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                                                                    Exhibit 10.2

                              EMPLOYMENT AGREEMENT
                                  RE: FILARSKI

         THIS EMPLOYMENT AGREEMENT (the "Agreement") is entered into by and
between Diversified Corporate Resources, Inc., a Texas corporation (herein
referred to as the "Company"), and James E. Filarski (herein referred to as the
"Executive").
                              W I T N E S S E T H:

         WHEREAS, the Company desires to employ the Executive and the Executive
desires to be employed by the Company; and

         WHEREAS, the purpose of this document is to set forth the terms and
conditions of such employment.

         NOW THEREFORE, for and in consideration of the mutual advantages and
benefits accruing respectively to the parties hereto, the mutual promises
hereinafter made and the acts to be performed by the respective parties hereto,
the Company and the Executive do hereby contract and agree as follows:

         1. EMPLOYMENT. The Company hereby employs the Executive as the
President of the Company, and the Executive hereby accepts such employment, to
perform the duties and render services as herein set forth. Such employment
shall continue during the term of this Agreement.

         2. TERM. Except in the case of earlier termination as herein
specifically provided, the Executive's employment with the Company pursuant to
this Agreement shall be for the period beginning July 9, 2001 and ending July 8,
2003 (the "Termination Date").

         3. BASE COMPENSATION. As base compensation for the services of
Executive during the term hereof, the Company shall pay the Executive a salary
at an annual rate to be fixed from time to time by the Board of Directors of the
Company but in no event less than $240,000.00 plus any additional compensation
which the Board of Directors of the Company may from time to time

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determine. The Executive's salary hereunder shall be paid in equal semi-monthly
installments (subject to reduction for such payroll and withholding deductions
as may be required by law), and may be paid, in whole or in part, by one or more
of the subsidiaries (the "Subsidiaries") of the Company.

         In addition to the Executive's base salary, the Executive shall be
entitled to each of the following (at the Company's expenses unless otherwise
indicated): (a) the right to receive an annual bonus pursuant to such bonus
plan(s) which the Board of Directors of the Company may hereafter adopt with
respect to the Executive, (b) health insurance coverage now or hereafter in
effect which shall provide for payment of health, dental and related expenses
incurred during the term of this Agreement with respect to the Executive
(including long-term disability coverage paid for the Executive), the
Executive's spouse or the Executive's children, and which shall contain such
benefits and options as shall be made available to other executives of the
Company and/or the Subsidiaries, (c) the right to participate in any and all
401(k) plans and Section 125 plans now in effect or hereafter adopted by the
Company, (d) the right to participate in any executive stock option plan which
the Board of Directors of the Company may hereafter adopt with respect to the
Executive, (e) an automobile allowance of $800 per month (however if the
Executive is provided with a suitable automobile, including insurance,
maintenance, etc., then no such allowance will be paid) (f) payment or
reimbursement of (i) an initiation fee of approximately $3,400.00 related to the
fee for the Executive to join a country club selected by the Executive, and (ii)
monthly dues payable with respect to such club membership in the initial amount
of $350 per month, and (g) the right to all fringe benefits generally made
available to other executives and/or employees of the Company.

         In addition to the foregoing, the Executive shall be entitled to (a)
such vacation leave as shall be permitted by the Company's standard policies, or
(b) if such standard policies provide for a lesser

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amount of vacation leave, minimum annual vacation leave of fifteen (15) days per
year with full pay, and thirty (30) days per year of sick leave with full pay
(this number of days of sick leave may be extended if the Board of Directors of
the Company approves).

         The Executive shall also be entitled to receive such fees and/or
compensation, if any, as shall be granted to the Executive by the Board of
Directors of the Company in connection with the Executive serving as a director
of any of the subsidiaries of the Company. It is expressly agreed that after 120
days subsequent to the effective date of this Agreement and subject to his
continuing employment, the Executive will be nominated to serve as a Director of
the Company.

         4. DUTIES AND SERVICES. During the term of this Agreement, the
Executive agrees to (a) do his utmost to enhance and develop the best interests
and welfare of the Company, (b) give his best efforts and skill to advancing and
promoting the growth and success of the Company, and (c) shall be responsible
for management, fiscal responsibilities and strategic planning and perform such
duties or render such services as the Board of Directors of the Company may,
from time to time, reasonably confer upon or impose on the Executive.
Executive's authority and responsibility in the Company shall at all times be
subject to the review and discretion of the Board of Directors, who shall have
the final authority to make decisions regarding the business of the Company. It
is understood that the Executive shall report directly to the Chairman of the
Board and Chief Executive Officer of the Company.

         5. TERMINATION.

               a. The Company may terminate the Executive's employment pursuant
to this Agreement at any time for "cause" as herein defined. The term "cause"
shall solely mean any of the following events set forth in this Paragraph 5(a):
(i) the Executive's conviction or plea of guilty to a crime involving moral
turpitude, (ii) any willful acts of dishonesty and theft or the willful

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violation of any law, rule or regulation (other than traffic violation or other
minor offenses) on the part of the Executive which, in the opinion of the Board
of Directors of the Company, is detrimental to the best interests of the
Company. However, no act or failure to act of the Executive's part shall be
considered willful or detrimental to the best interests of the Company unless
done or omitted to be done in bad faith and without reasonable belief by the
Executive that the action or omission was in the best interest of the Company,
and (iii) a willful, intentional and material violation by the Executive of any
written policy of the Board of Directors of the Company which is not corrected
within ninety (90) days after receipt by the Executive of a detailed written
explanation from the Board of Directors of the Company. Any decision by the
Board of Directors of the Company to terminate the Executive for cause must be
approved by the favorable vote of seventy-five percent (75%) of all members of
the Board of Directors of the Company excluding the Executive.

               b. The Company may terminate the Executive as an employee of the
Company at any time during the term of this Agreement if a majority of all of
the members of the Board of Directors of the Company approves a resolution
authorizing such action and reflecting that such action is in the best interests
of the Company. However, unless the Executive's employment is terminated for
"cause" (as defined in paragraph 5(a)), any termination of the Executive's
employment shall not terminate the Company's obligations to pay to the Executive
the severance benefits as hereinafter set forth, or to comply with the other
requirements of this Agreement.

               c. The Executive may terminate his employment with the Company at
any time by giving ninety (90) days written notice to the Company.

               d. The Executive's employment by the Company shall automatically
terminate on the date of the Executive's death if the Executive dies during the
term of this Agreement.

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               e. If the Executive is incapacitated by an accident, sickness or
otherwise, so as to render him mentally or physically incapable of performing
the services required of him pursuant to this Agreement, Executive's employment
by the Company shall terminate at such time as the Board of Directors of the
Company determines (with at least seventy-five percent of the directors other
than the Executive voting in favor) that the Executive is so disabled and that
this Agreement should be terminated by reason of such disability.
Notwithstanding the foregoing, the Executive shall have the right to contest any
determination of disability by the Board of Directors of the Company. In the
event that the Executive does contest such determination, such matter shall be
resolved by arbitration pursuant to Section 13(c) of this Agreement.

         6. SEVERANCE AND OTHER PAYMENTS.

               a. If the Executive's employment pursuant to this Agreement is
terminated for "cause" (pursuant to paragraph 5(a)) or due to the death or
disability (as determined pursuant to paragraph 5(e) of this Agreement) of the
Executive, the Company shall not be obligated to pay or provide any severance
compensation or benefits to the Executive.

               b. If the Executive ceases to be an employee of the Company
(either during the term of this Agreement or at any time subsequent to the
termination of this Agreement) for any reason other than pursuant to Paragraphs
5(a), 5(c) (except for a "Good Reason" termination by the Executive as defined
below), 5(d) or 5(e) of this Agreement, the Company agrees to pay to the
Executive an amount equal to the base compensation which would have been paid to
the Executive during the period of time from the date of the termination of the
Executive's employment with the Company for a period of twelve (12) months
following the date the Executive ceases to be an employee of the Company and the
Subsidiaries (such time period is herein referred to as the "Severance Period").
In addition to the foregoing severance payment, the Executive and his family

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shall continue to participate in the Company's group health plan, at no cost to
the Executive, during the Severance Period. Notwithstanding the foregoing, in
the event of a Special Change in Control of the Company (as hereinafter defined)
and if the Executive's employment with the Company is terminated for any reason
other than Voluntary Termination (as hereinafter defined) or termination for
cause as provided for herein during the twenty-four (24) month period beginning
on the Effective Date of such Special Change in Control, (i) the Severance
Period shall be extended by six (6) months so that the Severance Period shall be
eighteen (18) months following the date the Executive ceases to be an employee
of the Company and the Subsidiaries (such extended time period is herein
referred to as the "Extended Severance Period"), and (ii) the payments to the
Executive hereunder with respect to the Extended Severance Period shall be at
such times and in such amounts as would have been paid to the Executive during
the Extended Severance Period had the Executive's employment not been
terminated.

               c. If the Executive's employment is terminated during the term of
this Agreement, for any reason other than cause, the Executive (i) shall be
entitled to receive a prorata share (based upon the number of months employed
during the calendar year in which employment with the Company is terminated) of
any bonus or incentive compensation which the Executive would otherwise have
been entitled to receive had he remained employed for the entirety of the
calendar year involved, and (ii) shall have twelve (12) months to exercise any
stock options heretofore or hereafter granted to the Executive by the Board of
Directors of the Company.

               d. Commencing in July, 2001 and during the time of Executive's
employment with the Company and all of its subsidiaries, the Company shall fund
a deferred compensation program for the Executive in the amount of $2,500.00 per
month. All funded pursuant to this deferred compensation arrangement shall be
paid to the Executive, at the date of termination of the

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Executive's employment with the Company, in the manner anticipated by the
deferred compensation program previously implemented by the Company for the
Executive.

         Notwithstanding the foregoing, in the event of a Special Change in
Control of the Company (as hereinafter defined) and if the Executive's
employment with the Company terminates for any reason other than Voluntary
Termination (as hereinafter defined) or termination for cause as provided for
herein during the twenty-four (24) month period beginning on the Effective Date
of such Special Change in Control, the Company's obligation to fund the deferred
compensation program shall extend until the expiration of the Extended Severance
Period.

         7. WORKING CONDITIONS. The Company will provide the Executive with a
private office and secretarial services.

         8. RELOCATION. In the event that the Board of Directors of the Company
relocates the primary office of the Executive outside of the Dallas, Texas
metropolitan area, the Company shall pay all moving expenses of the Executive to
the place of the new office. Absent the written consent of the Executive, the
Company shall not relocate the primary office of the Executive to an office
location which is not the general corporate office of the Company.

