Document:

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                                  EXHIBIT 10.2

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                           LOAN AND SECURITY AGREEMENT

THIS LOAN AGREEMENT ("AGREEMENT") is made and entered into as of June 4,
2001, by and between WORLDXCHANGE CORP., a.k.a., PT-1 Counsel, Inc., a.k.a.
PT-I Long Distance, Inc. a Delaware corporation (the "BORROWER") and I-LINK
INCORPORATED, a Florida corporation (the "GUARANTOR"), and COUNSEL
CORPORATION (US), a Delaware corporation (the "LENDER").

RECITALS:

Borrower desires to borrow from Lender $15,000,000, the proceeds of which will
be used to (i) purchase and operate certain of WorldxChange Communications,
Inc.'s business assets purchased by Borrower; (ii) pay fees and expenses related
to such asset acquisition and operation; and (iii) pay certain assumed
liabilities related to such asset acquisition.

AGREEMENTS:

IN CONSIDERATION of the mutual promises and agreements herein contained, Lender,
Borrower and Guarantor agree as follows:

ARTICLE ONE

AMOUNT AND TERMS OF THE LOAN

      Section 1.1 THE LOAN. Lender agrees, upon the terms and conditions
hereinafter set forth, to make a loan to Borrower in an aggregate principal
amount of Fifteen Million Dollars ($15,000,000) (the "LOAN").

      Section 1.2 THE NOTE. The Loan shall be evidenced by and subject to the
terms of a promissory note, dated June 4, 2001, substantially in the form set
forth as EXHIBIT 1.2 hereto (as amended, renewed, restated, increased,
consolidated or substituted from time to time, the "NOTE"), payable to the order
of Lender.

      Section 1.3 INTEREST. The Loan shall bear interest on the unpaid principal
amount thereof at a rate PER ANNUM at all times equal to ten percent (10%).
Interest shall be calculated on the basis of a year of 360 days and the actual
number of days elapsed during the period for which such interest is payable.
Interest shall begin to accrue on the outstanding principal amount of the Loan
on the date of disbursement of all or a portion of the Loan. Accrued interest
shall be paid quarterly in arrears and in cash on last business day of each
quarter until all principal and interest hereunder is paid in full at the
repayment or maturity of the Loan. Upon the occurrence of any Event of Default
(as defined herein), the entire outstanding principal amount of the Loan and (to
the extent permitted by law) unpaid interest thereon and all other amounts due
hereunder shall bear interest, from the date of occurrence of such Event of
Default until the earlier of the date the Loan is paid in full and the date on
which such Event of Default is cured or waived in writing, at an interest rate
equal of twelve percent (12%) per annum, which shall be payable upon demand.
Lender may waive in writing Borrower's obligation to make one or more cash
interest payments in which case interest shall continue to accrue. Lender hereby
waives Borrower's obligation to make the cash interest payment due June 30,
2001.

      Section 1.4 PRINCIPAL REPAYMENT. The outstanding principal balance of the
Loan plus any accrued and unpaid interest thereon shall be due and payable on
June 4, 2002 (the "MATURITY DATE").

      Section 1.5 PREPAYMENTS.

Section 1.5.1 VOLUNTARY PREPAYMENTS. By written notice to Lender no later than
12:00 noon, New York time on the business day prior to such prepayment, Borrower
may, at its option, prepay the Loan in whole at any time or in part from time to
time without penalty or premium.

Section 1.5.2 MANDATORY PREPAYMENTS.

RECEIVABLE LENDING OR DEBT ISSUANCE. Borrower shall make a mandatory prepayment
of the Loan in an amount equal to one hundred percent (100%) of the cash
proceeds, net of any directly related reasonable fees and expenses incurred,
from: (a) the initial purchase of Borrower's accounts receivable pursuant to a
third-party financing arrangement ("A/R FINANCING"); or (b) future debt issuance
of Borrower. Such prepayment(s) shall be made

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concurrently with the funding of such transaction(s).

PROCEEDS OF ASSET SALES. Borrower shall make a mandatory prepayment of the Loan
in an amount equal to one hundred percent (100%) of the cash proceeds in excess
of one million dollars ($1,000,000) of any sale(s) by Borrower of any of
Borrower's material assets, net of any reasonable costs directly incurred in
connection with such sale(s) and any taxes payable in connection with such
sale(s). Together with any prepayment required by this Section, Borrower shall
deliver to Lender a certificate executed by Borrower's chief financial officer
setting forth the calculation of the net cash proceeds of such sale(s),
including a calculation of the taxes payable in respect of such sale(s). Such
prepayment(s) shall be made concurrently with the funding of such sales(s).

If Guarantor issues or sells any shares of its capital stock or other equity
interests or securities convertible into or exercisable for any shares of its
capital stock or other equity interests, it shall, within five (5) days of such
sale or issuance, make a mandatory prepayment of the Loan in an amount equal to
fifty percent (50%) of the cash proceeds thereof, net of: (a) any reasonable
costs directly incurred in connection with such sale or issuance; and (b)
proceeds used by Guarantor to acquire businesses or business assets; and (c)
proceeds used to fund any Lender approved expanded business plan, PROVIDED,
HOWEVER, that no such prepayment shall be required in connection with any such
issuance or sale: (a) in connection with any acquisition (including by way of
merger or consolidation or share exchange) by Borrower of the stock or assets of
another person or entity in a transaction pursuant to which the purchase price
is paid in whole or in part by the delivery of capital stock of Borrower to the
seller; or (b) to officers, directors or employees of Guarantor or any of its
subsidiaries pursuant to stock option or other benefit plans.

      Section 1.6 APPLICATION OF PREPAYMENTS. All voluntary and mandatory
prepayments of the Loan shall be applied first to accrued interest and then to
the principal outstanding under the Loan.

      Section 1.7 PAYMENT ON NON-BUSINESS DAYS. Whenever any payment to be made
hereunder or under the Note shall be due on a Saturday, Sunday or public
holiday, such payment may be made on the next succeeding business day, and such
extension of time in such case shall be included in the computation of interest
hereunder and under the Note.

      Section 1.8 TAXES. All sums payable by Borrower hereunder or under the
Note, whether of principal, interest, fees, expenses or otherwise, shall be paid
in full, free of any deductions or withholdings for any and all present and
future taxes, levies, imposts, stamps, duties, fees, assessments, deductions,
withholdings, and other governmental charges and all liabilities with respect
thereto. If Borrower is prohibited by law from making payments hereunder or
under the Note free of such deductions or withholdings, then Borrower shall pay
such additional amount as may be necessary in order that the actual amount
received by Lender after such deduction or withholding shall equal the full
amount stated to be payable hereunder or under the Note.

ARTICLE TWO

WARRANTS

      Section 2.1 WARRANTS. As further consideration for Lender's commitment to
make available the Loan to Borrower, Guarantor shall grant to Lender a warrant
(the "Initial Warrant") to purchase five million (5,000,000) shares of common
stock of Guarantor at an exercise price of sixty cents ($0.60) per share. In the
event Borrower does not repay the Note in full on or before the three month
anniversary of the Closing Date, Guarantor shall grant to Lender a warrant (the
"Second Warrant") to purchase an additional five million (5,000,000) shares of
common stock of Guarantor at an exercise price of sixty cents ($0.60) per share.
In the event Borrower does not repay the Note in full on or before the six month
anniversary of the Closing Date, Guarantor shall grant to Lender a warrant (the
"Third Warrant") to purchase an additional five million (5,000,000) shares of
common stock of Guarantor at an exercise price of sixty cents ($0.60) per share.
The Initial Warrant, Second Warrant and Third Warrant shall be issued at Closing
pursuant to the terms of a Warrant Agreement (the "Warrant Agreement"). All
warrants issued pursuant to the Warrant Agreement shall terminate on June 4,
2003.

ARTICLE THREE

CLOSING

      Section 3.1 CLOSING AND CLOSING DATE. The full disbursement of the Loan
and the other transactions contemplated hereby shall take place on June 4, 2001
or at such other date and at such place as to which the parties
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may agree in writing (the "CLOSING" and the "CLOSING DATE"). Subject to the
terms and conditions hereof, upon the fulfillment or waiver in writing of all
the conditions precedent set out in Article IV below, Lender shall disburse
the full amount of the Loan to Borrower.

ARTICLE  FOUR

SECURITY

      Section 4.1 GUARANTY. As partial security for the Loan, Guarantor shall
execute and deliver to Lender, on or before the Closing Date, a guaranty (the
"GUARANTY"), in form and substance satisfactory to Lender, pursuant to which the
Guarantor shall guarantee the obligations of Borrower to Lender hereunder and
under the Note.

      Section 4.2 BORROWER'S CREATION OF SECURITY INTEREST. In order to secure
the payment of all obligations of Borrower to Lender whether now or hereafter
arising, including all obligations under this Agreement, the Note entered into
by and between Lender and Borrower of even date herewith, and any and all
amendments, modifications, renewals or restatements hereof (the "SECURED
OBLIGATIONS"), the Borrower hereby grants to the Lender (or its designee) (the
"SECURED PARTIES") a security interest in all of Borrower's assets, now owned or
hereinafter acquired, now in existence or hereafter arising, wherever located,
other than equipment leased by Borrower and any leases which by their terms
prohibit the grant of security interests in, or assignments of, Borrower's
leasehold interest therein (collectively "BORROWER'S COLLATERAL"), including,
without limitation the property described below on the terms and conditions set
forth in this Agreement:

      (a) presently existing and hereafter arising accounts, contract rights,
and all other forms of obligations owing to Borrower arising out of the sale or
lease of goods or the rendition of services by Borrower, whether or not earned
by performance, and any and all credit insurance, guaranties, and other security
therefor, as well as all merchandise returned to or reclaimed by Borrower and
Borrower's Books relating to any of the foregoing (collectively, "BORROWER'S
ACCOUNTS");

            (b) present and future general intangibles and other personal
property (including choses or things in action, goodwill, patents, trade names,
trademarks, servicemarks, copyrights, blueprints, drawings, purchase orders,
customer lists, monies due or recoverable from pension funds, route lists,
monies due under any royalty or licensing agreements, infringement claims,
computer programs, computer discs, computer tapes, literature, reports, catalogs
deposit accounts, insurance premium rebates, tax refunds, and tax refund claims)
other than goods and Borrower's Accounts and Borrower's Books relating to any of
the foregoing (collectively, "BORROWER'S GENERAL INTANGIBLES");

            (c) present and future letters of credit, notes, drafts,
instruments, certificated and uncertificated securities, documents, leases, and
chattel paper, and Borrower's Books relating to any of the foregoing
(collectively, "BORROWER'S NEGOTIABLE COLLATERAL");

            (d) present and future inventory in which Borrower has any interest,
including goods held for sale or lease or to be furnished under a contract of
service and all of Borrower's present and future raw materials, work in process,
finished goods, and packing and shipping materials, wherever located, and any
documents of title representing any of the above, and Borrower's Books relating
to any of the foregoing (collectively, "BORROWER'S INVENTORY");

            (e) present and hereafter acquired computers, communications
equipment, software code, network servers, switches and other related equipment,
and any interest in any of the foregoing, and all attachments, accessories,
accessions, replacements, substitutions, additions, and improvements to any of
the foregoing, wherever located (collectively, "BORROWER'S EQUIPMENT");

            (f) books and records including: ledgers; records indicating,
summarizing, or evidencing Borrower's assets or liabilities, or the collateral;
all information relating to Borrower's business operations or financial
condition; and all computer programs, disc or tape files, printouts, funds or
other computer prepared information, and the equipment containing such
information (collectively, "BORROWER'S BOOKS"); and

(g) substitutions, replacements, additions, accessions, proceeds, products to or
of any of the foregoing, including, but not limited to, proceeds of insurance
covering any of the foregoing, or any portion thereof, and any and all of

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Borrower's Accounts, Borrower's General Intangibles, Borrower's Negotiable
Collateral, Borrower's Inventory, Borrower's Equipment, money, deposits,
accounts, or other tangible or intangible property resulting from the sale or
other disposition of Borrower's Accounts, Borrower's General Intangibles,
Borrower's Negotiable Collateral, Borrower's Inventory, Borrower's Equipment, or
any portion thereof or interest therein and the proceeds thereof.

