Document:

<PAGE>
                                                                   EXHIBIT 10.15

                           DEBT SATISFACTION AGREEMENT

         THIS DEBT SATISFACTION AGREEMENT dated as of November __, 2002 (this
"AGREEMENT"), is entered into by and between Terremark Worldwide, Inc., a
Delaware corporation (the "COMPANY" or "TERREMARK") and CRG, LLC, a Florida
limited liability company (the "INVESTOR").

                                    RECITALS

         WHEREAS, Investor has entered into an agreement to purchase from
Cupertino Electric, Inc. ("CEI") $18.5 million in debt owed by the Company to
CEI (the "DEBT") together with additional mortgage, liens and other related
rights and interests (the "Rights" as defined on Schedule A attached hereto);

         WHEREAS, the Company desires to retire the Debt and receive a transfer
of the Rights to the Company either by (i) paying Investor $1.5 million over the
amount that Investor paid to CEI for the Debt (the "CASH PAYMENT") or (ii)
issuing to the Investor that number of authorized but unissued Common Stock,
U.S. $0.001 par value, of the Company (the "COMMON STOCK") calculated by
dividing the dollar amount of the Debt by a per share price of U.S. $0.75 per
share (the "Shares"), at the Company's election; and

         WHEREAS, the Investor wishes to cancel the Debt and transfer the Rights
to the Company in exchange for either for the Cash Payment or the Shares on the
terms and subject to the conditions set forth in this Agreement.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained in this Agreement and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and
intending to be legally bound, the parties agree as follows:

                                   ARTICLE 1

                              CANCELLATION OF DEBT

         1.01     Company's Option to Satisfy Debt. Investor agrees that, in
full accord and satisfaction of the Debt and the transfer of the Rights to the
Company, the Company, at its sole discretion and subject to the terms and
conditions hereof and in reliance upon the representations, warranties,
covenants and agreements of Investor contained herein, may deliver to Investor
either the Cash Payment or the Shares.

         1.02     Closings and Delivery of the Shares.

                  (a)      The sale and purchase of the Shares shall take place
                           at a closing (the "CLOSING"), at the offices of the
                           Company concurrent with the closing on the
                           acquisition of the Debt and Rights from CEI above
                           described (the "CLOSING DATE"). Within two day prior
                           to the Closing, the Company shall advise the Investor
                           which option it elects, either the Cash Payment or
                           the issuance of the Shares.

<PAGE>

                  (b)      At Closing:

                           (i)      The Investor shall deliver to the Company
                                    all evidence of the Investor's ownership of
                                    the Debt and the Rights and all documents
                                    evidencing satisfaction and cancellation of
                                    the Debt and an Assignment sufficient to
                                    transfer the Rights to Company, in form
                                    similar to that received by Investor from
                                    CEI and in exchange and simultaneously

                           (ii)     The Company shall deliver to the Investor
                                    either: (a) the Cash Payment by wire
                                    transfer of immediately available funds; or
                                    (b) a stock certificate or certificates in
                                    definitive form, registered in the name of
                                    the Investor, or its designee, representing
                                    the number of Shares.

                                   ARTICLE 2

                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

         The Company hereby represents and warrants to the Investor as of the
date hereof and as of the Closing Date as follows:

         2.01     Issuance of Shares. If the Company issues Shares to the
Investor pursuant to Article I hereof: (a) the Shares issued under this
Agreement will have been duly authorized by all necessary corporate action and
shall be validly issued and outstanding, fully paid and nonassessable, free and
clear of all liens, charges, and encumbrances of any nature whatsoever,
including any preferential rights of other shareholders of any nature or third
parties and the Investor shall be entitled to all rights accorded to a holder of
capital stock of the same class in the Company; and (b) the Company will have
complied with all applicable federal and state securities laws in connection
with the offer, issuance and sale of the Shares.

         2.02     Bylaws and Corporate Agreements. All the rights and
obligations of the stockholders of the Company in their capacity as such are
included in the Certificate of Incorporation and the Bylaws of the Company and
there are no other rights, obligations or undertakings of any kind including any
rights regarding the Shares. The Company is not and the execution, delivery and
performance of this Agreement and the consummation of the transactions
contemplated hereby will not conflict with or result, with or without the
passage of time and the giving of notice, in a breach of the Certificate of
Incorporation or Bylaws of the Company, or any material agreement, indenture or
other instrument, judgment, order, writ or decree to which the Company is a
party or by which it is bound.

         2.03     Corporate Existence and Qualification. The Company has been
duly organized and is validly existing as a corporation in good standing under
the laws of the State of Delaware, with full power and authority (corporate and
other) to own, lease and operate its properties and assets and to conduct its
business as it is now being conducted. The Company is duly incorporated and
qualified to do business as a foreign corporation and is in good standing in
each jurisdiction of the United States, or any other country, state province, or
political subdivision in

                                       2
<PAGE>

which the character of the business conducted by it or the nature of the
properties owned or leased by it makes such qualification necessary for the
conduct of its business, except where the failure to be so qualified would not
have a material adverse effect on the assets, condition or affairs of the
Company.

         2.04     Capitalization. The authorized capital stock of the Company
consists of (i) 300,000,000 shares of common stock, par value U.S. $0.001 per
share, of which 223,004,315 shares were issued and outstanding as of October 31,
2002 and (ii) 10,000,000 shares of preferred stock, par value U.S. $0.001 per
share, of which 20 shares are designated as Series G convertible preferred stock
and 5,882 shares are designated as Series H convertible preferred stock. As of
October 31, 2002, 20 shares of Series G convertible preferred stock were issued
and outstanding and convertible into 1,719,333 shares of common stock, and 294
shares of Series H convertible preferred stock were issued and outstanding and
convertible into 294,000 shares of common stock. As of the October 31,2002,
there were outstanding options, warrants and convertible debentures (of which
U.S. $30,655,000.00 were outstanding) currently exercisable for or convertible
into a total of 43,488,647 shares of common stock. The Company has all requisite
power and authority to issue, sell and deliver the Shares in accordance with and
upon the terms and conditions set forth in this Agreement, and all corporate
action required to be taken by the Company for the due and proper authorization,
issuance, sale and delivery of the Shares has been validly and sufficiently
taken. The Company has not violated any applicable federal or state securities
laws in connection with the offer, sale or issuance of any of its capital stock.

         2.05     Authority. All corporate action on the part of the Company,
necessary for the authorization, execution and delivery of this Agreement, the
performance of all obligations of the Company hereunder, and the authorization,
issuance, sale and delivery of the Shares have been taken, and this Agreement
constitutes the legal, valid and binding agreement of the Company enforceable
against the Company in accordance with its terms (except in all cases as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, or similar laws affecting the enforcement of
creditors' rights generally and except that the availability of the equitable
remedy of specific performance or injunctive relief is subject to the discretion
of the court before which any proceeding may be brought). The Company's entry
into and performance of this Agreement will violate no law, regulation or
governmental obligation to which the Company is subject. The Company and its
operations are in substantial compliance with all laws, regulations and
governmental obligations to which it is subject, and it has received no notice
that it is in violation of any of same.

