10.2


                        INITIAL TERM LOAN PROMISSORY NOTE
                        ---------------------------------

$195,000.00                                                      July ____, 2006
                                                      Philadelphia, Pennsylvania

         FOR VALUE RECEIVED, the undersigned,  RONSON CORPORATION,  a New Jersey
corporation, RONSON CONSUMER PRODUCTS CORPORATION, a New Jersey corporation, and
RONSON AVIATION, INC., a New Jersey corporation  (individually and collectively,
the "Company"),  hereby,  jointly and severally,  promise to pay to the order of
THE CIT GROUP/COMMERCIAL  SERVICES, INC. as Agent ("CIT") for itself and for CIT
FINANCIAL  LTD.,  at its office  located at 1211  Avenue of the  Americas,  12th
Floor, New York, New York 10036, in lawful money of the United States of America
and in  immediately  available  funds,  the  principal  amount  of  One  Hundred
Ninety-Five  Thousand  and  00/100  Dollars  ($195,000.00),  in sixty (60) equal
consecutive monthly principal installments of $3,250.00 each with the first such
installment  due and payable on  September 1, 2006 and  subsequent  installments
(including the final installment) due and payable on the first day of each month
thereafter  until  this  Note  is paid  in  full,  subject  to the  payment  and
acceleration provisions set forth in the last paragraph of this Note.

         The Company  further  agrees to pay  interest at said  office,  in like
money, on the unpaid principal amount owing hereunder from time to time from the
date  hereof  on the  dates  and at the  rates  specified  in  Section  8 of the
Financing  Agreement  of even date  herewith  between  the  Company and CIT (the
"Financing  Agreement").  Capitalized terms used in this Note and defined in the
Financing Agreement shall have the meanings given to such terms in the Financing
Agreement unless otherwise specifically defined herein.

         This Note is a Promissory Note referred to in the Financing  Agreement,
evidences the Initial Term Loan made to the Company  thereunder,  and is subject
to, and entitled to, all provisions and benefits thereof, including optional and
mandatory prepayment, in whole or in part, as provided therein.

         Notwithstanding any other provision of this Note to the contrary,  upon
the occurrence of any Event of Default specified in the Financing Agreement,  or
upon  termination  of the Financing  Agreement for any reason,  all amounts then
remaining  unpaid on this Note may  become,  or be  declared  to be, at the sole
election  of CIT,  immediately  due and  payable as  provided  in the  Financing
Agreement.

                                  RONSON CORPORATION


                                  By:      /s/ Louis V. Aronson II
                                           -------------------------------------
                                  Name:    Louis V. Aronson II
                                  Title:   President and Chief Executive Officer

                                  RONSON CONSUMER PRODUCTS
                                  CORPORATION


                                  By       /s/ Louis V. Aronson II
                                           -------------------------------------
                                  Name:    Louis V. Aronson II
                                  Title:   President and Chief Executive Officer

                                  RONSON AVIATION, INC.


                                  By:      /s/ Louis V. Aronson II
                                           -------------------------------------
                                  Name:    Louis V. Aronson II
                                  Title:   President and Chief Executive Officer