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 12. 2008, between AMC Troy, Inc., a Michigan corporation, with its chief executive office located at 21751 W. Eleven Mila Road, Southfield, Michigan 48076 (the "Borrower") and Charter One, a division or RBS Citizens, N.A., a national banking association, with an address or 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 Troy, Inc., a Michigan corporation, with an address of 21751 W. Eleven Mile Road, Southfield, Michigan 48076 (the "Borrower"), promises to pay to the order of Charter One, a division at RBS Citizens, N.A., 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 One Million Thirteen Thousand Two Hundred Seventy Dollars and Zero Cents ($1.013,270.00) on or before June 12, 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 12, 2008. and the same amount (except the last installment which shall be the unpaid balance) on the 12lh day of each month thereafter, until changed in accordance with this N
