Exhibit 10.2

 

TERM NOTE

 

U.S. $500,000.00

June 10, 2003        

 

FOR VALUE RECEIVED, the undersigned, ACCESS WORLDWIDE COMMUNICATIONS, INC., a
Delaware corporation (“Parent”), ASH CREEK, INC., a Delaware corporation
(“Ash”), AWWC NEW JERSEY HOLDINGS, INC., a Delaware corporation (“AWWC”),
TELEMANGEMENT SERVICES, INC., a Delaware corporation (“Telemanagment”), TLM
HOLDINGS CORPORATION, a Delaware corporation (“TLM”) (individually and
collectively, the “Borrower”), hereby jointly and severally promise to pay to
CAPITALSOURCE FINANCE LLC, a Delaware limited liability company (the “Lender”),
the aggregate principal amount at any time outstanding of the Term Loan made by
Lender to Borrower pursuant to the Loan Agreement, which amount shall not exceed
Five Hundred Thousand Dollars ($500,000.00) in lawful money of the United States
of America in immediately available funds, with interest thereon, and all other
Obligations related thereto under the Revolving Credit, Term Loan, and Security
Agreement dated as of the date hereof between Borrower and Lender (as it may be
amended, supplemented or otherwise modified from time to time, the “Loan
Agreement”) all at times and in the manner set forth in the Loan Agreement.
Capitalized terms used but not defined herein shall have the meanings given them
in the Loan Agreement.

 

1. Interest and Interest Payments.

 

(a) Borrower promises to pay interest on the outstanding principal amount of
this Term Note from the date of funding of the Term Loan pursuant to and as
required by the Loan Agreement.

 

(b) Payment of interest on the Term Loan and other Obligations related to the
Term Loan shall be made, when due, in accordance with the provisions of the Loan
Agreement. Any payments of interest and/or principal or other amounts under this
Term Note not paid automatically through Advances under the Revolving Facility
as provided in the Loan Agreement shall be made only by wire transfer on the
date when due, without deduction, offset or counterclaim, in U.S. dollars, in
immediately available funds as required in the Loan Agreement. Notwithstanding
and without limiting or being limited by any other provision of this Term Note
or any Loan Document, any payments or prepayments received under this Term Note
shall be credited and applied in such manner and order as described in the Loan
Agreement.

 

2. Maturity and Principal Payments. Unless earlier due and payable in accordance
with the Loan Agreement or accelerated under the Loan Documents, this Term Note
and the Term Loan shall mature, and all amounts outstanding hereunder and all
other Obligations relating to the Term Loan, shall become due and payable in
full on the Maturity Date. Borrower shall make payments on the principal amount
of the Term Loan outstanding hereunder monthly as required pursuant to the Loan
Agreement.

 

3. Fees and Default Rate. The late fee, if any, and default rates set forth in
the Loan Agreement shall apply to this Term Note.

 

4. Loan and Security Agreement. This Term Note is referred to in, made pursuant
to, and entitled to the benefits of, the Loan Agreement. The Loan Agreement,
among other things, (i) provides for the making of the Term Loan by Lender to
Borrower in the dollar amount first mentioned above, (ii) contains provisions
for acceleration of the maturity hereof

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upon the happening of certain stated events upon the terms and conditions
therein specified, and (iii) contains provisions defining an Event of Default
and the rights and remedies of the parties thereto. This Term Note is a secured
note, entitled to the benefits of and security interests granted in, among other
things, the Loan Agreement and the other Loan Documents.

 

5. Prepayments. This Term Note may be prepaid in whole or in part only as
permitted in the Loan Agreement and shall be prepaid, in each case as provided
or required in the Loan Agreement and upon payments of all fees and other
Obligations set forth therein. No payment or prepayment of any amount shall
entitle any Person to be subrogated to the rights of Lender hereunder or under
the Loan Documents unless and until the Obligations have been performed in full
and irrevocably paid in full in cash and the Loan Agreement has been terminated.

 

6. Payments Due on a Day other than a Business Day. If any payment to be made on
or under this Term Note is stated to be due or becomes due and payable on a day
other than a Business Day, the due date thereof shall be extended to, and such
payment shall be made on, the next succeeding Business Day, and such extension
of time in such case shall be included in the computation of payment of any
interest (at the interest rate then in effect during such extension) and/or
fees, as the case may be.

 

7. Waivers. Each Borrower hereby agrees that the provisions of the Loan
Agreement relating to waivers and rights and remedies shall apply to this Term
Note.

 

8. Lawful Limits. This Term Note is expressly limited so that in no contingency
or event whatsoever, whether by reason of acceleration or otherwise, shall the
interest and other charges paid or agreed to be paid by Borrower for the use,
forbearance or detention of money hereunder exceed the maximum rate permissible
under applicable law which a court of competent jurisdiction shall, in a final
determination, deem applicable hereto. If, due to any circumstance whatsoever,
fulfillment of any provision hereof, at the time performance of such provision
shall be due, shall exceed any such limit, then, the obligation to be so
fulfilled shall be reduced to such lawful limit, and any interest or any other
charges of any kind received which might be deemed to be interest under
applicable law in excess of the maximum lawful rate, then such excess shall be
applied in accordance with the Loan Agreement. The terms and provisions of this
Section 8 shall control to the extent any other provision of this Term Note or
any Loan Document is inconsistent herewith.

 

9. Governing Law. This Term Note shall be governed by and construed in
accordance with the internal laws of the State of Maryland without giving effect
to its choice of laws provisions.

 

[Remainder of Page Intentionally Left Blank]

 

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Signature Page To Term Note

 

This Term Note is executed as of the date first written above.

 

ACCESS WORLDWIDE COMMUNICATIONS, INC.,

a Delaware corporation

By:

 

 

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Name:

Title:

ASH CREEK, INC.,

a Delaware corporation

By:

 

 

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Name:

Title:

AWWC NEW JERSEY HOLDINGS, INC.,

a Delaware corporation

By:

 

 

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Name:

Title:

TELEMANAGEMENT SERVICES, INC.,

a Delaware corporation

By:

 

 

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Name:

Title:

TLM HOLDINGS CORPORATION,

a Delaware corporation

By:

 

 

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Name:

Title: