Document:

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                                                                  EXHIBIT 10.1.5

                                                               Loan No. ML0883T1

                               SECURITY AGREEMENT

      THIS SECURITY AGREEMENT (this "Security Agreement") is made and entered
into as of June 29, 2001, by ITC GLOBE, INC., a corporation formed and existing
under the laws of the State of Delaware ("Debtor"), having its place of business
(or chief executive office if more than one place of business) located at 415
Gilmer Avenue, Lanett, Alabama 36863, whose taxpayer identification number is
58-2222619, in favor of COBANK, ACB ("Secured Party"), whose mailing address is
5500 South Quebec Street, Greenwood Village, Colorado 80111, and whose taxpayer
identification number is 84-1286705.  Capitalized terms used and not otherwise
defined herein shall have the meanings assigned to them in the Master Loan
Agreement, dated as of even date herewith, between Globe Telecommunications,
Inc., Interstate Telephone Company, Valley Telephone Co., Inc. and Secured
Party.

      SECTION 1.  Grant of Security Interest. For valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Debtor hereby grants
to Secured Party a first superior continuing security interest in all of
Debtor's estate, right, title and interest in and to the following property,
wherever located and whether now existing or hereafter arising or acquired,
together with all increases, substitutions, replacements, attachments,
accessions and additions thereto, and all products and proceeds thereof,
including, without limitation, the proceeds of any insurance policies covering
any of the foregoing:

      accounts (including, without limitation, all right to payment for the
      provision of wireless and related communications services and wireless and
      related equipment sales and leasing), whether or not earned by
      performance, and all guaranties, security and instruments therefor, and
      all goods and rights represented thereby or arising therefrom, including
      the rights of stoppage in transit, replevin and reclamation; inventory and
      supplies (including, without limitation, returned or repossessed goods);
      chattel paper (including, without limitation, electronic chattel paper);
      instruments; investment property (including, without limitation,
      certificated and uncertificated securities, security accounts, securities
      entitlements, margin accounts, commodity contracts and commodity accounts)
      and letters of credit; documents; fixtures; general intangibles
      (including, without limitation, payment intangibles, contracts and
      contract rights (including, without limitation, construction contracts,
      subscriber contracts, customer service agreements, management agreements,
      rights-of-ways, easements, pole attachment agreements, transmission
      capacity agreements and public utility contracts), leases of personal
      property, choses or things in action, litigation rights and resulting
      judgments, goodwill, patents, trademarks, service marks and other
      intellectual property, tax refunds, miscellaneous rights to payment,
      entitlements and investments, software, computer programs, invoices,
      books, records and other

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      information relating to or arising out of Debtor's business, and, to the
      extent permitted by law, all licenses and permits issued by any federal or
      state governmental body or regulatory authority, including, without
      limitation, any license issued by the Federal Communications Commission
      (the "FCC") or any PUC); equipment (including, without limitation,
      telecommunications and radio transmitting and receiving equipment,
      antennae, towers, microwave communication equipment, machinery, computers,
      parts, tools, implements, poles, posts, cross-arms, conduits, ducts, lines
      (whether underground or overhead or otherwise), wires, cables, exchanges,
      CODECs, switches (including, without limitation, host switches and remote
      switches), testboards, amplifiers, racks, frames, motors, generators,
      batteries, items of central office equipment, pay-stations, protectors,
      subscriber equipment, instruments, connections and appliances used, useful
      or acquired for use in the business of Debtor or the operation of Debtor's
      properties); and, to the extent not covered by the above, all other
      personal property of Debtor of every type and description, including,
      without limitation, interests or claims in or under any policy of
      insurance, tort claims, deposits, deposit accounts, collection accounts,
      money, and judgments; provided, however, that no security interest is
                            --------  -------
      granted in Debtor's licenses, permits, leases, franchises, privileges,
      permissions and grants which by their terms or by reason of applicable law
      would become void or voidable if a security interest therein were granted
      or if the granting of a security interest therein would violate any law,
      rule, regulation or order of any governmental body or regulatory authority
      (collectively, the "Collateral").

Where applicable, and to the extent not otherwise defined herein, all terms used
herein shall have the same meaning as set forth in the Uniform Commercial Code
in effect in the State of Colorado, as amended from time to time (the "UCC").

Any of the foregoing terms which are defined in the UCC shall have the meaning
provided in the UCC, as amended and in effect from time to time, as supplemented
and expanded by the foregoing.  For avoidance of doubt, it is expressly
understood and agreed that, to the extent the UCC is revised subsequent to the
date hereof such that the definition of any of the foregoing terms included in
the description of Collateral is changed, the parties hereto desire that any
property which is included in such changed definitions which would not otherwise
be included in the foregoing grant on the date hereof be included in such grant
immediately upon the effective date of such revision.  Notwithstanding the
immediately preceding sentence, the foregoing grant is intended to apply
immediately on the date hereof to all Collateral to the fullest extent permitted
by applicable law regardless of whether any particular item of Collateral is
currently subject to the UCC.

The security interests are granted as security only and shall not subject
Secured Party to, or transfer to Secured Party, or in any way affect or modify,
any obligation or liability of Debtor with respect to any of the Collateral or
any transaction in connection therewith.  Debtor will perform and comply in all
material respects with all of its obligations in respect of the Collateral,
including, without limitation, accounts, contracts, leases and other general
intangibles, and the exercise by Secured Party of any of its rights hereunder
shall not release Debtor from any of its

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duties or obligations. Secured Party shall not have any obligation or liability
under the contracts and agreements included in the Collateral by reason of this
Agreement, nor shall Secured Party be obligated to perform any of the
obligations or duties of Debtor thereunder or to take any action to collect or
enforce any claim for payment assigned hereunder.

      SECTION 2.  Obligations. The grant of the security interest hereunder
shall secure the following obligations (the "Obligations"): (i) the
"Obligations" of the Debtor as defined in that certain Continuing Guaranty,
dated as of even date herewith, by and between Debtor and Secured Party (as the
same may be amended, modified, supplemented, extended or restated from time to
time, the "Guaranty"); and (ii) the payment of all other indebtedness and the
performance of all other obligations of Debtor to Secured Party of every type
and description, whether now existing or hereafter arising, fixed or contingent,
as primary obligor or as guarantor or surety, acquired directly or by assignment
or otherwise, liquidated or unliquidated, regardless of how they arise or by
what agreement or instrument they may be evidenced, including, without
limitation, all loans, advances and other extensions of credit and all
covenants, agreements, and provisions contained in all loan and other agreements
between the parties.

      SECTION 3.  Representations and Warranties. Debtor represents and warrants
to Secured Party on the date hereof that the following statements are true,
correct and complete:

      (A)  Title to Collateral. Debtor has good and marketable title to the
Collateral, free of all adverse claims, interests, liens or encumbrances, other
than those permitted pursuant to Section 8(B) of the MLA. The security interest
created under this Security Agreement constitutes a valid and perfected security
interest in the Collateral, prior to all other liens and rights of others
therein, except as permitted pursuant to Section 8(B) of the MLA, and all
filings and other actions necessary or desirable to perfect and protect such
security interest have been duly taken.