         2.06     Actions Pending. Other than as set forth in CEI agreement in
Schedule A, there is no action, suit, claim, investigation or proceeding pending
or, to the knowledge of the Company, threatened against the Company which
questions the validity of this Agreement or the transactions contemplated
hereby, or any action taken or to be taken pursuant hereto. There is no action,
suit, claim, investigation or proceeding pending or, to the knowledge of the
Company, threatened, against or involving the Company or any of its respective
properties or assets and which, if adversely determined, will result in a
Material Adverse Effect. (For purposes hereto, "Material Adverse Effect" means a
material adverse effect on (i) the business, assets, operations prospects or
financial or other condition of Terremark). There are no outstanding orders,
judgments, injunctions, awards or decrees of any court, arbitrator or
governmental or regulatory body against the Company or any subsidiary which will
result in a Material Adverse Effect.

                                       3
<PAGE>

         2.07     Brokers. No broker or finder has acted for the Company in
connection with the transactions contemplated by this Agreement, and no broker
or finder is entitled to any broker's or finder's fee or other commission in
respect thereof based in any way on agreements, understandings or arrangements
with the Company.

         2.08     Subsidiaries. All the representations and warranties made
herein shall also be deemed to be made with regard to each of the Company's
subsidiaries.

         2.09     Accurate Information and Solvency. All financial and other
information of the Company furnished or made available to Investor is true,
complete and accurate.

         2.10     SEC Reports and Filings - Since April 2000, the Company has
filed with the Securities and Exchange Commission all material forms, statements
and other documents (including all exhibits, amendments and supplements thereto)
required to be filed by the Company under the Securities Exchange Act of 1934,
as amended (the "Exchange Act Documents"), all of which complied in all
material respects to the applicable requirements of the Securities Exchange Act
of 1934, as amended. As of their respective dates, none of the Exchange Act
Documents contained any untrue statement of material fact or omitted to disclose
a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading. All financial statements included in the Exchange Act Document
were prepared in accordance with generally accepted accounting principals
consistently applied with prior periods and fairly present in all material
respects the Company's financial condition and the results of its operations at
the date and for the period specified in those statements.

                                   ARTICLE 3

            REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR

         3.01     Representations and Warranties of the Investor. The Investor
represents and warrants to the Company that:

                  (a)      The Investor acknowledges that any offer, issuance
                           and sale to it of the Shares is intended to be exempt
                           from the registration requirements of the Securities
                           Act of 1933, as amended (the "SECURITIES ACT"),
                           pursuant to the provisions of Regulation D and/or
                           Regulation S promulgated by the Commission under the
                           Securities Act. The Investor represents and warrants
                           to the Company that it is not a "U.S. Person" as that
                           term is defined in Rule 902(k) of Regulation S.

                  (b)      Without limiting or conditioning the representations
                           and warranties of the Company contained in Article II
                           above, the Investor acknowledges that

                                       4
<PAGE>

                           during the course of the transaction and prior to
                           this Agreement that it has received information
                           relating to the Company and has been given a
                           reasonable opportunity to ask questions of and
                           receive answers from the Company and its
                           representatives concerning the Company. The Investor
                           acknowledges that the Company's representatives have
                           answered all inquiries made on behalf of the Investor
                           to the satisfaction of the person or persons making
                           such inquiry.

                  (c)      The Investor has had the opportunity to employ the
                           services of an investment advisor, attorney or
                           accountant in connection with making the investment
                           contemplated by this Agreement, has read and
                           understands all of the documents furnished or made
                           available by the Company to the Investor, has
                           evaluated the merits and risks of such an investment,
                           and recognizes the highly speculative nature of this
                           investment. Investor can bear the risk of the total
                           loss of the investment made hereby.

                  (d)      The Investor understands that the offering of Shares
                           has not been reviewed by the Commission and no
                           finding or determination as to the fairness of this
                           investment has been made by the Commission. It is the
                           Investor's present intention that any Shares being
                           purchased by the Investor are being acquired for the
                           Investor's own account and not with a present view to
                           or for sale in connection with any distribution
                           thereof.

                  (e)      No Person has or will have, as a result of the
                           transactions contemplated by this Agreement, any
                           right, interest or valid claim against or upon the
                           Investor for any commission, fee or other
                           compensation as a finder or broker because of any act
                           or omission of the Investor or any agent for the
                           Investor.

                  (f)      The Investor understands that (i) the Shares
                           currently have not been registered under the
                           Securities Act by reason of their issuance in a
                           transaction exempt from the registration requirements
                           of the Securities Act, (ii) the Shares must be held
                           until such time as they are registered under the
                           Securities Act pursuant to Article IV below or exempt
                           from such registration, and (iii) the Company will
                           make a notation on its transfer books to such effect.

                  (g)      The Investor has full corporate or other power and
                           authority to enter into and to perform this Agreement
                           in accordance with its terms.

                  (h)      The execution of, and performance of the transactions
                           contemplated by, this Agreement is not in conflict
                           with or will not result in any material breach of any
                           terms, conditions or provisions of, or constitute a
                           material default under, its corporate charter,
                           limited partnership agreement, or other
                           organizational document, as applicable, or any
                           indenture, lease, agreement, order, judgment or other
                           instrument to which the Investor is a party or by
                           which it is bound.

                                       5
<PAGE>

                  (i)      The Investor acknowledges that the Company is a
                           reporting company under the Exchange Act and is
                           subject to the disclosure requirements of Regulation
                           FD under the Exchange Act. The Investor acknowledges
                           that certain of the information furnished by the
                           Company to the Investor or its advisers in connection
                           with this Agreement, is confidential and nonpublic
                           and agrees that all such information shall be kept in
                           confidence by the Investor and neither used by the
                           Investor for the Investor's personal benefit (other
                           than in connection with this Agreement), nor
                           disclosed to any third party for any reason (other
                           than to its agents, advisors, attorneys, consultants
                           or other advisors in connection with the transactions
                           contemplated by this Agreement); provided, however,
                           that this obligation shall not apply to any such
                           information that (i) is part of the public knowledge
                           or literature and readily accessible at the date
                           hereof, (ii) becomes a part of the public knowledge
                           or literature and readily accessible by publication
                           (except as a result of a breach of this provision) or
                           (iii) is received from third parties (except third
                           parties who disclose such information in violation of
                           any confidentiality agreements or obligations,
                           including, without limitation, any Agreement entered
                           into with the Company).

                  (j)      The investor acknowledges and agrees that, pursuant
                           to the provisions of Regulation S, the Shares cannot
                           be sold, assigned, transferred, conveyed, pledged or
                           otherwise disposed of to any U.S. Person or within
                           the United States of America or its territories
                           without complying with the applicable distribution
                           compliance period as set forth in Rule 903 of
                           Regulation S. The Investor agrees not to engage in
                           hedging transactions with regard to the Shares unless
                           in compliance with the Securities Act.

