EXHIBIT 10.2

THIRD AMENDMENT
TO
LOAN AGREEMENT

THIS THIRD AMENDMENT TO LOAN AGREEMENT is made and entered into as of April 28,
2005, by and between, Counsel Corporation (US), a Delaware corporation,
(“Lender”) and Acceris Communications Inc. (formerly known as I-Link
Incorporated), a Florida corporation (“Borrower”) (hereinafter collectively
referred to as the “Parties”).

WHEREAS, Acceris Communications Corp. (formerly known as WorldxChange Corp., a
Delaware corporation (“WorldxChange”)), Lender and Borrower entered into a Loan
and Security Agreement dated June 4, 2001, as heretofore amended (the “2001 Loan
Agreement”); and

WHEREAS, pursuant to an Assignment and Assumption Agreement dated as of October
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
“Assigned Debt”); and

WHEREAS, Borrower and WorldxChange entered into that Stock Subscription and
Purchase Agreement dated as of October 1, 2003 (the “Subscription Agreement”)
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

WHEREAS, Borrower issued its Secured Promissory Note as of October 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 as
amended; and

WHEREAS, the repayment of the indebtedness represented by the Secured Promissory
Note, (as the same may be amended, modified, extended or restated, the “Secured
Promissory Note”) is secured pursuant to that Stock Pledge Agreement (as the
same may be amended, modified, extended or restated, the “Stock Pledge
Agreement”) 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.

WHEREAS, the Parties desire to further document, ratify and confirm the
amendment to the Loan Agreement effective as of March 31, 2005 (the “Effective
Date”).

NOW, THEREFORE, for good and valuable consideration the receipt and adequacy of
which is hereby acknowledged it is agreed as follows:

1. Maturity Date.  Effective as of the Effective Date, Section 1.4 of the Loan
Agreement is hereby amended and restated in its entirety to read as follows:

“Section 1.4. Principal Repayment 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 “Secured Obligations”), shall be due and payable on April 30,
2006 (the “Maturity Date”).”

 

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2. Effect on Loan Agreement and Loan Note. This Third 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 is hereby ratified and confirmed
and remains in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the Parties have executed this Third Amendment as of the
date first set forth above.

[See attached signature page]

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Signature page
to
Third Amendment to Loan Agreement
dated as of April 28, 2005
 
 

        COUNSEL CORPORATION (US)  
   
   
  By:     

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Name:   Title: 

 

        ACCERIS COMMUNICATIONS INC.  
   
   
  By:      

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Name:   Title: