{"id":40308,"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-ebbers4.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"promissory-note-worldcom-inc-and-bernard-j-ebbers4","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/promissory-note-worldcom-inc-and-bernard-j-ebbers4.html","title":{"rendered":"Promissory Note &#8211; WorldCom Inc. and Bernard J. Ebbers"},"content":{"rendered":"<pre>                                PROMISSORY NOTE\n                                ---------------\n\n\n                                                            Clinton, Mississippi\n$50,000,000                                                    September 8, 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 Fifty Million Dollars ($50,000,000) or\nsuch lesser amount as may be outstanding hereunder.  The aforesaid principal sum\nis to be the maximum sum available hereunder and may be taken in such amounts\nand at such times as the undersigned requests prior to demand for payment\nhereunder.  The Borrower further promises to pay interest on the outstanding\nbalance under this Note, compounded monthly, from the date hereof until payment\nin full of this Note, at a fluctuating rate of interest (the \"Normal Rate\")\nequal to the Eurodollar Rate applicable to each one-month Interest Period\ncommencing on the date hereof plus the Applicable Margin during the\ncorresponding 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. Whenever\npossible each provision of this Note shall be interpreted in such manner as to\nbe effective and valid under applicable law, but if any provision of this Note\nshall be prohibited by or invalid under applicable law, such provision shall be\nineffective to the extent of such prohibition or invalidity, without\ninvalidating the remainder of such provision or the remaining provisions of this\nNote. Whenever in this Note reference is made to the Borrower or the Lender,\nsuch reference shall be deemed to include, in the case of the Borrower, a\nreference to his heirs and legal representatives and, in the case of the Lender,\nits successors and assigns. The provisions of this Note shall be binding upon\nand shall inure to the benefit of such heirs, legal representatives, successors\nand 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-40308","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\/40308","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=40308"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40308"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40308"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}