Document:

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                                                                   Exhibit 4.2

                          REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT ("Agreement") is entered into as
of February 23, 2000 between ADVANCED COMMUNICATIONS GROUP, INC., a Delaware
corporation with offices at 390 S. Woods Mill Road, Suite 150, St. Louis, MO
63017 (the "Company") and each of the entities listed under "Investors" on
the signature page hereto (each an "Investor" and collectively the
"Investors"), each with offices at the address listed under such Investor's
name on Schedule I hereto.

                              W I T N E S S E T H:

         WHEREAS, pursuant to that certain Convertible Debenture Purchase
Agreement by and between the Company and the Investors (the "Purchase
Agreement"), the Company has agreed to sell and issue to the Investors, and
the Investors have agreed to purchase from the Company, an aggregate of $20
million principal amount of the Company's 5% Convertible Debentures Due
February 23, 2006 (the "Initial Debentures" and, together with the Subsequent
Debentures (as defined below), the "Debentures") on the terms and conditions
set forth therein;

         WHEREAS, pursuant to Purchase Agreement, in addition to the
foregoing, the Investors may elect and/or be required (by the Company) to
purchase from the Company, an aggregate of $10 million principal amount of
additional debentures (the "Subsequent Debentures");

         WHEREAS, the Purchase Agreement contemplates that the Debentures
will be convertible into shares (the "Common Shares") of common stock, par
value $.0001, of the Company ("Common Stock") pursuant to the terms and
conditions set forth in the Debentures;

         WHEREAS, pursuant to the terms of, and in partial consideration for,
the Investors' agreement to enter into the Purchase Agreement, the Company
has agreed (i) to issue warrants exercisable for 572,350 shares of Common
Stock of the Company (the "Initial Warrants") in connection with the issuance
of the Initial Debentures (shares of Common Stock issuable under the Initial
Warrants and the Option Warrants (as defined below) are referred to herein as
the "Warrant Shares") and (ii) upon the issuance of Subsequent Debentures, to
issue additional warrants as set forth in the Purchase Agreement ("Option
Warrants" and, together with the Initial Warrants, the "Warrants") to provide
the Investors with certain registration rights with respect to the Common
Shares and Warrant Shares and certain other rights and remedies with respect
to the Debentures as set forth in this Agreement;

         NOW, THEREFORE, in consideration of the mutual promises,
representations, warranties, covenants and conditions set forth in the
Purchase Agreement and this Agreement, the Company and the Investors agrees
as follows:

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         1.     CERTAIN DEFINITIONS; SUBORDINATION.

                (a) CERTAIN DEFINITIONS. Capitalized terms used herein and
not otherwise defined shall have the meaning ascribed thereto in the Purchase
Agreement, the Warrants or the Debentures. As used in this Agreement, the
following terms shall have the following respective meanings:

         "CLOSING" and "CLOSING DATE" shall have the meanings ascribed to such
terms in the Purchase Agreement.

         "CONVERSION PRICE" shall have meaning ascribed to such term in
Section 5(c) of the Debenture.

         "COMMISSION" or "SEC" shall mean the Securities and Exchange
Commission or any other federal agency at the time administering the
Securities Act.

         "COMPANY NOTICE" shall have the meaning set forth in Section
2(b)(i)(B).

         "DEFAULT PAYMENT RATE" shall have the meaning set forth in Section
2(b)(i)(B).

         "DEFAULT PERIOD" shall have the meaning set forth in Section 2(b)(i).

         "DEBENTURE AMOUNT" shall have the meaning set forth in Section
2(b)(i)(B).

         "HOLDER" and "HOLDERS" shall mean the Investor or the Investors,
respectively, and any transferee of the Debentures, Warrants, Warrant Shares
or Common Shares or Registrable Securities which have not been sold to the
public to whom the registration rights conferred by this Agreement have been
transferred in compliance with this Agreement.

         "INTERFERING EVENTS" shall have the meaning set forth in Section 2(b).

         "MARKET PRICE FOR SHARES OF COMMON STOCK" shall have the meaning
ascribed to such term in the Debentures.

         "OUTSTANDING PRINCIPAL AMOUNT" shall have the meaning ascribed to such
term in the Debentures.

         "POTENTIAL MATERIAL EVENT" means any of the following: (a) the
possession by the Company of material information not ripe for disclosure in
a registration statement, as reasonably determined in good faith by the Chief
Executive Officer or the Board of Directors of the Company that disclosure of
such information in a Registration Statement would be materially detrimental
to the business and affairs of the Company; and (b) any material engagement
or activity by the Company which would, in the reasonable good faith
determination of the Chief Executive Officer or the Board of Directors of the
Company, be materially adversely affected by disclosure in a registration
statement at such time, which reasonable determination shall be accompanied
by a reasonable good

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faith determination by the Chief Executive Officer or the Board of Directors
of the Company that the applicable Registration Statement would be materially
misleading absent the inclusion of such information.

         "PREMIUM REDEMPTION PRICE" shall have the meaning set forth in
Section 2(b)(i)(B).

         "PUT NOTICE" shall have the meaning set forth in Section 2(b)(i)(B).

         "REGISTRABLE SECURITIES" shall mean: (i) the Common Shares and
Warrant Shares issued or issuable to each Holder or its permitted transferee
or designee upon conversion of the Debentures (including, without limitation,
the Subsequent Debentures) or exercise of the Warrants (including, without
limitation, the Option Warrants), as applicable, or upon any stock split,
stock dividend, recapitalization or similar event with respect to such Common
Shares or Warrant Shares; (ii) any securities issued or issuable to each
Holder upon the conversion, exercise or exchange of any Debentures, Warrants,
Warrant Shares, or Common Shares; and (iii) any other security of the Company
issued as a dividend or other distribution with respect to, conversion or
exchange of, or in replacement of, Registrable Securities.

         The terms "REGISTER", "REGISTERED" and "REGISTRATION" shall refer to
a registration effected by preparing and filing a registration statement in
compliance with the Securities Act and applicable rules and regulations
thereunder, and the declaration or ordering of the effectiveness of such
registration statement.

         "REGISTRATION EXPENSES" shall mean all expenses to be incurred by
the Company in connection with each Holder's registration rights under this
Agreement, including, without limitation, all registration and filing fees,
printing expenses, fees and disbursements of counsel for the Company, "Blue
Sky" fees and expenses, reasonable fees and disbursements of counsel to
Holders (using a single counsel selected by a majority in interest of the
Holders) for a "due diligence" examination of the Company and review of the
Registration Statement and related documents (up to a maximum of $100,000
less the amount of Investor legal expenses previously paid by the Company
under Section 3.4 of the Purchase Agreement), and the expense of any special
audits incident to or required by any such registration (but excluding the
compensation of regular employees of the Company, which shall be paid in any
event by the Company).

         "REGISTRATION STATEMENT" shall have the meaning set forth in Section
2(a) herein.

         "REGULATION D" shall mean Regulation D as promulgated pursuant to
the Securities Act, and as subsequently amended.

         "SECURITIES ACT" or "ACT" shall mean the Securities Act of 1933, as
amended.

         "SELLING EXPENSES" shall mean all underwriting discounts and selling
commissions applicable to the sale of Registrable Securities and all fees and
disbursements of counsel for Holders not included within "Registration
Expenses".

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         "SUBORDINATION AGREEMENT" shall have the meaning set forth in
Section 1(b) herein.

                  (b)   SUBORDINATION. The rights of the Holders under this
Agreement are subject to the terms of the Subordination Agreement dated
February 23, 2000, among the Senior Lenders (as defined therein) and, among
others, the Investors (the "Subordination Agreement").

     2. REGISTRATION REQUIREMENTS. The Company shall use its best efforts to
effect the registration of the Registrable Securities (including without
limitation the execution of an undertaking to file post-effective amendments,
appropriate qualification under applicable "Blue Sky" or other state
securities laws and appropriate compliance with applicable regulations issued
under the Securities Act) as would permit or facilitate the sale or
distribution of all the Registrable Securities in the manner (including
manner of sale) and in all U.S. jurisdictions. Such best efforts by the
Company shall include the following:

                  (a)   The Company shall, as expeditiously as reasonably
possible after the Closing Date:

                        (i) But in any event within 60 days thereafter, prepare
                  and file a registration statement with the Commission
                  pursuant to Rule 415 under the Securities Act on Form S-3
                  under the Securities Act (or in the event that the Company
                  is ineligible to use such form, such other form as the
                  Company is eligible to use under the Securities Act) covering
                  the Registrable Securities (such registration statement,
                  including any amendments or supplements thereto and
                  prospectuses contained therein, is referred to herein as the
                  "Registration Statement"), which Registration Statement, to
                  the extent allowable under the Securities Act and the rules
                  promulgated thereunder (including Rule 416), shall state that
                  such Registration Statement also covers such number of
                  additional shares of Common Stock as may become issuable to
                  prevent dilution resulting from stock splits, stock dividends
                  or similar events. The number of shares of Common Stock
                  initially included in such Registration Statement shall be no
                  less than the sum of (A) two times the sum of the number of
                  Common Shares that are as of the date of this Agreement
                  issuable upon conversion of the Debentures (assuming, for
                  purposes of this calculation, that 10,000,000 principal
                  amount of the Subsequent Debentures were issued and
                  outstanding) plus (B) one and one-half times the number of
                  Warrant Shares issuable upon exercise of the Warrants
                  (assuming, for purposes of this calculation, that the Option
                  Warrants were issued and outstanding) in each case without
                  regard to any limitation on the Investor's ability to convert
                  the Debentures or Warrants. Thereafter, the Company shall use
                  its best efforts to cause such Registration Statement to be
                  declared effective as soon as practicable, and in any event
                  prior to 120 days following the Closing Date. The Company
                  shall provide Holders and their legal counsel

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                  reasonable opportunity to review any such Registration
                  Statement or amendment or supplement thereto prior to
                  filing.

                        (ii)  Prepare and file with the SEC such amendments
                  and supplements to such Registration Statement and the
                  prospectus used in connection with such Registration
                  Statement as may be necessary to comply with the provisions
                  of the Act with respect to the disposition of all securities
                  covered by such Registration Statement in accordance with the
                  intended methods of disposition by the seller thereof as set
                  forth in the Registration Statement and notify the Holders of
                  the filing and effectiveness of such Registration Statement
                  and any amendments or supplements.

                        (iii) Furnish to each Holder such numbers of copies of
                  a current prospectus conforming with the requirements of the
                  Act, copies of the Registration Statement, any amendment or
                  supplement thereto and any documents incorporated by
                  reference therein and such other documents as such Holder may
                  reasonably require in order to facilitate the disposition of
                  Registrable Securities owned by such Holder.

                        (iv)  Use its best efforts to register and qualify the
                  securities covered by such Registration Statement under such
                  other securities or "Blue Sky" laws of all U.S.
                  jurisdictions; provided that the Company shall not be
                  required in connection therewith or as a condition thereto to
                  qualify to do business or to file a general consent to
                  service of process in any such states or jurisdictions.

                        (v)    Notify each Holder immediately of the happening
                  of any event as a result of which the prospectus (including
                  any supplements thereto or thereof and any information
                  incorporated or deemed to be incorporated by reference
                  therein) included in such Registration Statement, as then in
                  effect, includes an untrue statement of material fact or
                  omits to state a material fact required to be stated therein
                  or necessary to make the statements therein not misleading in
                  light of the circumstances then existing, and, pursuant to
                  Section 2(f), use its best efforts to promptly update and/or
                  correct such prospectus.

                        (vi)   Notify each Holder immediately of the issuance
                  by the Commission or any state securities commission or
                  agency of any stop order suspending the effectiveness of the
                  Registration Statement or the initiation of any proceedings
                  for that purpose. The Company shall use its best efforts to
                  prevent the issuance of any stop order and, if any stop order
                  is issued, to obtain the lifting thereof at the earliest
                  possible time.

                        (vii)  Permit a single firm of counsel, designated as
                  Holders' counsel by the Holders of a majority of the
                  Registrable Securities included in the Registration
                  Statement, to review the Registration Statement and all

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                  amendments and supplements thereto within a reasonable period
                  of time prior to each filing, and shall not file any document
                  in a form to which such counsel reasonably objects.

