Document:

Amended and Restated Promissory Note...Matthew T. Gibbs II and Kathy Gibbs

 Execution Copy 
  
 Exhibit 10.18 
  
 AMENDED AND RESTATED PROMISSORY NOTE 
 SECURED BY UNIT PLEDGE AGREEMENT 
  
 Monterey County, California

 June 11, 2004 
  
 For value received the undersigned, MATTHEW T. GIBBS II and KATHY GIBBS (“Borrower”), promises to pay to the order of LANGUAGE LINE, INC., a
Delaware corporation (“Lender”) at 1 Lower Ragsdale Drive, Bldg. 2, Monterey, California 93940, or at any other place that may be designated in writing by Lender, the principal sum of One Hundred Thousand Dollars ($100,000), with interest
as set forth in this note (the “Note”) (calculated on the basis of a 360-day year). This Note amends and restates the note entered into by the Borrower in favor of Language Line, LLC, a predecessor of the Lender, on June 17, 2002 (the
“Prior Note”), and the Prior Note is hereby amended and replaced in its entirety with this Note. All sums due are payable in lawful money of the United States of America. 
  
 This Note is secured by, among other things, the Amended and Restated Unit Pledge Agreement of the same date as this Note,
executed by Borrower, as Debtor, in favor of Lender, as Secured Party (the “Unit Pledge Agreement”), and encumbering Borrower’s interest in the Units as defined in the Unit Pledge Agreement. The holder of this Note will be entitled to
the benefits of the security provided by the Unit Pledge Agreement and will have the right to enforce the covenants and agreements of Borrower contained in the Unit Pledge Agreement. 
  
 Borrower will pay to Lender the principal amount of this Note, and accrued interest, as follows: 
  
 Borrower will make no periodic installments of principal or interest under
this Note. The entire outstanding principal balance of this Note, together with all accrued and unpaid interest, will be due on the date which is the earlier of (i) the consummation of a Sale of the Company and (ii) the fifth anniversary of the date
hereof (such earlier date being the “Maturity Date”). As used in this Note, the term “Sale of the Company” shall mean the consummation of any merger or consolidation of Language Line Holdings, LLC, Delaware Limited Liability
company and the Parent of the Lender (“Holdings”) with or into any other person or any sale of all or substantially all of the ownership interests or assets of Holdings and its subsidiaries, taken as a whole (other than a transaction
following which the holders of the outstanding membership interests of Holdings prior to such transaction together own a majority of the outstanding ownership interests of the surviving or resulting corporation or business entity). 
  
 From and after the Maturity Date, all sums owing under this Note will bear
interest until paid in full at a rate equal to seven and one-half percent (7.5%) per annum (“Default Rate”). The principal amount of this Note will not bear interest, except as otherwise expressly provided above. Borrower shall be fully
responsible for any income tax liability that accrues to Borrower as a result of the loan contemplated by this Note, and Borrower agrees to indemnify Lender from any income tax liability that accrues to Lender as a result of the loan contemplated by
this Note. 
  
 All payments on this Note will be applied first to
the payment of any costs, fees, late charges, or other charges incurred in connection with the indebtedness evidenced by this Note; 

  

 
next, to the payment of accrued interest; then to the reduction of the principal balance; or in any other order that Lender requires. 
  
 If: 
  

	 	(a)	Borrower fails to pay when due any sums payable under this Note; 

  

	 	(b)	Borrower fails to perform or observe any of the other agreements, terms, covenants or conditions in the Unit Pledge Agreement if such nonperformance or nonobservance continues for a
period of ten (10) days after notice by Lender to Borrower (an “Event of Default”); or 

  

	 	(c)	any other event or condition occurs that, under the terms of the Unit Pledge Agreement, gives rise to a right of acceleration of sums owing under this Note,

  
 then Lender, at its sole option, will have the right to declare
all sums owing under the Note immediately due. However, if the Unit Pledge Agreement provides for the automatic acceleration of payment of sums owing under this Note, all sums owing will be automatically due in accordance with the terms of that
document. 
  
