Document:

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                                                                    Exhibit 10.6

[JPMORGAN LOGO]

                                                           MIDDLE MARKET BANKING

                                PLEDGE AGREEMENT

     In consideration of one of more loans, letters of credit or other
extensions of credit or financial accommodations extended by JPMORGAN CHASE BANK
or any of its subsidiaries or affiliates (the "Lender") to the undersigned (or,
if a different person or entity is set forth in the definition of "Liabilities"
below, to such person or entity), the undersigned and the Lender agree as
follows:

     1.   DEFINITIONS.

     "Account Assets" means all Deposits, Securities, securities entitlements
and any other assets held in trust, or in any custody, subcustody, safekeeping,
investment management accounts, or other accounts of the undersigned with the
Lender or any other custodian, trustee or Clearing System or held by any
intermediary (all of which shall be considered "financial assets" under the
UCC).

     "Clearing System" means the Depository Trust Company ("DTC") and such other
clearing or safekeeping system that may from time to time be used in connection
with transactions relating to or the custody of any Securities, and any
depository for any of the foregoing.

     "Collateral" means: (i) the Deposits, Securities and Account Assets (as
defined below) that are listed on Exhibit A; (ii) all additions to, and
proceeds, renewals, investments, reinvestments and substitutions of the
foregoing, whether or not listed on Exhibit A; (iii) all certificates, receipts
and other instruments evidencing any of the foregoing. Notwithstanding anything
to the contrary in this Agreement, "Collateral" shall not include any securities
issued by an affiliate of the Lender, including any of the J.P. Morgan family of
funds. The Collateral pledged pursuant to this Agreement shall secure only the
liabilities of the undersigned pursuant to the terms of a certain guaranty
executed by the undersigned in favor of the Lender of even date hereof.

     "Deposits" means the deposits of the undersigned with the Lender (whether
or not held in trust, or in any custody, subcustody, safekeeping, investment
management accounts, or other accounts of the undersigned with the Lender).

     "Liabilities" means all obligations and liabilities of LEVCOR
INTERNATIONAL, INC. to the Lender pursuant to that certain Promissory Note dated
April   , 2002 with the principal amount of $3,000,000, made by it payable to
the Lender, and any renewals, extensions or modifications thereof, of whatever
nature, whether now existing or hereafter incurred or acquired, whether matured
or unmatured, liquidated or unliquidated, direct or indirect, absolute or
contingent, primary or secondary, sole, joint, several or joint and several,
secured or unsecured, arising by operation of law or otherwise, and all costs
and expenses incurred by the Lender in connection with the Collateral, this
Agreement or any Liability Document.

     "Liability Document" means any instrument, agreement or document
evidencing, governing or delivered in connection with the Liabilities.

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     "Securities" means the stocks, bonds and other instruments and securities
held in trust or in any custody, subcustody, safekeeping, investment management
accounts now or hereafter maintained by the undersigned with Lehman Brothers,
Inc. (the "Intermediary") in securities account number 834-27032-15-677.

     "UCC" means the Uniform Commercial Code in effect from time to time in the
State of New York. Unless the context otherwise requires, all terms used in this
Agreement which are defined in the UCC will have the meanings stated in the UCC.

     2.   GRANT OF SECURITY INTEREST.

     As security for the payment of all the Liabilities, the undersigned
pledges, transfers and assigns to the Lender and grants to the Lender a security
interest in and right of setoff against, the Collateral.

     3.   AGREEMENTS OF THE UNDERSIGNED AND RIGHTS OF THE LENDER.

     The undersigned agrees as follows and irrevocably authorizes the Lender to
exercise the rights listed below, at its option, for its own benefit, either in
its own name or in the name of the undersigned, and appoints the Lender as its
attorney-in-fact to take all action permitted under this Agreement.

     (a) DEPOSITS: The Lender may: (i) renew the Deposits on terms and for
periods the Lender deems appropriate; (ii) demand, collect, and receive payment
of any monies or proceeds due or to become due under the Deposits; (iii) execute
any instruments required for the withdrawal or repayment of the Deposits; (iv)
in all respects deal with the Deposits as the owner; provided that, as to (ii)
through (iv), until the occurrence of a Default (as defined in Section 7 below),
the Lender will only take that action if, in its judgment, failure to take that
action would impair its rights under this Agreement.

     (b) SECURITIES: The Lender may: (i) transfer to the account of the Lender
any Securities whether in the possession of, or registered in the name of, any
Clearing System or held otherwise; (ii) transfer to the account of the Lender
with any Federal Reserve Lender any Securities held in book entry form with any
such Federal Reserve Lender; (iii) transfer to the name of the Lender or its
nominee any Securities registered in the name of the undersigned and held by the
Lender or the Intermediary and complete and deliver any necessary stock powers
or other transfer instruments; and (iv) transfer to the account of the Lender
any Securities registered in the name of the undersigned and held by the
Intermediary; provided that until the occurrence of a Default, the Lender will
only take that action if, in its judgment, failure to take that action would
impair its rights under this Agreement.

     The undersigned grants to the Lender an irrevocable proxy to vote any and
all Securities and give consents, waivers and ratifications in connection with
those Securities upon and after the occurrence of a Default.

     All payments, distributions and dividends in securities, property or cash
shall be paid directly to and, at the discretion of the Lender, retained by the
Lender and held by it, until applied as provided in this Agreement, as
additional Collateral; provided that until the occurrence of a Default, interest
on Deposits and cash dividends on Securities paid in the ordinary course will be
paid to the undersigned.

