EXHIBIT 10.16
September 1, 2000
The Orbiter Fund Ltd.
Xxxx Xxxxxxxx 0
Xxxxxxx, Xxxxxxxxxxx Antilles
Attn: Mr. Xxxxxxx Xxxxx
Re: The Orbiter Fund Ltd. - Lender
Ultimate Sports Entertainment, Inc. - Borrower
$600,000 loan pursuant to letter agreement (the "Loan Agreement")
dated October 20, 1999 (the "Loan").
Gentleman:
This will confirm our agreement that:
1) The time for repayment of the Loan has been extended so that the same
shall now be payable on October 20, 2000, and
2) Your right to convert the Loan into shares of our stock as set forth in
the Loan Agreement is hereby canceled.
All other terms and conditions of the Loan Agreement shall remain and
continue the same.
Very truly yours,
Ultimate Sports Entertainment, Inc.
By: /s/ Xxxxxxxxx X. Xxxxx
Xxxxxxxxx X. Xxxxx, President
The above is confirmed and agreed to:
The Orbiter Fund, Ltd.
By: /s/ Xxxxxxx Xxxxx
Xxxxxxx Xxxxx
