Document:

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                                                                  EXHIBIT 10.1.3

                                                               Loan No. ML0883T1

                                  CoBANK, ACB
                             STOCK PLEDGE AGREEMENT

     THIS STOCK PLEDGE AGREEMENT (this "Pledge Agreement") is made as of June
29, 2001, by and between GLOBE TELECOMMUNICATIONS, INC., a Georgia corporation,
as pledgor (the "Pledgor"), and CoBANK, ACB, as pledgee ("CoBank").

     WHEREAS, the Pledgor owns 100% of the issued and outstanding capital stock
of ITC Globe, Inc. (the "Subsidiary"); and

     WHEREAS, CoBank and Pledgor, Valley Telephone Co., Inc. and Interstate
Telephone Company (collectively, the "Borrowers") have entered into that certain
Master Loan Agreement, dated as of even date herewith (as the same may be
amended, supplemented, extended or restated from time to time, the "MLA") and
that certain First Supplement to the Master Loan Agreement, dated as of even
date herewith (as the same may be amended, supplemented, extended or restated
from time to time, the "First Supplement" and with the MLA, the "Loan
Agreement"), providing for a loan of up to $40,000,000  (the "Loan"); and

     WHEREAS, the proceeds of the Loan will be used by the Borrowers for the
purposes set forth in the Loan Agreement; and

     WHEREAS, as an inducement to CoBank to execute the Loan Agreement and to
make the advances provided therein to the Borrowers, the Pledgor desires to
grant to CoBank a security title and lien in and to the Pledged Collateral (as
hereinafter defined); and

     WHEREAS, to secure the Pledgor's obligations to CoBank, the Pledgor has
agreed to pledge to CoBank the hereinafter defined Pledged Collateral on the
terms and conditions set forth in this Pledge Agreement.

     NOW, THEREFORE, in consideration of the foregoing, and intending to be
legally bound hereby, the Pledgor and CoBank agree as follows:

     Section 1. Definitions. Capitalized terms used in this Pledge Agreement,
unless otherwise defined herein, shall have the meanings assigned to them in the
Loan Agreement.

     Section 2. Pledge. To secure the payment and performance of the Secured
Obligations as hereinafter defined), the Pledgor hereby pledges, hypothecates,
assigns, transfers, sets over and delivers unto CoBank, and grants to CoBank, a
lien upon and a security interest in (a) all capital stock of the Subsidiary,
now owned or hereafter acquired by the Pledgor, and any other entity, of which
the Pledgor now owns or hereafter acquires 25% or more of the issued and
outstanding capital stock or voting securities (all such entities, collectively,
the "Pledged Subsidiaries") and (b) any cash, additional shares or securities or
other property at any time and from time to time receivable or otherwise
distributable in respect of, in exchange for, or in
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distribution of, any and all such stock and voting securities, together with the
proceeds thereof (all such shares, common stock, capital stock, securities,
cash, property and other proceeds thereof, collectively, the "Pledged
Collateral"). For purposes of this Pledge Agreement, the term "securities" shall
be deemed to include capital stock of corporations, partnership interests in
general partnerships and any type of limited partnership and membership
interests in limited liability companies, in each case whether certificated or
uncertificated. All securities issued by the Pledged Subsidiaries and owned by
the Pledgor are hereinafter referred to as the "Pledged Securities".

     Upon delivery to CoBank, (A) any certificated securities now or hereafter
included in the Pledged Collateral shall be accompanied by duly executed stock
powers in blank and by such other instruments or documents as CoBank or its
counsel may reasonably request and (B) all other property comprising part of the
Pledged Collateral shall be accompanied by proper instruments of assignment duly
executed by the Pledgor and by such other instruments or documents as CoBank or
its counsel may reasonably request.  Each delivery of certificates for such
Pledged Securities shall be accompanied by a schedule showing the number of
shares and the numbers of the certificates therefor, theretofore and then being
pledged hereunder, which schedules shall be attached hereto as Schedule 1 and
                                                               ----------
made a part hereof.  Each schedule so delivered shall supersede any prior
schedules so delivered.

     TO HAVE AND TO HOLD the Pledged Collateral, together with all rights,
titles, interests, powers, privileges and preferences pertaining or incidental
thereto, unto CoBank, its successors and assigns, forever, subject, however, to
the terms, covenants and conditions hereinafter set forth.

