$1,800,000 March 20, 2001
Secured Promissory Note
1. The undersigned hereby agrees to pay to Global Crossing Development Co.
("Employer"), or order, at 360 N. Crescent Drive, Beverly Hills, California
90210, or at such other place as the Employer may, from time to time, designate
in writing, the principal amount of One Million Eight Hundred Thousand Dollars
2. The principal amount and all accrued interest shall be due and payable in
full at the earlier of (i) March 21, 2002, or (ii) termination from employment
with Employer and its affiliates for any reason (the "Due Date").
3. This Promissory Note shall bear interest at the rate of four and
three-quarters percent (4.75%) per annum. This Promissory Note may be prepaid in
whole or in part at any time.
4. This Promissory Note shall be governed by the laws of the State of New York.
In the event of default in the payment of any sums due hereunder, Employer shall
be entitled to reimbursement from the undersigned for all costs of collections,
including reasonable attorney's fees and costs. In the event of default in the
payment of any sums due hereunder, to the extent permitted by law, Employer
shall have the right to offset sums due hereunder against any other sums which
may be owed by Employer to the undersigned.
5. This Secured Promissory Note is secured by a second mortgage on real property
in favor of Employer.
/s/ David Walsh