      (B)  Validity of Security Agreement; Authority. This Security Agreement is
the legally valid and binding obligation of Debtor, enforceable against Debtor
in accordance with its terms, subject only to limitations on enforceability
imposed by (i) applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditors' rights generally, and (ii) general equitable
principles. Debtor has the power and authority to execute, deliver, perform its
obligations under, and to grant the security interest provided for, in this
Security Agreement and the other Loan Documents, and has taken all necessary
action to authorize the execution, delivery and performance of, and grant of a
security interest pursuant to, this Security Agreement and the other Loan
Documents.

      (C)  Location of Debtor; Tax Identification Number. Debtor's place of
business (or chief executive office if more than one place of business) is
located at the address shown above, and Debtor's tax identification number is as
shown above.

      (D)  Location of Collateral. All locations at which the Collateral is
located are specified on Schedule A attached hereto and made a part hereof.
                         ----------

      (E)  Name, Identity, and Structure. During the past five (5) years,
Debtor's business has not been conducted under any name other than Debtor's name
as set forth above, nor has it

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changed its structure through incorporation, merger, consolidation, joint
venture or otherwise or purchased all or substantially all of the assets of any
person or entity.

      (F)  Insurance. The Collateral currently is insured consistent with the
requirements of the MLA.

      (G)  Taxes, Levies, Etc. Debtor has filed or caused to be filed all
federal, state and local tax returns that are required to be filed, and has paid
and shall continue to pay when due all taxes as shown on such returns.

      (H)  Condition of Collateral. All Collateral and each and every part and
parcel thereof necessary to or useful in the proper conduct of Debtor's business
is in good repair, working order and condition, ordinary wear and tear excepted.

      SECTION 4.  Covenants. Debtor will comply with all covenants in this
Section 4, unless Debtor has received the written consent of Secured Party:

      (A)  Title to Collateral. Debtor shall not create or permit the existence
of claims, interests, liens, or other encumbrances against any of the Collateral
not permitted pursuant to Section 8(B) of the MLA. Debtor shall provide prompt
written notice to Secured Party of any future claims, interests, liens or
encumbrances against any of the Collateral, and shall defend diligently Debtor's
and Secured Party's interests (including the priority of such interests) in all
Collateral.

      (B)  Change in Location, Name, Etc. Debtor agrees not to (i) change the
location of its place of business or chief executive office; (ii) keep or hold
any Collateral or any records related thereto at any location other than the
locations described on Schedule A; or (iii) change its name, identity, or
                       ----------
employer identification number, unless it shall have given Secured Party thirty
(30) days' prior written notice of its intention to take any action described in
clauses (i) through (iii), and executed and delivered to Secured Party all
financing statements and financing statement amendments which Secured Party may
request in connection therewith and, if requested by Secured Party, prior to the
date on which Debtor proposes to take any such action, Debtor will, at its own
cost and expense, cause to be delivered to Secured Party an opinion of counsel,
in form and content satisfactory to Secured Party, as to the continued
perfection and priority of the security interests created hereunder.

      (C)  Change in Structure. Debtor agrees not to change its structure in any
manner except as permitted pursuant to the MLA and the Guaranty and, if
requested by Secured Party, prior to the date on which Debtor proposes to take
any such action, Debtor will, at its own cost and expense, cause to be delivered
to Secured Party an opinion of counsel, in form and content satisfactory to
Secured Party, as to the continued perfection and priority of the security
interests created hereunder. Debtor shall give Secured Party thirty (30) days'
prior written notice of its intention to take any action described in this
Section 4(C).

      (D)  Further Assurances. Upon the request of Secured Party, Debtor shall
do all acts and things as Secured Party may from time to time deem necessary or
advisable to enable it to perfect, maintain and continue the perfection and
priority of the security interest of Secured Party

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in the Collateral, or to facilitate the exercise by Secured Party of any rights
or remedies granted to Secured Party hereunder or provided by law. Without
limiting the foregoing, Debtor agrees to execute, in form and substance
satisfactory to Secured Party, such financing statements, continuation
statements, amendments thereto, supplemental agreements, assignments, notices of
assignments, and other instruments and documents as Secured Party may from time
to time request. In addition, in the event the Collateral or any part thereof
consists of instruments, documents, chattel paper or money (whether or not
proceeds of the Collateral), Debtor shall, upon the request of Secured Party,
deliver possession thereof to Secured Party (or to a designee of Secured Party
retained for that purpose), together with any appropriate endorsements or
assignments or both. Without limiting the generality of the foregoing, Debtor
shall take such action as Secured Party may request from time to time to create
and perfect a security interest in favor of Secured Party in any and all leases,
rights of way, easements, franchises, licenses and permits relating to the
location of antennae and other transmission and receiving equipment on the
towers or other property of third parties, including, without limitation, using
its best efforts in good faith to amend such leases, rights of way, easements,
franchises, licenses and permits to allow the creation and perfection of such
security interest and obtain the consent of all third parties whose consents may
be necessary to the creation and perfection of such security interest. Secured
Party shall use reasonable care in the custody and preservation of any
Collateral in its possession, but shall not be required to take any steps
necessary to preserve rights against prior parties. All costs and expenses
incurred by Secured Party to establish, perfect, maintain, determine the
priority of, or release the security interest granted hereunder (including the
cost of all filings, recordings, and taxes thereon and the fees and expenses of
any designee of Secured Party) shall become part of the Obligations secured
hereby and be paid by Debtor on demand.

      (E)  Insurance. Debtor shall maintain such insurance with such insurance
companies, in such amounts, and covering such risks, as are at all times
required pursuant to the MLA and the Guaranty. So long as no Default (as
hereinafter defined) has occurred and is continuing hereunder, any and all
insurance proceeds due under such policies may be paid solely to Debtor for
individual losses not exceeding $25,000 and aggregate annual losses not
exceeding $100,000 for application of such proceeds to the repair or replacement
of such Collateral, which repaired or replaced Collateral shall continue to be
subject to the security interests and liens of Secured Party to the same extent
as the destroyed or damaged Collateral.

      (F)  Disposition and Use of Collateral by Debtor. Without the prior
written consent of Secured Party, Debtor shall not at any time sell, transfer,
lease, abandon or otherwise dispose of any Collateral other than in accordance
with the provisions of the MLA and the Guaranty; provided, however, that no
                                                 --------  -------
dispositions shall be made if a Default shall have occurred and be continuing
hereunder. Debtor shall not use any of the Collateral in any manner which
violates any applicable law.

      (G)  Receivables. Debtor shall preserve, enforce, and collect all
accounts, chattel paper, instruments, documents and general intangibles, whether
now owned or hereafter acquired or arising (the "Receivables"), in a diligent
fashion and, if a Default shall have occurred and be continuing hereunder, upon
the request of Secured Party, Debtor shall execute an agreement in form and
content satisfactory to Secured Party by which Debtor shall direct all account
debtors

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and obligors on instruments to make payment to a lock box deposit account under
the exclusive control of Secured Party.

      (H)  Collateral Maintenance. Maintain and preserve all Collateral and each
and every part and parcel thereof that is necessary to or useful in the proper
conduct of its business in good repair, working order, and condition, ordinary
wear and tear excepted, and make all alterations, replacements, and improvements
thereto as may from time to time be necessary in order to ensure that its
properties remain in good working order and condition. At Secured Party's
request, but not more than once a year, Debtor will furnish to Secured Party a
report on the condition of the Collateral prepared by a professional engineer
satisfactory to Secured Party.

