Document:

EXHIBIT 10.5

                               SECURITY AGREEMENT

1.    Identification.

      This Security Agreement (the "Agreement"), dated as of July 5, 2005, is
entered into by and between VoIP, Inc., a Texas corporation ("Debtor"), and
Barbara Mittman, as collateral agent acting in the manner and to the extent
described in the Collateral Agent Agreement defined below (the "Collateral
Agent"), for the benefit of the parties identified on Schedule A hereto
(collectively, the "Lenders").

2.    Recitals.

      2.1. The Lenders have made or are making loans to Debtor (the "Loans"). It
is beneficial to Debtor that the Loans were made and are being made.

      2.2. The Loans are evidenced by certain convertible promissory notes (each
a "Convertible Note") issued by Debtor on or about the date of this Agreement
pursuant to subscription agreements (each a "Subscription Agreement") to which
Debtor and Lenders are parties. The Notes are further identified on Schedule A
hereto and were and will be executed by Debtor as "Borrower" or "Debtor" for the
benefit of each Lender as the "Holder" or "Lender" thereof.

      2.3. In consideration of the Loans made by Lenders to Debtor and for other
good and valuable consideration, and as security for the performance by Debtor
of its obligations under the Notes and as security for the repayment of the
Loans and all other sums due from Debtor to Lenders arising under the Notes
presently outstanding or to be outstanding in the future, Subscription
Agreements, and any other agreement between or among them (collectively, the
"Obligations"), Debtor, for good and valuable consideration, receipt of which is
acknowledged, has agreed to grant to the Collateral Agent, for the benefit of
the Lenders, a security interest in the Collateral (as such term is hereinafter
defined), on the terms and conditions hereinafter set forth. Obligations include
all future advances by Lenders to Debtor advanced on a pro rata basis by all
Lenders on substantially the same terms.

      2.4. The Lenders have appointed Barbara Mittman as Collateral Agent
pursuant to that certain Collateral Agent Agreement dated at or about July 5,
2005 ("Collateral Agent Agreement"), among the Lenders and Collateral Agent.

      2.5. The following defined terms which are defined in the Uniform
Commercial Code in effect in the State of New York on the date hereof are used
herein as so defined: Accounts, Chattel Paper, Documents, Equipment, General
Intangibles, Instruments, Inventory and Proceeds.

3.    Grant of General Security Interest in Collateral.

      3.1. As security for the Obligations of Debtor, Debtor hereby grants the
Collateral Agent, for the benefit of the Lenders, a security interest in the
Collateral.

<PAGE>

      3.2. "Collateral" shall mean all of the following property of Debtor:

            (A) All now owned and hereafter acquired right, title and interest
      of Debtor in, to and in respect of all Accounts, Goods, real or personal
      property, all present and future books and records relating to the
      foregoing and all products and Proceeds of the foregoing, and as set forth
      below:

                  (i) Accounts: All now owned and hereafter acquired right,
            title and interest of Debtor in, to and in respect of all: Accounts,
            interests in goods represented by Accounts, returned, reclaimed or
            repossessed goods with respect thereto and rights as an unpaid
            vendor; contract rights; Chattel Paper; investment property; General
            Intangibles (including but not limited to, tax and duty claims and
            refunds, registered and unregistered patents, trademarks, service
            marks, certificates, copyrights trade names, applications for the
            foregoing, trade secrets, goodwill, processes, drawings, blueprints,
            customer lists, licenses, whether as licensor or licensee, chooses
            in action and other claims, and existing and future leasehold
            interests in equipment, real estate and fixtures); Documents;
            Instruments; letters of credit, bankers' acceptances or guaranties;
            cash moneys, deposits; securities, bank accounts, deposit accounts,
            credits and other property now or hereafter owned or held in any
            capacity by Debtor, as well as its affiliates, agreements or
            property securing or relating to any of the items referred to above;

                  (ii) Goods: All now owned and hereafter acquired right, title
            and interest of Debtor in, to and in respect of goods, including,
            but not limited to:

                        (a) All Inventory, wherever located, whether now owned
                  or hereafter acquired, of whatever kind, nature or
                  description, including all raw materials, work-in-process,
                  finished goods, and materials to be used or consumed in
                  Debtor' business; finished goods, timber cut or to be cut,
                  oil, gas, hydrocarbons, and minerals extracted or to be
                  extracted, and all names or marks affixed to or to be affixed
                  thereto for purposes of selling same by the seller,
                  manufacturer, lessor or licensor thereof and all Inventory
                  which may be returned to Debtor by its customers or
                  repossessed by Debtor and all of Debtor' right, title and
                  interest in and to the foregoing (including all of Debtor'
                  rights as a seller of goods);

                        (b) All Equipment and fixtures, wherever located,
                  whether now owned or hereafter acquired, including, without
                  limitation, all machinery, motor vehicles, furniture and
                  fixtures, and any and all additions, substitutions,
                  replacements (including spare parts), and accessions thereof
                  and thereto (including, but not limited to Debtor' rights to
                  acquire any of the foregoing, whether by exercise of a
                  purchase option or otherwise);

<PAGE>

                  (iii) Property: All now owned and hereafter acquired right,
            title and interests of Debtor in, to and in respect of any real or
            other personal property in or upon which Debtor has or may hereafter
            have a security interest, lien or right of setoff;

                  (iv) Books and Records: All present and future books and
            records relating to any of the above including, without limitation,
            all computer programs, printed output and computer readable data in
            the possession or control of the Debtor, any computer service bureau
            or other third party; and

                  (v) Products and Proceeds: All products and Proceeds of the
            foregoing in whatever form and wherever located, including, without
            limitation, all insurance proceeds and all claims against third
            parties for loss or destruction of or damage to any of the
            foregoing.

            (B) All now owned and hereafter acquired right, title and interest
      of Debtor in, to and in respect of the following:

                  (i) the shares of stock, partnership interests, member
            interests or other equity interests at any time and from time to
            time acquired by Debtor of any and all entities now or hereafter
            existing, all or a portion of such stock or other equity interests
            which are acquired by such entities at any time (such entities,
            together with the existing issuers, being hereinafter referred to
            collectively as the "Pledged Issuers" and individually as a "Pledged
            Issuer"), the certificates representing such shares, partnership
            interests, member interests or other interests all options and other
            rights, contractual or otherwise, in respect thereof and all
            dividends, distributions, cash, instruments, investment property and
            other property from time to time received, receivable or otherwise
            distributed in respect of or in exchange for any or all of such
            shares, partnership interests, member interests or other interests;

                  (ii) all additional shares of stock, partnership interests,
            member interests or other equity interests from time to time
            acquired by Debtor, of any Pledged Issuer, the certificates
            representing such additional shares, all options and other rights,
            contractual or otherwise, in respect thereof and all dividends,
            distributions, cash, instruments, investment property and other
            property from time to time received, receivable or otherwise
            distributed in respect of or in exchange for any or all of such
            additional shares, interests or equity; and

                  (iii) all security entitlements of Debtor in, and all Proceeds
            of any and all of the foregoing in each case, whether now owned or
            hereafter acquired by Debtor and howsoever its interest therein may
            arise or appear (whether by ownership, security interest, lien,
            claim or otherwise).

<PAGE>

      3.3. The Collateral Agent is hereby specifically authorized, after the
Maturity Date (defined in the Notes) accelerated or otherwise, or after an Event
of Default (as defined herein) and the expiration of any applicable cure period,
to transfer any Collateral into the name of the Collateral Agent and to take any
and all action deemed advisable to the Collateral Agent to remove any transfer
restrictions affecting the Collateral.

4.    Perfection of Security Interest.

      4.1. Debtor shall prepare, execute and deliver to the Collateral Agent
UCC-1 Financing Statements. The Collateral Agent is instructed to prepare and
file at Debtor's cost and expense, financing statements in such jurisdictions
deemed advisable to the Collateral Agent, including but not limited to Texas.
The Financing Statements are deemed to have been filed for the benefit of the
Collateral Agent and Lenders identified on Schedule A hereto.

      4.2. All other certificates and instruments constituting Collateral from
time to time required to be pledged to Collateral Agent pursuant to the terms
hereof (the "Additional Collateral") shall be delivered to Collateral Agent
promptly upon receipt thereof by or on behalf of Debtor. All such certificates
and instruments shall be held by or on behalf of Collateral Agent pursuant
hereto and shall be delivered in suitable form for transfer by delivery, or
shall be accompanied by duly executed instruments of transfer or assignment or
undated stock powers executed in blank, all in form and substance satisfactory
to Collateral Agent. If any Collateral consists of uncertificated securities,
unless the immediately following sentence is applicable thereto, Debtor shall
cause Collateral Agent (or its custodian, nominee or other designee) to become
the registered holder thereof, or cause each issuer of such securities to agree
that it will comply with instructions originated by Collateral Agent with
respect to such securities without further consent by Debtor. If any Collateral
consists of security entitlements, Debtor shall transfer such security
entitlements to Collateral Agent (or its custodian, nominee or other designee)
or cause the applicable securities intermediary to agree that it will comply
with entitlement orders by Collateral Agent without further consent by Debtor.

      4.3. Within five (5) days after the receipt by Debtor of any Additional
Collateral, a Pledge Amendment, duly executed by Debtor, in substantially the
form of Annex I hereto (a "Pledge Amendment"), shall be delivered to Collateral
Agent in respect of the Additional Collateral to be pledged pursuant to this
Agreement. Debtor hereby authorizes Collateral Agent to attach each Pledge
Amendment to this Agreement and agrees that all certificates or instruments
listed on any Pledge Amendment delivered to Collateral Agent shall for all
purposes hereunder constitute Collateral.

