Document:

<PAGE>

                                                                   Exhibit 10.1

                             BRAZIL FAST FOOD CORP.
                                Av. Brasil, 6431
                                 CEP: 21040-060
                                 Rio de Janeiro
                          Federative Republic of Brazil

March 14, 2001

AIG Latin America Equity Partners, Ltd.
c/o AIG Capital Partners, Inc.
175 Water Street
New York, New York 10038

Ladies and Gentlemen:

Reference is made to that certain Stockholders' Agreement dated as of August
11, 1997 (the "Agreement") among Brazil Fast Food Corp.(the "Company"), AIG
Latin America Equity Partners, Ltd. (the "Fund") and the other parties thereto
(together with the Company and the Fund, the "Parties"). Capitalized terms not
otherwise defined herein shall have the meanings provided in the Agreement.

         The Parties agree to amend the Agreement as follows:

         1. Sections 9(iii) and 9(xi) of the Agreement such that such Sections
are deleted in their entirety.

         2. If, at any time, the Fund owns less than 187,500 issued and
outstanding shares of Common Stock of the Company (adjusted for any split or
other restructuring), the Fund shall remain a member of the Investor Group for
so long as it holds shares of Common Stock but the Fund shall no longer be
entitled to exercise rights pursuant to Sections 8, 9 and 11 of the Agreement

         3. Until the completion of the audited financial statements of the
Company for the Company's fiscal year ending December 31, 2002, the Investor
Group shall not exercise any of its rights under Sections 8(C), 9(viii) (with
respect to the raising of not more than US$ 15 million in this period), and 11
of the Agreement (collectively, the "Control Rights").

         4. The Company has adopted performance targets, which are set forth on
Exhibit A hereto (as the same may be amended pursuant to the following sentence,
the "Performance Targets"). The performance targets set forth on Exhibit A shall
be subject to renegotiation in good faith by the Fund and the Company if (a) the
Brazil SELIC central bank rate exceeds an average of 18% for a continuous period
of ninety business days or (b) the real devaluation of the Brazilian currency
against the US dollar exceeds 10% over a three month period. Any write-offs
required (in the written opinion of the Company's independent auditors) to be
taken that relate to accounting issues arising from events occurring prior to
the date of this Agreement shall be disregarded in determining whether the
Company has met the Performance Targets.

         5. If, as calculated in the audited financial statements for the fiscal
year ending December 31, 2002, the Company meets the Performance Targets, the
Investor Group's rights under Sections 8(C), 9(viii), and 11 of the Agreement
shall immediately expire and shall be of no force and effect.

         6. The Company shall ensure that the Company's current auditor performs
an audit of the Company's financial statements as soon as practicable but in any
case not later than 90 days after the end of the fiscal year, December 31, 2002.
If the Company fails to meet the Performance Targets, the Chief Executive
Officer of the Company shall promptly tender his resignation as an officer (but
not as a director) of the Company. The Board shall (except as limited by the
fiduciary obligations of the members of the Board) adopt the recommendations

<PAGE>

for improving the Company's financial performance proposed by a committee of the
Board which is to be comprised of an equal number of representatives of (a)
those investors subscribing to purchase securities of the Company in its private
offering commenced in February 2001 (the "February Offering") and (b) the Fund.
The rights of the Fund under Section 8(C) of the Agreement suspended pursuant to
Section 3 hereof shall be restored; provided, however, that all decisions with
respect to capital raising activities shall be subject to the approval of the
committee described in the previous sentence.

         7. In consideration of the suspension and possible expiration of the
Control Rights, the Company shall pay to the Fund the sum of U.S. $350,000, as
follows: (a) $100,000 shall be paid on March 31, 2001 and (b) the balance of
$250,000 shall be paid in equal payments of $35,750 each at the end of each of
the following seven fiscal quarters. In addition, the Company shall promptly
issue to the Fund a warrant to purchase 35,813 shares of Common Stock of the
Company on substantially the same terms and conditions as those warrants
proposed to be sold in the February Offering. Additionally, the Company shall
amend the warrants to purchase 64,187 shares of Common Stock of the Company now
held by the Fund to provide that the exercise price per share thereof shall be
the same as the exercise price per share provided in those warrants proposed to
be sold in the February Offering.

