Document:

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                                                                  Exhibit 10.34
                                *CONTRACT FOR THE
                            USE AND MAINTENANCE OF A
                               FIBRE OPTIC NETWORK
                                 (TRUNK NETWORK)

                                     BETWEEN

               RED NACIONAL DE LOS FERROCARRILES ESPANOLES (RENFE)

                                       AND

                      FIRSTMARK COMMUNICATIONS EUROPE, S.A.

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* Portions of this agreement are confidential and have been omitted and filed
  separately with the Securities and Exchange Commission pursuant to a request
  for confidential treatment in accordance with Rule 406 under the Securities
  Act of 1933, as amended. Asterisks, for example "***********", have been
  inserted to indicate that information has been deleted.

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In Madrid, 1 August 2000,

                                     BETWEEN

Mr. Tim Samples, of full age, acting for and behalf of FirstMark Communications
Europe, S.A., (hereinafter "FirstMark"), acting pursuant to the authority
granted to him as Chief Executive, and with address for the purposes hereof in
Luxembourg at 3 Rue Jean Piret, L-2350, Luxembourg, of the one part,

and

Mr. Jose Maria Lasala Escala, of full age, acting for and behalf of LA RED
NACIONAL DE LOS FERROCARRILES ESPANOLES (hereinafter "RENFE"), acting pursuant
to the authority granted to him as Corporate Chief Executive, and with address
for the purposes hereof at Avda. Pio XII, 110, 28036 Madrid,

and Mr. Gonzalo Madrid Gonzalez, of full age, acting for and on behalf of RENFE,
pursuant to the authority granted to him as Corporate Head of Development,
Planning and Management Control, with address for the purposes hereof at Avda.
Pio XII, 110, 28036 Madrid, of the other part.

                       ACTING IN THE FOLLOWING CAPACITIES

The former acting on behalf of FirstMark, a Luxembourg company with registered
office in Luxembourg at 3 Rue Jean Piret, L-2350, Luxembourg, registered in the
Luxembourg Chamber of Commerce under number 65610 Section B on 7 August 1998,
and

the latter acting on behalf of RENFE, with registered office at Avda. Pio XII,
110, 28036 Madrid, a public corporation governed by its bylaws promulgated by
Spanish Royal Decree 121/1994, of 28 January, and with Fiscal ID Document
number, 28016749,

hereinafter referred to as the "Parties".

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                                     WHEREAS

ONE: RENFE is the owner of a fibre optic network over its rail infrastructure,
of substantial extent, capacity and quality.

TWO: RENFE holds the corresponding licence (C1) enabling it to grant the right
to use the fibre optic network covered by this contract.

THREE: RENFE wishes to grant to FirstMark to right to use the fibre optic
network as requested by the same. RENFE furthermore, in accordance with the
provisions of this contract, will be responsible for maintenance of the fibre
optic network the use of which is granted to FirstMark.

FOUR: FirstMark, through LAMBDANET, is implementing a fibre optic network in
Europe and wishes to extend the same to Spain.

FIVE: FirstMark wishes to lease a Fibre Optic Network (the "Network") from RENFE
to support its own transmission network or for the purpose of leasing capacity
to third parties.

                         IT IS HEREBY AGREED AS FOLLOWS

ONE.              SUBJECT MATTER OF THE CONTRACT

1.1      The subject matter of this Contract is the grant by RENFE to FirstMark
         of the right to use a Network consisting of 2 fibres over the layout
         indicated in Annex 1, maintenance by RENFE of the said Network on the
         terms set out in this contract, grant of the necessary rights for the
         installation of equipment over the layout of the Network, and the
         leasing of physical space and/or technical areas within RENFE premises
         for appropriate use of the Network covered by the grant.

         This Contract shall allow for subsequent extensions to be made to the
         Network leased, or sections thereof contracted by FirstMark, on the
         terms set out herein or which the parties may freely agree on in the
         future.

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1.2      The Network shall consist of several links which interconnect urban
         centres where FirstMark has a point of presence. The same includes
         points of presence, connection or others in RENFE stations within urban
         nuclei through which the layout of the Network passes and which
         FirstMark may request, even when there are several stations in a single
         town or city. Each link is achieved with successive segments of dark
         fibre pairs installed along the RENFE rail layout with intermediate
         Telecommunications Parks used by FirstMark.

1.3      The Network consists of 2 fibres over the said layout, with the dates
         of delivery and availability to FirstMark being as indicated in Annex
         1.

TWO.              DURATION OF THE CONTRACT

2.1      This Contract shall remain in force from signature hereof until twelve
         years have elapsed from the date of delivery of the whole of the
         Network detailed in Annex 1. The said initial duration may be extended
         at the election of FirstMark for 2 periods, an initial period of 3
         years and a further subsequent period of 5 years.

2.2.     RENFE shall make the Network available to FirstMark (including the
         modules detailed in Clause 3.4) prior to the delivery dates indicated
         in Annex 1, on the dates also indicated in Annex 1.

2.3      In the event that FirstMark decides not to take up either of the two
         extensions, it shall give six months notice thereof prior to the end of
         the corresponding period to RENFE.

2.4.     At the end of the second extension, as the case may be, this Contract
         may be extended by mutual agreement between the parties.

THREE.   OBLIGATIONS OF RENFE

Without prejudice to the provisions of other clauses of this Contract or the
Annexes hereto,

3.1      RENFE undertakes to make use of the Network available to FirstMark
         within the agreed dates in accordance with the provisions of Clause
         1.3.

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3.2      RENFE undertakes to FirstMark to guarantee continuity and quality
         between repeaters of the fibres leased and to guarantee the existence
         and maintenance for the duration of this Contract and extensions
         hereto, as the case may be, of rights of passage and easements required
         for the said installations and for full implementation of the grant of
         use pursuant to this Contract. RENFE in any event undertakes to
         FirstMark that it shall have peaceful enjoyment of its right to use the
         Network for the whole period of the Contract and any extensions hereto.

3.3      RENFE undertakes to undertake all repairs to the leased Network and
         connected installations as may be necessary in order to preserve the
         same in good condition of use by FirstMark in accordance with the
         specifications contained in the Annexes to this Contract.

3.4      RENFE undertakes to grant FirstMark the right to install intermediate
         repeater equipment and terminal equipment in a 3.6(m2) module per
         repeater or terminal equipment, in the Telecommunications Parks
         described on the FirstMark network map (Annex 1) over the layout of the
         Network, the right to segregate the capacity produced at the
         corresponding points and make use of the same for such services and
         users as it deems fit, and the right to sell or transfer such capacity
         to third parties under any legal arrangement.

3.5.     RENFE undertakes to grant FirstMark the right to install antennae,
         masts and complementary spaces for other equipment beyond that
         described in the previous paragraph, as FirstMark considers necessary,
         over the layout of the Network and whenever possible in the location
         selected by FirstMark, on the following terms and conditions:

         a)       LOCATED WITHIN TELECOMMUNICATIONS PARKS

                  FirstMark may install, adjoining the FirstMark module, up to
                  two masts of up to 5 metres in height with a maximum of 5
                  antennae. FirstMark shall pay *********** annually to
                  RENFE for such installation (year 2000 price) which shall be
                  updated in accordance with the Consumer Price Index. FirstMark
                  may in individual cases request installation of a tower in the
                  Park which RENFE shall allow, in the absence of good reason,
                  on such technical and financial terms and conditions as may be
                  agreed.

         b)       LOCATED OUTSIDE TELECOMMUNICATIONS PARKS

                  On the technical, financial and administrative terms and
                  conditions as set out in the Framework Agreement and
                  individual Contracts negotiated between FirstMark and RENFE
                  (UN Patrimonio).

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* Omitted and filed separately with the Securities and Exchange Commission
  pursuant to a request for confidential treatment.

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FOUR.             OBLIGATIONS OF FIRSTMARK; FINANCIAL TERMS AND CONDITIONS

4.1      Payment for the right to use all of the links making up the Network
         shall be single, indivisible and made quarterly in accordance with the
         provisions of this Clause. Until the whole of the Network has been
         accepted, however, payment of the corresponding amount for the use of
         partial sections (provided that the parties have expressly agreed
         thereto) which have been satisfactorily accepted shall be made at the
         proportion of the corresponding portion in relation to the contracted
         Network as a whole.

4.2.     FINANCIAL TERMS AND CONDITIONS: FirstMark shall pay the corresponding
         amounts to RENFE in respect of the following:

         (a)         CHARGE FOR USE OF THE NETWORK: The annual amount payable in
                  relation to the year 2000 for use of the whole of the Network,
                  as indicated in Annex 1, shall be **************************
                  ************************************************************
                  ****************************. The said charges shall include
                  those for the technical areas indicated in Clause 3.4. and
                  shall be applied in proportion to the sections delivered in
                  accordance with the provisions of Clause 4.1.

                  The said amounts shall be reviewed annually in line with the
                  Consumer Price Index, with the first review taking place on 01
                  January 2001.

                  The prices for each section indicated in Annex 1 shall relate
                  to a pair of optical fibres; in the event that FirstMark
                  requests an increase in capacity, the following discounts
                  shall be applied:

                           2(nd) pair ........................  ***
                           3(rd) pair ........................  ***
                           4(th) and successive pairs.........  ***.

         (b)      MAINTENANCE CHARGE: The initial annual price payable for
                  maintenance shall be *** of the initial amount of rent for the
                  trunk network detailed in Annex 1. The annual maintenance
                  price shall be revised each year in line with the CPI - with
                  no restriction on the latter - as from 1/1/2001. Until the
                  whole of the Network is handed over, the applicable
                  maintenance charge shall be that solely in relation to that
                  portion of the Network handed over.

         (c)      CHARGE FOR NEW REPEATER MODULES. RENFE shall provide
                  additional models to those described in Clause 3.4 at points
                  where FirstMark so requests, whenever possible, at an annual
                  rental of **************** for each additional module, the
                  said amount relating to 2000 and revised each year on the
                  basis of the CPI.

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* Omitted and filed separately with the Securities and Exchange Commission
  pursuant to a request for confidential treatment.

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         (d)          RENTAL OF OTHER TECHNICAL PREMISES OR SPACES: The initial
                  rent for technical spaces shall be adjusted on a case by case
                  basis in accordance with market prices.

4.3.     LIMIT ON ANNUAL CPI INCREASE Any increase agreed in this Contract based
         on the CPI shall be limited to a maximum of ** annually. By way of
         exception, this limit shall not apply in respect of maintenance charges
         (Clause 4.2.b)) which shall be revised in line with the actual CPI.

4.4.     PAYMENT TERMS Payment shall be made quarterly in arrears on the
         following fixed dates: 15 January, 15 April, 15 July and 15 October.
         Until the whole of the Network has been handed over, invoicing shall
         relate to that part of the Network handed over and for the days of the
         corresponding invoicing quarter which elapse between the date of
         delivery and the corresponding invoicing date established. Payment of
         quarterly invoices shall be made by transfer or payment into the bank
         accounts of RENFE opened with banks BBVA 0182-3994-07-0010190008 or
         BSCH 0049-1500-00-2010132343 at thirty days of invoice date.

FIVE.             FIRSTMARK PROTECTION CLAUSE

5.1      In relation to the Network as a whole or by sections, RENFE undertakes
         to offer at all times to FirstMark such terms and conditions (financial
         and service) for the right to use the Network which ensure that no
         other RENFE fibre optic customer enjoys better terms and conditions in
         respect of the sections making up the Network.

5.2      Modifications to the Network rental price in respect of FirstMark shall
         be made based on the Network sections used by such other customer such
         that FirstMark shall benefit only from the most favourable prices on
         such sections, consequently reducing the total price for leasing the
         Network by the said amount.

5.3.     RENFE shall deliver to FirstMark the annual report prepared by the
         auditors of RENFE certifying as to whether application of this clause
         in each case in relation to the financial and service terms and
         conditions set out in the Contract is in fact providing FirstMark with
         the protection provided by this clause.

         Likewise, after delivery of the Network, in the event that FirstMark
         considers that the quality of service provided by RENFE is lower than
         that in respect of other RENFE Customer Operators, it may request a
         Technical Audit (a maximum of one annually). RENFE shall carry out, at
         its own cost, a Technical Audit through an undertaking of

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* Omitted and filed separately with the Securities and Exchange Commission
  pursuant to a request for confidential treatment.

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         acknowledged prestige and solvency to analyse the complaint raised by
         FirstMark based on a Protocol which shall be agreed between FirstMark
         and RENFE within 6 weeks from the date of request by FirstMark for the
         Technical Audit.

         In the event that any of the audits (both that relating to financial
         and service terms and conditions contractually stipulated, as well as
         that relating to service quality provided in Network operation) reveals
         that FirstMark does not have the status of most favoured Customer,
         RENFE shall restore the said status in respect of any of the financial
         or service quality aspects within a maximum of 3 months from the date
         of the audit report.

5.4.     RENFE shall deliver the audit reports prepared within a maximum of 15
         days from the date they are available to RENFE.

SIX.              RULES GOVERNING INITIAL ACCEPTANCE, STAGES, EXTENSIONS AND
                  REDUCTIONS

6.1      The Loops or routes which constitute the Network shall be accepted by
         FirstMark as from the stipulated delivery date if the verification and
         acceptance requirements set out in this Contract are complied with. At
         such time the corresponding Delivery Certificate in respect of each
         Loop or route shall be signed by both parties in accordance with the
         model attached as Annex 5.

6.2      All verification and acceptance tests for the suitability of the routes
         making up the Network shall be subject to the Technical Agreement
         included as Annex 3 to this contract. The said Agreement in any event
         details the standards applicable to the activities of FirstMark in this
         respect, which both parties accept as being consistent with those in
         the industry.

6.3      Rent shall begin to accrue as from the date of delivery to FirstMark of
         the Network, or part of the Network either because the Network has been
         previously jointly measured and accepted by FirstMark or because
         FirstMark has previously carried out the checks which it considers
         appropriate in accordance with the provisions of Clauses 4.1 and 4.3
         and without prejudice to the provisions of 6.4.

6.4      Delays and Penalties / Advances and Allowances. The parties hereby
         declare that it is their intention to comply with the agreed delivery
         and availability dates, without prejudice to their express intention to
         make all necessary efforts to advance the agreed delivery dates. Delays
         within an interval of less than two weeks in relation to the agreed
         availability date shall be deemed acceptable. Delays exceeding two
         weeks shall be subject to the penalties specified in Annex 2. If part
         of the Network is advanced, payment shall be proportional to the
         portion of the Network delivered to FirstMark.

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6.5      In the case of newly constructed sections, after signature of this
         Contract either party may propose agreed extensions, reductions, delays
         or advances, which shall be resolved on the principle of good faith,
         provided that the total cumulative volume of modifications does not
         affect more than 5% of the kilometres contracted. In this case, the
         rent for the Network shall increase or decrease in proportion to the
         contracted kilometres of fibre, at the price per kilometre contracted
         by FirstMark from RENFE for the specified extension. In this respect,
         FirstMark states its intention to extend its Network in the future to
         the borders of FRANCE and PORTUGAL.

         RENFE undertakes to notify FirstMark in writing of any possible
         saturation of the RENFE Network cables which do not form part of the
         Network leased to FirstMark, in order that FirstMark can request that
         RENFE, within a maximum period of 3 months from the date of
         notification from RENFE, grant the right to use optical fibre on
         sections in which it may be interested.

6.6.     At any time whilst this Contract remains in force, FirstMark may
         replace part of the kilometres contracted with other routes of the
         Network on which RENFE has available fibre and technical spaces, on
         condition that the total number of new replacement kilometres is at
         least 1.2 times the number of kilometres substituted as contracted at
         that time. The prices to be applied to payment of the new kilometres
         shall be those invoiced at that time to other Customers over the
         sections in question, with the remaining terms and conditions of the
         Contract remaining unaltered.

         FirstMark shall notify RENFE in writing at least 6 months in advance of
         its desire to switch contracted kilometres of fibre.

         The removal of repeater equipment and/or nodes installed, and the
         installation of equipment on the new route shall be for account of
         FirstMark, along with payment for technical spaces in the event that
         none exist.

         If RENFE lays new cables with fibres having superior specifications to
         the current fibres, FirstMark shall be entitled to switch fibres in use
         for the said new fibres at the price agreed by the parties on the basis
         that FirstMark retains its status as most favoured Customer.

6.7.     If RENFE anticipates that the capacity of the cable is close to
         exhaustion on any routes of the network leased to FirstMark (i.e. 62.5%
         of capacity is taken up), it shall notify FirstMark thereof. FirstMark
         shall be entitled to extend the capacity of optical fibre in the same
         amount as it has leased from RENFE until that time in the said
         direction. This option must be exercised by FirstMark within a maximum
         of 3 months from the date of notification by RENFE; FirstMark shall be
         granted a discount on the increase in capacity which it may request in
         accordance with the provisions of the second paragraph of 4.2.a).

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6.8.     In the event that at any time after the cancellation - for any reason
         by FirstMark of sections making up the Network, the Network does not
         reach a length of at least 1,500 km, the unit prices to be applied to
         the resulting Network shall - based on the length of the modified
         network - be those indicated in Annex 1 (1.c) which shall be updated in
         line with the CPI.

SEVEN.   MEASUREMENTS AND VERIFICATIONS

7.1      RENFE shall carry out measurements, by the method and subject to the
         requirements specified in Annex 4, and invite FirstMark in writing at
         least 8 days in advance to attend at the RENFE measurement and/or to
         carry out its own measurement, provided that availability of the fibre
         is not delayed.

7.2      RENFE shall use its best efforts to carry out the suitability tests of
         the Network which it has completed as soon as possible.

7.3      RENFE shall provide FirstMark with the results of measurement on the
         date of total or partial availability, as the case may be, of the
         Network, which shall comply with the technical requirements set out in
         Annex 3 of this Contract. As from the said date of availability until
         the date of delivery RENFE undertakes to maintain the quality standards
         obtained.

EIGHT.   MAINTENANCE

8.1      RENFE undertakes, pursuant to this contract, to maintain the Network
         contracted by FirstMark, and the obligations and commitments of RENFE
         in relation to interruptions in the service provided to FirstMark shall
         thus be as referred to below.

         (a) SERVICE CUTS FOR SCHEDULED WORK: The standard of preventative
             maintenance shall be:

             1            Less than one scheduled cut for each 200 km of Network
                 per year.

             2            Maximum time out of service per scheduled cut of 2.5
                 hours plus the testing time as detailed in Annex 3 (1.5 hours).

             3            In order to minimise interruptions to service as far
                 as possible, scheduled cuts shall be notified in writing by
                 RENFE at least 30 calendar days in advance.

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             4    Scheduled cuts shall - preferably - take place during the
                  night as a result of the minimum impact on FirstMark
                  operations, i.e. between midnight and 6 am. Furthermore, no
                  more than one scheduled cut shall be permitted on the same day
                  nor more than one cut per week in each Loop.

             5    In order to prevent possible technical problems, confirmation
                  procedures shall be established prior to the cut. Thirty
                  minutes before the cut, RENFE will confirm the operation to
                  FirstMark in order to verify that the FirstMark Network or
                  that of other Customers is not in a catastrophic situation. If
                  this is the case, staff of suitable seniority shall negotiate
                  the conditions for a solution with is satisfactory to all
                  parties. In this respect, RENFE hereby states its intention
                  interrupt the scheduled cut if circumstances so permit on the
                  basic criterion of preventing serious loss to FirstMark.

             6    The procedure to be followed in respect of technical
                  operations is described in Annex 3.

(b)      CUTS IN SERVICE ON BREAKDOWN: The corrective maintenance standard shall
    be:

             1           Less than one breakdown for each 300 km of Network per
                  year.

             2           Maximum time out of service on breakdown of 8 hours
                  plus the testing time as detailed in Annex 3 (1.5 hours).

             3           The procedure to be followed for technical operations
                  is described in Annex 3.

8.2      Failure to comply with these parameters shall result in RENFE incurring
         the penalties set out in Annex 2.

