Document:

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                                                                     Exhibit 4.8

                       U.S. Small Business Administration

                     Certified Development Company Program

                                   "504" NOTE

                        Loan Number CDC 914 579 3004 PA

                                                      Philadelphia, Pennsylvania
                                                      --------------------------
                                                            (City and State)

$522,000                                                 (Date) October 12, 1998

     For value received, the Undersigned promises to pay to the order of
                       PIDC Local Development Corporation
_____________________________________________________________________________
                          Payee (development company)
at its office in (City and State) Philadelphia, Pennsylvania, or upon assignment
                                  ---------------------------
or transfer of this Note by the Payee, and written notice thereof to the
Undersigned, at such other place as may be designated from time to time by said
assignee or transferee, Five Hundred Twenty-Two Thousand and no/100----dollars,
______________________________________________________________________________
                               (Write out amount)
with interest on the outstanding balance at ______% per annum commencing on
January 13, 1999 (date of Debenture).

     Loan payments shall be made in equal installments, each in the amount of
$______, commencing on the first day of February, 1999, and continuing due and
payable on the first day of each month thereafter until January 1, 2009 when the
full unpaid balance of principal and interest shall become due and payable. IN
addition to the aforesaid loan payments, Undersigned's total monthly obligation
shall include the service fees set forth in the Servicing Agent Agreement (SBA
Form 1506) attached to and incorporated into this Note.

     This Promissory Note evidences and related Collateral is given, to secure a
loan made by the Payee to the Undersigned and such Note and Collateral will be
assigned by Payee to the Small Business Administration (SBA) to secure the
guaranty by SBA pursuant to Section 503(a) of the Small Business Investment Act
(15 U.S.C. Section 697(a)1, of a Debenture to be issued and sold by the Payee
(the "Debenture"), which is hereby incorporated herein by reference.

     All payments under this note shall be applied in this order: (1) to the
servicing fees set forth in the Servicing Agent Agreement, (2) to interest, (3)
to principal, (4) to the late fee set forth in this Note.

Late Charge

     In the event Payee or its Agent or assignee accepts a late payment after
the fifteenth day of the month in which such payment is due, the Undersigned
agrees to pay a late payment charge equal to five percent of the late amount or
$100.00, whichever is greater, as compensation for additional collection
efforts.

Definitions

The term "Indebtedness" as used herein shall mean the indebtedness evidenced by
this Note, including principal, interest, service fees, late payment

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charges, and expenses including but not limited to the expenses related to the
care and preservation of Collateral and interest at the note rate thereon,
whether contingent, now due or hereafter to become due, and the stated
prepayment premium, if applicable. The term "Collateral" as used in this Note
shall mean any funds, guaranties, or other property, or rights therein of any
nature whatsoever, or the proceeds thereof, which are, or hereafter may be
hypothecated, directly or indirectly, by the Undersigned or others, in
connection with, or as security for, the Indebtedness or any part thereof. The
Collateral, and each part thereof, shall secure the Indebtedness and each part
thereof. The covenants and conditions set forth or referred to in any
instruments of hypothecation constituting the Collateral are hereby incorporated
in this Note as covenants and conditions of the Undersigned with the same force
and effect as though such covenants and conditions were fully set forth herein.
The term "CSA" shall mean the Central Servicing Agent appointed by the
development company (SBA Form 1506) and accepted by the Undersigned to receive
all payments by the Undersigned under this Note. The term "Undersigned" shall
mean the borrower under this Note and, if the operating small concern for the
benefit of which this loan is made is not the borrower, such operating small
concern.

Prepayment

Payment of the entire outstanding balance of the Indebtedness may be made prior
to the maturity date hereof, timing to be arranged with Payee or SBA as assignee
but no partial prepayments may be made. The amount required to prepay this Note
shall be the aggregate of the Indebtedness including interest to the prepayment
(repurchase) date, and any prepayment premium required by the schedule to be
attached to this Note and incorporated by this reference. For purposes of
prepayment the repurchase date is the next semi-annual payment date on the
Debenture. The Undersigned must make a written request for prepayment to the
payee or SBA as assignee at least forty-five (45) days before the prepayment
date. Ten (10) business days prior to the scheduled prepayment date the
undersigned shall cause to be transferred by wire a non-refundable good faith
deposit of one thousand dollars ($1,000) to the CSA. Such deposit shall be
applied in full to the repurchase price of said debenture and shall be forfeited
if undersigned fails to pay the designated total prepayment amount to the CSA on
the designated prepayment date, as compensation for the cost of arranging the
failed prepayment.

