093;



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">&#091;Signature page to First Amendment to Amended and Restated Loan Agreement, dated<BR>
January&nbsp;30, 2004&#093;



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">ACCERIS COMMUNICATIONS INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2">__________________________
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">COUNSEL CORPORATION (US)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2">__________________________
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.50
<SEQUENCE>8
<FILENAME>w98996exv10w50.htm
<DESCRIPTION>EX-10.50
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w50</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.50


<P align="center" style="font-size: 10pt"><B>FIRST AMENDMENT<BR>
TO<BR>
LOAN AGREEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THIS FIRST AMENDMENT TO LOAN AGREEMENT is made and entered into as of June 30, 2004 (the
<B>&#147;Effective Date&#148;</B>) by and between Acceris Communications Inc., formerly known as I-Link
Incorporated, a Florida corporation (the <B>&#147;Borrower&#148;</B>) and Counsel Corporation, an Ontario
corporation  (the <B>&#147;Lender&#148;</B>).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the Borrower and Lender are parties to a Loan Agreement, dated
January&nbsp;26, 2004 (the <B>&#147;Loan Agreement&#148;</B>) and the parties desire to amend the Loan
Agreement as provided herein.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOW, THEREFORE, for good and valuable consideration the receipt and adequacy of which
is hereby acknowledged it is agreed as follows:

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<u>Extension of Maturity Date</u>.
Effective as of the Effective Date, Section 2 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Payments of Principal and Interest</u>.
All borrowings hereunder, together with any interest thereon, shall be due and payable to Counsel Corp
in one installment on
December&nbsp;31, 2005
(the &#147;Maturity Date&#148;); provided, however, the Maturity Date shall be
accelerated to the date ten (10) calendar days following closing under or conclusion of each occurrence
of (a) the sale or sales by Acceris to a third party unrelated to Counsel Corp of the Buyers
United, Inc. Series B Convertible Preferred Stock and/or the common stock into which such stock
is convertible owned by Acceris and held by Counsel Corp as security for the performance by
Acceris hereunder pursuant to the Stock Pledge Agreement, or any portion thereof
(a &#147;BUI Sale&#148;) or (b) an equity investment or investments in Acceris by a third party
unrelated to Counsel Corp through the capital markets, whether pursuant to a registered
offering or unregistered offering or other transaction (an
&#147;Equity Investment&#148;); provided, further, however, that the Maturity Date shall be
accelerated with respect only to the portion of the unpaid Indebtedness equal to the net
amount received by Acceris from any such BUI Sale or any such Equity Investment.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<u>Effect on
Loan Agreement and Loan Note</u>.

This First Amendment is not intended, nor shall it be construed, as a modification or termination
of the Amended and Restated Debt Restructuring Agreement, dated October 15, 2002. Except as expressly
provided herein, the Loan Agreement and the Note annexed thereto are hereby ratified and confirmed
and remain in full force and effect in accordance with their respective terms.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IN WITNESS WHEREOF, the Borrower and the Lender have executed this First Amendment as of the Effective Date.

<P align="center" style="font-size: 10pt">&#091;See attached signature page&#093;



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">&#091;Signature page to First Amendment Loan Agreement, dated<BR>
January&nbsp;26, 2004&#093;



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">ACCERIS COMMUNICATIONS INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2">__________________________
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">COUNSEL CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2">__________________________
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>





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<DOCUMENT>
<TYPE>EX-10.51
<SEQUENCE>9
<FILENAME>w98996exv10w51.htm
<DESCRIPTION>EX-10.51
<TEXT>
<HTML>
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<TITLE>exv10w51</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.51


<P align="center" style="font-size: 10pt"><B>AMENDED AND RESTATED PROMISSORY NOTE<BR>
(superceding Promissory Note of March&nbsp;12, 2004)</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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    <TD width="70%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$2,050,000.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">June&nbsp;30, 2004</TD>
</TR>