               The Company and the Executive acknowledge that the Executives
current residence is located in the Chicago, Illinois metropolitan area and that
upon mutual consent the Executive will relocate to the Dallas, Texas
metropolitan area. In the event of such relocation the Company will pay all such
relocation expenses of the Executive.

                  9. TRAVEL AND ENTERTAINMENT. The Executive is authorized to
incur reasonable business expenses on behalf of the Company, including, but not
by way of limitation, expenditures of entertainment, gifts and travel; if any
expenses are of a kind or a cost in excess of the written policies established
by the Board of Directors of the Company, such expenses must be expressly

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authorized by the Board of Directors of the Company. Expressly permitted by this
paragraph is bi-weekly airfare, transfer, parking, etc. from the Dallas
metropolitan area to the Chicago metropolitan area via American Airlines. The
Executive will use all attempts to schedule such air travel so as to keep costs
to a minimum. The Company agrees to reimburse the Executive for all such
expenses upon the Executive's presentation of an itemized account of such
expenditures. In addition to the foregoing, the Executive is entitled to incur,
and to be reimbursed by the Company, various and sundry fees, costs and expenses
(including, but not by way of limitation, fees and costs involved in attending
courses, seminars and continuing education sessions) in connection with the
Executive's position with the Company. These costs include the cost of keeping
the Executive's CPA license current as well as the costs associated with the
Executive's personal development such as membership in the Conference Board
Executive Development programs or other similar programs.

         10. NON-COMPETITION AGREEMENT. In the event that the termination of
employment of the Executive pursuant to this Agreement is effectuated by the
Executive electing to terminate his employment pursuant to this Agreement, and
subject to the condition that the Company shall pay the severance compensation
as provided in Paragraph 6(b) of this Agreement, the Executive agrees that the
Executive shall not, for a one year period of time following the date of
termination of this Agreement, within Dallas, Dallas County, Texas or within a
radius of fifty (50) miles from any business location of the Company and its
subsidiaries in the continental United States on the Termination Date, enter
into or engage generally in direct competition with the Company either as an
individual on his own or as a partner or joint venturer, or as an employee or
agent for any person, or as an officer, director, shareholder or otherwise of
any entity other than the Company or an affiliate of the Company.

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         11. NOTICES. All notices or other instruments or communications
provided for in this Agreement shall be in writing and signed by the party
giving same and shall be deemed properly given if delivered in person, including
delivery by overnight courier, or if sent by registered or certified United
States mail, postage pre-paid, addressed to such party at the address listed
below. Each party may, by notice to the other party, specify any other address
for the receipt of such notices, instruments or communications. Any notice,
instrument or communication sent by telegram shall be deemed properly given only
when received by the person to whom it is sent.

         12. CERTAIN CONDITIONS.

         a. "Special Change in Control" means (i) any person or entity,
including a "group" as defined in Section 13(d)(3) of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), other than the Company, a
majority-owned subsidiary thereof, or Executive and any affiliate of the
Executive, becomes the beneficial owner (as defined pursuant to Schedule 13(d)
under the Exchange Act) of the Company's securities having twenty-five percent
(25%) or more of the combined voting power of the then outstanding securities of
the Company that may be cast for the election of directors of the Company, or
(ii) as the result of, or in connection with, any cash tender or exchange offer,
merger or other business combination, sales of assets or contested election, or
any combination of the foregoing transactions, less than a majority of the
combined voting power of the then outstanding securities of the Company or any
successor corporation or entity entitled to vote generally in the election of
the directors of the Company, or such other corporation or entity after such
transaction, are beneficially owned (as defined pursuant to Section 13(d) of the
Exchange Act) in the aggregate by the holders of the Company's securities
entitled to vote generally in the election of directors of the Company
immediately prior to such transaction, or (iii) during any period of two
consecutive years, individuals who at the beginning of any such period
constitute the Board of

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Directors of the Company cease for any reason to constitute at least a majority
thereof, unless the election, or the nomination for election by the Company's
shareholders, of each director of the Company first elected during such period
was approved by a vote of at least two-thirds of the directors of the Company
then still in office who were directors of the Company at the beginning of any
such period.

        b. The "Effective Date" of such Special Change in Control shall be the
earlier of the date on which an event described in Section 12(a) (i), (ii), or
(iii) occurs, or if earlier, the date of the occurrence of (i) the approval by
shareholders of an agreement by the Company, the consummation of which would
result in an event described in Section 12(a) (i), (ii), or (iii), or (ii) the
acquisition of beneficial ownership (as defined pursuant to Section 13(d) of the
Exchange Act), directly or indirectly, by any entity, person or group (other
than the Company, a majority-owed subsidiary of the Company, or the Executive
and any affiliate of the Executive) of securities of the Company representing
five percent (5%) or more of the combined voting power of the Company's
outstanding securities, provided, however, that the events described in Section
12(b)(i) and (ii) will be considered the Effective Date of a Special Change in
Control if they are followed within six (6) months by an event described in
Section 12(a) (i), (ii), or (iii).

         c. "Voluntary Termination" shall mean Executive's resignation from the
Company unless such resignation is for Good Reason. Good Reason shall mean the
following; (i) without Executive's express written consent, the assignment to
Executive of any duties materially inconsistent with his position, duties,
responsibilities and status (including his removal from the Board of Directors)
with the Company (ii) a reduction of Executive's base compensation and bonus
compensation (other than a reduction in payments under the Company's incentive
bonus program

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based on a reduction in net profits of the Company) to an amount that is greater
than ten percent (10%) lower than such compensation on the Effective Date of the
Special Change in Control, (iii) relocation of Executive's principal location of
work to any location that is both (A) in excess of fifty (50) miles from the
location of Executive's principal location of work, and (B) in excess of the sum
of the distance from the Executive's principal residence to the location of the
Executive's principal location of work plus fifty (50) miles, (iv) at the
effective Date of a Special Change in Control the Company fails to require any
successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the
Company, by agreement in form and substance reasonably satisfactory to the
Executive, expressly to assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform this
Agreement if no such succession had taken place, or (v) any material breach of
this Agreement as in effect on the Effective Date of the Special Change in
Control by the Company.