                  (k)      The Investor acknowledges and agrees that the
                           certificates representing the Shares shall bear the
                           following legend (unless subsequently registered
                           under the Act):

                           "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
                           SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
                           ACT"), AND MAY NOT BE OFFERED, SOLD, PLEDGED,
                           HYPOTHECATED, ASSIGNED OR TRANSFERRED EXCEPT (i)
                           PURSUANT TO A REGISTRATION STATEMENT UNDER THE
                           SECURITIES ACT WHICH HAS BECOME EFFECTIVE AND IS
                           CURRENT WITH RESPECT TOT HESE SECURITIES, OR (ii)
                           PURSUANT TO A SPECIFIC EXEMPTION FROM REGISTRATION
                           UNDER THE SECURITIES ACT BUT ONLY UPON A HOLDER
                           HEREOF FIRST HAVING OBTAINED THE WRITTEN OPINION OF
                           COUNSEL TO THE CORPORATION, OR OTHER COUNSEL
                           REASONABLY ACCEPTABLE TO THE CORPORATION, THAT THE
                           PROPOSED DISPOSITION IS CONSISTENT WITH ALL
                           APPLICABLE PROVISIONS OF THE SECURITIES ACT AS WELL

                                       6
<PAGE>

                           AS ANY APPLICABLE "BLUE SKY" OR SIMILAR SECURITIES
                           LAWS."

                  The Investor also acknowledges that the Company may place a
                  stop transfer order against transfer of any of the Shares, if
                  necessary in the Company's reasonable judgment, in order to
                  assure compliance by the Investor with the terms of this
                  Agreement.

         3.02     Covenants of the Investor. In order to enable the Company to
conduct the registration in compliance with applicable securities laws, the
Investor hereby agrees as follows:

                  (a)      The Investor shall provide all information or other
                           materials and deliver such documents and undertakings
                           and take all such other actions as may be reasonably
                           required by the Company in order to permit the
                           Company to comply with applicable requirements of the
                           Securities Act and the Commission and to comply with
                           the requirements of applicable state securities laws
                           and administrative agencies.

                  (b)      All information provided by the Investor to the
                           Company in connection with the registration statement
                           shall be true and correct in all material respects as
                           of the date provided to the Company and will not omit
                           any material fact necessary to make such information
                           not misleading. The Investor shall notify the Company
                           in writing immediately of any changes in any
                           information provided to the Company in connection
                           with the registration statement at all times during
                           which the registration statement remains effective
                           and the Investor has any shares included therein.

         3.03     The Investor further covenants and agrees with the Company
that it shall not sell or otherwise dispose of any of the Shares regardless of
when registered, other than to its beneficial owners who will assume all rights
and obligations of the Investor as set forth herein, for a period of 12 months
from the Closing Date, and the Shares will be legended to as follows:

                           "THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED,
                           HYPOTHECATED, ASSIGNED OR TRANSFERRED FOR A PERIOD OF
                           12 MONTHS FROM [THE DATE OF CLOSING]"

                                   ARTICLE 4

                            COVENANTS OF THE COMPANY

         Provided that the Company issues Shares to the Investor pursuant to
Article I hereof, the Company covenants and agrees with the Investor as follows:

         4.01     Registration and Listing.

                  (a)      The Company shall prepare and file with the
                           Commission a registration statement with respect to
                           all of the Shares and any shares issued to the

                                       7
<PAGE>

                           Investor as result of dividends or stock splits
                           (collectively, the "Registrable Shares") and shall
                           use commercially reasonable efforts to cause such
                           registration statement to become effective no later
                           than December 31, 2003. The Company shall keep such
                           registration statement effective until the earlier to
                           occur of (i) the expiration of the time period
                           referred to in Rule 144(k) under the Securities Act
                           with respect to all beneficial holders of the
                           Registrable Shares other than affiliates of the
                           Company and (ii) such time as all of the Registrable
                           Shares have been sold or are otherwise freely
                           tradable without registration under the Securities
                           Act.

                  (b)      The Company shall prepare and file with the
                           Commission such amendments and supplements to such
                           registration statement and the prospectus used in
                           connection with such registration statement as may be
                           necessary to comply with the provisions of the
                           Securities Act with respect to the disposition of all
                           the Registrable Shares.

                  (c)      The Company shall furnish to the Investor such
                           numbers of copies of a prospectus, including a
                           preliminary prospectus, in conformity with the
                           requirements of the Securities Act, and such other
                           documents as it may reasonably request in order to
                           facilitate the disposition of the Registrable Shares.

                  (d)      The Company shall use commercially reasonable efforts
                           to register and qualify the securities covered by
                           such registration statement under such other
                           securities laws of such jurisdictions in the United
                           States as shall be reasonably requested by the
                           Investor; provided that the Company shall not be
                           required in connection therewith or as a condition
                           thereto to qualify to do business, to subject itself
                           to taxation in any such jurisdiction or to file a
                           general consent to service of process in any such
                           states or jurisdictions, unless the Company is
                           already subject to service in such jurisdiction and
                           except as may be required by the Securities Act.

                  (e)      In the event of any underwritten public offering, the
                           Company shall enter into and perform its obligations
                           under an underwriting agreement, in usual and
                           customary form, with the managing underwriter of such
                           offering. If the underwriter in such offering
                           requests the delivery of a "comfort letter" from the
                           Company's independent auditors or the delivery of an
                           opinion of counsel to the Company, the costs of such
                           comfort letter or opinion shall be borne by the
                           Company. The Investor shall also enter into and
                           perform its obligations under such an agreement.

                  (f)      The Company shall notify the Investor when a
                           prospectus relating thereto is required to be
                           delivered under the Securities Act of the happening
                           of any event as a result of which the prospectus
                           included in such registration statement, as then in
                           effect, includes an untrue statement of a material
                           fact or omits to state a material fact required to be
                           stated therein or necessary

                                       8
<PAGE>

                           to make the statements therein not misleading in the
                           light of the circumstances then existing.

                  (g)      The Company shall use commercially reasonable efforts
                           to cause all Registrable Shares to be listed on the
                           American Stock Exchange not later than December 31,
                           2003.

         4.02     Expenses. All expenses incurred in complying with the
foregoing, other than underwriting fees or commissions relating to the
Registrable Shares,, including, without limitation, all registration, filing and
qualification fees (including all expenses incident to filing with the American
Stock Exchange), printing and accounting expenses, fees and disbursements of
counsel for the Company, expenses of any special audits incident to or required
by any such registration and expenses of complying with the securities or blue
sky laws or any jurisdictions shall be paid by the Company.

