Document:

EXHIBIT 10.27

                   PROMISSORY NOTE - ADJUSTABLE INTEREST RATE

Certified to be a true and correct
Copy of the original
by: /s/
   ------------------------------------
   Commonwealth and Title IHS

$310,000.00                                                     Loan No. 7024785

     1.   BORROWER'S PROMISE TO PAY PRINCIPAL AND INTEREST.  For value received,
the undersigned Maker (referred to as "Borrower")  promises to pay to COMMERCIAL
FEDERAL BANK, A FEDERAL SAVINGS BANK, its successors or assigns  ("Holder"),  at
its office at 4501 Dodge Street, Third Floor, Attention: Loan Servicing,  Omaha,
Nebraska  68132, or at such other place as the Holder of this Note may from time
to time  designate,  without  offset or  deduction,  the  principal sum of Three
Hundred Ten Thousand Dollars  ($310,000.00),  with interest from the date hereof
on the unpaid  principal  balance at the initial  interest rate of eight percent
(8.00%)  per annum,  and  principal  and  interest  payable  in initial  monthly
installments  of  Two  Thousand  Five  Hundred  Ninety-Two  and  96/100  Dollars
($2,592.96) each, beginning on the first day of May, 1998, and continuing on the
first day of each and every month  thereafter to and including April l, 2010, on
which date any unpaid principal, interest and all other sums due under this Note
shall be paid in full (the "Due Date").

     2.   ADJUSTABLE INTEREST RATE PROVISIONS (MULTIPLE  ADJUSTMENTS AT HOLDER'S
OPTION).  Borrower  agrees that the interest  rate on this Note may, at Holder's
sole option,  be adjusted two times.  One adjustment may be made to be effective
at any time on or after April 1, 2002.  The other  adjustment  may be made to be
effective  at any time on or after  April 1,  2006.  Such  adjustments  shall be
subject to the following terms and conditions:

          a.   not less than sixty (60) days prior to the effective  date of any
               adjustment  of the  interest  rate,  Holder  shall give  Borrower
               written  notice of the  adjusted  interest  rate and the adjusted
               monthly  payment of principal and interest  necessary to amortize
               the  remaining  balance at the  adjusted  interest  rate over the
               remaining  portion of the original two hundred  forty (240) month
               amortization term as of the effective date of the adjustment; and

          b.   no such adjustment  shall exceed an interest rate increase of one
               and one-half percent (1.50%) (i.e. 150 basis points) per annum on
               the unpaid  balance.  Thus,  for example,  the maximum rate which
               Holder may charge as of the first  adjustment would be 9.50%, and
               the  maximum  rate  as of the  second  adjustment  (assuming  the
               maximum raise occurred in the first  adjustment)  would be 11.0%;
               and

          c.   the notice specified in (a) above shall be deemed given by Holder
               when  deposited  in the  United  States  mail,  postage  prepaid,
               addressed to Borrower at the address specified herein.

<PAGE>

          d.   notwithstanding the terms of this Note which may otherwise impose
               prepayment premiums, Borrower shall have the right, at Borrower's
               sole  option,  to  pre-pay in full the  entire  unpaid  principal
               balance,  along  with all  accrued  and  unpaid  interest  at the
               applicable rate, and all other unpaid charges, without prepayment
               premium, at any time during a one hundred eighty (180) day period
               following  the  giving  of  written  notice of an  interest  rate
               increase.

     3.   NOTICE. Except as may be otherwise specified in this Note, any notices
required to be given  hereunder  shall be given in the manner  specified  in the
Deed of Trust,  Assignment  of Rents and  Security  Agreement  ("Deed of Trust")
executed by Borrower on an even date herewith.

     4.   CREDITING OF PAYMENTS. Each installment payment in any amount received
by Holder  shall be credited as of its due date,  without  regard to its date of
receipt by Holder,  first to interest  then due and the  remainder to principal,
and interest shall cease upon the principal so credited as of the date that such
credit is made.

     5.   DEFAULT BY  BORROWER.  Should  default  be made in the  payment of any
installment  or other sum within  fifteen  (15) days after the date when due, or
should  Borrower fail to perform any other  provision or condition  contained in
this Note or the Deed of Trust securing this Note, or in any instrument securing
this Note,  within thirty (30) days after written  notice of default is given by
Holder,  the whole sum of principal and interest shall become immediately due at
the option of Holder and  regardless of any prior  forbearance.  Interest  shall
accrue  following  any default  hereunder at the rate set forth in this Note, as
adjusted from time to time, plus five percent (5.00%).  As used in this Note and
in the Loan  Instruments (as  hereinafter  defined)  default shall include,  but
shall not be limited to:

          a.   Any payment or sum required by this Note or the Loan  Instruments
               is not paid or made within fifteen (15) days from when due; or

          b.   Borrower  fails to perform any other  obligation  required  under
               this Note or the Loan Instruments,  or does any act or allows any
               condition to occur or exist which is  prohibited  under this Note
               or the Loan  Instruments  and fails to cure such  default  within
               thirty (30) days after written notice from Holder; or

          c.   Borrower  fails to comply with any other  agreement in any of the
               documents and  agreements  forming a part of the  transaction  of
               which this Note is a part,  including  the Loan  Instruments  and
               fails to cure such default  within thirty (30) days after written
               notice from Holder; or

                                       -2-

<PAGE>

          d.   Any  representation or warranty made herein or in any of the Loan
               Instruments,  or otherwise in connection with the application for
               or making of this  loan,  proves to be or  becomes  untrue in any
               material  respect or Borrower has omitted or failed to disclose a
               material  fact to  Holder  at any time  prior to the date of this
               Note which if disclosed  would have had a  significant  impact on
               Holder's  decision  whether to approve the loan evidenced by this
               Note and the Loan Instruments; or

          e.   The commencement by or against Borrower of any proceedings  under
               any  bankruptcy  or similar  law for the relief of debtors of the
               United  States or any state or the  appointment  of any receiver,
               trustee,  assignee for the benefit of creditors,  conservators or
               similar  parties for the Borrower or any of Borrower's  property,
               which in the case of proceedings  commenced  against Borrower are
               not dismissed within sixty (60) days after commencement; or

          f.   Borrower fails to either (i) provide for professional  management
               of the Property by a management  company acceptable to Holder and
               under a written  agreement  acceptable to Holder,  or (ii) manage
               the Property itself, or (iii) if there occurs a failure to comply
               with  any  laws,   regulations,   and  ordinances  regarding  the
               employment and payment of persons engaged in the operation of the
               Property; or

          g.   An  assignment,   transfer,   conveyance,  or  relinquishment  by
               Borrower  of any of the  rights or  obligations  under  this Note
               except as otherwise expressly provided in this Note; or

          h.   The Property is impaired,  pledged, or transferred in whole or in
               part such that the first lien  security of Holder is  diminished,
               altered,  impaired or encumbered,  such as by failure of Borrower
               to pay real estate taxes or assessments before delinquency or the
               filing of any lien which takes priority over any lien of Holder.

     6.   LATE CHARGE. Borrower agrees: (a) to pay immediately to Holder without
demand in the event any  installment  or other  payment  or sum is not  actually
received  by Holder  within  fifteen  (15) days after its due date,  and without
regard to the date as of which such payment is credited,  an amount equal to the
equivalent of four percent  (4.00%) of the  installment  or other payment or sum
due; (b) that it would be  impractical  or  extremely  difficult to fix Holder's
actual  damages in the event that any  installment,  payment or sum shall not be
paid when due;  and (c) that such  amount  shall be presumed to be the amount of
damages for such late payment.  This  paragraph and the amount which it provides
shall not limit  Holder's  right under this Note, the Deed of Trust securing it,
or otherwise, to compel prompt performance hereunder and thereunder.

                                       -3-

<PAGE>

     7.   PREPAYMENT  PRIVILEGE.  On and  after,  but not prior to May 1,  1998,
Borrower may make optional and partial  prepayments  of principal,  exclusive of
the portion of principal paid with each monthly loan payment, without additional
prepayment  charge  provided  that the  aggregate  of such  optional and partial
prepayments  does  not  exceed,  in any one  loan  prepayment  year,  Thirty-One
Thousand Dollars  ($31,000.00) (the "allowable  prepayment").  This privilege is
non-cumulative  from one loan prepayment  year to another.  For purposes of this
paragraph,  "loan prepayment year" means each twelve-month period beginning with
each  May  1 and  ending  with  the  following  April  30.  Notwithstanding  the
foregoing, prepayments of principal which in any loan prepayment year exceed the
allowable  prepayment  ("excess  prepayments"),  whether partial  prepayments or
prepayment in full,  may be made provided  that  Borrower  gives Holder  written
notice of all  principal  to be prepaid  at least  sixty (60) days prior to such
prepayment and provided  further that Borrower pays to Holder together with each
such prepayment (including prepayments occurring as a result of or following the
acceleration by Holder of the unpaid principal amount, but excluding prepayments
occurring  because of the  application  by Holder of insurance  or  condemnation
awards or proceeds  pursuant to the Loan  Instruments)  a prepayment  premium as
follows:

          a.   Six percent (6.0%) of the excess  prepayments  during each of the
               first three (3) loan prepayment years;

          b.   Five percent (5.0%) of the excess  prepayments  during the fourth
               loan prepayment year;

          e.   Four percent  (4.0%) of the excess  prepayments  during the fifth
               (5th) loan prepayment year;

          d.   Three percent (3.0%) of the excess  prepayments  during the sixth
               (6th) loan prepayment year;

          e.   Two percent (2.0%) of the excess  prepayments  during the seventh
               (7th) loan prepayment year;

          f.   Thereafter and for all subsequent loan prepayment years until and
               including  April 30,  2007,  one  percent  (1.0%)  of the  excess
               prepayments; and

          f.   From and after May 1, 2007,  to the Due Date,  there  shall be no
               prepayment premium.

Prepayments  shall be applied against the outstanding  principal  balance of the
Note and shall not extend or  postpone  the due date of any  subsequent  monthly
installments  or change the amount of such  installments,  unless  Holder  shall
agree otherwise in writing.

                                       -4-

<PAGE>

     8.   NOTE PAYABLE IN U.S. DOLLARS.  Principal, interest and all charges are
payable in lawful money of the United States.

     9.   SECURITY/ACCELERATION CLAUSE. This Note is secured by a Deed of Trust,
by an  Assignment of Rents and Leases,  one or more  Financing  Statements,  and
other  instruments,  agreements  and documents of even date herewith which grant
Holder  security  interests in, among other things,  a two story office building
located in Denver, Colorado (the foregoing are collectively referred to as "Loan
Instruments"  and the collateral  encumbered by the Loan Instruments is referred
to as the  "Property").  The  obligations,  covenants and agreements of each and
every of the Loan  Instruments  are hereby  made a part of this Note to the same
extent  and with the same  effect as if they were  fully set forth  herein,  and
Borrower  does  hereby  agree to  perform  and keep each and  every  obligation,
covenant and agreement set forth in this Note and in the other Loan Instruments.
This  Note  shall  evidence,   and  the  Loan  Instruments  shall  secure,   the
indebtedness  described herein, any future loans or advances that may be made to
or on behalf of Borrower by Holder at any time or times hereafter under the Loan
Instruments,  and any other  amounts  required to be paid by Borrower  under the
Loan Instruments,  and any such loans, advances or amounts shall be added to the
indebtedness  evidenced  by this Note,  and shall bear  interest at the interest
rate then  effective,  unless a greater rate is  expressly  provided for in this
Note or the other Loan Instruments.

     10.  ASSUMABILITY  OF THIS NOTE. If this Note, any Loan  Instruments or any
Property encumbered by such Loan Instruments is assumed, assigned or conveyed by
Borrower in whole or in part, or upon a sale or conveyance (whether voluntary or
involuntary)  of all  or a  portion  of  the  Properly  described  in  the  Loan
Instruments  or of fifty  percent (50%) or more of the  beneficial  interests in
Borrower  (whether  in a  single  transaction  or  in  the  aggregate  with  all
transactions),  or  upon  the  occurrence  of any  other  transaction  or  event
referenced and  prohibited in Paragraph 20 of the Deed of Trust,  or if any plan
or  attempt  is made to do oro  perform  any of the  foregoing,  this Note shall
automatically  and without notice from Holder at Holder's option be deemed to be
in default, and Holder may declare all unpaid principal, interest and other sums
under  this  Note to be  immediately  due and  payable  in full.  The  foregoing
acceleration shall not be applicable in the case of:

          (i)  the grant of an  occupancy  leasehold  interest  in a part of the
               Property made in  accordance  with the Loan  Instruments  and not
               containing an option to purchase; or

          (ii) sales or transfers for fair market  consideration  of fixtures or
               any  routine  personal  property  used  in the  operation  of the
               Property, provided that such sales or transfers are incidental to
               the  replacement of like fixtures and personal  property of newer
               and better  quality and  condition,  or such fixtures or personal
               property  are  removed  in  connection  with the making of tenant
               improvements.

                                       -5-

<PAGE>

     If Holder consents  (which consent may not be unreasonably  withheld) to an
assignment, conveyance or assumption of this Note, or to a sale or conveyance of
all or a portion of the Property, except as permitted above, said consent may be
upon the  following  terms  (and  others  as  determined  by  Holder in its sole
discretion):  (a) buyer or assignee submits a credit and management  application
which is approved by Holder under Holder's  applicable  underwriting  guidelines
and policies;  (b) buyer or assignee executes a written assumption  agreement in
form and content as prepared by Holder;  (c) buyer pays Holder an assumption fee
of Three  Thousand  One Hundred  Dollars  ($3,100.00);  (d)  Borrower,  buyer or
assignee pays to Holder on demand all reasonable  costs and expenses  including,
but not limited to, credit report fees, title insurance premiums, recording fees
and  reasonable  attorneys'  fees  incurred  by  Holder in  connection  with the
transaction;  and (e)  Holder may  modify  the  interest  rate and loan terms as
conditions of such consent.

          11.  MAXIMUM  INTEREST.  In no event whatsoever shall the amount paid,
or agreed to be paid,  to Holder for the use,  forbearance  or  retention of the
money to be loaned hereunder  ("Interest") exceed the maximum amount permissible
under  applicable law. If the performance or fulfillment of any provision hereof
or of the Deed of Trust or any other Loan Instruments or other agreement between
Holder and Borrower  shall result in Interest  exceeding  the limit for interest
prescribed  by law,  then the  amount of such  Interest  shall be reduced to the
maximum rate which may lawfully be charged or collected by Holder.  If, from any
circumstances  whatsoever,  Holder  should  receive as Interest an amount  which
would  exceed the highest  lawful  rate,  the amount  which  would be  excessive
Interest  shall be applied  to the  reduction  of the  principal  balance  owing
hereunder (or, at the option of Holder, be paid over to Borrower) and not to the
payment of Interest.

          12.  COSTS OF COLLECTION AND/OR ENFORCEMENT. Borrower promises to pay:
(a)  all  reasonable  costs  and  expenses  of  enforcement  and/or  collection,
including without limitation, reasonable attorneys' fees, in the event this Note
or any  portion of this Note after  default is placed in the hands of  attorneys
for enforcement and/or collection and such is effected with or without suit; (b)
reasonable  attorneys'  fees,  as  determined  by the judge of the court if such
determination is required by law, and all other reasonable  costs,  expenses and
fees  incurred by Holder in the event suit is  instituted  to collect or enforce
this Note or any portion of this Note;  (c) all  reasonable  costs and  expenses
provided  for in the Deed of  Trust,  in the Loan  Instruments,  or in any other
instrument  given as security  for this Note and/or  incurred by or on behalf of
Holder in connection with collecting or otherwise  enforcing any right of Holder
under  this  Note,  the  Deed of  Trust,  the  Loan  Instruments,  or any  other
instrument  given as security for this Note;  and (d) all  reasonable  costs and
expenses, including, without limitation,  reasonable attorneys' fees incurred by
Holder  in  connection  with  any  bankruptcy,   insolvency  or   reorganization
proceeding or  receivership  in which Borrower is involved,  including,  without
limitation, reasonable attorneys' fees incurred in making any appearances in any
such  proceeding or in seeking  relief from any stay or injunction  issued in or
arising out of any such proceeding.

          13.  CERTAIN  WAIVERS.  Borrower  waives  diligence,   grace,  demand,
presentment for payment,  exhibition of this Note,  protest,  notice of protest,
notice of dishonor, notice of

                                       -6-

<PAGE>

demand,  notice of  nonpayment,  and any and all  exemption  rights  against the
indebtedness  evidenced by this Note,  and agrees to any and all  extensions  or
renewals  from time to time without  notice and to any partial  payments of this
Note made  before  or after  maturity  and that no such  extension,  renewal  or
partial  payment shall release  Borrower from the  obligation of payment of this
Note or any installment of this Note.

     14.  EXERCISE OF RIGHTS.  No single or partial exercise by Holder, or delay
or omission in the  exercise by Holder,  of any right or remedy under this Note,
the Deed of Trust,  or Loan  Instruments  or authorized  by law shall  preclude,
waive or limit the exercise thereof,  any other or further exercise thereof,  or
the exercise of any right or remedy. Holder shall at all times have the right to
proceed  against  Borrower  and/or any portion of, or interest  in, the property
secured  by the Deed of Trust  and Loan  Instruments  securing  the Note in such
manner as Holder may deem fit, without waiving any other rights or remedies with
respect to the property, any portion thereof, or interest therein.

     15.  NO MODIFICATIONS.  This Note may not be changed,  amended or modified,
except in a writing expressly intended for such purpose and executed by Borrower
and Holder.

     16.  GOVERNING  LAW.  This  Note is to be  construed  and  enforced  in all
respects in accordance with the laws of the State Of Colorado.

     17.  CONSTRUCTION.  The words  "Borrower"  and "Holder"  shall be deemed to
include the respective heirs, personal  representatives,  successors and assigns
of each, and shall denote the singular and/or plural,  and the masculine  and/or
feminine,  and natural  and/or  artificial  persons,  whenever  and wherever the
context so requires.  The captions  herein are inserted only for  convenience of
reference  and in no way define,  limit or describe  the scope or intent of this
Note or any particular  paragraph or section hereof, or the proper  construction
thereof.

     18,  TIME OF THE  ESSENCE.  Time shall be of the  essence in this Note with
respect to all of Borrower's obligations hereunder.

     19.  CONSENT TO RELIEF FROM STAY.  Borrower hereby agrees that in the event
on or  before  the date all sums  under  this  Note are paid in full to  Holder,
Borrower (by  Borrower's own action or the action of any  creditors),  (i) files
with any  bankruptcy  court of competent  jurisdiction  or is the subject of any
petition for relief  under Title 11 of the U.S.  Code,  as amended,  (ii) is the
subject of any order for relief issued under such Title 11 of the U.S.  Code, as
amended,   (iii)  files  or  is  the  subject  of  any   petition   seeking  any
reorganization,    arrangement,    composition,    readjustment,    liquidation,
dissolution,  or similar relief under any present or future federal or state act
or law relating to  bankruptcy,  insolvency,  or other relief for debtors,  (iv)
seeks,  consents to, or acquiesces in the appointment of any trustee,  receiver,
conservator,  or liquidator,  or (v) is the subject of any order,  judgment,  or
decree entered by any court of competent jurisdiction approving a petition filed
against   such   party  for  any   reorganization,   arrangement,   composition,
readjustment,  liquidation,  dissolution, or similar relief under any present or
future federal or state act or law relating to bankruptcy, insolvency, or

                                       -7-

<PAGE>

relief for debtors,  then all sums under this Note shall  thereupon be deemed to
be immediately  due and payable in full, and Holder shall  thereupon be entitled
to relief from any automatic stay imposed by Section 362 of Title 11 of the U.S.
Code,  as amended,  or  otherwise,  on or against the exercise of the rights and
remedies otherwise available to Holder as provided in this Note and in all other
documents  made to secure the  obligations  under this  Note,  and as  otherwise
provided by law, and Borrower  hereby waives the benefits of such automatic stay
and consents and agrees to raise no objection to such relief.

