Exhibit 10.3

 

REVOLVING NOTE

 

U.S. $10,000,000.00                                      
                                        
                                                                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 (“Lender”), the
unpaid principal amount of all Advances made by Lender to Borrower under the
Revolving Facility, in lawful money of the United States of America in
immediately available funds, with interest thereon, and all other Obligations
related thereto under and pursuant to 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 the 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 Payments.

 

(a) Borrower promises to pay interest on the outstanding principal amount of
Advances under the Revolving Facility and this Revolving Note from the date of
any Advance pursuant to and as required by the Loan Agreement.

 

(b) Payments of interest and other Obligations 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 Revolving Note not paid
automatically through Advances under the Revolving Facility as provided in the
Loan Agreement shall be paid 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 Revolving Note or any other Loan
Document, any payments or prepayments received under this Revolving Note shall
be credited and applied in such manner and order as described in the Loan
Agreement.

 

2. Maturity. Unless earlier due and payable in accordance with the Loan
Agreement or accelerated under the Loan Documents, this Revolving Note and the
Revolving Facility and all Advances shall mature, and the amounts outstanding
hereunder and all other Obligations under the Loan Documents relating to the
Revolving Facility and Advances, shall become due and payable in full on the
Maturity Date.

 

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

 

4. Loan Agreement. This Revolving 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 Advances under the Revolving Facility and
this Revolving Note by Lender to Borrower in the aggregate maximum dollar amount
first mentioned above, (ii) contains provisions for acceleration of the maturity
hereof upon the happening of certain stated events upon the terms and conditions
therein specified, and (iii) contains provisions defining an Event of

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Default and the rights and remedies of the parties thereto. This Revolving 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 Revolving Note may be prepaid in whole or in part only as
permitted in the Loan Agreement and shall be prepaid in whole, in each case as
provided or required in the Loan Agreement and upon payment 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 Revolving 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
Revolving Note.

 

8. Lawful Limits. This Revolving 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 Revolving Note
or any Loan Document is inconsistent herewith.

 

9. Governing Law. This Revolving 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 Blank]

 

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Signature Page To Revolving Note

 

This Revolving 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: