Document:

<PAGE>
                                                                    Exhibit 10.5

                                 LOAN AGREEMENT

     LOAN AGREEMENT (this "Loan Agreement") dated June 4, 2003, is made and
executed by TEXTRON FINANCIAL CORPORATION, a Delaware corporation ("Textron"),
DORFINCO CORPORATION, a Delaware corporation ("Dorfinco") (collectively Textron
and Dorfinco are referred to as Lender"), CLUBCORP, INC., a Delaware corporation
("ClubCorp"), and each of the undersigned affiliates of ClubCorp (referred to
herein individually as a "Borrower" and collectively as the "Borrowers").

                                R E C I T A L S:

     A. Pursuant to the terms of a certain Loan Commitment dated April 7, 2003
(as subsequently amended in writing from time to time, the "Commitment"), Lender
has agreed to extend loans to each of the Borrowers in the aggregate original
principal amount of $56,645,000.00 (such loans are collectively called the
"Loans").

     B. Lender, the Borrowers and ClubCorp now wish to enter into this Loan
Agreement to describe certain terms and conditions of the Loans.

     NOW, THEREFORE, for and in consideration of the sum of Ten Dollars ($10.00)
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by the parties hereto, Lender, the Borrowers and
ClubCorp each hereby agree as follows:

     1. Definitions. As used herein, the following terms have the following
definitions:

          (a) Aggregate DSCR: The ratio determined by Lender from time to time
     by dividing the Net Income of all of the Borrowers by the Debt Service
     payable on all of the Loans.

          (b) Cap Agreement: That certain Interest Rate Protection Agreement
     issued by Bank of America, N.A. to ClubCorp and dated June 4, 2003.

          (c) ClubCorp Guaranty: The Guaranty Agreement executed and delivered
     by Club Corp to Lender concurrently herewith.

          (d) CPI: The Consumer Price Index - All Urban Consumers (Current
     Series), as published by the Bureau of Labor Statistics.

          (e) Debt Service: All principal, interest and other payments due by
     the Borrowers on the Loans, with interest on the Variable Rate Principal to
     be calculated based upon the greater of (i) the then-current Variable
     Interest Rate or (ii) eight percent (8%) per annum, and with interest on
     the Fixed Rate Principal to be calculated at the Fixed Interest Rate. Debt
     Service shall include, without limitation, any servicing fees paid on or
     with respect to the Loans as more particularly described in that certain
     Servicing and Arrangement Fee Letter dated April 7, 2003.

                                       1

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          (f) DSCR: The ratio determined by Lender from time to time by dividing
     the Net Income of a Borrower by the Debt Service payable by such Borrower.

          (g) Event of Default: An Event of Default as defined in the Loan
     Documents.

          (h) Fiscal Month: A twenty-eight (28) day period, or a portion
     thereof, commencing on the first day following the termination of the prior
     Fiscal Month. The first Fiscal Month may be a short Fiscal Month commencing
     on the date hereof and ending on the date which would have been the last
     date for such Fiscal Month if the Fiscal Year in which this Loan Agreement
     is executed had begun on the Wednesday following the last Tuesday in the
     December immediately preceding the date hereof. Within ten (10) days after
     the date the Loans are funded, ClubCorp shall deliver a written notice to
     Lender stating the final day of the first Fiscal Month.

          (i) Fiscal Year: A period commencing on the Wednesday following the
     last Tuesday in December of each calendar year and ending on the last
     Tuesday of the next following December, provided, however, that the first
     Fiscal Year will be a short Fiscal Year commencing on the date hereof and
     ending on the last Tuesday of the following December.

          (j) Fixed Interest Rate: 5.9% per annum.

          (k) Fixed Rate Principal: The portion of the unpaid principal balance
     of each of the Notes which bears interest at the Fixed Interest Rate.

          (l) Guaranty Agreements: The Guaranty Agreements guaranteeing the
     payment of the Loans executed from time to time by each of the Borrowers.

          (m) IW Golf: IW Golf Club, Inc., a California corporation which is one
     of the Borrowers under this Loan Agreement.

          (n) License Agreements: (i) the license dated July 14, 1976, issued by
     Coachella Valley County Water District in favor of Indian Wells Country
     Club Estates and subsequently assigned to IW Golf, (ii) the license dated
     March 13, 1984, issued by Coachella Valley Water District in favor of
     Indian Wells Country Club Estates and subsequently assigned to IW Golf, and
     (iii) any replacements of either of the foregoing including, without
     limitation, any easement agreement executed and delivered in replacement of
     either of the foregoing.

          (o) Loan Documents: The Notes, the Mortgages, the ClubCorp Guaranty,
     the Guaranty Agreements and the other documents executed by the Borrowers
     and ClubCorp from time to time to evidence or secure the Loans, as
     restated, modified and amended from time to time.

          (p) Mortgages: The Mortgage, Deed of Trust, Deed to Secure Debt or
     other form of security instrument executed by each Borrower covering the
     Property owned or leased by each Borrower and securing the payment of the
     Loans and the performance of all of the obligations of the Borrowers under
     the Loan Documents.

                                       2

<PAGE>

          (q) Net Income: Each Borrower's income from the operation and
     management of its Property, after deducting all operating expenses, but
     prior to the deduction of income taxes, depreciation and Debt Service. Net
     Income shall not include income from the sale of refundable memberships at
     any Property (unless such memberships are not refundable for a period of
     thirty (30) years or more from the date on which they are purchased, in
     which case the income from the sale of such memberships may be included in
     Net Income). For the purpose of calculating Net Income, operating expenses
     for each Property shall be deemed to include (i) consulting fees in an
     amount equal to the greater of (A) $200,000.00 for the first Fiscal Year,
     with such amount to be increased each Fiscal Year thereafter by the same
     percentage as any increase in the CPI applicable to such Fiscal Year (as
     determined by Lender), or (B) the consulting fees and compensation actually
     paid each Fiscal Year, and (ii) expenditures for capital improvements (or a
     reserve therefor) equal to two percent (2%) of the annual gross revenues of
     each Property.

          (r) Notes: The promissory notes being executed by the Borrowers
     concurrently herewith, made payable to Lender and evidencing the Loans made
     to each Borrower as the same may be amended, restated, renewed, modified or
     extended from time to time.

          (s) Prepayment Premium. The prepayment premium in connection with the
     Variable Principal Prepayment and Fixed Principal Prepayment as described
     in the Notes.

          (t) Property: The golf course and related real and personal property
     owned or leased by each Borrower.

          (u) Replacement Loan. A loan funded by Lender to an affiliate of
     ClubCorp and secured by a first lien and security interest covering a
     Replacement Property.

          (v) Replacement Property. A golf course and related personal property
     owned by an affiliate of ClubCorp.

          (w) Variable Interest Rate: The Variable Interest Rate as defined in
     the Notes.

          (x) Variable Rate Principal: The portion of the unpaid principal
     balance of each of the Notes which bears interest at the Variable Interest
     Rate as provided in the Notes.

     2. Financial Covenants: Each of the Borrowers covenant and agree as
follows:

          (a) The Borrowers shall at all times maintain an Aggregate DSCR of
     1.40:1 or greater. In addition, each Borrower shall at all times maintain a
     DSCR of 1.30:1 or greater. Aggregate DSCR and DSCR shall each be calculated
     by Lender from the monthly financial statements delivered to Lender by each
     of the Borrowers based on the immediately preceding thirteen (13) Fiscal
     Month period. Lender shall have the right to determine, in the exercise of
     Lender's reasonable business judgment, whether any Borrower has deferred
     any expenses or shifted the time of payment of any expenses solely for the
     purpose of complying with the provisions of this Loan Agreement

                                       3

<PAGE>

     regarding Aggregate DSCR and/or DSCR and not in the exercise of prudent
     business judgment. If Lender makes any such determination, Lender shall
     have the right to make reasonable and appropriate adjustments to the
     calculation of Net Income for the purpose of determining Aggregate DSCR or
     DSCR.

          (b) Within one hundred twenty (120) days after the expiration of each
     Fiscal Year, each Borrower shall deliver to Lender (i) financial statements
     for such Borrower as of the final day of the immediately preceding Fiscal
     Year and for the thirteen (13) Fiscal Months then ended, certified by an
     officer of such Borrower as being true, correct and complete and as having
     been prepared in accordance with generally accepted accounting principles
     consistently applied with prior accounting periods, setting out in
     reasonable detail to the satisfaction of Lender all income and expenditures
     from the operation of its Property, and (ii) a current annual rent roll for
     its Property (if any leases exist), certified by an officer of such
     Borrower as being true, correct and complete. In addition, each Borrower
     shall deliver to Lender copies of its annual tax worksheets within sixty
     (60) days after the date such Borrower files its tax return each Fiscal
     Year.

          (c) Within thirty (30) days following the end of each Fiscal Month,
     each Borrower shall deliver to Lender copies of the monthly operating
     statements with respect to its Property for the immediately preceding
     Fiscal Month, certified by an authorized officer of such Borrower to be
     true, correct and complete. Each such monthly financial statement shall
     contain, at a minimum, information for each Fiscal Month as to the total
     number of rounds of golf played at such Property, the number of rounds
     played by members, the total number of rounds of public play, the number of
     rounds of public play with discounted cards, and the revenue and expense
     items for such Property, all of which must be in form and substance
     satisfactory to Lender.

          (d) ClubCorp hereby agrees to pay all amounts and to take all other
     actions necessary to maintain the Cap Agreement in full force and effect.
     At least thirty (30) days prior to the expiration of the term of the Cap
     Agreement, or any renewal thereof, ClubCorp shall deliver to Lender a
     renewal of the Cap Agreement for a period of at least one (1) year and in
     form and content acceptable to Lender. ClubCorp's failure to either
     maintain the Cap Agreement in full force and effect or to deliver any such
     renewal of the Cap Agreement to Lender in accordance with the requirements
     of this Section 2(d) shall constitute an Event of Default. ClubCorp hereby
     grants to Lender a security interest in and to the Cap Agreement.

     3. Limitation on Prepayment Rights.

          (a) Notwithstanding anything in the Notes to the contrary, but subject
     to Section 4 below, (i) not more than three (3) of the Loans may be prepaid
     in full, and (ii) in order to obtain a release of the Mortgage securing any
     Loan to be prepaid in full, the Borrower making such prepayment shall be
     required to pay to Lender one hundred ten percent (110%) of the outstanding
     principal balance of the Loan to be prepaid, all accrued but unpaid
     interest thereon and the applicable Prepayment Premium. Any excess
     principal payment received by Lender in connection with any such prepayment
     shall be

                                       4

<PAGE>

     applied by Lender equally to Variable Rate Principal and Fixed Rate
     Principal on one (1) or more of the Loans as determined by Lender in its
     sole discretion.

          (b) Notwithstanding anything contained in the Notes to the contrary, a
     Borrower shall have the right to prepay its Loan in order to comply with
     one (1) or both of the covenants set forth in Section 2(a) above, provided
     that each such prepayment must be accompanied by the Prepayment Premium.

          (c) Lender shall have the right to allocate any partial prepayment
     received on a Loan (but not funds paid by a Borrower which are intended to
     prepay one (1) or more of the Loans in full or which are paid in order to
     comply with Section 2(a) above) to one (1) or more of the other Loans in
     such order as Lender may elect in its sole discretion.

     4. Asset Replacement. In the event any Borrower desires to prepay its Loan
and obtain a release of the Mortgage encumbering its Property, then provided
that no Event of Default has occurred which is continuing, ClubCorp shall have
the right, up to three (3) times during the term of the Loans, to cause an
affiliate of ClubCorp to obtain a Replacement Loan from Lender secured by a
first lien and security interest covering a Replacement Property, which
Replacement Loan must provide a DSCR equal to or greater than the DSCR
attributed to the Property which secures the Loan to be prepaid; provided,
however, that if IW Golf desires to prepay its Loan pursuant to this Section 4,
the DSCR for the Property owned by IW Golf shall be calculated for the purposes
of this Section 4 as if the Loan to IW Golf was in the principal amount of
$21,230,000.00. Any Replacement Loan funded by Lender shall be on the same terms
and conditions as the Loans and shall be coterminous with the Loans. If Lender
funds a Replacement Loan with a principal balance less than the unpaid principal
balance of the Loan to be prepaid, the Borrower which is prepaying its Loan
shall be obligated to pay the Prepayment Premium based on the difference between
the two (2) amounts. In addition, ClubCorp or the owner of the Replacement
Property shall pay an asset replacement fee to Lender upon the funding of any
Replacement Loan in an amount equal to one-half of one percent (.50%) of the
original principal amount of the Replacement Loan, as well as all costs, fees
and expenses incurred by Lender in connection with the Replacement Loan. Nothing
herein shall obligate Lender to fund a Replacement Loan, and ClubCorp and the
Borrowers acknowledge that any Replacement Loan shall be subject to Lender's
standard underwriting procedures and credit approval process.

