Document:

<PAGE>

                                                                    EXHIBIT 10.1

                       THIRD AMENDMENT TO CREDIT AGREEMENT

         This THIRD AMENDMENT TO CREDIT AGREEMENT (this "Amendment") dated as of
July 16, 2003, by and among AGCO CORPORATION, a Delaware corporation ("AGCO"),
the Subsidiaries of AGCO signatory hereto (together with AGCO, each referred to
herein collectively as the "Borrowers" and individually as a "Borrower"); the
banks, financial institutions and other institutional lenders party to the
Credit Agreement (as defined below) (the "Lenders"); COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A., "RABOBANK NEDERLAND", CANADIAN BRANCH, as
Canadian administrative agent for the Canadian Facility Lenders (the "Canadian
Administrative Agent"), and COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK
B.A., "RABOBANK NEDERLAND", NEW YORK BRANCH, as administrative agent for the
Lenders (the "Administrative Agent");

                              W I T N E S S E T H:

         WHEREAS, the Borrowers, the Administrative Agent, the Canadian
Administrative Agent and the Lenders are parties to that certain Credit
Agreement dated as of April 17, 2001 (as amended, restated, supplemented or
modified from time to time, the "Credit Agreement"); and

         WHEREAS, the Borrowers have requested that certain terms and conditions
of the Credit Agreement be amended, and the Lenders, the Canadian Administrative
Agent and the Administrative Agent have agreed to the requested amendments on
the terms and conditions set forth herein;

         NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements contained herein, the parties hereto hereby agree that
all capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Credit Agreement, and further agree as follows:

         SECTION 1. Amendments to Section 1.1.

         (a) Section 1.1 of the Credit Agreement, Certain Defined Terms, is
hereby amended by deleting the existing definition of "Applicable Margin" set
forth therein in the entirety and inserting the following in lieu thereof:

                  ""Applicable Margin" means, as of any date of determination,
         the applicable percentage indicated below which corresponds to the
         Senior Debt Ratio of AGCO indicated below:
<PAGE>
<TABLE>
<CAPTION>
                            Applicable Margin for   Applicable Margin for      Applicable Margin
        Senior Debt Ratio   LIBO Rate Advances      Base Rate Advances         for Unused Fee
        -----------------   ------------------      ------------------         -----------------
<S>                         <C>                     <C>                        <C>
        Greater than or     3.00%                   1.50%                      0.50%
        equal to 2.75 to
        1.00

        Greater than or     2.75%                   1.50%                      0.50%
        equal to 2.50 to
        1.00 but less
        than 2.75 to 1.00

        Greater than or     2.50%                   1.25%                      0.50%
        equal to 2.00 to
        1.00 but less
        than 2.50 to 1.00

        Greater than or     2.25%                   1.00%                      0.45%
        equal to 1.50 to
        1.00 but less
        than 2.00 to 1.00

        Less than 1.50 to   1.875%                  0.625%                     0.40%
        1.00
</TABLE>

         The Applicable Margin for each Advance shall be determined by reference
         to the Senior Debt Ratio in effect from time to time at the end of each
         fiscal quarter based on the financial statement for the most recently
         ended fiscal quarter and the three immediately preceding completed
         fiscal quarters; provided, however, that (a) no change in the
         Applicable Margin shall be effective until three Business Days after
         the date on which the Administrative Agent receives financial
         statements pursuant to Section 6.1(b) and (c), as the case may be, and
         a certificate of the Chief Financial Officer of AGCO demonstrating such
         ratio, attaching thereto a schedule in form reasonably satisfactory to
         the Administrative Agent of the computations used by AGCO in
         determining such Senior Debt Ratio, and (b) the Applicable Margin shall
         be the highest interest rate margin set forth above with respect to the
         applicable Advances and Unused Fee, respectively, (i) if AGCO has not
         submitted to the Administrative Agent the information described in
         clause (a) of this proviso as and when required under Section 6.1(b) or
         (c),

                                     - 2 -
<PAGE>
         as the case may be, for so long as such information has not been
         received by the Administrative Agent, and (ii) at the election of the
         Administrative Agent or the Required Lenders, upon the occurrence and
         during the continuation of any Event of Default (whether or not the
         Default Rate of interest shall then be in effect)."

         (b) Section 1.1 of the Credit Agreement, Certain Defined Terms, is
hereby further amended by inserting the following definition of "Coventry
Pension Litigation" set forth below in appropriate alphabetical order therein:

                  ""Coventry Pension Litigation" means that certain litigation
among AGCO and representatives of the Massey Ferguson Works Pension Trust
Limited relating to AGCO Limited's pension plan for its employees at its
Coventry, England manufacturing facility, being known as Case No. HC02C02865
pending in the High Court of Justice - Chancery Division."

         SECTION 2. Amendments to Section 7.7. Section 7.7 of the Credit
Agreement, Sales of Assets, is hereby amended by deleting paragraphs (b) and (d)
thereof in the entirety and inserting the following, respectively, in lieu of
such paragraphs (b) and (d):

                  "(b) sales of (i) the Closed Facilities, and (ii) the
         manufacturing facilities located in Coventry, England, DeKalb, Illinois
         and Kempten, Germany (including the Real Property on which such
         facilities are located and all buildings and improvements thereon);

                  (d) sales of wholesale Receivables (together with the Related
         Security) invoiced to third parties at addresses located in the United
         States, Canada, and/or Europe under a Securitization Facility, but only
         so long as the aggregate face amount of Receivables purchased by the
         purchasers under such facility and outstanding on any date of
         determination may not exceed U.S. $450,000,000;"

         SECTION 3. Amendments to Section 7.19. Section 7.19 of the Credit
Agreement, Financial Covenants, is hereby amended by deleting paragraphs (a),
(b) and (d) thereof in the entirety and inserting the following, respectively,
in lieu of such paragraphs (a), (b) and (d):

                  "(a) Total Debt Ratio. AGCO shall not allow, as of the end of
         each fiscal quarter of AGCO, the Total Debt Ratio to exceed the ratio
         set forth below for the applicable fiscal quarter corresponding
         thereto:

<TABLE>
<CAPTION>
          Fiscal Quarters Ending:                      Ratio:
          -----------------------                      ------
<S>                                                    <C>
          June 30, 2001                                6.00 to 1.00
          September 30, 2001                           5.90 to 1.00
          December 31, 2001                            5.60 to 1.00
</TABLE>

                                     - 3 -
<PAGE>
<TABLE>
<S>                                                    <C>
          March 31, 2002                               5.25 to 1.00
          June 30, 2002                                5.00 to 1.00
          September 30, 2002                           4.75 to 1.00
          December 31, 2002, through March 31, 2003    4.75 to 1.00
          June 30, 2003, through September 30, 2003    5.25 to 1.00
          December 31, 2003                            4.75 to 1.00
          March 31, 2004, through June 30, 2004        4.50 to 1.00
          September 30, 2004                           4.25 to 1.00
          December 31, 2004                            4.00 to 1.00
          March 31, 2005, and thereafter               3.50 to 1.00
</TABLE>

                  (b) Senior Debt Ratio. AGCO shall not allow, as of the end of
         each fiscal quarter of AGCO, the Senior Debt Ratio to exceed the ratio
         set forth below for the applicable fiscal quarter corresponding
         thereto:

<TABLE>
<CAPTION>
          Fiscal Quarters Ending:                      Ratio:
          -----------------------                      ------
<S>                                                    <C>
          June 30, 2001                                3.25 to 1.00
          September 30, 2001                           3.25 to 1.00
          December 31, 2001                            3.00 to 1.00
          March 31, 2002, through June 30, 2002        2.75 to 1.00
          September 30, 2002                           2.50 to 1.00
          December 31, 2002, through March 31, 2003    2.75 to 1.00
          June 30, 2003, through September 30, 2003    3.25 to 1.00
          December 31, 2003                            3.00 to 1.00
          March 31, 2004                               2.75 to 1.00
          June 30, 2004, through December 31, 2004     2.50 to 1.00
</TABLE>

                                     - 4 -
<PAGE>
<TABLE>
<S>                                                    <C>
          March 31, 2005, and thereafter               2.25 to 1.00
</TABLE>

                  (d) Consolidated Tangible Net Worth. AGCO shall maintain, as
         of the last day of each fiscal quarter of AGCO, Consolidated Tangible
         Net Worth of not less than (i) the sum of (x) eighty-five percent (85%)
         of Consolidated Tangible Net Worth as of March 31, 2001 (adjusted to
         give pro forma effect to the Merger), plus (y) fifty percent (50%) of
         Consolidated Net Income (to the extent positive) for the fiscal quarter
         ending June 30, 2001, and each fiscal quarter thereafter on a
         cumulative basis, minus (ii) the amount of any increase in AGCO's
         pension plan liabilities after June 30, 2003, arising as a result of
         the Coventry Pension Litigation, in an aggregate amount not exceeding
         $70,000,000."

         SECTION 4. Representations and Warranties. Each of AGCO and the other
Borrowers represents and warrants as follows:

         (a) The execution, delivery and performance by each Borrower of this
Amendment and the other transactions contemplated hereby, are within such
Borrower's corporate powers, have been duly authorized by all necessary
corporate action, and do not (i) contravene such Borrower's charter or by-laws;
(ii) violate any Applicable Law (including, without limitation, to the extent
applicable, the Securities Exchange Act of 1934, the Racketeer Influenced and
Corrupt Organizations Chapter of the Organized Crime Control Act of 1970 and any
similar statute); (iii) conflict with or result in the breach of, or constitute
a default under, any contract, loan agreement, indenture, mortgage, deed of
trust, lease or other instrument binding on or affecting any Borrower, any of
its Subsidiaries or any of their properties (including the Material Contracts,
the Senior Note Documents and the Subordinated Note Documents); or (iv) except
for the Liens created under the Security Documents, result in or require the
creation or imposition of any Lien upon or with respect to any of the properties
of any Borrower or any of its Subsidiaries;

         (b) No authorization or approval or other action by, and no notice to
or filing with, any Governmental Authority or regulatory body or any other third
party is required for the due execution, delivery, recordation, filing or
performance by any Borrower of this Amendment and each other Loan Document
contemplated hereby to which it is or is to be a party, or for the consummation
of the transactions contemplated hereby;

