Document:

Exhibit 10.2

 

PROMISSORY NOTE

 

	
  $1,197,732.81

  	
   

  	
  September 30, 2009

  
	
   

  	
   

  	
  Tulsa, Oklahoma

  

 

FOR
VALUE RECEIVED, the undersigned, XETA TECHNOLOGIES, INC.,
an Oklahoma corporation (“Maker”), promises to pay to the order of BANK OF OKLAHOMA, N.A. (“Lender”), on or before November 30,
2009 (the “Maturity Date”), at Lender’s offices in Tulsa, Oklahoma, the
principal sum of One Million One Hundred Ninety Seven Thousand Seven Hundred
Thirty-Two and 81/100 Dollars ($1,197,732.81), together with interest accrued from the date hereof on the principal
balance outstanding hereunder and on any past due interest hereunder at a
floating rate equal to the LIBOR Rate (defined below), adjusted as of
each change therein, plus six percent (6.0%), adjusted payable as follows.

 

Principal.  A principal installment in the amount of
$14,257.48 shall be due and payable on October 31, 2009.  The entire unpaid principal balance of this
Note shall be due and payable in full on the Maturity Date.

 

Interest.  Accrued
interest shall be due and payable on October 31,
2009, and on the Maturity Date.

 

This
Note is issued under the terms of the Revolving Credit and Term Loan Agreement
dated October 1, 2003, as amended (the “Credit Agreement”), between Maker
and Lender and is the “Real Estate Note” referred to in the Credit
Agreement.  All capitalized terms used
but not defined herein shall have the meanings given in the Credit Agreement.

 

As
used herein, “LIBOR Rate” on any day
means an interest rate per annum equal to the “London Interbank Offered
Rate” for U.S. dollars on such
day applicable to a one-month interest period (or, if such day is not a
Business Day, the immediately preceding Business Day) appearing on the Reuters
Screen LIBOR01 Page (or on any successor or substitute page) at
approximately 11:00 a.m. Central time on such day, rounded to the nearest
1/16th of 1%.  Each change in the LIBOR Rate shall become
effective hereunder without notice to Maker (which notice is hereby expressly
waived by Maker) on the effective date of each such change.

 

Notwithstanding any other provision of this Note or
the Credit Agreement, the rate of interest payable upon the indebtedness
evidenced by this Note shall not at any time exceed the maximum rate of
interest permitted under the laws of the State of Oklahoma for loans of the
type and character evidenced by this Note.

 

If
any payment shall be due on a Saturday or Sunday or upon any other day on which
state or national banks in the State of Oklahoma are closed for business by
virtue of a legal holiday for such banks, such payment shall be due and payable
on the next succeeding banking day and interest shall accrue to such day.  All interest due hereon shall be computed on
the actual number of days elapsed (365 or 366) based upon a 360-day year.

 

All
payments under this Note shall be made in legal tender of the United States of
America or in other immediately available funds at Lender’s office described
above, and no credit shall be given for any payment received by check, draft or
other instrument or item until such time as the holder hereof shall have
received credit therefor from the holder’s collecting agent or, in the event no
collecting agent is used, from the bank or other financial institution upon
which said check, draft or other instrument or item is drawn.

 

 

From
time to time the maturity date of this Note may be extended or this Note may be
renewed, in whole or in part, or a new note of different form may be
substituted for this Note and/or the rate of interest may be changed, or
changes may be made in consideration of loan extensions, and the holder, from
time to time, may waive or surrender, either in whole or in part, any rights,
guarantees, security interests or liens given for the benefit of the holder in
connection herewith; but no such occurrences shall in any manner affect, limit,
modify or otherwise impair any rights, guarantees or security of the holder not
specifically waived, released or surrendered in writing, nor shall any maker,
guarantor, endorser or any person who is or might be liable hereon, either
primarily or contingently, be released from such liability by reason of the
occurrence of any such event.  The holder
hereof, from time to time, shall have the unlimited right to release any person
who might be liable hereon; and such release shall not affect or discharge the
liability of any other person who is or might be liable hereon.

