Existing Term Note and Credit Note Clause Samples

Existing Term Note and Credit Note. Lender is the holder of that $3.1 million principal amount Promissory Note dated February 29, 1996, made by Borrower payable to Lender (the "Term Note"), payment of which is secured by Borrower's interest in the Company under that Security Agreement dated February 29, 1996 (the "1996 Security Agreement"); and also the holder of that $28,166,666 principal amount Line of Credit Note dated April 15, 1997, made by Borrower payable to Lender (the "Credit Note"), payment of which is secured by Borrower's interest in East West Resort Development, L. P. and EWRD Summit Holdings, L. P. (East West Partnerships"). To induce Lender to enter into this Agreement and advance the Commitment Amount to Borrower, Borrower agrees to grant Lender a security interest in Borrower's East West Partnerships to secure payment of the Note and to amend and restate the 1996 Security Agreement to provide that the Borrower's interest in the Company shall secure payment of the Note as well as the Term Note.