June 29, 2000
Xx. Xxxxxxx X. Xxxxxx
Xxxxxxxxx LLC
0000 Xxxxxx Xxxxxxxx Xxxxx
Xxxxx 0000
Xxxxxx, Xxxxxxxx 00000
Re: $25,000,000 Credit Facility (the "Loan") from Bank of America, N.A.
(the "Lender") to Microstrategy Incorporated (the "Borrower")
Dear Xx. Xxxxxx:
In consideration for the pledge by the Borrower of certain collateral more
fully described in the Pledge and Security Agreement of even date herewith from
the Borrower for the benefit of the Lender, the Lender has agreed to release and
does hereby release Xxxxxxx X. Xxxxxx as Guarantor under that certain Guaranty
of Payment dated May 15, 2000 and does hereby release Xxxxxxxxx LLC, a Delaware
limited liability company ("Xxxxxxxxx" collectively with Xxxxxxx X. Xxxxxx, the
"Guarantors") as Guarantor under that certain Guaranty of Payment also dated May
15, 2000.
In addition, the Lender hereby releases the Pledge and Security Agreement
dated May 15, 2000 (the "Original Pledge") given by Xxxxxxxxx as Pledgor for the
benefit of the Lender pursuant to which Xxxxxxxxx had pledged certain
investments held in Account Number 859973 with the Lender as manager.
This letter once fully signed will be the Bank's authorization and
confirmation that the "control letter" dated May 15, 2000 is also released and
terminated.
By its signature below, the Borrower shall acknowledge and agree that the
release of the Guarantors and the Original Pledge has been consented to by the
Borrower and that such releases do no in any way affect the Borrower's
obligations under the documents evidencing and securing the Loan.
Sincerely,
/s/ Xxxxxx X. Xxxxxxxxxx
Xxxxxx X. Xxxxxxxxxx
Vice President
Xx. Xxxxxx
June 29, 2000
Page 2
Acknowledged and agreed to by:
Microstrategy Incorporated
By: /s/ Xxxxxxx Xxxxxx
------------------------
Name:
Title:
cc: Xx. Xxxxxxx X. Xxxxxx, Investment Officer
