Document:

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                                                                     EXHIBIT 4.4

                          REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement ("Agreement") is made and entered into
                                          ---------
as of September 19, 2000, by and between Telemonde, Inc., a Delaware corporation
(the "Company"), MCI WorldCom Global Networks U.S., Inc., a Delaware
      -------
corporation("Global U.S.") and MCI WorldCom Global Networks Limited, a Bermuda
             -----------
company ("Global Limited", and together with Global U.S., the "Investors").
          --------------

     This Agreement is made in connection with the execution and delivery of the
Debt Conversion Agreement, dated as of July 25, 2000, by and between the Company
and the Investors (the "Debt Conversion Agreement"). Under the terms of the Debt
                        -------------------------
Conversion Agreement, the Investors agreed to cancel and release $9.0 million of
Relevant Debt (as such term is defined therein) in exchange for, and in
consideration of, the issuance of 15,766,792 shares of Common Stock of the
Company and the Company has agreed to provide the registration and other rights
set forth in this Agreement.

     The parties hereby agree as follows:

                                   ARTICLE I

     Section 1.01. Definitions. Capitalized terms used and not otherwise defined
                   -----------
herein have the meanings set forth in the Debt Conversion Agreement. The terms
set forth below are used herein as so defined:

     "AAA" has the meaning set forth in Section 3.10(b).
      ---

     "AC Registration Rights Agreement" means that certain Registration Rights
      --------------------------------
Agreement entered into as of August 1999 by and between the Company and Atlantic
Crossing.

     "AC Warrants" means those certain warrants issued to Atlantic Crossing
      -----------
exercisable into 1.1 million shares of the Company with an exercise price of
$5.25 per share.

     "Affiliates" has the meaning set forth in the Exchange Act.
      ----------

     "Atlantic Crossing" means Atlantic Crossing Ltd., a Bermuda company.
      -----------------

     "CCL" means Communications Collateral Limited.
      ---

     "CCL Registration Rights Agreement" means that Registration Rights
      ---------------------------------
Agreement dated as of September 1, 1999 by and between the Company and CCL.

     "CCL Shares" means the shares of Common Stock beneficially owned by CCL as
      ----------
of the date hereof that are registrable pursuant to the CCL Registration Rights
Agreement.

     "Commission" means the Securities and Exchange Commission.
      ----------
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     "Common Stock" means shares of common stock of the Company, par value
      ------------
$0.001 per share.

     "Dispute" has the meaning set forth in Section 3.10(a).
      -------

     "Exchange Act" means the Securities Exchange Act of 1934, as amended.
      ------------

     "Holder" means the record holder of any Registrable Security or any right
      ------
to receive a Registrable Security.

     "IPO" means the consummation of the initial underwritten public offering
      ---
of Common Stock pursuant to an effective registration statement filed under the
Securities Act (other than any registration statement relating to warrants,
options or shares of capital stock of the Company granted or to be granted or
sold primarily to employees, directors, or officers of the Company, as a
registration statement filed pursuant to Rule 145 under the Securities Act or
any successor rule or a registration statement relating to employee benefit
plans or interests therein) and the listing of such Common Stock on a national
securities exchange or the quotation of prices therefor on NASDAQ (NMS) or on
NASDAQ (SMALLCAP).

     "Issued Share Capital" means (i) all shares of issued and outstanding
      --------------------
capital stock of the Company and (ii) all shares of capital stock of the Company
issuable upon the exercise of any right to subscribe for or convert any debt or
other instrument into or to exercise any option or warrant for such shares of
capital stock.

     "Losses" has the meaning set forth in Section 2.06.
      ------

     "Person" means any individual, corporation (including any non-profit
      ------
corporation), general or limited partnership, limited liability company, joint
venture, estate, trust, association, organization, labor union or governmental
entity.

     "Priority Offering" means any registered primary offering of securities of
      -----------------
the Company commencing on or prior to the date which is nine months from the
closing date of the Company's IPO.

     "Registrable Securities" means (i) the shares of Common Stock and all
      ----------------------
other securities of the Company acquired by the Investors pursuant to the Debt
Conversion Agreement; and (ii) the shares of Common Stock issuable with respect
to the Shares of Common Stock and securities referred to in the foregoing clause
(i) pursuant to Section 1.02 hereof, until such time as such securities cease to
be Registrable Securities pursuant to Section 1.03 hereof.

     "Registration Expenses" has the meaning set forth in Section 2.05.
      ---------------------

     "Securities Act" means the Securities Act of 1933, as amended.
      --------------

     "Selling Expenses" has the meaning set forth in Section 2.05.
      ----------------

     "Selling Holder" means a Holder who is selling Registrable Securities
      --------------
pursuant to a registration statement.

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     "Senior Registration Rights" has the meaning set forth in Section 2.07.
      --------------------------

     Section 1.02. Stock Splits, Dividends, Recapitalizations, Etc. Any shares
                   -----------------------------------------------
or other securities resulting from any stock split, stock dividend,
reclassification of the Common Stock of the Company, merger, consolidation or
reorganization of the Company which may be received by the Holder shall also be
deemed to be Registrable Securities.

     Section 1.03. Registrable Securities. Any Registrable Security will cease
                   ----------------------
to be a Registrable Security when (i) a registration statement covering such
Registrable Security has been declared effective by the Commission and such
Registrable Security has been issued, sold or disposed of pursuant to such
effective registration statement; (ii) such Registrable Security is disposed of
pursuant to Rule 144 (or any similar provision then in force) under the
Securities Act; or (iii) such Registrable Security is held by the Company or any
of its subsidiaries.

                                  ARTICLE II

     Section 2.01. Registration in Connection with the IPO. Each of the
                   ---------------------------------------
Investors hereby acknowledges and the Company represents and warrants that no
party other than CCL, and then only with respect to the CCL Shares, has or shall
have any right to have any shares of capital stock of the Company registered by
the Company in connection with the IPO.

     Section 2.02. Demand Registration. (a) On any date on or after the
                   -------------------
consummation of the IPO, a Holder(s) may request (the "Initiating Request") the
Company register under the Securities Act all of the Registrable Securities held
by the Holder(s) for sale in the manner specified in such notice and in
accordance with Section 2.04 below.

     (b) Promptly, and in any event within ten (10) days, following receipt of
any notice under this Section 2.02, the Company immediately shall notify all
other Holders of the receipt of notice under this Section 2.02 and shall use its
best efforts to register under the Securities Act in accordance with Section
2.04 below, for public sale in accordance with the method of disposition
specified in such notice from the Holder, the Registrable Securities specified
in the Holder's notice and in any notices received from other Holders no later
than the later of the tenth (10th) business day after receipt of the notice sent
by the Company (such other Holders together with the Holder who submitted the
Initiating Request are hereinafter referred to as the "Requesting Holders"). If
                                                       ------------------
such method of disposition shall be an underwritten public offering, the Company
may designate the managing underwriter of such offering, subject to the approval
of Requesting Holders holding a majority of the Registrable Securities to be
registered. Except as specified in the following sentence, the Company shall be
obligated to register Registrable Securities pursuant to this Section 2.02 on
two (2) occasions only. No request for registration of Registrable Securities
may be given prior to the date six (6) months after the effective date of a
registration statement with respect to Registrable Securities pursuant to this
Section 2.02. A request pursuant to this Section 2.02 shall be counted only when
(i) all the Registrable Securities requested to be included in any such
registration have been so included, (ii) the corresponding registration
statement has become effective under the Securities Act, and (iii) the public
offering has been consummated and the Registrable Securities have been sold on
the terms and conditions specified therein. Notwithstanding anything to the
contrary contained herein, the Company may delay the filing or effectiveness of
a registration statement for up to

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forty-five (45) days after receipt of a request hereunder if (i) at the time of
such request the Company is engaged in a firm commitment underwritten public
offering of shares of its capital stock in which Holders may include Registrable
Securities or (ii) the Board of Directors of the Company determines in its
reasonable judgment and in good faith that the filing of such a registration
statement or the making of any required disclosure in connection therewith would
have a material adverse effect on the Company or substantially interfere with a
significant transaction in which the Company is then engaged.

     (c) The Company shall be entitled to include in any registration statement
filed pursuant to this Section 2.02, for sale in accordance with the method of
disposition specified by the Requesting Holders, securities of the Company
entitled generally to vote in the election of directors (or any securities
convertible into or exchangeable for or exercisable for the purchase of
securities so entitled generally to vote in the election of directors).

     (d) Subject to Section 2.02(e) below and otherwise notwithstanding anything
herein to the contrary, if the Company shall have received a demand request for
registration from any Person other than a Holder and the Holders shall not have
had an opportunity to have their Registrable Securities registered in full prior
to the Company's receipt of such demand request, then the Company shall promptly
notify the Holders in writing of its receipt of such written request and the
Holders shall have five (5) business days from the date of their receipt of such
notice to elect to exercise one of their demand registration rights in respect
of the Registrable Securities which exercise shall be deemed to have occurred
immediately prior to such other demand request, in which event, the shares of
Common Stock of any other Person (other than a Holder) who demanded or, prior to
the effective date of the registration statement being filed in respect of the
Holders' shares of Common Stock, demands registration of their shares of Common
Stock, may be included in such registration; provided, however, that the number
of shares of Common Stock of such Person(s) (other than a Holder) to be included
in such a registration may be reduced or eliminated if and to the extent the
managing underwriter shall render to the Company its opinion that such inclusion
would jeopardize the successful marketing of the Registrable Securities proposed
to be sold therein.

