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PROMISSORY NOTE FOR VALUE RECEIVED, the undersigned (the "Debtor") promises to pay to the order of Raytech Corporation (the "Creditor"), at the address of Creditor at 100 Oakview Drive, Trumbull, CT 06611, or at such other place or places as the holder of this Note from time to time may designate in writing, the principal sum of Nine Hundred Fifty Thousand and No/100 Dollars ($950,000.00) in lawful money of the United States, together with interest in like lawful money from April 13, 1988 at the applicable annual rate set forth below, to be computed on the basis of the actual number of days elapsed and a year of 360 days (the "Debt"). 1. Payments and Maturity Date. Debtor shall pay the interest and principal of this Note as follows:The unpaid principal balance of the Debt, together with any interest accrued thereon, shall be due and payable in full from the date hereof. Debtor shall pay all amounts owing under this Note when due in full and in immediately available funds without setoff, counterclaim, deduction or withholding for any reason whatsoever. If payment falls due on a day other than a day on which commercial banks in Trumbull, Connecticut, are open for business (a "Business Day"), then such payment shall instead be made on the next succeeding Business Day, and interest shall accrue accordingly. 2. Interest Rate. The unpaid principal balance of the Debt shall bear interest from the date of this Note until maturity and thereafter until paid in full, except as otherwise provided herein, at the fixed annual rate of 7-1/2%.3. Governing Law. This Note shall be governed by, and construed and enforced in accordance with, the laws of the State of Connecticut.4. Miscellaneous. This Note cannot be changed or modified orally. Except as otherwise required by law or by the provisions of this Note, payments received by Creditor hereunder shall be applied first against expenses and indemnities, next against interest accrued on the Debt, and next in reduction of the outstanding principal balance of the Debt, except that during the continuance of any Event of Default Creditor may apply such payments in any order of priority determined by Creditor in its exclusive judgment. Except as otherwise required by the provisions of this Note, any notice required to be given to Debtor shall be deemed sufficient if made personally or if mailed, postage prepaid, to Debtor's address as it appears on the signature page of this Note (as the same may hereafter be changed by written notice to Creditor from the Debtor). All of the terms of this Note shall inure to the benefit of Creditor and its successors and assigns and shall be binding upon Debtors and their respective heirs, executors, administrators, personal representatives, successors and assigns.5. Execution. Debtor has subscribed its name to this Note without condition that anyone else should sign the same or become bound hereunder, and without any other condition whatsoever. This Note is signed, sealed and delivered as of the date first written above. ASBESTOS LITIGATION MANAGEMENT, INC. a Delaware corporation 101 South Hough, Suite 3 Barrington, IL 60010 By:_____________________