                        (viii) Use its best efforts to list the Registrable
                  Securities covered by such Registration Statement with all
                  securities exchange(s) and/or markets on which the Common
                  Stock is then listed and prepare and file any required
                  filings with the National Association of Securities Dealers,
                  Inc. or any exchange or market where the Common Stock is
                  then traded.

                        (ix)   If applicable, take all steps necessary to
                  enable Holders to avail themselves of the prospectus
                  delivery mechanism set forth in Rule 153 (or successor
                  thereto) under the Act.

                  (b) Set forth below in this Section 2(b) are (I) events
that may arise that the Investors consider will interfere with the full
enjoyment of their rights under the Debentures, the Purchase Agreement and
this Agreement (the "Interfering Events"), and (II) certain remedies
applicable in each of these events.

                  Paragraphs (i) through (iv) of this Section 2(b) describe the
                  Interfering Events, provide a remedy to the Investors if an
                  Interfering Event occurs and provide that the Investors may
                  require that the Company redeem outstanding Debentures at a
                  specified price if certain Interfering Events are not timely
                  cured.

                  Paragraph (vi) provides, INTER ALIA, that if cash payments
                  required as the remedy in the case of certain of the
                  Interfering Events are not paid when due, the Company may be
                  required by the Investors to redeem outstanding Debentures at
                  a specified price.

                  Paragraph (viii) provides, INTER ALIA, that the Investors
                  have the right to specific performance.

         The preceding paragraphs in this Section 2(b) are meant to serve only
as an introduction to this Section 2(b), are for convenience only, and are not
to be considered in applying, construing or interpreting this Section 2(b).

                        (i)   DELAY IN EFFECTIVENESS OF REGISTRATION STATEMENT.

                              (A) In the event that the Registration Statement
                  has not been declared effective within 120 days from the
                  Closing Date, then the Conversion Price shall be reduced by
                  1% during and after the 30-day period (the "Default Period")
                  from and after the 120th day following the Closing Date
                  during any part of which such Registration Statement is not
                  effective, and such Conversion Price shall be further reduced
                  by additional 1.5% amounts during and after each Default
                  Period thereafter. For example, if the Registration Statement
                  does not become effective until 150

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                  days from the Closing Date, the Conversion Price from and
                  after day 121 from the Closing Date shall be multiplied by
                  99%. If the Registration Statement is not effective until
                  the 180th day after the Closing Date, the Conversion Price
                  from and after day 151 from the Closing Date shall be
                  multiplied by 97.5%. In each case, the Conversion Price
                  shall be subject to further adjustment as set forth in the
                  Debentures and the Purchase Agreement; provided, that once
                  the Registration Statement first becomes effective, there
                  can be no further adjustment  to the Conversion Price under
                  this Section 2(b)(i).

                              (B) If the Registration Statement has not been
                  declared effective within 180 days after the Closing Date
                  and provided that such Holder is not able to freely sell
                  the Registrable Securities pursuant to Rule 144(k) of the
                  Act, then each Holder may, in its sole discretion, put to
                  the Company in writing (the "Put Notice") the two options
                  set forth below, of which the Company must select one by
                  providing the Holder with written notice (the "Company
                  Notice") of its selection within 3 business days of its
                  receipt of the Put Notice.

                              OPTION ONE: The Company shall redeem the
                  Debentures, Common Shares and/or Warrant Shares (in whole or
                  in part, as selected by the Holder in the Put Notice) at the
                  Premium Redemption Price (as defined below) on a date
                  specified by the Holder in the Put Notice, which shall be at
                  least 5 business days from the date thereof (the "Redemption
                  Date"). The "Premium Redemption Price" shall be equal to (A)
                  as to the Debentures, the greater of (x) 120% of the
                  Outstanding Principal Amount of the Debentures plus any
                  accrued but unpaid or unrecognized interest or default
                  payments and (y) the value that the Holder would be entitled
                  to receive upon conversion of the Debenture at the Conversion
                  Price then in existence, without reference to Section 12
                  thereof, and the subsequent sale of the Common Shares
                  received thereby at the Market Price for Shares of Common
                  Stock then in existence and (B) as to the Common Shares
                  and/or Warrant Shares, 120% of the dollar amount which is
                  the product of (x) the number of shares so to be redeemed
                  pursuant to this paragraph, and (y) the Market Price for
                  Shares of Common Stock at the time such shares were
                  received pursuant to conversion of Debentures or exercise
                  of the Warrants. Nothing herein shall be construed as
                  precluding the Holder from exercising its conversion rights
                  under the Debenture unless the Company redeems the Debenture
                  and pays the Premium Redemption Price in full pursuant to
                  this Option One. Default payments shall no longer accrue on
                  Debentures after such Debentures have been redeemed by the
                  Company pursuant hereto. If the Company fails to pay the
                  Premium Redemption Price in full on the Redemption Date in
                  immediately available funds, in addition to any other rights
                  or remedies it may have, (i) the Holder shall have the right
                  to require the Company to repurchase the Debentures, Common
                  Shares

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                  and/or Warrant Shares (in whole or in part, as selected by
                  Holder) at a price equal to 110% of the Premium Redemption
                  Price; and (ii) the Company shall pay in cash to each Holder
                  the default payment set forth in Option Two below for each
                  30-day period (or portion thereof) that the Company fails to
                  pay 110% of the Premium Redemption Price, except that such 3%
                  default payment shall not be subject to the 18% cap, set
                  forth in Option Two. In the event that the Company selects
                  Option One but the Holder is prevented from exercising its
                  redemption rights by reason of the Subordination Agreement,
                  then the Company shall be deemed to have selected Option Two
                  for all purposes hereunder.

                              OPTION TWO: The Company shall pay a cash default
                  payment at a rate (the "Default Payment Rate") equal to three
                  (3 %) of the sum of (x) the Outstanding Principal Amount of,
                  (y) the accrued but unpaid interest on, and (z) the accrued
                  but unpaid or unrecognized default payments on the Debentures
                  (the "Debenture Amount") held by such Holder for each 30-day
                  period (or portion thereof) that the Registration Statement
                  has not been declared effective until the Registration
                  Statement has been declared effective, which such 3% default
                  payment shall not exceed, in the aggregate, 18% of the
                  Debenture Amount in any 365-day period. Such default payments
                  shall be made in accordance with Section 2(b)(v) and (vi)
                  hereof.

                           If the Company fails to provide the Holder with the
                  Company Notice within 3 business days of its receipt of the
                  Put Notice, then the Company will be deemed to have selected
                  OPTION TWO.

                           (ii)  NO LISTING; PREMIUM PRICE REDEMPTION FOR
                  DELISTING OF CLASS OF SHARES.

                                 (A) In the event that the Company fails,
                  refuses or is unable to cause the Registrable Securities
                  covered by the Registration Statement to be listed with
                  the Approved Market and each other securities exchange and
                  market on which the Common Stock is then traded at all
                  times during the period ("Listing Period") commencing the
                  earlier of the effective date of the Registration Statement
                  or the 120th day following the Closing Date, and continuing
                  thereafter for so long as the Debentures are outstanding,
                  then the Company shall pay in cash to each Holder a default
                  payment at the Default Payment Rate on the Debenture Amount
                  for the Debentures held by such Holder for each 30-day period
                  (or portion thereof) during the Listing Period from and after
                  such failure, refusal or inability to so list the Registrable
                  Securities until the Registrable Securities are so listed,
                  which such 3% default payment shall not exceed, in the
                  aggregate, 18% of the Debenture in any 365-day period. Such
                  default payments shall be made in accordance with Section
                  2(b)(v) and (vi) hereof.

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                                 (B) In the event that shares of Common Stock
                  of the Company are delisted from the Approved Market at any
                  time following the Closing Date and remain delisted for
                  5 consecutive business days, then at the option of each
                  Holder and to the extent such Holder so elects, the Company
                  shall on 2 business days notice either (1) pay in cash to
                  such Holder a default payment at the Default Payment Rate on
                  the Debenture Amount for the Debentures held by such Holder
                  for each 30-day period that the shares are delisted or (2)
                  redeem the Debentures and/or Common Shares and/or Warrant
                  Shares held by such Holder, in whole or in part, at a
                  redemption price equal to the Premium Redemption Price
                  (as defined above); PROVIDED, however, that such Holder may
                  revoke such request at any time prior to receipt of payment
                  of such default payments or Premium Redemption Price, as the
                  case may be. Default payments shall no longer accrue on
                  Debentures after such Debentures have been redeemed by the
                  Company pursuant to the foregoing provision.

                           (iii) BLACKOUT PERIODS. In the event any Holder is
                  unable to sell Registrable Securities under the Registration
                  Statement for more than (A) ten (10) consecutive days or (B)
                  thirty (30) days in any calendar year ("Suspension Grace
                  Period"), as may be extended pursuant to the following
                  sentence, including without limitation by reason of a
                  suspension of trading of the Common Stock on the Approved
                  Market, any suspension or stop order with respect to the
                  Registration Statement or the fact that an event has
                  occurred as a result of which the prospectus (including any
                  supplements thereto) included in such Registration Statement
                  then in effect includes an untrue statement of material fact
                  or omits to state a material fact required to be stated
                  therein or necessary to make the statements therein not
                  misleading in light of the circumstances then existing, or
                  the number of shares of Common Stock covered by the
                  Registration Statement is insufficient at such time to make
                  such sales, then the Company shall pay in cash to each Holder
                  a default payment at the Default Payment Rate of the
                  Debenture Amount for the Debentures held by such Holder for
                  each 30-day period (or portion thereof) from and after the
                  expiration of the Suspension Grace Period which such 3%
                  default payment shall not exceed, in the aggregate, 18% of
                  the Debenture in any 365-day period; provided, however, that
                  under the following circumstances not more than once in any
                  12 month period the Suspension Grace Period may be extended
                  for up to 30 days or if earlier the date upon which the
                  circumstances giving rise to such extension ceases to exist:
                  (A) the Company has filed or proposes to file a Registration
                  Statement with respect to any of its securities to be
                  distributed in a firm commitment underwritten public offering
                  that results in gross aggregate cash proceeds to the Company
                  of not less than 30 million dollars and it is advised by its
                  lead or managing underwriter that an offering by a Holder of
                  Registrable Securities would materially adversely affect the
                  distribution of such securities, or (B) the fulfillment of
                  such obligations would require the

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                  Company to prepare financial statements under the Act that
                  would not otherwise be required to be prepared by the Company
                  in order to comply with its obligations under the Exchange
                  Act. In the event that the Suspension Grace Period has been
                  extended as provided above, the Company shall deliver a
                  certificate in writing, signed by an officer of the Company,
                  to each Holder, which shall state that the Suspension Grace
                  Period hereunder has been extended in accordance with this
                  Section 3(b)(iii). Alternatively, a Holder shall have the
                  right but not the obligation to have the Company redeem its
                  Debentures and Common Shares and Warrant Shares at the price
                  and on the terms set forth in Section 2(b)(ii)(B) above.

                           (iv) CONVERSION DEFICIENCY; PREMIUM PRICE REDEMPTION
                  FOR CONVERSION DEFICIENCY. To the extent that Section 3.14 of
                  the Purchase Agreement does not apply, in the event that the
                  Company does not have a sufficient number of Common Shares
                  available to satisfy the Company's obligations to any Holder
                  upon receipt of a Conversion Notice (as defined in the
                  Debenture) or is otherwise unable or unwilling to issue such
                  Common Shares (including without limitation by reason of the
                  limit described in Section 10 below) in accordance with the
                  terms of the Debenture for any reason after receipt of a
                  Conversion Notice, then:

                                (A)    The Company shall pay in cash to each
                  Holder a default payment at the Default Payment Rate on the
                  Debenture Amount for the Debentures held by such Holder for
                  each 30-day period (or portion thereof) that the Company
                  fails or refuses to issue Common Shares in accordance with
                  the Debenture terms which such 3% default payment shall not
                  exceed, in the aggregate, 18% of the Debenture in any 365-day
                  period; and

                                (B)    At any time five days after the
                  commencement of the running of the first 30-day period
                  described above in clause (A) of this paragraph (iv), at
                  the request of any Holder pursuant to a redemption notice,
                  the Company promptly (1) shall purchase from such Holder, at
                  a purchase price equal to the Premium Redemption Price, the
                  Debenture Amount of Debentures equal to such Holder's pro
                  rata share of the "Deficiency" (as such term is defined
                  below), if the failure to issue Common Shares results from
                  the lack of a sufficient number thereof and (2) shall
                  purchase all (or such portion as such Holder may elect) of
                  such Holder's Debentures at such Premium Redemption Price if
                  the failure to issue Common Shares results from any other
                  cause. The "Deficiency" shall be equal to the Debenture
                  Amount of Debentures that would not be able to be converted
                  for Common Shares, due to an insufficient number of Common
                  Shares available, if all the outstanding Debentures were
                  submitted for conversion at the Conversion Price set forth
                  in the Debentures as of the date such Deficiency is
                  determined. Any request by

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                  a Holder pursuant to this paragraph (iv)(B) shall be
                  revocable by that Holder at any time prior to its receipt
                  of the Premium Redemption Price.

                           (v)  DEFAULT PAYMENT TERMS; STATUS OF UNPAID
                  DEFAULT PAYMENTS. All default payments (which payments
                  shall be pro rata on a per diem basis for any period of
                  less than 30 days) required to be made in connection with
                  the above provisions shall be paid in cash at any time upon
                  demand, and whether or not a demand is made, by the tenth
                  (10th) day of each calendar month for each partial or full
                  30-day period occurring prior to that date. Until paid as
                  required in this Agreement, default payments shall be
                  deemed added to, and a part of, the Outstanding Principal
                  Amount of a Holder's Debentures.

                           (vi) PREMIUM PRICE REDEMPTION FOR CASH PAYMENT
                  DEFAULTS. In the event that the Company fails or refuses to
                  pay any default payment or honor any discount provided for
                  in the foregoing paragraphs (i) through (iv) when due, at
                  any Holder's request and option the Company shall purchase
                  all or a portion of the Debentures, Common Shares and/or
                  Warrant Shares held by such Holder (with default payments
                  accruing through the date of such purchase), within five
                  (5) days of such request, at a purchase price equal to the
                  Premium Redemption Price (as defined above); PROVIDED that
                  such Holder may revoke such request at any time prior to
                  receipt of such payment of such purchase price. Until such
                  time as the Company purchases such Debentures at the
                  request of such Holder pursuant to the preceding sentence,
                  at any Holder's request and option the Company shall as to
                  such Holder pay such amount by adding and including the
                  amount of such default payment to the Outstanding Principal
                  Amount of a Holder's Debentures.

                  Notwithstanding anything contained herein to the contrary,
                  the Company shall be obligated to redeem Common Shares or
                  Warrant Shares only from available funds in accordance with
                  Section 160 of Delaware General Corporation Law, as may be
                  amended from time to time.

                           (vii) CUMULATIVE REMEDIES. Each default payment
                  triggered by an Interfering Event provided for in the
                  foregoing paragraphs (ii) through (iv) shall be in addition
                  to each other default payment triggered by another
                  Interfering Event; PROVIDED, however, that in no event
                  shall the Company be obligated to pay to any Holder default
                  payments in an aggregate amount greater than the Default
                  Payment Rate of the Outstanding Principal Amount of the
                  Debentures held by such Holder for any 30-day period (or
                  portion thereof). The default payments and mandatory
                  redemptions provided for above are in addition to and not
                  in lieu or limitation of any other rights the Holders may
                  have at law, in equity or under the terms of the
                  Debentures, the Purchase Agreement, the Warrants or this
                  Agreement, including without limitation the right to
                  specific

                                       11

<PAGE>

                  performance. Each Holder shall be entitled to specific
                  performance of any and all obligations of the Company in
                  connection with the registration rights of the Holders
                  hereunder.

                           (viii) CERTAIN ACKNOWLEDGMENTS. The Company
                  acknowledges that any failure, refusal or inability by the
                  Company described in the foregoing paragraphs (i) through
                  (iv) and paragraph (vi) will cause the Holders to suffer
                  damages in an amount that will be difficult to ascertain,
                  including without limitation damages resulting from the
                  loss of liquidity in the Registrable Securities and the
                  additional investment risk in holding the Registrable
                  Securities. Accordingly, the parties agree that it is
                  appropriate to include in this Agreement the foregoing
                  provisions for default payments, discounts and mandatory
                  redemptions in order to compensate the Holders for such
                  damages. The parties acknowledge and agree that the default
                  payments, discounts and mandatory redemptions set forth
                  above represent the parties' good faith effort to quantify
                  such damages and, as such, agree that the form and amount
                  of such default payments, discounts and mandatory
                  redemptions are reasonable and will not constitute a
                  penalty. The parties agree that the provisions of this
                  clause (viii) consist of certain acknowledgments and
                  agreements concerning the remedies of the Holders set forth
                  in clauses (i) through (iv) and paragraph (vi) of this
                  paragraph; nothing in this clause (viii) imposes any
                  additional default payments, discounts and mandatory
                  redemptions for violations under this Agreement.

                  (c)      If the Holder(s) intend to distribute the
Registrable Securities by means of an underwriting, the Holder(s) shall so
advise the Company. Any such underwriting may only be administered by
investment bankers reasonably satisfactory to the Company. The Company shall
only be obligated to permit one underwritten offering, which offering shall
be determined by a majority-in-interest of the Holders.

                  (d)      The Company shall enter into such customary
agreements for secondary offerings (including a customary underwriting
agreement with the underwriter or underwriters, if any) and take all such
other reasonable actions reasonably requested by the Holders in connection
therewith in order to expedite or facilitate the disposition of such
Registrable Securities. In the event that the offering in which the
Registrable Securities are to be sold is deemed to be an underwritten
offering or an Investor selling Registrable Securities is deemed to be an
underwriter, the Company shall:

                           (i)   make such representations and warranties to
                  the Holders and the underwriter or underwriters, if any, in
                  form, substance and scope as are customarily made by
                  issuers to underwriters in secondary offerings;

                           (ii)  cause to be delivered to the sellers of
                  Registrable Securities and the underwriter or underwriters,
                  if any, opinions of independent counsel to the Company, on
                  and dated as of the effective day (or in the

                                       12

<PAGE>

                  case of an underwritten offering, dated the date of
                  delivery of any Registrable Securities sold pursuant
                  thereto) of the Registration Statement, and within ninety
                  (90) days following the end of each fiscal year thereafter,
                  which counsel and opinions (in form, scope and substance)
                  shall be reasonably satisfactory to the Holders and the
                  underwriter(s), if any, and their counsel and covering,
                  without limitation, such matters as the due authorization
                  and issuance of the securities being registered and
                  compliance with securities laws by the Company in
                  connection with the authorization, issuance and
                  registration thereof and other matters that are customarily
                  given to underwriters in underwritten offerings, addressed
                  to the Holders and each underwriter, if any.

                           (iii) cause to be delivered, immediately prior to
                  the effectiveness of the Registration Statement (and, in
                  the case of an underwritten offering, at the time of
                  delivery of any Registrable Securities sold pursuant
                  thereto), and at the beginning of each fiscal year
                  following a year during which the Company's independent
                  certified public accountants shall have reviewed any of the
                  Company's books or records, a "comfort" letter from the
                  Company's independent certified public accountants
                  addressed to the Holders and each underwriter, if any,
                  stating that such accountants are independent public
                  accountants within the meaning of the Securities Act and
                  the applicable published rules and regulations thereunder,
                  and otherwise in customary form and covering such financial
                  and accounting matters as are customarily covered by
                  letters of the independent certified public accountants
                  delivered in connection with secondary offerings; such
                  accountants shall have undertaken in each such letter to
                  update the same during each such fiscal year in which such
                  books or records are being reviewed so that each such
                  letter shall remain current, correct and complete
                  throughout such fiscal year; and each such letter and
                  update thereof, if any, shall be reasonably satisfactory to
                  the Holders.

                           (iv)  if an underwriting agreement is entered
                  into, the same shall include customary indemnification and
                  contribution provisions to and from the underwriters and
                  procedures for secondary underwritten offerings;

                           (v)   deliver such documents and certificates as
                  may be reasonably requested by the Holders of the
                  Registrable Securities being sold or the managing
                  underwriter or underwriters, if any, to evidence compliance
                  with clause (i) above and with any customary conditions
                  contained in the underwriting agreement, if any; and

                           (vi)  deliver to the Holders on the effective day
                  (or in the case of an underwritten offering, dated the date
                  of delivery of any Registrable Securities sold pursuant
                  thereto) of the Registration Statement, and at the
                  beginning of each fiscal quarter thereafter, a certificate
                  in form and

                                      13

<PAGE>

                  substance as shall be reasonably satisfactory to the
                  Holders, executed by an executive officer of the Company
                  and to the effect that all the representations and
                  warranties of the Company contained in the Purchase
                  Agreement are still true and correct except as disclosed in
                  such certificate; the Company shall, as to each such
                  certificate delivered at the beginning of each fiscal
                  quarter, update or cause to be updated each such
                  certificate during such quarter so that it shall remain
                  current, complete and correct throughout such quarter; and
                  such updates received by the Holders during such quarter,
                  if any, shall have been reasonably satisfactory to the
                  Holders.

                  (e)      The Company shall make available for inspection by
the Holders, representative(s) of all the Holders together, any underwriter
participating in any disposition pursuant to a Registration Statement, and
any attorney or accountant retained by any Holder or underwriter, all
financial and other records customary for purposes of the Holders' due
diligence examination of the Company and review of any Registration
Statement, all SEC Documents (as defined in the Purchase Agreement) filed
subsequent to the Closing, pertinent corporate documents and properties of
the Company, and cause the Company's officers, directors and employees to
supply all information reasonably requested by any such representative,
underwriter, attorney or accountant in connection with such Registration
Statement, provided that such parties agree to keep such information
confidential.

                  (f)      Subject to Section 2(b)(iii) above, if at any time
or from time to time after the effective date of the Registration Statement,
the Company has delivered to the Holders a notice under Section 2(a)(v) or
has notified the Holders in writing of the existence of a Potential Material
Event, the Holders shall not offer or sell any Registrable Securities or
engage in any other transaction involving or relating to Registrable
Securities, from the time of the giving of the notice until the Holders
receive written notice from the Company that use of the prospectus may be
resumed. The Company will use its best efforts to cause such suspension to
terminate at the earliest possible date.

                  (g)      The Company shall file a Registration Statement
with respect to any newly authorized and/or reserved shares within ten (10)
business days of any shareholders meeting authorizing or reserving same and
shall use its best efforts to cause such Registration Statement to become
effective within seventy-five (75) days of such shareholders meeting. If the
Holders become entitled, pursuant to an event described in clause (iii) of
the definition of Registrable Securities, to receive any securities in
respect of Registrable Securities that were already included in a
Registration Statement, subsequent to the date such Registration Statement is
declared effective, and the Company is unable under the securities laws to
add such securities to the then effective Registration Statement, the Company
shall promptly file, in accordance with the procedures set forth herein, an
additional Registration Statement with respect to such newly Registrable
Securities. The Company shall use its best efforts to (i) cause any such
additional Registration Statement, when filed, to become effective under the
Securities Act, and (ii) keep such additional Registration Statement
effective during the period described in Section 5 below. All of the
registration rights and remedies under this

                                      14

<PAGE>

Agreement shall apply to the registration of such newly reserved shares and
such new Registrable Securities, including without limitation the provisions
providing for default payments contained herein.

         3.   EXPENSES OF REGISTRATION. All Registration Expenses incurred in
connection with any registration, qualification or compliance with
registration pursuant to this Agreement shall be borne by the Company, and
all Selling Expenses of a Holder shall be borne by such Holder.

         4.   REGISTRATION ON FORM S-3; OTHER FORMS. The Company shall use
its best efforts to qualify for registration on Form S-3 or any comparable or
successor form or forms, or in the event that the Company is ineligible to
use such form, such form as the Company is eligible to use under the
Securities Act.

         5.   REGISTRATION PERIOD. In the case of the registration effected
by the Company pursuant to this Agreement, the Company will use its best
efforts to keep such registration effective until the later to occur of (i)
sales are permitted of all Registrable Securities without registration under
Rule 144(k) or (ii) such time as there are no longer any Warrants outstanding.

         6.   INDEMNIFICATION.

              (a)    THE COMPANY INDEMNITY. The Company will indemnify each
Holder, each of its officers, directors and partners, and each person
controlling each Holder, within the meaning of Section 15 of the Securities
Act and the rules and regulations thereunder with respect to which
registration, qualification or compliance has been effected pursuant to this
Agreement, and each underwriter, if any, and each person who controls, within
the meaning of Section 15 of the Securities Act and the rules and regulations
thereunder, any underwriter, against all claims, losses, damages and
liabilities (or actions in respect thereof) arising out of or based on any
untrue statement (or alleged untrue statement) of a material fact contained
in any prospectus, offering circular or other document (including any related
registration statement, notification or the like) incident to any such
registration, qualification or compliance, or based on any omission (or
alleged omission) to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, or any
violation by the Company of the Securities Act or any state securities law or
in either case, any rule or regulation thereunder applicable to the Company
and relating to action or inaction required of the Company in connection with
any such registration, qualification or compliance, and will reimburse each
Holder, each of its officers, directors and partners, and each person
controlling such Holder, each such underwriter and each person who controls
any such underwriter, for any legal and any other expenses reasonably
incurred in connection with investigating and defending any such claim, loss,
damage, liability or action, provided that the Company will not be liable in
any such case to a Holder to the extent that any such claim, loss, damage,
liability or expense arises out of or is based on any untrue statement or
omission based upon written information furnished to the Company by such
Holder or the underwriter (if any) therefor and stated to be specifically for
use therein.

                                      15

<PAGE>

The indemnity agreement contained in this Section 6(a) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability or
action if such settlement is effected without the consent of the Company
(which consent will not be unreasonably withheld).

              (b)    HOLDER INDEMNITY. Each Holder will, severally and not
jointly, if Registrable Securities held by it are included in the securities
as to which such registration, qualification or compliance is being effected,
indemnify the Company, each of its directors, officers, partners, and each
underwriter, if any, of the Company's securities covered by such a
registration statement, each person who controls the Company or such
underwriter within the meaning of Section 15 of the Securities Act and the
rules and regulations thereunder, each other Holder (if any), and each of
their officers, directors and partners, and each person controlling such
other Holder(s), against all claims, losses, damages and liabilities (or
actions in respect thereof) arising out of or based on any untrue statement
(or alleged untrue statement) of a material fact contained in any such
registration statement, prospectus, offering circular or other document, or
any omission (or alleged omission) to state therein a material fact required
to be stated therein or necessary to make the statement therein not
misleading, and will reimburse the Company and such other Holder(s) and their
directors, officers and partners, underwriters or control persons for any
legal or any other expenses reasonably incurred in connection with
investigating and defending any such claim, loss, damage, liability or
action, in each case to the extent, but only to the extent, that such untrue
statement (or alleged untrue statement) or omission (or alleged omission) is
made in such registration statement, prospectus, offering circular or other
document in reliance upon and in conformity with written information
furnished to the Company by such Holder and stated to be specifically for use
therein, and provided that the maximum amount for which such Holder shall be
liable under this indemnity shall not exceed the net proceeds received by
such Holder from the sale of the Registrable Securities. The indemnity
agreement contained in this Section 6(b) shall not apply to amounts paid in
settlement of any such claims, losses, damages or liabilities if such
settlement is effected without the consent of such Holder (which consent
shall not be unreasonably withheld).

              (c)    PROCEDURE. Each party entitled to indemnification under
this Section 6 (the "Indemnified Party") shall give notice to the party
required to provide indemnification (the "Indemnifying Party") promptly after
such Indemnified Party has actual knowledge of any claim as to which
indemnity may be sought, and shall permit the Indemnifying Party to assume
the defense of any such claim in any litigation resulting therefrom, provided
that counsel for the Indemnifying Party, who shall conduct the defense of
such claim or any litigation resulting therefrom, shall be approved by the
Indemnified Party (whose approval shall not be unreasonably withheld), and
the Indemnified Party may participate in such defense at such party's
expense, and provided further that the failure of any Indemnified Party to
give notice as provided herein shall not relieve the Indemnifying Party of
its obligations under this Article except to the extent that the Indemnifying
Party is materially and adversely affected by such failure to provide notice.
No Indemnifying Party, in the defense of any such claim or litigation, shall,
except with the consent of each Indemnified Party, consent to entry of any

                                      16

<PAGE>

judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect to such claim or
litigation. Each Indemnified Party shall furnish such information regarding
itself or the claim in question as an Indemnifying Party may reasonably
request in writing and as shall be reasonably required in connection with the
defense of such claim and litigation resulting therefrom.

         7.   CONTRIBUTION. If the indemnification provided for in Section 6
herein is unavailable to the Indemnified Parties in respect of any losses,
claims, damages or liabilities referred to herein (other than by reason of
the exceptions provided therein), then each such Indemnifying Party, in lieu
of indemnifying each of such Indemnified Parties, shall contribute to the
amount paid or payable by each such Indemnified Party as a result of such
losses, claims, damages or liabilities as between the Company on the one hand
and any Holder on the other, in such proportion as is appropriate to reflect
the relative fault of the Company and of such Holder in connection with the
statements or omissions which resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The
relative fault of the Company on the one hand and of any Holder on the other
shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact relates to information supplied by the
Company or by such Holder.

              In no event shall the obligation of any Indemnifying Party to
contribute under this Section 7 exceed the amount that such Indemnifying
Party would have been obligated to pay by way of indemnification if the
indemnification provided for under Section 6(a) or 6(b) hereof had been
available under the circumstances.

              The Company and the Holders agree that it would not be just and
equitable if contribution pursuant to this Section 7 were determined by PRO
RATA allocation (even if the Holders or the underwriters were treated as one
entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to in the immediately
preceding paragraphs. The amount paid or payable by an Indemnified Party as a
result of the losses, claims, damages and liabilities referred to in the
immediately preceding paragraphs shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred
by such Indemnified Party in connection with investigating or defending any
such action or claim. Notwithstanding the provisions of this section, no
Holder or underwriter shall be required to contribute any amount in excess of
the amount by which (i) in the case of any Holder, the net proceeds received
by such Holder from the sale of Registrable Securities or (ii) in the case of
an underwriter, the total price at which the Registrable Securities purchased
by it and distributed to the public were offered to the public exceeds, in
any such case, the amount of any damages that such Holder or underwriter has
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.

                                      17

<PAGE>

         8.   SURVIVAL. The indemnity and contribution agreements contained
in Sections 6 and 7 and the representations and warranties of the Company
referred to in Section 2(d)(i) shall remain operative and in full force and
effect regardless of (i) any termination of this Agreement or the Purchase
Agreement or any underwriting agreement, (ii) any investigation made by or on
behalf of any Indemnified Party or by or on behalf of the Company, and (iii)
the consummation of the sale or successive resales of the Registrable
Securities.

         9.   INFORMATION BY HOLDERS. Each Holder shall reasonably promptly
furnish to the Company such information regarding such Holder and the
distribution and/or sale proposed by such Holder as the Company may
reasonably request in writing and as shall be reasonably required in
connection with any registration, qualification or compliance referred to in
this Agreement. The intended method or methods of disposition and/or sale
(Plan of Distribution) of such securities as so provided by such Investor
shall be included without alteration in the Registration Statement covering
the Registrable Securities and shall not be changed without written consent
of such Holder, except that such Holder may not require an intended method of
disposition which violates applicable securities law.

         10.  NYSE LIMIT ON STOCK ISSUANCES. Section 3.14 of the Purchase
Agreement shall govern limits imposed by NYSE rules on the conversion of
Debentures or the exercise of Warrants.

         11.  REPLACEMENT CERTIFICATES. The certificate(s) representing the
Common Shares or Warrant Shares held by the Investor (or then Holder) may be
exchanged by the Investor (or such Holder) at any time and from time to time
for certificates with different denominations representing an equal aggregate
number of Common Shares or Warrant Shares, as reasonably requested by the
Investor (or such Holder) upon surrendering the same. No service charge will
be made for such registration or transfer or exchange.

         12.  TRANSFER OR ASSIGNMENT. Except as otherwise provided herein,
this Agreement shall be binding upon and inure to the benefit of the parties
and their successors and permitted assigns. The rights granted to the
Investors by the Company under this Agreement to cause the Company to
register Registrable Securities may be transferred or assigned (in whole or
in part) to a transferee or assignee of Debentures or Warrants, and all other
rights granted to the Investors by the Company hereunder may be transferred
or assigned to any transferee or assignee of any Debentures or Warrants;
provided in each case that the Company must be given written notice by the
such Investor at the time of or within a reasonable time after said transfer
or assignment, stating the name and address of said transferee or assignee
and identifying the securities with respect to which such registration rights
are being transferred or assigned; and provided further that the transferee
or assignee of such rights agrees in writing to be bound by the provisions of
this Agreement.

                                      18

<PAGE>

         13.  MISCELLANEOUS.

              (a)    REMEDIES. The Company and the Investors acknowledge and
agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached. It is accordingly agreed that the
parties shall be entitled to an injunction or injunctions to prevent or cure
breaches of the provisions of this Agreement and to enforce specifically the
terms and provisions hereof, this being in addition to any other remedy to
which any of them may be entitled by law or equity.

              (b)    JURISDICTION. The Company and each of the Investors (i)
hereby irrevocably submits to the exclusive jurisdiction of the United States
District Court, the New York State courts and other courts of the United
States sitting in New York County, New York for the purposes of any suit,
action or proceeding arising out of or relating to this Agreement and (ii)
hereby waives, and agrees not to assert in any such suit action or
proceeding, any claim that it is not personally subject to the jurisdiction
of such court, that the suit, action or proceeding is brought in an
inconvenient forum or that the venue of the suit, action or proceeding is
improper. The Company and each of the Investors consents to process being
served in any such suit, action or proceeding by mailing a copy thereof to
such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of
process and notice thereof. Nothing in this paragraph shall affect or limit
any right to serve process in any other manner permitted by law.

              (c)    NOTICES. Any notice or other communication required or
permitted to be given hereunder shall be in writing by facsimile, mail or
personal delivery and shall be effective upon actual receipt of such notice.
The addresses for such communications shall be:

              to the Company:

                     Advanced Communications Group, Inc.
                     390 S. Woods Mill Road, Suite 150
                     St. Louis, MO 63017
                     Facsimile:  (314) 469-3539
                     Attention:   Michael Pruss

              to the Investors:

                     To each Investor at the address and/or fax number set
                     forth on Schedule I of this Agreement

                                      19

<PAGE>

              with copies to:

                     Kleinberg, Kaplan, Wolff & Cohen, P.C.
                     551 Fifth Avenue
                     New York, New York 10176
                     Facsimile:       (212) 986-8866
                     Attention:       Stephen M. Schultz, Esq.

         Any party hereto may from time to time change its address for
notices by giving at least 10 days' written notice of such changed address to
the other parties hereto.

              (d)    INDEMNITY. Each party shall indemnify each other party
against any loss, cost or damages (including reasonable attorney's fees)
incurred as a result of such parties' breach of any representation, warranty,
covenant or agreement in this Agreement.

              (e)    WAIVERS. No waiver by any party of any default with
respect to any provision, condition or requirement of this Agreement shall be
deemed to be a continuing waiver in the future or a waiver of any other
provision, condition or requirement hereof, nor shall any delay or omission
of any party to exercise any right hereunder in any manner impair the
exercise of any such right accruing to it thereafter. The representations and
warranties and the agreements and covenants of the Company and each Investor
contained herein shall survive the Closing.

              (f)    EXECUTION. This Agreement may be executed in two or more
counterparts, all of which shall be considered one and the same agreement, it
being understood that all parties need not sign the same counterpart.

