Exhibit 10.27
PROMISSORTY NOTE
Baltimore, Maryland
November __, 1996
For value received, XXXX INDUSTRIES, INC., a Delaware
corporation, and ALCORE, INC., a Delaware corporation (collectively, the
"Borrower"), jointly and severally promise to pay to the order of FIRST UNION
NATIONAL BANK OF MARYLAND, a national banking association (the "Bank"), the
unpaid principal amount of each Loan made by the Bank to the Borrower (and/or
either of them) pursuant to the Credit Agreement referred to below on the
maturity date provided for in the Credit Agreement. The Borrower promises to pay
interest on the unpaid principal amount of each such Loan on the dates and at
the rate or rates provided for in the Credit Agreement. All such payments of
principal and interest shall be made in accordance with the provisions of the
Credit Agreement.
All Loans made by the Bank and all repayments of the principal
thereof shall be recorded by the Bank and, if the Bank so elects in connection
with any transfer or enforcement hereof, appropriate notations to evidence the
foregoing information with respect to each Loan then outstanding shall be
endorsed by the Bank on the schedule attached to and made a part hereof;
provided that the failure of the Bank to make any such recordation or
endorsement shall not affect the obligations of the Borrower hereunder or under
the Credit Agreement.
This note is the Note referred to in the Credit Agreement of
even date herewith, between the Borrower and the Bank (as the same may be
amended from time to time, the "Credit Agreement"). Terms defined in the Credit
Agreement are used herein with the same meanings. Reference is made to the
Credit Agreement for provisions for the mandatory and optional prepayment hereof
and the acceleration of the maturity hereof.
WITNESS/ATTEST: XXXX INDUSTRIES, INC.
____________________ By __________________________SEAL)
Name: Xxxx X. Xxxxxxx
Title: Chief Executive Officer
and Chairman
[CORPORATE SEAL]
ALCORE, INC.
___________________ By:__________________________(SEAL)
Name: Xxxxxx X. Xxxxx
Title: President/General Manager
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