      To the extent that Borrower's creation of the foregoing security interest
in any portion of the Borrower's Collateral requires the pre-approval of a state
regulatory agency, the creation of the foregoing security interest with respect
to such state is subject to and contingent upon Borrower obtaining such state
regulatory agency's pre-approval.

      Section 4.3 SUBORDINATION OF SECURITY INTEREST. Notwithstanding anything
to the contrary contained in this Agreement, Lender hereby agrees to subordinate
its security interest in the Borrower's Collateral to the extent necessary to
complete the A/R Financing.

      Section 4.4 GUARANTOR'S CREATION OF SECURITY INTEREST. In order to secure
the payment of all obligations of Borrower to Lender under the Secured
Obligations, the Guarantor hereby grants to the Secured Parties a security
interest in all of Guarantor's assets, now owned or hereinafter acquired, now in
existence or hereafter arising, wherever located, other than equipment leased by
Guarantor and any leases which by their terms prohibit the grant of security
interests in, or assignments of, Guarantor's leasehold interest therein
(collectively "GUARANTOR'S COLLATERAL"), including, without limitation the
property described below on the terms and conditions set forth in this
Agreement:

      (a) presently existing and hereafter arising accounts, contract rights,
and all other forms of obligations owing to Guarantor arising out of the sale or
lease of goods or the rendition of services by Guarantor, whether or not earned
by performance, and any and all credit insurance, guaranties, and other security
therefor, as well as all merchandise returned to or reclaimed by Guarantor and
Guarantor's Books relating to any of the foregoing (collectively, "GUARANTOR'S
ACCOUNTS");

      (b) present and future general intangibles and other personal property
(including choses or things in action, goodwill, patents, trade names,
trademarks, servicemarks, copyrights, blueprints, drawings, purchase orders,
customer lists, monies due or recoverable from pension funds, route lists,
monies due under any royalty or licensing agreements, infringement claims,
computer programs, computer discs, computer tapes, literature, reports, catalogs
deposit accounts, insurance premium rebates, tax refunds, and tax refund claims)
other than goods and Guarantor's Accounts and Guarantor's Books relating to any
of the foregoing (collectively, "GUARANTOR'S GENERAL INTANGIBLES");

      (c) present and future letters of credit, notes, drafts, instruments,
certificated and uncertificated securities, documents, leases, and chattel
paper, and Guarantor's Books relating to any of the foregoing (collectively,
"GUARANTOR'S NEGOTIABLE COLLATERAL");

      (d) present and future inventory in which Guarantor has any interest,
including goods held for sale or lease or to be furnished under a contract of
service and all of Guarantor's present and future raw materials, work in
process, finished goods, and packing and shipping materials, wherever located,
and any documents of title representing any of the above, and Guarantor's Books
relating to any of the foregoing (collectively, "GUARANTOR'S INVENTORY");

      (e) present and hereafter acquired computers, communications equipment,
software code, network servers, switches and other related equipment, and any
interest in any of the foregoing, and all attachments, accessories, accessions,
replacements, substitutions, additions, and improvements to any of the
foregoing, wherever located (collectively, "GUARANTOR'S EQUIPMENT");

      (f) books and records including: ledgers; records indicating, summarizing,
or evidencing Guarantor's assets or liabilities, or the collateral; all
information relating to Guarantor's business operations or financial condition;
and all computer programs, disc or tape files, printouts, funds or other
computer prepared information, and the equipment containing such information
(collectively, "GUARANTOR'S BOOKS"); and

      (g) substitutions, replacements, additions, accessions, proceeds, products
to or of any of the foregoing, including, but not limited to, proceeds of
insurance covering any of the foregoing, or any portion thereof, and any

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and all of Guarantor's Accounts, Guarantor's General Intangibles, Guarantor's
Negotiable Collateral, Guarantor's Inventory, Guarantor's Equipment, money,
deposits, accounts, or other tangible or intangible property resulting from
the sale or other disposition of Guarantor's Accounts, Guarantor's General
Intangibles, Guarantor's Negotiable Collateral, Guarantor's Inventory,
Guarantor's Equipment, or any portion thereof or interest therein and the
proceeds thereof.

      To the extent that Guarantor's creation of the foregoing security interest
in any portion of the Guarantor's Collateral requires the pre-approval of a
state regulatory agency, the creation of the foregoing security interest with
respect to such state is subject to and contingent upon Guarantor obtaining such
state regulatory agency's pre-approval.

      Section 4.5 SALE OR REMOVAL OF COLLATERAL PROHIBITED. Except for the sale
of inventory in the ordinary course of Borrower's and Guarantor's business,
neither the Borrower nor the Guarantor shall sell, lease, encumber, pledge,
mortgage, assign, grant a security interest in, or otherwise transfer Borrower's
Collateral or Guarantor's Collateral.

      Section 4.6 PERFECTION OF SECURITY INTEREST. From the date hereof,
Borrower and Guarantor agree to execute and file financing statements, and do
whatever may be necessary under the applicable Uniform Commercial Code in the
state where Borrower's Collateral and Guarantor's Collateral is located, to
perfect and continue the Lender's interest in the Borrower's Collateral and
Guarantor's Collateral, all at the Borrower's expense.

      Section 4.7 TAXES AND ASSESSMENTS. The Borrower and Guarantor will pay or
cause to be paid promptly when due all taxes and assessments on the Borrower's
Collateral and Guarantor's Collateral, this Agreement and the Notes. The
Borrower or Guarantor may, however, withhold payment of any tax assessment or
claim if a good faith dispute exists as to the obligation to pay.

      Section 4.8 INSURANCE. The Borrower and Guarantor shall have and maintain,
or cause to be maintained, insurance at all times with respect to all Borrower's
Collateral and Guarantor's Collateral except accounts receivable, against such
risks as the Lender may reasonably require, in such form, for such periods, and
written by such companies as may be satisfactory to the Lender. All policies of
insurance shall have endorsed a loss payable clause acceptable to the Lender
and/or such other endorsements as the Lender may from time to time request, and
the Borrower and Guarantor will promptly provide the Lender with the original
policies or certificates of such insurance. The Borrower and Guarantor shall
promptly notify the Lender of any loss or damage that may occur to the
Borrower's Collateral and Guarantor's Collateral. The Lender is hereby
authorized to make proof of loss if it is not made promptly by the Borrower or
the Guarantor. All proceeds of any insurance on the Borrower's Collateral and
Guarantor's Collateral shall be held by the Lender as a part of the Borrower's
Collateral and Guarantor's Collateral and at Lender's option be applied to repay
the indebtedness hereunder or to repair or restore property damage. If Lender
agrees to use the funds to repair or restore the property, such proceeds shall
be paid out from time to time upon order of the Borrower or the Guarantor for
the purpose of paying the reasonable cost of repairing or restoring the property
damaged. In the event of failure to provide insurance as herein provided, the
Lender may, at the Lender's option, provide such insurance at the Borrower's or
Guarantor's expense.

      Section 4.9 PROTECTION OF LENDER'S SECURITY. If the Borrower or Guarantor
fail to perform any of their respective covenants and agreements contained or
incorporated in this Agreement, or if any action or proceeding is commenced
which affects the Borrower's Collateral or Guarantor's Collateral or title
thereto or the interest of the Lender therein, including, but not limited to
insolvency, or arrangements or proceedings involving a bankrupt or decedent,
then the Lender, at the Lender's option, may make such appearance, disburse such
sums, and take such action as the Lender deems necessary, in its sole
discretion, to protect the Lender's interest, including but not limited to (i)
disbursement of attorneys' fees, (ii) entry upon the Borrower's or Guarantor's
property to make repairs to the Borrower's Collateral or Guarantor's Collateral,
and (iii) procurement of satisfactory insurance. Any amounts disbursed by Lender
pursuant to this Section, with interest thereon, shall become additional
indebtedness of the Borrower secured by this Agreement. Unless the Borrower, the
Guarantor and the Lender agree to other terms of payment, such amounts shall be
immediately due and payable and shall bear interest from the date of
disbursement at the rate stated in the Note. Nothing contained in this Section
shall require the Lender to incur any expense or take any action.

      Section 4.10 INSPECTION. The Lender may make or cause to be made
reasonable entries upon and inspections of the Borrower's or Guarantor's
premises to inspect the Borrower's Collateral or Guarantor's Collateral.

      Section 4.11 BORROWER, GUARANTOR AND LIEN NOT RELEASED. From time to time,
the Lender may, at the

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Lender's option, without giving notice to or obtaining the consent of the
Borrower, the Borrower's successors or assigns or of any other lienholder or
Guarantor, without liability on the Lender's part, and notwithstanding the
Borrower's breach of any covenant or agreement of the Borrower in this
Agreement, extend the time for payment of said indebtedness or any part
thereof, reduce the payments thereon, release anyone liable on any of said
indebtedness, accept a renewal note or notes therefor, modify the terms and
the time of payment of said indebtedness, release from the lien of this
Agreement any part of the Borrower's Collateral or Guarantor's Collateral,
take or release other or additional security, reconvey any part of the
Borrower's Collateral or Guarantor's Collateral, consent to any map or plan
of the Borrower's Collateral or Guarantor's Collateral, consent to the
granting of any easement, join in any extension or subordination agreement,
and agree in writing with the Borrower to modify the rate of interest or
period of amortization of the Note or change the amount of any installments
payable thereunder. Any actions taken by the Lender pursuant to the terms of
this Section shall not affect the obligation of the Borrower or the
Borrower's successors or assigns or Guarantor to pay the sums secured by this
Agreement and to observe the covenants of the Borrower and Guarantor
contained herein, shall not affect the guaranty of Guarantor or any person,
corporation, partnership, or other entity for payment of the indebtedness
secured hereby, and shall not affect the lien or priority of lien hereof on
the Borrower's Collateral or Guarantor's Collateral. The Borrower shall pay
the Lender a reasonable service charge, together with attorneys' fees as may
be incurred at the Lender's option for any such action if taken at the
Borrower's request.

      Section 4.12 FORBEARANCE BY LENDER NOT A WAIVER. Any forbearance by the
Lender in exercising any right or remedy hereunder, or otherwise afforded by
applicable law, shall not be a waiver of or preclude the exercise of any right
or remedy. The acceptance by the Lender of payment of any sum secured by this
Agreement after the due date of such payment shall not be a waiver of the
Lender's right to either require prompt payment when due of all other sums so
secured or to declare a default for failure to make prompt payment. The
procurement of insurance or the payment of taxes, rents or other liens or
charges by the Lender shall not be a waiver of the Lender's right to accelerate
the maturity of the indebtedness secured by this Agreement, nor shall the
Lender's receipt of any awards, proceeds or damages as provided in this
Agreement operate to cure or waive the Borrower's or Guarantor's default in
payment of sums secured by this Agreement.

