LOAN AND SECURITY AGREEMENTLoan and Security Agreement • July 29th, 2008 • Diversified Restaurant Holdings, Inc. • Services-management services • Michigan
This LOAN AND SECURITY AGREEMENT (this "Agreement") entered into at Providence, Rhode Island. as of June 25, 2008, between AMC Petoskey, Inc., a Michigan corporation, with its chief executive office located at 2180 Anderson Road Suite 110, Petoskey, Michigan 49770 (the "Borrower") and Charter One, a division of RBS Citizens, N.A., a national banking association, with an address of One Citizens Plaza, Providence, Rhode Island 02903 (the "Bank").
TERM NOTEDiversified Restaurant Holdings, Inc. • July 29th, 2008 • Services-management services
For value received, the undersigned AMC Petoskey, Inc., a Michigan corporation, with an address of 2180 Anderson Road Suite 110, Petoskey, Michigan 49770 (the "Borrower"), promises to pay to the order of Charter One, a division of RBS Citizens, NA, a national banking association with an address of One Citizens Plaza, Providence, Rhode Island 02903 (together with its successors and assigns, the "Bank"), the principal amount of Eight Hundred Three Thousand Two Hundred Thirty-Nine Dollars and Zero Cents ($803,239.00) on or before June 25, 2015 (the "Maturity Date"), as set forth below, together with interest from the date hereof on the unpaid principal balance from time to time outstanding until paid in full. The Borrower shall pay consecutive monthly installments of principal, as described in Rider A commencing on July 25, 2008, and the same amount (except the last installment which shall be the unpaid balance) on the 25th day of each month thereafter, until changed in accordance with th
