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EXHIBIT 10.4
TERM NOTE
$3,000,000 December 19, 1996
FOR VALUE RECEIVED, ENVIRONMENTAL SAFEGUARDS, INC., a Nevada
corporation (the "Borrower") HEREBY PROMISES TO PAY to the order of
CASUARINA, LTD. ("Lender") on or before the Maturity Date the principal amount
of Three Million Dollars ($3,000,000) or such lesser amount of unrepaid Term
Loan under the Credit Agreement (as defined below) as is outstanding on the
Maturity Date. The principal amount hereof shall be repaid by the Borrower in
accordance with the Credit Agreement.
The Borrower promises to pay interest on the unpaid principal amount
hereof in full, at a rate, and on such occasions, as provided in the Credit
Agreement.
Both principal and interest are payable in lawful money of the United
States of America to Lender at 0 Xxxx Xxxxx Xxxxxx, Xxxxx, Xxxxxxxx 00000 (or
at such other location as Lender may designate) in same day funds. Each
principal payment or prepayment and the resulting principal balance hereof
shall be recorded by the Lender and, prior to any transfer hereof, endorsed on
the grid attached hereto which is a part of this Note.
This Note is the Term Note referred to in and is entitled to the
benefits of the Credit Agreement dated as of December 19, 1996 (the "Credit
Agreement"), among the Borrower and Lender, which Credit Agreement, among other
things, contains provisions for acceleration of the maturities hereof upon
the happening of certain stated events. Terms used herein which are defined in
the Credit Agreement shall have the meanings specified in the Credit Agreement.
THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF OKLAHOMA.
ENVIRONMENTAL SAFEGUARDS, INC.
By: /s/ XXXXX X. XXXXXXX
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Name: Xx. Xxxxx Xxxxxxx
Title: Chairman
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TERM NOTE
Principal
Payment Unpaid Principal
Date or Prepayment Balance
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