Document:

EXHIBIT 4.7

 THIS SECURITY  HAS NOT  BEEN REGISTERED  WITH  THE SECURITIES  AND  EXCHANGE
 COMMISSION OR THE  SECURITIES COMMISSION OF  ANY STATE IN  RELIANCE UPON  AN
 EXEMPTION FROM REGISTRATION  UNDER THE SECURITIES  ACT OF  1933, AS  AMENDED
 (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD  EXCEPT
 PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT  OR
 PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
 THE REGISTRATION REQUIREMENTS OF THE SECURITIES  ACT AND IN ACCORDANCE  WITH
 APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF  COUNSEL
 TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
 ACCEPTABLE TO THE COMPANY.  THIS SECURITY MAY BE PLEDGED IN CONNECTION  WITH
 A BONA  FIDE  MARGIN ACCOUNT  OR  OTHER LOAN  SECURED  BY SUCH  SECURITY  AS
 PERMITTED BY LAW AND THE SECURITIES PURCHASE AGREEMENT PURSUANT TO WHICH THE
 SECURITIES WERE ISSUED.

 Original Issue Date: March 8, 2006

 No. 1                                                               $400,000

                      10% SECURED CONVERTIBLE DEBENTURE

      This 10% Secured  Convertible Debenture  (this "Debenture")  is a  duly
 authorized and  issued  10%  Secured Convertible  Debenture  of  RAPID  LINK
 INCORPORATED, a Delaware corporation, having its principal place of business
 located at  the  address  set  forth  on  the  signature  page  hereto  (the
 "Company"),  for  the  principal  amount  of FOUR HUNDRED  THOUSAND  DOLLARS
 ($400,000), issued in  connection with that  certain Purchase Agreement  (as
 defined below) of even date herewith  entered into by and among the  Company
 and the Holder.

      FOR  VALUE  RECEIVED,   the  Company   promises  to   pay  to   CHARGER
 INVESTEMENTS, LLC, a  California limited liability  corporation, having  its
 principal place of business located at_____________________________________,
 or its registered  assigns (the "Holder"), the principal sum of FOUR HUNDRED
 THOUSAND DOLLARS ($400,000) on the earlier of (a) March 8, 2007;  or (b) the
 consummation  of a Change  of Control Transaction (the "Maturity Date"), and
 to pay interest to the Holder on the then  outstanding principal  amount  of
 this Debenture in accordance with the provisions  hereof.  This Debenture is
 subject to the following additional provisions:

      Section 1.     Definitions.  For  the purposes hereof,  in addition  to
 the terms defined below and elsewhere  in this Debenture, capitalized  terms
 contained herein shall have the meanings given to such terms in the Purchase
 Agreement, and (b) the following terms shall have the following meanings:

           "Bankruptcy Event"  means any  of the  following events:  (a)  the
      Company or any Subsidiary (as such  term is defined in Rule 1.02(s)  of
      Regulation S-X of the Exchange Act)  thereof commences a case or  other
      proceeding   under   any   bankruptcy,   reorganization,   arrangement,
      adjustment of  debt,  relief  of debtors,  dissolution,  insolvency  or
      liquidation or similar law of any jurisdiction relating to the  Company
      or any Subsidiary thereof; (b) there  is commenced against the  Company
      or any  Subsidiary thereof  any such  case or  Proceeding that  is  not
      dismissed within 60  days after commencement;  (c) the  Company or  any
      Subsidiary thereof is adjudicated insolvent or bankrupt or any order of
      relief or other order approving any such case or Proceeding is entered;
      (d) the Company or  any Subsidiary thereof  suffers any appointment  of
      any custodian  or  the like  for  it or  any  substantial part  of  its
      property that  is not  discharged or  stayed within  60 days;  (e)  the
      Company or any Subsidiary  thereof makes a  general assignment for  the
      benefit of creditors; (f) the Company or any Subsidiary thereof calls a
      meeting of  its  creditors with  a  view to  arranging  a  composition,
      adjustment or  restructuring  of its  debts;  (g) the  Company  or  any
      Subsidiary thereof, by any act or  failure to act, expressly  indicates
      its consent to, approval of or acquiescence in any of the foregoing  or
      takes any corporate or other action for the purpose of effecting any of
      the foregoing; or (h) an application for the appointment of a  receiver
      or liquidator for the Company or any of its material assets.

           "Capital Lease" means  any lease  of property  (real, personal  or
      mixed) which, in  accordance with GAAP,  should be  capitalized on  the
      lessee's balance  sheet  or for  which  the  amount of  the  asset  and
      liability thereunder as if so capitalized should be disclosed in a note
      to such balance sheet.

           "Cash  Flow"  means   an  amount  equal   to  (i)  the   Company's
      Consolidated EBITDA, minus (ii) the Company's Consolidated non-financed
      Capital Expenditures.

           "Consolidated EBITDA" means, for any Person for any period:

                     (i) the  consolidated net income of  such Person and its
      Consolidated  Subsidiaries  for  such  period  (after  Income   Taxes),
      calculated in accordance with GAAP, but excluding:

                          (A)  any gain arising  from  the  sale  of  capital
      assets,

                          (B) any gain arising from any write-up of assets,

                          (C) earnings of any other Person, substantially all
      of the  assets  of which  have  been acquired  by  such Person  or  its
      Consolidated Subsidiaries  in  any  manner, to  the  extent  that  such
      earnings were realized by such other  Person prior to the date of  such
      acquisition.

                          (D) earnings  of any Person in  which the Person or
      its Consolidated  Subsidiaries has  an ownership  interest (other  than
      wholly owned Subsidiaries of such Person  ), unless such earnings  have
      actually been received by the  Person or its Consolidated  Subsidiaries
      in the form of cash distributions,

                          (E) earnings  of any Person to  which assets of the
      Person  or  its  Consolidated   Subsidiaries  shall  have  been   sold,
      transferred or disposed of, or into which the Person shall have merged,
      to the  extent that  such earnings  arise  prior to  the date  of  such
      transaction,

                          (F) any  gain arising  from the  acquisition of any
      securities of such Person or any of its Consolidated Subsidiaries, and

                          (G) any  extraordinary gain realized by such Person
      or any of its Consolidated Subsidiaries during such period.

                     (ii)  plus the following, but  only in each  case to the
      extent incurred by the Company and its Consolidated Subsidiaries during
      such period and deducted in the calculation above for such period,

                          (A) all income and franchise taxes,

                          (B) all Interest Expense,

                          (C) all depreciation expense, and

                          (D) all amortization expense.

           "Current Assets" means, at any particular time, all amounts which,
      in conformity  with GAAP,  would be  included as  current assets  on  a
      consolidated  balance  sheet  of  the  Company  and  its  Subsidiaries;
      provided, however, there  shall be excluded  therefrom (a) all  prepaid
      expenses of every type and nature, (b) all amounts due from  directors,
      officers, stockholders  or other  Affiliates, and  all loans  due  from
      employees, and (c) all deferred charges.

           "Current Liabilities" means, at  any particular time, all  amounts
      (including deferred taxes)  which, in  conformity with  GAAP, would  be
      included as current liabilities on a consolidated balance sheet of  the
      Company and its Subsidiaries.

           "Current Ratio"  means  the ratio  of  Current Assets  to  Current
      Liabilities.

           "Dallas Courts" shall have the meaning set forth in Section 7(e).

           "Debenture Register" shall have the  meaning set forth in  Section
      2(b).

           "Event of Default" shall have the meaning set forth in Section 6.

           "Interest Expense" means, with respect to  any Person and for  any
      period (without  duplication),  all  interest on  that  Person's  debt,
      whether paid in  cash or  accrued as a  liability and  payable in  cash
      during  any  subsequent  period  (including,  without  limitation,  the
      interest component of Capital Leases), as determined by GAAP.

           "Late Fees" shall have the meaning set forth in Section 2(c).

           "Liabilities" mean all  liabilities, obligations and  indebtedness
      of any and every kind and nature (including, without limitation,  lease
      obligations, accrued interest, charges,  expenses, attorneys' fees  and
      other sums) chargeable to the Company and made to or for the benefit of
      the Company, whether arising under this Debenture or arising under  the
      any of the Transaction Documents, whether heretofore, now or  hereafter
      owing, arising, due or payable from  Company to the Holder and  however
      evidenced, credited,  incurred,  acquired or  owing,  whether  primary,
      secondary,  direct,   contingent,   fixed,  or   otherwise,   including
      obligation of performance.

           "Net Income" or "Net Loss"  means, with respect to any Person  for
      any period, the  net income or  net loss of  such Person determined  in
      accordance with GAAP, after payment of  income taxes but excluding  any
      extraordinary or non-recurring items.

           "Original Issue Date" shall mean the date of the first issuance of
      this Debenture regardless  of the number  of transfers of  this or  any
      portion of this Debenture and regardless  of the number of  instruments
      which may be issued to evidence such Debenture or Debentures.

            "Purchase Agreement" means the Securities Purchase Agreement,  of
      even date herewith, to which the Company and the Holder are parties, as
      amended, modified or supplemented from time to time in accordance  with
      its terms.

      Section 2.     Interest.

           a) Payment of Interest in Cash. The Company shall pay interest, in
      cash, to the Holder  on the then outstanding  principal amount of  this
      Debenture at  the rate  of  10% per  annum,  payable in  equal  monthly
      installments of cash via wire transfer of immediately available  funds,
      in arrears, on the last day of  each month for the period beginning  on
      the Initial  Issuance Date  and ending  on the  Maturity Date  or  such
      earlier or later time  when this Debenture is  paid or prepaid in  full
      (except that, if any such date is not a Business Day, then such payment
      shall be due on the next  succeeding Business Day) (each such date,  an
      "Interest Payment Date"), subject to the conversion rights of Holder as
      stated herein.

           b) Interest Calculations.  Interest  shall be  calculated  on  the
      basis of  a 360-day  year  and shall  accrue  daily commencing  on  the
      Original Issue  Date  until  payment in  full  of  the  principal  sum,
      together with all accrued and unpaid  interest and other amounts  which
      may become due hereunder,  has been made.   Interest hereunder will  be
      paid to the Person  in whose name this  Debenture is registered on  the
      records  of  the  Company  regarding  registration  and  transfers   of
      Debentures (the "Debenture Register").

           c) Late  Fee.  All overdue accrued and  unpaid interest to be paid
      hereunder shall entail a late fee at the rate of 18% per annum (or such
      lower  maximum  amount  of  interest  permitted  to  be  charged  under
      applicable law) ("Late  Fee") which will  accrue daily,  from the  date
      such interest  is  due hereunder  through  and including  the  date  of
      payment.

           d) Prepayment.   The Company may prepay all  or any portion of the
      then  outstanding  principal  amount  of  this  Debenture  without  any
      prepayment premium or discount by providing  Holder not less than  five
      days prior written notice, such outstanding principal balance remaining
      subject to  Holder's  conversion  rights  hereunder  until  the  actual
      prepayment is made following such notice period.

      Section 3.      Conversion Right; Adjustments.