     (e) The Investors hereby acknowledge that the rights of the Holders set
forth herein are subject to and shall not affect in any way, the registration
rights of (i) Atlantic Crossing set forth in the AC Registration Rights
Agreement in respect of 1.1 million shares of Common Stock issuable by the
Company to Atlantic Crossing upon exercise of the AC Warrants and (ii) CCL set
forth in the CCL Registration Rights Agreement, in each case as now in effect.
The Company hereby covenants that it shall not, without the prior written
consent of all of the Holders, increase the number of shares covered by the AC
Registration Rights Agreement or the CCL Registration Rights Agreement or grant
additional registration rights to Atlantic Crossing or CCL, or amend the AC
Registration Rights Agreement or the CCL Registration Rights Agreement in any
way that could, in the reasonable opinion of the Holders, adversely affect the
ability of the Holders to effect the registration of the Registrable Securities;
provided, however, that the Investors acknowledge and agree that the Company may
reduce the exercise price of the CCL Warrants without increasing the number of
shares issuable upon exercise thereof.

     Section 2.03. Piggy-Back Registration. If the Company proposes to register
                   -----------------------
any securities under the Securities Act for sale to the public (other than in an
IPO), whether for its

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own account or for the account of other security holders or both (except with
respect to registration statements on Forms S-4 or S-8 for purposes permissible
under such forms as of the date hereof, or any successor forms for comparable
purposes that may be adopted by the Commission), each such time the Company will
give written notice to all Holders of its intention to do so (but in any event
no less than fifteen (15) business days before the anticipated filing date).
Upon the written request of any such Holder, received by the Company no later
than the tenth (10th) business day after receipt by such Holder of the notice
sent by the Company, to register, on the same terms and conditions as the shares
of securities otherwise being sold pursuant to such registration, any of its
Registrable Securities (which request shall state the intended method of
disposition thereof), the Company will use its best efforts to cause the
Registrable Securities as to which registration shall have been so requested to
be included in the securities to be covered by the registration statement
proposed to be filed by the Company on the same terms and conditions as any
similar securities included therein, all to the extent requisite to permit the
sale or other disposition by each Holder (in accordance with its written
request) of such Registrable Securities so registered; provided, however, that
                                                       -----------------
the Company may at any time prior to the effectiveness of any such registration
statement, in its sole discretion and without the consent of any Holder, abandon
the proposed offering. The number of Registrable Securities to be included in
such a registration may be reduced or eliminated if and to the extent the
managing underwriter shall render to the Company its opinion that such inclusion
would jeopardize the successful marketing of the securities (including the
Registrable Securities) proposed to be sold therein; provided, however, that
                                                     -----------------
such number of shares of Registrable Securities shall not be reduced (i) if, in
the context of a Priority Offering, shares of Common Stock are to be included in
such underwriting for the account of any other Person (other than CCL, and then
only with respect to the CCL Shares) or (ii) unless, in the context of any
primary offering other than a Priority Offering, the shares to be included in
such underwriting for the account of any Person are also reduced on a pro rata
basis. Within ten (10) business days after receipt by each Holder proposing to
sell Registrable Securities pursuant to the registered offering of the opinion
of such managing underwriter, all such Holders may allocate among themselves the
number of shares of such Registrable Securities which such opinion states may be
distributed without adversely affecting the distribution of the securities
covered by the registration statement (or if such registered holders are unable
to agree among themselves with respect to such allocation, such allocation shall
be in proportion to the respective numbers of shares specified in their
respective written requests). Notwithstanding anything to the contrary contained
in this Section 2.03, in the event that there is a firm underwriting commitment
offer of securities of the Company pursuant to a registration statement covering
Registrable Securities and a Holder does not elect to sell its Registrable
Securities to the underwriters of the Company's securities in connection with
such offering, such Holder shall not offer for sale, sell, grant any option for
the sale of, or otherwise dispose of, directly or indirectly, any shares of
Common Stock, or any securities convertible into or exchangeable into or
exercisable for any shares of Common Stock during the period of distribution of
the Company's securities by such underwriters, which shall be specified in
writing by the underwriters and shall not exceed sixty (60) days following the
date of effectiveness under the Securities Act of the registration statement
relating thereto.

     Section 2.04. Registration Procedures. If and whenever the Company is
                   -----------------------
required pursuant to this Agreement to effect the registration of any of the
Registrable Securities under the Securities Act, the Company will, as
expeditiously as possible:

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     (a) prepare and file as promptly as possible with the Commission a
registration statement in accordance with this Article II with respect to such
securities (which filing made pursuant to Section 2.02 shall be made within
thirty (30) days after the receipt by the Company of a notice requesting such
registration or at such later date as may reasonably be expected to result in
such registration statement being declared effective by the Commission on or
prior to the date which is two hundred seventy (270) days from the closing date
of the IPO) and use its best efforts to cause such registration statement to
become and remain effective for the period of the distribution contemplated
thereby (as determined below);

     (b) prepare and file with the Commission such amendments and supplements to
such registration statement and the prospectus used in connection therewith as
may be necessary to keep such registration statement effective for the period
specified below and as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such
registration statement in accordance with the sellers' intended method of
disposition set forth in such registration statement for such period;

     (c) furnish to each Selling Holder and to each underwriter such number of
copies of the registration statement and the prospectus included therein
(including each preliminary prospectus and each document incorporated by
reference therein prior to the filing with the Commission) as such Persons may
reasonably request in order to review such documentation and to facilitate the
public sale or other disposition of the Registrable Securities covered by such
registration statement;

     (d) use its best efforts to register or qualify the Registrable Securities
covered by such registration statement under the securities or blue sky laws of
such jurisdictions as the Selling Holders or, in the case of an underwritten
public offering, the managing underwriter, shall reasonably request;

     (e) immediately notify each Selling Holder and each underwriter, at any
time when a prospectus relating thereto is required to be delivered under the
Securities Act, of the happening of any event as a result of which the
prospectus contained in such registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing;

     (f) furnish at the request of a Selling Holder, (i) on the date that
Registrable Securities are delivered to the underwriters for sale pursuant to
such registration statement (or on the effective date in the case of an offering
that is not underwritten), an opinion of counsel for the Company dated as of
such date and addressed to the underwriters, if any, and to the Selling Holders,
stating that such registration statement has become effective under the
Securities Act and that (A) to the best knowledge of such counsel, no stop order
suspending the effectiveness thereof has been issued and no proceedings for that
purpose have been instituted or are pending or contemplated under the Securities
Act, (B) the registration statement, the related prospectus, and each amendment
or supplement thereof, comply as to form in all material respects with the
requirements of the Securities Act and the applicable rules and regulations
thereunder of the Commission (except that such counsel need express no opinion
as to the financial statements or any engineering report contained or
incorporated therein) and (C) to such other effects as may

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reasonably be requested by counsel for the underwriters or by any such Selling
Holder or its counsel; and (ii) on the effective date of the registration
statement and on the date that Registrable Securities are delivered to the
underwriters for sale pursuant to such registration statement, a letter dated
such dates from the independent accountants retained by the Company, addressed
to the underwriters, if any, and to the Selling Holders, stating that they are
independent public accounts within the meaning of the Securities Act and that,
in the opinion of such accountings, the financial statements of the Company and
the schedules thereto that are included or incorporated by reference in the
registration statement or the prospectus, or any amendment or supplement
thereof, comply as to form in all material respects with the applicable
requirements of the Securities Act and the published rules and regulations
promulgated thereunder, and such letter shall additionally address such other
financial matters (including information as to the period ending no more than
five business days prior to the date of such letter) included in the
registration statement in respect to which such letter is being given as the
underwriters or any Selling Holder may reasonably request;

     (g) use its best efforts to keep effective and maintain a registration,
qualification, approval or listing on a national securities exchange or the
quotation of prices thereof on NASDAQ (NMS) or NASDAQ (SMALLCAP) obtained to
cover the Registrable Securities as may be necessary for the Selling Holders to
dispose thereof, and shall from time to time amend or supplement any prospectus
used in connection therewith to the extent necessary in order to comply with
applicable law;

     (h) use its best efforts to cause the Registrable Securities to be
registered with or approved by such other governmental agencies or authorities
as may be necessary by virtue of the business and operations of the Company to
enable the Selling Holders to consummate the disposition of such Registrable
Securities; and

     (i) enter into customary agreements (including, if requested, an
underwriting agreement in the customary form) and take such other actions as are
reasonably requested by the Selling Holders or the underwriters, if any, in
order to expedite or facilitate the disposition of such Registrable Securities.
The period of distribution of Registrable Securities in a firm commitment
underwritten public offering shall be deemed to extend until each underwriter
has completed the distribution of all securities purchased by it, and the period
of distribution of Registrable Securities in any other registration shall be
deemed to extend until the earlier of the sale of all Registrable Securities
covered thereby or the fulfillment of the Company's obligations under subsection
(g) of this Section 2.04.