         4.03     Indemnification With Respect to the Registrable Shares.

                  (a)      To the extent permitted by law, the Company will
                           indemnify and hold harmless the Investor, any
                           underwriter (as defined in the Securities Act) for
                           the Investor and each other person, if any, who
                           controls the Investor or such underwriter, within the
                           meaning of the Securities Act or the Exchange Act,
                           against any losses, claims, damages or liabilities
                           (joint or several) to which they may become subject
                           under the Securities Act, or the Exchange Act or
                           other federal or state law, insofar as such losses,
                           claims, damages or liabilities (or actions in respect
                           thereof) arise out of or are based upon any of the
                           following statements, omissions or violations
                           (collectively a "VIOLATION"): (i) any untrue
                           statement or alleged untrue statement of a material
                           fact contained in the registration statement under
                           which the Registrable Shares were registered under
                           the Securities Act, including any preliminary
                           prospectus or final prospectus contained therein or
                           any amendments or supplements thereto, (ii) the
                           omission or alleged omission to state therein a
                           material fact required to be stated therein, or
                           necessary to make the statements therein not
                           misleading, or (iii) any violation or alleged
                           violation by the Company of the Securities Act, the
                           Exchange Act, any state securities law or any rule or
                           regulation promulgated under the Securities Act, or
                           the Exchange Act or any state securities law; and the
                           Company will pay to the Investor and each such
                           underwriter or controlling person, as incurred, any
                           legal or other expenses reasonably incurred by them
                           in connection with investigating or defending any
                           such loss, claim, damage, liability or action;
                           provided, however, that the indemnity agreement
                           contained in this Subsection 4.03(a) shall not apply
                           to (x) amounts paid in settlement of any such loss,
                           claim, damage, liability or action if such settlement
                           is effected without the consent of the Company (which
                           consent shall not be unreasonably withheld or
                           delayed), or (y) any such loss, claim, damage,
                           liability or action in respect of the Investor or an
                           underwriter or controlling person to the extent that
                           it arises out of or is based upon a Violation which
                           occurs in reliance upon and in

                                       9
<PAGE>

                           conformity with written information furnished
                           expressly for use in connection with such
                           registration by the Investor or such underwriter or
                           controlling person.

                  (b)      To the extent permitted by law, the Investor will
                           indemnify and hold harmless the Company, each of its
                           directors, each of its officers who shall sign the
                           registration statement, each person, if any, who
                           controls the Company within the meaning of the
                           Securities Act or the Exchange Act, any underwriter,
                           any other person selling securities in such
                           registration statement and any controlling person of
                           any such underwriter or other person, against any
                           losses, claims, damages or liabilities (joint or
                           several) to which any of the foregoing persons may
                           become subject, under the Securities Act, or the
                           Exchange Act or other federal or state law, insofar
                           as such losses, claims, damages or liabilities (or
                           actions in respect thereto) arise out of or are based
                           upon any Violation, in each case to the extent (and
                           only to the extent) that such Violation occurs in
                           reliance upon and in conformity with information
                           furnished by the Investor for use in preparation of
                           the registration statement, as approved by the
                           Investor; and the Investor will pay, as incurred, any
                           legal or other expenses reasonably incurred by any
                           person intended to be indemnified pursuant to this
                           Subsection 4.03(b), in connection with investigating
                           or defending any such loss, claim, damage, liability
                           or action; provided, however, that the indemnity
                           agreement contained in this Subsection 4.03(b) shall
                           not apply to amounts paid in settlement of any such
                           loss, claim, damage, liability or action if such
                           settlement is effected without the consent of the
                           Investor (which consent shall not be unreasonably
                           withheld or delayed); provided, that, in no event
                           shall any indemnity under this Subsection 4.03(b)
                           exceed the net proceeds from the offering received by
                           such Investor.

                  (c)      Promptly after receipt by an indemnified party under
                           this Section 4.03 of notice of the commencement of
                           any action (including any governmental action), such
                           indemnified party will, if a claim in respect thereof
                           is to be made against any indemnifying party under
                           this Section 4.03, deliver to the indemnifying party
                           a written notice of the commencement thereof. The
                           indemnifying party shall have the right to
                           participate in, and, to the extent the indemnifying
                           party so desires, jointly with any other indemnifying
                           party similarly noticed, to assume the defense
                           thereof with counsel mutually satisfactory to the
                           parties; provided, however, that an indemnified party
                           (together with all other indemnified parties which
                           may be represented without conflict by one counsel)
                           shall have the right to retain one separate counsel,
                           with the fees and expenses to be paid by the
                           indemnifying party, if representation of such
                           indemnified party by the counsel retained by the
                           indemnifying party would be inappropriate (in the
                           written opinion of counsel for the indemnified party
                           which counsel shall be reasonably acceptable to the
                           Company) due to actual or potential differing
                           interests between such indemnified party and any
                           other party represented by such counsel in such
                           proceeding. The failure to deliver

                                       10
<PAGE>

                           written notice to the indemnifying party within a
                           reasonable time of the commencement of any such
                           action, if prejudicial to its ability to defend such
                           action, shall relieve such indemnifying party of any
                           liability to the indemnified party under this Section
                           4.03, but the omission so to deliver written notice
                           to the indemnifying party will not relieve it of any
                           liability that it may have to any indemnified party
                           otherwise than under this Section 4.03.

                  (d)      If the indemnification provided for in this Section
                           4.03 is held by a court of competent jurisdiction to
                           be unavailable to an indemnified party with respect
                           to any loss, liability, claim, damage or expense
                           referred to therein, then the indemnifying party, in
                           lieu of indemnifying such indemnified party
                           hereunder, shall contribute to the amount paid or
                           payable by such indemnified party as a result of such
                           loss, liability, claim, damage or expense in such
                           proportion as is appropriate to reflect the relative
                           fault of the indemnifying party on the one hand and
                           of the indemnified party on the other in connection
                           with the statements or omissions that resulted in
                           such loss, liability, claim, damage, or expense as
                           well as any other relevant equitable considerations.
                           The relative fault of the indemnifying party and of
                           the indemnified party shall be determined by
                           reference to, among other things, whether the untrue
                           or alleged untrue statement of a material fact or the
                           omission to state a material fact relates to
                           information supplied by the indemnifying party or by
                           the indemnified party and the parties' relative
                           intent, knowledge, access to information, and
                           opportunity to correct or prevent such statement or
                           omission.

                  (e)      Notwithstanding the foregoing, to the extent that the
                           provisions on indemnification and contribution
                           contained in the underwriting agreement entered into
                           in connection with the underwritten public offering
                           are in conflict with the foregoing provisions, the
                           provisions in the underwriting agreement shall
                           control.

         4.04     Survival. The obligations of the Company and the Investor
under this Article IV shall survive the Closing and the completion of any
offering of the Shares in a registration statement under this Article IV, and
otherwise.

                                   ARTICLE 5

                 CONDITIONS OF INVESTOR'S OBLIGATIONS AT CLOSING

         The obligations of the Investor under this Agreement are subject to the
fulfillment on or before the Closing of each of the following conditions, the
waiver of which shall not be effective against the Investor if it does not
consent in writing thereto:

         5.01     Representations and Warranties. The representations and
warranties of the Company contained in Article II shall be true on and as of the
Closing with the same effect as those such representations and warranties have
been made on and as of the date of Closing.

                                       11
<PAGE>

         5.02     Performance. The Company shall have performed and complied
with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied by it on or before the Closing.

         5.03     Corporate Proceedings and Documents. All corporate and other
proceedings taken or required to be taken in connection with the transactions
contemplated at the Closing and all documents instant thereto (including but not
limited to Corporate Resolutions authorizing this Agreement and the Closing)
shall be reasonably satisfactory in form and substance to the Investor, and the
Investor shall have received all such counterpart original and certified or
other copies of such documents as it reasonably may request.

         5.04     No Proceedings. There shall not have been commenced or
threatened against the Investor, or against any person affiliated with the
Investor, any proceeding involving any challenge to, or seeking damages or other
relief in connection with, any of the transactions contemplated in this
Agreement.

         5.05     Legal Opinion. In the event the Company shall elect to issue
Common Stock pursuant to Section 1.2(b)(iii)(b), the Investor shall receive an
opinion of counsel, reasonably satisfactory to the Investor, with respect to
matters commonly covered in a legal opinion for transactions of this type.

                                   ARTICLE 6

                                MUTUAL COVENANTS

         If the Company issues Shares to the Investor pursuant to Article I
hereof, the Company will furnish to the Investor and the Investor will furnish
to the Company, such information and assistance as the other may reasonably
request in connection with the preparation of any regulatory filings or
submissions. The Company will provide the Investor and the Investor will provide
the Company, with copies of all correspondence, filings or communications (or
memoranda setting forth the substance thereof) between such party or any of its
representatives, on the one hand, and any governmental agency or authority or
member of their respective staffs, on the other hand, with respect to this
Agreement and the transactions contemplated hereby.

                                   ARTICLE 7

                                 INDEMNIFICATION

         The Company agrees to indemnify and hold harmless the Investor and its
directors, officers, affiliates, agents, successors and assigns from and against
any and all actual losses, liabilities, deficiencies, costs, damages and
expenses (including, without limitation, reasonable attorney's fees, charges and
disbursements but excluding consequential damages) incurred as a result of any
misrepresentation or breach of the warranties and covenants made by the Company
herein, except where such misrepresentation or breach is caused by the Investor.
The Investor agrees to indemnify and hold harmless the Company and its
directors, officers, affiliates, agents, successors and assigns from and against
any and all actual losses, liabilities, deficiencies, costs, damages and
expenses (including, without limitation, reasonable attorneys fees, charges and

                                       12
<PAGE>

disbursements but excluding consequential damages) incurred by the Company as
result of any breach of the representations and covenants made by the Investor
herein, except where such misrepresentation or breach is caused by the Company.

                                   ARTICLE 8

                                  MISCELLANEOUS

         8.01     Further Assurances. Subject to the terms and conditions herein
provided, each of the parties hereto agrees to use all reasonable efforts to
take, or cause to be taken, all action and to do, or cause to be done, all
things necessary, proper or advisable to consummate and make effective as
promptly as practicable the transactions contemplated by this Agreement,
including, without limitation, using all reasonable efforts to obtain all
necessary waivers, consents and approvals and to effect all necessary
registrations and filings.

         8.02     Expenses. Except as otherwise provided herein, each party
hereto will pay its own expenses in connection with the transactions
contemplated hereby, whether or not such transactions shall be consummated.

         8.03     Survival of Agreements. All representations and warranties
made herein or in any agreement, certificate or instrument delivered to the
Investor pursuant to or in connection with this Agreement shall survive the
execution and delivery of this Agreement, the issuance, sale and delivery of the
Shares.

         8.04     Brokerage. Each party hereto will indemnify and hold harmless
the others against and in respect of any claim for brokerage or other
commissions relative to this Agreement or to the transactions contemplated
hereby, based in any way on agreements, arrangements or understandings made or
claimed to have been made by such party with any third party.

         8.05     Parties in Interest. All representations, covenants and
agreements contained in this Agreement by or on behalf of any of the parties
hereto shall bind and inure to the benefit of the respective successors and
assigns of the parties hereto whether so expressed or not. Without limiting the
generality of the foregoing, all representations, covenants and agreements
benefiting the Investor, unless otherwise herein or therein provided, shall
inure to the benefit of any and all subsequent holders from time to time of
Shares and all such holders shall be bound by all of the obligations of the
Investor hereunder.

         8.06     Notices. All notices, requests, consents, demands, and other
communications under this Agreement shall be in writing and shall be deemed to
have been duly given (i) on the date of service if served personally on the
party to whom notice is to be given, (ii) on the date of transmittal of services
via telecopy to the party to whom notice is to be given (with a confirming copy
delivered within 24 hours thereafter), (iii) on the third day after mailing if
mailed to the party to whom notice is to be given, by first class mail,
registered or certified, postage prepaid, or (iv) on the date of delivery if
sent via a nationally recognized courier providing a receipt for delivery and
properly addressed as set forth on signature page hereto. Any notice or other
communication between the parties hereto shall be sent to: the Company,
addressed to it at 2601 S. Bayshore Drive, Miami, Florida 33133, Attention:
General Counsel; and to the Investor,

                                       13
<PAGE>

____________________________________________________________________. Any party
may change its address for purposes of this paragraph by giving notice of the
new address to each of the other parties in the manner set forth above.

         8.07     Governing Law. This Agreement shall be governed by and
construed in accordance with the domestic laws of the State of Florida, United
States of America, without giving effect to any choice of law or conflicting
provision or rule (whether of the State of Florida or any other jurisdiction)
that would cause the laws of any jurisdiction other than the State of Florida to
be applied.

         8.08     Exclusive Jurisdiction and Consent to Service of Process. The
parties agree that any legal action, suit or proceeding arising out of or
relating to this Agreement or the transactions contemplated hereby shall be
instituted in a federal court sitting in Miami-Dade County, Florida which shall
be the exclusive jurisdiction and venue of said legal proceedings and each party
hereto waives any objection which such party may now or hereafter have to the
lay of venue of any such action, suit or proceeding, and irrevocably submits to
the jurisdiction of any such court in any such action, suit or proceeding. Any
and all service of process and any other notice in any such action, suit or
proceeding shall be effective against such party (or the subsidiary of such
party) when served in any manner permitted by law.

         8.09     Other Remedies; Specific Performance. Except as otherwise
provided in this Agreement, any and all remedies expressly conferred upon a
party will be deemed cumulative with and not exclusive of any other remedy
conferred hereby, or by law or equity upon such party, and the exercise by a
party of any one remedy will not preclude the exercise of any other remedy. The
parties agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached. The parties accordingly agree that
they shall be entitled to seek an injunction or injunctions to prevent breaches
of this Agreement and to enforce specifically the terms and provisions hereof in
any court having jurisdiction, this being in addition to any other remedy that
they are entitled at law or in equity.

         8.10     Entire Agreement. This Agreement, including the exhibits,
constitutes the sole and entire agreement of the parties with respect to the
subject matter hereof. All exhibits and schedules hereto are hereby incorporated
herein by reference.

         8.11     Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

         8.12     Amendments and Waivers. This Agreement may be amended or
modified, and provisions hereof may be waived, only with the written consent of
the party against whom the waiver is sought to be enforced. Any such amendment,
modification or waiver shall be binding on all parties, including those not
signing such amendment, modification or waiver, and such consent may be given or
withheld for any reason or for no reason.

                                       14
<PAGE>

         8.13     Severability. If any provision of this Agreement shall be
declared void or unenforceable by any judicial or administrative authority, the
validity of any other provision and of the entire Agreement shall not be
affected thereby.

         8.14     Titles and Subtitles. The titles and subtitles used in this
Agreement are for convenience only and are not to be considered in construing or
interpreting any term or provision of this Agreement.

         8.15     Definition of "Person." As used in this Agreement, the term
"Person" shall mean an individual, corporation, trust, partnership, limited
liability company or partnership, joint venture, unincorporated organization,
governmental authority or any agency or political subdivision thereof, or other
entity.

         IN WITNESS WHEREOF, the Company and the Investor have executed this
Stock Purchase Agreement as of the date first above written.