     20.  SEVERABILITY.  If any provision hereof should be held unenforceable or
void,  then  such  provision  shall  be  deemed  separable  from  the  remaining
provisions and shall in no way affect the validity of this Note,  except that if
such  provision  relates to the payment of any monetary sum, then Holder may, at
its option,  declare  the  indebtedness  evidenced  hereby  immediately  due and
payable.

     EXECUTED this 31st day of March, 1998.

                                   EXECUTIVE TELECARD, INC., a Colorado
                                   corporation, Borrower

                                   By: /s/ Anne Haas      [illegible initials]
                                      ----------------------------------------
                                       Assistant Secretary & Treasurer

                                   Borrower's Address:  4260 East Evans, Suite 6
                                                        Denver, Colorado 80222

STATE OF COLORADO                                 )
                                                  ) ss.
CITY and COUNTY OF DENVER                         )

     The foregoing instrument was acknowledged before me this 31st day of March,
1998, by: Anne Haas,  Assistant  Secretary & Treasurer  [illegible  initials] of
Executive Telecard,  Inc., a Colorado corporation Borrower, and on behalf of the
corporation.

[SEAL]

                                                [illegible]
                                         ---------------------------------------
                                         Notary Public                  11/17/99

               [SEAL]

                                       -8-EXHIBIT 10.28

                AGREEMENT FOR PROVISION OF CALLING CARD SERVICES

         THIS AGREEMENT (this "Agreement") is entered into as of this ______ day
of  August,   1998,  by  and  between  Executive  TeleCard,   Ltd.,  a  Delaware
corporation,  with offices located at 4260 Evans Avenue, Denver,  Colorado 80222
("EXTEL") and/or its nominee, and American Prepaid, a Florida corporation,  with
offices  at 659 North  Biscayne  River  Drive,  Miami,  Florida  33169  ("AP" or
"Customer").

                                    RECITALS

         WHEREAS,  EXTEL is engaged in the business of providing a service which
will  enable  the  cards  issued  by  Customer  or under its brand to be used as
telephone calling cards using the World Direct(R) network of EXTEL or such other
facilities of substantially  similar quality as EXTEL may provide, as more fully
described on Exhibit A hereto (the "Service"); and

         WHEREAS,  AP is engaged in the business of marketing  and  distributing
prepaid telephone cards throughout the United States; and

         WHEREAS,  EXTEL and Customer wish to enter into this Agreement pursuant
to which the Service will be made available to Customer subscribers.

         NOW  THEREFORE,  in  consideration  of the  foregoing and of the mutual
covenants and agreements contained herein, the parties agree as follows:

                                 1. THE SERVICE

         1.1 Service:  Term. EXTEL shall make the Service  available to Customer
for an initial term commencing on August _____, 1998 (the "Effective Date") and,
unless earlier  terminated in accordance with Section 10.1,  ending on the fifth
anniversary  of the Effective  Date (the "Term").  The Term shall  autmoatically
renew for  subsequent  one (1) year periods  unless  either party gives  written
notice to the other party, not less than six (6) months before the expiration of
any Term, of its  intention not to renew.  The Service is described on Exhibit A
hereto and  incorporated  herein for all purposes.  EXTEL  reserves the right to
amend the  description  of the Service on Exhibit A from time to time during the
Term and each such  amendment  shall become  effectgive  upon written  notice to
Customer.  In the event  that  EXTEL  amends the  service  description  and such
amendment is material to the  Customer's  business and results in a  substantial
commercial  change  in the  relationship,  then  the  Customer  may  cancel  the
Agreement without penalty.

         1.2 Additional  Services.  Additional  services and additional features
not  provided  as part of the basic  Service  may be made  available  under this
Agreement by execution and delivery by the parties hereto of one or more addenda
to Exhibit A, all as more fully described on Exhibit A.

         1.3  Availability  of Service to  Cardholders.  Customer shall make the
Service  available to all holders of cards issued by Customer or under its brand
("Customer Cards").  "Cardholder" shall mean the authorized user of the Customer
Card. Customer shall not use the Service for any card other than a Customer Card
without the prior written consent of EXTEL.

         1.4  Operating  Standards.  The Service shall be provided in accordance
with the Operating  Standards attached as Exhibit B and incorporated  herein for
all purposes (the "Operating Standards").  EXTEL reserves the right to amend the
Operating Standards on Exhibit B from time to time during the Term and each such
amendment shall become effective upon written notice to Customer. Customer

<PAGE>

agrees to comply with and promptly carry out the matters listed in the Operating
Standards  as  Customer  responsibilities.  In the event that  EXTEL  amends the
Operating  Standards and such amendment is material to the  Customer's  business
and results in a substantial and material commercial change in the relationship,
then the Customer may cancel the Agreement without penalty.

         1.5 Ownership of "800"  Numbers.  The ownership of "800" numbers or any
similar toll-free number (e.g.,  "888" or other numeral) shall be the Customer's
and the numbers shall be issued in Customer's name.

                         2. CUSTOMER CARDS, CARDHOLDERS

         2.1 Card  Production  and Issuance.  EXTEL has no  responsibility  with
respect to the production,  design or issuance of Customer Cards,  except to the
extent  provided in an addendum to Exhibit A. Customer may issue  Customer Cards
bearing the service mark,  trademark  and/or trade name of Customer and a design
or style as may,  from time to time,  be  determined  by  Customer.  EXTEL  will
provide to Customer upon request sample copy, rate information and instructional
material for its use in producing its Customer Cards.  After activation by EXTEL
as provided  below,  each  Customer  Card will enable the  Cardholder to use the
Service.

         2.2 Card  Activation.  EXTEL will  generate  calling  card numbers with
Personal  Identification  Numbers ("PIN").  The card shall have a control number
which is in  sequential  numbers  which is used to identify the cards but not to
identify  the  customer.  The  customer  PIN  number  will be in 10  numbers  as
displayed on the card's face.  EXTEL will supply a disk with the control numbers
and card numbers at the beginning of a run. At the time of  activation,  AP will
supply to EXTEL Operations and to EXTEL Accounting the control numbers which are
being  activated.  EXTEL shall not be  obligated to activate  customer  cards in
blocks of less than 50.

         2.3 Card De-Activation.  Customer shall provide to EXTEL daily lists of
Customer Cards  (including  control numbers and PIN numbers) for Cardholders who
cease to be authorized to use the Service (a "Stop List").  Each Stop List shall
be in such  form and  provided  to EXTEL in such  manner  as may  reasonably  be
specified by EXTEL from time to time. Card  de-activation will also be available
in  real  time  by  having  a  distributor  of  AP  or  AP  communicate  over  a
pre-determined  800  numbers to EXTEL and give EXTEL an order to  de-activate  a
card. Where such order has been received by the distributor or by AP, any retail
customer   dissatisfaction  or  ramifications  from  de-activation  is  not  the
responsibility of EXTEL.  Within 24 hours after receipt of each Stop List, EXTEL
shall take such steps as may be necessary  to block usage of the Customer  Cards
listed on the Stop List.

         2.4  Administrative  De-Activation.   In  circumstances  where  AP  has
formally  requested  EXTEL to activate a series of cards but for some reason the
cards are not delivered to a distributor  or are returned from a distributor  to
AP and the cards are not  going to be sold to a retail  customer,  then AP shall
have the ability to de-activate those cards by communication to EXTEL and not be
charged for that  activation  fee.  In such  cases,  if there has been any debit
against those cards or any charge, AP shall bear the cost of that charge.

                     3. CARDHOLDER RATES; RATES FOR SERVICE

         3.1  EXTEL to  Establish  Rates for the  Service.  EXTEL  shall  charge
Customer for use of the Service at those rates set forth in the Rate Schedule(s)
attached hereto as Exhibit C and incorporated herein for all purposes.  The Rate
Schedule(s) may be amended from time to time by EXTEL, where its underlying cost
of service changes or the rates otherwise become non-compensatory to EXTEL, upon
written notice to

                                       2
<PAGE>

Customer. EXTEL shall give Customer notice as soon as possible after it receives
its own written notice of a change in circumstances, but in no event shall there
be less than seven (7) days prior  written  notice  (or such  shorter  period of
notice  as is  reasonably  practicable  under  the  circumstances,  the  parties
acknowledging that EXTEL's changes to the Rate Schedule are necessary to respond
to changes in  regulatory  requirements,  taxes or the rates charged by carriers
whose  telecommunications  facilities may be used to provide the Service) of all
changes to the Rate Schedule to enable Customer to make any desired  adjustments
to the rates the Customer's Cardholders are to be charged for the Service. EXTEL
will use its best efforts to consult and agree with AP regarding the issuance or
modification of any rate schedule.

         3.2 Customer to Establish  Cardholder  Rates.  Customer will charge the
Customer's  Cardholders  for  their use of the  Service,  as made  available  to
Cardholders  by Customer,  at rates and on terms and  conditions  determined  by
Customer.  EXTEL has no responsibility  with respect to such matters,  including
without  limitation  with  respect to the rating of calls,  expect to the extent
specifically  provided  in an  addendum  to Exhibit A, or in a  particular  Rate
Schedule.

         3.3 Billing and Payment.

     (a) Payments by AP. AP shall pay EXTEL the full  wholesale  price of a card
within an agreed time period from activation.  The time period for payment shall
be specified in each rate schedule.

     (b) Method of Activation. The cards have a PIN number and a control number.
The control number has no effect on decremation of the card. AP will inform both
EXTEL Accounting and EXTEL  Operations by another  notification of the series of
control numbers that are to be activated. This will be done by fax and/or e-mail
as  designated  by EXTEL.  EXTEL's  Operations  shall  thereafter  activate  the
designated batch of cards;  EXTEL shall be paid, as specified in 3.3(a), by wire
transfer.

     (c)  Breakage.  When a card's value is not totally  decremented  when it is
deactivated, EXTEL shall not account for any balance.