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</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR VALUE RECEIVED, Acceris Communications Inc., a Florida corporation
formerly known as I-Link Incorporated (the &#147;Maker&#148;) promises to pay to Counsel
Corporation, an Ontario corporation, or its assigns (the &#147;Payee&#148;), in the
lawful money of the United States of America (&#147;Dollars&#148; or &#147;$&#148;) the principal
sum of Two Million Dollars and Fifty Thousand ($2,050,000.00) funded from time
to time by Payee to Maker, together with interest thereon as set forth herein,
on or before the Maturity Date as provided below and in accordance with the
provisions of that certain Loan Agreement dated as of January&nbsp;26, 2004 between
the Maker and Payee as the same may be amended, modified, extended or restated,
the &#147;Loan Agreement.&#148; Capitalized terms used herein but not defined shall have
the meanings ascribed to them in the Loan Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Interest</U>. The outstanding principal amount of this Promissory
Note (the &#147;Note&#148;), together with unpaid interest, shall bear interest at the
rate of ten percent (10%) per annum commencing on the date funded as to
principal hereunder, namely, commencing February&nbsp;17, 2004 in respect of One
Million Dollars ($1,000,000.00) funded on that date, commencing February&nbsp;27,
2004 in respect of One Million Dollars ($1,000,000.00) funded on that date, and
commencing on March&nbsp;12, 2004 in respect of Fifty Thousand ($50,000.00) funded
on that date, which interest shall accrue and be compounded quarterly and shall
result in a corresponding increase in the principal amount of the Indebtedness.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Time and Place of Payment</U>. The Indebtedness shall be due and
payable in full on the Maturity Date; provided, however, the Maturity Date
shall be accelerated to the date ten (10)&nbsp;calendar days following closing under
or conclusion of each occurrence of (a)&nbsp;the sale or sales by Maker to a third
party unrelated to Payee of the Buyers United, Inc. Series&nbsp;B Convertible
Preferred Stock and/or the common stock into which such stock is convertible
owned by Maker and held by Payee as security for the performance by Maker
hereunder pursuant to the Stock Pledge Agreement between the Maker and Payee
(as hereinafter defined), or any portion thereof (a &#147;BUI Sale&#148;) or (b)&nbsp;an
equity investment or investments in Maker by a third party unrelated to Payee
through the capital markets, whether pursuant to a registered offering or
unregistered offering or other transaction (an &#147;Equity Investment&#148;); provided,
further, however, that the Maturity Date shall be accelerated with respect only
to the portion of the unpaid Indebtedness equal to the net amount received by
Maker from any such BUI Sale or any such Equity Investment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The Indebtedness, including that portion of the Indebtedness
represented by this Note, is secured pursuant to that Amended and Restated
Stock Pledge Agreement between the Maker and Payee dated as of January&nbsp;26,
2004, executed and delivered concurrent herewith as the same has been amended,
modified, extended or restated, the &#147;Stock Pledge Agreement.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Events of Default</U>. The occurrence of any of the following
events or conditions shall constitute an event of default (each an &#147;Event of
Default&#148;):


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Maker shall fail to pay any of the Indebtedness pursuant to terms of
this Note;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Maker shall fail to comply with any term, obligation, covenant, or
condition contained in any agreement between Maker and Payee (each, an
&#147;Agreement&#148;);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any warranty or representation made to Payee by Maker under any
Agreement proves to have been false when made or furnished;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If Maker voluntarily files a petition under the federal Bankruptcy
Act, as such Act may from time to time be amended, or under any similar or
successor federal statute relating to bankruptcy, insolvency, arrangements or
reorganizations, or under any state bankruptcy or insolvency act, or files an
answer in an involuntary proceeding admitting insolvency or inability to pay
debts, or if Maker is adjudged a bankrupt, or if a trustee or receiver is
appointed for Maker&#146;s property, or if Maker makes an assignment for the benefit
of its creditors, or if there is an attachment, receivership, execution or
other judicial seizure, then Payee may, at Payee&#146;s option, declare all of the
Indebtedness to be immediately due and payable without prior notice to Maker,
and Payee