Acceleration

The Indebtedness shall immediately become due and payable, upon the appointment
of a receiver or liquidator, whether voluntary or involuntary, for the
Undersigned or for any of its property, or upon the filing of a petition by or
against the Undersigned under the provisions of any State or Federal insolvency
law or under the provisions of the Bankruptcy Code of 1978 or upon the making by
the Undersigned of an assignment for the benefit of its creditors. Payee with
the consent of SBA, or SBA as assignee is authorized to declare all or any part
of the Indebtedness immediately due and payable upon the happening of any of the
following events: (1) Failure to pay any part of the Indebtedness when due; (2)
nonperformance by the Undersigned of any agreement with, or any condition
imposed by, the development company or SBA; (3) failure of the Undersigned or
any person acting on behalf of the Undersigned to disclose any material fact, in
any application, declaration or other document delivered to the development
company or SBA or any misrepresentation by or for the benefit of the Undersigned
in such document; (4) the reorganization, merger or consolidation of the
Undersigned without

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prior written consent of the development company and SBA, or the making of an
agreement therefor; (5) the sale of the Collateral, or any part of it or any
interest in it, or any agreement that the collateral will be alienated by the
Undersigned, or any alienation of the Collateral by operation of law or
otherwise; (6) the Undersigned's failure duly to account, to Payee's or SBA's
(as assignee) satisfaction, at such time or times as may be required, for any of
the Collateral, or proceeds thereof, coming into the control of the Undersigned;
(7) the institution of any suit affecting the Undersigned deemed by SBA to
affect adversely its interest hereunder in the Collateral or otherwise; (8) any
change, without prior written approval by SBA, affecting ten or more percent in
the legal or equitable ownership of the undersigned; (9) any change in the
respective ownerships of the Undersigned; (10) if the Undersigned and/or its
affiliates acquire directly or indirectly an ownership interest of ten or more
percent in the development company; (11) any other event prohibited by the
related security or other instruments; or (12) any violation by the Undersigned
of SBA regulations. Payee's or SBA's as assignee failure to exercise its rights
under this paragraph shall not constitute a waiver thereof. Upon acceleration
pursuant to this paragraph, the indebtedness shall be computed in the same
manner as is set forth for the prepayment amount in the preceding paragraph
captioned "Prepayment".

Collateral
----------

Upon the nonpayment of the Indebtedness, or any part thereof, when due, whether
by acceleration or otherwise, Payee with SBA's consent or SBA as assignee is
empowered to sell, assign, and deliver the whole or any part of the Collateral
at public or private sale. After deducting all expenses incidental to such sale
or sales, Payee or SBA as assignee may apply the proceeds thereof to the payment
of the Indebtedness as it shall deem proper. The Undersigned hereby waives all
rights to redemption or appraisement whether before or after sale. Payee with
SBA's consent or SBA as assignee is further empowered, to convert into money all
or any part of the Collateral, by suit or otherwise, and to surrender,
compromise, release, renew, extend, exchange, or substitute any item of the
Collateral in transactions with the Undersigned or any third party. Whenever any
item of the Collateral shall not be paid when due, or otherwise shall be in
default, whether or not the Indebtedness, or any  part thereof, has become due,
Payee or SBA as assignee shall have the same rights and powers with respect to
such item of the Collateral as are granted in respect thereof in this paragraph
in case of nonpayment of the Indebtedness, or any part thereof, when due. None
of the rights, remedies, privileges, or powers of Payee or SBA as assignee
expressly provided for herein shall be exclusive, but each of them shall be
cumulative with and in addition to every other such power now or hereafter
existing in favor of Payee or SBA as assignee, whether at law or in equity, by
statute or otherwise.

The Undersigned agrees to take all necessary steps to administer, supervise,
preserve, and protect the Collateral; and regardless of any action taken by
Payee or SBA as assignee, there shall be no duty upon Payee or SBA as assignee
in this respect. The Undersigned shall pay all expenses of any nature, including
but not limited to reasonable attorney's fees and costs, which Payee or SBA as
assignee may deem necessary in connection with the satisfaction of the
Indebtedness or the administration, preservation (including, but not limited to,
adequate insurance of), or the realization upon the Collateral. Payee with SBA's
consent or SBA as assignee is authorized to pay at any time and from time to
time any or all of such expenses, add the amount of such payment to the amount
of the Indebtedness, and charge interest thereon at the rate specified herein
with respect to the principal amount of this Note.