         8. In the event the cash payments provided in Section 7 hereof are not
paid in full within 5 business days of the payment date, the Fund shall be
entitled to retain all previous payments and this Agreement shall expire, with
the Fund retaining all its original rights under the Agreement.

         9. As further consideration of the suspension and possible expiration
of the Control Rights, Omar Carneiro da Cunha, Peter van Voorst Vader, Lawrence
Burstein and Jose Ricardo Bosquet Bomeny (collectively, the "Special Sellers)
shall enter into an agreement with the Fund granting the Fund the right and
option for a period of two years from the date of this Agreement (the "Exercise
Period")to purchase from such persons (as among them as such persons shall
mutually agree) an aggregate of 40,000 shares of the Company's Common Stock
currently owned by the Special Sellers at a price of U.S. $1.50 per share (the
"Purchase Price"). The Special Sellers shall agree to place 40,000 shares of the
Company's Common Stock into an escrow account to be released (i) to the Fund at
any time during the Exercise Period upon payment to the Special Sellers of the
Purchase Price and (ii) to the Sellers at the end of the Exercise Period.

         10. This Agreement shall become effective upon the later of (a) the
execution hereof by the Company, the Fund and the holders of 66 2/3 % of the
Shares then held by the Management Group Stockholders, (b) the execution of the
option agreement described in paragraph 8, above, and (c) the closing and
funding of the February offering raising at least $1.9 million net of fees to
the Company.

         11. Except as otherwise specifically provided herein, the provisions of
the Agreement shall remain in full force and effect.

         12. The rights, benefits and obligations of the parties hereunder shall
inure to the benefit of and be enforceable by or against their respective heirs,
successors, assigns and transferees.

         13. This Agreement shall be governed by and construed in accordance
with the law of the State of New York (without giving effect to its principles
of conflicts of laws).

         14. This Agreement may be executed in counterparts, each of which shall
be deemed to be an original, and all of which together shall be considered a
single instrument.

         15. This Agreement represents the entire agreement among the parties
with respect to the subject matter hereof and may not be changed or modified
except by an instrument in writing signed by the party to be charged.

<PAGE>

         If the foregoing is accepted, please so indicate by signing this
Agreement in the space provided below.

                                        BRAZIL FAST FOOD CORP.

                                        By:  /s/ Peter van Voorst Vader
                                             -----------------------------------
                                             Name: Peter van Voorst Vader
                                             Title: CEO

March 15, 2001                          AIG LATIN AMERICA EQUITY PARTNERS, LTD.

                                        By:  /s/  Peter Yu
                                             -----------------------------------
                                             Name: Peter Yu
                                             Title: Director

                                       MANAGEMENT GROUP STOCKHOLDERS

March 15, 2001       13,125 shares     /s/ Peter van Voorst Vader
                                       -----------------------------------------
                                       PETER VAN VOORST VADER

March 15, 2001       49,885 shares     /s/  Lawrence Burstein
                                       -----------------------------------------
                                       LAWRENCE BURSTEIN

March 15, 2001        3,125 shares     /s/  Omar Carneiro da Cunha
                                       -----------------------------------------
                                       OMAR CARNEIRO da CUNHA

March 19, 2001        2,778 shares     /s/  Ian S. Barnett
                                       -----------------------------------------
                                       IAN S. BARNETT

March 15, 2001       ______ shares     /s/  Jose Ricardo Bosquet Bomeny
                                       -----------------------------------------
                                       JOSE RICARDO BOSQUET BOMENY

March ___, 2001      ______ shares     -----------------------------------------
                                       JOHN CATTIER

March ___, 2001      ______ shares     -----------------------------------------
                                       BARRY GOLDIN

March ___, 2001      ______ shares     -----------------------------------------
                                       BARRY W. RIDINGS

March 15, 2001      375,000 shares     /s/  Jose Ricardo Bosquet Bomeny
                                       -----------------------------------------
                                       BIGBURGER LTDA.

March 15, 2001      121,687 shares     /s/  Omar Carneiro da Cunha
                                       -----------------------------------------
                                       SEAVIEW VENTURE GROUP

March 15, 2001      106,613 shares     /s/ Peter van Voorst Vader
                                       -----------------------------------------
                                       SHAMPI INVESTMENTS A.E.C.

<PAGE>

                                                                       EXHIBIT A

                                FINANCIAL TARGETS

1.   Cumulative EBITDA (as calculated in accordance with Schedule D to the
     Agreement) of Rs. 15,150,000 for the years ended December 31, 2001 and
     2002.

