Document:

EXHIBIT 10.25

                               PROMISSORY NOTE

 $2,800,000.00                                              November 9, 2001

 For value received, IndeCorp Corporation, a Delaware corporation  ("Maker"),
 promises to  pay  to  the  order of  Pegasus  Solutions,  Inc.,  a  Delaware
 corporation ("Payee"), on or  before June 30,  2010, (the "Maturity  Date"),
 the  principal  amount  of  Two  Million  Eight  Hundred  Thousand   Dollars
 ($2,800,000.00) (the  "Principal Amount"),  together  with interest  on  the
 unpaid Principal Amount from July 1, 2002, until paid in full at the rate of
 seven percent (7%) per annum.

 Commencing on  July 1,  2002, Maker  shall  make payments  to Payee  in  the
 amounts and  in accordance  with  the schedule  set  forth in  the  attached
 "Services Note - Payment  Schedule" (each, an  "Installment").  Payee  shall
 credit each Installment against the Principal  Amount and accrued but  upaid
 interest on the Principal Amount as set forth on the attached "Services Note
 - Payment Schedule".   Notwithstanding the  foregoing, any unpaid  Principal
 Amount, together with all accrued but unpaid interest thereon, shall be  due
 and payable on the Maturity Date.

 Maker's obligations under this Promissory Note  shall be subordinate to  any
 and all sums, debts, demands, claims,  liabilities and causes of action  for
 which Maker is now or hereafter may be liable to American National Bank  and
 Trust  Company  of  Chicago  ("ANB")  pursuant  to  the  Loan  and  Security
 Agreement, dated as of January 10, 2001, by and  among Maker and ANB, and/or
 any note, security agreement, guaranty or  other instrument or document  now
 or hereafter executed pursuant thereto or in connection therewith.

 Maker may from  time to  time prepay  all or  any portion  of the  Principal
 Amount without premium or penalty.  Payments and prepayments will be applied
 first to unpaid accrued  interest and then to  the unpaid Principal  Amount.
 All payments and  prepayments shall be  made in lawful  money of the  United
 States of  America  in immediately  available  funds, at  Payee's  principal
 office in Dallas, Dallas County, Texas.

 Maker agrees that the occurrence of any  one or more of the following  shall
 constitute an event of default (each an "Event of Default"):

 (a)       failure of Maker  to pay  any Installment as  and when  due or  to
      perform  any  other  obligation  contained  in  this  Promissory  Note,
      provided that Payee has  sent written notice of  such failure to  Maker
      and Maker has failed to remedy such failure within fifteen (15) days of
      the date of such notice; or

 (b)       the bankruptcy or insolvency of, the assignment for the benefit of
      creditors by, the appointment of a receiver for any of the property of,
      or the liquidation, termination or dissolution of Maker.

 Upon the  occurrence of  an Event  of  Default, Payee  may, at  its  option,
 without further notice or  demand, (i) declare  the unpaid Principal  Amount
 and all accrued but unpaid interest on this Promissory Note at once due  and
 payable; (ii)   pursue  any and  all other  rights, remedies  and  recourses
 available to Payee at law or in  equity; or (iii) pursue any combination  of
 the foregoing.

 The failure  to exercise  the  option to  accelerate  the maturity  of  this
 Promissory Note or any  other right, remedy or  recourse available to  Payee
 upon the occurrence of an Event of Default shall not constitute a waiver  of
 the right of Payee to exercise the same at any subsequent time with  respect
 to such Event of Default or any other Event of Default.