      4.4. If Debtor shall receive, by virtue of Debtor being or having been an
owner of any Collateral, any (i) stock certificate (including, without
limitation, any certificate representing a stock dividend or distribution in
connection with any increase or reduction of capital, reclassification, merger,
consolidation, sale of assets, combination of shares, stock split, spin-off or
split-off), promissory note or other instrument, (ii) option or right, whether
as an addition to, substitution for, or in exchange for, any Collateral, or
otherwise, (iii) dividends payable in cash (except such dividends permitted to
be retained by Debtor pursuant to Section 5.2 hereof) or in securities or other
property or (iv) dividends or other distributions in connection with a partial
or total liquidation or dissolution or in connection with a reduction of
capital, capital surplus or paid-in surplus, Debtor shall receive such stock
certificate, promissory note, instrument, option, right, payment or distribution
in trust for the benefit of Collateral Agent, shall segregate it from Debtor's
other property and shall deliver it forthwith to Collateral Agent, in the exact
form received, with any necessary endorsement and/or appropriate stock powers
duly executed in blank, to be held by Collateral Agent as Collateral and as
further collateral security for the Obligations.

<PAGE>

5.    Distribution on Liquidation.

      5.1. If any sum is paid as a liquidating distribution on or with respect
to the Collateral, Debtor shall deliver same to the Collateral Agent to be
applied to the Obligations, then due, in accordance with the terms of the
Convertible Notes.

      5.2. So long as no Event of Default exists, Debtor shall be entitled (i)
to exercise all voting power pertaining to any of the Collateral, provided such
exercise is not contrary to the interests of the Lenders and does not impair the
Collateral and (ii) may receive and retain any and all dividends, interest
payments or other distributions paid in respect of the Collateral.

      5.3. Upon the occurrence and during the continuation of an Event of
Default, all rights of Debtor, upon notice given by Collateral Agent, to
exercise the voting power and receive payments, which it would otherwise be
entitled to pursuant to Section 5.2, shall cease and all such rights shall
thereupon become vested in Collateral Agent, which shall thereupon have the sole
right to exercise such voting power and receive such payments.

      5.4. All dividends, distributions, interest and other payments which are
received by Debtor contrary to the provisions of Section 5.3 shall be received
in trust for the benefit of Collateral Agent, shall be segregated from other
funds of Debtor, and shall be forthwith paid over to Collateral Agent as
Collateral in the exact form received with any necessary endorsement and/or
appropriate stock powers duly executed in blank, to be held by Collateral Agent
as Collateral and as further collateral security for the Obligations.

6.    Further Action By Debtor; Covenants and Warranties.

      6.1. Collateral Agent at all times shall have a perfected security
interest in the Collateral. Subject to the security interests described herein,
Debtor has and will continue to have full title to the Collateral free from any
liens, leases, encumbrances, judgments or other claims. Collateral Agent's
security interest in the Collateral constitutes and will continue to constitute
a first, prior and indefeasible security interest in favor of Collateral Agent
except for a security interest granted pursuant to that certain Subordinated
Loan and Security Agreement, dated as of June 1, 2004, by and among Caerus, Inc.
("Caerus"), each of the subsidiaries of Caerus, and Cedar Boulevard Lease
Finance LLC ("Senior Lender"), that certain Senior Secured Promissory Note in
the original stated principal amount of $7,000,000 and which is presently in the
reduced principal amount of $5,131,818 in favor of Senior Lender, that certain
Guaranty and that certain Security Agreement, each dated as of May 31, 2005, by
Debtor and each of its subsidiaries, other than Caerus and its subsidiaries, and
each of the other agreements entered into in connection with each of the
foregoing Agreements. Debtor will do all acts and things, and will execute and
file all instruments (including, but not limited to, security agreements,
financing statements, continuation statements, etc.) reasonably requested by
Collateral Agent to establish, maintain and continue the perfected security
interest of Collateral Agent in the Collateral, and will promptly on demand, pay
all costs and expenses of filing and recording, including the costs of any
searches reasonably deemed necessary by Collateral Agent from time to time to
establish and determine the validity and the continuing priority of the security
interest of Collateral Agent, and also pay all other claims and charges that, in
the opinion of Collateral Agent, exercised in good faith, are reasonably likely
to materially prejudice, imperil or otherwise affect the Collateral or
Collateral Agent's or Lenders' security interests therein.

<PAGE>

      6.2. Other than in the ordinary course of business, and except for
Collateral which is substituted by assets of identical or greater value or which
has become obsolete or is of inconsequential in value, Debtor will not sell,
transfer, assign or pledge those items of Collateral (or allow any such items to
be sold, transferred, assigned or pledged), without the prior written consent of
Collateral Agent other than a transfer of the Collateral to a wholly-owned
subsidiary on prior notice to Collateral Agent, and provided the Collateral
remains subject to the security interest herein described. Although Proceeds of
Collateral are covered by this Agreement, this shall not be construed to mean
that Collateral Agent consents to any sale of the Collateral, except as provided
herein. Sales of Collateral in the ordinary course of business shall be free of
the security interest of Lenders and Collateral Agent and Lenders and Collateral
Agent shall promptly execute such documents (including without limitation
releases and termination statements) as may be required by Debtor to evidence or
effectuate the same.

      6.3. Debtor will, at all reasonable times and upon reasonable notice,
allow Collateral Agent or its representatives free and complete access to the
Collateral and all of Debtor's records which in any way relate to the
Collateral, for such inspection and examination as Collateral Agent reasonably
deems necessary.

      6.4. Debtor, at its sole cost and expense, will protect and defend this
Security Agreement, all of the rights of Collateral Agent and Lenders hereunder,
and the Collateral against the claims and demands of all other persons.

      6.5. Debtor will promptly notify Collateral Agent of any levy, distraint
or other seizure by legal process or otherwise of any part of the Collateral,
and of any threatened or filed claims or proceedings that are reasonably likely
to affect or impair any of the rights of Collateral Agent under this Security
Agreement in any material respect.

      6.6. Debtor, at its own expense, will obtain and maintain in force
insurance policies covering losses or damage to those items of Collateral which
constitute physical personal property. The insurance policies to be obtained by
Debtor shall be in form and amounts reasonably acceptable to Collateral Agent.
Debtor shall make the Collateral Agent first a loss payee thereon to the extent
of its interest in the Collateral. Collateral Agent is hereby irrevocably (until
the Obligations are paid in full) appointed Debtor' attorney-in-fact to endorse
any check or draft that may be payable to Debtor so that Collateral Agent may
collect the proceeds payable for any loss under such insurance. The proceeds of
such insurance (subject to the rights of senior secured parties), less any costs
and expenses incurred or paid by Collateral Agent in the collection thereof,
shall be applied either toward the cost of the repair or replacement of the
items damaged or destroyed, or on account of any sums secured hereby, whether or
not then due or payable.

<PAGE>

      6.7. Collateral Agent may, at its option, and without any obligation to do
so, pay, perform and discharge any and all amounts, costs, expenses and
liabilities herein agreed to be paid or performed by Debtor. Upon Debtor's
failure to do so, all amounts expended by Collateral Agent in so doing shall
become part of the Obligations secured hereby, and shall be immediately due and
payable by Debtor to Collateral Agent upon demand and shall bear interest at the
lesser of 15% per annum or the highest legal amount from the dates of such
expenditures until paid.

      6.8. Upon the request of Collateral Agent, Debtor will furnish to
Collateral Agent within five (5) business days thereafter, or to any proposed
assignee of this Security Agreement, a written statement in form reasonably
satisfactory to Collateral Agent, duly acknowledged, certifying the amount of
the principal and interest and any other sum then owing under the Obligations,
whether to its knowledge any claims, offsets or defenses exist against the
Obligations or against this Security Agreement, or any of the terms and
provisions of any other agreement of Debtor securing the Obligations. In
connection with any assignment by Collateral Agent of this Security Agreement,
Debtor hereby agrees to cause the insurance policies required hereby to be
carried by Debtor, if any, to be endorsed in form satisfactory to Collateral
Agent or to such assignee, with loss payable clauses in favor of such assignee,
and to cause such endorsements to be delivered to Collateral Agent within ten
(10) calendar days after request therefor by Collateral Agent.

      6.9. Debtor will, at its own expense, make, execute, endorse, acknowledge,
file and/or deliver to the Collateral Agent from time to time such vouchers,
invoices, schedules, confirmatory assignments, conveyances, financing
statements, transfer endorsements, powers of attorney, certificates, reports and
other reasonable assurances or instruments and take further steps relating to
the Collateral and other property or rights covered by the security interest
hereby granted, as the Collateral Agent may reasonably require to perfect its
security interest hereunder.

      6.10. Debtor represents and warrants that it is the true and lawful
exclusive owner of the Collateral, free and clear of any liens and encumbrances.

      6.11. Debtor hereby agrees not to divest itself of any right under the
Collateral except as permitted herein absent prior written approval of the
Collateral Agent, except to a subsidiary organized and located in the United
States on prior notice to Collateral Agent provided the Collateral remains
subject to the security interest herein described.