2.   Net indebtedness not to exceed Rs. 25,000,000 at December 31, 2002,
     exclusive of any indebtedness convertible into or exchangeable for shares
     of the Company's Common Stock. The net debt target will be adjusted and
     reduced by (i) the amount of net equity raised by the Company after the
     date hereof (and including the February Offering) (calculated as straight
     equity raised, less the cost of raising such equity) and (ii) the interest
     charge associated with any reduction in debt paid through such new equity.
     Any reductions to the net debt target made pursuant to the previous
     sentence shall be offset by increasing the debt target by the amount of any
     capital expenditures that are above the budget approved by the Board of
     Directors of the Company, if such capital expenditures are approved by the
     Board of Directors, but in no event shall the net debt target be increased
     above Rs 25,000,000.<PAGE>

                                                                  EXHIBIT 10(ii)

                      FOURTH AMENDMENT AND WAIVER AGREEMENT

     THIS FOURTH AMENDMENT AND WAIVER AGREEMENT (this "Amendment"), dated as of
April 3, 2001, is by and among Access Worldwide Communications, Inc. (the
"Borrower"), certain subsidiaries of the Borrower identified on the signature
pages hereto (the "Guarantors;" together with the Borrower, the "Credit
Parties"), the lenders identified on the signature pages hereto (the "Lenders")
and Bank of America, N.A., successor to NationsBank, N.A., as agent for the
Lenders (in such capacity, the "Agent").

                               W I T N E S S E T H

     WHEREAS, the Borrower, the Guarantors, the Lenders and the Agent have
entered into that certain Credit Agreement dated as of March 12, 1999, as
amended by that certain Amendment Agreement and Waiver dated as of April 14,
2000, that certain Second Amendment Agreement and Waiver dated as of June 9,
2000 and that certain Third Amendment dated as of March 28, 2001 (the "Credit
Agreement");

     WHEREAS, as of April 2, 2001, the outstanding principal balance of the
Revolving Loans was $15,842,603.44, the outstanding principal balance of the
Swingline Loans was $182,423.13, the outstanding principal balance of LOC
Obligations was $1,079,100.00 and the outstanding principal balance of the Term
Loan was $17,801,562.00.

     WHEREAS, the Credit Parties have as of the fiscal quarter ending December
31, 2000 (a) exceeded the maximum Consolidated Leverage Ratio permitted by
Section 7.9(a) of the Credit Agreement, (b) exceeded the maximum Consolidated
Senior Leverage Ratio permitted by Section 7.9(d) of the Credit Agreement, (c)
failed to maintain the minimum Consolidated Fixed Charge Coverage Ratio required
under Section 7.9(b) of the Credit Agreement, (d) exceeded the maximum Capital
Expenditures permitted by Section 7.9(e) of the Credit Agreement, and (e) failed
to maintain the minimum Consolidated EBITDA required by Section 7.9(f) of the
Credit Agreement (collectively, the "Acknowledged Events of Default");

     WHEREAS, the Credit Parties have asked the Lenders to waive the
Acknowledged Events of Default and to amend certain provisions of the Credit
Agreement, and the Lenders have agreed to do so, but only on the terms and
conditions set forth herein;

     NOW, THEREFORE, in consideration of the agreements herein contained, the
parties hereby agree as follows:

                                     PART I

                              AMENDMENT DEFINITIONS

     SUBPART 1.1. Definitions. Unless otherwise defined herein, or the context
otherwise requires, terms used in this Amendment, including its preamble and
recitals, have the meanings provided in the Credit Agreement.

<PAGE>

                                     PART II
                            AMENDMENTS AND AGREEMENTS

          SUBPART 2.1. Amendments to Section 1.1.

               (a) Amended and Restated Definitions. The following definitions
          are amended and restated in their entireties:

                    "Aggregate Revolving Committed Amount" means the aggregate
               amount of Revolving Commitments in effect from time to time, not
               to exceed the following amounts during the applicable period:

               Amount            Applicable Period
               ------            -----------------

               $18,500,000       April 3, 2001 through September 30, 2001
               $18,200,000       October 1, 2001 through October 31, 2001
               $17,900,000       November 1, 2001 through November 30, 2001
               $17,500,000       December 1, 2001 through December 30, 2001
               $17,000,000       December 31, 2001 through the Termination Date

                    "Credit Documents" means a collective reference to this
               Credit Agreement, the Notes, the LOC Documents, the Pledge
               Agreement, the Security Agreement, the Mortgages, each Joinder
               Agreement, the Agent's Fee Letter, the Warrant Documents, any and
               all amendments to the foregoing, and all other related agreements
               and documents issued or delivered hereunder or thereunder or
               pursuant hereto or thereto.