           The Holder of  this Debenture shall  have the  right, at  Holder's
      option, at  any  time on  or  after the  Original  Issue Date  of  this
      Debenture, to convert  all, or, in  multiples of $50,000,  any part  of
      this Debenture into such number of fully paid and nonassessable  shares
      of Common  Stock as  shall be  provided  herein.   The Holder  of  this
      Debenture may exercise the conversion right by giving written notice (a
      "Conversion Notice") to the Company of  the exercise of such right  and
      stating the  name or  names in  which the  stock certificate  or  stock
      certificates for the shares  of Common Stock are  to be issued and  the
      address to which such certificates shall be delivered.  The  Conversion
      Notice shall be accompanied by this Debenture.  The number of shares of
      Common Stock that shall  be issuable upon  conversion of the  Debenture
      shall equal the  then outstanding  principal amount  of this  Debenture
      plus all accrued and unpaid interest  due and payable on the  Debenture
      on the Conversion  Date (defined below)  or a portion  thereof (in  the
      discretion of the Holder) divided by  the Conversion Price (as  defined
      below)  in  effect  on  the  date  the  Conversion  Notice  is   given.
      Conversion shall  be deemed  to  have been  effected  on the  date  the
      Conversion Notice  is delivered  to the  Company (each,  a  "Conversion
      Date").  Within ten Business Days after a Conversion Date, the  Company
      shall issue and deliver by hand against a signed receipt therefor or by
      reputable overnight delivery carrier to  the address designated in  the
      Conversion Notice, a  stock certificate  or stock  certificates of  the
      Company representing  the number  of shares  of Common  Stock to  which
      Holder is  entitled and  a check  or cash  in payment  of all  interest
      accrued and  unpaid  under the  Debenture  being converted  up  to  and
      including the  Conversion  Date.   If  a  stock  certificate  or  stock
      certificates  are  not  delivered  within  10  business  days  after  a
      Conversion Date, the Company shall pay and/or grant to Holder 0.1%  (on
      a Fully Diluted Basis) of the Company's Common Stock per day until such
      certificates are delivered. The conversion  rights will be governed  by
      the following provisions:

           a)   Conversion Price.   The   Conversion   Price,   subject    to
      adjustment as  set forth  herein, shall  be  equal to  $.30;  provided,
      however, that  in the  event  that this  Debenture  is not  repaid  and
      satisfied in full  on or by  September 7, 2006,  such Conversion  Price
      shall automatically, without  the necessity for  any further action  by
      any party hereto, be reduced to $.14.

           b)   Adjustment for Issuance of Shares at less than the Conversion
      Price.

                (i)  If and whenever any  Additional Common Stock (as  herein
      defined) shares shall be issued by the Company (the "Stock Issue Date")
      for a consideration per share less  than the Conversion Price, then  in
      each such case the initial Conversion  Price shall be reduced to a  new
      Conversion Price  in an  amount equal  to the  consideration per  share
      received by the Company for the additional shares of Common Stock  then
      issued,; and, in the case of  shares issued without consideration,  the
      initial Conversion Price shall be reduced  in amount and the number  of
      shares issued upon conversion shall be increased in an amount so as  to
      maintain for the Holder the right to convert this Debenture into shares
      equal in amount to the same percentage interest in the Common Stock  of
      the Company as existed for the  Holder immediately preceding the  Stock
      Issue Date.

                (ii)      Consideration for Shares.   In case of the issuance
      of Additional Common  Stock for a  consideration part or  all of  which
      shall be cash, the amount of  the cash consideration therefor shall  be
      deemed to  be the  amount of  the  cash received  by Company  for  such
      shares.  In  case of the  issuance of any  shares of Additional  Common
      Stock for a  consideration part  or all of  which shall  be other  than
      cash, the amount of the consideration therefor, other than cash,  shall
      be deemed to be the then fair market value of the property received  as
      determined by an investment banking firm selected by Holder.

                (iii)     Reclassification of  Shares.      In  case  of  the
      reclassification of securities into shares of Common Stock, the  shares
      of Common Stock issued in such reclassification shall be deemed to have
      been issued for a consideration other than cash.  Shares of  Additional
      Common Stock issued  by way of  dividend or other  distribution on  any
      class of  stock of  the Company  shall be  deemed to  have been  issued
      without consideration.

                (iv)  Split up or Combination of Shares.   In case issued and
      outstanding shares of Common Stock shall be subdivided or split up into
      a greater number of  shares of the Common  Stock, the Conversion  Price
      shall be proportionately decreased, and in case issued and  outstanding
      shares of  Common Stock  shall be  combined into  a smaller  number  of
      shares of Common Stock, the  Conversion Price shall be  proportionately
      increased, such  increase or  decrease, as  the case  may be,  becoming
      effective at the time of record of the split-up or combination, as  the
      case may be.

                (v)  The term "Additional  Common Stock"  herein shall  mean,
      other than with  respect to an  Exempt Issuance, in  the most  broadest
      sense all shares of Common Stock or Common Stock Equivalents  hereafter
      issued by the Company (including, but not limited to Common Stock  held
      in the treasury  of the Company,  except Common Stock  issued upon  the
      conversion or exercise of any security purchased in connection with the
      Purchase Agreement.

           c)   Adjustment for Mergers, Consolidations, Etc..

                (i)  In the event of distribution to all Common Stock holders
      of any stock,  indebtedness of the  Company or  assets (excluding  cash
      dividends or distributions from retained  earnings) or other rights  to
      purchase securities or assets, then,  after such event, this  Debenture
      will be convertible into  the kind and amount  of securities, cash  and
      other property  which  the holder  of  the Debenture  would  have  been
      entitled to receive if the holder owned the Common Stock issuable  upon
      conversion of the Debenture immediately prior to the occurrence of such
      event.

                (ii) In case of any capital reorganization,  reclassification
      of the stock of the Company (other than a  change in par value or as  a
      result of a  stock dividend, subdivision,  split up  or combination  of
      shares), this Debenture shall be convertible  into the kind and  number
      of  shares  of  stock  or  other securities or  property of the Company
      to which  the  holder of the  Debenture  would have  been  entitled  to
      receive if the holder owned  the Common Stock issuable  upon conversion
      of the Debenture immediately  prior to  the occurrence  of  such event.
      The  provisions  of  the  foregoing   sentence  shall  similarly  apply
      to  successive   reorganizations,   reclassifications,  consolidations,
      exchanges, leases,  transfers  or  other dispositions  or  other  share
      exchanges.

           d)   Notice of  Adjustment.     In  the event  the  Company  shall
      propose to take any action which  shall result in an adjustment in  the
      Conversion Price, the Company  shall give notice  to the Holder,  which
      notice shall specify  the record  date, if  any, with  respect to  such
      action and the date on which such action is to take place.  Such notice
      shall be given on or before the  earlier of ten days before the  record
      date or the date which such action  shall be taken.  Such notice  shall
      also set forth all facts (to  the extent known) material to the  effect
      of such action on the Conversion Price and the number, kind or class of
      shares or other securities  or property which  shall be deliverable  or
      purchasable upon  the occurrence  of such  action or  deliverable  upon
      conversion of this Debenture.  Additionally, following completion of an
      event wherein the Conversion Price shall be adjusted, the Company shall
      furnish to  the holder  of this  Debenture a  statement, signed  by  an
      authorized officer of the Company of the facts creating such adjustment
      and specifying the resultant adjusted Conversion Price then in effect.

           e)   Reservation of Shares.  The Company warrants and agrees  that
      it shall at all times reserve and keep available, free from  preemptive
      rights, sufficient authorized  and unissued shares  of Common Stock  to
      effect conversion of this Debenture.

           f)   Registration Rights.   The  Holder  has certain  rights  with
      respect to the registration of shares  of Common Stock issued upon  the
      conversion of this Debenture, such rights being specifically set  forth
      in the Purchase Agreement  entered into by and  between Holder and  the
      Company on the date hereof.

           g)   Exercise Limitations.  The Holder shall not have the right to
      convert any  portion  of  this Debenture,  pursuant  to  Section  3  or
      otherwise, to  the extent  that after  giving effect  to such  issuance
      after exercise, the Holder (together with the Holder's affiliates),  as
      set forth on the applicable  Conversion Notice, would beneficially  own
      in excess of 4.99% (or as applicable, 9.99%) of the number of shares of
      the Common Stock  outstanding immediately after  giving effect to  such
      issuance.  For purposes of the  foregoing determination, the number  of
      shares of  Common  Stock  beneficially owned  by  the  Holder  and  its
      affiliates shall include the number of shares of Common Stock  issuable
      upon such conversion  of this Debenture  less the number  of shares  of
      Common Stock  which  would  be issuable  upon  (A)  conversion  of  the
      remaining, unexercised portion  of this Debenture  and (B) exercise  or
      conversion of  the  unexercised or  unconverted  portion of  any  other
      Securities (including,  without  limitation, any  other  Debentures  or
      Warrants) subject to a limitation  on conversion or exercise  analogous
      to the limitation contained herein  beneficially owned by the  Holder.
      Except as set  forth in the  preceding sentence, for  purposes of  this
      Section 3(g), beneficial  ownership shall be  calculated in  accordance
      with Section  13(d)  of the  Exchange  Act.   To  the extent  that  the
      limitation contained in this Section 3(g) applies, the determination of
      whether this Debenture is convertible (in relation to other  securities
      owned by  the Holder)  and of  which  a portion  of this  Debenture  is
      convertible shall be in the sole discretion of Holder.  For purposes of
      this Section 3(g), in determining the  number of outstanding shares  of
      Common Stock, the Holder may rely  on the number of outstanding  shares
      of Common Stock  as reflected in  (x) Schedule 3.1(g)  to the  Purchase
      Agreement, (y)  a  more  recent  public  announcement  by  the  Company
      including the annual report or quarterly report on Form 10-KSB or  Form
      10-QSB, as the case may be, most recently filed with the Commission; or
      (z) any other  notice by the  Company or the  Company's Transfer  Agent
      setting forth the number of shares  of Common Stock outstanding.   Upon
      the written or oral request of the Holder, the Company shall within two
      Business Days confirm orally and in writing to the Holder the number of
      shares of  Common  Stock  then outstanding.   The  provisions  of  this
      Section 3(g) may be waived by the  Holder upon, at the election of  the
      Holder, not less  than 61 days'  prior notice to  the Company, and  the
      provisions of this Section 3(g) shall continue to apply until such 61st
      day (or  such  later date,  as  determined by  the  Holder, as  may  be
      specified in such notice of waiver).

      Section 4.     Registration of Transfers and Exchanges.

           a) Different  Denominations. This Debenture is exchangeable for an
      equal aggregate principal amount of Debentures of different  authorized
      denominations, as requested by  the Holder surrendering  the same.   No
      service charge  will  be made  for  such registration  of  transfer  or
      exchange.

           b) Investment Representations.  This  Debenture  has  been  issued
      subject to certain  investment representations of  the original  Holder
      set forth in the Purchase Agreement and may be transferred or exchanged
      only in compliance with the  Purchase Agreement and applicable  federal
      and state securities laws and regulations.

           c) Reliance on Debenture Register. Prior to due presentment to the
      Company for transfer of  this Debenture, the Company  and any agent  of
      the Company may treat the Person  in whose name this Debenture is  duly
      registered on  the  Debenture Register  as  the owner  hereof  for  the
      purpose of  receiving payment  as herein  provided  and for  all  other
      purposes, whether or  not this Debenture  is overdue,  and neither  the
      Company nor any such agent shall be affected by notice to the contrary.