<PAGE>

      6.12. Debtor shall cause each Subsidiary of Debtor not in existence on the
date hereof to execute and deliver to Collateral Agent promptly and in any event
within 10 days after the formation, acquisition or change in status thereof (A)
a guaranty guaranteeing the Obligations and (B) a security and pledge agreement
substantially in the form of this Agreement together with (x) certificates
evidencing all of the capital stock of any entity owned by such Subsidiary, (y)
undated stock powers executed in blank with signature guaranteed, and (z) such
opinion of counsel and such approving certificate of such Subsidiary as
Collateral Agent may reasonably request in respect of complying with any legend
on any such certificate or any other matter relating to such shares and (E) such
other agreements, instruments, approvals, legal opinions or other documents
reasonably requested by Collateral Agent in order to create, perfect, establish
the first priority of or otherwise protect any lien purported to be covered by
any such pledge and security agreement or otherwise to effect the intent that
all property and assets of such Subsidiary shall become Collateral for the
Obligations. For purposes of this Agreement, "Subsidiary" means, with respect to
any entity at any date, any corporation, limited or general partnership, limited
liability company, trust, estate, association, joint venture or other business
entity) of which more than 50% of (A) the outstanding capital stock having (in
the absence of contingencies) ordinary voting power to elect a majority of the
board of directors or other managing body of such entity, (B) in the case of a
partnership or limited liability company, the interest in the capital or profits
of such partnership or limited liability company or (C) in the case of a trust,
estate, association, joint venture or other entity, the beneficial interest in
such trust, estate, association or other entity business is, at the time of
determination, owned or controlled directly or indirectly through one or more
intermediaries, by such entity.

7.    Power of Attorney.

      After the occurrence and during the uncured continuation of an Event of
Default as defined in Section 9 below, Debtor hereby irrevocably constitutes and
appoints the Collateral Agent as the true and lawful attorney of Debtor, with
full power of substitution, in the place and stead of Debtor and in the name of
Debtor or otherwise, at any time or times, in the discretion of the Collateral
Agent, to take any action and to execute any instrument or document which the
Collateral Agent may deem necessary or advisable to accomplish the purposes of
this Agreement. This power of attorney is coupled with an interest and is
irrevocable until the Obligations are satisfied.

8.    Performance By The Collateral Agent.

      If Debtor fails to perform any material covenant, agreement, duty or
obligation of Debtor under this Agreement, the Collateral Agent may, after any
applicable cure period, at any time or times in its discretion, take action to
effect performance of such obligation. All reasonable expenses of the Collateral
Agent incurred in connection with the foregoing authorization shall be payable
by Debtor as provided in Paragraph 12.1 hereof. No discretionary right, remedy
or power granted to the Collateral Agent under any part of this Agreement shall
be deemed to impose any obligation whatsoever on the Collateral Agent with
respect thereto, such rights, remedies and powers being solely for the
protection of the Collateral Agent.

<PAGE>

9.    Event of Default.

      An event of default ("Event of Default") shall be deemed to have occurred
hereunder upon the occurrence of any event of default as defined and described
in this Agreement, in the Notes, Subscription Agreement, and any other agreement
to which Debtor and a Lender are parties. Upon and after any Event of Default,
after the applicable cure period, if any, any or all of the Obligations shall
become immediately due and payable at the option of the Collateral Agent, for
the benefit of the Lenders, and the Collateral Agent may dispose of Collateral
as provided below. A default by Debtor of any of its material obligations
pursuant to this Agreement shall be an Event of Default hereunder and an event
of default as defined in the Notes, and Subscription Agreement.

10.   Disposition of Collateral.

      Upon and after any Event of Default which is then continuing,

      10.1. The Collateral Agent may exercise its rights with respect to each
and every component of the Collateral, without regard to the existence of any
other security or source of payment for the Obligations. In addition to other
rights and remedies provided for herein or otherwise available to it, the
Collateral Agent shall have all of the rights and remedies of a lender on
default under the Uniform Commercial Code then in effect in the State of New
York.

      10.2. If any notice to Debtor of the sale or other disposition of
Collateral is required by then applicable law, five business (5) days prior
written notice (which Debtor agrees is reasonable notice within the meaning of
Section 9.612(a) of the Uniform Commercial Code) shall be given to Debtor of the
time and place of any sale of Collateral which Debtor hereby agrees may be by
private sale. The rights granted in this Section are in addition to any and all
rights available to Collateral Agent under the Uniform Commercial Code.

      10.3. The Collateral Agent is authorized, at any such sale, if the
Collateral Agent deems it advisable to do so, in order to comply with any
applicable securities laws, to restrict the prospective bidders or purchasers to
persons who will represent and agree, among other things, that they are
purchasing the Collateral for their own account for investment, and not with a
view to the distribution or resale thereof, or otherwise to restrict such sale
in such other manner as the Collateral Agent deems advisable to ensure such
compliance. Sales made subject to such restrictions shall be deemed to have been
made in a commercially reasonable manner.

      10.4. All proceeds received by the Collateral Agent for the benefit of the
Lenders in respect of any sale, collection or other enforcement or disposition
of Collateral, shall be applied (after deduction of any amounts payable to the
Collateral Agent pursuant to Paragraph 12.1 hereof) against the Obligations pro
rata among the Lenders in proportion to their interests in the Obligations. Upon
payment in full of all Obligations, Debtor shall be entitled to the return of
all Collateral, including cash, which has not been used or applied toward the
payment of Obligations or used or applied to any and all costs or expenses of
the Collateral Agent incurred in connection with the liquidation of the
Collateral (unless another person is legally entitled thereto). Any assignment
of Collateral by the Collateral Agent to Debtor shall be without representation
or warranty of any nature whatsoever and wholly without recourse. To the extent
allowed by law, each Lender may purchase the Collateral and pay for such
purchase by offsetting up to such Lender's pro rata portion of the purchase
price with sums owed to such Lender by Debtor arising under the Obligations or
any other source.

<PAGE>

      10.5. The foregoing notwithstanding upon any payment or distribution of
assets of the Debtor of any kind or character whether in cash or property, to
creditors upon any dissolution or winding up or total or partial liquidation or
reorganization of the Debtor, whether voluntary or involuntary or in bankruptcy,
insolvency, receivership or other proceedings, then and in any such event all
principal, premium and interest and all other amounts due or to become due upon
all Senior Lender's obligations shall first be paid in full before the Lenders
shall be entitled to retain any assets so paid or distributed in respect of the
Obligations (whether for principal, premium, interest or otherwise except for
payments of principal, interest, Liquidated Damages, fees and expenses or any
other payments in accordance with the terms of the Transaction Documents), and
upon any such dissolution or winding up or liquidation or reorganization, any
payment or distribution of assets of the Debtor of any kind or character,
whether in cash, property or securities, to which the Lenders would be entitled,
except as otherwise provided herein, shall be paid to the Senior Lender by the
Debtor or by any receiver, trustee in bankruptcy, liquidating trustee, agent or
other person making such payment or distribution, or by the Lenders if received
by them.

11.   Waiver of Automatic Stay. Debtor acknowledges and agrees that should a
proceeding under any bankruptcy or insolvency law be commenced by or against
Debtor, or if any of the Collateral should become the subject of any bankruptcy
or insolvency proceeding, then the Collateral Agent should be entitled to, among
other relief to which the Collateral Agent or Lenders may be entitled under the
Note, Subscription Agreement and any other agreement to which the Debtor,
Lenders or Collateral Agent are parties, (collectively "Loan Documents") and/or
applicable law, an order from the court granting immediate relief from the
automatic stay pursuant to 11 U.S.C. Section 362 to permit the Collateral Agent
to exercise all of its rights and remedies pursuant to the Loan Documents and/or
applicable law.

12.   Miscellaneous.

      12.1. Expenses. Debtor shall pay to the Collateral Agent, on demand, the
amount of any and all reasonable expenses, including, without limitation,
attorneys' fees, legal expenses and brokers' fees, which the Collateral Agent
may incur in connection with (a) sale, collection or other enforcement or
disposition of Collateral; (b) exercise or enforcement of any the rights,
remedies or powers of the Collateral Agent hereunder or with respect to any or
all of the Obligations upon breach or threatened breach; or (c) failure by
Debtor to perform and observe any agreements of Debtor contained herein which
are performed by the Collateral Agent.

<PAGE>

      12.2. Waivers, Amendment and Remedies. No course of dealing by the
Collateral Agent and no failure by the Collateral Agent to exercise, or delay by
the Collateral Agent in exercising, any right, remedy or power hereunder shall
operate as a waiver thereof, and no single or partial exercise thereof shall
preclude any other or further exercise thereof or the exercise of any other
right, remedy or power of the Collateral Agent. No amendment, modification or
waiver of any provision of this Agreement and no consent to any departure by
Debtor therefrom, shall, in any event, be effective unless contained in a
writing signed by the Collateral Agent, and then such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
given. The rights, remedies and powers of the Collateral Agent, not only
hereunder, but also under any instruments and agreements evidencing or securing
the Obligations and under applicable law are cumulative, and may be exercised by
the Collateral Agent from time to time in such order as the Collateral Agent may
elect.

      12.3. Notices. All notices or other communications given or made hereunder
shall be in writing and shall be personally delivered or deemed delivered the
first business day after being faxed (provided that a copy is delivered by first
class mail) to the party to receive the same at its address set forth below or
to such other address as either party shall hereafter give to the other by
notice duly made under this Section:Any party may change its address by written
notice in accordance with this paragraph.