      Section 4.13 UNIFORM COMMERCIAL CODE SECURITY AGREEMENT. This Agreement is
intended to be a security agreement pursuant to the Uniform Commercial Code for
any of the items specified above as part of the Borrower's Collateral and
Guarantor's Collateral which, under applicable law, may be subject to a security
interest pursuant to the Uniform Commercial Code, and the Borrower and Guarantor
each hereby grant the Lender a security interest in said items. The Borrower and
Guarantor each agree that the Lender may file any appropriate document in the
appropriate index as a financing statement for any of the items specified above
as part of the Borrower's Collateral and Guarantor's Collateral. In addition,
the Borrower and Guarantor each agree to execute and deliver to the Lender, upon
the Lender's request, any financing statements, as well as extensions, renewals
and amendments thereof, and reproductions of this Agreement in such form as the
Lender may reasonably require to perfect a security interest with respect to
said items. The Borrower shall pay all costs of filing such financing statements
and any extensions, renewals, amendments, and releases thereof, and shall pay
all reasonable costs and expenses of any record searches for financing
statements the Lender may reasonably require. The Borrower or Guarantor shall
not create or suffer to be created pursuant to the Uniform Commercial Code any
other security interest in the Borrower's Collateral and Guarantor's Collateral,
other than the security interests of the Secured Parties, including replacements
and additions thereto. Upon the occurrence of an Event of Default, each Secured
Party shall have the remedies of a Lender under the Uniform Commercial Code and,
at the Secured Party's option, may also invoke the other remedies provided in
this Agreement as to such items. In exercising any of said remedies, the Secured
Parties may proceed against the items of real property and any items of personal
property specified above as part of the Borrower's Collateral and Guarantor's
Collateral separately or together and in any order whatsoever, without in any
way affecting the availability of the Secured Party's remedies under the Uniform
Commercial Code or of the other remedies provided in this Agreement.

ARTICLE FIVE

CONDITIONS OF LENDING

      Section 5.1 CONDITIONS PRECEDENT TO LOAN. The obligation of Lender to
disburse the Loan hereunder is subject to the following conditions precedent:

      Section 5.1.1 RECEIPT OF DOCUMENTS. Lender shall have received all of the
following, on or before the Closing Date, in form and substance satisfactory to
Lender:

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The Note, duly executed and delivered by Borrower;

The Guaranty, duly executed and delivered by the Guarantor;

The appropriate UCC-1 financing statements duly executed and delivered by
Borrower and Guarantor;

Certified copies of the resolutions of the Board of Directors of each of
Borrower and the Guarantor evidencing approval of the execution, delivery and
performance of this Agreement, the Note and the Guaranty and other matters
contemplated hereby;

Such other agreements, certificates, opinions of counsel and documents as Lender
may reasonably require.

Section 5.1.2 COMPLIANCE. All of the representations and warranties of Borrower
and Guarantor in this Agreement, the Guaranty, and the Warrant Agreement and in
each other agreement, document, or instrument executed or delivered pursuant
hereto or thereto (collectively, the "LOAN DOCUMENTS") shall be true and
accurate in all material respects on and as of the Closing Date. Borrower shall
be in compliance with all of the applicable terms and provisions of this
Agreement and no Event of Default shall have occurred and be continuing.
Borrower shall have performed all obligations and taken all actions to be
performed or taken by it hereunder on or prior to such date.

ARTICLE SIX

REPRESENTATIONS AND WARRANTIES

In order to induce Lender to enter into this Agreement and make the Loan,
Borrower and Guarantor represent and warrant as follows:

      Section 6.1 Existence and Standing.

Section 6.1.2 Borrower is a corporation duly incorporated, validly existing and
in good standing under the laws of the State of Delaware, is qualified to do
business and in good standing under the laws of each other jurisdiction in which
it conducts its business, and has all requisite power and authority, corporate
or otherwise, to conduct its business, to own its properties and to execute and
deliver, and to perform all of its obligations under, this Agreement, the Note
and all other Loan Documents.

Section 6.1.3 Guarantor is a corporation duly incorporated, validly existing and
in good standing under the laws of the State of Florida, is qualified to do
business and in good standing under the laws of each other jurisdiction in which
it conducts its business, and has all requisite power and authority, corporate
or otherwise, to conduct its business, to own its properties and to execute and
deliver, and to perform all of its obligations under, this Agreement, the Note,
the Guaranty and all other Loan Documents.

      Section 6.2 AUTHORIZATIONS, COMPLIANCE WITH LAWS. The execution, delivery
and performance by each of Borrower and Guarantor of each Loan Document to which
it is a party, and of each other document required to be executed and delivered
by it pursuant to this Agreement or any other Loan Document, have been duly
authorized by all necessary corporate action and do not and will not (i) violate
(A) any provision of any law, rule, regulation, order, writ, judgment,
injunction, decree, determination or award presently in effect having
applicability to Borrower or Guarantor or (B) any provision of the Certificate
of Incorporation, By-laws or other organizational documents of Borrower or
Guarantor; or (ii) result in a breach of or constitute a default under any
agreement or instrument to which Borrower or Guarantor is a party or by which
any of their properties may be affected; or (iii) result in the creation of a
lien, charge or encumbrance of any nature upon Borrower's or Guarantor's
properties or assets other than as contemplated by this Agreement.

      Section 6.3 APPROVALS. No authorization, consent, approval, license,
exemption of or filing or registration with any court or governmental department
or agency or any other person is or will be necessary for the valid execution,
delivery and performance by Borrower or Guarantor of this Agreement, the Note,
the Guaranty, the Warrant Agreement or any other document required to be
executed and delivered by Borrower or Guarantor pursuant to this Agreement.

      Section 6.4 BINDING OBLIGATIONS. This Agreement, the Note, the Guaranty,
the Warrant Agreement

<Page>

and all other documents required to be executed and delivered by Borrower and
Guarantor pursuant to this Agreement have been executed and delivered by a
duly authorized officer of Borrower and Guarantor and constitute legal, valid
and binding obligations of Borrower and Guarantor, enforceable in accordance
with their respective terms.

      Section 6.5 COMPLIANCE WITH LAWS. Each of Borrower and Guarantor has
complied and is in compliance in all material respects with all applicable
federal, state and local laws. Each of Borrower and Guarantor has obtained all
necessary licenses and permits required for the conduct of its business and
operations or such licenses and permits have been applied for and are now being
diligently pursued.

      Section 6.6 TAXES. Except as set forth on Schedule 6.6 attached hereto,
each of Borrower and Guarantor has filed all tax returns and reports (federal,
state and local) required to be filed by it, and has paid all taxes shown
thereon, including interest and penalties, and all assessments received by it
(except to the extent that the same are being contested in good faith by
appropriate proceedings diligently prosecuted and as to which adequate reserves
have been set aside on the books of Borrower and its Subsidiaries, as
appropriate, in conformity with generally accepted accounting principles).

      Section 6.7 TITLE TO PROPERTIES. Each of Borrower and Guarantor has title
to all of its property and assets and valid and enforceable leasehold interests
in the property which it holds under lease. Each of Borrower and Guarantor owns
or possesses the valid right to use all the patents, patent applications, patent
and know-how licenses, inventions, technology, permits, trademark registrations
and applications, trademarks, service marks, trade names, copyrights, product
designs, applications, formulae, processes, circulation, and other subscriber
lists, industrial property rights and licenses and rights in respect of the
foregoing used or necessary for the conduct of its business (collectively,
"proprietary rights"). Except as set forth in Schedule 6.7, neither Borrower nor
Guarantor are aware of any existing or threatened infringement or
misappropriation of (a) any such proprietary rights of others by Borrower or
Guarantor or (b) any proprietary rights of Borrower or Guarantor by others.

ARTICLE  SEVEN

COVENANTS OF BORROWER AND GUARANTOR

      Section 7.1 COVENANTS. So long as the Note shall remain unpaid and this
Agreement shall not have been terminated, Borrower and Guarantor each hereby
agree, unless Lender shall otherwise consent in writing, to:

Section 7.1.1 PAYMENT OF OBLIGATIONS. Pay punctually and discharge when due: (i)
all indebtedness heretofore or hereafter incurred; (ii) all taxes, assessments
and governmental charges or levies imposed upon it or its income or profits, or
upon any properties belonging to it; and (iii) all claims or demands of
materialmen, mechanics, carriers, warehousemen, landlords and other like persons
which, if unpaid might become a lien or charge upon the property of Borrower or
Guarantor; provided that this covenant shall not require the payment of any of
the matters set forth in (i), (ii) and (iii) above if the same shall be
contested in good faith and by proper proceedings diligently pursued and as to
which adequate reserves have been set aside on the books of Borrower or
Guarantor in accordance with generally accepted accounting principles.

Section 7.1.2 PRESERVATION OF EXISTENCE. Preserve and maintain Borrower's and
Guarantor's respective corporate existence, and all material rights, franchises,
licenses and privileges used or useful in the operation of their business.

Section 7.1.2 MAINTENANCE OF PROPERTIES. Maintain and preserve all of their
properties necessary or useful in the proper conduct of their business in good
working order and condition, ordinary wear and tear excepted.

Section 7.1.3 COMPLIANCE WITH LAWS. Comply in all material respects with the
requirements of all applicable laws, rules, regulations and orders of any
governmental authority.

Section 7.1.4 PERFECTION OF LIENS. Do all things requested by Lender to preserve
and perfect the security interests of Lender arising pursuant to this Agreement
or any other agreement required hereunder.

Section 7.1.5 GOVERNMENTAL APPROVAL. If counsel to Lender reasonably determines
that the consent of the Federal Communications Commission or any other federal,
state or local governmental or licensing authority is required in connection
with the execution, delivery and performance of this Agreement, the Note, the
Guaranty, the Warrant Agreement or any other document delivered to Lender in
connection herewith or therewith or as a result of
<Page>

any action which may be taken pursuant hereto or thereto, then Borrower and
Guarantor, at their sole cost and expense, agrees to use its good faith
reasonable efforts to secure such consent and to cooperate with Lender in any
action commenced by Lender to secure such consent.

Section 7.1.6 AGREEMENTS. Comply with their respective obligations under the
Loan Documents.

ARTICLE EIGHT

ORDER OF PAYMENTS

Section 8.1 ORDER OF PAYMENTS. Any and all amounts actually received by the
Lender in connection with the enforcement of this Agreement, including the
proceeds of any collection, sale or other disposition of all or any part of the
Borrower's Collateral and Guarantor's Collateral (collectively, the "PROCEEDS"),
shall, promptly upon receipt by the Lender, be applied:

      (i) first, to the payment in full of the Secured Obligations, or in the
event that such Proceeds are insufficient to pay in full the Secured
Obligations, to the Secured Obligations of the Secured Parties in the following
order of priority:

      (A) to all interest (including default interest) owing to the Secured
Parties on Secured Obligations, such amounts to be allocated to each Secured
Party in accordance with its pro rata share of loans outstanding to Borrower at
such time; then

(B) to principal amounts owing to the Secured Parties on Secured Obligations,
such amounts to be allocated to each Secured Party in accordance with its pro
rata share of loans outstanding to Borrower at such time;

(C ) any other fees or expenses incurred hereunder; and

(ii) second, to the Borrower or in the manner that a court of competent
jurisdiction shall direct.

ARTICLE NINE

EVENTS OF DEFAULT AND REMEDIES

      Section 9.1 EVENTS OF DEFAULT. The Borrower or the Guarantor shall be in
default under this Agreement when any of the following events or conditions
occurs (each an "EVENT OF DEFAULT"):

Section 9.1.1 Borrower shall fail to pay all principal due under the Note
on or before the Maturity Date; or

Section 9.1.2 Borrower shall fail to pay any of the Secured Obligations (other
than payment of principal due under the Note on or before the Maturity Date)
pursuant to the terms of this Agreement and such failure is not remedied within
five (5) days of Lender's written notice to Borrower; or

Section 9.1.3 Any representation or warranty made by Borrower or Guarantor (or
any of their officers) herein, in this Agreement, the Warrant Agreement, the
Guaranty or any other Loan Document or in any certificate, agreement, instrument
or statement contemplated by or made or delivered pursuant to or in connection
with this Agreement or any other Loan Document shall prove to have been
incorrect in any material respect when made; or

Section 9.1.4 Borrower or Guarantor shall fail to perform or observe any other
term, covenant or agreement contained in this Agreement, the Note, the Guaranty,
the Warrant Agreement or any other Loan Document, and any such failure remains
unremedied for a period of thirty (30) days after receipt of written notice from
Lender; or

Section 9.1.5 Either (i) Borrower or Guarantor shall file a petition commencing
a voluntary case concerning it under any Chapter of Title 11 of the United
States Code entitled "BANKRUPTCY"; or (ii) Borrower or Guarantor shall apply for
or consent to the appointment of any receiver, trustee, custodian or similar
officer for it or for all or any substantial part of its property; or (iii) such
receiver, trustee, custodian or similar officer shall be appointed without the
application or consent of Borrower or Guarantor and such appointment shall
continue undischarged for a period of forty five (45) days; or (iv) an
involuntary case is commenced against Borrower or Guarantor under any Chapter of
the aforementioned Title 11 and an order for relief under such Title 11 is
entered or the petition commencing the

<Page>

case is controverted but is not dismissed within forty five (45) days after
the commencement of the case; or (v) Borrower or Guarantor shall institute
(by petition, application, answer, consent or otherwise) any bankruptcy,
insolvency, reorganization, arrangement, readjustment of debt, dissolution,
liquidation or similar proceeding relating to it under the laws of any
jurisdiction; or (vi) any such proceeding shall be instituted against
Borrower or Guarantor and shall remain undismissed for a period of forty five
(45) days; or (vii) Borrower or Guarantor shall take any action for the
purpose of effectuating any of the foregoing; or

Section 9.1.6 Any court, government, or government agency shall condemn, seize
or otherwise appropriate or take custody or control of all or a substantial
portion of the property or assets of Borrower or Guarantor; or

Section 9.1.7 Borrower or Guarantor defaults under any funded indebtedness,
included but not limited to indebtedness evidenced by notes or capital leases,
of Borrower or Guarantor other than the amounts loaned pursuant to this
Agreement; or

Section 9.1.8 Any money judgment, writ or warrant of attachment, or similar
process involving, either individually or in the aggregate, an amount in excess
of $100,000, and in either case not adequately covered by insurance as to which
the insurance company has acknowledged coverage, shall be entered or filed
against Borrower or Guarantor or its assets and shall remain undischarged,
unvacated, unbonded or unstayed for a period of thirty (30) days or in any event
later than five (5) days prior to the date of any proposed sale thereunder.

 Section 9.2 ACCELERATION. At the option of the Lender, upon an Event of
Default, all sums due hereunder shall become immediately due and payable.

      Section 9.3 RIGHTS OF SECURED PARTIES.

      (a) Upon an Event of Default, the Secured Parties may require the Borrower
and Guarantor to assemble the Borrower's Collateral and Guarantor's Collateral
and make it available to the Secured Parties at the place to be designated by
the Secured Parties which is reasonably convenient to the parties. The Secured
Parties may sell all or any part of the Borrower's Collateral or Guarantor's
Collateral as a whole or in parcels either by public auction, private sale, or
other method of disposition. The Secured Parties may bid at any public sale on
all or any portion of the Borrower's Collateral and Guarantor's Collateral.
Unless the Borrower's Collateral and Guarantor's Collateral is perishable or
threatens to decline speedily in value or is of the type customarily sold on a
recognized market, the Secured Parties shall give the Borrower reasonable notice
of the time and place of any public sale or of the time after which any private
sale or other disposition of the Borrower's Collateral and Guarantor's
Collateral is to be made, and notice given at least 10 days before the time of
the sale or other disposition shall be conclusively presumed to be reasonable. A
public sale in the following fashion shall be conclusively presumed to be
reasonable:

      (b) Notice shall be given at least 10 days before the date of sale by
publication once in a newspaper of general circulation published in the county
in which the sale is to be held;

      (c) The sale shall be held in a county in which the Borrower's Collateral
and Guarantor's Collateral or any part is located or in a county in which the
Borrower or Guarantor has a place of business;

      (d) Payment shall be in cash or by certified check immediately
following the close of the sale;

      (e) The sale shall be by auction, but it need not be by a
professional auctioneer;

      (f) The Borrower's Collateral and Guarantor's Collateral may be
sold as is and without any preparation for sale.

      (g) Notwithstanding any provision of this Agreement, the Secured
Parties shall be under no obligation to offer to sell the Borrower's
Collateral and Guarantor's Collateral. In the event the Secured Parties offer
to sell the Borrower's Collateral and Guarantor's Collateral, the Secured
Parties will be under no obligation to consummate a sale of the Borrower's
Collateral and Guarantor's Collateral if, in their reasonable business
judgment, none of the offers received by them reasonably approximates the
fair value of the Borrower's Collateral and Guarantor's Collateral.

      (h) In the event the Secured Parties elect not to sell the Borrower's
Collateral and Guarantor's

<Page>

Collateral, the Secured Parties may elect to follow the procedures set forth
in the Uniform Commercial Code for retaining the Borrower's Collateral and
Guarantor's Collateral in satisfaction of the Borrower's obligation, subject
to the Borrower's or Guarantor's rights under such procedures.

      (i) In addition to the rights under this Agreement, in the event of a
default by the Borrower, the Secured Parties shall be entitled to the
appointment of a receiver for the Borrower's Collateral and Guarantor's
Collateral as a matter of right whether or not the apparent value of the
Borrower's Collateral and Guarantor's Collateral exceeds the outstanding
principal amount of the Notes and any receiver appointed may serve without bond.
Employment by the Secured Parties shall not disqualify a person from serving as
receiver.

ARTICLE TEN

MISCELEANEOUS PROVISIONS

      Section 10.1 EXPENSES. Borrower agrees to pay on demand all costs and
expenses incurred by Lender directly in the enforcement of this Agreement, the
Note, the Guaranty, and other instruments and documents to be delivered
hereunder, including, without limitation, the reasonable fees and expenses of
any attorney to whom the Note is referred for collection (whether or not
litigation is commenced) or for representation out of court, in trial, on appeal
or in proceedings under any bankruptcy or insolvency law or otherwise. In
addition, Borrower shall pay any and all taxes and fees payable or determined to
be payable in connection with the execution, delivery or recordation of any
instruments and documents to be delivered hereunder.

      Section 10.2 NO WAIVER; CUMULATIVE REMEDIES. No failure or delay on the
part of Lender in exercising any right, power or remedy hereunder shall operate
as a waiver, nor shall any single or partial exercise of any such right, power
or remedy hereunder operate as a waiver. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law.

      Section 10.3 AMENDMENTS. No amendment, modification, termination or waiver
of any provision of this Agreement, the Note or any other Loan Document, nor
consent to any departure by Borrower or Guarantor, shall in any event be
effective unless in writing, signed by Lender and then only in the specific
instance and for the specific purpose for which given. No notice to or demand on
Borrower or Guarantor in any case shall entitle it to any other or further
notice or demand in similar or other circumstances except as expressly provided
herein or in another Loan Document.

      Section 10.4 NOTICES. All notices and other communications under this
Agreement shall be in writing and shall be delivered in person or by mailing a
copy thereof by registered or certified U.S. mail, return receipt requested, to
the applicable party at the addresses indicated below:

If to Borrower:

WorldxChange Corp.
13751 South Wadsworth Park Drive
Suite 200
Draper, Utah  84020
Attention:  Gary Wasserson, President & Chief Executive Officer
Telecopier: 801-576-4295

With a copy (which shall not constitute notice) to:

WorldxChange Corp.
13751 South Wadsworth Park Drive
Suite 200
Draper, Utah  84020
Attention:  General Counsel
Telecopier: 801-576-4295

If to Guarantor:

I-LINK INCORPORATED

<Page>

13751 South Wadsworth Park Drive
Suite 200
Draper, Utah  84020
Attention:  Gary Wasserson, Chief Executive Officer
Telecopier: 801-576-4295

With a copy (which shall not constitute notice) to:

I-LINK INCORPORATED
13751 South Wadsworth Park Drive
Suite 200
Draper, Utah  84020
Attention:  General Counsel
Telecopier: 801-576-4295

If to Lender:

Counsel Corporation (US)
280 Park Avenue
28th Floor, West Building
New York, NY  10017
Telecopier:  (212) 286-5036

or at such other address as may be designated by either party in a written
notice to the other complying as to delivery with the terms of this Section. All
such notices and other communications shall be effective when deposited in the
mails.

      Section 10.5. BINDING EFFECT. This Agreement shall become effective when
executed and thereafter shall be binding upon and inure to the benefit of
Borrower, Lender and their respective successors and assigns, except that
Borrower shall not have the right to assign any rights or obligations hereunder
without the prior written consent of Lender. Lender shall be permitted to
assign, without Borrower's consent, all or any portion of Lender's rights and
interests hereunder and under each other document executed in connection with
this Agreement.

      Section 10.6 GOVERNING LAW. This Agreement, the Note, the Guaranty, and
related documents shall be governed by, and construed in accordance with, the
laws of the State of New York with the exception of its conflicts of laws
provisions; provided that the effect of any recordation shall be determined by
the State thereof.

      Section 10.7 SEVERABILITY OF PROVISIONS. Any provision of this Agreement,
the Note, or the Guaranty that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions or affecting the validity or enforceability of any provisions in any
other jurisdiction.

      Section 10.8 HEADINGS.  Article and Section headings in this Agreement
are included for convenience of reference only and shall not constitute a
part of this Agreement for any other purpose.

      Section 10.9 RIGHTS AFFECTED BY EXTENSIONS. The rights of Lender and
its assigns shall not be impaired by any indulgence, release, renewal,
extension or modification which Lender may grant with respect to the
indebtedness or any part thereof, or with respect to the Borrower's
Collateral and Guarantor's Collateral or with respect to any endorser,
guarantor, or surety without notice or consent of Borrower or any endorser,
guarantee or surety.

      Section 10.10 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All
representations and warranties made in this Agreement and in any agreements,
documents or certificates delivered pursuant hereto or thereto shall survive the
execution and delivery of this Agreement and the Note and the making of the Loan
hereunder and continue in full force and effect, as of the respective dates as
of which they were made, until all of the obligations of Borrower to Lender
hereunder have been paid in full.

      Section 10.11 FURTHER ASSURANCES. From time to time, Borrower shall
execute and deliver, or cause to be executed and delivered, to Lender such
additional documents as Lender may reasonably require to carry out the purposes
of this Agreement or any of the documents entered into in connection herewith,
or to preserve and protect

<Page>

the rights of Lender hereunder or thereunder.

      Section 10.12 INDEMNIFICATION. Borrower hereby indemnifies and holds
harmless Lender and its partners, directors, officers, shareholders, employees,
agents, counsel, subsidiaries and affiliates (the "INDEMNIFIED PERSONS") from
and against any and all losses, liabilities, obligations, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever which may be imposed on, incurred by, or asserted against any
Indemnified Person in any way relating to or arising out of this Agreement, the
other Loan Documents, the documents entered into in connection herewith or
therewith, or any of them or any of the transactions contemplated hereby or
thereby, the making of the Loan, the use of the proceeds of the Loan or the
ownership or operation of the business or assets of Borrower or any of its
subsidiaries; provided, however, that Borrower shall not be liable to any
Indemnified Person, if there is a judicial determination that such losses,
liabilities, obligations, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements resulting solely from the negligence or willful
misconduct of such Indemnified Person.

