Document:

Exhibit 10.3

                          REGISTRATION RIGHTS AGREEMENT

            REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of
      October__, 2002, by and between GLOBETEL COMMUNICATIONS CORP., a
      corporation organized under the laws of state of Delaware, with its
      principal executive office at 444 Brickell Ave., Suite 522, Miami Fl.
      33131 (the "Company"), and the undersigned investor (the "Investor").

      WHEREAS, upon the terms and subject to the conditions of the Subscription
Agreement between the Investor and the Company (the "Subscription Agreement"),
the Company has agreed to issue and sell to the Investor a convertible note of
the Company, which will be convertible into shares of the common stock, $.001
par value per share (the "Common Stock"), of the Company; and

      WHEREAS, to induce the Investor to execute and deliver the Subscription
Agreement, the Company has agreed to provide certain registration rights under
the Securities Act of 1933, as amended, and the rules and regulations
thereunder, or any similar successor statute (collectively, the "1933 Act"), and
applicable state securities laws, with respect to the shares of Common Stock
issuable upon conversion of the Note.

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

1. Definitions. As used in this Agreement, the following terms shall have the
following meanings:

      (a) "Closing Date" means the date funds are received by the Company
pursuant to the Subscription Agreement.

      (b) "Holder" means the Investor.

      (c) "Note" means the convertible debenture issued by the Company to the
Investor.

      (d) "Person" means a corporation, a limited liability company, an
association, a partnership, an organization, a business, an individual, a
governmental or political subdivision thereof or a governmental agency.

      (e) "Principal Market" means either The American Stock Exchange, Inc., The
New York Stock Exchange, Inc., the Nasdaq National Market, The Nasdaq SmallCap
Market or the National Association of Securities Dealer's, Inc. OTC electronic
bulletin board whichever is the principal market on which the Common Stock is
listed.

      (f) "Register," "Registered," and "Registration" refer to a registration
effected by preparing and filing with the United States Securities and Exchange
Commission (the "SEC") one or more Registration Statements in compliance with
the 1933 Act and pursuant to Rule 415
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under the 1933 Act or any successor rule providing for offering securities on a
continuous basis ("Rule 415"), and effectiveness of such Registration
Statement(s).

      (g) "Registrable Securities" means the shares of Common Stock issued or
issuable (i) upon conversion of the Note, and (iii) any shares of capital stock
issued or issuable with respect to the such shares of Common Stock , if any, as
a result of any stock split, stock dividend, recapitalization, exchange or
similar event or otherwise, which have not been (x) included in a Registration
Statement that has been declared effective by the SEC, or (y) sold under
circumstances meeting all of the applicable conditions of Rule 144 (or any
similar provision then in force) under the 1933 Act.

      (h) "Registration Statement" means a registration statement of the Company
filed under the 1933 Act.

      All capitalized terms used in this Agreement and not otherwise defined
herein shall have the same meaning ascribed to them as in the Subscription
Agreement.

2. Registration.

      (a) Mandatory Registration. The Company shall prepare, and, on or before
the 60th day after the earlier of the date of this agreement and the date of the
first agreement of like tenor with this relating to the Company's convertible
notes, file with the SEC a Registration Statement or Registration Statements (as
is necessary) on Form SB-2 (or, if such form is unavailable for such a
registration, on such other form as is available for such a registration),
covering the resale of all of the Registrable Securities, which Registration
Statement(s) shall state that, in accordance with Rule 416 promulgated under the
1933 Act, such Registration Statement also covers such indeterminate number of
additional shares of Common Stock as may become issuable upon stock splits,
stock dividends or similar transactions. The Company shall initially register
for resale 60,000,000 shares of Common Stock (which number is intended to
include any shares issued as liquidated damages under the circumstances
described in Section 2(b)). In the event the Company cannot register sufficient
shares of Common Stock, due to the remaining number of authorized shares of
Common Stock being insufficient, the Company will use its best efforts to
register the maximum number of shares it can based on the remaining balance of
authorized shares and will use its best efforts to increase the number of its
authorized shares as soon as reasonably practicable.

      (b) Timing. If the Registration Statement covering the Registrable
Securities required to be filed by the Company pursuant to Section 2(a) hereof
is not filed by November 25, 2002, then the Company shall issue to the Investor
upon initial conversion of the Note an additional 2,000,000 shares of Common
Stock as liquidated damages, and not as a penalty, for each thirty (30) calendar
day period, pro rata, after such date until the Registration Statement is filed.

      Notwithstanding the foregoing, the shares otherwise issuable by the
Company pursuant to this Section shall not be issuable to the extent any delay
in the filing of the Registration Statement occurs because of an act of, or a
failure to act or to act timely by the Investor. The damages set forth in this
Section shall continue until the Registration Statement is filed. Failure of the
Company to issue such shares on or before the time specified in this Section
shall be considered a default.

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      The Company acknowledges that its failure to have the Registration
Statement filed by November 25, 2002 will cause the Investor to suffer damages
in an amount that will be difficult to ascertain. Accordingly, the parties agree
that it is appropriate to include in this Agreement a provision for liquidated
damages. The parties acknowledge and agree that the liquidated damages provision
set forth in this Section represents the parties' good faith effort to quantify
such damages and, that the form and amount of such liquidated damages are
reasonable and will not constitute a penalty. The payment of liquidated damages
shall not relieve the Company from its obligations to register the Common Stock
and deliver the Common Stock upon conversion of the Note.

      (c) Effectiveness. The Company shall use its best efforts to have the
Registration Statement declared effective by the SEC as soon as practicable
after the Closing Date.

3. Related Obligations. The Company shall have the following further
obligations:

      (a) The Company shall keep such Registration Statement effective pursuant
to Rule 415 until the earlier of (i) the date as of which the Investor may sell
all of the Registrable Securities without restriction as to time or amount
pursuant to Rule 144 promulgated under the 1933 Act or (ii) the date on which
(A) the Investor shall have sold all the Registrable Securities and (B) the
Investor has no right to convert the Notes it owns into Common Stock (the
"Registration Period"), which Registration Statement (including any amendments
or supplements thereto and prospectuses contained therein) shall not contain any
untrue statement of a material fact or omit to state a material fact required to
be stated therein, or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading.

      (b) Amendments. The Company shall prepare and file with the SEC such
amendments (including post-effective amendments) and supplements to a
Registration Statement and the prospectus used in connection with such
Registration Statement as may be necessary to keep such Registration Statement
effective during the Registration Period, and, during such period, comply with
the provisions of the 1933 Act with respect to the disposition of all
Registrable Securities of the Company covered by such Registration Statement
until such time as all of such Registrable Securities shall have been disposed
of in accordance with the intended methods of disposition by the Investor
thereof as set forth in such Registration Statement. In the event the number of
shares of Common Stock available under a Registration Statement filed pursuant
to this Agreement is at any time insufficient to cover all of the Registrable
Securities, the Company shall amend such Registration Statement, or file a new
Registration Statement (on the short form available therefor, if applicable), or
both, so as to cover all of the Registrable Securities, in each case, as soon as
practicable, but in any event within thirty (30) calendar days after the
necessity therefor arises (based on the then Purchase Price of the Common Stock
and other relevant factors on which the Company reasonably elects to rely),
assuming the Company has sufficient authorized shares at that time, and if it
does not, within thirty (30) calendar days after such shares are authorized. The
Company shall use it best efforts to cause such amendment and/or new
Registration Statement to become effective as soon as practicable following the
filing thereof.

