EXHIBIT 10.27

                   PROMISSORY NOTE - ADJUSTABLE INTEREST RATE

Certified to be a true and correct
Copy of the original
by: /s/
   ------------------------------------
   Commonwealth and Title IHS

$310,000.00                                                     Loan No. 7024785

     1.   BORROWER'S PROMISE TO PAY PRINCIPAL AND INTEREST.  For value received,
the undersigned Maker (referred to as "Borrower")  promises to pay to COMMERCIAL
FEDERAL BANK, A FEDERAL SAVINGS BANK, its successors or assigns  ("Holder"),  at
its office at 4501 Dodge Street, Third Floor, Attention: Loan Servicing,  Omaha,
Nebraska  68132, or at such other place as the Holder of this Note may from time
to time  designate,  without  offset or  deduction,  the  principal sum of Three
Hundred Ten Thousand Dollars  ($310,000.00),  with interest from the date hereof
on the unpaid  principal  balance at the initial  interest rate of eight percent
(8.00%)  per annum,  and  principal  and  interest  payable  in initial  monthly
installments  of  Two  Thousand  Five  Hundred  Ninety-Two  and  96/100  Dollars
($2,592.96) each, beginning on the first day of May, 1998, and continuing on the
first day of each and every month  thereafter to and including April l, 2010, on
which date any unpaid principal, interest and all other sums due under this Note
shall be paid in full (the "Due Date").

     2.   ADJUSTABLE INTEREST RATE PROVISIONS (MULTIPLE  ADJUSTMENTS AT HOLDER'S
OPTION).  Borrower  agrees that the interest  rate on this Note may, at Holder's
sole option,  be adjusted two times.  One adjustment may be made to be effective
at any time on or after April 1, 2002.  The other  adjustment  may be made to be
effective  at any time on or after  April 1,  2006.  Such  adjustments  shall be
subject to the following terms and conditions:

          a.   not less than sixty (60) days prior to the effective  date of any
               adjustment  of the  interest  rate,  Holder  shall give  Borrower
               written  notice of the  adjusted  interest  rate and the adjusted
               monthly  payment of principal and interest  necessary to amortize
               the  remaining  balance at the  adjusted  interest  rate over the
               remaining  portion of the original two hundred  forty (240) month
               amortization term as of the effective date of the adjustment; and

          b.   no such adjustment  shall exceed an interest rate increase of one
               and one-half percent (1.50%) (i.e. 150 basis points) per annum on
               the unpaid  balance.  Thus,  for example,  the maximum rate which
               Holder may charge as of the first  adjustment would be 9.50%, and
               the  maximum  rate  as of the  second  adjustment  (assuming  the
               maximum raise occurred in the first  adjustment)  would be 11.0%;
               and

          c.   the notice specified in (a) above shall be deemed given by Holder
               when  deposited  in the  United  States  mail,  postage  prepaid,
               addressed to Borrower at the address specified herein.


<PAGE>


          d.   notwithstanding the terms of this Note which may otherwise impose
               prepayment premiums, Borrower shall have the right, at Borrower's
               sole  option,  to  pre-pay in full the  entire  unpaid  principal
               balance,  along  with all  accrued  and  unpaid  interest  at the
               applicable rate, and all other unpaid charges, without prepayment
               premium, at any time during a one hundred eighty (180) day period
               following  the  giving  of  written  notice of an  interest  rate
               increase.

     3.   NOTICE. Except as may be otherwise specified in this Note, any notices
required to be given  hereunder  shall be given in the manner  specified  in the
Deed of Trust,  Assignment  of Rents and  Security  Agreement  ("Deed of Trust")
executed by Borrower on an even date herewith.

     4.   CREDITING OF PAYMENTS. Each installment payment in any amount received
by Holder  shall be credited as of its due date,  without  regard to its date of
receipt by Holder,  first to interest  then due and the  remainder to principal,
and interest shall cease upon the principal so credited as of the date that such
credit is made.