         (c) This Amendment and each other document required to be delivered by
a Borrower hereunder has been duly executed and delivered by each Borrower
thereto, and constitutes the legal, valid and binding obligation of each
Borrower thereto, enforceable against such Borrower in accordance with its
terms;

         (d) The representations and warranties contained in Article 4 of the
Credit Agreement, and in each of the other Loan Documents, are true and correct
on and as of

                                     - 5 -
<PAGE>
the date hereof as though made on and as of such date, other than any such
representations and warranties that, by their terms, expressly refer to an
earlier date; and

         (e) No event has occurred and is continuing which constitutes an Event
of Default or would constitute an Event of Default but for the requirement that
notice be given or time elapse or both.

         SECTION 5. Conditions Precedent to Effectiveness of this Amendment.
This Amendment shall be effective as of the date first set forth above when the
Administrative Agent shall have received, in form and substance satisfactory to
it, each of the following:

         (a) this Amendment, duly executed by the Borrowers, the Canadian
Administrative Agent, the Administrative Agent and the Required Lenders;

         (b) an amendment fee for the account of each Lender that delivered to
the Administrative Agent prior to 5:00 p.m. (New York City time) on July 16,
2003, such Lender's executed signature page to this Amendment, in an amount
equal to fifteen (15) basis points of each such Lender's Commitment; and

         (c) the payment of such other fees, and the delivery of such other
documents, instruments, and information, as the Administrative Agent may
reasonably request.

         SECTION 6. Reference to and Effect on the Credit Agreement. Upon the
effectiveness of this Amendment as set forth in Section 5 hereof, on and after
the date hereof, each reference in the Credit Agreement to "this Agreement",
"hereunder", "hereof", "herein" or words of like import shall mean and be a
reference to the Credit Agreement as amended hereby, and each reference in the
Notes and the other Loan Documents to the Credit Agreement shall mean and be a
reference to the Credit Agreement as amended hereby.

         SECTION 7. Costs, Expenses and Taxes. The Borrowers agree, jointly and
severally, to pay on demand all costs and expenses of the Administrative Agent
in connection with the preparation, execution and delivery of this Amendment and
the other instruments and documents to be delivered hereunder (including,
without limitation, the fees and expenses of counsel for the Administrative
Agent with respect thereto).

         SECTION 8. No Other Amendments. Except as otherwise expressed herein,
the execution, delivery and effectiveness of this Amendment shall not operate as
a waiver of any right, power or remedy of the Agents or the Lenders under the
Credit Agreement, or any of the other Loan Documents, nor constitute a waiver of
any provision of the Credit Agreement or any of the other Loan Documents. Except
for the amendment set forth above, the text of the Credit Agreement and all
other Loan Documents shall remain unchanged and in full force and effect and the
Borrowers hereby ratify and confirm their respective obligations thereunder.
This Amendment shall not constitute a modification of

                                     - 6 -
<PAGE>
the Credit Agreement or a course of dealing with the Administrative Agent at
variance with the Credit Agreement such as to require further notice by the
Administrative Agent to require strict compliance with the terms of the Credit
Agreement and the other Loan Documents in the future, except as expressly set
forth herein. The Borrowers acknowledge and expressly agree that the Agents and
the Lenders reserve the right to, and do in fact, require strict compliance with
all terms and provisions of the Credit Agreement and the other Loan Documents
(in each case as amended hereby).

         SECTION 9. Execution in Counterparts. This Amendment may be executed in
any number of counterparts, each of which when so executed and delivered shall
be deemed to be an original and all of which taken together shall constitute but
one and the same instrument. Delivery of a signature page hereto by facsimile
transmission shall be as effective as delivery of a manually executed
counterpart hereof.

         SECTION 10. Governing Law. This Amendment shall be governed by, and
construed in accordance with, the laws (without giving effect to the conflicts
of laws principles thereof) of the State of New York.

         SECTION 11. Final Agreement. This Amendment represents the final
agreement between the Borrowers, the Administrative Agent, the Canadian
Administrative Agent and the Lenders as to the subject matter hereof and may not
be contradicted by evidence of prior, contemporaneous or subsequent oral
agreements of the parties. There are no unwritten oral agreements between the
parties. The Amendment shall constitute a Loan Document for all purposes.

              [The remainder of the page is intentionally blank.]

                                     - 7 -
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

         BORROWERS:                 AGCO CORPORATION

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

                                    AG-CHEM EQUIPMENT CO., INC.
                                    (f/k/a Agri Acquisition Corp.)

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

                                    AGCO LIMITED

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

                                    AGCO S.A.

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

                                    AGCO INTERNATIONAL LIMITED

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

                       [SIGNATURES CONTINUED ON NEXT PAGE]

                       Third Amendment to Credit Agreement

                                Signature Page 1
<PAGE>
                                    AGCO HOLDING B.V.

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

                                    AGCO VERTRIEBS GMBH

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

                                    AGCO GMBH & CO.

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

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

                                    AGCO CANADA, LTD.

