Document:

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                                                                    EXHIBIT 4.4

                                  MORTGAGE NOTE

$300,000.00                                                    FEBRUARY 6, 2004

FOR VALUE RECEIVED, Metalico, Inc., a Delaware corporation ("Maker"), located at
186 North Avenue East, Cranford, New Jersey hereby promises to pay Michael J.
Drury ("Payee") or to an assignee of Payee approved by Maker which approval
shall not be unreasonably withheld, in the lawful money of the United States of
America, the principal sum of Three Hundred Thousand Dollars ($300,000) plus
five percent interest (5%) ("Mortgage Note"). The Mortgage Note will be payable
in monthly installments of $1,250 with a one year balloon terminating on
February 5, 2005. This Mortgage Note is issued by Maker to Payee in accordance
with Makers' Board of Director resolution dated January 16, 2004 attached hereto
as EXHIBIT "A". Proceeds from the Mortgage Note were used for funding of a Bank
of America Note payoff and Warrant retirement in the amount of $637,284 and
general working capital needs of Maker.

1.       SECURITY. This Mortgage Note is secured by the land owned by
Metalico-Evans, Inc., a wholly owned subsidiary of Maker, that certain lot,
tract or parcel of real estate more particularly described on EXHIBIT "B"
("Land") attached hereto.

2.       PAYMENT OF INTEREST. The Mortgage Note carries interest at five percent
(5%) per annum payable in monthly installments of $1,250 made every month,
commencing on the first day of the month immediately following the date of
closing of the Mortgage Note and the first day of the month thereafter.

3.       REPAYMENT OF PRINCIPAL. The principal of this Mortgage Note is payable
on February 5, 2005. The principal of this Mortgage Note may be voluntarily
prepaid at any time without penalty.

4.       MORTGAGE NOTE SUBORDINATE TO BANK INDEBTEDNESS. The indebtedness
represented by this Mortgage Note and the payment of principal and interest on
this Mortgage Note are hereby expressly understood to be subordinate to the
right of payment to Wells Fargo Foothill Corporation (f/k/a Foothill Capital
Corporation) under the terms of that certain Loan and Security Agreement dated
May 31, 2001 and the related loan documents, except that, this Mortgage Note in
the Land shall be a first lien and not subordinate to any other loan and
security agreement.

5.       COVENANTS. Maker hereby covenants and agrees with the Payee hereof, so
long as any amount due under this Mortgage Note is outstanding, upon request of
Payee, Maker will execute and deliver such further instruments and do such
further acts as may be reasonable necessary or proper to carry out more
effectively the purposes of this Mortgage Note.

6.       EVENTS OF DEFAULT. If one or more of the following events occurs,
namely:

(a)      If there is a failure in the interest payment, when the same becomes
due and payable, and such failure continues for 60 days after receipt by Maker
of written notice of such default; or

(b)      Maker fails to comply with any of its covenant or agreements in this
Mortgage Note, and such failure continues for 60 days after receipt by Maker of
written notice of such default; or

(c)      Maker (i) admits in writing its inability to pay its debts as they come
due, or will make a general assignment for the benefit of creditors; (ii)
commences any case, proceeding or other action seeking reorganization,
arrangement, adjustment, liquidation, dissolution or composition of it or its
debts under any law relating to bankruptcy, insolvency, reorganization or relief
of debtors, or seeking appointment of a receiver, trustee, custodian or other
similar official for it or for all of any substantial part of its property;

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(e)      Any case, proceeding or other action against Maker will be commenced
seeking to have an order for relief entered against Maker as debtor, or seeking
reorganization, arrangement, adjustment, liquidation, dissolution or composition
of Maker or its debts under any law relating to bankruptcy, insolvency,
reorganization or relief of debtors, or seeking appointment of a receiver,
trustee, custodian or other similar official for it or all or any substantial
part of its property, and such case, proceeding or other action remains
un-dismissed for a period of ninety (90) days;

(each, an "Event of Default") then upon the written notice of Payee in case of
an Event of Default under subparagraphs 6 above, and without any action taken by
Payee in the case of an Event of Default under subparagraphs 7 below, the entire
principal amount of this Mortgage Note will become immediately due and payable,
together with all accrued and unpaid interest thereon. Maker will pay on demand
all costs and expenses, including reasonable attorney's fees, incurred or paid
by Payee in enforcing or collecting any of the obligations of Maker hereunder.
As used herein, "Default" means any event which is, or after notice or passage
of time or both would be, an Event of Default.

