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                                                                    EXHIBIT 10.1

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Obligor File Name      Obligor #      Obligation Number      Officer #    Amount

                                                                       $
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                                                              Chicago, Illinois

                                                 Dated as of December 1, 1998
                                                             ----------------

                                   MASTER NOTE
                  (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, on or before ________________________________________,
the scheduled maturity date hereof, 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 aggregate unpaid principal balance of each advance (a
"Loan" and collectively the "Loans") made by Lender to Borrower hereunder. The
total principal amount of Loans outstanding at any one time hereunder shall not
exceed FIVE MILLION AND NO/100 UNITED STATES DOLLARS ($ 5,000,000).

     Lender is hereby authorized by Borrower at any time and from time to time
at Lender's sole option to attach a schedule (grid) to this Note and to endorse
thereon notations with respect to each Loan specifying the date and principal
amount thereof, the Interim Maturity Date (as defined below) (if applicable),
the applicable interest rate and rate option, and the date and amount of each
payment of principal and interest made by Borrower with respect to each such
Loan. Lender's endorsements as well as its records relating to Loans shall be
rebuttably presumptive evidence of the outstanding principal and interest on the
Loans, and, in the event of inconsistency, shall prevail over any records of
Borrower and any written confirmations of Loans given by Borrower.

     If Borrower wishes to obtain a Loan under this Note, Borrower shall notify
Lender orally or in writing on a banking day. Any such notice shall be
irrevocable; if the notice is received after 10:00 AM Chicago time the Loan may
not be available until the next banking day. Additional procedures for "Bank
Offered Rate" Loans, if available, are set forth below.

     Each request for a Loan shall be deemed to be a representation and warranty
by Borrower to Lender that: (i) no Event of Default or Unmatured Event of
Default (in each case as defined below) has occurred and is continuing as of the
date of such request or would result from the making of the Loan; and (ii)
Borrower's representations and warranties herein are true and correct as of such
date as though made on such date. Upon receipt of each Loan request Lender in
its sole discretion shall have the right to request that Borrower provide to
Lender, prior to Lender's funding of the Loan, a certificate executed by
Borrower's President, Treasurer, or Chief Financial Officer (if Borrower is a
corporation), to such effect.

1. INTEREST.*

* See Rider attached hereto and incorporated herein.

*Insert "N/A" in any blank in this Note which is not applicable. **Land trustee
may not sign upon direction of individual beneficiary(ies) unless Loans are for
business purposes. ***Do not use if collateral includes real estate.
<PAGE>   2

2. PREPAYMENTS. **

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

LINE OF CREDIT: This Note has been executed pursuant to a line of credit. At 
the present time Lender intends to make available to Borrower credit as 
outlined herein or in any related letter until the maturity day indicated above 
unless in Lender's sole judgment there has occurred an adverse change in the 
assets, condition or prospect of Borrower or any guarantor. THE LINE OF 
CREDIT MAY BE CANCELLED OR REDUCED BY LENDER AT LENDER'S SOLE OPTION WITHOUT 
PRIOR NOTICE TO BORROWER OR ANY OTHER PERSON OR ENTITY. THE LINE OF CREDIT IS 
REVOCABLE NOTWITHSTANDING PAYMENT OF ANY FEES OR MAINTENANCE OF ANY ACCOUNT 
BALANCES, AS AND IF PROVIDED IN ANY ACCOMPANYING LETTER OR OTHER DOCUMENT 
PERTAINING TO SUCH FEES AND/OR BALANCES. Any such fees and/or balances shall be 
deemed compensation to Lender for being prepared to respond to Borrower's 
requests for credit under this Note.

[ ]  This Note amends, restates, renews and replaces in its entirety the note 
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.

[ ]  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:

     [ ] Security Agreement dated as of _______________.

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

         --------------------------------------------------------------------

         --------------------------------------------------------------------.
     [ ] Pledge Agreement dated as of _________________.

     [ ] Other (describe) ___________________________________________________

         --------------------------------------------------------------------.

[X]  See Rider attached hereto and Incorporated herein.

[ ]  This Note has been executed pursuant to a _______________ 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 or household 
use, within the meaning of Federal Truth-in-Lending and similar state laws and 
regulations.

[ ]  ****Borrower represents that the proceeds of this Note will be used for 
personal, family or household use. IF THIS OPTION IS CHECKED, THE FIRST LOAN 
MUST BE IN THE AMOUNT OF $25,001 OR MORE.

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:
    (a) 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;

    (b) 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

    (c) 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 prior to the execution of this Note.

"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 every 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; or

    (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

    (i) any proceeding (judicial or administrative) shall be commenced 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) 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 or agreed to 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 shall 
be filed with any public recorder; or

 ****If this box is checked and a land trustee is signing the Note, do not take
                           real estate as collateral.

             ** See rider attached hereto and incorporated herein.

    
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     (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
deems 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. Borrower 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, all Loans shall be credited to an
account(s) of Borrower with Lender. LENDER AT ITS OPTION MAY MAKE LOANS
HEREUNDER UPON TELEPHONIC INSTRUCTIONS AND IN SO DOING SHALL BE FULLY ENTITLED
TO RELY SOLELY UPON INSTRUCTIONS, INCLUDING WITHOUT 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, *** 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.

*** Wealth Management

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 TRAIL, 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 OF 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 TRAIL 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(s) evidenced
hereby are or may be made, for which purpose Lender shall be deemed to have
been granted an irrevocable power of attorney coupled with an interest.



                                            Address for Notices:


                                            6201 Mountain View Road
                                            ------------------------------------

  THE ARNOLD PALMER GOLF COMPANY            Ooltewah, TN      37363
---------------------------------           ------------------------------------

By: Cindy L Davis                           Attention:  David Kirby
   ------------------------------           ------------------------------------

Title:   President & CEO                    Attention:
      ---------------------------                     --------------------------