      Section 5.      Negative Covenants.  So  long as  any portion  of  this
      Debenture is  outstanding, without  the prior  written consent  of  the
      Holder, which consent  may be  withheld  in the sole  discretion of the
      Holder,  the  Company  will  not  and  will  not  permit  any  of   its
      Subsidiaries to directly or indirectly:

           a) Indebtedness.   Other than equipment leases of up to $50,000 in
      the aggregate  for any  12 month  period,  enter into,  create,  incur,
      assume or suffer to exist any indebtedness or Liens, on or with respect
      to any of its property or assets now owned or hereafter acquired or any
      interest therein or any income or profits therefrom that is senior  to,
      or pari passu with, in any respect, the Company's obligations under the
      Debentures;

           b) Repayment  of Indebtedness.  Repay  any principal due and owing
      on any promissory  notes, debentures, or  other forms of  indebtedness,
      other than (i)  periodic interest  payments due  and owing  thereunder;
      (ii) repayment due of any principal amount or interest due or  becoming
      due  under  or  under  this  Debenture;  and  (iii)  repayment  of  the
      indebtedness set  forth  in Schedule  4.9  to the  Purchase  Agreement;
      provided, however, nothing contained in this section shall prohibit the
      Company from making any payments with respect to trade payables made in
      the ordinary course of the Company's business;

           c) Repayment  of  Shares.  Repay, repurchase  or offer  to  repay,
      repurchase or otherwise acquire more than a de minimus number of shares
      of its  Common  Stock  or  other  equity  securities  or  as  otherwise
      permitted by the Transaction Documents;

           d) Governing Documents.   Amend its  certificate of incorporation,
      bylaws or other charter documents so as to adversely affect any  rights
      of the Holder in its capacity as a holder of the Debentures;

           e) Loans  and  Investments.   Lend  or  advance  money,  credit or
      property to  any  Person, or  invest  in (by  capital  contribution  or
      otherwise), or  purchase or  repurchase the  stock or  indebtedness  or
      assets or  properties  of  any  Person,  or agree  to  do  any  of  the
      foregoing, other than in the ordinary course of business;

           f) Guarantees.    Assume, endorse  or  otherwise become  or remain
      liable in connection with the obligations (including accounts  payable)
      of any other Person, other than in the ordinary course of business.

           g) Sale  of  Assets, Dissolution,  Etc.   Transfer,  sell, assign,
      lease or otherwise dispose of any  of its properties or assets, or  any
      assets or properties necessary or desirable  for the proper conduct  of
      its business, or transfer, sell, assign or otherwise dispose of any  of
      its accounts, or contract rights to any Person, or change the nature of
      its business, wind-up, liquidate  or dissolve, or agree  to any of  the
      foregoing, other than in the ordinary course of business;

           h) Acquisition  of  Assets.  Agree to purchase, acquire,  or lease
      of any  assets of  any Person,  other than  in the  ordinary course  of
      business;

           i) Compensation.  Increase the compensation of any of its officers
      or consultants making more than $100,000 per year, hire any relative of
      any officer, director or shareholder of the Company, or pay a bonus  to
      any such person.

           j) Subsidiaries.  Establish or  form a  partially or  wholly owned
      Subsidiary.  Sell,  transfer or assign  any interest  in the  Company's
      existing Subsidiaries.

           k) No  Further Issuance of  Securities.  Other  than in accordance
      herewith or with respect to an Exempt Issuance, create, issue or permit
      the issuance of any additional securities  of the Company or of any  of
      its  Subsidiaries   (including   with   respect   to   any   Qualifying
      Transaction), if any, or any rights, options or warrants to acquire any
      such securities;  provided, however,  that in  the event  that  Company
      desires to issue  securities with  preferences or  rights greater  than
      that which the Common  Stock has and the  Holder consents to same,  the
      Holder will then have the option of converting all or any part of  this
      Debenture into such stock in lieu of the Common Stock;

           l) No Dividends;  No Redemption.  Declare any dividend, pay or set
      aside for payment any dividend or  other distribution, in cash,  stock,
      or other  property,  or  make  any  payment  to  any  related  parties,
      including to any preferred stockholders, as a dividend, redemption,  or
      otherwise, other than the payment of salaries in the ordinary course of
      business.

           m) Stock  Splits.   Undertake a reverse  or forward stock split or
      reclassification of the Common Stock; or

           n)   Agreement.     Enter  into  any   agreement  obligating   the
      Company to undertake any of the matters set forth in this Section 5.

           Section 6.     Affirmative Covenants.  So  long as any portion  of
    this Debenture is  outstanding and unless  the Holder otherwise  consents
    in writing, which consent may be  withheld in the sole discretion of  the
    Holder, the Company will:

           a) Taxes and Liens.  Promptly pay, or cause to be paid, all taxes,
      assessments and other governmental charges which may lawfully be levied
      or assessed upon  the income  or profits of  the Company,  or upon  any
      property, real, personal or  mixed, belonging to  the Company, or  upon
      any part thereof, and  also any lawful claims  for labor, material  and
      supplies which if  unpaid, might become  a lien or  charge against  any
      such property; provided, however, the Company shall not be required  to
      pay any such  tax, assessment,  charge, levy or  claim so  long as  the
      validity thereof shall be  actively contested in  good faith by  proper
      proceedings; but,  provided  further  that any  such  tax,  assessment,
      charge, levy or claim shall be paid or bonded in a manner  satisfactory
      to the Holder  upon the commencement  of proceedings  to foreclose  any
      lien securing the same.

           b) Business  and Existence.   Do  or cause  to be  done all things
      necessary to preserve and to keep in full force and effect any licenses
      necessary to the business of the  Company, its corporate existence  and
      rights of its  franchises, trade names,  trademarks, and permits  which
      are reasonably  necessary  for the  continuance  of its  business;  and
      continue to engage  principally in the  business currently operated  by
      the Company.

           c) Insurance  and Properties.   Keep its business  and  properties
      insured at all  times with  responsible insurance  companies and  carry
      such types and  amounts of insurance  as are required  by all  federal,
      state and  local  governments  in the  areas  which  the  Company  does
      business and as are usually carried by entities engaged in the same  or
      similar business similarly  situated.  In  addition, the Company  shall
      maintain in full force  and effect policies  of liability insurance  in
      amounts at least equal to that currently in effect.

           d) Maintain Property and Assets.  Maintain its property and assets
      in good order and repair  and, from time to  time, make all needed  and
      proper repairs,  renewals,  replacements,  additions  and  improvements
      thereto,  so  that  the  business  carried  on  may  be  properly   and
      advantageously conducted  at  all  times  in  accordance  with  prudent
      business  management,  and  maintain  annually  adequate  reserves  for
      maintenance thereof.

           e) True  Books.  Keep  true books of  record and  account in which
      full, true and correct entries will be made of all of its dealings  and
      transactions, and  set aside  on  its books  such  reserves as  may  be
      required by  GAAP, consistently  applied, with  respect to  all  taxes,
      assessments, charges, levies and claims referred  to in (a) above,  and
      with respect to its business in  general, and include such reserves  in
      interim as well as year-end financial statements.

           f) Right  of  Inspection.   Permit  any person  designated  by the
      Holder, at  the Holder's  expense,  to visit  and  inspect any  of  the
      properties, books and  financial reports of  the Company,  all at  such
      reasonable times upon three (3) Business Days prior notice to  Company,
      and as often as the Holder may reasonably request, provided the  Holder
      does not  unreasonably  interfere  with the  daily  operations  of  the
      Company and Holder executes a confidentiality agreement.

           g) Observance  of Laws.   Conform  to and  duly observe  all laws,
      regulations and other  valid requirements of  any regulatory  authority
      with respect to the conduct of its business except those that would not
      cause a  Material  Adverse  Effect, as  determined  in  the  reasonable
      discretion of the Holder.

           h) Company's Knowledge of Default.  Upon an officer or director of
      the Company obtaining knowledge of, or  threat of, an Event of  Default
      hereunder, cause such  officer to promptly,  within no  more than  five
      Business Days,  deliver to  the Holder  notice thereof  specifying  the
      nature thereof, the period  of existence thereof,  and what action  the
      Company has taken and/or proposes to take with respect thereto.

           i) Notice  of Proceedings.   Upon  an officer  or director  of the
      Company obtaining  knowledge of  any  material litigation,  dispute  or
      proceedings being instituted or threatened against the Company, or  any
      attachment, levy, execution or  other process being instituted  against
      any assets of the  Company, cause such officer  to promptly, within  no
      more than five Business  Days, give the Holder  written notice of  such
      litigation, dispute, proceeding, levy, execution or other process.

           j) Certificate  of Covenant Compliance Within  30 days of the last
      day of each March, June, September and December, the Company will issue
      a Certificate  of Covenant  Compliance, executed  by either  the  Chief
      Executive Officer or Chief Financial Officer  in the form of Exhibit  A
      attached  hereto.  If  the  Company  is  not  in  compliance  with  the
      covenants specified  in this  Section 5,  the Company  will modify  the
      Certificate  of  Covenant  Compliance  by  stating  the  exception  and
      providing a detailed explanation of the non-compliance.

           k)   Payment of  Holder's  Expenses.   If  at any  time  or  times
      hereafter, Holder  employs counsel  to commence,  defend or  intervene,
      file a petition,  complaint, answer, motion  or other  pleading, or  to
      take  any  action  in  or  with  respect  to  any  suit  or  proceeding
      (bankruptcy or  otherwise)  relating to  this  Debenture or  any  other
      Transaction  Document,  or   any  other   agreement,  guaranty,   note,
      instrument or  document  heretofore,  now  or  at  any  time  or  times
      hereafter executed  by  the Company  and  delivered to  Holder,  or  to
      enforce any  rights of  Holder hereunder  whether before  or after  the
      occurrence  of  any  Event  of  Default,  or  to  collect  any  of  the
      Liabilities, then  in  any  of  such  events,  all  of  the  reasonable
      attorneys' fees arising from such services, and any expenses, costs and
      charges relating thereto, shall be part of the Liabilities, payable  on
      demand.

           l)   Financial Covenants.  As of the 75th date following the  date
      of this Agreement and thereafter continuing until the Termination Date,
      the Company must maintain the following ratios:

                (i)  Cash Interest Coverage. Until  this Debenture is  repaid
      in full, the  Company shall maintain  a Consolidated EBITDA   and  cash
      balance, including cash received from future financings, excluding cash
      required to pay down its debt  instruments due within 1 year, based  on
      any of the Company's quarterly  financial statements (as determined  on
      the last  day of  each fiscal  quarter  for the  immediately  preceding
      quarter), in an  amount that will  ensure payment of  all interest  due
      monthly  after  the  closing  date  and   after  the  closing  of   the
      Telenational transaction, until this debenture is paid in full.

                (ii) Current Ratio.  The  Company's current ratio, after  the
      completion of  the  Telenational transaction,  and  future  anticipated
      financings, will improve the Company's current ratio as compared to the
      Company's current ratio as  of the Closing Date.  .  The Current  Ratio
      shall be calculated  and tested quarterly  as of the  last day of  each
      fiscal quarter of the Company.

                (iii)   Actual  versus  Budget.    The  Company  shall  on a
      quarterly basis achieve 75 percent of its budgeted revenue and  income.
      Budget numbers  shall be  those delivered  to Holder  contemporaneously
      herewith and then  on an annual  calendar basis.   It is understood  by
      both parties that Trident  Growth Fund has not  received a budget  from
      the Company, as  such information  is not  provided by  the Company  in
      connection with any financing transactions.