8.3      9.3 Interruptions in service as a result of force majeure shall be
         excluded from the foregoing obligations. Force majeure shall mean any
         cause beyond the reasonable control of RENFE which affects compliance
         with its obligations, including cases of natural catastrophe,
         insurrection and civil disorder, military operations or war, local or
         national emergencies, acts or omissions of administrative or
         governmental authorities, fire, flooding, lightening, explosion,
         landslip, acts or omissions of persons or bodies for which RENFE is not
         responsible, provided that such circumstances prevent RENFE from
         restoring the service. Even in the event of delays or breakdowns for
         these reasons, RENFE undertakes to use all necessary efforts to resolve
         the problem, including on a provisional basis, in order to minimise the
         negative repercussions for FirstMark which could result.

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8.4      The parties agree that in respect of both the maintenance terms and
         conditions and the agreed penalties, periods shall be applied over
         consecutive periods of twelve months from the day on which the
         obligation arises in respect of maintenance or the payment of
         penalties.

8.5.     RENFE undertakes to grant maintenance terms and conditions to FirstMark
         such that no other RENFE fibre optic customer with similar service and
         financial terms and conditions for the leasing of optical fibre and
         maintenance enjoys better terms and conditions in respect of the
         sections forming the subject matter of this contract.

NINE.    OTHER TECHNICAL PREMISES

9.1      RENFE shall provide FirstMark with physical space or premises for
         housing terminal and third party connection equipment in any railway
         premises, except for good reason. Such premises shall in principle not
         be made ready for this purpose; i.e. the installation of technical
         roofs and ground structures, preparation of the premises, the supply of
         energy, air-conditioning, security systems, etc., shall be for account
         of FirstMark, and consequently the premises and ancillary items shall
         be for the exclusive use of FirstMark. Access to such premises shall be
         restricted; they may only be accessed by those determined by FirstMark
         and by means of particular access control systems provided by
         FirstMark. RENFE undertakes to collaborate fully with FirstMark in the
         installation and fitting out of the said premises. FirstMark may, in
         the absence of good reason and on the financial terms and conditions
         which may be agreed, install masts and antennae on these premises or on
         the buildings in which they are located.

9.2      The supplementary premises with equipment for access by FirstMark,
         switching equipment and/or external installations, shall be dimensioned
         in accordance with the requirements of FirstMark and shall be
         additionally invoiced at market prices.

9.3      RENFE shall use all necessary efforts to provide FirstMark, if there is
         available space and the latter so requests, with space or premises to
         house offices, supervisory centre and for any other purpose which may
         be agreed.

9.4.     In premises in which only repeaters or minor equipment is housed, the
         possibility of implementation of the installation by RENFE on a turnkey
         basis shall be offered. If space is only required to house up to two
         standard frames, such space shall be included in the price offered for
         the right to use the Network and consequently no additional amount
         shall be charged therefor. Access to such premises shall in any event
         be restricted; they may only be accessed by those determined by
         FirstMark and through particular access control systems provided by
         FirstMark. In premises shared by RENFE

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         and FirstMark, those authorised by FirstMark to access the same shall
         be determined jointly be FirstMark and RENFE.

9.5.     In the event that RENFE leases physical space or premises to FirstMark
         pursuant to this clause, the appropriate lease shall be entered into in
         accordance with the provisions of this Clause 9.

9.6      The parties shall agree on the technical and access conditions of
         cables, responsibility for external Network connection, and the
         financial terms and conditions of such connection.

TEN.              EXTERNAL CONNECTIONS

10.1.    RENFE does not have access with optical fibres to urban areas outside
         the railway environment. The fibre optic cable shall be made available
         to FirstMark at the RENFE optical distributor at the
         "Telecommunications Park" located in the station in each town and city
         in question; on written request by FirstMark, however, RENFE shall
         facilitate connection from the urban nodes of FirstMark to the said
         "Telecommunications Parks", such that FirstMark gains access to the
         layout by the most suitable path to it, and from that point RENFE shall
         extend the cable to the optical distributor. The prices of such
         extensions shall - for a cable of 16 f.o. - be ******* *******
         annually/km in the case of overhead cable, and ******* *******
         annually/km if buried or in conduits, at the option, in principle, of
         FirstMark. A discount of *** shall be applied to the rental in respect
         of such extensions in the 6(th) and successive years. The maintenance
         cost of these cables shall be ***** *******/km/year. These prices shall
         be updated annually in line with the CPI.

ELEVEN.  TERMINATION OF THE CONTRACT

11.1     RENFE waives its entitlement pursuant to Section 1124 of the Civil Code
         to terminate or rescind the Contract for any reason except for
         persistent and deliberate default by FirstMark in payment, as provided
         in this clause. In this event, deliberate delay in payment by FirstMark
         shall entitle RENFE to seek termination of the Contract and
         compensation for loss and damage of 30% of the remaining amount of the
         Contract or any extension thereof, plus amounts pending payment, along
         with the corresponding late payment interest as appropriate, at the 3
         month MIBOR plus 1.5 points. For the purposes of this clause,
         persistent and deliberate non-payment shall be deemed to occur

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* Omitted and filed separately with the Securities and Exchange Commission
  pursuant to a request for confidential treatment.

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         if the same persists after written notice from RENFE granting a period
         of ninety days to make the payment.

11.2.    FirstMark may terminate or rescind the Contract in whole or in part
         prior to the normal termination hereof, or of any extension hereto, and
         if it does so without good reason it shall pay RENFE an amount by way
         of damages of 30% of the remaining amount of the Contract, or of the
         extension thereof, in respect of the section or sections which are
         terminated.

         Good reason shall mean any of the grounds indicated in Clause 11.3.

11.3     FirstMark may only terminate the Contract in whole or in part in the
         event of substantial breach by RENFE, which termination shall take
         place without penalty. Circumstances of substantial breach covered by
         this Contract shall be as follows:

         -            Delay in the agreed delivery periods:
                  - Delay of more than 1 month in delivery of the
                    network or agreed sections of the Network.

         -            Scheduled cuts:
                  - More than 1 scheduled cut for each 100 km per year.
                  -  X  cuts (network km/200 km) of over 5 hours in a period of
                  one year.

         -            Breakdowns:
                  - Repetition of breakdowns, defined by more than 3
                  reakdowns in a single month (30 calendar days) on the
                  same 100 km section.
                  - X breakdowns (network km/300 km) of more than 24 hours in
                  duration each in a period of one year.

         -            Breakdowns and scheduled cuts:
                  - over 10 hours for each 100 km of network service
                  interruption in a period of one year. If the network length is
                  less than 500 km, the threshold shall be 50 hours.

         -            Fibre quality:
                  - Deterioration in the quality of fibres ascertained by tests
                  carried out by external experts, and not restored within a
                  period of one month.

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         -            Delay exceeding 3 months in restoration by RENFE to
                  FirstMark of its status as most favoured Customer, in both
                  financial and service aspects, in accordance with the
                  provisions of 5.3.

         The initial date for annual computation shall be the date of delivery
         of the fibre.

         Delays in delivery or breakdowns caused by force majeure shall be
         excluded from the foregoing obligations.

         In the event that for the reasons indicated in this clause FirstMark
         requests total or partial termination of the Contract, RENFE shall, by
         way of penalty, guarantee FirstMark use of the Network covered by
         termination, at no charge, during a period equivalent to 30% of the
         remaining period of the Contract up to 10 years or, if during a
         contract extension, a period equivalent to 30% of the remaining period
         until the end of the corresponding extension. In this respect, the
         minimum guaranteed network usage period for the purpose of enabling
         FirstMark to seek an alternative shall be one year.

11.4.    FirstMark may terminate this Contract without penalty if, within six
         months from the date of signature hereof, the parties do not sign the
         Dedicated Network Contracts, Framework Agreement and Property Lease
         based on the pro forma documents in the possession of FirstMark, as
         provided in 3.5b).

TWELVE.  ASSIGNMENT

12.1     RENFE shall retain full exclusive right to utilise, construct and
         extend the network of cables as it deems fit, and to use of the
         different metallic or optical conductors which make up the same; full
         right to use the run laid, supports or conduits as it considers most
         suitable to guarantee the quality of all services carried, both its own
         and third party, and full right to segregate conductors for different
         uses.

12.2     RENFE shall further be entitled to permit other third party
         installations, transfer assets or rights and assign its contractual
         position under this contract to third parties, provided that the same
         belong to the RENFE Group and hold the corresponding individual licence
         to grant right to use of a fibre optic network. It shall be deemed that
         the third party is included in the said Group when any of the
         circumstances apply to it as laid down in Section 4 of the Securities
         Market Act (24/1988, of 28 July). RENFE shall in any event be jointly
         and severally liable for obligations under this Contract even though it
         assigns its contractual position to a third party in its Group.

                                       15
<PAGE>

12.3     The parties acknowledge the existence of the procedure for the
         securitisation of assets permitted by law pursuant to Royal Decree
         926/1998, of 14 May.

12.4     FirstMark expressly waives the right to assign use of the dark fibre
         Network to a third party without the authorisation of RENFE. FirstMark
         shall nevertheless be entitled to assign its contractual position under
         this Contract to third parties, provided that they belong to the
         FirstMark Group or to FIRSTMARK COMMUNICATIONS SPAIN, S.L. It shall be
         deemed that the third party is part of the said Group when any of the
         circumstances apply as laid down by Section 4 of the Securities Market
         Act (24/1988, of 28 July). FirstMark shall in any event be jointly and
         severally liable for obligations contracted hereunder even though it
         assigns its contractual position to a third party forming part of its
         Group.

12.5     Connection of the Network, or fibres of the Network, or the nodes which
         exist in the said Network, by FirstMark to domestic and international
         connections or for the purpose, service or object of domestic and
         international connections, shall in no event be deemed to be resale of
         dark fibre or assignment by FirstMark to third parties, and FirstMark
         shall not in any event therefore require the consent of RENFE.

THIRTEEN.                 CONFIDENTIALITY

The parties undertake to maintain the terms of this contract and the parties
hereto in maximum confidence and secrecy, and shall not communicate this
information to any third party without the prior written permission of the other
party, which shall not be unreasonably withheld. The said prior permission shall
not be required if the information is required by or must be communicated to a
competent administrative, judicial or Stock Exchange authority.

For the purposes of the securitisation procedure referred to in Clause 11.3, on
notice by one of the parties of its desire to study the viability of the said
procedure, the permission of the other party shall not be necessary for the
purpose of communication of information in accordance with this Contract
provided that the third party to whom the information is to be communicated
signs the confidentiality undertaking included as Annex 6, and one original
thereof is delivered to the other party.

FOURTEEN.         APPLICABLE LAW

This Contract shall be governed and interpreted in accordance with Spanish law.

                                       16
<PAGE>

FIFTEEN. ARBITRATION

The parties shall initially attempt to resolve any dispute, claim or litigation
arising out of or related to this Contract (a "Dispute") through negotiation in
good faith between the parties and if agreement is not possible by these means,
the parties expressly waive any jurisdiction which may apply to them and agree
to submit resolution of the Dispute to arbitration. The said arbitration shall
be at law and be administered by the Civil and Mercantile Arbitration Court
("CORTE CIVIL Y MERCANTIL DE ARBITRAJE - CIMA"), the Bylaws and Procedural
Regulations of which the parties are acquainted with. The hearing and
determination of disputes shall be entrusted to three arbitrators who shall be
appointed one each by the parties at the time the dispute arises and the third
by the Chairman of the CIMA in accordance with its Bylaws or Procedural Rules.
Arbitration shall take place in Madrid city, in Spanish, in accordance with
Spanish law. The parties irrevocably submit to the arbitration award issued and
hereby expressly record their agreement to abide by the same. The parties
further record that they shall abide by and act in accordance with interlocutory
decisions and measures ordered by the arbitrators in the same form and manner as
in the case of a final award.

SIXTEEN. ADDITIONAL UNDERTAKINGS

The parties undertake to negotiate in good faith provision by RENFE to FirstMark
of an additional number of fibres to satisfy the requirements of FirstMark in
the future.

SEVENTEEN.        PENALTIES

The penalties detailed in Annex 2 incorporated herein shall apply to this
Contract.

EIGHTEEN.                 NOTICES

Any notice affecting the terms of this Contract shall be sent by fax and
registered post to the signatories hereof.

NINETEEN.                 CONDITION PRECEDENT

This Contract shall be conditional on ratification thereof by the respective
Boards of Directors, which must be provided within a maximum of 45 days from the
date of signature hereof.

                                       17
<PAGE>

ANNEXES

The following documents are incorporated herein as annexes and therefore form
and integral part of this contract for all purposes:

Annex 1           Description of the FirstMark Network and availability and
                  delivery dates.

Annex 2           Penalties.

Annex 3           Technical Agreement between RENFE and FirstMark for the
                  provision of optical fibres.

Annex 4           Verification and commissioning of fibre optic networks.

Annex 5           Certificate of handover of Network Loops or sections.

Annex 6           Confidentiality Undertaking.

                                       18
<PAGE>

In witness whereof, the undersigned have signed this contract in the place and
on the date indicated at the beginning.

For:     Red Nacional de los                        For:     FirstMark
         Ferrocarriles Espanoles

         (RENFE)

         /s/ JOSE M(a) LASALA ESCALA                /s/ TIM SAMPLES
         ---------------------------                --------------------------
         Jose M(a) Lasala Escala                    Tim Samples
         Corporate Chief Executive                  Chief Executive

         /s/ GONZALO MADRID GONZALEZ
         ---------------------------
         Gonzalo Madrid Gonzalez
         Corporate Head of Development,
         Planning and Management Control

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

<PAGE>

                                    *ANNEX 1

             1.A. NETWORK TOPOLOGY

             1.B. DESCRIPTION OF THE NETWORK: LOOPS, SECTIONS, AVAILABILITY
                  AND DELIVERY DATES

             1.C. FIBRE OPTIC TRUNK NETWORKS. RENFE PRICES FOR 2000.

---------------
* Portions of this annex are confidential and have been omitted and filed
  separately with the Securities and Exchange Commission pursuant to a request
  for confidential treatment in accordance with Rule 406 under the Securities
  Act of 1933, as amended. Asterisks, for example "***********", have been
  inserted to indicate that information has been deleted.

<PAGE>

[OBJECT OMITTED]
    [MAP]

<PAGE>

                                    ANNEX 1.B

         DEFINITION OF LOOPS AND ROUTES MAKING UP THE FIRST MARK NETWORK
               NETWORK VALUATION. 2000 PRICES. 1 FIBRE OPTIC PAIR

LOOP 1
<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
             SECTION                      LENGTH (KM)    AMOUNT OF ANNUAL RENTAL     AVAILABILITY DATE   DELIVERY DATE  OBSERVATIONS
                                                         (MILLIONS OF PESETAS)
                                                               2000 TARIFFS
------------------------------------------------------------------------------------------------------------------------------------
<S>                                           <C>                 <C>                  <C>                 <C>
MADRID-ALBACETE-CHINCHILLA ..............     296                 ******               15/August/00        1/Dec/00
CHINCHILLA-MURCIA-ALICANTE-LA ENCINA          320                 ******               15/August/00        1/Dec/00
LA ENCINA-VALENCIA.......................     113                 ******               15/August/00        1/Dec/00
VALENCIA-BARCELONA.......................     361                 ******               15/August/00        1/Dec/00
BARCELONA-GERONA.........................     111                 ******               15/August/00        1/Dec/00
 .........................................     277                 ******               15/August/00        1/Dec/00
GERONA-MANRESA-LERIDA ...................     189                 ******               15/August/00        1/Dec/00
LERIDA-ZARAGOZA..........................      44                 ******               15/August/00        1/Dec/00
TARDIENTA-HUESCA (I/V)...................     445                 ******               15/August/00        1/Dec/00
ZARAGOZA-SORIA-GUADALAJARA-MADRID..            24                 ******               15/August/00        1/Dec/00
ELCHE-ALICANTE...........................

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                     SUBTOTAL 1 .........   2.180                 ******

---------------
* Omitted and filed separately with the Securities and Exchange Commission
  pursuant to a request for confidential treatment.

<PAGE>

         DEFINITION OF LOOPS AND ROUTES MAKING UP THE FIRST MARK NETWORK
               NETWORK VALUATION. 2000 PRICES. 1 FIBRE OPTIC PAIR

LOOP 2
<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
                SECTION               LENGTH (KM)      AMOUNT OF ANNUAL RENTAL    AVAILABILITY DATE     DELIVERY DATE   OBSERVATIONS
                                                        (MILLIONS OF PESETAS)
                                                            2000 TARIFFS
------------------------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                    <C>                   <C>                 <C>
MADRID-CIUDAD REAL...................    171                    ******                15/August/00        1/Dec/00
CIUDAD REAL-CORDOBA..................    175                    ******                15/August/00        1/Dec/00
CORDOBA-LINARES-MOREDA-GRANADA ......    301                    ******                15/August/00        1/Dec/00
ESPELUY-JAEN (I/V)...................     64                    ******                15/August/00        1/Dec/00
MOREDA-ALMERIA.......................    124                    ******                15/August/00        1/Dec/00
GRANADA-SEVILLA......................    309                    ******                15/August/00        1/Dec/00
BOBADILLA-MALAGA (I/V)...............    138                    ******                15/August/00        1/Dec/00
UTRERA-CADIZ (I/V)...................    244                    ******                15/August/00        1/Dec/00
SEVILLA-HUELVA (I/V).................    230                    ******                15/August/00        1/Dec/00
SEVILLA-MERIDA-SALAMANCA ............    555                    ******                15/August/00        1/Dec/00
MERIDA-BADAJOZ (I/V).................    118                    ******                15/August/00        1/Dec/00
SALAMANCA-AVILA-MADRID ..............    237                    ******                15/August/00        1/Dec/00
VILLALBA-SEGOVIA (I/V)...............    106                    ******                15/August/00        1/Dec/00
JEREZ-                                    44                    ******                15/August/00        1/Dec/00
CADIZ................................

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                     SUBTOTAL 2 .....  2.816                    ******

---------------
* Omitted and filed separately with the Securities and Exchange Commission
  pursuant to a request for confidential treatment.

<PAGE>

                 DEFINITION OF LOOPS AND ROUTES MAKING UP THE FIRST MARK NETWORK
                        NETWORK VALUATION. 2000 PRICES. 1 FIBRE OPTIC PAIR

LOOP 3
<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
                SECTION                    LENGTH (KM)         AMOUNT OF ANNUAL        AVAILABILITY    DELIVERY      OBSERVATIONS
                                                         RENTAL (MILLIONS OF PESETAS)      DATE          DATE
                                                                 2000 TARIFFS
------------------------------------------------------------------------------------------------------------------------------------
<S>                                            <C>                   <C>                  <C>           <C>          <C>
MADRID-SORIA-CASTEJON-PAMPLONA ..........       87                   ******               15/Aug/00     1/Dec/00     MADRID-CASTEJON
CASTEJON-LOGRONO (I/V)...................      152                   ******               15/Aug/00     1/Dec/00     SECTION LOOP 1
PAMPLONA-ALSASUA ........................       52                   ******               15/Aug/00     1/Dec/00
ALSASUA-S. SEBASTIAN.....................      174                   ******               15/Aug/00     1/Dec/00
S. SEBASTIAN-IRUN........................       17                   ******               15/Aug/00     1/Dec/00
ALSASUA-BURGOS-PALENCIA-VALLADOLID (I/V).      316                   ******               15/Aug/00     1/Dec/00
VALLADOLID-AVILA-MADRID .................      128                   ******               15/Aug/00     1/Dec/00     AVILA-MADRID
                                                                                                                     SECTION LOOP 2
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                     SUBTOTAL 3 .........      926                   ******

---------------
* Omitted and filed separately with the Securities and Exchange Commission
  pursuant to a request for confidential treatment.

