Global Crossing Ltd – ‘10-K’ for 12/31/00 – EX-10.50

On:  Monday, 4/2/01, at 10:32am ET   ·   For:  12/31/00   ·   Accession #:  950130-1-1603   ·   File #:  1-16201

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         94    548K 
 2: EX-4.5      Am No. 1 to Corporate Credit Facility                  3     17K 
 3: EX-4.7      Indenture Dated as of January 29, 2001               140    622K 
 4: EX-10.25    Registration Rights Agreement                         24    106K 
 5: EX-10.31    Supplemental Retirement Savings Plan                   8     31K 
 6: EX-10.43    Employment Agreement                                   7     35K 
 7: EX-10.44    Promissory Note                                        1      9K 
 8: EX-10.50    Promissory Note                                        1      8K 
 9: EX-12.1     Computation of Ratio of Earnings to Fixed Charges      2±     9K 
10: EX-21.1     Subsidiaries of Registrant                            10     27K 
11: EX-23.1     Consent of Arthur Andersen                             1      8K 

EX-10.50   —   Promissory Note

EX-10.50
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                                                                   Exhibit 10.50

$1,800,000                                                        March 20, 2001

 Secured Promissory Note

1. The undersigned hereby agrees to pay to Global Crossing Development Co.      
("Employer"), or order, at 360 N. Crescent Drive, Beverly Hills, California     
90210, or at such other place as the Employer may, from time to time, designate 
in writing, the principal amount of One Million Eight Hundred Thousand Dollars  
($1,800,000).                                                                   

2. The principal amount and all accrued interest shall be due and payable in    
full at the earlier of (i) March 21, 2002, or (ii) termination from employment  
with Employer and its affiliates for any reason (the "Due Date").               

3.  This   Promissory  Note  shall  bear  interest  at  the  rate  of  four  and
three-quarters percent (4.75%) per annum. This Promissory Note may be prepaid in
whole or in part at any time.                                                   

4. This Promissory Note shall be governed by the laws of the State of New York. 
In the event of default in the payment of any sums due hereunder, Employer shall
be entitled to reimbursement from the undersigned for all costs of collections, 
including reasonable attorney's fees and costs. In the event of default in the  
payment of any sums due hereunder, to the extent permitted by law, Employer     
shall have the right to offset sums due hereunder against any other sums which  
may be owed by Employer to the undersigned.                                     

5. This Secured Promissory Note is secured by a second mortgage on real property
in favor of Employer.                                                           

/s/ David Walsh                                                                 
-------------------                                                             
David Walsh                                                                     

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing		Date		Other Filings
		3/21/02
Filed on:		4/2/01
		3/20/01
For Period End:		12/31/00		11-K
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