      (I)  Condition of Books and Records. Debtor shall maintain complete,
accurate and up-to-date books, records, accounts, and other information relating
to all Collateral in such form and in such detail as may be satisfactory to
Secured Party, and shall allow Secured Party or its representatives to examine
and copy such books, records, accounts and other information upon reasonable
notice and during normal business hours, or at such other times as the parties
may agree. Debtor shall furnish to Secured Party statements and schedules
further identifying and describing the Collateral and such other reports in
connection with the Collateral as Secured Party may reasonably request, all in
reasonable detail.

      (J)  Right of Inspection. Debtor shall permit Secured Party or its
representatives, upon reasonable notice and during normal business hours or at
such other times as the parties may agree, to examine any of Debtor's properties
or locations and to discuss Debtor's affairs, finances and accounts with
Debtor's officers, directors, employees and independent certified public
accountants so that Secured Party or its representatives may confirm, inspect
and appraise any of the Collateral.

      SECTION 5.  Default. The breach of or failure to pay or perform any of the
Obligations secured hereby in accordance with their respective terms, which
breach or failure continues beyond any applicable cure period, the breach of or
failure to perform or observe any representation, warranty, covenant or
agreement contained in this Security Agreement or the existence of any Event of
Default under the MLA or the Guaranty shall constitute a "Default" hereunder;
provided that any breach of the terms of this Security Agreement which shall
also constitute a breach of the MLA or the Guaranty shall be subject to the same
notice and cure right applicable to such breach under the MLA and the Guaranty.
Once a Default exists, it shall be deemed to continue, notwithstanding any
curative action by Debtor, unless and until Secured Party, in its sole
discretion, shall state in writing that the Default no longer exists or has been
cured.

      SECTION 6.  Rights and Remedies. Upon the occurrence of any Default
hereunder, Secured Party may declare all Obligations to be immediately due and
payable and proceed against Debtor directly for payment, and, to the extent
permitted by applicable law, may exercise any and all rights and remedies of a
secured party in the enforcement of its security interest under the UCC, this
Security Agreement, or any other Applicable Law. Without limiting the foregoing:

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      (A)  Disposition of Collateral. Secured Party may sell, lease, or
otherwise dispose of all or any part of the Collateral, in its then condition or
following any commercially reasonable preparation or processing thereof, whether
by public, judicial or private sale or at any brokers' board, in lots or in
bulk, for cash, on credit or otherwise, with or without representations or
warranties, and upon such other terms as may be acceptable to Secured Party, and
Secured Party may purchase such Collateral at any public or judicial sale, if
such Collateral is of a type customarily sold on a recognized market or is of a
type which is the subject of widely distributed standard price quotations, at
any private sale. To the extent permitted by law, Debtor hereby specifically
waives all rights of redemption, stay or appraisal which it has or may have
under any law now existing or hereafter adopted. At any time when advance notice
of sale is required, Debtor agrees that twenty (20) days' prior written notice
shall be reasonable. In connection with the foregoing, Secured Party may:

      (1)  require Debtor to assemble the Collateral and all records pertaining
thereto and make such Collateral and records available to Secured Party at a
place to be designated by Secured Party which is reasonably convenient to both
parties;

      (2)  enter the premises of Debtor or premises under Debtor's control and
take possession of the Collateral;

      (3)  without charge by Debtor, use or occupy the premises of Debtor or
premises under Debtor's control, including, without limitation, warehouse and
other storage facilities;

      (4)  without charge by Debtor, use or sublicense the use of any patent,
trademark, service mark, trade name or other intellectual property or technical
process used by Debtor in connection with any of the Collateral, (and such use
or right of use shall inure to the benefit of all successors, assigns and
transferees of Secured Party and their respective successors, assigns and
transferees, whether by voluntary conveyance, operation of law, assignment,
transfer, foreclosure, deed in lieu of foreclosure or otherwise);

      (5)  rely conclusively upon the advice or instructions of any one or more
brokers or other experts selected by Secured Party to determine the method or
manner of disposition of any of the Collateral and, in such event, any
disposition of the Collateral by Secured Party in accordance with such advice or
instructions shall be deemed to be commercially reasonable; and

      (6)  compromise and settle or sell, assign or transfer or ask, collect,
receive or issue any and all claims possessed by Debtor which constitute a
portion of the Collateral, all in the name of Debtor.

      (B)  Collection of Receivables. Secured Party may, but shall not be
obligated to, take all actions reasonable or necessary to preserve, enforce or
collect the Receivables, including, without limitation, the right to notify
account debtors and obligors on instruments to make direct payment to Secured
Party, to permit any extension, compromise or settlement of any of the
Receivables for less than face value, or to sue on any Receivable, all without
prior notice to Debtor.

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      (C)  Proceeds.  Secured Party may collect and apply all proceeds of the
Collateral, and may endorse the name of Debtor in favor of Secured Party on any
and all checks, drafts, money orders, notes, acceptances, or other instruments
of the same or a different nature, constituting, evidencing, or relating to the
Collateral which may come into the possession of Secured Party. Secured Party
may receive and open all mail addressed to Debtor and remove therefrom any cash
or non-cash items of payment constituting proceeds of the Collateral.

      (D)  Insurance Adjustments. Secured Party may adjust, settle, and cancel
any and all insurance covering any Collateral, endorse the name of Debtor in
favor of Secured Party on any and all checks or drafts drawn by any insurer,
whether representing payment for a loss or a return of unearned premium, and
execute any and all proofs of claim and other documents or instruments of every
kind required by any insurer in connection with any payment by such insurer.

      (E)  Appointment of Receiver. Secured Party shall have the right to the
appointment of a receiver for the properties and assets of Debtor and Debtor
hereby consents to such right and to such appointment and hereby waives any
objection Debtor may have thereto and hereby waives the right to have a bond or
other security posted by Secured Party or any other person in connection
therewith. The net proceeds of any disposition of the Collateral may be applied
by Secured Party, after deducting its reasonable expenses incurred in such
disposition, including, but not limited to, the reasonable attorneys' fees and
legal expenses incurred by the Secured Party, to the extent not prohibited by
law to the payment in whole or in part of the Obligations in the manner provided
in the MLA and the Guaranty. The enumeration of the foregoing rights and
remedies is not intended to be exhaustive, and the exercise of any right or
remedy or both shall not preclude the exercise of any other rights or remedies,
all of which are cumulative and non-exclusive.

      SECTION 7.  State Regulatory Matters. Notwithstanding any other provision
of this Security Agreement:

      (A)  Any foreclosure on, sale, transfer or other disposition of, or the
exercise or relinquishment of any right to vote or consent with respect to, any
of the Collateral by Secured Party shall, to the extent required, be in
conformance with Sections 214 and 310(d) of the Communications Act of 1934, as
amended, and the applicable rules and regulations thereunder.

      (B)  If a Default shall have occurred and be continuing, Debtor shall take
any action which Secured Party may reasonably request in order to transfer or
assign, or both, to Secured Party, or to such one or more third parties as
Secured Party may designate, or to a combination of the foregoing, any PUC
license, permit, certificate or other authorization held by Debtor, subject to
the prior approval of any PUC, if required. Alternatively, Secured Party is
empowered, to the extent permitted by applicable law, to request the appointment
of a receiver from any court of competent jurisdiction. Such receiver may be
instructed by Secured Party to seek from any PUC consent to an involuntary
transfer of control of Debtor or assignment, or both, of each PUC license,
permit, certificate or other authorization for the purpose of seeking a bona
fide purchaser to whom control of assets used in the provision of
telecommunications or related services will ultimately be transferred or
assigned. Debtor hereby agrees to authorize such an involuntary transfer of
control or assignment, or both, upon the request of the receiver so appointed
and, if

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Debtor shall refuse to authorize the transfer, its approval may be required by
the court. Upon the occurrence and during the continuance of a Default, Debtor
shall further use its best efforts to assist in obtaining approval of any PUC
and any other state regulatory bodies, if required, for any action or
transactions contemplated by this Security Agreement, including, without
limitation, the preparation, execution and filing with any PUC and any other
state regulatory bodies of the assignor's or transferor's portion of any
application or applications for consent to the assignment of any PUC license or
permit or transfer of control necessary or appropriate under the rules and
regulations of any PUC or any other state regulatory body for approval or non-
opposition of the transfer or assignment of any portion of the Collateral,
together with any PUC license, permit, certificate or other authorization.

      (C)  Debtor acknowledges that the assignment or transfer of each PUC
license, permit, certificate or other authorization (subject to the prior
approval of any PUC, if required) is integral to Secured Party's realization of
the value of the Collateral, that there is no adequate remedy at law for failure
by Debtor to comply with the provisions of this Section 7 and that such failure
would not be adequately compensable in damages, and therefore agrees, without
limiting the right of Secured Party to seek and obtain specific performance of
other obligations of Debtor contained in this Security Agreement, that the
agreements contained in this Section 7 may be specifically enforced.

      SECTION 8.  Other Provisions.

      (A)  Amendment and Waiver. Without the prior written consent of Secured
Party, no amendment or waiver of, or consent to any departure by Debtor from,
any provision hereunder shall be effective. Any such amendment, waiver or
consent shall be effective only in the specific instance and for the specific
purpose for which given. No delay or failure by Secured Party to exercise any
remedy hereunder shall be deemed a waiver thereof or of any other remedy
hereunder. A waiver on any one occasion shall not be construed as a bar to or
waiver of any remedy on any subsequent occasion.

      (B)  Costs and Attorneys' Fees. Except as prohibited by law, if at any
time Secured Party employs counsel in connection with the creation, perfection,
preservation, or release of the security interest of Secured Party in the
Collateral or the enforcement of any of Secured Party's rights or remedies
hereunder, all of Secured Party's reasonable attorneys' fees arising from such
services and all other reasonable expenses, costs, or charges relating thereto
shall become part of the Obligations secured hereby and be paid by Debtor on
demand.

      (C)  No Obligation to Make Loans. Nothing contained herein or in any
financing statement or other collateral document executed or filed in connection
herewith shall be construed to obligate Secured Party to make any loan or
advance to Debtor, whether pursuant to a commitment or otherwise.

      (D)  Performance by Secured Party. Upon the occurrence of a Default
hereunder, Secured Party may, at its option and without notice to or demand upon
Debtor, without obligation and without waiving or diminishing any of its other
rights or remedies hereunder, fully perform or discharge any of such duties. All
costs and expenses incurred by Secured Party in connection therewith, together
with interest thereon at 4% per annum in excess of the highest

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interest rate applicable to any loan or advance secured hereby, shall become
part of the Obligations secured hereby and be paid by Debtor upon demand.

      (E)  Indemnification, Etc. Debtor hereby expressly indemnifies and holds
Secured Party harmless from any and all claims, causes of action, or other
proceedings, and from any and all liability, loss, damage, and expense of every
nature, arising by reason of Secured Party's enforcement of its rights and
remedies hereunder, or by reason of Debtor's failure to comply with any
environmental or other law or regulation, other than any such claim, cause of
action or other proceeding, liability, loss, damage or expense arising by reason
of gross negligence, willful misconduct or violation of law on the part of
Secured Party. In any suit, proceeding or action brought by Secured Party under
any account for any sum owing thereunder, or to enforce any provisions of any
account, Debtor will save, indemnify and keep Secured Party harmless from and
against all expense, loss or damage suffered by reason of any defense, set off,
counterclaim, recoupment or reduction or liability whatsoever of the account
debtor or any other obligor thereunder, arising out of a breach by Debtor of any
obligation thereunder or arising out of any other agreement, indebtedness or
liability at any time owing to or in favor of such account debtor or obligor or
its successors from Debtor (except to the extent any such expense, loss or
damage results from the gross negligence or willful misconduct of Secured
Party). The obligations of Debtor under this Section 8(E) shall survive the
termination of the other provisions of this Security Agreement.

      (F)  Power of Attorney. Debtor hereby constitutes and appoints Secured
Party or Secured Party's designee during the term of any Obligations secured by
this Security Agreement as its attorney-in-fact, effective upon the occurrence
of a Default, which appointment is an irrevocable, durable agency, coupled with
an interest, with full power of substitution. This power of attorney and mandate
is for the purpose of taking, whether in the name of Debtor or in the name of
Secured Party, any action which Debtor is obligated to perform hereunder or
which Secured Party may deem necessary or advisable to accomplish the purposes
of this Security Agreement. The powers conferred upon Secured Party in this
Section are solely to protect its interest in the Collateral and shall not
impose any duty upon Secured Party to exercise any such powers. Secured Party
shall exercise its power of attorney only upon occurrence of a Default.

      (G)  Continuing Effect. This Security Agreement, the security interest of
Secured Party, in the Collateral, and all other documents or instruments
contemplated hereby shall continue in full force and effect until all of the
Obligations have been satisfied in full and each of the MLA, First Supplement
and the Note has been terminated in accordance with its respective terms.

      (H)  Binding Effect. This Security Agreement shall be binding upon and
inure to the benefit of Secured Party and its successors and assigns (as
permitted by the MLA), and in the event of an assignment of all or any of the
Obligations, the rights hereunder, to the extent applicable to the indebtedness
so assigned, may be transferred with such indebtedness. This Security Agreement
shall be binding upon and inure to the benefit of Debtor and its successor and
assigns; provided, that Debtor may not assign any of its rights or obligations
         --------
hereunder without the prior written consent of Secured Party.

      (I)  Security Agreement as Financing Statement. A photographic copy or
other reproduction of this Security Agreement may be used as a financing
statement.

                                       10
<PAGE>

Security Agreement/ITC Globe
Loan No. ML0883T1

      (J)  Governing Law. Except to the extent governed by applicable federal
law, this Security Agreement shall be governed by and construed in accordance
with the laws of the State of Colorado without reference to choice of law
doctrine.

      (K)  Notices. All notices hereunder shall be delivered to the Secured
Party in accordance with the terms and conditions set forth in Section 8(e) of
the Guaranty.

      (L)  Severability. The determination that any term or provision of this
Security Agreement is unenforceable or invalid shall not affect the
enforceability or validity of any other term or provision hereof.

      (M)  Entire Agreement. This Security Agreement, together with all
documents referred to herein, constitute the entire agreement between Debtor and
Secured Party with respect to the matters addressed herein.

      (N)  Changes in Applicable Law. The parties acknowledge their intent that,
upon the occurrence and during the continuation of a Default, Secured Party
shall receive, to the fullest extent permitted by applicable law and government
policy (including, without limitation, the rules, regulations and policies of
the FCC or any PUC), all rights necessary or desirable to obtain, use or sell
the Collateral and to exercise all remedies available to it under this Security
Agreement, the UCC as in effect in any applicable jurisdiction or other
applicable law. The parties further acknowledge and agree that, in the event of
changes in the law or governmental law occurring subsequent to the date hereof
that affect in any manner Secured Party's rights of access to, or use or sale
of, the Collateral, or the procedures necessary to enable Secured Party to
obtain such rights of access, use or sale, Secured Party and Debtor shall amend
this Security Agreement in such manner as Secured Party shall reasonably request
in order to provide Secured Party such rights to the greatest extent possible
consistent with applicable law and governmental policy.

      (O)  Termination; Reinstatement. This Security Agreement shall remain in
full force and effect until (i) Secured Party has no further commitment or
obligation to make advances to be secured hereby with respect to the
Obligations, (ii) all Obligations have been paid in full and (iii) Secured Party
has executed and delivered a written statement of termination. To the extent
Debtor or any third party makes a payment or payments to Secured Party or
Secured Party enforces its security interest or exercises any right of set off,
and such payment or payments or the proceeds thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside, or required
to be repaid to a trustee, receiver, or any other party under any bankruptcy,
insolvency or other law or in equity, or any combination of the foregoing, then,
to the extent of such recovery, the Obligations or any part thereof originally
intended to be satisfied shall be revived and continued in full force and
effect, and this Security Agreement, if earlier terminated, shall be revived and
continued in full force and effect, as if such payment or payments had not been
made, or such enforcement or set off had not occurred.

      (P)  Marshaling; Secured Party's Duties. Secured Party shall not be
required to marshal any present or future security for (including but not
limited to this Security Agreement and the Collateral subject to the security
interest created hereby), or guarantees of, the Obligations or any of them, or
to resort to such security or guarantees in any particular order; and

                                       11
<PAGE>

Security Agreement/ITC Globe
Loan No. ML0883T1

all of its rights hereunder and in respect of such securities and guaranties
shall be cumulative and in addition to all other rights, however existing or
arising. To the extent that it lawfully may, Debtor hereby agrees that it will
not invoke any law relating to the marshaling of collateral, and to the extent
that it lawfully may do so Debtor hereby irrevocably waives the benefits of all
such laws. Except as otherwise provided by applicable law, Secured Party shall
have no duty as to the collection or protection of the Collateral or any income
thereon, nor as to the preservation of rights against prior parties, nor as to
the preservation of any rights pertaining thereto beyond the sole custody
thereof.

      SECTION 9.  Revised Article 9. The parties to this Security Agreement
acknowledge and agree to the following provisions of this Security Agreement in
anticipation of the possible application, in one or more jurisdictions to the
transactions contemplated hereby, of Revised Article 9. For purposes of this
Security Agreement, "Revised Article 9" shall mean the Revised Article 9 of the
UCC in the form or substantially in the form included in the 1999 official text
of the UCC as approved by the American Law Institute and the National Conference
of Commissioners on Uniform State Law.

      (A)  In applying the law of any jurisdiction in which Revised Article 9 is
in effect, the Collateral is all assets of Debtor whether or not within the
scope of Revised Article 9 including, without limitation, the following
categories of assets as defined in Revised Article 9: goods (including
inventory, equipment and any accessions thereto), instruments (including
promissory notes), documents, accounts (including health-care-insurance
receivables), chattel paper (whether tangible or electronic), deposit accounts,
letter-of-credit rights (whether or not the letter of credit is evidenced by a
writing), commercial tort claims, securities and all other investment property,
general intangibles (including payment intangibles and software), supporting
obligations and any and all proceeds of any thereof, wherever located, whether
now owned and hereafter acquired. If Debtor shall at any time, whether or not
Revised Article 9 is in effect in any particular jurisdiction, acquire a
commercial tort claim, as defined in Revised Article 9, Debtor shall immediately
notify Secured Party in a writing signed by Debtor of the brief details thereof
and grant to Secured Party in such writing a security interest therein and in
the proceeds thereof, all upon the terms of this Security Agreement, with such
writing to be in form and substance reasonably satisfactory to Secured Party.

      (B)  Secured Party may, at any time and from time to time, pursuant to the
provisions of Section 4(D), file financing statements, continuation statements
and amendments thereto that describe the Collateral as all assets of Debtor or
words of similar effect and which contain any other information required by
Revised Article 9 (including Part 5 thereof) for the sufficiency or filing
office acceptance of any financing statement, continuation statement or
amendment, including whether Debtor is an organization, the type of organization
and any organization identification number issued to Debtor. Debtor agrees to
furnish any such information to Secured Party promptly upon request. Any such
financing statements, continuation statements or amendments may be signed by
Secured Party on behalf of Debtor and may be filed at any time in any
jurisdiction whether or not Revised Article 9 is then in effect in that
jurisdiction.

      (C)  Debtor shall, at any time and from time to time, whether or not
Revised Article 9 is in effect in any particular jurisdiction, take such steps
as Secured Party may reasonably request for Secured Party (i) to obtain an
acknowledgment, in form and substance reasonably satisfactory to

                                       12
<PAGE>

Security Agreement/ITC Globe
Loan No. ML0883T1

Secured Party, of any bailee having possession of any of the Collateral that
such bailee holds such Collateral for Secured Party, (ii) to obtain "control" of
any investment property, deposit accounts, letter-of-credit rights or electronic
chattel paper (as such terms are defined in Revised Article 9 with corresponding
provisions in revised Sections 9-104, 9-105, 9-106 and 9-107 (or such other
corresponding section) relating to what constitutes "control" for such items of
Collateral), with any agreements establishing control to be in form and
substance reasonably satisfactory to Secured Party, and (iii) otherwise to
insure the continued perfection and priority of Secured Party's security
interest in any of the Collateral and of the preservation of its rights therein,
whether in anticipation of or following the effectiveness of Revised Article 9
in any jurisdiction.

      (D)  Nothing contained in this Section shall be construed to narrow the
scope of Secured Party's security interest in any of the Collateral or the
perfection or priority thereof or to impair or otherwise limit any of the
rights, powers, privileges or remedies of Secured Party hereunder except (and
then only to the extent) mandated by Revised Article 9 to the extent then
applicable.

                       [Signatures follow on next page.]

                                       13
<PAGE>

Security Agreement/ITC Globe
Loan No. ML0883T1

      IN WITNESS WHEREOF, Debtor has caused this Security Agreement to be
executed and delivered and attached under seal, and Secured Party has caused
this Security Agreement to be executed and delivered, each by their duly
authorized officer(s) as of the date shown above.

                              ITC GLOBE, INC.

                              By:
                                 ---------------------------------
                                  Name:
                                       ---------------------------
                                  Title:
                                       ---------------------------

                              Attest:
                                     -----------------------------
                                  Name:
                                       ---------------------------
                                  Title:
                                       ---------------------------

                                         [CORPORATE SEAL]

                              COBANK, ACB

                              By:
                                  ----------------------------
                                  Rick Freeman, Vice President

                                       14
<PAGE>

Security Agreement/ITC Globe
Loan No. ML0883T1

                                   SCHEDULE A
                                   ----------

  Set forth below are the current locations (by parish or county and state) of
                       Debtor's inventory and equipment:

                            Chambers County, Alabama
                             Troup County, Georgia

                                       15<PAGE>

                                                                  Exhibit 10.1.6
                                                               Loan No. ML0883T1

                              CONTINUING GUARANTY

       THIS CONTINUING GUARANTY (this "Guaranty") is made as of June 29, 2001,
by ITC GLOBE, INC. ("Guarantor"), for the benefit of the COBANK, ACB ("CoBank").