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

                       [SIGNATURES CONTINUED ON NEXT PAGE]

                       Third Amendment to Credit Agreement

                                Signature Page 2
<PAGE>
AGENTS AND LENDERS:                 COOPERATIEVE CENTRALE
                                    RAIFFEISEN-BOERENLEENBANK B.A., "RABOBANK
                                    NEDERLAND," NEW YORK BRANCH, as
                                    Administrative Agent, a Lender and
                                    Multi-Currency Issuing Bank

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

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

                                    COOPERATIEVE CENTRALE
                                    RAIFFEISEN-BOERENLEENBANK B.A., "RABOBANK
                                    NEDERLAND," CANADIAN BRANCH, as Canadian
                                    Administrative Agent, a Canadian Facility
                                    Lender and Canadian Issuing Bank

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

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

                       [SIGNATURES CONTINUED ON NEXT PAGE]

                       Third Amendment to Credit Agreement

                                Signature Page 3
<PAGE>
                                    CREDIT SUISSE FIRST BOSTON

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

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

                                    SUNTRUST BANK

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

                                    COBANK, ACB

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

                                    BEAR STEARNS CORPORATE LENDING INC.

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

                                    HSBC BANK USA

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

                       [SIGNATURES CONTINUED ON NEXT PAGE]

                       Third Amendment to Credit Agreement

                                Signature Page 4
<PAGE>
                                    NATEXIS BANQUES POPULAIRES

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

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

                                    U.S. BANK NATIONAL ASSOCIATION

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

                                    BANK OF TOKYO-MITSUBISHI, LTD

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

                                    CREDIT INDUSTRIEL ET COMMERCIAL

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

                       [SIGNATURES CONTINUED ON NEXT PAGE]

                       Third Amendment to Credit Agreement

                                Signature Page 5
<PAGE>
                                    GENERAL ELECTRIC CAPITAL CORPORATION

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

                                    AGFIRST FARM CREDIT BANK,
                                    as a General Syndication Participant

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

                                    FARM CREDIT SERVICES OF AMERICA, PCA,
                                    as a General Syndication Participant

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

                       Third Amendment to Credit Agreement

                                Signature Page 6<PAGE>
                                                                    Exhibit 10.1

                          AGREEMENT AND MUTUAL RELEASE
                              OF BRIAN K. GOODKIND

         This Agreement and Mutual Release ("Agreement") is effective as of July
22, 2003 (the "Effective Date") by and between BRIAN K. GOODKIND (hereinafter
referred to as "Employee") and TERREMARK WORLDWIDE, INC. (hereinafter referred
to collectively with all of its subsidiaries and affiliates and defined as the
"Company").

         WHEREAS, Employee and the Company (collectively "The Parties") have
mutually agreed that it is in their respective best interests to amicably modify
their employment relationship, as provided herein.

         NOW, THEREFORE, in consideration of the acts, payments, covenants and
mutual agreements herein described and agreed to be performed, the receipt and
sufficiency of which are hereby acknowledged, Employee and the Company agree as
follows:

1.       TERMINATION OF EMPLOYMENT AGREEMENT. Employee hereby resigns Employee's
         positions with the Company and all subsidiaries as of the Effective
         Date, although Employee remains employed pursuant to this Agreement.
         The Parties agree that the Employment Agreement between Employee and
         Company dated as of November 5, 2002 (the "Employment Agreement") and
         all other oral, written, contracts, understandings, promises,
         agreements, memoranda, commitments and representations (excluding only
         any agreements between the Company and Employee related to stock
         options or obligations of indemnity) are hereby void, and of no effect,
         and rendered a nullity and vitiated and terminated as of the Effective
         Date, with no terms thereof surviving except as set forth in Section 6
         below and herein in this Agreement. Employee represents that as of the
         date of execution hereof, Employee has returned to the Company all
         Company property, including but not limited to all copies of business
         plans, proposals, contracts, sales forecasts, brochures, forms or trip
         reports, whether in tangible or electronic form. The Company expressly
         agrees that Employee can retain his laptop and desktop computers and
         cellular telephone (the "Retained Property"), and hereby transfers
         title and ownership of the Retained Property to Employee.

2.       EMPLOYEE SERVICES.

         a.       Employee agrees to accept "Continued Employment" as a Senior
                  Strategic Advisor to render strategic planning services (the
                  "Services") to the Company from time to time upon the
                  reasonable written request of the Chief Executive Officer of
                  the Company for a period of 12 months from July 22, 2003 (the
                  "Continued Employment Period"). Employee shall not have to
                  perform Services for more than 40 hours in any one month, and
                  the Services shall be rendered at reasonable, mutually agreed
                  upon times. Company will not provide Employee with office
                  space during the Continued Employment Period. Employee is not
                  required to spend any time in, or at, any Company siteor to
                  travel in order to perform the Services. At the expiration or
                  termination by the Employee of the Continued Employment
                  Period, Employee shall execute and deliver to the Company the
                  Separation Agreement and Release attached hereto as Exhibit 1.

         b.       During the Continued Employment Period, Employee may refer to
                  Employee's position as "Senior Strategic Advisor", and agrees
                  to act and represent the Company if and only as the Chief
                  Executive Officer and Employee may

<PAGE>

                  mutually agree in writing signed by both of them, from time to
                  time, including, but not limited to: contacts with media;
                  contacts with Company employees; or attending meetings,
                  events, seminars or any other public or private functions on
                  behalf, or purportedly on behalf of the Company.