              (g)    PUBLICITY. The Company agrees that it will not disclose,
and will not include in any public announcement, the name of any Investor
without its express written approval, unless and until such disclosure is
required by law or applicable regulation, and then only to the extent of such
requirement. The Company agrees to deliver a copy of any public announcement
regarding the matters covered by this Agreement or any agreement or document
executed herewith to each Investor and any public announcement including the
name of an Investor to such Investor, prior to the publication of such
announcements.

              (h)    ENTIRE AGREEMENT. This Agreement, together with the
Purchase Agreement, the Debentures, the Warrants and the agreements and
documents contemplated hereby and thereby, contains the entire understanding
and agreement of the parties, and may not be modified or terminated except by
a written agreement signed by both parties.

              (i)    GOVERNING LAW. This Agreement and the validity and
performance of the terms hereof shall be governed by and construed and
enforced in accordance with the internal laws of the State of New York
applicable to contracts executed and to be performed entirely in such State.

                                      20

<PAGE>

              (j)    SEVERABILITY. The parties acknowledge and agree that the
Investors are not agents, affiliates or partners of each other, that all
representations, warranties, covenants and agreements of the Investors
hereunder are several and not joint, that no Investor shall have any
responsibility or liability for the representations, warrants, agreements,
acts or omissions of any other Investor, and that any rights granted to
"Investors" hereunder shall be enforceable by each Investor hereunder.

              (k)    JURY TRIAL. EACH PARTY HERETO WAIVES THE RIGHT TO A
TRIAL BY JURY.

              (l)    TITLES. The titles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting
this Agreement.

                             SIGNATURE PAGE FOLLOWS

                                      21

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed as of the date first above written.

                                         ADVANCED COMMUNICATIONS GROUP, INC.

                                         By: /s/ Michael A. Pruss
                                            --------------------------------
                                             Name: Michael A. Pruss
                                             Title: Vice President

                                         INVESTORS:

                                         HALIFAX FUND, L.P.

                                         By:  /s/ Steven W. Weiner
                                            ----------------------------------
                                              Name: Steven W. Weiner
                                              Title: Managing Director

                                         ELLIOTT ASSOCIATES, L.P.

                                         By:  /s/ Paul Singer
                                            ----------------------------------
                                              Name: Paul Singer
                                              Title:

                                         WESTGATE INTERNATIONAL, L.P.
                                              By: Martley International, Inc.,
                                                  Attorney-in-Fact

                                         By:  /s/ Paul Singer
                                            ----------------------------------
                                              Name: Paul Singer
                                              Title:

         Signature page to Advanced Communications Group, Inc. Registration
Rights Agreement

                                      22<PAGE>

                                                                     Exhibit 4.3

         This Security Has Not Been Registered Under The Securities Act Of 1933,
As Amended, Or Any State Securities Laws. It May Not Be Transferred, Assigned,
Sold Or Offered for Sale Except Pursuant To An Effective Registration Statement
Under Said Act And Any Applicable State Securities Law Or An Opinion Of Counsel,
In Form And Substance Reasonably Acceptable To The Company, That Registration Is
Not Required Because Of An Applicable Exemption From Such Registration
Requirements.

         The Rights Of The Holder Of This Debenture Are Subject To The Terms Of
A Subordination Agreement, Dated February 23, 2000, Among The Senior Lenders (As
Defined Therein) And, Among Others, The Holder Of This Debenture (the
"Subordination Agreement").

<TABLE>
<CAPTION>

         <S>                                              <C>
         NO.  1                                           $15,000,000

         DATED: FEBRUARY 23, 2000
</TABLE>

                       ADVANCED COMMUNICATIONS GROUP, INC.

                 5% CONVERTIBLE DEBENTURE DUE FEBRUARY 23, 2006

         THIS DEBENTURE ("Debenture") is one of a duly authorized issue of
Debentures of ADVANCED COMMUNICATIONS GROUP, INC. (the "Company"), a corporation
duly organized and existing under the laws of the State of Delaware, designated
as the Company's 5% Convertible Debentures Due February 23, 2006, in an
aggregate principal amount of Twenty Million U.S. Dollars (U.S. $20,000,000)
(the "Debenture").

         FOR VALUE RECEIVED, the Company promises to pay to Halifax Fund, L.P.
the initial holder hereof, or its order (including successors-in-interest, the
"Holder"), the principal sum of FIFTEEN MILLION U.S. DOLLARS (U.S. $15,000,000)
on February 23, 2006 (the "Maturity Date") and to pay interest on the principal
sum outstanding under this Debenture ("Outstanding Principal Amount"), at the
rate of 5% per annum, compounded semi-annually, payable in arrears on the first
day of January and July of each year (each an "Interest Payment Date"), with the
first such payment due on July 1, 2000. Interest shall accrue daily commencing
on the date hereof and shall continue until payment in full of all amounts due
under this Debenture. The interest so payable will be paid to the person in
whose name this Debenture is registered on the records of the Company regarding
registration and transfers of the Debenture (the "Debenture Register").
Capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Convertible Debenture Purchase Agreement dated as of February
23, 2000 between the Company and the Holder (the "Purchase Agreement") or the
Registration Rights Agreement dated as of February 23, 2000 between the Company
and the Holder (the "Registration Rights Agreement").

<PAGE>

         The principal of, interest on, and default payments (defined below) in
respect of this Debenture are payable in such coin or currency of the United
States as of the time of payment is legal tender for payment of public and
private debts, at the address last appearing on the Debenture Register of the
Company as designated in writing by the Holder hereof from time to time;
PROVIDED, HOWEVER, that, in lieu of paying such interest in coin or currency,
the Company may, at its option (provided (i) no Interfering Event (as defined in
the Registration Rights Agreement) then exists and (ii) it gives at least
fifteen (15) business days notice prior to an Interest Payment Date), pay
interest on this Debenture for any Interest Payment Date by adding the amount
thereof to the Outstanding Principal Amount due under this Debenture ("PIK
Interest"), pursuant to an irrevocable statement in the form of EXHIBIT 2 hereto
("PIK Statement") delivered at least fifteen (15) business days prior to the
Interest Payment Date on which the Company plans to pay such PIK Interest and
effective for such Interest Payment Date only. If neither the cash interest due
hereunder is paid when due, nor the PIK Statement delivered, to the Holder as
provided above, the Company shall no longer have the right to choose the PIK
Interest option on that Interest Payment Date or any future Interest Payment
Dates and the Holder may elect either cash interest or PIK Interest hereunder at
its option. Any PIK Interest when so added to the Outstanding Principal Amount
due under this Debenture shall, for all purposes of this Debenture, be deemed to
be part of the principal indebtedness evidenced by this Debenture including,
without limitation, for purposes of determining interest payable hereunder after
the applicable Interest Payment Date for which such PIK Statement is delivered
by the Company and amounts convertible into Common Shares hereunder after the
applicable Interest Payment Date for which such PIK Statement is delivered by
the Company.

         The Company will pay any principal due and all accrued and unpaid
interest due upon this Debenture to the person that is the Holder of this
Debenture on the records of the Company as of the applicable Interest Payment
Date and addressed to such Holder at the last address appearing on the Debenture
Register.

         The Outstanding Principal Amount and interest due hereunder shall bear
interest, from and after the day following the occurrence and during the
continuance of an Event of Default hereunder, at the rate equal to the lower of
the Citibank Prime Rate per annum plus six (6%) percent or the highest rate
permitted by law; PROVIDED that the interest rate of this Debenture shall not be
reduced below 5% as a result of this provision. The Holder shall have the option
to receive such interest as PIK Interest or cash interest and shall exercise its
option by delivering to the Company a statement in a form substantially similar
to the PIK Statement which shall be effective until the Holder delivers an
additional statement to the contrary. If the Holder elects to receive the
interest in cash, it shall be payable on demand.

         Additional cash payments (referred to as "default payments") may be
required pursuant to the Registration Rights Agreement if there occurs an
"Interfering Event" (as defined therein), or pursuant to the Purchase Agreement
under the terms set forth in Section 3.14 therein. Such default payments, if not
paid in cash when due, may be treated by the Holder in its sole discretion as
being added to the Outstanding Principal Amount due under this Debenture.

                                      2

<PAGE>

         Subject to applicable law, any interest otherwise payable that is not
paid for any applicable period because it would exceed the highest rate
permitted by law shall become payable whenever the payment thereof, together
with other interest due for any such subsequent period, would not exceed such
highest legal rate.

         The Holder of this Debenture is entitled to certain rights and remedies
pursuant to the Purchase Agreement and Registration Rights Agreement, including
without limitation provisions requiring mandatory redemption of the Debenture.
This Debenture does not provide voting rights to the Holder.

         This Debenture is subject to the following additional provisions:

         1. DENOMINATION. The Debentures are exchangeable for an equal
aggregate principal amount of Debentures of different denominations, as
requested by the Holder surrendering the same. No service charge will be made
for such registration or transfer or exchange.

         2. TRANSFERS. This Debenture may be transferred or exchanged in the
United States only in compliance with the Securities Act of 1933, as amended
(the "Act") and applicable state securities laws, or applicable exemptions
therefrom. Prior to due presentment for transfer of this Debenture, the
Company may treat the person in whose name this Debenture is duly registered
on the Company's Debenture Register as the owner hereof for the purpose of
receiving payment as herein provided, whether or not this Debenture is
overdue.

         3. DEFINITIONS. For purposes hereof the following definitions
            shall apply:

            "CHANGE IN CONTROL TRANSACTION" shall mean the occurrence of (x)
any consolidation or merger of the Company with or into any other corporation
or other entity or person (whether or not the Company is the surviving
corporation), or any other corporate reorganization or transaction or series
of related transactions in which in excess of 50% of the Company's voting
power is transferred through a merger, consolidation, tender offer or similar
transaction, or (y) any person (as defined in Section 13(d) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act")), together with its
affiliates and associates (as such terms are defined in Rule 405 under the
Act), beneficially owns or is deemed to beneficially own (as described in
Rule 13d-3 under the Exchange Act without regard to the 60-day exercise
period) in excess of 50% of the Company's voting power, or (z) Richard O'Neal
shall fail, for any reason, to (i) be a member of the Board of Directors of
the Company, or any successor of the Company, or (ii) be the "beneficial
owner" (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of seventy percent or more of the Common Stock of the Company so
owned by him on the Closing Date. Notwithstanding the foregoing, the
acquisition of control by one or Permitted Holders shall not constitute a
Change in Control Transaction, without prejudice to the Holder's rights under
this Debenture or the Purchase Agreement or the Registration Rights Agreement.

            "CLOSING DATE" shall mean the date of original issuance of this
Debenture.

                                      3

<PAGE>

            "CLOSING PRICE" shall mean $14.2063

            "COMMON STOCK" shall mean the common stock, par value $0.0001, of
the Company.

            "CONVERSION NOTICE" shall have the meaning set forth in Section
5(d).

            "CONVERSION PRICE" shall have the meaning set forth in Section
5(c).

            "CONVERSION RATE" shall have the meaning set forth in Section
5(b).

            "HOLDER CONVERSION DATE" shall have the meaning set forth in
Section 5(d).

            "MARKET PRICE FOR SHARES OF COMMON STOCK" shall mean the price of
one share of Common Stock determined as follows:

                      (i)  If the Common Stock is listed on NYSE, the closing
bid price on such Exchange on the date of valuation;

                      (ii) If the Common Stock is listed on the NASDAQ
National Market System or the American Stock Exchange, the closing bid price
on such exchange on the date of valuation;

                     (iii) If neither (i) nor (ii) apply but the Common Stock
is quoted in the over-the-counter market, another recognized exchange, on the
pink sheets or bulletin board, the lesser of (A) the lowest sales price on
the date of valuation or (B) the mean between the last reported "bid" and
"asked" prices thereof on the date of valuation; and

                      (iv) If neither clause (i), (ii) or (iii) above
applies, the market value as determined by a nationally recognized investment
banking firm or other nationally recognized financial advisor retained by the
Company for such purpose, taking into consideration, among other factors, the
earnings history, book value and prospects for the Company, and the prices at
which shares of Common Stock recently have been traded. Such determination
shall be conclusive and binding on all persons.