JURY TRIAL WAIVER. EACH OF LENDER, BORROWER AND GUARANTOR HEREBY AGREES TO WAIVE
ITS RESPECTIVE RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF THIS AGREEMENT, ANY OF THE LOAN DOCUMENTS, OR ANY DEALINGS
BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION AND THE
LENDER/BORROWER/GUARANTOR RELATIONSHIP THAT IS BEING ESTABLISHED. THIS WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING,
AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, REPLACEMENTS,
SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT, THE LOAN DOCUMENTS OR TO ANY
OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOAN.

      Section 10.13 MAXIMUM INTEREST. Lender and Borrower intend that this
Agreement and the other Loan Documents conform to all applicable usury laws.
Accordingly, no provisions of the Loan Documents shall require the payment or
permit the collection of interest in excess of the maximum rate permitted by
applicable law ("MAXIMUM RATE"), or obligate Borrower to pay any taxes,
assessments, charges, insurance premiums or other amounts which are held to
constitute interest to the extent that such payments, when added to the other
obligations under the Loan Documents, would be held to constitute contracting
for, or the payment by Borrower of, interest at a rate greater than the Maximum
Rate. Lender and Borrower further agree that:

Section 10.13.1 if any excess of interest in such respect is herein or in any
such other instrument provided for, or shall be adjudicated to be so provided
for herein or in any such instrument, the provisions of this subsection shall
govern, and neither Borrower nor its successors or assigns shall be obligated to
pay the amount of such interest to the extent it is in excess of the Maximum
Rate;

Section 10.13.2 if at any time the amount of interest under any of the Loan
Documents for a calendar year exceeds the Maximum Rate had the Maximum Rate at
all times been in effect, the interest chargeable under any such Loan Document
shall be limited to the amount of interest that could have been charged if the
Maximum Rate had at all times been in effect, but any subsequent reductions in
the interest due shall not reduce the rate of interest chargeable under any such
Loan Document below the Maximum Rate until the total amount of interest accrued
under any such Loan Document equals the amount of interest that would have
accrued if the interest provided for in any such Loan Document had at all times
been in effect and collectible;

Section 10.13.3 if the maturity of any Loan Document is accelerated for any
reason, or in the event of any prepayment by Borrower, or in any other event,
earned interest may never include more than the Maximum Rate, computed from the
date of disbursement of the funds evidenced by such Loan Document until payment,
and any interest otherwise payable under such Loan Document that is in excess of
the Maximum Rate shall be canceled automatically as of such acceleration or such
other event and (if theretofore paid) shall be credited against principal;

Section 10.13.4 if it should be held that any interest payable or chargeable
under any Loan Document is in excess of the Maximum Rate, the interest payable
or chargeable under such Loan Document shall be reduced to the maximum amount
permitted by applicable federal or state law, whichever shall permit the higher
lawful interest, as construed by courts having jurisdiction thereof; and

Section 10.13.5 the spreading, prorating and amortizing of interest over the
Maturity Date of the Loan Documents shall be allowed to the fullest extent
permitted by applicable law.

<Page>

IN WITNESS WHEREOF, the parties hereto have caused this Loan Agreement to be
executed by their respective duly authorized officers as of the date first above
written.
      I-LINK INCORPORATED

      By:_______________________________
      Gary Wasserson, Chief Executive Officer

      WORLDXCHANGE CORPORATION

      By:_______________________________
      Gary Wasserson, President

      COUNSEL CORPORATION (US)

      By:_______________________________

<Page>

EXHIBIT 1.2
FORM OF PROMISSORY NOTE

$15,000,000
                                                   June 4, 2001

      FOR VALUE RECEIVED, the undersigned, WORLDXCHANGE CORP., a Delaware
corporation (the "MAKER"), promises to pay to the order of COUNSEL CORPORATION
(US), a Delaware limited liability company (the "PAYEE"), on or before June 4,
2001 (the "MATURITY DATE"), the principal sum of fifteen million dollars
($15,000,000), or if less, the outstanding principal balance of the Loan made by
Payee to Maker 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.

      1. INTEREST. The unpaid principal balance of this Note shall bear interest
at the rates determined in accordance with the provisions of that certain Loan
and Security Agreement, dated as of June 4, 2001, between the Maker and the
Payee (as the same may be amended, modified, extended or restated, the "LOAN
AGREEMENT"). Interest accrued hereunder shall be paid quarterly in arrears and
in cash on last business day of each quarter until all principal and interest
hereunder is paid in full at the repayment or maturity of the Loan.

      2. PRINCIPAL REPAYMENT.  The aggregate principal balance of this Note
shall be due and payable as provided in the Loan Agreement.

      3. PREPAYMENTS. This Note may be voluntarily prepaid in whole or in part
without premium or penalty at any time and from time to time. In making a
prepayment in whole, the Maker shall pay all accrued interest through the date
of such prepayment. The Maker shall make a mandatory prepayment of the
outstanding principal amount of the Note together with all accrued interest on
and subject to the terms and conditions of the Loan Agreement.

      4. PAYMENT ON BUSINESS DAYS. If any payment of principal or interest on
this Note shall become due on a Saturday, Sunday or public holiday, such payment
may be made on the next succeeding business day, and such extension of time in
such case shall be included in the computation of interest in connection with
such payment.

      5. FORM OF PAYMENT. All payments made pursuant to the terms of this Note
shall be made in lawful money of the United States of America and shall be
payable to the Payee at its principal office located at 280 Park Avenue, West
Building, 28th Floor, New York, NY 10017 or at such other place as the Payee
shall have designated to the Maker in writing.

      6. CHOICE OF LAW.  This Note shall be governed by and construed in
accordance with the laws of the State of New York.

      7. EVENTS OF DEFAULT. Upon the occurrence of any Event of Default, Lender
may at its option by written notice to Borrower declare the entire unpaid
principal amount of the Note, together with all unpaid interest and all other
amounts payable hereunder, immediately due and payable.

      8. COLLECTION EXPENSES. If at any time the indebtedness evidenced by this
Note is collected through legal proceedings or this Note is placed in the hands
of attorneys for collection, the Maker and each endorser of this Note hereby
jointly and severally agree to pay all costs and expenses (including reasonable
attorneys' fees) incurred by the holder of this Note in collecting or attempting
to collect such indebtedness.

      9. WAIVERS. To the extent permitted by law, except as otherwise provided
herein or in the Loan Agreement, the Maker and each endorser of this Note, and
their respective heirs, successors, legal representatives and assigns, hereby
severally waive presentment; protest and demand; notice of protest, demand,
dishonor and nonpayment; diligence in collection, and any relief whatever from
the valuation or appraisement laws of any state.

<Page>

      IN WITNESS WHEREOF, THE MAKER HAS EXECUTED THIS NOTE AS OF THE DATE AND
YEAR FIRST ABOVE WRITTEN.

                                    WORLDXCHANGE CORPORATION,
                                    a Delaware corporation

                                    By:_______________________________
                                          Gary Wasserson, President

                                  SCHEDULE 6.6

                     [To be determined and supplemented]

                                  SCHEDULE 6.7

                     [To be determined and supplemented]<Page>

                                  EXHIBIT 10.3

<Page>

NEITHER THE WARRANTS REPRESENTED BY THIS WARRANT AGREEMENT NOR THE SHARES OF
COMMON STOCK THAT MAY BE PURCHASED UPON EXERCISE HEREOF HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER ANY
APPLICABLE STATE LAW. SUCH WARRANTS AND SHARES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR PLEDGED WITHOUT (1) REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, AND ANY APPLICABLE STATE LAW, (2) TO THE EXTENT APPLICABLE,
RULE 144 UNDER SUCH ACT (OR SIMILAR RULE UNDER SUCH ACT RELATING TO THE
DISPOSITION OF SECURITIES), OR (3) AN OPINION OF COUNSEL, IF SUCH OPINION SHALL
BE REASONABLY SATISFACTORY TO COUNSEL FOR THE ISSUER, THAT AN EXEMPTION FROM
SUCH REGISTRATION UNDER SUCH ACT IS AVAILABLE.

                                WARRANT AGREEMENT

                                 by and between

                           COUNSEL CORPORATION (US)

                                       and

                               I-LINK INCORPORATED

                            Dated as of June 4, 2001
<Page>

                                WARRANT AGREEMENT

      THIS WARRANT AGREEMENT (this "AGREEMENT"), dated as of June 4, 2001, by
and between I-LINK INCCORPORATED, a Florida corporation (the "COMPANY"), and
COUNSEL CORPORATION (US), a Delaware corporation (the "HOLDER").

                               R E C I T A L S:

      A.  The Holder and the Company have entered into a Loan and Security
Agreement dated as of the date hereof (the "LOAN AGREEMENT");

      B. In connection with the Loan Agreement, the Company has agreed to issue
three series of warrants which, in aggregate, are exercisable to purchase up to
fifteen million ($15,000,000) shares of the common stock of the Company ("COMMON
STOCK"), subject to adjustment and cancellation as set forth in this Agreement;
and

      C.  The Company wishes to define the terms and provisions of the
Warrants and the respective rights and obligations thereunder of the Company
and the holder of the Warrants.

      NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
agreements herein set forth, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

ARTICLE I

                                   DEFINITIONS

            SECTION 1.1 CERTAIN DEFINITIONS.  As used in this Agreement, the
following terms have the meanings specified below:

            "BOARD OF DIRECTORS" means the Board of Directors of the Company.

            "BUSINESS DAY" means any day other than Saturday, Sunday or any
other day on which banking institutions in Salt Lake City, Utah are permitted or
required to close.

            "EVENT OF DEFAULT" is defined in Section 9.1 of the Loan Agreement.

            "EXERCISE PRICE" is defined in Section 5.3 hereof.

            "EXPIRATION DATE" is defined in Section 5.4 hereof.

            "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder.

            "GAAP" means generally accepted accounting principles set forth in
opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such
other entity as may be approved by a significant segment of the accounting
profession, in each case as the same are applicable to the circumstances as of
the date of the determination.

            "NOTE" is defined in Section 1.2 of the Loan Agreement.

            "PERSON" means an individual, partnership, corporation (including a
business trust), limited liability company, joint stock company, trust,
unincorporated association, joint venture or other entity.

            "SEC" means the Securities and Exchange Commission or any successor
thereto.

<Page>

            "SECURITIES ACT" means the Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder.

      "TRANCHE 1 WARRANTS" means, collectively, any and all Warrants issued to
the Holder pursuant to Section 2.1(a) and evidenced by a Tranche 1 Warrant
Certificate.

      "TRANCHE 2 WARRANTS" means, collectively, any and all Warrants issued to
the Holder pursuant to Section 2.1(b) and evidenced by a Tranche 2 Warrant
Certificate.

      "TRANCHE 3 WARRANTS" means, collectively, any and all Warrants issued to
the Holder pursuant to Section 2.1(c) and evidenced by a Tranche 3 Warrant
Certificate.

      "TRANCHE 1 WARRANT CERTIFICATE" means a certificate for the Tranche 1
Warrants in substantially the form attached hereto as Exhibit A.

      "TRANCHE 2 WARRANT CERTIFICATE" means a certificate for the Tranche 2
Warrants in substantially the form attached hereto as Exhibit A.

      "TRANCHE 3 WARRANT CERTIFICATE" means a certificate for the Tranche 3
Warrants in substantially the form attached hereto as Exhibit A.

      "TRANCHE 1 EXERCISE PERIOD" is defined in Section 5.4(a) hereof.

      "TRANCHE 2 EXERCISE PERIOD" is defined in Section 5.4(b) hereof.

      "TRANCHE 3 EXERCISE PERIOD" is defined in Section 5.4(c) hereof.

      "WARRANT CERTIFICATES" means, collectively, the Tranche 1 Warrant
Certificates, the Tranche 2 Warrant Certificates, and the Tranche 3 Warrant
Certificates.

