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EXHIBIT 10.1
THE XXXXXX COMPANY, LLC
000 XXXXXX XXXXXXXX
XXX XXXXX XXXXXX
XXXXXXXXXXX, XXXXXXXXX 00000
January 19, 1999
PERSONAL AND CONFIDENTIAL
Xx. Xxxxx X. Xxxxx
The Xxxxxx Xxxxxx Golf Company
0000 Xxxxxxxx Xxxx Xxxx
Xxxxxxxx, XX 00000
Re: Xxxxxx Xxxxxx Golf Company - Term Loans and
Revolving Credit Loan of Northern Trust Company
Dear Xxxxx:
The Xxxx X. Xxxxxx Trust U/W Xxxxxx Xxxxxxx Xxxxxx ("Trust") acquired
the following loans of Northern Trust Company to the Xxxxxx Xxxxxx Golf Company
("APGC") on October 30, 1998.
1. The term loan to APGC (the "Borrower") evidenced by that certain
Term Note dated as of December 30, 1996 of the Borrower payable to the order of
the Bank in the original amount of $12,000,000.
2. The term loan to APGC evidenced by that certain Term Note dated
as of December 29, 1997 of the Borrower payable to the order of the Bank in the
original amount of $10,000,000.
3. The revolving credit loan to APGC evidenced by that certain
$12,000,000 face amount Master Note dated as of December 29, 1997.
The purpose of this letter is to confirm to you that the Trust has
agreed to place the notes representing such loans on a non-accrual basis for
the period from the date of such acquisition through December 31, 1998. As a
result, there will be no obligation on the part of APGC
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January 19, 1999
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to pay interest on such Notes for such period.
Yours very truly,
XXXX X. XXXXXX TRUST
U/W XXXXXX XXXXXX
/s/ Xxxxx X. Xxxxxxxxxx
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Xxxxx X. Xxxxxxxxxx Trustee
/s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx Trustee
/s/ Xxxx X. Xxxxxxxxxx, Xx.
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Xxxx X. Xxxxxxxxxx, Xx., Trustee
