Document:

Exhibit 10.5

                          CONSENT AND WAIVER AGREEMENT

      THIS CONSENT AND WAIVER AGREEMENT (this "Agreement"), dated as of May 31,
2005, is by and among CAERUS, INC. ("Caerus"), VOLO COMMUNICATIONS,
INC.("Volo"), CAERUS NETWORKS, INC., CAERUS BILLING, INC. and the subsidiaries
of Volo that are signatories hereto (collectively, "Borrowers"), and CEDAR
BOULEVARD LEASE FUNDING, LLC (the "Lender").

      WHEREAS, the Borrowers and the Lender are parties to that certain
Subordinated Loan and Security Agreement, dated as of June 1, 2004 (as amended,
the "Credit Agreement"), pursuant to which the Borrowers established a credit
facility with the Lender;

      WHEREAS, in connection with the Credit Agreement, the Borrowers issued to
Lender a Secured Subordinate Promissory Note in the principal amount of
$7,000,000 (the "Note");

      WHEREAS, the Borrowers are in default under the Credit Agreement and the
Note;

      WHEREAS, the Borrowers intend to enter into a merger (the "Merger") with
Volo Acquisition Corp., a wholly-owned subsidiary of VoIP, Inc. ("VoIP"); and

      WHEREAS, it is a condition to the completion of the Merger that the Lender
consent to certain matters and waives certain rights and defaults.

      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties to this Agreement
hereby agree as follows:

      1. Amendments to Credit Agreement. The Credit is hereby amended as
follows:

      (a) The definition of "Loan Documents" in Section 1.01 of the Credit is
amended to include that certain Guaranty and that certain Security Agreement,
each dated as of May 31, 2005 by VoIP, Inc., eGlobalphone, VoIP Solutions, Inc.,
DTNet Technologies and VoIP Americas and Lender.

      (b) A new Section 9.01(o) is hereby added as follows:

            "(o) A default shall exist under any other agreement with Lender or
            any of Lender's affiliates."

      (c) Sections 2.01 (f), 2.03 (d) and 6.01 (j) are hereby deleted.

      (d) The Note and Section 2.01(e) is hereby amended such that the payment
due on June 1, 2005 shall equal the accrued but unpaid interest through May 31,
2005, in the amount of $53,446.

      (e) The Note and Section 2.01(e) is hereby amended such that the payment
due on July 1, 2005 and each subsequent payment until the Maturity Date shall
equal either:

<PAGE>

      (i)   If between now and July 1, 2005, VoIP has consummated any debt or
            equity financing of $4,000,000 or more in aggregate:

            A.    commencing with the payment due on July 1, 2005, regular
                  monthly principal and interest payments of $234,175.38 will be
                  reinstated and will be due on the first day of each month
                  until the Maturity Date, with the deferred principal in the
                  amount of $180,729.36 resulting from the interest only period
                  in June 2005 also being payable at the Maturity Date, together
                  with any accrued but unpaid interest on such principal.

      (ii)  If between now and July 1, 2005, VoIP has not consummated any debt
            or equity financing of $4,000,000 or more in aggregate:

            A.    the payment due on July 1, 2005 shall equal the accrued but
                  unpaid interest through June 30, 2005, in the amount of
                  $53,446, and

            B.    commencing with the payment due on August 1, 2005, regular
                  monthly principal and interest payments of $234,175.38 will be
                  reinstated and will be due on the first day of each month
                  until the Maturity Date, with the deferred principal in the
                  amount of $361,458.72 resulting from the interest only periods
                  in June and July 2005 also being payable at the Maturity Date,
                  together with any accrued but unpaid interest on such
                  principal.

(f)   In addition to any other rights that Lender may have to purchase capital
      stock of VoIP or any Borrower, as additional consideration for Lender's
      consent to the Merger and Lender's agreement to amend the Loan Agreement
      as provided herein, Lender shall have the right to purchase from VoIP, at
      the exercise price per share equal to $1.18 (as adjusted pursuant to the
      terms of the Warrant to be issued by VoIP evidencing such right):

      (i)   100,000 shares of VoIP common stock; VoIP shall promptly, and in no
            event more than ten (10) days after the date hereof, deliver to
            Lender a Warrant duly executed by VoIP evidencing such rights on
            substantially the same terms as set forth in those certain Warrant
            Agreements between Lender and Caerus;

      (ii)  If between now and July 1, 2005, VoIP has not consummated any debt
            or equity financing of $4,000,000 or more in aggregate, an
            additional 100,000 shares of VoIP common stock; VoIP shall promptly,
            and in no event more than ten (10) days after the date hereof,
            deliver to Lender a Warrant duly executed by VoIP evidencing such
            rights, condition on the occurrence of said debt or equity financing
            and on substantially the same terms as set forth in those certain
            Warrant Agreements between Lender and Caerus.

                                       2
<PAGE>

      2. Conditions Precedent. This Agreement shall not be effective unless and
until each of the following conditions precedent are either satisfied or waived
in writing by Lender (the "Closing Date"):

            (a) The Merger shall be consummated substantially on the terms set
forth in that certain Agreement and Plan of Merger, between VoIP and Caerus,
dated as of May 31, 2005.