     In connection with each registration hereunder, each Selling Holder will
furnish promptly to the Company in writing such information with respect to
itself and the proposed distribution by it as shall be reasonably necessary in
order to ensure compliance with federal and applicable state securities laws.

     In connection with each registration hereunder with respect to an
underwritten public offering, each Selling Holder agrees to enter into a written
agreement with the managing underwriter or underwriters selected in the manner
herein provided in such form and containing such provisions as are customary in
the securities business for such an arrangement between underwriters and
companies of the Company's size and investment stature, provided that such

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agreement shall not contain any such provision applicable to the Selling Holders
that is inconsistent with the provisions hereof; and further provided, that the
time and place of the consummation of the transactions under said agreement
shall be as mutually agreed upon among the Company, the Selling Holders and such
managing underwriter.

     Section 2.05. Expenses. (a) All expenses incident to the Company's
                   --------
performance or compliance with this Agreement, including without limitation, all
registration and filing fees, blue sky fees and expenses, printing expenses,
listing fees, fees and disbursements of counsel and independent public
accountants for the Company, fees of the National Association of Securities
Dealers, Inc., transfer taxes, fees of transfer agents and registrars, and costs
of insurance and reasonable out-of-pocket expenses of the Selling Holders, but
excluding any Selling Expenses (as defined below), are herein called
"Registration Expenses." All underwriting, discounts and selling commissions
 ---------------------
attributable to the sale of the Registrable Securities are herein called
"Selling Expenses."
 ----------------

     (b) The Company will pay all Registration Expenses with each registration
statement filed pursuant to this Agreement, whether or not the registration
becomes effective, and the Selling Holders shall pay Selling Expenses in
connection with any Registrable Securities registered pursuant to this
Agreement.

     Section 2.06. Indemnification. (a) In the event of a registration of any
                   ---------------
Registrable Securities under the Securities Act pursuant to this Agreement, the
Company will indemnify and hold harmless each Selling Holder thereunder and each
underwriter of Registrable Securities thereunder and each Person, if any, who
controls such Selling Holder or underwriter within the meaning of the Securities
Act and the Exchange Act, against any losses, claims, damages or liabilities,
including reasonable attorneys' fees ("Losses"), joint or several, to which such
                                       ------
Selling Holder or underwriter or controlling Person may become subject under the
Securities Act, the Exchange Act or otherwise, insofar as such Losses (or
actions in respect thereof) arise out of or are based upon any untrue statement
or alleged untrue statement of any material fact contained in any registration
statement under which such Registrable Securities were registered under the
Securities Act pursuant to this Agreement, any preliminary prospectus or final
prospectus contained therein, or any amendment or supplement thereof, or arise
out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, and will reimburse each such Selling Holder, each such
underwriter and each such controlling Person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such Loss or actions; provided, however, that the Company will not be liable in
any such case if and to the extent that any such loss, claim, damage or
liability arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission so made in conformity with information
furnished by such Selling Holder, such underwriter or such controlling Person in
writing specifically for use in such registration statement or prospectus.

     (b) Each Selling Holder agrees to indemnify and hold harmless the Company,
its directors, officers, employees and agents and each Person, if any, who
controls the Company within the meaning of the Securities Act or of the Exchange
Act to the same extent as the foregoing indemnity from the Company to such
Selling Holder, but only with respect to information with respect to such
Selling Holder furnished in writing by or on behalf of such

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Selling Holder expressly for inclusion in any registration statement or
prospectus relating to the Registrable Securities, or any amendment or
supplement thereto.

     (c) Promptly after receipt by an indemnified party hereunder of notice of
the commencement of any action, such indemnified party shall, if a claim in
respect thereof is to be made against the indemnifying party hereunder, notify
the indemnifying party in writing thereof, but the omission so to notify the
indemnifying party shall not relieve it from any liability which it may have to
any indemnified party other than under this Section 2.06. In case any such
action shall be brought against any indemnified party and it shall notify the
indemnifying party of the commencement thereof, the indemnifying party shall be
entitled to participate in and, to the extent it shall wish, to assume and
undertake the defense thereof with counsel reasonably satisfactory to such
indemnified party and, after notice from the indemnifying party to such
indemnified party of its election so to assume and undertake the defense
thereof, the indemnifying party shall not be liable to such indemnified party
under this Section 2.06 for any legal expenses subsequently incurred by such
indemnified party in connection with the defense thereof other than reasonable
costs of investigation and of liaison with counsel so selected; provided,
however, that, (i) if the indemnifying party has failed to assume the defense
and employ counsel or (ii) if the defendants in any such action include both the
indemnified party and the indemnifying party and counsel to the indemnified
party shall have concluded that there may be reasonable defenses available to
the indemnified party that are different from or additional to those available
to the indemnifying party or if the interests of the indemnified party
reasonably may be deemed to conflict with the interests of the indemnifying
party, then the indemnified party shall have the right to select a separate
counsel and to assume such legal defense and otherwise to participate in the
defense of such action, with the expenses and fees of such separate counsel and
other expenses related to such participation to be reimbursed by the
indemnifying party as incurred.

     (d) If the indemnification provided for in this Section 2.06 is available
to the Company or the Selling Holders or is insufficient to hold them harmless
in respect of any losses, claims, damages, liabilities or expenses referred to
herein, then each such indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages, liabilities and
expenses as between the Company on the one hand and each Selling Holder on the
other, in such proportion as is appropriate to reflect the relative fault of the
Company on the one hand and of each Selling Holder on the other 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 each Selling Holder on the
other shall be determined by reference to, among other things, whether the
untrue or alleged untrue statements of a material fact or the omission or
alleged omission to state a material fact has been made by, or relates to,
information supplied by such party, and the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or
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 is not guilty of such fraudulent misrepresentation.

     Section 2.07. Senior Registration Rights. The Company shall not grant or
                   --------------------------
permit to exist any registration rights to any other person which registration
rights are senior to the

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registration rights of any Holder of Registrable Securities ("Senior
                                                              ------
Registration Rights"), unless either (i) the Company shall first obtain the
-------------------
written consent of the Holders of a majority of the Registrable Securities or
(ii) each Holder of Registrable Securities is also granted Senior Registration
Rights. The Investors hereby consent to the existence of those registration
rights previously granted to CCL and Atlantic Crossing as expressly set forth in
the CCL Registration Rights Agreement and the AC Registration Rights Agreement,
respectively.

                                  ARTICLE III

     Section 3.01. Communications. All notices and other communications provided
                   --------------
for or permitted hereunder shall be made in writing by registered or certified
first-class mail, return receipt requested, telex, telegram, telecopy, courier
service or personal delivery:

     (i) if to a Holder of Registrable Securities, at the most current address
     given by such Holder of the Company in accordance with the provisions of
     this Section 3.01, which address initially is, with respect to each of the
     Investors, the address for such Investor set forth in the Debt Conversion
     Agreement, and

     (ii) if to the Company, initially at its address set forth in the Debt
     Conversion Agreement and thereafter at such other address, notice of which
     is given in accordance with the provisions of this Section 3.01.

     All such notices and communications shall be deemed to have been duly given
at the time delivered by hand, if personally delivered; four days after mailed
by certified mail, return receipt requested, if mailed; when answered back, if
telexed; when receipt acknowledged, if telecopied; and on the next business day
if timely delivered to an air courier guaranteeing overnight delivery.

     Section 3.02. Counterparts. This Agreement may be executed in any number of
                   ------------
counterparts and by different parties hereto in separate counterparts, each of
which counterparts, when so executed and delivered, shall be deemed to be an
original and all of which counterparts, taken together, shall constitute but one
and the same Agreement.

     Section 3.03. Headings. The headings in this Agreement are for convenience
                   --------
of reference only and shall not limit or otherwise affect the meaning hereof.

     Section 3.04. Governing Law. The laws of the State of New York shall govern
                   -------------
this Agreement without regard to principles of conflict of laws.

     Section 3.05. Severability of Provisions. Any provision of this Agreement
                   --------------------------
which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or
affecting or impairing the validity or enforceability of such provision in any
other jurisdiction.

     Section 3.06. Attorneys' Fees. In any action or proceeding brought to
                   ---------------
enforce any provision of this Agreement, the successful party shall be entitled
to recover reasonable attorneys' fees in addition to its costs and expenses and
any other available remedy.

                                       10
<PAGE>

     Section 3.07. Amendment. This Agreement may be amended only by means of a
                   ---------
written amendment signed by the Company and by the Holders of a majority of the
Registrable Securities.

     Section 3.08. Registrable Securities Held by the Company or Its Affiliates.
                   ------------------------------------------------------------
In determining whether the Holders of the required amount of Registrable
Securities have concurred in any direction, amendment, supplement, waiver or
consent, Registrable Securities owned by the Company or its Affiliates shall be
disregarded.

     Section 3.09. Assignment. The rights of each of the Investors under this
                   ----------
Agreement shall be assignable only to Affiliates. Any prohibited assignment or
attempted assignment shall be void.