 If any provision hereof shall be invalid or unenforceable for any reason the
 remainder of this  Promissory Note  shall not be  affected  thereby.  It  is
 expressly stipulated and agreed to  be the intent of  Payee to at all  times
 comply with the usury and other  applicable laws now or hereafter  governing
 the  interest  payable  on  this Promissory Note.  If the applicable law  is
 ever revised, repealed or  judicially interpreted so  as to render  usurious
 any amount called for under this Promissory Note or contracted for, charged,
 taken, reserved or received with respect to the unpaid Principal Amount,  or
 if Payee's  exercise  of the  option  to  accelerate the  maturity  of  this
 Promissory Note , or if any prepayment by Maker results in Maker having paid
 any interest in  excess of that  permitted by law,  then it  is the  express
 intent of Maker and Payee that  all excess amounts theretofore collected  by
 Payee be credited to  the unpaid Principal Amount  or refunded to Maker  and
 the provisions of this  Promissory Note immediately  be deemed reformed  and
 the amounts thereafter collectable hereunder reduced, without the  necessity
 of the  execution  of any  new  document, so  as  to comply  with  the  then
 applicable law,  but so  as to  permit the  recovery of  the fullest  amount
 called for hereunder.

 If this Promissory Note is placed in the hands of an attorney for collection
 after an Event of Default, or  is collected in whole or  in part by suit  or
 through bankruptcy or other legal proceedings  of any kind, Maker agrees  to
 pay, in addition to all other sums payable hereunder, all costs and expenses
 of collection, including but not limited to reasonable attorneys' fees.

 Maker hereby waives presentment for payment, notice of nonpayment,  protest,
 demand, notice  of  protest,  notice of  intent  to  accelerate,  notice  of
 acceleration and dishonor and diligence in enforcement.

 THIS PROMISSORY NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN MAKER AND  PAYEE
 AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR,  CONTEMPORANEOUS
 OR SUBSEQUENT ORAL AGREEMENTS  OF MAKER AND PAYEE.   THERE ARE NO  UNWRITTEN
 ORAL AGREEMENTS BETWEEN MAKER AND PAYEE.

 THIS PROMISSORY NOTE  HAS BEEN EXECUTED  UNDER, AND SHALL  BE CONSTRUED  AND
 ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

 Executed as of the day first written above.

                                    INDECORP CORPORATION

                                    By:

                                    Name:

                                    Title:EXHIBIT 10.26

                               PROMISSORY NOTE

 $6,000,000.00                                               November 9, 2001

 For value received, IndeCorp Corporation, a Delaware corporation  ("Maker"),
 promises to  pay  to  the  order of  Pegasus  Solutions,  Inc.,  a  Delaware
 corporation ("Payee"), on or  before June 30,  2010, (the "Maturity  Date"),
 the principal amount of Six Million Dollars ($6,000,000.00) (the  "Principal
 Amount"), together with interest on the unpaid Principal Amount from July 1,
 2002, until paid in full at the rate of seven percent (7%) per annum.

 Commencing on  July 1,  2002, Maker  shall  make payments  to Payee  in  the
 amounts and  in accordance  with  the schedule  set  forth in  the  attached
 "Contract Note - Payment  Schedule" (each, an  "Installment").  Payee  shall
 credit each Installment against the Principal  Amount and accrued but  upaid
 interest on the Principal Amount as set forth on the attached "Contract Note
 - Payment Schedule".   Notwithstanding the  foregoing, any unpaid  Principal
 Amount, together with all accrued but unpaid interest thereon, shall be  due
 and payable on the Maturity Date.

 Maker's obligations under this Promissory Note  shall be subordinate to  any
 and all sums, debts, demands, claims,  liabilities and causes of action  for
 which Maker is now or hereafter may be liable to American National Bank  and
 Trust  Company  of  Chicago  ("ANB")  pursuant  to  the  Loan  and  Security
 Agreement, dated as of January 10, 2001, by and  among Maker and ANB, and/or
 any note, security agreement, guaranty or  other instrument or document  now
 or hereafter executed pursuant thereto or in connection therewith.

 Maker may from  time to  time prepay  all or  any portion  of the  Principal
 Amount without premium or penalty.  Payments and prepayments will be applied
 first to unpaid accrued  interest and then to  the unpaid Principal  Amount.
 All payments and  prepayments shall be  made in lawful  money of the  United
 States of  America  in immediately  available  funds, at  Payee's  principal
 office in Dallas, Dallas County, Texas.

