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                                                                    Exhibit 10.1


                                   TERM NOTE
                           (SINGLE PRINCIPAL PAYMENT)
                  (CORPORATION, PARTNERSHIP, OR JOINT VENTURE)

This Note has been executed by The Arnold Palmer Golf Company, a
corporation formed under the laws of the State of Tennessee ("Borrower"); if
more than one entity executes this Note, the term "Borrower" refers to each of
them individually and some or all of them collectively, and their obligations
hereunder shall be joint and several.* If a land trustee executes this Note,
"Borrower" as used in sections 6 and 7 below also includes any beneficiary(ies)
of the land trust.

FOR VALUE RECEIVED, Borrower promises to pay to the order of THE NORTHERN TRUST
COMPANY, an Illinois banking corporation (hereafter, together with any
subsequent holder hereof, called "Lender"), at its main banking office at 50
South LaSalle Street, Chicago, Illinois 60675, or at such other place as Lender
may direct, the principal sum of Ten Million and no/100 United States Dollars
($10,000,000.00) (the "Loan"), payable in full on December 29, 1999, the
scheduled maturity date of this Note.

1. INTEREST.

     Borrower agrees to pay interest on the unpaid principal amount from time
to time outstanding hereunder at the indicated rate (rate basis) per year, which
shall remain the same for the life of the Loan:

[CHECK ONE ONLY]

[ ]  (i) The "Prime-Based Rate", which shall mean the Prime Rate (as defined
below) plus _______ percent (_____%).

[ ]  (ii) The "WSI Prime Rate", meaning the Wall Street Journal Prime Rate plus
_______ percent (___%). "Wall Street Journal Prime Rate" means the highest
domestic Prime Rate as reported in the Money Rate Section of The Wall Street
Journal, in the edition covering the state where the main banking office of
Lender is located. If The Wall Street Journal stops reporting the "Wall Street
Journal Prime Rate", or if the "Wall Street Journal Prime Rate" is not available
on the relevant day. Lender will select a comparable index as a substitute for
the Wall Street Journal Prime Rate and will notify Borrower. Changes in the
interest rate resulting from a change in the Wall Street Journal Prime Rate
shall take effect on the date announced in The Wall Street Journal.

[X]  (iii) The "Fixed Rate", meaning a rate of interest equal to __________
percent (__________%).

"Prime Rate" means that rate of interest announced from time to time by Lender
called its prime rate, which rate may not at any time be the lowest rate
charged by Lender. Changes in the rate of interest on the Loan resulting from a
change in the Prime Rate shall take effect on the date set forth in each
announcement of a change in the Prime Rate.

     After the maturity of the Loan, whether by acceleration or otherwise, the
Loan shall bear interest until paid, at a rate equal to two percent (2%) in
addition to the rate in effect immediately prior to maturity (but not less than
the Prime Rate in effect at maturity).

N/A  Notwithstanding the foregoing, the maximum interest rate hereunder will not
exceed _______% per year.**

     Interest shall be computed for the actual number of days elapsed on the
basis of a year consisting of 360 days, including the date the Loan is made and
excluding the date the Loan or any portion thereof is paid or prepaid. Interest
shall be due and payable as follows:

[X]  Monthly, on the last day of each month, beginning January 31, 1998, with
all accrued but unpaid interest being due and payable in full with the final
principal payment due hereunder.

[ ]  Quarterly, on the ______________ day of each __________, ________,
_______, and ________ in each year, beginning ____________, with all accrued
but unpaid interest being due and payable in full with the final principal
payment due hereunder.

[X]  Other: ______________________________________.

After maturity interest shall be payable on demand.