         13. MISCELLANEOUS.

         a. Subject to the condition that this Agreement is not assignable by
either party without the prior written consent of the other party, the terms and
provisions of this Agreement shall inure to the benefit of, and shall be binding
on, the parties hereto and their respective heirs, representatives, successors
and assigns.

         b. This Agreement supersedes all other agreements, either oral or in
writing, between the parties to this Agreement, with respect to the employment
of the Executive by the Company. This Agreement contains the entire
understanding of the parties and all of the covenants and agreement between the
parties with respect to such employment. Any such prior agreements related to
employment of the Executive by the Company are hereby terminated without
obligation for any

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payments due thereunder, except for unpaid obligations which accrued and become
payable prior to the termination of any such agreements.

         c. Any controversy between the parties to this Agreement involving the
construction or application of any of the terms, covenants, or conditions of
this Agreement (including, but not by way of limitation, the determination of
any amounts payable under the terms of this Agreement) shall be submitted to
arbitration if either party to this Agreement shall request arbitration by
notice in writing to the other party. In such event, the parties to this
Agreement shall, within thirty (30) days after this Paragraph 13(c) is invoked,
both appoint one person as an arbitrator to hear and determine the dispute, and
if such arbitrators shall be unable to agree within fifteen (15) days after
selection of the second of the two, then the two arbitrators so chosen shall,
within fifteen (15) days, select a third impartial arbitrator whose decision
shall be final and conclusive upon the parties to this Agreement. The decision
of the third arbitrator shall be rendered within fifteen (15) days after
selection. The individual parties expenses of the initial arbitration
proceedings conducted pursuant to this Agreement shall be borne separately by
each party to this Agreement; the expenses of a third arbitrator shall be borne
equally by the Company and the Executive.

         d. In the event of any litigation between the parties related to the
compliance with the terms and conditions of this Agreement, the parties hereto
acknowledge and agree that such litigation proceedings must be held in Dallas
County, Texas.

         e. This Agreement has been made under and shall be governed by the laws
of the State of Texas.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement
effective as of the 9th day of July, 2001, but actually executed this 30th day
of July, 2001.

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                               COMPANY:

                               DIVERSIFIED CORPORATE RESOURCES, INC.

                               By:       /s/ J. Michael Moore
                                         --------------------------------------
                                         J. Michael Moore, Chairman of the Board
                                         and Chief Executive Officer

                               Address:          12801 North Central Expressway
                                                 Suite 350
                                                 Dallas, TX  75243

                               EXECUTIVE:

                                         /s/ James E. Filarski
                                         --------------------------------------
                                         James E. Filarski

                               Address:          6320 Briar Road
                                                 Willowbrook, Illinois  60521

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                                  EXHIBIT 10.1

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                           LOAN AND SECURITY AGREEMENT

            THIS LOAN AND SECURITY AGREEMENT ("AGREEMENT") is made and entered
into as of June 6, 2001, by and between I-LINK INCORPORATED, a Florida
corporation (the "BORROWER") and COUNSEL CORPORATION (US), a Delaware
corporation (the "LENDER").

WHEREAS, Lender owns approximately sixty seven percent (67%) of the common stock
of Borrower and will derive substantial benefits from the making of loans
hereunder; and

            WHEREAS, the Lender desires to provide financing and both the Lender
and the Borrower believe that it is in their mutual interest to enter into this
Agreement.

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

            Section 1. PERIODIC LOANS. From and after the date hereof through
and until the termination of the Term (defined below), Lender may make periodic
loans to the Borrower in an aggregate principal amount at any one time
outstanding, not to exceed ten million dollars ($10,000,000) (the "MAXIMUM
AMOUNT"). Borrower shall execute a promissory note substantially in the form
attached as EXHIBIT A evidencing its obligations hereunder (the "NOTE"). During
the Term, from time to time, Borrower may notify the Lender of its need to
borrow funds pursuant to this Agreement for capital investments, working capital
or other operational cash requirements of Borrower. Any funds advanced by Lender
for capital investments, working capital or other operational cash requirements
of Borrower during the Term up to the Maximum Amount shall be governed by this
Agreement.

      Borrower and Lender acknowledge and agree that on June 6, 2001 Lender
disbursed to Borrower six hundred seventeen thousand dollars ($617,000) and of
that amount seventy five thousand seven hundred dollars ($75,700) was lent to
Borrower under this Agreement.

            Section 2. PERIODIC FINANCE CHARGES. All principal and interest then
outstanding shall bear interest at a rate of ten percent (10%) per annum,
compounded quarterly. Interest shall be calculated on the basis of a year of 360
days and the actual number of days elapsed during the period for which such
interest is payable.