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">may invoke any remedies permitted by this Note. Any attorneys&#146; fees and
other expenses incurred by Payee in connection with Maker&#146;s bankruptcy or any
of the other events described in this Section&nbsp;3 shall be additional
Indebtedness of Maker secured by this Note.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;There exists a material breach by Maker under (or a termination by any
party of) a material contract of Maker (for purposes of this Section&nbsp;4 a
material contract shall mean any contract resulting in revenues of in excess of
$10,000 per annum);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Maker is in default under any funded indebtedness, including but not
limited to indebtedness evidenced by notes or capital leases, of Maker other
than the amounts loaned pursuant to this Note; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;If Maker&#146;s business undergoes a material adverse change in Payee&#146;s
reasonable opinion.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default specified in Section 4(d) hereof occurs and is
continuing, the principal amount of the Indebtedness, together with all accrued
and unpaid interest thereon, shall automatically become and be immediately due
and payable, without any declaration or other act on the part of Payee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Acceleration</U>. Upon an Event of Default, the Payee may give
written notice to the Maker of the occurrence of such Event of Default and
Maker shall have the shorter of (i)&nbsp;thirty (30)&nbsp;days or (ii)&nbsp;such remedy period
as set forth in the applicable provisions of Section&nbsp;4 within which to cure
such Event of Default. If the Event of Default is not cured within the
applicable cure period, then, at the option of the Payee, Payee may declare the
Maker in default (a &#147;Default&#148;) and all sums due hereunder shall become
immediately due and payable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any written notification from Payee to Maker hereunder shall be deemed to
be written notification of an Event of Default, or Default, or rescission of
Acceleration (as provided below), respectively, only if such notification,
communication or other election shall (a)&nbsp;be clearly and distinctly identified
as such a Notice of Event of Default, Notice of Default, or Notice of
Rescission of Acceleration, respectively, and (b)&nbsp;be given by certified mail,
return receipt requested or overnight delivery requiring acknowledgement of
receipt, and any communication between the parties not so designated and
delivered shall not be construed or deemed to be effective notice under this
Section&nbsp;5.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Waivers</U>. The Maker hereby waives presentment, demand for
payment, notice of dishonor and any and all other notices or demands in
connection with the delivery, acceptance, performance, default or enforcement
of this Note and hereby consents to any waivers or modifications that may be
granted or consented to by the Payee of this Note. No waiver by the Payee or
any breach of any covenant of the Maker herein contained or any term or
condition hereof shall be construed as a waiver of any subsequent breach of the
same or of any other covenant, term or condition whatsoever.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Enforcement</U>. In the event that any Payee of this Note shall
institute any action for the enforcement or the collection of this Note, there
shall be immediately due and payable, in addition to the unpaid balance of this
Note, all late charges, and all costs and expenses of such action including
reasonable attorney&#146;s fees. The Maker waives the right to interpose any
setoff, counterclaim or defense of any nature or description whatsoever.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Replacement of Note</U>. Upon receipt by the Maker of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Note,
and (in case of loss, theft or destruction) of an indemnity reasonably
satisfactory to it, and upon reimbursement to the Make of all reasonable
expenses incidental thereto, and upon surrender and cancellation of this Note
if mutilated, the Maker will make and delivery a new Note of like tenor in lieu
of this Note.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Amendments</U>. This Note may not be changed, modified, amended, or
terminated except by a writing duly executed by the Maker and the Payee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Governing Law</U>. This Note shall be governed by, and construed
in accordance with, the laws of the State of New York.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Assignment</U>. This Note may not be assigned, in whole or in
part, by operation of law or otherwise, by the Maker without the prior written
consent of the Payee in its sole and absolute discretion, and any purported
assignment without the express prior written consent of the Payee shall be void
ab initio. The Payee may assign any


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">or all of its rights and interests hereunder to any party. Subject to the
foregoing, this Note shall be binding upon, and inure to the benefit of, the
successors and assigns of the Payee and the Maker.



<P align="center" style="font-size: 10pt">&#091;See attached Signature Page&#093;



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>Signature Page<BR>
to Amended and Restated Promissory Note<BR>
dated as of June&nbsp;30, 2004</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Maker has executed this Amended and Restated
Promissory Note by its duly authorized officer as of the 30th day of June,
2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">ACCERIS COMMUNICATIONS INC.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade width="70%"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade width="70%"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade width="70%"></TD>
</TR>


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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.52
<SEQUENCE>10
<FILENAME>w98996exv10w52.htm
<DESCRIPTION>EX-10.52
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w52</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.52


<P align="center" style="font-size: 10pt"><B>AMENDED AND RESTATED<BR>
PROMISSORY NOTE<BR>
(Superceding Amended and Restated Promissory Note of January&nbsp;26, 2004)</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$7,600,000.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">June&nbsp;30, 2004</TD>
</TR>