         3.4 Credit for Calls of Unacceptable  Quality.  EXTEL makes no warranty
regarding the quality of such facilities or network,  and is not responsible for
any incomplete calls,  interruptions,  defects in quality or other problems with
transmission,  except to the extent that this  Section  provides for credits for
such  calls.  In the event that EXTEL or its  employees,  servants,  agents,  or
entities  under its control  engage in any action or provide  any service  which
amounts to gross  negligence,  then EXTEL shall be responsible for reimbursement
of actual  losses of the  Customer,  but not loss of  profits  or  consequential
damages.

         3.5   Credit,   Alternative   Service   or   Refund   for  Paid   PINs.
Notwithstanding any other provision of this Agreement,  if AP has paid for a PIN
according  to the  provision  of this  Agreement  and EXTEL is unable to provide
service to that PIN, then AP will be entitled to either a credit or  alternative
service or, in the event that EXTEL cannot provide alternative service within 30
days, a refund.

         3.6 Fraudulent or Unauthorized Use of the Service.  EXTEL shall provide
to Customer only the basic fraud management  services which are describe din the
Operating  Standards or the enhanced fraud management  services  described on an
addendum to Exhibit A. EXTEL makes no representation  that such services will be
adequate to identify or prevent unauthorized or fraudulent use of Customer Cards
by Cardholders  or other persons,  and provision of (or failure to provide) such
services shall not in any way change the respective rights and  responsibilities
of EXTEL and  Customer  from  those set  forth in the  first  paragraph  of this
Section.

                                       3
<PAGE>

        3.7 Taxes.  Customer  shall pay, and shall  indemnify  and hold harmless
EXTEL against,  all sales, use, VAT, excise,  gross receipts,  and similar taxes
(other  than  income  taxes on  payments  made by  Customer  to EXTEL under this
Agreement)  and related  charges  that may be imposed or assessed at any time by
any  governmental   entity  or  other  taxing  authority  with  respect  to  the
availability  of the Service to  Cardholders  or payments made by Cardholders to
Customer.  EXTEL  shall pay,  and shall  indemnify  and hold  harmless  Customer
against,  all sales,  use, VAT,  excise,  gross receipts,  and similar taxes and
related charges that may be imposed or assessed at any time by any  governmental
entity or other taxing  authority  with respect to payments made by EXTEL to the
carriers  whose  telecommunications  facilities are used to provide the Service.
The parties hereto shall cooperate in taking all reasonable  action necessary to
minimize, or quality for exemptions from, any such taxes, duties or liabilities,
including  without  limitation  furnishing   certifications  that  purchases  by
Customer are for purposes of resale; provided,  however, that such obligation to
take  reasonable  action shall not  obligate  any party to make any  significant
expenditure or incur any significant  penalty or liability or to take any action
that either  party  reasonably  believes  might be unlawful or in  violation  of
applicable rules or regulations.

                                  4. MARKETING

         Customer  shall  market the  Service to  Cardholders,  and EXTEL  shall
provide marketing assistance as may be agreed from time to time by the parties.

                   5. NO WARRANTIES; LIMITATIONS OF LIABILITY

        EXTEL MAKES NO WARRANTY,  WHETHER EXPRESS,  IMPLIED, OR STATUTORY, AS TO
THE  DESCRIPTION,  QUALITY,  MERCHANTABILITY,  COMPLETENESS  OR FITNESS  FOR ANY
PURPOSE OF THE SERVICE OR AS TO ANY OTHER  MATTER,  ALL OF WHICH  WARRANTIES  BY
EXTEL ARE HEREBY EXCLUDED AND  DISCLAIMED.  IN NO EVENT SHALL EXTEL BE LIABLE TO
CUSTOMER,  ANY  CARDHOLDER OR ANY OTHER  PERSON,  FIRM OR ENTITY IN ANY RESPECT,
INCLUDING,  WITHOUT  LIMITATION,  FOR  ANY  DAMAGES,  EITHER  DIRECT,  INDIRECT,
CONSEQUENTIAL,  SPECIAL, INCIDENTAL,  ACTUAL, PUNITIVE, OR ANY OTHER DAMAGES, OR
FOR ANY LOST PROFITS OF ANY KIND OR NATURE WHATSOEVER,  ARISING OUT OF MISTAKES,
ACCIDENTS, ERRORS, OMISSIONS, INTERRUPTIONS, DELAYS, OR DEFECTS IN TRANSMISSION,
OR  DELAYS,  INCLUDING  THOSE  WHICH  MAY BE CAUSED BY  REGULATORY  OR  JUDICIAL
AUTHORITIES,  ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OBLIGATIONS OF
EXTEL PURSUANT TO THIS  AGREEMENT.  EXTEL's  liability  arising out of mistakes,
accidents,   omissions,   interruptions,   delays,   or  errors  or  defects  in
transmission in the provision of Service or delays in restoration of the Service
shall  in no event  exceed  the  amount  of the  refund,  if any,  which  may be
available  under  Section 3.3.  Customer  shall not make any  representation  or
warranty regarding the Service or additional  services provided hereunder beyond
those  made by  EXTEL.  EXTEL  shall  not make any  representation  or  warranty
regarding the card services provided by Customer to its Cardholders beyond those
made by Customer.

                            6. COMPLIANCE WITH LAWS

        Each party agrees that it is in compliance  with and will continue to be
in  compliance  with all  international,  national,  state  and  local  laws and
regulations relating to the performance of its obligations under this Agreement.
Each party is responsible  for obtaining all licenses,  approvals and regulatory
authority  for  its  operations  and  the  provision  of  services  by it to its
customers. Each party agrees to

                                       4
<PAGE>

Indemnify  and  hold the  other  party  harmless  from all  costs  and  damages,
including  reasonable  attorney's fees,  arising from failure to comply with any
regulatory or governmental approvals required.

                                7. FORCE MAJEURE

         Neither party shall be in default  under this  Agreement if any failure
or delay in performance is caused by strike or other labor problems;  accidents;
acts of god;  fire;  flood;  adverse  weather  conditions;  material or facility
shortages or  unavailability;  lack of  transportation;  the  imposition  of any
governmental codes, ordinances, laws, rules, regulations or restrictions; delays
in obtaining  regulatory or  governmental  authorizations;  condemnation  or the
exercise of rights of eminent domain; war or civil disorder;  or any other cause
beyond the  reasonable  control of either party  hereto.  Neither party shall be
liable  for  any  consequential,  special,  indirect,  incidental,  punitive  or
exemplary damages for any acts or failure to act under this Agreement.

                      8. INDEMNIFICATION AND HOLD HARMLESS

         EXTEL shall indemnify, defend and otherwise hold harmless Customer from
and against any and all suits,  claims and any other losses,  including  without
limitation  attorneys' fees  (collectively,  "Claims"),  to the extent that such
Claims arise from or in connection  with any breach of this  Agreement by EXTEL.
Subject to the foregoing,  Customer shall  indemnify,  defend and otherwise hold
harmless  EXTEL from and  against  any and all  Claims to the  extent  that such
Claims arise from or in  connection  with (i) the use of the Service by Customer
or Cardholders,  (ii) the content of any material transmitted through use of the
Service by Customer or  Cardholders,  (iii) marketing  activities  undertaken by
Customer,  including  particularly  any  representations  or warranties  made by
Customer regarding the Service or additional  services provided hereunder beyond
those made by EXTEL,  or (iv) any breach of this  Agreement by Customer.  In the
event a party  receives  notice of any action or event  which  gives rise to the
indemnification  obligations  contained herein, such party shall, within 20 days
after receipt of such notice,  notify the other party of the  occurrence of such
action  or  event,  as the case may be.  If such  Claim  involves  assertion  of
liability  by a third  party,  the  indemnifying  party  shall have the right to
undertake  (through  counsel of its  choosing,  such  counsel  to be  reasonably
acceptable  to the  indemnitee)  the defense,  compromise  or settlement of such
Claim on behalf of and at the risk of the indemnifying  party. In the event that
the  indemnifying  party does not elect (by written notice to the indemnitee) to
undertake  such  defense,  the  indemnitee  shall  have the  right to  undertake
(through  counsel of its choosing,  such counsel to be reasonably  acceptable to
the indemnitee) the defense, compromise or settlement of such Claim on behalf of
and at the risk of the indemnifying  party.  Neither the indemnifying  party nor
the indemnitee  shall  compromise or settle the Claim without the consent of the
other  party  unless  such  settlement  involves a release  of the other  party,
provided that such consent shall not by unreasonably withheld or delayed.

                            9. TRADEMARKS AND LOGOS

         The parties hereby acknowledge that all copyright,  trademark,  service
mark, logos and other property rights in the name,  including the trade name, of
each party or of any licensor of such party (collectively, "Marks") shall remain
the sole property of such party, and the other party shall have no right, title,
or interest therein. Each party shall use the Marks of the other party only in a
manner  and at such  times as are  expressly  authorized  by this  Agreement  or
otherwise agreed to in writing.  Each party shall use its reasonable  commercial
efforts  during the term of this  Agreement  not to impair the  interests of the
other party in such Marks.  Each party  hereby  grants to the other party during
the term of this Agreement,

                                       5
<PAGE>

including any renewal thereof, a limited, non-exclusive license to use the Marks
of such party in connection with activities  expressly  contemplated  under this
Agreement,   including  the  promotion  of  the  Service,   and  on  statements,
communications,  inserts, and correspondence relating thereto; provided however,
that prior to any such use of a party's  Marks  such  party  shall be advised of
such proposed use.

                           10. TERMINATION; REMEDIES

         10.1     Termination Rights.  Either party may terminate this Agreement
by written notice to the other party if:

         a)       The other party commits any material  breach of this Agreement
                  which is not capable of being remedied;

         b)       The other party  commits a breach of this  Agreement  which is
                  capable  of being  remedied  and  fails to remedy  the  breach
                  within 30 days after receipt of written  notice of the default
                  or within such longer period as may be specified in the notice
                  of default;

         c)       The  other  party  ceases,  or  proposes  to cease to carry on
                  business or an application is made, proceedings are commenced,
                  or a  resolution  is passed or proposed in a notice of meeting
                  for  the  winding  up,  dissolution,  official  management  or
                  administration  of the other party or the other  party  enters
                  into any arrangement,  compromise or composition  with, or any
                  assignment  for the benefit of its  creditors  or any class of
                  them, or a receiver, receiver and manager, official manager or
                  provisional  liquidator is appointed with respect to the other
                  party or any of its assets.

