Document:

Exhibit 10.46

                                 LOAN AGREEMENT

                  THIS LOAN AGREEMENT (the "Agreement") is entered into as of
September 28, 2001 among Phone 1, Inc. (the "Borrower"), a Florida Corporation,
having its business address at 100 North Biscayne Blvd, Suite 2500, Miami,
Florida, 33132; Globaltron Corporation ( the "Guarantor"), a Florida corporation
and a parent of the Borrower, having its principal office at 100 North Biscayne
Blvd, Suite 2500, Miami, Florida, 33132 and GNB Bank Panama S.A. (the "Lender"),
a bank organized organized under the laws of the Republic of Panama, having its
principal offices at Calle 50 y Aquilino de la Guardia, Torre Banco Continental,
Piso 30, Panama City, Republic of Panama (the "Office").

                                 R E C I T A L S

                  WHEREAS, subject to and upon the terms and conditions herein
set forth, the Lender is willing to make available to the Borrower certain
loaned money as provided for herein;

                  WHEREAS, as an inducement to the Lender, the Guarantor wishes
to guaranty Borrower's obligations hereunder, including but not limited to the
repayment of the Loan and its interest.

                  NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

                  1.1 Definitions.

                  (a) As used in this Agreement, the following defined terms
shall have the meanings indicated below:

                  "Agreement" means this Loan Agreement, the Exhibits and any
other documents or instruments delivered in accordance herewith, as the same may
be amended from time to time in accordance with the terms hereof.

                  "Borrower" has the meaning ascribed to it in the forepart of
this Agreement.

                  "Business Day" means any day other than a Saturday, Sunday or
any day on which State and Federal banking institutions in the State of New York
are authorized or obligated by law or executive order to close.

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                  "Election Number" shall mean the Partial Amount divided by the
Total Amount.

                  "Event of Default" has the meaning ascribed to it in Article
III.

                  "Exchange Act" shall mean the Securities Exchange Act of 1934
or any successor statute thereof.

                  "Guarantor" has the meaning ascribed to it in the forepart of
this Agreement.

                  "Guaranteed Obligations" shall have the meaning set forth in
Section 7.1.

                  "Indebtedness" shall mean as to any Person (i) all
indebtedness (including principal, interest, fees and charges) of such Person
(x) evidenced by any notes, bonds, debentures or similar instruments made or
issued by such Person, (y) for borrowed money or (z) for the deferred purchase
price of property or services, (ii) the face amount of all letters of credit
issued for the account of such Person, (iii) all liabilities secured by any lien
on any property owned by such Person, (iii) all liabilities secured by any lien
on any property owned by such Person, whether or not such liabilities have been
assumed by such Person (provided, however, if such liability is non-recourse to
such Person, the amount of the Indebtedness attributed thereto shall not exceed
the greater of the fair market value of such property or the book value of such
property), (iv) the aggregate amount required to be capitalized in accordance
with GAAP under leases under which such Person is the lessee and (v) all
guarantees or other contingent obligations of such Person as to any of the
foregoing.

                  "Interest Rate" shall mean a 10% per annum interest rate.

                  "Lender" has the meaning attributed to it in the forepart of
this Agreement.

                  "Lien" shall mean any mortgage, pledge, hypothecation,
assignment, deposit arrangement, encumbrance, lien (statutory or other),
preference, priority or other security agreement of any kind or nature
whatsoever (including, without limitation, any conditional sale or other title
retention agreement, any financing or similar statement or notice filed under
any recording or notice statute, and any lease having substantially the same
effect as any of the foregoing).

                  "Loan" means the loan made by the Lender to the Borrower
pursuant to Section 2.1.

                  "Material Adverse Effect" shall mean (a) any material adverse
effect on the condition (financial or otherwise), business, operations, assets,
revenues, properties or prospects of the Borrower or the Guarantor, or (b) any
material adverse effect on the ability of the Borrower or the Guarantor to
perform any of their obligations under this Agreement or under the Note dated as
of this date executed among the Borrower, the Lender and the Guarantor.

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                  "Note" means the convertible Promissory Note due on the
Repayment Date of the Borrower issued pursuant to Section 2.2, in the form
attached as Exhibit 1 hereto and made a part hereto.

                  "Notice of Conversion" shall mean the notice by which the
Lender notifies the Borrower about its intention to exercise its conversion
rights.

                  "Office" shall have the meaning set forth in the forepart of
this Agreement.

                  "Partial Amount" means the principal amount and interest of
the Loan and the Note that the Lender elects to convert.

                  "Partial Election Percentage" means the percentage, on a fully
diluted basis, of the total issued and outstanding stock of the Borrower equal
to 7.5% multiplied by the Election Number.

                  "Person" or "Persons" shall mean any natural person,
corporation, limited liability company, general partnership, limited
partnership, limited liability partnership, proprietorship, joint venture, other
business organization, trust, union, association or governmental or regulatory
authority.

                  "Repayment Date" shall have the meaning set forth in Section
2.8.

                  "Securities Act" shall mean the Securities Act of 1933, as
amended, or any successor statute thereof.

                  "Total Amount" means the total outstanding principal and
interest of the Loan and the Note.

                  (b) Unless the context of this Agreement otherwise requires,
(i) words of any gender include each other gender; (ii) words using the singular
or plural number also include the plural or singular number, respectively; (iii)
the terms "hereof," "herein," "hereby" and derivative or similar words refer to
this entire Agreement; (iv) the terms "Article" or "Section" refer to the
specified Article or Section of this Agreement; and (v) the phrases "ordinary
course of business" and "ordinary course of business consistent with past
practice" refer to the business and practice of the Borrower.

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                                   ARTICLE II
                                    THE LOAN

                  2.1 The Loan.

                  Subject to and upon the terms and conditions set forth herein,
Lender shall, on the date hereof, make a Loan to the Borrower in the principal
amount of US$6,000,000.

                  2.2 Note.

                  The Borrower's obligations to pay the principal of, and
interest on, the Loan made by the Lender are evidenced by the Note to be duly
executed and delivered by the Borrower, substantially in the form of Exhibit 1,
and delivered to the Lender.

                  2.3 Method, Place and date of Payment.

                  Except as otherwise specifically provided herein, all payments
under this Agreement or the Note shall be made to the Lender not later than
12:00 Noon (New York time) on the Repayment Date or on the date when due, in
accordance with the terms of this Agreement and shall be made in lawful money of
the United States of America in New York Clearing House funds, at the Office or
such other place as may be designated by the Lender in a written notice given to
the Borrower. Whenever any payment to be made hereunder or under the Note shall
be stated to be due on a day, which is not a Business Day, the due date thereof
shall be extended to the next succeeding Business Day.

                  2.4 Prepayment.

                  The Note may not be prepaid without the express written
consent of the Lender, but in the event that $6,000,000 or more is invested in
the equity securities of the Borrower or the Guarantor and if elected by the
Lender, the Borrower shall have a mandatory obligation to prepay the outstanding
balance of the Note, together with accrued interest.

                  2.5 Interest.

                  (a) The Borrower shall pay, quarterly in arrears, interest in
respect of the unpaid principal amount of the Loan from the date hereof until
the Repayment Date (whether by acceleration or otherwise) at a rate per annum
which shall be equal to the Interest Rate.

                  (b) If principal or interest on the Loan is not paid when due,
thereafter the Borrower shall pay interest in respect of the unpaid principal
amount of the Loan at a rate per annum equal to 6% in excess of the Interest
Rate but not in excess of usury laws. Notwithstanding anything contained herein
to the contrary, an amount equal to the interest due on the outstanding balance
of the Loan shall be maintained by the Borrower in its account at a bank, within
or without the United States, designated by the Lender. The Borrower may not use
any of the funds in such accounts or permit a Lien thereon without the consent
of the Lender. Borrower specifically grants to the Lender the authority and
right to take amounts when due for interest hereunder from such account and
Borrower shall sign such authorizations or other documentation, which said bank
may require for the Lender to take such actions.

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                  (c) Accrued (and theretofore unpaid) interest in respect of
the Loan shall be payable (i) quarterly in arrears commencing on December 31,
2001; or (ii) in the occurrence of an Event of Default, on demand.

                  2.6 Net Payments.

                  All payments made by the Borrower hereunder or under the Note
will be made without setoff, counterclaim or other defense. All such payments
will be made free and clear of, and without deduction or withholding for, any
present or future taxes, levies, imposts, duties, fees, assessments or other
charges of whatever nature now or hereafter imposed by any jurisdiction or by
any political subdivision or taxing authority thereof or therein.

                  2.7 Compensation.

                  The Borrower shall compensate the Lender for all reasonable
losses, expenses and liabilities (including, without limitation, any loss,
expense or liability incurred by reason of the liquidation or re-employment of
deposits or other funds required by the Lender to fund the Loan) which the
Lender may sustain as a consequence of any default of the Borrower of its
obligation under this Agreement or the Note, including but not limited to the
repayment of the Loan.

                  2.8 Repayment.

                  The Loan and the interest shall be pay in full on the
Repayment Date which shall occur on the earliest of (i) 1 year from the date
hereof; or (ii) as provided in Section 2.4 hereof.

                  2.9 Conversion.

                  (a) By notice in writing to the Borrower, the Lender may elect
(either prior to the Repayment Date or after the Repayment Date, if the Loan and
the Note have not been fully paid) to convert the Loan and the Note in whole or
in part, as elected by the Lender (1) into either the shares described in
Subparagraphs (i) or (ii) below; or (2) part into the shares described in
Subparagraph (i) below and part into the shares described in Subparagraph (ii)
below:

                  (i) that  number of shares of common  stock or any other class
         of  securities  issued by the  Borrower,  having  privileges  or rights
         senior to the common stock, equal to the principal and interest accrued
         thereon under the Note that the Lender elects to convert divided by:

                           a) if the Lender has  elected to convert the Loan and
                  the Note in  whole,  such  conversion  price  per  share  that
                  results in granting to the Lender such number of securities of
                  the Borrower  representing  7.5%, on a fully diluted basis, of
                  the  total  issued  and  outstanding  stock  of  the  Borrower
                  immediately after the conversion; and

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                           b) if the Lender has  elected to convert the Loan and
                  the Note in part, such conversion price per share that results
                  in granting to the Lender  such  number of  securities  of the
                  Borrower representing the Partial Election Percentage; or

                  (ii) that  number of shares of common  stock of the  Guarantor
         equal to the principal and interest accrued thereon under the Note that
         the Lender elected to convert divided by 1.5.

                  (b) In the event that the Lender exercises its conversion
right with respect to only a portion of the outstanding principal amount and/or
accrued interest under the Loan and the Note, that portion of the principal
amount not so converted shall continue to accrue interest and shall be repayable
by the Borrower in accordance with the terms hereof and the Borrower shall issue
a new promissory note to the Lender in substantially the form of the surrendered
Note, in an aggregate principal amount equal to the remaining unpaid principal
balance of the surrendered Note.

