Document:

EXHIBIT
        10.1

      

      FOURTH
        AMENDMENT 

      TO

      AMENDED
        AND RESTATED LOAN AGREEMENT

      

      

      THIS
        FOURTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT is made and entered
        into
        as of July 6, 2005 by and between Acceris Communications Inc., formerly known
        as
        I-Link Incorporated, a Florida corporation (the “Borrower”)
        and
        Counsel Corporation (US), a Delaware corporation (the “Lender”).
        

      

      WHEREAS,
        the Borrower and Lender are parties to an Amended and Restated Loan Agreement
        as
        further amended, dated January 30, 2004 (the "Loan
        Agreement”)
        and
        the parties desire to further amend the Loan Agreement with effect from May
        16,
        2005 (“the Effective
        Date”)
        as
        provided herein.

      

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

      

      1. Extension
        of Maturity Date.
        Effective as of the Effective Date, Section 2 of the Loan Agreement is hereby
        amended and restated in its entirety to read as follows:

      

      Upon
        the
        legal Closing of the transaction with North Central Equity LLC (the
“Transaction”) for the sale of substantially all of the telecommunication assets
        of Acceris Communications Corp, all borrowings hereunder, together with any
        interest thereon, shall be due and payable on December 31, 2006 (the “Maturity
        Date”). In the event that legal Closing of the Transaction fails to occur, all
        borrowings hereunder, together with any interest thereon, shall be due and
        payable on April 30, 2006 (the “Maturity Date”). Interest shall accrue and be
        compounded quarterly and shall result in a corresponding increase in the
        principal amount of the Indebtedness.

       

      2. Effect
        on Loan Agreement and Loan Note.
        This
        Fourth 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. 

      

      IN
        WITNESS WHEREOF, the Borrower and the Lender have executed this Fourth Amendment
        as of July 6, 2005 .

      

      

      

      [See
        attached signature page]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      [Signature
        page to Fourth Amendment to Amended and Restated Loan Agreement,
        dated January
        30, 2004]

      

      

      

      

      ACCERIS
        COMMUNICATIONS INC.

       

       

      By:__________________________

      Name:

      Title:

       

      COUNSEL
        CORPORATION (US)

       

       

      By:__________________________

      Name:

      Title:EXHIBIT
        10.2

      

      FOURTH
        AMENDMENT

      TO

      LOAN
        AGREEMENT

      

      

      THIS
        FOURTH AMENDMENT TO LOAN AGREEMENT
        is made
        and entered into as of July 6, 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 May 16, 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
        Upon the
        legal Closing of the transaction with North Central Equity LLC (the
“Transaction”) for the sale of substantially all of the telecommunication assets
        of Acceris Communications Corp, 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 December
        31, 2006 (the “Maturity Date”). In the event that legal Closing of the
        Transaction fails to occur, the Secured Obligations shall be due and payable
        on
        April 30, 2006 (the “Maturity Date”).

       

      2. Effect
        on Loan Agreement and Loan Note.
        This
        Fourth 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 Fourth Amendment as of the date first set forth
        above.

      

      [See
        attached signature page]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Signature
        page

      to

      Fourth
        Amendment to Loan Agreement

      dated
        as of July 6, 2005

       

       

      

      

      COUNSEL
        CORPORATION (US)

       

       

      By:__________________________

      Name:

      Title:

       

       

      ACCERIS
        COMMUNICATIONS INC.

       

      By:__________________________

      Name:

      Title:EXHIBIT
        10.3

      

      SEVENTH
        AMENDMENT

      TO
        

      SENIOR
        CONVERTIBLE LOAN AND SECURITY AGREEMENT

      

       

      THIS
        SEVENTH AMENDMENT TO SENIOR CONVERTIBLE LOAN AND SECURITY
        AGREEMENT
        is made
        and entered into as of July 6, 2005 , by and between Acceris Communications
        Inc.
        (formerly known as I-Link Incorporated), a Florida corporation (the
“Borrower”)
        and
        Counsel Corporation, an Ontario corporation (“Counsel Corp”), and Counsel
        Capital Corporation, an Ontario corporation (“Counsel Capital”), (collectively
        hereinafter referred to as the “Parties”).

      

      WHEREAS,
        Counsel
        Communications, LLC, a Delaware limited liability company (“CCOM”)
        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 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 “Lender”);
        and

      

      WHEREAS,
        the
        Borrower and the Lender are Parties to a Senior Convertible Loan and Security
        Agreement, dated March 1, 2001 as amended by the First, Second, Third, Fourth,
        Fifth and Sixth Amendments to Senior Convertible Loan and Security Agreement,
        dated May 8, 2001, March 1, 2003, November 19, 2003, June 30, 2004, December
        7,
        2004, and April 28, 2005 (collectively the “Loan
        Agreement”)
        and
        subject of the Amended and Restated Debt Restructuring Agreement dated October
        15, 2002 between Borrower, Counsel Corporation (US), a Delaware corporation,
        and
        CCOM (the “Amended
        Debt Restructuring Agreement”);
        and

      

      WHEREAS,
        the
        Parties, inter alia, desire to amend the Loan Agreement effective as of May
        16,
        2005 (the “Effective
        Date”)
        as
        provided herein.

      

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

      

      1. Extension
        of Maturity Date.
        Effective as of the Effective Date, Section 4 of the Loan Agreement is hereby
        amended and restated in its entirety to read as follows:

      

      “Section
        4. Term.
        This
        Agreement shall be effective from the date hereof and shall terminate on
        April
        30, 2006, unless terminated earlier pursuant to the default provisions of
        this
        Agreement (the “Maturity
        Date”).
        Principal and interest shall be due and payable on the Maturity Date.”
        Notwithstanding the forgoing, upon the legal Closing of the transaction with
        North Central Equity LLC for the sale of substantially all of the
        telecommunication assets of Acceris Communications Corp, this Agreement shall
        terminate on December 31, 2006 and such date shall become the Maturity Date
        unless terminated earlier pursuant to the default provisions of this Agreement.
        

      

      2.  Effect
        on Loan Agreement and Loan Note.
        This
        Seventh 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. 

      

      [See
        attached signature page]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Signature
        page 

      to
        

      Seventh
        Amendment to Senior Convertible Loan and Security Agreement

      dated
        as of July 6, 2005

      

      

      IN
        WITNESS WHEREOF,
        the
        Borrower and the Lender have executed this Seventh Amendment as the date
        first
        set forth above.

      

      ACCERIS
        COMMUNICATIONS INC.

       

       

      By:__________________________

      Name:

      Title:

       

       

      COUNSEL
        CORPORATION

       

       

      By:__________________________

      Name:

      Title:

       

      COUNSEL
        CAPITAL CORPORATION

       

       

      By:__________________________

      Name:

      Title:

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