            (b) VoIP and its subsidiaries shall enter into and deliver a
Guaranty Agreement (the "Guaranty Agreement"), in form acceptable to Lender in
its sole and absolute discretion, guarantying payment and performance of all of
the Borrowers' obligations under the Credit Agreement and each of the other Loan
Agreements (as defined in the Credit Agreement).

            (c) VoIP and its subsidiaries shall enter into and deliver a
Security Agreement (the "Security Agreement"), in form acceptable to Lender in
its sole and absolute discretion, granting to Lender a security interest in all
of its personal property as security for VoIP's obligations under the Guaranty
Agreement. Lender shall subordinate its Liens in the personal property of VoIP
and its subsidiaries, other than the Borrowers, to the Liens in favor of any
future Senior Creditor to the extent such Liens secure Senior Debt . For
purposes of this Agreement (i) "Senior Creditor" shall mean a bank, insurance
company, pension fund, or accredited investor, or a syndicate of such
institutional lenders that provides Senior Debt financing to VoIP and its
subsidiaries; provided, that Senior Creditor shall not include any officer,
director, or insider of VoIP or any of its subsidiaries, or any affiliate of the
foregoing Persons except upon the express written consent of Lender, (ii)
"Senior Debt" shall mean any and all indebtedness and obligations for borrowed
money (including principal, premium (if any), interest, fees, charges, expenses,
costs, professional fees and expenses, and reimbursement obligations) at any
time owing by VoIP to Senior Creditor under the Senior Loan Documents, including
such amounts as may accrue or be incurred before or after default or workout or
the commencement of any liquidation, dissolution, bankruptcy, receivership or
reorganization by or against Borrower; provided, that Senior Debt shall not
include debt exceeding five million and No/100 Dollars ($5,000,000.00)
outstanding at any one time, and (iii) "Senior Loan Documents" means a loan
agreement between Borrower and Senior Creditor and any other agreement, security
agreement, document, promissory note, UCC financing statement, or instrument
executed by Borrower in favor of Senior Creditor pursuant to or in connection
with the Senior Debt, as the same may from time to time be amended, modified,
supplemented, extended, renewed, restated or replaced.

            (d) VoIP and its subsidiaries shall execute, or cause to be
executed, and deliver to Lender any and all instruments or documents necessary
or desirable to give effect to the Guaranty Agreement and the Security Agreement
or to perfect Lender's security interest in any collateral under the Security
Agreement, including specifically all financing statements, control agreements,
motor vehicle titles with Lender's lien noted thereon, landlord waivers,
mortgagee waivers and subordination agreements and the delivery to Lender of
stock certificates evidencing any securities owned by VoIP.

                                       3
<PAGE>

            (e) The Closing Date shall occur on or before June 3, 2005.

      3. Consent and Waiver of Rights. The Lender hereby (a) consents to the
Merger and waives Section 7.01(f) of the Credit Agreement in connection with the
Merger; and (b) waives the existing Events of Default under the Credit Agreement
identified on Exhibit A hereto (the "Existing Defaults"). Lender acknowledges
that, other than the Existing Defaults, it is not aware of the existence of any
other Default or Event of Default existing as of the date hereof.

      4. No Further Waiver. Other than with respect to the Existing Defaults,
Lender has not waived and is not by this Agreement waiving, any Events of
Default which may exist or be continuing as of the date hereof or any Events of
Default which may occur after the date hereof (whether the same or similar to
the Existing Defaults or otherwise). Other than with respect to Existing
Defaults, Lender reserves the right, in its discretion, to exercise any or all
of its rights and remedies under the Credit Agreement or any of the other Loan
Documents (as defined in the Credit Agreement) as a result of any Events of
Default that may be continuing as of the date hereof or any Event of Default
that may occur after the date hereof, and Lender has not waived any of such
rights or remedies, and nothing in this Agreement, and no delay on its part in
exercising any such rights or remedies, should be construed as a waiver of any
such rights or remedies.

      5. Lender's Subordination Rights. To the extent that the Lender has rights
senior to the holders of any other indebtedness of the Borrowers, whether by
contract, at law or in equity, the Lender hereby covenants and agrees that,
notwithstanding the repayment in full of all or a part of the Note, it will not
release or transfer its right to maintain seniority over any such other
indebtedness.

      6. Notices. All notices and communications to be given or otherwise made
to any party to this Agreement shall be deemed to be sufficient if contained in
a written instrument delivered in person or by telecopier or duly sent by first
class registered or certified mail, return receipt requested, postage prepaid,
or by overnight courier, addressed to such party at the address set forth below:

                                       4
<PAGE>

                   (a) if to the Borrowers, to:

                           Caerus, Inc.
                           151 South Wymore Road, Suite 3000
                           Altamonte Springs, Florida  32714
                           Attention:   Shawn Lewis

                           with a copy to:

                           Pillsbury Winthrop
                           1540 Broadway
                           New York, New York  10036
                           Attention:   Ronald Fleming, Esq.

