Exhibit 10.4
SECURED PROMISSORY NOTE
$87,500 December 18, 1998
THE UNDERSIGNED, promises to pay to the order of NetAmerica
International Corporation, at such place as the holder ("Holder") hereof may
designate in writing, the sum of Eighty Seven Thousand Five Hundred Dollars
($87,500), with interest thereon at the rate of six and one half percent (6.5%)
a.p.r., principal and interest due two years from the date written above.
Prepayment of this note with interest to date of payment may be made at
any time without penalty.
This Note is secured by Eighty Thousand (80,000) shares of common stock
("the Collateral") of Worldport Communications Corporation, a publicly-held
company.
If default is made in the payment, when due, of any part of
installment, then the whole sum, together with interest shall become immediately
due and payable at the option of the Holder, without notice.
In the event of default, the Holder may sell, in a commercially
reasonable manner, the Collateral to liquidate the debt owed by the Undersigned.
The Undersigned shall be fully responsible for any deficiency existing after any
such sale. The Holder will return to the Undersigned any unsold shares remaining
after sufficient Collateral is sold to liquidate the debt.
In the event of commencement of arbitration of suit to enforce payment
of this note, the undersigned agrees to pay costs incurred and such additional
sum as attorney's fees as the court may adjudge reasonable.
/s/ Edward Mooney
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Edward Mooney