     5.   DEFAULT BY  BORROWER.  Should  default  be made in the  payment of any
installment  or other sum within  fifteen  (15) days after the date when due, or
should  Borrower fail to perform any other  provision or condition  contained in
this Note or the Deed of Trust securing this Note, or in any instrument securing
this Note,  within thirty (30) days after written  notice of default is given by
Holder,  the whole sum of principal and interest shall become immediately due at
the option of Holder and  regardless of any prior  forbearance.  Interest  shall
accrue  following  any default  hereunder at the rate set forth in this Note, as
adjusted from time to time, plus five percent (5.00%).  As used in this Note and
in the Loan  Instruments (as  hereinafter  defined)  default shall include,  but
shall not be limited to:

          a.   Any payment or sum required by this Note or the Loan  Instruments
               is not paid or made within fifteen (15) days from when due; or

          b.   Borrower  fails to perform any other  obligation  required  under
               this Note or the Loan Instruments,  or does any act or allows any
               condition to occur or exist which is  prohibited  under this Note
               or the Loan  Instruments  and fails to cure such  default  within
               thirty (30) days after written notice from Holder; or

          c.   Borrower  fails to comply with any other  agreement in any of the
               documents and  agreements  forming a part of the  transaction  of
               which this Note is a part,  including  the Loan  Instruments  and
               fails to cure such default  within thirty (30) days after written
               notice from Holder; or

                                       -2-


<PAGE>




          d.   Any  representation or warranty made herein or in any of the Loan
               Instruments,  or otherwise in connection with the application for
               or making of this  loan,  proves to be or  becomes  untrue in any
               material  respect or Borrower has omitted or failed to disclose a
               material  fact to  Holder  at any time  prior to the date of this
               Note which if disclosed  would have had a  significant  impact on
               Holder's  decision  whether to approve the loan evidenced by this
               Note and the Loan Instruments; or

          e.   The commencement by or against Borrower of any proceedings  under
               any  bankruptcy  or similar  law for the relief of debtors of the
               United  States or any state or the  appointment  of any receiver,
               trustee,  assignee for the benefit of creditors,  conservators or
               similar  parties for the Borrower or any of Borrower's  property,
               which in the case of proceedings  commenced  against Borrower are
               not dismissed within sixty (60) days after commencement; or

          f.   Borrower fails to either (i) provide for professional  management
               of the Property by a management  company acceptable to Holder and
               under a written  agreement  acceptable to Holder,  or (ii) manage
               the Property itself, or (iii) if there occurs a failure to comply
               with  any  laws,   regulations,   and  ordinances  regarding  the
               employment and payment of persons engaged in the operation of the
               Property; or

          g.   An  assignment,   transfer,   conveyance,  or  relinquishment  by
               Borrower  of any of the  rights or  obligations  under  this Note
               except as otherwise expressly provided in this Note; or

          h.   The Property is impaired,  pledged, or transferred in whole or in
               part such that the first lien  security of Holder is  diminished,
               altered,  impaired or encumbered,  such as by failure of Borrower
               to pay real estate taxes or assessments before delinquency or the
               filing of any lien which takes priority over any lien of Holder.

     6.   LATE CHARGE. Borrower agrees: (a) to pay immediately to Holder without
demand in the event any  installment  or other  payment  or sum is not  actually
received  by Holder  within  fifteen  (15) days after its due date,  and without
regard to the date as of which such payment is credited,  an amount equal to the
equivalent of four percent  (4.00%) of the  installment  or other payment or sum
due; (b) that it would be  impractical  or  extremely  difficult to fix Holder's
actual  damages in the event that any  installment,  payment or sum shall not be
paid when due;  and (c) that such  amount  shall be presumed to be the amount of
damages for such late payment.  This  paragraph and the amount which it provides
shall not limit  Holder's  right under this Note, the Deed of Trust securing it,
or otherwise, to compel prompt performance hereunder and thereunder.

                                       -3-


<PAGE>


     7.   PREPAYMENT  PRIVILEGE.  On and  after,  but not prior to May 1,  1998,
Borrower may make optional and partial  prepayments  of principal,  exclusive of
the portion of principal paid with each monthly loan payment, without additional
prepayment  charge  provided  that the  aggregate  of such  optional and partial
prepayments  does  not  exceed,  in any one  loan  prepayment  year,  Thirty-One
Thousand Dollars  ($31,000.00) (the "allowable  prepayment").  This privilege is
non-cumulative  from one loan prepayment  year to another.  For purposes of this
paragraph,  "loan prepayment year" means each twelve-month period beginning with
each  May  1 and  ending  with  the  following  April  30.  Notwithstanding  the
foregoing, prepayments of principal which in any loan prepayment year exceed the
allowable  prepayment  ("excess  prepayments"),  whether partial  prepayments or
prepayment in full,  may be made provided  that  Borrower  gives Holder  written
notice of all  principal  to be prepaid  at least  sixty (60) days prior to such
prepayment and provided  further that Borrower pays to Holder together with each
such prepayment (including prepayments occurring as a result of or following the
acceleration by Holder of the unpaid principal amount, but excluding prepayments
occurring  because of the  application  by Holder of insurance  or  condemnation
awards or proceeds  pursuant to the Loan  Instruments)  a prepayment  premium as
follows:

          a.   Six percent (6.0%) of the excess  prepayments  during each of the
               first three (3) loan prepayment years;

          b.   Five percent (5.0%) of the excess  prepayments  during the fourth
               loan prepayment year;

          e.   Four percent  (4.0%) of the excess  prepayments  during the fifth
               (5th) loan prepayment year;

          d.   Three percent (3.0%) of the excess  prepayments  during the sixth
               (6th) loan prepayment year;

          e.   Two percent (2.0%) of the excess  prepayments  during the seventh
               (7th) loan prepayment year;

          f.   Thereafter and for all subsequent loan prepayment years until and
               including  April 30,  2007,  one  percent  (1.0%)  of the  excess
               prepayments; and

          f.   From and after May 1, 2007,  to the Due Date,  there  shall be no
               prepayment premium.

Prepayments  shall be applied against the outstanding  principal  balance of the
Note and shall not extend or  postpone  the due date of any  subsequent  monthly
installments  or change the amount of such  installments,  unless  Holder  shall
agree otherwise in writing.

                                       -4-


<PAGE>


     8.   NOTE PAYABLE IN U.S. DOLLARS.  Principal, interest and all charges are
payable in lawful money of the United States.

     9.   SECURITY/ACCELERATION CLAUSE. This Note is secured by a Deed of Trust,
by an  Assignment of Rents and Leases,  one or more  Financing  Statements,  and
other  instruments,  agreements  and documents of even date herewith which grant
Holder  security  interests in, among other things,  a two story office building
located in Denver, Colorado (the foregoing are collectively referred to as "Loan
Instruments"  and the collateral  encumbered by the Loan Instruments is referred
to as the  "Property").  The  obligations,  covenants and agreements of each and
every of the Loan  Instruments  are hereby  made a part of this Note to the same
extent  and with the same  effect as if they were  fully set forth  herein,  and
Borrower  does  hereby  agree to  perform  and keep each and  every  obligation,
covenant and agreement set forth in this Note and in the other Loan Instruments.
This  Note  shall  evidence,   and  the  Loan  Instruments  shall  secure,   the
indebtedness  described herein, any future loans or advances that may be made to
or on behalf of Borrower by Holder at any time or times hereafter under the Loan
Instruments,  and any other  amounts  required to be paid by Borrower  under the
Loan Instruments,  and any such loans, advances or amounts shall be added to the
indebtedness  evidenced  by this Note,  and shall bear  interest at the interest
rate then  effective,  unless a greater rate is  expressly  provided for in this
Note or the other Loan Instruments.

     10.  ASSUMABILITY  OF THIS NOTE. If this Note, any Loan  Instruments or any
Property encumbered by such Loan Instruments is assumed, assigned or conveyed by
Borrower in whole or in part, or upon a sale or conveyance (whether voluntary or
involuntary)  of all  or a  portion  of  the  Properly  described  in  the  Loan
Instruments  or of fifty  percent (50%) or more of the  beneficial  interests in
Borrower  (whether  in a  single  transaction  or  in  the  aggregate  with  all
transactions),  or  upon  the  occurrence  of any  other  transaction  or  event
referenced and  prohibited in Paragraph 20 of the Deed of Trust,  or if any plan
or  attempt  is made to do oro  perform  any of the  foregoing,  this Note shall
automatically  and without notice from Holder at Holder's option be deemed to be
in default, and Holder may declare all unpaid principal, interest and other sums
under  this  Note to be  immediately  due and  payable  in full.  The  foregoing
acceleration shall not be applicable in the case of:

          (i)  the grant of an  occupancy  leasehold  interest  in a part of the
               Property made in  accordance  with the Loan  Instruments  and not
               containing an option to purchase; or

          (ii) sales or transfers for fair market  consideration  of fixtures or
               any  routine  personal  property  used  in the  operation  of the
               Property, provided that such sales or transfers are incidental to
               the  replacement of like fixtures and personal  property of newer
               and better  quality and  condition,  or such fixtures or personal
               property  are  removed  in  connection  with the making of tenant
               improvements.