                           and,

                           Andrews Kurth, LLP
                           Attn:  Ronald L. Brown
                           1717 Main St., Suite 3700
                           Dallas, TX  75201

                   (b) if to the Lender, to:

                           Cedar Boulevard Lease Funding, LLC
                           22 South Main Street, Suite 1
                           Topsfield, MA 01983
                           Attention:  Jan Haas

                   (c) with a copy to:

                           Winston & Strawn LLP
                           101 California Street, 39th Floor
                           San Francisco, California  94111
                           Attention:  John D. Fredericks

or to such other address as the party to whom notice is to be given may have
furnished to the other parties hereto in writing in accordance herewith.

      7. Successors and Assigns. This Agreement shall bind and inure to the
benefit of the parties hereto and the respective successors and permitted
assigns of the parties hereto.

      8. Entire Agreement. This Agreement and the other writings referred to
herein contain the entire agreement among the parties with respect to the
subject matter hereof and supersede all prior and contemporaneous arrangements
or understandings with respect thereto.

                                       5
<PAGE>

      9. Further Assurances. The Lender agrees to execute and deliver such
additional documents as may be reasonably requested by the Borrowers to effect
or more fully reflect the transactions contemplated by this Agreement.

      10. Counterparts. This Agreement may be executed in any number of
counterparts, and each such counterpart shall be deemed to be an original
instrument, but all such counterparts together shall constitute but one
agreement.

      11. Headings. The headings of the various sections of this Agreement have
been inserted for convenience of reference only and shall not be deemed to be a
part of this Agreement.

      12. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Illinois applicable to contracts made
and to be performed wholly therein (without reference to any principles of
conflicts of laws).

      13. Warrants. Upon the Closing of the Merger, the Lender's warrants to
acquire $2,026,675 of Caerus' preferred stock shall be deemed to be exercised
for a net of 734,862 shares of Series A Preferred Stock, which will be exchanged
for 764,991 shares of the unregistered common stock of VoIP, and such shares
will not be subject to the Escrow Agreement.

                  [Remainder of page intentionally left blank]

                                       6
<PAGE>

      IN WITNESS WHEREOF, the parties have entered into this Agreement to be
effective as of the date first above written.

LENDER:

CEDAR BOULEVARD LEASE FUNDING LLC,
a Delaware limited liability company

By:     /s/ Constantine Dakolias
   -----------------------------
Name:   Constantine Dakolias
      --------------------------
Title:  Chief Credit Officer
       -------------------------

<TABLE>
<CAPTION>
BORROWERS:
<S>                                                               <C>
CAERUS, INC.,                                                     VOLO COMMUNICATIONS, INC.,
a Delaware corporation                                            a Delaware corporation

By:      /s/ Shawn M. Lewis                                       By:      /s/ Shawn M. Lewis
   --------------------------------------------------                ------------------------
Name:    Shawn M. Lewis                                           Name:    Shawn M. Lewis
Title:   President                                                Title:   President

CAERUS NETWORKS, INC.,                                            CAERUS BILLING, INC.,
a Delaware corporation                                            a Delaware corporation

By:      /s/ Shawn M. Lewis                                       By:      /s/ Shawn M. Lewis
   --------------------------------------------------                ------------------------
Name:    Shawn M. Lewis                                           Name:    Shawn M. Lewis
Title:   President                                                Title:   President

VOLO COMMUNICATIONS OF ARIZONA, INC.,                             VOLO COMMUNICATIONS OF CALIFORNIA, INC.,
a Delaware corporation                                            a Delaware corporation

By:      /s/ Shawn M. Lewis                                       By:      /s/ Shawn M. Lewis
   --------------------------------------------------                ------------------------
Name:    Shawn M. Lewis                                           Name:    Shawn M. Lewis
Title:   President                                                Title:   President

                             Signature Page 1 of 4

<PAGE>

VOLO COMMUNICATIONS OF COLORADO, INC., a Delaware corporation     VOLO COMMUNICATIONS OF CONNECTICUT, INC., a Delaware
                                                                  corporation

By:      /s/ Shawn M. Lewis                                       By:      /s/ Shawn M. Lewis
   --------------------------------------------------                ------------------------
Name:    Shawn M. Lewis                                           Name:    Shawn M. Lewis
Title:   President                                                Title:   President

VOLO COMMUNICATIONS OF DELAWARE, INC., a Delaware corporation     VOLO COMMUNICATIONS OF FLORIDA, INC., d/b/a Volo
                                                                  Communications Group of Florida, Inc., a Delaware
                                                                  corporation

By:      /s/ Shawn M. Lewis                                       By:      /s/ Shawn M. Lewis
   --------------------------------------------------                ------------------------
Name:    Shawn M. Lewis                                           Name:    Shawn M. Lewis
Title:   President                                                Title:   President

VOLO COMMUNICATIONS OF GEORGIA, INC., a Delaware corporation      VOLO COMMUNICATIONS OF IDAHO, INC., a Delaware
                                                                  corporation

By:      /s/ Shawn M. Lewis                                       By:      /s/ Shawn M. Lewis
   --------------------------------------------------                ------------------------
Name:    Shawn M. Lewis                                           Name:    Shawn M. Lewis
Title:   President                                                Title:   President

