Document:

exv10w48

 

Exhibit 10.48

FOURTH AMENDMENT

TO

SENIOR CONVERTIBLE LOAN AND SECURITY AGREEMENT

     THIS FOURTH AMENDMENT TO SENIOR CONVERTIBLE LOAN AND SECURITY AGREEMENT is
made and entered into as of June 30, 2004 , by and between Acceris
Communications Inc. (formerly known as I-Link Incorporated), a Florida
corporation (the “Borrower”) and Counsel Corporation, an Ontario corporation
(“Counsel Corp”), and Counsel Capital Corporation, an Ontario corporation
(“Counsel Capital”), (collectively hereinafter referred to as the “Parties”).

     WHEREAS, Counsel Communications, LLC, a Delaware limited liability company
(“CCOM”) having assigned ninety percent (90%) of its right title and interests
in the Loan Agreement (as hereinafter defined) subject to the Amended Debt
Restructuring Agreement (as hereinafter defined) on October 31, 2001, to
Counsel Corp and ten percent (10%) of its right, title and interests to Counsel
Capital (hereinafter Counsel Corp and Counsel Capital collectively referred to
as the “Lender"); and

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

     WHEREAS, the Parties, inter alia, desire to amend the Loan Agreement
effective as of June 30, 2004 (the “Effective Date”) as provided herein.

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

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

     “Section 4. Term. This Agreement shall be effective from the date hereof
and shall terminate on December 31, 2005, unless terminated earlier pursuant to
the default provisions of this Agreement (the “Maturity Date”). Principal and
interest shall be due and payable on the Maturity Date.”

	2.	 	Effect on Loan Agreement and Loan Note. This Fourth
Amendment is not intended, nor shall it be construed, as a
modification or termination of the Amended Debt Restructuring
Agreement. Except as expressly provided herein, the Loan Agreement
and the Loan Note annexed thereto are hereby ratified and confirmed
and remain in full force and effect in accordance with their
respective terms.

[See attached signature page]

 

 

Signature page

to

Fourth Amendment to Senior Convertible Loan and Security Agreement

dated as of June 30, 2004

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

	 	 	 	 	 
	 	ACCERIS COMMUNICATIONS INC.

 	 
	 	By:  	__________________________
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COUNSEL CORPORATION

 	 
	 	By:  	     __________________________
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COUNSEL CAPITAL CORPORATION

 	 
	 	By:  	__________________________
 	 
	 	 	Name:  	 	 
	 	 	Title:exv10w49

 

Exhibit 10.49

FIRST AMENDMENT

TO

AMENDED AND RESTATED LOAN AGREEMENT

     THIS FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT is made and
entered into as of June 30, 2004 (the “Effective Date”) by and between Acceris
Communications Inc., formerly known as I-Link Incorporated, a Florida
corporation (the “Borrower”) and Counsel Corporation (US), a Delaware
corporation (the “Lender”).

     WHEREAS, the Borrower and Lender are parties to an Amended and Restated
Loan Agreement, dated January 30, 2004 (the “Loan Agreement”) and the parties
desire to amend the Loan Agreement as provided herein.

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

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

     All borrowings hereunder, together with any interest thereon, shall be due
and payable to CCUS in one installment on December 31, 2005 (the “Maturity
Date”). Interest shall accrue and be compounded quarterly and shall result in
a corresponding increase in the principal amount of the Indebtedness.

     2. Effect on Loan Agreement and Loan Note. This First Amendment is not
intended, nor shall it be construed, as a modification or termination of the
Amended and Restated Debt Restructuring Agreement, dated October 15, 2002.
Except as expressly provided herein, the Loan Agreement and the Note annexed
thereto are hereby ratified and confirmed and remain in full force and effect
in accordance with their respective terms.

     IN WITNESS WHEREOF, the Borrower and the Lender have executed this First
Amendment as of the Effective Date.

[See attached signature page]

 

 

[Signature page to First Amendment to Amended and Restated Loan Agreement, dated

January 30, 2004]

	 	 	 	 	 
	 	ACCERIS COMMUNICATIONS INC.

 	 
	 	By:  	__________________________
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COUNSEL CORPORATION (US)

 	 
	 	By:  	__________________________
 	 
	 	 	Name:  	 	 
	 	 	Title:exv10w50

 

Exhibit 10.50

FIRST AMENDMENT

TO

LOAN AGREEMENT

     
THIS FIRST AMENDMENT TO LOAN AGREEMENT is made and entered into as of June 30, 2004 (the
“Effective Date”) by and between Acceris Communications Inc., formerly known as I-Link
Incorporated, a Florida corporation (the “Borrower”) and Counsel Corporation, an Ontario
corporation  (the “Lender”).

     
WHEREAS, the Borrower and Lender are parties to a Loan Agreement, dated
January 26, 2004 (the “Loan Agreement”) and the parties desire to amend the Loan
Agreement as provided herein.