     The lien and security interest granted hereunder shall secure the following
obligations (the "Secured Obligations"):  (i) the payment and performance of all
obligations of the Borrowers under the Loan Agreement and any other Loan
Document, including, without limitation, the payment of all principal, interest
and other amounts becoming due and payable under that certain Promissory Note,
dated of even date herewith, made by the Borrowers to CoBank in the principal
face amount of $40,000,000 and (ii) the payment of all other indebtedness and
the performance of all other obligations of the Borrowers to CoBank 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. The Pledgor hereby represents
and warrants that, except for security interests granted to CoBank, including
the interest herein given, the Pledgor is the legal, equitable and beneficial
owner of the Pledged Collateral, holds the same free and clear of all liens,
charges, encumbrances and security interests of every kind and nature, and will
make no voluntary assignment, pledge, mortgage, hypothecation or transfer of the
Pledged Collateral (except as may be permitted under this Pledge Agreement with
respect to cash dividends); that the Pledgor has legal authority to pledge the
Pledged Collateral in the manner

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hereby done or contemplated and will defend its title thereto against the claims
of all persons whomever; that the execution and delivery of this Pledge
Agreement, and the performance of its terms, will not result in any violation of
any provision of, or violate or constitute a default under the terms of any
agreement, indenture or other instrument, license, judgment, decree, order, law,
statute, ordinance or other governmental rule or regulation applicable to the
Pledgor or any of the Pledgor's property; that no approval, consent or
authorization of any governmental or regulatory authority which has not
heretofore been obtained is necessary for the execution or delivery by the
Pledgor of this Pledge Agreement or for the performance by the Pledgor of any of
the terms or conditions hereof or thereof; and that this pledge is effective to
vest in CoBank the rights of the Pledgor in the Pledged Collateral as set forth
herein.

     Section 4. Stock of the Pledged Subsidiaries. The Pledgor represents that
it is the registered and beneficial owner of the shares and percentage of the
capital stock or voting securities of each of the Pledged Subsidiaries set forth
on Schedule 1 hereto, as such schedule may be amended by the Pledgor from time
   ----------
to time, which stock and voting securities are owned free and clear of all
liens, warrants, options, rights to purchase, rights of first refusal and other
interests of any person other than CoBank. The outstanding capital stock and
voting securities of each of the Pledged Subsidiaries have been duly authorized
and are validly issued, fully paid and non-assessable. The Pledgor shall amend
Schedule 1 from time to time as necessary for the information thereon to be
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true and correct. Schedule 1 shall be amended by the Pledgor's delivery of an
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amended Schedule 1 to CoBank in accordance with Section 2 of this Pledge
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Agreement.

     Section 5. Additional Shares of Capital Stock; Transfer. Without the prior
written consent of CoBank, the Pledgor will not (i) consent to or approve of the
issuance of any additional shares of any class of capital stock or voting
securities by any of the Pledged Subsidiaries, or to any options, subscription
rights, warrants or other instruments in respect thereof; (ii) consent to or
approve of the establishment of any additional class or classes of capital stock
or voting securities by any of the Pledged Subsidiaries or the issuance of any
shares or securities thereunder; (iii) consent to, approve of or permit any
merger, consolidation, reorganization or any sale or lease of substantially all
the assets of any of the Pledged Subsidiaries, or (iv) consent to or approve of
the repurchase or redemption by any of the Pledged Subsidiaries of any of
capital stock or voting securities of such Pledged Subsidiaries.

     Section 6. Covenants with Respect to Collateral. The Pledgor hereby
covenants and agrees with respect to the Pledged Collateral as follows:

          (A) The Pledgor will cause any additional securities issued by any of
     the Pledged Subsidiaries or property issued by any of the Pledged
     Subsidiaries with respect to the Pledged Collateral, whether for value paid
     by the Pledgor or otherwise, to be forthwith deposited and pledged
     hereunder and delivered to CoBank, in each case accompanied by proper
     instruments of assignment duly executed; and

          (B) The Pledgor will defend its title to the Pledged Collateral
     against the claims of all persons whomsoever.

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     Section 7. Voting Rights; Dividends; Etc.

          (A) In the absence of the occurrence of an Event of Default. In the
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     absence of the occurrence and continuation of an Event of Default (as
     hereinafter defined):

              (1) The Pledgor shall be entitled to exercise any and all voting
          and/or consensual rights and powers accruing to an owner of the
          Pledged Securities or any part thereof for any purpose not
          inconsistent with the terms of this Pledge Agreement (including
          Section 5) or any agreement giving rise to any of the Secured
          Obligations; provided, that the Pledgor shall not exercise, or refrain
          from exercising, any such right or power if any such action would have
          a material adverse effect on the value of such Pledged Securities or
          any part thereof;

              (2) Subject to Subsection (B) below, the Pledgor shall have the
          right to receive cash dividends declared and paid with respect to the
          Pledged Securities, as permitted under the Loan Agreement, and CoBank
          agrees that all such permitted cash dividends shall be received by the
          Pledgor free and clear of the security interests granted to CoBank
          hereunder;

