Exhibit 10.21Loan and Security Agreement • April 15th, 2002 • Pelican Properties International Corp • Services-miscellaneous amusement & recreation
RECITALS: ---------Modification Agreement • April 15th, 2002 • Pelican Properties International Corp • Services-miscellaneous amusement & recreation • Illinois
BORROWER:Term Note • April 15th, 2002 • Pelican Properties International Corp • Services-miscellaneous amusement & recreation
FOR VALUE RECEIVED, the undersigned, WHEELING CITY CENTER HOTEL, LLC, a West Virginia limited liability company (hereinafter called "Borrower"), promises to pay to the order of WESBANCO BANK, INC., a West Virginia banking corporation (hereinafter called "Bank"), at the principal office of the Bank in Wheeling, West Virginia, or such other place as the holder hereof may designate in writing, the principal sum of TWO MILLION THREE HUNDRED SEVENTY-ONE THOUSAND SEVEN HUNDRED TWENTY-SIX DOLLARS AND FIFTY CENTS ($2,371,726.50), together with interest on the unpaid balance hereof at the fixed rate of Seven and One-half Percent (7-1/2%) per annum.
SECOND TERM NOTESecond Term Note • April 15th, 2002 • Pelican Properties International Corp • Services-miscellaneous amusement & recreation
FOR VALUE RECEIVED, the undersigned, WHEELING CITY CENTER HOTEL, LLC, a West Virginia limited liability company (hereinafter called "Borrower"), promises to pay to the order of WESBANCO BANK, INC., a West Virginia banking corporation (hereinafter called "Bank"), at its principal office, One Bank Plaza, Wheeling, West Virginia, or such other place as the holder may designate in writing, the principal sum of ONE HUNDRED THOUSAND NINE HUNDRED NINETY DOLLARS AND THIRTY-ONE CENTS ($100,990.31), together with interest on the unpaid balance hereof at a variable rate equal to the Bank's Base Rate, plus one percent (1%), per annum, fluctuating annually. The term Base Rate shall mean the rate of interest announced by the Bank from time to time as its prevailing commercial rate.
