EXHIBIT 10.60
August 30, 2003
Phone1, Inc., Phone1Globalwide, Inc. and
Globaltron Communications Corporation
000 Xxxxx Xxxxxxxx Xxxx, Xxxxx 0000
Xxxxx, Xxxxxxx 00000
Ladies and Gentlemen:
We refer to (a) the Loan Agreement (the "Loan Agreement") dated
September 30, 2002, among Phone1, Inc. ("Phone1"), Phone1Globalwide, Inc.
("Global"), Globaltron Communications Corporation ("GCC") and GNB Bank Panama
S.A. ("GNB") and (b) our letter dated July 16, 2003 concerning the subject
matter hereof. Capitalized terms not otherwise defined herein shall have the
meaning ascribed to them in the Loan Agreement.
GNB hereby confirms to you that we have extended the time by which
Global is required to file a registration statement pursuant to Section 2.11 of
the Loan Agreement to November 30, 2003.
Except as provided herein, this letter agreement shall not have any
effect on any other term or provision of the Loan Agreement, which shall
continue to remain in full force and effect in accordance with its terms.
This letter agreement shall be governed by and construed in accordance
with the laws of the State of New York, without regard to conflict of law
principles. In the event of any claim or dispute in respect to the subject
matter hereof or the rights or obligations of the parties hereto, all actions or
proceedings must be exclusively brought in the United States District Court for
the Southern District of New York or if such Court lacks subject matter
jurisdiction, in the Supreme Court of the State of New York, County of New York.
Each party waives the right to object to the exclusive jurisdiction of either of
such Court or the right to object to the venue of such Court or that such Court
is an inconvenient forum. Nothing in this letter agreement shall be deemed to
constitute a general consent to service of process or the in personam
jurisdiction of the United States District Court for the Southern District of
New York, County of New York or the Supreme Court of the State of New York for
legal actions or proceedings not related to the transactions contemplated by
this letter agreement.
This letter agreement is binding upon, and shall inure to the benefit
of the parties hereto and their respective heirs, executors, administrators,
successors and assigns.
If you are in agreement with the terms of this letter agreement, please
so indicate by signing in the space provided below.
Very truly yours,
GNB BANK (PANAMA) S.A.
By: _________________
Name: Xxxxxx Xxxxxxxxxx
Title: General Manager
Agreed and acknowledged:
PHONE1, INC.
By: _________________
Name: Xxxxx Xxxxxxxxx
Title: Chief Executive Officer
PHONE1GLOBALWIDE, INC.
By: _________________
Name: Xxxxx Xxxxxxxxx
Title: Chief Executive Officer
GLOBALTRON COMMUNICATIONS CORPORATION
By: __________________
Name: Xxxxx Xxxxxxxxx
Title: Chief Executive Officer
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