{"id":40309,"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-ebbers5.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"promissory-note-worldcom-inc-and-bernard-j-ebbers5","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/promissory-note-worldcom-inc-and-bernard-j-ebbers5.html","title":{"rendered":"Promissory Note &#8211; WorldCom Inc. and Bernard J. Ebbers"},"content":{"rendered":"<pre>                                 PROMISSORY NOTE\n\n$65,000,000                                                 Clinton, Mississippi\n                                                                January 30, 2002\n\n      FOR VALUE RECEIVED, the undersigned (the \"Borrower\") hereby\nunconditionally promises to pay to the order of WorldCom, Inc., a Georgia\ncorporation (the \"Lender\"), in lawful money of the United States of America and\nin immediately available funds, the principal sum of Sixty-Five Million Dollars\n($65,000,000) or such lesser amount as may be outstanding hereunder. The\naforesaid principal sum is to be the maximum sum available hereunder and may be\ntaken in such amounts and at such times as the undersigned requests prior to\ndemand for payment hereunder. The Borrower further promises to pay interest on\nthe outstanding balance under this Note, compounded monthly, from the date\nhereof until payment in full of this Note, at a fluctuating rate of interest\n(the \"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 Revolving Credit Agreement among the Lender, Bank of\nAmerica, N.A. and The Chase Manhattan Bank, as Co-Administrative Agents, and the\nother Lenders identified therein dated as of June 8, 2001, as the same may be\namended or replaced; provided, however, that following demand for payment, the\nBorrower promises to pay interest on the unpaid balance hereunder, compounded\nmonthly, at the Default Rate, as defined herein. The \"Default Rate\" shall be a\nfluctuating rate of interest equal to the sum of the otherwise applicable Normal\nRate plus three percent (3%) per annum. Upon each change in the applicable\nNormal Rate, the Default Rate shall simultaneously change to correspond with\nsuch change in the Normal Rate. Interest shall be computed on the basis of a\n360-day year consisting of twelve 30-day months.\n\n      This Note along with the prior Promissory Notes payable by the Borrower to\nthe order of the Lender dated September 8, 2000, November 1, 2000, December 29,\n2000 and September 10, 2001 shall each constitute a Promissory Note within the\nmeaning and subject to the provisions of that certain letter agreement dated\nNovember 1, 2000, as the same may be amended, between the Borrower and the\nLender.\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\nthe Default Rate, as provided herein, after as well as before demand, default\nand judgment, notwithstanding any applicable statutory judgment rate of\ninterest. If any interest payment or other charge or fee payable hereunder\nexceeds the maximum amount then permitted by applicable law, then the Borrower\nshall pay the maximum amount then permitted by applicable law.\n\n\n\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 action 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 binding\nupon and shall inure to the benefit of such heirs, legal representatives,\nsuccessors and assigns.\n\n\n                                                \/S\/ BERNARD J. EBBERS\n                                                --------------------------------\n                                                Bernard J. Ebbers\n\n\n                                      -2-\n\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-40309","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\/40309","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=40309"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40309"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40309"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}