     Section 3.10. Arbitration.
                   -----------

     (a) Binding Arbitration. On the request of either the Company or an
         -------------------
Investor (whether made before or after the institution of any legal proceeding),
any action, dispute, claim or controversy of any kind now existing or hereafter
arising between any of the parties hereto in any way arising out of, pertaining
to or in connection with this Agreement (a "Dispute") shall be resolved by
                                            -------
binding arbitration in accordance with the terms hereof. Either the Company or
the an affected Investor may, by summary proceedings, bring an action in court
to compel arbitration of any Dispute.

     (b) Governing Rules. Any arbitration shall be administered by the American
         ---------------
Arbitration Association (the "AAA") in accordance with the terms of this
                              ---
Section, the Commercial Arbitration Rules of the AAA, and, to the maximum extent
applicable, the Federal Arbitration Act. Judgment on any award rendered by an
arbitrator may be entered in any court having jurisdiction.

     (c) Arbitrators. Arbitration hereunder shall be before a three-person
         -----------
panel of neutral arbitrators, consisting of one person from each of the
following categories: (i) an attorney who has practiced in the area of
commercial law for at least ten (10) years or a retired judge at the United
States District Court or an appellate court level; (ii) a person with at least
ten (10) years experience in capital financing or investment banking; and (iii)
a person with at least ten (10) years experience in the telecommunications
industry. The AAA shall submit a list of persons meeting the criteria outlined
above for each category of arbitrator, and the parties shall select one person
from each category in the manner established by the AAA. If the parties cannot
agree on an arbitrator within thirty (30) days after the request for an
arbitration, then any party may request the AAA to select an arbitrator. The
arbitrators may engage engineers, accountants or other consultants that the
arbitrator deems necessary to render a conclusion in the arbitration proceeding.

     (d) Conduct of Arbitration. To the maximum extent practicable, an
         ----------------------
arbitration proceeding hereunder shall be concluded within one hundred eighty
(180) days of the filing of the Dispute with the AAA. Arbitration proceedings
shall be conducted in New York, New York. Arbitrators shall be empowered to
impose sanctions and to take such other

                                       11
<PAGE>

actions as the arbitrators deem necessary to the same extent a judge could
impose sanctions or take such other actions pursuant to the Federal Rules of
Civil Procedure and applicable law. At the conclusion of any arbitration
proceeding, the arbitrator shall make specific written findings of fact and
conclusions of law. The arbitrators shall have the power to award recovery of
all costs and fees to the prevailing party. The Company and each of the
Investors each agrees to keep all Disputes and arbitration proceedings strictly
confidential except for disclosure of information required by applicable law.

     (e) Costs of Arbitration. All fees of the arbitrators and any engineer,
         --------------------
accountant or other consultant engaged by the arbitrators, shall be paid by the
parties thereto equally unless otherwise awarded by the arbitrators.

     Section 3.11. Facsimiles. This Agreement may be executed by a facsimile
                   ----------
signature, which shall have the same force and effect as a manually executed
signature.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

ATTEST:                                      TELEMONDE, INC.

/s/ Gottfried von Bismarck                   By: /s/ Adam Bishop
---------------------------                      ---------------------------
Secretary                                    Title: President

                                             MCI WORLDCOM GLOBAL NETWORKS
                                             U.S., INC.

                                             By: /s/ David Myers
                                                 ---------------------------
                                             Title:

                                             MCI WORLDCOM GLOBAL NETWORKS
                                             LIMITED

                                             By: /s/ David Myers
                                                 ---------------------------
                                             Title:

                                       12<PAGE>

                                                                EXHIBIT 10.8(e)
                                                                Execution Copy

                         DEBT CONVERSION AGREEMENT

     THIS DEBT CONVERSION AGREEMENT (the "Agreement") is made as of the 25th day
of July, 2000 by and among TELEMONDE, INC. (the "Company"), MCI WORLDCOM GLOBAL
NETWORKS U.S., INC. ("Global U.S."), and MCI WorldCom Global Networks Limited
("Global Limited", and together with Global U.S., "MCI WorldCom").

                           W I T N E S S E T H :
                           - - - - - - - - - -

     WHEREAS, Global U.S., Global Limited (formerly MFS CableCo (Bermuda)
Limited) and Telemonde International Bandwidth Limited ("TIBL") (formerly
Equitel Bandwidth Limited), a subsidiary of the Company, are parties to a
Transmission Capacity Agreement dated December 24, 1998 (as amended, the "First
Capacity Agreement") and a Transmission Capacity Agreement dated March 31, 1999
(as amended, the "Second Capacity Agreement");

     WHEREAS, TIBL is in breach of various provisions of both the First Capacity
Agreement and the Second Capacity Agreement, including its payment obligations,
and MCI WorldCom has agreed, pursuant to a Standstill Letter dated December 31,
1999, as amended by the agreement made May 11, 2000, (the "Standstill Letter")
from MCI WorldCom to the Telemonde Companies (as defined therein), to defer
demanding immediate payment of the amounts due (the "Debt") subject to various
conditions including, among other things, (i) each of the Material Subsidiaries
(as defined below) entering into a guarantee (collectively, the "Subsidiaries'
Guarantees"); and (ii) the Company entering into a guarantee (the "Parent
Guarantee" and together with the Subsidiaries' Guarantees, the "Guarantees");

     WHEREAS, Global U.S., on behalf of itself and Global Limited, and Fastfirm
Limited ("Fastfirm") are parties to a Pledge Agreement dated as of May 2, 2000
(the "Pledge"), whereby Fastfirm agreed to pledge 9,917,356 shares of common
stock of the Company to MCI WorldCom as security for the Obligations (as such
term is defined therein); and

     WHEREAS, MCI WorldCom has agreed to cancel and release US$2.25 million of
the Debt owing under the First Capacity Agreement (the "First Capacity Agreement
Relevant Debt") and US$6.75 million of the Debt owing under the Second Capacity
Agreement (the "Second Capacity Agreement Relevant Debt", and together with the
First Capacity Agreement Relevant Debt, the "Relevant Debt"), in exchange for,
and in consideration of, the issuance to MCI WorldCom by the Company of the
Conversion Shares and the Company desires to issue the Conversion Shares to
Global U.S. and Global Limited, respectively, in such amounts as MCI WorldCom
may designate at least one day prior to the Closing (as defined below), for such
exchange and consideration.

     NOW, THEREFORE, in consideration of the premises and mutual promises
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby agree as
follows:
<PAGE>

     1. DEFINITIONS. In addition to the words and terms defined elsewhere in
        -----------
this Agreement, the following words shall be defined as set forth below:

          "Acknowledgement and Consent Agreement"--as defined in Section 3(b) of
     this Agreement.

          "Affiliate"--shall have the meaning ascribed to such term in Rule
     12b-2 of the General Rules and Regulations under the Exchange Act.

          "Applicable Contract"--any Contract (a) under which the Company has or
     may acquire any rights, (b) under which the Company has or may become
     subject to any obligation or liability, or (c) by which the Company or any
     of the assets owned or used by it is or may become bound.

          "Balance Sheet"--as defined in Section 4(d) of this Agreement.

          "Breach"--a "Breach" of a representation, warranty, covenant,
     obligation, or other provision of this Agreement or any instrument
     delivered pursuant to this Agreement will be deemed to have occurred if
     there is or has been (a) any inaccuracy in or breach of, or any failure to
     perform or comply with, such representation, warranty, covenant,
     obligation, or other provision, or (b) any claim (by any Person) or other
     occurrence or circumstance that is or was inconsistent with such
     representation, warranty, covenant, obligation, or other provision, and the
     term "Breach" means any such inaccuracy, breach, failure, claim,
     occurrence, or circumstance.

          "CCL"--means Communications Collateral Limited, a British Virgin
     Islands company.

          "Challis Agreement"--that certain Registration Rights Agreement dated
     February 9, 2000 by and between the Telemonde Group of Companies and
     Challis International Limited.

          "Closing"--the closing of the transactions contemplated by this
     Agreement.

          "Closing Date"--the date and time as of which the Closing actually
     takes place.

          "Company"--as defined in the Preamble.

          "Consent"--any approval, consent, ratification, waiver, or other
     authorization (including any Governmental Authorization).

          "Contract"--any agreement, contract, obligation, promise, or
     undertaking (whether written or oral and whether express or implied) that
     is legally binding.

                                       2
<PAGE>

          "Conversion Shares"--such number of shares of Common Stock of the
     Company as is obtained by dividing the Relevant Debt by the lesser of (i)
     $1.05 and (ii) the 20 trading day average price of Telemonde Common Stock
     immediately prior to the Closing Date.

          "Debt"--as defined in the Recitals.

          "Encumbrance"--any charge, claim, community property interest,
     condition, equitable interest, lien, option, pledge, security interest,
     right of first refusal, or restriction of any kind, including any
     restriction on use, voting, transfer, receipt of income, or exercise of any
     other attribute of ownership.

          "Exchange Act"--the Securities Exchange Act of 1934, as amended or any
     successor law, and regulations and rules issued pursuant to that Act or any
     successor law.

          "Fastfirm"--as defined in the Recitals.

          "Financial Statements"--the financial statements of the Company
     referenced in Section 4(d) of this Agreement.