     (c) GENERAL: The Lender may, in its name, or in the name of the
undersigned: (i) execute and file financing statements under the UCC or any
other filings or notices necessary or desirable to create,

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perfect or preserve its security interest, all without notice (except as
required by applicable law and not waivable) and without liability except to
account for property actually received by it; (ii) demand, sue for, collect or
receive any money or property at any time payable or receivable on account of or
in exchange for, or make any compromise or settlement deemed desirable with
respect to, any item of the Collateral (but shall be under no obligation to do
so); (iii) make any notification (to the issuer of any certificate or Security,
or otherwise, including giving any notice of exclusive control to the
intermediary) or take any other action in connection with the perfection or
preservation of its security interest or any enforcement of remedies, and retain
any documents evidencing the title of the undersigned to any item of the
Collateral; (iv) issue entitlement orders with respect to any of the Collateral
to any Intermediary without the consent of the undersigned.

     The undersigned agrees that it will not file or permit to be filed any
financing or like statement with respect to the Collateral in which the Lender
is not named as the sole secured party, consent or be a party to any securities
account control agreement or other similar agreement with any Intermediary (an
"Account Control Agreement") to which the Lender is not also a party or sell,
assign, or otherwise dispose of, grant any option with respect to, or pledge, or
otherwise encumber the Collateral. Unless otherwise expressly agreed, the
undersigned will not trade or withdraw any Account Assets without the Lender's
express written consent. At the request of the Lender the undersigned agrees to
do all other things which the Lender may deem necessary or advisable in order to
perfect and preserve the security interest and to give effect to the rights
granted to the Lender under this Agreement or enable the Lender to comply with
any applicable laws or regulations. Notwithstanding the foregoing, the Lender
does not assume any duty with respect to the Collateral and is not required to
take any action to collect, preserve or protect its or the undersigned's rights
in any item of the Collateral. The undersigned releases the Lender and agrees to
hold the Lender harmless from any claims, causes of action and demands at any
time arising with respect to this Agreement, the use or disposition of any item
of the Collateral or any action taken or omitted to be taken by the Lender with
respect thereto. The undersigned shall not change its name, jurisdiction of
incorporation or organization, place of business, chief executive office or
principal residence (as applicable) without providing the Lender at least 45
days' advance written notice of and details of such change.

     The rights granted to the Lender pursuant to this Agreement are in
addition to the rights granted to the Lender in any custody, investment
management, trust, Account Control Agreement or similar agreement. In case of
conflict between the provisions of this Agreement and of any other such
agreement, the provisions of this Agreement will prevail.

     4.   LOAN VALUE OF THE COLLATERAL.

     The undersigned agrees that all times the amount of the Liabilities may not
exceed the aggregate Loan Value of the Collateral. The undersigned will, at the
Lender's option, either supplement the Collateral or make any payment under the
Liabilities to the extent necessary to ensure compliance with this provision or
the Lender may liquidate Collateral to the extent necessary to ensure compliance
with this provision. "Loan Value" means the value assigned by the Lender from
time to time, in its sole reasonable discretion, to each item of the Collateral.

     5.   CURRENCY CONVERSION.

     For calculation purposes, any currency in which the Collateral is
denominated (the "Collateral Currency") will be converted into the currency of
the Liabilities (the "Liability Currency") at the spot rate of exchange for the
purchase of the Liability Currency with the Collateral Currency quoted by the
Lender at such place as the Lender deems appropriate (or, if no such rate is
quoted on any relevant date, estimated by

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the Lender on the basis of the Lender's last quoted spot rate) or another
prevailing rate that the Lender deems more appropriate.

     6.   REPRESENTATIONS AND WARRANTIES.

     The undersigned represents and warrants: (a) the undersigned is the sole
owner of the Collateral; (b) the Collateral is free of all encumbrances except
for the security interest in favor of the Lender created by this Agreement; (c)
no authorizations, consents or approvals and no notice to or filing with any
governmental authority or regulatory body is required for the execution and
delivery of this Agreement or the exercise by the Lender of its rights and
remedies; (d) the execution, delivery and performance of this Agreement will not
violate any provisions of applicable law, regulation or order and will not
result in the breach of, or constitute a default, or require any consent under,
any agreement, instrument or document to which the undersigned is a party or by
which it or any of its property may be bound or affected; (e) as to Deposits and
Account Assets, the undersigned has not withdrawn, canceled, been repaid or
redeemed all or any part of any Deposits or Account Assets and there is no such
pending application; (f) as to Securities, the Securities have been duly
authorized and are fully paid and non-assessable, there are no restrictions on
pledge of the Securities by the undersigned nor on sale of the Securities by the
Lender (whether pursuant to securities laws or regulations or shareholder,
lock-up or other similar agreements) and the Securities are fully marketable by
the Lender as pledgee, without regard to any holding period, manner of sale,
volume limitation, public information or notice requirements; (g) if the
undersigned is a corporation, partnership, limited liability company, limited
liability partnership or trust, it is duly organized and validly existing under
the laws of the jurisdiction of its organization, it has full power and
authority to execute, deliver and perform this Agreement, the execution,
delivery and performance have been duly authorized, will not conflict with any
provisions of its governing instruments and the Agreement is a legal, valid and
binding obligation of the undersigned, enforceable against it in accordance with
its terms.

