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Document Preview Promissory Note |
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Title: |
Promissory Note |
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Entities: |
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Date: |
2003 |
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Size: |
15KB total |
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Price: |
$39 |
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ID: |
#315107 |
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RELOCATION LOAN
PROMISSORY NOTE
(Non-Interest Bearing)
Dallas, Texas
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$250,000.00 |
February 15, 2001 |
F O R V A L U E R E C E I V E D, the undersigned, Dietmar Ostermann, (Maker), hereby unconditionally promises to pay to the order of Electronic Data Systems Corporation, a Delaware corporation (Payee), at 5400 Legacy Drive, H3-2A-07, Plano, Texas 75024, Attn: Ruthie Polk, or such other address given to Maker by Payee, the original principal sum of Two Hundred Fifty Thousand Dollars ($250,000.00), in lawful money of the United States of America. Except upon an Event of Default, as defined herein, this Relocation Loan Promissory Note (this Note) shall not accrue interest.
The principal of this Note shall be repaid in accordance with the amortization schedule attached hereto as Exhibit A and incorporated herein by reference for all purposes.
All principal of this Note shall be due and payable in full upon the earliest to occur of any of the following:
| a) | the termination date of Makers employment with Payee or any subsidiary or affiliate of Payee, whether by termination for any reason whatsoever, or by Makers resignation; |
| b) | the date of closing of the sale of the property described in Exhibit B, attached hereto and incorporated herein by reference for all purposes; or |
| c) | January 15, 2002. |
Should the principal and interest, if any, of, or any installment of principal and interest, if any, of, this Note become due and payable on any day other than a business day, the maturity thereof shall be extended to the next succeeding business day. All payments of principal and interest, if any, upon this Note shall be made by Maker to Payee in federal or other immediately available funds.
Maker and each surety, endorser, guarantor and other party ever liable for payment of any sums of money payable on this Note, jointly and severally, waive demand for payment, presentment, protest, notice of protest and non-payment, or other notice of default, notice of acceleration and intention to accelerate, and agree that their liability under this Note shall not be affected by any renewal or extension in the time of payment hereof, or in any indulgences, and hereby consent to any and all renewals, extensions, indulgences, releases or changes, regardless or the number of such renewals, extensions, indulgences, releases or changes.
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