THE COMPANY:                             THE INVESTOR:

TERREMARK WORLDWIDE, INC.                CRG, LLC

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

Address: 2601 S. Bayshore Drive          Address:
         Miami, Florida 33133

                                       15<PAGE>
                                                                   EXHIBIT 10.28

FAPESP
Fundacao de Amparo a Pesquisa do Estado de Sao Paulo - FAPESP Rua Pio XI, 1500,
Alto da Lapa Sao Paulo - SP - CEP - 05468-901 Tel: (11) 3838.4000 - Fax:
3645-2385

 AGREEMENT FOR TECHNICAL AND SCIENTIFIC COOPERATION ENTERED INTO BY AND BETWEEN
          FUNDACAO DE AMPARO A PESQUISA DO ESTADO DE SAO PAULO - FAPESP
                                       AND
                     TERREMARK LATIN AMERICA (BRAZIL) LTDA.

FUNDACAO DE AMPARO A PESQUISA DO ESTADO DE SAO PAULO - FAPESP, a public legal
entity enrolled as General Taxpayer under CNPJ/MF no. 43.828.151/0001-45, with
head office in the City of Sao Paulo, State of Sao Paulo, at Rua Pio XI, 1500,
Alto da Lapa, herein represented by its President, Professor Carlos Henrique de
Brito Cruz, Brazilian citizen, married, bearer of the Identity Card RG no.
7.517.060-SSP/SP and enrolled as Individual Taxpayer under CPF/MF no.
789.426.408-34, domiciled at the above address, hereinafter simply called FAPESP
and TERREMARK LATIN AMERICA (BRAZIL) LTDA., a private legal entity enrolled as
General Taxpayer under CNPJ/MF no. 041.511.81/0001-08, with its Articles of
Association duly registered with JUCESP under no. 106.757/01-5, with head office
at Praca das Tulipas, 62, 2nd floor, Alphaville, in the City of Barueri, State
of Sao Paulo, herein represented by its President, Mr. Jairo Klepacz, Brazilian
citizen, married, bearer of the Identity Card RG no. 5.177.160-SSP/SP and
enrolled as Individual Taxpayer under CPF/MF no. 419.216.238-53, and by Mr.
Brian Goodkind, managing quotaholder of Terremark Latin America Inc., both
domiciled at the above address, hereinafter called Terremark, in view of the
purpose of the parties to develop research projects upon mutual cooperation
that, when necessary, will be determined on a case-by-case basis by means of
Specific Amendments to this Agreement, and pursuant to the decision of the
Superior Council of FAPESP taken at a meeting held on February 6, 2002, have
decided to enter into this AGREEMENT FOR TECHNICAL AND SCIENTIFIC COOPERATION,
to be governed by the provisions of Federal Law no. 8.666, of June 21, 1993, and
subsequent amendments thereto, and by the following clauses and conditions:

<PAGE>

SECTION 1 - PURPOSE
The purpose of this Agreement for Cooperation is as follows:

I - to carry out any acts aiming at the development of research projects, the
characteristics of which shall be established in Specific Amendments, which,
after signed, shall be made an integral part of this Agreement.

II - authorization, by FAPESP to TERREMARK, to operate, maintain, exploit,
develop and commercialize the Peering ("PTT"), as established in this Agreement.

SOLE PARAGRAPH - The undersigned parties shall establish a Program for Research
and Development, agreeing to work jointly in projects of such nature and in the
creation of test platforms for the experimental use in Academic Networks, aiming
at the study of the current and emerging technologies of Internet and
telecommunications, such as IPv6, multicast and optical switching, among others.

SECTION 2 - PERFORMANCE
The programs and projects hereunder shall be developed to the extent the parties
identify activities to their mutual interest and whenever necessary, by means of
execution of Specific Amendments, always with observance of the purpose defined
in the preceding provision.

2.1. Each of the Specific Amendments referred to in this clause shall contain,
at least, the following:

         I - identification of the object to be performed;
         II - targets to be reached;
         III - phases or stages of performance;
         IV - plan for investment of financial funds;
         V - disbursement schedule;
         VI - estimate of beginning and end of performance of the object as
         well as completion of each programmed phase or stage.

SECTION 3 - TERM
This Agreement for Cooperation shall be effective on the date of its signature
and shall be valid up to full achievement of its purpose.

SECTION 4 - FAPESP'S OBLIGATIONS
FAPESP shall:

I - authorize TERREMARK to:

     a)   operate, maintain, exploit and develop the PTT;

     b)   implement and commercially exploit the PTT services and other services
          and applications relating to the PTT, upon previous agreement between
          the parties;

                                       2
<PAGE>

     c)   implement the performance of the object of this Agreement for
          Cooperation as regards current and potential clients of FAPESP;

     d)   fully or partially modify any activity related to the operation of the
          PTT, including, without being limited to, concepts, strategies,
          internal policies, procedures or methods;

     e)   use the designation NAP do Brasil whenever the operation is carried
          out through monitoring of NAP das Americas and after beginning of the
          operating coverage in Sao Paulo, use it full time, 24 hours a day, 7
          days per week (24 x 7);

II - inform to the public, especially to the current and potential clients, that
TERREMARK will start to operate NAP do Brasil in association with FAPESP;

III - place the logotype of NAP do Brasil in the FAPESP Internet pages and ANSP
Network with possibility of direct connection with the NAP do Brasil Internet
portal;

IV - send to TERREMARK, within the term of fifteen days as from signature of
this Agreement for Cooperation, a list containing all current clients of PTT;

V - give advice, whenever so requested, concerning whatever may be necessary for
compliance with the purpose of this Agreement for Cooperation.

SECTION 5 - TERREMARK'S OBLIGATIONS
TERREMARK shall:

I - upgrade the PTT to Tier-1 status, with observance of the principle of
neutrality;

II - implement the Development Program referred to in this Agreement, making use
of current and emerging telecommunications and Internet technologies;

III - develop in the manner provided in the preceding item, a program for
research and education;

IV - bear the costs to increase the operating coverage of the PTT team to 24
hours a day, 7 days a week, in order to establish monitoring through NAP das
Americas, located in Miami, Florida, United States of America (according to
information of TERREMARK, it is the only carrier-neutral NAP Tier-1 of the whole

                                       3
<PAGE>

world developed by private initiative, operated and controlled by Terremark
Worldwide Inc., controller of Terremark Latin America Ltda.);

V - immediately proceed with implantation of a project for installation of the
NAP do Brasil, which project shall observe the same technical standards and
operating properties of NAP das Americas in Miami;

VI - include in the project referred to in the preceding item, at its own
expenses, among other matters, evaluation and selection of the site, engineering
and architectonic planning of the installation and telecommunications concept,
detailed drawing of the project, price proposals for the work, selection of
contractors and negotiation with same, procurement of the necessary permits and
management of the construction process during compliance with the commissioning;

VII - to provide to all current participants of the PTT a peering in NAP do
Brasil with at least the same capacity that they currently have in the PTT,
which peering shall be offered without any cost during the first two years as
from this date:

VIII - supply to FAPESP, free of charges, spaces, connection points and
electricity, as follows:

     a)   at the NAP das Americas, immediately after execution of this Agreement
          for Cooperation: two closets, four AC 20 ampere circuits and one
          connection point with maximum capacity of 1000 Mbps, as necessary;

     b)   at the new facilities of NAP do Brasil in Sao Paulo: five closets, ten
          AC 20 ampere circuits and one connection point with maximum capacity
          of 1000 Mbps, as necessary;

     c)   also at the new facilities of NAP do Brasil in Sao Paulo: space for an
          administrative office, separated from or as part of the space for the
          administrative office of TERREMARK (at TERREMARK's discretion) proper
          for ten (10) workstations to be used at FAPESP's discretion.

