PROMISSORY NOTE
$195,314.30
September 30, 2003
Knoxville, Tennessee
FOR VALUE RECEIVED, the undersigned, National Coal Corporation,
a
corporation organized and existing under
the laws of the State of Tennessee with
a principal place of business at 319
Ebenezer Road, Knoxville, Tennessee 37923
(hereinafter referred to as "Borrower"),
promises to pay to the order of Webb
Group Financial Services, Inc., a
corporation organized and existing under the
laws of the State of North Carolina with a
principal place of business at 1202-C
East Mountain Street, Kernersville, NC
27284 (hereinafter referred to as
"Lender"), or at such other place as the
Lender may designate in writing
delivered or mailed to the Borrower, in
lawful money of the United States in
immediately available funds, the principal
amount of One Hundred Ninety Five
Thousand Three Hundred Fourteen and 30/00
Dollars ($195,314.30) plus interest
(computed on the basis of a year of 365
days) from the date of this Note on the
unpaid principal amount of this Note, in
like money, at said office, at a rate
per annum equal to Twelve Percent (12%),
said principal and interest being
payable as follows:
On or before September 30, 2004 (the "Maturity Date"), the
Borrower
shall pay a single payment of principal in
the form of a check in the amount of
One Hundred Ninety Five Thousand Three
Hundr