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      (c) Information. The Company shall furnish to the Investor whose
Registrable Securities are included in any Registration Statement and its legal
counsel without charge (i) promptly after the same is prepared and filed with
the SEC at least one copy of such Registration Statement and any amendment(s)
thereto, including financial statements and schedules, all documents
incorporated therein by reference and all exhibits, the prospectus included in
such Registration Statement and, with regard to such Registration Statement(s),
any correspondence by or on behalf of the Company to the SEC or the staff of the
SEC and any correspondence from the SEC or the staff of the SEC to the Company
or its representatives, (ii) upon the effectiveness of any Registration
Statement, ten (10) copies of the prospectus included in such Registration
Statement and all amendments and supplements thereto (or such other number of
copies as the Investor may reasonably request) and (iii) such other documents,
including copies of any prospectus, as the Investor may reasonably request from
time to time in order to facilitate the disposition of the Registrable
Securities.

      (d) Blue Sky. The Company shall use reasonable efforts to (i) register and
qualify the Registrable Securities covered by a Registration Statement under the
applicable securities or "blue sky" laws of such states of the United States as
specified by the Holder, (ii) prepare and file in those jurisdictions, such
amendments (including post-effective amendments) and supplements to such
registrations and qualifications as may be necessary to maintain the
effectiveness thereof during the Registration Period, (iii) take such other
actions as may be necessary to maintain such registrations and qualifications in
effect at all times during the Registration Period, and (iv) take all other
actions reasonably necessary or advisable to qualify the Registrable Securities
for sale in such jurisdictions; provided, however, that the Company shall not be
required in connection therewith or as a condition thereto to (x) qualify to do
business in any jurisdiction where it would not otherwise be required to qualify
but for this Section 3(d), (y) subject itself to general taxation in any such
jurisdiction, or (z) file a general consent to service of process in any such
jurisdiction. The Company shall promptly notify each Holder who holds
Registrable Securities of the receipt by the Company of any notification with
respect to the suspension of the registration or qualification of any of the
Registrable Securities for sale under the securities or "blue sky" laws of any
jurisdiction in the United States or its receipt of actual notice of the
initiation or threatening of any proceeding for such purpose.

      (e) Certain Events. As promptly as practicable after becoming aware of
such event, the Company shall notify each Holder in writing of the happening of
any event as a result of which the prospectus included in a Registration
Statement, as then in effect, includes an untrue statement of a material fact or
omission to state 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, ("Registration Default") and use all diligent efforts to
promptly prepare a supplement or amendment to such Registration Statement and
take any other necessary steps to cure the Registration Default, (which, if such
Registration Statement is on Form S-3, may consist of a document to be filed by
the Company with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the
1934 Act (as defined below) and to be incorporated by reference in the
prospectus) to correct such untrue statement or omission, and deliver ten (10)
copies of such supplement or amendment to each Holder (or such other number of
copies as such Holder may reasonably request). The Company shall also promptly
notify each Holder in writing (i) when a prospectus

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or any prospectus supplement or post-effective amendment has been filed, and
when a Registration Statement or any post-effective amendment has become
effective (notification of such effectiveness shall be delivered to each Holder
by facsimile on the same day of such effectiveness and by overnight mail), (ii)
of any request by the SEC for amendments or supplements to a Registration
Statement or related prospectus or related information, (iii) of the Company's
reasonable determination that a post-effective amendment to a Registration
Statement would be appropriate, (iv) in the event the Registration Statement is
no longer effective or, (v) the Registration Statement is stale for a period of
more than five (5) Trading Days as a result of the Company's failure to timely
file its financials.

      (f) Stop Orders. The Company shall use its best efforts to prevent the
issuance of any stop order or other suspension of effectiveness of a
Registration Statement, or the suspension of the qualification of any of the
Registrable Securities for sale in any jurisdiction and, if such an order or
suspension is issued, to obtain the withdrawal of such order or suspension at
the earliest possible moment and to notify each Holder who holds Registrable
Securities being sold of the issuance of such order and the resolution thereof
or its receipt of actual notice of the initiation or threat of any proceeding
for such purpose.

      (g) Review and Comment. The Company shall permit each Holder and a single
firm of counsel, designated as selling shareholders' counsel by the Holders who
hold a majority of the Registrable Securities being sold, to review and comment
upon a Registration Statement and all amendments and supplements thereto at
least three (3) business days prior to their filing with the SEC, and not file
any document in a form to which such counsel reasonably objects. The Company
shall not submit to the SEC a request for acceleration of the effectiveness of a
Registration Statement or file with the SEC a Registration Statement or any
amendment or supplement thereto without the prior approval of such counsel,
which approval shall not be unreasonably withheld.

      (h) Availability of Information. The Company shall make available for
inspection by (i) any Holder and (ii) one firm of attorneys and one firm of
accountants or other agents retained by the Holders (collectively, the
"Inspectors") all pertinent financial and other records, and pertinent corporate
documents and properties of the Company (collectively, the "Records"), as shall
be reasonably deemed necessary by each Inspector, and cause the Company's
officers, directors and employees to supply all information which any Inspector
may reasonably request; provided, however, that each Inspector shall hold in
strict confidence and shall not make any disclosure (except to a Holder) or use
of any Record or other information which the Company determines in good faith to
be confidential, and of which determination the Inspectors are so notified,
unless (a) the disclosure of such Records is necessary to avoid or correct a
misstatement or omission in any Registration Statement or is otherwise required
under the 1933 Act, (b) the release of such Records is ordered pursuant to a
final, non-appealable subpoena or order from a court or government body of
competent jurisdiction, or (c) the information in such Records has been made
generally available to the public other than by disclosure in violation of this
or any other agreement of which the Inspector has knowledge. Each Holder agrees
that it shall, upon learning that disclosure of such Records is sought in or by
a court or governmental body of competent jurisdiction or through other means,
give prompt notice to the Company and allow the

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Company, at its expense, to undertake appropriate action to prevent disclosure
of, or to obtain a protective order for, the Records deemed confidential.