                                R E C I T A L S:

       WHEREAS, Globe Telecommunications, Inc. ("Globe") owns 100% of the issued
and outstanding capital and voting stock in the Guarantor; and

       WHEREAS, CoBank and Valley Telephone Company, Inc., Interstate Telephone
Company, Inc, and Globe (collectively, the "Borrowers") have entered into that
certain Master Loan Agreement, dated as of even date herewith (the "MLA") and
that certain First Supplement to the Master Loan Agreement, dated as of even
date herewith, (the "First Supplement"; the MLA and the First Supplement, as
either may be amended, supplemented, modified, extended or restated from time to
time, collectively, the "Loan Agreement"); and

       WHEREAS, as an inducement to CoBank to enter into the Loan Agreement and
make the advances provided for therein, Guarantor has agreed to guarantee the
obligations of the Borrowers under the Loan Agreement, all on the terms and
conditions set forth in this Guaranty;

       NOW, THEREFORE, in consideration of the foregoing, and intending to be
legally bound hereby, Guarantor hereby agrees as follows:

       SECTION 1.  Rules of Construction.  The following rules of construction
shall be applicable for all purposes of this Guaranty and all amendments and
supplements hereto except as otherwise expressly provided or unless the context
otherwise requires:

       (a)  The terms used herein shall include the plural as well as the
singular, and vice versa.

       (b)  All references in this Guaranty to designated sections, paragraphs
and other subdivisions are to the designated sections, paragraphs and
subdivisions of this Guaranty.

      (c)  The terms "herein," "hereof" and "hereunder" and similar words refer
to this Guaranty as a whole and not to any particular section, paragraph or
subdivision.

      (d)  The term "person" includes any individual, corporation, limited
liability company, partnership, joint venture, association, trust, sole
proprietorship, unincorporated organization and any government authority or any
agency or political subdivision thereof.
<PAGE>

Continuing Guaranty/ITC Globe Inc.
Loan No. ML0883T1

      (e)  The terms "include," "including" and similar terms shall be
construed as if followed by the phrase "without being limited to."

      (f)  Capitalized terms used in this Guaranty, unless otherwise defined
herein, shall have the meanings assigned to them in the Loan Agreement.

      SECTION 2.  Obligations.  "Obligations" shall mean the payment and
performance of all obligations of the Borrowers, whether now existing or
hereafter arising, under the Loan Agreement and all other Loan Documents to
which any Borrower is a party, including, without limitation, that certain
Promissory Note, dated of even date herewith, made by the Borrowers to CoBank in
the principal face amount of $40,000,000 (such Promissory Note and all
amendments, modifications, extensions, renewals and replacements thereof, the
"Note").

      SECTION 3.  Guaranty Provisions.

      (a)  In consideration of loans, advances or disbursements heretofore or
hereafter granted by CoBank to the Borrowers pursuant to the Loan Agreement or
otherwise and for other good and valuable consideration, the adequacy,
sufficiency and receipt of which are hereby acknowledged, Guarantor hereby
absolutely, unconditionally, irrevocably, completely and immediately guarantees
the prompt payment of, when due, whether by acceleration or otherwise, and the
prompt payment and performance of the Obligations. The liability of Guarantor
hereunder shall not be reduced as a result of amounts collected pursuant to any
other guaranty, but shall be determined with reference to the amount of
Obligations prior to collection from any party other than the Borrowers;

      (b)  Guarantor further agrees to pay to CoBank, upon demand, (i) all
losses and reasonable costs and expenses, including, without limitation,
reasonable attorneys' fees and expenses, incurred in attempting to cause the
Obligations to be paid, performed or otherwise satisfied or in attempting to
protect or preserve any property, personal or real, securing the Obligations and
(ii) all losses and reasonable costs and expenses, including, without
limitation, reasonable attorneys' fees and expenses, incurred in enforcing or
endeavoring to enforce this Guaranty and any other Loan Document to which
Guarantor is a party or in attempting to protect or preserve property pledged
under any Loan Document to which Guarantor is a party;

      (c)  Guarantor expressly guarantees, within its maximum liability
hereunder, any sum or sums which become due and owing to CoBank as a result of
any order of a bankruptcy court which requires CoBank to turn over moneys paid
by the Borrowers, Guarantor or any other person to CoBank on account of the
Obligations;

      (d)  Guarantor assents to all terms and agreements heretofore or hereafter
made by the Borrowers, any of their subsidiaries or any other guarantor of the
Borrowers with CoBank;

      (e)  Guarantor hereby consents to the following and agrees that its
liability will not be affected or impaired by (i) the exchange, release or
surrender of any collateral to the

                                       2
<PAGE>

Continuing Guaranty/ITC Globe Inc.
Loan No. ML0883T1

Borrowers or any other person, including any other guarantor, pledgor or
grantor, or the waiver, release or subordination of any security interest, in
whole or in part; (ii) the waiver or delay in the exercise of any of CoBank's
rights or remedies against the Borrowers or any other person, including any
other guarantor; (iii) the release of the Borrowers or any other person,
including any other person guaranteeing any portion of the Obligations; (iv) the
renewal, extension or modification of the terms of any of the Obligations or any
instrument or agreement evidencing the same;

      (f)  Guarantor waives acceptance hereof, notice of acceptance hereof, and
notice of acceleration of and intention to accelerate the Obligations, and
waives presentment, demand, protest, notice of dishonor, notice of default,
notice of nonpayment or protest in relation to any instrument evidencing any of
the Obligations, and any other demands and notices required by law except as
such waiver may be expressly prohibited by law;

      (g)  This is a guaranty of payment and performance and not of collection.
The liability of Guarantor under this Guaranty shall be absolute, unconditional,
direct, complete and immediate and shall not be contingent upon the pursuit of
any remedies against the Borrowers or any other guarantor or person, nor against
any security or lien available to CoBank, its successors, successors-in-title,
endorsees or assigns. Guarantor waives any right to require that an action be
brought against the Borrowers or any other person or to require that resort be
had to any security. In the event of a default under the Loan Documents, or any
of them, CoBank shall have the right to enforce its rights, powers and remedies
under any of the Loan Documents, in any order, and all rights, powers and
remedies available to CoBank in such event shall be nonexclusive and cumulative
of all other rights, powers and remedies provided thereunder or hereunder or by
law or in equity. Accordingly, Guarantor hereby authorizes and empowers CoBank
upon acceleration of the maturity of the Note or any other Obligation, at its
sole discretion, and without notice to Guarantor, to exercise any right or
remedy which CoBank may have or any right or remedy hereinafter granted which
CoBank may have as to any security. Guarantor expressly waives any right to
require any action on the part of CoBank to proceed to collect amounts due under
the Note or any other Obligation;