            Section 3. PAYMENTS OF PRINCIPAL AND INTEREST. All principal under
the Note shall be due and payable by the Borrower no later than June 6, 2002
("MATURITY DATE"). All interest outstanding shall be due and payable by the
Borrower on the first day of each quarter, provided that Lender may, in its sole
discretion, elect to allow interest to accrue and become payable at the end of
the Term. The Borrower may, from time to time, in its discretion, make one or
more periodic payments of principal or interest to the Lender. Such payments
shall be credited to the Borrower's account on the date that such payment is
actually received by the Lender.

            Section 4. TERM. The term of this Agreement (the "TERM") shall
commence on the date hereof and shall terminate upon the earlier of (i) the
issuance of debt by the Borrower to a third-party in an amount greater than or
equal to ten million dollars ($10,000,000) ("FUTURE DEBT ISSUANCE"), provided,
however, that the proceeds of such Future Debt Issuance are not used to repay
indebtedness to the Lender, or (ii) April 15, 2002, unless terminated earlier
pursuant to the default provisions of this Agreement.

            Section 5. CREATION OF SECURITY INTEREST. In order to secure the
payment of all obligations of Borrower to Lender under this Agreement, the Note,
and any and all amendments, modifications, renewals or restatements thereof, and
all further extensions of credit made to Borrower from time to time by Lender
whether pursuant to this Agreement or otherwise (the "SECURED OBLIGATIONS"), the
Borrower hereby grants to the Lender (or its designee) (the "SECURED PARTIES") a
security interest in all of Borrower's assets, now owned or hereinafter
acquired, now in existence or hereafter arising, wherever located (the
"COLLATERAL"), including, without limitation the property described below on the
terms and conditions set forth in this Agreement:

            (a) presently existing and hereafter arising accounts, contract
rights, and all other forms of obligations owing to Borrower arising out of the
sale or lease of goods or the rendition of services by Borrower, whether or not
earned by performance, and any and all credit insurance, guaranties, and other
security therefor, as

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well as all merchandise returned to or reclaimed by Borrower and Borrower's
Books relating to any of the foregoing (collectively, "ACCOUNTS");

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

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

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

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

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

            (g) substitutions, replacements, additions, accessions, proceeds,
products to or of any of the foregoing, including, but not limited to, proceeds
of insurance covering any of the foregoing, or any portion thereof, and any and
all accounts, general intangibles, negotiable, collateral, inventory, equipment,
money, deposits, accounts, or other tangible or intangible property resulting
from the sale or other disposition of the Accounts, General Intangibles,
Negotiable Collateral, Inventory, Equipment, or any portion thereof or interest
therein and the proceeds thereof.

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

            Section 6.  COVENANTS, REPRESENTATIONS AND WARRANTIES.  The Borrower
represents, warrants, covenants and agrees as follows:

            (a)  PAYMENT OF PRINCIPAL AND INTEREST.  The Borrower shall promptly
pay when due the principal of and interest on the Note.

            (b)   CORPORATE EXISTENCE.  The Borrower is a corporation duly
organized and existing under the laws of the state of Florida and is duly
qualified in every other state in which it is doing business.

            (c) CORPORATE AUTHORITY. The execution, delivery, and performance of
this Agreement, and the execution and payment of the Note issued pursuant to the
terms hereof are within Borrower's corporate powers, have been duly authorized,
and are not in contravention of law or the terms of the Borrower's articles of
incorporation and bylaws, or of any indenture, agreement, or undertaking to
which the Borrower is a party or by which it is bound.

            (d) OWNERSHIP OF COLLATERAL. The Borrower is the sole owner of the
Collateral and will defend the Collateral against the claims and demands of all
other persons at any time claiming the same or any interest therein.

            (e) INFORMATION RIGHTS. Upon Lender's written request, Borrower
shall promptly furnish Lender with any information that Lender may reasonably
request, including but not limited to: (i) monthly financial

<Page>

statements, including a comparison of actual results to budget, in the
form customarily prepared; (ii) notification of material defaults under
material agreements; (iii) notification of and status reports regarding
material litigation; and (iv) copies of all filings made with the Securities
and Exchange Commission.

            (f) CONDUCT OF BUSINESS. Borrower will continue to engage in a
business of the same general type and manner as conducted by it on the date of
this Agreement.

            (g) COMPLIANCE WITH LAW AND OTHER AGREEMENTS. Except where the
failure to do so would not materially adversely affect Borrower's operations or
its ability to fulfill its obligations under this Agreement and the Note,
Borrower shall maintain its business operations and property owned or used in
connection therewith in compliance with (i) all applicable federal, state and
local laws, regulations and ordinances governing such business operations and
the use and ownership of such property, and (ii) all agreements, licenses,
franchises, indentures and mortgages to which Borrower is a party or by which
Borrower or any of its properties is bound. Without limiting the foregoing,
Borrower shall pay all of its indebtedness promptly in accordance with the terms
thereof.

            (h) TAXES AND ASSESSMENTS. Borrower shall (i) file all tax returns
and appropriate schedules thereto that are required to be filed under applicable
law, prior to the date of delinquency, (ii) pay and discharge all taxes,
assessments and governmental charges or levies imposed upon Borrower upon its
income and profits or upon any properties belonging to it, prior to the date on
which penalties attach thereto, and (iii) pay all taxes, assessments and
governmental charges or levies that, if unpaid, might become a lien or charge
upon any of its properties; provided, however, that Borrower in good faith may
contest any such tax, assessment, governmental charge or levy described in the
foregoing clauses (ii) and (iii) so long as appropriate reserves are maintained
with respect thereto.