<PAGE>

         DEFINITION OF LOOPS AND ROUTES MAKING UP THE FIRST MARK NETWORK
               NETWORK VALUATION. 2000 PRICES. 1 FIBRE OPTIC PAIR

LOOP 4
<TABLE>
<CAPTION>

-----------------------------------------------------------------------------------------------------------------------------------
                        SECTION      LENGTH (KM)     AMOUNT OF ANNUAL RENTAL   AVAILABILITY DATE   DELIVERY DATE   OBSERVATIONS
                                                       (MILLIONS OF PESETAS)
                                                           2000 TARIFFS
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>                   <C>                   <C>               <C>          <C>
MADRID-VALLADOLID-MIRANDA-BILBAO ...    104                  ******                 15/Aug/00         1/Dec/00     MADRID-MIRANDA
BILBAO-SANTANDER-OVIEDO-LEON ........   516                  ******                 15/Aug/00         1/Dec/00     SECTION LOOP 3
LEON-LUGO-CORUNA.....................   418                  ******                 15/Aug/00         1/Dec/00
CORUNA-PONTEVEDRA-VIGO ..............   179                  ******                 15/Aug/00         1/Dec/00
VIGO-ORENSE-ZAMORA-SALAMANCA ........   447                  ******                 15/Aug/00         1/Dec/00     SALAMANCA-MADRID
SALAMANCA-MADRID.....................     -                       -                                               SECTION LOOP 2

-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                     SUBTOTAL 4       1.664                  ******

                     TOTAL            7.586                  ******

---------------
* Omitted and filed separately with the Securities and Exchange Commission
  pursuant to a request for confidential treatment.

<PAGE>

                                    ANNEX 1.C

                           FIBRE OPTIC TRUNK NETWORKS
                                RENFE PRICES 2000

1)       FIBRE OPTIC TRUNK NETWORK

         1.1.     PRICE FOR GRANT OF USE OF ONE FIBRE OPTIC PAIR.

                  a)       Networks with length of 1,500 km or more.
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
                                  SECTIONS                          BASIC PRICE
                                                                  AMOUNT (PESETAS)
                                                                  PER KM AND YEAR
-------------------------------------------------------------------------------------------
<S>                                                                   <C>
-    IRUN-MADRID-VALENCIA-BARCELONA-PORT BOU ARC.................     *********
-    MIRANDA-BILBAO..............................................     *********
-    REMAINDER OF NETWORK........................................     *********
-------------------------------------------------------------------------------------------
</TABLE>

                  b)       Networks of length less than 1,500 km.

                      There are three tariff levels below this threshold with a
                      price increase in proportion to the network reduction.

-----------------------------------------------------------------------------
        NETWORK LENGTH (KM)                       INCREASE IN PTS/KM
                                                   OVER BASIC PRICE
-----------------------------------------------------------------------------

             1000-1500                                *********
              500-1000                                *********
              100-500                                 *********
      LESS THAN 100                           To be individually studied

-----------------------------------------------------------------------------
* Omitted and filed separately with the Securities and Exchange Commission
  pursuant to a request for confidential treatment.

<PAGE>

                                     ANNEX 2

                                    PENALTIES

<PAGE>

PENALTIES

1.   PENALTIES FOR FAILURE TO COMPLY WITH AGREED DELIVERY PERIODS.

     The geographical scope for the application of any penalties shall be each
     of the routes defined in Annex 1. Penalties for failure to deliver the
     optical fibre shall thus be applied, as the case may be, in respect of each
     of the routes taken separately.

     The applicable penalties shall be:

-        1(st)  to 2(nd) week of delay:           0 pesetas

-                                                 3(rd) to 4(th) week of delay:
                                                   2.5%  of the  annual  rent
                                                   for  the  section
                                                   affected  per  week or
                                                   fraction.

-                                                 4(th) and successive weeks
                                                   of delay:  5%  of   the
                                                   annual  rent  for  the
                                                   section  affected  per
                                                   week or fraction.

   The maximum penalty in respect of the foregoing shall not exceed the annual
   rent in respect of each route.

2.  PENALTIES FOR INTERRUPTION IN SERVICE.

    The geographical scope to be taken into account in applying these penalties
    shall be each of the Loops described in Annex 1 of the Contract. Two events
    can be distinguished in this section:

-        Scheduled cuts:        Interruptions in service for previously
         scheduled work.

<PAGE>

-        Breakdowns:Lack of availability of the fibre for the transmission of
         signals for reasons not due to force majeure or scheduled cuts.

   Under this heading, thresholds are established below which penalties shall
   not be applied, as follows:

-        Scheduled cuts:     1 cut for each 200 km of  network  and year. The
         duration  of each cut may not  exceed  2.5+1.5 hours.

-        Breakdowns:         1 breakdown  for each 300 km of network and year.
         The duration of each  breakdown may not exceed 8+1.5 hours.

    Thus, in the case of scheduled cuts falling within the threshold, all hours
    which exceed 2.5+1.5 h on respect of each cut will be subject to penalty,
    and all hours spent on scheduled cuts which exceed the defined threshold
    will be penalised. Likewise, in the case of breakdowns occurring within the
    said threshold, all hours exceeding 8+1.5 h in respect of each breakdown
    will be subject to penalty, and all hours spent in repairing breakdowns
    which occur outside the threshold established will be penalised.

On this basis, penalties applicable for each hour or fraction of an hour subject
to penalty shall be as follows:

2.1 SCHEDULED CUTS

-    Hours exceeding 2.5+1.5 in scheduled cuts within the threshold referred to.

     2.5+1.5 hours to 8 hours:100% of the hourly cost of renting the Loop
                              affected for each hour or fraction.

     8 hours to 24:           150% of the hourly cost of renting the Loop
                              affected for each hour or fraction.

- All hours of scheduled cuts subject to penalty (outside the threshold referred
to).

     0-X successive hours:    150% of the hourly cost of renting the Loop
                              affected for each hour or fraction.

<PAGE>

2.2 BREAKDOWNS

-    Hours exceeding 8+1.5 in breakdowns within the threshold referred to.

     8+1.5 to 24 hours:       100% of the hourly cost of renting the Loop
                              affected for each hour or fraction.

     24 and successive hours: 150% of the hourly cost of renting the Loop
                              affected for each hour or fraction.

-    All hours in respect of breakdowns subject to penalty (outside the
     threshold referred to).

     0 to 8 hours:            50% of the hourly cost of renting of the Loop
                              affected for each hour or fraction.

     8 to 24 hours:           100% of the hourly cost of renting the Loop
                              affected for each hour or fraction.

     24 and successive hours: 150% of the hourly cost of renting the Loop
                              affected for each hour or fraction.

3. PENALTIES FOR FAILURE TO MAKE THE PAYMENTS STIPULATED.

     Delay in making payments shall give rise to interest equivalent to the
     3-month MIBOR plus 1.5% on the amount owing. Delay by FirstMark in payment
     exceeding three months shall entitle RENFE to terminate the contract and
     receive compensation by way of damages of 30% of the remaining amount of
     the Contract, as well, clearly, as the amounts due, with the corresponding
     interest thereon, or of the corresponding extension.

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

<PAGE>

                                     ANNEX 3

<PAGE>

1.       2.  INTRODUCTION

This document is the Technical Agreement in respect of `dark fibre' between
RENFE (grantor) and FirstMark (grantee) and identifies the technical and
operational matters which have not been fully covered in the contract. This
document takes in the "Technical Agreement" referred to in the contract.

In the event of inconsistency between the Technical Agreement and the contract,
the contract shall prevail over the Technical Agreement.

The term `dark fibre' refers to a fibre product leased by RENFE, without
terminal equipment nor intermediate repeaters. FirstMark shall connect its own
equipment to the leased fibre.

3        NETWORK DESIGN

3.1      TRANSMISSION REQUIREMENTS

3.1.1    FIBRE SPECIFICATION

The fibre supplied by RENFE to FirstMark shall be connecting fibre with an index
which complies with recommendation G.652 of the International Telecommunications
Union ("UNION INTERNACIONAL DE TELECOMUNICACIONES - UIT").

Additional requirements.

Maximum attenuation coefficient    at 1310nm   LESS THAN OR EQUAL TO 0.38 dB/km

Maximum attenuation coefficient    at 1550nm   LESS THAN OR EQUAL TO 0.25 dB/km

RENFE shall ensure that the fibre requirements are maintained. In the event that
the levels do not comply with that agreed, RENFE shall take the necessary steps
to comply with the said requirements.

3.1.2    SPECIFICATION OF METALLIC CABLE ELEMENTS

RENFE warrants that there shall be no metallic elements in the optical cables
used by FirstMark.

3.1.3    FIBRE CONNECTORS

RENFE shall indicate the type and performance of the fibre connectors used for
termination at FirstMark connection points.

3.1.3.1  FOR CABLES INSTALLED AFTER 1997:

The performance of the fibre connectors for connection points and for use in all
new fibre cable systems shall be as follows:

         - average insertion loss of 0.3 dB
         - maximum insertion loss of 0.6 dB

                                       2
<PAGE>

         - return loss better than 35 dB

This complies with European specification I-ETS 300 671 degree of attenuation Q,
degree of return loss T. RENFE shall provide information regarding the
manufacturer and precise model of the connectors to be installed (in the
FirstMark fibres) in order that FirstMark can carry out a detailed power budget
calculation.

THERE ARE NO INTERMEDIATE CONNECTORS IN THE REPEATER STEPS (POINTS OF PRESENCE)
OF THE NETWORK LEASED TO FIRSTMARK (THE FIBRE IS FUSED), EXCEPT IN THE FOLLOWING
LOCATIONS: SAN VICENTE, TORRALBA, LA ENCINA, ALSASUA, CHINCHILLA, VENTA DE
BANOS, MAGAZ, ALJUCEN, GUADIX, ESPELUY.

3.1.3.2  FOR CABLES INSTALLED BEFORE 1997:

The performance of the fibre connectors for the connection points in all the
fibre cable systems already installed is as follows:

         - average insertion loss of 0.5 dB
         - maximum insertion loss of 0.6 dB
         - return loss better than 30 dB

For connection points, connectors are type FC/PC. RENFE will provide information
regarding the manufacturer and precise model of the connectors which are
installed (in the FirstMark fibres) in order than FirstMark can carry out a
detailed power budget calculation.

3.1.4    FIBRE SPLICES

RENFE only utilises fusion splicing. The fusion splicing technology will be
single fibre automatic core alignment fusion splicing.

The fusion splicing performance is as follows:

- average insertion loss of 0.1 dB
- maximum insertion loss of 0.3 dB.

As single fibre automatic core alignment fusion splicing has only been widely
used since 1992, those cable systems constructed prior to that date will contain
splices with poorer performance. Consequently, a second category of splicing
performance will be acceptable for cable systems installed prior to 1992. For
these older cable systems, the fusion splicing performance shall be as follows:

- average insertion loss of 0.2 dB
- maximum insertion loss of 0.5 dB

IN RELATION TO SUB-CLAUSES 2.1.3 AND 2.1.4 OF THIS CLAUSE, RENFE STATES THAT ALL
OF THE CABLES IN THE NETWORK LEASED TO FIRSTMARK HAVE BEEN MANUFACTURED AFTER
1977 EXCEPT FOR THE ATOCHA-GUADALAJARA AND LINARES-CORDOBA SECTIONS.

2.1.5.   ADDITIONAL TRANSMISSION LINK REQUIREMENTS

As well as the fibre, connectors and splicing performance already covered in
section 2, it will be necessary to control other link transmission parameters.

                                       3
<PAGE>

RENFE shall guarantee that, for each fibre pair, the fibres are supplied in
pairs which run together through the same cable elements (conduits) over the
whole of the link. All RENFE maintenance procedures shall include this
requirement except in the exceptional case of provisional fault restoral. This
will ensure a clear understanding regarding availability and enable length
differential to be ensured.

In the event that RENFE wishes to include any additional component in the
FirstMark fibres, e.g. WDMs, for maintenance verification or supervision, the
approval of FirstMark shall be obtained.

2.1.6.   MAINTENANCE BUDGET

A maintenance budget is established of 3dB. Maintenance Budget shall mean
transmission degradation during the period of the contract or extensions thereto
- caused by repairs, section changes, etc., carried out on the optical fibre in
each repeater/amplification section. The objective is not to exceed 2 dB.

When a level of 2 dB is reached in a specific section, RENFE shall take the
appropriate action to achieve a maximum degradation value of 1 dB in the section
concerned.

If a FirstMark optical system ceases to function as a result of exceeding the
maintenance budget, RENFE shall in any event then take immediate action to
correct the situation without having to redesign or reconfigure the optical
system.

3.2      ACCEPTANCE TESTS

Acceptance measurements shall be carried out by RENFE personnel in the presence
of FirstMark personnel when the latter considers the same necessary. RENFE
measuring equipment shall be used unless otherwise agreed. Measurement of power
loss and reflectometry are standard methods for optical fibre cable acceptance
tests and are dealt with in the RENFE "Verification and Commissioning of Optical
Networks" ("COMPROBACION Y PUESTA EN SERVICIO DE REDES OPTICAS") manual. These
methods enable all transmission parameters to be verified except for PMD. PMD is
an important parameter for systems of 10Gbit/s plus, and must therefore be
assessed.

The PMD measurement must be less than or equal to 0.5 ps km (-1/2). This is a
standard limit. RENFE shall provide manufacturers' certificates as evidence that
its network complies with this limit. FirstMark reserves the right to measure
the PMD (bearing the costs of its personnel) during the fibre acceptance
process.

3.3      RELIABILITY
RENFE shall provide the following information based on its previous experience:

         a)  the frequency of damage on routes (per km)
         b)  damage reestablishment time on routes (average and maximum)
         c)  frequency of scheduled cuts
         d)  duration of scheduled cuts (average and maximum)

                                       4
<PAGE>

         e)  fibre fault rate, excluding damage to cable - e.g. faults caused by
             technicians working on access points
         f)  type of optical plant utilised
         g)  number of splices on routes
         h)  geographical route of fibres
         i)  installation practice (overhead, through conduits, etc.)
         j)  capacity and type of cable
         k)  date of manufacture (not purchase) and installation.

The information obtained from a) to g) enables availability figures to be
calculated for specific routes and h) ensures that route separation for the
network can be achieved. The information in i) to k) can be used to assess the
probable rate of intervention faults and the damage rate based on known
performance of the network, thus permitting an estimate of availability to be
made.

RENFE shall comply with a maximum repair time of less then or equal to 8 hours.

For new cable routes, signing of underground routes is desirable by means of
markers and a continuous underground warning mesh.

3.4      CONNECTION OPTION

When leased fibre is used, a passive configuration point shall be the
demarcation point between FirstMark and RENFE. It is absolutely necessary that
ownership of the passive configuration point and responsibility for maintenance
is agreed. There are three potential network positions for the connection
interface between networks. In these situations only the case of RENFE buildings
is considered in which FirstMark utilises space covered in this contract (space
for two standard frames). These are:

A. In the RENFE Telecommunications closet.
B. In a different closet but in the same building as the RENFE
   Telecommunications closet
C. In a different building from the building in which the
   RENFE Telecommunications closet is housed.

Those cases in which FirstMark leases technical premises from RENFE other
than covered in this contract are not covered.

A.- FIRSTMARK EQUIPMENT IN THE RENFE TELECOMMUNICATIONS CLOSET.

The FirstMark optical fibres shall be carried by RENFE to the termination
premises thereof. The routing of the cables within the closet (between the
termination point and the FirstMark systems) shall be defined by agreement
between RENFE and FirstMark. The optical fibres terminate in the RENFE premises
in a cable termination frame.

                                       5
<PAGE>

CONNECTOR INTERFACE: RENFE shall be responsible for the trunk cable and the
terminal connector. FirstMark shall be responsible for laying its own connection
lines (connectors and cables) from this connection point to its own systems.

Maintenance within the cable distribution termination tray shall be the
responsibility of RENFE.

B.- FIRSTMARK EQUIPMENT IN A CLOSET OTHER THAN THE RENFE TELECOMMUNICATIONS
CLOSET, BUT IN THE SAME BUILDING WHERE THE FIBRE OPTIC CABLE TERMINATES.

The optical fibres shall be carried by RENFE to the termination premises
thereof. The routing of the cables within the building (between the termination
point and the FirstMark systems) shall be defined by agreement between RENFE and
FirstMark. The optical fibres terminate in the premises of RENFE in a cable
termination frame.

CONNECTOR INTERFACE: RENFE shall be responsible for the trunk cable and terminal
connector. FirstMark shall be responsible for laying its own connection lines
(connectors and cables) from this connection point to its own systems.

Maintenance within the cable distribution termination tray shall be the
responsibility of RENFE.

C.- FIRSTMARK EQUIPMENT IN A BUILDING OTHER THAN THE BUILDING HOUSING THE RENFE
TELECOMMUNICATIONS CLOSET.

The optical fibres shall be carried by RENFE to the termination premises
thereof. The routing of the cables between the buildings shall be implemented
using two diverse routes and shall be the responsibility of RENFE.

In this case the cable does not terminate at the RENFE telecommunications closet
but will be extended to the termination point where it will terminate at an
optical distributor.

CONNECTOR INTERFACE: RENFE shall be responsible for the trunk cable and terminal
connector. FirstMark shall be responsible for laying its own connection lines
(connectors and cables) from this terminal point to its own systems.

Maintenance within the cable distribution termination tray shall be the
responsibility of RENFE.

Since all network operators will require access to a given connection point, it
will be of the utmost importance that proper labelling and recording takes place
to prevent accidental circuit interruption. Consequently, RENFE shall produce,
maintain and make available to FirstMark the lists of unions and routing
configuration of the connection point for the fibres leased to FirstMark. These
lists shall be detailed by cable, cable element, splicing tray and fibre.

At connection points, in terms and conditions which it agrees, RENFE shall not
restrict access to the premises by third party network suppliers contracted by
FirstMark for the

                                       6
<PAGE>

connection of other networks or cables not covered by this agreement or, in the
event of agreement between FirstMark and RENFE, the latter shall carry out all
connection and maintenance work and charge FirstMark with the reasonable cost
thereof.

3.5      REQUIREMENTS OF THE PHYSICAL NETWORK

3.5.1    FIBRE SPECIFICATIONS

The proof test requirement under EN 188100 is greater than or equal to an
elongation of 0.7%, but a proof test of 1% is more normal and is advisable for
all cables installed after 1997. Furthermore, it is advisable that the fatigue
resistance parameter ("n") is greater than or equal to 20. RENFE will provide
FirstMark with the value of these parameters provided by the manufacturer.

3.5.2    CABLE SPECIFICATIONS

The relevant specification for the type of cable supplied by RENFE is EN 18700.

RENFE shall provide FirstMark with:

              -   Specification of optical fibre cables required from
                  manufacturers.

              -   The year of installation of the cable sections through which
                  the leased fibre passes.

              -   The number of fibres in a cable element.

Knowledge of the age of the cable containing the leased fibres assists in
understanding the performance of both the fibre and the splicing technology
(reference is made to 2.1.1 and 2.1.4).

3.5.3    MECHANICAL SPECIFICATIONS

At passive configuration nodes maintenance technicians require individual access
to the fibres. It is important for service availability that this is achieved
without adversely affecting any other working circuit which passes through the
premises. Consequently, the design of fibre organisation and cable
management/routing must be such that access can be gained and at the same time
ensuring the optical transmission performance of all circuits which are working.

In all splice closures and distributors where routine access is required for
maintenance and operations, RENFE shall use its best efforts to ensure that
management of the FirstMark fibres takes place by handling a single circuit and
that access to each FirstMark fibre takes place in such a way that any handling
of other fibres does not degrade the performance of the FirstMark fibres. This
is the criterion which RENFE shall adopt for all new installations.

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<PAGE>

3.5.4    PHYSICAL SECURITY

The buildings through which the leased fibre passes must be subject to
restricted access limited solely to authorised personnel. RENFE will lay down
the access criteria.