         10.2     Termination  Not a Release.  Termination of this Agreement for
any reason  shall not release  either  party from any accrued  liability  to the
other party.  A party's  right to terminate  this  Agreement as provided  herein
shall be  without  prejudice  to any other  rights  provided  to it by law or in
equity.

         10.3     Remedies.  Upon the occurrence of any material  breach of this
Agreement,   including  without  limitation  the  failure  to  pay  amounts  due
aggregating  $50,000 or more, the non-defaulting  party shall have the right, in
its  sole  discretion,  to  suspend  performance  of  all  or  any  part  of its
obligations  under  this  Agreement,  terminate  this  Agreement  (to the extent
permitted by Section 10.1 hereof)  and/or pursue any other  remedies that may be
available to such party; provided, however, that the parties will use their best
efforts  to  resolve  any  issue  or  material   breach  within  five  (5)  days
notification of the breach (the "Resolution  Period").  Notwithstanding the five
day  Resolution  Period,  in the event that payment is not made within three (3)
days from the time of the  original  due date,  then service may be suspended at
EXTEL's  option  provide that EXTEL gives Customer three (3) days notice of such
suspension of service.  In the case of any  suspension of service for failure to
make full payment is not made when due,  such  service  shall be resumed at such
time as the unpaid party  receives all unpaid  balances  (including  interest or
penalties).  Nothing  contained  in this  Agreement  is intended to nor shall be
construed  so as to limit the  remedies  which any party hereto may have against
the other  party  hereto  in the  event of a breach  by the  other  party or any
representation,  warranty, covenant, or agreement made under or pursuant to this
Agreement,  it being  intended  that any  remedy  shall  be  cumulative  and not
exclusive.  A party that is in material  breach  under this  Agreement  shall be
liable to the other  party for all  costs  and  expenses,  including  reasonable
attorneys' fees, incurred by the other party in enforcing its rights or remedies
hereunder.

                                       6
<PAGE>

                              11. CONFIDENTIALITY

         11.1     Confidential  Information.  During the term of this Agreement,
the parties  shall  regard and  preserve as  confidential  and  proprietary  all
non-public information related to the business of the other party it receives or
learns as a result of this Agreement ("Confidential  Information").  The parties
agree not to disclose any such Confidential  Information without first obtaining
the other party's prior written consent.

         11.2     Use of Confidential Information.  The parties agree to use the
Confidential  Information  only for the purposes of fulfilling  their respective
obligations  under this  Agreement and not  otherwise.  No rights or licenses to
trade or service marks,  inventions,  copy rights, patents or other intellectual
property rights are implied or granted under this Agreement  except as otherwise
expressly  provided for in this Agreement.  Each party shall use reasonable care
to  avoid  unauthorized  disclosure  or use of the  other  party's  Confidential
Information  and not less than the same degree of care as it uses to protect its
own confidential information of similar sensitivity. It is agreed that access to
all Confidential  Information  shall be limited to only such employees or agents
who need to know such  information  for the  purpose of  fulfilling  obligations
under this  Agreement  and that each party shall be liable for any  unauthorized
disclosure or use of the other party's  Confidential  Information  by any of its
employees or agents to whom such Confidential Information is disclosed.

         11.3     Ownership  of  Confidential   Information.   All  Confidential
Information  shall  remain the property of the party having the same at the time
of execution of this Agreement and such Confidential Information,  including all
copies thereof, shall be returned to the other party or destroyed after the need
for it has expired, upon request and, in any event, promptly upon termination of
this Agreement.

         11.4     Confidentiality  of Sales Leads and Forwarding of Sales Leads.
During the course of  performing  customer  service or in any other  aspect when
EXTEL receives  request for other  service,  sales leads,  or other  information
which  could  lead  to  the  generation  of  business  for  Customer,  all  such
information  to be  forwarded  to the  Customer  shall  be the  property  of the
Customer and with the specific  understanding that these opportunities belong to
the Customer and shall be  transferred  to the Customer as soon as  commercially
practicable.

                        12. RELATIONSHIP OF THE PARTIES

        Nothing  herein  contained  shall be deemed or  construed by the parties
hereto,  nor by any third party,  as creating the  relationship of principal and
agent,  or of  partnership  or of joint  venture  between  the  parties  to this
Agreement,  it being understood and agreed that neither any provisions contained
herein,  nor any acts of the  parties  hereto,  shall be deemed  to create  such
relationship.  In  addition,  neither  party to this  Agreement  shall  have the
authority to bind or obligate the other,  expect as expressly  set forth in this
Agreement.  Nothing  contained  herein  shall  limit the ability of any party to
conduct  any  other  venture  or  entitle  either  party to any  interest  in or
ownership of any other venture by the other party.

                             13. VOLUME OF BUSINESS

         13.1     Target  Card  Volume.  In  consideration  of  EXTEL  extending
services and acquiring and provisioning additional equipment and personnel on an
expedited  basis,  and in  anticipation of the ability to meet levels of volume,
Customer  agrees to use best efforts to obtain  service from EXTEL,  over the 12
month period after  execution  of this  Agreement,  for a total of at least five
million cards at an average

                                       7
<PAGE>

face retail value of $10 per card subject only to EXTL  performing at a level of
service consistent with industry standards.

         13.2     Provision   for   Services   for   Pre-Existing    Cards.   In
consideration  of EXTEL's  management and provision of service for  pre-existing
prepaid cards (the records and electronic  database(s) with regard to which were
supplied to EXTEL prior to the executing of this  Agreement),  Customer will pay
EXTEL the following amounts in the following manner. EXTEL will invoice Customer
for the cost of service  incurred by EXTEL in its  management  and  provision of
service for pre-existing  prepaid cards. EXTEL will issue the first such invoice
90 days after the commencement of the service; and shall subsequently invoice AP
each month  until all of the  service for  pre-existing  prepaid  cards has been
completed. AP shall pay such invoice within 15 days out of funds available to it
from a surcharge  to be placed on newly  issued cards -- for any period in which
AP has not  activated  sufficient  new cards to create  an  aggregate  amount of
surcharge  sufficient to pay the entire  invoice,  the amount of the invoice not
paid by the aggregate  amount of the surcharge  shall be added to the subsequent
invoice for  payment.  The total  amount of such  surcharge  shall be limited to
EXTEL's fair and  reasonable  charges.  The  surcharge  shall be $.05 per $10 of
retail face value for the first 3 million  cards  activated by AP following  the
commencement  of service  and $.10 per $10 of retail face value for the next 3.5
million  cards;  the surcharge will apply to cards  activated  beginning 90 days
after the commencement of service.

         13.3     Rights of First  Refusal.  Both EXTEL and Customer  shall have
the duty to present any  opportunity  they have to each other with respect to an
opportunity to provide or use services in the prepaid calling card business with
some other entity.  The party presented with such an opportunity  shall have the
chance to match or make a more  favorable  offer of business,  e.g., if EXTEL is
offered  business  in  the  prepaid  area,  it  will  notify  Customer  of  that
opportunity  and Customer will have a reasonable  opportunity  to enter into the
same  transaction.  In turn,  in the  event  that  Customer  receives  an offer,
proposal,  or bid from some  provider  other  than  EXTEL,  it will give EXTEL a
reasonable opportunity to enter into the same transaction. In the event that the
offer made by EXTEL is equal to or more  favorable than all of the terms offered
by another provider, then EXTEL shall receive the business.

         13.4     Volumes.  EXTEL has made an  investment  to acquire  3,000,000
minutes of  transmission  per month to  Mexico,  and has  requested  at $.20 per
minute nonbanded,  and EXTEL has ordered up to a total of 12,000,000 minutes per
month on the same terms to go into effect ninety (90) days  hereafter.  Customer
understands  that EXTEL has made this  commitment  in reliance  upon  Customer's
entering into this Agreement wherein EXTEL becomes  Customer's  primary provider
of platform and  transmission  services.  Customer  will use its best efforts to
utilize  these  Mexican  minutes in a fashion  which meets the margins and other
terms found in Paragraph 3.3, supra.

         13.5     Most Favored Customer.  EXTEL and Customer mutually agree that
they will extend to one another the most favorable  treatment on price and terms
practicable;  the parties  mutually  agree that no other  customer shall receive
more favorable terms.

         13.6     Activation  of PINs.  AP will be permitted to activate PINs in
amounts agreed on a daily or weekly basis by EXTEL;  EXTEL,  in turn,  agrees to
use its best efforts to maintain a .05 grade of service.

                               14. MISCELLANEOUS

         14.1     Entire  Agreement.   This  Agreement  constitutes  the  entire
Agreement  between the parties  hereto with respect to the subject matter hereof
and supersedes all prior and contemporaneous

                                       8
<PAGE>

agreements and understandings of the parties in connection  herewith.  There are
no representations, warranties, covenants, conditions, agreements, understanding
or arrangements,  oral or written,  between or among the parties relating to the
subject  matter  hereof which are not fully  expressed  herein.  No agent of any
party  is  authorized  to make  any  representation,  promise  or  warranty  not
contained in this Agreement.

         14.2     Amendment.  Except as set forth in Section 1.2, this Agreement
may not be amended  or  modified  any way  expect in writing  and signed by both
parties to this Agreement.