           Notwithstanding  the  foregoing,  the  achievement  of  the  above
      covenants as set  forth in  this Section  6(l) is  contingent upon  the
      closing of the  Telenational Communications, Inc.  transaction and  the
      anticipated future  financing of  at least  $5.0 million,  required  to
      close the transaction and provide the  necessary cash flow to pay  down
      the Company's  debt financings  as they  come due  within the  next  12
      months.   It is  understood  that the  Company  may not  achieve  these
      covenants if the financing it obtains is less than $5.0 million.

       Section 7.     Events of Default.

           a) "Event of  Default", wherever used herein, means any one of the
      following events (whatever the reason and whether it shall be voluntary
      or involuntary  or effected  by operation  of law  or pursuant  to  any
      judgment, decree  or  order  of  any  court,  or  any  order,  rule  or
      regulation of any administrative or governmental body):

                i. any default  in the payment of (A) the principal amount  of
           any Debenture,  or  (B)  interest (including  Late  Fees)  on,  or
           liquidated damages in respect of, any Debenture, in each case free
           of any claim of subordination, as  and when the same shall  become
           due and payable (whether on the  Maturity Date or by  acceleration
           or otherwise);

                ii. the Company shall fail  to observe or  perform any  other
           covenant or agreement contained  in this Debenture  or any of  the
           other  Transaction  Documents  which  failure  is  not  cured,  if
           possible to cure, within the earlier  to occur of (A) 10  Business
           Days after notice  of such default  sent by the  Holder or by  any
           other holder  and (B)  10 Business  Days after  the Company  shall
           become or should have become aware of such failure;

                iii. a default or event of default  (subject to any grace  or
           cure period provided for in the applicable agreement, document  or
           instrument) shall occur under (A) any of the Transaction Documents
           or (B) any other material agreement, lease, document or instrument
           to which the Company or any Subsidiary is bound and not cured;

                iv. any representation  or warranty made herein, in any other
           Transaction Documents, in any written statement pursuant hereto or
           thereto,  or  in   any  other  report,   financial  statement   or
           certificate made or delivered to the Holder or any other holder of
           Debentures shall be untrue or incorrect in any material respect as
           of the date when made or deemed made;

                v.  there shall have occurred a Bankruptcy Event;

                vi. the Company or any Subsidiary shall default in any of its
           obligations  under  any  mortgage,   credit  agreement  or   other
           facility,  indenture  agreement,  factoring  agreement  or   other
           instrument under which there may be issued, or by which there  may
           be secured or  evidenced any  indebtedness for  borrowed money  or
           money due under any long term leasing or factoring arrangement  of
           the  Company  in  an  amount  exceeding  $100,000,  whether   such
           indebtedness now exists  or shall  hereafter be  created and  such
           default shall  result  in  such  indebtedness  becoming  or  being
           declared due  and payable  prior to  the date  on which  it  would
           otherwise become due and payable.

                vii. the  Company shall be  a party to  any Change of Control
           Transaction or  Fundamental Transaction,  shall agree  to sell  or
           dispose of all or in excess  of 33% of its  assets in one or  more
           transactions (whether or not such  sale would constitute a  Change
           of Control  Transaction) or  shall redeem  or repurchase  any  its
           outstanding shares of Common Stock or Common Stock Equivalents;

                viii. the Company shall fail to  have available a  sufficient
           number of  authorized and  unreserved shares  of Common  Stock  to
           issue to such Holder upon exercise of the Warrants in full and not
           remedied as permitted in the Transaction Documents;

                ix.  the Company shall  redeem  any  of    the  Common  Stock
           Equivalents;

                x. upon the reasonable determination by the Holder that there
           has been a Material Adverse Effect; or

                xi. the occurrence  of  an  Activity  Event  of  Default  (as
           defined in Section 5.1(f)(ii) of the Purchase Agreement);

           b) Remedies Upon Event of Default. If any Event of Default occurs,
      the full principal amount of this Debenture, together with interest and
      other amounts owing  in respect thereof,  to the  date of  acceleration
      shall become, at the Holder's election, immediately due and payable  in
      cash.   Commencing  30  days  after the  occurrence  of  any  Event  of
      Default, the interest rate on this Debenture shall, while such Event of
      Default is continuing,  accrue at the  rate of 18%  per annum, or  such
      lower  maximum  amount  of  interest  permitted  to  be  charged  under
      applicable law.   All Debentures for  which the  full principal  amount
      hereunder shall have been paid in accordance herewith shall promptly be
      surrendered to or  as directed  by the Company.   The  Holder need  not
      provide and the Company hereby waives any presentment, demand,  protest
      or other notice of any kind, and the Holder may immediately and without
      expiration of any grace  period enforce any and  all of its rights  and
      remedies hereunder  and  all  other  remedies  available  to  it  under
      applicable law.   Such  declaration may  be rescinded  and annulled  by
      Holder at any time prior to payment hereunder and the Holder shall have
      all rights as a Debenture holder until  such time, if any, as the  full
      payment under this  Section shall have  been received by  it.  No  such
      rescission or annulment shall affect any subsequent Event of Default or
      impair any right consequent thereon.

      Section 8.     Miscellaneous.

           a)   Notices.   Any and  all notices  or other  communications  or
      deliveries to be provided by the  Holder hereunder shall be in  writing
      and delivered personally, by facsimile, sent by a nationally recognized
      overnight courier service, addressed to the Company, at the address  or
      facsimile number set forth on the signature page hereto, or such  other
      address or  facsimile  number  as the  Company  may  specify  for  such
      purposes by notice  to the Holders  delivered in  accordance with  this
      Section.  Any and all notices or other communications or deliveries  to
      be provided by the Company hereunder shall be in writing and  delivered
      personally, by  facsimile, sent  by a  nationally recognized  overnight
      courier service  addressed to  the Holder  at the  facsimile number  or
      address of  the  Holder appearing  herein,  or such  other  address  or
      facsimile number  as the  Holder may  specify in  accordance with  this
      Section.  Any  notice or  other communication  or deliveries  hereunder
      shall be deemed given and effective on the earliest of (i) the date  of
      transmission,  if  such  notice  or  communication  is  delivered   via
      facsimile at the facsimile telephone number specified on the  signature
      page hereto prior  to 5:30  p.m. (Dallas,  Texas time),  (ii) the  date
      after the  date of  transmission, if  such notice  or communication  is
      delivered via facsimile at the facsimile telephone number specified  on
      the signature page hereto later than 5:30 p.m. (Dallas, Texas time)  on
      any date and earlier than 11:59 p.m. (Dallas, Texas time) on such date,
      (iii) the second Business Day following the date of mailing, if sent by
      nationally recognized overnight  courier service, or  (iv) upon  actual
      receipt by the party to whom such notice is required to be given.

           b) Absolute  Obligation. Except  as expressly  provided herein, no
      provision of this Debenture shall alter or impair the obligation of the
      Company, which is absolute and unconditional, to pay the principal  of,
      interest and  liquidated damages  (if any)  on, this  Debenture at  the
      time, place, and rate, and in the coin or currency, herein  prescribed.
      This  Debenture  is  a  direct  debt obligation  of  the Company.  This
      Debenture ranks pari passu with all  other Debentures now or  hereafter
      issued under the terms set forth herein.

           c) Security Interest.  This Debenture is a direct debt  obligation
      of the Company and, pursuant to the Security Documents, is secured by a
      first priority security interest  in all of the  assets of the  Company
      other than  those assets  not already  pledged  to the  Global  Capital
      Companies as security for prior loans made.

           d) Lost  or  Mutilated  Debenture.   If  this  Debenture  shall be
      mutilated, lost, stolen  or destroyed,  the Company  shall execute  and
      deliver, in exchange and  substitution for and  upon cancellation of  a
      mutilated Debenture,  or in  lieu of  or in  substitution for  a  lost,
      stolen or destroyed Debenture, a new Debenture for the principal amount
      of this Debenture so mutilated, lost, stolen or destroyed but only upon
      receipt of  evidence  of  such  loss,  theft  or  destruction  of  such
      Debenture, and of  the ownership hereof,  and indemnity, if  requested,
      all reasonably satisfactory to the Company.

           e) Governing  Law.   All questions  concerning  the  construction,
      validity, enforcement  and interpretation  of this  Debenture shall  be
      governed by and construed and enforced in accordance with the  internal
      laws of  the  State of  Texas,  without  regard to  the  principles  of
      conflicts of law thereof.  Each party agrees that all legal proceedings
      concerning  the  interpretations,  enforcement   and  defense  of   the
      transactions contemplated by any of the Transaction Documents  (whether
      brought against a party hereto or its respective affiliates, directors,
      officers, shareholders, employees or agents) shall be commenced in  the
      state and federal  courts sitting  in the  City of  Dallas, Texas  (the
      "Dallas Courts").  Each party hereto hereby irrevocably submits to  the
      exclusive jurisdiction of the Dallas Courts for the adjudication of any
      dispute hereunder or  in connection  herewith or  with any  transaction
      contemplated hereby or discussed herein (including with respect to  the
      enforcement  of  any   of  the  Transaction   Documents),  and   hereby
      irrevocably waives, and  agrees not to  assert in any  suit, action  or
      proceeding, any  claim  that  it  is  not  personally  subject  to  the
      jurisdiction of any such court, or  such Dallas Courts are improper  or
      inconvenient venue for such proceeding.  Each party hereby  irrevocably
      waives personal service of process and consents to process being served
      in any such suit,  action or proceeding by  mailing a copy thereof  via
      registered or certified  mail or overnight  delivery (with evidence  of
      delivery) to such  party at  the address in  effect for  notices to  it
      under this Debenture and agrees that such service shall constitute good
      and  sufficient  service  of  process  and  notice   thereof.   Nothing
      contained herein shall be deemed to limit in any way any right to serve
      process in  any  manner permitted  by  law. Each  party  hereto  hereby
      irrevocably waives, to the fullest extent permitted by applicable  law,
      any and all right to trial by jury in any legal proceeding arising  out
      of or  relating  to this  Debenture  or the  transactions  contemplated
      hereby. If  either party  shall commence  an  Action or  Proceeding  to
      enforce any provisions of this Debenture, then the prevailing party  in
      such action or proceeding  shall be reimbursed by  the other party  for
      its attorneys  fees and  other costs  and  expenses incurred  with  the
      investigation,  preparation   and  prosecution   of  such   Action   or
      Proceeding.

           f) Waiver.  Any waiver by the Company or the Holder of a breach of
      any provision of this Debenture shall not operate as or be construed to
      be a waiver of any other breach of  such provision or of any breach  of
      any other provision of this Debenture.   The failure of the Company  or
      the Holder  to  insist  upon  strict adherence  to  any  term  of  this
      Debenture on one or more occasions shall not be considered a waiver  or
      deprive that  party  of the  right  thereafter to  insist  upon  strict
      adherence to that term or any other term of this Debenture.  Any waiver
      must be in writing.

           g) Severability.   If any provision  of this Debenture is invalid,
      illegal or unenforceable, the balance of this Debenture shall remain in
      effect,  and  if  any  provision  is  inapplicable  to  any  person  or
      circumstance, it  shall nevertheless  remain  applicable to  all  other
      persons and circumstances.  If it  shall be found that any interest  or
      other amount  deemed interest  due hereunder  violates applicable  laws
      governing usury, the  applicable rate of  interest due hereunder  shall
      automatically be  lowered  to  equal  the  maximum  permitted  rate  of
      interest.

           h) Next  Business Day.   Whenever any payment  or other obligation
      hereunder shall be due on a day other than a Business Day, such payment
      shall be made on the next succeeding Business Day.