                                   ARTICLE III
                                EVENTS OF DEFAULT

                  It shall be an Event of Default if any of the conditions or
events described in Sections 3.1 through 3.7 ("Events of Default") shall occur
and be continuing:

                  3.1 Failure To Make Payments When Due.

                  The Borrower shall (i) default in the payment when due of the
principal amount or the interest on the Loan or (ii) default, and such default
shall continue unremedied for two or more Business Days, in the payment when due
of any interest on the Loan or the Note or any other amounts owed by Borrower
hereunder or under the Note;

                  3.2 Breach of Agreements.

                  Failure of the Borrower to perform or comply with any of its
obligations contained in this Agreement;

                  3.3 Representations, etc.

                  Any representation, warranty, covenant or statement made by or
on behalf of the Borrower in this Agreement or in the Note or in any certificate

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delivered pursuant hereto or thereto shall prove to be untrue in any material
respect on the date as of which made or deemed made;

                  3.4 Involuntary Bankruptcy. Appointment of Receiver, Etc.

                   (i) A court shall enter a decree or order for relief in
respect of the Borrower or the Guarantor in an involuntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, which decree or order is not stayed; or any other similar relief shall
be granted and remain unstayed under any applicable federal or state law; or
(ii) an involuntary case is commenced against the Borrower or the Guarantor
under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect; or a decree or order of a court having jurisdiction in the
premises for the appointment of a receiver, liquidator, sequestrator, trustee,
custodian or other officer having similar powers over the Borrower, the
Guarantor or over all or a substantial part of any of its assets and properties,
shall have been entered; or an interim receiver, trustee or other custodian of
the Borrower, the Guarantor for all or a substantial part of its assets and
properties is involuntarily appointed; or a warrant of attachment, execution or
similar process is issued against any substantial part of the assets and
properties of the Borrower or the Guarantor and the continuance of any such
events in this clause (ii) for thirty (30) days unless dismissed, bonded,
stayed, vacated or discharged; or

                  3.5 Voluntary Bankruptcy; Appointment of Receiver, Etc.

                  The Borrower or the Guarantor shall commence a voluntary case
under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or shall consent to the entry of an order for relief in an
involuntary case, or to the conversion of an involuntary case to a voluntary
case, under any such law, or shall consent to the appointment of or making
possession by a receiver, trustee or other custodian for all or a possession by
a receiver, trustee or other custodian for all or a substantial part of its
assets and properties; the making by the Borrower or the Guarantor of any
assignment for the benefit of creditors; the admission by the Borrower or the
Guarantor in writing of their inability to pay their debts as such debts become
due; or the board of directors of the Borrower or the Guarantor, when
applicable, (or any committee thereof) adopts any resolution or otherwise
authorizes any action to approve any of the foregoing.

                  3.6 Default Under Other Agreements.

                  If either the Borrower, the Guarantor or any of its
subsidiaries shall (i) default in any prepayment of all or any portion of any
Indebtedness other than the Note or (ii) default in the observance or
performance of any agreement, covenant or condition relating to any Indebtedness
other than the Note, or contained in any instrument or agreement evidencing,
securing or relating thereto and, in the case of clauses (i) and (ii), and such
default shall continue without having been duly cured, waived or consented to,
beyond the period of grace, if any, specified in the agreement or instrument
relating thereto.

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                  3.7 Judgments or Liens.

                  One or more judgments or decrees shall be entered against the
Borrower or the Guarantor or any of its subsidiaries involving in the aggregate
for them a liability of the equivalent of $500,000 or more, and all such
judgments or decrees shall not have been vacated, discharged or stayed or
bounded pending appeal within 30 days after the entry thereof or a Lien is
imposed on the assets or properties of the Borrower in an amount of in excess,
together with other Liens, of $500,000 exclusive of Liens to equipment vendors
in the ordinary course of business.

                  3.8 Change in Condition.

                  Any material adverse change in the condition (financial or
otherwise), operations, assets, liabilities or prospects of the Borrower or any
of its subsidiaries.

                  3.9 Remedies.

                  Upon the occurrence of any Event of Default described in this
Article III, the unpaid principal amount of and accrued interest on the Loan
shall automatically become immediately due and payable, without presentment,
demand, protest or other requirements of any kind, all of which are hereby
expressly waived by the Borrower, and the obligations of the Lender hereunder
shall thereupon terminate.

                                   ARTICLE IV
                   REPRESENTATIONS, WARRANTIES AND AGREEMENTS

                  In order to induce the Lender to enter into this Agreement and
to make the Loan, the Borrower and the Guarantor, when applicable, make the
following representations, warranties and agreements as of the date hereof,
jointly and severally, which shall survive the execution and delivery of this
Agreement and the Note and the making of the Loan:

                  4.1 Legal Status.

                  The Borrower, the Guarantor and each of its subsidiaries (i)
is a duly organized and validly existing corporation in good standing under the
laws of the jurisdiction of its incorporation, (ii) has the power and authority
and possesses all franchises, permits, authorizations and approvals necessary to
carry on their business as now being conducted and to own its property and
assets, and (iii) has good and marketable title to its assets free and clear of
any Lien, except for Liens that do not cause a Material Adverse Effect in the
condition of the Borrower, the Guarantor and its subsidiaries and except as set
forth in filings with the United States Securities and Exchange Commission

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("SEC") under the Securities Act or the Exchange Act ("SEC Filings"). The
Borrower, the Guarantor and each of its subsidiaries are in good standing in
each jurisdiction where the ownership, leasing or operation of property or the
conduct of its business requires such qualification.

                  4.2 Subsidiaries.

                  The only subsidiaries of the Guarantor are set forth in the
SEC Filings. The Borrower does not have any subsidiaries.

                  4.3 Power and Authority.

                  (i) The Borrower and the Guarantor have the power and
authority to execute, deliver and perform the terms and provisions of this
Agreement and the Note and have taken, as the case may be, all necessary
corporate action to authorize the execution, delivery and performance by it of
this Agreement; (ii) the Borrower and the Guarantor have duly executed and
delivered this Agreement and the Note which constitutes their legal, valid and
binding obligation enforceable in accordance with their terms, except as such
enforcement may be limited by applicable bankruptcy, insolvency, fraudulent
conveyance, reorganization or other similar laws relating to or limiting
creditors' rights generally or by general equity principles.

                  4.4 No Violation.

                  Neither the execution, delivery or performance by the Borrower
and the Guarantor of this Agreement, nor compliance by them with the terms and
provisions thereof, nor the use of the proceeds of the Loan (i) will contravene
any provision of any law, statute, rule or regulation or any order, writ,
injunction or decree of any court or governmental instrumentality binding on the
Borrower or any of its subsidiaries, (ii) will conflict or be inconsistent with
or result in any breach of any of the terms, covenants, conditions or provisions
of, or constitute a default in respect of the terms of any indenture, mortgage,
deed or trust, credit agreement, loan agreement or any other agreement, contract
or instrument to which the Borrower or any of its subsidiaries is a party or by
which its respective properties or assets is bound or to which it may be
subject.

                  4.5 SEC Filings, Financial Statements.

                  Guarantor has filed all reports required to be filed by it
with the SEC since its incorporation (collectively, the "Guarantor SEC
Reports"). As of the respective dates they became effective, the Guarantor SEC
Reports filed pursuant to the Securities Act, and as of the respective dates of
filing of the last applicable amendment thereto the Guarantor SEC Reports which
were filed pursuant to the Exchange Act, did not contain any untrue statement of
a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading. The financial statements of Borrower and those of Guarantor

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included in the Guarantor SEC Reports complied as to form in all material
respects with the applicable published rules and regulations of the SEC with
respect thereto, were prepared in accordance with generally accepted accounting
principles applied on a consistent basis throughout the periods involved (except
as otherwise noted in those reports) and fairly present the consolidated
financial position of Borrower and the Guarantor and its consolidated
subsidiaries as at the dates thereof and the consolidated results of operations
and cash flows for the periods then ended, except that in the case of the
unaudited consolidated financial statement included in any form 10-Q, the
presentation and disclosure conform with the applicable rules of the Exchange
Act and are subject to year-end adjustments.

                  4.6 Litigation.

                  Except as set forth in the SEC Filings, there is no claim,
counterclaim, action, suit, order, proceeding or investigation pending or, to
the knowledge of the Borrower and the Guarantor, threatened against or affecting
any of them with respect to or affecting the Borrower, the Guarantor or any of
its subsidiaries, or their assets, properties or rights, or relating to the
transactions contemplated hereby, before any court, agency, regulatory,
administrative or other governmental body or officer of before any arbitrator.

                  4.7 Undisclosed Liabilities.

                  Except as set forth in the SEC Filings, the Borrower, the
Guarantor and its subsidiaries have no liabilities or obligations of any nature
(whether accrued, absolute, contingent, un-asserted or otherwise), including any
liabilities or obligations the Borrower, the Guarantor and its subsidiaries may
incur for product liability, misrepresentation, fraud or comparable claims
arising out of the conduct of the business of the Borrower, the Guarantor and
its subsidiaries prior to the date hereof, except (i) as set forth on the SEC
Reports, (ii) for purchase contracts and orders for inventory, equipment and
supplies in the ordinary course of business consistent with past practice, and
not in violation of this Agreement.

                  4.8 True and Complete Disclosure.

                  All factual information (taken as a whole) heretofore or
contemporaneously furnished by or on behalf of the Borrower and the Guarantor in
writing to the Lender for purposes of or in connection with this Agreement or
any transaction contemplated herein or in the Note is, and all other such
factual information (taken as a whole) hereafter furnished by or on behalf of
the Borrower and the Guarantor in writing to any Lender will be, true and
accurate in all material respects on the date as of which such information is
dated or certified and not incomplete by omitting to state any fact necessary to
make such information (taken as a whole) not misleading at such time in light of
the circumstances under which such information was provided. There is no fact or
circumstances which has, or is reasonably likely to have, a Material Adverse
Effect on the Borrower or the Guarantor or taken as a whole which has not been
disclosed herein or in such other documents, certified and statements furnished
to the Lender for use in connection with the transactions contemplated hereby.

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                  4.9 Tax Returns and Payments.

                   Except as provided in Schedule 4.6, the Borrower and the
Guarantor have filed all tax returns required to be filed by them and have paid
all taxes payable by them which have become due pursuant to such tax returns and
all other taxes and assessments payable by them which have become due, other
than those not yet delinquent and except for those contested in good faith and
for which adequate reserves have been established.

                  4.10 Capitalization.

                  (a) As of the date hereof, the authorized capital stock of the
Borrower consists of [ ] shares of common stock, $.001 par value per share, of
which [ ] shares are issued and outstanding and [ ] shares of preferred stock,
$.001 par value per share, none of which is issued and outstanding. All the
outstanding shares have been duly and validly issued, are fully paid and
non-assessable.

                  4.11 Compliance with Laws, etc.

                  The Borrower, the Guarantor and all of its subsidiaries are in
compliance in all material respects with all applicable statutes, regulations
and orders of, and all applicable restrictions imposed by, all governmental
bodies in respect of the conduct of its business and the ownership of its
property (including applicable statutes, regulations, orders and restrictions
relating to environmental standards and controls).

                  4.12 Labor Relations.

                  To the Borrower's and the Guarantor's knowledge there is (i)
no significant unfair labor practice complaint pending or threatened against
either the Borrower, the Guarantor or any of its subsidiaries, or before any
governmental body or agency and no significant grievance or significant
arbitration proceeding arising out of or under any collective bargaining
agreement is so pending against the Borrower or any of its subsidiaries,
threatened against the Borrower, the Guarantor or any of its subsidiaries or,
(ii) no significant strike, labor dispute, slowdown or stoppage pending against
the Borrower, the Guarantor or any of its subsidiaries or, threatened against
the Borrower, the Guarantor or any of its subsidiaries, (iii), no union
representation question existing with respect to the employees of the Borrower,
the Guarantor or any of its subsidiaries.

                  4.13 Properties.

                  Except as set forth in the SEC Filings, the Borrower and the
Guarantor have good and marketable title, without regard to defects of title,
which do not have a Material Adverse Effect, to all properties owned by them,
free and clear of all Liens. With respect to any lease or rental agreement to
which the Borrower or the Guarantor are a party, (i) such lease or rental
agreement is in full force and effect, (ii) the Borrower and/or the Guarantor
have complied in all material respects with all of the terms of such lease or
rental agreement.

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                  4.14 Assets other than Real Property.

                  The Borrower, the Guarantor and its subsidiaries has good
title to all tangible assets owned by them reflected in the SEC Reports and
financial information, free and clear of all Liens that individually or in the
aggregate would not have a Material Adverse Effect on the Borrower, the
Guarantor or its subsidiaries. The Borrower, the Guarantor and its subsidiaries
own, or lease all the intangible personal property currently used in the conduct
of its business as presently conducted. All the intangible personal property
owned by the Borrower, the Guarantor or its subsidiaries is in all material
respects in good operating condition and repair, ordinary wear and tear
excepted, and all personal property leased by the Borrower or the Guarantor is
in all material respects in the condition required of such property by the terms
of the lease applicable thereto.