IX - assure to FAPESP a share of whatever may remain from execution of the
project, as established in Section 6 of this Agreement for Cooperation.

FIRST PARAGRAPH - Should additional space or electric power be required further
to the provided herein, the manner to meet such eventual need shall be
negotiated by the parties by means of a Specific Amendment hereto.

SECOND PARAGRAPH - All acts provided in this Section shall be carried out for
the term of twenty (20) years as from the date in which the facilities of NAP do
Brail receive the PTT, except as to the possibility of renewal as provided in
Section 7 of this Agreement for Cooperation.

                                       4
<PAGE>

SECTION 6 - PARTICIPATION ASSURED TO FAPESP
In view of the authorization of use of the PTT as established in this Agreement
for Cooperation, TERREMARK hereby undertakes to grant FAPESP share in whatever
may remain from performance of its object, under the following conditions:

I - the basis of calculation for purposes of determining the share referred to
in the caput of this provision shall include NAP do Brasil revenue plus the
total value received by TERREMARK by virtue of rendering of any and all services
added or applied to NAP do Brasil, with deduction only of indirect taxes on
sales, social contributions and others of a transaction nature. Based on such
basis of calculation, FAPESP shall receive the value resulting from
applicability of the following percentages:

a. six percent (6%) during the first five (5) years of the term established for
the participation;

b. five percent (5%) during the five (5) years following the years provided in
the preceding item.

c. one percent (1%) during the last ten (10) years.

II - the participation payments referred to in this provision shall be paid to
FAPESP quarterly, up to the tenth (10th) consecutive day as from the date of end
of the preceding quarter after execution of this Agreement.

SOLE PARAGRAPH - Non-payment within the term established in item II shall make
TERREMARK liable to pay a two percent (2%) penalty per month of delay plus
interest at the rate of one percent (1%) per month, calculated on the total
value of the debt.

SECTION 7 - EVENTUAL POSTPONEMENT OF THE TERM FOR FAPESP PARTICIPATION
The participation term established in the preceding provision may be postponed
for an additional term of ten (10) years, upon previous agreement between the
parties, at least twelve (12) months prior to expiration of the original term.

FIRST PARAGRAPH - In the event of postponement as referred to in this provision,
FAPESP shall receive one percent (1%) for the period of ten (10) years, on a
quarterly basis, in compliance with the provisions of items I and II of Section
6 of this Agreement for Cooperation.

                                       5
<PAGE>

SECOND PARAGRAPH - Should there not be the postponement referred to in the
preceding paragraph, TERREMARK shall be prohibited from using the name FAPESP in
its activities.

SECTION 8 - TAXES AND OTHER SOCIAL CHARGES
Each of the parties shall be liable for payment of taxes, social contributions,
social security contributions assessed by the Federal, State and Municipal
governments or class associations due in connection with this Agreement for
Cooperation.

SECTION 9 - JOINT REPRESENTATIONS OF THE PARTIES
Notwithstanding the other provisions of this Agreement for Cooperation, the
parties hereby agree to make the following joint representations:

I - TERREMARK, at its sole responsibility, will procure the financing and
implantation of the facilities projected to install the NAP do Brasil on a
permanent basis;

II - during the period in which the measures referred to in the preceding item
are in course, the PTT shall continue to be operated at the facilities of
FAPESP, exclusively by the team of FAPESP;

III - also during such period, the day-to-day operating decisions shall be taken
by mutual agreement between the parties;

IV - during such period of transition the parties may decide to expand the PTT,
to increase its team of employees, to update the premises, the network, the
peering equipment, etc;

V - TERREMARK shall be liable for all costs exceeding such costs actually paid
by FAPESP with the purpose of improving the operating activities,
infrastructure, equipment and software and costs incurred with whatever may be
carried out pursuant to the preceding item and within the cost limits previously
approved by TERREMARK;

VI - During the first six (6) months of provisional cooperation of NAP do Brasil
at the premises of FAPESP, all revenue obtained shall belong to FAPESP. However,
as from the seventh month of operation, further to participation in the results
provided in Section 6, TERREMARK will also assume payment of salaries, social
contributions and social security charges of the team of 6 to 7 network
engineers and technicians for the PTT operation, as previously agreed in writing
by the parties.

 VII - The parties expressly recognize that all provisions of this Agreement for
Cooperation, especially its authorizations, shall not be deemed or construed as
any type of consent of FAPESP with quality of traditional or added services to
be rendered by TERREMARK by virtue of this Agreement for Cooperation, and for

                                       6
<PAGE>

such reason, in the hypothesis of an eventual claim concerning such services,
FAPESP shall have no liability, except during the phase in which the NAP do
Brasil is jointly operated by FAPESP and TERREMARK.

VIII - FAPESP is hereby expressly authorized to proceed with the accounting
inspection of the books and other documents of TERREMARK, itself or its agent or
designee or specialized auditors, in order to verify the accuracy of the values
for purposes of calculation, as referred to in Section 6, its items and Sole
Paragraph.

SOLE PARAGRAPH - Should the hypothesis of item IV of this Clause occur,
TERREMARK shall be liable for any damages or losses that it or its employees may
cause to the property of FAPESP or third parties or for damages eventually
incurred by its employees in the performance of the activities mentioned in this
provision.

SECTION 10 - TERMINATION
This Agreement for Cooperation may be terminated by violation of law or breach
of agreement, the defaulting party being liable to indemnify the aggrieved
party.

FIRST PARAGRAPH - Further to the preceding paragraph, the following are causes
for termination of this Agreement for Cooperation.

I - to file a voluntary petition of bankruptcy or have its bankruptcy adjudged;
confession or petition of bankruptcy or insolvency by TERREMARK;

II - non-authorized use by TERREMARK of the name of FAPESP in the rendering of
services or in the operation of the PTT installed at NAP do Brasil; or

III - failure by TERREMARK to start-up, within the term of one year as from the
date of signature of this Agreement for Cooperation, and to maintain, at its own
expenses, operation of the NAP do Brasil at premises out of FAPESP, provided
that such term may be postponed by mutual written agreement between the parties.

SECOND PARAGRAPH - In the event of termination of this Agreement for Cooperation
by any cause referred to in items I to III of the preceding paragraph, TERREMARK
shall indemnify FAPESP for losses corresponding to the damages that it may
effectively cause to it.

                                       7
<PAGE>

SECTION 11 - AMENDMENTS TO THIS AGREEMENT FOR COOPERATION
Any amendment to or modification of this Agreement for Cooperation shall only be
deemed valid and effective if made by means of an Amendment duly signed by the
parties.