                 To Debtor:             VoIP, Inc.
                                        12330 SW53 Street, Suite 712
                                        Cooper City, Florida 33330
                                        Attn:  Steven Ivester, President and CEO
                                        Fax: (954) 434-2877

                 With a copy by
                   telecopier only to:  Ronald L. Brown, Esq.
                                        Andrews Kurth LLP
                                        1717 Main Street, Suite 3700
                                        Dallas, Texas 75201
                                        Fax: (214) 659-4819

                 To Lenders:            To the addresses and telecopier numbers
                                        set forth on Schedule A

                 To the Collateral
                   Agent:               Barbara R. Mittman
                                        Grushko & Mittman, P.C.
                                        551 Fifth Avenue, Suite 1601
                                        New York, New York 10176
                                        Fax: (212) 697-3575

<PAGE>

      12.4. Term; Binding Effect. This Agreement shall (a) remain in full force
and effect until payment and satisfaction in full of all of the Obligations; (b)
be binding upon Debtor, and its successors and permitted assigns; and (c) inure
to the benefit of the Collateral Agent, for the benefit of the Lenders and their
respective successors and assigns. All the rights and benefits granted by Debtor
to the Collateral Agent and Lenders in the Loan Documents and other agreements
and documents delivered in connection therewith are deemed granted to both the
Collateral Agent and Lenders.

      12.5. Captions. The captions of Paragraphs, Articles and Sections in this
Agreement have been included for convenience of reference only, and shall not
define or limit the provisions hereof and have no legal or other significance
whatsoever.

      12.6. Governing Law; Venue; Severability. This Agreement shall be governed
by and construed in accordance with the laws of the State of New York without
regard to conflicts of laws principles that would result in the application of
the substantive laws of another jurisdiction, except to the extent that the
perfection of the security interest granted hereby in respect of any item of
Collateral may be governed by the law of another jurisdiction. Any legal action
or proceeding against Debtor with respect to this Agreement may be brought in
the courts in the State of New York or of the United States for the Southern
District of New York, and, by execution and delivery of this Agreement, Debtor
hereby irrevocably accepts for itself and in respect of its property, generally
and unconditionally, the jurisdiction of the aforesaid courts. Debtor hereby
irrevocably waives any objection which they may now or hereafter have to the
laying of venue of any of the aforesaid actions or proceedings arising out of or
in connection with this Agreement brought in the aforesaid courts and hereby
further irrevocably waives and agrees not to plead or claim in any such court
that any such action or proceeding brought in any such court has been brought in
an inconvenient forum. If any provision of this Agreement, or the application
thereof to any person or circumstance, is held invalid, such invalidity shall
not affect any other provisions which can be given effect without the invalid
provision or application, and to this end the provisions hereof shall be
severable and the remaining, valid provisions shall remain of full force and
effect.

      12.7. Entire Agreement. This Agreement contains the entire agreement of
the parties and supersedes all other agreements and understandings, oral or
written, with respect to the matters contained herein.

      12.8. Counterparts/Execution. This Agreement may be executed in any number
of counterparts and by the different signatories hereto on separate
counterparts, each of which, when so executed, shall be deemed an original, but
all such counterparts shall constitute but one and the same instrument. This
Agreement may be executed by facsimile signature and delivered by facsimile
transmission.

                      [THIS SPACE INTENTIONALLY LEFT BLANK]

<PAGE>

IN WITNESS WHEREOF, the undersigned have executed and delivered this Security
Agreement, as of the date first written above.

"DEBTOR"                                "THE COLLATERAL AGENT"
VOIP, INC.,                             BARBARA R. MITTMAN
a Texas corporation

By: /s/ Steven Ivester                  /s/ Barbara R. Mittman
   ------------------------             ----------------------------------------

Its: CEO
    -----------------------

       APPROVED AND, AS TO SECTIONS 6.1 AND 10.5, AGREED TO BY "LENDERS":

/s/ Stonestreet Limited Partnership     /s/ Whalehaven Capital Fund Ltd.
-------------------------------------   --------------------------------
STONESTREET LIMITED PARTNERSHIP         WHALEHAVEN CAPITAL FUND LTD.

/s/ Ellis Enterprises Ltd.              /s/ Bristol Investment Fund, Ltd.
-------------------------------------   ---------------------------------
ELLIS ENTERPRISES LTD.                  BRISTOL INVESTMENT FUND, LTD.

/s/ Alpha Capital Aktiengesellschaft
------------------------------------
ALPHA CAPITAL AKTIENGESELLSCHAFT

<PAGE>

                        SCHEDULE A TO SECURITY AGREEMENT

LENDER                                    INTIAL CLOSING        SECOND CLOSING
                                          NOTE PRINCIPAL        NOTE PRINCIPAL

STONESTREET LIMITED                        $287,500.00           $287,500.00
  PARTNERSHIP
33 Prince Arthur Ave.
Toronto, Ontario M5R 1B2, Canada
Fax: (416) 323-3693

WHALEHAVEN CAPITAL FUND                    $230,000.00           $230,000.00
  LTD.
3RD Floor, 14 Par-Laville Road
Hamilton, Bermuda HM08
Fax: (441) 292-1373

ELLIS INTERNATIONAL LTD.                   $143,750.00           $143,750.00
53rd Street Urbanizacion Obarrio
Swiss Tower, 16th Floor, Panama
Republic of Panama
Fax: (516) 887-8990

BRISTOL INVESTMENT FUND,                   $383,332.95           $383,332.95
  LTD.
Caledonia House, Jennett Street
George Town, Grand Cayman
Cayman Islands
Fax: (323) 468-8307

ALPHA CAPITAL                              $383,332.95           $383,332.95
  AKTIENGESELLSCHAFT
Pradafant 7
9490 Furstentums
Vaduz, Lichtenstein
Fax: 011-42-32323196
TOTAL                                    $1,427,915.90         $1,427,915.90

<PAGE>

                                     ANNEX I

                                       TO

                               SECURITY AGREEMENT

                                PLEDGE AMENDMENT

      This Pledge Amendment, dated _________ __ 200_, is delivered pursuant to
Section 4.3 of the Security Agreement referred to below. The undersigned hereby
agrees that this Pledge Amendment may be attached to the Security Agreement,
dated July 5, 2005, as it may heretofore have been or hereafter may be amended,
restated, supplemented or otherwise modified from time to time and that the
shares listed on this Pledge Amendment shall be hereby pledged and assigned to
Collateral Agent and become part of the Collateral referred to in such Security
Agreement and shall secure all of the Obligations referred to in such Security
Agreement.

                                     Number                         Certificate
Name of Issuer                     of Shares           Class          Number(s)
--------------                     ---------           -----          ---------
VOIPSOLUTIONS
EGLOBALPHONE
CAERUS, INC.
VOX CONSULTING GROUP
VCG TECHNOLOGIES DBA
DTNET TECHNOLOGIES, INC.
VOLO COMMUNICATIONS, INC.
CAERUS BILLING, INC.
CAERUS NETWORKS, INC.
VOICEONE COMMUNICATIONS, LLC

                                        VOIP, INC.

                                        By:
                                           -------------------------------------SECURITY AND PLEDGE AGREEMENT
                                  (Subsidiary)

1.    Identification.

      This Security and Pledge Agreement (the "Agreement"), dated as of July 5,
2005, is entered into by and between Voipsolutions, a Florida corporation,
eGlobalphone, a Florida corporation, Caerus, Inc., a Delaware corporation, Vox
Consulting Group, Inc. d/b/a Voipamericas, a Florida corporation, VCG
Technologies d/b/a DTNet Technologies, Inc., a Florida corporation, Volo
Communications, Inc., a Delaware corporation, Caerus Billing, Inc., a Delaware
corporation, Caerus Networks, Inc., a Delaware corporation, VoiceOne
Communications, LLC, a Delaware Limited Liability corporation (each referred to
as "Debtor" and collectively "Debtors"), and Barbara Mittman, as collateral
agent acting in the manner and to the extent described in the Collateral Agent
Agreement defined below (the "Collateral Agent"), for the benefit of the parties
identified on Schedule A hereto (collectively, the "Lenders").

2.    Recitals.

      (a)   Debtors are direct or indirect wholly-owned subsidiaries of VoIP,
            Inc., a Texas corporation ("VoIP"). The Lenders have made or are
            making loans to VoIP (the "Loans"). It is beneficial to Debtor that
            the Loans were made, are being made and will be made. Debtor will
            obtain substantial benefit from the proceeds of the Loans.

      (b)   The Loans are evidenced by certain convertible promissory notes
            (each a "Convertible Note") issued by VoIP on or about the date of
            this Agreement pursuant to subscription agreements (each a
            "Subscription Agreement") to which Debtor and Lenders are parties
            and which Convertible Notes are guaranteed by Debtor pursuant to a
            Guaranty Agreement delivered by Debtor to the Collateral Agent and
            Lenders (the "Guaranty Agreement"). The Notes are further identified
            on Schedule A hereto and were and will be executed by Debtor as
            "Borrower" or "Debtor" for the benefit of each Lender as the
            "Holder" or "Lender" thereof.

      (c)   In consideration of the Loans made by Lenders to VoIP and for other
            good and valuable consideration, and as security for the performance
            by VoIP of its obligations under the Notes and as security for the
            repayment of the Loans and all other sums due from Debtor to Lenders
            arising under the Notes presently outstanding or to be outstanding,
            Subscription Agreements, the Guaranty Agreement and any other
            agreement between or among them (collectively, the "Obligations"),
            Debtor, for good and valuable consideration, receipt of which is
            acknowledged, has agreed to grant to the Collateral Agent, for the
            benefit of the Lenders, a security interest in the Collateral (as
            such term is hereinafter defined), on the terms and conditions
            hereinafter set forth. Obligations includes all future advances by
            Lenders to Debtor advanced on a pro rata basis by all Lenders on
            substantially the same terms.

