{"id":40298,"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-secured-by-deed-of-trust-global-crossing-ltd.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"promissory-note-secured-by-deed-of-trust-global-crossing-ltd","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/promissory-note-secured-by-deed-of-trust-global-crossing-ltd.html","title":{"rendered":"Promissory Note Secured by Deed of Trust &#8211; Global Crossing Ltd., Global Crossing Development Co. and Thomas J. Casey"},"content":{"rendered":"<pre>\n$8,000,000.00                                                  November 14, 2000\n\n                    Promissory Note Secured by Deed of Trust\n\nPursuant to the terms of that certain Employment Agreement (the \"Agreement\")\ndated as of October 11, 2000, by and between Thomas J. Casey (\"Executive\") and\nGlobal Crossing Ltd. (\"Employer\"), Global Crossing Development Co. (\"GCDC\"), a\nsubsidiary of Employer has agreed to make a loan secured by deed of trust to\nExecutive.\n\nNOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency\nof which is hereby acknowledged, Executive agrees as follows:\n\n1. Executive hereby promises to pay to GCDC or order, at 360 North Crescent\nDrive, Beverly Hills, California 90210, or at such other place as the Employer\nmay, from time to time, designate in writing, the principal amount of Eight\nMillion Dollars ($8,000,000.00).\n\n2. The principal amount and all accrued interest shall be due and payable in\nfull at the earlier of (i) October 11, 2005, (ii) 90 days after termination of\nExecutive's employment by Employer for Cause, or (iii) 90 days after a\nresignation by Executive other than pursuant to Section 10 of the Agreement (the\n\"Due Date\").\n\n3. This Promissory Note shall bear interest at the rate of 6.01% per annum. This\nPromissory  Note and interest  thereon may be prepaid in whole or in part at any\ntime.\n\n4. This Promissory Note shall be governed by the laws of the State of\nCalifornia. In the event of default in the payment of any sums due hereunder,\nGCDC shall be entitled to reimbursement from Executive for all costs of\ncollections, including reasonable attorney's fees and costs. In the event of\ndefault in the payment of any sums due hereunder, to the extent permitted by\nlaw, GCDC shall have the right to offset sums due hereunder against any other\nsums which may be owed by Employer to Executive. A default by Executive\nhereunder shall constitute a breach of the terms of the Agreement and shall be\ngrounds for immediate termination for Cause.\n\n5.  This  Promissory  Note is  secured  by a Deed of Trust to  Stewart  Title of\nCalifornia Inc., a California corporation, as Trustee.\n\n6. Capitalized  terms not defined herein shall have the meaning set forth in the\nAgreement.\n\n\n\/s\/ Thomas Casey\n-------------------------\nThomas J. Casey\nExecutive\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7648],"corporate_contracts_industries":[9519],"corporate_contracts_types":[9539,9544],"class_list":["post-40298","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-global-crossing-ltd","corporate_contracts_industries-telecommunications__telephone","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\/40298","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=40298"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40298"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40298"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}