          "First Capacity Agreement"--as defined in the Recitals.

          "First Capacity Agreement Relevant Debt"--as defined in the Recitals.

          "GAAP"--generally accepted United States accounting principles,
     applied on a basis consistent with the basis on which the Balance Sheet,
     the Interim Balance Sheet and the other Financial Statements were prepared.

          "Global Limited"--as defined in the Recitals.

          "Global U.S."--as defined in the Recitals.

          "Governmental Authorization"--any approval, consent, license, permit,
     waiver, or other authorization issued, granted, given, or otherwise made
     available by or under the authority of any Governmental Body or pursuant to
     any Legal Requirement.

          "Governmental Body"--any:

               (a) nation, state, county, city, town, village, district, or
          other jurisdiction of any nature;

               (b) federal, state, local, municipal, foreign, or other
          government;

               (c) governmental or quasi-governmental authority of any nature
          (including any governmental agency, branch, department, official, or
          entity and any court or other tribunal);

                                       3
<PAGE>

               (d) multi-national organization or body; or

               (e) body exercising, or entitled to exercise, any administrative,
          executive, judicial, legislative, police, regulatory, or taxing
          authority or power of any nature.

          "Interim Balance Sheet"--as defined in Section 4(d) of this Agreement.

          "Legal Requirement"--any federal, state, local, municipal, foreign,
     international, multinational, or other administrative order, constitution,
     law, ordinance, principle of common law, regulation, statute, or treaty.

          "Losses"--claims, losses, liabilities, obligations, payments, damages,
     charges, judgments, fines, penalties, amounts paid in settlement, costs and
     expenses, (including, without limitation, interest which may be imposed in
     connection therewith), costs and expenses of investigation, action suits,
     proceedings, demands, assessments and fees, reasonable expenses and
     disbursements of counsel, consultants and other experts.

          "Material Subsidiaries"--those entities set forth on Annex I hereto.

          "MCI WorldCom"--as defined in the Preamble.

          "MCI WorldCom Entity"--as defined in Section 8(b) of this Agreement.

          "NASDAQ"-- the National Association of Securities Dealers Automated
     Quotation Systems.

          "National Securities Exchange"--shall have the meaning ascribed to it
     under the Exchange Act.

          "Order"--any award, decision, injunction, judgment, order, ruling,
     subpoena, or verdict entered, issued, made, or rendered by any court,
     administrative agency, or other Governmental Body or by any arbitrator.

          "Organizational Documents"--(a) the articles or certificate of
     incorporation and the bylaws of a corporation; (b) the partnership
     agreement and any statement of partnership of a general partnership; (c)
     the limited partnership agreement and the certificate of limited
     partnership of a limited partnership; (d) any charter or similar document
     adopted or filed in connection with the creation, formation, or
     organization of a Person; and (e) any amendment to any of the foregoing.

          "Other Registration Rights Agreements"--collectively the (i) the Sands
     Brothers Agreement, (ii) the Challis Agreement, (iii) that certain
     Registration Rights Agreement dated as of September 1, 1999, by and between
     the Company and CCL; (iv) that certain Registration Rights Agreement dated
     as of August 1999 by and between the Company and Atlantic Crossing Ltd., a
     Bermuda company; and (v) that certain Registration Rights

                                       4
<PAGE>

     Agreement dated as of August 1999 by and between the Company and Sean
     Murray and Jonathan Parker-Bray.

          "Parent Guarantee"--as defined in the Recitals.

          "Person"--any individual, corporation (including any non-profit
     corporation), general or limited partnership, limited liability company,
     joint venture, estate, trust, association, organization, labor union, or
     other entity or Governmental Body.

          "Pledge"-- as defined in the Recitals.

          "Proceeding"--any action, arbitration, audit, hearing, investigation,
     litigation, or suit (whether civil, criminal, administrative,
     investigative, or informal) commenced, brought, conducted, or heard by or
     before, or otherwise involving, any Governmental Body or arbitrator.

          "Public Filings"--as defined in Section 4(g) of this Agreement.

          "Registration Rights Agreement"--as defined in Section 6(c) of this
     Agreement.

          "Relevant Debt"--as defined in the Recitals.

          "Representative"--with respect to a particular Person, any director,
     officer, employee, agent, consultant, advisor, or other representative of
     such Person, including legal counsel, accountants, and financial advisors.

          "Sands Brothers Agreement"--that certain Amended and Restated
     Registration Rights Agreement dated October 27, 1999 by and between the
     Company, Sands Brothers & Co., Ltd. and the other parties named therein.

          "SEC"--The Securities and Exchange Commission of the United States.

          "Second Capacity Agreement"--as defined in the Recitals.

          "Second Capacity Agreement Relevant Debt"--as defined in the Recitals.

          "Securities Act"--the Securities Act of 1933, as amended or any
     successor law, and regulations and rules issued pursuant to that Act or any
     successor law.

          "Standstill Letter"--as defined in the Recitals.

          "Subsidiaries' Guarantee"--as defined in the Recitals.

          "Tax"--any tax (including any income tax, capital gains tax, value
     added tax, sales tax, property tax, gift tax or estate tax), levy,
     assessment, tariff, duty (including customs duty), deficiency or other fee,
     and any related charge or amount (including any fine,

                                       5
<PAGE>

     penalty, interest or addition on tax), imposed or assessed or collected by
     or under the authority of any Governmental Body or payable pursuant to any
     tax-sharing agreement or any Contract relating to the sharing or payment of
     any such tax, levy, assessment, tariff, duty, deficiency or fee.

          "Tax Return"--any return (including any information return), report,
     statement, schedule, notice, form, or other document or information filed
     with or submitted to, or required to be filed with or submitted to, any
     Governmental Body in connection with the determination, assessment,
     collection, or payment of any Tax or in connection with the administration,
     implementation, or enforcement of or compliance with any Legal Requirement
     relating to any Tax.

          "Telemonde Entity"--each member of the Telemonde Group.

          "Telemonde Group"--the Company and the Material Subsidiaries.

          "TIBL"--as defined in the Recitals.

     2. DEBT CONVERSION. At the Closing, the Relevant Debt shall be cancelled
        ---------------
and released by Global U.S. and Global Limited in exchange for, and in
consideration of, the Company issuing the Conversion Shares to Global U.S. and
Global Limited in such amounts as MCI WorldCom shall notify the Company at least
one day prior to the Closing.

     3. CLOSING; CLOSING DELIVERIES
        ---------------------------

        (a) The Closing shall occur as soon as practicable following the
satisfaction of the conditions specified in Sections 6 and 7 of this Agreement
and shall be held at 10:00 A.M., London time, on such date, at the offices of
MCI WorldCom, 14 Gray's Inn Road, London WC1X 8HN, or at such other time and
place as the parties hereto may mutually agree.

        (b) At the Closing:

           (i) the Company shall deliver to MCI WorldCom (A) share certificates,
     issued to Global U.S. and Global Limited, representing the Conversion
     Shares in such amounts as shall be designated by MCI WorldCom in writing to
     the Company at least one day prior to the Closing, (B) an executed
     counterpart of the Registration Rights Agreement, (C) a certificate duly
     executed by an authorized officer of the Company substantially in the form
     of Annex II hereto, certifying that the representations and warranties of
     the Company herein are true and correct as of the Closing and (D) an
     executed counterpart, duly executed by the Company, each Material
     Subsidiary and Fastfirm, of an agreement substantially in the form of Annex
     III hereto, pursuant to which such companies acknowledge and consent to
     this Agreement and agree that the Guarantees and the Pledge shall remain in
     full force and effect as to the Debt (other than the Relevant Debt)
     following the release and cancellation of the

                                       6
<PAGE>

     Relevant Debt pursuant to the terms of this Agreement (the "Acknowledgement
     and Consent Agreement");

          (ii) Global U.S. shall deliver to the Company (A) an executed release
     of the Relevant Debt substantially in the form of Annex IV hereto, (B) an
     executed counterpart of the Registration Rights Agreement, (C) a
     certificate duly executed by an authorized officer of Global U.S.
     substantially in the form of Annex V hereto, certifying that the
     representations and warranties of Global U.S. herein are true and correct
     as of the Closing, and (D) an executed counterpart of the Acknowledgement
     and Consent Agreement; and

          (iii) Global Limited shall deliver to the Company (A) an executed
     release of the Relevant Debt substantially in the form of Annex IV hereto,
     (B) an executed counterpart of the Registration Rights Agreement, (C) a
     certificate duly executed by an authorized officer of Global Limited
     substantially in the form of Annex V hereto, certifying that the
     representations and warranties of Global Limited herein are true and
     correct as of the Closing, and (D) an executed counterpart of the
     Acknowledgement and Consent Agreement.

     4. REPRESENTATIONS AND WARRANTIES OF COMPANY. The Company hereby represents
        -----------------------------------------
and warrants to MCI WorldCom as follows:

          (a) Organization and Good Standing. Each Telemonde Entity is a
              ------------------------------
     corporation duly organized, validly existing, and in good standing under
     the laws of its jurisdiction of incorporation, with full corporate power
     and authority to conduct its business as it is now being conducted, to own
     or use the properties and assets that it purports to own or use, and to
     perform all its obligations under Applicable Contracts. Each Telemonde
     Entity is duly qualified to do business as a foreign corporation and is in
     good standing under the laws of each state or other jurisdiction in which
     either the ownership or use of the properties owned or used by it, or the
     nature of the activities conducted by it, requires such qualification.