           i) Headings.   The headings  contained herein  are for convenience
      only, do  not constitute  a part  of this  Debenture and  shall not  be
      deemed to limit or affect any of the provisions hereof.

           j) Usury.  To the extent it may lawfully do so, the Company hereby
      waives and  agrees  not  to insist  upon  or  plead or  in  any  manner
      whatsoever claim, and will resist any  and all efforts to be  compelled
      to take the benefit or advantage  of, usury laws wherever enacted,  now
      or at any time hereafter in force, in connection with any claim, action
      or proceeding that may be brought by any Purchaser in order to  enforce
      any right or remedy under  any Transaction Documents.   Notwithstanding
      any provision to the contrary  contained in any Transaction  Documents,
      it is expressly  agreed and provided  that the total  liability of  the
      Company under the Transaction Documents for  payments in the nature  of
      interest shall not exceed the Maximum  Rate, and, without limiting  the
      foregoing, in no event shall any rate of interest or default  interest,
      or both of them, when aggregated with  any other sums in the nature  of
      interest that the Company may be obligated to pay under the Transaction
      Documents exceed such Maximum Rate.   It is agreed that if the  maximum
      contract rate  of  interest  allowed  by  law  and  applicable  to  the
      Transaction Documents  is  increased or  decreased  by statute  or  any
      official governmental action  subsequent to  the date  hereof, the  new
      maximum contract rate of  interest allowed by law  will be the  Maximum
      Rate applicable to the Transaction Documents from the effective date of
      such increase or decrease forward, unless such application is precluded
      by applicable law.  If under any circumstances whatsoever, interest  in
      excess of the Maximum Rate is paid by the Company to any Purchaser with
      respect  to  indebtedness,  if   any,  evidenced  by  the   Transaction
      Documents, such excess shall be applied by such Purchaser to the unpaid
      principal balance  of  any such  indebtedness  or be  refunded  to  the
      Company, the manner of handling such  excess to be at such  Purchaser's
      election in the event any principal amount remains outstanding.

           (k)  Amendment.  This Agreement  may not be amended,  supplemented
      or modified, except by  an agreement in writing  signed by each of  the
      parties hereto.

                           [Signature Page Follows]

      IN WITNESS WHEREOF, the  Company has caused this  Debenture to be  duly
 executed by a duly authorized officer as of the date first above indicated.

 COMPANY

 RAPID LINK INCORPORATED                 Address for Notice and Delivery:
                                         17383 Sunset Boulevard
                                         Suite 350
                                         Pacific Palisades, California  90272
                                         Telephone:  (310) 566-1700
                                         Facsimile:  (310) 573-9435
                                         Attn: John Jenkins, CEO

 By:____________________________________
      Name:  John Jenkins
      Title: Chief Executive Officer

                                   EXHIBIT A

      I, the undersigned, hereby represent that Rapid Link Incorporated is in
 compliance with all of its covenants specified  in Sections 5 and 6 of  that
 certain 10% Secured Convertible  Debenture originally dated  as of March  8,
 2006, executed by Rapid Link Incorporated, in favor of CHARGER INVESTEMENTS,
 LLC

                         RAPID LINK INCORPORATED

                         By:____________________________________
                            Name:
                            Title:EXHIBIT 4.8

 NEITHER THIS  SECURITY  NOR  THE SECURITIES  INTO  WHICH  THIS  SECURITY  IS
 EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
 OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
 REGISTRATION UNDER THE SECURITIES ACT OF  1933, AS AMENDED (THE  "SECURITIES
 ACT"), AND, ACCORDINGLY, MAY  NOT BE OFFERED OR  SOLD EXCEPT PURSUANT TO  AN
 EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO  AN
 AVAILABLE  EXEMPTION  FROM,  OR  IN  A  TRANSACTION  NOT  SUBJECT  TO,   THE
 REGISTRATION REQUIREMENTS  OF  THE SECURITIES  ACT  AND IN  ACCORDANCE  WITH
 APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF  COUNSEL
 TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
 ACCEPTABLE TO THE COMPANY.  THIS  SECURITY AND THE SECURITIES ISSUABLE  UPON
 EXERCISE OF THIS  SECURITY MAY  BE PLEDGED IN  CONNECTION WITH  A BONA  FIDE
 MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES AS PERMITTED BY  LAW
 AND THE SECURITIES PURCHASE AGREEMENT PURSUANT TO WHICH THE SECURITIES  WERE
 ISSUED.

                        COMMON STOCK PURCHASE WARRANT                   NO. 1

                    To Purchase Shares of Common Stock of

                           RAPID LINK INCORPORATED

      This COMMON STOCK PURCHASE WARRANT (this "Warrant") certifies that, for
 value received, CHARGER  INVESTEMENTS, LLC, a  California limited  liability
 corporation (the "Holder"), is entitled, upon  the terms and subject to  the
 limitations on exercise  and the conditions  hereinafter set  forth, at  any
 time on  or after  the date  hereof, March  8, 2006  (the "Initial  Exercise
 Date"), and on or prior to the close of business on the fifth anniversary of
 the Initial Exercise  Date (the "Termination  Date"), to  subscribe for  and
 purchase  from  RAPID  LINK   INCORPORATED,  a  Delaware  corporation   (the
 "Company"), such number of shares of common stock, par value $001 per share,
 of the  Company (the  "Common Stock"),  subject  to adjustment  herein  (the
 "Warrant Shares") as follows:

           a)   400,000 at an Exercise Price equal to $.14; plus

           b)   400,000 at an Exercise Price equal to $.25 per share; plus

           c)   an additional 20,000  to vest and  become exercisable on  the
 last day of each month  prior to the Company's  satisfaction in full of  the
 Debenture, or the Holder's complete conversion thereof, as the case may  be,
 such Warrant Shares to have an Exercise Price equal to $.25 per share.

      Section 1.     Definitions.  Capitalized terms  used and not  otherwise
 defined herein shall have the meanings set forth in that certain  Securities
 Purchase Agreement  (the  "Purchase  Agreement"),  of  even  date  herewith,
 entered into by and among the Company and the Holder.

      Section 2.     Exercise.

           a) Exercise   of  Warrant.    Exercise   of  the  purchase  rights
      represented by this  Warrant may be  made at any  time or  times on  or
      after the Initial Exercise Date and  on or before the Termination  Date
      (each, an  "Exercise  Date") by  delivery  to  the Company  of  a  duly
      executed facsimile copy of the Notice of Exercise Form annexed   hereto
      (or such other office or agency of  the Company as it may designate  by
      notice in  writing to  the registered  Holder at  the address  of  such
      Holder appearing  on  the books  of  the Company);  provided,  however,
      within five  Business Days  of  the date  said  Notice of  Exercise  is
      delivered to  the  Company,  the Holder  shall  have  surrendered  this
      Warrant to the Company and the Company shall have received  payment  of
      the aggregate Exercise Price  of the shares  thereby purchased by  wire
      transfer or cashier's check drawn on a United States bank.

                Exercise Price.   The Exercise  Price (so  called herein)  of
 each share of Common Stock under this  Warrant shall be equal to the  amount
 set forth  above in  the paragraph  immediately preceding  Section 1.    Any
 reference to the Exercise  Price herein shall relate  to the Exercise  Price
 relevant to such Warrant Shares as described above.

           b) Cashless Exercise.  If at any time after one year from the date
      of  issuance  of  this  Warrant  there  is  no  effective  Registration
      Statement registering the resale of the  Warrant Shares by the  Holder,
      then this Warrant  may also be  exercised at such  time by  means of  a
      "cashless exercise" in which the Holder shall be entitled to receive  a
      certificate for  the number  of Warrant  Shares equal  to the  quotient
      obtained by dividing [(A-B) (X)] by (A), where:

                (A) = the price of said Common Stock determined by  reference
                to the last reported sale price for the Common Stock on  such
                day on the principal securities exchange on which the  Common
                Stock is listed  or admitted to  trading or if  no such  sale
                takes place on such date, the average of the closing bid  and
                asked prices thereof  as officially reported,  or, if not  so
                listed or admitted to trading on any securities exchange, the
                last  sale  price  for  the  Common  Stock  on  the  National
                Association of Securities Dealers  national market system  on
                such date, or, if  there shall have been  no trading on  such
                date or  if the  Common Stock  shall not  be listed  on  such
                system, the average of  the closing bid  and asked prices  in
                the over-the-counter market as  furnished by any NASD  member
                firm selected  from time  to time  by  the Company  for  such
                purpose or,  if the  Common Stock  is not  traded, then  such
                price as is reasonably determined  by the Company's Board  of
                Directors (the "Market Value");

                (B) = the Exercise Price of this Warrant, as adjusted; and

                (X) = the number  of Warrant Shares issuable upon exercise of
                this Warrant in accordance  with the terms of this Warrant by
                means of a cash exercise rather than a cashless exercise.

           Notwithstanding  anything   herein  to   the  contrary,   on   the
      Termination Date,  this Warrant  shall be  automatically exercised  via
      cashless exercise pursuant to this Section 2(c).

           c) Exercise  Limitations.  The Holder shall  not have the right to
      exercise any  portion  of  this  Warrant,  pursuant  to  Section  2  or
      otherwise, to  the extent  that after  giving effect  to such  issuance
      after exercise, the Holder (together with the Holder's affiliates),  as
      set forth on the applicable Notice of Exercise, would beneficially  own
      in excess of 4.99% (or as applicable, 9.99%) of the number of shares of
      the Common Stock  outstanding immediately after  giving effect to  such
      issuance.  For purposes of the  foregoing determination, the number  of
      shares of  Common  Stock  beneficially owned  by  the  Holder  and  its
      affiliates shall include the number of shares of Common Stock  issuable
      upon such exercise of this Warrant less the number of shares of  Common
      Stock which  would be  issuable upon  (A)  exercise of  the  remaining,
      nonexercised portion of this Warrant and (B) exercise or conversion  of
      the  unexercised  or  unconverted  portion  of  any  other   Securities
      (including, without  limitation,  any  other  Debentures  or  Warrants)
      subject to  a limitation  on conversion  or exercise  analogous to  the
      limitation contained herein beneficially  owned by the Holder.   Except
      as set forth in  the preceding sentence, for  purposes of this  Section
      2(c), beneficial  ownership  shall  be calculated  in  accordance  with
      Section 13(d) of the Exchange Act.   To the extent that the  limitation
      contained in this  Section 2(c) applies,  the determination of  whether
      this Warrant is exercisable (in relation  to other securities owned  by
      the Holder) and of which a portion of this Warrant is exercisable shall
      be in the sole discretion of such Holder.  For purposes of this Section
      2(c), in determining the number of outstanding shares of Common  Stock,
      the Holder may rely on the number of outstanding shares of Common Stock
      as reflected in (x)  Schedule 3.1(g) to the  Purchase Agreement, (y)  a
      more recent  public announcement  by the  Company, including  the  most
      recent annual or quarterly report of  Form 10-KSB or 10-QSB filed  with
      the Commission; or (z) any other notice by the Company or the Company's
      transfer agent  setting forth  the number  of  shares of  Common  Stock
      outstanding.  Upon  the written  or oral  request  of the  Holder,  the
      Company shall within two Business Days confirm orally and in writing to
      the Holder the number of shares of Common Stock then outstanding.   The
      provisions of this Section  2(c) may be waived  by the Holder upon,  at
      the election of the Holder, not less than 61 days' prior notice to  the
      Company, and  the provisions  of this  Section 2(c)  shall continue  to
      apply until such  61st day (or  such later date,  as determined by  the
      Holder, as may be specified in such notice of waiver).