            "PERMITTED HOLDERS" shall have the meaning set forth in the
definition of "Permitted Holders" set forth in Article 1 of the Loan
Agreement between Advanced Communications Group, Inc. and, among others, Bank
of America, N.A., without regard to any amendments thereto; provided,
however, that each of the Consolidation Partners Founding Fund, LLC,
Consolidation Partners, L.P. shall only be deemed a Permitted Holder under
this Agreement if such entities or persons are wholly owned by Richard O'Neal
and/or Rod Cutsinger and the only shareholders of the Acquired Companies (as
defined in the Loan Document) which shall be deemed a Permitted Holder are
Richard O'Neal and Rod Cutsinger, except that such entities and their owners
or such

                                      4

<PAGE>

shareholders that are set forth on Schedule 1 hereto shall also be deemed
Permitted Holders.

            "REDEMPTION NOTICE" shall have the meaning set forth in
Section 6(a).

            "REDEMPTION PRICE" shall have the meaning set forth in
Section 6(a).

            "RESET" SHALL HAVE THE MEANING SET FORTH IN SECTION 5(c).

            "RESET PRICING PERIOD" SHALL HAVE THE MEANING SET FORTH IN
SECTION 5(c).

            "RESTRICTED OWNERSHIP PERCENTAGE" shall have the meaning set
forth in Section 12.

            "TRADING DAY" shall mean a day on which the Common Stock is
traded on the NYSE or principal exchange on which the Common Stock has been
listed (or any similar organization or agency succeeding such market or
exchange's functions of reporting prices).

            4.  CHANGE IN CONTROL, ETC. If at any time there occurs any
Change in Control Transaction, Holder shall be entitled, at its sole option,
to have the Company redeem this Debenture in whole or in part at a redemption
price equal to 110% of the Outstanding Principal Amount of this Debenture
plus all accrued but unpaid interest and penalties on this Debenture. Such
Holder shall be entitled to make such election at any time after commencement
and up to 10 days after the effective date of the Change in Control
Transaction. For purposes of this Section 4, the commencement date shall be
the day upon which the Change in Control Transaction was publicly announced.

            5.  CONVERSION AT THE OPTION OF THE HOLDER. The Holder of this
Debenture shall have the following conversion rights.

                (a)  HOLDER'S RIGHT TO CONVERT. This Debenture shall be
convertible at any time, in whole or in part, at the option of the Holder
hereof, into fully paid, validly issued and nonassessable shares of Common
Stock. If this Debenture is converted in part, the remaining portion of this
Debenture not so converted shall remain entitled to the conversion rights
provided herein.

                (b)  CONVERSION PRICE FOR HOLDER CONVERTED SHARES. The
Outstanding Principal Amount of this Debenture that is converted into shares
of Common Stock at the option of the Holder shall be convertible into the
number of shares of Common Stock which results from application of the
following formula:

                                      5

<PAGE>

                                    P + I + D

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

                                Conversion Price

         P=   Outstanding Principal Amount of this Debenture submitted for
              conversion as of the Holder Conversion Date

         I=   accrued but unpaid interest (not previously added to principal)
              on P as of the Holder Conversion Date

         D=   default payments (not previously added to principal) on P as of
              the Holder Conversion Date

              The number of shares of Common Stock into which each $1,000
principal amount of this Debenture hereto may be converted pursuant to this
paragraph hereof is hereafter referred to as the "Conversion Rate."

              (c)  CONVERSION PRICE. Subject to adjustments pursuant to
Section 7, this Debenture will have an initial conversion price equal to
$15.6269 (such price, as Reset (as defined below) and as adjusted in
accordance with Section 7 of this Debenture Section 3.9 of the Purchase
Agreement and Section 2(b)(i) of the Registration Rights Agreement, shall be
referred to herein as the "Conversion Price").

              On August 23, 2000, February 23, 2001, August 23, 2001 and
February 23, 2002, only if the average of the Market Price for Shares of
Common Stock for the ten (10) Trading Days following such respective date
(the "Reset Pricing Period") is lower than the current Conversion Price, the
Conversion Price shall reset ("Reset") to 100% of such average (subject to
further adjustment in each case). The Conversion Price shall not be increased
as a result of a Reset. The Market Price for Shares of Common Stock shall be
appropriately adjusted for stock splits, reverse splits, stock dividends and
other dilutive events that occur during the Reset Pricing Period.

              In addition to the foregoing and in addition to any other
rights or remedies which may be available to the Holder hereunder, under the
Purchase Agreement and/or the Registration Rights Agreement, if at any time
(i) by reason of the Subordination Agreement, the Holder is prevented from
exercising its redemption rights or receiving any cash payment due to the
Holder hereunder, under the Purchase Agreement or the Registration Rights
Agreement and/or (ii) the Company fails for any reason to repurchase the
Debenture (or portion thereof, as applicable) or make any cash payment in
accordance with the terms of this Debenture, the Purchase Agreement or the
Registration Rights Agreement, then the Conversion Price shall be subject to
further adjustment so that it shall thereafter be equal to the lesser of (x)
the lowest Market Price for Shares of Common Stock during any of the five (5)
days prior to the date that the Holder submits a Conversion Notice (as
defined below) to the Company and (y) the Conversion Price otherwise
applicable at such time, subject to further adjustment in each case.
Provided, however, that at no such time shall the additional shares issuable
as a result of this Section 5(c) result in more than 400,000 shares (as
adjusted for stock splits, reverse splits, stock dividends and other dilutive
events) that would otherwise be issuable based on the then existing
Conversion Price.

                                      6

<PAGE>

              (d)  MECHANICS OF CONVERSION. In order to convert this
Debenture (in whole or in part) into full shares of Common Stock, the Holder
(i) shall give written notice in the form of EXHIBIT 1 hereto (the
"Conversion Notice") by facsimile to the Company at such office that the
Holder elects to convert the principal amount (plus accrued but unpaid
interest and default payments) specified therein, which such notice and
election shall be revocable by the Holder at any time prior to its receipt of
the Common Stock upon conversion, and (ii) as soon as practicable after such
notice, shall surrender this Debenture, duly endorsed, by either overnight
courier or 2-day courier, to the principal office of the Company; PROVIDED,
HOWEVER, that the Company shall not be obligated to issue certificates
evidencing the shares of the Common Stock issuable upon such conversion
unless either the Debenture evidencing the principal amount is delivered to
the Company as provided above, or the Holder notifies the Company that such
Debenture(s) have been lost, stolen or destroyed and promptly executes an
agreement reasonably satisfactory to the Company to indemnify the Company
from any loss incurred by it in connection with such lost, stolen or
destroyed Debentures. If a Holder is converting less than the maximum number
of shares it may convert under its Debenture, the Company shall reissue the
Debenture with the appropriate remaining principal amount as soon as
practicable after the Company shall have received the Holder's surrendered
Debenture.

              The Company shall issue and deliver within three business day
of the delivery to the Company of such Conversion Notice, to such Holder of
Debenture(s) at the address of the Holder, or to its designee, a certificate
or certificates for the number of shares of Common Stock to which the Holder
shall be entitled as aforesaid, together with a calculation of the Conversion
Rate and a Debenture or Debentures for the principal amount of Debentures not
submitted for conversion. The date on which the Conversion Notice is given
(the "Holder Conversion Date") shall be deemed to be the date the Company
received by facsimile the Conversion Notice, and the person or persons
entitled to receive the shares of Common Stock issuable upon such conversion
shall be treated for all purposes as the record holder or holders of such
shares of Common Stock on such date.

              In lieu of delivering physical certificates representing the
Common Shares issuable upon conversion of Debentures or the Warrant Shares
(as defined in the Purchase Agreement) deliverable upon exercise of Warrants
(as defined in the Purchase Agreement), provided the Company's transfer agent
is participating in the Depository Trust Company ("DTC") Fast Automated
Securities Transfer ("FAST") program, upon request of the holder, the Company
shall use its best efforts to cause its transfer agent to electronically
transmit the Common Shares and Warrant Shares issuable upon conversion or
exercise to the Holder, by crediting the account of Holder's prime broker
with DTC through its Deposit Withdrawal Agent Commission ("DWAC") system. The
time periods for delivery described above shall apply to the electronic
transmittals through the DWAC system. The parties agree to coordinate with
DTC to accomplish this objective. The conversions pursuant to Sections 5
shall be deemed to have been made immediately prior to the close of business
on the Holder Conversion Date. The person or persons entitled to receive the
Common Shares issuable upon such conversion shall be treated for all purposes
as the record holder or holders of such Common Shares at the close of
business on the Holder Conversion Date.

                                      7

<PAGE>

          6.   OPTION TO REDEEM.

               (a)   At least five Trading Days prior to the commencement of
a Reset Pricing Period, the Company may state its intention to redeem all,
but not less than all, of the Debentures (all or none) for a cash price equal
to the applicable "Redemption Price" (as defined below) by providing an
irrevocable, written notice (the "Redemption Notice") to the Holder. The
Redemption Notice shall indicate that the Company seeks to redeem the
Debenture and shall set the date for the Company's redemption of the
Debenture, which date shall be within 20 Trading Days of the closing of the
Reset Pricing Period. The "Redemption Price" shall be equal to (i) if the
Redemption Notice is given to the Holder prior to the first anniversary of
the issuance of this Debenture, 110% of the Outstanding Principal Amount to
be redeemed plus all accrued and unpaid interest and (ii) if the Redemption
Notice is given to the Holder subsequent to such first anniversary, 115% of
the Outstanding Principal Amount to be repurchased plus all accrued but
unpaid interest.

               (b)  A Redemption Notice shall only be effective in the event
that (i) the relevant Reset results in the Conversion Price being less than
50% of the Closing Price and (ii) the provisions of Section 6.15 of the
Purchase Agreement have been satisfied. If the Conversion Price is less than
50% of the Closing Price and said provisions have been satisfied, the
redemption shall occur on the date set forth in the Redemption Notice (the
"Redemption Date") at the offices of Holder's counsel. If the Company fails
to pay the Redemption Price in full on the Redemption Date in immediately
available funds, (i) the Company shall lose its right to redeem any Debenture
in accordance with this Section 6(b) and (ii) in addition to any other rights
or remedies it may have, the Holder shall have the right to require the
Company to repurchase the Debenture (or any portion thereof, as selected by
the Holder) at a price equal to 110% of the Redemption Price pursuant to a
written notice to the Company.

               (c)  If the relevant Reset does not result in the Conversion
Price being less than 50% of the Closing Price, the Redemption Notice shall
be deemed withdrawn.

          7.   STOCK SPLITS; DIVIDENDS; ADJUSTMENTS; REORGANIZATIONS.

               (a)  If the Company, at any time while the Debentures are
outstanding, shall (i) pay a stock dividend or otherwise make a distribution
or distributions on any equity securities (including investments or
securities convertible into or exchangeable for such equity securities) in
shares of Common Stock, (ii) subdivide the outstanding shares of Common Stock
into a larger number of shares, (iii) combine outstanding shares of Common
Stock into a smaller number of shares, the Conversion Price shall be
multiplied by a fraction of which the numerator shall be the number of shares
of Common Stock outstanding before such event and of which the denominator
shall be the number of shares of Common Stock outstanding after such event.
Any adjustment made pursuant to this Section 7(a) shall become effective
immediately after the record date for the determination of shareholders
entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of an issuance, a
subdivision or a combination.

                                      8

<PAGE>

               (b)  INTENTIONALLY LEFT BLANK.

               (c)  If the Company, at any time while the Debentures are
outstanding, shall distribute to all holders of Shares of Common Stock
evidences of its indebtedness or assets or rights or warrants to subscribe
for or purchase any security (excluding those referred to in Section 7(b)
above) then the Holder shall participate in such distribution on a PRO RATA
basis with the holders of shares of Common Stock entitled to receive such
dividend, distribution, issuance, subdivision or combination as if the Holder
held that number of shares of Common Stock that the Holder would have been
entitled to receive hereunder upon conversion of the Debenture (without
regard to Section 12) immediately prior to the record date fixed for
determination of shareholders entitled to receive such dividend, at the
Conversion Price then in existence.