          (b) Authority; No Conflict. (i) This Agreement constitutes the legal,
              ----------------------
     valid, and binding obligation of the Company, enforceable against the
     Company in accordance with its terms, except as limited by (i) applicable
     bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
     or similar laws relating to or affecting the rights and remedies of
     creditors and debtors and (ii) equitable principles generally, regardless
     of whether such principles are considered in a proceeding at equity or at
     law. The Company has the corporate power and authority to execute and
     deliver this Agreement and to perform its obligations under this Agreement.

               (ii) Neither the execution and delivery by the Company of this
          Agreement or the Registration Rights Agreement nor the consummation or
          performance by the Company of its obligations under this Agreement or
          the Registration Rights Agreement will:

                                       7
<PAGE>

                    (A) contravene, conflict with, or result in a violation of
               any provision of the Organizational Documents of the Company;

                    (B) contravene, conflict with, or result in a violation of
               any Legal Requirement applicable to the Company, any Governmental
               Authorization of the Company or any Order to which the Company or
               any of its assets may be subject;

                    (C) contravene, conflict with, or result in a violation or
               breach of any provision of, or give any Person the right to
               declare a default or exercise any remedy under, or to accelerate
               the maturity or performance of, or to cancel, terminate, or
               modify, any Applicable Contract;

                    (D) result in the imposition or creation of any Encumbrance
               upon or with respect to any of the assets owned or used by the
               Company; or

                    (E) require the Company to obtain any Consent from any
               Person.

          (c) Capitalization. The authorized equity securities of the Company
              --------------
     consist of 145,000,000 shares of common stock, par value $0.001 per share,
     of which 85,743,701 shares are issued and outstanding. The capitalization
     table on Annex VI to this Agreement accurately describes the record and
     beneficial ownership of all of the equity securities of the Company
     immediately prior to the Closing. The Company is the record and beneficial
     owner of all of the shares of the Material Subsidiaries free and clear of
     any Liens securing any indebtedness for money borrowed. There are no
     subsidiaries of the Company actively engaging in a business and having
     total assets or liabilities (contingent or otherwise) exceeding $10,000
     other than the Material Subsidiaries. All of the outstanding equity
     securities of each Telemonde Entity have been duly authorized and validly
     issued and are fully paid and nonassessable. Upon issuance, the Conversion
     Shares shall be duly authorized, validly issued, fully paid and
     nonassessable. Other than this Agreement, there are no Contracts relating
     to the issuance, sale, or transfer of the Conversion Shares. There are no
     outstanding options, warrants, scrip, rights to subscribe to, calls or
     commitments of any character whatsoever relating to, or securities or
     rights convertible into, any shares of capital of any Telemonde Entity, or
     contracts, commitments, understandings or arrangements by which any
     Telemonde Entity is or may become bound to issue additional shares of
     capital stock of any Telemonde Entity or options, warrants, scrip, rights
     to subscribe to, or commitments to purchase or acquire, any shares, or
     securities or rights convertible into shares, of capital stock of any
     Telemonde Entity other than as set forth on Schedule 4(c).

          (d) Financial Statements. The Company has delivered to MCI WorldCom:
              --------------------

               (i) an audited consolidated balance sheet of the Telemonde Group
          as at December 31, 1999 (the "Balance Sheet"), and the related audited
          statements of income, changes in stockholders' equity, and cash flows
          for the fiscal year then

                                       8
<PAGE>

          ended (including the notes thereto), together with the report thereon
          of Moore Stephens, Chartered Accountants; and

               (ii) an unaudited consolidated balance sheet of the Telemonde
          Group as at March 31, 2000 (the "Interim Balance Sheet"), and the
          related unaudited statements of income, changes in stockholders'
          equity, and cash flows for the fiscal quarter then ended.

          Such financial statements and notes fairly present, in all material
     respects, the financial condition and the results of operations, changes in
     stockholders' equity and cash flows of the Telemonde Group as at the
     respective dates of and for the periods referred to in such financial
     statements, all in accordance with GAAP, consistently applied for the
     periods involved, subject, in the case of interim financial statements, to
     normal recurring year-end adjustments (the effect of which will not,
     individually or in the aggregate, be materially adverse) and the absence of
     notes (that, if presented, would not differ materially from those included
     in the Balance Sheet).

          (e) No Undisclosed Liabilities. Except as set forth on Schedule 4(e)
              --------------------------
     to this Agreement, no Telemonde Entity has any liabilities or obligations
     of any nature that would have a material adverse effect on the business,
     earnings, properties, prospects, assets or condition of the Telemonde Group
     as a whole.

          (f) Taxes. Each Telemonde Entity:
              -----

               (i) has timely filed all Tax Returns (or extensions therefor)
          that are required to have been filed by it with all appropriate
          federal, state, county, local and non-U.S. Governmental Bodies (and
          all such returns fairly reflect such Telemonde Entity's operations for
          tax purposes);

               (ii) has timely paid all taxes owed by it for which it is
          obligated to withhold from amounts owing to any employee (including
          without limitation social security taxes), creditor or third party
          (other than taxes the validity of which are being contested in good
          faith by appropriate proceedings); and

               (iii) has not waived any statute of limitations with respect to
          taxes or agreed to any extension of time with respect to a tax
          assessment or deficiency.

          The assessment of any additional taxes for periods for which returns
     have been filed is not expected to exceed the recorded liability therefor,
     and, to the Company's knowledge, there are no material unresolved questions
     or claims concerning the tax liability of any Telemonde Entity. The Tax
     Returns of the Telemonde Entities have not been reviewed or audited by any
     federal, state, local, county or non-U.S. taxing authority. There is no
     pending dispute with any taxing authority relating to any of said returns
     which, if determined adversely to the Company, would result in the
     assertion by any taxing authority of any valid deficiency in any amount for
     taxes, which would materially affect the business or operations of the
     Telemonde Group as a whole.

                                       9
<PAGE>

          (g) No Material Adverse Change; Veracity of Filings with the SEC. (i)
              ------------------------------------------------------------
     Except as disclosed on Schedule 4(g) to this Agreement and in the Company's
     public filings with the SEC (the "Public Filings"), including, without
     limitation the Company's Registration Statement on Form 10, Form 10-K for
     the 12 month period ended December 31, 1999, Form 10-Q for the quarter
     ended March 31, 2000 and Form DEF 14A filed with the SEC on April 25, 2000,
     in each case as it may have been amended through the date hereof, since
     March 31, 2000, there has not been any material adverse change in the
     business, operations, properties, prospects, assets or condition of the
     Telemonde Group as a whole, and no event has occurred or circumstance
     exists that may result in such a material adverse change.

               (ii) The information contained in the Public Filings, as amended,
          which MCI WorldCom relied upon in assessing the financial condition of
          the Telemonde Group for the purposes of entering into this Agreement,
          does not contain any untrue statement or omit any material information
          concerning the business, operations or ownership of the Telemonde
          Group.

          (h) Legal Proceedings; Orders. (i) Except as set forth on Schedule
              -------------------------
     4(h) to this Agreement, there is no pending Proceeding:

                    (A) that has been commenced by or against any Telemonde
               Entity or that otherwise relates to or may affect the business
               of, or any of the assets owned or used by, any Telemonde Entity;
               or

                    (B) that challenges, or that may have the effect of
               preventing, delaying, making illegal, or otherwise interfering
               with, any of the contemplated transactions in this Agreement.

               To the knowledge of the Company no such Proceeding has been
          threatened and no event has occurred or circumstance exists that would
          be reasonably be expected to give rise to or serve as a basis for the
          commencement of any such Proceeding. The Proceedings listed on
          Schedule 4(h), if any, will not have a material adverse effect on the
          business, operations, assets, condition, or prospects of any Telemonde
          Entity, or the Telemonde Group as a whole.

               (ii) Except as set forth on Schedule 4(h) to this Agreement there
          is no Order to which any Telemonde Entity, or any of the assets owned
          or used by any Telemonde Entity, is subject that any Telemonde Entity
          is in breach or violation of or that would be reasonably likely to
          have a material adverse effect on the business, earnings, properties,
          prospects, assets or condition of the Telemonde Group as a whole.

               (i) No Breach. Each Telemonde Entity is in compliance with all
                   ---------
          provisions of the Standstill Letter and the Guarantees.

                                      10
<PAGE>

               (j) Registration Rights. Other than as provided in the
                   -------------------
          Registration Rights Agreement and the Other Registration Rights
          Agreements, the Company has not granted or committed itself to grant
          any registration rights in respect of its shares of capital stock to
          any other Person, either orally or in writing.