SECTION 12 - CONFIDENTIALITY
The parties hereby undertake to maintain in strict confidentiality all data and
information exchanged by virtue of signature of this Agreement for Cooperation
and shall not, in any manner, either directly or indirectly, disclose to third
parties the confidential information exchanged between the parties, except in
the following hypotheses:

I - the parties expressly agree, in writing, with the disclosure;

II - the information is publicly known on a date prior to execution of this
Agreement for Cooperation;

III - the information becomes publicly known in the future without any liability
of the parties for its disclosure;

IV - the information is admittedly known by the parties prior to signature of
this Agreement for Cooperation;

V - the information is disclosed by a third party not bound by any
confidentiality obligation hereunder.

SOLE PARAGRAPH - The parties hereby agree that this confidentiality obligation
shall be valid for the life of this Agreement and for a term of five (5) years
after its termination.

SECTION 13 - NO AGENCY
This Agreement for Cooperation constitutes no partnership between the parties,
provided that the parties confirm their intent of jointly cooperating in the
development of future projects, pursuant to Section 2 hereof.

SECTION 14 - NOTICES
Any communication to be made hereunder shall be made in writing and sent to the
following addresses:

FUNDACAO DE AMPARO A PESQUISA DO ESTADO DE SAO PAULO - FAPESP
Rua Pio XI, 1500, Alto da Lapa
Sao Paulo - SP
CEP - 05468-140
Tel/Fax: (11) 3838.4000

                                       8
<PAGE>

TERREMARK LATIN AMERICA (BRAZIL) LTDA.
Rua Fidencio Ramos, 195, 3o. andar - Vila Olimpia
Sao Paulo - CEP - 04551-010
Tel: (11) 3048.2807

SECTION 15 - JURISDICTION
The parties elect the Treasury Courts of the City of Sao Paulo to solve any
controversies or disputes arising from this Agreement for Cooperation, with the
express waiver of any other Court, however privileged it may be.

And, being thus agreed and contracted, the parties sign this Agreement for
Cooperation in two counterparts of equal text in the presence of the undersigned
witnesses qualified hereinbelow.

Sao Paulo, February 22, 2002
Fundacao de Amparo a Pesquisa do Estado de Sao Paulo - FAPESP, by Carlos
Henrique de Brito Cruz, President (signed)
Terremark Latin America (Brazil) Ltda., by Jairo Klepacz, President and by Brian
Goodkind, Managing Quotaholder of Terremark
Witnesses: (signed)

                                       9
<PAGE>

FIRST AMENDMENT TO THE AGREEMENT FOR TECHNICAL AND SCIENTIFIC COOPERATION
ENTERED INTO ON 02.22.2002 BY AND BETWEEN FUNDACAO DE AMPARO A PESQUISA DO
ESTADO DE SAO PAULO - FAPESP AND TERREMARK LATIN AMERICA (BRAZIL) LTDA.

FUNDACAO DE AMPARO A PESQUISA DO ESTADO DE SAO PAULO - FAPESP, a public legal
entity created by Law no. 5.918, of October 18, 1960, with head office in the
City of Sao Paulo, State of Sao Paulo, at Rua Pio XI, 1500, Alto da Lapa,
enrolled as General Taxpayer under CNPJ/MF no. 43.828.151/0001-45, pursuant to
Article 11, item "a" of the referred Law, combined with Article 6, item "a" of
the By-Laws approved by Decree no. 40.132, of May 23, 1962, herein represented
by its President and legal representative, Professor Carlos Alberto Vogt,
Brazilian citizen, married, bearer of the Identity Card RG no. 2.846.191-SSP/SP
and enrolled as Individual Taxpayer under CPF/MF no. 049.863.428-00, domiciled
at the above address, hereinafter simply called FAPESP and TERREMARK LATIN
AMERICA (BRAZIL) LTDA., a private legal entity enrolled as General Taxpayer
under CNPJ/MF no. 041.511.81/0001-08, with its Articles of Association duly
registered with JUCESP, with head office at Praca das Tulipas, 62, 2nd floor,
Alphaville, in the City of Barueri, State of Sao Paulo, herein represented by
its President, Mr. Jairo Klepacz, Brazilian citizen, married, bearer of the
Identity Card RG no. 5.177.160-SSP/SP and enrolled as Individual Taxpayer under
CPF/MF no. 419.216.238-53, and by Mr. Brian Goodkind, managing quotaholder of
Terremark Latin America Inc., both domiciled at the above address, hereinafter
called Terremark, have decided to enter into this Amendment, which shall be
governed by the rules of Federal Law no. 8.666, of June 21, 1993 and subsequent
amendments thereto and by the following clauses and conditions:

SECTION 1 - PURPOSE
The purpose of this Amendment is to postpone the term so that TERREMARK
starts-up and maintains, at its own expenses, the operation of NAP do Brasil at
premises out of FAPESP, which term is hereby postponed to February 21, 2004.

SECTION 2 - TEMPORARY SUSPENSION OF EFFECTIVENESS OF SECTION 6 OF THE AGREEMENT
FOR TECHNICAL AND SCIENTIFIC COOPERATION AND ITS EFFECTS.
The effectiveness of Section 6 of the Agreement for Cooperation entered into on
February 22, 2002 shall be suspended as from March, 2003, up to beginning of
operations of NAP do Brasil at premises out of FAPESP.

                                       10
<PAGE>

I - In substitution for the payment originally established in Section 6 of the
Agreement for Cooperation, TERREMARK shall transfer to FAPESP, pursuant to item
III hereinbelow, the net revenue received for services rendered by NAP do
Brasil.

II - Further to the transfers referred to in the preceding item, TERREMARK shall
pay to FAPESP, as consideration for the participation in the development of
research programs in the Internet area the amount of R$10,000.00 (ten thousand
Reais) per month, beginning in March, 2003, pursuant to item III below.

III - The transfers and payments described in the preceding items shall be due
by TERREMARK up to change of the operations of NAP do Brasil from the premises
of FAPESP to the new premises, when the conditions established in items I and II
above shall again be governed by the provisions of Section 6 of the Agreement
for Cooperation, the effectiveness of which is now suspended.

a) The values mentioned in items I and II shall be paid to FAPESP by means of
deposit at a checking account especially indicated for such purpose up to the
tenth day of the month following the month of obligation of transfer or payment,
as the case may be.

SECTION 3 - TRANSFER OF THE NAP DO BRASIL FROM FAPESP'S PREMISES
FAPESP shall permit the transfer of the set of equipment, software, accessories
and spare parts as well as all other components owned by FAPESP that are part of
the PTT at the time, from the premises of Nap do Brasil.

All other provisions and conditions of the Agreement for Cooperation entered
into on February 22, 2002 shall remain unchanged and in full force and effect,
provided that they are not in conflict with the provisions hereof.

And, being thus agreed and contracted, the parties sign this Amendment to the
Agreement for Cooperation in two counterparts of equal text in the presence of
the undersigned witnesses qualified hereinbelow.

Sao Paulo, March 18, 2003
Fundacao de Amparo a Pesquisa do Estado de Sao Paulo - FAPESP, by Carlos Alberto
Vogt, President (signed)
Terremark Latin America (Brazil) Ltda., by Jairo Klepacz, President Terremark
Latin America Inc., by Brian Goodkind, Manager
Witnesses: (signed)

                                       11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}]]