      (i) Confidentiality. The Company shall hold in confidence and not make any
disclosure of information concerning a Holder provided to the Company unless (i)
disclosure of such information is necessary to comply with federal or state
securities laws, (ii) the disclosure of such information is necessary to avoid
or correct a misstatement or omission in any Registration Statement, (iii) the
release of such information is ordered pursuant to a subpoena or other final,
non-appealable order from a court or governmental body of competent
jurisdiction, or (iv) such information has been made generally available to the
public other than by disclosure in violation of this Agreement or any other
agreement. The Company agrees that it shall, upon learning that disclosure of
such information concerning a Holder is sought in or by a court or governmental
body of competent jurisdiction or through other means, give prompt written
notice to such Holder and allow such Holder, at the Holder's expense, to
undertake appropriate action to prevent disclosure of, or to obtain a protective
order for, such information.

      (j) Listing or Quotation. The Company shall use its best efforts to secure
designation and quotation of all the Registrable Securities covered by any
Registration Statement on the Principal Market. If, despite the Company's best
efforts, the Company is unsuccessful in satisfying the preceding sentence, it
shall use its best efforts to cause all the Registrable Securities covered by
any Registration Statement to be listed on each other national securities
exchange and automated quotation system, if any, on which securities of the same
class or series issued by the Company are then listed, if any, if the listing of
such Registrable Securities is then permitted under the rules of such exchange
or system. If, despite the Company's best efforts, the Company is unsuccessful
in satisfying the two preceding sentences, it will use its best efforts to
secure the inclusion for quotation with Pink Sheets, LLC. The Company shall pay
all fees and expenses in connection with satisfying its obligation under this
Section 3(j).

      (k) Amendment of Registration Statement. If requested by the Holders
holding a majority of the Registrable Securities, the Company shall (i) as soon
as reasonably practical incorporate in a prospectus supplement or post-effective
amendment such information as such Holders reasonably determine should be
included therein relating to the sale and distribution of Registrable
Securities, including, without limitation, information with respect to the
offering of the Registrable Securities to be sold in such offering; (ii) make
all required filings of such prospectus supplement or post-effective amendment
as soon as notified of the matters to be incorporated in such prospectus
supplement or post-effective amendment; and (iii) supplement or make amendments
to any Registration Statement if reasonably requested by such Holders.

      (l) Other Approvals. The Company shall use its best efforts to cause the
Registrable Securities covered by the applicable Registration Statement to be
registered with or approved by such other governmental agencies or authorities
as may be necessary to consummate the disposition of such Registrable
Securities.

      (m) Certain Financial Statements. The Company shall make generally
available to its security holders as soon as reasonably practical, but not later
than ninety (90) calendar days after the close of the period covered thereby, an
earnings statement (in form complying with the

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provisions of Rule 158 under the 1933 Act) covering a twelve-month period
beginning not later than the first day of the Company's fiscal quarter next
following the effective date of any Registration Statement.

      (n) Compliance with SEC Regulations. The Company shall otherwise use its
best efforts to comply with all applicable rules and regulations of the SEC in
connection with any registration hereunder.

      (o) Other Actions. The Company shall take all other reasonable actions
necessary to expedite and facilitate disposition by the Holders of Registrable
Securities pursuant to a Registration Statement.

4. Obligations of the Holders.

      (a) Required Information. At least five (5) calendar days prior to the
first anticipated filing date of a Registration Statement the Company shall
notify each Holder in writing of the information the Company requires from each
such Holder if such Holder elects to have any of such Holder's Registrable
Securities included in such Registration Statement. It shall be a condition
precedent to the obligations of the Company to complete the registration
pursuant to this Agreement with respect to the Registrable Securities of a
particular Holder that such Holder shall furnish in writing to the Company such
information regarding itself, the Registrable Securities held by it and the
intended method of disposition of the Registrable Securities held by it as shall
reasonably be required to effect the registration of such Registrable Securities
and shall execute such documents in connection with such registration as the
Company may reasonably request. Each Holder covenants and agrees that, in
connection with any resale of Registrable Securities by it pursuant to a
Registration Statement, it shall comply with the "Plan of Distribution" section
of the current prospectus relating to such Registration Statement.

      (b) Further Corporation. Each Holder shall cooperate with the Company as
reasonably requested by the Company in connection with the preparation and
filing of any Registration Statement hereunder, unless such Holder has notified
the Company in writing of such Holder's election to exclude all of such Holder's
Registrable Securities from such Registration Statement.

      (c) Discontinuance of Disposition in Certain Events. Upon receipt of any
notice from the Company of the happening of any event of the kind described in
Section 3(f) or the first sentence of 3(e), each Holder will immediately
discontinue disposition of Registrable Securities pursuant to any Registration
Statement(s) covering such Registrable Securities until such Holder's receipt of
the copies of the supplemented or amended prospectus contemplated by Section
3(f) or the first sentence of 3(e).

5. Expenses of Registration. All reasonable expenses, other than underwriting
discounts and commissions, incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 3, including, without limitation, all
registration, listing and qualifications fees, printing and accounting fees, and
fees and disbursements of counsel for the Company shall be paid by the Company.

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6. Indemnification. In the event any Registrable Securities are included in a
Registration Statement under this Agreement:

      (a) Indemnification by Company. To the fullest extent permitted by law,
the Company will, and hereby does, indemnify, hold harmless and defend each
Holder who holds such Registrable Securities, the directors, officers, partners,
employees, agents, representatives of, and each Person, if any, who controls,
any Holder within the meaning of the 1933 Act or the Securities Exchange Act of
1934, as amended (the "1934 Act"), (each, an "Indemnified Person"), against any
losses, claims, damages, liabilities, judgments, fines, penalties, charges,
costs, attorneys' fees, amounts paid in settlement or expenses, joint or several
(collectively, "Claims"), incurred in investigating, preparing or defending any
action, claim, suit, inquiry, proceeding, investigation or appeal taken from the
foregoing by or before any court or governmental, administrative or other
regulatory agency, body or the SEC, whether pending or threatened, whether or
not an indemnified party is or may be a party thereto ("Indemnified Damages"),
to which any of them may become subject insofar as such Claims (or actions or
proceedings, whether commenced or threatened, in respect thereof) arise out of
or are based upon: (i) any untrue statement or alleged untrue statement of a
material fact in a Registration Statement or any post-effective amendment
thereto or in any filing made in connection with the qualification of the
offering under the securities or other "blue sky" laws of any jurisdiction in
which Registrable Securities are offered, or the omission or alleged omission to
state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which the statements
therein were made, not misleading, (ii) any untrue statement or alleged untrue
statement of a material fact contained in the final prospectus (as amended or
supplemented, if the Company files any amendment thereof or supplement thereto
with the SEC) or the omission or alleged omission to state therein any material
fact necessary to make the statements made therein, in light of the
circumstances under which the statements therein were made, not misleading, or
(iii) any violation or alleged violation by the Company of the 1933 Act, the
1934 Act, any other law, including, without limitation, any state securities
law, or any rule or regulation thereunder relating to the offer or sale of the
Registrable Securities pursuant to a Registration Statement (the matters in the
foregoing clauses (i) through (iii) being, collectively, "Violations"). Subject
to the restrictions set forth in Section 6(c) with respect to the number of
legal counsel, the Company shall reimburse the Holders and each such controlling
person, promptly as such expenses are incurred and are due and payable, for any
reasonable legal fees or other reasonable expenses incurred by them in
connection with investigating or defending any such Claim. Notwithstanding
anything to the contrary contained herein, the indemnification agreement
contained in this Section 6(a): (i) shall not apply to a Claim arising out of or
based upon a Violation which occurs in reliance upon and in conformity with
information furnished in writing to the Company by any Indemnified Person
expressly for use in connection with the preparation of the Registration
Statement or any such amendment thereof or supplement thereto, if such
prospectus were timely made available by the Company pursuant to Section 3(c);
(ii) shall not be available to the extent such Claim is based on (a) a failure
of the Holder to deliver or to cause to be delivered the prospectus made
available by the Company or (b) the Indemnified Person's use of an incorrect
prospectus despite being promptly advised in advance by the Company in writing
not to use such incorrect prospectus; and (iii) shall not apply to amounts

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paid in settlement of any Claim if such settlement is effected without the prior
written consent of the Company, which consent shall not be unreasonably
withheld. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Indemnified Person and shall survive
the resale of the Registrable Securities by the Holders pursuant to the
Registration Statement.

      (b) Indemnification by Holders. In connection with any Registration
Statement in which a Holder is participating, each such Holder agrees to
severally and not jointly indemnify, hold harmless and defend, to the same
extent and in the same manner as is set forth in Section 6(a), the Company, each
of its directors, each of its officers who signs the Registration Statement,
each Person, if any, who controls the Company within the meaning of the 1933 Act
or the 1934 Act (collectively and together with an Indemnified Person, an
"Indemnified Party"), against any Claim or Indemnified Damages to which any of
them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar
as such Claim or Indemnified Damages arise out of or are based upon any
Violation, in each case to the extent, and only to the extent, that such
Violation occurs in reliance upon and in conformity with written information
furnished to the Company by such Holder expressly for use in connection with
such Registration Statement; and, subject to Section 6(c), such Holder will
reimburse any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such Claim; provided, however, that the
indemnity agreement contained in this Section 6(b) and the agreement with
respect to contribution contained in Section 7 shall not apply to amounts paid
in settlement of any Claim if such settlement is effected without the prior
written consent of such Holder, which consent shall not be unreasonably
withheld; provided, further, however, that the Holder shall be liable under this
Section 6(b) for only that amount of a Claim or Indemnified Damages as does not
exceed the net proceeds to such Holder as a result of the sale of Registrable
Securities pursuant to such Registration Statement. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of
such Indemnified Party and shall survive the resale of the Registrable
Securities by the Holders pursuant to the Registration Statement.
Notwithstanding anything to the contrary contained herein, the indemnification
agreement contained in this Section 6(b) with respect to any preliminary
prospectus shall not inure to the benefit of any Indemnified Party if the untrue
statement or omission of material fact contained in the preliminary prospectus
were corrected on a timely basis in the prospectus, as then amended or
supplemented.

      (c) Indemnification Procedure. Promptly after receipt by an Indemnified
Person or Indemnified Party under this Section 6 of notice of the commencement
of any action or proceeding (including any governmental action or proceeding)
involving a Claim, such Indemnified Person or Indemnified Party shall, if a
Claim in respect thereof is to be made against any indemnifying party under this
Section 6, deliver to the indemnifying party a written notice of the
commencement thereof, and the indemnifying party shall have the right to
participate in, and, to the extent the indemnifying party so desires, jointly
with any other indemnifying party similarly noticed, to assume control of the
defense thereof with counsel mutually satisfactory to the indemnifying party and
the Indemnified Person or the Indemnified Party, as the case may be; provided,
however, that an Indemnified Person or Indemnified Party shall have the right to
retain its own counsel with the fees and expenses to be paid by the indemnifying
party, if, in the

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reasonable opinion of counsel retained by the indemnifying party, the
representation by such counsel of the Indemnified Person or Indemnified Party
and the indemnifying party would be inappropriate due to actual or potential
differing interests between such Indemnified Person or Indemnified Party and any
other party represented by such counsel in such proceeding. The indemnifying
party shall pay for only one separate legal counsel for the Indemnified Persons
or the Indemnified Parties, as applicable, and such counsel shall be selected by
Holders holding a majority-in-interest of the Registrable Securities included in
the Registration Statement to which the Claim relates, if the Holders are
entitled to indemnification hereunder, or the Company, if the Company is
entitled to indemnification hereunder, as applicable. The Indemnified Party or
Indemnified Person shall cooperate fully with the indemnifying party in
connection with any negotiation or defense of any such action or claim by the
indemnifying party and shall furnish to the indemnifying party all information
reasonably available to the Indemnified Party or Indemnified Person which
relates to such action or claim. The indemnifying party shall keep the
Indemnified Party or Indemnified Person fully appraised at all times as to the
status of the defense or any settlement negotiations with respect thereto. No
indemnifying party shall be liable for any settlement of any action, claim or
proceeding effected without its written consent, provided, however, that the
indemnifying party shall not unreasonably withhold, delay or condition its
consent. No indemnifying party shall, without the consent of the Indemnified
Party or Indemnified Person, consent to entry of any judgment or enter into any
settlement or other compromise which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such Indemnified Party or
Indemnified Person of a release from all liability in respect to such Claim.
Following indemnification as provided for hereunder, the indemnifying party
shall be surrogated to all rights of the Indemnified Party or Indemnified Person
with respect to all third parties, firms or corporations relating to the matter
for which indemnification has been made. The failure to deliver written notice
to the indemnifying party within a reasonable time of the commencement of any
such action shall not relieve such indemnifying party of any liability to the
Indemnified Person or Indemnified Party under this Section 6, except to the
extent that the indemnifying party is prejudiced in its ability to defend such
action.

      (d) Payment of Indemnification. The indemnification required by this
Section 6 shall be made by periodic payments of the amount thereof during the
course of the investigation or defense, as and when bills are received or
Indemnified Damages are incurred.

      (e) Non-exclusivity. The indemnity agreements contained herein shall be in
addition to (i) any cause of action or similar right of the Indemnified Party or
Indemnified Person against the indemnifying party or others, and (ii) any
liabilities the indemnifying party may be subject to pursuant to the law.

7. Contribution. To the extent any indemnification by an indemnifying party is
prohibited or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to any amounts for which it would otherwise be liable
under Section 6 to the fullest extent permitted by law; provided, however, that:
(i) no contribution shall be made under circumstances where the maker would not
have been liable for indemnification under the fault standards set forth in
Section 6; (ii) no seller of Registrable Securities guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be
entitled to contribution from any

                                       10
<PAGE>

seller of Registrable Securities who was not guilty of fraudulent
misrepresentation; and (iii) contribution by any seller of Registrable
Securities shall be limited in amount to the net amount of proceeds received by
such seller from the sale of such Registrable Securities.