2. PREPAYMENTS.

     If the Loan bears interest at the Prime-Based Rate or the WSJ Prime Rate,
Borrower may prepay the Loan without penalty or premium. If the Loan bears
interest at the Fixed Rate, and Borrower prepays the Loan in whole or in part,
or the maturity of the Loan is accelerated, then, to the fullest extent
permitted by law Borrower shall also pay Lender for all losses (including but
not limited to interest rate margin and any other losses of anticipated profits)
and expenses incurred by reason of the liquidation or re-employment of deposits
acquired by Lender to make the Loan or maintain principal outstanding at the
Fixed Rate. Upon Lender's demand in writing specifying such losses and expenses,
Borrower shall promptly pay them; Lender's specification shall be deemed correct
in the absence of manifest error. If bearing interest at the Fixed Rate, the
Loan shall be conclusively deemed to have been funded by or on behalf of Lender
by the purchase of a deposit corresponding in amount and in maturity to the
Loan.***

3. REFERENCES TO PREVIOUS NOTES, FACILITY TYPE, COLLATERAL, GUARANTIES, LOAN &
OTHER AGREEMENTS. (CHECK AS APPLICABLE)

[ ]  This Note evidences a transaction or term loan in the amount of this Note.

[ ]  This Note amends, restates, renews and replaces in its entirety the
note(s) dated ____________ in the amount of $ ________, and any previously
renewed note(s). Borrower hereby expressly confirms that all collateral and
guaranties given for such prior note(s) shall secure or guarantee this Note.
All amounts outstanding under such previous note(s) shall be deemed
automatically outstanding hereunder.

[X]  This Note is secured without limitation as provided in the following and
all related documents, in each case as amended, modified, renewed, restated or
replaced from time to time:

  [X]   Security Agreement dated as of May 15, 1997.

  [ ]   Mortgage dated as of ____________________ on property all or part of
which is commonly known as ____________________________________________.

  [X]   Pledge Agreement dated as of date hereof.

  [ ]   Other (describe) ______________________________________________.

[X]  Payment of this Note has been unconditionally guaranteed by John T. Lupton
(each individually and all collectively referred to as "guarantor") as provided
in separately executed guaranties.

[X]  This Note has been executed pursuant to a Note Purchase Agreement, dated
as of the date hereof, as amended, modified, restated, renewed, or replaced
from time to time, containing covenants and other terms, to which reference is
hereby made.

4. USE OF PROCEEDS. CHECK ONE:

[X]  Borrower represents and warrants that the proceeds of this Note will be
used solely for business purposes, and not for personal, family

*by the John T. Lupton Trust under the will of Thomas Cartte Lupton

*Insert "N/A" in any blank in this Note which is not applicable. This Note may
be used for single principal payment (bullet) term loans. **Fill in if Loans is
subject to Truth-in-Lending, secured by a dwelling and at the WSI Prime Rate
(maturity limit is 359 days, and do not use Prime-Based Rate in this case).
***Notwithstanding the above, if this Note is executed by a land trustee upon
the direction of an individual beneficiary(ies), unless the Loan is for
business purposes the Borrower shall NOT be liable for any such losses or
expenses, or any other charges for prepayment, if this Note is secured by
residential real estate and the interest rate hereon does or could exceed eight
per cent (8%) per annum on a calendar-year basis.
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[ ]  Borrower represents that the proceeds of this Note will be used for
personal, family or  household use.**

If Loan proceeds will be used to purchase or refinance the purchase of any
property describe:  n/a

Notwithstanding any other provision hereof, if this Note is covered by
Regulation Z of the Federal Reserve Board (Truth in Lending)or any like
disclosure requirement, this Note shall be secured by collateral referenced
herein or in any other document only if disclosed in a related disclosure
statement.

5. REPRESENTATIONS.

Borrower hereby represents and warrants to Lender that:

          (i) Borrower and any "Subsidiary" (as defined below) are existing and
          in good standing under the laws of their state of formation, are duly
          qualified, in good standing and authorized to do business in each
          jurisdiction where failure to do so might have a material adverse
          impact on the consolidated assets, condition or prospects of Borrower;
          the execution, delivery and performance of this Note and all related
          documents and instruments are within Borrower's powers and have been
          authorized by all necessary corporate, action;

          (ii) the execution, delivery and performance of this Note and all
          related documents and instruments have received any and all necessary
          governmental approval, and do not and will not contravene or conflict
          with any provision of law or of the charter or by-laws of Borrower or
          any agreement affecting Borrower or its property; and

          (iii) there has been no material adverse change in the business,
          condition, properties, assets, operations or prospects of Borrower or
          any guarantor since the date of the latest financial statements
          provided on behalf of Borrower or any guarantor to Lender.