     7.   DEFAULT.

     Each of the following is a default ("Default")

     (i) any sum payable on any of the Liabilities is not paid when due; (ii)
any representation and warranty of the undersigned or other person liable on or
for any of the Liabilities ("Liability Party", which term, if the undersigned is
a guarantor or providing collateral security for the Liabilities of another
person or entity, includes such person or entity) in this Agreement or in any
Liability Document shall prove to have been incorrect in any material respect on
or after the date hereof; (iii) the undersigned or any Liability Party fails to
perform or observe any term, covenant, or condition under this Agreement or
under any Liability Document or any other default, event of default or similar
event so specified or defined under any Liability Document shall occur; (iv) any
indebtedness of the undersigned or of any Liability Party or interest or premium
thereon is not paid when due (whether by scheduled maturity, acceleration,
demand or otherwise); (v) the undersigned or any Liability Party; (a) is
generally not, or is unable to, or admits in writing its inability to, pay its
debts as its debts become due; (b) makes an assignment for the benefit or
creditors, or petitions or applies to any tribunal for the appointment of a
custodian, receiver or trustee for its or a substantial part of its assets; (c)
commences any proceeding under any law relating to bankruptcy, reorganization,
arrangement, readjustment of debt, dissolution or liquidation; (d) has any such
petition filed, or any such proceeding has been commenced against it, in which
an adjudication is made or order for relief is entered or which remains
undismissed for a period of 30 days; (e) has a receiver, custodian or trustee
appointed for all or a substantial part of its property; or (f) takes any
action effectuating, approving or consenting to any of the events described in
this section (v); (vi) the undersigned or any Liability Party shall die,
dissolve or for any reason cease to be in existence or merge or consolidate; or
if the undersigned or any

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Liability Party is a partnership, limited liability partnership or limited
liability company, any general partner, partner or member, respectively, shall
die, dissolve or for any reason cease to be in existence or cease to be a
partner or member, as the case may be, or shall merge or consolidate; (vii) the
undersigned or any Liability Party is involved in a proceeding relating to, or
which may result in, a forfeiture of all or a substantial part of the
undersigned's or any Liability Party's assets or a material judgment is entered
against the undersigned or any Liability Party; (viii) there is, in the opinion
of the Lender, a material adverse change in the business, prospects, assets,
operations or condition, financial or otherwise, of the undersigned or any
Liability Party; then, unless and to the extent that the Lender otherwise
elects, the Lender will be entitled to exercise any of the rights and remedies
under this Agreement.

     8.   REMEDIES.

     On a Default, the Lender will have the rights and remedies of a secured
party after default under the UCC and the other rights granted to the Lender
under this Agreement, and, without limiting the foregoing, is expressly
entitled, without notice or demand, to sell, lease, license, collect, redeem,
offset, setoff, debit, charge or otherwise dispose of or liquidate into cash,
publicly or privately any such Collateral and/or to apply it or the proceeds
thereof to repay any of the Liabilities in such amounts as it in its sole
discretion may select (regardless of whether any such Liabilities are
contingent, unliquidated or unmatured or whether the Lender has any other
recourse to the undersigned or any Liability Party or any other collateral or
assets). The Lender may modify or disclaim any warranties or other
representations or recourse in connection with any such disposition or
liquidation. The Lender may exercise its rights without regard to any premium
or penalty from liquidation of any Collateral and without regard to the
undersigned's basis or holding period for any Collateral.

     The Lender may sell in the Borough of Manhattan, New York City, or
elsewhere, in one or more sales or parcels, at the price as the Lender deems
best, for cash or on credit or for other property, for immediate or future
delivery, any item of the Collateral, at any broker's board or at public or
private sale, in any reasonable manner permissible under the UCC (except that,
to the extent permissible under the UCC, the undersigned waives any
requirements of the UCC) and the Lender or anyone else may be the purchaser of
the Collateral and hold it free from any claim or right including, without
limitation, any equity of redemption of the undersigned, which right the
undersigned expressly waives. The Lender may in its sole discretion elect to
conduct any sale (and related offers) of any Collateral in such a manner as to
avoid the need for registration or qualification thereof under any Federal or
state securities laws, that such conduct may include restrictions (including as
to potential purchasers) and other requirements (such as purchaser
representations) which may result in prices or other terms less favorable than
those which might have been obtained through a public sale not subject to such
restrictions and requirements and that any offer and sale so conducted shall be
deemed to have been made in a commercially reasonable manner.

     The Lender may also, in its sole discretion: (i) convert any part of the
Collateral Currency into the Liability Currency; (ii) hold any monies or
proceeds representing the Collateral in a cash collateral account in the
Liability Currency or other currency that the Lender reasonably selects;
(iii) invest such monies or proceeds on behalf of the undersigned; and (iv)
apply any portion of the Collateral, first, to all costs and expenses of the
Lender, second, to the payment of interest on the Liabilities and any fees or
commissions to which the Lender may be entitled, third, to the payment of
principal of the Liabilities, whether or not then due, and fourth, to the
undersigned.

     The undersigned will pay to the Lender all expenses (including reasonable
attorneys' fees and legal expenses incurred by the Lender and the allocated
costs of its in-house counsel) in connection with the

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exercise of any of the Lender's rights or obligations under this Agreement or
the Liability Documents. The undersigned will take any action requested by
the Lender to allow it to sell or dispose of the Collateral. Notwithstanding
that the Lender may continue to hold Collateral and regardless of the value of
the Collateral, the undersigned will remain liable for the payment in full of
any unpaid balance of the Liabilities.

     9.     JURISDICTION.

     The undersigned consents to the non-exclusive jurisdiction of the State and
Federal courts sitting in the City of New York and agrees that suit may be
brought against the undersigned in those courts or in any other jurisdiction
where the undersigned or any of its assets may be found, and the undersigned
irrevocably submits to the jurisdiction of those courts. The undersigned
consents to the service of process by mailing copies of process to the
undersigned at its most recent mailing address to the records of the Lender.
The undersigned further agrees that any action or proceeding brought against
the Lender may be brought only in a New York State or United States Federal
court sitting in New York County.