     5. Cross Default and Cross Collateralization. Each of the Borrowers further
covenant and agree as follows: Each Loan and all obligations of the Borrower
thereunder shall be and are hereby expressly cross-defaulted and
cross-collateralized with any and all Loans and with any and all other
obligations of any other Borrower to Lender, whether now existing or arising in
the future (collectively referred to herein as the "Borrower/Lender
Obligations"), such that the occurrence of any Event of Default under any of the
Borrower/Lender Obligations shall be a default under all of the Borrower/Lender
Obligations and under all documents and instruments evidencing and/or securing
the Borrower/Lender Obligations. If any such Event of Default occurs, Lender
shall be entitled to exercise any and all rights and remedies including, without
limitation, foreclosure against the collective collateral for the
Borrower/Lender Obligations in any order and in any combination as Lender shall
desire, it being expressly understood and agreed by each Borrower that the
collateral securing any part of the

                                       5

<PAGE>

Borrower/Lender Obligations is (and shall become to the extent of the
Borrower/Lender Obligations created in the future) collateral for all such
ClubCorp/Lender Obligations. Nothing in this Loan Agreement shall limit the
rights and remedies of Lender against a Borrower after the occurrence of an
Event of Default under the Loan Documents applicable to such Borrower's Loan.

     6. Assignment. This Loan Agreement may be endorsed, assigned and
transferred in whole or in part by Lender, and any such holder and assignee of
this Loan Agreement shall succeed to and be possessed of the rights of Lender
under this Loan Agreement to the extent transferred and assigned.
Notwithstanding the foregoing, Lender agrees that it shall not assign more than
fifty percent (50%) of its rights under this Loan Agreement to any third party
without the prior written consent of ClubCorp, which consent shall not be
unreasonably withheld or delayed. This Loan Agreement and the rights of ClubCorp
and the Borrowers hereunder may not be assigned by either ClubCorp or the
Borrowers.

     7. Entire Agreement. THIS LOAN AGREEMENT AND ALL OTHER INSTRUMENTS,
DOCUMENTS AND AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION WITH THIS LOAN
AGREEMENT EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND
SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND
UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THIS LOAN AGREEMENT, AND
MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS WITH THE PARTIES HERETO. THERE ARE NO
ORAL AGREEMENTS AMONG THE PARTIES HERETO. THIS LOAN AGREEMENT SHALL SUPERSEDE
AND CONTROL OVER THE SIMILAR PROVISIONS SET FORTH IN THE COMMITMENTS.

     8. Notices. Any and all notices, elections or demands permitted or required
to be made under this Loan Agreement must be in writing, and shall be deemed to
have been given, served and effective on the earlier of (a) the date of receipt
by the addressee or (b) three (3) business days after deposit in the United
States mail, registered or certified, return receipt requested, first-class
postage prepaid, addressed to Lender, ClubCorp or the Borrowers as follows:

          The address of Textron is:

          Textron Financial Corporation
          11575 Great Oaks Way, Suite 210
          Alpharetta, Georgia 30022
          Attn: President, Golf Finance

          The address of Dorfinco is:

          Dorfinco Corporation
          71 Washington Street
          Reno, Nevada 89503

                                       6

<PAGE>

          The address of the Borrowers and ClubCorp is:

          ClubCorp, Inc.
          3030 LBJ Freeway
          Suite 700
          Dallas, Texas 75243-7703
          Attn: John M. Massey, III

The address to which any notice or other writing must be sent to either Party
hereto may be changed upon written notice given by such Party as provided above.
Notices given by Lender to any Borrower may be given delivered by Lender to
ClubCorp on behalf of such Borrower.

     9. Waiver of Conditions. Any condition imposed herein by Lender may, in
Lender's sole discretion, be waived by Lender in a writing specifying the
condition waived. No waiver of any condition shall, unless said waiver so
states, constitute a waiver of the condition in question in the future.

     10. Headings. The headings of the Sections of this Loan Agreement are only
for convenience of reference and in no way define, limit or describe the scope
or intent of this Loan Agreement, or the proper construction hereof, and are not
to be considered a part hereof and shall not limit or otherwise affect any of
the terms hereof.

     11. Further Acts. The Borrowers agree to execute and deliver to Lender from
time to time such certifications as Lender may reasonably request with respect
to the performance by the Borrowers of their respective obligations under this
Loan Agreement and the Loan Documents. In addition, the Borrowers agree to
execute and deliver to Lender from time to time such other documents and
instruments as may be reasonably requested in order to effectuate the terms of
this Loan Agreement.

     12. Partial Invalidity. Wherever possible, each provision of this Loan
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Loan Agreement shall be prohibited
by or invalid under such law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Loan Agreement.

     13. Time of Essence. Time shall be of the essence with respect to any
payment or performance due from the Borrowers hereunder.

     14. No Beneficiaries. This Loan Agreement is for the benefit of the parties
hereto and, subject to Section 6 above, their respective successors and assigns,
but is not intended to benefit any other person or entity.

     15. Gender. Whenever the singular or plural number, or the masculine,
feminine or neuter gender is used herein, it shall legally include the other.

     16. No Amendments. Neither this Loan Agreement nor any provision hereof may
be changed, waived, discharged, modified or terminated orally, but only by an
instrument in writing

                                       7

<PAGE>

signed by the Party against whom enforcement of the change, waiver, discharge,
modification or termination is sought.

     17. Governing Law. This Loan Agreement has been executed and delivered in,
and shall be governed by and construed in accordance with the laws of, the State
of Georgia. ClubCorp, the Borrowers and Lender acknowledge that they have all
participated in the drafting of this Loan Agreement and that none of Lender,
ClubCorp or the Borrowers shall be entitled to the benefit of the legal
principle that a document is to be construed against its draftsman.

     18. Counterparts. This Loan Agreement may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original,
but all of which when taken together shall constitute one and the same
agreement.

     19. Miscellaneous. Nothing contained herein or in the Notes or any of the
Loan Documents, nor the acts or omissions of the parties hereto, shall be
construed to create a cotenancy, partnership, joint venture or similar
relationship between the Borrowers and Lender. The relationship between the
Borrowers and Lender is the relationship of "debtor" and "creditor." The
Borrowers hereby indemnify and hold Lender harmless from and against any and all
suits, actions, claims, proceedings (including third party proceedings),
damages, losses, liabilities and expenses (including, without limitation,
reasonable attorneys' fees) which may be incurred by or asserted against Lender
with respect to any claim or assertion which, if true, would be inconsistent
with or contradict the statements made in the preceding two sentences. The
provisions of this Section 19 shall survive the repayment of the Loans.