VOLO COMMUNICATIONS OF ILLINOIS, INC., a Delaware corporation     VOLO COMMUNICATIONS OF INDIANA, INC., a Delaware
                                                                  corporation

By:      /s/ Shawn M. Lewis                                       By:      /s/ Shawn M. Lewis
   --------------------------------------------------                ------------------------
Name:    Shawn M. Lewis                                           Name:    Shawn M. Lewis
Title:   President                                                Title:   President

VOLO COMMUNICATIONS OF MARYLAND, INC., a Delaware corporation     VOLO COMMUNICATIONS OF MASSACHUSETTS, INC., a Delaware
                                                                  corporation

By:      /s/ Shawn M. Lewis                                       By:      /s/ Shawn M. Lewis
   --------------------------------------------------                ------------------------
Name:    Shawn M. Lewis                                           Name:    Shawn M. Lewis
Title:   President                                                Title:   President

                             Signature Page 2 of 4

<PAGE>

VOLO COMMUNICATIONS OF MICHIGAN, INC., a Delaware corporation     VOLO COMMUNICATIONS OF NEVADA, INC., a Delaware
                                                                  corporation

By:      /s/ Shawn M. Lewis                                       By:      /s/ Shawn M. Lewis
   --------------------------------------------------                ------------------------
Name:    Shawn M. Lewis                                           Name:    Shawn M. Lewis
Title:   President                                                Title:   President

VOLO COMMUNICATIONS OF NEW HAMPSHIRE, INC., a Delaware            VOLO COMMUNICATIONS OF NEW JERSEY, INC., a Delaware
corporation                                                       corporation

By:      /s/ Shawn M. Lewis                                       By:      /s/ Shawn M. Lewis
   --------------------------------------------------                ------------------------
Name:    Shawn M. Lewis                                           Name:    Shawn M. Lewis
Title:   President                                                Title:   President

VOLO COMMUNICATIONS OF NEW YORK, INC., a Delaware corporation     VOLO COMMUNICATIONS OF NORTH CAROLINA, INC., a Delaware
                                                                  corporation

By:      /s/ Shawn M. Lewis                                       By:      /s/ Shawn M. Lewis
   --------------------------------------------------                ------------------------
Name:    Shawn M. Lewis                                           Name:    Shawn M. Lewis
Title:   President                                                Title:   President

VOLO COMMUNICATIONS OF OHIO, INC., a Delaware corporation         VOLO COMMUNICATIONS OF PENNSYLVANIA, INC., a Delaware
                                                                  corporation

By:      /s/ Shawn M. Lewis                                       By:      /s/ Shawn M. Lewis
   --------------------------------------------------                ------------------------
Name:    Shawn M. Lewis                                           Name:    Shawn M. Lewis
Title:   President                                                Title:   President

VOLO COMMUNICATIONS OF RHODE ISLAND, INC., a Delaware             VOLO COMMUNICATIONS OF TEXAS, INC., a Delaware
corporation                                                       corporation

By:      /s/ Shawn M. Lewis                                       By:      /s/ Shawn M. Lewis
   --------------------------------------------------                ------------------------
Name:    Shawn M. Lewis                                           Name:    Shawn M. Lewis
Title:   President                                                Title:   President

                             Signature Page 3 of 4

<PAGE>

VOLO COMMUNICATIONS OF VERMONT, INC., a Delaware corporation      VOLO COMMUNICATIONS OF VIRGINIA, INC., a Delaware
                                                                  corporation

By:      /s/ Shawn M. Lewis                                       By:      /s/ Shawn M. Lewis
   --------------------------------------------------                ------------------------
Name:    Shawn M. Lewis                                           Name:    Shawn M. Lewis
Title:   President                                                Title:   President

VOLO COMMUNICATIONS OF WASHINGTON, INC., a Delaware corporation   VOLO COMMUNICATIONS OF WISCONSIN, INC., a Delaware
                                                                  corporation

By:      /s/ Shawn M. Lewis                                       By:      /s/ Shawn M. Lewis
   --------------------------------------------------                ------------------------
Name:    Shawn M. Lewis                                           Name:    Shawn M. Lewis
Title:   President                                                Title:   President

VOLO COMMUNICATIONS OF SOUTH CAROLINA, INC., a Delaware
corporation

By:      /s/ Shawn M. Lewis
   --------------------------------------------------
Name:    Shawn M. Lewis
Title:   President
</TABLE>

                             Signature Page 4 of 4

<PAGE>

                          ACKNOWLEDGEMENT AND AGREEMENT

VOIP, INC. a Texas corporation ("VoIP"), EGLOBALPHONE, INC. a Florida
corporation, VOIP SOLUTIONS, INC., a Florida corporation, DTNET TECHNOLOGIES,
INC. a Florida corporation, and VOIP AMERICAS, INC. a Florida corporation, each
acknowledge and consent to the each of the terms of this Agreement and VoIP also
agrees to be bound by and to deliver the warrants pursuant to Section 1(g)
hereof.