      (d)   The Lenders have appointed Barbara Mittman as Collateral Agent
            pursuant to that certain Collateral Agent Agreement dated at or
            about July 5, 2005 ("Collateral Agent Agreement"), among the Lenders
            and Collateral Agent.

(Security and Pledge Agreement (subsidiary))
<PAGE>

      (e)   The following defined terms which are defined in the Uniform
            Commercial Code in effect in the State of New York on the date
            hereof are used herein as so defined: Accounts, Chattel Paper,
            Documents, Equipment, General Intangibles, Instruments, Inventory
            and Proceeds.

3.    Grant of General Security Interest in Collateral.

      (a)   As security for the Obligations of Debtor, Debtor hereby grants the
            Collateral Agent, for the benefit of the Lenders, a security
            interest in the Collateral.

      (b)   "Collateral" shall mean all of the following property of Debtor:

            (i)   All now owned and hereafter acquired right, title and interest
                  of Debtor in, to and in respect of all Accounts, Goods, real
                  or personal property, all present and future books and records
                  relating to the foregoing and all products and Proceeds of the
                  foregoing, and as set forth below:

                  A.    Accounts: All now owned and hereafter acquired right,
                        title and interest of Debtor in, to and in respect of
                        all: Accounts, interests in goods represented by
                        Accounts, returned, reclaimed or repossessed goods with
                        respect thereto and rights as an unpaid vendor; contract
                        rights; Chattel Paper; investment property; General
                        Intangibles (including but not limited to, tax and duty
                        claims and refunds, registered and unregistered patents,
                        trademarks, service marks, certificates, copyrights
                        trade names, applications for the foregoing, trade
                        secrets, goodwill, processes, drawings, blueprints,
                        customer lists, licenses, whether as licensor or
                        licensee, chooses in action and other claims, and
                        existing and future leasehold interests in equipment,
                        real estate and fixtures); Documents; Instruments;
                        letters of credit, bankers' acceptances or guaranties;
                        cash moneys, deposits; securities, bank accounts,
                        deposit accounts, credits and other property now or
                        hereafter owned or held in any capacity by Debtor, as
                        well as its affiliates, agreements or property securing
                        or relating to any of the items referred to above;

                  B.    Goods: All now owned and hereafter acquired right, title
                        and interest of Debtor in, to and in respect of goods,
                        including, but not limited to:

                                       2
(Security and Pledge Agreement (subsidiary))
<PAGE>

                        (1)   All Inventory, wherever located, whether now owned
                              or hereafter acquired, of whatever kind, nature or
                              description, including all raw materials,
                              work-in-process, finished goods, and materials to
                              be used or consumed in Debtor' business, finished
                              goods, timber cut or to be cut, oil, gas,
                              hydrocarbons and minerals, extracted or to be
                              extracted; and all names or marks affixed to or to
                              be affixed thereto for purposes of selling same by
                              the seller, manufacturer, lessor or licensor
                              thereof and all Inventory which may be returned to
                              Debtor by its customers or repossessed by Debtor
                              and all of Debtor' right, title and interest in
                              and to the foregoing (including all of Debtor'
                              rights as a seller of goods);

                        (2)   All Equipment and fixtures, wherever located,
                              whether now owned or hereafter acquired,
                              including, without limitation, all machinery,
                              motor vehicles, furniture and fixtures, and any
                              and all additions, substitutions, replacements
                              (including spare parts), and accessions thereof
                              and thereto (including, but not limited to Debtor'
                              rights to acquire any of the foregoing, whether by
                              exercise of a purchase option or otherwise);

                           C.       Property: All now owned and hereafter
                                    acquired right, title and interests of
                                    Debtor in, to and in respect of any real or
                                    other personal property in or upon which
                                    Debtor has or may hereafter have a security
                                    interest, lien or right of setoff;

                           D.       Books and Records: All present and future
                                    books and records relating to any of the
                                    above including, without limitation, all
                                    computer programs, printed output and
                                    computer readable data in the possession or
                                    control of the Debtor, any computer service
                                    bureau or other third party; and

                           E.       Products and Proceeds: All products and
                                    Proceeds of the foregoing in whatever form
                                    and wherever located, including, without
                                    limitation, all insurance proceeds and all
                                    claims against third parties for loss or
                                    destruction of or damage to any of the
                                    foregoing.

            (ii)  All now owned and hereafter acquired right, title and interest
                  of Debtor in, to and in respect of the following:

                  A.    the shares of stock, partnership interests, member
                        interests or other equity interests at any time and from
                        time to time acquired by Debtor of any and all entities
                        now or hereafter existing, all or a portion of such
                        stock or other equity interests which are acquired by
                        such entities at any time (such entities, together with
                        the existing issuers, being hereinafter referred to
                        collectively as the "Pledged Issuers" and individually
                        as a "Pledged Issuer"), the certificates representing
                        such shares, partnership interests, member interests or
                        other interests all options and other rights,
                        contractual or otherwise, in respect thereof and all
                        dividends, distributions, cash, instruments, investment
                        property and other property from time to time received,
                        receivable or otherwise distributed in respect of or in
                        exchange for any or all of such shares, partnership
                        interests, member interests or other interests;

                                       3
(Security and Pledge Agreement (subsidiary))
<PAGE>

                  B.    all additional shares of stock, partnership interests,
                        member interests or other equity interests from time to
                        time acquired by Debtor, of any Pledged Issuer, the
                        certificates representing such additional shares, all
                        options and other rights, contractual or otherwise, in
                        respect thereof and all dividends, distributions, cash,
                        instruments, investment property and other property from
                        time to time received, receivable or otherwise
                        distributed in respect of or in exchange for any or all
                        of such additional shares, interests or equity; and

                  C.    all security entitlements of Debtor in, and all Proceeds
                        of any and all of the foregoing in each case, whether
                        now owned or hereafter acquired by Debtor and howsoever
                        its interest therein may arise or appear (whether by
                        ownership, security interest, lien, claim or otherwise).

      (c)   The Collateral Agent is hereby specifically authorized, after the
            Maturity Date (defined in the Notes) accelerated or otherwise, or
            after an Event of Default (as defined herein) and the expiration of
            any applicable cure period, to transfer any Collateral into the name
            of the Collateral Agent and to take any and all action deemed
            advisable to the Collateral Agent to remove any transfer
            restrictions affecting the Collateral.

4.    Perfection of Security Interest.

      (a)   Debtor shall prepare, execute and deliver to the Collateral Agent
            UCC-1 Financing Statements. The Collateral Agent is instructed to
            prepare and file at Debtor's cost and expense, financing statements
            in such jurisdictions deemed advisable to the Collateral Agent,
            including but not limited to Texas, Florida and Delaware. The
            Financing Statements are deemed to have been filed for the benefit
            of the Collateral Agent and Lenders identified on Schedule A hereto.

      (b)   All other certificates and instruments constituting Collateral from
            time to time required to be pledged to Collateral Agent pursuant to
            the terms hereof (the "Additional Collateral") shall be delivered to
            Collateral Agent promptly upon receipt thereof by or on behalf of
            any of Debtor. All such certificates and instruments shall be held
            by or on behalf of Collateral Agent pursuant hereto and shall be
            delivered in suitable form for transfer by delivery, or shall be
            accompanied by duly executed instruments of transfer or assignment
            or undated stock powers executed in blank, all in form and substance
            satisfactory to Collateral Agent. If any Collateral consists of
            uncertificated securities, unless the immediately following sentence
            is applicable thereto, Debtor shall cause Collateral Agent (or its
            custodian, nominee or other designee) to become the registered
            holder thereof, or cause each issuer of such securities to agree
            that it will comply with instructions originated by Collateral Agent
            with respect to such securities without further consent by Debtor.
            If any Collateral consists of security entitlements, Debtor shall
            transfer such security entitlements to Collateral Agent (or its
            custodian, nominee or other designee) or cause the applicable
            securities intermediary to agree that it will comply with
            entitlement orders by Collateral Agent without further consent by
            Debtor.

                                       4
(Security and Pledge Agreement (subsidiary))
<PAGE>

      (c)   Within five (5) days after the receipt by Debtor of any Additional
            Collateral, a Pledge Amendment, duly executed by Debtor, in
            substantially the form of Annex I hereto (a "Pledge Amendment"),
            shall be delivered to Collateral Agent in respect of the Additional
            Collateral to be pledged pursuant to this Agreement. Debtor hereby
            authorizes Collateral Agent to attach each Pledge Amendment to this
            Agreement and agrees that all certificates or instruments listed on
            any Pledge Amendment delivered to Collateral Agent shall for all
            purposes hereunder constitute Collateral.