      (h)  Until the Obligations are paid in full, Guarantor hereby subordinates
any and all indebtedness of any Borrower now or hereafter owed to Guarantor to
all obligations of the Borrowers to CoBank, and agrees with CoBank that, from
and after the occurrence of a default or event of default under any of the Loan
Documents and for so long as such default or event of default exists, Guarantor
shall not demand or accept any payment of principal or interest from the
Borrowers shall not claim any offset or other reduction of Guarantor's liability
hereunder because of any such indebtedness and shall not take any action to
obtain any of the security for the Obligations; provided, however, that, if
                                                --------  -------
CoBank so requests, such indebtedness shall be collected, enforced and received
by Guarantor as trustee for CoBank and be paid over to CoBank on account of the
Obligations of the Borrowers to CoBank, but without reducing or affecting in any
manner the liability of Guarantor under the other provisions of this Guaranty;

      (i)  Guarantor hereby authorizes CoBank, without notice to Guarantor, to
apply all payments and credits received from the Borrowers or from any guarantor
or realized from any

                                       3
<PAGE>

Continuing Guaranty/ITC Globe Inc.
Loan No. ML0883T1

security in such manner and in such priority as CoBank in its sole judgment
shall see fit to the Obligations which are the subject of this Guaranty;

      (j)  The liability of Guarantor under this Guaranty shall not in any
manner be affected by reason of any action taken or not taken by CoBank, which
action or inaction is consented and agreed to by Guarantor, nor by the partial
or complete unenforceability or invalidity of any other guaranty or surety
agreement, pledge, assignment, or other security for any of the Obligations. No
delay in making demand on Guarantor for satisfaction of its liability hereunder
shall prejudice CoBank's right to enforce such satisfaction. All of CoBank's
rights and remedies shall be cumulative and any failure of CoBank to exercise
any right hereunder shall not be construed as a waiver of the right to exercise
the same or any other right at any time, and from time to time, thereafter;

      (k)  This Guaranty shall be a continuing one and shall be binding upon
Guarantor regardless of how long before or after the date hereof the Obligations
are incurred. This Guaranty shall remain in full force and effect until a
written instrument of termination shall be executed and delivered by a duly
authorized officer of CoBank. CoBank will only be obligated to execute such an
instrument of termination if: (i) all Obligations have been paid in full and
(ii) CoBank has no further commitment or obligation to extend credit to the
Borrowers. If so terminated, this Guaranty and Guarantor's obligations hereunder
shall be automatically reinstated if at any time payment in whole or in part of
any of the Obligations is rescinded or restored to the Borrowers or other payor,
or must be paid to any other person, upon the insolvency, bankruptcy,
liquidation, dissolution or reorganization of the Borrowers or other payor, all
as though such payment has not been made; and

      (l)  Until the Obligations are paid finally and in full, or this Guaranty
is released as provided herein, Guarantor hereby irrevocably waives any and all
rights it may have to enforce any of CoBank's rights or remedies or participate
in any security now or hereafter held by CoBank, and any and all such other
rights of subrogation, reimbursement, contribution or indemnification against
the Borrowers or any other person having any manner of liability for the
Borrowers' obligations to CoBank, whether or not arising hereunder, by
agreement, at law or in equity.

      SECTION 4.  Representations and Warranties.  Guarantor represents and
warrants to CoBank, on the date hereof and on the date any advance under the
Loan Agreement is made, as follows:

      (a)  Organization, Powers, Existence, Etc.  Guarantor (i) is duly
           -------------------------------------
organized, validly existing, and in good standing under the laws of its state of
incorporation or organization (as applicable); (ii) is duly qualified to do
business and is in good standing in each jurisdiction in which the transaction
of its business makes such qualification necessary; (iii) has all requisite
corporate, limited liability company or partnership (as applicable) and legal
power to own and operate its assets and to carry on its business and to enter
into and perform its obligations under the Loan Documents to which it is a
party; and (iv) has duly and lawfully obtained and

                                       4
<PAGE>

Continuing Guaranty/ITC Globe Inc.
Loan No. ML0883T1

maintained all licenses, certificates, permits, authorizations, approvals, and
the like which are material to the conduct of its business or which may be
otherwise required by law.

      (b)  Due Authorization; No Violations; Etc.  The execution and delivery by
           --------------------------------------
Guarantor of, and the performance by Guarantor of its obligations under, the
Loan Documents to which it is a party have been duly authorized by all requisite
corporate, limited liability company or partnership (as applicable) action on
the part of Guarantor and do not and will not (i) violate any provision of any
law, rule or regulation, any judgment, order or ruling of any court or
governmental agency, the articles of incorporation or organization (as
applicable) or bylaws, operating agreement or partnership agreement (as
applicable) of Guarantor, or any agreement, indenture, mortgage, or other
instrument to which Guarantor is a party or by which Guarantor or any of its
properties is bound or (ii) be in conflict with, result in a breach of, or
constitute with the giving of notice or lapse of time, or both, a default under
any such agreement, indenture, mortgage, or other instrument. No action on the
part of any shareholder, member or partner (as applicable) of Guarantor is
necessary in connection with the execution and delivery by Guarantor of, and the
performance by Guarantor of its obligations under, the Loan Documents to which
it is a party.

      (c)  Governmental Approval.  No consent, permission, authorization, order,
           ----------------------
or license of any governmental authority is necessary in connection with the
execution, delivery, performance, or enforcement of the Loan Documents to which
Guarantor is a party, except such as have been obtained and are in full force
and effect.

      (d)  Binding Agreement.  Each of the Loan Documents to which Guarantor is
           ------------------
a party is, or when executed and delivered will be, the legal, valid, and
binding obligation of Guarantor, enforceable in accordance with its terms,
subject only to limitations on enforceability imposed by applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws affecting creditors'
rights generally.

      (e)  Compliance with Laws.  Guarantor is in compliance in all material
           ---------------------
respects with all federal, state, and local laws, rules, regulations,
ordinances, codes, and orders (collectively, "Laws"), the failure to comply with
which could have a material adverse effect on the condition, financial or
otherwise, operations, properties, or business of Guarantor, or on the ability
of Guarantor to perform its obligations under the Loan Documents to which it is
a party.

      (f)  Environmental Compliance.  Without limiting the provisions of
           -------------------------
Subsection (e) above, all property owned or leased by Guarantor and all
operations conducted by it are in compliance in all material respects with all
Laws relating to environmental protection, the failure to comply with which
could have a material adverse effect on the condition, financial or otherwise,
operations, properties, or business of Guarantor, or on the ability of Guarantor
to perform its obligations under the Loan Documents to which it is a party.

      (g)  Litigation.  There are no pending legal, arbitration, or governmental
           -----------
actions or proceedings to which Guarantor is a party or to which any of its
property is subject which, if adversely determined, could have a material
adverse effect on the condition, financial or

                                       5
<PAGE>

Continuing Guaranty/ITC Globe Inc.
Loan No. ML0883T1

otherwise, operations, properties, or business of Guarantor, or on the ability
of Guarantor to perform its obligations under the Loan Documents to which it is
a party, and to the best of Guarantor's knowledge, no such actions or
proceedings are threatened or contemplated.