     "Subsidiary" means any corporation, partnership, joint venture, trust, or
other legal entity of which Borrower owns directly or indirectly fifty percent
(50%) or more of the outstanding voting stock or interest, or of which Borrower
has effective control, by contract or otherwise.

6. EVENTS OF DEFAULT. The occurrence of any of the following shall constitute
an "Event of Default":

     (a)failure to pay, when and as due, any principal, interest or other
amounts payable hereunder; failure to comply with or perform any agreement or
covenant of Borrower contained herein; or failure to furnish (or caused to be
furnished to) Lender when and as requested by Lender (but not more often than
once ever twelve months) fully completed financial statement(s) of any guarantor
on Lender's then-standard form together with such supporting information as
Lender may reasonably request; or

     (b) any default, event of default, or similar event shall occur or
continue under any other instrument, document, note, agreement, or guaranty
delivered to Lender in connection with this Note, or any such instrument,
document, note, agreement, or guaranty shall not be, or shall cease to be,
enforceable in accordance with its terms; or

     (c) there shall occur any default or event of default, or any event or
condition that might become such with notice or the passage of time or both, or
any similar event, or any event that requires the prepayment of borrowed money
or the acceleration of the maturity thereof, under the terms of any evidence of
indebtedness or other agreement issued or assumed or entered into by Borrower,
any Subsidiary, or any guarantor, or under the terms of any indenture,
agreement, or instrument under which any such evidence of indebtedness or other
agreement is issued, assumed, secured, or guaranteed, and such event shall
continue beyond any applicable period of grace; or

     (d) any representation, warranty, schedule, certificate, financial
statement, report, notice, or other writing furnished by or on behalf of
Borrower, any Subsidiary, or any guarantor to Lender is false or misleading in
any material respect on the date as of which the facts therein set forth are
stated or certified; or

     (e) any guaranty of or pledge of collateral security for this Note shall
be repudiated or become unenforceable or incapable of performance; or

     (f) Borrower or any Subsidiary shall fail to maintain their existence in
good standing in their state of formation or shall fail to be duly qualified,
in good standing and authorized to do business in each jurisdiction where
failure to do so might have a material adverse impact on the consolidated
assets, condition or prospects of Borrower; or

     (g) Borrower, any Subsidiary, or any guarantor shall die, become
incompetent, dissolve, liquidate, merge, consolidate, or cease to be in
existence for any reason;

     (h) any person or entity presently not in control of Borrower, or any
guarantor, shall obtain control directly or indirectly of Borrower, or any
guarantor, whether by purchase or gift of stock or assets, by contract, or
otherwise; or against Borrower, any Subsidiary, or any guarantor, or with
respect to any assets of Borrower, any Subsidiary, or any guarantor, which
shall threaten to have a material and adverse effect on the assets, condition
or prospects of Borrower, any Subsidiary, or any guarantor; or final
judgment(s) and/or settlement(s) in an aggregate amount in excess of One
Hundred Thousand and no/100 UNITED STATES DOLLARS ($100,000.00) in excess of
insurance for which the insurer has confirmed coverage in writing, a copy of
which writing has been furnished to Lender, shall be entered in any suit or
action commenced against Borrower, any Subsidiary, or any guarantor; or

     (j) Borrower shall grant or any person (other than Lender) shall obtain a
security interest in any collateral for this Note; Borrower or any other person
shall perfect (or attempt to perfect) such a security interest; a court shall
determine that Lender does not have a first-priority security interest in any
of the collateral for this Note enforceable in accordance with the terms of the
related documents; or any notice of a federal tax lien against Borrower or any
general partner shall be filed with any public recorder; or

     (k) there shall be any material loss or depreciation in the value of any
collateral for this Note for any reason, or Lender shall otherwise reasonably
deem itself insecure; or, unless expressly permitted by the related documents,
all or any part of any collateral for this Note or any direct, indirect, legal,
equitable or beneficial interest therein is assigned, transferred or sold
without Lender's prior written consent; or

     (l) any bankruptcy, insolvency, reorganization, arrangement, readjustment,
liquidation, dissolution, or similar proceeding, domestic or foreign, is
instituted by or against Borrower, any Subsidiary, or any guarantor; or
Borrower, any Subsidiary, or any guarantor shall take any steps toward, or to
authorize, such a proceeding; or

     (m) Borrower, any Subsidiary, or any guarantor shall become insolvent,
generally shall fail or be unable to pay its debts as they mature, shall admit
in writing its inability to pay its debts as they mature, shall make a general
assignment for the benefit of its creditors, shall enter into any composition
or similar agreement, or shall suspend the transaction of all or a substantial
portion of its usual business.