           d) Mechanics of Exercise.

                     i. Authorization   of  Warrant  Shares.     The  Company
                covenants that all  Warrant Shares which  may be issued  upon
                the exercise  of  the  purchase rights  represented  by  this
                Warrant  will,   upon  exercise   of  the   purchase   rights
                represented by  this  Warrant,  be  duly authorized,  validly
                issued,  fully paid  and  nonassessable  and  free  from  all
                taxes,  liens and charges in respect  of the issuance thereof
                (other than  taxes  in  respect  of  any  transfer  occurring
                contemporaneously with such issuance).  The Company covenants
                that during the  period the Warrant  is outstanding, it  will
                reserve from  its  authorized  and unissued  Common  Stock  a
                sufficient number of  shares to provide  for the issuance  of
                the Warrant Shares upon the  exercise of any purchase  rights
                under this Warrant.  The  Company further covenants that  its
                issuance of this Warrant  shall constitute full authority  to
                its officers who are charged with the duty of executing stock
                certificates to execute and issue the necessary  certificates
                for the  Warrant Shares  upon the  exercise of  the  purchase
                rights under this Warrant.   The Company  will take all  such
                reasonable action as  may be  necessary to  assure that  such
                Warrant Shares  may  be  issued as  provided  herein  without
                violation of  any applicable  law or  regulation, or  of  any
                requirements of  the Trading  Market  upon which  the  Common
                Stock may be listed.

                     ii. Delivery    of    Certificates    Upon     Exercise.
                Certificates  for   shares  purchased   hereunder  shall   be
                transmitted by  the  transfer agent  of  the Company  to  the
                Holder by crediting the account of the Holder's prime  broker
                with  the  Depository  Trust  Company  through  its   Deposit
                Withdrawal Agent Commission ("DWAC") system if the Company is
                a participant in such system and  if the certificates may  be
                issued  without  a  restrictive  legend  in  accordance  with
                applicable federal securities laws, and otherwise by physical
                delivery to the address specified by the Holder in the Notice
                of Exercise within two (2) Business Days from the delivery to
                the Company of the Notice of Exercise Form, surrender of this
                Warrant and payment  of the aggregate  Exercise Price as  set
                forth above ("Warrant  Share Delivery Date").   This  Warrant
                shall be  deemed  to have  been  exercised on  the  date  the
                Exercise Price  is  received by  the  Company.   The  Warrant
                Shares shall be deemed to have been issued, and Holder or any
                other person  so  designated to  be  named therein  shall  be
                deemed to have become a holder  of record of such shares  for
                all purposes, as of the date  the Warrant has been  exercised
                by payment to the Company of the Exercise Price and all taxes
                required to  be  paid by  the  Holder, if  any,  pursuant  to
                Section 2(d)(vii) prior to the issuance of such shares,  have
                been paid.

                     iii. Delivery  of New Warrants  Upon Exercise.  If  this
                Warrant shall have been exercised in part, the Company shall,
                at the time  of delivery of  the certificate or  certificates
                representing Warrant Shares, deliver to Holder a new  Warrant
                evidencing the rights of  Holder to purchase the  unpurchased
                Warrant Shares called for by this Warrant, which new  Warrant
                shall in all other respects be identical with this Warrant.

                     iv. Rescission  Rights.  If  the Company  fails to cause
                its transfer agent to transmit to the Holder a certificate or
                certificates representing the Warrant Shares pursuant to this
                Section 2(d)(iv) by the Warrant Share Delivery Date, then the
                Holder will have the right to rescind such exercise.

                     v. Failure to Timely Deliver Certificates Upon Exercise.
                In addition to any other rights  available to the Holder,  if
                the Company or  the Company's transfer  agent fails to  cause
                delivery to  the  Holder  of a  certificate  or  certificates
                representing the  Warrant Shares  or if  the Company  or  its
                transfer agent fails to deliver such certificates without the
                restrictive legend (if applicable)  on or before the  Warrant
                Share Delivery Date, the Company  shall pay to Purchaser,  in
                cash, as partial liquidated damages and not as a penalty, the
                greater of (i) $500 for each  Business Day after the  Warrant
                Share Delivery Date until such certificate is delivered  with
                an appropriate legend or without a restrictive legend, as the
                case may be; and (ii) the  difference in the Market Value  of
                the Warrant Shares on the Warrant Share Delivery Date and the
                date  such  shares  are  actually  received  by  the  Holder.
                Nothing herein shall limit Purchaser's right to pursue actual
                damages for  the Company's  failure to  deliver  certificates
                representing any Securities as required herein, and Purchaser
                shall have the right to pursue  all remedies available to  it
                at law or in equity  including, without limitation, a  decree
                of specific performance and/or injunctive relief.

                     vi. No Fractional Shares or Scrip.  No fractional shares
                or scrip representing fractional shares shall be issued  upon
                the exercise of this Warrant.  As to any fraction of a  share
                which Holder  would otherwise  be entitled  to purchase  upon
                such exercise, the Company shall round such fractional  share
                up to the next whole number.

                     vii. Charges,   Taxes   and  Expenses.     Issuance   of
                certificates for Warrant Shares shall be made without  charge
                to the  Holder  for  any  issue  or  transfer  tax  or  other
                incidental  expense  in  respect  of  the  issuance  of  such
                certificate, all of which taxes and expenses shall be paid by
                the Company, and  such certificates  shall be  issued in  the
                name of  the  Holder or  in  such name  or  names as  may  be
                directed by the Holder; provided, however, that in the  event
                certificates for Warrant Shares  are to be  issued in a  name
                other  than  the  name  of  the  Holder,  this  Warrant  when
                surrendered  for  exercise  shall   be  accompanied  by   the
                Assignment Form attached hereto duly executed by the  Holder;
                and the  Company may  require, as  a condition  thereto,  the
                payment of a sum sufficient to reimburse it for any  transfer
                tax incidental thereto.

                     viii. Closing of  Books.  The Company will not close its
                stockholder books or records in any manner which prevents the
                timely exercise  of  this  Warrant,  pursuant  to  the  terms
                hereof.

      Section 3.     Certain Adjustments.

           a) Stock  Dividends and Splits. If the  Company, at any time while
      this Warrant is  outstanding: (A) pays  a stock  dividend or  otherwise
      make a distribution or distributions on  shares of its Common Stock  or
      any other equity or equity equivalent  securities payable in shares  of
      Common Stock  (which, for  avoidance of  doubt, shall  not include  any
      shares of Common Stock issued by the Company pursuant to this Warrant),
      (B) subdivides outstanding shares of Common Stock into a larger  number
      of shares,  (C) combines  (including by  way  of reverse  stock  split)
      outstanding shares of Common Stock into a smaller number of shares,  or
      (D) issues by reclassification of shares of the Common Stock any shares
      of capital stock of the Company,  then in each case the Exercise  Price
      shall be multiplied by a fraction  of which the numerator shall be  the
      number of shares of  Common Stock (excluding  treasury shares, if  any)
      outstanding before such event and of which the denominator shall be the
      number of shares of Common Stock  outstanding after such event and  the
      number of  shares  issuable upon  exercise  of this  Warrant  shall  be
      proportionately adjusted.  Any adjustment made pursuant to this Section
      3(a) shall become effective immediately after  the record date for  the
      determination of  stockholders entitled  to  receive such  dividend  or
      distribution and shall become effective immediately after the effective
      date in the case of a subdivision, combination or re-classification.

           b) Subsequent Equity  Sales. If the Company at any time while this
      Warrant is outstanding, shall offer, sell, grant any option to purchase
      or offer,  sell  or grant  any  right  to reprice  its  securities,  or
      otherwise  dispose  of  or issue  any  Common  Stock  or  Common  Stock
      Equivalents entitling any Person to acquire shares of Common Stock,  at
      an effective price per  share less than the  then Exercise Price  (such
      lower price, the "Base Share Price" and such issuances collectively,  a
      "Dilutive Issuance"),  as  adjusted hereunder  (if  the holder  of  the
      Common Stock or Common Stock Equivalents  so issued shall at any  time,
      whether by operation of  purchase price adjustments, reset  provisions,
      floating conversion, exercise or exchange  prices or otherwise, or  due
      to warrants, options or rights per share which is issued in  connection
      with such issuance, be entitled to receive shares of Common Stock at an
      effective price per share which is  less than the Exercise Price,  such
      issuance shall be deemed  to have occurred for  less than the  Exercise
      Price), then, the  Exercise Price shall  be reduced to  equal the  Base
      Share Price.  Such adjustment shall be made whenever such Common  Stock
      or Common Stock Equivalents are issued.   The Company shall notify  the
      Holder in  writing,  no  later than  the  Business  Day  following  the
      issuance of any  Common Stock or  Common Stock  Equivalents subject  to
      this section, indicating therein the  applicable issuance price, or  of
      applicable reset  price, exchange  price,  conversion price  and  other
      pricing  terms  (such  notice  the  "Dilutive  Issuance  Notice").  For
      purposes of  clarification,  whether  or not  the  Company  provides  a
      Dilutive Issuance  Notice  pursuant  to this  Section  3(b),  upon  the
      occurrence of any Dilutive  Issuance, after the  date of such  Dilutive
      Issuance the Holder is entitled to  receive a number of Warrant  Shares
      based upon  the  Base Share  Price  regardless of  whether  the  Holder
      accurately refers to the Base Share Price in the Notice of Exercise.

           c) Pro  Rata Distributions.  If the Company,  at any time prior to
      the Termination Date, shall distribute to  all holders of Common  Stock
      (and not to Holders of the  Warrants) evidences of its indebtedness  or
      assets or rights or warrants to subscribe for or purchase any  security
      other than the Common Stock (which  shall be subject to Section  3(b)),
      then in  each  such  case  the Exercise  Price  shall  be  adjusted  by
      multiplying the  Exercise  Price in  effect  immediately prior  to  the
      record date fixed for determination of stockholders entitled to receive
      such distribution by a fraction of  which the denominator shall be  the
      closing bid price  of the Common  Stock on the  then principal  Trading
      Market determined as of the record date mentioned above (if the closing
      bid price of  the Common  Stock on  the then  principal Trading  Market
      shall then  be determinable  and otherwise  the fair  market value  per
      share as determined  by the Board  of Directors in  good faith, and  of
      which the numerator shall be such closing bid price of the Common Stock
      on the then principal Trading Market on such record date less the  then
      per share fair market value at such record date of the portion of  such
      assets or evidence  of indebtedness  so distributed  applicable to  one
      outstanding share of  the Common Stock  as determined by  the Board  of
      Directors in  good faith.   In  either case  the adjustments  shall  be
      described in a  statement provided  to the  Holders of  the portion  of
      assets or evidences of indebtedness so distributed or such subscription
      rights applicable to one share of Common Stock.  Such adjustment  shall
      be made  whenever  any  such distribution  is  made  and  shall  become
      effective immediately after the record date mentioned above.