              (3) Any and all stock and/or liquidating dividends, other
          distributions in property, return of capital or other distributions
          made on or in respect of Pledged Securities (other than cash
          dividends), whether resulting from an increase or reduction of
          capital, a subdivision, combination or reclassification of outstanding
          capital stock of any corporation, capital stock of which is pledged
          hereunder, or received in exchange for Pledged Securities or any part
          thereof or as a result of any merger, consolidation, acquisition,
          spin-off, split-off or options, warrants, or rights, whether as an
          addition to, or in substitution or in exchange for, any of the Pledged
          Collateral, or otherwise, or dividends or distribution of any sort, or
          other exchange of assets or on the liquidation, whether voluntary or
          involuntary, of any issuer of the Pledged Securities, or otherwise,
          shall be and become part of the Pledged Collateral pledged hereunder
          and, if received by the Pledgor, then the Pledgor shall accept the
          same as CoBank's agent, in trust for CoBank, and shall deliver them
          forthwith to CoBank in the exact form received with, as applicable,
          the Pledgor's endorsement when necessary, or appropriate stock powers
          duly executed in blank, to be held by CoBank, subject to the terms
          hereof, as part of the Pledged Collateral; and

              (4) CoBank shall execute and deliver to the Pledgor, or cause to
          be executed and delivered to the Pledgor, as appropriate, all such
          proxies, powers of attorney, dividend orders and other instruments as
          the Pledgor reasonably may request for the purpose of enabling the
          Pledgor to exercise the voting and/or consensual rights and powers
          which the Pledgor is entitled to exercise pursuant to Subsection
          7(A)(1) above.

          (B) Upon Default. Upon the occurrence and during the continuance of an
              ------------
     Event of Default, all rights of the Pledgor to exercise the voting and/or
     consensual rights

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     and powers which the Pledgor is entitled to exercise pursuant to Subsection
     7(A)(1) above shall become vested in CoBank upon one day's prior written
     notice from CoBank to the Pledgor, and thereupon CoBank shall have the sole
     and exclusive right and authority to exercise such voting and/or consensual
     rights and powers which the Pledgor shall otherwise be entitled to exercise
     pursuant to Subsection 7(A)(1) above. Upon the occurrence and during the
     continuance of an Event of Default, all dividends shall be delivered to
     CoBank as additional security hereunder or applied toward satisfaction of
     the Secured Obligations.

     Section 8. Remedies upon Default. If an Event of Default shall have
occurred and be continuing, CoBank may sell, assign, transfer, endorse and
deliver the whole or, from time to time, any part of the Pledged Collateral at
public or private sale or on any securities exchange, for cash, upon credit or
for other property, for immediate or future delivery, and for such prices and on
such terms as CoBank in its discretion shall deem appropriate. CoBank shall be
authorized at any sale (if it deems it advisable to do so) to restrict the
prospective bidders or purchasers to persons who will represent and agree that
they are purchasing the Pledged Collateral for their own account in compliance
with the Securities Act of 1933, and upon consummation of any such sale CoBank
shall have the right to assign, transfer, endorse and deliver to the purchaser
or purchasers thereof the Pledged Collateral so sold. Each such purchaser at any
such sale shall hold the property sold absolutely free from any claim or right
on the part of the Pledgor, and the Pledgor hereby waives (to the extent
permitted by law) all rights of redemption, stay and/or appraisal which the
Pledgor now has or may at any time in the future have under any rule of law or
statute now existing or hereafter enacted. CoBank shall give the Pledgor ten
(10) days' written notice (which the Pledgor agrees is reasonable notification
within the meaning of Section 9-504(3) of the Uniform Commercial Code as in
effect in the State of Colorado) of CoBank's intention to make any such public
or private sale or sales on any such securities exchange. Such notice, in case
of public sale, shall state the time and place for such sale, and, in the case
of sale on a securities exchange, shall state the exchange at which such sale is
to be made and the day on which the Pledged Collateral, or portion thereof, will
first be offered for sale at such exchange. Any such public sale shall be held
at such time or times within ordinary business hours and at such place or places
as CoBank may fix and shall state in the notice or publication (if any) of such
sale.

     At any such sale, the Pledged Collateral, or portion thereof to be sold,
may be sold in one lot as an entirety or in separate portions, as CoBank in its
sole discretion may determine.  CoBank shall not be obligated to make any sale
of the Pledged Collateral if it shall determine not to do so, regardless of the
fact that notice of sale of the Pledged Collateral may have been given. At any
public sale made pursuant to this Pledge Agreement, CoBank may bid for or
purchase, free from any right of redemption, stay and/or appraisal on the part
of the Pledgor (all said rights being also hereby waived and released to the
extent permitted by law), any part of or all the Pledged Collateral offered for
sale and may make payment on account thereof by using any claim then due and
payable to CoBank from the Pledgor as a credit against the purchase price, and
CoBank may, upon compliance with the terms of sale, hold, retain and dispose of
such property without further accountability to the Pledgor therefor.  For
purposes hereof, a written agreement to purchase all or any part of the Pledged
Collateral shall be treated as a sale thereof;

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to the extent permitted by law, CoBank shall be free to carry out such sale
pursuant to such agreement and the Pledgor shall not be entitled to the return
of any Pledged Collateral subject thereto, notwithstanding the fact that after
CoBank shall have entered into such an agreement all Events of Default may have
been remedied or the Secured Obligations may have been paid in full. As an
alternative to exercising the power of sale herein conferred upon it, CoBank may
proceed by suit or suits at law or in equity to foreclose this Pledge Agreement
and may sell the Pledged Collateral or any portion thereof pursuant to judgment
or decree of a court or courts having competent jurisdiction. Any sale pursuant
to this Section 8 shall be deemed to conform to commercially reasonable
standards as provided in Section 9-504(3) of the Uniform Commercial Code as in
effect in the State of Colorado.