      (d)   If Debtor shall receive, by virtue of Debtor's being or having been
            an owner of any Collateral, any (i) stock certificate (including,
            without limitation, any certificate representing a stock dividend or
            distribution in connection with any increase or reduction of
            capital, reclassification, merger, consolidation, sale of assets,
            combination of shares, stock split, spin-off or split-off),
            promissory note or other instrument, (ii) option or right, whether
            as an addition to, substitution for, or in exchange for, any
            Collateral, or otherwise, (iii) dividends payable in cash (except
            such dividends permitted to be retained by Debtor pursuant to
            Section 5.2 hereof) or in securities or other property or (iv)
            dividends or other distributions in connection with a partial or
            total liquidation or dissolution or in connection with a reduction
            of capital, capital surplus or paid-in surplus, Debtor shall receive
            such stock certificate, promissory note, instrument, option, right,
            payment or distribution in trust for the benefit of Collateral
            Agent, shall segregate it from Debtor's other property and shall
            deliver it forthwith to Collateral Agent, in the exact form
            received, with any necessary endorsement and/or appropriate stock
            powers duly executed in blank, to be held by Collateral Agent as
            Collateral and as further collateral security for the Obligations.

5.    Distribution on Liquidation.

      (a)   If any sum is paid as a liquidating distribution on or with respect
            to the Collateral, Debtor shall deliver same to the Collateral Agent
            to be applied to the Obligations, then due, in accordance with the
            terms of the Convertible Notes.

      (b)   So long as no Event of Default exists, Debtor shall be entitled (i)
            to exercise all voting power pertaining to any of the Collateral,
            provided such exercise is not contrary to the interests of the
            Lenders and does not impair the Collateral and (ii) may receive and
            retain any and all dividends, interest payments or other
            distributions paid in respect of the Collateral.

                                       5
(Security and Pledge Agreement (subsidiary))
<PAGE>

      (c)   Upon the occurrence and during the continuation of an Event of
            Default, all rights of Debtor, upon notice given by Collateral
            Agent, to exercise the voting power and receive payments, which it
            would otherwise be entitled to pursuant to Section 5.2, shall cease
            and all such rights shall thereupon become vested in Collateral
            Agent, which shall thereupon have the sole right to exercise such
            voting power and receive such payments.

         (d)      All dividends, distributions, interest and other payments
                  which are received by Debtor contrary to the provisions of
                  Section 5.3 shall be received in trust for the benefit of
                  Collateral Agent, shall be segregated from other funds of
                  Debtor, and shall be forthwith paid over to Collateral Agent
                  as Collateral in the exact form received with any necessary
                  endorsement and/or appropriate stock powers duly executed in
                  blank, to be held by Collateral Agent as Collateral and as
                  further collateral security for the Obligations.

6.    Further Action By Debtor; Covenants and Warranties.

      (a)   Collateral Agent at all times shall have a perfected security
            interest in the Collateral. Debtor has and will continue to have
            full title to the Collateral free from any liens, leases,
            encumbrances, judgments or other claims. Collateral Agent's security
            interest in the Collateral constitutes and will continue to
            constitute a first, prior and indefeasible security interest in
            favor of Collateral Agent except for a security interest granted
            pursuant to that certain Subordinated Loan and Security Agreement,
            dated as of June 1, 2004, by and among Caerus, Inc. ("Caerus"), each
            of the subsidiaries of Caerus, and Cedar Boulevard Lease Finance LLC
            ("Senior Lender"), that certain Senior Secured Promissory Note in
            the original stated principal amount of $7,000,000 and which is
            presently in the reduced principal amount of $5,131,818 in favor of
            Senior Lender, that certain Guaranty and that certain Security
            Agreement, each dated as of May 31, 2005, by Debtor and each of its
            subsidiaries, other than Caerus and its subsidiaries, and each of
            the other agreements entered into in connection with each of the
            foregoing Agreements. Debtor will do all acts and things, and will
            execute and file all instruments (including, but not limited to,
            security agreements, financing statements, continuation statements,
            etc.) reasonably requested by Collateral Agent to establish,
            maintain and continue the perfected security interest of Collateral
            Agent in the Collateral, and will promptly on demand, pay all costs
            and expenses of filing and recording, including the costs of any
            searches reasonably deemed necessary by Collateral Agent from time
            to time to establish and determine the validity and the continuing
            priority of the security interest of Collateral Agent, and also pay
            all other claims and charges that, in the opinion of Collateral
            Agent, exercised in good faith, are reasonably likely to materially
            prejudice, imperil or otherwise affect the Collateral or Collateral
            Agent's or Lenders' security interests therein.

                                       6
(Security and Pledge Agreement (subsidiary))
<PAGE>

      (b)   Other than in the ordinary course of business, and except for
            Collateral which is substituted by assets of identical or greater
            value or which has become obsolete or is of inconsequential in
            value, Debtor will not sell, transfer, assign or pledge those items
            of Collateral (or allow any such items to be sold, transferred,
            assigned or pledged), without the prior written consent of
            Collateral Agent other than a transfer of the Collateral to a
            wholly-owned subsidiary on prior notice to Collateral Agent, and
            provided the Collateral remains subject to the security interest
            herein described. Although Proceeds of Collateral are covered by
            this Agreement, this shall not be construed to mean that Collateral
            Agent consents to any sale of the Collateral, except as provided
            herein. Sales of Collateral in the ordinary course of business shall
            be free of the security interest of Lenders and Collateral Agent and
            Lenders and Collateral Agent shall promptly execute such documents
            (including without limitation releases and termination statements)
            as may be required by Debtor to evidence or effectuate the same.

      (c)   Debtor will, at all reasonable times and upon reasonable notice,
            allow Collateral Agent or its representatives free and complete
            access to the Collateral and all of Debtor's records which in any
            way relate to the Collateral, for such inspection and examination as
            Collateral Agent reasonably deems necessary.

      (d)   Debtor, at its sole cost and expense, will protect and defend this
            Security Agreement, all of the rights of Collateral Agent and
            Lenders hereunder, and the Collateral against the claims and demands
            of all other persons.

      (e)   Debtor will promptly notify Collateral Agent of any levy, distraint
            or other seizure by legal process or otherwise of any part of the
            Collateral, and of any threatened or filed claims or proceedings
            that are reasonably likely to affect or impair any of the rights of
            Collateral Agent under this Security Agreement in any material
            respect.

      (f)   Debtor, at its own expense, will obtain and maintain in force
            insurance policies covering losses or damage to those items of
            Collateral which constitute physical personal property. The
            insurance policies to be obtained by Debtor shall be in form and
            amounts reasonably acceptable to Collateral Agent. Debtor shall make
            the Collateral Agent a first loss payee thereon to the extent of its
            interest in the Collateral. Collateral Agent is hereby irrevocably
            (until the Obligations are paid in full) appointed Debtor'
            attorney-in-fact to endorse any check or draft that may be payable
            to Debtor so that Collateral Agent may collect the proceeds payable
            for any loss under such insurance. The proceeds of such insurance
            (subject to the rights of senior secured parties), less any costs
            and expenses incurred or paid by Collateral Agent in the collection
            thereof, shall be applied either toward the cost of the repair or
            replacement of the items damaged or destroyed, or on account of any
            sums secured hereby, whether or not then due or payable.

      (g)   Collateral Agent may, at its option, and without any obligation to
            do so, pay, perform and discharge any and all amounts, costs,
            expenses and liabilities herein agreed to be paid or performed by
            Debtor. Upon Debtor' failure to do so, all amounts expended by
            Collateral Agent in so doing shall become part of the Obligations
            secured hereby, and shall be immediately due and payable by Debtor
            to Collateral Agent upon demand and shall bear interest at the
            lesser of 15% per annum or the highest legal amount from the dates
            of such expenditures until paid.

                                       7
(Security and Pledge Agreement (subsidiary))
<PAGE>

      (h)   Upon the request of Collateral Agent, Debtor will furnish to
            Collateral Agent within five (5) business days thereafter, or to any
            proposed assignee of this Security Agreement, a written statement in
            form reasonably satisfactory to Collateral Agent, duly acknowledged,
            certifying the amount of the principal and interest and any other
            sum then owing under the Obligations, whether to its knowledge any
            claims, offsets or defenses exist against the Obligations or against
            this Security Agreement, or any of the terms and provisions of any
            other agreement of Debtor securing the Obligations. In connection
            with any assignment by Collateral Agent of this Security Agreement,
            Debtor hereby agrees to cause the insurance policies required hereby
            to be carried by Debtor, if any, to be endorsed in form satisfactory
            to Collateral Agent or to such assignee, with loss payable clauses
            in favor of such assignee, and to cause such endorsements to be
            delivered to Collateral Agent within ten (10) calendar days after
            request therefor by Collateral Agent.

      (i)   Debtor will, at its own expense, make, execute, endorse,
            acknowledge, file and/or deliver to the Collateral Agent from time
            to time such vouchers, invoices, schedules, confirmatory
            assignments, conveyances, financing statements, transfer
            endorsements, powers of attorney, certificates, reports and other
            reasonable assurances or instruments and take further steps relating
            to the Collateral and other property or rights covered by the
            security interest hereby granted, as the Collateral Agent may
            reasonably require to perfect its security interest hereunder.

      (j)   Debtor represents and warrants that it is the true and lawful
            exclusive owner of the Collateral, free and clear of any liens and
            encumbrances.

      (k)   Debtor hereby agrees not to divest itself of any right under the
            Collateral except as permitted herein absent prior written approval
            of the Collateral Agent, except to a subsidiary organized and
            located in the United States, on prior notice to Collateral Agent
            provided the Collateral remains subject to the security interest
            herein described.