           d) Fundamental Transaction.  If, at any time while this Warrant is
      outstanding, there  occurs a  Fundamental Transaction,  then, upon  any
      subsequent conversion of this Warrant, the Holder shall have the  right
      to receive, for each Warrant Share  that would have been issuable  upon
      such exercise absent such Fundamental Transaction, at the option of the
      Holder, (a) upon  exercise of  this Warrant,  the number  of shares  of
      Common Stock  of  the successor  or  acquiring corporation  or  of  the
      Company,  if   it  is   the   surviving  corporation,   and   Alternate
      Consideration receivable upon  or as a  result of such  reorganization,
      reclassification, merger, consolidation or  disposition of assets by  a
      Holder of the number of shares  of Common Stock for which this  Warrant
      is exercisable immediately prior to such event or (b) if the Company is
      acquired in an all  cash transaction, cash equal  to the value of  this
      Warrant as determined by the difference between the applicable Exercise
      Price  and  the  amount  of  cash paid per share to the shareholders of
      the  Company  (the  "Alternate  Consideration").  For  purposes of  any
      such  exercise,  the determination  of  the  Exercise  Price  shall  be
      appropriately adjusted to apply  to such Alternate Consideration  based
      on the amount  of Alternate Consideration  issuable in  respect of  one
      share of Common Stock in such Fundamental Transaction, and the  Company
      shall apportion the Exercise Price among the Alternate Consideration in
      a reasonable  manner reflecting  the relative  value of  any  different
      components of the Alternate Consideration.  If holders of Common  Stock
      are given  any choice  as to  the securities,  cash or  property to  be
      received in a Fundamental Transaction, then  the Holder shall be  given
      the same choice as to the Alternate Consideration it receives upon  any
      exercise of this  Warrant following such  Fundamental Transaction.   To
      the extent  necessary  to  effectuate  the  foregoing  provisions,  any
      successor to  the  Company  or surviving  entity  in  such  Fundamental
      Transaction shall issue to the Holder a new warrant consistent with the
      foregoing provisions and evidencing the Holder's right to exercise such
      warrant into  Alternate  Consideration.  The  terms  of  any  agreement
      pursuant to which a Fundamental  Transaction is effected shall  include
      terms requiring any such successor or  surviving entity to comply  with
      the provisions of this Section 3(d) and insuring that this Warrant  (or
      any such  replacement security)  will be  similarly adjusted  upon  any
      subsequent transaction analogous to a Fundamental Transaction.

           e) Exempt Issuance. Notwithstanding the foregoing, no adjustments,
      Alternate Consideration, nor  notices shall  be made,  paid, or  issued
      under this Section 3 in respect of an Exempt Issuance.

           f) Calculations.  All calculations under  this Section  3 shall be
      made to the nearest cent or the nearest 1/100th of a share, as the case
      may be. The number of shares  of Common Stock outstanding at any  given
      time shall not includes shares of Common Stock owned or held by or  for
      the account of the Company, and  the description of any such shares  of
      Common Stock shall  be considered on  issue or sale  of Common   Stock.
      For purposes of this  Section 3, the number  of shares of Common  Stock
      deemed to be issued and outstanding as of a given date shall be the sum
      of the number of shares of Common Stock (excluding treasury shares,  if
      any) issued and outstanding.

           g) Voluntary  Adjustment By Company.  The Company may  at any time
      during the term of this Warrant reduce the then current Exercise  Price
      to any amount  and for  any period of  time deemed  appropriate by  the
      Board of Directors of the Company.

           h) Intentionally Omitted.

           i) Notice to Holders.

                     i. Adjustment  to Exercise Price.  Whenever the Exercise
                Price is adjusted  pursuant to  this Section  3, the  Company
                shall promptly mail to each Holder a notice setting forth the
                Exercise Price  after such  adjustment  and setting  forth  a
                brief statement of  the facts requiring  such adjustment.  If
                the Company  issues a  variable  rate security,  the  Company
                shall be deemed to have issued  Common Stock or Common  Stock
                Equivalents at  the lowest  possible conversion  or  exercise
                price at which such securities may be converted or  exercised
                in the case of a Variable Rate Transaction (as defined in the
                Purchase Agreement), or the lowest possible adjustment  price
                in  the  case  of  an  MFN   Transaction.    The  term   "MFN
                Transaction" shall mean  a transaction in  which the  Company
                issues  or  sells  any   securities  in  a  capital   raising
                transaction or series of related transactions which grants to
                an investor the right to receive additional shares based upon
                future transactions of  the Company on  terms more  favorable
                than those granted to such investor in such offering.

                     ii. Notice  to  Allow  Exercise by  Holder.  If  (A) the
                Company shall declare a dividend (or any other  distribution)
                on the Common Stock; (B) the Company shall declare a  special
                nonrecurring cash dividend on or  a redemption of the  Common
                Stock; (C) the  Company shall authorize  the granting to  all
                holders of the Common Stock  rights or warrants to  subscribe
                for or purchase any shares of  capital stock of any class  or
                of any rights; (D)  the approval of  any stockholders of  the
                Company  shall   be   required   in   connection   with   any
                reclassification of the  Common Stock,  any consolidation  or
                merger to which the Company is a party, any sale or  transfer
                of all or substantially all of the assets of the Company,  of
                any compulsory  share exchange  whereby the  Common Stock  is
                converted into other  securities, cash or  property; (E)  the
                Company  shall   authorize  the   voluntary  or   involuntary
                dissolution, liquidation or winding up of the affairs of  the
                Company; then, in each  case, the Company  shall cause to  be
                mailed to the Holder at its  last address as it shall  appear
                upon the  Warrant  Register  of  the  Company,  at  least  20
                calendar days  prior to  the applicable  record or  effective
                date hereinafter specified, a notice stating (x) the date  on
                which a  record  is to  be  taken  for the  purpose  of  such
                dividend, distribution, redemption, rights or warrants, or if
                a record is not to be taken, the date as of which the holders
                of the  Common  Stock  of  record  to  be  entitled  to  such
                dividend, distributions, redemption,  rights or warrants  are
                to  be   determined   or  (y)   the   date  on   which   such
                reclassification, consolidation,  merger, sale,  transfer  or
                share exchange is expected to become effective or close,  and
                the date  as of  which it  is expected  that holders  of  the
                Common Stock of  record shall be  entitled to exchange  their
                shares of  the Common  Stock for  securities, cash  or  other
                property    deliverable    upon    such     reclassification,
                consolidation, merger,  sale,  transfer  or  share  exchange;
                provided, however that the failure to mail such notice or any
                defect therein or in the mailing thereof shall not affect the
                validity of the corporate action required to be specified  in
                such notice.  The Holder is entitled to exercise this Warrant
                during the 20-day period commencing  the date of such  notice
                to the effective date of the event triggering such notice.

      Section 4.     Transfer of Warrant.

           a) Transferability.    Subject to  compliance with  any applicable
      securities laws and the conditions set forth in Sections 5(a) and  4(d)
      hereof and to the provisions of Section 4.1 of the Purchase  Agreement,
      this  Warrant  and  all  rights hereunder are transferable, in whole or
      in  part,  upon surrender  of this Warrant  at the principal  office of
      the  Company,  together  with  a  written assignment  of  this  Warrant
      substantially in the form attached hereto  duly executed by the  Holder
      or its agent or attorney and funds sufficient to pay any transfer taxes
      payable upon the making of such transfer.  Upon such surrender and,  if
      required, such payment,  the Company shall  execute and  deliver a  new
      Warrant or Warrants in the name of the assignee or assignees and in the
      denomination  or  denominations   specified  in   such  instrument   of
      assignment, and shall issue  to the assignor  a new Warrant  evidencing
      the portion of  this Warrant not  so assigned, and  this Warrant  shall
      promptly  be  cancelled.  A  Warrant,  if  properly  assigned,  may  be
      exercised by a new  holder for the purchase  of Warrant Shares  without
      having a new Warrant issued.

           b) New  Warrants. This  Warrant  may be  divided or  combined with
      other Warrants upon presentation hereof at the aforesaid office of  the
      Company, together  with  a  written notice  specifying  the  names  and
      denominations in which  new Warrants are  to be issued,  signed by  the
      Holder or its agent  or attorney.  Subject  to compliance with  Section
      4(a), as to  any transfer  which may be  involved in  such division  or
      combination, the Company  shall execute and  deliver a  new Warrant  or
      Warrants in  exchange for  the Warrant  or Warrants  to be  divided  or
      combined in accordance with such notice.

           c) Warrant Register. The Company shall register this Warrant, upon
      records to be maintained by the Company for that purpose (the  "Warrant
      Register"), in the name of the record Holder hereof from time to  time.
      The Company may deem and treat the registered Holder of this Warrant as
      the absolute owner hereof for the purpose of any exercise hereof or any
      distribution to the Holder, and for  all other purposes, absent  actual
      notice to the contrary.

           d) Transfer Restrictions. If, at the time of the surrender of this
      Warrant in connection with any transfer  of this Warrant, the  transfer
      of this  Warrant  shall not  be  registered pursuant  to  an  effective
      registration statement under  the Securities Act  and under  applicable
      state securities  or blue  sky  laws, the  Company  may require,  as  a
      condition of allowing such transfer (i)  that the Holder or  transferee
      of this Warrant, as the case may  be, furnish to the Company a  written
      opinion of counsel (which opinion shall be in form, substance and scope
      customary for opinions  of counsel in  comparable transactions) to  the
      effect that such transfer  may be made  without registration under  the
      Securities Act and under applicable state securities or blue sky  laws,
      (ii) that the holder or transferee  execute and deliver to the  Company
      an investment letter in  form and substance  acceptable to the  Company
      and (iii) that the transferee be an "accredited investor" as defined in
      Rule 501(a) of Regulation D promulgated  under the Securities Act or  a
      qualified institutional  buyer as  defined in  Rule 144A(a)  under  the
      Securities Act.

      Section 5.     Covenants.

           (a)  Negative Covenants. So long as any portion of this Warrant is
 outstanding, without the prior written consent of the Holder, which  consent
 may be withheld in the sole discretion  of the Holder, the Company will  not
 and will not permit any of its Subsidiaries to directly or indirectly:

                i.   Sale of  Assets,  Dissolution,  Etc.    Transfer,  sell,
           assign, lease or otherwise dispose of all or substantially all  of
           its properties or assets, or any assets or properties necessary or
           desirable for the  proper conduct  of its  business, or  transfer,
           sell, assign  or otherwise  dispose of  any  of its  accounts,  or
           contract rights to any person or  entity, or change the nature  of
           its business, wind-up, liquidate or dissolve,  or agree to any  of
           the foregoing, other than in the ordinary course of business;

                ii.  No Further  Issuance  of  Securities.    Other  than  in
           accordance herewith or with respect to an Exempt Issuance, create,
           issue or permit the issuance of  any additional securities of  the
           Company or of any of its  Subsidiaries (including with respect  to
           any Qualifying Transaction),  if any,  or any  rights, options  or
           warrants to acquire any  such securities; provided, however,  that
           in the  event  that  Company  desires  to  issue  securities  with
           preferences or rights greater than that which the Common Stock has
           and the Holder  consents to same,  the Holder will  then have  the
           option of converting all or any  part of this Debenture into  such
           stock in lieu of the Common Stock;;

                iii. Agreement.     Enter into any  agreement obligating  the
           Company to undertake any of the matters set forth in this  Section
           5(a).