The security rights of Payee or SBA as assignee hereunder shall not be impaired
by any indulgence, including but not limited to (a) any renewal,

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extension, or modification which Payee or SBA as assignee may grant with respect
to the Indebtedness or any part thereof, or (b) any surrender, compromise,
release, exchange, or substitution which Payee or SBA as assignee may grant in
respect of the Collateral, or (c) any indulgence granted in respect to any
endorser, guarantor, or surety. The Payee or SBA as assignee of this Note, the
Collateral, any guaranty, and any other document (or any of them), sold,
transferred, or pledged, shall forthwith become vested with and entitled to
exercise all the powers and rights given by this Note as if said purchaser,
transferee, or pledgee were originally named as Payee in this Note.

                                          RED BELL BREWING CO.

                                          By: /s/ James R. Bell
                                             -----------------------------------
                                   (Title)   President
                                             -----------------------------------
                     (Name of Undersigned)   RED BELL BREWING CO.
                                             -----------------------------------

In consideration of the guarantee by Small Business Administration of a
Debenture in the amount of $522,000,
                            ---------------------------------------, issued by
PIDC Local Development Corporation
--------------------------------------------------------------------------------
                             (Development Company)

(which Debenture is identified as Small Business Project
                                                         -----------------------
Red Bell Brewing Co.                                                           )
--------------------------------------------------------------------------------
                            (Name of Small Concern)

said PIDC Local Development Corporation                                   hereby
     --------------------------------------------------------------------
                             (Development Company)
assigns and transfers all rights, title and interest in this Note to the Small
Business Administration.

                                                 PIDC Local Development
                     SEAL                        Corporation

                                                 /s/
                                                 ---------------------------

                                                 By /s/
                                                    ------------------------
                                               Name: Executive VP

Attest /s/ J.A. Mee
       ---------------------------

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                                                                     EXHIBIT 4.9

CJM/11-26-97/01-26-98                MELF #95-9-242

                                      NOTE
                                      ----

Dated:    January 29, 1998
At:       Philadelphia, Pennsylvania

$500,000

          FOR VALUE RECEIVED, the undersigned RED BELL BREWING CO., a
corporation organized and existing under and by virtue of the laws of the
Commonwealth of Pennsylvania with an address at 3100 Jefferson Street,
Philadelphia 19121 (the "Maker"), does hereby irrevocably promise to pay,
without defalcation, to the order of the COMMONWEALTH OF PENNSYLVANIA acting
through the Department of Community and Economic Development (the "Department"),
at the latter's principal office in Harrisburg, Pennsylvania or at such other
places as the Department may designate, the principal sum of Five Hundred
Thousand Dollars ($500,000), or so much thereof as shall be disbursed to the
Maker hereunder (the "Loan"), together with interest as provided below, in
lawful money of the United States of America, payable as directed by the
Department in monthly installments, a portion of which will be interest at the
rate of three percent (3%) per annum on the outstanding principal balance
calculated on the basis of a 360 day year, and a portion of which will be a
payment of principal. The monthly payments will commence on March 1, 1998, and
the entire unpaid balance due will be paid on or before February 1, 2005.
Failure to draw down the full amount of the Loan or pre-payment of the Loan may
cause a change in the amortization of the Loan either by a reduction in the
amount of each monthly installment or by a reduction in the term over which the
Loan shall be repaid. Any amount remaining in the Escrow Account shall be repaid
to the Department. All payments made hereunder shall be paid into the Machinery
and Equipment Loan Fund.

          Interest on the outstanding principal balance will accrue from and
including the date of this Note and such interest as accrues through January 31,
1998 shall be due and payable on the first day of March, 1998, in addition to
the first monthly installment of principal and interest. The monthly
installments shall be applied first to interest on the unpaid principal, and the
balance of said monthly installments shall be applied to principal. In addition,
in the event any monthly installment provided for herein shall not be paid when
due, the Maker agrees to pay a late charge of twelve and one-half percent
(12-1/2%) per annum of any such overdue monthly installment to compensate the
Department for damages suffered because of Maker's failure to make prompt
payments.

          Failure to create the number of jobs specified in Maker's Loan
Application which is incorporated herein by reference thereto and made a part
hereof, shall give the Department the right to increase the interest rate on the
Loan to a fixed interest rate equal to two percentage points greater than the
prime interest rate as defined in the Machinery and Equipment Loan Fund ("MELF")
Statement of Policy of Section 5.10(a) (relating to "Penalty"), unless such an
increase is waived by the Department because the failure to meet the job
projects is deemed to be the result of circumstances beyond the control of the
Maker.
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     This Note is executed and delivered pursuant to the Loan Agreement
between the Maker and the Department, dated of even date herewith, (the "Loan
Agreement"), and is subject to all the terms and conditions thereof, including
provisions for prepayment and the acceleration of the maturity hereof under
certain circumstances.

