EXHIBIT 10.16
ULTIMATE
SPORTS
FORCE
The Orbiter Fund Ltd.
Kaya Flamboyan 9
Curacao, Netherlands Antillies
Attn: Mr. Xxxxxxx Xxxxx
Re: The Orbiter Fund Ltd. - Lender
Ultimate Sports Entertainment, Inc. - Borrower
$600,000 loan pursuant to letter agreement (the "Loan Agreement") dated
October 20, 1999 (the "Loan")
Gentlemen:
This will confirm our agreement that the time for repayment of the Loan has
been extended so that the same shall be repayable as follows:
- $60,000 on or before May 31, 2000
- The balance, plush all accrued and unpaid interest on or before August
1, 2000
All other terms and conditions of the Loan Agreement shall remain and
continue the same.
In consideration for your agreeing to the foregoing extension of time of
payment, we agree to deliver to you 100,000 shares of our common stock in
addition to any other shares to which you may be entitled pursuant to the terms
of the Loan Agreement.
Very truly yours,
Ultimate Sports Entertainment, inc.
By: /s/ Xxxxxxxxx X. Xxxxx, President
The above is confirmed and agreed to:
The Orbiter Fund Ltd.
By: /s/ Xxxxxxx Xxxxx