The buildings provided by RENFE to house FirstMark equipment under this contract
are not equipped with fire, water or entry alarms. FirstMark shall be
responsible for the installation thereof as it considers necessary. RENFE shall
collaborate in full for this purpose.

3.5.5    POWER SUPPLY REQUIREMENTS

In those RENFE premises included in this contract where FirstMark houses
repeater equipment, power supply requirements shall be covered by the RENFE
infrastructure. RENFE shall provide AC power at 220V with a maximum consumption
of 4.4 Kw, without protection from power cuts. The financial and payment terms
shall be agreed between the parties.

In those RENFE premises where FirstMark rents space for equipment, other than
repeater premises, power supply requirements shall be covered by a separate
contract.

3.5.6    CIVIL SPECIFICATIONS

RENFE shall identify those routes which do not have capacity to accommodate
additional cables.

3.6      SAFETY

3.6.1    LASER SAFETY

RENFE enforces a policy in accordance with EN60825-1 standards for working on
live fibre in cables containing laser systems, such that the safety of persons
can be ensured.

3.6.2    TECHNICAL SAFETY

The premises which FirstMark uses to house repeaters and other premises rented
from RENFE shall not be equipped with electrical and lightning protection and
FirstMark shall therefore be responsible for the installation thereof as it
considers necessary. RENFE shall collaborate with it for this purpose.

                                       8
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4.       RESOURCES

4.1      EQUIPMENT

All testing equipment shall have calibration certificates and be included within
a maintenance and calibration programme with the equipment manufacturer or
supplier. The type and serial numbers of the equipment used for the acceptance
tests must also be included in the test files in order to monitor the testing
equipment in relation to calibration.

4.2      COMPETENCE OF PERSONNEL

RENFE shall take the appropriate steps to ensure that its personnel are
correctly trained.

RENFE shall ensure that only fully trained personnel work on the fibre network.
In order that FirstMark has confidence in the quality of the RENFE personnel,
FirstMark may when it considers appropriate examine the training programme and
courses in relation to personnel working on the fibre network leased by
FirstMark.

5.       CONSTRUCTION

The construction process covers deployment of the whole of the network. For the
trunk network, this consists of the provision of fibre along the railway routes
and conduits in the railway stations as agreed for connectivity with the
FirstMark equipment.

5.1      PROCESS RESPONSIBILITIES

RENFE shall notify FirstMark of completion of construction of the leased element
within the periods set out in the contract terms and conditions covering the
same. Notice of completion of construction shall be accompanied by an invitation
to accept the same. If acceptance takes place successfully, FirstMark shall
furnish its agreement thereto within the period defined in section 4.1.2.
Section measurements shall previously be carried out in accordance with the
provisions of section 4.1.1. It shall be deemed that construction has been duly
carried out in accordance with the contract terms and conditions if acceptance
of the leased element takes place in accordance with the terms and conditions of
the contract. The agreed penalties shall be applied if the contract time limits
are exceeded.

5.1.1    SECTION MEASUREMENT PROCESS.

DEADLINE

At least 8 days prior to commencing the measurement process, FirstMark shall
have received notice of construction of a section accompanied by an invitation
to carry out the

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<PAGE>

measuring process. Reports shall be delivered to FirstMark after measurements
are completed.

MEASUREMENTS

Acceptance measurements shall be made in the measurement process in accordance
with the RENFE document entitled "Verification and Commissioning of Optical
Networks" ("COMPROBACION Y PUESTA EN SERVICIO DE REDES OPTICAS"). FirstMark
shall thereafter evaluate the reports. Within two working days after receiving
the reports, FirstMark shall confirm acceptance or rejection thereof. If
FirstMark fails to reply, it shall be deemed after 5 working days that
measurements of the section in question have been accepted.

The acceptance tests shall be carried out over 100% of those fibres supplied for
trunk network applications.

REJECTED MEASUREMENTS

If FirstMark rejects the measurements, FirstMark shall provide RENFE with the
reports (or the FirstMark reports if it has carried out its own measurements)
with the measurements as evidence. These reports must demonstrate that the
services agreed in the contract have not been delivered. RENFE shall rectify any
defect within the period up to the delivery date. After rectification work, the
measurement process shall be repeated.

MEASUREMENT ACCEPTED

FirstMark shall confirm acceptance of section measurements within a period of 5
working days.

5.1.2    ROUTE ACCEPTANCE PROCESS

DEADLINE

RENFE shall give formal notice to FirstMark of the date of completion of each
complete route (as defined in the contract), accompanied by a certificate of
delivery/reception. Prior to giving notice of the completion of each complete
route, RENFE shall provide FirstMark with the Technical Certificates of
measurements carried out over all sections making up the route. The date of this
notification of completion shall be within two months from the date of carrying
out measurements of the oldest section belonging to the acceptance route.
FirstMark may request the appropriate authorisation from RENFE to carry out
measurements prior to the delivery date.

SUCCESSFUL ACCEPTANCE

                                       10
<PAGE>

If, within one month after delivery to FirstMark, no errors or inconsistencies
are detected in the measurements and verifications carried out by RENFE over the
route as a whole, the said measurements and verifications shall be taken to be
valid from the date of formal notification to FirstMark and the route shall be
deemed accepted from that date, without prejudice to the provisions of the
following paragraphs:

FirstMark shall within this period return the delivery/reception certificate for
the route duly completed. If, at the end of this period, FirstMark does not
reply, it shall be deemed that the route has been accepted.

FirstMark reserves the right to carry out its own measurements when it considers
necessary during the first 2 months after the date of delivery of the full
route. If any or all of the sections do not comply with the values specified for
transmission requirements (section 2.1) two situations can arise:

1.  Minor breaches (those which can be corrected within a maximum period of 3
    working days from notification thereof): RENFE undertakes to correct
    anomalies by maintenance activities within a maximum period of 3 working
    days from notice thereof.

2.  Serious breaches (those which require more than 3 working days from
    notification to be corrected): The route shall not be deemed to be accepted
    for the purposes of payment of the charge for use of the network as a result
    of poor network performance, provided FirstMark is not operating the route
    in whole or in part. As from notification to RENFE of this situation, RENFE
    shall have a period of 2 months to correct all such anomalies and carry out
    proof tests. At the end of this period, the contract penalties for delay in
    delivery of the route shall be applied, taken from the date of acceptance.

1.

COSTS

FirstMark shall only pay the costs of its own personnel taking part in the
acceptance tests.

5.1.3    MONITORING OF THE CONSTRUCTION PROCESS

In the event that FirstMark wishes to monitor the construction process, RENFE
shall provide the following information:

          -  Percentage of material supplies completed up to the review date.
          -  Percentage of civil works carried out up to the review date. Total
          -  number of kilometres of fibre installed up to the review date.
          -  Total number of fibre splices carried out up to the review date.
          -  Kilometres of fibre accepted up to the review date.

The date for carrying out the said reviews shall be agreed between RENFE and
FirstMark after signature of the contract.

                                       11
<PAGE>

5.2      CONSTRUCTION PROCESS CONTACT POINT

All contact shall be made through a single Contact Point which shall be agreed
between RENFE and FirstMark after signature of the contract.

5.3      NOMENCLATURE CONVENTION

RENFE shall produce, maintain and make available a Nomenclature of line
identifiers with RENFE codes.

The line designation coding system must make provision for:

             -   Single identity code.

             -  Both parties require a database which must support the line
                identification code format.

             - A  concise  definition of terms is necessary (e.g. what is the
               definition of a section).

             -  If necessary, a line designation format which covers the network
                technology and route association.

             - If necessary, the line designation code to cover the wavelength.

This convention shall be developed between the Network Operation departments of
RENFE and FirstMark after signature of the contract.

6.       OPERATIONS

6.1      SINGLE CONTACT POINT FOR OPERATIONS

In order to ensure fluid interaction between the parties, it is important that
all departments involved from the two companies have access at all times to the
same updated operational information. This will prevent misunderstandings and
contradictions. This uniform information state must be achieved between the
parties through formatted messages and defined interfaces. To do so, all
operationally important information shall be exchanged through a single defined
interface. For operational information, the contact point designated in the
contract shall be the interface between the parties. These contact points shall
forward information within their own undertaking. Erroneous information as a
result of crossed lines will thus be excluded.

If there is any deviation from this procedure, it shall be specifically defined.

                                       12
<PAGE>

6.1.1    RENFE CONTACT POINT

RENFE shall define a single contact point which shall be available 24 hours of
the day, 365 days a year, for all leased optical fibre lines. RENFE shall
provide the name, address, telephone and fax numbers.

6.1.2    FIRSTMARK CONTACT POINT

FirstMark shall define a single contact point which shall be available 24 hours
of the day, 365 days a year, for all leased optical fibre lines. FirstMark shall
provide the name, address, telephone and fax numbers.

6.2      MAINTENANCE TESTS

6.2.1    TEST WAVELENGTH

Tests shall be carried out within or above the spectral window of 1550 nm (of
1485 to 1585 nm). This is because the fibre is more sensitive to flection loss
within the spectral window of 1550 nm than within the 1300 nm window.

If RENFE wishes to use maintenance systems on the fibres leased to FirstMark to
be used when the FirstMark system is active or which require additional
components to be added to the transmission path, it shall request permission
from FirstMark and agreement must be reached regarding the conditions for
utilisation of the FirstMark transmission path.

6.2.2    TEST PROCEDURE

Maintenance tests are measurements carried out to ascertain the location and
component which has caused a service interruption. The RENFE maintenance
procedure must enable the location and component causing the fault to be
identified.

6.2.3    LOCATION OF FAULTS THROUGH NETWORK OPERATORS

When a network is constructed using leased fibre, there may be occasions when
the repeater sections consist of fibre of two or more lessors (this particularly
applies to connections at borders). This leads to the question of how to locate
a fault between the networks or more than one lessor. Since the approach to
maintenance of the leased fibre is for the lessor, RENFE, to carry out all
maintenance activities, the lessee faces the problem of not knowing which lessor
to contact first.

In the case of a fault in the fibre, FirstMark shall contact all lessors and
have them check fault correlation at transport level with other fibre circuits
in their cables. In the case of damage to cable, this will likely identify which
of the cables of the lessors is affected, since cable damage events normally
affect almost all, if not all, fibres in the cable. The cost of

                                       13
<PAGE>

checking fault correlation at transport level is considered as included in the
cost of leasing the fibre and no additional payment shall be made to the lessors
for carrying out such checks, even if it is not their fibre which is at fault.
Furthermore, the response time for a request for fault correlation checks at
transport level shall be less than 20 minutes. If the fault correlation checks
do not manage to isolate the fault within a particular lessor, it will be
necessary for one of the lessors to carry out tests.

In the event of a fault in a repeater section which is provided by more than one
lessor, but where at least part is supplied by RENFE, RENFE shall carry out an
OTDR test of the whole of the section and provide the information to FirstMark.
During this process FirstMark shall be responsible for coordination of the
necessary action with the third party lessor and in this manner RENFE shall deal
solely with FirstMark. In the event that the fault is not in the fibre supplied
by RENFE, FirstMark shall pay the expenses incurred by RENFE.

Any other trunk link provided by a third party shall be connected to the RENFE
fibre by means of the appropriate equipment - ADM or repeaters.

6.3      CONFIGURATION

All new requests for additional fibre on existing routes shall be handled as in
the construction process in section 4.

6.4      MAINTENANCE

RENFE shall be responsible for maintenance of the leased element. By definition,
maintenance activities are scheduled work and, as such, any resulting cut can be
forecast. Consequently, prior notice can be given and the cut can be made as
short as possible.

With respect to interruptions in service as a result of scheduled work, RENFE
shall be under the following obligations:

         1. Less than one scheduled cut per 200 km of network during one year.

         2. Maximum time out of service due to a scheduled cut: 2.5 hours. To
         this amount should be added 1.5 hours out of service as a result of
         proof tests, which may be distributed over several intervals; these
         subsequent proof tests shall be agreed with the Customer.

If these limits are exceeded, the contract penalties shall be applied.

The minimum notice period which RENFE shall give to FirstMark prior to
commencing any maintenance activity shall fall into categories. These categories
are defined in section 5.4.1. The prior notice required for the "At Risk"
category shall be 7 days, and for the "Maintenance Cut", shall be 30 days. The
prior notice for "Re-establishment Cut" shall be 2 hours. Furthermore, RENFE
shall ensure that only one disrupting maintenance activity is carried out ("At
Risk" and "Maintenance cut") per transmission loop at a particular time unless
the maintenance activities are being carried out on a single multiplex link or
unless

                                       14
<PAGE>

FirstMark has given its express permission. The definition of a multiplex link
is a pointto point path between two SDH switching locations.

In all maintenance activities (except "No Risk") RENFE shall notify the
FirstMark contact point immediately prior (30 minutes) to commencing the
scheduled work, and after it has been completed.

It is important that after completion of maintenance activities, network
performance continues to fall within the network design requirements (section
2). In order to ensure this, proof tests must be carried out and the information
passed to FirstMark for acceptance. Measurements must repeat the acceptance
tests summarised in section 2.2, except that the reflectometry measurements
should solely record those events which have been carried out by the maintenance
activity. The attendance of FirstMark shall not be required at proof tests in
respect of maintenance activities. The date and time for proof tests shall be
agreed with FirstMark and shall be carried out within a maximum period of 10
days after the maintenance activity unless as a result of operating requirements
FirstMark postpones the tests to a new date agreed by the parties. Whenever
possible, RENFE shall make an alternative route available to FirstMark. The cut
or cuts for testing shall not contribute to the annual figures for the number of
maintenance cuts but will contribute to the time out of service, which shall be
added to the time out of service resulting from the maintenance activity giving
rise to the proof test. Times out of service may be distributed over several
intervals.

6.4.1    CATEGORIES OF MAINTENANCE ACTIVITY

The maintenance process makes use of classification of maintenance activities
into categories. These categories have their corresponding implications. The
categories are as follows:

"NO RISK"

RENFE maintenance activities which represent little or no risk to the FirstMark
fibres. Work not at fibre level, or access at fibre level through the plant with
fibre management achieved using single circuit management, access at the level
of tray or cable element which do not contain FirstMark fibres. IT IS NOT
NECESSARY for RENFE to notify FirstMark of this activity.

"AT RISK"

Those RENFE maintenance activities which represent an acknowledged risk to the
FirstMark fibres, but which must be completed without interrupting the FirstMark
circuits. Access at fibre level which results in access to fibres contained
within the same cable element as FirstMark fibres, or the same fibre
splicing/organisation tray which contains FirstMark fibres.

RENFE MUST GIVE NOTICE at least 7 days previously to FirstMark of the activity
and of the date and time of the work. The prior notice of these events will
enable FirstMark to verify

                                       15
<PAGE>

the availability of an alternative route and switch the traffic. FirstMark may
request postponement of the activity in the event that an alternative route is
not available at the time of the maintenance event. RENFE shall use its best
efforts to comply with this request unless the scheduled activity is necessary
to repair faults affecting RENFE service or that of another customer.

"MAINTENANCE CUT"

Maintenance activities carried out by RENFE which DO INTERRUPT the FirstMark
circuits (e.g. the replacement of cable sections or optical plant elements).

RENFE MUST GIVE NOTICE at least 30 days previously to FirstMark of the activity,
and the date and time of the work. Prior notice of these events will enable
FirstMark to verify the availability of an alternative route and switch the
traffic. FirstMark may request postponement of the activity if an alternative
route is not available at the time of the maintenance event. RENFE shall comply
with this request unless the scheduled activity is necessary to repair faults
which affect the railway service of RENFE or telecommunications service of
another customer. In any event, and whenever possible, RENFE shall provide an
alternative route and implement the same in conjunction with FirstMark.

Furthermore, RENFE shall use its best efforts to carry out any maintenance
activities which affect the service at times of low priority - e.g. night-time
(between 2 am and 6 am).

Immediately prior (30 minutes) to commencing the "Maintenance Cut" activity,
RENFE shall contact FirstMark and confirm that the activity can be carried out.
At that time, FirstMark shall be entitled to request that work be postponed if
it has good reason for doing so (affecting its service) and RENFE shall comply
with this request unless its own railway service or the telecommunications
service of another customer is affected.

"RE-ESTABLISHMENT CUT"

In the event of partial damage to a fibre cable, it is normally necessary to cut
the remaining fibres which are operating in order to permit re-establishment of
the damaged fibres. If the FirstMark fibres are not affected by the initial
damage event, any subsequent cut shall by definition be a scheduled cut;
nevertheless the prior notice which RENFE can give will be limited. RENFE,
however, MUST GIVE NOTICE THEREOF at least 2 hours previously. Prior notice of
these events will enable FirstMark to take the appropriate steps to minimise
risks. Whenever possible, RENFE shall provide an alternative route and implement
the same in conjunction with FirstMark.

6.4.2    CONTACT POINTS

All contact shall be made through the single Contact Point defined in section
5.1.

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<PAGE>

6.4.3    MONITORING OF THE MAINTENANCE PROCESS

In order to monitor the maintenance process, RENFE shall provide the following
data:

             - The total number of maintenance events per route in the
               category of "At risk" or higher; provided by year and
               category.
             - The number of proof tests rejected for maintenance events during
               this year.
             - The number of maintenance events during the said year
               which it has not been able to re-establish within the agreed
               times.
             - The total time for scheduled cuts during the year, given in hours
               per fibre loop.

The time scheduling and data format shall be in accordance with the contract
performance review (see section 8).

6.5      REPAIRS

Repair activities are by definition reactive. There are two procedures for
repairs. The first is re-establishment by direct definitive repair. The second
is provisional re-establishment which restores the fibres as quickly as possible
before commencing permanent repair through the maintenance process. The time of
cuts under both procedures contributes to fibre non-availability.

Times which contribute to fibre non-availability are the sum of the following
times out of service:

TA-      Time out of service from occurrence of the fault until notified.

TB-      Time out of service after the fault is notified until it is corrected,
         either provisionally or definitively.

TC-      Time out of service due to a second fault related to the first fault
         occurring at the same place and within a period not exceeding 8 hours
         from notification of the first fault.

TD-      Time out of service for carrying out the maintenance activity which
         corrects the fault on a definitive bases.

TE-      Time out of service to carry out proof tests. This time may be
         distributed into several intervals.

For the purpose of this Technical Agreement, total non-availability time due to
a repair event shall be the sum of the following intervals of time out of
service:

for a definitive repair:  T = Tb + Tc + Te
for a provisional repair: T = Tb + Tc + Td + Te

All these service interruptions shall be computed as a single repair event.

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<PAGE>

6.5.1    PROCESS RESPONSIBILITIES

With respect to service interruptions due to repairs, RENFE shall be under the
following commitments:

         1. Less than one cut per breakdown per 300 km of network during one
         year.

         2. Maximum time out of service due to repair cuts: 8 hours. To this
         amount should be added 1.5 hours of time out of service due to the
         proof tests which may be carried out immediately in one transmission
         direction. The proof tests in the other direction may be completed
         subsequently on a date to be determined by mutual agreement between the
         parties.

If these limits are exceeded, the contractual penalties shall be applied.

After a cut, RENFE shall use its best efforts to restore the service in the
shortest possible time, even though there is a risk that other cuts may be
caused accidentally during the repair activity itself. Consequently, an
operating window of 8 hours is established after a cut during which, if other
cuts take place, they will be computed as the first cut and the time out of
service shall be taken as the sum of the time out of service of all cuts
occurring in this 8 hour window (Tb + Tc).

In those cases in which the provisional repair approach is utilised, the
subsequent definitive repair must be completed through the maintenance process
as described in section 5.4 within a maximum period of 30 days after rectifying
the initial fault. In this case, maintenance activity to correct the fault on a
definitive basis shall not be taken into account in the statistics for the
number of cuts for maintenance, and time out of service due to this maintenance
activity (including proofing times) shall be added to the time out of service
for the repair event which gave rise to it.