      "WARRANTHOLDER" means initially the Holder and thereafter each Person to
whom Holder or other Warrant Holder may transfer any Warrants.

            "WARRANTS" means, collectively, the Tranche 1 Warrants, the Tranche
2 Warrants and the Tranche 3 Warrants.

            Capitalized terms used but not defined herein shall have the meaning
set forth in the Loan Agreement.

ARTICLE II

             ISSUANCE, FORM AND EXECUTION OF WARRANT CERTIFICATES

            SECTION 2.1 ISSUANCE OF WARRANTS.  Upon the Closing and full
funding of the Note, the Company shall issue to the Holder:

     (a) warrants to purchase five million (5,000,000) shares of Common Stock
         of the Company at an Exercise Price (defined herein) of $0.60 per
         share, subject to adjustment as provided elsewhere herein (the "TRANCHE
         1 WARRANTS"); and

     (b) warrants to purchase five million (5,000,000) shares of Common Stock
         of the Company at an Exercise Price (defined herein) of $0.60 per
         share, subject to adjustment and cancellation as provided elsewhere
         herein (the "TRANCHE 2 WARRANTS"); and

     (c) warrants to purchase five million (5,000,000) shares of Common Stock
         of the Company at an Exercise Price (defined herein) of $0.60 per
         share, subject to adjustment and cancellation as provided elsewhere

<Page>

         herein (the "TRANCHE 3 WARRANTS").

            The Warrants shall be evidenced by Warrant Certificates and each
Warrant Certificate shall represent the right, subject to the provisions
contained herein, to purchase from the Company (and the Company shall issue and
sell to the registered holder of such Warrants) the number of shares of Common
Stock (as may be adjusted pursuant to Article 7 hereof) issuable to the
Warrantholder upon exercise of such Warrants, at the price specified herein.

            SECTION 2.2 FORM OF WARRANT CERTIFICATES. The Warrant Certificates
evidencing the Warrants shall be in registered form only and shall be
substantially in the form set forth in EXHIBIT A attached hereto, shall be dated
the date on which signed by the Company and may have such letters, numbers or
other marks of identification or designation printed, lithographed, engraved or
otherwise affixed thereon as the Company may deem appropriate and as are not
inconsistent with the provisions of this Agreement, or as may be required to
comply with any law or with any rule or regulation made pursuant thereto.

            SECTION 2.3 EXECUTION OF WARRANT CERTIFICATES. Warrant Certificates
shall be executed on behalf of the Company by the president, any vice president
or the treasurer of the Company and signed by the secretary or any assistant
secretary of the Company and have affixed thereon the seal of the Company. Each
such signature and seal may be manual or facsimile.

            In case any officer of the Company who shall have signed any of the
Warrant Certificates shall cease to be such officer before countersignature and
delivery by the Company, such Warrant Certificates, nevertheless, may be
countersigned, issued and delivered with the same force and effect as though
such person had not ceased to be such officer; and any Warrant Certificate may
be signed on behalf of the Company by any person who, at the actual date of the
execution of such Warrant Certificate, shall be a proper officer of the Company
to sign such Warrant Certificate, although at the date of the execution of this
Agreement such person was not such an officer of the Company. Upon
countersignature on behalf of the Company and delivery, the Warrant Certificate
shall be valid and binding upon the Company, and the Warrantholder thereof shall
be entitled to all of the benefits of this Agreement.

ARTICLE III

                                  REGISTRATION

      SECTION 3.1 REGISTRATION. THE COMPANY SHALL NUMBER AND REGISTER THE
WARRANT CERTIFICATES IN A REGISTER (THE "WARRANT REGISTER") MAINTAINED AT 13751
SOUTH WADSWORTH PARK DRIVE, DRAPER, UTAH 84020 (THE "OFFICE") AS THEY ARE ISSUED
BY THE COMPANY (OR SUCH OTHER LOCATION AS THE COMPANY MAY ESTABLISH AFTER GIVING
NOTICE THEREOF TO THE WARRANTHOLDERS). THE COMPANY SHALL KEEP COPIES OF THIS
AGREEMENT AVAILABLE FOR INSPECTION BY THE WARRANTHOLDERS DURING NORMAL BUSINESS
HOURS AT THE OFFICE.

ARTICLE IV

          TRANSFER, EXCHANGE OR REPLACEMENT OF WARRANT CERTIFICATES

            SECTION 4.1 WARRANT TRANSFER. The Warrants granted hereunder shall
not be pledged, assigned or otherwise transferred without the prior written
consent of the Company, which will not be unreasonably withheld. Upon exercise,
in whole or in part, of such pledged, assigned of transferred Warrants,
certificates representing the Warrant Securities (defined below) shall bear a
legend substantially similar to the legend set forth in Section 4.3

            SECTION 4.2 REGISTRATION OF TRANSFERS. Subject to the provisions of
this Agreement, the Company shall from time to time register the transfer of any
outstanding Warrant Certificate on the Warrant Register maintained at the
Office, upon surrender thereof accompanied by a written instrument or
instruments of transfer in form reasonably satisfactory to the Company, duly
endorsed by the registered holder thereof or by such Warrantholder's appointed
legal representative or attorney-in-fact, or accompanied by proper evidence of
succession, assignment or authority to transfer. Each such written instrument or
instruments of transfer or proper evidence of succession, assignment or
authority to transfer shall be accompanied by an unqualified written opinion

<Page>

of legal counsel who shall be, and whose legal opinion shall be reasonably
satisfactory to the Company and addressed to the Company, to the effect that the
proposed transfer of the Warrants may be effected without registration under the
Securities Act and any applicable state law. In all cases of transfer by an
attorney, the original power of attorney, duly approved, or an official copy
thereof, duly certified, shall be deposited and remain with the Company. Upon
any such registration or transfer in such name or names as may be directed in
writing by the Warrantholder, the Company shall execute and deliver (or cause to
be delivered) a new Warrant Certificate(s) without charge to such Warrantholder,
or to the Person or Persons entitled to receive the same, and the surrendered
Warrant Certificate shall be canceled by the Company.

            SECTION 4.3 REGISTRATION UNDER THE SECURITIES ACT OF 1933. The
Warrants, the Warrant Shares and any of the other securities issuable upon
exercise of the Warrants have not been registered under the Securities Act. Upon
exercise, in part or in whole, of the Warrants, certificates representing the
Common Stock and any of the other securities issuable upon exercise of the
Warrants (collectively, the "WARRANT SECURITIES") shall bear the following
legend:

            The securities represented by this certificate have not been
            registered under the Securities Act of 1933, as amended ("Act"), and
            may not be offered or sold except pursuant to (i) an effective
            registration statement under the Act, (ii) to the extent applicable,
            Rule 144 under the Act (or any similar rule under such Act relating
            to the disposition of securities), or (iii) an opinion of counsel,
            if such opinion shall be reasonably satisfactory to counsel to the
            issuer, that an exemption from registration under such Act is
            available.

            SECTION 4.4 EXCHANGES OF WARRANT CERTIFICATES. Each Warrant
Certificate may be exchanged at the option of the Warrantholder without charge
to such Warrantholder when surrendered to the Company at the Office properly
endorsed in the manner described in Section 4.2 hereof for another Warrant
Certificate(s) of like tenor and representing in the aggregate a like number of
shares of Common Stock, as may be adjusted pursuant to Article 7 hereof.
Thereupon, the Company shall execute and deliver to the Person(s) entitled
thereto a new Warrant Certificate(s) as so requested. Warrant Certificates
surrendered for exchange shall be canceled by the Company.

            SECTION 4.5 MUTILATED OR MISSING WARRANT CERTIFICATES. In the event
that any Warrant Certificate shall be mutilated, lost, stolen or destroyed, the
Company shall execute and deliver in exchange and substitution for and upon
cancellation of the mutilated Warrant Certificate, or in lieu of and
substitution for the Warrant Certificate lost, stolen or destroyed, a new
Warrant Certificate of like tenor and representing Warrants for a like amount of
Common Stock, but only, in case of a lost, stolen or destroyed Warrant
Certificate, upon receipt of (i) evidence satisfactory to the Company of such
loss, theft or destruction and the absence of actual notice to the Company that
such Warrant Certificate has been acquired by a bona fide purchaser or holder in
due course, and (ii) an indemnity bond in form and substance and with surety
satisfactory to the Company. Every substitute Warrant Certificate executed and
delivered pursuant to this Section 4.5 in lieu of any lost, stolen or destroyed
Warrant Certificate shall constitute an additional contractual obligation of the
Company, whether or not the lost, stolen or destroyed Warrant Certificate shall
be at any time enforceable by anyone, and shall be entitled to the benefits of
(but shall be subject to all the limitations of rights set forth in) this
Agreement equally and proportionately with any and all other Warrant
Certificates duly executed and delivered hereunder. The provisions of this
Section 4.5 are exclusive with respect to the replacement of mutilated, lost,
stolen or destroyed Warrant Certificates.

ARTICLE V

            EXERCISE OF WARRANTS; EXERCISE PRICE; EXERCISE PERIOD

            SECTION 5.1 EXERCISE OF WARRANTS. Subject to the provisions of this
Agreement, each Warrantholder shall have the right to purchase from the Company
the number of shares of Common Stock that the Warrantholder may at the time be
entitled to purchase on exercise of the Warrants and payment of the Exercise
Price (as defined below) for such Common Stock.

            SECTION 5.2 MECHANICS OF EXERCISE.

<Page>

            (a) Subject to the provisions of this Agreement, Warrants may be
exercised by the Warrantholder in whole or in part upon surrender at the Office
to the Company of the Warrant Certificate(s) evidencing the Warrants, together
with the form of election to purchase (the "ELECTION TO PURCHASE"), in the form
set forth as EXHIBIT B hereto, duly completed and signed by such Warrantholder
or by such Warrantholder's appointed legal representative or attorney-in-fact
and upon payment in full of the Exercise Price for each Warrant exercised.
Payment of the aggregate Exercise Price shall be made by immediately available
funds.

        (b) Upon due exercise of the Warrants and surrender of the Warrant
Certificate, duly completed and signed, and payment of the Exercise Price as
aforesaid, the Company shall cause to be issued to or upon the written order of
the Warrantholder and in such name or names as the Warrantholder may designate
in the Election to Purchase, the Common Stock so purchased. If all of the items
referred to in the first sentence of the preceding paragraph are received by the
Company at or prior to 1:00 p.m., Salt Lake City time, on a Business Day, the
exercise of the Warrants to which such items relate will be effective on such
Business Day. If all of such items are received after 1:00 p.m., Salt Lake City
time, on a Business Day, the exercise of the Warrants to which such items relate
will be effective on the next Business Day.

        (c) The number and kind of Common Stock for which Warrants may be
exercised shall be subject to adjustment from time to time as set forth in
Article 7 hereof.

        (d) The Warrants shall be exercisable as provided herein at the
election of the Warrantholder in whole or in part. In the event that the holder
of a Warrant Certificate shall exercise Warrants with respect to fewer than all
the Common Stock evidenced thereby, a new Warrant Certificate(s) evidencing the
remaining unexercised Warrants shall be issued to such Warrantholder, and the
Company is hereby irrevocably authorized to execute and deliver the required new
Warrant Certificate(s) pursuant to provisions of Article 2 and Article 3 of this
Agreement.

        (e) All Warrant Certificates surrendered upon exercise of Warrants shall
be canceled and disposed of by the Company.

            SECTION 5.3 EXERCISE PRICE. The price at which the Warrants shall be
exercisable in exchange for Common Stock shall initially be $0.60 per share (the
"EXERCISE PRICE"), subject to adjustment as provided in Article 7 herein.