     Section 9. CoBank Appointed Attorney-in-Fact. The Pledgor hereby
constitutes and appoints CoBank during the term of any of the Secured
Obligations, upon the occurrence and during the continuance of an Event of
Default, the attorney-in-fact of the Pledgor which appointment is irrevocable
and shall be an agency coupled with an interest. This power of attorney is for
the purpose, upon the occurrence and during the continuance of an Event of
Default, of carrying out the provisions of this Pledge Agreement and taking any
action and executing any instrument which CoBank may deem necessary or advisable
to accomplish the purposes hereof. Without limiting the generality of the
foregoing, CoBank shall have the right, after the occurrence of an Event of
Default, with full power of substitution either in CoBank's name or in the name
of the Pledgor, to ask for, demand, sue for, collect, receive, receipt and give
acquittance for any and all moneys due or to become due under and by virtue of
any Pledged Collateral, to endorse checks, drafts, orders and other instruments
for the payment of money payable to the Pledgor, representing any interest or
dividend or other distribution payable in respect of the Pledged Collateral or
any part thereof or on account thereof and to give full discharge for the same,
to settle, compromise, prosecute, or defend any action, claim or proceeding with
respect thereto, and to sell, assign, endorse, pledge, transfer and make any
agreement respecting, or otherwise deal with, the same; provided, however, that
nothing herein contained shall be construed as requiring or obligating CoBank to
make any commitment or to make any inquiry as to the nature or sufficiency of
any payment received by it, or to present or file any claim or notice, or to
take any action with respect to the Pledged Collateral or any part thereof or
the moneys due or to become due in respect thereof or any property covered
thereby, and no action taken by CoBank or omitted to be taken with respect to
the Pledged Collateral or any part thereof shall give rise to any defense,
counterclaim or offset in favor of the Pledgor or to any claim or action against
CoBank.

     Section 10. Event of Default. For purposes of this Pledge Agreement, an
"Event of Default" shall exist hereunder upon the happening of any of the
following events:

              (1) any Event of Default under any of the Loan Documents
          including, without limitation, any failure by the Borrowers to pay
          when due any amount due under the MLA, any Supplement or any Note; or

              (2) any written representation or warranty made in connection with
          this Pledge Agreement shall prove to have been false or misleading in
          any material respect as of the date made; or

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              (3) the Pledgor shall default in the performance or observance of
          any provisions of this Pledge Agreement; provided, however, that in
          the event any default in the performance or observance of Subsection
          6(B) has occurred, such default has continued for a period of 30 days;
          or

              (4) the Pledgor from and after the date hereof shall, or shall
          attempt to, encumber, subject to any further pledge or security
          interest, sell, transfer or otherwise dispose of any of the Pledged
          Collateral or any interest therein except as otherwise permitted
          herein or in the Loan Agreement, or any of the Pledged Collateral
          shall be attached or levied upon or seized in any legal proceedings
          against the Pledgor, which in each case within 60 days has not been
          discharged or execution thereof stayed pending appeal; or

              (5) this Pledge Agreement shall not or shall no longer be
          effective in granting to CoBank a first priority perfected lien on the
          Pledged Collateral.

Once an Event of Default exists, it shall be deemed to continue, notwithstanding
any curative action by the Pledgor, unless and until CoBank, in its sole
discretion, shall state in writing that the Event of Default no longer exists.

     Section 11. Application of Proceeds of Sale and Cash. The proceeds of any
sale of the whole or any part of the Pledged Collateral, together with any other
moneys held by CoBank under the provisions of this Pledge Agreement, shall be
applied by CoBank as follows:

          First:  to the payment of all reasonable costs and expenses incurred
          -----
     by CoBank in connection herewith, including but not limited to, all court
     costs and the fees and disbursements of counsel for CoBank in connection
     herewith, and to the repayment of all advances made by CoBank hereunder for
     the account of the Borrowers, and the payment of all reasonable costs and
     expenses paid or incurred by CoBank in connection with the exercise of any
     right or remedy hereunder; and

          Second:  to the payment in full of the Secured Obligations.
          ------

Any amounts remaining after such application shall be promptly remitted to the
Pledgor, its successors, legal representatives or assigns, or as otherwise
provided by law.