      (h)  Financial Statements; No Material Adverse Change; Etc.  All financial
           ------------------------------------------------------
statements submitted to CoBank in connection with loans made or to be made
pursuant to the Loan Agreement or otherwise in connection with this Guaranty
fairly and fully present the financial condition of Guarantor and the results of
Guarantor's operations for the periods covered thereby, and are prepared in
accordance with GAAP consistently applied. Since the dates thereof, there has
been no material adverse change in the financial condition or operations of
Guarantor. All budgets, projections, feasibility studies, and other
documentation regarding Guarantor submitted to CoBank were based upon
assumptions that were reasonable and realistic at the time submitted, and as of
the date hereof, no fact has come to light, and no event or transaction has
occurred, which would cause any assumption made therein not to be reasonable or
realistic, other than as disclosed in writing to CoBank.

      (i)  Principal Place of Business.  The principal place of business and
           ----------------------------
chief executive office of Guarantor is at the address of Guarantor shown in
Section 8(e) hereof.

      (j)  Employee Benefit Plans.  Guarantor is in compliance in all material
           -----------------------
respects with the applicable provisions of the Employee Retirement Income
Security Act of 1974, as amended, and the regulations and published
interpretations thereunder.

      (k)  Taxes.  Guarantor has filed or caused to be filed, all federal,
           ------
state and local tax returns that are required to be filed, and has paid all
taxes as shown on said returns or on any assessment received by Guarantor to the
extent that such taxes have become due.

      (l)  Financial Condition.  Guarantor represents and warrants that the
           --------------------
liability and obligations of Guarantor incurred or arising under this Guaranty,
and of the Borrowers incurred or arising under the Loan Agreement may reasonably
be expected to benefit substantially Guarantor directly or indirectly, and
Guarantor's board of directors has made that determination. Guarantor represents
and warrants that it has full and complete access to all of the Loan Documents
and other documents relating to the Obligations, has reviewed them and is fully
aware of the meaning and effect of their contents. Guarantor is fully informed
of all circumstances that bear upon the risks of executing this Guaranty which a
diligent inquiry would reveal. Guarantor agrees that CoBank will have no
obligation to advise or notify Guarantor of or provide Guarantor with any data
or information.

      SECTION 5.  Events of Default.  The occurrence of any of the following
shall constitute an "Event of Default" hereunder:

      (a)  Representations and Warranties.  Any representation or warranty made
           ------------------------------
by Guarantor herein or in any Loan Document to which it is a party shall prove
to have been false or misleading in any material respect on or as of the date
made or deemed made.

                                       6
<PAGE>

Continuing Guaranty/ITC Globe Inc.
Loan No. ML0883T1

      (b)  Covenants and Agreements.  Guarantor should fail to perform or
           ------------------------
comply with any covenant or agreement contained herein.

      (c)  Cross-Default.  The occurrence of an Event of Default under, or the
           -------------
failure, after any applicable grace period, on the part of the Borrowers,
Guarantor or any other party (other than CoBank) to observe, keep or perform any
covenant or agreement contained in any Loan Document other than this Guaranty.

      SECTION 6.  Security.  Guarantor shall execute and deliver, on the date
hereof, in form and substance satisfactory to CoBank that certain Security
Agreement, made by and between Guarantor and CoBank, as the same may be amended,
supplemented, modified, extended or restated from time to time, pursuant to
which Guarantor has granted CoBank a first-priority lien, security interest and
security title in substantially all of Guarantor's now-owned and hereafter-
acquired personal property.

      SECTION 7.  Miscellaneous.

      (a)  Governing Law.  Except to the extent governed by applicable federal
           -------------
law, this Guaranty shall be governed by and construed in accordance with the
laws of the State of Colorado without reference to choice of law doctrine.

      (b)  Binding Effect.  This Guaranty shall inure to the benefit of and be
          --------------
binding upon the parties hereto and their respective successors and assigns,
including any holder or owner of the Notes or the other Loan Documents.

      (c)  Severability.  If any one or more of the provisions contained herein
           ------------
shall for any reason be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any
other provisions of this Guaranty, but this Guaranty shall be construed as if
such invalid, illegal or unenforceable provisions had not been contained herein.

      (d)  Non-Waiver; Modification; Election of Remedies.  The failure of any
           ----------------------------------------------
party to insist, in any one or more instances, upon a strict performance of any
of the terms and conditions of this Guaranty, or to exercise or fail to exercise
any option or right contained herein, shall not be construed as a waiver or a
relinquishment for the future of such right or option, but the same shall
continue and remain in full force and effect. The continued performance by any
party of this Guaranty with knowledge of the breach of any term or condition
hereof shall not be deemed a waiver of such breach, and no waiver by any party
of any provision hereof shall be deemed to have been made, or operate as an
estoppel, unless expressed in writing and signed by such party. No enforcement
of any remedy shall constitute an election of remedies.

      (e)  Notices.  All notices hereunder shall be delivered as provided in
           -------
Section 14 of the MLA and to the Guarantor at the address set forth therein for
the Borrowers (or such other address as shall be specified by like notice).

                                       7
<PAGE>

Continuing Guaranty/ITC Globe Inc.
Loan No. ML0883T1

      SECTION 8.  Consent to Jurisdiction.  Guarantor agrees that any legal
action or proceeding with respect to this Guaranty or any other Loan Document
may be brought in the courts of the State of Colorado, or of the United States
of America for the District of Colorado, all as CoBank may elect.  By execution
of this Guaranty, Guarantor hereby irrevocably submits to each such
jurisdiction, expressly waiving any objection it may have to the laying of venue
by reason of its present or future domicile.  Nothing contained herein shall
affect the right of CoBank to commence legal proceedings or otherwise proceed
against Guarantor in any other jurisdiction or to serve process in any manner
permitted or required by law.

      SECTION 9.  Waiver of Jury Trial.  GUARANTOR AND COBANK HEREBY WAIVE THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS GUARANTY, ANY OTHER LOAN DOCUMENT, OR ANY DEALINGS BETWEEN
THEM RELATING TO THE SUBJECT MATTER OF THIS GUARANTY, AND THE SURETY
RELATIONSHIP THAT IS BEING ESTABLISHED.  THE SCOPE OF THIS WAIVER IS INTENDED TO
BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND
THAT RELATE TO THE SUBJECT MATTER OF THIS GUARANTY, INCLUDING WITHOUT
LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER
COMMON LAW AND STATUTORY CLAIMS.  GUARANTOR AND COBANK ACKNOWLEDGE THAT THIS
WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH
HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS GUARANTY AND THAT EACH
WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS.  GUARANTOR
AND COBANK FURTHER WARRANT AND REPRESENT THAT EACH HAS REVIEWED THIS WAIVER WITH
ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  THIS WAIVER IS IRREVOCABLE,
MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER
SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS
TO THE LOAN DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE
LOAN.  IN THE EVENT OF LITIGATION, THIS GUARANTY, MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT.  GUARANTOR AND COBANK ALSO WAIVE ANY BOND OR
SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR THIS WAIVER, BE REQUIRED
OF COBANK.

                     [Signatures appear on following page]

                                       8
<PAGE>

Continuing Guaranty/ITC Globe Inc.
Loan No. ML0883T1

       IN WITNESS WHEREOF, Guarantor, intending to be legally bound hereby, has
caused this Guaranty to be executed and delivered and attested under seal by its
duly authorized officers as of the day and year first above written.

                                 ITC GLOBE, INC.

                                 By:
                                     -------------------------
                                    Name:
                                          --------------------
                                    Title:
                                           -------------------

                                 Attest:
                                         ---------------------
                                     Name:
                                           -------------------
                                     Title:
                                            ------------------

                                           [CORPORATE SEAL]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}]]