     The undersigned agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in any other jurisdiction
by suit or proceeding in such state and hereby waives any defense on the basis
of an inconvenient forum. Nothing herein shall affect the right of the Lender
to serve legal process in any other manner permitted by law or affect the
right of the Lender to bring any action or proceeding against the undersigned
or its property in the courts of any other jurisdiction.

     10.     WAIVER OF JURY TRIAL.

     THE UNDERSIGNED AND THE LENDER EACH WAIVE ANY RIGHT TO JURY TRIAL.
     -----------------------------------------------------------------

     11.     NOTICES.

     Unless otherwise agreed in writing, notices may be given to the Lender and
the undersigned at their telecopier numbers (confirmed by telephone to their
telephone numbers) or addresses listed on the signature page of this Agreement,
or such other telecopier (and telephone) number or addresses communicated in
writing by either party to the other. Notices to the Lender are effective on
receipt.

     12.     MISCELLANEOUS.

     (a) The Lender may assign any of the Collateral and any of its interests
in this Agreement (and may assign the Liabilities to any party) and will be
fully discharged from all responsibility as to the assigned Collateral. That
assignee will have all the powers and rights of the Lender hereunder, but only
as to the assigned Collateral.
     (b) No amendment or waiver of any provision of this Agreement nor consent
to any departure by the undersigned will be effective unless it is in writing
and signed by the undersigned and the Lender and will be effective only in that
specific instance and for that specific purpose. No failure on the part of the
Lender to exercise, and no delay in exercising, any right will operate as a
waiver or proclude any other or further exercise or the exercise of any other
right.
     (c) The rights and remedies in this Agreement are cumulative and not
exclusive of any rights and remedies which the Lender may have under law or
under other agreements or arrangements with the undersigned or any Liability
Party.
     (d) The provisions of this Agreement are intended to be severable. If for
any reason any provision of this Agreement is not valid or enforceable in whole
or in part in any jurisdiction, that provision will, as to

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that jurisdiction, be ineffective to the extent of that invalidity or
unenforceability without in any manner affecting  the validity or enforceability
in any other jurisdiction or the remaining provisions of this Agreement.
     (e) The term "undersigned" will include all signatories, if more than one,
and the terms, covenants and conditions and the representations and warranties
will be joint and several. The term "undersigned" will also include the heirs,
executors, administrators, assigns and successors of the undersigned.
     (f) The undersigned hereby waives presentment, notice of dishonor and
protest of all instruments included in or evidencing the Liabilities or the
Collateral and any other notices and demands, whether or not relating to those
instruments.
     (g) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE
LAWS OF THE STATE OF NEW YORK.

IN WITNESS WHEREOF, the undersigned has signed this Agreement this 30 day of
April, 2002.

                                                /s/ Robert A. Levinson
                                                ---------------------------
                                                ROBERT A. LEVINSON

Address for notices:
-------------------

c/o Levcor International, Inc.
462 Seventh Avenue, 20th Floor
New York, New York 10018-7423
Telecopier:
Telephone:

ACCEPTED:
--------

JPMORGAN CHASE BANK

By: /s/ Juan Zaire
    -----------------------
Name:   Juan Zaire
Title:  V.P.

Address for notices to the Lender:
---------------------------------

JPMorgan Chase Bank
Middle Market Banking
1411 Broadway, 5th Floor
New York, New York 10018
Attn:        Taryn E. Isherwood
Telecopier:  (212) 391-2102
Telephone:   (212) 391-6130

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                                                   EXHIBIT A

                         DESCRIPTION OF THE COLLATERAL

ALL ASSETS HELD OR TO BE HELD IN THE FOLLOWING CUSTODY OR SUBCUSTODY ACCOUNTS,
SAFEKEEPING ACCOUNTS, INVESTMENT MANAGEMENT ACCOUNTS AND/OR OTHER ACCOUNT WITH
INTERMEDIARY:

Type of Account          Account Number              Entity/Location
---------------          --------------              ---------------

Investment              834-27032-15 677          399 Park Avenue, 5th Floor
                                                    New York, New York 10022

                                       8<PAGE>

                                                              Exhibit 10.7

[JPMORGAN LOGO]                                     MIDDLE MARKET BANKING

                                PROMISSORY NOTE

$3,000,000                                                        May 3, 2002

        For value received, on May 3, 2004, the undersigned hereby promises to
pay to the order of JPMORGAN CHASE BANK (hereinafter the "Bank") at its offices
at 1411 Broadway, New York, New York, the principal amount of THREE MILLION
Dollars ($3,000,000) or the unpaid principal amount of this note.

        The undersigned promises to pay interest on the unpaid balance of the
principal amount of this note (the "Loan") from and including the date of the
Loan to the last day of the Interest Period thereof at a fixed rate per annum
equal to the Adjusted LIBO Rate applicable to such Loan plus .75% (a "Eurodollar
Loan"). Any principal not paid when due shall bear interest from and including
the date due until paid in full at a rate per annum equal to the Default Rate.
Interest shall be payable on the relevant Interest Payment Date and shall be
calculated on the basis of a year of 360 days for the actual number of days
elapsed. Any extension of time for the payment of the principal of this note
resulting from the due date falling on a non-Banking Day shall be included in
the computation of interest.