     Section 12. Further Assurances. The Pledgor agrees that it will join with
CoBank in executing and will file or record such notices, financing statements
or other documents as may be necessary to the perfection of the security
interest of CoBank hereunder, and as CoBank or its counsel may reasonably
request, such instruments to be in form and substance satisfactory to CoBank and
its counsel, and that the Pledgor will do such further acts and things and
execute and deliver to CoBank such additional conveyances, assignments,
agreements and instruments as CoBank may at any time reasonably request in
connection with the administration and enforcement of this Pledge Agreement or
relative to the Pledged Collateral or any part thereof or in order to assure and
confirm unto CoBank its rights, powers and remedies hereunder.  The Pledgor
shall notify CoBank in writing promptly upon its acquisition of capital stock or
voting

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securities of any of the Pledged Subsidiary and shall execute and deliver to
CoBank, upon request, an amendment to this Pledge Agreement or such other
instruments as CoBank may request together with certificates evidencing such
capital stock or voting securities accompanied by stock transfer powers executed
in blank, and shall take such other action requested by CoBank to effectuate the
pledge of such capital stock or voting securities to CoBank in accordance with
the provisions of this Pledge Agreement.

      Section 13. No Waiver; Election of Remedies. No course of dealing between
the Pledgor and CoBank or failure on the part of CoBank to exercise, and no
delay on its part in exercising any right, power or remedy hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any
such right, power, or remedy preclude any other or the further exercise thereof
or the exercise of any other right, power or remedy. All remedies hereunder or
under any of the Loan Documents are cumulative and in addition to and are not
exclusive of any other remedies provided by law. No enforcement of any remedy
shall constitute an election of remedies.

     Section 14. Governing Law; Amendments. Except to the extent governed by
applicable federal law, this Pledge Agreement shall be governed by and construed
in accordance with the laws of the State of Colorado, without reference to
choice of law doctrine.  This Pledge Agreement may not be amended or modified
nor may any of the Pledged Collateral be released, except in writing signed by
the parties hereto.

     Section 15. Consent to Jurisdiction; Registered Agent. The Pledgor agrees
that any legal action or proceeding with respect to this Pledge Agreement may be
brought in the courts of the State of Colorado or the United States of America
for the District of Colorado, all as CoBank may elect.  By execution of this
Pledge Agreement, the Pledgor hereby submits to each such jurisdiction, hereby
expressly waiving any objection it may have to the laying of venue by reason of
its present or future domicile.  Nothing herein shall affect the right of CoBank
to commence legal proceedings or otherwise proceed against the Pledgor in any
other jurisdiction or to serve process in any manner permitted or required by
law.  The Pledgor further agrees to maintain a registered agent in the State of
Colorado and will notify CoBank in writing of such registered agent's name and
address and of any changes in such name or address.

     Section 16. Binding Agreement; Assignment. This Pledge Agreement, and the
terms, covenants and conditions hereof, shall be binding upon and inure to the
benefit of CoBank and to all holders of the indebtedness secured hereby and
their respective successors and assigns and to the Pledgor and its successors,
legal representatives and assigns, except that the Pledgor shall not be
permitted to assign this Pledge Agreement or any interest herein or in the
Pledged Collateral, or any part thereof, or any cash or property held by CoBank
as collateral under this Pledge Agreement.  No notice to or demand on the
Pledgor shall entitle the Pledgor to any other or further notice or demand in
the same, similar or other circumstances.

     Section 17. Notices. All notices hereunder shall be delivered in accordance
with the terms and conditions set forth in Section 14 of the MLA and to the
addresses set forth therein (or such other address for a party as shall be
specified by like notice).

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     Section 18. Headings. Section headings used herein are for convenience only
and are not to affect the construction of or be taken into consideration in
interpreting this Pledge Agreement.

     Section 19. Counterparts. This Pledge Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original and all
of which when taken together constitute but one and the same instrument.

     Section 20. 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 Pledge Agreement, but this Pledge Agreement shall
be construed as if such invalid, illegal or unenforceable provisions had not
been contained herein.

     Section 21. CoBank's Duties. Beyond the exercise of reasonable care to
assure the safe custody of the Pledged Collateral while held hereunder, CoBank
shall have no duty or liability to preserve rights pertaining thereto and shall
be relieved of all responsibility for the Pledged Collateral upon surrendering
it or tendering surrender of it to the Pledgor.

     Section 22. Termination; Reinstatement. This Pledge Agreement shall remain
in full force and effect until (i) CoBank has no further commitment or
obligation to make advances to be secured hereby with respect to the Secured
Obligations, and (ii) all Secured Obligations have been indefeasibly paid in
full or any preference period applicable to payments made on or security given
for the Secured Obligations has expired under applicable bankruptcy and
insolvency laws, at which time the Pledgor may request a written instrument of
termination be executed and delivered by a duly authorized officer of CoBank.
If so terminated, this Pledge Agreement and the Pledgor's obligations hereunder
shall be automatically reinstated if at any time payment in whole or in part of
any of the Secured Obligations is rescinded or restored to the Pledgor or other
payor or guarantor of the Secured Obligations, or must be paid to any other
person, upon the insolvency, bankruptcy, liquidation, dissolution or
reorganization of the Pledgor or other payor or guarantor of the Secured
Obligations, all as though such payment had not been made.

     Section 23. FCC Matters. Notwithstanding any other provision of this Pledge
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 Pledged Collateral by CoBank shall, to the extent required, be pursuant
to Sections 214 and 310(d) of the Communications Act of 1934, as amended, and
the applicable rules and regulations thereunder, and, if and to the extent
required thereby, subject to the prior approval or notice to and non-opposition
of the FCC.

          (B) If an Event of Default shall have occurred and be continuing, the
Pledgor shall take any action, and shall cause the Borrower to take any action,
which CoBank may reasonably request in order to transfer and assign to CoBank,
or to such one or more third parties

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as CoBank may designate, or to a combination of the foregoing, each FCC license,
permit, certificate or other authorization owned by the Borrower. CoBank 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 CoBank to seek from the FCC an involuntary transfer of control of
each such FCC license, permit, certificate or other authorization for the
purpose of seeking a bona fide purchaser to whom control will ultimately be
transferred. The Pledgor hereby agrees to authorize such an involuntary transfer
of control upon the request of the receiver so appointed and, if the Pledgor
shall refuse to authorize the transfer, its approval may be required by the
court. Upon the occurrence and during the continuance of an Event of Default,
the Pledgor shall further use its best efforts to assist in obtaining approval
of the FCC and any state regulatory bodies, if required, for any action or
transactions contemplated by this Pledge Agreement, including, without
limitation, the preparation, execution and filing with the FCC and any state
regulatory bodies of the assignor's or transferor's portion of any application
or applications for consent to the assignment of any FCC license or permit or
transfer of control necessary or appropriate under the rules and regulations of
the FCC or any state regulatory body for approval or non-opposition of the
transfer or assignment of any portion of the Pledged Collateral, together with
any FCC license, permit, certificate or other authorization.

          (C) The Pledgor acknowledges that the assignment or transfer of each
FCC license, permit, certificate or other authorization (subject to the prior
approval of the FCC, if required) is integral to CoBank's realization of the
value of the Pledged Collateral, that there is no adequate remedy at law for
failure by the Pledgor to comply with the provisions of this Section 23 and that
such failure would not be adequately compensable in damages, and therefore
agrees, without limiting the right of CoBank to seek and obtain specific
performance of other obligations of the Pledgor contained in this Pledge
Agreement, that the agreements contained in this Section 23 may be specifically
enforced.

          (D) In accordance with the requirements of 47 C.F.R. Section 22.937,
or any successor provision thereto, CoBank shall notify the Pledgor and the FCC
in writing at least ten (10) days prior to the date on which CoBank intends to
exercise its rights, pursuant to this Pledge Agreement or any of the other Loan
Documents, by foreclosing on, or otherwise disposing of, any Pledged Collateral
in connection with which such notice is required pursuant to 47 C.F.R. Section
22.937 or any successor provision thereto.

                        [Signatures begin on next page.]

                                      -10-
<PAGE>

Pledge Agreement/Globe Telecommunications
Loan No. ML0883T1

     IN WITNESS WHEREOF, the Pledgor has caused this Pledge Agreement to be
executed and delivered and attested under seal and CoBank has caused this Pledge
Agreement to be executed and delivered, each by its respective duly authorized
officers, as of the date first above shown.

CoBANK, ACB                              GLOBE TELECOMMUNICATIONS,
                                         INC.

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

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

                                              [CORPORATE SEAL]
<PAGE>

Pledge Agreement/Globe Telecommunications
Loan No. ML0883T1

                                   SCHEDULE 1

<TABLE>
<CAPTION>
                                                                        Percentage of Total
                                       Number of Shares                  Outstanding Shares
                                     or Voting Securities               or Voting Securities
Entity                               Owned by the Pledgor               Owned by the Pledgor
------                               --------------------               --------------------
<S>                                  <C>                                <C>
ITC Globe, Inc.                            1,000                               100%

</TABLE><PAGE>

                                                                  Exhibit 10.1.4
                                                               Loan No. ML0883T1

                              SECURITY AGREEMENT

      THIS SECURITY AGREEMENT (this "Security Agreement") is made and entered
into as of June 29, 2001, by GLOBE TELECOMMUNICATIONS, INC, a corporation formed
and existing under the laws of the State of Georgia ("Globe"), having its place
of business (or chief executive office if more than one place of business)
located at 30 South Court Square, Newnan, Georgia 30263, whose taxpayer
identification number is 58-1501296, INTERSTATE TELEPHONE COMPANY, a corporation
formed and existing under the laws of the State of Georgia ("Inter-Tel"), having
its place of business (or chief executive office if more than one place of
business) located at 415 Gilmer Avenue, Lanett, AL 36863, whose taxpayer
identification number is 58-0300280 and VALLEY TELEPHONE CO., INC., a
corporation formed and existing under the laws of the State of Alabama
("Valley"; each of Valley, Globe and Inter-Tel, a "Debtor"; collectively, the
"Debtors"), having its place of business (or chief executive office if more than
one place of business) located at 415 Gilmer Avenue, Lanett, AL 36863, whose
taxpayer identification number is 64-0418786 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 MLA (as defined in Section 2).