<TABLE>
<CAPTION>
VOIP, INC. a Texas  corporation               EGLOBALPHONE, INC. a Florida corporation
<S>                                           <C>

By:    /s/ Steven Ivester                     By:    /s/ Steven Ivester
Name:  Steven Ivester                         Name:  Steven Ivester
Title: Chief Executive Officer                Title: Chief Executive Officer

VOIP SOLUTIONS, INC., a Florida corporation   DTNET TECHNOLOGIES, INC. a Florida corporation

By:     /s/ Steven Ivester                    By:      /s/ Steven Ivester
   -----------------------------------------     ------------------------
Name:   Steven Ivester                        Name:  Steven Ivester
     ---------------------------------------       ----------------------
Title:  Chief Executive Officer               Title:  Chief Executive Officer
      --------------------------------------         ------------------------
</TABLE>

VOIP AMERICAS, INC. a Florida corporation

By:    /s/ Steven Ivester
    --------------------------
Name:  Steven Ivester
      ------------------------
Title: Chief Executive Officer
      ------------------------

                             Signature Page 5 of 5

<PAGE>

                                    EXHIBIT A

                         TO WAIVER AND CONSENT AGREEMENT

1. Borrowers' failure to deliver audited financial statements for fiscal year
2004 by March 31, 2005 in violation of Section 4.01(a) of the Credit Agreement.

2. Borrowers' failure to deliver Monthly Compliance Certificates, signed by CEO
and CFO for all months up to and including May, 2005 in violation of Section
6.01(j) of the Credit Agreement.

3. Borrowers' failure to deliver the first or second quarter 2004 reviewed
financial statements in violation Section 6.01(o) of the Credit Agreement.

4. Borrowers have not filed 2003 federal and state income tax returns, nor any
county property tax returns in violation of 6.01(a).

5. Borrowers distributed $140,682 between June 1, 2004 and March 31, 2005 to
Shawn Lewis in violation Sections 7.01(e) and 7.01(g) of the Credit Agreement.

6. Borrowers' Cash Balance (as defined in the Credit Agreement) is less than
$250,000 in violation of Section 7.01(l) of the Credit Agreement.

7. Borrowers failed to provide Lender with 5-day notice of each of the foregoing
Events of Default in violation of Section 4.01(b)Exhibit 10.6

                                    GUARANTY

      THIS GUARANTY ("Guaranty") is made and delivered as of May 31, 2005, by
VOIP, INC. a Texas corporation ("VoIP"), EGLOBALPHONE, INC. a Florida
corporation ("eGlobalphone"), VOIP SOLUTIONS, INC., a Florida corporation
("Solutions"), DTNET TECHNOLOGIES, a Florida corporation ("DTNet"), and VOIP
AMERICAS, INC. a Florida corporation ("Americas") (VoIP, eGlobalphone,
Solutions, DTNet and Americas are each herein referred to as a "Guarantor" and
collectively as the "Guarantors"), to and in favor of CEDAR BOULEVARD LEASE
FUNDING, LLC, a Delaware limited liability company ("Lender").

                                    RECITALS

      A. Pursuant to that certain Subordinated Loan and Security Agreement dated
as of June 1, 2004, as amended by that certain First Amendment to Subordinated
Loan and Security Agreement dated as of July 22, 2004, and that certain Second
Amendment to Subordinated Loan and Security Agreement dated as of August 27,
2004 (collectively, along with all exhibits, schedules and annexes thereto, all
further amendments, restatements, modifications and supplements to any of the
foregoing, and all other documents and agreements entered into in connection
therewith, the "Agreement"), by and among Lender and Caerus, Inc. ("Caerus"),
Volo Communications, Inc. ("Volo"), Caerus Networks, Inc. ("CNI"), Caerus
Billing, Inc. ("CBI") and the Volo Subsidiaries (as defined in the Agreement)
(Caerus, Volo, CNI, CBI and the Volo Subsidiaries are each referred to as a
"Borrower" and collectively as the "Borrowers"), Lender has made certain loans
to and other financial accommodations in favor of Borrowers (the "Loans").

      B. Borrowers and Guarantors are all wholly-owned subsidiaries of VoIP that
will engage in business with one another, serve each other's customers and
operate as one business; therefore, Guarantors will derive direct and indirect
economic benefits from the Loans.

      C. The Loan Agreement requires and Guarantors have agreed to guarantee
payment and performance of Borrowers' obligations under the Loan Agreement.

                                    AGREEMENT

      NOW, THEREFORE, in consideration of the premises and the covenants
hereinafter contained and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as follows:

      1. Guaranty of Obligations. Each Guarantor hereby fully, unconditionally,
jointly and severally guarantees to Lender the due and punctual payment,
performance, and discharge (whether upon acceleration or otherwise in accordance
with the terms thereof) of Borrowers' payment and performance obligations to
Lender under or in connection with the Loan Agreement (the "Guaranteed
Obligations"). Each Guarantor acknowledges it has had an opportunity to review
the Loan Agreement. Each Guarantor further agrees to indemnify and hold Lender,
its successors and assigns, harmless from and against any and all reasonable
attorneys' and other reasonable professionals' fees and costs in connection with
or related to the collection upon or enforcement of this Guaranty.