        The date, amount, rate of interest and maturity date of the Loan and
payment(s) (if any) of principal, and the outstanding principal balance of the
Loan shall be recorded by the Bank on its books and records (which may be
electronic in nature) and at any time and from time to time may be, and shall
be prior to any transfer and delivery of this note, entered by the Bank on the
schedule attached or any continuation of the schedule attached hereto by the
Bank. Any such entries shall be conclusive in the absence of manifest error.
The failure by the Bank to make any or all such entries shall not relieve the
undersigned from its obligation to pay any and all amounts due hereunder.

        1. DEFINITIONS. The terms listed below shall be defined as follows:

        "Adjusted LIBO Rate" means the LIBO Rate for such Loan divided by one
minus the Reserve Requirement.

        "Banking Day" means any day on which commercial banks are not
authorized or required to close in New York City and whenever such day relates
to a Eurodollar Loan or notice with respect to any Eurodollar Loan, a day on
which dealings in U.S. dollar deposits are also carried out in the London
interbank market.

        "Code" means the Uniform Commercial Code of the State of New York.

        "Default Rate" means, in respect of any amount not paid when demanded,
a rate per annum during the period commencing on the date of demand until such
amount is paid in full equal to: (a) if a Prime Loan, a floating rate of 4%
above the rate of interest thereon; (b) if a Eurodollar Loan, a fixed rate of
4% above the rate of interest in effect thereon at the time of demand until the
last day of the Interest Period thereof and, thereafter, a floating rate of 4%
above the rate of interest for a Prime Loan (including any margin).

        "Event of Default" means each of the events stated in Section 7.

<PAGE>

        "Facility Documents" means this note or any document executed by the
undersigned or by any Third Party granting security or support for this note
and all other agreements, instruments or other documents executed by the
undersigned or a Third Party or otherwise executed in connection with this
note, whether by guaranty, subordination, grant of a security interest or any
other credit support, or which is contained in any certificate, document,
opinion, financial or other statement furnished at the time under or in
connection with any Facility Document.

        "Interest Payment Date" means (a) with respect to any Prime Loan, the
last day of each month or (b) with respect to any Eurodollar Loan, the last
day of the Interest Period applicable to which such Loan is a part and, in the
case of a Eurodollar Loan with an Interest Period of more than three months'
duration, each day prior to the last day of such Interest Period that occurs at
intervals of three months' duration after the first day of such Interest Period.

        "Interest Period" means with respect to any Eurodollar Loan, the period
commencing on the date of such Loan and ending on the numerically corresponding
day in the calendar month that is one, two, three or six months (or, with the
consent of the Bank, nine or twelve months) thereafter, as the undersigned
may elect; provided, that (i) if any Interest Period would end on a day other
than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless, in the case of a Eurodollar Loan only, such
next succeeding Business Day would fall in the next calendar month, in which
case such interest Period shall end on the next preceding Business Day and (ii)
any Interest Period pertaining to a Eurodollar Loan that commences on the last
Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the last calendar month of such Interest
Period) shall end on the last Business Day of the last calendar month of such
Interest Period. For purposes hereof, the date of a Loan initially shall be the
date on which the Loan is made and, in the case of the continuation of the
Loan, thereafter shall be the effective date of the most recent conversion or
continuation of the Loan.

        "Liabilities" means all obligations and liabilities of the undersigned
to the Bank or its affiliates of whatever nature, including payment of this
note, whether now existing or hereafter incurred or acquired, whether matured
or unmatured, liquidated or unliquidated, direct or indirect, absolute or
contingent, primary or secondary, sole, joint, several or joint and several,
secured or unsecured.

        "LIBO Rate" means, with respect to any Eurodollar Loan for any
Interest Period, the rate quoted by the principal London branch of the Bank at
approximately 11:00 a.m. London time two (2) Business Days' prior to the first
day of such Interest Period for the offering to leading banks in the London
interbank market of dollar deposits in immediately available funds, for a period
and in an amount, comparable to such Interest Period and the principal amount
of such Eurodollar Loan, as it appears on Page 3756 of the Dow Jones Market
Service.

        "Prime Loan" means any Loan with interest payable at the Prime Rate.

        "Prime Rate" means that floating rate of interest from time to time
announced by the Bank at the Principal Office as its prime rate. The Prime Rate
shall be automatically adjusted on the date of any change thereto.

        "Principal Office" means the principal office of the Bank, currently
located at 270 Park Avenue, New York, New York 10017.

        "Regulation D" means Regulation D of the Board of Governors of the
Federal Reserve System.

        "Regulatory Change" means any change after the date of this note in
United States federal, state or municipal laws or any foreign laws or
regulations (including Regulation D) or the adoption or making after such
date of any interpretations, directives or requests applying to a class of
banks, including the Bank, of or under any United States federal, state or
municipal laws or any foreign laws or regulations (whether or not having
the force of law) by any court or governmental or monetary authority charged
with the interpretation or administration thereof.

        "Reserve Requirement" means, for any Eurodollar Loan, the average
maximum rate at which reserves (including any marginal, supplemental or
emergency reserves) are required to be maintained during the term.

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of such Loan under Regulation D by member banks of the Federal Reserve System
in New York City with deposits exceeding one billion U.S. dollars, or as
otherwise established by the Board of Governors of the Federal Reserve System
and any other banking authority to which the Bank is subject, against
"Eurocurrency liabilities" (as such term is used in Regulation D). Without
limiting the effect of the foregoing, the Reserve Requirement shall reflect any
other reserves required to be maintained by such member banks by reason of any
Regulatory Change against (x) any category of liabilities which includes
deposits by reference to which the LIBO Rate is to be determined or (y) any
category of extensions of credit or other assets which include Eurodollar Loans.
The Reserve Requirement shall be adjusted automatically on and as of the
effective date of any change in any reserve percentage.

