{"id":40307,"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-worldcom-inc-and-bernard-j-ebbers3.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"promissory-note-worldcom-inc-and-bernard-j-ebbers3","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/promissory-note-worldcom-inc-and-bernard-j-ebbers3.html","title":{"rendered":"Promissory Note &#8211; WorldCom Inc. and Bernard J. Ebbers"},"content":{"rendered":"<pre>                                PROMISSORY NOTE\n                                ---------------\n\n\n                                                            Clinton, Mississippi\n$25,000,000                                                     November 1, 2000\n\n\n     FOR VALUE RECEIVED, the undersigned (the \"Borrower\") hereby unconditionally\npromises to pay to the order of WorldCom, Inc., a Georgia corporation (the\n\"Lender\"), in lawful money of the United States of America and in immediately\navailable funds, the principal sum of Twenty-Five Million Dollars ($25,000,000)\nor such lesser amount as may be outstanding hereunder.  The aforesaid principal\nsum is to be the maximum sum available hereunder and may be taken in such\namounts and at such times as the undersigned requests prior to demand for\npayment hereunder.  The Borrower further promises to pay interest on the\noutstanding balance under this Note, compounded monthly, from the date hereof\nuntil payment in full of this Note, at a fluctuating rate of interest (the\n\"Normal Rate\") equal to the Eurodollar Rate applicable to each one-month\nInterest Period commencing on the date hereof plus the Applicable Margin during\nthe corresponding period applicable to Eurodollar Rate Borrowings by the Lender\npursuant to that certain Amended and Restated 364-Day Revolving Credit and Term\nLoan Agreement among the Lender, Bank of America, N.A., as Administrative Agent,\nand the other Lenders identified therein dated as of August 5, 1999, as amended;\nprovided, however, that following demand for payment, the Borrower promises to\npay interest on the unpaid balance hereunder, compounded monthly, at the Default\nRate, as defined herein.  The \"Default Rate\" shall be a fluctuating rate of\ninterest equal to the sum of the otherwise applicable Normal Rate plus three\npercent (3%) per annum.  Upon each change in the applicable Normal Rate, the\nDefault Rate shall simultaneously change to correspond with such change in the\nNormal Rate.  Interest shall be computed on the basis of a 360-day year\nconsisting of twelve 30-day months.\n\n     The principal and accrued interest under this Note are payable on demand.\nIf this Note is not paid upon demand, the Borrower hereby promises to pay all\ncosts of collection, including but not limited to the fees and expenses of an\nattorney and court costs, in addition to the full amount due hereon.\n\n     Interest shall be due and payable under this Note at the Normal Rate or the\nDefault Rate, as provided herein, after as well as before demand, default and\njudgment, notwithstanding any applicable statutory judgment rate of interest.\nIf any interest payment or other charge or fee payable hereunder exceeds the\nmaximum amount then permitted by applicable law, then the Borrower shall pay the\nmaximum amount then permitted by applicable law.\n\n     The Borrower hereby waives presentment, protest and notice of demand,\npresentment, protest and nonpayment.\n\n     This Note shall be interpreted and the rights and liabilities of the\nparties hereto shall be determined in accordance with the internal laws (as\nopposed to the conflicts of law provisions) and decisions of the State of\nMississippi and the Borrower hereby consents to the jurisdiction of the courts\nof or in the State of Mississippi in connection with any dispute, controversy,\ncollection \n\n \naction or other matter relating to or arising out of this Note.\nWhenever possible each provision of this Note shall be interpreted in such\nmanner as to be effective and valid under applicable law, but if any provision\nof this Note shall be prohibited by or invalid under applicable law, such\nprovision shall be ineffective to the extent of such prohibition or invalidity,\nwithout invalidating the remainder of such provision or the remaining provisions\nof this Note.  Whenever in this Note reference is made to the Borrower or the\nLender, such reference shall be deemed to include, in the case of the Borrower,\na reference to his heirs and legal representatives and, in the case of the\nLender, its successors and assigns.  The provisions of this Note shall be\nbinding upon and shall inure to the benefit of such heirs, legal\nrepresentatives, successors and assigns.\n\n\n\n                                    \/s\/  Bernard J. Ebbers\n                                    ----------------------------------------\n                                         Bernard J. Ebbers\n\n                                      -2-\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[9361],"corporate_contracts_industries":[9519],"corporate_contracts_types":[9539,9544],"class_list":["post-40307","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-worldcom-inc","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\/40307","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=40307"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40307"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40307"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}