<PAGE>

      2. Absolute Continuing Guaranty. This is a continuing, absolute,
irrevocable and unconditional guaranty of performance and payment and not of
collection. Each Guarantor gives the following waivers to the extent permitted
by applicable law. Each Guarantor (i) specifically waives any right to
subrogation, reimbursement, recoupment, setoff or counterclaim, unless and until
the full and final payment in cash of all Guaranteed Obligations and obligations
hereunder; (ii) specifically waives any defense for changes in applicable law or
any other circumstances that might constitute a legal or equitable defense or
discharge of a guarantor or surety; (iii) waives notice of acceptance hereof and
of defaults hereunder or under the Loan Agreement; (iv) waives any right to
require Lender to first proceed against any Borrower, or against any collateral
or other property that is the subject of the Loan Agreement, or against any
collateral or security which may be held for this Guaranty; (v) waives notice of
acceptance of this Guaranty and of defaults under this Guaranty and the Loan
Agreement; (vi) waives notice of the extension of credit, of the amount of
indebtedness (subject, however, to such Guarantor's right to make inquiry of
Lender at any reasonable time to ascertain the amount of indebtedness), of
adverse change, of presentment for payment, demand, protest, and all other
notices and demands to which such Guarantor might otherwise be entitled; (vii)
waives any rights (statutory or otherwise) to require Lender to institute suit
against any Borrower or to exhaust Lender's rights and remedies against any
Borrower, and such Guarantor acknowledges and agrees that it is bound to pay any
and all Guaranteed Obligations, whether now existing or hereafter accruing, in
full as if such obligations were directly owing to Lender by any Guarantor; and
(viii) agrees that its liabilities under this Guaranty shall not be exonerated,
affected, or decreased based on (and such Guarantor waives any defenses based
on) principles of suretyship, including, but not limited to: (A) any amendment,
extension, renewal, waiver, or modification of the Loan Agreement; (B) any
rejection, breach, disaffirmance, discharge, assignment or transfer of any
Borrowers' obligations under the Loan Agreement, including any such action as
may occur in a bankruptcy, reorganization, liquidation, workout or
restructuring; (C) that some or all of the obligations under the Loan Agreement
may be accelerated upon any nonpayment thereof by any Borrower; (D) any
alteration, suspension, or impairment of any Borrowers' obligations or of
Lender's rights or remedies against any Borrower or any collateral or other
property that is the subject of the Loan Agreement; (E) the release, termination
or failure to perfect Lender's interest in any collateral or other property that
is the subject of the Loan Agreement; (F) any action or inaction by Lender that
impairs such Guarantor's subrogation or reimbursement rights as against any
Borrower or the property which is the subject of the Loan Agreement, including
the stay, tolling, or expiration of any statute of limitations; (G) any action
or inaction by Lender or the failure to pursue any remedy in Lender's power that
would lighten such Guarantor's burden; or (H) any changes in any Borrower's
financial condition or any Borrower's incurring obligations under the Loan
Agreement that it is unable to pay.

      3. Subordination. Any and all present and future debts and obligations of
any Borrower to any Guarantor are hereby postponed in favor of, and are
subordinated in right and time of payment to the full and final payment in cash
of all Guaranteed Obligations and obligations hereunder. Lender may apply any
payments from any Borrower or proceeds of collateral or proceeds of other
property to any obligations that any Borrower owes to Lender, whether under the
Loan Agreement, or under any other rental, lease, loan, or financial agreement,
in whatever amount and order of priority as Lender, in its sole discretion, may
elect, subject to the terms of Lender's agreements with Borrowers. Each

                                       2
<PAGE>

Guarantor waives any right to require Lender to apply payments from any Borrower
or proceeds of collateral granted by any Borrower to the obligations guaranteed
by any Guarantor.

      4. Demand for Payment. Each Guarantor shall pay all amounts due to Lender
hereunder within ten (10) days after written demand therefor in accordance with
the following sentence. Demand may be made by Lender, in its sole discretion,
for: (a) the full amount of the Guaranteed Obligations or any unperformed
balance thereof, if an Event of Default under the Loan Agreement or the Security
Agreement executed by Guarantors concurrently herewith has occurred and has not
been cured within any applicable cure period; or (b) the amount of the
Guaranteed Obligations due but unpaid at the time of demand, reserving all of
Lender's rights thereafter to collect from Borrowers or Guarantors any other
obligations under the Loan Agreement and exercise all remedies for the whole
amount of the obligations under the Loan Agreement.

      5. Termination. Upon the date on which Borrowers have indefeasibly repaid
in full and completely discharged all of their obligations to Lender under the
Loan Agreement, and Borrowers have no further obligations under the Loan
Agreement, this Guaranty shall terminate.

      6. Reinstatement. If any payment by any Borrower or any Guarantor to or
for the benefit of Lender is avoided or recovered under any law respecting
fraudulent transfers, preferences or other avoiding powers or laws respecting
creditors' remedies, then this Guaranty shall be deemed to be revived and fully
enforceable until the full, final and indefeasible payment to Lender in cash of
all Guaranteed Obligations and all obligations under this Guaranty.