            (i) STATEMENTS NOT FALSE OR MISLEADING. No representation or
warranty given as of the date hereof by Borrower contained in this Agreement or
any materials furnished by Borrower to Lender in connection with its due
diligence relating to this Agreement, taken as a whole, contains or will (as of
the time so furnished) contain any untrue statement of a material fact, or omits
or will (as of the time so furnished) omit to state any material fact which is
necessary in order to make the statements contained therein not misleading.

            (j)   REQUIRED APPROVALS.  Borrower shall immediately apply for and
diligently pursue all required governmental or regulatory approvals necessitated
by this Agreement.

            Section 7. SALE OR REMOVAL OF COLLATERAL PROHIBITED. Except for the
sale of inventory in the ordinary course of Borrower's business, the Borrower
shall not sell, lease, encumber, pledge, mortgage, assign, grant a security
interest in, or otherwise transfer the Collateral without the Lender's prior
written consent, which consent shall not be unreasonably withheld or delayed.

            Section 8. PERFECTION OF SECURITY INTEREST. From the date hereof,
Borrower agrees to execute and file financing statements, and do whatever may be
reasonably necessary under the applicable Uniform Commercial Code in the state
where the Collateral is located, to perfect and continue the Lender's interest
in the Collateral, all at the Borrower's expense.

            Section 9. TAXES AND ASSESSMENTS. The Borrower will pay or cause to
be paid promptly when due all taxes and assessments on the Collateral, this
Agreement and the Note. The Borrower may, however, withhold payment of any tax
assessment or claim if a good faith dispute exists as to the obligation to pay.

            Section 10. INSURANCE. The Borrower shall have and maintain, or
cause to be maintained, insurance at all times with respect to all Collateral
except accounts receivable, against such risks as the Lender may reasonably
require, in such form, for such periods, and written by such companies as may be
satisfactory to the Lender. All policies of insurance shall have endorsed a loss
payable clause acceptable to the Lender and/or such other endorsements as the
Lender may from time to time request, and the Borrower will promptly, on
request, provide the Lender with the original policies or certificates of such
insurance. The Borrower shall promptly notify the Lender of any loss or damage
that may occur to the Collateral. The Lender is hereby authorized to make proof
of loss if it is not made promptly by the Borrower. All proceeds of any
insurance on the Collateral shall be held by the Lender as a part of the
Collateral and at Lender's option be applied to repay the indebtedness hereunder
or to repair or restore property damage. If Lender agrees to use the funds to
repair or restore the property, such proceeds shall be paid out from time to
time upon order of the Borrower for the purpose of paying the reasonable cost of
repairing or restoring the property damaged. In the event of failure to provide
insurance as herein provided, the Lender may, at the Lender's option, provide
such insurance at the Borrower's expense.

<Page>

            Section 11. APPLICATION OF PAYMENTS. Unless applicable law provides
otherwise, all payments received by the Lender from the Borrower under the Note
and this Agreement shall be applied by the Lender in the following order of
priority: (i) interest payable on the Note in the manner provided therein; (ii)
principal of the Note in the manner provided therein; and (iii) any other sums
secured by this Agreement in such order as the Lender, at the Lender's option,
may determine.

            Section 12. PROTECTION OF LENDER'S SECURITY. If the Borrower fails
to perform the covenants and agreements contained in this Agreement, or if any
action or proceeding is commenced which affects the Collateral or title thereto
or the interest of the Lender therein, including, but not limited to,
insolvency, or arrangements or proceedings involving a bankrupt or decedent,
then the Lender, at the Lender's option, may make such appearance, disburse such
sums, and take such action as the Lender deems necessary, in its reasonable
discretion, to protect the Lender's interest, including but not limited to (i)
disbursement of attorneys' fees, (ii) entry upon the Borrower's property to make
repairs to the Collateral, and (iii) procurement of satisfactory insurance. Any
amounts disbursed by Lender pursuant to this Section, with interest thereon,
shall become additional indebtedness of the Borrower secured by this Agreement.
Unless the Borrower and the Lender agree to other terms of payment, such amounts
shall be immediately due and payable and shall bear interest from the date of
disbursement at the rate stated in the Note. Nothing contained in this Section
shall require the Lender to incur any expense or take any action.

            Section 13. INSPECTION. The Lender may make or cause to be made
reasonable entries upon and inspections of the Borrower's premises to inspect
the Collateral.

            Section 14. BORROWER AND LIEN NOT RELEASED. From time to time, the
Lender may, at the Lender's option, without giving notice to or obtaining the
consent of the Borrower, the Borrower's successors or assigns or of any
lienholder or guarantors, without liability on the Lender's part, and
notwithstanding the Borrower's breach of any covenant or agreement of the
Borrower in this Agreement, extend the time for payment of said indebtedness or
any part thereof, reduce the payments thereon, release anyone liable on any of
said indebtedness, accept a renewal a note or notes therefor, modify the terms
and the time of payment of said indebtedness and agree in writing with the
Borrower to modify the rate of interest or period of amortization of the Note or
change the amount of any installments payable thereunder. Any actions taken by
the Lender pursuant to the terms of this Section shall not affect the obligation
of the Borrower or the Borrower's successors or assigns to pay the sums advanced
under this Agreement and to observe the covenants of the Borrower contained
herein, and shall not affect the guaranty of any person, corporation,
partnership, or other entity for payment of the indebtedness secured hereby. The
Borrower shall pay the Lender a reasonable service charge, together with
attorneys' fees as may be incurred at the Lender's option for any such action if
taken at the Borrower's request.