As in the case of maintenance activities, it is important that after completing
the repair activity, network performance continues within the network design
requirements (section 2). To ensure this, proof tests must be carried out and
the data passed to FirstMark for its acceptance. Measurements must repeat the
acceptance tests summarised in section 2.2 except that the reflectometry
measurements should record only those event which have been carried out by the
repair activity. The attendance of FirstMark at the acceptance tests for repair
activities shall not be required. The date and time for acceptance tests shall
be agreed with FirstMark and carried out within a period of 10 days after the
repair activity; unless, as a result of operating requirements, FirstMark
postpones the tests until a new date agreed by the parties. Whenever possible,
RENFE shall provide FirstMark with an alternative route. The cut for tests shall
not contribute to the annual figures for the number of repair cuts but shall
contribute the time out of service which shall be added to the time of the
repair activity giving rise to such proof tests.

Faults in the fibre may be identified by the transmission systems of any of the
parties using the cable or by RENFE technicians working on the network.
Consequently, faults in the fibre may be identified either by FirstMark or by
RENFE. The two following sections, 5.5.2 and 5.5.3, summarise the procedure for
rectifying faults in relation to fibre faults identified by each party
respectively.

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<PAGE>

6.5.2    FIRSTMARK IDENTIFIES A FAULT IN THE LEASED ELEMENT

      a. Identification of the fault by FirstMark.

      b. The fault is reported to RENFE by fax or telephone, providing the
         following information:
         - Date and time when the fault occurred.
         - Any additional information for the purpose of rectifying the fault.
         - Line code for the defective optical fibre pair. If possible, the
         individual fibre affected should be indicated.
         - Identification of the repeater section (if known).

      c. Confirmation from RENFE of having received the notification.
         RENFE confirms that it has received the fault report by telephone or
         fax and provides the following information:
         -  Name of operator responsible.
         -  Incident code.

      d. First interim response.
         RENFE provides FirstMark with the following information within a
         maximum response time of 120 minutes:
         -  Type of fault.
         -  Cause [assumed] of the fault.
         -  Duration [estimated] of the fault.

      e. Rectification of the fault.
         The fault is rectified in accordance with the RENFE specifications and
         provisions. If necessary, FirstMark may provide support for
         rectification of the fault.

      f. Interim report.
         Based on the fault rectification state, FirstMark will receive a report
         by telephone of progress as fresh news appears. If it is ascertained
         that the maximum repair time or estimated duration of the fault
         indicated in the fault report is exceeded, the interim report shall be
         sent by fax. The content of the fax shall be identical to the content
         of the fault report. The following supplementary matters shall be
         added:

         -  Explanation of reasons for the delay.
         -  Estimated duration of the delay.

      g. Fault rectification report
         After the fault is rectified, notice will immediately be given by
         telephone to FirstMark, followed by the corresponding report by fax.
         The content of the fax shall be identical to the content of the fault
         report and contain the following additional matters:
         -  End of fault: date/time.

                                       19
<PAGE>

         -  Confirmed cause of the fault.
         -  Work carried out.
         - Indication whether the fault was rectified by provisional
         re-establishment and that maintenance activity is therefore required to
         restore the cable section to its state prior to the damage.

      h. Confirmation.
         FirstMark verifies that the fault has been finally rectified and
         confirms the rectification report or, if necessary, indicates the
         defects which still remain. If there are no defects, confirmation of
         rectification of the fault by RENFE (the date indicated by the fax)
         shall be deemed to be the definitive end of the fault. In this case,
         the fault duration shall be taken as the time between: the date and
         time indicated in the notification fax, and the date and time indicated
         in the fault rectification confirmation fax.

6.5.3    RENFE  IDENTIFIES A FAULT IN THE LEASED ELEMENT

      a. Identification by RENFE of the fault.

      b. FirstMark is informed of the fault within the response time of 30
         minutes. RENFE sends the following information to FirstMark by fax:
         -  Line code for the defective optical fibre pair. If possible, the
         individual fibre affected will be indicated.
         -  Date and time when the fault was detected.
         -  Type of fault.
         -  Cause [assumed] of the fault.
         -  Duration [estimated] of the fault.
         -  Incident identification code.

      c. Confirmation by FirstMark of receipt of the notice from RENFE.
         FirstMark confirms that it has received the fault report by telephone
         or fax and provides the following information:
         -  Name of operator responsible.

      d. Rectification of the fault.
         The fault is rectified in accordance with the RENFE specifications and
         provisions. If necessary, FirstMark may provide support in rectifying
         the fault.

      e. Interim report.
         Based on the fault rectification state, FirstMark will receive a report
         by telephone on progress as fresh news appears. If it is ascertained
         that the maximum repair time or estimated duration of the fault
         indicated in the fault report is exceeded, the interim report should be
         sent by fax. The content of the fax will be identical to the content of
         the fault report and contain the following supplementary matters:
         -  Explanation of reasons for the delay.

                                       20
<PAGE>

         -  Estimated duration of the delay.

      f. Fault rectification report.
         After the fault is rectified, the corresponding report will be sent by
         fax to FirstMark. The content of the fax will be identical to the
         content of the fault report and contain the following supplementary
         matters:
         - End of fault: date/time.
         - Confirmed cause of the fault.
         - Work carried out.
         - It will indicate whether the fault was rectified by provisional
         re-establishment, and therefore whether maintenance activity is
         required to restore the cable section to its state prior to the damage.

      g. Confirmation.
         FirstMark will verify that the fault has been finally rectified and
         confirm the rectification report or, if necessary, indicate the defects
         that remain. If there are no defects the fault rectification
         confirmation from RENFE (the date indicated by the fax) will be
         considered as the definitive end of the fault. In this case, the
         duration of the fault will be taken as the time between: the date and
         time indicated in the notification fax, and the date and time indicated
         in the fault rectification confirmation fax.

6.5.4    ESCALATION PROCESS

The escalation procedure will be implemented jointly by the Network Operation
departments of both parties (RENFE and FirstMark) after signature of the
contract.

6.5.5    CONTACT POINTS

All contact shall be through the single Contact Point defined in section 5.1.

6.5.6    MONITORING OF THE REPAIR PROCESS

In order to monitor the repair process, RENFE shall provide the following data:

             -    The total number of repair events per route during the year
                  which affect FirstMark fibres.
             -    Details of the number of faults per repeater section.
             -    The total number of proof tests rejected for repair events
                  during the year.
             -    The number of repair events during the year for which
                  re-establishment has not
                  taken place within the agreed times.
             -    The total time of cuts as a result of breakdowns during the
                  year, given in hours per route.

                                       21
<PAGE>

6.5.7    LANGUAGE

All communications between the parties shall be in Spanish.

7.        OBLIGATIONS ON TERMINATION OF THE CONTRACT

At the end of the fibre lease there will be connection cables which terminate
within the premises used by FirstMark. At the end of fibre leasing, it will be
necessary to remove them or for the owner of the premises to dispose of them.

FirstMark shall be responsible for removing its own equipment and cables and
those installed by third parties contracted by it within a maximum period of 4
months. In the event that they are not removed within this period, RENFE may
dispose of them. FirstMark shall be liable for any claims resulting from removal
of equipment and cable by RENFE brought by third parties contracted by
FirstMark. FirstMark shall use its best efforts to endeavour to shorten this
time and comply with RENFE requests to clear specific spaces.

8.       DOCUMENTATION AND ARCHIVES

RENFE and FirstMark shall jointly define, after signature of the contract, the
documentation which must be maintained and its format, and by whom, arising out
of this contract.

Section 7.1 contains a list for guidance (non-exhaustive) of the documents which
may be required.

8.1      SUMMARY OF THE DOCUMENTS AND ARCHIVES

         -  Testing Archive
         -  Installation Archives
         -  Routing Archives
         -  Capacity Archives
         -  Traffic Archives
         -  Configuration
         -  Technical Specifications
         -  Location Archives
         -  Maps
         -  Control of Changes
         -  Standards
         -  Disaster Process
         -  Process Documents

                                       22
<PAGE>
9.       COMMERCIAL MATTERS

RENFE and FirstMark shall notify each other as soon as possible of any imminent
breach of the terms of the contract.

Confidentiality of information is critical to both parties (RENFE and
FirstMark). This is particularly applicable to information regarding customers.
The contract must ensure that information relating to FirstMark customer
connection and any other information which RENFE acquires as a result of this
contractual relationship is not available to third parties outside RENFE, nor to
other departments of RENFE which are unconnected with the subject matter of this
contract nor, in particular, to any other customer of RENFE who will often be in
direct competition with FirstMark. Furthermore, FirstMark undertakes to keep
information relating to this contract in confidence. In particular, the
financial aspects of the contract; network topology, capacity and locations;
statistical data, standards and processes, and other information which FirstMark
acquires as a result of this contractual relationship.

It is good practice to review the performance of suppliers in relation to the
terms and conditions of their contracts. In order to facilitate the review
process, a standard format must be agreed for the contract performance review
report and the review period must be agreed, which shall normally be annually.
In the event of performance inferior to that indicated in the contract,
FirstMark reserves the right to require more frequent reviews. All costs of
RENFE arising as a result of compiling and providing review reports shall be for
account of RENFE.

RENFE undertakes to provide a review report on performance of the contract on a
fixed date and in a particular format. The periods and format shall be agreed
between the parties after signature of the contract.

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

                                       23

<PAGE>

                                                ANNEX 4

<PAGE>

                                                                               2

                        VERIFICATION AND COMMISSIONING OF
                                OPTICAL NETWORKS

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

<PAGE>

                                                                               3

2.   INTRODUCTION

     This document establishes the most important technical parameters of the
     RENFE optical fibres along with the tests and measurement methods necessary
     to verify them.

3.   RESULTS OF TESTS PROVIDED BY RENFE

     RENFE shall provide transmission measurements - for the optical fibres
     which it leases - as follows:

     1.   Results of OTDR tests in accordance with the indications set out in
          sections 3 and 4.

     2.   Power loss (under the same conditions as the previous item).

     3.   Results of cable manufacturers' tests (attenuation/km, CD, PDM) as
          indicated in section 5.4.

     4.   The types of connectors used, indicating attenuation, return loss,
          number of connectors and location.

     5.   Date of cable installation.

     6.   RENFE cannot measure the PDM value. Nevertheless, it will provide the
          measurements made by the manufacturer of the fibre and provide the
          necessary facilities for the customer to carry out measurements of
          this parameter at points where it considers the same desirable.

4.   TESTS TO BE CARRIED OUT

     Three classes of tests shall be carried out:

     1.   OTDR:

          -    In order to determine:

               -    total attenuation of the link
               -    any particular points on the line
               -    return loss and attenuation in all connectors
               -    attenuation loss of splices

          -    Specifications:

               -    wavelength:                             1550 nm. (1)
               -    reflectance threshold:                   - 50 dB (2)

(1)  In the event that any non-standard values appear, measurements shall also
     be made at 1310 nm to compare results. If the difference between the two
     measurements exceeds 0.1 dB, RENFE shall take the appropriate action to
     correct the anomaly.

(2)  Threshold fixed in the equipment as from which existing events are
     included.

<PAGE>

                                                                               4

          -    Refraction coefficient:

               -    the refraction coefficient provided by the manufacturer
                    shall be provided if there is a single type of fibre in the
                    link.

               -    the required refraction coefficient shall be 1.467 if it is
                    not initially known or if the link consists of different
                    types of fibre.

          -    Pulse duration: The minimum pulse must be used which permits the
               whole distance to be seen. This pulse width shall be different
               for different link distances. The exact value of the pulse used
               shall be determined by the operator of the OTDR. The following
               pulse duration figures can be considered indicative:

                      >  0-40 km impulse duration = 2.5 microseconds
                      >  40-80 km impulse duration = 5 microseconds
                      >  over 80 km impulse duration = 10 microseconds

     2.   Power loss:

          -    In order to determine:

               -    total attenuation of the link, in exact terms

          -    Specifications:

               -    wavelength: 1550 nm for all links
               -    wavelength: 1310 nm for distances of less than 30 km

     3.   PMD (Optional)

          -    In order to determine:

               -    dispersion of the link in polarisation mode, in exact terms

          -    Specifications:

               -    distance (see the OTDR results)

          RENFE shall provide the measurements of this parameter made by the
          manufacturer of the optical fibre. RENFE shall facilitate these tests
          by FIRST MARK personnel if the latter so wishes.

<PAGE>

                                                                               5

4.   TESTING PROCEDURES

     This section defines the procedures for OTDR, return loss and PMD tests (if
     carried out).

     For the purposes of clarity, the two ends of the link are designated in
     this document as:

          -    Point A
          -    Point B

     It shall be expressly indicated (when the results of the measurements are
     provided) which are points A and B.

     These points are usually the terminal connectors of the link. These
     connectors are normally installed in RENFE premises.

     If the fibre link in question does not terminate at a connector, a
     connector will be spliced in order to carry out the tests as indicated in
     this document.

     4.1. OTDR Test

          The OTDR equipment must be capable of measuring differences 50 km
          greater than the length of the link.

          An OTDR test shall be carried out in two directions:

               -    from Point A to Point B
               -    from Point B to Point A

          The manner of carrying out the OTDR test is specified in the following
          sections:

<PAGE>

                                                                               6

     4.1.1. From Point A to Point B
<TABLE>
<S>                        <C>                                       <C>
-------------------------------------------------------------------------------------------------------------------------
Operation                                                              -    The OTDR is  connected  to  connector  C1 at
1                                                                           Point A.  Two measurements are taken:

                                             Point A

                                                                            -   events in link 1
                                                                            -   characteristics   of  the  fibre  in
                                                                                link 1

                                Fibre 1                Fibre 2

                                              Point B

-------------------------------------------------------------------------------------------------------------------------
Operation                               Point A                        -    As in the previous case
2

                              Fibre 1              Fibre 2

                                        Point B

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

</TABLE>

<PAGE>

                                                                               7

     4.1.2. From Point B to Point A
<TABLE>
<S>                          <C>                                      <C>
-------------------------------------------------------------------------------------------------------------------------
Operation

1                                                                      -    As in the previous case

                                            Point A

                                Fibre 1                   Fibre 2

                                             Point B

-------------------------------------------------------------------------------------------------------------------------
Operation                                                              -    As in the previous case
2                                            Point A

                                    Fibre 1                Fibre 2

                                                          --------
                                                            OTDR
                                                          --------

                                                Point B

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

</TABLE>

     Note 1. A loop system should be used (reflectometric extender) between the
             OTDR and the point of measurement.

<PAGE>

                                                                               8

          A loop should also be connected to the terminal point in order to
          guarantee accuracy of the measurements at the terminal connectors.

          These loops should be of a length necessary to guarantee the accuracy
          of the OTDR measurements from the point of measurement.

     4.1.3. Validation of OTDR results

          During the tests, the results of the OTDR test must be compared with
          the specifications in section 7.

          If the results are not satisfactory, the necessary corrections shall
          be made and the measurements repeated, always in accordance with the
          indications of this document. If, after several measurements, the
          fibre still does not comply with the specifications, the corresponding
          action shall be taken to solve the problem (cleaning connectors,
          repetition of fusing, etc.) and new measurements taken.

     4.2. Measurement of power loss

          In order to determine the power loss, the following three steps shall
          be taken:

               1.   Reference power prior to measurement.
               2.   Measurement from Point A to Point B.
               3.   Reference power after measurement.

          These steps are specified in the following sections:

          4.2.1. Reference power prior to measurement

               The first step consists of determining the reference power
               transmitted and received by the measurement equipment at one end
               of the link, as indicated in this diagram:

                                                                    Point A

         Point A
      -------------
        Reciever                 1       2       1
      -------------                                             -------------
       Transmitter  -----------------------------------------      Reciever
      -------------                                             -------------

<PAGE>

                                                                               9

                    1  Connection run
                                                           Adaptor (1)
                   2
                       + Connectors (2)

               This measurement is made before and after measurement of the
               fibre.

          4.2.2. Measurement from Point A to Point B

               This measurement determines the link loss from A to B. The
               results of this measurement must be immediately compared with the
               results of OTDR attenuation.

               Nevertheless, the loss of one connector (e.g. 0.5 dB) must be
               added to the attenuation measured, since the same has been
               included in calibration.

               The measurement shall be implemented in accordance with the
               following diagram:

                                    ------------>
         Point A

                               2       Fibre n       2
      -------------    1                                   1    -------------
       Transmitter  -----------------------------------------      Reciever
      -------------                                             -------------

                         1                                                   C
                            Connection run
                         2                                                   A
                            Adaptor (1) + Connectors (2)
                         3                                                   F
                            Fibre to be measured

          4.2.3. Reference power after the measurements

               Once all the fibres have been measured, the reference power of
               the measuring equipment must again be measured in accordance with
               the specifications defined previously. If the difference between
               this measurement and the initial measurement is greater than 0.4
               dB, the Customer shall be notified and the same shall decide
               whether or not to accept the measurements.

<PAGE>

                                                                              10

               Implementation is defined in the following diagram:

                                                                   Point A

         Point A
      -------------
        Reciever                                         1       2       1
      -------------                                             -------------
       Transmitter  -----------------------------------------      Reciever
      -------------                                             -------------

                              1
                                 Connection run

                              3                                  Adaptor (1)
                                 + Connectors (2)

     4.3. Measurement of the PMD value (optional)

          In the event that FIRST MARK so requests, and at its own cost,
          polarisation mode dispersion tests (PMD) shall be carried out in
          respect of all fibres in one direction only, with the power source at
          one end and the PMD analysed at the other.

          After the measurements, the PMD analyser will give the following
          results per link:

               -    Total PMD value in ps
               -    PMD value in ps / km

          It is not necessary to repeat these measurements in the other
          direction.

5.   PRESENTATION OF THE RESULTS

     The results of the measurements shall be presented to FIRST MARK by the
     latest 7 working days after completing the tests for the power loss
     measurements and within 15 working days of completing the tests for other
     measurements.

     Each measurement report must always include:

     -    the name of the person who carried out the tests.
     -    brand, type and serial number of the measuring equipment used, date
          and calibration certificate issued by the manufacturer.

<PAGE>

                                                                              11

     -    Accurate identification of the FIRST MARK optical fibres in each
          optical distributor on the network layout.

     RENFE shall provide FIRST MARK with the following measurement details:

     5.1. OTDR

          The optical time domain reflectometer (OTDR) results shall be notified
          in the following manner:

          -    From A to B
          -    From B to A

          Event table for each link. The event table provided by the OTDR
          measuring equipment shall be submitted, which shall provide the
          following data:

          -    Event type
          -    Attenuation
          -    Return loss or reflectance (as the case may be)
          -    Location (km)
          -    Pulse duration used. If this information is not shown in the
               event table, it must be included in the corresponding chart.

          For:

               -    From A to B
               -    From B to A
               -    Average.

          -    A comparison of OTDR recorded events and the physical arrangement
               of the table (ODF, splice closures). This comparison will enable
               any cable installation problems to be established.

          -    An explanation of all events outside specifications.

          -    A diskette with the above mentioned records, RENFE shall provide
               these records if possible on standard OTDR BELLCORE GR196-CORE
               Issue 1.

     5.2. Power loss

          The power loss results shall be reported in the following manner:

          -    Reference results:

<PAGE>

                                                                              12

               -    Reference power (before and after the measurements)
               -    Variation in reference power (before and after the
                    measurements)
          -    Attenuation in dB between connectors located in the RENFE
               equipment room.

     5.3. PMD (Optional)

          The results of polarisation mode dispersion (PMD) shall be presented
          in the following manner:

          -    Total PMD per fibre, in picoseconds (ps).
          -    PMD per fibre in picoseconds per square root of kilometres
               (ps /(Square Root)km)

          (RENFE shall provide a copy of the manufacturer's results regarding
          the same. RENFE shall facilitate these tests by FIRST MARK personnel
          if so required).

     5.4. Manufacturer's tests

          RENFE shall provide FIRST MARK with the results of the following tests
          carried out by the cable manufacturer:

          -    Optical properties

          Attenuation:

          -    Maximum value between 1,285 and 1,330 nm. (spectral attenuation
               curve of a sample of the optical fibre used).
          -    Maximum value of 1,550 nm.
          -    Attenuation uniformity (predetermined premises).