               THE MAKER HEREBY COVENANTS AND AGREES AS FOLLOWS:

     1.   All the terms, covenants, conditions and provisions of the Loan
Agreement are incorporated herein by reference and are made a part hereof, and
any breach or violation thereof shall constitute a breach or violation of this
Note.

     2.   If the Maker shall fail to pay any sum required to be paid by the
Maker under this Note or the Loan Agreement within thirty (30) days after the
same becomes due and payable, or if the Maker shall fail to perform any other
provision hereof to be performed by the Maker or if there is an event of
default under the Loan Agreement, then in any such event, at the option of the
Department, the whole unpaid balance of the principal indebtedness, together
with all interest thereon and all other sums due hereunder or secured by the
Mortgage or required to be paid to the Department thereunder, shall become due
and payable immediately without notice to the Maker.

     3.   THE FOLLOWING PARAGRAPH SETS FORTH A WARRANT OF AUTHORITY FOR AN
ATTORNEY TO CONFESS JUDGMENT AGAINST THE MAKER. IN GRANTING THIS WARRANT OF
ATTORNEY TO CONFESS JUDGMENT AGAINST THE MAKER, THE MAKER HEREBY KNOWINGLY,
INTENTIONALLY AND VOLUNTARILY, AND, ON THE ADVICE OF THE SEPARATE COUNSEL OF THE
MAKER, UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS THE MAKER HAS OR MAY HAVE TO
PRIOR NOTICE AND AN OPPORTUNITY FOR HEARING UNDER THE RESPECTIVE CONSTITUTIONS
AND LAWS OF THE UNITED STATES AND THE COMMONWEALTH OF PENNSYLVANIA.

          If the Maker is in default under the terms of this Note at the
expiration of thirty (30) days after written notice thereof to the Maker (of
which an affidavit on behalf of the Department shall be sufficient evidence),
then the Maker hereby irrevocably authorizes and empowers any attorney of any
court of record in the Commonwealth of Pennsylvania, or elsewhere, to appear for
and to enter and confess judgment against the Maker, at any time or times and as
of any term, for the principal sum above mentioned, with or without declaration,
with interest and costs of suit, without stay of execution, and with reasonable
attorney's fees. The Maker agrees that any of its property may be levied upon to
collect said judgment and may be sold upon a writ of execution, and hereby
waives and releases all laws, now or hereafter in force, relating to exemption,
appraisement or stay of execution. The authority hereby granted to confess
judgment shall not be exhausted by any exercise thereof, but shall continue from
time to time and at all times until the Maker has paid all sums required to be
paid by the Maker under this Note, the Loan Agreement and the Mortgage and has
performed all of the other provisions hereof or thereof to be performed by the
Maker.

     4.   Prepayments of the principal indebtedness may be made at any time,
without premium.

     5.   All of the covenants herein contained shall accrue to the benefit of
the successors and assigns, voluntary or involuntary, of the Department.

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     6.   Demand, grace, presentment for payment, protest, notice of dishonor
or nonpayment and notice of the exercise of any option hereunder are hereby
waived by the Maker and all guarantors and endorsers hereof.

     7.   The remedies provided in this Note and the Loan Agreement or
otherwise available to the Department for the enforcement of the payment of the
principal sum together with interest and performance of the covenants,
conditions, and agreements, matters and things herein and therein contained are
cumulative and concurrent and may be pursued singly or successively or
together at the sole discretion of the Department, and may be exercised from
time to time as often as occasion therefor shall occur until the Department has
been paid all sums due in full.

     8.   The terms and provisions of this Note are severable. In the event of
the unenforceability or invalidity of any one or more of the terms, covenants,
conditions or provisions of this Note under federal, state or other applicable
law, such unenforceability or invalidity shall not render any other term,
covenant, condition or provision hereunder unenforceable or invalid. In the
event any waiver by the Maker hereunder is prohibited by law, including but not
limited to the waiver of exemption from execution, such waiver shall be and be
deemed to be deleted herefrom.

     IN WITNESS WHEREOF, intending to be legally bound hereby, the Maker has
caused this Note to be duly executed, the day and year first above written.

ATTEST:                                 RED BELL BREWING CO.

/s/ James R. Bell                       By   /s/ James R. Bell
-----------------------------------          ----------------------------
Secretary                                    President

(CORPORATE SEAL)

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