8. Reports Under the 1934 Act. With a view to making available to the Holders
the benefits of Rule 144 promulgated under the 1933 Act or any other similar
rule or regulation of the SEC that may at any time permit the Holders to sell
securities of the Company to the public without registration ("Rule 144"), the
Company shall:

      (a) make and keep public information available, as those terms are
understood and defined in Rule 144;

      (b) file with the SEC in a timely manner all reports and other documents
required of the Company under the 1933 Act and the 1934 Act so long as the
Company remains subject to such requirements and the filing of such reports and
other documents is required for the applicable provisions of Rule 144; and

      (c) furnish to the Investor, promptly upon request, (i) a written
statement by the Company that it has complied with the reporting requirements of
Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of the most recent annual
or quarterly report of the Company and such other reports and documents so filed
by the Company, and (iii) such other information as may be reasonably requested
to permit the Investor to sell such securities pursuant to Rule 144 without
registration.

9. No Assignment of Registration Rights. The rights under this Agreement shall
not be assignable.

10. Amendment of Registration Rights. Provisions of this Agreement may be
amended and the observance thereof may be waived (either generally or in a
particular instance and either retroactively or prospectively), only with the
written consent of the Company and Holders who hold two-thirds (2/3) of the
Registrable Securities. Any amendment or waiver effected in accordance with this
Section 10 shall be binding upon each Holder and the Company. No such amendment
shall be effective to the extent that it applies to less than all of the Holders
of the Registrable Securities. No consideration shall be offered or paid to any
Person to amend or consent to a waiver or modification of any provision of any
of this Agreement unless the same consideration also is offered to all of the
parties to this Agreement.

11. Miscellaneous.

      (a) Conflicting Notices. A Person is deemed to be a Holder of Registrable
Securities whenever such Person owns of record such Registrable Securities. If
the Company receives conflicting instructions, notices or elections from two or
more Persons with respect to the same Registrable Securities, the Company shall
act upon the basis of instructions, notice or election received from the
registered owner of such Registrable Securities.

      (b) Waivers and Communications. Any notices, consents, waivers or other
communications required or permitted to be given under the terms of this
Agreement must be in writing and will be deemed to have been delivered (i) upon
receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided a confirmation of transmission is

                                       11
<PAGE>

mechanically or electronically generated and kept on file by the sending party);
or (iii) one (1) day after deposit with a nationally recognized overnight
delivery service, in each case properly addressed to the party to receive the
same. The addresses and facsimile numbers for such communications shall be:

If to the Company:

      GlobeTel Communications Corp.

      444 Brickell Ave., Suite 522,

      Miami Fl. 33131

      Attention: _____________

      Telephone: _____________

      Facsimile: _____________

If to the Investor:

      At the address listed in the Questionnaire.

      Each party shall provide five (5) business days prior notice to the other
party of any change in address, phone number or facsimile number.

      (c) Non-waiver. Failure of any party to exercise any right or remedy under
this Agreement or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof.

      (d) Governing Law. This Agreement shall be governed by and interpreted in
accordance with the laws of the State of New York without regard to the
principles of conflict of laws. Each party hereby irrevocably submits to the
non-exclusive jurisdiction of the state and federal courts sitting in the City
of New York, borough of Manhattan, for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or
discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by
mailing a copy thereof to such party at the address for such notices to it under
this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law.
If any provision of this Agreement shall be invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall not affect the validity
or enforceability of the remainder of this Agreement in that jurisdiction or the
validity or enforceability of any provision of this Agreement in any other
jurisdiction.

                                       12
<PAGE>

      (e) Entire Agreement. This Agreement and the Transaction Documents (as
defined in the Subscription Agreement) constitute the entire agreement among the
parties hereto with respect to the subject matter hereof and thereof. There are
no restrictions, promises, warranties or undertakings, other than those set
forth or referred to herein and therein.

      (f) Integration. This Agreement and the Transaction Documents supersede
all prior agreements and understandings among the parties hereto with respect to
the subject matter hereof and thereof.

      (g) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

      (h) Counterparts. This Agreement may be executed in two or more identical
counterparts, each of which shall be deemed an original but all of which shall
constitute one and the same agreement. This Agreement, once executed by a party,
may be delivered to the other party hereto by facsimile transmission of a copy
of this Agreement bearing the signature of the party so delivering this
Agreement.

      (i) Further Actions. Each party shall do and perform, or cause to be done
and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other
party may reasonably request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated
hereby.

      (j) Determination by Holders. All consents and other determinations to be
made by the Holders pursuant to this Agreement shall be made, unless otherwise
specified in this Agreement, by Holders holding a majority of the Registrable
Securities.

                                       13
<PAGE>

IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement
to be duly executed as of the day and year first above written.

                                        GLOBETEL COMMUNICATIONS CORP.

                                        By: ____________________________________

                                        Name:

                                        Title:

                                        INVESTOR:

                                        By: ____________________________________

                                        Name:

                                        Title:

                                       14Exhibit 10.4

      THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE
      NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS
      NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS NOTE MAY NOT
      BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN
      EFFECTIVE REGISTRATION STATEMENT AS TO THIS NOTE UNDER SAID ACT OR AN
      OPINION OF COUNSEL REASONABLY SATISFACTORY TO GLOBETEL COMMUNICATIONSCORP.
      THAT SUCH REGISTRATION IS NOT REQUIRED.

                                CONVERTIBLE NOTE

            FOR VALUE RECEIVED. GLOBETEL COMMUNICATIONS CORP., a Delaware
corporation (hereinafter called "Borrower"),. hereby promises to pay to Infinity
Capital Partners, LLC (the "Holder') or order, without demand, the sum of One
hundred and twenty-five Thousand Dollars ($125,000.00), with simple interest
accruing at the annual rate of 12%, on November 5, 2003 (the `Maturity Date').

            The following terms shall apply to this Note:

                                   ARTICLE I

                           DEFAULT RELATED PROVISIONS

            1.1 Payment Grace Period. The Borrower shall have a five (5) day
grace period to pay any monetary amounts due under this Note, after which grace
period a default interest rate of twenty percent (20%) per annum shall apply to
the amounts owed hereunder.

            1.2 Conversion Privileges. The Conversion Privileges set forth In
Article II shall remain in full forco and effect immediately from the date
hereof and until the Note is paid in full or is fully converted into shares of
the Company's Common Stock.

            1.3 Interest Rate. Subject to the Holder's right to convert,
interest payable on this Note shall accrue at the annual rate of twelve percent
(12%) and be payable in arrears commencing December 31, 2002 and quarterly
thereafter, and on the Maturity Date, accelerated or otherwise, when the
principal and remaining accrued but unpaid interest shall be due and payable, or
sooner as described below.