 

If
any payment required by this Note to be made is not made when due, or if any
default occurs under any loan agreement or under the provisions of any mortgage,
security agreement, assignment, pledge or other document or agreement which
provides security for the indebtedness evidenced by this Note, the holder
hereof may, at its option, without notice or demand, declare this Note in
default and all indebtedness due and owing hereunder immediately due and
payable.  Interest from the date of
default on such principal balance and on any past due interest hereunder shall
accrue at the rate of five percent (5%) per annum above the nondefault interest
rate accruing hereunder.  The Maker and
any endorsers, guarantors and sureties hereby severally waive protest,
presentment, demand, and notice of protest and nonpayment in case this Note or
any payment due hereunder is not paid when due; and they agree to any renewal,
extension, acceleration, postponement of the time of payment, substitution,
exchange or release of collateral and to the release of any party or person
primarily or contingently liable without prejudice to the holder and without
notice to the Maker or any endorser, guarantor or surety.  Maker and any guarantor, endorser, surety or
any other person who is or may become liable hereon will, on demand, pay all
costs of collection, including reasonable attorney fees of the holder hereof in
attempting to enforce payment of this Note and reasonable attorney fees for
defending the validity of any document securing this Note as a valid first and
prior lien.

 

Upon
the occurrence of any default hereunder, Lender shall have the right,
immediately and without further action by it, to set off against this Note all
money owed by Lender in any capacity to the Maker or any guarantor, endorser or
other person who is or might be liable for payment hereof, whether or not due,
and also to set off against all other liabilities of Maker to Lender all money
owed by Lender in any capacity to Maker; and Lender shall be deemed to have
exercised such right of setoff and to have made a charge against such money
immediately upon the occurrence of such default even though such charge is made
or entered into the books of Lender subsequently thereto.

 

The
holder of this Note may collect a late charge not to exceed an amount equal to
five percent (5%) of the amount of any payment which is not paid within ten (10) days
from the due date thereof, for the purposes of covering the extra expenses
involved in handling delinquent payments. 
This late charge provision shall not be applicable in the event the
holder hereof, at its option, elects to receive interest at the increased rate
as provided hereunder in the event of default.

 

This
Note is given for an actual loan of money for business purposes and not for
personal, agricultural or residential purposes, and is executed and delivered
in the State of 

 

 

Oklahoma
and shall be governed by and construed in accordance with the laws of the State
of Oklahoma.

 

This
Note is made, executed and delivered by Maker and accepted by Lender in renewal
and extension of, but not in payment or satisfaction of, that certain
Promissory Note of Maker dated December 21, 2005 (the “Prior Note”),
executed by Maker payable to the order of Lender in the stated principal amount
of $1,853,904.82.  All Loan Documents
securing payment of the Prior Note shall continue in full force and effect as
security for payment of this Note.

 

	
   

  	
  XETA
  TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  Robert B. Wagner

  
	
   

  	
   

  	
  Robert
  B. Wagner, Chief Financial OfficerExhibit 10.3

 

PROMISSORY NOTE

 

	
  $7,500,000.00

  	
   

  	
  September 30, 2009

  
	
   

  	
   

  	
  Tulsa, Oklahoma

  

 

FOR
VALUE RECEIVED, the undersigned, XETA TECHNOLOGIES, INC.,
an Oklahoma corporation (“Maker”), promises to pay to the order of BANK OF OKLAHOMA, N.A. (“Lender”), on or before November 30,
2009 (the “Maturity Date”), at Lender’s offices in Tulsa, Oklahoma, the
principal sum of Seven Million Five Hundred Thousand and No/100 Dollars
($7,500,000.00) or such thereof as shall be advanced hereunder from time to
time and remain outstanding, together with interest accrued from the date hereof on the principal balance outstanding
hereunder and on any past due interest hereunder at a floating rate equal to
the LIBOR Rate (defined below), adjusted as of each change therein, plus
six percent (6.0%), adjusted payable as follows.

 

a.             Principal.  Principal shall be due and payable in full on
the Maturity Date.

 

b.             Interest.  Interest shall be payable on November 1, 2009, and on the Maturity
Date.

 

This
Note is issued under the terms of the Revolving Credit and Term Loan Agreement
dated October 1, 2003, as amended (the “Credit Agreement”), between Maker
and Lender and is the “Revolving Line Note” referred to in the Credit
Agreement.  All capitalized terms used
but not defined herein shall have the meanings given in the Credit Agreement.

 

As
used herein, “LIBOR Rate” on any day
means an interest rate per annum equal to the “London Interbank Offered
Rate” for U.S. dollars on such
day applicable to a one-month interest period (or, if such day is not a
Business Day, the immediately preceding Business Day) appearing on the Reuters
Screen LIBOR01 Page (or on any successor or substitute page) at
approximately 11:00 a.m. Central time on such day, rounded to the nearest
1/16th of 1%.  Each change in the LIBOR Rate shall become
effective hereunder without notice to Maker (which notice is hereby expressly
waived by Maker) on the effective date of each such change.

 

Notwithstanding any other provision of this Note or
the Credit Agreement, the rate of interest payable upon the indebtedness
evidenced by this Note shall not at any time exceed the maximum rate of
interest permitted under the laws of the State of Oklahoma for loans of the
type and character evidenced by this Note.

 

If
any payment shall be due on a Saturday or Sunday or upon any other day on which
state or national banks in the State of Oklahoma are closed for business by
virtue of a legal holiday for such banks, such payment shall be due and payable
on the next succeeding banking day and interest shall accrue to such day.  All interest due hereon shall be computed on
the actual number of days elapsed (365 or 366) based upon a 360-day year.

 

All
payments under this Note shall be made in legal tender of the United States of
America or in other immediately available funds at Lender’s office described
above, and no credit shall be given for any payment received by check, draft or
other instrument or item until such time as the holder hereof shall have
received credit therefor from the holder’s collecting agent or, in the event no
collecting agent is used, from the bank or other financial institution upon
which said check, draft or other instrument or item is drawn.

 

 

From
time to time the maturity date of this Note may be extended or this Note may be
renewed, in whole or in part, or a new note of different form may be
substituted for this Note and/or the rate of interest may be changed, or
changes may be made in consideration of loan extensions, and the holder, from
time to time, may waive or surrender, either in whole or in part, any rights,
guarantees, security interests or liens given for the benefit of the holder in
connection herewith; but no such occurrences shall in any manner affect, limit,
modify or otherwise impair any rights, guarantees or security of the holder not
specifically waived, released or surrendered in writing, nor shall any maker,
guarantor, endorser or any person who is or might be liable hereon, either
primarily or contingently, be released from such liability by reason of the occurrence
of any such event.  The holder hereof,
from time to time, shall have the unlimited right to release any person who
might be liable hereon; and such release shall not affect or discharge the
liability of any other person who is or might be liable hereon.

 

If
any payment required by this Note to be made is not made when due, or if any
default occurs under any loan agreement or under the provisions of any
mortgage, security agreement, assignment, pledge or other document or agreement
which provides security for the indebtedness evidenced by this Note, the holder
hereof may, at its option, without notice or demand, declare this Note in
default and all indebtedness due and owing hereunder immediately due and
payable.  Interest from the date of
default on such principal balance and on any past due interest hereunder shall
accrue at the rate of five percent (5%) per annum above the nondefault interest
rate accruing hereunder.  The Maker and
any endorsers, guarantors and sureties hereby severally waive protest,
presentment, demand, and notice of protest and nonpayment in case this Note or
any payment due hereunder is not paid when due; and they agree to any renewal,
extension, acceleration, postponement of the time of payment, substitution,
exchange or release of collateral and to the release of any party or person
primarily or contingently liable without prejudice to the holder and without
notice to the Maker or any endorser, guarantor or surety.  Maker and any guarantor, endorser, surety or
any other person who is or may become liable hereon will, on demand, pay all
costs of collection, including reasonable attorney fees of the holder hereof in
attempting to enforce payment of this Note and reasonable attorney fees for
defending the validity of any document securing this Note as a valid first and
prior lien.

 

Upon
the occurrence of any default hereunder, Lender shall have the right,
immediately and without further action by it, to set off against this Note all
money owed by Lender in any capacity to the Maker or any guarantor, endorser or
other person who is or might be liable for payment hereof, whether or not due,
and also to set off against all other liabilities of Maker to Lender all money
owed by Lender in any capacity to Maker; and Lender shall be deemed to have
exercised such right of setoff and to have made a charge against such money
immediately upon the occurrence of such default even though such charge is made
or entered into the books of Lender subsequently thereto.

 

The
holder of this Note may collect a late charge not to exceed an amount equal to
five percent (5%) of the amount of any payment which is not paid within ten (10) days
from the due date thereof, for the purposes of covering the extra expenses
involved in handling delinquent payments. 
This late charge provision shall not be applicable in the event the
holder hereof, at its option, elects to receive interest at the increased rate
as provided hereunder in the event of default.

 

This
Note is given for an actual loan of money for business purposes and not for
personal, agricultural or residential purposes, and is executed and delivered
in the State of 

 

 

Oklahoma
and shall be governed by and construed in accordance with the laws of the State
of Oklahoma.

 

This
Note is made, executed and delivered by Maker and accepted by Lender in renewal
and extension of, but not in payment or satisfaction of, that certain
Promissory Note of Maker dated August 29, 2008 (the “Prior Note”),
executed by Maker payable to the order of Lender in the stated principal amount
of $7,500,000.00.  All Loan Documents
securing payment of the Prior Note shall continue in full force and effect as
security for payment of this Note.

 

	
   

  	
  XETA
  TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  Robert B. Wagner

  
	
   

  	
   

  	
  Robert
  B. Wagner, Chief Financial Officer

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