EXHIBIT 10.16
[Terremark Worldwide Inc. Letterhead]
July 10, 2002
Xx. Xxxxxx X. Xxxxxx
Re: Note Payable by Xxxxxx X. Xxxxxx ("Borrower") to Terremark Worldwide,
Inc. ("Lender") for US$5 Million date September 5, 2002 (the "Note")
Dear Xx. Xxxxxx:
Xxxxxx and Xxxxxxxx hereby agree to amend the Note as follows:
Maturity Date: September 30, 2004
Interest Rate: After the first 12 months the Note shall bear an
annual interest rate equal to the Applicable Federal
Rate ("AFR") in effect as of the date hereof.
Interest Payment: Paid in bi-annual installments.
Collateral: Lender shall review amounts due by Lender to Borrower
(excluding salary and other customery compensation)
("Payables") on a quarterly basis to determine
whether the payment thereof would impair Xxxxxx's
ability to collect on the Note. Xxxxxxxx agrees that
at all times until the Note has been repaid, Lender
shall have the right to withhold repayment to
Borrower of a least US$ 1,375,000.00 in Payables.
If you concur with these terms, please acknowledge your agreement by executing
oin the signature line provided below.
Very truly yours,
/s/ Xxxx X. Xxxxxxx
----------------------------------
Xxxx X. Xxxxxxx
Chief Financial Officer
Terremark Worldwide
Xxxxxxxxxxxx and agreed to
this 10th of July 2002
/s/ Xxxxxx X. Xxxxxx
-------------------------
Xxxxxx X. Xxxxxx
Xxxxxxxx