                  4.15 Patents, Licenses, Franchises and Formulas.

                  The Borrower and the Guarantor own all the patents,
trademarks, permits, service marks, trade names, copyrights, licenses,
franchises and formulas, or rights with respect to the foregoing, and have
obtained assignments of all leases and other rights of whatever nature,
necessary for the present conduct of their business, without any known conflict
with the rights of others which, or the failure to obtain which, as the case may
be, would result in a Material Adverse Effect on the Borrower or the Guarantor.

                  4.16 Intellectual Property.

                  (a) The Borrower and the Guarantor own and posses all right,
title and interest in and to, or have a valid license to use, all of the
Proprietary Rights (as defined below) used in the operation of its business as
presently conducted and none of such Proprietary Rights have been abandoned;

                  (b) the Borrower or the Guarantor have not received any notice
of any reasonable basis for an allegation of, any infringement or
misappropriation by, or conflict with, any third party with respect to such
Proprietary Rights; and

                  (c) neither the Borrower nor the Guarantor or any of its
subsidiaries has infringed, misappropriated or otherwise violated any material
Proprietary Rights of any third parties, and neither the Borrower nor the
Guarantor has knowledge of any infringement, misappropriation or conflict which
will occur as a result of the continued operation of the Borrower and the
Guarantor as presently operated.

                  As used herein, the term "Proprietary Rights" means all
proprietary information of the Borrower and Guarantor, including all patents,
patent applications, patents rights and inventions, trademarks, service marks,
trade names, copyrights and trade secrets.

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                  4.17 Insurance.

                  The Borrower, the Guarantor and its subsidiaries presently
maintains and have maintained in effect since their formation all the insurance
policies required by applicable law or reasonably appropriate in connection with
the operation of its business as presently conducted.

                  4.18 No Misrepresentation.

                  The representations and warranties contained in this Article
IV and any Exhibits contained attached hereto, do not contain any untrue
statement or a material fact or omit to state any material fact necessary in
order to make the statements and information contained in this Section 4 and on
such Exhibits not misleading.

                                    ARTICLE V
                              AFFIRMATIVE COVENANTS

                  The Borrower and the Guarantor covenant and agree that on and
after the date hereof and until the Note, together with all accrued interest,
fees and all other obligations incurred hereunder and thereunder, are paid in
full:

                  5.1 Information Covenants.

                  The Borrower and the Guarantor will furnish or cause to be
furnished to the Lender:

                  (a) Promptly, copies of all financial information, proxy
materials and material filings, reports and information which either of the
Borrower and the Guarantor shall file or be required to file with any agency,
regulatory authority or instrumentality of the Government.

                  (b) Other Information.  From time to time, such other
information or documents (financial or otherwise) as any Lender may reasonably
request.

                  5.2 Books, Records and Inspections.

                  The Borrower, the Guarantor and each of its subsidiaries will
keep proper books of record and account in which full, true and correct entries
in conformity with generally accepted accounting principles in the United States
consistently applied in the jurisdiction of each corporation and all
requirements of applicable law shall be made of all dealings and transactions in
relation to its business and activities.

                                       13
<PAGE>

                  5.3 Maintenance of Property, Insurance.

                  The Borrower, the Guarantor and each of its subsidiaries will
(i) keep all property useful and necessary in its business in good working order
and condition (ordinary wear and tear excepted), (ii) maintain with financially
sound and reputable insurance companies insurance on all its property in at
least such amounts and against at least such risks as are customary and in
accordance with industry standards for the business in which it is engaged.

                  5.4 Corporate Franchises.

                  The Borrower, the Guarantor and each of its subsidiaries will
do or cause to be done, all things reasonably necessary to preserve and keep in
full force and effect its existence and its material rights, franchises,
licenses and other intellectual property.

                  5.5 Compliance with Statutes, etc.

                  The Borrower, the Guarantor and each of its subsidiaries will
comply with all applicable statutes, regulations and orders of, and all
applicable restrictions imposed by, all governmental bodies, domestic or
foreign, in respect of the conduct of its business and the ownership of its
property, except where the failure to so comply would not have a Material
Adverse Effect on the Borrower, the Guarantor or any of its subsidiaries.

                  5.6 Performance of Obligations.

                   The Borrower, the Guarantor and each of its subsidiaries
will: (i) perform all of its obligations under (a) this Agreement, and (b) the
terms of each other mortgage, indenture, security agreement, and other debt
instrument by which it is bound, except where the failure to so perform would
not have a Material Adverse Effect on the Borrower, the Guarantor or any of its
subsidiaries.

                  5.7 Taxes.

                  The Borrower, the Guarantor and each of its subsidiaries will
pay and discharge or cause to be paid and discharged all applicable federal,
state, local and other material taxes, assessments and governmental charges or
levies imposed upon it or upon its income or profits or upon any of its
property, real, personal or mixed or upon any part thereof, when due, as well as
all lawful claims for labor, materials and supplies which, if unpaid might by
law become a lien upon such property.

                  5.8 Compliance.

                  The Borrower, the Guarantor and each of its subsidiaries will
maintain all material authorizations, qualifications, licenses and permits
necessary for the operation of their respective business and the ownership of
their respective property.

                                       14
<PAGE>

                                   ARTICLE VI
                               NEGATIVE COVENANTS

                  The Borrower and the Guarantor, when applicable, covenant and
agree that on and after the date hereof and until the Loan and the Note,
together with interest, fees and all other obligations incurred hereunder and
thereunder, are paid in full:

                  6.1 Liens.

                  The Borrower, the Guarantor and each of its subsidiaries will
not, create, incur, assume or suffer to exist any Lien upon or with respect to
any property or assets (real or personal, tangible or intangible) of each of
them, whether now owned or hereafter acquired.

                  6.2 Consolidation, Merger, Sale of Assets, etc.

                  The Borrower, the Guarantor and each of its subsidiaries will
not wind up, liquidate or dissolve its affairs or enter into any transaction of
merger or consolidation, or convey, sell, lease or otherwise dispose of (or
agree to do any of the foregoing, at any future time) all or any part of its
property or assets, or purchase or otherwise acquire (in one or a series of
related transactions) any part of the property or assets (other than purchases
or other acquisitions of inventory, materials and equipment in the ordinary
course of business) of any Person.

                  6.3 Dividends and Redemptions.

                  (a) The Borrower, the Guarantor and each of its subsidiaries
will not declare or pay any dividends, or return any capital, to its
stockholders or authorize or make any other distribution, payment or delivery of
property or cash to its stockholders as such, or redeem, retire, purchase or
otherwise acquire, directly or indirectly, for any consideration, any shares of
any class of its capital stock now or hereafter outstanding (or any options or
warrants issued by the Borrower or the Guarantor with respect to its capital
stock), or set aside any funds for any of the foregoing purposes; and (b) the
Borrower or the Guarantor will not redeem any common stock of either the
Borrower or the Guarantor.

                  6.4 Indebtedness.

                  Except hereunder, the Borrower and the Guarantor will not, and
will not permit any of its subsidiaries to, contract, create, incur, assume or
suffer to exist any Indebtedness, except (i) certain vendor financing as
described in the SEC Filings and (ii) charges payable incurred in the ordinary
course of business.

                  6.5 Advances, Investments and Loans.

                   The Borrower and the Guarantor will not, and will not permit
any of its subsidiaries to, lend money or credit or make advances to any Person,
or purchase or acquire any stock, obligations or securities of, or any other
interest in, or make any capital contribution to, any other Person, except that
the following shall be permitted: (i) advances, investments and loans to

                                       15
<PAGE>

wholly-owned subsidiaries of the Borrower or upstream advances, investments and
loans to the Guarantor; (ii) loans made in the ordinary course of business to
employees; (iii) extensions of credit made in the ordinary course of business in
accordance with customary trade practices; (iv) capital expenditures and (v)
presently outstanding loans and investments if any, as disclosed in the
Guarantor SEC Filings.

                  6.6 Transactions with Affiliates.

                  Neither the Borrower nor the Guarantor will enter into any
transaction or series of related transactions, whether or not in the ordinary
course of business, with any affiliate other than on terms and conditions
substantially as favorable to, as the case may be, the Borrower or any such
subsidiary as would be obtainable by the Borrower or the Guarantor at the time
in a comparable arm's-length transaction with a Person other than an affiliate.

                  6.7   Limitation   on  Issuance  of  Common   Stock  or  other
                        Securities.

                  The Borrower and the Guarantor will not, and will not permit
any of its subsidiaries to, issue any common stock or other securities
(including by way of sales of treasury stock) or any options or warrants to
purchase, or securities convertible into, common stock, except for (i) transfers
and replacements of then outstanding shares of common stock, (ii) stock splits,
stock dividends and similar issuances which do not decrease the percentage
ownership of the Guarantor in any class of the common stock of the any of the
subsidiaries of the Borrower.

                  6.8 Business.

                  Neither the Borrower nor the Guarantor will engage (directly
or indirectly) in any business other than the business in which they are engaged
on the date hereof.

                                   ARTICLE VII
                                    GUARANTY

                  7.1 The Guarantor irrevocably and unconditionally, guarantee
the full and prompt payment when due of the principal amount of and interest on
the Note issued under this Agreement and of all other obligations and
liabilities of the Borrower now existing or hereafter incurred under, arising
out of or in connection with this Agreement and the Note and the due performance
and compliance with the terms of this Agreement and the Note by the Borrower
("Guaranteed Obligations"). The Guarantor understands, agrees and confirms that
the Lender may enforce this guaranty obligation up to the full amount of the
Guaranteed Obligations against it without proceeding against the Borrower. The
Guarantor irrevocably and unconditionally promises to pay such Guaranteed
Obligations to the Lender, or order, on demand, in lawful money of the United
States of America. The guaranty provided herein shall constitute a guarantee of
payment and not of collection.

                                       16
<PAGE>

                  7.2 The Guarantor hereby waives notice of acceptance of this
guaranty obligation and notice of any liability to which it may apply, and
waives presentment, demand of payment, protest, notice of dishonor or nonpayment
of any such liability, suit or taking of other action by the Lender against, and
any other notice to, any party liable thereon (including the Guarantor).

                  7.3 The obligations of the Guarantor under this agreement are
absolute and unconditional and shall remain in full force and effect without
regard to, and shall not be released, suspended, discharged, terminated or
otherwise affected by, any circumstance or occurrence whatsoever.

                                  ARTICLE VIII
                                  MISCELLANEOUS

                  8.1 Notices.

                  All notices, requests and other communications hereunder must
be in writing and delivered personally against written receipt, by facsimile
transmission with answer back confirmation or mailed by prepaid first class
certified mail (air mail, if faster delivery), return receipt requested, or
mailed by overnight (or in the case of notices being sent or delivered outside
the United States, second day) courier prepaid, to the parties at the following
addresses or facsimile numbers:

                  If to Borrower, to:

                  Phone 1, Inc.
                  100 North Biscayne Blvd, Suite 2500
                  Miami, Florida, 33132
                  Attn: Dario Echeverry
                  Fax: (305) 371-6540

                  with a copy to:

                  Proskauer Rose LLP
                  1585 Broadway
                  New York, New York 10036
                  Attn: David W. Sloan, Esq.
                  Fax: (212) 969-2900

                  If to the Guarantor, to:

                  Globaltron Corporation
                  100 North Biscayne Blvd, Suite 2500
                  Miami, Florida, 33132
                  Attn: Syed Naqvi
                  Fax: (305) 371-6540

                                       17
<PAGE>

                  with a copy to:

                  Proskauer Rose LLP
                  1585 Broadway
                  New York, New York 10036
                  Fax: (212) 969-2900

                  If to Lender, to:

                  GNB Bank Panama S.A
                  Calle 50 y Aquilino de la Guardia,
                  Torre Banco Continental, Piso 30
                  Ciudad de Panama, Panama.
                  Attn: Magda Rodriguez
                  Fax: (011-507) 215-7560

                  with a copy to:

                  Camilo Verastegui
                  Fax: (011-507) 215-7560

                  All such notices, requests and other communications will (i)
if delivered personally to the address as provided in this Section, be deemed
given upon delivery, (ii) if delivered by facsimile transmission to the
applicable facsimile number as provided in this Section, be deemed given upon
receipt, (iii) if delivered by United States mail in the manner described above
to the address as provided in this Section, be deemed given on the earlier of
the tenth Business Day following mailing or upon receipt and (iv) if delivered
by courier to the address as provided in this Section, be deemed given on the
earlier of the first Business Day (second Business Day in the case of notices
given or sent outside the United States) following the date sent by such courier
or upon receipt (in each case regardless of whether such notice, request or
other communication is received by any other Person to whom a copy of such
notice is to be delivered pursuant to this Section). Any party from time to time
may change its address, facsimile number or other information for the purpose of
notices to that party by giving notice specifying such change to the other party
hereto at least ten (10) Business Days prior to the effective date of such
notice.

