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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001144204-05-020800.txt : 20050706
<SEC-HEADER>0001144204-05-020800.hdr.sgml : 20050706
<ACCEPTANCE-DATETIME>20050706165751
ACCESSION NUMBER:		0001144204-05-020800
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050630
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050706
DATE AS OF CHANGE:		20050706

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:		05941372

	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>
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        wholly-owned subsidiary, Acceris Communications Corp., a Delaware corporation
        (&#8220;ACC&#8221;), on the one hand (together, the &#8220;Company&#8221;), and Acceris Management and
        Acquisition, LLC, a Minnesota limited liability company (the &#8220;Lender&#8221;), on the
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        Agreement (the &#8220;Amendment&#8221;) to the Foothill Agreement (as defined below).
</font></div>
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        Amendment was executed in connection with the execution and delivery of a
        certain Assignment and Acceptance Agreement (collectively with any schedules
        and
        amendments thereto, the &#8220;Assignment Agreement&#8221;) between Wells Fargo Foothill,
        Inc., a California corporation (&#8220;Foothill&#8221;) and the Lender dated June 30, 2005.
        The purpose of the Amendment was to reaffirm the Company&#8217;s existing indebtedness
        under the Foothill Agreement (as defined below) and to induce the Lender
        to
        enter into the Assignment Agreement. Under the terms and provisions of the
        Assignment Agreement, Foothill sold to the Lender the Foothill Agreement
        along
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        with
        certain other documents and agreements referred therein and all rights related
        thereto (the &#8220;Foothill Loan Documents&#8221;).</font></div>
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        and
        ACI are co-borrowers under and pursuant to the terms of the Loan and Security
        Agreement dated as of December 10, 2001 and certain amendments thereto dated
        as
        of March 6, 2002, June 11, 2002, July 31, 2003, October 14, 2003, April 13,
        2004, July 15, 2004, July 15, 2004, October 14, 2004, and February 9, 2005
        (collectively with the foregoing amendments, the &#8220;Foothill Agreement&#8221;) by and
        among Foothill, ACC and ACI. Pursuant to the terms of the Foothill Agreement,
        ACI and ACC have granted Foothill a security interest in substantially all
        of
        ACC&#8217;s and ACI&#8217;s assets. </font></div>
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        addition to becoming the Company&#8217;s senior lender, the Lender previously entered
        into an Asset Purchase Agreement (&#8220;APA&#8221;) and a Management Services Agreement
        (&#8220;MSA&#8221;) with ACI, ACC, and ACI&#8217;s majority stockholder, Counsel Corporation, both
        dated as of May 19, 2005. Under the terms of the APA, the Lender will acquire
        substantially all of the assets and assume certain liabilities of ACC on
        the
        closing date under the APA. As previously disclosed, the Lender was organized
        as
        a subsidiary of North Central Equity, LLC, a Minnesota limited liability
        company, for the purpose of acquiring certain assets of ACC pursuant to the
        terms of the APA. The discussion of the terms and provisions of the proposed
        asset sale as well as of the various operative documents in connection therewith
        were disclosed in and copies of such documents were filed as exhibits to
        ACI&#8217;s
        Current Report on Form 8-K filed with the SEC on May 25, 2005 and is
        incorporated herein by reference. </font></div>
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                    maturity date has been extended from June 30, 2005 to December
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                    facility.</font></div>
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                <td align="justify" valign="top" width="91%">&#160;</td>
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                    interest rate has been fixed at 10% per annum, as compared to
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                    1.75% with an interest rate floor of 6%.</font></div>
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                <td align="justify" valign="top" width="91%">&#160;</td>
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              <tr>
                <td width="4%">&#160;</td>
                <td align="justify" valign="top" width="5%" style="BORDER-BOTTOM: medium none">
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                </td>
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                    maximum borrowing available under the $18 million senior lending
                    facility
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                <td width="4%">&#160;</td>
                <td align="justify" valign="top" width="5%">&#160;</td>
                <td align="justify" valign="top" width="91%">&#160;</td>
              </tr>
              <tr>
                <td width="4%">&#160;</td>
                <td align="justify" valign="top" width="5%" style="BORDER-BOTTOM: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font></div>
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        addition, Foothill has consented to the disposition of substantially all
        of the
        assets of ACC, as referenced above. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        a
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        Lender has become the Company&#8217;s senior lender under the terms and provisions of
        the Foothill Loan Documents. ACI and ACC, among other parties, also executed
        certain Confirmation Agreements in favor of the Lender, in which agreements
        they
        confirm that the Lender will be deemed the Company&#8217;s senior lender.
</font></div>
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        9 - Financial Statements and Exhibits</strong></font></div>
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              <td width="5%"><font size="2">(c)</font></td>
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              <td width="5%">&#160;</td>
              <td width="91%">&#160;</td>
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              <td width="5%"><font size="2">None. </font></td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
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        duly authorized. </font></div>
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              <tr valign="top" bgcolor="#ffffff">
                <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              </tr>
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                <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Acceris
                  Communications Inc.</font></td>
              </tr>
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                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              </tr>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
                    July 6, 2005&#160;</font></div>
                </td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;Gary
                  M. Clifford&#160;&#160;</font></td>
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                    M. Clifford&#160;</font></font></div>
                </td>
              </tr>
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                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                  Financial Officer and Vice President of
                  Finance&#160;</font></font></td>
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