                                   ARTICLE II

                                CONVERSION RIGHTS

            The Holder shall have the right to convert the principal amount and
interest due under this Note into Shares of the Borrower's Common Stock as set
forth below.

            2.1 Conversion into the Borrower's Common Stock.

<PAGE>

            (a) Conversion and Notice. The Holder shall have the right from and
after the issuance of this Note and then at any time until this Note is fully
paid, to convert any outatanding and unpaid principal portion of this Note,
and/or at the Holder's election, the interest accrued on the Note, (the date of
giving of such notice of conversion as provided in this Section 2.1(a) being a
"Conversion Date") into fully paid and nonassessable shares of common stock of
Borrower as such stock exists on the date of issuance of this Note, or any
shares of capital stock of Borrower into which such stock shall hereafter be
changed or reclassified (the "Common Stock") at the conversion price as defined
in Section 2.1(b) hereof (the "Conversion Price"), determined as provided in
that Section. Holder will give notice of its decision to exercise its right to
convert the Note or part thereof by transmitting an executed and completed
Notice of Conversion (as defined in the Note) together with the Note to the
Company via express courier. The Company will cause the transfer agent to
transmit the Company's Common Stock certificates representing the Shares
issuable upon conversion of the Note, and will transmit a new Note for the
balance of the Note not so converted, to the Holder via express courier for
receipt by such Holder within three (3) business days after receipt by the
Company of the Notice of Conversion (the "Delivery Date"). . The number of
shares of Common Stock to be issued upon each conversion of this Note shall be
determined by dividing that portion of the principal (and interest, at the
election of the Holder) of the Note to be converted, by the Conversion Price.

            (b) Conversion Price. Subject to adjustment as provided in Section
2.1(c) hereof, the Conversion Price per share shall be the lower of the Fixed
Conversion Price and the Variable Conversion Price, computed as follows:

                  (i) Fixed Conversion Price. The Fixed Conversion Price shall
                  be $0.025 per share, and was computed as seventy-five percent
                  (75%) of the average of the five lowest closing bid prices for
                  the Common Stock on its Principal Market for the twenty
                  trading days prior to but not including the date on which the
                  Company received the proceeds of this Note from the Holder.

                  (ii) Variable Conversion Price. The Variable Conversion Price
                  shall be seventy-five percent (75%) percent of the average of
                  the three lowest closing bid prices for the Common Stock on
                  the Principal Market, or on any securities exchange or other
                  securities market on which the Common Stock is then being
                  listed or traded, for the twenty (20) trading days prior to
                  but not including the Conversion Date.

                  (iii) "Principal Market" means the NASD OTC Bulletin Board,
                  NASDAQ SmallCap Market, NASDAQ National Market System.
                  American Stock Exchange. or New York Stock Exchange (whichever
                  of the foregoing is at the time the principal trading exchange
                  or market for the Common Stock), or if not then trading on a
                  Principal Market, such other principal market or exchange
                  where the Common Stock is listed or traded.

                                       2
<PAGE>

            (c) Antidilution Adjustment to Fixed Conversion Price. The Fixed
Conversion Price and number and kind of shares or other securities to be issued
upon conversion shall be subject to adjustment from rime to time upon the
happening of certain events while this conversion right remains outstanding, as
follows:

                  A. Merger, Sale of Assets, etc. If the Borrower at any time
shall consolidate with or merge into or sell or convey all or substantially all
its assets to any other corporation, this Note, as to the unpaid principal
portion thereof and accrued interest thereon, shall thereafter be deemed to
evidence the right to purchase such number and kind of shares or other
securities and properly as would have been issuable or distributable on account
of such consolidation, merger, sale or conveyance, upon or with respect to the
securities subject to the conversion or purchase right immediately prior to such
consolidation, merger, sale or conveyance. The foregoing provision shall
similarly apply to successive transactions of a similar nature by any such
successor or purchaser. Without limiting the generality of the foregoing, (i)
the anti-dilution provisions of this Section shall apply to such securities of
such successor or purchaser after any such consolidation, merger, sale or
conveyance, and (ii) if as a result of any of the transactions referred to in
this Section 2.l(c)A the Common Stock ceases to exist, the Variable Conversion
Price provisions of Section 2.1(b)(ii) shall have no further applicability from
and after that event occurs.

                  B. Reclassification, etc. If the Borrower at any time shall,
by reclassification or otherwise, change the Common Stock into the same or a
different number of securities of any class or classes, this Note, as to the
unpaid principal portion thereof and accrued interest thereon, shall thereafter
be deemed to evidence the right to purchase an adjusted number of such
securities and kind of securities as would have been issuable as the result of
such change with respect to the Common Stock immediately prior to such
reclassification or other change

                  C. Stock Splits, Combinations and Dividends. If the shares of
Common Stock are subdivided or combined into a greater or smaller number of
shares of Common Stock, or if a dividend is paid on the Common Stock in shares
of Common Stock. the Conversion Price shall be proportionately reduced in case
of subdivision of shares or stock dividend or proportionately increased in the
case of combination of shares, in each such case by the ratio which the total
number of shares of Common Stock outstanding immediately after such event bears
to the total number of shares of Common Stock outstanding immediately prior to
such event.

                  D. Adjustment for Share Issuance.

                        i. If the Borrower at any time while this Note remains
outstanding shall issue any shares of Common Stock for a consideration less than
the Fixed Conversion Price that would be in effect at the time of such issue
(excluding "Excluded Share Issuances" defined in clause (ii) immediately
following), then, and thereafter successively upon each such issue, the
Conversion Price shall be reduced as follows: (i) the number of shares of Common
Stock outstanding immediately prior to such issue shall be multiplied by the
Conversion Price in effect at the time of such issue and the product shall be
added to the aggregate consideration, if any, received by the Borrower upon such
issue of additional shares of

                                       3
<PAGE>

Common Stock; and (ii) the sum so obtained shall be divided by the number of
shares of Common Stock outstanding immediately after such issue. The resulting
quotient shall be the adjusted Fixed Conversion Price.

                        ii. No adjustment in the Fixed Conversion Price shall be
required on account of any of the following "Excluded Share Issuances";

                              1st.  Issuance of shares in connection with an
                                    event provided for in Sections 2.l(c)A,
                                    2.l(c)B or 2.1(c)C immediately above;

                              2nd.  Issuance of shares of Common Stock upon
                                    conversion of this Note;

                              3rd.  Issuance of shares of Common Stock or
                                    options, warrants or other rights to
                                    purchase Common Stock issued or granted to
                                    employees, officers or directors of, or
                                    consultants or advisors to the Corporation
                                    or any subsidiary pursuant to stock purchase
                                    or stock option plans or other arrangements
                                    approved by the Company's Board of
                                    Directors;

                              4th.  Issuance of shares of Common Stock pursuant
                                    to the exercise of options, warrants or
                                    other rights to purchase Common Stock or
                                    conversion of convertible securities
                                    outstanding on the issue date of this Nate
                                    or granted in accordance with clause "3rd";

                              5th.  Issuance of shares of Common Stock pursuant
                                    to any bona fide equipment leasing
                                    arrangement, or debt financing from a bank
                                    or similar financial institution approved by
                                    the Board of Directors; and

                              6th.  Issuance of securities issued in a
                                    transaction with a vendor, customer or
                                    strategic partner, up to a maximum of either
                                    (i) 0.5% of outstanding shares of Common
                                    Stock on a fully diluted basis in a single
                                    transaction or (ii) 2.0% of outstanding
                                    shares of Common Stock on a fully diluted
                                    basis in the aggregate.

                        iii. Except for the Excluded Share Issuances, for
purposes of this adjustment, the issuance of any security of the Borrower
carrying the right to convert such security into shares of Common Stock or of
any warrant, right or option to purchase Common

                                       4
<PAGE>

Stock shall result in an adjustment to the Conversion Price upon the issuance of
shares of Common Stock upon exercise of such conversion or purchase rights.

            (d) Maximum Conversion. The Holder shall observe the following
limitations on the principal amount of the Note that is converted on any
Conversion Date:

                  i.    Value/Volume Limit. The Holder will not convert a
                        greater principal amount of the Note on any Conversion
                        Date than (i) $30,000 or (ii) that principal amount that
                        yields a number of shares of Common Stock equal to the
                        highest trading volume on the Principal Exchange in any
                        period of 30 consecutive minutes on that Conversion
                        Date, whichever of (i) or (ii) produces the higher
                        limit; and

                  ii.   Ownership Limit. The Holder will not convert, on any
                        Conversion Date, a principal amount of the Note
                        conversion of which would yield a number of shares of
                        Common Stock exceeding the limit in the next sentence.
                        That limit is (i) 4.99% of the outstanding shares of
                        Common Stock of the Company on such Conversion Date,
                        minus (ii) the number of shares of Common Stock
                        beneficially owned by the Holder and its affiliates on
                        that Conversion Date, beneficial ownership being
                        determined in accordance with Section 13(d) of the
                        Securities Exchange Act of 1934, as amended, and
                        Regulation 13d-3 thereunder. The Holder shall not be
                        limited to aggregate conversions of only 4.99% otherwise
                        than by the terms of the preceding sentence. The Holder
                        may terminate the conversion limitation described in
                        this clause (c)(ii) upon 75 days prior written notice to
                        the Company.

            (e) Late Delivery or Payments. The Company understands that a delay
in the delivery of the Shares in the form required pursuant to Section 2.1(a)
hereof, or the Mandatory Redemption Amount described in Section 2.1(f) hereof,
beyond the Delivery Date or Mandatory Redemption Payment Date (as defined in
Section 2.1(f)) could result in economic loss to the Holder. As compensation to
the Holder for such loss, the Company agrees to make late payments to the Holder
for late issuance of Shares in the form required pursuant to Section 2.1 hereof
upon Conversion of the Note or late payment of the Mandatory Redemption Amount,
in the amount of $100 per business day after the Delivery Date or Mandatory
Redemption Payment Date, as the case may be, for each $10,000 of Note principal
amount being converted or redeemed. The Company shall pay any payments incurred
under this Section in immediately available funds upon demand. Furthermore, in
addition to any other remedies which may be available to the Holder, in the
event that the Company fails for any reason to effect delivery of the Shares by
the Delivery Date or make payment by the Mandatory Redemption Payment Date, the
Holder will be entitled to revoke all or part of the relevant Notice of
Conversion or rescind all or part of the notice of Mandatory Redemption by
delivery of a notice to such effect to the Company

                                       5
<PAGE>

whereupon the Company and the Holder shall each be restored to their respective
positions immediately prior to the delivery of such notice, except that late
payment charges described above shall be payable through the date notice of
revocation or rescission is given to the Company.

            (f) Buy-In. In addition to any other rights available to the Holder,
if the Company fails to deliver to the Holder such shares issuable upon
conversion of a Note by the Delivery Date and if ten (10) days after the
Delivery Date the Holder purchases (in an open market transaction or otherwise)
shares of Common Stock to deliver in satisfaction of a bona fide sale commitment
by such Holder of the Common Stock which the Holder anticipated receiving upon
such conversion (a "Buy-In"), then the Company shall pay in cash to the Holder
(in addition to any remedies available to or elected by the Holder) the amount
by which (A) the Holders total purchase price (including brokerage commissions,
if any) for the shares of Common Stock so purchased exceeds (B) the aggregate
principal and/or interest amount of the Note for which such conversion was not
timely honored, together with interest thereon at a rate of 15% per annum,
accruing until such amount and any accrued interest thereon is paid in full
(which amount shall be paid as liquidated damages and not as a penalty). For
example, if the Holder purchases shares of Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted conversion of
$10,000 of note principal and/or interest, the Company shall be required to pay
the Holder $1,000, plus interest. The Holder shall provide the Company written
notice indicating the amounts payable to the Holder in respect of the Buy-in,
together with proof reasonably satisfactory to the Company that the Holder had
in fact entered into a sale commitment for at least the number of shares
issuable upon the relevant conversion at or before the Lime notice of Conversion
was given.

            (g) Mandatory Redemption Payment in Lieu of Share Delivery. In the
event the Holder gives notice of Conversion but the Company is prohibited from
issuing Shares, or fails to timely deliver Shares on a Delivery Date, then at
the Holders election, the Company shall pay to the Holder ten (10) business days
after request by the Holder or on the Delivery Date (if requested by the Holder)
a sum of money determined by multiplying the outstanding principal amount of the
Note designated in the notice of Conversion by 125%, together with accrued but
unpaid interest on that portion of the Note from the date the notice of
Conversion was given ("Mandatory Redemption Payment"). The Mandatory Redemption
Payment must be received by the Holder on the same date as the Company Shares
otherwise deliverable or within ten (10) business days after request, whichever
is sooner ("Mandatory Redemption Payment Date"). Upon receipt of the Mandatory
Redemption Payment, the corresponding Note principal and interest will be deemed
paid and no longer outstanding.

            (h) Reservation of Shares. During the period the conversion right
exists. Borrower will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of Common Stock upon the
full conversion of this Note. Borrower represents that upon issuance, such
shares will be duly and validly issued, fully paid and non-assessable. Borrower
agrees that its issuance of this Note shall constitute full authority to its
officers, agents, and transfer agents who are charged with the duty of executing
and issuing stock certificates to execute and issue the necessary certificates
for shares of Common Stock upon the conversion of this Note.