7. DEFAULT REMEDIES.

     (a) Upon the occurrence and during the continuance of any Event of Default
specified in Section 6(a)-(k), Lender at its option may declare this Note
(principal, interest and other amounts) immediately due and payable without
notice or demand of any kind. Upon the occurrence of any Event of Default
specified in Section 6(l)-(m), this Note (principal, interest and other
amounts) shall be immediately and automatically due and payable without action
of any kind on the part of Lender. Upon the occurrence and during the
continuance of any Event of Default, Lender may exercise any rights and
remedies under this Note, any related document or instrument (including without
limitation any pertaining to collateral), and at law or in equity.

     (b) Lender may, by written notice to Borrower, at any time and from time
to time, waive any Event of Default or "Unmatured Event of Default" (as defined
below), which shall be for such period and subject to such conditions as shall
be specified in any such notice. In the case of any such waiver, Lender and
Borrower shall be restored to their former position and rights hereunder, and
any Event of Default or Unmatured Event of Default so waived shall be deemed to
be cured and not continuing; but no such waiver shall extend to or impair any
subsequent or other Event of Default or Unmatured Event of Default. No failure
to exercise, and no delay in exercising, on the part of Lender of any right,
power or privilege hereunder shall preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and
remedies of Lender herein provided are cumulative and not exclusive of any
rights or remedies provided by law. "Unmatured Event of Default" means any
event or condition which would become an Event of Default with notice or the
passage of time or both.

8. NO INTEREST OVER LEGAL RATE.

     Borrower does not intend or expect to pay, nor does Lender intend or
expect to charge, accept or collect any interest which, when added to any fee
or other charge upon the principal which may legally be treated as interest,
shall be in excess of the highest lawful rate. If acceleration, prepayment or
any other charges upon the principal or any portion thereof, or any other
circumstance, result in the computation or earning of interest in excess of the
highest lawful rate, then any and all such excess is hereby waived and shall be
applied against the remaining principal balance. Without limiting the
generality of the foregoing, and notwithstanding anything to the contrary
contained herein or otherwise, no deposit of funds shall be required in
connection herewith which will, when deducted from the principal amount
outstanding hereunder, cause the rate of interest hereunder to exceed the
highest lawful rate.

9. PAYMENTS, ETC.

     All payments hereunder shall be made in immediately available funds and
shall be applied first to accrued interest and then to principal; however, if
an Event of Default occurs, Lender may, in its sole discretion, and in such
order as it may choose, apply any payment to interest, principal and/or lawful
charges and expenses then accrued. Borrower shall receive immediate credit on
payments received during Lender's normal banking hours if made in cash,
immediately available funds, or by debit to available balances in an account at
Lender; otherwise payments shall be credited after clearance through normal
banking channels. Borrowers authorizes Lender to charge any account of Borrower
maintained with Lender for any amounts of principal, interest, taxes duties, or
other charges or amounts due or payable hereunder, with the amount of such
payment subject to availability of collected balances in Lender's discretion;
unless Borrower instructs otherwise, the Loan shall be credited to an
account(s) of Borrower with Lender. LENDER AT ITS OPTION MAY MAKE THE LOAN
HEREUNDER UPON TELEPHONIC INSTRUCTIONS AND IN SO DOING SHALL BE FULLY ENTITLED
TO RELY SOLELY UPON INSTRUCTIONS, INCLUDING WITHOUT
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LIMITATION INSTRUCTIONS TO MAKE TRANSFERS TO THIRD PARTIES, REASONABLY BELIEVED
BY LENDER TO HAVE BEEN GIVEN BY AN AUTHORIZED PERSON, WITHOUT INDEPENDENT
INQUIRY OF ANY TYPE. All payments shall be made without deduction for or on
account of any present or future taxes, duties or other charges levied or
imposed on this Note or the proceeds, Lender or Borrower by any government or
political subdivision thereof. Borrower shall upon request of Lender pay all
such taxes, duties or other charges in addition to principal and interest,
including without limitation all documentary stamp and intangible taxes, but
excluding income taxes based solely on Lender's income.

