EXHIBIT 10.26
UNSECURED
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NOTE
$20,000,000.00 July 16, 1999
ON DEMAND, for value received, the undersigned, ZEFER CORP, a Delaware
corporation (the "Company"), promises to pay to the order of XXXXXX TRUST AND
SAVINGS BANK (the "Bank") at its offices at 000 Xxxx Xxxxxx Xxxxxx, Xxxxxxx,
Xxxxxxxx, the principal sum of TWENTY MILLION and 00/100 Dollars
($20,000,000.00) or, if less, the amount outstanding under the letter agreement
referred to below together with interest (compound on the basis of a year of 360
days and actual days elapsed) on the principal amount from time to time
remaining unpaid hereto from the date hereof to the maturity thereof (whether by
demand or otherwise) at the rate per annum equal to the rate announced from time
to time by Xxxxxx Trust and Savings Bank as its prime commercial rate (with any
change in the Interest rate hereon by reason of a change in said prime
commercial rate to be and become effective as of and on the date of the relevant
change in said prime commercial rate) and after the maturity thereof until paid
at the rate per annum of two percent (2%) above the interest rate applicable to
this Note (determined as aforesaid) at such maturity. Interest shall be payable
on the last day of each month and upon demand.
This Note evidences borrowings by the Company under that certain Procedures
Letter dated as of the even date herewith between the Company and the Bank and
this Note and the holder hereof are entitled to all the benefits provided for
under the Procedures Letter, to which reference is hereby made for a statement
thereof. The Company hereby waives presentment and notice of dishonor. The
Company agrees to pay to the holder hereof all expenses incurred or paid by such
holder, including attorney's fees and court costs, in connection with the
collection of this Note. It is agreed that this Note and the rights and remedies
of the holder hereof shall be construed in accordance with and governed by the
laws of Illinois.
ZEFER CORP.
By: /s/ Xxxxxx Xxxxxxxx
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Its: Vice President,Finance
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