                    "Termination Date" means January 2, 2003.

               (b) New Definitions. The following new definitions are hereby
          added to Section 1.1 of the Credit Agreement in the alphabetically
          appropriate places:

                    "Forecast" means the company prepared report required under
               Section 7.1(b)(v) of the Credit Agreement.

                    "Fourth Amendment Effective Date" means the date upon which
               the last condition to effectiveness, contained in Part IV of that
               certain Fourth Amendment and Waiver Agreement dated as of April
               3, 2001 is satisfied.

                    "Registration Rights Agreement" means the Registration
               Rights Agreement dated as of the Fourth Amendment Effective Date
               among the Borrower, the Agent and the Lenders, as amended,
               modified, restated or supplemented from time to time.

                    "Warrant" means the Warrant dated as of the Fourth Amendment
               Effective Date among the Borrower, the Agent and the Lenders, as
               amended, modified, restated or supplemented from time to time.

                    "Warrant Documents" means a collective reference to the
               Warrant, the Warrant Escrow Agreement and the Registration Rights
               Agreement.

                                       2
<PAGE>

                    "Warrant Escrow Agreement" means the Warrant Escrow
               Agreement dated as of the Fourth Amendment Effective Date among
               Investors Title Accommodation Corporation, as escrow agent, the
               Borrower, the Agent and the Lenders, as amended, modified,
               restated or supplemented from time to time.

     SUBPART 2.2. Amendment to Section 2.4(d). Section 2.4(d) of the Credit
Agreement is amended and restated in its entirety to read as follows:

               (d) Repayment. The aggregate principal amount of the Term Loan
          shall be repaid as follows:

                    (i)   Monthly Installments.
                          ---------------------

                          Date                                Amount
                          ----                                ------
                          January 1, 2002                    $350,000
                          February 1, 2002                   $350,000
                          March 1, 2002                      $350,000
                          April 1, 2002                      $350,000
                          May 1, 2002                        $350,000
                          June 1, 2002                       $350,000
                          July 1, 2002                       $350,000
                          August 1, 2002                     $350,000
                          September 1, 2002                  $350,000
                          October 1, 2002                    $350,000
                          November 1, 2002                   $350,000
                          December 1, 2002                   $350,000

                          Total                            $4,200,000

                    (ii)  Final Payment.

                          The remaining outstanding balance of the Term Loan
                    shall be due and payable on January 2, 2003.

     SUBPART 2.3. Amendment to Section 3.3(b). Section 3.3(b)(iv) is added to
the Credit Agreement, which Section shall read in its entirety as follows:

                    (iv)  March 31, 2002 Prepayment.

                          In addition to the scheduled payments required in
                    Section 2.4(d), the Borrower shall make a mandatory
                    prepayment of principal in the amount of $3,000,000 on March
                    31, 2002, which prepayment shall be applied first to the
                    outstanding principal balance of the Term Loan and then to
                    the outstanding principal balance of the Revolving Loans;
                    provided, however, that to the extent that Borrower makes
                    voluntary prepayments on the Term Loan prior to March 31,
                    2002, the amount of the mandatory prepayment required by
                    this Section 3.3(b)(iv) shall be reduced on a dollar for
                    dollar basis.

                                       3
<PAGE>

     SUBPART 2.4. Amendment to Section 3.3(c). Section 3.3(c) of the Credit
Agreement is amended to change the reference to "Section 3.3(b)(ii)" to
"Sections 3.3(b)(ii), (iii) and (iv)".

     SUBPART 2.5. Amendment to Section 7.1(b)(i)(B). Section 7.1(b)(i)(B) of the
Credit Agreement is amended to change the reference to "April 7, 2000" to
"February 13, "2001".