     5. REPRESENTATIONS AND WARRANTIES OF MCI WORLDCOM. Each of Global U.S. and
        ----------------------------------------------
Global Limited hereby represents and warrants to the Company as follows:

               (a) Organization and Good Standing. It is a corporation duly
                   ------------------------------
          organized, validly existing, and in good standing under the laws of
          its jurisdiction of incorporation, with full corporate power and
          authority to conduct its business as it is now being conducted, to own
          or use the properties and assets that it purports to own or use, and
          to perform all its obligations under this Agreement. It is duly
          qualified to do business as a foreign corporation and is in good
          standing under the laws of each state or other jurisdiction in which
          either the ownership or use of the properties owned or used by it, or
          the nature of the activities conducted by it, requires such
          qualification.

               (b) Authority; No Conflict. (i) This Agreement constitutes the
                   ----------------------
          legal, valid, and binding obligation of it, enforceable against it in
          accordance with its terms except as limited by (i) applicable
          bankruptcy, insolvency, reorganization, moratorium, fraudulent
          conveyance or similar laws relating to or affecting the rights and
          remedies of creditors and debtors and (ii) equitable principles
          generally, regardless of whether such principles are considered in a
          proceeding of equity or law. It has the absolute and unrestricted
          right, power, authority, and capacity to execute and deliver this
          Agreement and to perform its obligations under this Agreement.

                    (ii) Neither the execution and delivery of this Agreement
               nor the consummation or performance of any of the contemplated
               transactions of this Agreement will, directly or indirectly (with
               or without notice or lapse of time):

                         (A) contravene, conflict with, or result in a violation
                    of any provision of its Organizational Documents, or any
                    resolution adopted by the board of directors or the
                    stockholders of MCI WorldCom;

                         (B) contravene, conflict with, or result in a violation
                    of any Legal Requirement or any Order to which it, or any of
                    the assets owned or used by it, may be subject;

                         (C) contravene, conflict with, or result in a violation
                    or breach of any provision of, or give any Person the right
                    to declare a default or exercise any remedy under, or to
                    accelerate the maturity or performance of, or to cancel,
                    terminate, or modify, any Applicable Contract; or

                         (D) result in the imposition or creation of any
                    Encumbrance upon or with respect to any of the assets owned
                    or used by it; or

                                      11
<PAGE>

                         (E) require it to give obtain any Consent from any
                    Person.

               (c) Investment Representations. Each of Global U.S. and Global
                   --------------------------
          Limited hereby represents and warrants to the Company as follows:

                    (i) Accredited Investor. It is an "accredited Investor" (as
                        -------------------
               such term is defined in Rule 501 of Regulation D promulgated
               under the Securities Act of 1933, as amended (the "Securities
                                                                  ----------
               Act")).
               ---

                    (ii) Intent. It is acquiring the Conversion Shares for its
                         ------
               own account, for investment and not with a view to, or for resale
               in connection with, any distribution thereof, nor with any
               present intention of distributing or reselling the same or any
               part thereof in any transactions that would be in violation of
               the Securities Act or of any state securities or "blue-sky" laws.

                    (iii) Restricted Securities. It understands (i) that the
                          ---------------------
               Conversion Shares will not be registered under the Securities Act
               or under any state securities or "blue-sky" laws by reason of
               their issuance in a transaction exempt from the registration
               requirements of the Securities Act or of any state securities or
               "blue-sky" laws, (ii) that the Conversion Shares must be held
               indefinitely unless a subsequent disposition thereof is
               registered under the Securities Act or under any state securities
               or "blue-sky" laws or is exempt from such registration, and (iii)
               that the Company is under no obligation to so register any
               Conversion Shares except as set forth in the Registration Rights
               Agreement.

                    (iv) Rule 144. It understands that the exemption from
                         --------
               registration afforded by Rule 144 (the provisions of which are
               known to such person) promulgated under the Securities Act ("Rule
               144") depends on the satisfaction of various conditions and that,
               if applicable, Rule 144 may only afford the basis for sales under
               certain circumstances and only in limited amounts.

                    (v) Access to Information; Experience. It has requested all
                        ---------------------------------
               of the information, and, assuming the completeness and accuracy
               of the information provided by the Company in response to such
               requests, has been furnished with or has had access during the
               course of this transaction and prior to the sale of the
               Conversion Shares to all information that is has determined
               necessary to enable it to evaluate the merits and risks of an
               investment in the Company and it has had an opportunity to
               discuss with representatives of the Company the business and
               financial affairs of the Company and the terms and conditions of
               the offering.

     6. CONDITIONS PRECEDENT TO MCI WORLDCOM'S OBLIGATION TO CLOSE. MCI
        ----------------------------------------------------------
WorldCom's obligation to cancel and release the Relevant Debt and take the other
actions required to be taken by MCI WorldCom is subject to the satisfaction, at
or prior to the Closing, of each of the following conditions (any of which may
be waived in writing by MCI WorldCom, in whole or in part):

          (a) The representations and warranties set forth in Section 4 shall be
     true and

                                      12
<PAGE>

          correct at and as of the Closing Date;

          (b) The Company's Form F-10 is declared effective by the SEC and the
     Company's common stock is quoted on the OTC Bulletin Board;

          (c) The Company and MCI WorldCom have entered into a Registration
     Rights Agreement granting MCI WorldCom demand and piggy-back registration
     rights in respect of the Conversion Shares (the "Registration Rights
     Agreement") substantially in the form attached hereto as Annex VII which
     shall not be in conflict with any other agreement, oral or written, between
     the Company and any third party(ies);

          (d) By no later than Friday, July 28, 2000, the Company has entered
     into amendments to such of the Other Registration Rights Agreements as may
     be necessary, including without limitation, the Sands Brothers Agreement,
     such that none of the Other Registration Rights Agreements are in conflict
     with the Registration Rights Agreement.

          (e) MCI WorldCom shall have received from counsel to the Company a
     customary opinion, addressed to MCI WorldCom, and dated as of the Closing
     Date, covering matters which include, without limitation, the formation,
     existence and good standing of the Company, due authorization, due
     execution and delivery of this Agreement and the Registration Rights
     Agreement, no conflicts, the validity of the issuance of the Conversion
     Shares to MCI WorldCom, and validity and enforceability of this Agreement
     and the Registration Rights Agreement, in a form reasonably acceptable to
     MCI WorldCom;

          (f) There shall have been delivered to MCI WorldCom the Financial
     Statements prior to the Closing Date; and

          (g) No action, suit, or proceeding shall be pending or threatened
     before any court or quasi-judicial or administrative agency of any federal,
     state, local, or foreign jurisdiction or before any arbitrator wherein an
     unfavorable injunction, judgement, order, decree, ruling, or charge would:

               (i) prevent consummation of the transactions contemplated by this
          Agreement;

               (ii) cause any of the transactions contemplated by this Agreement
          to be rescinded following consummation;

               (iii) affect adversely the right of MCI WorldCom to own the
          Conversion Shares; or

               (iv) affect adversely the right of the Company, Fastfirm or any
          of the Material Subsidiaries to operate their businesses (and no such
          injunction, judgment, order, decree, ruling or charge shall be in
          effect).

          (h) The Company and MCI WorldCom shall have entered into a further

                                      13
<PAGE>

     amendment to the Standstill Letter limiting the proceeds of any Financing
     (as such term is defined in the Standstill Agreement) payable to CCL before
     payment to MCI WorldCom of the portion thereof to which it is entitled, to
     the amount of indebtedness owed by the Company to CCL as of the date of the
     Standstill Letter, being, in any event, no more than $2.8 million (or such
     lesser amount as may be owing to CCL as of the date hereof). The Company
     hereby covenants to provide MCI WorldCom with full details of the
     outstanding indebtedness and scheduled repayment to CCL promptly upon
     execution hereof.

          MCI WorldCom may waive any condition specified in this Section 6 if it
     executes a writing so stating at or prior to the Closing. Notwithstanding
     the preceding sentence, in the event MCI WorldCom waives any condition
     specified in this Section 6, such waiver shall not affect in any way any
     rights MCI WorldCom may have hereunder as a result of any breach by the
     Company of its representations and warranties and covenants.

     7. CONDITIONS PRECEDENT TO COMPANY'S OBLIGATION TO CLOSE. The Company's
        -----------------------------------------------------
obligation to issue the Conversion Shares and take the other actions required to
be taken by the Company is subject to the satisfaction, at or prior to the
Closing, of the following condition (which may be waived in writing by the
Company, in whole or in part):

          (a) The representations and warranties set forth in Section 5 shall be
     true and correct at and as of the Closing Date.

          The Company may waive the condition specified in this Section 7 if it
     executes a writing so stating at or prior to the Closing. Notwithstanding
     the preceding sentence, in the event the Company waives the condition
     specified in this Section 7, such waiver shall not affect in any way any
     rights the Company may have hereunder as a result of any breach by either
     Global U.S. or Global Limited of its representations and warranties.

     8. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; LOSSES.
        --------------------------------------------------

          (a) All representations and warranties contained in this Agreement and
     all documents delivered in connection with this Agreement shall survive the
     Closing.