      7. Independent Investigation. Each Guarantor shall undertake to keep
itself informed of Borrowers' financial condition, and Lender shall have no
obligation to inform any Guarantor of Borrowers' financial condition. Each
Guarantor delivers this Guaranty based solely upon Guarantor's own independent
investigation and in no part upon any representation or statement of Lender with
respect thereto. Each Guarantor is in a position to obtain, and hereby assumes
full responsibility for obtaining, any information concerning Borrowers'
financial condition as such Guarantor may deem material to such Guarantor's
obligations under this Guaranty. No Guarantor is relying upon or expecting
Lender to furnish to any Guarantor, any information in Lender's possession
concerning Borrowers' financial condition or business operations.

      8. Indulgences Not Waivers. Neither the failure nor any delay on the part
of Lender to exercise any right, remedy, power or privilege hereunder shall
operate as a waiver thereof or give rise to any estoppel, nor be construed as an
agreement to modify the terms of this Guaranty, nor shall any single or partial
exercise by Lender of any right, remedy, power or privilege preclude any other
or further exercise by Lender of the same or of any other right, remedy, power,
or privilege; nor shall any waiver by Lender of any right, remedy, power or
privilege with respect to any occurrence be construed as a waiver of such right,
remedy, power or privilege with respect to any other occurrence. No waiver by a
party hereunder shall be effective unless it is in writing and signed by the
party making such waiver, and then only to the extent specifically stated in
such writing.

                                       3
<PAGE>

      9. Notices. Except as otherwise provided herein, any notice, demand,
request, consent, approval, declaration, service of process or other
communication that is required, contemplated, or permitted under this Guaranty
or with respect to the subject matter hereof shall be in writing, and shall be
deemed to have been validly served, given, delivered, and received upon the
earlier of: (i) the first business day after transmission by facsimile (receipt
confirmed) or hand delivery or deposit with an overnight express service or
overnight mail delivery service; or (ii) the fifth calendar day after deposit in
the United States mails, with proper first class postage prepaid, and shall be
addressed to the party to be notified as follows:

                  If to Lender:             Cedar Boulevard Lease Funding LLC
                                            Jan Haas, Managing Partner
                                            22 South Main St., Suite 1
                                            Topsfield, MA  01983
                                            Fax: (978) 887-0292
                                            Phone: (978) 887-0298

                  with copies to:
                                            Winston & Strawn LLP
                                            Attention: John D. Fredericks, Esq.
                                            101 California Street, 39th Floor
                                            San Francisco, CA 94111
                                            Fax: (415) 591-1400
                                            Phone: (415) 591-1000

                  If to Guarantors:
                                            c/o Voip, Inc.
                                            12330 SW 53rd St., Suite 712
                                            Fort Lauderdale, FL  33330
                                            Fax: (954) 434-2877
                                            Phone: (954) 434-2000

                                            Andrews Kurth LLP
                                            Attn:  Ronald L. Brown
                                            1717 Main St., Suite 3700
                                            Dallas, TX 75201
                                            Fax:  (214) 659-4819
                                            Phone:  (214) 659-4469

or to such other address as each party may designate for itself by like notice.

      10. Governing Law. THIS GUARANTY SHALL BE DEEMED TO HAVE BEEN MADE AND
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS
APPLICABLE THEREIN AND SHALL BE TREATED IN ALL RESPECTS AS AN ILLINOIS CONTRACT.
EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE

                                       4
<PAGE>

COURTS OF COOK COUNTY, ILLINOIS FOR ANY ACTION, SUIT OR ANY OTHER PROCEEDING
ARISING OUT OF OR RELATING TO THIS GUARANTY AND ANY OTHER AGREEMENT OR
INSTRUMENT MENTIONED HEREIN OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY.

      11. Entire Agreement. This Guaranty constitutes and expresses the entire
understanding between the parties hereto with respect to the subject matter
hereof, and supersedes all prior and contemporaneous agreements and
understandings, inducements or conditions, and the express terms hereof control
and supersede any course of performance and/or usage of the trade inconsistent
with any of the terms hereof. Neither this Guaranty nor any portion or provision
hereof may be changed, altered, waived, modified, supplemented, discharged,
canceled, terminated, or amended orally or in any manner other than by an
agreement in writing signed by the parties hereto.

      12. Paragraph Headings. The paragraph headings in this Guaranty are for
convenience of reference only; they form no part of this Guaranty and shall not
affect its interpretation.

      13. Severability. The provisions of this Guaranty are independent of and
separable from each other. If any provision hereof shall for any reason be held
invalid or unenforceable, such invalidity or unenforceability shall not affect
the validity or enforceability of any other provision hereof, but this Guaranty
shall be construed as if such invalid or unenforceable provision had never been
contained herein.

      14. Successors and Assigns. Lender may assign, or sell participations in,
this Guaranty and its right, title and interest in the Guaranteed Obligations,
and in any agreements or instruments now or hereafter evidencing or securing any
agreements or instruments now or hereafter evidencing or securing any of the
Guaranteed Obligations at any time or times without notice to or the consent of
any Guarantor. However, Guarantors may rely on Lender continuing to hold this
Guaranty and the Guaranteed Obligations and all agreements and instruments
evidencing or securing the same until Guarantors have received actual notice
from Lender of any such assignment. The rights, remedies, powers, and privileges
of Lender hereunder shall inure to the benefit of the successors and assigns of
Lender, and the duties and obligations of Guarantors hereunder shall bind the
heirs, executors, administrators, successors and assigns of Guarantors.