            SECTION 5.4 EXERCISE PERIODS.  The exercise periods for the
Warrants are as follows:

      (a)   The right to exercise the Tranche 1 Warrants shall commence on the
            Closing Date (as defined in the Loan Agreement) and terminate on
            June 4, 2003 (the "EXPIRATION DATE") (the "TRANCHE 1 EXERCISE
            PERIOD").

      (b)   The Tranche 2 Warrants shall not become exercisable unless and until
            Borrower fails to repay the Note in full on or before the three (3)
            month anniversary of the Closing Date, in which case the right to
            exercise the Tranche 2 Warrants shall commence on the three (3)
            month anniversary of the Closing Date and terminate on the
            Expiration Date (the "TRANCHE 2 EXERCISE PERIOD").

      (c)   The Tranche 3 Warrants shall not become exercisable unless and until
            Borrower fails to repay the Note in full on or before the six (6)
            month anniversary of the Closing Date, in which case the right to
            exercise the Tranche 2 Warrants shall commence on the six (6) month
            anniversary of the Closing Date and terminate on the Expiration Date
            (the "TRANCHE 3 EXERCISE PERIOD").

      The Company shall record the exercise period of each Warrant in the
      Warrant Register.

            SECTION 5.5 CASHLESS EXERCISE.

        (a) At any time during the applicable exercise period of any Warrant,
the Warrantholder may, at its option, exchange such Warrants, in whole or in
part (a "WARRANT EXCHANGE"), into the number of fully paid and non-assessable
shares of Common Stock determined in accordance with this Section 5.5, by
surrendering the Warrant Certificate relating to such Warrants at the Office,
accompanied by a notice stating such Warrantholder's intent to effect such
exchange, the number of shares of Common Stock to be exchanged and the date on
which the Warrantholder requests that such Warrant Exchange occur (the "NOTICE
OF EXCHANGE"). The Warrant Exchange shall take place on the

<Page>

date specified in the Notice of Exchange, or, if later, the date the Notice of
Exchange is received by the Company (the "EXCHANGE DATE"). Certificates for
shares of Common Stock issuable upon such Warrant Exchange and, if applicable,
a new Warrant Certificate of like tenor evidencing the balance of the shares of
Common Stock remaining subject to the Warrantholder's Warrant Certificate,
shall be issued as of the Exchange Date and delivered to the Warrantholder
within three (3) days following the Exchange Date. In connection with any
Warrant Exchange, the Warrantholder's Warrant Certificate shall represent the
right to subscribe for and acquire the number of shares of Common Stock
(rounded to the next highest integer) equal to (A) the number of shares of
Common Stock specified by the Warrantholder in its Notice of Exchange (the
"TOTAL SHARE NUMBER") multiplied by (B) the fraction obtained by dividing (i)
the Market Price (defined herein) of a share of Common Stock minus the then
applicable Exercise Price per share; by (ii) the Market Price (defined herein)
of a share of Common Stock.

        (b) As used in this Section 5.5, the phrase "MARKET PRICE" at any date
will be deemed to be the last reported sale price, or, in case no such reported
sale takes place on such day, the average of the last reported sale prices for
the last three (3) trading days, in either case as officially reported by the
stock exchange on which the Common Stock is listed or admitted to trading or by
The Nasdaq Stock Market, Inc. ("NASDAQ"), or, if the Common Stock is not listed
or admitted to trading on any national securities exchange or quoted by Nasdaq ,
the average closing bid price as furnished by the OTC Bulletin Board ("OTCBB")
or similar organization if the OTCBB is not reporting such information, or if
the Common Stock is not quoted by OTCBB or a similar organization, at such price
as the Board of Directors in good faith, shall reasonably determine to be market
value, in its sole discretion.

            SECTION 5.6 ELIMINATION OF FRACTIONAL INTEREST. The Company shall
not be required to issue certificates representing fraction of shares of Common
Stock upon the exercise of the Warrants, nor shall it be required to issue scrip
or pay cash in lieu of fractional interests, it being the intent of the parties
that all fractional interests shall be eliminated by rounding any fraction down
to the nearest whole number of shares of Common Stock or other securities,
properties or rights.

ARTICLE VI

                           RESERVATION OF COMMON STOCK

            SECTION 6.1 RESERVATION. The Company shall at all times keep
reserved, free from preemptive rights, out of its authorized Common Stock, or
other securities of the Company issuable upon the exercise of the Warrants, a
number of shares of Common Stock, or such other securities, sufficient to
provide for the exercise of the right of purchase represented by all outstanding
and unexpired Warrants.

            SECTION 6.2 COVENANT. The Company covenants that any shares of
Common Stock will, upon issuance, be validly issued and upon payment of the
exercise price therefor, fully paid and free from all taxes payable by the
Company, liens, charges and security interests (except any liens, charges or
security interests created or suffered to be created by any of the
Warrantholders), and will not be subject to any restrictions on voting or
transfer thereof that are created by the Company, except for such restrictions
on transfer under the Securities Act or applicable state securities laws.

ARTICLE VII

                ADJUSTMENTS AFFECTING THE EXERCISE OF WARRANTS

            SECTION 7.1 SPECIAL DEFINITIONS.  For purposes of this Article 7,
the following definition shall applies:

            "ORIGINAL ISSUE DATE" shall mean the date on which a Warrant was
first issued.

            SECTION 7.2 ADJUSTMENT FOR STOCK SPLITS AND COMBINATIONS. If the
Company shall, at any time or from time to time after the Original Issue Date
for the Warrants, effect a subdivision of the outstanding Common Stock, the
number of shares of Common Stock issuable upon exercise of such Warrant shall be
proportionately increased. If the Company shall, at any time or from time to
time after the Original Issue Date for the Warrants, combine the outstanding
shares of Common Stock, the number of shares of Common Stock issuable upon
exercise of such Warrant shall be proportionately decreased and the Exercise
Price shall be proportionately increased. Any adjustment under this Section 7.2
shall become effective at the close of business on the date the

<Page>

subdivision or combination becomes effective.

            SECTION 7.3 ADJUSTMENT FOR RECLASSIFICATION, EXCHANGE, OR
SUBSTITUTION. If the Common Stock issuable upon the exercise of the Warrants
shall be changed into the same or a different number of shares of any class or
classes of stock, whether by capital reorganization, reclassification or
otherwise (other than a subdivision or combination of shares or stock dividend
provided for above, or a reorganization, merger, consolidation, or sale of
assets provided for below), then and in each such event the holder of the
Warrants shall have the right thereafter to convert each such share Common Stock
issuable upon the exercise of the Warrants into the kind and amount of shares of
stock and other securities and property receivable upon such reorganization,
reclassification, or other change, by holders of the number of shares of Common
Stock for which such Warrants might have been exercised immediately prior to
such reorganization, reclassification, or change, all subject to further
adjustment as provided herein.

            SECTION 7.4 ADJUSTMENT FOR MERGER OR REORGANIZATION. In case of any
consolidation or merger of the Company with or into another Company, each
Warrant shall thereafter be exercisable for the kind and amount of shares of
stock or other securities or property to which a holder of the number of shares
of Common Stock of the Company deliverable upon exercise of such Warrant would
have been entitled upon such consolidation or merger; and, in such case,
appropriate adjustment (as determined in good faith by the Board of Directors)
shall be made in the application of the provisions in this Article 7 set forth
with respect to the rights and interest thereafter of the holders of the
Warrants, to the end that the provisions set forth in this Article 7 shall
thereafter be applicable, as nearly as reasonably may be, in relation to any
shares of stock or other property thereafter deliverable upon the exercise of
the Warrants.

            SECTION 7.5 FORM OF WARRANT CERTIFICATE. Irrespective of any
adjustments in the Exercise Price or the kind of Common Stock purchasable upon
the exercise of the Warrants, Warrant Certificates evidencing such Warrants
theretofore or thereafter issued may continue to express the same number and
kind of Common Stock as are stated in the Warrant Certificates initially
issuable pursuant to this Agreement.

            SECTION 7.6 NO IMPAIRMENT. Without limiting the generality of the
foregoing, the Company shall take all such action as may be necessary or
appropriate in order that the Common Stock to be issued upon the exercise of the
Warrants from time to time outstanding will, when issued, be fully paid and
non-assessable. In addition, without limiting the generality of Section 6.1, the
Company shall take all such action as shall be necessary so that the total
number of shares of Common Stock or other capital stock of the Company then
authorized by the articles of incorporation of the Company as then in effect and
available for the purpose of issuance upon such exercise shall exceed the total
number of shares of Common Stock issuable upon the exercise of all of the
outstanding Warrants. The Company will not, by amendment of its articles of
incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Company, but will at all times in good
faith assist in the carrying out of all the provisions of this Article 7 and in
the taking of all such action as may be necessary or appropriate in order to
protect the rights of the Warrantholders against impairment.

                                  ARTICLE VIII

                            NOTICES TO WARRANTHOLDERS

            SECTION 8.1 NOTICES TO WARRANTHOLDERS.

        (a) Notices to Warrantholders shall be mailed to such holders at the
addresses of such holders as they appear in the Warrant Register. Any such
notice shall be sufficiently given if sent by first-class certified or
registered mail, postage prepaid, facsimile or overnight courier.

            (b) In the event (i) of any consolidation or merger or binding
exchange of interests to which the Company is a party and for which approval of
the Holder or any holders of equity interests of the Company is required, or of
the conveyance or sale of all or substantially all of the assets of the Company,
or of any change of the Common Stock or other securities issuable upon exercise
of the Warrants (other than the rights offering made pursuant to an agreement
between the Holder and the Company for which no notice shall be required); or
(ii) the Company shall make any distribution in respect of the Common Stock; or
(iii) of the voluntary or involuntary dissolution, liquidation or winding up of
the Company; then the Company shall send to each Warrantholder at least thirty
(30) days prior to the applicable date hereinafter specified, a written notice
stating (A)

<Page>

the date for the determination of the holders of Common Stock (or other
securities issuable upon the exercise of the Warrants) entitled to receive any
such distribution, (B) the initial expiration date set forth in any offer for
exchange of interests, or (C) the date on which any such consolidation, merger,
exchange of interests, conveyance, transfer, reclassification, dissolution,
liquidation or winding up is expected to become effective or consummated, and
the date as of which it is expected that holders of record of Common Stock (or
other securities issuable upon the exercise of the Warrants) shall be entitled
to exchange such Common Stock for securities or other property, if any,
deliverable upon such reclassification, consolidation, merger, exchange of
interests, conveyance, transfer, dissolution, liquidation or winding up.

            SECTION 8.2 NOTICES TO COMPANY. Any notice or demand authorized by
this Agreement to be given to or on the Company shall be delivered in person or
by facsimile transmission, by courier guaranteeing overnight delivery or mailed
by first-class United States certified or registered mail, postage prepaid, to
the Company as follows:

I-LINK INCORPORATED
13751 SOUTH WADSWORTH PARK DRIVE
Draper, UT  84020
Attention: Chief Executive Officer

Copy to:

De Martino Finkelstein Rosen & Virga
1818 N Street, NW
Suite 400
Washington, DC  20036
Attn:  Ralph V. De Martino

            SECTION 8.3 RECEIPT OF NOTICE. Any notice hereunder shall be in
writing and shall be deemed to have been duly given if personally delivered,
sent by overnight courier or sent by Common Stocked States mail, or by telex or
facsimile transmission, and will be deemed received (a) if sent by certified or
registered mail, return receipt requested, when actually received, (b) if sent
by overnight courier, when actually received, (c) if sent by telex or facsimile
transmission, on the date sent provided confirmatory notice is sent by overnight
courier or by first-class mail, postage prepaid, and (d) if delivered by hand,
on the date of receipt.

                                   ARTICLE IX

                                  MISCELLANEOUS

            SECTION 9.1 ARBITRATION.