          (b) The Company shall indemnify, defend and hold MCI WorldCom, its
     Affiliates, and each of their respective officers, directors, partners,
     managing directors, Affiliates, employees, agents, consultants,
     representatives, successors and assigns (each an "MCI WorldCom Entity")
     harmless from and against all Losses incurred or suffered by an MCI
     WorldCom Entity in connection with the transactions contemplated by this
     Agreement arising, directly or indirectly, from or in connection with:

                    (i) any Breach of any representation or warranty made by the
               Company in this Agreement, the Schedules and Annexes to this
               Agreement, or any other document delivered by the Company
               pursuant to this Agreement; and

                    (ii) any Breach by Company of any covenant or obligation of
               the Company in this Agreement.

                                      14
<PAGE>

          The remedies provided in this Section 8 will not be exclusive of or
     limit any other remedies that may be available to MCI WorldCom or any other
     MCI WorldCom Entities.

     9. POST CLOSING COVENANTS OF THE COMPANY. At all times following the
        -------------------------------------
Closing, and while MCI WorldCom or one of its Affiliates or assigns is either
record or beneficial owner of the Conversion Shares, Company agrees to use
reasonable efforts to:

               (a) ensure that its Form 10 registration statement is maintained
          in full force and effect and that the Conversion Shares remain
          registered under the Exchange Act; and

               (b) ensure that the common stock of the Company is quoted on the
          OTC Bulletin Board, quoted on NASDAQ or listed on a National
          Securities Exchange.

     10. Expenses. The Company shall pay all of the reasonable and verifiable
         --------
expenses of MCI WorldCom incurred in connection with the preparation, execution,
and performance of this Agreement including fees and expenses of agents,
representatives, counsel, and accountants.

     11. TAXES. The Company shall pay all documentary, stamp or other
         -----
transactional taxes attributable to the issuance or delivery of the Conversion
Shares pursuant to the terms hereof.

     12. PUBLIC ANNOUNCEMENT. No public announcement, statement or information
         --------------------
which refers to this Agreement and/or its terms may be made by and/or on behalf
of either party, or any of their respective group companies, without the prior
written consent of the other party.

     13. CONFIDENTIALITY. (a) The Company and MCI WorldCom will not, and will
         ---------------
procure that their respective group companies and all directors, officers,
employees and/or representatives thereof will not, disclose the existence and/or
contents of this Agreement to any other person except with the prior written
consent of the other party, provided, however, that each party may make such
disclosure:

          (i) its professional advisors; and

          (ii) to the extent required by Law or any Governmental Authority;
     provided, however, that if either party is so required to make such
     disclosure, it shall promptly notify the other party thereof and shall
     provide the other party with an opportunity to review and comment upon any
     such proposed disclosure and shall, to the extent reasonably practicable,
     amend any such disclosure to reflect the comments of the other party.

          (b) No public disclosure announcement, statement or information which
     relates to this Agreement and or its terms may be made by and/or on behalf
     of either party, or any of their respective group companies, without the
     prior written consent of the other party.

                                      15
<PAGE>

          (c) If the transactions contemplated by this Agreement are not
     consummated, each party will return or destroy as much of such written
     information as the other party may reasonably request.

     14. NOTICES. All notices, consents, waivers, and other communications under
         -------
this Agreement must be in writing and will be deemed to have been duly given
when delivered by hand, sent by telecopier or when received by the addressee, if
sent by a nationally recognized overnight delivery service, in each case to the
appropriate addresses and telecopier numbers set forth below (or to such other
addresses and telecopier numbers as a party may designate by notice to the other
parties):

Company:

Telemonde, Inc.
230 Park Avenue
New York, New York 10169
Attention: Mr. Kevin Maxwell
Facsimile No.: _______________

with a copy to:

Orrick, Herrington & Sutcliffe LLP
666 Fifth Avenue
New York, NY 10103
Attention: Fred C. Byers
Facsimile: (212) 506-5151

MCI WorldCom:

MCI WorldCom Global Networks U.S., Inc.
c/o MCI WorldCom Limited
14 Gray's Inn Road
London WC1X 8HN
Attention: General Counsel
Facsimile No.: 020 7750 3993

with a copy to:

MCI WorldCom
500 Clinton Center Drive
Clinton, MS 39056
USA
Attention: David Myers
Fax: (601) 460 8190

                                      16
<PAGE>

and

Coudert Brothers
1114 Avenue of the Americas
New York, NY 10036
Attention: Andrew S. Hedden, Esq.
Facsimile No.: (212) 626-4422

     15. JURISDICTION; SERVICE OF PROCESS. Any action or proceeding seeking to
         --------------------------------
enforce any provision of, or based on any right arising out of, this Agreement
may be brought against any of the parties in the courts of the State of New
York, County of New York, or, if it has or can acquire jurisdiction, in the
United States District Court for the Southern District of New York, and each of
the parties irrevocably consents to the jurisdiction of such courts (and of the
appropriate appellate courts) in any such action or proceeding and waives any
objection to venue laid therein. Any notice of legal process will be deemed
sufficiently served on the Company if delivered to it at its address for
notices.

     16. FURTHER ASSURANCES. The parties agree (a) to furnish upon request to
         -----------------
each other such further information, (b) to execute and deliver to each other
such other documents, and (c) to do such other acts and things, all as the other
party may reasonably request for the purpose of carrying out the intent of this
Agreement and the documents referred to in this Agreement.

     17. WAIVER. The rights and remedies of the parties to this Agreement are
         ------
cumulative and not alternative. Neither the failure nor any delay by any party
in exercising any right, power, or privilege under this Agreement or the
documents referred to in this Agreement will operate as a waiver of such right,
power, or privilege, and no single or partial exercise of any such right, power,
or privilege will preclude any other or further exercise of such right, power,
or privilege or the exercise of any other right, power, or privilege. To the
maximum extent permitted by applicable law, (a) no claim or right arising out of
this Agreement or the documents referred to in this Agreement can be discharged
by one party, in whole or in part, by a waiver or renunciation of the claim or
right unless in writing signed by the other party; (b) no waiver that may be
given by a party will be applicable except in the specific instance for which it
is given; and (c) no notice to or demand on one party will be deemed to be a
waiver of any obligation of such party or of the right of the party giving such
notice or demand to take further action without notice or demand as provided in
this Agreement or the documents referred to in this Agreement.

     18. ENTIRE AGREEMENT AND MODIFICATION. This Agreement supersedes all prior
         ---------------------------------
agreements between the parties with respect to its subject matter (including the
Heads of Terms between Company and MCI WorldCom dated as of May 11, 2000) and
constitutes (along with the documents referred to in this Agreement) a complete
and exclusive statement of the terms of the agreement between the parties with
respect to its subject matter. This Agreement may not be amended except by a
written agreement executed by the party to be charged with the amendment.

                                      17
<PAGE>

     19. ASSIGNMENTS, SUCCESSORS, AND NO THIRD-PARTY RIGHTS. Neither party may
         --------------------------------------------------
assign any of its rights under this Agreement without the prior consent of the
other parties, which will not be unreasonably withheld, except that each of
Global U.S. and Global Limited may assign any of its rights under this Agreement
to any parent or wholly-owned subsidiary of it provided that any such entity
shall assume the obligations of Global U.S. or Global Limited, as applicable,
hereunder and Global U.S. or Global Limited, as applicable, shall remain liable
for the performance of all such obligations. Subject to the preceding sentence,
this Agreement will apply to, be binding in all respects upon, and inure to the
benefit of the successors and permitted assigns of the parties. Nothing
expressed or referred to in this Agreement will be construed to give any Person
other than the parties to this Agreement any legal or equitable right, remedy,
or claim under or with respect to this Agreement or any provision of this
Agreement. This Agreement and all of its provisions and conditions are for the
sole and exclusive benefit of the parties to this Agreement and their successors
and assigns.

     20. SEVERABILITY. If any provision of this Agreement is held invalid or
         ------------
unenforceable by any court of competent jurisdiction, the other provisions of
this Agreement will remain in full force and effect. Any provision of this
Agreement held invalid or unenforceable only in part or degree will remain in
full force and effect to the extent not held invalid or unenforceable.

     21. SECTION HEADINGS; CONSTRUCTION. The headings of Sections in this
         ------------------------------
Agreement are provided for convenience only and will not affect its construction
or interpretation. All references to "Section" or "Sections" refer to the
corresponding Section or Sections of this Agreement. All words used in this
Agreement will be construed to be of such gender or number as the circumstances
require. Unless otherwise expressly provided, the word "including" does not
limit the preceding words or terms.

     22. GOVERNING LAW. This Agreement will be governed by construed and
         -------------
enforced in accordance with the laws of the State of New York.

     23. COUNTERPARTS. This Agreement may be executed in one or more
         ------------
counterparts, each of which will be deemed to be an original copy of this
Agreement and all of which, when taken together, will be deemed to constitute
one and the same agreement.

                                      18
<PAGE>

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

                                            MCI WORLDCOM GLOBAL NETWORKS
                                            U.S., INC.

                                            By: /s/ David Myers
                                               ---------------------------------
                                            Name: David Myers

                                            MCI WORLDCOM GLOBAL NETWORKS LIMITED

                                            By: /s/ David Myers
                                               ---------------------------------
                                            Name:  David Myers

                                            TELEMONDE, INC.

                                            By: /s/ Kevin Maxwell
                                               ---------------------------------
                                            Name:
                                            Title:

                                      19

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