3.       COMPENSATION.

         a.       The Company irrevocably agrees, during the Continued
                  Employment Period, to continue to: (i) pay Employee $9615.38
                  as base salary on a biweekly basis, through July 22, 2004 (the
                  "Salary"); (ii) withhold applicable taxes on behalf of
                  Employee; and (iii) provide all benefits Employee was
                  receiving immediately prior to the execution of this
                  Agreement, including all medical and dental coverage, various
                  AFLAC and disability insurance coverage, and 401K
                  participation, except that Employee shall not be eligible for
                  any vacation benefits or any bonus that the Company may pay to
                  its employees.

         b.       As additional compensation for, including but not limited, to
                  past performance and any future bonus, the Company has granted
                  to Employee options to purchase 2,685,000 shares of the
                  Company's common stock pursuant to the Terremark Worldwide,
                  Inc. Non-Qualified Stock Option Agreements for Brian K.
                  Goodkind executed by the Company concurrent with the execution
                  of this Agreement that contain certain restrictions on the
                  transfer of the shares that underlie the Options (the "New
                  Option Agreements"). In addition, the Company has amended two
                  of the Employee's pre-existing Stock Option Agreements (the
                  "Amended Option Agreements"). Collectively, the New Option
                  Agreements and the Amended Option Agreements are referred
                  herein as the "Stock Option Agreements." Employee agrees the
                  Stock Option Agreements shall be automatically rescinded and
                  be rendered null and void if he revokes this Agreement
                  pursuant to Section 5.

         c.       It is understood that during the Continued Employment Period,
                  the Company will, if asked, confirm that the Company employs
                  Employee. The Company will make an announcement on July 30,
                  2003 about Employee's change in position stating that Employee
                  has stepped down as Executive Vice President and Chief
                  Operating Officer.

         d.       After the Continued Employment Period, inquiries made related
                  to the Employee of Employee's work with the Company will be
                  responded to in a manner that is consistent with corporate
                  policy of verifying only the fact of employment, the positions
                  and the length of service. The Employee may seek personal
                  references within the Company with whom Employee feels
                  comfortable.

         e.       Employee and the Company agree that neither party will at any
                  time defame the other (including the Company's directors,
                  shareholders and/or employees) to third parties. Both the
                  Employee and the Company each agree that the Employee's
                  Continued Employment and subsequent departure will be
                  categorized as a mutual decision that was amicable and that
                  the Employee was in good standing. Notwithstanding the
                  prohibition in the preceding sentence, each party shall
                  respond accurately and fully to any question, inquiry, or
                  request for information when required by legal process, or
                  when posed by a governmental entity.

                                - Page 2 of 6 -
<PAGE>

4.       RELEASE AND COVENANT NOT TO SUE.

         a.       Employee for himself, his spouse and his issue, executors,
                  administrators and assigns to the extent claiming by through
                  or under him, hereby forever releases, discharges, cancels,
                  waives, and acquits the Company and any and all of its
                  affiliates, subsidiaries, corporate parents, agents,
                  directors, officers, employees, attorneys, successors and
                  assigns or any one or entity related or affiliated to any of
                  the foregoing, individually, as well as in their respective
                  capacities in connection with the Company, of and from any and
                  all rights, claims, demands, causes of action, obligations,
                  damages, penalties, fees, costs, expenses, and liability of
                  any nature whatsoever, whether in law or equity, whether known
                  or unknown, whether suspected or not including all oral and
                  written contracts, agreements, memoranda, understandings
                  except those specifically provided for in Section 6 of this
                  Agreement ("Employee Claims"), which Employee has, had or may
                  hereafter have against them, or any of them arising out of, or
                  by reason of, any cause, matter, or thing whatsoever existing
                  as of the date of execution of this Agreement, other than for
                  Employee Claims arising under or pursuant to this Agreement.

         b.       THIS FULL WAIVER OF ALL EMPLOYEE CLAIMS includes, without
                  limitation, except as aforesaid, attorney's fees, any claims,
                  demands, or causes of action arising out of, or relating in
                  any manner whatsoever to, the employment and/or termination of
                  the employment of Employee by the Company, such as, BUT NOT
                  LIMITED TO, any charge, claim, lawsuit or other proceeding
                  arising under the Civil Rights Act of 1866, 1964, 1991, Title
                  VII as amended by the Civil Rights Act of 1991, the Americans
                  With Disabilities Act, the Age Discrimination in Employment
                  Act (ADEA), the Labor Management Relations Act (LMRA), the
                  Employee Retirement Income Security Act (ERISA), the
                  Consolidated Omnibus Budget Reconciliation Act, the Fair Labor
                  Standards Act (FLSA), the Equal Pay Act, the Rehabilitation
                  Act of 1973, the Older Workers Benefit Protection Act, the
                  Family and Medical Leave Act of 1993, Worker's Compensation
                  Claims, or any other constitutional, federal, state, county,
                  or local statute, or any contract, agreement, plan or policy.
                  Employee further covenants and agrees not to institute, nor
                  cause to be instituted, any legal proceeding, including filing
                  any claim or complaint with any government agency alleging any
                  violation of law or public policy against the Company and/or
                  any and all of its affiliates, subsidiaries, corporate
                  parents, directors, agents, officers, owners, employees,
                  successors and assignees or any one or any entity related or
                  affiliated with any of the foregoing premised upon any legal
                  theory or claim whatsoever, including without limitation,
                  contract, tort, wrongful discharge, personal injury,
                  interference with contract, breach of contract, defamation,
                  negligence, infliction of emotional distress, fraud, or
                  deceit, except to enforce the terms of this Agreement.