                                       -5-


<PAGE>


     If Holder consents  (which consent may not be unreasonably  withheld) to an
assignment, conveyance or assumption of this Note, or to a sale or conveyance of
all or a portion of the Property, except as permitted above, said consent may be
upon the  following  terms  (and  others  as  determined  by  Holder in its sole
discretion):  (a) buyer or assignee submits a credit and management  application
which is approved by Holder under Holder's  applicable  underwriting  guidelines
and policies;  (b) buyer or assignee executes a written assumption  agreement in
form and content as prepared by Holder;  (c) buyer pays Holder an assumption fee
of Three  Thousand  One Hundred  Dollars  ($3,100.00);  (d)  Borrower,  buyer or
assignee pays to Holder on demand all reasonable  costs and expenses  including,
but not limited to, credit report fees, title insurance premiums, recording fees
and  reasonable  attorneys'  fees  incurred  by  Holder in  connection  with the
transaction;  and (e)  Holder may  modify  the  interest  rate and loan terms as
conditions of such consent.

          11.  MAXIMUM  INTEREST.  In no event whatsoever shall the amount paid,
or agreed to be paid,  to Holder for the use,  forbearance  or  retention of the
money to be loaned hereunder  ("Interest") exceed the maximum amount permissible
under  applicable law. If the performance or fulfillment of any provision hereof
or of the Deed of Trust or any other Loan Instruments or other agreement between
Holder and Borrower  shall result in Interest  exceeding  the limit for interest
prescribed  by law,  then the  amount of such  Interest  shall be reduced to the
maximum rate which may lawfully be charged or collected by Holder.  If, from any
circumstances  whatsoever,  Holder  should  receive as Interest an amount  which
would  exceed the highest  lawful  rate,  the amount  which  would be  excessive
Interest  shall be applied  to the  reduction  of the  principal  balance  owing
hereunder (or, at the option of Holder, be paid over to Borrower) and not to the
payment of Interest.

          12.  COSTS OF COLLECTION AND/OR ENFORCEMENT. Borrower promises to pay:
(a)  all  reasonable  costs  and  expenses  of  enforcement  and/or  collection,
including without limitation, reasonable attorneys' fees, in the event this Note
or any  portion of this Note after  default is placed in the hands of  attorneys
for enforcement and/or collection and such is effected with or without suit; (b)
reasonable  attorneys'  fees,  as  determined  by the judge of the court if such
determination is required by law, and all other reasonable  costs,  expenses and
fees  incurred by Holder in the event suit is  instituted  to collect or enforce
this Note or any portion of this Note;  (c) all  reasonable  costs and  expenses
provided  for in the Deed of  Trust,  in the Loan  Instruments,  or in any other
instrument  given as security  for this Note and/or  incurred by or on behalf of
Holder in connection with collecting or otherwise  enforcing any right of Holder
under  this  Note,  the  Deed of  Trust,  the  Loan  Instruments,  or any  other
instrument  given as security for this Note;  and (d) all  reasonable  costs and
expenses, including, without limitation,  reasonable attorneys' fees incurred by
Holder  in  connection  with  any  bankruptcy,   insolvency  or   reorganization
proceeding or  receivership  in which Borrower is involved,  including,  without
limitation, reasonable attorneys' fees incurred in making any appearances in any
such  proceeding or in seeking  relief from any stay or injunction  issued in or
arising out of any such proceeding.

          13.  CERTAIN  WAIVERS.  Borrower  waives  diligence,   grace,  demand,
presentment for payment,  exhibition of this Note,  protest,  notice of protest,
notice of dishonor, notice of

                                       -6-


<PAGE>


demand,  notice of  nonpayment,  and any and all  exemption  rights  against the
indebtedness  evidenced by this Note,  and agrees to any and all  extensions  or
renewals  from time to time without  notice and to any partial  payments of this
Note made  before  or after  maturity  and that no such  extension,  renewal  or
partial  payment shall release  Borrower from the  obligation of payment of this
Note or any installment of this Note.