          Chromatic dispersion:

          -    Between 1,285 and 1,330 nm. (the particular values provided by
               the manufacturer should be provided).

          -    At 1,550 nm.
          -    Dispersion in polarisation mode.

6.   ABBREVIATIONS

     CD   Chromatic dispersion

     ODF  Optical Distribution Frame

<PAGE>

                                                                              13

     OTDR Optical Time Domain Reflectometer

     PMD  Polarisation Mode Dispersion

<PAGE>

                                                                              14

7.   SPECIFICATIONS OF RENFE OPTICAL FIBRE

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------

TYPE AND STRUCTURE

Mono-mode, in accordance with CCITT G 652 specifications.

The fibres consist of an adulterated silica core covered by a silica shield and a two-layer coating of ultraviolet-hardened
acrylate.
<S>                                                 <C>                         <C>
------------------------------------------------------------------------------------------------------------------------

GEOMETRIC PROPERTIES

Field diameter at 1310 nm                              (micrometers)             [9-10]+/- 10%
Shield diameter                                        (micrometers)             125+/-3
Coating diameter                                       ((micrometers)            245+/-10
Field excentricity                                     (%)                       LESS THAN OR EQUAL TO 6
Shield excentricity                                    (%)                       LESS THAN OR EQUAL TO 2
Core/shield concentricity error                        ((micrometers)            LESS THAN OR EQUAL TO 1
Shield/coating concentricity error                     ((micrometers)            LESS THAN OR EQUAL TO 15

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

OPTICAL PROPERTIES

Shear wavelength (fibre in cable)                      (nm)                      (lambda) cc LESS THAN OR EQUAL TO 1280

Attenuation:
Maximum value between 1285 and 1330 nm                 (dB/km)                   0.38
Maximum value at 1550 nm                               (dB/km)                   0.25

Uniformity of attenuation (predetermined premises)     (dB)                      LESS THAN OR EQUAL TO 0.1

Chromatic dispersion:
Between 1285 and 1330 nm                               (ps/nm.km)                LESS THAN OR EQUAL TO 3
At 1550 nm                                             (ps/nm.km)                LESS THAN OR EQUAL TO 20

Dispersion in polarisation mode:                       (ps/(Square Root) km)     LESS THAN OR EQUAL TO 0.5

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

MECHANICAL PROPERTIES

Transmission tests                                     (%)                       LESS THAN OR EQUAL TO 1
(minimum duration 1s)
Flexion test
Additional loss at 1550 nm                             (dB)                      LESS THAN OR EQUAL TO 0,1
(100 turns on a 75 mm diameter mandrel)
------------------------------------------------------------------------------------------------------------------------

</TABLE>

<PAGE>

                                                                              15

8.   SUMMARY OF SPECIFICATIONS

     -    Standard mono-mode

     Splice value = (Splicing measurement from A to B + splicing measurement
     from B to A) /2

     -    Average maximum value of splices LESS THAN 0.1 (*)
     -    Individual maximum value of splice LESS THAN 0.5 dB
     -    Maximum unit attenuation ODF/S connector (1 connector+1 adaptor+1
          connector)=0.5 dB at 1,550 nm.
     -    Connector return loss, better than 30 dB at 1,550 nm.
     -    Maximum dispersion value in polarisation mode = 0.5 ps/(Square Root)km
          a 1,550 nm.
     -    RENFE shall procure that no optical fibre distributors are installed
          in the optical fibres of FIRST MARK on the sections between two FIRST
          MARK repeaters.

8.   RESULTS TO BE SUBMITTED

     8.1. Information regarding equipment

          RENFE shall provide FIRST MARK with the following data for each
          measurement:

          Name of person carrying out the measurements.

          Date of measurement.

          Brand of measurement equipment.

          Type of measurement equipment.

          Serial number of measurement equipment.

          Calibration date and certificate number.

          Links and fibres measured with this equipment.

     8.2. OTDR event table

          The format for presenting results shall be as indicated in Annex A.

     8.3. Power loss

          The format for presenting the results shall be as indicated in Annex
          A.

<PAGE>

                                                                              16

          (*)  The average is calculated taking into account all splices in a
               repeater span. For example, if there are ten splices in a span,
               total attenuation may not exceed 1dB.

<PAGE>

                                                                              17

                                     ANNEX A

<PAGE>

                                                                              18

RENFE INFRASTRUCTURE
MAINTENANCE                                                   TELECOMMUNICATIONS

                       OPTICAL POWER LOSS MEASUREMENTS

<TABLE>
<CAPTION>
Details of Link
<S>                                                                                  <C>
-----------------------------------------------------------------------------------------------------
Station A:                                                                               Fibre length

Station B:                                                                              Type of Cable
-----------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
General Data                                                                          Date:
<S>                                                       <C>
-----------------------------------------------------------------------------------------------------
First and last names:                                                            JTMI/Undertaking
-----------------------------------------------------------------------------------------------------
Initial ref. reading (dB)                                                        Difference (dB)
                                                            -----------------------------------------
Final ref. reading (dB)                                                 Wavelength
-----------------------------------------------------------------------------------------------------
Equipment                      Brand and Model               Serial No.     Calibration ref. and Date
-----------------------------------------------------------------------------------------------------
Light Source

Power measurer**
-----------------------------------------------------------------------------------------------------

</TABLE>

<TABLE>
<S>           <C>          <C>                     <C>             <C>            <C>
------------------------------------------         ----------------------------------------------
  Fibre       Reading       Attenuation                 Fibre       Reading       Attenuation
------------------------------------------         ----------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

         Attenuation (dB) = Reading -  Inital reference reading - 0.5

<PAGE>

                                                                              19

RENFE INFRASTRUCTURE
MAINTENANCE                    MEASUREMENTS OF OPTICAL FIBRE SPLICES

                                                                Sheet ... of ...

<TABLE>
<S>                               <C>                       <C>                               <C>
------------------------------------------------------------------------------------------------------------------------------
Station A:                           Station B:                   Fibre Length:                  Type of Cable:
------------------------------------------------------------------------------------------------------------------------------
First and last names:                                            JTMI/Undertaking:                        Date:
------------------------------------------------------------------------------------------------------------------------------
OTDR Make and Model                      Serial no.            Calibration ref. and date          Wavelength:
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<S>          <C>         <C>                <C>        <C>         <C>    <C>        <C>        <C>
------------------------------------------------------------------------------------------------------------------------------
Fibre         N DEG.     Length             N DEG.     Length             N DEG.     Length
              ------------------------------------------------------------------------------------------
N DEG.        A   -   B  B   -   A  Average A   -   B  B   -   A  Average A   -   B  B   -   A  Average
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------
Fibre         N DEG.     Length             N DEG.     Length             N DEG.     Length
              ------------------------------------------------------------------------------------------
N DEG.        A   -   B  B   -   A  Average A   -   B  B   -   A  Average A   -   B  B   -   A  Average
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------
Fibre         N DEG.     Length             N DEG.     Length             N DEG.     Length
              ------------------------------------------------------------------------------------------
N DEG.        A   -   B  B   -   A  Average A   -   B  B   -   A  Average A   -   B  B   -   A  Average
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------
Fibre         N DEG.     Length             N DEG.     Length             N DEG.     Length
              ------------------------------------------------------------------------------------------
N DEG.        A   -   B  B   -   A  Average A   -   B  B   -   A  Average A   -   B  B   -   A  Average
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------
Fibre         N DEG.     Length             N DEG.     Length             N DEG.     Length
              ------------------------------------------------------------------------------------------
N DEG.        A   -   B  B   -   A  Average A   -   B  B   -   A  Average A   -   B  B   -   A  Average
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------
Fibre         N DEG.     Length             N DEG.     Length             N DEG.     Length
              ------------------------------------------------------------------------------------------
N DEG.        A   -   B  B   -   A  Average A   -   B  B   -   A  Average A   -   B  B   -   A  Average
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------
Fibre         N DEG.     Length             N DEG.     Length             N DEG.     Length
              ------------------------------------------------------------------------------------------
N DEG.        A   -   B  B   -   A  Average A   -   B  B   -   A  Average A   -   B  B   -   A  Average
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------
Fibre         N DEG.     Length             N DEG.     Length             N DEG.     Length
              ------------------------------------------------------------------------------------------
N DEG.        A   -   B  B   -   A  Average A   -   B  B   -   A  Average A   -   B  B   -   A  Average
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------
Fibre         N DEG.     Length             N DEG.     Length             N DEG.     Length
              ------------------------------------------------------------------------------------------
N DEG.        A   -   B  B   -   A  Average A   -   B  B   -   A  Average A   -   B  B   -   A  Average
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------           ------------
Fibre         N DEG.     Length             N DEG.     Length                          Average
              ------------------------------------------------------------              Value
N DEG.        A   -   B  B   -   A  Average A   -   B  B   -   A  Average            ------------
--------------------------------------------------------------------------           ------------
--------------------------------------------------------------------------           ------------
--------------------------------------------------------------------------           ------------
--------------------------------------------------------------------------           ------------
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</TABLE>

<PAGE>

                                     ANNEX 5

<PAGE>

                        DELIVERY - ACCEPTANCE CERTIFICATE

Pursuant to clause 4.1.2. of the Technical Annex of the Contract of 1 August /00
between FIRSTMARK and RENFE, RENFE hereby delivers to FIRSTMARK the fibre optic
network -one optical fibre pair - over the following route: _______________.

                                       Madrid, __________________________

                                         DELIVERY BY RENFE

                                         Mr. ____________________________

    ACCEPTANCE BY FIRSTMARK,

    Mr. ________________________

<PAGE>

                                     ANNEX 6

<PAGE>

                                     ANNEX 6
                           CONFIDENTIALITY UNDERTAKING

(To be addressed by the party concerned to the other, as appropriate).

                              In........, the............of ............ , 2000

Dear Sir,

 ....... has stated its interest in examining the viability of a possible
securitisation operation in respect of the credit rights deriving from the
contract for the use and maintenance of an optical fibre Network entered into
between Red Nacional de los Ferrocarriles Espanoles (RENFE) and FirstMark
Communications Europe, S.A. (FirstMark), hereinafter the "Operation".

In order that ........ can act as financial adviser to ..................... in
the design of the Operation, ............. has agreed to provide to ..........
certain verbal and written information relating to the Operation as well as the
contracts entered into. The information provided is hereinafter referred to as
the "Information".

In relation to the Operation, ....................., states that:

1.   It undertakes to maintain the Information in confidence and not to transmit
     the same in whole or in part at any time or in any manner to any individual
     or legal entity except in the exceptional circumstances expressly provided
     in this document and when the Information is communicated to
     administrative, supervisory or Stock Exchange authorities.

2.   ....... authorises .......... to provide the Information to third parties
     when necessary to carry out its study. In this event, it shall enter into
     the corresponding confidentiality commitment with the said third party in
     identical terms to those set out in this document and forward a copy
     thereof to FirstMark/RENFE (as the case may be).

3.   ....... undertakes to use the Information provided solely and exclusively
     for the purposes of examining the viability and, as the case may be,
     designing the Operation, and may not otherwise use the same to the
     prejudice of FirstMark/RENFE (as the case may be).

<PAGE>

4.   The provisions of this document regarding the information shall not extend
     to those parts of the Information which are or become public knowledge or
     are made public other than by breach of ..................., which is
     already in its possession, which has been independently obtained, or has
     been obtained from a third party not subject to a confidentiality
     obligation.

5.   This commitment shall be enforceable and binding on ..........., its
     subsidiaries and associates. The obligations set out in this document shall
     remain in force whilst relations are maintained between the parties and for
     one year as from the date of termination thereof.

6.   ............ hereby undertakes to indemnify FirstMark/RENFE (as the case
     may be) against loss or damage which may be caused to it by breach of the
     terms of this confidentiality undertaking.

7.   The parties expressly waive any legal jurisdiction and agree to submit any
     dispute, matter or incident which may arise between them in relation to
     this Contract to arbitration. The said arbitration shall be at law and the
     administration thereof entrusted to the Civil and Mercantile Court of
     Arbitration ("Corte Civil y Mercantil de Arbitraje - CIMA") whose bylaws
     and procedural regulations are known to the signatories to this document.
     Hearing of and decisions regarding the matters in dispute shall be carried
     out by a single arbitrator appointed from members of the Civil and
     Mercantile Court of Arbitration by agreement of the parties when the
     dispute arises or, if not so agreed, by the Chairman of the Court, in
     accordance with its bylaws, which the parties state they are also familiar
     with. It shall be deemed that agreement is not reached if, within fifteen
     calendar days from a request from one party to the other party or parties,
     no affirmative answer is received from them all. The parties expressly
     record their commitment to comply with any arbitration award issued.

Yours faithfully,

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

 ..............................(name)
 ..............................(name of the company)
 ..............................(position in the undertaking)<PAGE>
                                 EXHIBIT 10.10

                      Sub-Lease for the property located at
                       6033 West Century Blvd., Suite 500
                             Los Angeles, California
                              dated March 27, 2000

                                  Page 1 of 10
<PAGE>

                                    SUBLEASE

         THIS AGREEMENT made as of the 27th day of March 2000, between
METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation having its Home
Office at One Madison Avenue, New York, New York 10010, hereinafter referred to
as "Sublessor", and iNetVersity, Inc., a California Corporation having an
address at 19951 Mariner Avenue, Suite 100, Torrance, California 90503,
hereinafter referred to as "Sublessee".

                                   WITNESSETH:

         WHEREAS, Sublessor represents that by Agreement of Lease dated June 17,
1997, as modified, amended, renewed and extended, Arden Realty Limited
Partnership ("Prime Lessor") leased to Sublessor certain space on the fifth
floor in the building (the "building") located at 6033 West Century Boulevard,
Suite 500, Los Angeles, California 90045 containing approximately 16,339
rentable square feet of space (hereinafter sometimes called "Prime Lease") a
copy of which lease is hereby annexed, marked Exhibit A, and made a part hereof;
and

         WHEREAS, Sublessor further represents that said Prime Lease is now in
full force and effect.

         NOW, THEREFORE, the parties mutually covenant and agree as follows:

         1. Sublessor hereby leases to Sublessee and Sublessee hereby hires from
Sublessor approximately 16,339 rentable square feet of space in the Building as
more particularly identified in the Prime Lease (hereinafter referred to as the
"Subleased Premises") for a term commencing on April 15, 2000 and ending on
September 29, 2002 unless sooner terminated, at an annual rental of two hundred
thirty five thousand two hundred eight one dollars and 60/100 Dollars
($235,281.60). Said annual rental shall be payable in equal monthly installments
in advance on the first day of each and every month during the term. Rent is to
be paid to Sublessor at its Home Office (addressed to the attention of the
Director of Leasing), or at such other place as Sublessor may designate by
notice to Sublessee, in lawful money of the United Sates, without prior demand
therefor and without any offset or deduction. In the event that the term of the
Sublease shall commence on a day other than the first day of the month, rent
shall be adjusted on a per diem basis. The subleased Premises shall be used for
general office, customer training and any other use consistent with the
operation of Sublessee's business. Rent for the first full calendar month of the
Sublease Term shall be paid upon execution of this Sublease.

         2. Sublessee shall not, without the prior written consent of Sublessor
and Prime Lessor first obtained, assign the term hereby demised, or suffer or
permit it to be assigned by operation of law or otherwise, nor shall Sublessee
without the prior written consent of Sublessor and Prime Lessor let, underlet or
permit said Subleased Premises, or any part thereof, to be used by others.

         3. Except as otherwise herein provided, all of the terms, provisions,
covenants and conditions contained in the Prime Lease are made a part of this
Sublease, Sublessor being substituted for "Landlord" and Sublessee for "Tenant",
it being understood that such rights and obligations of Tenant as are contained
in the same, and as the same relate to the Subleased Premises, during the term
of this subletting, are hereby granted to or imposed on Sublessee in the same
manner as if Sublessee had been Tenant in same, it being understood, however,
that

                                  Page 2 of 10
<PAGE>

Sublessee shall look solely to Prime Lessor for performance of Prime Lessor's
obligations under the Prime Lease and Sublessor shall not be liable for any
default by Prime Lessor nor shall Sublessor be responsible to provide any
services to Sublessee.

         4. Sublessee agrees that Sublessor shall not be obligated to perform
any services to be performed by Prime Lessor pursuant to the Prime Lease.
However, Sublessee shall be entitled to receive from Sublessor all services
Sublessor receives from Prime Lessor, and in the event that Prime Lessor fails
to supply to Sublessee the services to which Sublessor is entitled under the
Prime Lease or shall refuse to comply with any of the provisions of the Prime
Lease as they affect the Subleased Premises, Sublessor agrees to assist and
cooperate with Sublessee and use reasonable efforts (excluding litigation) to
obtain performance of Prime Lessor's obligations under the Prime Lease (provided
Sublessee shall reimburse Sublessor for all costs incurred upon request).
Sublessor agrees at the request of Sublessee to serve upon and send any required
or requested notices to Prime Lessor. In addition, Sublessee agrees to promptly
pay to Prime Lessor or Sublessor all charges by Prime Lessor under the Prime
Lease for any such services or supplies which Prime Lessor is not required to
furnish without additional charge.

         5. Each of the following shall be an Event of Default under this
Sublease:

         (A) if Sublessee shall default in the payment when due or any
installment of rent or in the payment when due of any additional rent or in the
making of any other payment herein required, and such default shall continue for
a period of five (5) days after notice by Sublessor to Sublessee of such
default; or

         (B) if Sublessee shall default in the observance or performance of any
term, covenant, or condition of this Sublease on Sublessee's part to be observed
or performed (other than the covenants for the payment of rent and additional
rent) and Sublessee shall fail to remedy such default within five (5) days after
notice by Sublessor to Sublessee of such default, or if such default is of such
a nature that it can not be completely remedied within said period of five (5)
days and Sublessee shall not commence within said period of five (5) days, or
shall not thereafter diligently prosecute to completion, all steps necessary to
remedy such default; or

         (C) if Sublessee shall file a voluntary petition in bankruptcy or
insolvency, or shall be adjudicated a bankrupt or insolvent, or shall file any
petition or answer seeking any reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under the present or
any future federal bankruptcy act or any other present or future applicable
federal, state or other statute or law, or shall make an assignment for the
benefit of creditors or shall seek or consent to or acquiesce in the appointment
of any trustee, receiver or liquidator of Sublessee or of all or any part of
Sublessee's property; or

         (D) if within thirty (30) days after the commencement of any proceeding
against Sublessee whether by the filing of a petition or otherwise, seeking any
reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under the present or any future federal bankruptcy act or any
other present or future applicable federal, state or other statute or law, such
proceeding shall not have been dismissed, or if, within thirty (30) days after
the appointment of any trustee, receiver or liquidator of Sublessee, or of all
or any part of Sublessee's property, without the consent or acquiescence of
Sublessee, such appointment shall not have been vacated or otherwise discharged,
or if any execution or attachment shall be

                                  Page 3 of 10
<PAGE>

issued against sublessee or any of Sublessee's property pursuant to which the
Subleased Premises shall be taken or occupied or attempted to be taken or
occupied; or

         (E) if the Subleased Premises shall become vacant, deserted or
abandoned.

         (F) if Subleasee fails to vacate and surrender to Sublessor exclusive
possession of the Subleased Premises in the condition and on the expiration date
of the term of this Sublease or upon any earlier termination date otherwise
provided.

         6. Sublessee is familiar with the Subleased Premises and agrees to
accept them "as is" "where-is" and without any representation or warranty as to
the condition, state of repair or otherwise. Sublessee understands and agrees
that no materials are to be furnished by Sublessor and no work is to be
performed by Sublessor in connection with the Subleased Premises, except as
otherwise provided herein.

         7. Sublessor has no present intention to exercise Sublessor's rights to
renew or extend the Prime Lease, if any, and this Sublease shall expire without
notice on the date set forth herein. No right to renew this Sublease or the
Prime Lease is granted or given to Sublessee.

