TERM NOTE
As of November 29, 2000
$600,000.00
FOR VALUE RECEIVED, the undersigned, COFFEE HOLDING CO., INC., a New York
corporation (the "Borrower") promises to pay to the order of XXXXX FARGO
BUSINESS CREDIT, INC. (the "Lender"), at its office located at 000 Xxxx 00xx
Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000-0000, in lawful money of the United States of
America and in immediately available funds, the principal amount of SIX HUNDRED
THOUSAND DOLLARS, ($600,000.00) in sixty (60) equal and consecutive monthly
installments of $10,000 each, payable on the first day of each month, commencing
January 1, 2001, provided, however, that the entire unpaid balance of this Term
Note shall be due and payable in full on the Maturity Date, as defined in the
Loan Agreement, as hereinafter defined.
The Borrower further agrees to pay interest at said office, in like money, on
the unpaid principal amount owing hereunder from time to time from the date
hereof on the dates and at the rate specified in paragraph 3 (b) of Schedule A
to the Loan and Security Agreement dated as of November 21, 1997 (as amended
from time to time, the "Loan Agreement") between the Borrower and the Lender, as
assignee of Banc of America Commercial Finance Corporation, f/k/a NationsCredit
Commercial Corporation. All capitalized terms used herein shall have the
meanings ascribed to them in the Loan Agreement, unless otherwise defined
herein.
If any payment on this Term Note becomes due and payable on a day other than a
Business Day, the maturity thereof shall be extended to the next succeeding
Business Day, and with respect to payments of principal, interest thereon shall
be payable at the then applicable rate during such extension.
This Term Note evidences the Term Loan made under the Loan Agreement by the
Lender to the Borrower and is subject to, and entitled to, all provisions and
benefits thereof and is subject to optional and mandatory prepayment, in whole
or in part, as provided therein. The Borrower acknowledges that (i) a portion of
the proceeds of such Term Loan has been disbursed to the Borrower prior to the
date hereof, (ii) $408,000 of the proceeds of such Term Loan is being disbursed
to the Borrower concurrently with its execution of this Term Note, and (iii)
this Term Note evidences the consolidation of the unpaid principal balance of
prior Equipment Advances made to the Borrower and a new Equipment Advance being
made to the Borrower concurrently with its execution of this Term Note.
Upon the occurrence of any Event of Default specified in the Loan Agreement or
upon termination of the Loan Agreement, all amounts then remaining unpaid on
this Term Note may become, or be declared to be, immediately due and payable as
provided in the Loan Agreement.
COFFEE HOLDING CO., INC.
By: /s/ Xxxxxx Xxxxxx
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Name: Xxxxxx Xxxxxx
Title: President/CEO