               (d)  In the event that at any time or from time to time after
the Closing Date, the Common Stock issuable upon the conversion of the
Debentures is changed into the same or a different number of shares of any
class or classes of stock, whether by merger, consolidation,
recapitalization, reclassification or otherwise (other than a subdivision or
combination of shares or stock dividend or reorganization provided for
elsewhere in this Section 7), then and as a condition to each such event
provision shall be made in a manner reasonably acceptable to the Holders of
Debentures so that each Holder of Debentures shall have the right thereafter
to convert such Debenture into the kind of stock receivable upon such
recapitalization, reclassification or other change by holders of shares of
Common Stock, all subject to further adjustment as provided herein. In such
event, the formulae set forth herein for conversion and redemption shall be
equitably adjusted to reflect such change in number of shares or, if shares
of a new class of stock are issued, to reflect the market price of the class
or classes of stock (applying the same factors used in determining the
Conversion Price) issued in connection with the above described transaction.

               (e)  Whenever any element of the Conversion Price is adjusted
pursuant to Section 7, the Company shall promptly mail to each Holder of the
Debentures, a notice setting forth the Conversion Price after such adjustment
and setting forth a brief statement of the facts requiring such adjustment.

               (f)  In the event of any taking by the Company of a record date
of the holders of any class of securities for the purpose of determining the
holders thereof who are entitled to receive any dividend or other
distribution, any security or right convertible or exchangeable into or
entitling the holder thereof to receive additional shares of Common Stock, or
any right to subscribe for, purchase or otherwise acquire any shares of stock
of any class or any other securities or property, or to receive any other
right, the Company shall deliver to each Holder of Debentures at least 20
days prior to the date specified therein, a notice specifying the date on
which any such record is to be taken for the purpose of such dividend,
distribution, security or right and the amount and character of such
dividend, distribution, security or right.

          8.   FRACTIONAL SHARES. No fractional shares of Common Stock or
scrip representing fractional shares of Common Stock shall be issuable
hereunder. The

                                      9

<PAGE>

number of shares of Common Stock that are issuable upon any conversion shall
be rounded up to the nearest whole share.

         9.   RESERVATION OF STOCK ISSUABLE UPON CONVERSION.

              (a)  RESERVATION REQUIREMENT. The Company covenants that it will
at all times reserve and keep available out of its authorized and unissued
Common Stock solely for the purpose of issuance upon conversion of the
Debentures as herein provided, free from preemptive rights or any other
present or contingent purchase rights of persons other than the Holders of
the Debentures, 200% of the maximum number of shares of Common Stock as shall
be issuable (taking into account the adjustments and restrictions of Sections
5 and 7 hereof) upon the conversion of all of the Debentures pursuant hereto.
The Company covenants that all shares of Common Stock that shall be so
issuable shall upon issue, be duly and validly authorized, issued and fully
paid and nonassessable. Without in any way limiting the foregoing, so long as
any Debentures remain outstanding the Company agrees to reserve and at all
times keep available solely for purposes of conversion of Debentures such
number of authorized but unissued shares of Common Stock that is set forth in
the Purchase Agreement.

              (b)  DEFICIENCY. If the Company does not have a sufficient
number of shares of Common Stock available to satisfy the Company's
obligations to a Holder of Debentures upon receipt of a Conversion Notice or
is otherwise unable to issue such shares of Common Stock in accordance with
the terms of this Agreement such Holder shall be entitled to the rights and
remedies set forth in the Registration Rights Agreement.

        10.   NO REISSUANCE OF THE DEBENTURE. No Debentures acquired by the
Company by reason of redemption, purchase, exchange or otherwise shall be
reissued, and all such Debentures shall be retired.

        11.   NO IMPAIRMENT. The Company shall not intentionally take any
action which would impair the rights and privileges of the Debentures set
forth herein or the Holders thereof.

        12.   LIMITATIONS ON HOLDER'S RIGHT TO CONVERT.

              (a)  Notwithstanding anything to the contrary contained herein,
no Debenture may be converted to the extent that, after giving effect to
shares of Common Stock to be issued pursuant to a Conversion Notice, the
total number of shares of Common Stock deemed beneficially owned by such
Holder (other than by virtue of the ownership of Debentures or ownership of
other securities that have limitations on a Holder's rights to exchange,
convert or exercise similar to those limitations set forth herein), together
with all shares of Common Stock deemed beneficially owned by the holder's
"affiliates" (as defined in Rule 144 of the Act) that would be aggregated for
purposes of determining whether a group under Section 13(d) of the Securities
Exchange Act of 1934, as amended, exists (an "aggregation party"), would
exceed 9.9% (the "Restricted Ownership Percentage") of the total issued and
outstanding shares of the Company's Common Stock; PROVIDED that (w) each
holder shall have the right at any time and from time to time to reduce its
Restricted Ownership Percentage immediately upon

                                      10

<PAGE>

notice to the Company, (x) each Holder shall have the right at any time and
from time to time, to increase its Restricted Ownership Percentage and
otherwise waive in whole or in part the restrictions of this Section 12(a)
upon 61 days' prior notice to the Company or immediately in the event of the
announcement of a pending or proposed Change in Control Transaction, (y) each
holder can make subsequent adjustments pursuant to (w) or (x) any number of
times from time to time (which adjustment shall be effective immediately if
it results in a decrease in the percentage or shall be effective upon 61
days' prior written notice or immediately in the event of the announcement of
a pending or proposed Change in Control Transaction if it results in an
increase in the percentage) and (z) each Holder may eliminate or reinstate
this limitation at any time and from time to time (which elimination will be
effective upon 61 days' prior notice and which reinstatement will be
effective immediately). Without limiting the foregoing, in the event of the
announcement of a pending or proposed Change in Control Transaction, any
Holder may reinstate immediately (in whole or in part) the requirement that
any increase in its Restricted Ownership Percentage be subject to 61 days'
prior written notice, notwithstanding such Change in Control Transaction,
without imposing such requirement on, or otherwise changing such Holder's
rights with respect to, any other Change in Control Transaction. For this
purpose, any material modification of the terms of a Change in Control
Transaction will be deemed to result in a new Change in Control Transaction.
The term "deemed beneficially owned" as used in this Debenture shall exclude
shares that might otherwise be deemed beneficially owned by reason of the
convertibility of the Debentures. The Company shall provide all Holders with
the earlier of (i) 20 days' prior written notice of any such Change in
Control Transaction, to the extent the Company has prior knowledge of a
Change in Control Transaction; or (ii) notice on the day immediately
following the Company's learning of any such transaction, but only after, in
the case of (i) and (ii), such Change in Control Transaction has been
publicly disclosed.

               (b)  Each time (a "Covenant Time") the Holder makes a
Triggering Acquisition (as defined below) of shares of Common Stock (the
"Triggering Shares"), the Holder will be deemed to covenant that it will not,
during the balance of the day on which such Triggering Acquisition occurs,
and during the 61-day period beginning immediately after that day, acquire
additional shares of Common Stock pursuant to rights-to-acquire existing at
that Covenant Time, if the aggregate amount of such additional shares so
acquired (without reducing that amount by any dispositions) would exceed (x)
the Restricted Ownership Percentage of the number of shares of Common Stock
outstanding at that Covenant Time (including the Triggering Shares) minus (y)
the number of shares of Common Stock actually owned by the Holder at that
Covenant Time (regardless of how or when acquired, and including the
Triggering Shares). A "Triggering Acquisition" means the giving of a
Conversion Notice or any other acquisition of Common Stock by the Holder or
an aggregation party; PROVIDED, HOWEVER, that with respect to the giving of
such Conversion Notice, if the associated issuance of shares of Common Stock
does not occur, such event shall cease to be a Triggering Acquisition and the
related covenant under this paragraph shall terminate. At each Covenant Time,
the Holder shall be deemed to waive any right it would otherwise have to
acquire Common Shares to the extent that such acquisition would violate any
covenant given by the Holder under this paragraph. For the avoidance of doubt:

                                      11

<PAGE>

               (i)  The covenant to be given pursuant to this Section 12(b)
will be given at every Covenant Time and shall be calculated based on the
circumstances then in effect. The making of a covenant at one Covenant Time
shall not terminate or modify any prior covenants.

               (ii) The Holder may therefore from time to time be subject
to multiple such covenants, each one having been made at a different Covenant
Time, and some possibly being more restrictive than others. The Holder must
comply with all such covenants then in effect.

          13.  OBLIGATIONS ABSOLUTE. No provision of this Debenture , the
Purchase Agreement or the Registration Rights Agreement shall alter or impair
the obligation of the Company, which is absolute and unconditional, to pay
the principal of, and interest and default payments on, this Debenture or to
issue shares of Common Stock in response to a Conversion Notice at the time,
place and rate, and in the manner, herein prescribed.

          14.  WAIVERS OF DEMAND, ETC. The Company hereby expressly and
irrevocably waives demand and presentment for payment, notice of nonpayment,
protest, notice of protest, notice of dishonor, notice of acceleration or
intent to accelerate, bringing of suit and diligence in taking any action to
collect amounts called for hereunder and will be directly and primarily
liable for the payment of all sums owing and to be owing hereon, regardless
of and without any notice, diligence, act or omission as or with respect to
the collection of any amount called for hereunder.

          15.  REPLACEMENT DEBENTURE. In the event that any Holder
notifies the Company that its Debenture(s) have been lost, stolen or
destroyed, replacement Debenture(s) identical in all respects to the original
Debenture(s) (except for registration number and Outstanding Principal
Amount, if different than that shown on the original Debenture(s)), shall be
issued to the Holder, provided that the Holder executes and delivers to the
Company an agreement reasonably satisfactory to the Company to indemnify the
Company from any loss incurred by it in connection with such Debenture.

          16.  PAYMENT OF EXPENSES; ISSUE TAXES. The Company agrees to
pay all debts and expenses, including attorneys' fees, which may be incurred
by the Holder in enforcing the provisions of this Debenture and/or collecting
any amount due under this Debenture, the Purchase Agreement, any Warrant or
the Registration Rights Agreement. The Company shall pay any and all issue
and other taxes (excluding any income, franchise or similar taxes) that maybe
payable in respect of any issue or delivery of shares of Common Stock on
conversion of any Debenture pursuant hereto.

          17.  DEFAULTS. If one or more of the following described
"Events of Default" shall occur:

               (a)  The Company shall default in the payment of (i) interest
                    on this Debenture or any other Debenture issued pursuant
                    to the Purchase Agreement (subject to the Company's
                    option to pay PIK Interest), and such default shall
                    continue for five (5) business days after the

                                     12

<PAGE>

                    due thereof, or (ii) the principal of this Debenture or any
                    other Debenture issued pursuant to the Purchase Agreement;
                    or

              (b)   Any of the representations or warranties made by the Company
                    herein, in the Purchase Agreement, the Registration
                    Rights Agreement, any Warrant or in any certificate or
                    financial or other statements heretofore or hereafter
                    furnished by or on behalf of the Company in connection
                    with the execution and delivery of this Debenture or such
                    other documents shall be false or misleading in any
                    material respect at the time made and written notice of
                    such breach shall have been given to the Company by the
                    Holders of at least 25% of the aggregate Outstanding
                    Principal Amount of the Debentures then outstanding; or

              (c)   The Company shall fail to materially perform or observe
                    any covenant or agreement in the Purchase Agreement or
                    the Registration Rights Agreement, or any other covenant,
                    term, provision, condition, agreement or obligation of
                    the Company under this Debenture and such failure shall
                    continue uncured for a period of ten (10) business days
                    after notice of such failure from the Holders of at least
                    25% of the Aggregate Outstanding Principal Amount of
                    Debentures then outstanding; or

               (d)  The Company shall (1) become insolvent; (2) admit in writing
                    its inability to pay its debts generally as they mature;
                    (3) make an assignment for the benefit of creditors or
                    commence proceedings for its dissolution; or (4) apply
                    for or consent to the appointment of a trustee,
                    liquidator or receiver for it or for a substantial part
                    of its property or business; or

               (e)  A trustee, liquidator or receiver shall be appointed for the
                    Company or for a substantial part of its property or
                    business without its consent and shall not be discharged
                    within forty-five (45) days after such appointment; or