        "Third Party" means any third party who supports or is liable with
respect to this note due to the execution of any document granting support or
security for this note, whether by guaranty, subordination, grant of security
or any other credit support.

        2.  BORROWINGS AND PREPAYMENTS. The undersigned shall give the Bank
notice of the borrowing request by 12:00 noon, New York City time three (3)
Banking Days prior to each requested borrowing of a Eurodollar Loan and by
12:00 noon New York City time on the date of each requested borrowing of a
Prime Loan; provided that no Loan shall be in an amount equal to the lesser of
(i) $3,000,000 or (ii) the unpaid principal amount of this note. The undersigned
shall have the right to make prepayments of principal at any time or from
time to time; provided that: (a) the undersigned shall give the Bank irrevocable
notice of each prepayment by 12:00 noon New York City time three (3) days prior
to prepayment of a Eurodollar Loan and by 12:00 noon New York City time on the
date of prepayment of a Prime Loan; (b) Eurodollar Loans may be prepaid prior
to the last day of the Interest Period thereof only if accompanied by payment
of the additional payments calculated in accordance with paragraph 5 below;
and (c) all prepayments shall be in a minimum amount equal to the lesser of
$500,000 or the unpaid principal amount of this note. If the undersigned fails
to notify the Bank, in accordance with the terms hereof, prior to the maturity
date of any Eurodollar Loan to continue such Loan as a Eurodollar Loan, such
Loan shall be converted to a Prime Loan on its maturity date. Borrower may not
reborrow from the Bank any principal amount prepaid by the Borrower.

        3.  ADDITIONAL COSTS. (a) If as a result of any Regulatory Change which
(i) changes the basis of taxation of any amounts payable to the Bank under the
note (other than taxes imposed on the overall net income of the Bank or the
lending office by the jurisdictions in which the Principal Office of the Bank
or the lending office are located) or (ii) imposes or modifies any reserve,
special deposit, deposit insurance or assessments, minimum capital, capital
ratios or similar requirements relating to any extension of credit or other
assets of, or any deposits with or other liabilities of the Bank, or (iii)
imposes any other condition affecting this note, the Bank determines (which
determination shall be conclusive absent manifest error) that the cost to it
of making or maintaining a Eurodollar Loan is increased or any amount received
or receivable by the Bank under this note is reduced, then the undersigned will
pay to the Bank on demand an additional amount that the Bank determines will
compensate it for the increased cost or reduction in amount.

        (b)  Without limiting the effect of the foregoing provisions of this
Section 3 (but without duplication), the undersigned shall pay to the Bank
from time to time on request such amounts as the Bank may determine to be
necessary to compensate the Bank for any costs which it determines are
attributable to the maintenance by it or any of its affiliates pursuant to any
law or regulation of any jurisdiction or any interpretation, directive or
request (whether or not having the force of law and whether in effect on the
date of this note or thereafter) of any court or governmental or monetary
authority of capital in respect of the Loans hereunder (such compensation to
include, without limitation, an amount equal to any reduction in return on
assets or equity of the Bank to a level below that which it could have achieved
but for such law, regulation, interpretation, directive or request).

        4.   UNAVAILABILITY, INADEQUACY OR ILLEGALITY OF LIBO RATE.  Anything
herein to the contrary notwithstanding, if the Bank determines (which
determination shall be conclusive) that:

                                       3

<PAGE>

        (a)   quotations of interest rates for the relevant deposits referred
to in the definition of LIBO Rate are not being provided in the relevant
amounts or for the relevant maturities for purposes of determining the rate
of interest for a Eurodollar Loan; or

        (b)   the definition of LIBO Rate does not adequately cover the cost to
the Bank of making or maintaining a Eurodollar Loan; or

        (c)   as a result of any Regulatory Change (or any change in the
interpretation thereof) adopted after the date hereof, the Principal Office of
the Bank or the lending office is subject to any taxes, reserves, limitations,
or other charges, requirements or restrictions on any claims of such office on
non-United States residents (including, without limitation, claims on
non-United States offices or affiliates of the Bank) or in respect of the
excess above a specified level of such claims; or

        (d)    it is unlawful for the Bank or the lending office to maintain
any Eurodollar Loan at the LIBO Rate;

THEN, the Bank shall give the undersigned prompt notice thereof, and so long as
such condition remains in effect, any existing Eurodollar Loan shall bear
interest as a Prime Loan and the Bank shall make no Eurodollar Loans.

        5.     BREAK FUNDING PAYMENTS.  In the event of (a) the payment of any
principal of any Eurodollar Loan other than on the last day of an Interest
Period applicable thereto (including as a result of an Event of Default), (b)
the conversion of any Eurodollar Loan other than on the last day of the
Interest Period applicable thereto, or (c) the failure to borrow, convert,
continue on the date specified in any notice delivered by the undersigned
pursuant hereto, then, in any such event, the undersigned shall compensate the
Bank for the loss, cost and expense attributable to such event. In the case of a
Eurodollar Loan, such loss, cost or expense to the Bank shall be deemed to
include an amount determined by the Bank to be the excess, if any, of (i) the
amount of interest which would have accrued on the principal amount of such
Eurodollar Loan had such event not occurred, at the Adjusted LIBO Rate that
would have been applicable to such Eurodollar Loan, for the period from the date
of such event to the last day of the then current Interest Period therefor (or,
in the case of a failure to borrow, convert or continue, for the period that
would have been the Interest Period for such Eurodollar Loan), over (ii) the
amount of interest which would accrue on such principal amount for such period
at the interest rate which the Bank would bid were it to bid, at the
commencement of such period, for dollar deposits of a comparable amount and
period from other banks in the eurodollar market. A certificate of the Bank
setting forth any amount or amounts that the Bank is entitled to receive
pursuant to this Section shall be delivered to the undersigned and shall be
conclusive absent manifest error. The undersigned shall pay the Bank the
amount shown as due on any such certificate within 10 days after receipt
thereof.