                  8.2 Entire Agreement.

                  This Agreement and the Note supersede all prior discussions
and agreements between the parties with respect to the subject matter hereof and
thereof and contain the sole and entire agreement between the parties hereto
with respect to the subject matter hereof and thereof.

                  8.3 Independence of Representations, Warranties and Covenants.

                   All representations, warranties and covenants hereunder shall
be given independent effect so that if a particular action or condition is not
permitted by any of such covenants, the fact that it would be permitted by an
exception to, or be otherwise within the limitation of, another representation,
warranty or covenant shall not avoid the occurrence of an Event of Default if
such action is taken or condition exists.

                                       18
<PAGE>

                  8.4 No Third Party Beneficiary.

                  The terms and provisions of this Agreement are intended solely
for the benefit of each party hereto and their respective successors or
permitted assigns, and it is not the intention of the parties to confer
third-party beneficiary rights.

                  8.5 Assignment; Binding Effect.

                  This Agreement, all the rights, interest or obligation
hereunder may be assigned by the other party with the prior written consent of
the other party. This Agreement is binding upon, inures to the benefit of and is
enforceable by the parties hereto and their respective permitted successors and
assigns.

                  8.6 Headings.

                  The headings used in this Agreement have been inserted for
convenience of reference only and do not define or limit the provisions hereof.

                  8.7 Invalid Provisions.

                  If any provision of this Agreement is held to be illegal,
invalid or unenforceable under any present or future Law, and if the rights or
obligations of any party hereto under this Agreement will not be materially and
adversely affected thereby, (i) such provision will be fully severable, (ii)
this Agreement will be construed and enforced as if such illegal, invalid or
unenforceable provision had never comprised a part hereof, (iii) the remaining
provisions of this Agreement will remain in full force and effect and will not
be affected by the illegal, invalid or unenforceable provision or by its
severance here from and (iv) in lieu of such illegal, invalid or unenforceable
provision, there will be added automatically as a part of this Agreement a
legal, valid and enforceable provision as similar in terms to such illegal,
invalid or unenforceable provision as may be possible.

                  8.8 Governing Law.

                  THIS AGREEMENT, HAVING BEEN SIGNED IN THE STATE OF NEW YORK,
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE
STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW
PROVISION OR RULE.

                                       19
<PAGE>

                  8.9 Computations.

                  All computations of interest hereunder shall be made on the
basis of a year of 360 days for the actual number of days (including the first
day but excluding the last day) occurring in the period for which such interest
are payable.

                  8.10 Counterparts.

                  This Agreement may be executed in any number of counterparts,
each of which will be deemed an original, but all of which together will
constitute one and the same instrument.

                  8.11 Independent Advice.

                  Lender confirms that he fully understands his rights and
obligations hereunder and that he has had an opportunity to consult with such
independent advisors, including counsel, as he deemed necessary or appropriate.

                                       20
<PAGE>

         IN WITNESS WHEREOF, this Agreement has been duly executed and delivered
by the duly authorized officer of each party hereto as of the date first above
written.

                                            PHONE 1, INC.

                                            By: _________________________
                                            Name: _______________________
                                            Title:   _______________________

                                            GLOBALTRON CORPORATION

                                            By: _________________________
                                            Name:    ______________________
                                            Title:   _______________________

                                            GNB BANK PANAMA S.A.

                                            By: __________________________
                                            Name:    _______________________
                                            Title:   _______________________

                                       21

<PAGE>

THIS NOTE MAY NOT BE TRANSFERRED, SOLD, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT
IN ACCORDANCE WITH ALL APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

                                      NOTE
                                      ----

$6,000,000
                                                                    New York, NY
                                                             September 28, 2001

         FOR VALUE RECEIVED, Phone 1 Inc., a Florida corporation (the
"Borrower"), having a principal office at 100 North Biscayne Blvd, Suite 2500,
Miami, Florida 33132 hereby promises to pay to the order of GNB Bank Panama S.A.
("Lender") on the Repayment Date, at Calle 50 y Aquilino de la Guardia, Torre
Banco Continental, Piso 30, Panama City, Republic of Panama, or such other place
(the "Office"), as may be designated by the Lender in a written notice given to
the Borrower, in lawful money of the United Sates of America in New York
Clearing House funds, the principal sum of Six Million ($6,000,000.00) United
States Dollars (the "Principal Amount").

         The Borrower promises also to pay, quarterly in arrears, interest on
the unpaid Principal Amount in like money at said Office from the date hereof
until paid at Interest Rate.

         Capitalized terms used herein but not defined shall have the meanings
ascribed to them in the Loan Agreement, dated as of the date hereof, between the
Borrower, the Lender and Globaltron Corporation as the guarantor.

         Any interest due under this Note may be offset by the Lender as against
any funds of the Borrower on deposit at the Lender, if any.

         By notice in writing to the Borrower, the Lender may elect (either
prior to the Repayment Date or after the Repayment Date, if this Note has not
been fully paid) to convert this Note in whole or in part, as elected by the
Lender (1) into either the shares described in Subparagraphs (i) or (ii) below;
or (2) part into the shares described in Subparagraph (i) below and part into
the shares described in Subparagraph (ii) below:

                  (i) that number of shares of common stock or any other class
         of securities issued by the Borrower, having privileges or rights
         senior to the common stock, equal to the principal and interest accrued
         thereon under the Note that the Lender elects to convert divided by:

                           a) if the Lender has elected to convert the Loan and
                  the Note in whole, such conversion price per share that
                  results in granting to the Lender such number of securities of
                  the Borrower representing 7.5%, on a fully diluted basis, of
                  the total issued and outstanding stock of the Borrower
                  immediately after the conversion; and

                           b) if the Lender has elected to convert the Loan and
                  the Note in part, such conversion price per share that results
                  in granting to the Lender such number of securities of the
                  Borrower representing the Partial Election Percentage; or

<PAGE>

                  (ii) that number of shares of common stock of the Guarantor
         equal to the principal and interest accrued thereon under the Note that
         the Lender elected to convert divided by 1.5.

         In the event that the Lender exercises its conversion right with
respect to only a portion of the outstanding principal amount and/or accrued
interest under this Note, that portion of the principal amount not so converted
shall continue to accrue interest and shall be repayable by the Borrower in
accordance with the terms hereof and the Borrower shall issue a new promissory
note to the Lender in substantially the form of the surrendered Note, in an
aggregate principal amount equal to the remaining unpaid principal balance of
the surrendered Note.

         The Borrower shall pay on demand all losses, costs and expenses, if any
(including reasonable counsel fees and expenses), in connection with the
enforcement (whether through negotiations, legal proceedings or otherwise) of
this Note.

         The Borrower hereby waives presentment, demand, protest or notice of
any kind in connection with this Note.

         No failure on the part of Lender to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise of any right hereunder preclude any other or further
exercise thereof or the exercise of any other right. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law.

         This Note, having been signed in the State of New York, shall be
governed by and construed in accordance with the laws of the State of New York,
United States of America, without regard to conflict of law principles.

         Any proceedings with respect to the interpretation of this Note or the
rights and obligations of the undersigned shall be exclusively brought in the
United States District Court for the Southern District of New York or, if such
court lacks subject matter jurisdiction, in the Supreme Court of the State of
New York, County of New York and the undersigned waives the right to object to
the jurisdiction or venue of either such Court or to claim it is inconvenient
forum.

                                            PHONE 1 INC.

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

                                            Title:
                                                  ---------------------------Exhibit 10.48

                                 PROMISSORY NOTE
<TABLE>
<S>              <C>           <C>          <C>              <C>          <C>             <C>        <C>
  Principal       Loan Date     Maturity      Loan No.       Call/Coll      Account       Officer     Initials
$1,000,000.00    03-29-2002    04-29-2002   400017332463                  00000016215      10136     [ILLEGIBLE]
</TABLE>

  References in the shaded area are for Lender's use only and do not limit the
         applicability of this document to any particular loan or item.
Any item above containing ***** has been omitted due to text length limitations.

<TABLE>
<S>                                                  <C>
Borrower: PHONE 1, INC (TIN: 65-1060211)             Lender: Eagle National Bank of Miami
          100 North Biscayne Blvd. Suite 2500                701 Brickell Avenue Suite 1250
          Miami, FL 33132                                    Miami, FL 33131
</TABLE>

<TABLE>
<S>                                <C>                      <C>
Principal Amount: 1,000,000.00     Initial Rate: 5.750%     Date of Agreement: March 29, 2002
</TABLE>

PROMISE TO PAY, PHONE 1, INC ("Borrower") promises to pay to Eagle National Bank
of Miami ("Lender"), or order, in lawful money of the United States of America,
the principal amount of One Million & 00/100 Dollars ($1,000,000.00), together
with Interest on the unpaid principal balance from March 29, 2002, until paid in
full. The Interest rate will not increase above 25.000%.

PAYMENT. Borrower will pay this loan in one principal payment of $1,000,000.00
plus Interest on April 29, 2002. This payment due on April 29, 2002, will be for
all principal and all accrued interest not yet paid. Unless otherwise agreed or
required by applicable law, payments will be applied first to accrued unpaid
interest, then to principal, and any remaining amount to any unpaid collection
costs and late charges. The annual interest rate for this Note is computed on a
365/360 basis; that is, by applying the ratio of the annual interest rate over a
year of 360 days, multiplied by the outstanding principal balance, multiplied by
the actual number of days the principal balance is outstanding. Borrower will
pay Lender at Lender's address shown above or at such other place as Lender may
designate in writing.

VARIABLE INTEREST RATE. The interest rate on this Note is subject to change from
time to time based on changes in an independent index which is the Wall Street
Prime Rate (the "index"). The Index is not necessarily the lowest rate charged
by Lender on its loans. If the index becomes unavailable during the term of this
Loan, Lender may designate a substitute index after notice to Borrower. Lender
will tell Borrower the current index rate upon Borrower's request. The interest
rate change will not occur more often than each Day. Borrower understands that
Lender may make loans based on other rates as well. The index currently is
4.750% per annum. The interest rate to be applied to the unpaid principal
balance of this Note will be at a rate of 1.000 percentage point over the index,
rounded to the nearest 0.125 percent, resulting in an initial rate of 5.750% per
annum. Notwithstanding the foregoing, the variable interest rate or rates
provided for in this Note will be subject to the following maximum rate. NOTICE:
Under no circumstances will the effective rate of interest on the Note be more
than (expect for any higher default rate shown below) the lesser of 25.000% per
annum or the maximum rate allowed by applicable law.

PREPAYMENT. Borrower may pay without penalty all or a portion of the amount owed
earlier than it is due. Early payments will not, unless agreed to by Lender in
writing, relieve Borrower of Borrower's obligation to continue to make payments
under the payment schedule. Rather, early payments will reduce the principal
balance due. Borrower agrees not to send Lender payments marked "paid in full",
"without recourse", or similar language. If Borrower sends such a payment,
Lender may accept it without losing any of Lender's rights under this Note, and
Borrower will remain obligated to pay any further amount owed to Lender. All
written communications concerning disputed amounts, including any check or other
payment instrument that indicates that the payment constitutes "payment in full"
of the amount owed or that is tendered with other conditions or limitations or
as full satisfaction of a disputed amount must be mailed or delivered to Eagle
National Bank of Miami, 066006349, 701 Brickell Avenue Suite 1250 Miami, FL
33131.