           (b)  Affirmative Covenants.    So  long as  any  portion  of  this
 Warrant is outstanding and unless the Holder otherwise consents in  writing,
 which consent may  be withheld  in the sole  discretion of  the Holder,  the
 Company will:

                i.   True Books.  Keep  true books of  record and account  in
           which full, true and  correct entries will be  made of all of  its
           dealings and  transactions,  and  set  aside  on  its  books  such
           reserves as may  be required by  GAAP, consistently applied,  with
           respect to  all taxes,  assessments,  charges, levies  and  claims
           referred to in  (a) above,  and with  respect to  its business  in
           general, and include such reserves in interim as well as  year-end
           financial statements; and

                ii.  Right of Inspection.   Permit any  person designated  by
           the Holder, at the Holder's expense,  to visit and inspect any  of
           the properties, books and financial reports of the Company, all at
           such reasonable times upon three (3) Business Days prior notice to
           the Company, and as  often as the  Holder may reasonably  request,
           provided the Holder does not unreasonably interfere with the daily
           operations of the  Company and Holder  executes a  confidentiality
           agreement.

      Section 6.     Miscellaneous.

           a) Title to Warrant.  Prior to the Termination Date and subject to
      compliance with applicable  laws and Section  4 of  this Warrant,  this
      Warrant and all rights hereunder are transferable, in whole or in part,
      at the office or agency of  the Company by the  Holder in person or  by
      duly authorized attorney, upon surrender of this Warrant together  with
      the Assignment Form annexed hereto  properly endorsed.  The  transferee
      shall sign  an  investment  letter in  form  and  substance  reasonably
      satisfactory to the Company.

           b) No Rights as Shareholder Until Exercise.  This Warrant does not
      entitle  the  Holder  to  any  voting  rights  or  other  rights  as  a
      shareholder of the  Company prior  to the  exercise hereof.   Upon  the
      surrender of this  Warrant and the  payment of  the aggregate  Exercise
      Price (or  by means  of a  cashless exercise),  the Warrant  Shares  so
      purchased shall be and  be deemed to  be issued to  such Holder as  the
      record owner of such shares as of the close of business on the later of
      the date of such surrender or payment.

           c) Loss, Theft,  Destruction or Mutilation of Warrant. The Company
      covenants that  upon  receipt by  the  Company of  evidence  reasonably
      satisfactory to it  of the loss,  theft, destruction  or mutilation  of
      this Warrant or any stock certificate  relating to the Warrant  Shares,
      and in case  of loss, theft  or destruction, of  indemnity or  security
      reasonably satisfactory to it (which, in the case of the Warrant, shall
      not  include  the  posting  of  any  bond),  and  upon  surrender   and
      cancellation of such  Warrant or stock  certificate, if mutilated,  the
      Company will make  and deliver a  new Warrant or  stock certificate  of
      like tenor and dated as of  such cancellation, in lieu of such  Warrant
      or stock certificate.

           d) Saturdays,  Sundays, Holidays, etc.   If the  last or appointed
      day for  the  taking of  any  action or  the  expiration of  any  right
      required or  granted herein  shall be  a Saturday,  Sunday or  a  legal
      holiday, then such action may be  taken or such right may be  exercised
      on the next succeeding day not a Saturday, Sunday or legal holiday.

           e) Authorized Shares.

           The Company  covenants  that  during the  period  the  Warrant  is
      outstanding, it will  reserve from its  authorized and unissued  Common
      Stock a sufficient number of shares to provide for the issuance of  the
      Warrant Shares  upon the  exercise of  any purchase  rights under  this
      Warrant.   The Company  further covenants  that  its issuance  of  this
      Warrant shall constitute full authority to its officers who are charged
      with the duty of executing stock certificates to execute and issue  the
      necessary certificates for the Warrant Shares upon the exercise of  the
      purchase rights under  this Warrant.   The Company will  take all  such
      reasonable action  as may  be necessary  to  assure that  such  Warrant
      Shares may  be  issued as  provided  herein without  violation  of  any
      applicable law or  regulation, or of  any requirements  of the  Trading
      Market upon which the Common Stock may be listed.

           Except and to the extent as waived or consented to by the  Holder,
      the Company shall  not by  any action,  including, without  limitation,
      amending   its   certificate   of   incorporation   or   through    any
      reorganization, transfer of assets, consolidation, merger, dissolution,
      issue or sale  of securities or  any other voluntary  action, avoid  or
      seek to avoid the observance or performance of any of the terms of this
      Warrant, but will at all times in good faith assist in the carrying out
      of all such  terms and  in the taking  of all  such actions  as may  be
      necessary or appropriate to protect the  rights of Holder as set  forth
      in this Warrant against impairment.  Without limiting the generality of
      the foregoing, the Company will (a)  not increase the par value of  any
      Warrant Shares above  the amount  payable therefor  upon such  exercise
      immediately prior to  such increase  in par  value, (b)  take all  such
      action as may be necessary or appropriate in order that the Company may
      validly and legally issue fully  paid and nonassessable Warrant  Shares
      upon the exercise of this Warrant, and (c) use commercially  reasonable
      efforts to obtain all such authorizations, exemptions or consents  from
      any public  regulatory  body  having jurisdiction  thereof  as  may  be
      necessary to enable the Company to  perform its obligations under  this
      Warrant.

           Before taking any action  which would result  in an adjustment  in
      the number of Warrant Shares for  which this Warrant is exercisable  or
      in the Exercise Price, the Company shall obtain all such authorizations
      or exemptions thereof, or  consents thereto, as  may be necessary  from
      any public regulatory body or bodies having jurisdiction thereof.

           f) Jurisdiction.   All  questions   concerning  the  construction,
      validity, enforcement  and  interpretation  of this  Warrant  shall  be
      determined in accordance with the provisions of the Purchase Agreement.

           g) Restrictions.   The Holder acknowledges that the Warrant Shares
      acquired upon the  exercise of this  Warrant, if  not registered,  will
      have restrictions upon resale imposed  by state and federal  securities
      laws.

           h) Expenses.   If  the  Company willfully  and knowingly  fails to
      comply with  any  provision  of this  Warrant,  which  results  in  any
      material damages to the  Holder, the Company shall  pay to Holder  such
      amounts as  shall  be  sufficient  to  cover  any  costs  and  expenses
      including, but not  limited to, reasonable  attorneys' fees,  including
      those of appellate  proceedings, incurred by  Holder in collecting  any
      amounts due  pursuant  hereto or  in  otherwise enforcing  any  of  its
      rights, powers or remedies hereunder.

           i) Notices.   Any  notice, request  or other  document required or
      permitted to be given or delivered  to the Holder by the Company  shall
      be delivered in accordance with the  notice provisions of the  Purchase
      Agreement.

           j) Limitation  of Liability.  No  provision hereof, in the absence
      of any  affirmative  action  by Holder  to  exercise  this  Warrant  or
      purchase Warrant Shares,  and no enumeration  herein of  the rights  or
      privileges of Holder, shall  give rise to any  liability of Holder  for
      the purchase  price of  any Common  Stock or  as a  stockholder of  the
      Company, whether  such  liability is  asserted  by the  Company  or  by
      creditors of the Company.

           k) Remedies.   Holder, in  addition to being  entitled to exercise
      all rights  granted by  law, including  recovery  of damages,  will  be
      entitled to specific performance of its rights under this Warrant.  The
      Company agrees that monetary damages would not be adequate compensation
      for any loss incurred by reason of a breach by it of the provisions  of
      this Warrant and hereby agrees to  waive the defense in any action  for
      specific performance that a remedy at law would be adequate.

           l) Successors and Assigns.  Subject to applicable securities laws,
      this Warrant  and the  rights and  obligations evidenced  hereby  shall
      inure to  the benefit  of  and  be binding  upon the  successors of the
      Company  and  the  successors  and  permitted  assigns of  Holder.  The
      provisions of this Warrant  are intended to be  for the benefit  of all
      Holders from time to time of  this Warrant and shall be enforceable  by
      any such Holder or holder of Warrant Shares.

           m) Amendment and  Waiver.  This Warrant may be modified or amended
      only with the written consent of the Company and the Holder.  No course
      of dealing or any delay or  failure to exercise any right hereunder  on
      the part of Holder shall operate as a waiver of such right or otherwise
      prejudice Holder's rights, powers or remedies, notwithstanding the fact
      that all rights hereunder terminate on the Termination Date.

           n) Severability.    Wherever  possible,  each  provision  of  this
      Warrant shall be  interpreted in  such manner  as to  be effective  and
      valid under applicable law, but if any provision of this Warrant  shall
      be prohibited by or invalid under applicable law, such provision  shall
      be ineffective to the extent of such prohibition or invalidity, without
      invalidating  the  remainder  of  such  provisions  or  the   remaining
      provisions of this Warrant.

           o) Headings.    The headings  used  in  this Warrant  are  for the
      convenience of reference only and shall not, for any purpose, be deemed
      a part of this Warrant.

           p) Registration Rights. The Holder has certain rights with respect
      to the  registration  of  the Warrant  Shares  upon  exercise  of  this
      Warrant, such  rights  being specifically  set  forth in  the  Purchase
      Agreement entered into  by and between  Holder and the  Company on  the
      date hereof.

                           [Signature Page Follows]

      IN WITNESS WHEREOF, the Company has caused this Warrant to be  executed
 by its officer thereunto duly authorized as of the date first written above.

                                     RAPID LINK INCORPORATED.

                                     By:____________________________________
                                     Name:  John Jenkins
                                     Title: Chief Executive Officer

<PAGE>

                              NOTICE OF EXERCISE

 TO:  BPK RESOURCES, INC.

           (1)       The  undersigned  hereby  elects  to  purchase  ________
 Warrant Shares  of Rapid  Link Incorporated  pursuant to  the terms  of  the
 attached Warrant (only if exercised in  full), and tenders herewith  payment
 of the exercise price in full, together with all applicable transfer  taxes,
 if any.

           (2)       Payment shall take the form of (check applicable box):

                 [ ] in lawful money of the United States; or

                 [ ] the cancellation of such  number of Warrant Shares as is
                necessary, in  accordance  with  the  formula  set  forth  in
                subsection 2(c), to exercise this Warrant with respect to the
                maximum number of Warrant Shares purchasable pursuant to  the
                cashless exercise procedure set forth in subsection 2(c).

           (3)       Please issue a certificate or certificates  representing
 said Warrant Shares in the name of the undersigned or in such other name  as
 is specified below:

                _______________________________

 The Warrant Shares shall be delivered to the following:

                _______________________________

                _______________________________

                _______________________________

           (4)  Accredited  Investor.  The  undersigned, and, if  applicable,
 the person or  entity identified in  subsection 3 above,  is an  "accredited
 investor" as defined in Regulation D promulgated under the Securities Act of
 1933, as amended.

 [SIGNATURE OF HOLDER]

 Name of Investing Entity: __________________________________________________
 Signature of Authorized Signatory of Investing Entity: _____________________
 Name of Authorized Signatory: ______________________________________________
 Title of Authorized Signatory: _____________________________________________
 Date: ______________________________________________________________________

<PAGE>

                               ASSIGNMENT FORM

                  (To assign the foregoing warrant, execute
                  this form and supply required information.
                Do not use this form to exercise the warrant.)

           FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
 thereby are hereby assigned to

 _______________________________________________ whose address is

 _______________________________________________________________.

 ________________________________________________________________

                                  Dated:  ______________, _______

                Holder's Signature: _____________________________

                Holder's Address:   _____________________________

                                    _____________________________

 Signature Guaranteed:  _________________________________________

 NOTE:  The signature to this  Assignment Form must correspond with the  name
 as it appears on the face of the Warrant, without alteration or  enlargement
 or any change whatsoever, and must be guaranteed by a bank or trust company.
 Officers  of  corporations  and  those  acting  in  a  fiduciary  or   other
 representative capacity should file proper  evidence of authority to  assign
 the foregoing Warrant.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]