            Section 15. FORBEARANCE BY LENDER NOT A WAIVER. Any forbearance by
the Lender in exercising any right or remedy hereunder, or otherwise afforded by
applicable law, shall not be a waiver of or preclude the exercise of any right
or remedy. The acceptance by the Lender of payment of any sum loaned under this
Agreement after the due date of such payment shall not be a waiver of the
Lender's right to either require prompt payment when due of all other sums so
secured or to declare a default for failure to make prompt payment.

            Section 16. UNIFORM COMMERCIAL CODE SECURITY AGREEMENT. This
Agreement is intended to be a security agreement pursuant to the Uniform
Commercial Code for any of the items specified above as part of the Collateral
which, under applicable law, may be subject to a security interest pursuant to
the Uniform Commercial Code, and the Borrower hereby grants the Lender a
security interest in said items. The Borrower agrees that the Lender may file
any appropriate document in the appropriate index as a financing statement for
any of the items specified above as part of the Collateral. In addition, the
Borrower agrees to execute and deliver to the Lender, upon the Lender's request,
any financing statements, as well as extensions, renewals and amendments
thereof, and reproductions of this Agreement in such form as the Lender may
reasonably require to perfect a security interest with respect to said items.
The Borrower shall pay all costs of filing such financing statements and any
extensions, renewals, amendments, and releases thereof, and shall pay all
reasonable costs and expenses of any record searches for financing statements
the Lender may reasonably require. Upon the occurrence of an event of default,
each Secured Party shall have the remedies of a Lender under the Uniform
Commercial Code and, at the Secured Party's option, may also invoke the other
remedies provided in this Agreement as to such items. In exercising any of said
remedies, the Secured Parties may proceed against the items of real property and
any items of personal property specified above as part of the Collateral
separately or together and in any order whatsoever, without in any way affecting
the availability of the Secured Party's remedies under the Uniform Commercial
Code or of the other remedies provided in this Agreement.

            Section 17. ORDER OF PAYMENTS. Any and all amounts actually received
by the Lender in connection with the enforcement of this Agreement, including
the proceeds of any collection, sale or other

<Page>

disposition of all or any part of the Collateral (collectively, the
"PROCEEDS"), shall, promptly upon receipt by the Lender, be applied:

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

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

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

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

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

            Section 18. EVENTS OF DEFAULT. The Borrower shall be in default
under this Agreement when any of the following events or conditions occurs
(each an "EVENT OF DEFAULT"):

            (a)   The Borrower shall fail to pay all principal due under the
Note on or before the Maturity Date;

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

            (c) The Borrower fails to comply with any term, obligation,
covenant, or condition contained in this Agreement and such failure to comply is
not remedied within ten (10) Business Days of Lender's written notice to
Borrower;

            (d) Any warranty or representation made to the Lender by the
Borrower under this Agreement proves to have been materially false when made or
furnished;

            (e) If the Borrower 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 the Borrower is adjudged a bankrupt, or if a
trustee or receiver is appointed for the Borrower's property, or if the
Collateral becomes subject to the jurisdiction of a federal bankruptcy court or
similar state court, or if the Borrower makes an assignment for the benefit of
its creditors, or if there is an attachment, receivership, execution or other
judicial seizure, then the Lender may, at the Lender's option, declare all of
the sums secured by this Agreement to be immediately due and payable without
prior notice to the Borrower, and the Lender may invoke any remedies permitted
by this Agreement. Any attorneys' fees and other expenses incurred by the Lender
in connection with the Borrower's bankruptcy or any of the other events
described in this Section shall be additional indebtedness of the Borrower
secured by this Agreement; or

            (f) Any levy, seizure, attachment, lien, or encumbrance of or on the
Collateral which is not discharged by the Borrower within thirty (30) Business
Days or, any sale, transfer, or disposition of any interest in the Collateral,
other than in the ordinary course of business, without the written consent of
the Lender;

            (g)   Borrower defaults under any other written agreement between
Borrower and Lender.

   AS USED IN THIS AGREEMENT THE TERM "BUSINESS DAYS" MEANS DAYS OTHER THAN
SATURDAYS, SUNDAYS OR LEGAL HOLIDAYS UNDER THE LAWS OF THE STATE OF NEW YORK.

            Section 19. ACCELERATION.  At the option of the Lender, upon an
Event of Default, after any

<Page>

applicable notice period, all principal and any unpaid interest due hereunder
shall become immediately due and payable.

            Section 20. RIGHTS OF SECURED PARTIES.

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

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

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

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

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

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

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

            (h) In the event the Secured Parties elect not to sell the
Collateral, the Secured Parties may elect to follow the procedures set forth in
the Uniform Commercial Code for retaining the Collateral in satisfaction of the
Borrower's obligation, subject to the Borrower's rights under such procedures.

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

            Section 21. EXPENSES. Borrowers agree to pay all reasonable out of
pocket costs and expenses incurred by Lender in connection with this Agreement,
including but not limited to filing fees, recording taxes and reasonable
attorneys' fees actually incurred in enforcing this Agreement or collecting on
the Note, promptly upon demand of Lender.

            Section 22. REMEDIES CUMULATIVE. Each remedy provided in this
Agreement is distinct and cumulative to all other rights or remedies under this
Agreement or afforded by law or equity, and may be exercised concurrently,
independently, or successively, in any order whatsoever.

