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Exhibit 10.20
PROMISSORY NOTE
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Borrower: Stephen M. Tennis Lender: Verilink Corporation
199 Hillside Avenue 145 Baytech Drive
Menlo Park, CA 94025 San Jose, CA 95134
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Principal Amount: $50,000.00 Interest Rate: 7.5% Date of Note: June 30, 1994
FOR VALUE RECEIVED, Stephen M. Tennis ("Borrower") promises to pay Verilink
Corporation ("Verilink"), or order, in lawful money of the United States of
America, the principal amount of Fifty Thousand Dollars and No Cents
($50,000.00) or so much as may be outstanding, together with interest on the
unpaid outstanding principal balance from the above date until repayment of the
principal and interest.
Payment is due in full on demand of Verilink. In addition to payment of
principal, Borrower also agrees to pay interest on the aggregate unpaid
principal at a rate equal to Seven and One-Half Percent (7.5%) per annum.
Borrower may prepay all or any part of the amount due hereunder without penalty.
If any costs, expenses, and attorney's fees are paid or incurred, or adjudged
by a court in any action to enforce payment of this Note or any part of it,
then the prevailing party shall recover from the other party such costs,
expenses and attorney's fees.
Borrower waives presentment, demand, protest, notice of protest, notice of
dishonor, notice on nonpayment, any and all other notices and demands in
connection with the delivery, acceptance, performance, default or enforcement
of this Note.
This Note shall be deemed to be made under and shall be construed in accordance
with, and governed by, the laws of the State of California.
Borrower:
/s/ STEPHEN M. TENNIS
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Stephen M. Tennis