     14.  EXERCISE OF RIGHTS.  No single or partial exercise by Holder, or delay
or omission in the  exercise by Holder,  of any right or remedy under this Note,
the Deed of Trust,  or Loan  Instruments  or authorized  by law shall  preclude,
waive or limit the exercise thereof,  any other or further exercise thereof,  or
the exercise of any right or remedy. Holder shall at all times have the right to
proceed  against  Borrower  and/or any portion of, or interest  in, the property
secured  by the Deed of Trust  and Loan  Instruments  securing  the Note in such
manner as Holder may deem fit, without waiving any other rights or remedies with
respect to the property, any portion thereof, or interest therein.

     15.  NO MODIFICATIONS.  This Note may not be changed,  amended or modified,
except in a writing expressly intended for such purpose and executed by Borrower
and Holder.

     16.  GOVERNING  LAW.  This  Note is to be  construed  and  enforced  in all
respects in accordance with the laws of the State Of Colorado.

     17.  CONSTRUCTION.  The words  "Borrower"  and "Holder"  shall be deemed to
include the respective heirs, personal  representatives,  successors and assigns
of each, and shall denote the singular and/or plural,  and the masculine  and/or
feminine,  and natural  and/or  artificial  persons,  whenever  and wherever the
context so requires.  The captions  herein are inserted only for  convenience of
reference  and in no way define,  limit or describe  the scope or intent of this
Note or any particular  paragraph or section hereof, or the proper  construction
thereof.

     18,  TIME OF THE  ESSENCE.  Time shall be of the  essence in this Note with
respect to all of Borrower's obligations hereunder.

     19.  CONSENT TO RELIEF FROM STAY.  Borrower hereby agrees that in the event
on or  before  the date all sums  under  this  Note are paid in full to  Holder,
Borrower (by  Borrower's own action or the action of any  creditors),  (i) files
with any  bankruptcy  court of competent  jurisdiction  or is the subject of any
petition for relief  under Title 11 of the U.S.  Code,  as amended,  (ii) is the
subject of any order for relief issued under such Title 11 of the U.S.  Code, as
amended,   (iii)  files  or  is  the  subject  of  any   petition   seeking  any
reorganization,    arrangement,    composition,    readjustment,    liquidation,
dissolution,  or similar relief under any present or future federal or state act
or law relating to  bankruptcy,  insolvency,  or other relief for debtors,  (iv)
seeks,  consents to, or acquiesces in the appointment of any trustee,  receiver,
conservator,  or liquidator,  or (v) is the subject of any order,  judgment,  or
decree entered by any court of competent jurisdiction approving a petition filed
against   such   party  for  any   reorganization,   arrangement,   composition,
readjustment,  liquidation,  dissolution, or similar relief under any present or
future federal or state act or law relating to bankruptcy, insolvency, or

                                       -7-


<PAGE>


relief for debtors,  then all sums under this Note shall  thereupon be deemed to
be immediately  due and payable in full, and Holder shall  thereupon be entitled
to relief from any automatic stay imposed by Section 362 of Title 11 of the U.S.
Code,  as amended,  or  otherwise,  on or against the exercise of the rights and
remedies otherwise available to Holder as provided in this Note and in all other
documents  made to secure the  obligations  under this  Note,  and as  otherwise
provided by law, and Borrower  hereby waives the benefits of such automatic stay
and consents and agrees to raise no objection to such relief.

     20.  SEVERABILITY.  If any provision hereof should be held unenforceable or
void,  then  such  provision  shall  be  deemed  separable  from  the  remaining
provisions and shall in no way affect the validity of this Note,  except that if
such  provision  relates to the payment of any monetary sum, then Holder may, at
its option,  declare  the  indebtedness  evidenced  hereby  immediately  due and
payable.

     EXECUTED this 31st day of March, 1998.

                                   EXECUTIVE TELECARD, INC., a Colorado
                                   corporation, Borrower

                                   By: /s/ Anne Haas      [illegible initials]
                                      ----------------------------------------
                                       Assistant Secretary & Treasurer


                                   Borrower's Address:  4260 East Evans, Suite 6
                                                        Denver, Colorado 80222

STATE OF COLORADO                                 )
                                                  ) ss.
CITY and COUNTY OF DENVER                         )

     The foregoing instrument was acknowledged before me this 31st day of March,
1998, by: Anne Haas,  Assistant  Secretary & Treasurer  [illegible  initials] of
Executive Telecard,  Inc., a Colorado corporation Borrower, and on behalf of the
corporation.

[SEAL]

                                                [illegible]
                                         ---------------------------------------
                                         Notary Public                  11/17/99

               [SEAL]


                                       -8-