         c.       Employee acknowledges that the considerations afforded him
                  under this Agreement, including the payments, indemnifications
                  and considerations described in Section 3 above and in other
                  sections of this Agreement, are in full and complete
                  satisfaction of any claims Employee may have, or may have had
                  relating to the Company, including any arising out of his
                  employment with the Company (or any subsidiary) or the
                  termination thereof. Employee represents that there are no
                  charges or claims filed or pending before any agency or court
                  relating to Employee' employment with the Company. Employee
                  represents that as of the date of execution of this Agreement,

                                - Page 3 of 6 -
<PAGE>

                  Employee is not aware of and does not have any workers
                  compensation claims or injuries and has no other claims
                  pending.

         d.       Company for itself, and its agents, directors, officers,
                  employees, attorneys, successors and assigns to the extent
                  they may claim by through or under the Company, and Manuel D.
                  Medina, individually, hereby forever releases, discharges,
                  cancels, waives, and acquits the Employee and his spouse and
                  his issue, both in respect of claims by through or under
                  Employee and in their individual capacities, of and from any
                  and all known rights, claims, demands, causes of action,
                  obligations, damages, penalties, fees, costs, expenses, and
                  liability of any nature whatsoever, whether in law or equity,
                  whether known or unknown, whether suspected or not ("Company
                  Claims"), which Company has, had or may hereafter have against
                  them, or any of them arising out of, or by reason of, any
                  cause, matter, or thing whatsoever existing as of the date of
                  execution of this Agreement, other than for Company Claims
                  arising under or pursuant to this Agreement.

5.       TIME PERIOD OF CONSIDERING OR CANCELING THIS AGREEMENT. Employee
         acknowledges that Employee has been offered a period of time of at
         least twenty-one (21) days to consider whether to sign this Agreement,
         which Employee hereby waives, and the Company agrees that Employee may
         cancel this Agreement at any time during the seven (7) days following
         the date on which this Agreement has been signed by all parties to this
         Agreement. In order to cancel or revoke this Agreement, Employee must
         deliver to the Company at 2601 South Bayshore Drive, 9th Floor, Miami
         FL 33133, attention Employee Relations, written notice stating that
         Employee is canceling or revoking this Agreement. If this Agreement is
         timely canceled or revoked, none of the provisions of this Agreement
         shall be effective or enforceable and the Company shall not be
         obligated to make the payments to Employee or to provide Employee with
         the other benefits described in this Agreement, and the Stock Option
         Agreements shall be automatically rescinded and be rendered null and
         void.

6.       SURVIVAL OF TERMS FROM CERTAIN AGREEMENTS.

         a.       Article 6 of the Employment Agreement ("Article 6") shall
                  survive as provided for in the Employment Agreement; except
                  that section 6.1 of Article 6 regarding non-competition shall
                  be in effect until and expire at the end of the July 22, 2004
                  and the reference therein regarding termination by "the
                  Company without Cause" or by "the Executive for Good Reason"
                  shall not apply to this Agreement. Employee acknowledges and
                  agrees that (i) the obligations of nondisclosure (6.2) and
                  nonsolicitation (6.3) in Article 6 shall apply during the
                  Continued Employment Period; and (ii) any time period
                  referenced in Article 6, except as modified herein regarding
                  Section 6.1, shall commence running upon the expiration or
                  termination by the Employee of the Continued Employment
                  Period.

         b.       The "Highly Confidential Non-Disclosure Agreement" relating to
                  work with the United States Government shall survive the
                  expiration or termination by the Employee of this Agreement;
                  and

         c.       The Stock Option Agreements referenced in Section 3 hereof
                  shall also survive the expiration or termination by the
                  Employee of this Agreement, but not its revocation pursuant to
                  Section 5 above.

                                - Page 4 of 6 -
<PAGE>

         d.       The Separation Agreement and Release to be provided upon
                  completion of the Continued Employment (attached hereto as
                  Exhibit 1).

7.       RELIANCE. Employee warrants and represents that: (i) Employee has
         relied on his own judgment regarding the consideration for and language
         of this Agreement; (ii) Employee has been given a reasonable period of
         time to consider this Agreement, has been advised to consult with
         counsel of Employee's own choosing before signing this Agreement, and
         has consulted with independent counsel; (iii) Employee is relying on
         Employee's independent counsel's legal advice after counsel explained
         all of the terms of this Agreement to Employee; (iv) Employee has not
         relied on any oral or written representations made to Employee in
         connection with the negotiation of this Agreement; (v) the Company has
         not in any way coerced or unduly influenced Employee to execute this
         Agreement; and (vi) this Agreement is written in a manner that is
         understandable to Employee and Employee has read and understood all
         paragraphs of this Agreement.

