AMENDED AND
RESTATED
REVOLVING CREDIT
NOTE
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$1,700,000
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September 4, 2009
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FOR VALUE RECEIVED , the undersigned, GENERAL ENVIRONMENTAL
MANAGEMENT, INC. , a Nevada corporation (the “
Maker ”), hereby promises to pay to CVC CALIFORNIA,
LLC, a Delaware limited liability company (“ CVC
”), or registered assigns (hereinafter, collectively with
CVC, referred to as the “ Payee ”), ON
DEMAND (or, in the absence of demand, on August 31, 2011, or
sooner by reason of an Event of Default or other mandatory
prepayment event in accordance with the Loan Agreement hereinafter
described), the principal sum of One Million Seven Hundred Thousand
($1,700,000) Dollars or, if less, the aggregate then-outstanding
principal amount of all Advances made by the Payee to the Maker
pursuant to that certain Amended and Restated Revolving Credit and
Term Loan Agreement of even date herewith by and between CVC and
the Maker (as same may be amended, modified, supplemented and/or
restated from time to time, the “ Loan Agreement
”), together with interest (computed as hereinafter provided)
on any and all principal amounts outstanding hereunder from time to
time from the date hereof until payment in full hereof, at the rate
of ten (10%) percent per annum; provided , however ,
that during the continuance of any Event of Default under the Loan
Agreement, the interest rate otherwise applicable hereunder shall
be increased to fifteen (15%) percent per annum. All
interest shall be computed on the daily unpaid principal balance
hereof based on a three hundred sixty (360) day year, and shall be
payable on demand or, in the absence of demand, monthly in arrears
on the first day of each calendar month commencing November 1,
2009, and upon maturity or acceleration hereof.
The Maker shall have the right, at any time and
from time to time, without preimum or penalty, to prepay all or any
portion of the principal balance of this Note upon written notice
to the Payee, stating the amount of the prepayment. In
addition, the Maker shall be required to make principal payments
hereunder, without requirement of notice or demand, as and to the
extent provided in Sections 2.01(d) and 2.07 of the Loan
Agreement.
Unless the Maker shall be otherwise notified in
writing by CVC, all principal and interest hereunder are payable in
lawful money of the United States of America at the office of CVC
set forth in the Loan Agreement in immediately available
funds. Payments of principal and/or interest hereunder
shall be made, at the Payee’s option, by debiting any demand
deposit account(s) in the name of the Maker at the Payee (or any
agent of the Payee) or in such other reasonable manner as may be
designated by the Payee in writing to the Maker and in any event
shall be made in immediately available funds. The Maker
hereby irrevocably authorizes the Payee to so debit any and all
such demand deposit accounts.
The Maker hereby waives presentment, demand,
dishonor, protest, notice of protest, diligence and any other
notice or action otherwise required to be given or taken under the
law in connection with the delivery, acceptance, performance,
default, enforcement or collection of this Note, and expressly
agrees that this Note, or any payment hereunder, may be extended,
modified or subordinated (by forbearance or otherwise) from time to
time, without in any way affecting the liability of the
Maker. The Maker hereby further waives the benefit of
any exemption under the homestead exemption laws, if any, or any
other exemption, appraisal or insolvency laws, and consents that
the Payee may release or surrender, exchange or substitute any
personal property or ot
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