{"id":40294,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/promissory-note-liberate-technologies-inc-and-coleman-sisson.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"promissory-note-liberate-technologies-inc-and-coleman-sisson","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/promissory-note-liberate-technologies-inc-and-coleman-sisson.html","title":{"rendered":"Promissory Note &#8211; Liberate Technologies Inc. and Coleman Sisson"},"content":{"rendered":"<pre>PROMISSORY NOTE\n\n\n$500,000                                                         January 8, 2001\n                                                          San Carlos, California\n\n\n\n         FOR VALUE RECEIVED, the undersigned Borrower promises to pay to\nLiberate Technologies, Inc. (\"Liberate\") at its principal executive offices the\nprincipal sum of five hundred thousand dollars ($500,000), together with\ninterest from the date of this Note on the unpaid principal balance, upon the\nterms and conditions specified below.\n\n         1.     TERM AND AMORTIZATION. The principal balance of this Note,\ntogether with interest accrued and unpaid to date, shall be due and payable at\nthe close of business on the second anniversary of the date of this Note. The\nentire principal balance of this Note, together with interest accrued and unpaid\nto date, shall be due and payable 60 days after the Borrower's employment with\nLiberate terminates.\n\n         2.     RATE OF INTEREST. Interest shall accrue under this Note on any\nunpaid principal balance at the rate of 5.90% per annum, compounded annually.\n\n         3.     PREPAYMENT. Prepayment of principal and interest may be made at\nany time, without penalty.\n\n         4.     NOTE DUE AND PAYABLE. The entire unpaid principal sum and unpaid\ninterest under this Note shall become immediately due and payable upon:\n\n         (a)    The failure of the Borrower to pay when due the principal\n     balance and accrued interest on this Note and the continuation of such\n     default for more than 30 days; or\n\n         (b)    The insolvency of the Borrower, the commission of an act of\n     bankruptcy by the Borrower, the execution by the Borrower of a general\n     assignment for the benefit of creditors, or the filing by or against the\n     Borrower of a petition in bankruptcy or a petition for relief under the\n     provisions of the federal bankruptcy act or another state or federal law\n     for the relief of debtors and the continuation of such petition without\n     dismissal for a period of 90 days or more.\n\n         5.     PERSONAL LIABILITY. The Borrower shall be personally liable for\npayment of this Note.\n\n         6.     COLLECTION. If action is instituted to collect this Note, the\nBorrower promises to pay all reasonable costs and expenses (including reasonable\nattorney's fees) incurred in connection with such action.\n\n         7.     WAIVER. No previous waiver and no failure or delay by Liberate\nor the Borrower in acting with respect to the terms of this Note shall\nconstitute a waiver of any breach, \n\n\ndefault, or failure of condition under this Note or the obligations secured\nthereby. A waiver or modification of any term of this Note or of any of the\nobligations secured thereby must be made in writing and signed by a duly\nauthorized officer of Liberate and shall be limited to the express terms of such\nwaiver.\n\n         The Borrower hereby expressly waives presentment and demand for payment\nat such time as any payments are due under this Note.\n\n         8.     CONFLICTING AGREEMENTS. In the event of any inconsistencies\nbetween the terms of this Note and the terms of any other document related to\nthe loan evidenced by this Note, the terms of this Note shall prevail.\n\n         9.     GOVERNING LAW. This Note shall be construed in accordance with\nthe laws of the State of California, and the parties stipulate to the personal\njurisdiction of the state and federal courts for the county of San Mateo,\nCalifornia.\n\n\n                                         Name:  Coleman Sisson\n\n\n                                         \/s\/ Coleman Sisson\n                                         ---------------------------------------\n                                         Signature of Borrower\n                                         [Confidential Data]\n\n                                       2\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8051],"corporate_contracts_industries":[9513],"corporate_contracts_types":[9539,9544],"class_list":["post-40294","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-liberate-technologies","corporate_contracts_industries-technology__software","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40294"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40294"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40294"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}