     SUBPART 2.6. Amendment to Section 7.1(b)(v). Section 7.1(b)(v) of the
Credit Agreement is amended and restated in its entirety to read as follows:

                    (v) commencing with the week beginning April 9, 2001, within
               three Business Days following the end of each calendar week, a
               company prepared report of the rolling thirteen (13) week
               forecast of cash flows for the Consolidated Group in a form
               reasonably acceptable to the Agent (a "Forecast"), together with
               (except for the initial Forecast) a reconciliation between actual
               cash flows for the prior week and projected cash flows for such
               week as set forth in the most recent previous Forecast, which
               projection shall include the specific identification of any
               accounts receivable in excess of $500,000 projected to be
               collected in such period and shall be in form reasonably
               acceptable to the Agent, together with a report of actual cash
               collections and disbursements for the calendar week most recently
               ended;

     SUBPART 2.7. Section 7.1(d). A new Section 7.1(d) is hereby added to the
Credit Agreement, which section shall read as follows:

               (d) Monthly Reports. During the last week of each calendar month
          (or, if meeting such week is impractical, then during the first week
          of the following calendar month), on a date mutually agreed upon by
          the Agent, the Lenders and the Borrower, the Borrower will discuss the
          Consolidated Group's financial performance and operations with the
          Agent and the Lenders. Upon the request of the Lenders with reasonable
          notice, the Borrower shall meet with the Agent and the Lenders at a
          site of a Borrower's or Subsidiary's operations, as designated by the
          Lenders, for such discussion. At least three Business Days prior to
          the date of the Borrower's discussion, the Borrower shall provide to
          the Agent and the Lenders a package of information that shall include
          the following reports:

                    (i) A report on the operations for the prior month and
               year-to-date and a variance analysis versus prior estimate,
               budget and the prior year.

                    (ii) A report of the status of the physical move of the
               Borrower's TelAc operations, including any time and budget
               variances.

                    (iii) A report on the status of the Borrower's efforts to
               lease equipment to avoid additional Capital Expenditures.

                    (iv) A report containing a projection for the balance of the
               current fiscal quarter and the then remaining calendar year and a
               variance analysis showing of changes from prior projections. The
               projection shall include an income statement for each operation,
               consolidated income statement, consolidated balance sheet,
               capital expenditure projections, and cash flow projections.
               Revenue projections by

                                       4
<PAGE>

               client shall accompany the forecast showing confirmed booked
               business, confirmed business which does not yet have an assigned
               start date, and outstanding proposals with an estimated
               probability of acceptance of greater than 50%. However, for
               Subsidiaries AM Medica Communications, Ltd. and Hispanic Market
               Connections, Inc., the revenue forecast shall show only confirmed
               booked business, and a verbal update of projected business shall
               be provided the Lenders.

     SUBPART 2.8. Amendment to Section 7.9. Sections (a), (b), (d), (e) and (f)
appearing in Section 7.9 of the Credit Agreement are hereby amended and restated
in their entireties to read as follows:

          (a) Consolidated Leverage Ratio. As of the end of each quarter set
     forth below, the Consolidated Leverage Ratio for such quarter shall be not
     greater than the ratios set forth below:

               Quarter Ending                     Maximum Ratio
               --------------                     -------------

               March 31, 2001                     6.600:1.00
               June 30, 2001                      6.900:1.00
               September 30, 2001                 7.800:1.00
               December 31, 2001                  5.625:1.00
               March 31, 2002                     5.050:1.00
               June 30, 2002                      4.650:1.00
               September 30, 2002                 4.460:1.00
               December 31, 2002                  4.065:1.00

          (b) Consolidated Fixed Charge Coverage Ratio. As of the end of each
     quarter set forth below, the Consolidated Fixed Charge Coverage Ratio for
     such quarter shall be not less than the ratios set forth below:

               Quarter Ending                     Minimum Ratio
               --------------                     -------------

               March 31, 2001                      .610:1.00
               June 30, 2001                       .700:1.00
               September 30, 2001                  .760:1.00
               December 31, 2001                   1.00:1.00
               March 31, 2002                      1.00:1.00
               June 30, 2002                       1.00:1.00
               September 30, 2002                  1.00:1.00
               December 31, 2002                   1.00:1.00

          (d) Consolidated Senior Leverage Ratio. As of the end of each quarter
     set forth below, the Consolidated Senior Leverage Ratio for such quarter
     shall be not greater than the ratios set forth below:

                                       5
<PAGE>

              Quarter Ending                     Maximum Ratio
              --------------                     -------------