      (l)   Debtor shall cause each Subsidiary of Debtor not in existence on the
            date hereof to execute and deliver to Collateral Agent promptly and
            in any event within 10 days after the formation, acquisition or
            change in status thereof (A) a guaranty guaranteeing the Obligations
            and (B) a security and pledge agreement, together with (x)
            certificates evidencing all of the capital stock of any entity owned
            by such Subsidiary, (y) undated stock powers executed in blank with
            signature guaranteed, and (z) such opinion of counsel and such
            approving certificate of such Subsidiary as Collateral Agent may
            reasonably request in respect of complying with any legend on any
            such certificate or any other matter relating to such shares and (E)
            such other agreements, instruments, approvals, legal opinions or
            other documents reasonably requested by Collateral Agent in order to
            create, perfect, establish the first priority of or otherwise
            protect any lien purported to be covered by any such pledge and
            security Agreement or otherwise to effect the intent that all
            property and assets of such Subsidiary shall become Collateral for
            the Obligations. For purposes of this Agreement, "Subsidiary" means,
            with respect to any entity at any date, any ---------- corporation,
            limited or general partnership, limited liability company, trust,
            estate, association, joint venture or other business entity) of
            which more than 50% of (A) the outstanding capital stock having (in
            the absence of contingencies) ordinary voting power to elect a
            majority of the board of directors or other managing body of such
            entity, (B) in the case of a partnership or limited liability
            company, the interest in the capital or profits of such partnership
            or limited liability company or (C) in the case of a trust, estate,
            association, joint venture or other entity, the beneficial interest
            in such trust, estate, association or other entity business is, at
            the time of determination, owned or controlled directly or
            indirectly through one or more intermediaries, by such entity.

                                       8
(Security and Pledge Agreement (subsidiary))
<PAGE>

7.    Power of Attorney.

      After the occurrence and during the uncured continuation of an Event of
Default as defined in Section 9 below, Debtor hereby irrevocably constitutes and
appoints the Collateral Agent as the true and lawful attorney of Debtor, with
full power of substitution, in the place and stead of Debtor and in the name of
Debtor or otherwise, at any time or times, in the discretion of the Collateral
Agent, to take any action and to execute any instrument or document which the
Collateral Agent may deem necessary or advisable to accomplish the purposes of
this Agreement. This power of attorney is coupled with an interest and is
irrevocable until the Obligations are satisfied.

8.    Performance By The Collateral Agent.

      If Debtor fails to perform any material covenant, agreement, duty or
obligation of Debtor under this Agreement, the Collateral Agent may, after any
applicable cure period, at any time or times in its discretion, take action to
effect performance of such obligation. All reasonable expenses of the Collateral
Agent incurred in connection with the foregoing authorization shall be payable
by Debtor as provided in Paragraph 12.1 hereof. No discretionary right, remedy
or power granted to the Collateral Agent under any part of this Agreement shall
be deemed to impose any obligation whatsoever on the Collateral Agent with
respect thereto, such rights, remedies and powers being solely for the
protection of the Collateral Agent.

9.    Event of Default.

      An event of default ("Event of Default") shall be deemed to have occurred
hereunder upon the occurrence of any event of default as defined and described
in this Agreement, in the Notes, Subscription Agreement, and any other agreement
to which Debtor and a Collateral Agent or Lender are parties. Upon and after any
Event of Default, after the applicable cure period, if any, any or all of the
Obligations shall become immediately due and payable at the option of the
Collateral Agent, for the benefit of the Lenders, and the Collateral Agent may
dispose of Collateral as provided below. A default by Debtor of any of its
material obligations pursuant to this Agreement shall be an Event of Default
hereunder and an event of default as defined in the Notes, and Subscription
Agreement.

10.   Disposition of Collateral.

      Upon and after any Event of Default which is then continuing,

                                       9
(Security and Pledge Agreement (subsidiary))
<PAGE>

      (a)   The Collateral Agent may exercise its rights with respect to each
            and every component of the Collateral, without regard to the
            existence of any other security or source of payment for the
            Obligations. In addition to other rights and remedies provided for
            herein or otherwise available to it, the Collateral Agent shall have
            all of the rights and remedies of a lender on default under the
            Uniform Commercial Code then in effect in the State of New York.

      (b)   If any notice to Debtor of the sale or other disposition of
            Collateral is required by then applicable law, five business (5)
            days prior written notice (which Debtor agrees is reasonable notice
            within the meaning of Section 9.612(a) of the Uniform Commercial
            Code) shall be given to Debtor of the time and place of any sale of
            Collateral, which Debtor hereby agrees may be by private sale. The
            rights granted in this Section are in addition to any and all rights
            available to Collateral Agent under the Uniform Commercial Code.

      (c)   The Collateral Agent is authorized, at any such sale, if the
            Collateral Agent deems it advisable to do so, in order to comply
            with any applicable securities laws, to restrict the prospective
            bidders or purchasers to persons who will represent and agree, among
            other things, that they are purchasing the Collateral for their own
            account for investment, and not with a view to the distribution or
            resale thereof, or otherwise to restrict such sale in such other
            manner as the Collateral Agent deems advisable to ensure such
            compliance. Sales made subject to such restrictions shall be deemed
            to have been made in a commercially reasonable manner.

      (d)   All proceeds received by the Collateral Agent for the benefit of the
            Lenders in respect of any sale, collection or other enforcement or
            disposition of Collateral, shall be applied (after deduction of any
            amounts payable to the Collateral Agent pursuant to Paragraph 12.1
            hereof) against the Obligations pro rata among the Lenders in
            proportion to their interests in the Obligations. Upon payment in
            full of all Obligations, Debtor shall be entitled to the return of
            all Collateral, including cash, which has not been used or applied
            toward the payment of Obligations or used or applied to any and all
            costs or expenses of the Collateral Agent incurred in connection
            with the liquidation of the Collateral (unless another person is
            legally entitled thereto). Any assignment of Collateral by the
            Collateral Agent to Debtor shall be without representation or
            warranty of any nature whatsoever and wholly without recourse. To
            the extent allowed by law, each Lender may purchase the Collateral
            and pay for such purchase by offsetting up to such Lender's pro rata
            portion of the proceeds with sums owed to such Lender by Debtor
            arising under the Obligations or any other source.

      (e)   The foregoing notwithstanding upon any payment or distribution of
            assets of the Debtor of any kind or character whether in cash or
            property, to creditors upon any dissolution or winding up or total
            or partial liquidation or reorganization of the Debtor, whether
            voluntary or involuntary or in bankruptcy, insolvency, receivership
            or other proceedings, then and in any such event all principal,
            premium and interest and all other amounts due or to become due upon
            all Senior Lender's obligations shall first be paid in full before
            the Lenders shall be entitled to retain any assets so paid or
            distributed in respect of the Obligations (whether for principal,
            premium, interest or otherwise except for payments of principal,
            interest, Liquidated Damages, fees and expenses or any other
            payments in accordance with the terms of the Transaction Documents),
            and upon any such dissolution or winding up or liquidation or
            reorganization, any payment or distribution of assets of the Debtor
            of any kind or character, whether in cash, property or securities,
            to which the Lenders would be entitled, except as otherwise provided
            herein, shall be paid to the Senior Lender by the Debtor or by any
            receiver, trustee in bankruptcy, liquidating trustee, agent or other
            person making such payment or distribution, or by the Lenders if
            received by them.

                                       10
(Security and Pledge Agreement (subsidiary))
<PAGE>

11.   Waiver of Automatic Stay.

      Debtor acknowledges and agrees that should a proceeding under any
bankruptcy or insolvency law be commenced by or against Debtor, or if any of the
Collateral should become the subject of any bankruptcy or insolvency proceeding,
then the Collateral Agent should be entitled to, among other relief to which the
Collateral Agent or Lenders may be entitled under the Note, Subscription
Agreement, Guaranty Agreement, and any other agreement to which the Debtor,
Lenders or Collateral Agent are parties, (collectively "Loan Documents") and/or
applicable law, an order from the court granting immediate relief from the
automatic stay pursuant to 11 U.S.C. Section 362 to permit the Collateral Agent
to exercise all of its rights and remedies pursuant to the Loan Documents and/or
applicable law.

12.   Miscellaneous.

      (a)   Expenses. Debtor shall pay to the Collateral Agent, on demand, the
            amount of any and all reasonable expenses, including, without
            limitation, attorneys' fees, legal expenses and brokers' fees, which
            the Collateral Agent may incur in connection with (a) sale,
            collection or other enforcement or disposition of Collateral; (b)
            exercise or enforcement of any the rights, remedies or powers of the
            Collateral Agent hereunder or with respect to any or all of the
            Obligations upon breach or threatened breach; or (c) failure by
            Debtor to perform and observe any agreements of Debtor contained
            herein which are performed by the Collateral Agent.

      (b)   Waivers, Amendment and Remedies. No course of dealing by the
            Collateral Agent and no failure by the Collateral Agent to exercise,
            or delay by the Collateral Agent in exercising, any right, remedy or
            power hereunder shall operate as a waiver thereof, and no single or
            partial exercise thereof shall preclude any other or further
            exercise thereof or the exercise of any other right, remedy or power
            of the Collateral Agent. No amendment, modification or waiver of any
            provision of this Agreement and no consent to any departure by
            Debtor therefrom, shall, in any event, be effective unless contained
            in a writing signed by the Collateral Agent, and then such waiver or
            consent shall be effective only in the specific instance and for the
            specific purpose for which given. The rights, remedies and powers of
            the Collateral Agent, not only hereunder, but also under any
            instruments and agreements evidencing or securing the Obligations
            and under applicable law are cumulative, and may be exercised by the
            Collateral Agent from time to time in such order as the Collateral
            Agent may elect.