LATE CHARGE. If a payment is 10 days or more late, Borrower will be charged
5.000% of the unpaid portion of the regularly scheduled payment.

INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final
maturity, Lender, at its option, may, if permitted under applicable law,
increase the variable interest rate on this Note to 18.000% per annum, if and to
the extent that the increase does not cause the interest rate to exceed the
maximum rate permitted by applicable law.

DEFAULT. Each of the following shall constitute an event of default ("Event of
Default") under this Note:

         Payment Default. Borrower fails to make any payment when due under this
         Note.

         Other Defaults. Borrower fails to comply with or to perform any other
         term, obligation, covenant or condition contained in the Note or in any
         of the related documents or to comply with or to perform any term,
         obligation, covenant or condition contained in any other agreement
         between Lender and Borrower.

         Default in favor of Third Parties. Borrower or any Grantor defaults
         under any loan, extension of credit, security agreement, purchase or
         sales agreement, or any other agreement, in favor of any other creditor
         or person that may materially affect any of Borrower's property or
         Borrower's ability to repay this Note or perform Borrower's obligations
         under this Note or any of the related documents.

         False Statements. Any warranty, representation or statement made or
         furnished to Lender's by Borrower or on Borrower's behalf under this
         Note or the related documents is false or misleading in any material
         respect either now or at the time made or furnished or becomes false or
         misleading at any time thereafter.

         Insolvency. The dissolution or termination of Borrower's existence as a
         going business, the insolvency of Borrower, the appointment of a
         receiver for any part of Borrower's property, any assignment for the
         benefit of creditors, any type of creditor workout, or the commencement
         of any proceeding under any bankruptcy or insolvency laws by or against
         Borrower.

         Creditor or Forfeiture Proceedings. Commencement of foreclosure or
         forfeiture proceedings, whether by judicial proceeding, self help,
         repossession or any other method, by law creditor of Borrower or by any
         governmental agency against any collateral securing the loan. This
         includes a garnishment of any of Borrower's accounts, including deposit
         accounts, with Lender. However, this Event of Default shall not apply
         if there is good faith dispute by Borrower as to the validity or
         reasonableness of the claim which is the basis of the creditor or
         forfeiture proceeding and if the Borrower gives Lender written notice
         of the creditor or forfeiture proceeding and deposits with Lender
         monies or a security bond for the creditor or forfeiture proceeding, in
         an amount determined by Lender, in its sole discretion, as being an
         adequate reserve or bond for the dispute.

         Events Affecting Guarantor. Any of the preceding events occurs with
         respect to any Guarantor of any of the indebtedness or any Guarantor
         dies or becomes incompetent, or revokes or disputes the validity of, or
         liability under, any guaranty of the indebtedness evidenced by this
         Note. In the event of a death, Lender, at its option, may, but shall
         not be required to, permit the Guarantor's estate to assume
         unconditionally the obligations arising under the guaranty in a manner
         satisfactory to Lender and, in doing so, cure any Event of Default.

         Change in Ownership. Any change in ownership of twenty-five percent
         (25%) or more of the common stock of Borrower.

         Adverse Change. A material adverse change occurs in Borrower's
         financial condition, or Lender believes the prospect of payment or
         performance of this Note is impaired.

         Insecurity. Lender in good faith believes itself insecure.

         Cure Provisions. If any default, other than a default in payment is
         curable and if Borrower has not been given a notice of a breach of the
         same provision of this Note within the preceding twelve (12) months, it
         may be cured (and no event of default will have occurred) if Borrower,
         after

<PAGE>
                                 PROMISSORY NOTE
                                   (Continued)

Loan No: 400017332463                                                     Page 2

         receiving written notice from Lender demanding cure of such default:
         (1) cures the default within ten (10) days; or (2) if the cure requires
         more than ten (10) day, immediately initiates steps which Lender deems
         in Lender's sole discretion to be sufficient to cure the default and
         thereafter continues and completes all reasonable and necessary steps
         sufficient to produce compliance as soon as reasonably practical.

LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal
balance on this Note and all accrued unpaid interest immediately due, and then
Borrower's will pay that amount.

ATTORNEY'S FEES: EXPENSES. Lender may hire or pay someone else to help Collect
this Note if Borrower does not pay. Borrower will pay Lender the amount of these
costs and expenses, which includes, subject to any limits under applicable law,
Lender's reasonable attorneys' fees and Lender's legal expenses whether or not
there is a lawsuit, including reasonable attorneys' fees and legal expenses for
bankruptcy proceedings (including efforts to modify or vacate any automatic stay
or injunction), and appeals. If not prohibited by applicable law, Borrower also
will pay any court costs, in addition to all other sums provided by law.

JURY WAIVER. Lender and Borrower hereby waive the right to any jury trial in any
action, proceeding, or counterclaim brought by either Lender or Borrower against
the other. (Initial Here)

GOVERNING LAW. This Note will be governed by, construed and enforced in
accordance with federal law and the laws of the State of Florida. This Note has
been accepted by Lender in the State of Florida.

DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $30.00 if Borrower
makes a payment on Borrower's loan and the check or preauthorized charge with
which Borrower pays it later dishonored.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves the
right of setoff in all Borrower's accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Borrower holds
jointly with someone else and all accounts Borrower may open in the future.
However, this does not include in IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Borrower authorizes Lender, to the
extent permitted by applicable law, to charge or setoff all sums owing on the
debt against any and all such accounts, and, at Lender's option, to
administratively freeze all such accounts to allow Lender to protect Lender's
charge and setoff rights provided in this paragraph.

DOCUMENTARY STAMP TAX. Florida Documentary Stamp Tax required by law in the
amount of Three Thousand Five Hundred Dollars and 00/100 ($3,500.00) has been
paid or will be paid directly to the Department of Revenue.

SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and
upon Borrower's heirs, personal representative, successors and assigns, and
shall inure to the benefit of Lender and its successors and assigns.

NOTIFY US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING AGENCIES.
Please notify us if we report any inaccurate information about your account(s)
to a consumer reporting agency. Your written notice describing the specific
inaccuracy(ies) should be sent to us at the following address: Eagle National
Bank of Miami 066006349 701 Brickell Avenue Suite 1250 Miami, FL 33131.

GENERAL PROVISIONS. If any party of this Note cannot be enforced, this fact will
not affect the rest of the Note. Borrower does not agree or intend to pay, and
Lender does not agree or intend to contract for, charge, collect, take, reserve
or receive (collectively referred to herein as "charge or collect"), any amount
in the nature of interest or in the nature of a fee for this loan, which would
in any way or event (including demand, prepayment, or acceleration) cause Lender
to charge or collect more for this loan than the maximum Lender would be
permitted to charge or collect by federal law or the law the State of Florida
(as applicable). Any such excess interest or unauthorized fee shall, instead of
anything stated to the contrary, be applied first to reduce the principal
balance of this loan, and when the principal has been paid in full, be refunded
to Borrower. Lender may delay or forgo enforcing any of its rights or remedies
under this Note without losing them. Borrower and any other person who signs,
guarantees or endorses this Note, to the extent allowed by law, waive
presentment, demand for payment,a nd notice of dishonor. Upon any change in the
terms of this Note, and unless otherwise expressely stated in writing, no party
who signs this Note, whether as maker, guarantor, accommodation maker or
endorsar, shall be released from liability. All such parties agree that Lender
may renew or extend (repeatedly and for any length of time) this loan or release
any party or guarantor or collateral; or impair, fail to realize upon or perfect
Lender's security interest in the collateral; and take any other action deemed
necessary by Lender without the consent of or notice to anyone. All such parties
also agree that Lender may modify this loan without the consent of or notice to
anyone other than the party with whom the modification is made. The obligations
under this Note are joint and several.

PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF
THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO
THE TERMS OF THE NOTE.

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

BORROWER:

PHONE 1, INC

By: /s/ Dario Echeverry
--------------------------------------------------
        Dario Echeverry, President of PHONE 1, INC

By: /s/ Syed Arshad Naqvi
----------------------------------------------------------
Syed Arshae Naqvi, Chief Financial Officer of PHONE 1, INC

<PAGE>
                CORPORATE RESOLUTION TO BORROW / GRANT COLLATERAL

<TABLE>
<S>              <C>           <C>          <C>              <C>          <C>             <C>        <C>
  Principal       Loan Date     Maturity      Loan No.       Call/Coll      Account       Officer     Initials
$1,000,000.00    03-29-2002    04-29-2002   400017332463                  00000016215      10136     [ILLEGIBLE]
</TABLE>

  References in the shaded area are for Lender's use only and do not limit the
         applicability of this document to any particular loan or item.
Any item above containing ***** has been omitted due to text length limitations.

<TABLE>
<S>                                                  <C>
Corporation: PHONE 1, INC (TIN: 65-1060211)             Lender: Eagle National Bank of Miami
             100 North Biscayne Blvd. Suite 2500                701 Brickell Avenue Suite 1250
             Miami, FL 33132                                    Miami, FL 33131
</TABLE>

I THE UNDERSIGNED DO HEREBY CERTIFY THAT:

THE CORPORATIONS'S EXISTENCE. The complete and correct name of the Corporation
is PHONE 1, INC ("Corporation"). The Corporation is a corporation for profit
which is, and at all times shall be, duly organized validly existing and in good
standing under and by virtue of the laws of the State of Florida. The
Corporation is duly authorized for transact business in all other states in
which the Corporation is doing business, having obtained all necessary filings,
governmental licenses and approvals for each state in which the Corporation is
doing business. Specifically, the Corporation is, and at all times shall be duly
qualified as a foreign corporation in all states in which the failure to so
qualify would have material adverse effect on its business or financial
condition. The Corporation has the full power and authority to won to properties
and to transact the business in which it is presently engage or presently
proposes to engage. The Corporation maintains an office at 100 North Biscayne
Blvd. Suite 2500, Miami, FL 33132. Unless the Corporation has designated
otherwise in writing, the principal office is the office at which the
Corporation keeps its books and records. The Corporation will notify Lender
prior to any change in the location of the Corporation's state of organization
or any change in the Corporation's name. The Corporation shall do all things
necessary to preserve and to keep in full force and effect its existence, rights
and privileges, and shall comply with all regulations, rules, ordinances,
statutes, orders and decrees of any governmental or quasi-governmental authority
or court applicable to the Corporation and Corporation's business activities.

RESOLUTION ADOPTED. At a meeting of the Directors of the Corporation or the
Corporation is a close corporation having no Board of Directors then at a
meeting of the Corporation's shareholders, duly called and held on March 29,
2002, at which a quorum was present and voting or by other duly authorized
action in lieu of a meeting, the resolution set forth in this Resolution were
adopted.

OFFICERS. The following named persons are officers of PHONE 1, INC:

<TABLE>
<S>                                 <C>                       <C>                        <C>
         NAMES                      TITLES                    AUTHORIZED                 ACTUAL SIGNATURES
         -----                      ------                    ----------                 -----------------

         Dario Echeverry            President                      Y                      /s/ Dario Echeverry

         Syed Arshad Naqvi          Chief Financial Officer        Y                      /s/ Syed Arshad Naqvi
</TABLE>

ACTIONS AUTHORIZED. Both of the authorized persons listed above may enter into
any agreements of any nature with Lender, and those agreements will bind the
Corporation and Lender, such sum or sums of money as in their judgment should be
borrowed, without limitation.

         Borrow Money. To borrow as a cosigner or otherwise from time to time
         from Lender on such terms as may be agreed upon between this
         Corporation and Lender, such sum or sums of money as in their judgment
         should be borrowed without limitation.

         Executive Notes. To execute and deliver to Lender the promissory note
         or notes, or other evidence of the Corporation's credit accommodations,
         on Lender's forms, at such rates of interest and on such terms as may
         be agreed upon, evidencing the sums of money so borrowed or any of the
         Corporation's indebtedness to Lender, and also to execute and deliver
         to Lender one or more renewals, extensions, modifications,
         refinancings, consolidations, or substitutions for one or more of the
         notes, any portion of the notes, or any other evidence of credit
         accommodations.