        6.    RIGHTS, LIENS, ETC. AGAINST ASSETS WITH CHASE.  The undersigned
hereby irrevocably grants to the Bank a right of set-off against or to debit,
charge or redeem, and/or a lien on and security interest in and collateral
assignment of, (a) all moneys, deposit accounts or balances, securities,
securities entitlements, financial assets or securities accounts or any other
items, personal property or interests therein of the undersigned now or
hereafter in or under the possession, custody or control of the Bank or any of
its affiliates, correspondents or agents for any purpose or reason whatsoever
(including for safekeeping, custody, pledge, transmission or collection) and
(b) all credits, debts, claims or other liabilities which the undersigned may
now or hereafter have or assert from or against the Bank or any of its
affiliates (all of the foregoing, collectively, "Assets With Bank"), in each
such case as an additional mechanism or remedy, or as collateral security, for
obtaining payment of this note and all other Liabilities, and irrevocably
authorizes the Bank upon the occurrence of any Event of Default to exercise
any or all of the foregoing rights and remedies, without notice or demand,
in order to sell, redeem, offset, debit, charge or otherwise dispose of or
liquidate into cash any such Assets With Bank and/or to apply them or the
proceeds thereof to repay any of the Liabilities in such amounts as it in its
sole discretion may select (regardless of whether any such Liabilities are
contingent, unliquidated or unmatured or whether the Bank has any other
recourse to the undersigned, any other person or entity or any other collateral
or assets with respect thereto). In furtherance of the foregoing, the
undersigned further irrevocably authorizes the Bank at its discretion to
notify any affiliate of any of the foregoing rights, liens, etc. and/or to
transfer or register any Assets With Bank in its own name or in nominee name
and to exercise any and all other rights, powers and privileges relating
thereto.

                                       4

<PAGE>

        7.   EVENTS OF DEFAULT.  If any of the following events of default
shall occur with respect to any of the undersigned or any Third Party:

        (a)  the undersigned shall fail to pay any principal payable under
this note, as and when due and payable; or

        (b)  the undersigned shall fail to pay any interest or any other
amount payable under this note within five (5) days after interest or any such
amount is due and payable; or

        (c)  the undersigned or any Third Party shall fail to perform or observe
any covenant or agreement contained in any Facility Document, and such failure
shall continue for 30 consecutive days; or

        (d)  the undersigned or any Third Party shall fail to pay when due any
indebtedness (including but not limited to indebtedness (or borrowed money) or
if any such indebtedness shall become due and payable, or be capable of being
due and payable at the option of the holder thereof, prior to the scheduled
maturity thereof; or

        (e)  the undersigned or any Third Party: (i) shall generally not, or
be unable to, or shall admit in writing its inability to, pay its debts as
such debts become due; (ii) shall make an assignment for the benefit of
creditors; (iii) shall commence any proceeding or file a petition seeking relief
under any bankruptcy, insolvency, reorganization, receivership, dissolution,
liquidation or other similar Federal, state or foreign law or seeking the
appointment of a receiver, trustee, custodian, conservator or similar
official for all or a substantial part of its property or (iv) shall have any
such proceeding commencement or petition filed against it and the same shall
remain undismissed for a period of 30 days or shall consent or acquiesce
thereto; or

        (f)  if the undersigned or any Third Party is an individual, such
individual shall die or be declared incompetent; or

        (g)  the undersigned or any Third Party shall merge or consolidate
with or into, or convert into, any other legal entity; or

        (h)  any Facility Document shall at any time and for any reason
cause to be in full force and effect or shall be declared null and void, or
the undersigned or any relevant Third Party shall deny or contest any further
liability or obligation thereunder or the validity or enforceability thereof
or of any lien or security interest caused thereby; or

        (i)  any lien, mortgage, pledge, security interest or other
encumbrance of any kind shall be created or imposed upon any property or asset
of the undersigned or any Third Party without the Bank's written consent
thereto, except for (i) liens imposed by law for taxes that are not yet due
or are being contested in good faith by appropriate proceedings, for which the
undersigned or any Third Party has set aside on its books adequate reserves
with respect thereto in accordance with generally accepted accounting principles
and the failure to make payment pending such contest could not reasonably be
expected to have a material adverse effect upon the undersigned or any
Third Party; (ii) carriers' warehousemen's, mechanics', materialmen's,
repairmen's and other like liens imposed by law, arising in the ordinary
course of business and securing obligations that are not overdue by more than
30 days or are being contested in good faith by appropriate proceedings, for
which the undersigned or any Third Party has set aside on its books adequate
reserves with respect thereto in accordance with generally accepted accounting
principles and the failure to make payment pending such contest could not
reasonably be expected to have a material adverse effect upon the undersigned
or any Third Party; (iii) pledges and deposits made in the ordinary course of
business in compliance with workers' compensation, unemployment insurance
and other social security laws or regulations; (iv) deposits to secure the
performance of bids, trade contracts, leases, statutory obligations, surety
and appeal bonds, performance bonds and other obligations of a like nature, in
each case in the ordinary course of business; (v) judgment liens in respect of
judgments that do not constitute an Event of Default under clause (k) of this
Section 7; and (vi) easements, zoning restrictions, rights-of-way and similar
encumbrances on real property imposed by law or arising in the ordinary course
of business that do not secure any monetary obligations and do not materially
detract