                                       11
(Security and Pledge Agreement (subsidiary))
<PAGE>

      (c)   Notices. All notices or other communications given or made hereunder
            shall be in writing and shall be personally delivered or deemed
            delivered the first business day after being faxed (provided that a
            copy is delivered by first class mail) to the party to receive the
            same at its address set forth below or to such other address as
            either party shall hereafter give to the other by notice duly made
            under this Section:

            To Debtor:                  c/o VoIP, Inc.
                                        12330 SW53 Street, Suite 712
                                        Cooper City Florida 33330
                                        Attn:  Steven Ivester, President and CEO
                                        Fax: (954) 434-2877

            With a copy by telecopier
              only to:                  Ronald L. Brown, Esq.
                                        Andrews Kurth, LLP
                                        717 Main Street, Suite 3700
                                        Dallas, Texas 75201
                                        Fax: (214) 659-4819

            To Lenders:                 To the addresses and telecopier numbers
                                        set forth on Schedule A

            To the Collateral Agent:    Barbara R. Mittman
                                        Grushko & Mittman, P.C.
                                        551 Fifth Avenue, Suite 1601
                                        New York, New York 10176
                                        Fax: (212) 697-3575

Any party may change its address by written notice in accordance with this
paragraph.

      (d)   Term; Binding Effect. This Agreement shall (a) remain in full force
            and effect until payment and satisfaction in full of all of the
            Obligations; (b) be binding upon Debtor, and its successors and
            permitted assigns; and (c) inure to the benefit of the Collateral
            Agent, for the benefit of the Lenders and their respective
            successors and assigns. All the rights and benefits granted by
            Debtor to the Collateral Agent and Lenders in the Loan Documents and
            other agreements and documents delivered in connection therewith are
            deemed granted to both the Collateral Agent and Lenders.

      (e)   Captions. The captions of Paragraphs, Articles and Sections in this
            Agreement have been included for convenience of reference only, and
            shall not define or limit the provisions hereof and have no legal or
            other significance whatsoever.

                                       12
(Security and Pledge Agreement (subsidiary))
<PAGE>

      (f)   Governing Law; Venue; Severability. This Agreement shall be governed
            by and construed in accordance with the laws of the State of New
            York without regard to principles of conflicts or choice of law,
            except to the extent that the perfection of the security interest
            granted hereby in respect of any item of Collateral may be governed
            by the law of another jurisdiction. Any legal action or proceeding
            against Debtor with respect to this Agreement may be brought in the
            courts in the State of New York or of the United States for the
            Southern District of New York, and, by execution and delivery of
            this Agreement, Debtor hereby irrevocably accepts for itself and in
            respect of its property, generally and unconditionally, the
            jurisdiction of the aforesaid courts. Debtor hereby irrevocably
            waives any objection which they may now or hereafter have to the
            laying of venue of any of the aforesaid actions or proceedings
            arising out of or in connection with this Agreement brought in the
            aforesaid courts and hereby further irrevocably waives and agrees
            not to plead or claim in any such court that any such action or
            proceeding brought in any such court has been brought in an
            inconvenient forum. If any provision of this Agreement, or the
            application thereof to any person or circumstance, is held invalid,
            such invalidity shall not affect any other provisions which can be
            given effect without the invalid provision or application, and to
            this end the provisions hereof shall be severable and the remaining,
            valid provisions shall remain of full force and effect.

      (g)   Entire Agreement. This Agreement contains the entire agreement of
            the parties and supercedes all other agreements and understandings,
            oral or written, with respect to the matters contained herein.

      (h)   Counterparts/Execution. This Agreement may be executed in any number
            of counterparts and by the different signatories hereto on separate
            counterparts, each of which, when so executed, shall be deemed an
            original, but all such counterparts shall constitute but one and the
            same instrument. This Agreement may be executed by facsimile
            signature and delivered by facsimile transmission.

    This Security Agreement (Subsidiary) may be signed by facsimile signature
               and delivered by confirmed facsimile transmission.

                      [THIS SPACE INTENTIONALLY LEFT BLANK]

                                       13
(Security and Pledge Agreement (subsidiary))
<PAGE>

      IN WITNESS WHEREOF, the undersigned have executed and delivered this
Security Agreement (Subsidiary), as of the date first written above.

"DEBTOR"                             "DEBTOR"
VOIPSOLUTIONS                        EGLOBALPHONE
a Florida corporation                a Florida corporation

By:/s/ Steven Ivester                By: /s/ Steven Ivester
   --------------------------           -------------------
Its: CEO                             Its: CEO
     ------------------------            ----

"DEBTOR"                             "DEBTOR"
CAERUS, INC.                         VOX CONSULTING GROUP, INC.
a Delaware corporation               a Florida corporation

By: /s/ Steven Ivester               By: /s/ Steven Ivester
   --------------------------           -------------------
Its: CEO                             Its: CEO
    -------------------------            ----

"DEBTOR"                             "DEBTOR"
VCG TECHNOLOGIES                     VOLO COMMUNICATIONS, INC.
a Florida corporation                a Delaware corporation

By: /s/ Steven Ivester               By: /s/ Steven Ivester
   --------------------------           -------------------
Its: CEO                             Its: CEO
    -------------------------            ----

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

By: /s/ Steven Ivester               By: /s/ Steven Ivester
   --------------------------           -------------------
Its: CEO                             Its: CEO
    -------------------------            ----

"DEBTOR"                             "THE COLLATERAL AGENT"
VOICEONE COMMUNICATIONS, INC.        BARBARA R. MITTMAN
a Delaware corporation

By: /s/ Steven Ivester               By: /s/ Barbara R. Mittman
   --------------------------           -----------------------
Its: CEO

        APPROVED AND, AS TO SECTIONS 6.1 AND 10.5, AGREED TO BY "LENDERS"

/s/ Stonestreet Limited Partnership  /s/ Whalehaven Capital Fund Ltd.
-----------------------------------  --------------------------------
STONESTREET LIMITED PARTNERSHIP      WHALEHAVEN CAPITAL FUND LTD.

/s/ Ellis Enterprises Ltd.           /s/ Bristol Investment Fund, Ltd.
-----------------------------------  ---------------------------------
ELLIS ENTERPRISES LTD.               BRISTOL INVESTMENT FUND, LTD.

/s/ Alpha Capital Aktiengesellschaft
------------------------------------
ALPHA CAPITAL AKTIENGESELLSCHAFT

(Security and Pledge Agreement (subsidiary))
<PAGE>

                   SCHEDULE A TO SECURITY AND PLEDGE AGREEMENT

----------------------------------- -------------------- -----------------------
                                    INITIAL CLOSING      SECOND CLOSING
LENDER                              NOTE PRINCIPAL       NOTE PRINCIPAL
----------------------------------- -------------------- -----------------------
STONESTREET LIMITED PARTNERSHIP     $287,500.00          $287,500.00
33 Prince Arthur Ave.
Toronto, Ontario M5R 1B2, Canada
Fax: (416) 323-3693
----------------------------------- -------------------- -----------------------
WHALEHAVEN CAPITAL FUND LTD.        $230,000.00          $230,000.00
3RD Floor, 14 Par-Laville Road
Hamilton, Bermuda HM08
Fax: (441) 292-1373
----------------------------------- -------------------- -----------------------
ELLIS INTERNATIONAL LTD.            $143,750.00          $143,750.00
53rd Street Urbanizacion Obarrio
Swiss Tower, 16th Floor, Panama
Republic of Panama
Fax: (516) 887-8990
----------------------------------- -------------------- -----------------------
BRISTOL INVESTMENT FUND, LTD.       $383,332.95          $383,332.95
Caledonia House, Jennett Street
George Town, Grand Cayman
Cayman Islands
Fax: (323) 468-8307
----------------------------------- -------------------- -----------------------
ALPHA CAPITAL AKTIENGESELLSCHAFT    $383,332.95          $383,332.95
Pradafant 7
9490 Furstentums
Vaduz, Lichtenstein
Fax: 011-42-32323196
----------------------------------- -------------------- -----------------------
TOTAL                               $1,427,915.90        $1,427,915.90
----------------------------------- -------------------- -----------------------

(Security and Pledge Agreement (subsidiary))
<PAGE>
                                     ANNEX I

                                       TO

                          SECURITY AND PLEDGE AGREEMENT

                                PLEDGE AMENDMENT

      This Pledge Amendment, dated _________ __, 200_, is delivered pursuant to
Section 4.3 of the Security and Pledge Agreement referred to below. The
undersigned hereby agrees that this Pledge Amendment may be attached to the
Security and Pledge Agreement, dated June ____, 2005, as it may heretofore have
been or hereafter may be amended, restated, supplemented or otherwise modified
from time to time and that the shares listed on this Pledge Amendment shall be
hereby pledged and assigned to Collateral Agent and become part of the
Collateral referred to in such Security and Pledge Agreement and shall secure
all of the Obligations referred to in such Security and Pledge Agreement.

----------------------- ----------------- ----------------- --------------------

                             Number                             Certificate
Name of Issuer             of Shares           Class             Number(s)
--------------             ---------           -----             ---------
----------------------- ----------------- ----------------- --------------------
----------------------- ----------------- ----------------- --------------------

----------------------- ----------------- ----------------- --------------------
----------------------- ----------------- ----------------- --------------------

----------------------- ----------------- ----------------- --------------------
----------------------- ----------------- -----------------

----------------------- ----------------- -----------------

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

(Security and Pledge Agreement (subsidiary))

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