 Maker agrees that the occurrence of any  one or more of the following  shall
 constitute an event of default (each an "Event of Default"):

 (a)       failure of Maker  to pay  any Installment as  and when  due or  to
      perform  any  other  obligation  contained  in  this  Promissory  Note,
      provided that Payee has  sent written notice of  such failure to  Maker
      and Maker has failed to remedy such failure within fifteen (15) days of
      the date of such notice; or

 (b)       the bankruptcy or insolvency of, the assignment for the benefit of
      creditors by, the appointment of a receiver for any of the property of,
      or the liquidation, termination or dissolution of Maker.

 Upon the  occurrence of  an Event  of  Default, Payee  may, at  its  option,
 without further notice or  demand, (i) declare  the unpaid Principal  Amount
 and all accrued but unpaid interest on this Promissory Note at once due  and
 payable; (ii)   pursue  any and  all other  rights, remedies  and  recourses
 available to Payee at law or in  equity; or (iii) pursue any combination  of
 the foregoing.

 The failure  to exercise  the  option to  accelerate  the maturity  of  this
 Promissory Note or any  other right, remedy or  recourse available to  Payee
 upon the occurrence of an Event of Default shall not constitute a waiver  of
 the right of Payee to exercise the same at any subsequent time with  respect
 to such Event of Default or any other Event of Default.

 If any provision hereof shall be invalid or unenforceable for any reason the
 remainder of this  Promissory Note  shall not be  affected  thereby.  It  is
 expressly stipulated and agreed to  be the intent of  Payee to at all  times
 comply with the usury and other  applicable laws now or hereafter  governing
 the  interest  payable  on  this Promissory Note.  If the applicable law  is
 ever revised, repealed or  judicially interpreted so  as to render  usurious
 any amount called for under this Promissory Note or contracted for, charged,
 taken, reserved or received with respect to the unpaid Principal Amount,  or
 if Payee's  exercise  of the  option  to  accelerate the  maturity  of  this
 Promissory Note , or if any prepayment by Maker results in Maker having paid
 any interest in  excess of that  permitted by law,  then it  is the  express
 intent of Maker and Payee that  all excess amounts theretofore collected  by
 Payee be credited to  the unpaid Principal Amount  or refunded to Maker  and
 the provisions of this  Promissory Note immediately  be deemed reformed  and
 the amounts thereafter collectable hereunder reduced, without the  necessity
 of the  execution  of any  new  document, so  as  to comply  with  the  then
 applicable law,  but so  as to  permit the  recovery of  the fullest  amount
 called for hereunder.

 If this Promissory Note is placed in the hands of an attorney for collection
 after an Event of Default, or  is collected in whole or  in part by suit  or
 through bankruptcy or other legal proceedings  of any kind, Maker agrees  to
 pay, in addition to all other sums payable hereunder, all costs and expenses
 of collection, including but not limited to reasonable attorneys' fees.

 Maker hereby waives presentment for payment, notice of nonpayment,  protest,
 demand, notice  of  protest,  notice of  intent  to  accelerate,  notice  of
 acceleration and dishonor and diligence in enforcement.

 THIS PROMISSORY NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN MAKER AND  PAYEE
 AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR,  CONTEMPORANEOUS
 OR SUBSEQUENT ORAL AGREEMENTS  OF MAKER AND PAYEE.   THERE ARE NO  UNWRITTEN
 ORAL AGREEMENTS BETWEEN MAKER AND PAYEE.

 THIS PROMISSORY NOTE  HAS BEEN EXECUTED  UNDER, AND SHALL  BE CONSTRUED  AND
 ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

 Executed as of the day first written above.

                                    INDECORP CORPORATION

                                    By:

                                    Name:

                                    Title:

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