8.       NATURE OF THE AGREEMENT. This Agreement and all provisions thereof,
         including all representations and promises contained herein, are
         contractual and not a mere recital and shall continue in permanent
         force and effect. Except as provided in Sections 3 and 6, above, this
         Agreement constitutes the sole and entire agreement of the parties with
         respect to the subject matter hereof, superseding all prior agreements
         and understandings between The Parties, and there are no agreements of
         any nature whatsoever between The Parties hereto except as expressly
         stated herein. This Agreement may not be modified or changed unless
         done so in writing, signed by both parties. No modification to this
         Agreement nor any failure or delay in enforcing any term, exercising
         any option or requiring performance shall be binding or construed as a
         waiver unless agreed to in writing by the parties. In the event that
         any portion of this Agreement is found to be unenforceable for any
         reason whatsoever, the unenforceable provision shall be considered
         severable, and the remainder of the Agreement shall continue to be in
         full force and effect. This Agreement shall be governed by and
         construed in accordance with the laws of the State of Florida without
         regard to choice of law principles. The Parties agree that they have
         jointly participated in the drafting of this Agreement, and should any
         provision of this agreement require interpretation or construction, no
         presumption regarding construction of the document shall apply against
         one party.

9.       NO ADMISSION OF LIABILITY. Nothing contained in this Agreement shall be
         construed in any manner as an admission by any party that they have
         violated any statue, law or regulation, or breached any contract or
         agreement. Employee acknowledges and agrees that, in the event of a
         breach or threatened breach of any of the foregoing provisions, Company
         will have no adequate remedy in damages and, accordingly, shall be
         entitled to injunctive relief against such breach or threatened breach;
         provided, however, that no specification of a particular legal or
         equitable remedy shall be construed as a waiver, prohibition or
         limitation of any legal or equitable remedies in the event of a breach
         hereof.

10.      ATTORNEYS' FEES. If any litigation is commenced between the parties
         hereto concerning this Agreement, or the rights and duties of the
         parties in relation to this Agreement, the party prevailing in such
         litigation shall be entitled, in addition to such other relief as may
         be granted, to a reasonable sum for attorneys' fees in connection with
         such litigation, which sum shall be determined by the trier of fact in
         such litigation or arbitration or in a separate action brought for that
         purpose.

                                - Page 5 of 6 -
<PAGE>

11.      SEVERABILITY. The unenforceability of any provision of this Agreement
         shall not affect the enforceability of any other provision, and this
         Agreement shall be construed in all respects as if such unenforceable
         provisions were omitted.

12.      FACSIMILE SIGNATURES. Facsimile signatures of this Agreement shall
         constitute and be accepted as original signatures that shall be binding
         on the party executing the Agreement.

TERREMARK WORLDWIDE, INC.                 By: /s/ Brian K. Goodkind
                                              ----------------------------------
                                              Brian K. Goodkind

By: /s/ Jose A. Segrera                   Date: July 29, 2003
    --------------------------------
Name:  Jose A. Segrera

Title: Executive Vice President and
       Chief Financial Officer

Date: July 29, 2003

By: /s/ Manuel D. Medina
    --------------------------------------
               Manuel D. Medina
(in his individual capacity in connection
         with Section 4(d) only.)

Date: July 29, 2003

                                - Page 6 of 6 -
<PAGE>

                                    EXHIBIT 1

                        SEPARATION AGREEMENT AND RELEASES

         It is understood and agreed by and between Terremark Worldwide, Inc.
its subsidiaries, affiliates and successors, and their officers, directors,
employees, shareholders, owners, agents and attorneys, and any who take their
place (hereinafter "the Company") and Brian K. Goodkind, his spouse, his issue,
and anyone claiming by, through or for him (hereinafter "Employee") that the
foregoing Parties (hereafter collectively referred to as "The Parties") have
ended their relationship as Employer and Employee effective ____________________
________________________, 2004 ("Effective Date of Termination"). In view of the
foregoing, the Company and Employee hereby agree to the following:

         1. Employee and the Company have agreed that Employee's employment
pursuant to Agreement and Mutual Release of Brian K. Goodkind dated as of July
22, 2003, with the Company terminated on the Effective Date of Termination.
Employee acknowledges that he has received all wages and benefits and rights due
to him through the Effective Date of Termination. Now, therefore, the only
payments, benefits, or other things of value to which Employee is entitled to
receive directly from the Company are those set forth in this Agreement.

         2. In return for the consideration and benefits, which are set forth
below, Employee is willing to waive all of his rights to continued or future
employment, and to waive certain claims, past rights, and future rights arising
out of the employment relationship, all as set forth in detail below.

         3. In consideration for entering into this Agreement, it is understood
and agreed that Employee has received the consideration set forth in the
Agreement and Mutual Release of Brian K. Goodkind dated as of July 22, 2003.

