BACKGROUNDModification of Note and Other Loan Documents • August 14th, 2002 • Terremark Worldwide Inc • Telephone communications (no radiotelephone) • Florida
EXHIBIT 10.16 [Terremark Worldwide Inc. Letterhead] July 10, 2002 Mr. Manuel D. Medina Re: Note Payable by Manuel D. Medina ("Borrower") to Terremark Worldwide, Inc. ("Lender") for US$5 Million date September 5, 2002 (the "Note") Dear Mr. Medina:...Note Payable Agreement • August 14th, 2002 • Terremark Worldwide Inc • Telephone communications (no radiotelephone)
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.