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

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

     Payments of Principal and Interest.
All borrowings hereunder, together with any interest thereon, shall be due and payable to Counsel Corp
in one installment on
December 31, 2005
(the “Maturity Date”); provided, however, the Maturity Date shall be
accelerated to the date ten (10) calendar days following closing under or conclusion of each occurrence
of (a) the sale or sales by Acceris to a third party unrelated to Counsel Corp of the Buyers
United, Inc. Series B Convertible Preferred Stock and/or the common stock into which such stock
is convertible owned by Acceris and held by Counsel Corp as security for the performance by
Acceris hereunder pursuant to the Stock Pledge Agreement, or any portion thereof
(a “BUI Sale”) or (b) an equity investment or investments in Acceris by a third party
unrelated to Counsel Corp through the capital markets, whether pursuant to a registered
offering or unregistered offering or other transaction (an
“Equity Investment”); provided, further, however, that the Maturity Date shall be
accelerated with respect only to the portion of the unpaid Indebtedness equal to the net
amount received by Acceris from any such BUI Sale or any such Equity Investment.

     2. Effect on
Loan Agreement and Loan Note.

This First Amendment is not intended, nor shall it be construed, as a modification or termination
of the Amended and Restated Debt Restructuring Agreement, dated October 15, 2002. Except as expressly
provided herein, the Loan Agreement and the Note annexed thereto are hereby ratified and confirmed
and remain in full force and effect in accordance with their respective terms.

     
IN WITNESS WHEREOF, the Borrower and the Lender have executed this First Amendment as of the Effective Date.

[See attached signature page]

 

 

[Signature page to First Amendment Loan Agreement, dated

January 26, 2004]

	 	 	 	 	 
	 	 	 
	 	 	 
	 	ACCERIS COMMUNICATIONS INC.

 	 
	 	By:  	__________________________
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	COUNSEL CORPORATION

 	 
	 	By:  	__________________________
 	 
	 	 	Name:  	 	 
	 	 	Title:exv10w51

 

Exhibit 10.51

AMENDED AND RESTATED PROMISSORY NOTE

(superceding Promissory Note of March 12, 2004)

	 	 	 
	$2,050,000.00

	 	June 30, 2004

     FOR VALUE RECEIVED, Acceris Communications Inc., a Florida corporation
formerly known as I-Link Incorporated (the “Maker”) promises to pay to Counsel
Corporation, an Ontario corporation, or its assigns (the “Payee”), in the
lawful money of the United States of America (“Dollars” or “$”) the principal
sum of Two Million Dollars and Fifty Thousand ($2,050,000.00) funded from time
to time by Payee to Maker, together with interest thereon as set forth herein,
on or before the Maturity Date as provided below and in accordance with the
provisions of that certain Loan Agreement dated as of January 26, 2004 between
the Maker and Payee as the same may be amended, modified, extended or restated,
the “Loan Agreement.” Capitalized terms used herein but not defined shall have
the meanings ascribed to them in the Loan Agreement.

     1. Interest. The outstanding principal amount of this Promissory
Note (the “Note”), together with unpaid interest, shall bear interest at the
rate of ten percent (10%) per annum commencing on the date funded as to
principal hereunder, namely, commencing February 17, 2004 in respect of One
Million Dollars ($1,000,000.00) funded on that date, commencing February 27,
2004 in respect of One Million Dollars ($1,000,000.00) funded on that date, and
commencing on March 12, 2004 in respect of Fifty Thousand ($50,000.00) funded
on that date, which interest shall accrue and be compounded quarterly and shall
result in a corresponding increase in the principal amount of the Indebtedness.

     2. Time and Place of Payment. The Indebtedness shall be due and
payable in full on the Maturity Date; provided, however, the Maturity Date
shall be accelerated to the date ten (10) calendar days following closing under
or conclusion of each occurrence of (a) the sale or sales by Maker to a third
party unrelated to Payee of the Buyers United, Inc. Series B Convertible
Preferred Stock and/or the common stock into which such stock is convertible
owned by Maker and held by Payee as security for the performance by Maker
hereunder pursuant to the Stock Pledge Agreement between the Maker and Payee
(as hereinafter defined), or any portion thereof (a “BUI Sale”) or (b) an
equity investment or investments in Maker by a third party unrelated to Payee
through the capital markets, whether pursuant to a registered offering or
unregistered offering or other transaction (an “Equity Investment”); provided,
further, however, that the Maturity Date shall be accelerated with respect only
to the portion of the unpaid Indebtedness equal to the net amount received by
Maker from any such BUI Sale or any such Equity Investment.

     3. The Indebtedness, including that portion of the Indebtedness
represented by this Note, is secured pursuant to that Amended and Restated
Stock Pledge Agreement between the Maker and Payee dated as of January 26,
2004, executed and delivered concurrent herewith as the same has been amended,
modified, extended or restated, the “Stock Pledge Agreement.”