              March 31, 2001                     5.300:1.00
              June 30, 2001                      5.650:1.00
              September 30, 2001                 6.450:1.00
              December 31, 2001                  4.700:1.00
              March 31, 2002                     3.850:1.00
              June 30, 2002                      3.480:1.00
              September 30, 2002                 3.280:1.00
              December 31, 2002                  3.020:1.00

          (e) Capital Expenditures. The aggregate amount of Capital Expenditures
     for the Consolidated Group shall not exceed:

                                                 Cumulative Amount for
              Quarter Ending                     Fiscal Year
              --------------                     ---------------------

              March 31, 2001                     $1,834,000
              June 30, 2001                      $3,461,725
              September 30, 2001                 $3,894,350
              December 31, 2001                  $4,149,725
              March 31, 2002                     $  650,000
              June 30, 2002                      $1,200,000
              September 30, 2002                 $1,800,000
              December 31, 2002                  $2,200,000

          (f) Minimum Consolidated EBITDA. Consolidated EBITDA for each
     twelve-month period ending on the dates set forth below shall be not less
     than the respective amounts set forth below:

              Twelve-Month Period Ending         Amount
              --------------------------         ------

              March 31, 2001                     $6,500,000
              June 30, 2001                      $6,200,000
              September 30, 2001                 $5,500,000
              December 31, 2001                  $7,400,000
              March 31, 2002                     $7,800,000
              June 30, 2002                      $8,400,000
              September 30, 2002                 $8,600,000
              December 31, 2002                  $9,000,000

     SUBPART 2.9. Section 7.17. A new Section 7.17 is hereby added to the Credit
Agreement, which section shall read as follows:

          7.17 Investment Banker.

          On or before May 15, 2001, the Borrower shall retain, upon terms and
     conditions reasonably acceptable to the Lenders, an experienced and
     qualified investment banker reasonably acceptable to the Lenders (the
     "Investment Banker") to assist the Borrower in

                                       6
<PAGE>

     connection with possible strategic transactions, including, without
     limitation, (i) the sale by the Borrower of all or part of its assets
     and/or (ii) debt and/or equity financing, with one of the stated aims and
     purposes of such retention being the satisfaction of the Borrower's
     Obligations to the Lenders. The Borrower shall cause the Investment Banker,
     as the Lenders may reasonably request, to meet periodically with the
     Lenders, with the Borrower present, to report upon the Investment Banker's
     findings, reports and recommendations. The Borrower shall direct the
     Investment Banker to provide to the Lenders all offers and serious
     indications of interest received from potential purchasers of the
     Borrower's assets or equity interests promptly after such offers or
     indications of interest are received. The Borrower shall not terminate the
     Investment Banker's services prior to the scheduled expiration of the
     engagement unless it immediately replaces the Investment Banker (upon
     similar terms and scope) with another investment banker with similar
     experience and reputation that is reasonably acceptable to the Lenders. The
     Borrower shall not deny the Investment Banker access to information
     necessary to perform services within the scope of the Investment Banker's
     engagement.

     SUBPART 2.10. Amended Schedule of Commitments. Schedule 2.1(a) is hereby
amended, restated and replaced in its entirety by the Schedule 2.1(a) that is
attached hereto.

                                    PART III
                                     WAIVER

     SUBPART 3.1. Waiver of Acknowledged Events of Default. The Lenders hereby
waive the Acknowledged Events of Default.

                                     PART IV
                           CONDITIONS TO EFFECTIVENESS

     This Amendment shall be and become effective the date upon which the last
of the conditions set forth in this Part IV shall have been satisfied.

     SUBPART 4.1. Execution of Counterparts of Amendment. The Agent shall have
received executed counterparts (or other evidence of execution, including
facsimile signatures, satisfactory to the Agent) of this Amendment, which
collectively shall have been duly executed on behalf of each of the Borrower,
the Guarantors and the Lenders.

     SUBPART 4.2. Registration Rights Agreement. The Agent shall have received a
fully executed copy of the Registration Rights Agreement.

     SUBPART 4.3. Warrant and Warrant Escrow Agreement. The Agent shall have
received a copy of the Warrant and Warrant Escrow Agreement executed by the
Borrower.

     SUBPART 4.4. Legal Opinion. The Agent shall have received opinions of
counsel for the Credit Parties relating to the Amendment and related Credit
Documents, in form and substance satisfactory to the Agent.

     SUBPART 4.5. Fees and Expenses. The Borrower shall have reimbursed the
Agent and the Lenders for all reasonable costs and expenses, including
reasonable attorneys' fees,

                                       7
<PAGE>

incurred by them in connection with or related to the negotiation, drafting and
execution of this Amendment and any and all other and previous forbearance or
amendment documentation.

                                     PART V
                                  MISCELLANEOUS

     SUBPART 5.1. Instrument Pursuant to Credit Agreement; Conflict. This
Amendment is a Credit Document executed pursuant to the Credit Agreement and
shall (unless otherwise expressly indicated therein) be construed, administered
and applied in accordance with the terms and provisions of the Credit Agreement.
If there is any inconsistency or conflict between this Amendment and the Credit
Agreement, the provisions of this Amendment shall govern and control.

     SUBPART 5.2. Representations and Warranties. Each Credit Party hereby
represents and warrants that (i) each Credit Party that is party to this
Amendment (a) has the requisite corporate power and authority to execute,
deliver and perform this Amendment, and, in the case of the Borrower, the
Warrant Documents, and (b) is duly authorized to, and has been authorized by all
necessary corporate action, to execute, deliver and perform this Amendment and,
in the case of the Borrower, the Warrant Documents, (ii) the Credit Parties have
no claims, counterclaims, offsets, or defenses to the Credit Documents and the
performance of their obligations thereunder, (iii) the representations and
warranties contained in Section 6 of the Credit Agreement are, subject to the
limitations set forth therein, true and correct in all material respects on and
as of the date hereof as though made on and as of such date (except for those
which expressly relate to an earlier date), (iv) after giving effect to this
Amendment and the Warrant Documents, no Default or Event of Default exists under
the Credit Agreement on and as of the date hereof or will occur as a result of
the transactions contemplated hereby; (v) the audited financial statements of
Borrower for fiscal year ended 2000 will not reflect any material negative
variance from Borrower's internally prepared financial statements for fiscal
year ended 2000 and (vi), except as specifically set forth in Schedule 8.1 of
the Credit Agreement, as amended, no earn-out payments are due any entity by any
Credit Party.

     SUBPART 5.3. Warrant Representations and Warranties. The Borrower hereby
represents and warrants that: (i) the issued and outstanding common equity
securities of the Borrower, as well as the total authorized options under the
Borrower's stock option plan and the issued and outstanding preferred equity
securities are set forth on Schedule I to this Amendment; (ii) except as set
forth on Schedule I, the Borrower has not issued any other shares of its common
stock and (other than contingent payment obligations under earnouts of which the
Lenders are aware) there are no further subscriptions, contracts or agreements
for the issuance or purchase of any other or additional common equity securities
in the Borrower, either in the form of options, agreements, warrants, calls,
convertible securities or other similar rights, other than the Warrant; (iii)
the Warrant and all of the outstanding shares of common stock under the Warrant
will have been duly and validly authorized and issued and will be fully paid and
nonassessable and will have been offered, issued, sold and delivered in
compliance with applicable federal and state securities laws; (iv) the number of
shares of the Borrower's common stock reserved for issuance as set forth on
Schedule I is not subject to adjustment by reason of the issuance of the Warrant
or the common stock issuable upon the exercise thereof; (v) except as set forth
on Schedule I, no registration rights under the Securities Act have been granted
by the Borrower with respect to its equity securities; (vi) the offer and sale
of the Warrant and the common stock to be issued upon

                                       8
<PAGE>

exercise of the Warrant, are not required to registered pursuant to Section 5 of
the Securities Act or any state securities laws; (vii) neither the Borrower nor
any agent on its behalf has solicited or will solicit any offers to sell or has
offered to sell or will offer to sell all or any part of the Warrant (or the
common stock to be issued upon exercise of the Warrant) so as to bring the
issuance of the Warrant within the registration provisions of the Securities Act
or any state securities laws; and (viii) all prior offerings and sales of
securities of the Borrower were in compliance with all applicable federal and
state securities laws.

     SUBPART 5.4. Liens. The Borrower and the Guarantors, as applicable, affirm
the liens and security interests created and granted in the Credit Documents and
agree that this Amendment shall in no manner adversely affect or impair such
liens and security interest.

     SUBPART 5.5. Acknowledgment of Guarantors. The Guarantors acknowledge and
consent to all of the terms and conditions of this Amendment and agree that this
Amendment and all documents executed in connection herewith do not operate to
reduce or discharge the Guarantors' obligations under the Credit Agreement or
the other Credit Documents.

     SUBPART 5.6. No Other Changes. Except as expressly modified in this
Amendment, all the terms, provisions and conditions of the Credit Documents
shall remain unchanged and shall continue in full force and effect.

     SUBPART 5.7. Counterparts. This Amendment may be executed by the parties
hereto in several counterparts (including facsimile counterparts), each of which
shall be deemed to be an original and all of which shall constitute together but
one and the same agreement. Delivery of an executed counterpart of this
Amendment by telecopy shall be effective as an original and shall constitute a
representation that an original shall be delivered to the Agent.

     SUBPART 5.8. Entirety. This Amendment, the Credit Agreement and the other
Credit Documents embody the entire agreement between the parties and supersede
all prior agreements and understandings, if any, relating to the subject matter
hereof. The Credit Documents represent the final agreement among the parties and
may not be contradicted by evidence of prior, contemporaneous or subsequent oral
agreements of the parties.

     SUBPART 5.9. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NORTH CAROLINA.

     SUBPART 5.10. Successors and Assigns. This Amendment shall be binding upon
and inure to the benefit of the parties hereto and their respective successors
and assigns.

     SUBPART 5.11. Release. In consideration of the Lenders' willingness to
enter into this Amendment, each of the Credit Parties hereby releases the Agent,
the Lenders, and the Agent's and the Lenders' respective officers, employees,
affiliates, representatives, agents, counsel, trustees and directors from any
and all actions, causes of action, claims, demands, damages and liabilities of
whatever kind or nature, in law or in equity, now known or unknown, suspected or
unsuspected to the extent that any of the foregoing arises from any action or
failure to act on or prior to the date hereof.

                                       9
<PAGE>

     IN WITNESS WHEREOF the Borrower, the Guarantors and the Lenders have caused
this Amendment to be duly executed as of the date first above written.

BORROWER:                           ACCESS WORLDWIDE COMMUNICATIONS, INC.
--------

                                    By:
                                         ------------------------------
                                    Name:
                                    Title:

GUARANTORS:                         ASH CREEK, INC.
----------

                                    By:
                                         ------------------------------
                                    Name:
                                    Title:

                                    TLM HOLDINGS, CORP.

                                    By:
                                         ------------------------------
                                    Name:
                                    Title:

                                    STURGES POND, INC.

                                    By:
                                         ------------------------------
                                    Name:
                                    Title:

                                    PHOENIX MARKETING GROUP (HOLDINGS), INC.

                                    By:
                                         ------------------------------
                                    Name:
                                    Title:

                             [Signatures continue.]

                                       10
<PAGE>

                                    TELEMANAGEMENT SERVICES, INC.

                                    By:
                                         ------------------------------
                                    Name:
                                    Title:

                                    HISPANIC MARKET CONNECTIONS, INC.

                                    By:
                                         ------------------------------
                                    Name:
                                    Title:

                                    AM MEDICA COMMUNICATIONS, LTD.

                                    By:
                                         ------------------------------
                                    Name:
                                    Title:

                                    AWWC TEXAS I, L.P.

                                    By:
                                         ------------------------------
                                    Name:
                                    Title:

                             [Signatures continue.]

                                       11
<PAGE>

LENDERS:                   BANK OF AMERICA, N.A., successor to
-------
                           NationsBank, N.A., individually in its capacity as a
                           Lender and in its capacity as Agent

                           By:
                              ---------------------------------
                           Name:
                                -------------------------------
                           Title:
                                 ------------------------------

                           ARK CLO 2000-1, LIMITED

                           By:  Patriarch Partners, LLC
                                its Collateral Manager

                                By:
                                   ---------------------------------
                                Name:
                                     -------------------------------
                                Title:
                                      ------------------------------

                           FLEET NATIONAL BANK

                           By:
                              ---------------------------------
                           Name:
                                -------------------------------
                           Title:
                                 ------------------------------

                           EUROPEAN AMERICAN BANK

                           By:
                              ---------------------------------
                           Name:
                                -------------------------------
                           Title:
                                 ------------------------------

                                       12

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