10. SETOFF.

     At any time and without notice of any kind, any account, deposit or other
indebtedness owing by Lender to Borrower, and any securities or other property
of Borrower delivered to or left in the possession of Lender or its nominee or
bailee, may be set off against and applied in payment of any obligation
hereunder, whether due or not.

11. NOTICES.

     All notices, requests and demands to or upon the respective parties hereto
shall be deemed to have been given or made when deposited in the mail, postage
prepaid, addressed if to Lender to its main banking office indicated above
(Attention: Division Head, Wealth Management Division), and if to Borrower to
its address set forth below, or to such other address as may be hereafter
designated in writing by the respective parties hereto or, as to Borrower, may
appear in Lender's records.

12. MISCELLANEOUS.

     This Note and any document or instrument executed in connection herewith
shall be governed by and construed in accordance with the internal law of the
State of Illinois, and shall be deemed to have been executed in the State of
Illinois. Unless the context requires otherwise, wherever used herein the
singular shall include the plural and vice versa, and the use of one gender
shall also denote the other. Captions herein are for convenience of reference
only and shall not define or limit any of the terms or provisions hereof;
references herein to Sections or provisions without reference to the document
in which they are contained are references to this Note. This Note shall bind
Borrower, its heirs, trustees (including without limitation successor and
replacement trustees), executors, personal representatives, successors and
assigns, and shall inure to the benefit of Lender, its successors and assigns,
except that Borrower may not transfer or assign any of its rights or interest
hereunder without the prior written consent of Lender. Borrower agrees to pay
upon demand all expenses (including without limitation attorneys' fees, legal
costs and expenses, and time charges of attorneys who may be employees of
Lender, in each case whether in or out of court, in original or appellate
proceedings or in bankruptcy) incurred or paid by Lender or any holder hereof
in connection with the enforcement or preservation of its rights hereunder or
under any document or instrument executed in connection herewith. Borrower
expressly and irrevocably waives notice of dishonor or default as well as
presentment, protest, demand and notice of any kind in connection herewith.
If there shall be more than one person or entity constituting Borrower, each of
them shall be primarily, jointly and severally liable for all obligations
hereunder.

13. WAIVER OF JURY TRIAL, ETC.

     BORROWER HEREBY IRREVOCABLY AGREES THAT, SUBJECT TO LENDER'S SOLE AND
ABSOLUTE ELECTION, ALL SUITS, ACTIONS OR OTHER PROCEEDINGS WITH RESPECT TO,
ARISING OUT OF OR IN CONNECTION WITH THIS NOTE OR ANY DOCUMENT OR INSTRUMENT
EXECUTED IN CONNECTION HEREWITH SHALL BE SUBJECT TO LITIGATION IN COURTS HAVING
SITUS WITHIN OR JURISDICTION OVER COOK COUNTY, ILLINOIS. BORROWER HEREBY
CONSENTS AND SUBMITS TO THE JURISDICTION OR ANY LOCAL, STATE OR FEDERAL COURT
LOCATED IN OR HAVING JURISDICTION OVER SUCH COUNTY, AND HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE TO REQUEST OR DEMAND TRIAL BY JURY, TO TRANSFER OR
CHANGE THE VENUE OF ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT BY LENDER IN
ACCORDANCE WITH THIS PARAGRAPH, OR TO CLAIM THAT ANY SUCH PROCEEDING HAS BEEN
BROUGHT IN AN INCONVENIENT FORUM.

[X]  See Rider attached hereto and incorporated herein by reference.

Lender is hereby authorized by Borrower without notice to Borrower to fill in
any blank spaces and dates and strike inapplicable terms herein or in any
related document to conform to the terms upon which the Loan evidenced hereby
is or may be made, for which purpose Lender shall be deemed to have been
granted an irrevocable power of attorney coupled with an interest.


The Arnold Palmer Golf Company


By: /s/ John T. Lupton
      -----------------------------
Title: Chairman of the Board
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Address for Notices:

6201 Mountain View Road
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Ooltewah, Tennessee 37363
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Attention: 
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