7.       OTHER REMEDIES. In addition to any other remedies, Payee may foreclose
on this Mortgage Note. A delay or omission by Payee in exercising any right or
remedy accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of, or acquiescence in, the Event of Default. No remedy is
exclusive of any other remedy. All available remedies are cumulative.

8.       NOTICE REGISTERED FORM. Any notice or communication given under this
Mortgage Note will be in writing and be hand delivered, mailed by registered or
certified mail, postage prepaid, delivered by facsimile (with a telephonic
confirmation or answer-back) or by overnight courier as follows:

         (a)    If to Payee:    Michael J. Drury
                                200 Lorraine Drive
                                Berkeley Heights, NJ 07922

         (b)    If to Maker:    Eric W. Finlayson, Sr. Vice President & CFO
                                Metalico Inc.
                                186 North Ave. East
                                Cranford, NJ 07016

or at such other address as hereafter will be furnished in writing by the
addressed party to the other party. Delivery by hand will be deemed given when
personally delivered; delivery by registered or certified mail will be deemed
given three (3) business days after the same is posted; delivery by facsimile
will be deemed given when received; and delivery by overnight courier will be
deemed given the first business day following the date of timely deposit with
such courier.

9.       REPLACEMENT OF NOTE. On receipt of evidence reasonably satisfactory to
Maker of the loss, theft, destruction or mutilation of this Mortgage Note on
delivery of an indemnity agreement and/or security satisfactory in form and
amount to Maker or, in the case of any such mutilation, on surrender and
cancellation of such Mortgage Note, maker at its expense will execute and
deliver, in lieu thereof, a new Mortgage Note of like tenor.

10.      WAIVER: MODIFICATIONS IN WRITING. No failure or delay on the part of
Payee in exercising any right, power or remedy hereunder will operate as a
waiver thereof, nor will any single or partial exercise of any such right, power
or remedy preclude any other or further exercise thereof or the exercise of any
other right, power or remedy. The remedies provided for herein are cumulative
and are not exclusive of any remedies that may be available to Payee at law, in
equity.

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11.      SEVERABILITY. If any provision in this Mortgage Note is held invalid or
unenforceable by any court of competent jurisdiction, the other provisions of
this Mortgage Note will remain in full force and effect.

Any provision of this Mortgage Note held invalid or unenforceable only in part
or degree will remain in full force and effect to the extent not held invalid or
unenforceable.

12.      GOVERNING LAW WAIVER OF JURY. This Mortgage Note will be governed by
the laws of the State of New Jersey without regard to conflicts of laws
principles.

         THE PAYEE AND MAKER HEREBY VOLUNTARILY, IRREVOCABLY AND
         UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN
         RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR
         OTHERWISE, BETWEEN THE PAYEE AND MAKER ARISING OUT OF, IN
         CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE
         RELATIONSHIP ESTABLISHED BETWEEN MAKER AND THE PAYEE IN
         CONNECTION WITH THIS MORTGAGE NOTE. THIS PROVISION SHALL NOT
         IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR MODIFY THE PAYEE'S
         ABILITY TO PURSUE ITS REMEDIES CONTAINED HEREIN.

13.      PARTIES IN INTEREST. This Mortgage Note shall bind Maker and its
successors and assigns. This Mortgage Note shall not be assigned or transferred
by Payee without the express prior written consent of Maker, except by Will or,
in default thereof, by operation of law.