            (a) To the fullest extent not prohibited by law, any controversy,
claim or dispute arising out of or relating to this Agreement, including the
determination of the scope or applicability of this Agreement to arbitrate,
shall be settled by final and binding arbitration in accordance with the rules
then in effect of the American Arbitration Association ("AAA"). The decision of
the arbitrators shall be final and binding; PROVIDED, HOWEVER, that where a
remedy for breach is prescribed hereunder or limitations on remedies are
prescribed, the arbitrators shall be bound by such restrictions, and judgment
upon the award rendered by the arbitrators may be entered in any court having
jurisdiction thereof.

            (b) In the event of any controversy, claim or dispute that is
subject to arbitration under this Section 9.1, any party thereto may commence
arbitration hereunder by delivering notice to the other party or parties
thereto. Within five business days of delivery of a list of qualified potential
arbitrators from AAA, such parties shall attempt to agree on one arbitrator;
PROVIDED that if such parties cannot agree on one arbitrator within such time
period, each party to the controversy, claim or dispute shall within five
business days thereafter appoint one arbitrator, and the two arbitrators so
appointed shall within five business days of their appointment mutually agree
upon and appoint one additional arbitrator (or, if such arbitrators cannot agree
on an additional arbitrator, the additional arbitrator shall be appointed by the
AAA as provided under its rules); PROVIDED that persons eligible to be selected
as arbitrators shall be limited to attorneys at law who (i) are on the AAA's
Large, Complex Case Panel and

<Page>

(ii) have practiced law for at least fifteen years as an attorney specializing
in either general commercial litigation or general corporate and commercial
matters.

            (c) The arbitration hearing shall commence no later than thirty (30)
business days after the completion of the selection of the arbitrators or at
such other time as the parties shall reasonably agree. Consistent with the
intent of the parties hereto that the arbitration be conducted as expeditiously
as possible, the parties agree that (i) discovery shall be limited to the
production of such documents and the taking of such depositions as the
arbitrator(s) determine are reasonably necessary to the resolution of the
controversy, claim or dispute and (ii) the arbitrator(s) shall limit the
presentation of evidence by each side in such arbitration to not more than ten
(10) full days (or the equivalent thereof) or such shorter period as the
arbitrator(s) shall determine to be necessary in order to resolve the
controversy, claim or dispute. The arbitrator(s) shall be instructed to render a
decision within thirty (30) calendar days of the close of the arbitration
hearing.

            (d) The arbitrators shall base their decision on the terms of this
Agreement and the law of the State of Florida, regardless of the law that might
be applicable under conflicts of law principles, and shall render their decision
in writing. Each party agrees to cooperate fully with the arbitrator(s) to
resolve any controversy, claim or dispute. The arbitrator(s) shall not be
empowered to award punitive damages or damages in excess of actual damages. The
venue for all arbitration proceedings shall be Salt Lake City, Utah.

            SECTION 9.2 PAYMENT OF TAXES. The Company covenants and agrees that
it will pay when due and payable all documentary, stamp and other taxes
attributable to the issuance or delivery of the Warrant Certificates or of the
Common Stock purchasable upon the exercise of Warrants; PROVIDED, HOWEVER, the
Company shall not be required to pay any tax or taxes that may be payable in
respect of any transfer involving the issue of any Warrant Certificate(s) or any
certificate(s) for Common Stock in a name other than that of the Warrantholder
of such exercised Warrant Certificate(s), and the Company shall not be required
to issue or deliver such Warrant Certificate(s) or any such certificates unless
or until the person or persons requesting the issuance thereof shall have paid
to the Company the amount of such tax or shall have established to the
satisfaction of the Company that such tax has been paid.

            SECTION 9.3 AMENDMENT.

            (a) The Company may modify this Agreement and the terms of the
Warrants only with the consent of the Warrantholders representing at least a
majority of the Common Stock for the purpose of adding any provision to or
changing in any manner or eliminating any of the provisions of this Agreement or
modifying in any manner the rights of the holders of the outstanding Warrants.

            (b) Any such modification or amendment will be conclusive and
binding on all present and future holders of Warrant Certificates whether or not
they have consented to such modification or amendment or waiver and whether or
not notation of such modification or amendment is made upon such Warrant
Certificates. Any instrument given by or on behalf of any holder of a Warrant
Certificate in connection with any consent to any modification or amendment will
be conclusive and binding on all subsequent holders of such Warrant Certificate.

            SECTION 9.4 TERMINATION.  This Agreement shall terminate on or
upon (a) the repurchase by the Company of all Warrants, or (b) upon
expiration of the Warrants.

            SECTION 9.5 REPORTS TO WARRANTHOLDERS. The Company will cause to be
delivered, by first-class mail, postage prepaid, facsimile or overnight courier,
to each Warrantholder at such Warrantholder's address appearing on the Warrant
Register, a copy of any reports delivered by the Company to any of the holders
of the Common Stock.

            SECTION 9.6 GOVERNING LAW. THE LAWS OF THE STATE OF FLORIDA SHALL
GOVERN THIS AGREEMENT AND THE WARRANT CERTIFICATES WITHOUT REGARD TO PRINCIPLES
OF CONFLICTS OF LAW.

            SECTION 9.7 BENEFITS OF THIS AGREEMENT. Nothing in this Agreement
shall be construed to give to any Person other than the Company, the
Warrantholders and the holders of Common Stock any legal or equitable right,
remedy or claim under this Agreement; this Agreement shall be for the sole and
exclusive benefit of the Company, the Warrantholders and the holders of Common
Stock.

            SECTION 9.8 COUNTERPARTS. This Agreement may be executed in any
number of counterparts,

<Page>

and each of such counterparts shall for all purposes be deemed to be an
original, and all such counterparts shall together constitute but one and the
same instrument.

            SECTION 9.9 SEVERABILITY OF PROVISIONS. Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or
affecting the validity or enforceability of such provision in any other
jurisdiction.

            SECTION 9.10 HEADINGS.  The headings of the sections of this
Agreement are inserted for convenience only and shall not constitute a part
of this Agreement.

            SECTION 9.11 COMPLETE AGREEMENT. This Agreement constitutes the
entire agreement between the parties relating to the subject matter hereof, and
supersedes all agreements, representations, warranties, statements, promises and
understanding, whether oral or written, with respect to the subject matter
hereof.

      SECTION 9.12 INTERPRETATIONS. Neither this Agreement nor any uncertainty
or ambiguity herein shall be construed or resolved against the Company or
Holder, whether under any rule of construction or otherwise. Neither party to
this Agreement shall be considered the draftsman. The Company and Holder
acknowledge and agree that this Agreement has been reviewed, negotiated, and
accepted by them and their respective attorneys and shall be construed and
interpreted according to the ordinary meaning of the words used so as fairly to
accomplish the purposes and intentions of the Company and Holder.

      SECTION 9.13 ASSIGNABILITY. This Agreement shall inure to the benefit and
be binding upon the parties hereto and their respective successors and permitted
assigns. This Agreement shall not be assignable, in whole or in part, by the
Holder without the prior written consent of the Company. Any purported
assignment effected without such consent shall be null and void. A change in
control of either party shall not be deemed to be an assignment.

                            [SIGNATURE PAGE FOLLOWS]

   IN WITNESS WHEREOF, the parties hereto have caused this Warrant Agreement to
be duly executed, as of the date first above written.

                               I-LINK INCORPORATED

                              By:   ______________________________
                                    Gary J. Wasserson
                                    Chief Executive Officer

                              COUNSEL CORPORATION (U.S.)

                              By:   ______________________________

                              Its:  ______________________________

<Page>

EXHIBIT A

FORM OF TRANCHE 1, 2 & 3 WARRANT CERTIFICATE

                               I-LINK INCORPORATED
                          COMMON STOCK PURCHASE WARRANT
                                 NUMBER _______

     TRANCHE [1] [2] [3] WARRANT CERTIFICATE EVIDENCING RIGHT TO PURCHASE

                        5,000,000 SHARES OF COMMON STOCK
                             (SUBJECT TO ADJUSTMENT)

        This is to certify that Counsel Corporation (US), or assigns, is
entitled to purchase up to the above-referenced number of shares of Common Stock
(the "COMMON STOCK") of I-Link Incorporated, a Florida corporation (the
"COMPANY") during the [Tranche 1 Exercise Period] [Tranche 2 Exercise Period]
[Tranche 3 Exercise Period] for the Exercise Price for the [Tranche 1 Warrants]
[Tranche 2 Warrants] [Tranche 3 Warrants] specified in the Warrant Agreement,
dated as of June 4, 2001, between the Company and Counsel Corporation (US), a
Delaware corporation (the "WARRANT AGREEMENT"), pursuant to which this Warrant
Certificate is issued. All rights of the holder of this Warrant Certificate are
subject to the terms and provisions of the Warrant Agreement, copies of which
are available for inspection the Company's office located 13751 South Wadsworth
Park Drive, Draper, Utah 84020 (the "OFFICE").

        This Warrant Certificate is subject to cancellation prior to the [three
(3)] [six (6)] month anniversary of the Closing Date (defined in the Loan
Agreement) in the circumstances described in the Warrant Agreement.

            NEITHER THE WARRANTS REPRESENTED BY THIS CERTIFICATE NOR THE SHARES
OF COMMON STOCK THAT MAY BE PURCHASED UPON EXERCISE HEREOF HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER ANY
APPLICABLE STATE LAW. SUCH WARRANTS AND SHARES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR PLEDGED WITHOUT (1) REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, AND ANY APPLICABLE STATE LAW, (2) TO THE EXTENT APPLICABLE,
RULE 144 UNDER SUCH ACT (OR SIMILAR RULE UNDER SUCH ACT RELATING TO THE
DISPOSITION OF SECURITIES), OR (3) AN OPINION OF COUNSEL, IF SUCH OPINION SHALL
BE REASONABLY SATISFACTORY TO COUNSEL FOR THE ISSUER, THAT AN EXEMPTION FROM
SUCH REGISTRATION UNDER SUCH ACT IS AVAILABLE.

            Subject to the provisions of the Act, applicable state laws and such
Warrant Agreement, this Warrant Certificate and all rights hereunder are
transferable, in whole or in part, at the Office by the holder hereof in person
or by a duly authorized attorney, upon surrender of this Warrant Certificate,
together with the assignment hereof duly endorsed. Until transfer of this
Warrant Certificate on the books of the Company, the Company may treat the
registered holder hereof as the owner hereof for all purposes.

            IN WITNESS WHEREOF, the Company has caused this Warrant Certificate
to be executed on June 4, 2001 in Draper, Utah, by its proper company officers
thereunto duly authorized.

                               I-LINK INCORPORATED

                              By:   ______________________________
                                    Gary Wasserson
                                    Chief Executive Officer

Attest:_______________________
Name:_______________________
Title:________________________

<Page>

EXHIBIT B

                              ELECTION TO PURCHASE

                 (To be executed by the registered holder if
           such holder desires to exercise any Warrant Certificate)

            The undersigned, the registered holder of the attached Warrant
Certificate, hereby irrevocably elects to exercise Warrants represented by such
Warrant Certificate and acquire an aggregate of ______________ shares of Common
Stock of I-Link Incorporated, a Florida corporation, and herewith tenders
payment for such Common Stock in the amount of $__________ (by certified check
or official bank check) in accordance with the terms hereof. The undersigned
requests that the aforementioned Common Stock be registered in the name of
_______________, whose address is ________________________

Dated:___________________

Name of registered holder of Warrant Certificate:

________________________________________________________________
(please print)

Address of registered holder:____________________________________

Signature:_____________________________

(Note:  the signature to the foregoing Election must correspond to the name
as written upon the face of the Warrant Certificate in every particular,
without alteration or any change whatsoever.)

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