      SECTION 1. Grant of Security Interest. For valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Debtors hereby grant
to Secured Party a first superior continuing security interest in all of
Debtors' 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

                                       1
<PAGE>

Security Agreement/Globe/Interstate/Valley
Loan No. ML0883T1

      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 information relating to or arising out of
      Debtors' 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 Debtors or the operation of Debtors' properties); and, to the
      extent not covered by the above, all other personal property of Debtors 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 (a) Debtors' 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 or (b) the capital stock or
      other securities of Knology Broadband, Inc. held or owned by Valley
      (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

                                       2
<PAGE>

Security Agreement/Globe/Interstate/Valley
Loan No. ML0883T1

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 Debtors with respect to any of the Collateral or
any transaction in connection therewith.  Debtors will perform and comply in all
material respects with all of their respective 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 Debtors from any of their respective 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 payment and
performance of all obligations of Debtors, whether now existing or hereafter
arising, under that certain Master Loan Agreement, dated as of even date
herewith, by and between Debtors and Secured Party (as the same may be amended,
modified, supplemented, extended or restated from time to time, the "MLA"), and
all other Loan Documents to which any Debtor is a party, including, without
limitation, (a) that certain First Supplement to the Master Loan Agreement,
dated as of even date herewith, as the same may be amended, supplemented,
extended or restated from time to time and (b) that certain Promissory Note,
dated as of even date herewith, made by Debtors to Secured Party, in the
principal face amount of $40,000,000 (as the same may be amended, modified,
supplemented, extended or restated from time to time, the "Note"); and (ii) the
payment of all other indebtedness and the performance of all other obligations
of Debtors 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.  Each Debtor represents and
warrants to Secured Party on the date hereof that the following statements are
true, correct and complete:

      (A)  Title to Collateral.  Debtors have 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.

                                       3
<PAGE>

Security Agreement/Globe/Interstate/Valley
Loan No. ML0883T1

      (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.  Debtors' places of
business (or chief executive office if more than one place of business) are
located at the addresses shown above, and Debtors' tax identification numbers
are 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,
Debtors' businesses have not been conducted under any name other than Debtors'
names as set forth above, nor have they changed their 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.  Debtors have filed or caused to be filed all
federal, state and local tax returns that are required to be filed, and have
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 Debtors'
businesses is in good repair, working order and condition, ordinary wear and
tear excepted.

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

      (A)  Title to Collateral.  Debtors shall not create or permit the
existence of claims, interests, liens, or other encumbrances against any of
their respective Collateral not permitted pursuant to Section 8(B) of the MLA.
Debtors 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 Debtors' and Secured Party's interests (including the
priority of such interests) in all Collateral.

      (B)  Change in Location, Name, Etc.  Debtors agree not to (i) change the
location of their places of business or chief executive offices; (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
                           ----------

                                       4
<PAGE>

Security Agreement/Globe/Interstate/Valley
Loan No. ML0883T1

their names, identities, or employer identification numbers, unless they shall
have given Secured Party thirty (30) days' prior written notice of their
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 Debtors propose
to take any such action, Debtors will, at their 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.  Debtors agree not to change their structure in
any manner except as permitted pursuant to the MLA and, if requested by Secured
Party, prior to the date on which Debtors propose to take any such action,
Debtors will, at their 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. Debtors shall give Secured Party thirty (30) days' prior written
notice of their intention to take any action described in this Section 4(C).

      (D)  Further Assurances.  Upon the request of Secured Party, Debtors 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 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,
Debtors agree 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), Debtors 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, Debtors 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 Debtors on demand.

                                       5
<PAGE>

Security Agreement/Globe/Interstate/Valley
Loan No. ML0883T1

      (E)  Insurance.  Debtors 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. 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 Debtors 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, Debtors 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; provided, however, that no dispositions shall be
                                --------  -------
made if a Default shall have occurred and be continuing hereunder. Debtors shall
not use any of the Collateral in any manner which violates any applicable law.

      (G)  Receivables.  Debtors 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, Debtors shall execute an agreement in form and
content satisfactory to Secured Party by which Debtors shall direct all account
debtors 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, Debtors 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.  Debtors 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. Debtors 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.  Debtors 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 Debtors' properties
or locations and to discuss Debtor's affairs, finances and accounts with
Debtors' officers, directors, employees and independent certified public
accountants so that Secured Party or its representatives may confirm, inspect
and appraise any of the Collateral.