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</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR VALUE RECEIVED, Acceris Communications Inc., formerly known as I-Link
Incorporated (the &#147;Maker&#148;) promises to pay to Counsel Corporation, an Ontario
corporation, or its assigns (the &#147;Payee&#148;), in the lawful money of the United
States of America (&#147;Dollars&#148; or &#147;$&#148;) the principal sum of Seven Million Six
Hundred Thousand Dollars ($7,600,000) funded from time to time by Payee to
Maker, together with interest thereon as set forth herein, on or before the
Maturity Date as provided below and in accordance with the provisions of that
certain Loan Agreement dated as of January&nbsp;26, 2004, between the Maker and
Payee as the same may be amended, modified, extended or restated, the &#147;Loan
Agreement.&#148; Capitalized terms used herein but not defined shall have the
meanings ascribed to them in the Loan Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Interest</U>. The outstanding principal amount of this Promissory
Note (the &#147;Note&#148;), evidencing advances to the Maker by Payee in November&nbsp;2003
and December&nbsp;2003 in the aggregate principal amount of Five Million Six Hundred
Thousand Dollars ($5,600,000) and an advance on January&nbsp;26, 2004 in the
principal amount of Two Million Dollars ($2,000,000), together with unpaid
interest (the &#147;Indebtedness&#148;), shall bear interest at the rate of ten percent
(10%) per annum commencing on the date funded as to principal hereunder, which
interest shall accrue and be compounded quarterly and shall result in a
corresponding increase in the principal amount of the Indebtedness. This Note
supercedes and replaces the Amended and Restated Promissory Note dated as of
January&nbsp;26, 2004 in the principal amount of Seven Million Six Hundred Thousand
Dollars issued by Maker to Payee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Time and Place of Payment</U>. The Indebtedness shall be due and
payable in full on the Maturity Date; provided, however, the Maturity Date
shall be accelerated to the date ten (10)&nbsp;calendar days following closing under
or conclusion of each occurrence of (a)&nbsp;the sale or sales by Maker to a third
party unrelated to Payee of the Buyers United, Inc. Series&nbsp;B Convertible
Preferred Stock and/or the common stock into which such stock is convertible
owned by Maker and held by Payee as security for the performance by Maker
hereunder pursuant to the Stock Pledge Agreement between the Maker and Payee
(as hereinafter defined), or any portion thereof (a &#147;BUI Sale&#148;) or (b)&nbsp;an
equity investment or investments in Maker by a third party unrelated to Payee
through the capital markets, whether pursuant to a registered offering or
unregistered offering or other transaction (an &#147;Equity Investment&#148;); provided,
further, however, that the Maturity Date shall be accelerated with respect only
to the portion of the unpaid Indebtedness equal to the net amount received by
Maker from any such BUI Sale or any such Equity Investment. The Maker may from
time to time, in its discretion, make one or more periodic payments of
Indebtedness to the Payee. All amounts due hereunder are payable in Dollars in
immediately payable funds at the Payee&#146;s principal office (or at such other
office of the Payee as may be designated from time to time in writing by the
Payee) for the account of the Payee, not later than 11:00&nbsp;a.m., New York City
time, on the due date therefor. If any payment on or with respect to this Note
becomes due and payable on a Saturday, Sunday, or any other day on which
commercial banks are required or authorized by law or regulation to be closed
in New York City, such amount shall be payable on the next succeeding day which
is not a Saturday, Sunday or other day on which commercial banks are so
required or authorized to be closed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The Indebtedness, including that portion of the Indebtedness
represented by this Note, is secured pursuant to that Amended and Restated
Stock Pledge Agreement between the Maker and Payee dated as of January&nbsp;26,
2004, executed and delivered concurrent herewith as the same has been amended,
modified, extended or restated, the &#147;Stock Pledge Agreement.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Events of Default</U>. The occurrence of any of the following
events or conditions shall constitute an event of default (each an &#147;Event of
Default&#148;):


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Maker shall fail to pay any of the Indebtedness pursuant to terms of
this Note;