     20. Default. The occurrence of a default by ClubCorp or by any of the
Borrowers in any of their respective obligations under this Loan Agreement shall
constitute an Event of Default under the Loan Documents.

     21. WAIVER OF JURY TRIAL. FOR AND IN CONSIDERATION OF LENDER'S FUNDING OF
THE LOANS, CLUBCORP AND EACH OF THE BORROWERS, BEING SOPHISTICATED GOLF COURSE
OPERATORS AND PARTICIPANTS IN SOPHISTICATED REAL ESTATE VENTURES, AND HAVING
CONSULTED WITH COUNSEL OF THEIR CHOOSING, HEREBY WAIVE ANY RIGHT TO TRIAL BY
JURY WITH RESPECT TO ANY ACTION OR PROCEEDING (I) BROUGHT BY CLUBCORP OR ANY OF
THE BORROWERS, LENDER OR ANY OTHER PERSON RELATING TO (A) THE LOANS OR (B) THE
LOAN DOCUMENTS, OR (II) TO WHICH LENDER IS A PARTY. CLUBCORP AND EACH OF THE
BORROWERS HEREBY AGREE THAT THIS LOAN AGREEMENT CONSTITUTES A WRITTEN CONSENT TO
WAIVER OF TRIAL BY JURY, AND CLUBCORP AND EACH OF THE BORROWERS DO HEREBY
CONSTITUTE AND APPOINT LENDER ITS TRUE AND LAWFUL ATTORNEY-IN-FACT, WHICH
APPOINTMENT IS COUPLED WITH AN INTEREST, AND CLUBCORP AND EACH OF THE BORROWERS
DO HEREBY AUTHORIZE AND EMPOWER LENDER, IN THE NAME, PLACE AND STEAD OF CLUBCORP
AND EACH OF THE BORROWERS, TO FILE THIS LOAN AGREEMENT WITH THE CLERK OR JUDGE
OF ANY COURT OF COMPETENT JURISDICTION AS A STATUTORY WRITTEN CONSENT TO WAIVER
OF TRIAL BY JURY. CLUBCORP AND EACH OF THE BORROWERS

                                       8

<PAGE>

ACKNOWLEDGE THAT THEIR WAIVER OF TRIAL BY JURY HAS BEEN MADE KNOWINGLY,
INTENTIONALLY AND WILLINGLY BY CLUBCORP AND EACH OF THE BORROWERS AS PART OF A
BARGAINED FOR LOAN TRANSACTION.

     22. License Agreements. In the event either or both of the License
Agreements is revoked or terminated for any reason, such revocation or
termination shall constitute an Event of Default and shall entitle Lender to
exercise all of its rights and remedies under the Loan Documents including,
without limitation, the rights and remedies described in Section 5 of this Loan
Agreement.

     23. Indian Wells Indemnity. IW Golf hereby indemnifies Lender and agrees to
hold and defend Lender harmless from and against any and all causes of action,
claims, damages, demands, liabilities, losses, costs or expenses at any time
suffered or incurred by Lender or asserted against Lender in connection with the
pending lawsuit styled Stanley Young, et al. v. Asbestos Defendants (Case No.
300870) including, without limitation, any claims for indemnification by IWCC
Acquisition Corporation, Inc.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       9

<PAGE>

     EXECUTED AND DELIVERED as of the date first above written.

                                       TEXTRON:

                                       TEXTRON FINANCIAL CORPORATION,
                                       a Delaware corporation

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       DORFINCO:

                                       DORFINCO CORPORATION,
                                       a Delaware corporation

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       10

<PAGE>

                                       CLUBCORP:

                                       CLUBCORP, INC.,
                                       a Delaware corporation

                                       By:
                                           -------------------------------------
                                           John M. Massey, III
                                           Treasurer

                                       BORROWERS:

                                       CANYON GATE AT LAS VEGAS, INC.
                                       d/b/a Canyon Gate Country Club,
                                       a Nevada corporation

                                       By:
                                           -------------------------------------
                                           John M. Massey, III
                                           Vice President

                                       CLUBCORP GOLF OF NORTH CAROLINA,
                                       L.L.C., a Delaware limited liability
                                       company

                                       By:
                                           -------------------------------------
                                           John M. Massey, III
                                           Vice President

                                       HEARTHSTONE COUNTRY CLUB, INC.
                                       a Texas corporation

                                       By:
                                           -------------------------------------
                                           John M. Massey, III
                                           Vice President

                                       IW GOLF CLUB, INC.,
                                       d/b/a Indian Wells Golf Club,
                                       a California corporation

                                       By:
                                           -------------------------------------
                                           John M. Massey, III
                                           Vice President

                                       11

<PAGE>

                                       INDIGO RUN ASSET CORP.,
                                       d/b/a Golden Bear Golf Club at Indigo Run
                                       and d/b/a The Golf Club at Indigo Run,
                                       a South Carolina corporation

                                       By:
                                           -------------------------------------
                                           John M. Massey, III
                                           Vice President

                                       CLUBCORP GOLF OF CALIFORNIA,
                                       L.L.C., d/b/a Morgan Run Resort & Club,
                                       a Delaware limited liability company

                                       By:
                                           -------------------------------------
                                           John M. Massey, III
                                           Vice President

                                       CLUBCORP GOLF OF NORTH CAROLINA,
                                       L.L.C., d/b/a Nags Head Golf Links,
                                       a Delaware limited liability company

                                       By:
                                           -------------------------------------
                                           John M. Massey, III
                                           Vice President

                                       RIVER CREEK COUNTRY CLUB, INC.,
                                       a Virginia corporation

                                       By:
                                           -------------------------------------
                                           John M. Massey, III
                                           Vice President

                                       12

<PAGE>

                                       KNOLLWOOD COUNTRY CLUB, INC.,
                                       an Indiana corporation

                                       By:
                                           -------------------------------------
                                           John M. Massey, III
                                           Vice President

                                       13<PAGE>

                                                                    EXHIBIT 10.6

                                                          KNOLLWOOD COUNTRY CLUB

                                 PROMISSORY NOTE

$4,440,000.00
Funding Date: The date funds
are wire transferred by Lender                                     June   , 2003
                                                                        --

     FOR VALUE RECEIVED and pursuant to the terms of this Promissory Note
("Note"), the undersigned, KNOLLWOOD COUNTRY CLUB, INC., an Indiana corporation
("Maker"), intending to be legally bound, promises to pay to the order of
TEXTRON FINANCIAL CORPORATION, a Delaware corporation ("Lender"; Lender and all
subsequent holders of this Note being hereinafter referred to as the "Holder"),
at 11575 Great Oaks Way, Suite 210, Alpharetta, Georgia 30022, or at such other
place as the Holder hereof may designate in writing from time to time, the
principal sum of up to FOUR MILLION FOUR HUNDRED FORTY THOUSAND and NO/100
DOLLARS ($4,440,000.00), or so much thereof as may be outstanding hereunder from
time to time (the "Loan"), together with interest on the unpaid principal
balance of such indebtedness from time to time outstanding, at the rates
hereinafter set forth.