      15. Mutual Waiver Of Jury Trial. Because disputes arising in connection
with complex financial transactions are most quickly and economically resolved
by an experienced and expert person and the parties wish applicable provincial
and federal laws to apply (rather than arbitration rules), the parties desire
that their disputes be resolved by a judge applying such applicable laws. LENDER
AND EACH GUARANTOR SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF
ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY
OTHER CLAIM ARISING OUT OF THIS GUARANTY (COLLECTIVELY, "CLAIMS") ASSERTED BY
ANY GUARANTOR AGAINST LENDER OR ITS ASSIGNEE OR BY LENDER OR ITS ASSIGNEE
AGAINST ANY GUARANTOR. This waiver extends to all such Claims, including Claims
that involve persons other than Guarantors and Lender.

                                       5
<PAGE>

      16. WAIVERS. EACH GUARANTOR ACKNOWLEDGES THAT THE FOREGOING WAIVERS ARE A
MATERIAL INDUCEMENT TO LENDER'S ENTERING INTO THIS GUARANTY AND THAT LENDER IS
RELYING UPON THE FOREGOING WAIVERS IN ITS FUTURE DEALINGS WITH GUARANTORS. EACH
GUARANTOR WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THE FOREGOING WAIVERS
WITH ITS LEGAL COUNSEL AND HAS KNOWINGLY AND VOLUNTARILY WAIVED ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION,
THIS GUARANTY MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

      17. Costs and Expenses. Each Guarantor agrees to pay to Lender, on demand,
all reasonable out-of-pocket costs and expenses, including attorneys' fees,
incurred by Lender in connection with the Guaranteed Obligations, this Guaranty,
or any of the other documents, instruments or agreements entered into or
delivered in connection herewith, including in connection with respect to (a)
exercising any right, power or remedy conferred by this Guaranty, or (b) the
enforcement of this Guaranty, whether or not any action is filed in connection
therewith, unless such Guarantor is the prevailing party, or (c) any bankruptcy,
assignment for benefit of creditors, receivership or other insolvency proceeding
involving Guarantor.

      18. Further Assurances. Each Guarantor agrees that it will, at its
expense, upon the written request of Lender, from time to time, promptly execute
and deliver to Lender any additional instruments or documents reasonably
considered necessary by Lender to cause this Guaranty to be, become, or remain
valid and effective in accordance with its terms.

      19. Counterparts. This Guaranty may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so delivered shall be deemed an original, but all of which
counterparts shall constitute but one and the same instrument. Delivery of an
executed counterpart of a signature page to this Guaranty by facsimile
transmission shall be effective as delivery of a manually executed counterpart
thereof.

      20. Taxes and Set off by Guarantor. All payments to be made by any
Guarantor hereunder will be made without set off or counterclaim and without
deduction for any taxes, levies, duties, fees, deductions, withholdings,
restrictions or conditions of any nature whatsoever. If at any time any
applicable law, regulation or international agreement requires any Guarantor to
make any such deduction or withholding from any such payment, the sum due from
such Guarantor with respect to such payment will be increased to the extent
necessary to ensure that, after the making of such deduction or withholding,
Lender receives a net sum equal to the sum which it would have received had no
deduction or withholding been required.

                  [Remainder of Page Intentionally Left Blank]

                                       6
<PAGE>

      IN WITNESS WHEREOF, Lender and each Guarantor have duly executed and
delivered this Guaranty as of the day and year first above written.

         GUARANTORS:        VOIP, INC.

                            Signature:          /s/ Steven Ivester
                                              ---------------------------------
                            Print Name:         Steven Ivester
                                              ---------------------------------
                            Title:              Chief Executive Officer
                                              ---------------------------------

                            EGLOBALPHONE, INC.

                            Signature:          /s/ Steven Ivester
                                              ---------------------------------
                            Print Name:         Steven Ivester
                                              ---------------------------------
                            Title:              Chief Executive Officer
                                              ---------------------------------

                            VOIP SOLUTIONS, INC.

                            Signature:          /s/ Steven Ivester
                                              ---------------------------------
                            Print Name:         Steven Ivester
                                              ---------------------------------
                            Title:              Chief Executive Officer
                                              ---------------------------------

                            DTNET TECHNOLOGIES, INC.

                            Signature:          /s/ Steven Ivester
                                              ---------------------------------
                            Print Name:         Steven Ivester
                                              ---------------------------------
                            Title:              Chief Executive Officer
                                              ---------------------------------

                            VOIP AMERICAS, INC.

                            Signature:          /s/ Steven Ivester
                                              ---------------------------------
                            Print Name:         Steven Ivester
                                              ---------------------------------
                            Title:              Chief Executive Officer
                                              ---------------------------------

<PAGE>

         LENDER:            CEDAR BOULEVARD LEASE FUNDING LLC

                            Signature:          /s/ Constantine Dakolias
                                              ---------------------------------
                            Print Name:         Constantine Dakolias
                                              ---------------------------------
                            Title:              Chief Credit Officer
                                              ---------------------------------

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