Exhibit 10.2



                       OPTION OF HOLDER TO ELECT PURCHASE


         If you want to elect to have this Security purchased in its entirety by
Globix Corporation (the "Issuer") pursuant to Section 1015 or 1016 of the
Indenture, check the box:

         [ ]

         If you want to elect to have only a part of this Security purchased by
the Issuer pursuant to Section 1015 or Section 1016 of the Indenture, state the
amount:

         $------------

Dated:

Your Signature: ______________________________________________________________
                           (Sign exactly as name appears on the Security)

Signature Guarantee: ___________________________________________________________
                           (Signature must be guaranteed by an eligible
                           Guarantor Institution (banks, stockbrokers, savings
                           and loan associations and credit unions) with
                           membership in an approved signature medallion program
                           pursuant to Securities and Exchange Commission Rule
                           17Ad-15.)