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Maker shall fail to comply with any term, obligation, covenant, or
condition contained in any agreement between Maker and Payee (each, an
&#147;Agreement&#148;);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any warranty or representation made to Payee by Maker under any
Agreement proves to have been false when made or furnished;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If Maker voluntarily files a petition under the federal Bankruptcy
Act, as such Act may from time to time be amended, or under any similar or
successor federal statute relating to bankruptcy, insolvency, arrangements or
reorganizations, or under any state bankruptcy or insolvency act, or files an
answer in an involuntary proceeding admitting insolvency or inability to pay
debts, or if Maker is adjudged a bankrupt, or if a trustee or receiver is
appointed for Maker&#146;s property, or if Maker makes an assignment for the benefit
of its creditors, or if there is an attachment, receivership, execution or
other judicial seizure, then Payee may, at Payee&#146;s option, declare all of the
Indebtedness to be immediately due and payable without prior notice to Maker,
and Payee may invoke any remedies permitted by this Note. Any attorneys&#146; fees
and other expenses incurred by Payee in connection with Maker&#146;s bankruptcy or
any of the other events described in this Section&nbsp;4 shall be additional
Indebtedness of Maker secured by this Note;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;There exists a material breach by Maker under (or a termination by any
party of) a material contract of Maker (for purposes of this Section&nbsp;4 a
material contract shall mean any contract resulting in revenues of in excess of
$10,000 per annum);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Maker is in default under any funded indebtedness, including but not
limited to indebtedness evidenced by notes or capital leases, of Maker other
than the amounts loaned pursuant to this Note; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;If Maker&#146;s business undergoes a material adverse change in Payee&#146;s
reasonable opinion.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default specified in Section 4(d) hereof occurs and is
continuing, the principal amount of the Indebtedness, together with all accrued
and unpaid interest thereon, shall automatically become and be immediately due
and payable, without any declaration or other act on the part of Payee.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Acceleration</U>. Upon an Event of Default, the Payee may give
written notice to the Maker of the occurrence of such Event of Default and
Maker shall have the shorter of (i)&nbsp;thirty (30)&nbsp;days or (ii)&nbsp;such remedy period
as set forth in the applicable provisions of Section&nbsp;4 within which to cure
such Event of Default. If the Event of Default is not cured within the
applicable cure period, then, at the option of the Payee, Payee may declare the
Maker in default (a &#147;Default&#148;) and all sums due hereunder shall become
immediately due and payable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any written notification from Payee to Maker hereunder shall be deemed to
be written notification of an Event of Default, or Default, or rescission of
Acceleration (as provided below), respectively, only if such notification,
communication or other election shall (a)&nbsp;be clearly and distinctly identified
as such a Notice of Event of Default, Notice of Default, or Notice of
Rescission of Acceleration, respectively, and (b)&nbsp;be given by certified mail,
return receipt requested or overnight delivery requiring acknowledgement of
receipt, and any communication between the parties not so designated and
delivered shall not be construed or deemed to be effective notice under this
Section&nbsp;5.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Waivers</U>. The Maker hereby waives presentment, demand for
payment, notice of dishonor and any and all other notices or demands in
connection with the delivery, acceptance, performance, default or enforcement
of this Note and hereby consents to any waivers or modifications that may be
granted or consented to by the Payee of this Note. No waiver by the Payee or
any breach of any covenant of the Maker herein contained or any term or
condition hereof shall be construed as a waiver of any subsequent breach of the
same or of any other covenant, term or condition whatsoever.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Enforcement</U>. In the event that Payee of this Note shall
institute any action for the enforcement or the collection of this Note, there
shall be immediately due and payable, in addition to the unpaid balance of this
Note, all late charges, and all costs and expenses of such action including
reasonable attorney&#146;s fees. The Maker waives the right to interpose any
setoff, counterclaim or defense of any nature or description whatsoever.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Replacement of Note</U>. Upon receipt by the Maker of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Note,
and (in case of loss, theft or destruction) of an indemnity reasonably
satisfactory to it, and upon reimbursement to the Make of all reasonable
expenses incidental thereto, and upon surrender and cancellation of this Note
if mutilated, the Maker will make and deliver a new Note of like tenor in lieu
of this Note.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Amendments</U>. This Note may not be changed, modified, amended, or
terminated except by a writing duly executed by the Maker and the Payee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Governing Law</U>. This Note shall be governed by, and construed
in accordance with, the laws of the State of New York.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Assignment</U>. This Note may not be assigned, in whole or in
part, by operation of law or otherwise, by the Maker without the prior written
consent of the Payee in its sole and absolute discretion, and any purported
assignment without the express prior written consent of the Payee shall be void
ab initio. The Payee may assign any or all of its rights and interests
hereunder to any party. Subject to the foregoing, this Note shall be binding
upon, and inure to the benefit of, the successors and assigns of the Payee and
the Maker.


<P align="center" style="font-size: 10pt">&#091;See attached Signature Page&#093;



<P align="center" style="font-size: 10pt">&nbsp;
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>Signature Page<BR>
to Amended and Restated Promissory Note<BR>
dated as of June&nbsp;30, 2004</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Maker has executed this Amended and Restated
Promissory Note by its duly authorized officer as of the 30th day of June,
2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">ACCERIS COMMUNICATIONS INC.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade width="70%"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade width="70%"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade width="70%"></TD>
</TR>


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</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
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