            Section 23. NOTICES. All notices and other communications hereunder
shall be in writing and shall be deemed given if delivered personally, sent by
overnight courier or telecopied (with a confirmatory copy sent by overnight
courier) to the parties at the following addresses (or at such other address for
a party as shall be specified by like notice):

<Table>
<S>         <C>
            (a)   If to Borrower , to:

                  I-LINK INCORPORATED
<Page>

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

                  With copy to:

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

            (b)   If to Lender, to:
                  Counsel Corporation (US)
                  280 Park Avenue
                  West Building, 28th floor
                  New York, New York  10017
                  Attention:  Allan Silber
                  Facsimile:  (212) 286-5000

</Table>
            Section 24. INTERPRETATION. When a reference is made in this
Agreement of a Section, such reference shall be to a Section of this Agreement
unless otherwise indicated, and the words "hereof," "herein" and "hereunder" and
similar terms refer to this Agreement as a whole and not to any particular
provision of this Agreement, unless the context otherwise requires. The headings
contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement. Whenever the words
"include," "includes" or "including" are used in this Agreement, they shall be
deemed to be followed by the words "without limitation."

            Section 25. COUNTERPARTS. This Agreement may be executed in
counterparts, all of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been signed by each of
the parties and delivered to the other parties. Facsimile signatures shall be
deemed to be authentic pending receipt of original signatures.

            Section 26. ENTIRE AGREEMENT; NO THIRD-PARTY BENEFICIARIES. This
Agreement, and the Note, (i) constitute the entire agreement between the parties
hereto and supersedes all prior agreements and understandings, both written and
oral, among the parties with respect to the subject matter hereof; (ii) are not
intended to confer upon any person other than the parties any rights or remedies
hereunder; and (iii) may only be modified by a writing signed by Borrower and
Lender.

            Section 27. GOVERNING LAW. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York, regardless of
the laws that might otherwise govern under applicable principles of conflicts of
laws thereof.

            Section 28. ASSIGNMENT. Neither this Agreement nor any of the
rights, interests or obligations hereunder may be assigned by operation of law
or otherwise by the Borrower without the prior written consent of the Lender in
its sole and absolute discretion, and any such purported assignment without the
express prior written consent of the Lender party shall be void ab initio; and
the Lender may assign any or all of the rights, interests or obligations
hereunder to any party. Subject to the preceding sentence, this Agreement shall
be binding upon, inure to the benefit of, and be enforceable by, the parties and
their respective successors and assigns.

            Section 29. SEVERABILITY. If any term or other provision of this
Agreement is invalid, illegal or incapable of being enforced by any rule of law,
or public policy, all other conditions and provisions of this agreement shall
nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby are not affected in any manner
materially adverse to any party. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties shall
negotiate in good faith to modify this Agreement so as to effect he original
intent of the parties as closely as possible

<Page>

in a mutually acceptable manner in order that the transactions be consummated
as originally contemplated to the fullest extent possible.

            Section 30. CONSENT TO JURISDICTION. In the event that any legal
proceedings are commenced in any court with respect to any matter arising under
this Agreement, the parties hereto specifically consent and agree that the
courts of the State of Utah and/or the Federal Courts located in the State of
Utah shall have jurisdiction over each of the parties hereto and over the
subject matter of any such proceedings.

IN WITNESS WHEREOF, BORROWER AND LENDER HAVE EXECUTED THIS AGREEMENT AS OF THE
DATE FIRST WRITTEN ABOVE.

                                    I-LINK INCORPORATED

                                    By:   ________________________________
                                          Name:
                                          Title:

                                    COUNSEL CORPORATION (US)

                                    By:   ______________________________
                                          Name:
                                          Title:

<Page>

EXHIBIT "A"

LOAN NOTE

$10,000,000                                                 New York, New York
                                                                  June 1, 2001

      FOR VALUE RECEIVED, I-LINK, INCORPORATED ("BORROWER") hereby promises to
pay to the order of COUNSEL CORPORATION (US), a Delaware corporation ("LENDER"),
in immediately available funds, on the Maturity Date, the principal sum of up to
TEN MILLION Dollars ($10,000,000), or, if less, the unpaid principal amount of
all loans then outstanding made pursuant to the Loan and Security Agreement,
dated June 1, 2001 (the "LOAN AGREEMENT"). Payments made hereunder shall be made
to Lender's New York office located at 280 Park Avenue, West Building, 28th
floor, New York, New York 10017.

            The Borrower also promises to pay interest on the unpaid principal
amount hereof in like money from the date hereof until the principal amount is
paid at the rates and at the times provided in the Loan Agreement.

            Capitalized terms used but not otherwise defined herein shall have
the meaning specified therefor in the Loan Agreement.

            This Loan Note is the "Note" referred to in the Loan Agreement, is
subject to the terms and provisions of the Loan Agreement, and is entitled to
the benefits thereof. This Loan Note is secured pursuant to the terms of the
Loan Agreement.

            In case an Event of Default shall occur and be continuing, the
principal of and accrued interest on this Loan Note may be declared due and
payable in the manner and with the effect provided in the Loan Agreement.

            The Borrower hereby waives presentment, dishonor, notice of
dishonor, and protest.

            THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES
THEREOF.

I-LINK, INCORPORATED

By: _________________________
Name:
Title:

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