1.   SECURITY.

     The payment of this Note and all interest, fees and charges herein is
evidenced and/or secured by, inter alia: (a) a Loan Agreement between, among
others, Maker and Lender (the "Loan Agreement"); (b) a first lien Mortgage,
Security Agreement and Fixture Filing (the "Mortgage") from Maker for the
benefit of Lender, encumbering certain real property located in St. Joseph
County, Indiana and Cass County, Michigan. and other collateral described in the
Mortgage (all such collateral being called the "Property"); (c) an Assignment of
Leases, Rents and Contracts assigning the Maker's interest in the leases and
contracts from the Property; and (d) certain other documents which by their
terms evidence or recite that they have been given as security for this Note or
the Loan (all the aforementioned documents shall herein be referred to as "Loan
Documents").

2.   ADVANCES.

     The Loan shall be fully advanced on the date of funding (the "Funding
Date").

3.   INTEREST RATE.

          (a) On and after the Funding Date and continuing until maturity or
     default as hereinafter provided, interest shall accrue on fifty percent
     (50%) of the unpaid principal balance of this Note from time to time
     outstanding (the "Variable Rate Principal") at a variable rate per annum,
     adjusted monthly (the "Variable Interest Rate"), equal to the rate of
     interest announced, quoted or published by J. P. Morgan Chase & Co., or
     successor thereto, as its "prime rate" of interest (the "Chase Prime Rate")
     (which rate is not represented or warranted to be the best or most favored
     rate of interest charged to Borrower by the Holder or J. P. Morgan Chase &
     Co.) plus one hundred (100) basis points, which Variable Interest Rate for
     any given calendar month during the term hereof shall be calculated by
     using the Chase Prime Rate in effect on the first day of each month

                                        1

<PAGE>

     during the term hereof; provided, however, that for the purpose of
     calculating the Variable Interest Rate, in no event shall the Chase Prime
     Rate ever be less than five percent (5%) per annum. In the event J. P.
     Morgan Chase & Co., or successor thereto, shall discontinue announcement of
     said prime rate, a comparable index designated by Holder shall be used in
     calculating the Variable Interest Rate.

          (b) On and after the Funding Date and continuing until maturity or
     default as hereinafter provided, interest shall accrue on fifty percent
     (50%) of the unpaid principal balance of this Note from time to time
     outstanding (the "Fixed Rate Principal") at a fixed rate of interest equal
     to five and 90/100ths percent (5.9%) per annum (the "Fixed Interest Rate").

          (c) Interest under this Note shall be calculated based on a year of
     three hundred sixty (360) days having twelve (12) thirty (30) day months;
     provided, however, that with respect to the month in which the Funding Date
     occurs or the month in which any Prepayment (as defined below) occurs, and
     the month in which payment in full occurs, interest shall be due for the
     actual number of days elapsed during each period for which interest is
     being charged and shall be calculated on the daily unpaid principal balance
     of the indebtedness evidenced by this Note on the basis of three hundred
     sixty five (365) or three hundred sixty six (366) day years, as the case
     may be.

4.   PAYMENTS.

     Payments of the amounts due under this Note shall be made in consecutive
monthly installments as follows:

          (a) Initial Interest Payment. All interest that will accrue at the
     Variable Interest Rate and the Fixed Interest Rate on the principal balance
     of this Note for the period commencing on the Funding Date and continuing
     through the last day of the month in which the Funding Date occurs, unless
     the Funding Date occurs on the first day of any calendar month, shall be
     paid in advance on the Funding Date.

          (b) Monthly Payments. Commencing on the first (1st) day of the second
     full calendar month following the Funding Date, and continuing on the first
     (1st) day of each and every month thereafter through and including June 1,
     2008, payments shall be made in arrears in an amount equal to the sum of
     the interest then accrued at the Variable Interest Rate and the Fixed
     Interest Rate, plus a payment of a portion of both the Variable Rate
     Principal and the Fixed Rate Principal calculated as hereinafter provided.
     The amount of the monthly payment of the Variable Rate Principal and the
     Fixed Rate Principal shall each be calculated by amortizing the Variable
     Rate Principal and the Fixed Rate Principal over a period of twenty (20)
     years (the "Amortization Period") at the Variable Interest Rate or the
     Fixed Interest Rate, as applicable. If the Variable Interest Rate changes
     or in the event of a Prepayment, the amount of the monthly payment of the
     Variable Rate Principal shall be recalculated based upon (i) the then
     current Variable Interest Rate, (ii) the then outstanding balance of the
     Variable Rate Principal, and (iii) the number of months remaining in the
     Amortization Period. In addition, in the event of a Prepayment, the amount
     of the monthly payment of the Fixed Rate Principal shall be

                                        2

<PAGE>

     recalculated based upon (x) the Fixed Interest Rate, (y) the then
     outstanding balance of the Fixed Rate Principal, and (z) the number of
     months remaining in the Amortization Period.

          (c) Repayment on Maturity. On July 1, 2008 (the "Maturity Date"), or
     on such earlier date as this Note becomes due and payable, whether by
     acceleration or otherwise, the entire outstanding Variable Rate Principal
     and Fixed Rate Principal balances hereof, together with accrued but unpaid
     interest thereon, and all other sums owing to Holder hereunder and under
     the Loan Documents, shall be due and payable in full. The Maker
     acknowledges and agrees that the monthly payments of Variable Rate
     Principal and Fixed Rate Principal provided for in this Note are
     insufficient to pay the entire Variable Rate Principal and Fixed Rate
     Principal balances by the Maturity Date and, therefore, unless sooner paid,
     this Note contemplates balloon payments of Variable Rate Principal and
     Fixed Rate Principal on the Maturity Date.

5.   APPLICATION OF PAYMENTS.

     All Variable Rate Principal and Fixed Rate Principal, interest and any
other amounts due under this Note shall be payable in lawful money of the United
States of America at the place or places above stated. All payments shall be
credited first, to costs and expenses, if any, incurred by Holder in collecting
any amounts due hereunder; second, to any late payment charges and interest
accrued at the Default Rate (as defined below); third, to past due interest; and
fourth, equally to Variable Rate Principal and Fixed Rate Principal and any
other amounts due hereunder or under the Loan Documents.