         4. Employee hereby releases the Company, its affiliates, parents,
subsidiaries, or related entities, and any who take their place or work for the
foregoing, their officers, agents, attorneys, and employees and any who take
their place from any and all past or present causes of action, suits,
agreements, or claims, from the beginning of the world to the date of this
Agreement, whether or not they are presently known to exist, that Employee has
or may have against the Company arising out of Employee's employment with the
Company and/or the separation of employment with the Company, but excluding any
claims under or obligations of the Agreement and Mutual Release of Brian K.
Goodkind dated as of July 22, 2003. Employee understands that this release
covers, among other things, claims, or rights arising under Constitutional,
federal, state, county, local, municipal, or common laws (including tort and
oral contract claims). This release also covers, among other things, claims of
unlawful discrimination under such laws including, but not limited to age
discrimination claims under the Age Discrimination in Employment Act of 1967,
and sex, sexual harassment, color, national origin, race, and retaliation
claims, among others, under Title VII of the Civil Rights Act of 1964 (as
amended), claims under the Family Medical Leave Act, the Americans with
Disabilities Act, state and federal Whistleblower Acts, the Immigration Reform
and Control Act of 1986, the Occupational Safety and Health Act, the Equal Pay
Act of 1963, the Wage and Hour Act, the Employee Retirement Income Security Act,
the Consolidated Omnibus Budget Reconciliation Act, and the

                                  Page 1 of 3
<PAGE>

foregoing and any and all federal, state, county, local, or municipal civil
rights, disability, wage, equal pay, labor, or employment acts or laws, as
amended. This release also covers, among other things, claims of wrongful
termination of employment. Furthermore, Employee waives and relinquishes such
rights on behalf of any and all of his dependents, relatives, heirs, survivors
or assigns or those claiming by or through him. This is not a complete list, and
Employee waives, releases, and discharges, all other rights and claims Employee,
or anyone arguably claiming by or through him, has or may have under any and all
other federal, state, and local laws, regulations, and ordinances of any kind,
including claims for failure to obtain re-employment, reinstatement, or future
employment, and for retaliation. This release does not cover any rights or
claims based on things that happen after the date of this Agreement.

         5. This Agreement was mutually negotiated and is mutually acceptable to
the Parties, who dealt with each other at arms-length. Both the Company and
Employee have had an opportunity to review the Agreement prior to signing it.
Employee was advised to obtain, and afforded the opportunity to consult with,
legal counsel or other representative, of his choice and have such counsel or
representative review this document before it is signed by Employee.

         6. Employee acknowledges that this document does not constitute an
admission by the Company of any unlawful act or of any violation of any
ordinance, statute, regulation, or other provision of statutory, regulatory, or
common law.

         7. The Parties agree that if any clause or provision herein is deemed
by a court of competent jurisdiction to be illegal, invalid or unenforceable,
the legality, validity and enforceability of the remaining parts, terms, or
provisions shall not be affected thereby, and the remainder of this Agreement
shall remain in full force and effect.

         8. Employee acknowledges that on _________________, the Company gave
Employee an unsigned copy of this Agreement and informed Employee that Employee
had 21 days from that date to consider it before signing.

         9. Employee also acknowledges that the Company has informed Employee
that for a period of seven days after the date upon which Employee signs this
Agreement, Employee may revoke it. Employee further acknowledges understanding
that if Employee revokes this Agreement, Employee will lose all benefits of this
Agreement.

         10. This Agreement when executed, together with the Agreement and
Mutual Release executed by the Parties and effective as of July 22, 2003, covers
all understandings between the Company and Employee relating to Employee's
employment with and separation from employment with the Company. Excluding the
Agreement and Mutual Release, no other expressed or implied, written or oral
agreement between the Company and Employee relating to Employee's employment
and/or separation from employment with the Company will have any effect, unless
it is in writing and is signed and dated by both Parties after the date of the
Agreement.

         11. Employee, by signature below, acknowledges that Employee has
carefully read and considered the contents of this Agreement, and that Employee
fully understands all of its provisions and is voluntarily, willingly and
knowingly entering into this Agreement.

                                  Page 2 of 3
<PAGE>

         12. Notwithstanding anything contained herein to the contrary, this
Separation Agreement and Release has no impact on and does not in way void,
modify or alter any written agreement between the parties related to stock
options or obligations of indemnity.

         DATED this _____ day of _______________________, 2004.

----------------------------            ----------------------------------------
Witness                                 Brian K. Goodkind, Employee

----------------------------
Witness

         SWORN TO AND SUBSCRIBED BEFORE me this _____________ day of
_______________________________, 2004 by Brian K. Goodkind, who is personally
known to me or who has produced ____________________________________ as
identification.

------------------------------------------------
Type/Print Name of Notary:  ____________________
Commission Number : ____________________________
Commission expires:  ___________________________

                                       Terremark Worldwide, Inc.

                                        By:
----------------------------------          ------------------------------------
Witness

----------------------------------
Witness

         SWORN TO AND SUBSCRIBED BEFORE me this ____ day of ________________,
2004 by _______________________________, who is personally known to me or who
has produced _____________________________ as identification.

------------------------------------------------
Type/Print Name of Notary:  ____________________
Commission Number : ____________________________
Commission expires:  ___________________________

                                  Page 3 of 3

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