         14.3     Notice.  Except  as  specified  below  in  this  Section,  all
notices, demands, requests, or other communications which may be or are required
to be given or made by any party to any other party  pursuant to this  Agreement
shall  be in  writing  and  shall  be  hand  delivered,  mailed  by  first-class
registered  or  certified  mail,  return  receipt  requested,  postage  prepaid,
delivered by overnight  air  courier,  or  transmitted  by telegram,  telex,  or
facsimile transmission addressed as follows:

        (i)     If to Customer:

                Bill Judd
                American Prepaid
                659 N. Biscayne River Drive
                Miami, FL 33169
                Telephone: (305) 688-5105

        (ii)    If to EXTEL:

                Colin Smith
                Executive TeleCard, Ltd.
                1720 South Bellaire St., Suite 1000
                Denver, CO 80222
                Telephone: (303) 512-1594

Or such other  address as the  addressee  may indicate by written  notice to the
other parties.  Each notice,  demand,  request,  or communication which shall be
given or made in the manner described above shall be deemed  sufficiently  given
or made for all purposes at such times as it is delivered to the addressee (with
the return receipt,  the delivery  receipt,  the affidavit of messenger or (with
respect to a telex) the  answerback  being deemed  conclusive  but not exclusive
evidence  of such  delivery)  or at such  time as  delivery  is  refused  by the
addressee upon presentation.

        Communications on day-to-day technical matters, particularly relating to
the  matters  addressed  in the  Operating  Standards,  should be by  telephone,
facsimile or e-mail transmission to the following (each, a "Technical Contact"):

        (i) If to Customer's Technical Contact(s):

                Name(s):
                        ----------------------------------
                Telephone Number(s):
                                    ----------------------
                Fax Number(s):
                              ----------------------------
                E-Mail Address(es):
                                   -----------------------

                                       9
<PAGE>

        (ii) If to EXTEL's Technical Contact(s):

                Name(s):                Dennis Lunbery, Bill Newman
                Telephone Number(s):    (303) 512-1491 (Lunbery);
                                        (303) 512-1447 (Newman)
                Fax Number(s):          (303) 759-2074 (Lunbery)
                E-Mail Address(es):     dennisl@eglobe.net
                                        bill@eglobe.com

Communications on day-to-day technical matters with Technical Contacts shall not
constitute  notice  hereunder  unless  separate notice is also given as provided
above in this Section.

         14.4     Severability.  If any part of any provision of this  Agreement
or any other  agreement,  document or writing given pursuant to or in connection
with this Agreement shall be invalid or unenforceable under applicable law, such
part shall be ineffective to the extent of such  invalidity or  unenforceability
only, without in any way affecting the remaining parts of such provisions or the
remaining provisions of said agreement.

         14.5     Assignment.  Except as  hereinafter  specifically  provided in
this Section, no party shall assign this Agreement, in whole or in part, whether
by operation of law or otherwise, without the prior written consent of the other
party, and any purported  assignment contrary to the terms hereof shall be of no
force and effect.  Notwithstanding  the  foregoing,  each party or any permitted
assignee  of such  party  may  assign  this  Agreement  and  any and all  rights
hereunder  in whole or in part,  to any  affiliate  of such  party  without  the
consent of the other party.

         14.6     Remedies.  Nothing contained in this Agreement is intended nor
shall be construed  so as to limit the remedies  which any party hereto may have
against  any  other  party  hereto  in the event of a breach by any party of any
representation,  warranty, covenant, or agreement made under or pursuant to this
Agreement,  it being  intended  that any  remedy  shall  be  cumulative  and not
exclusive.

         14.7     Waiver. No delay or failure on the part of any party hereto in
exercising any right, power or privilege under this Agreement shall be construed
as a waiver of any default or any acceptance  thereof. No waiver by any party of
any provision of this Agreement shall  constitute or imply a subsequent or other
waiver of the same or any other provision of this  Agreement.  No waiver will be
effective  unless in writing and signed by the party against whom such waiver is
asserted.

         14.8     Survival.  The rights,  obligations and covenants set forth in
Section 3.6, 5, 6, 8, 9, 10, 11, 12 and 14.8 of this Agreement (and  definitions
of terms used  therein)  shall  survive and  continue  after any  expiration  or
termination  of this  Agreement  and shall  bind the  parties  and  their  legal
representatives,   successors,  heirs  and  assigns,  for  acts  connected  with
performance or conduct during the course of this Agreement.

         14.9     Conflicts.  In the  event  of a  conflict  between  provisions
contained in the body of this  Agreement and  provisions  contained in Exhibit A
hereto or an addendum to Exhibit A which has been  executed and delivered by the
parties,  the  provisions  contained  in  Exhibit A or  addendum  thereto  shall
control.

         14.10    Ownership.  EXTEL acknowledges that Customer is the sole owner
of all of Customer's card services  (including its customer base) and EXTEL does
not, as a result of this  Agreement,  acquire  any  interest  therein.  Customer
acknowledges that EXTEL is the sole owner of all of EXTEL's property

                                       10
<PAGE>

and services  (including the World Direct(R) network and other components of the
Service)  and  Customer  does not,  as a result of this  Agreement,  acquire any
interest therein.

         14.11    Limitation on Benefits. The rights,  obligations and covenants
set forth in this  Agreement  shall be solely for the  benefit  of, and shall be
enforceable  only by, the parties  hereto and their  respective  successors  and
permitted assigns.

         14.12    Inurement.  This  Agreement  shall be binding on and insure to
the  benefit  of the  parties  hereto,  their  representatives,  successors  and
permitted assigns.

         14.13    Governing  Law.  This  Agreement  shall  be  governed  by  and
construed in accordance  with the laws of the State of New York (without  regard
to the choice of law rules thereof).

         14.14    Counterparts.  This Agreement may be executed in counterparts,
each of which  shall be  deemed an  original,  but all of which  together  shall
constitute one and the same instrument.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized  representatives  as of the day and year first
set forth above.

CUSTOMER                               EXECUTIVE TELECARD, LTD.

-------------------------------        ---------------------------------
By:                                    By:
   ----------------------------           ------------------------------
Its:                                   Its:
    ---------------------------            -----------------------------

                                       11
<PAGE>

                                   EXHIBIT A

PREPAID CALLING CARDS

         The Customer Cards are to be "prepaid" calling cards ("Prepaid Customer
Cards").  EXTEL will  provide  Customer  with a series of Customer  Card numbers
which identifies the Prepaid Customer Cards as prepaid calling cards. When EXTEL
activates  Prepaid  Customer  Cards,  which  will be  activated,  at  Customer's
request,  in series of not less than 50 cards, each Prepaid Customer Card series
will  have a  predetermined  number  of units of  calling  time.  Customer  will
determine the number of units per card series. As the Prepaid Customer Cards are
used,  EXTEL will,  as part of its  billing  function,  decrement  such cards in
amounts equal to the rates the Customer's  Cardholders are to be charged for the
Service,  as  indicate  in the Rate  Schedule(s)  agreed to in Exhibit C. When a
Prepaid Customer Card has been  decremented to zero, it will be deactivated.  In
addition, a Prepaid Customer Card shall be deactivated four (4) months after the
date of its activation.

         EXTEL will sell the units of prepaid  calling time to Customer at those
rates set forth in the Rate Schedule  attached to the Agreement as Exhibit C, as
it may be amended from time to time by EXTEL  during the term of this  Agreement
and any extension thereof. Payment shall be made by wire transfer of immediately
available  funds to an account  designated  by EXTEL.  Amounts that are not paid
within  fifteen (15) days  following the invoice date shall bear interest at the
rate of  1-1/2%  per  month  until  paid in full (or such  lower  rate as may be
required by applicable  law). To the extent that this  paragraph and Section 3.3
of the Agreement  conflict,  this paragraph shall govern with respect to Prepaid
Customer Cards.

                                       12
<PAGE>

                                                     ADDENDUM NO. 1 TO EXHIBIT A

                         CUSTOMER SERVICE AVAILABILITY

EXTEL agrees to provide  24/7 day customer  service with the ability to debit or
credit an individual card as appropriate.

<PAGE>

                                    EXHIBIT B

                              OPERATING STANDARDS

                           CUSTOMER RESPONSIBILITIES

SERVICE REQUIREMENTS

-    Language  required  (for  voice  prompts  and  EXTEL's  Operator  Center)
-    Customized voice prompt  requested.  The actual text of the prompt needs to
     be know.
-    Is a domestic toll-free access number required?
-    Are more than two languages required?

CARD UPDATES

-    Mode of transmission (i.e. FTP, BBS access, email, UUCP, etc.)
-    Frequency of updates

CUSTOMER SERVICE

-    Are there additional customer service  requirements apart from our standard
     customer service?

CUSTOMER AND EXTEL JOINT RESPONSIBILITIES

-    Download billing file containing the test calls
-    Test the service prior to launching the service to the cardholders
-    Send a printed version of the marketing materials to EXTEL

<PAGE>

                                   EXHIBIT C
                                 RATE SCHEDULE

Discount Rate Schedule as of 8/9/98
Note: Terms are $5.30 per $10 of face value to be paid no later than the seventh
day following activation by wire transfer.