                                       5
<PAGE>

from the value of the affected property or interfere with the ordinary conduct
of business of the undersigned or any subsidiary or any Third Party; or

        (j)   any action or proceeding before any court or governmental agency
or authority which involves forfeiture of any property or assets of the
undersigned or a Third Party shall have been commenced or if any such
forfeiture or other seizure or assumption of custody or control over such assets
by any court or governmental agency or authority shall occur; or

        (k)   one or more verdicts, judgments, decrees or orders for the
payment of money in excess of $50,000 in the aggregate shall be rendered
against the undersigned and shall continue in effect for a period of 30
consecutive days without being vacated, or stayed pending appeal (or the
satisfaction or bonding of any such verdict, judgment, decree or order shall,
in the Bank's reasonable judgment, constitute a material adverse change), any
proceedings to execute any such verdict, judgment, decree or order shall be
commenced, or if any attachment, distraint, levy or other restraint shall be
placed upon any property or assets of the undersigned or any Third Party;

THEN, in any such case, the unpaid principal amount of this note, together
with accrued interest and all other Liabilities, shall immediately become due
and payable without any notice or other action by the Bank. The undersigned
waive(s) presentment, notice of dishonor, protest and any other notice or
formality with respect in this note. All rights and remedies provided in this
note or otherwise available to the Bank shall be cumulative and not exclusive
and each may be exercised by the Bank from time to time and as often as may
be necessary.

        8.    ENFORCEMENT.  The Bank may, at its option, at any time when in
the judgment of the Bank the Assets With Bank are inadequate or the Bank deems
itself insecure, or upon or at any time after the occurrence of an Event of
Default, proceed to enforce payment of the same and exercise any of or all the
rights and remedies afforded the Bank by the Code or otherwise possessed by
the Bank. Any requirement of the Code for reasonable notice to the undersigned
shall be deemed to have been complied with if such notice is mailed, postage
prepaid, to the undersigned and such other persons entitled to notice, at the
addresses shown on the records of the Bank at least four (4) Business Days
prior to the time of sale, disposition or other event requiring notice under
the Code.

        9.    TRANSFER.  Upon any transfer of this note, the undersigned hereby
waiving notice of any such transfer, the Bank may deliver the Assets With Bank
or any part thereof to the transferee who shall thereupon become vested with
all the rights herein or under applicable law given to the Bank with respect
thereto and the Bank shall thereafter forever be relieved and fully discharged
from any liability or responsibility in the matter; but the Bank shall retain
all rights hereby given to it with respect to any Liabilities and Assets With
Bank not so transferred. No modification or waiver of any of the provisions of
this note shall be effective unless in writing, signed by the Bank, and only to
the extent therein set forth; nor shall any such waiver be applicable except
in the specific instance for which given. This agreement sets forth the entire
understanding of the parties, and the undersigned acknowledges that no oral or
other agreements, conditions, promises, understandings, representations or
warranties exist in regard to the obligations hereunder, except those
specifically set forth herein.

        10.   JURISDICTION AND WAIVER.   The undersigned hereby irrevocably
consents to the in personam jurisdiction of the federal and/or state courts
located within the State of New York over controversies arising from or
relating to this note or the Liabilities and irrevocably waives trial by jury
and the right to interpose any counterclaim or offset of any nature in any
such litigation. The undersigned further irrevocably waives presentment, demand,
protest, notice of dishonor and all other notices or demands of any kind in
connection with this note or any Liabilities.

        11.   MISCELLANEOUS.  Each reference herein to the Bank shall be
deemed to include its successors, endorsees, and assigns, in whose favor the
provisions hereof shall also inure. Each reference herein to the undersigned
shall be deemed to include the heirs, executors, administrators, legal
representatives, successors and assigns of the undersigned, all of whom shall
be bound by the provisions hereof.

                                       6

<PAGE>

        The undersigned agrees to pay to the Bank, as soon as incurred, all
costs and expenses incidental to the care, preservation, processing sale or
collection of or realization upon any of or all the Assets With Bank or incurred
in connection with the enforcement or collection of this note, or in any way
relating to the rights of the Bank hereunder, including reasonable inside or
outside counsel fees and expenses. Each and every right and remedy hereby
granted to the Bank or allowed to it by law shall be cumulative and not
exclusive and each may be exercised by the Bank from time to time and as often
as may be necessary. The undersigned shall have the sole responsibility for
notifying the Bank in writing that the undersigned wishes to take advantage of
any redemption, conversion or other similar right with respect to any of the
Assets With Bank. The Bank may release any party (including any partner of any
undersigned) without notice to any of the undersigned, whether as co-makers,
endorsers, guarantors, sureties, assigns or otherwise, without affecting the
liability of any of the undersigned hereof or any partner of any undersigned
hereof.

                                       7
<PAGE>

        12.   GOVERNING LAW.  This note shall be governed by and construed in
accordance with the laws of the State of New York and, as to interest rates,
applicable Federal law.

                                         LEVCOR INTERNATIONAL, INC.

                                      By:   /s/ [signature illegible]
                                            ----------------------------
                                      Name:
                                      Title:  President

                                      Address:  462 Seventh Avenue, 20th Floor
                                                New York, New York 10018-7423

                                       8

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