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New Term Loan Note

This is an actual contract by P&f Industries.

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Sectors: Metals and Mining
Governing Law: New York, View New York State Laws
Effective Date: February 12, 2007
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NEW TERM LOAN NOTE

$6,650,000 February 12, 2007

FOR VALUE RECEIVED, P&F INDUSTRIES, INC. , a Delaware corporation ("P&F"), FLORIDA PNEUMATIC MANUFACTURING CORPORATION , a Florida corporation ("Florida Pneumatic"), EMBASSY INDUSTRIES, INC. , a New York corporation ("Embassy"), GREEN MANUFACTURING, INC. , a Delaware corporation ("Green"), COUNTRYWIDE HARDWARE, INC., a Delaware corporation ("Countrywide"), NATIONWIDE INDUSTRIES, INC., a Florida corporation ("Nationwide"), WOODMARK INTERNATIONAL, L.P. , a Delaware limited partnership ("Woodmark"), PACIFIC STAIR PRODUCTS, INC. , a Delaware corporation ("Pacific") , WILP HOLDINGS, INC. , a Delaware corporation ("WILP"), CONTINENTAL TOOL GROUP, INC., a Delaware corporation ("Continental") and HY-TECH MACHINE, INC. , a Delaware corporation ("Hy-Tech" and collectively with P&F, Florida Pneumatic, Embassy, Green, Countrywide, Nationwide, Woodmark, Pacific, WILP and Continental the "Co-Borrowers"), jointly and severally promise to pay to the order of HSBC BANK USA, NATIONAL ASSOCIATION (the "Lender"), on or before the New Term Loan Maturity Date, the principal amount of SIX MILLION SIX HUNDRED FIFTY THOUSAND ($6,650,000) DOLLARS. The outstanding principal amount hereof is payable in installments in the amounts and on the dates set forth in the Credit Agreement referred to below, provided that the final installment, on the New Term Loan Maturity Date, shall be in an amount equal to the remaining principal amount outstanding on the New Term Loan Maturity Date.

The Co-Borrowers jointly and severally promise to pay interest on the unpaid principal amount hereof from the date hereof until paid in full at the rates and at the times which shall be determined in accordance with the provisions of the Credit Agreement referred to below.

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