         8. Sublessee represents and warrants to Sublessor that Sublessee had
not dealt with any party other than Grubb & Ellis in connection with this
Sublease who might be entitled to a commission or compensation from Sublessor on
account of introducing the parties, the preparation or submission of this
Sublease or the closing of the transaction contemplated herein. Sublessee agrees
to indemnify and hold harmless Sublessor against all loss, liability and
expense, including reasonable attorneys' fees, arising out of any claim by any
party for commission or compensation by reason of the transaction contemplated,
except as otherwise provided.

         9. This instrument shall be deemed a sublease and not an assignment.

         10. Sublessee shall deposit with Sublessor the sum of $19,606.80 as a
Security Deposit. The Security Deposit shall be held by Sublessor without
liability for interest and as security for the performance of Sublessee's
covenants and obligations under this Sublease, it being expressly understood
that the Security Deposit shall not be considered an advance payment of rent of
any type or, a measure of Sublessee's damages in case of default by Sublessee.
Sublessor may commingle the Security Deposit with its other funds. Sublessor
may, from time to time, without prejudice to any other remedy, use the Security
Deposit to the extent necessary to make good any arrearage of rent or to satisfy
any other covenant or obligation of Sublessee hereunder. Following any such
application of the Security Deposit, Sublessee shall pay to Sublessor on demand
the amount so applied in order to restore the Security Deposit to its original
amount. If Sublessee is not in default at the termination of this Sublease and
has paid in full all rent, escalations, fees, if any, and pro-rations, then upon
thirty (30) days written notice from Sublessee, the balance of the Security
Deposit remaining after any such application shall be returned by Sublessor to
Sublessee. If Sublessor transfers its interest in the Subleased Premises during
the term of this Sublease, Sublessor may assign the Security Deposit to the
transferee and thereafter shall have no further liability for the return of such
Security Deposit. Sublessee hereby waives any and all rights of Sublessee under
the provisions of Section 1950.7 of the California Civil Code or other law
regarding security deposits.

                                  Page 4 of 10
<PAGE>

         11. Sublessee shall deposit with Sublessor the sum of $78,427.20 as a
Pre-Paid Rent. The Pre-Paid Rent shall be held by Sublessor without liability
for interest and as security for the performance of Sublessee's covenants and
obligations under this Sublease, it being expressly understood that the Pre-Paid
Rent shall be considered an advance payment of rent for the months of May 2000,
July 2002, August 2002 and September 2002. Sublessor may commingle the Pre-Paid
Rent with its other funds. Sublessor may, from time to time, without prejudice
to any other remedy, use the Pre-Paid Rent to the extent necessary to make good
any arrearage of rent or to satisfy any other covenant or obligation of
Sublessee hereunder. Following any such application of the Pre-Paid Rent,
Sublessee shall pay to Sublessor on demand the amount so applied in order to
restore the Pre-Paid Rent to its original amount. If Sublessor transfers its
interest in the Subleased Premises during the term of this Sublease, Sublessor
may assign the Pre-Paid Rent to the transferee and thereafter shall have no
further liability for the Pre-Paid Rent. Sublessee agrees to attorn to an
assignee of Sublessor provided that the assignee assumes all obligations under
this Sublease including the obligation to honor the pre-paid rent.

         12. Anything in the Prime Lease to the contrary notwithstanding,
Sublessee's shall pay to Sublessor, within ten (10) days of demand, all amounts
due to Prime Lessor pursuant to paragraph 3(b), 3(c), and 3(d)of the Prime Lease
(it being the intent that all sums be passed directly through to Sublessee by
Sublessor), including without limitation all estimated payments under Paragraph
3(d)(ii) of the Prime Lease.

         13. SUBLESSOR'S TERMINATION OPTION FROM THE PRIME LEASE. ARTICLE 34
PAGE 30. PROVIDED TENANT FULLY AND COMPLETELY SATISFIES EACH OF THE CONDITIONS
SET FORTH IN THIS ARTICLE 34, TENANT SHALL HAVE THE OPTION ("TERMINATION
OPTION') TO TERMINATE THIS LEASE EFFECTIVE AT THE END OF THE SIXTIETH (60TH)
MONTH OF THE INITIAL TERM ONLY (THE "TERMINATION DATE"). IN ORDER TO EXERCISE
THE TERMINATION OPTION, TENANT MUST FULLY AND COMPLETELY SATISFY EACH AND EVERY
ONE OF THE FOLLOWING CONDITIONS: (a) TENANT MUST GIVE LANDLORD WRITTEN NOTICE
("TERMINATION NOTICE") OF ITS INTENTION TO TERMINATE THIS LEASE, WHICH
TERMINATION NOTICE MUST BE DELIVERED TO LANDLORD AT LEAST SIX (6) MONTHS PRIOR
TO THE TERMINATION DATE, (b) AT THE TIME OF THE TERMINATION NOTICE, TENANT SHALL
NOT BE IN DEFAULT UNDER THIS LEASE AFTER EXPIRATION OF APPLICABLE CURE PERIODS,
AND (c) WITHIN FOURTEEN (14) DAYS OF TENANTS DELIVERY OF THE TERMINATION NOTICE
TO LANDLORD, TENANT SHALL PAY A TERMINATION FEE ("TERMINATION FEE") EQUAL TO THE
UNAMORTIZED PRINCIPAL BALANCE, AS OF THE TERMINATION DATE, OF THE (i) TENANT
IMPROVEMENT ALLOWANCE (AND ADDITIONAL ALLOWANCE, IF ANY) ACTUALLY UTILIZED BY
TENANT, AND (ii) THE BROKERAGE COMMISSION PAID BY LANDLORD IN CONNECTION WITH
THE LEASE. AMORTIZATION PURSUANT TO THIS ARTICLE 34 SHALL BE CALCULATED ON A TEN
(10) YEAR AMORTIZATION SCHEDULE COMMENCING AS OF THE COMMENCEMENT DATE BASED
UPON EQUAL MONTHLY PAYMENTS OF PRINCIPAL AND INTEREST, WITH INTEREST IMPUTED ON
THE OUTSTANDING PRINCIPAL BALANCE AT THE RATE OF TEN PERCENT (10%) PER ANNUM.
HOWEVER, IF TENANT EXERCISES ITS RIGHT OF FIRST OFFER PURSUANT TO ARTICLE 32,
ABOVE, THE TERMINATION FEE SHALL BE INCREASED BY THE UNAMORTIZED PRINCIPAL
BALANCE OF ANY OUT-OF-POCKET SUMS EXPENDED BY LANDLORD IN CONNECTION WITH ANY
SUCH EXPANSION (INCLUDING, WITHOUT LIMITATION, ANY SUMS EXPENDED BY LANDLORD TO
IMPROVE THE FIRST OFFER SPACE AND ANY BROKERAGE COMMISSIONS INCURRED BY LANDLORD
IN CONNECTION WITH SUCH EXPANSION) SUCH AMORTIZATION TO BE CALCULATED OVER ANY
AMORTIZATION PERIOD FROM THE DATE UPON WHICH TENANT'S LEASE OF THE FIRST OFFER
SPACE COMMENCES UNTIL THE DATE OF EXPIRATION OF THE INITIAL TERM, BASED UPON
EQUAL MONTHLY PAYMENTS OF PRINCIPAL AND INTEREST THROUGHOUT SUCH AMORTIZATION
PERIOD, WITH INTEREST IMPUTED ON THE OUTSTANDING PRINCIPAL BALANCE AT THE RATE
OF TEN PERCENT (10%) PER ANNUM.

                                  Page 5 of 10
<PAGE>

                  It is Sublessors intention to exercise this Termination
Option. By its inclusion here Sublessor is providing both Prime Lessor and
Sublessee with written notification of this absolute intention to terminate and
nothing in this sublease to the contrary shall interfere in any way with
Sublessors ability to timely exercise the Termination Option.

         14. SUBLESSOR AND PRIME LESSOR AGREE TO PROVIDE SUBLESSEE WITH ANY
NOTICES OF DEFAULT SERVED ON SUBLESSOR BY PRIME LESSOR.

                           15. THE FURNITURE AND EQUIPMENT LISTED IN EXHIBIT A
WILL REMAIN WITH THE PREMISES THROUGHOUT THE TERM OF THIS SUBLEASE AND SHALL
HAVE THE RIGHT TO PURCHASE THESE ITEMS AT THE END OF THE LEASE ("PURCHASE
OPTION"). IN ORDER TO EXERCISE THE PURCHASE OPTION, SUBLESSEE MUST FULLY AND
COMPLETELY SATISFY EACH AND EVERY ONE OF THE FOLLOWING CONDITIONS: (a) SUBLESSEE
MUST GIVE SUBLESSOR WRITTEN NOTICE OF ITS INTENTION TO PURCHASE THESE ITEMS ON
OR BEFORE MARCH 1, 2002, (b) AT THE TIME OF THE NOTICE, SUBLESSEE SHALL NOT BE
IN DEFAULT UNDER THIS LEASE, AND (c) WITHIN FOURTEEN (14) DAYS OF SUBLESSEES
DELIVERY OF THE NOTICE TO SUBLESSOR, SUBLESSEE SHALL DELIVER A CASHIERS CHECK IN
THE AMOUNT OF SIXTY THOUSAND DOLLARS ($60,000.00).

         16.   Sublessee shall have no rights in respect of the use of the roof
               of the Building as provided in Article 4 of the Prime Lease.

                  17. In any action to enforce the terms of this Sublease,
                  including any suit by Prime Lessor for the recovery of rent or
                  possession of the Subleased Premises, the losing party shall
                  pay the successful party a reasonable sum for attorney's fees
                  in such suit and such attorney's fees shall be deemed to have
                  accrued prior to the commencement of such action shall be paid
                  whether or not such action is prosecuted to judgement.

         18. EACH PARTY HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION
SEEKING SPECIFIC PERFORMANCE OR ANY PROVISION OF THIS LEASE, FOR DAMAGES FOR ANY
BREACH UNDER THIS LEASE, OR OTHERWISE FOR ENFORCEMENT OF ANY RIGHT OF REMEDY
HEREUNDER.

         19. Sublessee shall have no rights in respect of Article 32 of the
Prime Lease ("Right of First Offer") and Sublessee shall have no right to expand
the size of the Subleased Premises.

         20. LATE PAYMENTS. Upon demand of Sublessor, Sublessee shall pay to
Sublessor an amount equal to five cents ($0.05) for each one dollar ($1.00) of
Monthly Rent, which is not paid within five (5) days of the date which such
amount is due and payable.

         21. INTEREST ON LATE PAYMENTS. If Sublessee fails to pay when due any
installment of Monthly Rent, Sublessee shall also pay to Sublessor, upon demand,
interest on such unpaid amount at the annual rate equal to the lesser of (I) 3%
plus the rate from time to time announced

                                  Page 6 of 10
<PAGE>

by Wells Fargo Bank as its prime (or similar) rate and (ii) the maximum rate
then permitted by applicable law, from the date on which such unpaid amount
first became due and payable until the date same is paid.

         22. NOTICE OF ACCIDENTS. Each Party shall give the other and Landlord
notice of any fire, casualty or accident in or about the Subleased Premises or
any other space on the floor of the Building promptly after such party becomes
aware of such event.

         23.      NON-LIABILITY, INDEMNITY INSURANCE.
                  (a) Neither Sublessor nor any agent or employee of Sublessor
shall be liable to Subtenant for any death of or injury or damage to Subtenant
or any other person or for any damage to or loss (by theft or otherwise) of any
property of Subtenant or any other person. Subtenant shall indemnify and hold
harmless Sublessor, its employees and agents from and against any and all
claims, losses, liabilities, damages, costs and expenses (including reasonable
attorney's fees) arising from (i) the use, conduct or maintenance by Subtenant,
its agents, employees or contractors of the Subleased Premises or any business
therein or any work or thing whatsoever done, or any condition created in or
about the Subleased Premises during the Term by Subtenant, its agents, employees
or contractors or any time prior to the Commencement Data that Subtenant may
have been given access to the Subleased Premises, (ii) any negligent or
otherwise wrongful act or omission of Subtenant or any of its employees, agents
or contractors, (iii) any failure of Subtenant to perform or comply with all of
the provisions hereof that are applicable to Subtenant and (iv) any obligation
Sublessor may have to indemnify Landlord under the Prime Lease, to the extent
related to the Subleased Premises. In case any action or proceeding be brought
against Sublessor or an employee or agent of Sublessor by reason of any of the
foregoing, Subtenant, upon notice from Sublessor, shall defend such action or
proceeding by counsel chosen by Subtenant who shall be reasonably satisfactory
to Sublessor (and Subtenant's insurance company's counsel shall be deemed
satisfactory to Sublessor). Subtenant or its counsel shall keep Sublessor fully
appraised at all times of the status of such defense and shall not settle same
without the written consent of Sublessor

                  (b) Subtenant shall, at its sole cost and expense, obtain and
maintain injury and property damage insurance, under a policy of general public
liability insurance in standard form, against claims for bodily injury or death
or property damage occurring in or about the Subleased Premises, effective from
the Commencement Date or earlier date Subtenant enters into possession and
during the Term, with such limits as may be reasonably requested b Sublessor
from time to time, but in no event less than a combined single limit of
$2,000,000 (including excess liability coverage). The policies evidencing such
insurance shall name Sublessor and Landlord as additional insured and shall
provide that the policies shall not be canceled or modified until the insurance
company shall give to Sublessor at least 30 days' prior written notice thereof.
All such policies shall insure Sublessor, Landlord and Subtenant as their
respective interests may appear and shall be issued by an insurance company with
a general policy holder's rating of not less than A and a financial rating of
not less than Class XI as rated in the most recent available "Best's" insurance
reports, and licensed to do business in New York State. Subtenant shall be
permitted to carry such policies using blanket or umbrella coverage. Prior to
the earlier to occur of the Commencement Date or the date Subtenant shall have
access to the Subleased Premises, Subtenant shall furnish to Sublessor a
certificate or certificates in form satisfactory to Sublessor evidencing the
insurance coverage hereby required. At least 20 days prior to the expiration of
the insurance coverage required hereby, Subtenant shall furnish to

                                  Page 7 of 10
<PAGE>

Sublessor such certificate or certificates evidencing new or renewed required
coverage. On Subtenant's default in obtaining or delivering any such policy
or policies or certificate or certificates or failure to pay the charges
therefor within 5 days after notice thereof by Sublessor, Sublessor may
secure or pay the charges for any such policy or policies and charge
Subtenant as additional therefor. Sublessor's failure to require said
certificates or to obtain or pay for said policies shall not be a waiver of
any of Sublessor's rights hereunder. The insurance requirement hereof shall
not limit Subtenant's indemnification or other obligations hereunder.

                  (c) Subtenant agrees to use reasonable efforts to have
included in all of its insurance policies a waiver of the insurer's right of
subrogation against Landlord, Sublessor and others required by the Prime Lease,
if any. If such waiver shall not be, or shall cease to be, obtainable (x)
without additional charge, or (y) at all, then Subtenant shall so notify
Sublessor promptly after learning thereof. In case such waiver can only be
obtained at additional charge, if Sublessor shall so elect and shall pay the
insurer's additional charge therefor, such waiver, agreement or permission shall
be included in the policy. Provided that Subtenant's right of full recovery
under the aforesaid policy or policies are not adversely affected or prejudiced
thereby. Subtenant hereby waives any and all right of recovery it might
otherwise have against Landlord, Sublessor and others, if any, required by the
Prime Lease, their respective servants, agents and employees, for loss or damage
to Subtenant's property, notwithstanding that such loss or damage may result
from the negligence or fault of Landlord, Sublessor or such others as
aforementioned, their respective agents, or employees. If, notwithstanding the
recovery of insurance proceeds by Subtenant for loss, damage or destruction of
its property, Sublessor is liable to Subtenant with respect to such loss, damage
or destruction or is obligated under this Sublease to make replacement, repair
or restoration or payment for such loss, damage or destruction then, provided
Subtenant's right of full recovery under its insurance policies is not thereby
prejudiced or otherwise adversely affected, the amount of the net proceeds of
the Subtenant's insurance against such loss, damage or destruction shall be
offset against Sublessor's liability to the Subtenant therefor, or shall be made
available to the Sublessor to pay for replacement, repair or restoration, as the
case may be.

                  (d) Subtenant shall also maintain at its own cost and expense:
(i) Workers Compensation and Employer's Liability Insurance in accordance with
the laws of the State of New York; (ii) "All Risk" Property Insurance in an
amount adequate to cover the full replacement cost of all moveable equipment,
fixtures and contents in the Subleased Premises in the event of loss; and (iii)
"All Risk" Property Insurance in an amount to cover the replacement cost of all
of Subtenant's improvements in the Subleased Premises of a permanent nature.

         24. ACCESS. Sublessor and its employees and agents and designees shall
have the right to enter the Subleased Premises at reasonable times upon
reasonable notice during business hours and at any time without notice in the
event of an emergency for the making of such repairs or alterations or the
taking of such other actions as Sublessor shall be required or shall have the
right to make (but Sublessor shall have no obligation to Subtenant to make any
repair or alteration) or for the purpose of inspecting the Subleased Premises or
exhibiting it to prospective subtenants thereof or to prospective assignees of
the Prime Lease.

                                  Page 8 of 10
<PAGE>

         25. NOTICES. All notices and other communications required hereunder or
given in connection herewith, shall be in writing and sent by certified or
registered mail, return receipt requested, or by delivery against receipt, as
follows:

         If to Prime Lessor:
                  Arden Realty
                  6033 West Century Boulevard
                  Los Angeles, California 90045

         If to Sublessor:
                  MetLife
                  Attention:  Director of Leasing
                  1 Madison Avenue, Area 1GH
                  New York, New York  10010

         with a copy to:
                  Metropolitan Life Insurance Company
                  Attention:  Law Department
                  1 Madison Avenue, Area 7G
                  New York, New York  10010

         If to Sublessee:
                  iNetVersity
                  Attention:  Noreen Khan
                  19951 Mariner Avenue, Suite 100
                  Torrance, California 90503

         Each party hereto may specify a new address for notices and copies of
notices by notice to the other party hereto. Except for notice specifying a new
address which shall be deemed given only upon actual receipt, notices shall be
deemed given when delivered or mailed as the case may be.

         26. CONSENT OF LANDLORD. The effectiveness of this Sublease is subject
to the consent of Landlord, in writing, to the subletting hereunder. Sublessor
promptly shall request said consent, and Subtenant shall provide all reasonable
information concerning Subtenant that Landlord may request and shall otherwise
reasonably cooperate with Sublessor in connection therewith. If said consent is
not received on or before March 31, 2000 either party shall have the right,
until said consent is received by Sublessor, to terminate this Sublease in which
event this Sublease shall be null and void except that the provisions of
Paragraph 25 hereof shall be and remain in effect.

         27. SUBTENANT'S FINANCIAL CONDITION. Subtenant hereby represents that
(i) all financial statements and other financial information previously
delivered to Sublessor or its agents is true and complete; (ii) there has been
no material adverse change in Subtenant's financial condition since the date of
such financial statements and information.

         IN WITNESS WHEREOF, the parties have executed this Sublease as of the
day and year first above written.

                                  Page 9 of 10
<PAGE>

WITNESS:
METROPOLITAN LIFE INSURANCE COMPANY

This 27th day of March, 2000.       By /s/Jerome R. Sharkey
                                    -----------------------
                                           Jerome R. Sharkey
                                           Assistant Vice President

INETVERSITY, INC.