COUNTRY                                            BASE RATE
-------                                            ---------
AFGHANISTAN                                          $1.65
ALBANIA                                              $0.70
ALGERIA                                              $0.99
AMERICAN SAMOA                                       $0.87
ANDORRA                                              $0.44
ANGOLA                                               $0.89
ANGUILLA                                             $0.72
ANTARTICA                                            $0.99
ANTIGUA                                              $0.65
ARGENTINA                                            $0.67
ARMENIA                                              $1.03
ARUBA                                                $0.59
ASCENSION IS.                                        $1.59
AUSTRALIA                                            $0.25
AUSTRIA                                              $0.45
AZERBAIJAN                                           $1.25
BAHAMAS                                              $0.38
BAHRAIN                                              $0.99
BANGLADESH                                           $1.71
BARBADOS                                             $0.73
BELARUS                                              $1.00
BELGIUM                                              $0.22
BELIZE                                               $1.01
BENIN                                                $1.01
BERMUDA                                              $0.38
BHUTAN                                               $1.55
BOLIVIA                                              $0.93
BOSNIA/HERZEGOVINA                                   $0.89
BOTSWANA                                             $0.88
BRAZIL                                               $0.83
BRITISH VIR IS                                       $0.57
BRUNEI                                               $0.75
BULGARIA                                             $0.89
BURKINA FASO                                         $1.05
BURUNDI                                              $1.55
CAMBODIA                                             $1.98
CAMEROON                                             $1.24
CANADA                                               $0.20
CAPE VERDE IS.                                       $0.97
CAYMAN IS.                                           $0.57
CENTRAL AFRICAN REP.                                 $1.53
CHAD                                                 $1.90
CHILE                                                $0.52

                                      C-1
<PAGE>

                                   EXHIBIT C
                                 RATE SCHEDULE

CHINA                                                $0.95
CHRISTMAS/COCOS IS.                                  $1.00
Colombia-Bogota                                      $0.35
Colombia-Cali/Madellin                               $0.38
COLOMBIA-OTHER                                       $0.51
COMOROS                                              $2.50
CONGO                                                $1.20
COOK IS.                                             $2.05
COSTA RICA                                           $0.75
CROATIA REP.                                         $0.89
CUBA                                                 $1.25
CYPRUS                                               $0.80
CZECH REP.                                           $0.46
DENMARK                                              $0.25
DIEGO GARCIA                                         $1.24
DJIBOUTI                                             $1.42
DOMINICA                                             $0.82
DOMINICAN REP.                                       $0.50
ECUADOR                                              $0.70
EGYPT                                                $0.99
EL SALVADOR                                          $0.84
EQUATORIAL GUINEA                                    $1.69
ERITREA                                              $1.69
ESTONIA                                              $0.49
ETHIOPIA                                             $1.46
FAEROE IS.                                           $0.46
FALKLAND IS.                                         $1.30
FIJI IS.                                             $1.39
FINLAND                                              $0.30
FRANCE                                               $0.25
FRENCH ANTILLES                                      $0.88
FRENCH GUIANA                                        $0.88
FRENCH POLYNESIA                                     $1.35
GABON                                                $1.36
GAMBIA                                               $1.01
GEORGIA                                              $1.19
GERMANY                                              $0.25
GHANA                                                $0.89
GIBRALTAR                                            $0.54
GREECE                                               $0.56
GREENLAND                                            $0.84
GRENADA                                              $0.88
GUADELOUPE                                           $0.75
GUAM                                                 $0.30
GUANTANAMO BAY                                       $0.85
GUATEMALA                                            $0.59
GUINEA REP.                                          $1.50
GUINEA-BISSAU                                        $1.79

                                      C-2
<PAGE>

                                   EXHIBIT C
                                 RATE SCHEDULE

GUYANA                                               $1.20
HAITI                                                $0.75
HONDURAS                                             $0.88
HONG KONG                                            $0.35
HUNGARY                                              $0.40
ICELAND                                              $0.47
INDIA                                                $1.25
INDONESIA                                            $0.99
IRAN                                                 $1.29
IRAQ                                                 $1.49
IRELAND                                              $0.24
ISRAEL                                               $0.40
ITALY                                                $0.32
IVORY COAST                                          $1.79
JAMAICA                                              $0.79
JAPAN                                                $0.33
JORDAN                                               $1.12
KAZAKHSTAN                                           $1.09
KENYA                                                $1.19
KIRGHIZIA                                            $1.86
KIRIBATI                                             $1.60
KOREA                                                $0.58
KYRGYZSTAN                                           $1.06
LAOS                                                 $1.52
LATVIA                                               $0.59
LEBANON                                              $1.36
LESOTHO                                              $0.87
LIBERIA                                              $0.79
LIBYA                                                $0.78
LIECHTENSTEIN                                        $0.29
LITHUANIA                                            $0.69
LUXEMBOURG                                           $0.30
MACAU                                                $0.80
MACEDONIA                                            $0.75
MADAGASCAR                                           $1.39
MALAWI                                               $0.89
MALAYSIA                                             $0.50
MALDIVES                                             $0.08
MALI REPUBLIC                                        $1.64
MALTA                                                $0.50
MARSHALL IS.                                         $0.88
MAURITANIA                                           $1.50
MAURITIUS                                            $1.50
MAYOTTE IS.                                          $1.25
Mexico 1                                             $0.37
Mexico 2                                             $0.37
Mexico 3                                             $0.37

                                       C-3
<PAGE>

                                   EXHIBIT C
                                 RATE SCHEDULE

Mexico 4                                             $0.37
Mexico 5                                             $0.37
Mexico 6                                             $0.37
Mexico 7                                             $0.37
Mexico 8                                             $0.37
MICRONESIA                                           $1.50
MOLDOVA                                              $0.99
MONACO                                               $0.38
MONGOLIA                                             $1.99
MONTSERRAT                                           $0.89
MOROCCO                                              $0.70
MOZAMBIQUE                                           $1.08
MUSTIQUE                                             $1.58
MYANMAR, BURMA                                       $1.96
NAMIBIA                                              $0.85
NAURU                                                $1.45
NEPAL                                                $1.53
NET. ANTILLES                                        $0.47
NETHERLANDS                                          $0.25
NEVIS                                                $0.79
NEW CALEDONIA                                        $1.19
NEW ZEALAND                                          $0.25
NICARAGUA                                            $0.77
NIGER REP.                                           $1.43
NIGERIA                                              $1.00
NIUE ISLAND                                          $2.00
NORFORK ISLAND                                       $0.85
NORWAY                                               $0.25
OMAN                                                 $1.43
PAKISTAN                                             $1.60
PALAU                                                $1.52
PANAMA                                               $0.75
PAPUN GUINEA                                         $0.88
PARAGUAY                                             $0.88
PERU                                                 $0.80
PHILIPPINES                                          $0.64
POLAND                                               $0.56
PORTUGAL                                             $0.54
PUERTO RICO/USVI                                     $0.20
QATAR                                                $1.39
REUNION IS.                                          $1.17
ROMANIA                                              $0.67
RUSSIA (REPUBLIC)                                    $0.75
RWANDA                                               $1.55
SAIPAN                                               $0.69
SAN MARINO                                           $0.75
SAO TOME                                             $1.74
SAUDI ARABIA                                         $1.03

                                      C-4
<PAGE>

                                   EXHIBIT C
                                 RATE SCHEDULE

SENEGAL                                              $1.73
SEYCHELLES IS.                                       $1.73
SIERRA LEONE                                         $1.55
SINGAPORE                                            $0.45
SLOVAKIA                                             $0.48
SLOVENIA REP.                                        $0.85
SOLOMON IS.                                          $1.41
SOMALIA                                              $1.57
SOUTH AFRICA                                         $0.67
SPAIN                                                $0.43
SRI LANKA                                            $1.29
ST. HELENA                                           $1.50
ST. KITTS                                            $0.75
ST. LUCIA                                            $0.89
ST. PIERRE                                           $0.53
ST. VINCENT                                          $0.91
SUDAN                                                $0.89
SURINAME                                             $1.88
SWAZILAND                                            $0.88
SWEDEN                                               $0.25
SWITZERLAND                                          $0.27
SYRIA                                                $1.26
TAIWAN                                               $0.56
TAJIKISTAN                                           $1.25
TANZANIA                                             $1.17
THAILAND                                             $0.89
TOGO                                                 $1.65
TONGA IS.                                            $1.67
TRINIDAD/TOBAGO                                      $0.99
TUNISIA                                              $0.65
TURKEY                                               $0.69
TURKMENISTAN                                         $1.08
TURKS IS./CAICOS                                     $0.79
TUVALU                                               $1.38
U.A.E.                                               $0.98
U.K.                                                 $0.20
U.S.A. Continental (CONUS)                           $0.149
UGANDA                                               $1.00
UKRAINE                                              $0.96
URUGUAY                                              $0.96
UZBEKISTAN                                           $1.01
VANUATU                                              $1.38
VATICAN CITY                                         $0.41
VENEZUELA                                            $0.52
VIETNAM                                              $1.50
WALLIS/FUTUNA                                        $1.00
WEST SAMOA                                           $1.10
YEMEN ARAB REP.                                      $1.09

                                      C-5
<PAGE>

                                   EXHIBIT C
                                 RATE SCHEDULE

YEMEN PEOPLES                                        $1.12
YOGOSLOVIA                                           $0.70
ZAIRE                                                $1.12
ZAMBIA                                               $1.36
ZIMBABWE                                             $1.00
Alaska/Hawaii/Puerto Rico/USVI                       $0.20

International Connect Charge                         $1.00
Domestic Connect Charge - CONUS/Canada               $0.25
Domestic Connect Charge - Alaska/Hawaii/PR/VI        $1.00
Payphone Surcharge                                   $0.50
Service Charge - monthly after 1st use               $0.50

Billing Increment - CONUS/Canada                     1 Min (After 1st three min)
Billing Increment - Alaska/Hawaii/Puerto Rico        1 Min (After 1st three min)
Billing Increment - International                    1 Min (After 1st three min)

All  cards  will  have an  expiration  180 days  after  PIN  activation,  unless
otherwise agreed upon.

All rates subject to change depending upon the underlying transmission rate.

                                      C-6
<PAGE>

                                   EXHIBIT C
                                 RATE SCHEDULE

All-in-One Rate Schedule as of 8/7/98
Note: Payment Terms are 56.00 per $10.00 of face value paid within five (5) days
of  activation  by wire  transfers.  Cards may be issue in $5,  $10, or $20 face
values, other values reuqire additional agreement.

COUNTRY                                            BASE RATE
-------                                            ---------
AFGHANISTAN                                          $1.65
ALBANIA                                              $0.70
ALGERIA                                              $0.57
AMERICAN SAMOA                                       $0.87
ANDORRA                                              $0.44
ANGOLA                                               $0.89
ANGUILLA                                             $0.90
ANTARTICA                                            $0.72
ANTIGUA                                              $0.81
ARGENTINA                                            $0.60
ARMENIA                                              $1.03
ARUBA                                                $0.65
ASCENSION IS.                                        $1.29
AUSTRALIA                                            $0.16
AUSTRIA                                              $0.32
AZERBAIJAN                                           $1.25
BAHAMAS                                              $0.38
BAHRAIN                                              $1.24
BANGLADESH                                           $1.71
BARBADOS                                             $0.96
BELARUS                                              $1.00
BELGIUM                                              $0.19
BELIZE                                               $1.28
BENIN                                                $0.99
BERMUDA                                              $0.38
BHUTAN                                               $1.32
BOLIVIA                                              $0.75
BOSNIA/HERZEGOVINA                                   $1.00
BOTSWANA                                             $0.79
BRAZIL                                               $0.54
BRITISH VIR IS                                       $0.60
BRUNEI                                               $0.75
BULGARIA                                             $1.00
BURKINA FASO                                         $1.10
BURUNDI                                              $1.11
CAMBODIA                                             $1.55
CAMEROON                                             $1.45
CANADA                                               $0.15
CAPE VERDE IS.                                       $0.97
CAYMAN IS.                                           $0.61
CENTRAL AFRICAN REP.                                 $1.53
CHAD                                                 $1.90
CHILE                                                $0.36

                                      C-7
<PAGE>

                                   EXHIBIT C
                                 RATE SCHEDULE

CHINA                                                $0.80
CHRISTMAS/COCOS IS.                                  $1.00
Colombia-Bogota $0.27
Colombia-Cali/Madellin                               $0.37
COLOMBIA-OTHER                                       $0.40
COMOROS                                              $1.65
CONGO                                                $1.38
COOK IS.                                             $2.05
COSTA RICA                                           $0.75
CROATIA REP.                                         $1.00
CUBA                                                 $0.99
CYPRUS                                               $0.53
CZECH REP.                                           $0.46
DENMARK                                              $0.16
DIEGO GARCIA                                         $1.24
DJIBOUTI                                             $1.42
DOMINICA                                             $0.88
DOMINICAN REP.                                       $0.50
ECUADOR                                              $0.66
EGYPT                                                $1.33
EL SALVADOR                                          $0.46
EQUATORIAL GUINEA                                    $1.69
ERITREA                                              $1.69
ESTONIA                                              $0.49
ETHIOPIA                                             $1.69
FAEROE IS.                                           $0.46
FALKLAND IS.                                         $1.30
FIJI IS.                                             $1.39
FINLAND                                              $0.16
FRANCE                                               $0.16
FRENCH ANTILLES                                      $0.88
FRENCH GUIANA                                        $0.76
FRENCH POLYNESIA                                     $1.15
GABON                                                $1.46
GAMBIA                                               $1.01
GEORGIA                                              $1.19
GERMANY                                              $0.18
GHANA                                                $0.95
GIBRALTAR                                            $0.54
GREECE                                               $0.35
GREENLAND                                            $0.84
GRENADA                                              $1.06
GUADELOUPE                                           $0.72
GUAM                                                 $0.30
GUANTANAMO BAY                                       $0.85
GUATEMALA                                            $0.45
GUINEA REP.                                          $1.11
GUINEA-BISSAU                                        $1.79

                                      C-8
<PAGE>

                                   EXHIBIT C
                                 RATE SCHEDULE

GUYANA                                               $1.42
HAITI                                                $0.75
HONDURAS                                             $0.55
HONG KONG                                            $0.35
HUNGARY                                              $0.38
ICELAND                                              $0.47
INDIA                                                $1.25
INDONESIA                                            $1.15
IRAN                                                 $1.52
IRAQ                                                 $1.71
IRELAND                                              $0.18
ISRAEL                                               $0.34
ITALY                                                $0.24
IVORY COAST                                          $1.82
JAMAICA                                              $0.68
JAPAN                                                $0.42
JORDAN                                               $1.21
KAZAKHSTAN                                           $1.09
KENYA                                                $1.30
KIRGHIZIA                                            $1.86
KIRIBATI                                             $1.60
KOREA                                                $0.68
KUWAIT                                               $1.47
KYRGYSTAN                                            $1.06
LAOS                                                 $1.52
LATVIA                                               $0.59
LEBANON                                              $1.36
LESOTHO                                              $0.87
LIBERIA                                              $0.84
LIBYA                                                $0.58
LIECHTENSTEIN                                        $0.29
LITHUANIA                                            $0.71
LUXEMBOURG                                           $0.19
MACAU                                                $0.75
MACEDONIA                                            $0.58
MADAGASCAR                                           $1.39
MALAWI                                               $0.73
MALDIVES                                             $1.08
MALI REPUBLIC                                        $1.54
MALTA                                                $0.45
MARSHALL IS.                                         $0.78
MAURITANIA                                           $1.12
MAURITIUS                                            $1.22
MAYOTTE IS.                                          $1.10
Mexico 1                                             $0.24
Mexico 2                                             $0.24
Mexico 3                                             $0.24

                                      C-9
<PAGE>

                                   EXHIBIT C
                                 RATE SCHEDULE

Mexico 4                                             $0.24
Mexico 5                                             $0.24
Mexico 5                                             $0.24
Mexico 7                                             $0.24
Mexico 8                                             $0.24
MICRONESIA                                           $1.33
MOLDOVA                                              $0.86
MONACO                                               $0.31
MONGOLIA                                             $1.70
MONTSERRAT                                           $1.17
MOROCCO                                              $0.70
MOZAMBIQUE                                           $1.08
MUSTIQUE                                             $1.58
MYANMAR, BURMA                                       $1.96
NAMIBIA                                              $0.86
NAURU                                                $1.45
NEPAL                                                $1.53
NET. ANTILLES                                        $0.53
NETHERLANDS                                          $0.19
NEVIS                                                $0.91
NEW CALEDONIA                                        $1.19
NEW ZEALAND                                          $0.25
NICARAGUA                                            $0.62
NIGER REP.                                           $1.43
NIGERIA                                              $1.29
NIUE ISLAND                                          $2.00
NORFORK ISLAND                                       $0.86
NORWAY                                               $0.19
OMAN                                                 $1.43
PAKISTAN                                             $1.60
PALAU                                                $1.52
PANAMA                                               $0.75
PAPUAN GUINEA                                        $0.76
PARAGUAY                                             $0.86
PERU                                                 $0.89
PHILIPPINES                                          $0.83
POLAND                                               $0.50
PORTUGAL                                             $0.35
PUERTO RICO/USVI                                     $0.16
QATAR                                                $1.39
REUNION IS.                                          $1.17
ROMANIA                                              $0.67
RUSSIA (REPUBLIC)                                    $0.76
RWANDA                                               $1.55
SAIPAN                                               $0.90
SAN MARINO                                           $0.75
SAO TOME                                             $1.74
SAUDI ARABIA                                         $1.43

                                      C-10
<PAGE>

                                   EXHIBIT C
                                 RATE SCHEDULE

SENEGAL                                              $1.73
SEYCHELLES IS.                                       $1.73
SIERRA LEONE                                         $1.55
SINGAPORE                                            $0.62
SLOVAKIA                                             $0.48
SLOVENIA REP.                                        $0.55
SOLOMON IS.                                          $1.41
SOMALIA                                              $1.57
SOUTH AFRICA                                         $0.75
SPAIN                                                $0.30
SRI LANKA                                            $1.60
ST. HELENA                                           $1.05
ST. KITTS                                            $0.86
ST. LUCIA                                            $1.02
ST. PIERRE                                           $0.53
ST. VINCENT                                          $1.18
SUDAN                                                $0.89
SURINAME                                             $1.88
SWAZILAND                                            $0.60
SWEDEN                                               $0.18
SWITZERLAND                                          $0.20
SYRIA                                                $1.26
TAIWAN                                               $0.70
TAJIKISTAN                                           $1.25
TANZANIA                                             $1.17
THAILAND                                             $1.12
TOGO                                                 $1.65
TONGA IS.                                            $1.67
TRINIDAD/TOBAGO                                      $1.11
TUNISIA                                              $0.65
TURKEY                                               $0.70
TURKMENISTAN                                         $1.08
TURKS IS./CAICOS                                     $0.91
TUVALU                                               $1.38
U.A.E.                                               $0.98
U.K.                                                 $0.12
U.S.A. Continental (CONUS)                           $0.99
UGANDA                                               $1.00
UKRAINE                                              $1.00
URUGUAY                                              $0.80
UZBEKISTAN                                           $1.01
VANUATU                                              $1.38
VATICAN CITY                                         $0.41
VENEZUELA                                            $0.44
VIETNAM                                              $1.68
WALLIS/FUTUNA                                        $1.00
WEST SAMOA                                           $1.10
YEMEN ARAB REP.                                      $1.32

                                      C-11
<PAGE>

                                   EXHIBIT C
                                 RATE SCHEDULE

YEMEN PEOPLES                                        $1.32
YOGOSLOVIA                                           $0.76
ZAIRE                                                $1.12
ZAMBIA                                               $1.38
ZIMBABWE                                             $1.00
Alaska/Hawaii/Puerto Rico/USVI                       $0.16

International Connect Charge                         $1.00
Domestic Connect Charge - CONUS/Canada               $0.50
Domestic Connect Charge - Alaska/Hawaii/PR/VI        $1.00
Payphone Surcharge                                   $0.50
Service Charge - monthly after 1st use               $0.50

Billing Increment                                    1 Min (After 1st three min)

All Origination will be from CONUS, except that origination from Mexico, Alaska,
Hawaii,  Puerto Rico, USVI and other points will begin upon written notification
to American Prepaid.

After  notification,  Mexican  origination  will be $.75 per minute with a $1.00
Connect Charge.

All  cards  will  have an  expiration  180 days  after  PIN  activation,  unless
otherwise agreed upon.

All rates subject to change depending upon the underlying transmission rates.

        THE PARTIES  HERETO  HAVE CAUSED THIS  EXHIBIT C TO BE EXECUTED BY THEIR
DULY  AUTHORIZED  REPRESENTATIVES  AS OF THE DAY AND YEAR FIRST SET FORTH IN THE
AGREEMENT FOR PROVISION OF CALLING CARD SERVICES TO WHICH IT IS ATTACHED.

CUSTOMER                               EXECUTIVE TELECARD, LTD.

--------------------------------       ---------------------------------
By:                                    By:
   -----------------------------          ------------------------------
Its:                                   Its:
    ----------------------------           -----------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00007-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00007-of-00352.parquet"}]]