         Grant Security. To mortgage, pledge, transfer, endorse, hypothecate, or
         otherwise, encumber and deliver to Lender any property now or hereafter
         belonging to the Corporation or in which the Corporation now or
         hereafter may have an interest, including without limitation all real
         property and all personal property and all personal property (tangible
         or intangible) of the Corporation, as security for the payment of any
         loans or credit accommodations so obtained, any promissory notes so
         executed (including any amendments to or modifications, renewals, and
         extensions of such promissory notes), or any other or further
         indebtedness of the Corporation's to Lender at any time owing however
         the same may be evidenced. Such property may be mortgaged, pledged,
         transferred, endorsed, hypothecated or encumbered at the time such
         loans are obtained or such indebtedness is incurred, or at any other
         time or times, and may be either in addition to or in lieu of any
         property theretofore mortgaged, pledged, transferred, endorsed,
         hypothecated or encumbered.

         Executive Security Documents. To execute and deliver it to Lender the
         forms of mortgage, deed of trust, pledge agreement, hypothecation
         agreement, and other security agreements and financing statements which
         Lender may require and which shall evidence the terms and conditions
         under and pursuant to which such liens and encumbrances, or any of
         them, are given and also to execute and deliver to Lender any other
         written instruments, any chatter paper, or any other collateral, of any
         kind or nature, which Lender may deem necessary or proper in connection
         with or pertaining to the giving of the liens and encumbrances.
         Notwithstanding the foregoing, any other of the above authorized
         persons may execute, deliver, or record financing statements.

         Negotiate Items. To draw, endorse, and discount with Lender all drafts,
         trade acceptances, promissory notes or other evidences of indebtedness
         payable to or belonging to the Corporation or in which the Corporation
         may have an interest and either to receive cash for the same or to
         cause such proceeds to be credited to the Corporation's account with
         Lender, or to cause such other disposition of the proceeds derived
         therefrom as they may deem advisable.

         Further Acts. In the case of the lines of credit, to designate
         additional or alternate individuals as being authorized to request
         advances uner such lines, and in all cases, to do and perform such
         other acts and things to pay and and all fees and costs and to execute
         and deliver such other documents and agreements, including agreements
         waiving the right to a trial by jury, as the officers may in their
         discretions deem reasonably necessary or proper in order to carry into
         effect the provisions of this Resolution.

ASSUMED BUSINESS NAMES. The Corporation has filed or recorded all documents or
filings required by law relating to all assumed business names used by the
Corporation. Excluding the name of the Corporation the following is a complete
list of all assumed business names under which the Corporation does business;
None.

NOTICES TO LENDER. This Corporation will promptly notify Lender in writing at
Lender's address shown above (or such other addresses as Lender may designate
from time to time) prior to any: (A) change in the Corporation's name: (B)
change in the Corporation's assumed business name(s): (C) change in the
management of the Corporation: (D) change in the authorized signer: (E) change
in the Corporation's principal office address: (F) change in the Corporation's
state of organization: (G) conversion of the Corporation to a new or different
type of business entity; or (H) change in any other aspect of the Corporation
that directly or indirectly relates to any agreements between the Corporation
and Lender. No change in the Corporation's name or state of organization will
take effect until after Lender has received notice.

CERTIFICATION CONCERNING OFFICERS AND RESOLUTIONS. The officers named above are
duly elected, appointed, or employed by or for the Corporation as the case may
be, and occupy the positions set opposite their respective names. This
Resolution now stands of record on the books of the Corporation, is in full
force and effect and has not been modified or revoked in any manner whatsoever.

CONTINUING VALIDITY. Any and all acts pursuant to this Resolution and performed
prior to the passage of this Resolution are hereby ratified and approved. This
Resolution shall be continuing, shall remain in full force and effect and Lender
may rely on it until written notice of its revocation shall have been delivered
to and received by Lender at Lender's address shown above (or such addresses as
Lender may designate from time to time). Any such notice shall not affect any of
the Corporation's agreements or commitments in effect at the time notice is
given.

IN TESTIMONY WHEREOF, I have hereunto set my hand, affixed the seal of the
Corporation and attest that the signatures set opposite the names listed above
are their genuine signatures.

I have read all the provisions of this Resolution on behalf of the Corporation
certify that all statements and representative made in this Resolution are true
and correct. This Corporate Resolution to Borrow / Grant Collateral is dated
March 29, 2002.

                                      CERTIFIED TO AND ATTESTED BY:

CORPORATE                             /s/ Syed Arshad Naqvi
SEAL                                  ------------------------------------------
                                      Syed Arshad Naqvi, Chief Financial Officer

<PAGE>
                               COMMERCIAL GUARANTY

<TABLE>
<S>              <C>           <C>          <C>              <C>          <C>             <C>        <C>
  Principal       Loan Date     Maturity      Loan No.       Call/Coll      Account       Officer     Initials
                                                                          00000005111      10136     [ILLEGIBLE]
</TABLE>

  References in the shaded area are for Lender's use only and do not limit the
         applicability of this document to any particular loan or item.
Any item above containing ***** has been omitted due to text length limitations.

<TABLE>
<S>                                                  <C>
Borrower: PHONE 1, INC (TIN: 65-1060211)             Lender: Eagle National Bank of Miami
          100 North Biscayne Blvd. Suite 2500                701 Brickell Avenue Suite 1250
          Miami, FL 33132                                    Miami, FL 33131

Guarantor:  Jaime Gilinski
            10101 Collins Avenue Apt. 10F
            Bal Harbour, FL 33154-1641
</TABLE>

AMOUNT OF GUARANTY. The amount of this Guaranty is Unlimited.

CONTINUING UNLIMITED GUARANTY. For good and valuable consideration, Jaime
Gilinski ("Guarantor") absolutely and unconditionally guarantees and promises to
pay to Eagle National Bank of Miami ("Lender") or its order, in legal tender of
the United States of America, the indebtedness (as the term is defined below) of
PHONE 1, INC ("Borrower") to Lender on the terms and conditions set forth in
this Guaranty. Under this Guaranty, the liability of Guarantor is unlimited and
the obligations of Guarantor are continuing.

INDEBTEDNESS GUARANTEED. The indebtedness guaranteed by this Guaranty includes
any and all of Borrower's indebtedness to Lender and is used in the most
comprehensive sense and means and includes any and all of Borrower's
liabilities, obligations and debts to Lender, now existing or hereinafter
incurred or created, including, without limitation, all loans, advances,
interest, costs, debts, overdraft indebtedness, credit card indebtedness, lease
obligations, and liabilities of Borrower, or any of them, and any present of
future judgments against Borrower, or any of them, and whether any such
indebtedness is voluntarily or involuntarily incurred, due or not due, absolute
or contingent, liquidated or unliquidated, determined or undetermined; whether
Borrower may be liable individually or jointly with others, or primarily or
secondarily, or as guarantor or surety; whether recovery on the indebtedness may
be or may become barred or unenforceable against Borrower for any reason
whatsoever; and whether the indebtedness arises from transactions which may be
voidable on account of infancy, insanity, ultra vires, or otherwise.

DURATION OF GUARANTY. This Guaranty will take effect when received by Lender
without the necessity of any acceptance by Lender, or any notice to Guarantor or
to Borrower, and will continue in full force until all indebtedness incurred or
contracted before receipt by Lender of any notice of revocation shall have been
fully and finally paid and satisfied and all of Guarantor's other obligations
under this Guaranty shall have been performed in full. If Guarantor elects to
revoke this Guaranty, Guarantor may only do so in writing. Guarantor's written
notice of revocation must be mailed to Lender, be certified mail, at Lender's
address listed above or such other place as Lender may designate in writing.
Written revocation of the Guaranty will apply only to advances or new
indebtedness created after actual receipt by Lender of Guarantor's written
revocation. For this purpose and without limitation, the term "new indebtedness"
does not include indebtedness which at the time of notice of revocation is
contingent, unliquidated, undetermined or not due and which later becomes
absolute, liquidated, determined or due. This Guaranty will continue to bind
Guarantor for all indebtedness incurred by indebtedness Guarantor Borrower or
committed by Lender prior to receipt of Guarantor's written notice of
revocation, including any extensions, renewals, substitutions or modifications
of the indebtedness. All renewals, extensions, substitutions, and modifications
of the indebtedness granted after Guarantor's revocation, are contemplated under
this Guaranty and, specifically will not be considered to be new indebtedness.
This Guaranty shall bind Guarantor's estate at to indebtedness created both
before and after Guarantor's death or incapacity, regardless of Lender's actual
notice of Guarantor's death. Subject to the foregoing, Guarantor's executor or
administrator or other legal representative may terminate this Guaranty in the
same manner in which Guarantor might have terminated it and with the same
effect. Release of any other guarantor or termination of any other guaranty of
the indebtedness, even to zero dollars ($0.00), prior to Guarantor's written
revocation of this Guaranty shall not constitute a termination of this Guaranty.
This Guaranty is binding upon Guarantor and Guarantor's heirs, successors and
assigns so long as of the guaranteed indebtedness remains unpaid and even though
the indebtedness guaranteed may from time to time be zero dollars ($0.00).

GUARANTOR'S AUTHORIZATION TO LENDER. Guarantor authorizes Lender, either before
or after any revocation hereof, without notice or demand and without lessening
Guarantor's liability under this Guaranty, from time to time: (A) prior to
revocation as set forth above, to make one or more additional secured or
unsecured loans to Borrower, to lease equipment or other goods to Borrower, or
otherwise to extend additional credit to Borrower, (B) to alter, compromise,
renew, extend, accelerate, or otherwise change one or more times the time for
payment or other terms of the indebtedness or any part of the indebtedness,
including increases and decreases of the rate of interest on the indebtedness;
extensions may be repeated and may be for longer than the original loan term;
(C) to take and hold security for the payment of this Guaranty or the
indebtedness, and exchange, enforce, waive, subordinate, fail or decide not to
perfect, and release any such security, with or without the substitution of new
collateral; (D) to release, substitute, agree not to sue, or deal with any one
or more of Borrower's sureties, endorsers, or other guarantors or any terms or
in any manner Lender may choose; (E) to determine how, when and what application
of payments and credits shall be made on the indebtedness (F) to apply such
security and direct the order or manner of sale thereof, including without
limitation, any non-judicial sale permitted by the terms of the controlling
security agreement or deed of trust, as Lender in its discretion may determine;
(G) to sell, transfer, assign or grant participations in all or any part of the
indebtedness; and (H) to assign or transfer this Guaranty in whole or in part.

GUARANTOR'S REPRESENTATIONS AND WARRANTIES. Guarantor represents and warrants to
Lender that (A) no representations or agreements of any kind have been made to
Guarantor which would limit or qualify in any way the terms of this Guaranty;
(B) this Guaranty is executed at Borrower's request and not at the request of
Lender; (C) Guarantor has full power, right and authority to enter into this
Guaranty; (D) the provisions of this Guaranty do not conflict with or result in
a default under any agreement or other instrument binding upon Guarantor and do
not result in a violation of any law, assign, encumber, hypothecate, transfer,
or otherwise dispose of all or substantially all of Guarantor's assets, or any
interest therein; (F) upon Lender's request, Guarantor will provide to Lender
financial and credit information in form acceptable to Lender, and all such
financial information which currently has been, and all future financial
information which will be provided to Lender is an will be true and correct in
all material respects and fairly present Guarantor's financial condition as of
the dates the financial information is provided; (G) no material adverse change
has occurred in Guarantor's financial condition since the date of the most
recent financial statements provided to Lender and no event has occurred which
may materially adversely affect Guarantor's financial condition; (H) no
litigation, claim, investigation, administrative proceeding or similar action
(including those for unpaid taxes) against Guarantor is pending or threatened;
(I) Lender has made no representation to Guarantor as to the creditworthiness of
Borrower; and (J) Guarantor has established adequate means of obtaining from
Borrower on a continuing basis information regarding Borrower's financial
condition. Guarantor agrees to keep adequately informed from such means of any
facts, events, or circumstances which might in any way affect Guarantor's risks
under this Guaranty, and Guarantor further agrees that, absent a request for
information, Lender shall have no obligation to disclose to Guarantor any
information or documents acquired by Lender in the course of its relationship
with Borrower.