                                       6
<PAGE>

            2.2 Transfer Agent Instructions. Upon the conversion of the Note or
part thereof, the Company shall, at its own cost and expense, take all necessary
action (including the issuance of an opinion of counsel) to assure that the
Company's transfer agent shall issue stock certificates in the name of Holder
(or its nominee) or such other persons as designated by Holder and in such
denominations to be specified at conversion representing the number of shares of
common stock issuable upon such conversion. The Company warrants that no
instructions other than these instructions have been or will be given to the
transfer agent of the Company's Common Stock and that the Shares will not
contain a legend restricting their resale or transferability provided the resale
of the Shares has been regoistered pursuant to an effective registration
statement, or that such resale is otherwise exempt from registration.

            2.3 Injunction-Posting of Bond. In the event a Holder shall elect to
convert a Now or part thereof, the Company may not refuse conversion based on
any claim that such Holder or any one associated or affiliated with such Holder
has been engaged in any violation of law, or for any other reason, unless, an
injunction from a court, on notice, restraining and or enjoining conversion of
all or part of said Note shall have been sought and obtained and the Company
posts a surety bond for the benefit of such Holder in the amount of 130% of the
amount of the Note, which is subject to the injunction, which bond shall remain
in effect until the completion of arbitration/litigation of the dispute and the
proceeds of which shall be payable to such Holder to the extent Holder obtains
judgment.

                                  ARTICLE III

                                EVENT OF DEFAULT

            The occurrence of any of the following events of default ("Event of
Default") shall, at the option of the Holder hereof, make all sums of principal
and interest then remaining unpaid hereon and all other amounts payable
hereunder immediately due and payable, all without demand, presentment or
notice, or grace period, all of which hereby are expressly waived, except as set
forth below;

            3.1 Failure to Pay Principal or Interest. The Borrower fails to pay
any installment of principal or interest hereon when due and such failure
continues for a period of five (5) days after the due date, The five (5) day
period described in this Section 3.1 is the same five (5) day period described
in Section 1.1 hereof.

            3.2 Breach of Covenant. The Borrower breaches any material covenant
or other term or condition of this Note in any material respect and such breach,
if subject to cure, continues for a period of seven (7) days after written
notice to the Borrower from the Holder.

            3.3 Breach of Representation and Warranties. Any material
representation or warranty of the Borrower made herein, in the Subscription
Agreement entered into by the Holder and Borrower in connection with this Note,
or in any agreement, statement or certificate given in writing pursuant hereto
or in connection therewith shall be false or misleading in any material respect.

                                       7
<PAGE>

            3.4 Receiver or Trustee. The Borrower shall make an assignment for
the benefit of creditors, or apply for or consent to the appointment of a
receiver or trustee for it or for a substantial part of its property or
business; or such a receiver or trustee shall otherwise be appointed.

            3.5 Judgments. Any money judgment, writ or similar final process
shall be entered or filed against Borrower or any of its property or other
assets for more than $50,000, and shall remain unvacated, unbonded or unstayed
for a period of forty-five (45) days.

            3.6 Bankruptcy. Bankruptcy, insolvency, reorganization or
liquidation proceedings or other proceedings or relief under any bankruptcy law
or any law for the relief of debtors shall be instituted by or against the
Borrower and if instituted against Borrower are not dismissed within 45 days of
initiation.

            3.7 Delisting. Delisting of the Common Stock from the Principal
Market or such other principal exchange on which the Common Stock is listed for
trading; Borrower's failure to comply with the conditions for listing; or
notification from the Principal Market that the Borrower is not in compliance
with the conditions for such continued listing.

            3.8 Stop Trade. An SEC stop trade order or Principal Market trading
suspension is issued with respect to the Company's Common Stock and continues in
effect for more than three consecutive trading days.

            3.9 Failure to Deliver Common Stock or Replacement Note. Borrower's
failure to timely deliver Common Stock to the Holder pursuant to and in the form
required by this Note, or to deliver a replacement Note for any unconverted
principal balance.

                                   ARTICLE IV

                                  MISCELLANEOUS

            4.1 Failure or Indulgence Not Waiver. No failure or delay on the
part of Holder hereof in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such power, right or privilege preclude other or further exercise thereof or
of any other right, power or privilege. All rights and remedies existing
hereunder are cumulative to, and not exclusive of, any rights or remedies
otherwise available.

            4.2 Notices. Any notice herein required or permitted to be given
shall be in writing and may be personally served or sent by fax transmission
(with copy sent by regular, certified or registered mail or by overnight
courier). For the purposes hereof, the address and fax number of the Holder is
as set forth on the first page hereof. The address and fax number of the
Borrower shall be Globetel Communications Corp., 444 Brickell Avenue. Suite 522,
Miami, FL 33131, fax number: 305.579.9930. Both Holder and Borrower may change
the address and fax number for service by service of notice to the other as
herein provided. Notice of Conversion shall be deemed given when made to the
Company pursuant to the Subscription Agreement.

                                       8
<PAGE>

            4.3 Amendment Provision. The term "Note" and all reference thereto,
as used throughout this instrument, shall mean this instrument as originally
executed, or if later amended or supplemented, then as so amended or
supplemented.

            4.4 Assignability. This Note shall be binding upon the Borrower and
its successors and assigns, and shall inure to the benefit of the Holder and its
successors and assigns, and may be assigned by the Holder.

            4.5 Cost of Collection. If default is made in the payment of this
Note, Borrower shall pay the Holder hereof reasonable costs of collection,
including reasonable attorneys' fees.

            4.6 Governing Law. This Note shall be governed by and construed in
accordance-with-the laws of the State of Nevada. Any action brought by either
party against the other concerning the transactions contemplated by this
Agreement shall be brought only in the state courts of Nevada or in the federal
courts located in the state of Nevada. Both parties and the individual signing
this Agreement on behalf of the Borrower agree to submit to the jurisdiction of
such courts. The prevailing party shall be entitled to recover from the other
party its reasonable attorney's fees and costs.

            4.7 Maximum Payments. Nothing contained herein shall be deemed to
establish or require the payment of a rate of interest or other charges in
excess of the maximum permitted by applicable law. In the event that the rate of
interest required to be paid or other charges hereunder exceed the maximum
permitted by such law, any payments in excess of such maximum shall be credited
against amounts owed by the Borrower to the Holder and thus refunded to the
Borrower.

            4.8 Redemption. This Note may be redeemed, in whole or part, by the
Company at a price equal to 125% of the outstanding principle amount, including
interest (and penalties if applicable), within the first 180 days following the
effective date of the registration statement covering the Registrable Securities
(as defined in the Subscription Agreement).

            4.9 Security Interest. The holder of this Note has been granted a
security interest in common stock of the Company more fully described in a
Security Agreement.

            IN WITNESS WHEREOF, Borrower has caused this Note to be signed in
its name by its President and Chief Executive Officer on this 5 day of November
2002.

                                                   GLOBETEL COMMUNICATIONS CORP.

                                                   By:__________________________
                                                             Timothy Huff

WITNESS:

___________________________

                                       9

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