14.      SECTION HEADINGS. CONSTRUCTION. The headings of Sections in this
Mortgage Note are provided for convenience only and will not affect its
construction or interpretation. All references to "Section" or "Sections" refer
to the corresponding Section or Sections of this Mortgage Note unless otherwise
specified.

All words used in this Mortgage Note will be construed to be of such gender or
number as the circumstances require. Unless otherwise expressly provided, the
words "hereof' and "hereunder" and similar references refer to this Mortgage
Note in its entirety and not to any specific section or subsection hereof

IN WITNESS WHEREOF, Maker has executed and delivered this Mortgage Note as of
the date first stated above.

                                        METALICO, INC.

                                        ---------------------------------------
                                        By:  Eric W. Finlayson
                                        Title: Sr. Vice President & CFO

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                                                                    EXHIBIT 4.5

                                   DEMAND NOTE

$700,000.00                                                    FEBRUARY 9, 2004

         FOR VALUE RECEIVED, the undersigned, Metalico, Inc., a Delaware
Corporation, having executive offices in Cranford, New Jersey ("Maker") hereby
promises to pay to Carlos E. Aguero, the President and Chief Executive Officer
of Maker ("Payee"), in lawful money of the Untied States of America and in
immediately available funds, the principal sum of Seven Hundred Thousand Nine
($700,000.00), together with interest on the principal balance from time to time
outstanding at an annual rate of Five Percent (5%), at such address designated
by Payee (the "Note") payable as follows:

Interest is payable monthly and principal shall be due and payable in full on
Demand, but if Demand is not made payment in full no later than February 9,
2005, except that the Note may be redeemed within five (5) business days of the
date upon which Maker shall have completed an initial public offering of its
common stock (the "IPO").

The occurrence of any of the following shall constitute a default ("Default")
hereunder:

         (a)      if Maker shall fail to make payment of principal or interest
                  on this Note or any other note or obligation of Maker to Payee
                  within 14 days of when the same shall become due and payable;

         (b)      if a petition under any chapter of Title 11 of the United
                  States Code (or any similar law of the United States or other
                  jurisdiction) shall be filed by or against Maker.

         Upon or at any time after the occurrence of any Default the Payee or
         any holder hereof may declare due and payable the entire or any portion
         of the unpaid balance of the Note by giving Notice as provided
         hereunder. If, within fifteen (15) days following receipt of such
         Notice the Maker has not repaid all principal and interest demanded by
         said Notice, the Payee shall be entitled to a judgment in the amount of
         such principal and interest then due, and Payee shall have no other
         rights or remedies for Maker's default hereunder, in law or equity,
         except those rights and remedies to enforce only those entitlement
         specifically described herein.

         At the option of the Maker, the unpaid balance of this Note may be
         prepaid in whole or in part, from time to time, except that the Maker
         shall nevertheless remain liable to the Payee for any additional
         interest which it would otherwise have been required to pay had the
         Note not been prepaid.

         Except as otherwise expressly provided herein, the Maker of this Note
         hereby waives presentment for payment, demand for payment, dishonor,
         notice of dishonor, protest

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         and notice of protest, and any and all other requirements necessary to
         hold it liable as Maker.

         The liability of Maker hereunder shall be unconditional. No act,
         failure or delay by the holder hereof to declare a Default as set forth
         herein or to exercise any rights to declare such Default or to exercise
         any such right or remedy at such time as it shall determine in its sole
         discretion. The Maker further agrees to pay all costs of litigation in
         case it becomes necessary to protect the security hereof.

         This Note shall be binding upon Maker, its successors and assigns, and
         shall inure to the benefit of the Payee. The Payee shall not assign its
         rights hereunder.

         This Note is given and accepted as evidence of indebtedness only and
         not in payment or satisfaction of any indebtedness or obligation. Time
         is of the essence with respect to all of Maker's obligations and
         agreements under this Note.

         Dated: February 9, 2004

ATTEST:                                  METALICO, INC.  MAKER

                                         By:
----------------------------------          -----------------------------------
                                            Michael J. Drury
                                         Its: Executive Vice President

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