GUARANTOR'S WAIVERS. Except as prohibited by applicable law, Guarantor waives
any right to require Lender (A) to continue lending money or to extend other
credit to Borrower; (B) to make any presentment, protest, demand, or notice of
any kind, including notice of any nonpayment of the indebtedness or of any
nonpayment related to any collateral, or notice of any action or nonaction on
the part of Borrower, Lender, any surety, endorser, or other guarantor in
connection with the indebtedness or in connection with the creation of new or
additional loans or obligations; (C) to resort for payment or to proceed
directly or at once against any person, including Borrower or any other
guarantor; (D) to proceed directly against or exhaust any collateral held by
Lender from Borrower, any other guarantor, or any other person; (E) to pursue
any other remedy within Lender's power; or (F) to commit any act or omission of
any kind, or at any time, with respect to any matter whatsoever.

In addition to the waivers set forth herein, if now or hereafter Borrower is or
shall become insolvent and the indebtedness shall not at all times until paid be
fully secured by collateral pledged by Borrower, Guarantor hereby forever waives
and gives up in favor of Lender and Borrower, and Lender's and Borrower's
respective successors, any claim or right to payment Guarantor may now have or
hereafter have or acquire against Borrower, by subrogation or otherwise, so that
at not time shall Guarantor be or become a "creditor" of Borrower within the
meaning of 11 U.S.C. section 547(b), or any successor provision of the Federal
bankruptcy laws.

Guarantor also waives any and all rights or defenses arising by reason of (A)
any "one action" or "anti-deficiency" law or any other law which may prevent
Lender from bringing any action, including a claim for deficiency, against
Guarantor, before or after Lender's commencement or completion of any
foreclosure action, either judicially or by exercise of a power of sale; (B) any
election of remedies by Lender which destroys or otherwise adversely affects
Guarantor's subrogation rights or Guarantor's rights to proceed against Borrower
for reimbursement, including without limitation, any loss of rights Guarantor
may suffer by reason of any law limiting, qualifying, or discharging the
indebtedness; (C) any disability or other defense of Borrower, of any other
guarantor, or of any other person, or by reason of the cession of Borrower's
liability from any cause whatsoever, other than payment in full in legal tender,
of the indebtedness; (D) any right to claim discharge of the indebtedness of the
basis of unjustified impairment of any collateral for the indebtedness of
Borrower to Lender which is not barred by any applicable statute of limitations;
or (F) any defenses given to guarantors at law or in equity other than actual
payment and performance of the indebtedness. If payment is made by Borrower,
whether voluntarily or otherwise, or by any third party, on the Indebtedness and
thereafter Lender is forced to remit the amount of that payment to Borrower's
trustee in bankruptcy or to any similar person under any federal or state
bankruptcy law or law for the relief of debtors, the Indebtedness shall be
considered unpaid for the

<PAGE>
                               COMMERCIAL GUARANTY
                                  (Continued)

Loan No: 400017332463                                                     Page 2

purpose of the enforcement of the Guaranty.

Guarantor further waives and agrees to assert or claim at any time any
deductions to the amount guaranteed under this Guaranty for any claim of setoff,
counterclaim, counter demand, recoupment or similar right, whether such claim,
demand or right may be asserted by the Borrower, the Guarantor, or both.

GUARANTOR'S UNDERSTANDING WITH RESPECT TO WAIVERS. Guarantor warrants and agrees
that each of the waivers set forth above is made with Guarantor's full knowledge
of its significance and consequences and that, under the circumstances, the
waivers are reasonable and not contrary to public policy or law. If any such
waiver is determined to be contrary to any applicable law or public policy, such
waiver shall be effective only to the extent permitted by law or public policy.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a
right of setoff in all Guarantor's accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Guarantor holds
jointly with someone else and all accounts Guarantor may open in the future.
However, this does not included an IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Guarantor authorizes Lender, to the
extent permitted by applicable law, to hold these funds if there is a default,
and Lender may apply the funds in these accounts to pay what Guarantor owes
under the terms of the Guaranty.

SUBORDINATION OF BORROWER'S DEBTS TO GUARANTOR. Guarantor agrees that the
Indebtedness of Borrower to Lender, whether now existing or hereafter created,
shall be superior to any claim that Guarantor may now have or hereafter acquire
against Borrower, whether or not Borrower becomes insolvent. Guarantor hereby
expressly subordinates any claim Guarantor may have against Borrower, upon any
account whatsoever, to any claim that Lender may now or hereafter have against
Borrower. In the event of insolvency and consequent liquidation of the assets of
Borrower, through bankruptcy, by an assignment for the benefit of creditors, by
voluntary liquidation, or otherwise, the assets of Borrower applicable to the
payment of the claims of both Lender and Guarantor shall be paid to Lender and
shall be first applied by Lender to the Indebtedness of Borrower to Lender.
Guarantor does hereby assign to Lender all claims which it may have or acquire
against Borrower or against any assignee or trustee in bankruptcy of Borrower;
provided however, that such assignment shall be effective only for the purpose
of assuring to Lender full payment in legal tender of the Indebtedness. If
Lender so requests, any notes or credit agreements now or hereafter evidencing
any debts or obligations of Borrower to Guarantor shall be marked with a legend
that the same are subject to this Guaranty and shall be delivered to Lender.
Guarantor agrees, and Lender is hereby authorized, in the name of Guarantor,
from time to time to execute and file financing statements and continuation
statements and to execute such other documents and to take such other actions as
Lender deems necessary or appropriate to perfect, preserve and enforce its
rights under this Guaranty.

GARNISHMENT. Guarantor consents to the issuance of a continuing writ of
garnishment or attachment against Guarantor's disposable earnings, in accordance
with Section 222.11, Florida Statutes, in order to satisfy, in whole or in part,
any money judgment entered in favor of Lender.

MISCELLANCEOUS PROVISIONS. The following miscellaneous provisions are a part of
this Guaranty:

         Amendments. This Guaranty, together with any Related Documents,
         constitutes the entire understanding and agreement of the parties as to
         the matters set forth in this Guaranty. No alteration of or amendment
         to this Guaranty shall be effective unless given in writing and signed
         by the party or parties sought to be charged or bound by the alteration
         or amendment.

         Attorneys' Fees; Expenses. Guarantor agrees to pay upon demand all of
         Lender's costs and expenses, including Lender's reasonable attorneys'
         fees and Lender's legal expenses, incurred in connection with the
         enforcement of this Guaranty. Lender may hire or pay someone else to
         help enforce this Guaranty, and Guarantor shall pay the costs and
         expenses of such enforcement. Costs and expenses include Lender's
         reasonable attorneys' fees and legal expenses whether or not there is a
         lawsuit, including reasonable attorneys' fees and legal expenses for
         bankruptcy proceedings (including efforts to modify or vacate any
         automatic stay or injunction), appeals, and any anticipated
         post-judgment collection services. Guarantor also shall pay all court
         costs and such additional fees as may be directed by the court.

         Caption Headings. Caption headings in this Guaranty are for convenience
         purposes only and are not to be used to interpret or define the
         provisions of this Guaranty.

         Governing Law. This Guaranty will be governed by, construed and
         enforced in accordance with federal law and the laws of the State of
         Florida. This Guaranty has been accepted by Lender in the State of
         Florida.

         Integration. Guarantor further agrees that Guarantor has read and fully
         understands the terms of this Guaranty; Guarantor has had the
         opportunity to be advised by Guarantor's attorney with respect to this
         Guaranty; the Guaranty fully reflects Guarantor's intentions and parol
         evidence is not required to interpret the terms of this Guaranty.
         Guarantor hereby indemnifies and holds Lender harmless from all losses,
         claims, damages, and costs (including Lender's attorneys' fees)
         suffered or incurred by Lender as a result of any breach by Guarantor
         of the warranties, representation and agreements of this paragraph.

         Interpretation. In all cases where there is more that one Borrower or
         Guarantor, then all words used in this Guaranty in the singular shall
         be deemed to have been used in the plural where the context and
         construction so require; and where there is more than one Borrower
         named in this Guaranty or when this Guaranty is executed by more than
         one Guarantor, the words "Borrower" and "Guarantor" respectively shall
         mean all and any one or more of them. The words "Guarantor,"
         "Borrower," and "Lender" include the heirs, successors, assigns, and
         transferees of each of them. If a court finds that any provision of
         this Guaranty is not valid or should not be enforced, that fact by
         itself will not mean that the rest of this Guaranty will not be valid
         or enforced. Therefore, a court will enforce the rest of the provisions
         of this Guaranty even if a provision of this Guaranty may be found to
         be invalid or unenforceable. If any one or more of Borrower or
         Guarantor are corporations, partnerships, limited liability companies,
         or similar entities, it is not necessary for Lender to inquire into the
         powers of Borrower or Guarantor or of the officers, directors,
         partners, managers, or other agents acting or purporting to act on
         their belief, and any Loan indebtedness made or created in reliance
         upon the professed exercise of such powers shall be guaranteed under
         this Guaranty.

         Notices. Any notice required to be given under this Guaranty shall be
         given in writing, and, except for revocation notices by Guarantor,
         shall be effective when actually delivered, when actually received by
         telefacsimile (unless otherwise required by law), when deposited with a
         nationally recognized overnight courier, or, if mailed, when deposited
         in the United States mail, as first class, certified or registered mail
         postage prepaid, directed to the addresses show near the beginning of
         this Guaranty. All revocation notices by Guarantor shall be in writing
         and shall be effective upon delivery to Lender as provided in the
         section of this Guaranty entitled "DURATION OF GUARANTY." Any party may
         change its address for notices under this Guaranty by giving written
         notice to the other parties, specifying that the purpose of the notice
         is to change the party's address. For notice purpose, Guarantor agrees
         to keep Lender informed at all times of Guarantor's current address.
         Unless otherwise provided or required by law, if there is more than one
         Guarantor, any notice given by Lender to any Guarantor is deemed to be
         notice given to all Guarantors.

         No Waiver by Lender. Lender shall not be deemed to have waived any
         rights under the Guaranty unless such waiver is given in writing and
         signed by Lender. No delay or omission on the part of Lender in
         exercising any right shall operate as a waiver of such right or any
         other right. A waiver by Lender of a provision of this Guaranty shall
         not prejudice or constitute a waiver of Lender's right otherwise to
         demand strict compliance with that provision or any other provision of
         this Guaranty. No prior waiver by Lender, nor any course of dealing
         between Lender and Guarantor, shall constitute a waiver of any of
         Lender's rights or of any of Guaranty's obligations as to any future
         transactions. Whenever the consent of Lender is required under this
         Guaranty, the granting of such consent by Lender in any instance shall
         not constitute continuing consent to subsequent instances where such
         consent is required and in all cases such consent may be granted or
         withheld in the sole discretion of Lender.

         Successors and Assigns. Subject to any limitations stated in this
         Guaranty on transfer of Guarantor's interest, this Guaranty shall be
         binding upon and inure to the benefit of the parties, their successors
         and assigns.

         Waive Jury. Lender and Guarantor hereby waive the right to any jury
         trial in any action, proceeding, or counterclaim brought by either
         Lender or Borrower against the other. [Initial Here]

DEFINITIONS. The following capitalized words and terms shall have the following
meanings when used in this Guaranty. Unless specifically stated to the contrary,
all references to dollar amounts shall mean amounts in lawful money of the
United States of America. Words and terms used in the singular shall include the
plural, and the plural shall include the singular, as the context may require.
Words and items not otherwise defined in this Guaranty shall have the meanings
attributed to such items in the Uniform Commercial Code:

         Borrower. The word "Borrower" means PHONE 1, INC, and all other persons
         and entities signing the Note in whatever capacity.

         Guarantor. The word "Guarantor" means each and every person or entity
         signing this Guaranty, including without limitation Jaime Gilinski.

         Guaranty. The word "Guaranty" means the guaranty from Guarantor to
         Lender, including without limitation a guaranty of all or part of the
         Note.