     4. Events of Default. The occurrence of any of the following
events or conditions shall constitute an event of default (each an “Event of
Default”):

     (a) Maker shall fail to pay any of the Indebtedness pursuant to terms of
this Note;

     (b) Maker shall fail to comply with any term, obligation, covenant, or
condition contained in any agreement between Maker and Payee (each, an
“Agreement”);

     (c) Any warranty or representation made to Payee by Maker under any
Agreement proves to have been false when made or furnished;

     (d) If Maker voluntarily files a petition under the federal Bankruptcy
Act, as such Act may from time to time be amended, or under any similar or
successor federal statute relating to bankruptcy, insolvency, arrangements or
reorganizations, or under any state bankruptcy or insolvency act, or files an
answer in an involuntary proceeding admitting insolvency or inability to pay
debts, or if Maker is adjudged a bankrupt, or if a trustee or receiver is
appointed for Maker’s property, or if Maker makes an assignment for the benefit
of its creditors, or if there is an attachment, receivership, execution or
other judicial seizure, then Payee may, at Payee’s option, declare all of the
Indebtedness to be immediately due and payable without prior notice to Maker,
and Payee

 

 

may invoke any remedies permitted by this Note. Any attorneys’ fees and
other expenses incurred by Payee in connection with Maker’s bankruptcy or any
of the other events described in this Section 3 shall be additional
Indebtedness of Maker secured by this Note.

     (e) There exists a material breach by Maker under (or a termination by any
party of) a material contract of Maker (for purposes of this Section 4 a
material contract shall mean any contract resulting in revenues of in excess of
$10,000 per annum);

     (f) Maker is in default under any funded indebtedness, including but not
limited to indebtedness evidenced by notes or capital leases, of Maker other
than the amounts loaned pursuant to this Note; or

     (g) If Maker’s business undergoes a material adverse change in Payee’s
reasonable opinion.

     If an Event of Default specified in Section 4(d) hereof occurs and is
continuing, the principal amount of the Indebtedness, together with all accrued
and unpaid interest thereon, shall automatically become and be immediately due
and payable, without any declaration or other act on the part of Payee.

     5. Acceleration. Upon an Event of Default, the Payee may give
written notice to the Maker of the occurrence of such Event of Default and
Maker shall have the shorter of (i) thirty (30) days or (ii) such remedy period
as set forth in the applicable provisions of Section 4 within which to cure
such Event of Default. If the Event of Default is not cured within the
applicable cure period, then, at the option of the Payee, Payee may declare the
Maker in default (a “Default”) and all sums due hereunder shall become
immediately due and payable.

     Any written notification from Payee to Maker hereunder shall be deemed to
be written notification of an Event of Default, or Default, or rescission of
Acceleration (as provided below), respectively, only if such notification,
communication or other election shall (a) be clearly and distinctly identified
as such a Notice of Event of Default, Notice of Default, or Notice of
Rescission of Acceleration, respectively, and (b) be given by certified mail,
return receipt requested or overnight delivery requiring acknowledgement of
receipt, and any communication between the parties not so designated and
delivered shall not be construed or deemed to be effective notice under this
Section 5.

     6. Waivers. The Maker hereby waives presentment, demand for
payment, notice of dishonor and any and all other notices or demands in
connection with the delivery, acceptance, performance, default or enforcement
of this Note and hereby consents to any waivers or modifications that may be
granted or consented to by the Payee of this Note. No waiver by the Payee or
any breach of any covenant of the Maker herein contained or any term or
condition hereof shall be construed as a waiver of any subsequent breach of the
same or of any other covenant, term or condition whatsoever.

     7. Enforcement. In the event that any Payee of this Note shall
institute any action for the enforcement or the collection of this Note, there
shall be immediately due and payable, in addition to the unpaid balance of this
Note, all late charges, and all costs and expenses of such action including
reasonable attorney’s fees. The Maker waives the right to interpose any
setoff, counterclaim or defense of any nature or description whatsoever.

     8. Replacement of Note. Upon receipt by the Maker of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Note,
and (in case of loss, theft or destruction) of an indemnity reasonably
satisfactory to it, and upon reimbursement to the Make of all reasonable
expenses incidental thereto, and upon surrender and cancellation of this Note
if mutilated, the Maker will make and delivery a new Note of like tenor in lieu
of this Note.

     9. Amendments. This Note may not be changed, modified, amended, or
terminated except by a writing duly executed by the Maker and the Payee.

     10. Governing Law. This Note shall be governed by, and construed
in accordance with, the laws of the State of New York.

     11. Assignment. This Note may not be assigned, in whole or in
part, by operation of law or otherwise, by the Maker without the prior written
consent of the Payee in its sole and absolute discretion, and any purported
assignment without the express prior written consent of the Payee shall be void
ab initio. The Payee may assign any

 

 

or all of its rights and interests hereunder to any party. Subject to the
foregoing, this Note shall be binding upon, and inure to the benefit of, the
successors and assigns of the Payee and the Maker.

[See attached Signature Page]

 

 

Signature Page

to Amended and Restated Promissory Note

dated as of June 30, 2004

     IN WITNESS WHEREOF, the Maker has executed this Amended and Restated
Promissory Note by its duly authorized officer as of the 30th day of June,
2004.

	 	 	 	 	 
	 	 	ACCERIS COMMUNICATIONS INC.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	Name:	 	 
	

	 	 	 	

	

	 	Title:

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