Document:

Exhibit
        10.3

      

      PROMISSORY
        NOTE

       

      
        
          	$37,999.28	
                   September
                    30,
                    2005

                

        
         

      FOR
        VALUE
        RECEIVED, C2 Global Technologies Inc., a Florida corporation formerly known
        as
        Acceris Communications Inc. and 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 Thirty-Seven Thousand Nine-Hundred and Ninety-Nine and
        28/100ths Dollars 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 October 1, 2005, 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 April 30, 2006 (the “Maturity
        Date”); provided that the Maturity Date shall be further extended to December
        31, 2006 upon the legal Closing of the transaction with North Central Equity
        LLC
        (the “Transaction”) for the sale of substantially all of the telecommunication
        assets of Acceris Communications Corp; provided, further, however, that
        notwithstanding the above, 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.
        

      

      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
        Promissory Note

      dated
        as of September 30, 2005

      

      IN
        WITNESS WHEREOF, the Maker has executed this Promissory Note by its duly
        authorized officer as of the 30th day of September, 2005.

      
        
           

          
            
              	 	 	 
	 	C2
                      GLOBAL TECHNOLOGIES INC.
	 
 	 
 	 
 
	 	By:  	
                       

                      
                        

                      

                    
	 	Name:	
                       

                      
                        

                      

                    
	 	Title:Exhibit
        10.4

       

      FIRST
        AMENDMENT TO ASSET PURCHASE AGREEMENT

       

      This
        FIRST AMENDMENT TO ASSET PURCHASE AGREEMENT (this “First
        Amendment”)
        dated as of
        September 30, 2005 and effective at 11:59 Eastern Time on such date (the
        “Effective
        Date”),
        is by and among Acceris
        Management and Acquisition LLC, a Minnesota limited liability company (the
        “Buyer”),
        North Central Equity LLC, a Minnesota limited liability company (“Guarantor”),
        C2 Global Technologies Inc. f/k/a Acceris Communications Inc., a Florida
        corporation (“ACI”),
        Acceris Communications Corp., a Delaware corporation
        (the “Company”), and Counsel Corporation, a Canadian corporation organized under
        the laws of the province of Ontario (the “Parent”)
        (ACI and the Company are collectively the “Sellers”
        and ACI, Acceris and Parent are
        collectively the “Seller Parties”).

       

      W
        I T N E S S E T H:

       

      WHEREAS,
        the parties to this First Amendment are party to an Asset Purchase Agreement
        dated May 19, 2005 (the “Agreement”) pursuant to which the
        Company has agreed to sell, transfer and otherwise convey, and the Buyer
        has
        agreed to purchase and assume, the Acquired Assets and the Assumed Liabilities,
        on the terms and subject to the conditions of the Agreement;
        and
 

       

      WHEREAS,
        the parties have negotiated certain changes to the terms of the Agreement
        necessary to close the transaction and desire to amend the
        Agreement.

       

      NOW,
        THEREFORE, in consideration of the foregoing premises and the respective
        covenants and agreements herein contained, the parties hereby agree to amend
        the
        Agreement with this First Amendment as follows:

       

      	1.  	
              Section
                2.1 of the Agreement is hereby amended by adding the following two
                sentences at the end of such section:

            

       

      Seller
        Parties have negotiated a wholesale account credit of $585,000 with Qwest
        Communications Corporation (“Qwest”). In exchange, at Closing Guarantor shall
        make a Promissory Note in the amount of $585,000 payable to Parent. Promptly
        following Closing, the Seller Parties shall produce a settlement agreement
        with
        Qwest (“Qwest Settlement Agreement”) pursuant to the letter agreement entered
        into at Closing among the parties to this First Amendment (“Letter Agreement”).
        Seller Parties shall deliver to Buyer an opinion of their counsel in form
        and
        substance reasonably satisfactory to Buyer promptly following Closing.

       

      	2.  	
              Section
                2.4 of the Agreement is hereby deleted and replaced with the word
                “omitted”.

            

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      	3.  	
              Section
                2.6 of the Agreement is hereby amended by making 2.6 “Deliveries at
                Closing” into subsection (a) and by adding a new subsection (b) which
                reads as follows:

            

       

      (b)
        At the Closing the parties shall execute a Closing Statement that identifies
        the
        repayment of (i) the Promissory Note made by the Guarantor to the Parent
        in the
        amount of $375,000 on May 19, 2005, (ii) the Promissory Note made by the
        Guarantor to the Parent in the amount of $625,000 issued on July 6, 2005,
        (iii) accrued interest on such Notes totaling $22,712.32 and (iv)
        the
        $585,000 Note issued by the Buyer to Parent on the Closing less an amount
        of (x)
        $114,000 owed by the Sellers for lost network disputes that are part of the
        Excluded Liabilities but were satisfied by the Buyer, (y) September payroll
        reimbursement for ACI employees paid through the Acceris Communications Corp.
        payroll system in the amount of $33,623.49, and (z) a balance sheet adjustment
        in place of compliance with Section 2.4 of the Agreement (which has been
        deleted
        by this First Amendment) in the amount of $67,833.50, and (iv) a Promissory
        Note
        issued by Guarantor to Parent in the amount of $585,000. At Closing, Guarantor
        shall pay Parent the sum of $807,255.78 according to the Letter Agreement
        in
        immediately available funds and make a Promissory Note to Parent in the amount
        of $585,000.

       

      	4.  	
              The
                last two sentences of Section 5.1(a) of the Agreement is hereby
                deleted.