This 27th day of March, 2000.       By /s/ Noreen Khan
                                    -----------------------
                                           Noreen Khan
                                           Chief Executive Officer

ARDEN REALTY LIMITED PARTNERSHIP

This ______day of  ______________, 2000.  By____________________________

                                  Page 10 of 10
<PAGE>

<TABLE>
<CAPTION>
                                    Exhibit A
                             WESTERN LEARNING CENTER

 ITEM                         MANUFACTURER                                    MODEL NO            DIMENSIONS
 QUANTITY
 <S>                          <C>                                             <C>                 <C>
 AV RACK MOUNT CABINET

                              VERREX                                                                       1

                              VERREX                                                                       1

                              VERREX                                                                       1

  SUMMARY FOR 'ITEM' =  AV RACK MOUNT CABINET (3 DETAIL RECORDS)
  SUM                                                                                                      3
  BEVERAGE REFRIGERATOR

                              BEVERAGE AIR                                    52WX78-5/8X30D               1

  SUMMARY FOR 'ITEM' =  BEVERAGE REFRIGERATOR (1 DETAIL RECORD)
  SUM                                                                                                      1
  BOOKCASE

                              MERIDIAN                46-3615-OB-55           15DX36WX55-1/2H              1

  SUMMARY FOR 'ITEM' =  BOOKCASE (1 DETAIL RECORD)
  SUM                                                                                                      1
  BOOKSHELF

                              MERIDIAN                                        36WX15DX28H                  4

  SUMMARY FOR 'ITEM' =  BOOKSHELF (1 DETAIL RECORD)
  SUM                                                                                                      4
  CHAIR STOOL

                              HARTER                  S88H480ABL                                           2

  SUMMARY FOR 'ITEM' =  CHAIR STOOL (1 DETAIL RECORD)
  SUM                                                                                                      2
  COAT RACK

                              QUARTET                                         48"WX13-1/4"DX62-1/8"        1
                                                                              H
                              QUARTET                                         36"WX62-1/2H                 1

                              QUARTET                                         48"WX13-1/4"DX62-1/8"        2
                                                                              H
                              QUARTET                                         24W                          1

  SUMMARY FOR 'ITEM' =  COAT RACK (4 DETAIL RECORDS)
  SUM                                                                                                      5
  COMPUTER

                              DELL                    OPTIPLEX 5166                                        1

  THURSDAY, FEBRUARY 17, 2000

                                                                    PAGE 1 OF 10

<PAGE>

  ITEM                        MANUFACTURER                                   MODEL NO            DIMENSIONS
  QUANTITY

  SUMMARY FOR 'ITEM' =  COMPUTER (1 DETAIL RECORD)
  SUM                                                                                                       1
  DESK - RECEPTION

                              (ATYPICAL)                                     95-9/16DX117W                  1

  SUMMARY FOR 'ITEM' =  DESK - RECEPTION (1 DETAIL RECORD)
  SUM                                                                                                       1
  DESK CHAIR

                              HARTER                  G88G48AA MET                                          1

                              HARTER                  G88G48AA MET                                          5

                              HARTER                  G88G48AA MET                                         32

                              HARTER                  G88G48AA MET                                         10

                              HARTER                  G88G48AA MET                                         35

                              HARTER                  G88G48AA MET                                         33

                              HARTER                  G88G48AA MET                                          1

                              HARTER                  G88G48AA MET                                          2

                              HARTER                  G88G48AA MET                                          1

                              HARTER                  G88G48AA MET                                          1

                              HARTER                  G88G48AA MET                                          1

                              HARTER                  G88G48AA MET                                          1

  SUMMARY FOR 'ITEM' =  DESK CHAIR (12 DETAIL RECORDS)
  SUM                                                                                                     123
  DISHWASHER

                              GE                                                                            1

  SUMMARY FOR 'ITEM' =  DISHWASHER (1 DETAIL RECORD)
  SUM                                                                                                       1
  EASY CHAIR

                              METRO                   STYLE: 910                                            4

                              METRO                   STYLE: 910                                            1

                              METRO                   STYLE: 910                                            4

  SUMMARY FOR 'ITEM' =  EASY CHAIR (3 DETAIL RECORDS)
  SUM                                                                                                       9
  FILE - PED

                              MERIDIAN                F-16-1522-BBF          22DX15WX26-7/8H                7

                              MERIDIAN                F-16-1522-BBF          22DX15WX26-7/8H               10

  THURSDAY, FEBRUARY 17, 2000

                                                                    PAGE 2 OF 10

<PAGE>

  ITEM                        MANUFACTURER                                   MODEL NO            DIMENSIONS
  QUANTITY

                              MERIDIAN                                       22DX15WX26-7/8H                1

  SUMMARY FOR 'ITEM' =  FILE - PED (3 DETAIL RECORDS)
  SUM                                                                                                      18
  FILE - VERTICAL

                              ALLSTEEL                                       14-3/4WX28-1/4X60H             1

                              MERIDIAN                                       15WX20DX26-3/4H                1

  SUMMARY FOR 'ITEM' =  FILE - VERTICAL (2 DETAIL RECORDS)
  SUM                                                                                                       2
  FOLDING TABLE

                                                                             30X72                          1

  SUMMARY FOR 'ITEM' =  FOLDING TABLE (1 DETAIL RECORD)
  SUM                                                                                                       1
  ICE DISPENSER

                              HOSHIZAKI               DCM-450BAE                                            1
                              AMERICA, INC
  SUMMARY FOR 'ITEM' =  ICE DISPENSER (1 DETAIL RECORD)
  SUM                                                                                                       1
  KEYBOARD

                              DELL                    KEYBOARD                                              1

  SUMMARY FOR 'ITEM' =  KEYBOARD (1 DETAIL RECORD)
  SUM                                                                                                       1
  LATERAL FILE

                              MERIDIAN                                       30WX20DX29H                    1

                              MERIDIAN                                       36WX19/78DX28H                 2

                              MERIDIAN                                       42WX19-7/8DX28                 1

                              MERIDIAN                                       36WX20DX29H                    2

  SUMMARY FOR 'ITEM' =  LATERAL FILE (4 DETAIL RECORDS)
  SUM                                                                                                       6
  MAIL SCALE

                              PITNEY BOWES            5820                                                  1

  SUMMARY FOR 'ITEM' =  MAIL SCALE (1 DETAIL RECORD)
  SUM                                                                                                       1
  MAIL SORTER

                              CHARNSTROM                                     36WX12-3/8DX16-1/2H            2

  SUMMARY FOR 'ITEM' =  MAIL SORTER (1 DETAIL RECORD)
  SUM                                                                                                       2

  THURSDAY, FEBRUARY 17, 2000

                                                                    PAGE 3 OF 10
</TABLE>
<PAGE>

<TABLE>

  ITEM                        MANUFACTURER                                MODEL NO             DIMENSIONS
  QUANTITY
  <S>                         <C>                                         <C>                  <C>
  MICROPHONE STANDS

                              ATLAS SOUND             2283                                              4

                              ATLAS SOUND             2283                                              4

                              ATLAS SOUND             2283                                              4

  SUMMARY FOR 'ITEM' =  MICROPHONE STANDS (3 DETAIL RECORDS)
  SUM                                                                                                   2
  MICROPHONES

                              SHURE                   SM58                                              4

                              SHURE                   SM58                                              4

                              SHURE                   SM58                                              4

  SUMMARY FOR 'ITEM' =  MICROPHONES (3 DETAIL RECORDS)
  SUM                                                                                                   2
  MICROWAVE OVEN

                              GE                      JEM25WV 003                                       1

  SUMMARY FOR 'ITEM' =  MICROWAVE OVEN (1 DETAIL RECORD)
  SUM                                                                                                   1
  MODEMS

                              3COM/US ROBOTICS        5686                UNOPENED BOX                  3

  SUMMARY FOR 'ITEM' =  MODEMS (1 DETAIL RECORD)
  SUM                                                                                                   3
  MONITOR

                              COMPAQ                  V50                                               1

                              NOKIA                   447ZA               IN BOX                        1
                              MULTIGRAPH
                              NOKIA                   447ZA               UNOPENED BOX                  1
                              MULTIGRAPH
  SUMMARY FOR 'ITEM' =  MONITOR (3 DETAIL RECORDS)
  SUM                                                                                                   3
  OTTOMAN

                              JACK CARTWRIGHT                             22X22X18                      6

                              JACK CARTWRIGHT                             22X22X18                      3

                              JACK CARTWRIGHT                             22X22X18                      8

                              JACK CARTWRIGHT                             22X22X18                      6

                              JACK CARTWRIGHT                             22X22X18                      6

                              JACK CARTWRIGHT                             22X22X18                      3

                              JACK CARTWRIGHT                             22X22X18                      9

  THURSDAY, FEBRUARY 17, 2000

                                                                    PAGE 4 OF 10

<PAGE>

  ITEM                        MANUFACTURER                                MODEL NO            DIMENSIONS
  QUANTITY

                              JACK CARTWRIGHT                             22X22X18                      18

                              JACK CARTWRIGHT                             22X22X18                       1

  SUMMARY FOR 'ITEM' =  OTTOMAN (9 DETAIL RECORDS)
  SUM                                                                                                   60
  PED CHAIRS

                              HAWORTH                                                                   20

  SUMMARY FOR 'ITEM' =  PED CHAIRS (1 DETAIL RECORD)
  SUM                                                                                                   20
  PHONE MAIL SYSTEM

                              ROLM                                                                       1

  SUMMARY FOR 'ITEM' =  PHONE MAIL SYSTEM (1 DETAIL RECORD)
  SUM                                                                                                    1
  PHONE SYSTEM

                              SIEMENS                                                                    1

  SUMMARY FOR 'ITEM' =  PHONE SYSTEM (1 DETAIL RECORD)
  SUM                                                                                                    1
  PODIUM

                                                                                                         1

                                                                                                         1

                                                                                                         1

  SUMMARY FOR 'ITEM' =  PODIUM (3 DETAIL RECORDS)
  SUM                                                                                                    3
  POSTAGE MACHINE

                              PITNEY BOWES            E600                                               1

  SUMMARY FOR 'ITEM' =  POSTAGE MACHINE (1 DETAIL RECORD)
  SUM                                                                                                    1
  POWERSTRIP

                              ACCO                                                                       1

  SUMMARY FOR 'ITEM' =  POWERSTRIP (1 DETAIL RECORD)
  SUM                                                                                                    1
  PROJECTION SCREEN

                              DA-LITE                                     80WX59-12                      1

                              DA-LITE                                     80WX59-12                      1

                              DA-LITE                                     80WX59-12                      1

  THURSDAY, FEBRUARY 17, 2000

                                                                    PAGE 5 OF 10

<PAGE>

  ITEM                        MANUFACTURER                                MODEL NO             DIMENSIONS
 QUANTITY

  SUMMARY FOR 'ITEM' =  PROJECTION SCREEN (3 DETAIL RECORDS)
  SUM                                                                                                     3
  REFRIGERATOR

                              HOSHIZAKI               RH-1-SSA                                            1
                              AMERICA, INC
  SUMMARY FOR 'ITEM' =  REFRIGERATOR (1 DETAIL RECORD)
  SUM                                                                                                     1
  SHELF

                              KWIKFILE                                    48WX15DX17-1/4H                 4

  SUMMARY FOR 'ITEM' =  SHELF (1 DETAIL RECORD)
  SUM                                                                                                     4
  SIDE CHAIR

                              HARTER                  N94F50                                             55

                              HARTER                  N94F50                                              1

                              HARTER                  N94F50                                              1

                              HARTER                  N94F50                                              1

                              HARTER                  N94F50                                              3

  SUMMARY FOR 'ITEM' =  SIDE CHAIR (5 DETAIL RECORDS)
  SUM                                                                                                    61
  SLED CHAIR

                              HARTER                  N95E80              LOW BACK/SMALL                  1
                                                                          SCALE
                              HARTER                  N95E80              LOW BACK/SMALL                  1
                                                                          SCALE
                              HARTER                  N95E80              LOW BACK/SMALL                  2
                                                                          SCALE
                              HARTER                  N95E80              LOW BACK/SMALL                  2
                                                                          SCALE
                              HARTER                  N95E80              LOW BACK/SMALL                  4
                                                                          SCALE
                              HARTER                  N95E80              LOW BACK/SMALL                  4
                                                                          SCALE
  SUMMARY FOR 'ITEM' =  SLED CHAIR (6 DETAIL RECORDS)
  SUM                                                                                                    14
  SOFTBOARD

                              MICROFIELD              203                                                 1
                              GRAPHICS,INC
                              MICROFIELD              203                                                 1
                              GRAPHICS,INC
                              MICROFIELD              203                                                 1
                              GRAPHICS,INC
  SUMMARY FOR 'ITEM' =  SOFTBOARD (3 DETAIL RECORDS)
  SUM                                                                                                     3
  STEEL STORAGE SHELING
</TABLE>

  THURSDAY, FEBRUARY 17, 2000

                                                                    PAGE 6 OF 10

<PAGE>

<TABLE>

  ITEM                        MANUFACTURER                                MODEL NO            DIMENSIONS
  QUANTITY
  <S>                         <C>                                         <C>                  <C>

                                                                          42WX19-1/4DX87H                3

                                                                          42WX24DX30H                    4

                                                                          36WX24DX30H                    4

                                                                          48WX19-1/4DX87H                8

                                                                          42WX24DX87H                    3

                                                                          35WX19-1/4DX87H                1

                                                                          42WX19-1/4DX87H                2

  SUMMARY FOR 'ITEM' =  STEEL STORAGE SHELING (7 DETAIL RECORDS)
  SUM                                                                                                   25
  STOOL

                              RUBBERMAID                                                                 1

  SUMMARY FOR 'ITEM' =  STOOL (1 DETAIL RECORD)
  SUM                                                                                                    1
  TABLE

                              (ATYPICAL)                                  26WX26DX28-1/2H                1

                              (ATYPICAL)                                  41" DIAM                       1

                              (ATYPICAL)                                  41" DIAM                       1

                              CHARNSTROM                                  48WX36DX35-1/4H                2

                              KWIKFILE                                    48WX30D                        4

                              VECTA                                       60" DIAM                       1

                              VECTA                                       30X60                          2

                              VECTA                                       30X60                         16

                              VECTA                                       30X60                         16

                              VECTA                                       30X60                         17

                              VECTA                                       30X60                          2

                              VECTA                                       54" DIAM                       1

                              VECTA                                       54" DIAM                       1

                              VECTA                                       30X60                          9

                              VECTA                                       42X84                          4

                              VECTA

                              VECTA                                       60" DIAM                       1

                              VECTA                                       48X84                          1

  THURSDAY, FEBRUARY 17, 2000

                                                                    PAGE 7 OF 10

<PAGE>

  ITEM                        MANUFACTURER                                MODEL NO            DIMENSIONS
  QUANTITY

                              VECTA                                       48X84                          1

  SUMMARY FOR 'ITEM' =  TABLE (19 DETAIL RECORDS)
  SUM                                                                                                   81
  TACKBOARD

                                                                          36WX24H                        1

                                                                          24X36                          1

                                                                          48W36H                         2

                                                                          36HX24W                        1

  SUMMARY FOR 'ITEM' =  TACKBOARD (4 DETAIL RECORDS)
  SUM                                                                                                    5
  TELEPHONE

                              SIEMENS                 69667                                              1

  SUMMARY FOR 'ITEM' =  TELEPHONE (1 DETAIL RECORD)
  SUM                                                                                                    1
  VIDEO PROJECTOR

                              ELECTROHOME             8500                                               1

                              ELECTROHOME             8500                                               1

                              ELECTROHOME             8500                                               1

  SUMMARY FOR 'ITEM' =  VIDEO PROJECTOR (3 DETAIL RECORDS)
  SUM                                                                                                    3
  WALL TRACK BOARDS

                              VECTA                                       30-1/4WX42-1/4H                6

                              VECTA                                       30-1/4WX42-1/4H                3

                              VECTA                                       30-1/4WX42-1/4H                3

                              VECTA                                       30-1/4WX42-1/4H                6

                              VECTA                                       30-1/4WX42-1/4H                3

                              VECTA                                       30-1/4WX42-1/4H                6

  SUMMARY FOR 'ITEM' =  WALL TRACK BOARDS (6 DETAIL RECORDS)
  SUM                                                                                                   27
  WALL TRACK KIT

                              VECTA                                       96L                            3

                              VECTA                                       96L                            9

                              VECTA                                       96L                            3

                              VECTA                                       96L                            3

  THURSDAY, FEBRUARY 17, 2000

                                                                    PAGE 8 OF 10

<PAGE>

  ITEM                        MANUFACTURER                                MODEL NO            DIMENSIONS
  QUANTITY

  SUMMARY FOR 'ITEM' =  WALL TRACK KIT (4 DETAIL RECORDS)
  SUM                                                                                                 18
  WHITE BOARD

                                                                          72WX48H                      1

  SUMMARY FOR 'ITEM' =  WHITE BOARD (1 DETAIL RECORD)
  SUM                                                                                                  1
  WORIK SURFACES

                                                                          30-3/4X85-1/2                1

  SUMMARY FOR 'ITEM' =  WORIK SURFACES (1 DETAIL RECORD)
  SUM                                                                                                  1
  WORK SURFACE

                                                                          152WX34D                     1

                                                                          170WX34D                     1

                                                                          65WX24D                      2

                                                                          152-1/2WX31-1/2D             1

                                                                          85WX24D                      1

                                                                          95WX30-3/4D                  1

                                                                          65-7/8WX30D                  1

                                                                          85WX30-1/8D                  1

                                                                          72WX24D                      2

  SUMMARY FOR 'ITEM' =  WORK SURFACE (9 DETAIL RECORDS)
  SUM                                                                                                 11
  WORK SURFACES

                                                                          30-3/4X76W                   1

                                                                          30-3/4X75-1/8                1

  SUMMARY FOR 'ITEM' =  WORK SURFACES (2 DETAIL RECORDS)
  SUM                                                                                                  2
  WORKSTATION CUBES

                              HAWORTH                 PREMISE             36X24                        4

                              HAWORTH                 PREMISE             36X24                        4

                              HAWORTH                 PREMISE             24X24                        1

                              HAWORTH                 PREMISE             30WX18

                              HAWORTH                 PREMISE             24X24                        1

  THURSDAY, FEBRUARY 17, 2000

                                                                    PAGE 9 OF 10

<PAGE>

  ITEM                        MANUFACTURER                                MODEL NO            DIMENSIONS
 QUANTITY

  SUMMARY FOR 'ITEM' =  WORKSTATION CUBES (5 DETAIL RECORDS)
  SUM                                                                                                    10
  WORKSTATIONS

                              HAWORTH                 RACE                                               12

  SUMMARY FOR 'ITEM' =  WORKSTATIONS (1 DETAIL RECORD)
  SUM                                                                                                    12
  GRAND TOTAL                                                                                           585
</TABLE>

  THURSDAY, FEBRUARY 17, 2000

                                                                   PAGE 10 OF 10

<PAGE>

                                    EXHIBIT B

All parties agree that the following items shall be deleted from the inventory
list:

<TABLE>

   QTY.           MANUFACTURER                        DESCRIPTION                         DIMENSIONS
   <S>       <C>                                <C>                                 <C>
     4       Meridian                           Bookshelf                           36W x 15D x 28H

     3       Meridian                           File-Ped F16-1522-BBF               22D x 15W x 26-7/8H

     1                                          Folding Table                       30 x 72

     1       Pitney Bowes 5820                  Mail Scale

     2       Charnstrom                         Mail Sorter                         36W x 12-3/8D x 16-1/2H

     3       3Com/US Robotics                   Modems

     2       Kwikfile                           Shelf                               48W x 16D x 17-1/4H

     4                                          Steel Storage Shelving              42W x 24D x 30H

     4                                          Steel Storage Shelving              36W x 24D x 30H

     1                                          Work Surface                        30-3/4H x 76W

     1                                          Work Surface                        30-3/4H x 75-1/8W

</TABLE>

WITNESS:
METROPOLITAN LIFE INSURANCE COMPANY

This ______day of  ______________, 2000.  By____________________________
                                                 Jerome R. Sharkey
                                                 Assistant Vice President

INETVERSITY, INC.

This ______day of  ______________, 2000.  By____________________________
                                                  Noreen Khan
                                                  Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}]]