         Indebtedness. The word "Indebtedness" means Borrower's indebtedness to
         Lender as more particularly described in this Guaranty.

         Lender. The word "Lender" means Eagle National Bank of Miami, its
         successors and assigns.

         Note. The word "Note" means the promissory note dated March 29, 2002,
         in the original principal amount of $1,000,000.00 from Borrower to
         Lender, together with all renewals of, extensions of, modifications of,
         refinancings of, consolidations of, and substitutions for the
         promissory note or agreement.

         Related Documents. The words "Related Documents" mean all promissory
         notes, credit agreements, loan agreements, environmental agreements,
         guaranties, security agreements, mortgage, deeds of trust, security
         deeds, collateral mortgage, and all other instruments,

<PAGE>
                               COMMERCIAL GUARANTY
                                  (Continued)

Loan No: 400017332463                                                     Page 3

         agreements and documents, whether now or hereafter existing, executed
         in connection with the Indebtedness.

EACH UNDERSIGNED GUARANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS
GUARANTY AND AGREES TO ITS TERMS. IN ADDITION, EACH GUARANTOR UNDERSTANDS THAT
THIS GUARANTY IS EFFECTIVE UPON GUARANTOR'S EXECUTION AND DELIVERY OF THIS
GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE UNTIL TERMINATED IN THE
MANNER SET FORTH IN THE SECTION TITLED "DURATION OF GUARANTY". NO FORMAL
ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS GUARANTY EFFECTIVE. THIS GUARANTY
IS DATED MARCH 29, 2002.

GUARANTOR:

/s/ Jaime Gilinski
----------------------------
Jaime Gilinski, Individually

                            INDIVIDUAL ACKNOWLEDGMENT

STATE OF FLORIDA           )
COUNTY OF DADE             )ss
                           )

The foregoing instrument was acknowledged before me this 29th day of
March, 2002 by Jaime Gilinski, who is personally known to me or
who has produced                      as identification and did / did not
take an oath.

                   /s/ Olga S. Lucero
                   -------------------------------------------------------------

                   (Signature of Person Taking Acknowledgement)

                   Olga S. Lucero
                   -------------------------------------------------------------
                   (Name of Acknowledger Typed, Printed or Stamped)

                   V.P. & INTL. MGR.
                   -------------------------------------------------------------
                   (Title or Rank)

                   -------------------------------------------------------------
                   (Serial Number, if any)

<PAGE>
                              LOAN REQUEST SUMMARY

<TABLE>
<S>              <C>           <C>          <C>              <C>          <C>             <C>        <C>
  Principal       Loan Date     Maturity      Loan No.       Call/Coll      Account       Officer     Initials
$1,000,000.00    03-29-2002    04-29-2002   400017332463                  00000016215      10136     [ILLEGIBLE]
</TABLE>

  References in the shaded area are for Lender's use only and do not limit the
         applicability of this document to any particular loan or item.
Any item above containing ***** has been omitted due to text length limitations.

<TABLE>
<S>                                                  <C>
Borrower: PHONE 1, INC (TIN: 65-1060211)             Lender: Eagle National Bank of Miami
          100 North Biscayne Blvd. Suite 2500                701 Brickell Avenue Suite 1250
          Miami, FL 33132                                    Miami, FL 33131
</TABLE>
Miami, FL 33131

                                 SINGLE PAY LOAN
                                 (Variable Rate)

                                          Financed                   In Cash
                                        -------------                -------
         AMOUNT REQUESTED:              $1,000,000.00

         PREPAID FINANCE CHARGES:                0.00

         SECURITY INTEREST CHARGES:
              Documentary Stamps                                     3,500.00
                                                                   ----------

         NOTE AMOUNT:                   $1,000,000.00               $3,500.00

         PAYMENT CALCULATION:
                    Interest Method:               365/360
                    Disbursement Date:             03-29-2002
                    First Int Payment Date:        04-29-2002
                    Due Date:                      04-29-2002
                    Int Payment Period:            at Maturity
                    Variable Interest Rate:        5.750
                    Credit Insurance:              None
                    Final Payment:                 $1,004,951.39

                    Payment Schedule. Borrower's payment schedule consists of
                    one payment of $1,004,951.39 on April 29, 2002, with
                    interest calculated on the unpaid principal balances at an
                    interest rate based on the Wall Street Prime Rate (currently
                    4.750%, plus a margin of 1.000 percentage points, the sum
                    rounded to the nearest 0.125 percent, resulting in an
                    initial interest rate of 5.750%. This estimated final
                    payment is based on the assumption that all payments will be
                    made exactly as scheduled and that the Index does not
                    change; the actual final payment will be for all principal
                    and accrued interest not yet paid, together with any other
                    unpaid amounts under the Note.

                     APR    FINANCE CHARGE   AMOUNT FINANCED   TOTAL OF PAYMENTS
                    5.830%     $4,951.39      $1,000,000.00       $1,004,951.39

                    COLLATERAL: Unsecured.

                    TRANSACTION NUMBER: 613

NOTICE: This Loan Request Summary is for informational purposes only and does
not obligate Lender in any way to make this loan or any other loan to Borrower.
The fees and charges listed above are estimates only; and, if a loan is made,
different or additional fees and charges may be imposed.

<PAGE>
                           NOTICE OF FINAL AGREEMENT

<TABLE>
<S>              <C>           <C>          <C>              <C>          <C>             <C>        <C>
  Principal       Loan Date     Maturity      Loan No.       Call/Coll      Account       Officer     Initials
$1,000,000.00    03-29-2002    04-29-2002   400017332463                  00000016215      101367   [ILLEGIBLE]
</TABLE>

  References in the shaded area are for Lender's use only and do not limit the
         applicability of this document to any particular loan or item.
Any item above containing ***** has been omitted due to text length limitations.

<TABLE>
<S>                                                  <C>
Borrower: PHONE 1, INC (TIN: 65-1060211)             Lender: Eagle National Bank of Miami
          100 North Biscayne Blvd. Suite 2500                701 Brickell Avenue Suite 1250
          Miami, FL 33132                                    Miami, FL 33131
</TABLE>

         BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES THAT: (A) THE
         WRITTEN LOAN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE
         PARTIES, (B) THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
         PARTIES, AND (C) THE WRITTEN LOAN AGREEMENT MAY NOT BE CONTRADICTED BY
         EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS
         OR UNDERSTANDINGS OF THE PARTIES.

         As used in this Notice, the following terms have the following
         meanings:

                  Loan. The term "Loan" means the following described loan: a
                  Variable Rate Nondisclosable Revolving Line of Credit Loan to
                  a Corporation for $1,000,000.00 due on April 29, 2002. The
                  reference rate (Wall Street Prime Rate, with an interest rate
                  ceiling of 25.000%, currently 4.750%) is added to the margin
                  of 1.000%, then rounded up to the nearest 0.125 percent,
                  resulting in an initial rate of 5.750.

                  Loan Agreement. The term "Loan Agreement" means one or more
                  promises, promissory notes, agreements, undertakings,
                  security, agreements, deeds of trust or other documents, or
                  commitments, or any combination of those actions or documents,
                  relating to the Loan, including without limitation the
                  following:
<TABLE>
<CAPTION>
                                                         LOAN DOCUMENTS
<S>                                                                         <C>

                       Corporate Resolution: PHONE 1, INC                             Business Loan Agreement
                       Promissory Note                                                FL Commercial Guaranty: Jaime Gilinski
                       Disbursement Request and Authorization,                        Notice of Final Agreement
                       Financial Privacy Policy: PHONE 1, INC                         Financial Privacy Policy: Jaime Gilinski
</TABLE>

                  Parties. The term "Parties" means Eagle National Bank of Miami
                  and any and all entities or individuals who are obligated to
                  repay the loan or have pledged property as security for the
                  Loan, including without limitation the following:

                       Borrower:      PHONE 1, INC
                       Guarantor 1:   Jaime Gilinski

Each Party who signs below, other than Eagle National Bank of Miami,
acknowledges, represents and warrants to Eagle National Bank of Miami that it
has received, read and understood this Notice of Final Agreement. This Notice is
dated March 29, 2002.

BORROWER:

Phone 1, INC

By: /s/ Dario Echeverry
    ----------------------------------------------
        Dario Echeverry, President of PHONE 1, INC

By: /s/ Syed Arshad Naqvi
    --------------------------------------------------
        Syed Arshad Naqvi, Chief Financial Officer of
        PHONE 1, INC

GUARANTOR:

By: /s/ Jaime Gilinski
    --------------------------------
        Jaime Gilinski, Individually

LENDER:

EAGLE NATIONAL BANK OF MIAMI

/s/ Olga S. Securo
---------------------
    Authorized Signer

<PAGE>
                     DISBURSEMENT REQUEST AND AUTHORIZATION

<TABLE>
<S>              <C>           <C>          <C>              <C>          <C>             <C>        <C>
  Principal       Loan Date     Maturity      Loan No.       Call/Coll      Account       Officer     Initials
$1,000,000.00    03-29-2002    04-29-2002   400017332463                  00000016215      10136     [ILLEGIBLE]
</TABLE>

  References in the shaded area are for Lender's use only and do not limit the
         applicability of this document to any particular loan or item.
Any item above containing ***** has been omitted due to text length limitations.

<TABLE>
<S>                                                  <C>
Borrower: PHONE 1, INC (TIN: 65-1060211)             Lender: Eagle National Bank of Miami
          100 North Biscayne Blvd. Suite 2500                701 Brickell Avenue Suite 1250
          Miami, FL 33132                                    Miami, FL 33131
</TABLE>

LOAN TYPE. This is a Variable Rate Nondisclosable Revolving Line of Credit Loan
to a Corporation for $1,000,000.00 due on April 29, 2002. The reference rate
(Wall Street Prime Rate, with an interest rate ceiling of 25.000%, currently
4.750%) is added to the margin of 1.000%, then rounded to the nearest 0.125
percent, resulting in an initial rate of 5.750.

PRIMARY PURPOSE OF LOAN. The primary purpose of this loan is for (please
initial):

         [ ] Personal, Family, or Household Purposes or Personal Investment.

         [X] Business (including Real Estate Investment).

SPECIFIC PURPOSE. The specific purpose of this loan is: To cover an overdraft on
account #04000173324.

      DISBURSEMENT INSTRUCTIONS. Borrower understands that no loan proceeds will
      be disbursed until all of Lender's conditions for making the loan have
      been satisfied. Please disburse the loan proceeds of $1,000,000.00 as
      follows:

<TABLE>
<S>                                                                             <C>
                  Amount paid to Borrower directly:                             $1,000,000.00
                     $1,000,000.00 Deposited to Checking Account #4000173324    -------------

                  Note Principal:                                               $1,000,000.00
</TABLE>

CHARGES PAID IN CASH. Borrower has paid or will pay in cash as agreed the
following charges.

<TABLE>
<S>                                                                                <C>
                  Prepaid Finance Charges Paid in Cash:                                $0.00

                  Other Charges Paid in Cash:                                      $3,750.00
                      $250.00 Loan Document Preparation
                      $3,500.00 Documentary Stamps                                 ---------

                  Total Charges Paid in Cash:                                      $3,750.00
</TABLE>

FINANCIAL CONDEIION. BY SIGNING THIS AUTHORIZATION, BORROWER REPRESENTS AND
WARRANTS TO LENDER THAT THE INFORMATION PROVIDED ABOVE IS TRUE AND CORRECT AND
THAT THERE HAS BEEN NO MATERIAL ADVERSE CHANGE IN BORROWER'S FINANCIAL CONDITION
AS DISCLOSED IN BORROWER'S MOST RECENT FINANCIAL STATEMENT TO LENDER. THIS
AUTHORIZATION IS DATED MARCH 29, 2002.

BORROWER:

Phone 1, INC

By: /s/ Dario Echeverry
    -----------------------------------------------
        Dario Echeverry, President of PHONE 1, INC

By: /s/ Syed Arshad Naqvi
        ---------------------------------------------
        Syed Arshad Naqvi, Chief Financial Officer of
        PHONE 1, INC

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