            

       

      	5.  	
              [Intentionally
                deleted]

            

       

      	6.  	
              Section
                5.7(a) of the Agreement is hereby amended by deleting the first two
                sentences of Section 5.7(a) and adding the following language in
                its
                place:

            

       

      The
        Buyer has waived the requirement that the Seller Parties use their commercially
        reasonable efforts to obtain the third party Consents listed on Schedule
        3.3
        prior to the Closing.

       

      	7.  	
              [Intentionally
                deleted]

            

       

      	8.  	
              [Intentionally
                deleted]

            

       

      	9.  	
              [Intentionally
                deleted]

            

       

      	10.  	
              The
                following is added to the Agreement as a new Section 5.18:
                

            

       

      In
        connection with the approximately $884,566 total of network billing disputes
        with (i) MCI Network Services, Inc. (“MCI”) (approximately $530,000 of disputed
        billings), (ii) Global Crossings Bandwidth, (“Global”) (approximately $320,000
        of disputed billings) and (iii) various other carrier disputes (approximately
        $34,566 of disputed billings) that are Excluded Liabilities, the Seller Parties
        agree to use their reasonable best efforts to resolve the disputes as quickly
        as
        possible. The Promissory Note dated September 30, 2005 for $585,000 made
        by
        Guarantor to Counsel Corporation contains provisions that suspend Guarantor’s
        obligation to make principle payments in order to reduce Buyer’s risk with
        respect to the foregoing network billing disputes. Buyer shall make Keith
        Harrison and Abby Knowlton reasonably available to Seller Parties to assist
        them
        in resolving such network billing disputes.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      	11.  	
              Clause
                (iv) of Section 9.3 is hereby deleted. The Seller Parties shall provide
                the assistance, if any, necessary under the provisions of Section
                5.7(a)
                of the Agreement as amended by this First
                Amendment.

            

       

      	12.  	
              Section
                9.6 of the Agreement is hereby deleted and replaced with the word
                “omitted”.

            

       

      	13.  	
              [Intentionally
                deleted]

            

       

      	14.  	
              Section
                9.10 of the Agreement is hereby deleted and replaced with the word
                “omitted”. The following is hereby added to the Agreement as a new Section
                5.19: 

            

       

      Buyer
        and the Universal Services Administrative Company (the “USAC”)
        have entered into a settlement for approval by the FCC with respect to amounts
        owed to the USAC by the Company and the parties agree, notwithstanding any
        provision of the Agreement to the contrary, that such amounts and obligations
        shall be Assumed Liabilities.

       

      	15.  	
              The
                following conditions precedent to the Buyer’s obligation to consummate the
                transactions contemplated by the Agreement are hereby added to the
                Agreement as Sections 9.11, 9.12 and
                9.13:

            

       

      Section
        9.11. Seller Parties shall deliver, marked as satisfied, the Promissory Note
        in
        the amount of $375,000 dated May 19, 2005 payable by Guarantor to Parent
        and the
        Promissory Note in the amount of $625,000 dated July 6, 2005 payable by
        Guarantor to Parent. 

       

      Section
        9.12. Seller
        Parties shall deliver an executed copy of the settlement agreement between
        Acceris Communications Corp. and MCI Worldcom Network Services, Inc. regarding
        the $374,186 volume commitment penalty payment in the MCI Telecommunications
        Services Agreement dated November 1, 2001, as amended.

       

      Section
        9.13.
        Pursuant to the Letter Agreement, Seller Parties shall deliver an executed
        copy
        of the Qwest Settlement Agreement. 

      
         

        	15.  	
                
                  The
                    following agreements that were entered into by all or some of
                    the parties
                    to this First Amendment are hereby terminated: Secured Promissory
                    Note
                    dated May 19, 2005, Irrevocable Proxy dated May 19, 2005, Guaranty
                    dated
                    May 19, 2005, Security Agreement dated May 19, 2005 and the Management
                    Services Agreement dated May 19, 2005. At Closing, Buyer shall
                    mark as
                    satisfied and deliver to Parent the Secured Promissory
                    Note.

                

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

        
          	16.  	
                  Capitalized
                    terms not defined in this First Amendment shall have the meanings
                    assigned
                    in the Agreement.

                

           

          
            	17.  	
                    Except
                      as amended hereby, the Agreement shall continue in full force
                      and effect.
                      IN
                      WITNESS WEREOF, the parties hereto have caused this First Amendment
                      to be
                      executed as of the Effective
                      Date.

                  

          

           

           

        

      

      
        	BUYER: 
	 
	ACCERIS MANAGAMENT AND ACQUISITION
                LLC
	 
	 
	
                 

                
                  

                  Name: Elam
                  Baer
Title:
                   Chief
                  Executive Officer

              
	 
	SELLER
                PARTIES:
	 
	COUNSEL
                CORPORATION
	 
	 
	
                 
                  
Name: _______________________________________   
Title:  _______________________________________

              
	 
	C2 GLOBAL TECHNOLOGIES
                INC. f/k/a ACCERIS COMMUNICATIONS INC.
	 
	 
	Name: _______________________________________   
Title:  _______________________________________
	 
	ACCERIS COMMUNICATIONS
                CORP.
	 
	 
	Name: _______________________________________   
Title:  _______________________________________
	 
	GUARANTOR:
	 
	NORTH CENTRAL
                EQUITY
                LLC
	 
	
              
	Name: _______________________________________   
Title:  _______________________________________

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