              (f)   Any governmental agency or any court of competent
                    jurisdiction at the instance of any governmental agency
                    shall assume custody or control of the whole or any
                    substantial portion of the properties or assets of the
                    Company and shall not be dismissed within forty-five (45)
                    days thereafter; or

              (g)   The Company shall sell or otherwise transfer all or
                    substantially all of its assets; or

              (h)   Bankruptcy, reorganization, insolvency or liquidation
                    proceedings or other proceedings, or relief under any
                    bankruptcy law or any law for the relief of debt shall be
                    instituted by or against the Company and, if instituted
                    against the Company shall not be

                                        13

<PAGE>

                    dismissed within forty-five (45) days after such
                    institution, or the Company shall by any action or answer
                    approve of, consent to, or acquiesce in any such proceedings
                    or admit to any  material allegations of, or default in
                    answering a petition filed in any such proceeding; or

              (i)   the Senior Lenders shall have accelerated the Senior Debt
                    (as defined in the Purchase Agreement); or

              (j)   The Company shall be in default of any other of its
                    indebtedness exceeding $1,000,000, or any other event
                    shall have occurred, and as a result thereof the holders
                    thereof shall have accelerated or shall have the right
                    (upon the giving of notice, the passage of time, or both)
                    to accelerate such indebtedness; or

              (k)   A "going private" transaction under Rule 13e-3 promulgated
                    pursuant to the Exchange Act shall have been announced; or

              (l)   A tender offer by the Company under Rule 13e-4 promulgated
                    pursuant to the Exchange Act shall have been announced;

         THEN, or at any time thereafter, and in each and every such case,
unless such Event of Default shall have been waived in writing by the Holder
(which waiver shall not be deemed to be a waiver of any subsequent default) at
the option of the Holder and in the Holder's sole discretion, the Holder may
consider the Debenture immediately due and payable, without presentment, demand,
protest or notice of any kind, all of which are hereby expressly waived,
anything herein or in any other instruments contained to the contrary
notwithstanding, and the Holder may immediately, and without expiration of any
period of grace, enforce any and all of the Holder's rights and remedies
provided herein or any other rights or remedies afforded by law. In such event,
the Debenture shall be redeemed at the greater of (i) a redemption price per
Debenture equal to 110% of the Outstanding Principal Amount of the Debenture,
plus accrued but unpaid interest and default payments on the Debenture and (ii)
the cash value that the Holder would be entitled to receive upon conversion of
the Debenture at the Conversion Price in existence on such date, without regard
to Section 12, and the subsequent sale of the Common Stock at the Market Price
for Shares of Common Stock then existing.

         18.  SAVINGS CLAUSE. In case any provision of this Debenture is held
by a court of competent jurisdiction to be excessive in scope or otherwise
invalid or unenforceable, such provision shall be adjusted rather than voided,
if possible, so that it is enforceable to the maximum extent possible, and the
validity and enforceability of the remaining provisions of this Debenture will
not in any way be affected or impaired thereby, and such provision shall remain
effective in all other jurisdictions.

         19.  ENTIRE AGREEMENT. This Debenture and the agreements referred to
in this Debenture constitute the full and entire understanding and agreement
between the Company and the Holder with respect to the subject hereof. Neither
this Debenture nor

                                  14

<PAGE>

any term hereof may be amended, waived, discharged or terminated other than
by a written instrument signed by the Company and the Holder.

         20.  ASSIGNMENT, ETC. The Holder (but not the Company) may without
notice, transfer or assign this Debenture or any interest herein and may
mortgage, encumber or transfer any of its rights or interest in and to this
Debenture or any part hereof and, without limitation, each assignee, transferee
and mortgagee (which may include any affiliate of the Holder) shall have the
right to transfer or assign its interest. Each such assignee, transferee and
mortgagee shall have all of the rights of the Holder under this Debenture. The
Company agrees that, subject to compliance with the Purchase Agreement, after
receipt by the Company of written notice of assignment from the Holder or from
the Holder's assignee, all principal, interest and other amounts which are then
and thereafter become due under this Debenture shall be paid to such assignee at
the place of payment designated in such notice. This Debenture shall be binding
upon the Company and its successors and affiliates and shall inure to the
benefit of the Holder and its successors and assigns.

         21.  NO WAIVER. No failure on the part of the Holder to exercise,
and no delay in exercising any right, remedy or power hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise by the Holder
of any right, remedy or power hereunder preclude any other or future exercise
of any other right, remedy or power. Each and every right, remedy or power
hereby granted to the Holder or allowed it by law or other agreement shall be
cumulative and not exclusive of any other, and may be exercised by the Holder
from time to time.

         22.  CERTIFICATE. The Company shall, upon the written request at any
time of any Holder of Debentures, furnish or cause to be furnished to such
Holder a certificate prepared by the chief financial officer of Company
setting forth any adjustments or readjustments of the Conversion Price
pursuant to this Debenture and any right of the Holder to receive additional
shares of Common Stock or any other equity or debt security pursuant to
Section 7.

         23.  NOTICES. The Company shall distribute to the Holders of
Debentures copies of all notices, materials, annual and quarterly reports,
proxy statements, information statements and any other documents distributed
generally to the holders of shares of Common Stock of the Company, at such
times and by such method as such documents are distributed to such holders of
such Common Stock, but shall not directly or indirectly provide material
non-public information to the Holder without such Holder's prior written
consent.

         24.  SPECIFIC ENFORCEMENT. The Company agrees that irreparable
damage would occur in the event that any of the provisions of this Debenture
were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that the Holders of Debentures shall be
entitled to swift specific performance, injunctive relief or other equitable
remedies to prevent or cure breaches of the provisions of this Debenture and
to enforce specifically the terms and provisions hereof, this being

                                      15

<PAGE>

in addition to any other remedy to which any of them may be entitled under
agreement, at law or in equity.

         25.  MISCELLANEOUS. Unless otherwise provided herein, any notice or
other communication to a party hereunder shall be sufficiently given if in
writing and personally delivered, facsimiled or mailed to said party by
certified mail, return receipt requested, at its address set forth herein or
such other address as either may designate for itself in such notice to the
other and communications shall be deemed to have been received when delivered
personally or, if sent by mail or facsimile, then when actually received by
the party to whom it is addressed. Whenever the sense of this Debenture
requires, words in the singular shall be deemed to include the plural and
words in the plural shall be deemed to include the singular. Paragraph
headings are for convenience only and shall not affect the meaning of this
document.

         26.  GOVERNING LAW; CONSENT TO JURISDICTION. This Debenture shall be
governed by and construed and enforced in accordance with the laws of the
State of New York applicable to contracts to be executed and performed
entirely within such state. The Company (i) hereby irrevocably submits to the
exclusive jurisdiction of the state and federal court located in New York
County, New York for the purposes of any suit, action or proceeding arising
out of or related to this Debenture and (ii) hereby waives, and agrees not to
assert in any such suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of such court, that the suit, action
or proceeding is brought in an inconvenient forum or that the venue of the
suit, action or proceeding is improper. The Company consents to process being
served in any such suit, action or proceeding by mailing a copy thereof to
such party as provided herein and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing in this
paragraph shall affect or limit any right to serve process in any other
manner permitted by law.

                             SIGNATURE PAGE FOLLOWS

                                     16

<PAGE>

        IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed by an officer thereunto duly authorized.

                                  ADVANCED COMMUNICATIONS GROUP, INC.

                                  By: /s/ Michael A. Pruss
                                      ----------------------------------------
                                       Name: Michael A. Pruss
                                       Title: Vice President

         Signature page to 5% Convertible Debenture of ADVANCED COMMUNICATIONS
GROUP, INC.

                                       17

<PAGE>

                                    EXHIBIT 1

                      (To be Executed by Registered Holder
                         in order to Convert Debenture)

                                CONVERSION NOTICE
                                       FOR
                 5% CONVERTIBLE DEBENTURE DUE FEBRUARY 23, 2006

         The undersigned, as Holder of the 5% Convertible Debenture Due February
23, 2006 of ADVANCED COMMUNICATIONS GROUP, INC. (the "Company"), in the
outstanding principal amount of U.S. $_____________ (the "Debenture"), hereby
irrevocably elects to convert that portion of the outstanding principal amount
of the Debenture shown on the next page into shares of Common Stock, $0.0001 par
value per share (the "Common Stock"), of the Company according to the conditions
of the Debenture, as of the date written below. The undersigned hereby requests
that share certificates for the Common Stock to be issued to the undersigned
pursuant to this Conversion Notice be issued in the name of, and delivered to,
the undersigned or its designee as indicated below. If shares are to be issued
in the name of a person other than the undersigned, the undersigned will pay all
transfer taxes payable with respect thereto. No fee will be charged to the
Holder for any conversion, except for transfer taxes, if any.

Conversion Information:         NAME OF HOLDER:
                                               ------------------------------

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

                                    Print Address of Holder:

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

                                    Issue Common Stock to:
                                                          --------------------
                                    at:
                                       ---------------------------------------

                                    Electronically transmit and credit Common
                                    Stock to:

                                                   at:
                                    --------------     -----------------------

                                    ------------------------------------------
                                    Date of Conversion

                                    ------------------------------------------
                                    Applicable Conversion Rate

                THE COMPUTATION OF THE NUMBER OF COMMON SHARES TO
                  BE RECEIVED IS SET FORTH ON THE ATTACHED PAGE

<PAGE>

PAGE 2 TO CONVERSION NOTICE FOR:
                                 -----------------------------------------------
                                                (NAME OF HOLDER)

              COMPUTATION OF NUMBER OF COMMON SHARES TO BE RECEIVED

<TABLE>
<CAPTION>

<S>                                                                                        <C>
A.  Outstanding Principal Amount converted:                                                $
                                                                                            ----------
B.  Accrued, unpaid interest on Outstanding Principal Amount converted:                    $
                                                                                            ----------
C.  Default payments due Holder on Outstanding Principal Amount converted:                 $
                                                                                            ----------
                                                                                          -------------
TOTAL DOLLAR AMOUNT CONVERTED (TOTAL OF A + B + C)                                         $
                                                                                            ----------
                                                                                          =============
                                                                                           $
EXCHANGE PRICE                                                                              ----------
Number of Shares of Common Stock = Total dollar amount converted                       =    $
                                   -----------------------------                            ----------
                                        Conversion Price                                    $

NUMBER OF SHARES OF COMMON STOCK =
                                  -------------------------------

</TABLE>

If the conversion is not being settled by DTC, please issue and deliver _____
certificate(s) for shares of Common Stock in the following amount(s):

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

Please issue and deliver _____ new Debenture(s) in the following amounts:

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

                                    2

<PAGE>

                                    EXHIBIT 2

                                  PIK STATEMENT

Date:______________

To: [NAME OF HOLDER OF DEBENTURE] ("Holder")

RE:  5% CONVERTIBLE  DEBENTURE DUE FEBRUARY 23, 2006 ("DEBENTURE") OF ADVANCED
COMMUNICATIONS GROUP, INC. (THE "COMPANY"), IN THE FACE PRINCIPAL AMOUNT OF
US$_____________.

            In lieu of paying interest on the above-referenced Debenture in
coin or currency, the Company hereby elects to pay interest on the Debenture,
for the Interest Payment Date indicated below, by having the amount of such
interest added to the Outstanding Principal Amount due under the Debenture.
The Company hereby certifies to the Holder, its successors and assigns that
the Outstanding Principal Amount due under the Debenture after delivery of
this PIK Statement equals the amount indicated below. Capitalized terms used
in this PIK Statement and not otherwise defined shall have the meaning
ascribed thereto in the Debenture.

         Interest Payment Date:                                 _____________

<TABLE>
<CAPTION>

         <S>                                                <C>
         Outstanding Principal Amount prior
         to issuance of this PIK Statement:                  US$_____________

         PIK Interest:                                       US$_____________

         Outstanding Principal Amount after
         issuance of this PIK Statement:                     US$_____________
</TABLE>

              IN WITNESS WHEREOF, this PIK Statement has been duly executed
and delivered on the date first written above.

                                   ADVANCED COMMUNICATIONS GROUP, INC.

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

<PAGE>

                                   SCHEDULE I

None

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