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EXHIBIT 10.47
PROMISSORY NOTE
August 18, 2000
$2,000,000 Roswell, Georgia
FOR VALUE RECEIVED, the undersigned, Billy V. Ray, Jr., an individual
resident of the State of Georgia (the "Borrower"), promises to pay on or before
June 30, 2001 (the "Maturity Date") to the order of Able Telcom Holding Corp., a
Florida corporation (along with each subsequent holder of this Note, herein
referred to as the "Holder"), the principal sum of TWO MILLION DOLLARS
($2,000,000), with interest on the outstanding principal balance of this Note
from the date hereof until fully paid at a simple interest rate of nine and one
half percent (9 1/2%) per annum.
Interest shall be calculated on the basis of three hundred and sixty
(360) days per year for the actual number of days elapsed.
Interest, to the extent accrued, shall be paid by the Borrower on the
Maturity Date. The entire principal amount hereof, together with all accrued and
unpaid interest hereon, shall be due and payable on the Maturity Date.
The principal hereof and interest hereon shall be payable in lawful
money of the United States of America, at such place as the Holder hereof may
designate. This Note may be prepaid in whole or in part without premium or
penalty.
Time is of the essence of this Note.
This Note shall be construed and enforced in accordance with the laws
of the State of Georgia.
IN WITNESS WHEREOF, the undersigned Borrower has executed this
instrument under seal as of the day and year first above written.
------------------------------(SEAL)
Billy V. Ray, Jr.