                                       6
<PAGE>

Security Agreement/Globe/Interstate/Valley
Loan No. ML0883T1

      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 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 shall be subject to the same notice and cure right applicable
to such breach under the MLA.  Once a Default exists, it shall be deemed to
continue, notwithstanding any curative action by Debtors, 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 Debtors 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:

      (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, Debtors hereby specifically
waive all rights of redemption, stay or appraisal which they have or may have
under any law now existing or hereafter adopted. At any time when advance notice
of sale is required, Debtors agree that twenty (20) days' prior written notice
shall be reasonable. In connection with the foregoing, Secured Party may:

            (1)  require Debtors 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 Debtors or premises under Debtors'
control and take possession of the Collateral;

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

            (4)  without charge by Debtors, use or sublicense the use of any
patent, trademark, service mark, trade name or other intellectual property or
technical process used by Debtors 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,

                                       7
<PAGE>

Security Agreement/Globe/Interstate/Valley
Loan No. ML0883T1

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 Debtors which
constitute a portion of the Collateral, all in the name of Debtors.

      (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 Debtors.

      (C)  Proceeds.  Secured Party may collect and apply all proceeds of the
Collateral, and may endorse the name of any 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 any 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 any 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 Debtors and Debtors
hereby consent to such right and to such appointment and hereby waives any
objection Debtors 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. 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.

                                       8
<PAGE>

Security Agreement/Globe/Interstate/Valley
Loan No. ML0883T1

      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, Debtors 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 Debtors, 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 Debtors 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. Debtors hereby agree to authorize such an involuntary transfer of
control or assignment, or both, upon the request of the receiver so appointed
and, if Debtors shall refuse to authorize the transfer, their approval may be
required by the court. Upon the occurrence and during the continuance of a
Default, Debtors 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)  Debtors acknowledge 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 Debtors 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 Debtors 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 Debtors 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

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

      (E)  Indemnification, Etc.  Debtors hereby expressly indemnify and hold
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 Debtors' 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, Debtors 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 Debtors 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 Debtors (except to the extent any such expense, loss or
damage results from the gross negligence or willful misconduct of Secured
Party). The obligations of Debtors under this Section 8(E) shall survive the
termination of the other provisions of this Security Agreement.

      (F)  Power of Attorney.  Debtors hereby constitute and appoint 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

                                       10
<PAGE>

Security Agreement/Globe/Interstate/Valley
Loan No. ML0883T1

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 Debtors are
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 have 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 Debtors and their successors
and assigns; provided, that Debtors may not assign any of their 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.

      (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 in accordance
with the terms and conditions set forth in Section 14 of the MLA.

      (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 Debtors
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

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Loan No. ML0883T1

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 Debtors 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
Debtors 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 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, Debtors hereby agree that they will not invoke
any law relating to the marshaling of collateral, and to the extent that it
lawfully may do so Debtors hereby irrevocably waive 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 Debtors 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

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<PAGE>

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Loan No. ML0883T1

(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 Debtors 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,
Debtors shall immediately notify Secured Party in a writing signed by Debtors 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 Debtors 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 Debtors are an organization, the type of
organization and any organization identification number issued to Debtors.
Debtors agree 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 Debtors and may be filed at any time
in any jurisdiction whether or not Revised Article 9 is then in effect in that
jurisdiction.

      (C)  Debtors 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 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/Globe/Interstate/Valley
Loan No. ML0883T1

      IN WITNESS WHEREOF, Debtors have 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.

<TABLE>
<CAPTION>
INTERSTATE TELEPHONE COMPANY, as Debtor              GLOBE TELECOMMUNICATIONS, INC, as Debtor
<S>                                                  <C>

By:                                                  By:
    --------------------------------------               --------------------------------------
    Name: _______________________________                Name: ________________________________
    Title: ______________________________                Title: _______________________________

Attest: _________________________________           Attest: ___________________________________
    Name: _______________________________                Name: ________________________________
    Title: ______________________________                Title: _______________________________

             [CORPORATE SEAL]                                        [CORPORATE SEAL]

                                      VALLEY TELEPHONE CO., INC., as Debtor

                                      By:
                                          -------------------------------------
                                          Name: _______________________________
                                          Title: ______________________________

                                      Attest:
                                              ---------------------------------
                                          Name: _______________________________
                                          Title: ______________________________

</TABLE>
                                                    [CORPORATE SEAL]

                      [signatures continue on next page]

<PAGE>

Security Agreement/Globe/Interstate/Valley
Loan No. ML0883T1

                   [signatures continued from previous page]

                                     COBANK, ACB, as Secured Party

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

<PAGE>

Security Agreement/Globe/Interstate/Valley
Loan No. ML0883T1

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

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

Globe Telecommunications, Inc.:
------------------------------

      Coweta County, Georgia
      Troup County, Georgia

Interstate Telephone Company:
----------------------------

      Chambers County, Alabama
      Troup County, Georgia

Valley Telephone Co., Inc.:
--------------------------

      Chambers County, Alabama
      Troup County, Georgia

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"}]]