EFTA00128648¶
12/12/01 14:25 FAX¶
001¶
| LandTel | T 212.750.4370 |
| 600 Madison Avenue | F 212.750.6322 |
| 25th Floor | |
| New York, NY 10022 |
| To: | Jeffrey Epstein | From: | James P. Whittier E-mail: |
| Fax: | (212) | Pages: | 2 |
| Phone: | Date: | December 12, 2001 | |
| Re: | Winstar Bridge Loan |
Dear Jeffrey:¶
To formalize conversations you had with Laurence this morning concerning a bridge loan for Winstar, please find attached a term sheet for your review and acceptance.¶
Upon receipt of this term sheet, please call Laurence for any clarification that may be needed.¶
Sincerely,¶
James P. Whittier¶
EFTA00128649¶
12/12/01 14:26 FAX¶
002¶
TERM SHEET¶
WINSTAR BRIDGE LOAN¶
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Loan - $15 million
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Term - Date of closing of Winstar acquisition on or prior to January 10, 2002
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Consideration -
- Interest rate - 15%*
- Equity - 3% of outstanding equity at closing (Founder’s Stock)
• $500,000 Fee¶
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Security -
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$130 million in U.S. Treasuries is presently being held at Williams Management & Capital Group Ltd. for the benefit of Wintel Telecom Holdings, Inc. evidenced by a custodial safekeeping receipt. A segregated portion of these securities, in the amount of $15 million, will be held for the benefit of Jeffrey Epstein or his designate.
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Personal guarantee by Laurence S. Zimmerman secured by the following:
515 Park Avenue, 27th & 28th Floors, New York, New York - Appraised value $23,500,000 by Cushman & Wakefield (as of Nov. 2001)¶
- 0124 Coldstream Lane, Aspen, Colorado - Purchase price $10,900,000 (acquired Dec. 1998)
Current mortgage against 515 Park Avenue is $8.6 million¶
- Current mortgage against Aspen property is $5.5 million¶
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Repayment - Proceeds of loan from the Primary lender (i.e., BONY) secured by the safekeeping receipt representing $130 million in U.S. Treasuries
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Funding Requirement - $15 million must be funded no later than December 14, 2001, no later than 12:00 P.M.
Agreed to and accepted by:¶
Jeffrey Epstein¶
Date¶