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Note Agreement

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Title:

Note Agreement

Entities:

Congoleum Corp.

Date:

2007

Size:

Preview shows 4KB of 97KB total

Price:

$46

ID:

#2833223

► Financing ► Note Agreements
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                                 NOTE AGREEMENT



                          Dated as of October __, 2006



                                 by and between



                          Gilbert Heintz & Randolph LLP

                                    as Debtor



                                       and



                              CONGOLEUM CORPORATION

                                  as Noteholder



{PAGE}



                                Table of Contents





ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS....................................1

  SECTION 1.01.     Certain Defined Terms......................................1

  SECTION 1.02      Computation of Time Periods; Accounting Terms.............10



ARTICLE II. AMOUNT AND TERMS OF THE DEBT......................................11

  SECTION 2.01.     Debt......................................................11

  SECTION 2.02.     Note Evidencing the Debt..................................11

  SECTION 2.03.     Interest and Principal....................................11

  SECTION 2.04.     Optional Prepayments......................................12

  SECTION 2.05.     Escrow Account; Mandatory Prepayments.....................12

  SECTION 2.06.     Payments and Computations.................................14



ARTICLE III. CONDITIONS.......................................................15

  SECTION 3.01.     Conditions Precedent......................................15



ARTICLE IV. REPRESENTATIONS AND WARRANTIES....................................16

  SECTION 4.01.     Representations and Warranties of Debtor..................16



ARTICLE V. COVENANTS OF THE BORROWER..........................................17

  SECTION 5.01.     Affirmative Covenants.....................................17

  SECTION 5.02.     Negative Covenants........................................20

  SECTION 5.03.     Reference Capital Call Liability..........................22



ARTICLE VI. EVENTS OF DEFAULT.................................................23

  SECTION 6.01.     Events of Default.........................................23



ARTICLE VII. MISCELLANEOUS....................................................25

  SECTION 7.01.     Amendments, Etc...........................................25

  SECTION 7.02.     Notices, Etc..............................................25

  SECTION 7.03.     No Waiver; Remedies.......................................26

  SECTION 7.04.     Costs and Expenses........................................26

  SECTION 7.05.     Right of Set-off..........................................27

  SECTION 7.06.     Binding Effect............................................27

  SECTION 7.07.     Governing Law; Consent to Jurisdiction....................27

  SECTION 7.08.     Execution in Counterparts.................................28

  SECTION 7.09.     Waiver of Jury Trial......................................28

  SECTION 7.10.     Enforcement by Trustee....................................28

  SECTION 7.11.     Lien Adjustment...........................................28

  SECTION 7.12.     Integration...............................................28



  Exhibits

  --------

  Exhibit A -  Form of Promissory Note

  Exhibit B -  Partnership Agreement

  Exhibit C -  Form of Security Agreement

  Exhibit D -  Payment Account





                                        i

{PAGE}



                                 NOTE AGREEMENT



      THIS NOTE AGREEMENT (as amended, modified or supplemented from time to

time, this "Agreement") is made and entered into as of October __, 2006, by and

between Gilbert Heintz & Randolph LLP, a District of Columbia limited liability

partnership ("Debtor") and Congoleum Corporation, a debtor-in-possession in the

case designated as Case No. 03-51524 (jointly administered) pending in the

United Stated Bankruptcy Court for the District of New Jersey ("Noteholder",

and, collectively with the Debtor, the "Parties").

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