6.   LATE PAYMENT CHARGES.

     In the event that any monthly payment is not received at the above said
address (or at such other place as is designated pursuant to the terms hereof)
before the ninth (9th) day after the due date thereof, in addition to any other
permitted charges hereunder, a one-time late payment fee (for each such late
payment) shall be due and owing to Holder in the amount of five percent (5%) of
each monthly payment as it becomes past due and if the Note has been
accelerated, an additional five percent (5%) of the accelerated balance if not
paid when due. Holder shall have no obligation to accept any payments hereunder
not accompanied by all outstanding late payment fees. Notwithstanding anything
contained herein or in any Loan Documents, this paragraph is not intended to,
and shall not, create any grace period or indulgence by Holder with respect to
the punctual payment by Maker of all sums owed Holder, nor shall this paragraph
in any way hinder, prevent or delay Holder from exercising any remedy which it
may have hereunder or under any Loan Documents, or at law or in equity, with
respect to Maker's failure to timely make any payment when due. Maker
acknowledges that the aforesaid late payment fee is not imposed as a charge for
the use of money, but rather is imposed to permit Holder to recoup its
administrative charges and other costs in dealing with loans not paid on time,
and said late payment fee shall in no way be deemed an interest charge.

                                        3

<PAGE>

7.   INTEREST UPON DEFAULT.

     In the event that (a) Maker fails to pay when due any payment of Variable
Rate Principal or Fixed Rate Principal or interest thereon or any other amount
under this Note before the ninth (9th) day after its due date, whether or not by
reason of acceleration, or (b) there occurs a default under the Loan Documents
which is not cured within the applicable notice period, if any, expressly
provided for in the Loan Documents (an event described in (a) or (b) of this
Paragraph 7 is called an "Event of Default"), the unpaid Variable Rate Principal
and Fixed Rate Principal balances of this Note shall bear interest from the due
date thereof until paid at the rate of five percent (5%) per annum in excess of
the greater of (x) the Variable Interest Rate then in effect or (y) the Fixed
Interest Rate (the "Default Rate"), provided that in no event shall the Default
Rate exceed the maximum rate permitted by applicable law.

8.   ACCELERATION.

     Upon the occurrence of an Event of Default, the Holder may at its option,
in addition to any other remedies to which it may be entitled, declare the total
unpaid Variable Rate Principal and Fixed Rate Principal balances of the
indebtedness evidenced hereby, together with all accrued but unpaid interest
thereon, any applicable prepayment premium and all other sums owing, immediately
due and payable and all such amounts shall thereafter bear interest at the
Default Rate (provided, however, interest shall not accrue on any late charges).
All such interest shall be paid at the time of and as a condition precedent to
the curing of any Event of Default should Holder, in its sole discretion, allow
such default to be cured. TIME IS OF THE ESSENCE IN THIS NOTE.

9.   PREPAYMENT.

          (a) This Note may not be prepaid at any time, in whole or in part,
     except as expressly provided in this Paragraph 9. Subject to the
     limitations set forth in Section 3 of the Loan Agreement, Holder hereby
     grants Maker the right, upon giving at least thirty (30) days' prior
     written notice (unless otherwise provided herein) to Holder (which notice,
     to be effective, shall state the amount to be prepaid), to prepay this Note
     in full or in part (provided that no partial prepayment shall be in an
     amount less than One Hundred Thousand Dollars ($100,000.00), and provided,
     further, that except as provided in Paragraph 4(b) above, no partial
     prepayment shall postpone, reduce or in any way affect any other principal
     payment due under this Note) the outstanding Variable Rate Principal and
     the Fixed Rate Principal balances hereof (the "Prepayment"), upon the
     payment of a prepayment premium calculated as provided below, constituting
     bargained for consideration for Holder's agreement to permit prepayment as
     herein provided: Fifty percent (50%) of any Prepayment received by Holder
     shall be applied by Holder to the Variable Rate Principal, and the
     remainder of any such Prepayment shall be applied to the Fixed Rate
     Principal. The portion of any Prepayment applied to the Variable Rate
     Principal is hereafter called the "Variable Principal Prepayment", and the
     portion of any Prepayment applied to the Fixed Rate Principal is hereafter
     called the "Fixed Principal Prepayment".

                                        4

<PAGE>

          The prepayment premium payable with respect to each Variable Principal
     Prepayment shall be calculated as follows:

               (i) If this Note is prepaid any time after the Funding Date but
          on or prior to the last day of the twelfth calendar month after the
          Funding Date (such period and each twelve month period thereafter
          being referred to as a "Loan Year"), three percent (3%) of the
          Variable Principal Prepayment;

               (ii) if this Note is prepaid during the second Loan Year, two
          percent (2%) of the Variable Principal Prepayment;

               (iii) if this Note is prepaid during the third Loan Year, one
          percent (1%) of the Variable Principal Prepayment;

               (iv) if this Note is prepaid during the fourth Loan Year or
          during the first six (6) months of the fifth Loan Year, one percent
          (1%) of the Variable Principal Prepayment unless Maker has delivered
          written notice to Holder of such Prepayment at least six (6) months
          prior to the date of such Prepayment, in which case no prepayment
          premium shall be payable on the Variable Principal Prepayment; and

               (v) if this Note is prepaid during the last six (6) months of the
          fifth Loan Year, one percent (1%) of the Variable Principal Prepayment
          unless Maker has delivered written notice to Holder of such Prepayment
          at least thirty (30) days prior to the date of such Prepayment, in
          which case no prepayment premium shall be payable on the Variable
          Principal Prepayment.

          The prepayment premium payable with respect to each Fixed Principal
     Prepayment shall be equal to the greater of (x) one percent (1%) of the
     Fixed Principal Prepayment or (y) the Present Value of the Loan, as defined
     below, less the amount of the Fixed Principal Prepayment calculated as of
     the date of the Fixed Principal Prepayment. The "Present Value of the Loan"
     shall be determined by discounting all scheduled payments of principal and
     interest remaining to the Maturity Date, attributable to the Fixed
     Principal Prepayment, at the Discount Rate. The "Discount Rate" is the rate
     which compounded monthly, is equivalent to Treasury Rate, when compounded
     semi-annually. The "Treasury Rate" is the semi-annual yield on the Treasury
     Constant Maturity Series with maturity equal to the remaining weighted
     average life of the Loan for the week prior to the week in which the Fixed
     Principal Prepayment is made, as reported in Federal Reserve Statistical
     Release H.15-Selected Interest Rates, as conclusively determined by Holder
     on the date of any Variable Principal Prepayment or Fixed Principal
     Prepayment.

          (b) Holder shall have no obligation to accept any Variable Principal
     Prepayment or Fixed Principal Prepayment which is not accompanied by all
     accrued but unpaid interest on the Note and any and all other sums then
     owing to Holder hereunder and under any of the Loan Documents. If Maker
     gives Holder notice of intention to so prepay, then the amount designated
     for prepayment in Maker's notice of prepayment, together with accrued but
     unpaid interest (and, in the event of payment in full of this

                                        5

<PAGE>

     Note, together with all other sums owing to Holder hereunder or under any
     Loan Document), and together with the aforesaid applicable prepayment
     premium, shall be due and payable on the earlier of the date specified in
     Maker's notice, or the first (1st) day of the first (1st) month which
     occurs at least thirty (30) days after Holder receives such notice.

          (c) Notwithstanding anything in Paragraph 9(a) above to the contrary,
     or in this Note or any Loan Documents to the contrary, no prepayment
     premiums shall be charged with respect to the proceeds of any insurance
     policy or condemnation which are applied by Holder to the principal balance
     of this Note and any such application of insurance or condemnation proceeds
     shall be deemed a permitted prepayment hereunder.

          (d) Maker expressly agrees that, upon acceleration of the Maturity
     Date as a result of any Event of Default, including without limitation, any
     acceleration upon the transfer of any interest in the Property, a tender by
     Maker or by anyone on behalf of Maker of payment of the amount necessary to
     satisfy the indebtedness evidenced hereby made at any time prior to or in
     connection with a foreclosure sale or a sale under a power of sale
     contained in the Mortgage, shall constitute an evasion of the prepayment
     terms hereof and shall be deemed to be a voluntary Prepayment hereunder.
     Therefore, Maker shall pay prepayment premiums with any such prepayments in
     an amount equal to the amount which would have been due as prepayment
     premiums pursuant to Paragraph 9(a) above; provided; however; that the
     obligation of Maker to pay prepayment premiums under this Paragraph 9 is
     expressly made subject to Paragraph 10 below. Maker expressly waives the
     provisions of any present or future statute or law which prohibits or may
     prohibit the collection of the foregoing prepayment premiums in connection
     with any such acceleration.

          (e) The foregoing prepayment premiums represent the reasonable
     estimates of Holder and Maker of fair and reasonable compensation for the
     losses that may be sustained by Holder due to the payment of any of the
     indebtedness evidenced by this Note prior to the due date thereof stated
     herein. Such prepayment premiums shall be paid without prejudice to the
     right of Holder to collect any other amounts provided to be paid hereunder.

10.  LIMIT OF VALIDITY.

     All agreements between the Maker and the Holder hereof are expressly
limited so that in no contingency or event whatsoever, whether by reason of
advancement of the proceeds hereof, acceleration of maturity of the unpaid
principal balance hereof, or otherwise, shall the amount paid or agreed to be
paid to the Holder hereof for the use, forbearance or detention of the money to
be advanced hereunder exceed the highest lawful rate permissible under
applicable usury laws. If, from any circumstances whatsoever fulfillment of any
provision hereof or of the Loan Documents shall involve transcending the limit
of validity prescribed by any law which a court of competent jurisdiction may
deem applicable hereto, then, ipso facto, the obligation to be fulfilled shall
be reduced to the limit of such validity, and, if from any circumstance the
Holder hereof shall ever receive as interest an amount which would exceed the
highest lawful rate, such amount which would be excessive interest shall be
applied to the reduction of the unpaid

                                        6

<PAGE>

principal balance due hereunder and not to the payment of interest. This
provision shall control every other provision of all agreements between the
Maker and the Holder hereof.

11.  MISCELLANEOUS

          (a) Any remittances hereunder by check or draft shall be credited on
     the date of receipt subject to the condition that such check or draft may
     be handled for collection in accordance with the practice of the collecting
     bank or banks and any receipt issued therefore shall be void unless the
     amount due is actually received by Holder hereof. Any remittance hereunder
     received later than 12:00 noon, E.S.T. shall be credited on the next
     business day following such receipt.

          (b) If interest, principal or other sums owing under this Note are not
     paid when due, whether at maturity or by acceleration, the Maker promises
     to pay all costs of collection, including but not limited to, attorneys'
     fees and all expenses incurred by the Holder in connection with the
     collection of this Note, the protection or realization of the collateral
     and enforcement of any guaranty on account of such collection, whether or
     not suit is filed hereon. Such fees shall include, without limitation,
     costs and attorneys' fees incurred in any appeal. Any and all references to
     the payment of attorneys, fees and disbursements herein shall include those
     incurred before, during and after litigation, whether negotiating,
     drafting, closing, attempting collection without litigation, investigating
     and litigating in all trial and appellate levels as well as those incurred
     in any bankruptcy proceeding and post-judgment proceedings. Attorneys' fees
     includes fees of paraprofessionals such as paralegals and investigators,
     administrative costs and all other charges whatsoever billed by counsel to
     the Holder. For purposes of this Note, all references to costs and
     attorneys' fees shall mean "reasonable attorneys' fees and expenses
     actually incurred by Lender."

          (c) Maker and all sureties, endorsers, guarantors and all other
     parties now or hereafter liable for the payment of this Note, in whole or
     in part, hereby severally (i) waive presentment for payment, demand and
     protest and notice of protest, acceleration, or dishonor and non-payment of
     this Note (other than notices explicitly required pursuant to the terms
     hereof or the terms of the Loan Documents), and (ii) consent to any
     extension of time of payment hereof or of any installment hereof, (iii)
     agree to the release of any party liable for this obligation, and to the
     release, change or modification of any collateral posted as security for
     the payment of this Note, and any such extension, modification or release
     may be made without notice to any of said parties and without in any way
     affecting or discharging this liability.

          (d) No single or partial exercise of any power hereunder shall
     preclude other or further exercise thereof or the exercise of any other
     power. The Holder hereof shall at all times have the right to proceed
     against any portions of collateral held by Holder in such order and in such
     manner as the Holder may deem fit, without waiving any rights with respect
     to any other collateral. No delay or omission on the part of Holder hereof
     in exercising any right or remedy hereunder or the acceptance of one or
     more installments from any person after a default hereunder or under the
     Loan Documents shall operate as a

                                        7

<PAGE>

     waiver of such right or remedy or of any other right or remedy under this
     Note nor as a waiver of such right or remedy in connection with any future
     default.

          (e) If more than one person has executed this Note or becomes
     obligated under this Note, the obligations and covenants of each such
     person shall be joint and several. The release by Holder of any party
     liable on this Note shall not operate to release any other party liable
     hereon.

          (f) In the event any one or more of the provisions contained in this
     Note shall for any reason be held to be invalid, illegal, or unenforceable
     in any respect, such invalidity, illegality or unenforceability shall not
     affect any other provision of this Note, but this Note shall be construed
     as if such invalid, illegal or unenforceable provision had never been
     contained herein.

          (g) This Note is to be governed by and construed in accordance with
     the laws of the State of Georgia; provided, however, that if the conflict
     or choice of law rules would choose the law of another State, the Maker
     hereby waives such rules and agrees that Georgia substantive, procedural
     and constitutional law shall nonetheless govern.

          (h) All notices hereunder shall be deemed to have been duly given and
     received if delivered in accordance with the provisions set forth in
     Section 3.7 of the Mortgage; notice provisions contained therein relating
     to (i) the Mortgagor thereunder shall be applicable to Maker, and (ii) the
     Mortgagee thereunder shall be applicable to Holder.

          (i) This Note may not be waived, changed, modified or discharged
     orally, except by an agreement in writing signed by the party against whom
     the enforcement of waiver, change, modification or discharge is sought.

          (j) The words appearing at the commencement of the paragraphs are
     included only as a guide to the contents thereof and are not to be
     considered as controlling, enlarging or restructuring the language or
     meaning of those paragraphs.

          (k) As used herein, the terms "Maker" and "Holder" shall be deemed to
     include their respective heirs, successors, legal representatives and
     assigns, whether voluntary by action of the parties or involuntary by
     operation of law.

          (l) Each of the parties irrevocably and unconditionally: (a) agrees
     that any suit, action or other legal proceeding arising out of or relating
     to this Note may, and to the extent permitted by the courts of the State of
     Georgia shall be brought in the courts of record of the State of Georgia in
     Cobb County or the District Court of the United States, Northern District
     of Georgia; (b) consents to the jurisdiction of each such court and any
     such suit, action or proceedings; (c) waives any objection which it may
     have to the laying of venue of any such suit, action or proceeding in any
     of such courts; (d) agrees that service of any court paper may be effected
     in such manner(s) as may be provided under applicable laws or court rules
     in the State of Georgia.

                                        8

<PAGE>

          (m) Maker represents and warrants to the Holder that the Loan
     evidenced by this Note is a commercial loan and is not primarily for
     personal, family, household or agricultural purposes. Maker represents and
     warrants to the Holder that the extension of credit evidenced by this Note
     is exempt from all state and federal truth-in-lending and other disclosure
     requirements.

12.  WAIVER OF JURY TRIAL.

     FOR AND IN CONSIDERATION OF LENDERS' ADVANCEMENT OF THE LOAN MAKER, BEING
AN EXPERIENCED PARTICIPANT IN SOPHISTICATED REAL ESTATE VENTURES, AND HAVING
CONSULTED WITH COUNSEL OF ITS CHOOSING, HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY
WITH RESPECT TO ANY ACTION OR PROCEEDING (1) BROUGHT BY MAKER, THE HOLDER OR ANY
OTHER PERSONS RELATING TO (A) THE LOAN OR (B) THE LOAN DOCUMENTS OR (2) TO WHICH
THE HOLDER IS A PARTY. MAKER HEREBY AGREES THAT THIS NOTE CONSTITUTES A WRITTEN
CONSENT TO WAIVER OF TRIAL BY JURY, AND MAKER DOES HEREBY CONSTITUTE AND APPOINT
THE HOLDER ITS TRUE AND LAWFUL ATTORNEY IN FACT, WHICH APPOINTMENT IS COUPLED
WITH INTEREST, AND MAKER DOES HEREBY AUTHORIZE AND EMPOWER THE HOLDER, IN THE
NAME, PLACE, AND STEAD OF MAKER, TO FILE THIS NOTE WITH THE CLERK OR JUDGE OF
ANY COURT OF COMPETENT JURISDICTION AS A WRITTEN CONSENT TO WAIVER OF TRIAL BY
JURY. MAKER ACKNOWLEDGES THAT ITS WAIVER OF TRIAL BY JURY HAS BEEN MADE
KNOWINGLY, INTENTIONALLY AND WILLINGLY BY MAKER AS PART OF A BARGAINED FOR LOAN
TRANSACTION.

13.  CROSS-DEFAULT AND CROSS-COLLATERALIZATION.

     In accordance with the terms of Section 5 of the Loan Agreement, this Loan
is cross- defaulted and cross-collateralized with certain other loans between
Lender and Maker and certain affiliates of Maker, as more particularly described
therein.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                        9

<PAGE>

     EXECUTED as a sealed document as of the day and year first above written.

                                         MAKER:

                                         KNOLLWOOD COUNTRY CLUB, INC.,
                                         an Indiana corporation

                                         By:
                                             -----------------------------------
                                             John M. Massey, III
                                             Vice President

STATE OF TEXAS     )
                   )
COUNTY OF DALLAS   )

     This instrument was acknowledged before me on June   , 2003, by John M.
                                                        --
Massey, III, Vice President of KNOLLWOOD COUNTRY CLUB, INC., an Indiana
corporation, on behalf of such corporation.

                                         ---------------------------------------
                                         Notary Public in and for said
                                         County and State

                                         Print Name:
                                                    ----------------------------
My Commission Expires:

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

                                       10

<PAGE>

Schedule of Differences between Promissory Note between Knollwood Country Club,
Inc. and Textron Financial Corporation and other new promissory notes with
Textron Financial Corporation:

--------------------------------------------------------------------------------
Borrower                                                             Loan Amount
--------------------------------------------------------------------------------
Canyon Gate at Las Vegas, Inc.                                       $5,310,000
--------------------------------------------------------------------------------
ClubCorp Golf of North Carolina, L.L.C.
   (d/b/a Devil's Ridge Golf Club)                                    4,530,000
--------------------------------------------------------------------------------
IW Golf Club, Inc.                                                    7,875,000
--------------------------------------------------------------------------------
Indigo Run Asset Corp.                                                7,865,000
--------------------------------------------------------------------------------
ClubCorp Golf of California, L.L.C.                                   5,715,000
--------------------------------------------------------------------------------
ClubCorp Golf of North Carolina, L.L.C.
   (d/b/a Nags Head Golf Links)                                       8,515,000
--------------------------------------------------------------------------------
Hearthstone Country Club, Inc.                                        4,905,000
--------------------------------------------------------------------------------
River Creek Country Club, Inc.                                        7,490,000
--------------------------------------------------------------------------------

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