 Borrower will have the right to pay, without penalty
or premium all or any portion of the outstanding principal amount of this Note prior to the Maturity Date on not less than five (5) days’ prior written notice to Lender. Lender will apply all prepayments first to the payment of any costs, fees,
late charges, or other charges incurred in connection with the indebtedness evidenced by this Note; next, to the payment of accrued interest then to the outstanding principal amount of this Note in inverse order of maturity, or, at the option of
Lender, in the regular order of maturity; or in any other order that Lender requires. 
  
 Borrower will pay to Lender all sums owing under this Note without deduction, offset, or counterclaim of any kind. The relationship of Borrow and Lender under this Note is solely that of borrower and lender, and the
loan evidenced by this Note and secured by the Unit Pledge Agreement win in no manner make Lender the partner or joint venturer of Borrower. 
  
 If any attorney is engaged by Lender to enforce or construe any provision of this Note or the Unit Pledge Agreement or as a consequence of any Event of
Default, with or without the filing of any legal action or proceeding, then Borrower will immediately pay to Lender on demand all reasonable attorney fees and other costs incurred by Lender, together with interest from the date of tile demand until
paid at the Default Rate. In any action to enforce this Note, the prevailing party shall be entitled to an award of reasonable attorney’s fees and other costs incurred in the action. 
  
 No previous waiver or failure or delay by Lender in acting with respect to the terms of this Note or the Unit Pledge
Agreement will constitute a waiver of any breach, default, or failure of condition under this Note or the Unit Pledge Agreement. A waiver of any term of this Note or the Unit Pledge Agreement must be made in writing and will be limited to the
express written terms of the waiver. If there are any inconsistencies between the terms of this Note and the terms of the Unit Pledge Agreement, the terms of this Note will prevail. 
  

 2 

 All notice required or permitted in connection with this Note will be in writing and will be given at the
place and in the manner provided in the Unit Pledge Agreement for the giving of notices. 
  
 If this Note is executed by more than one person or entity as Borrower, the obligations of each person or entity will be joint and several. Borrower waives presentment; demand; notice of dishonor; notice of default or
delinquency; notice of acceleration; notice of protest and nonpayment; notice of costs, expenses, or losses and interest; notice of interest on interest and late charges; and diligence in taking any action to collect any sums owing under this Note
or in proceeding against any of the rights or interests to property securing payment of this Note. Time is of the essence with respect to every provision of this Note. This Note will be construed and enforced in accordance with California law,
except to the extent that Federal laws pre-empt state law, and all persons and entities in any manner obligated under this Note consent to the jurisdiction of any Federal or State Court within California having proper venue and also consent to
service of process by any means authorized by California or Federal Law. 
  

	
	
	 /S/    MATTHEW T. GIBBS
II

	 Matthew T. Gibbs II

  

	
	
	 /S/    KATHY
GIBBS

	 Kathy Gibbs

  

 3Amendment to the Deed of Trust and Assignment of Rents...Dennis G. Dracup

 Exhibit 10.19 
  

			
	 THIS DOCUMENT WAS PREPARED BY AND WHEN RECORDED MAIL TO
  
 Peter Marta, Esq.
 Kirkland & Ellis
LLP
 Citigroup Center
 153 East 53rd St.
 New York, NY
10022
	  	SPACE ABOVE THIS LINE FOR RECORDER’S USE

  
 Amendment to the
Deed of Trust and Assignment of Rents 
  
 THIS AMENDMENT TO
THE DEED OF TRUST AND ASSIGNMENT OF RENTS (the “Amendment”) is made and entered into this 11th day of June, 2004 by and between Dennis G. Dracup and Christine L. Dracup, husband and wife, as community property with right
of survivorship, whose address is 25430 Via Cicindela, Carmel, CA 93923 (“Trustor”), in favor of Old Republic Title Company (“Republic”), as trustee, in trust for the benefit of Language Line, Inc., a Delaware
corporation (“LL Inc.”), as successor in interest to Language Line, LLC, a Delaware limited liability company (“LLC”). 
  
 WITNESSETH: 
  
 WHEREAS, Trustor issued that certain Promissory Note Secured by Deed of Trust in the amount of $995,000.00, dated as of September 7, 2001 (the
“Existing Promissory Note”) to LLC; 
  
 WHEREAS, Trustor, Republic, and LLC are parties to that certain Deed of Trust and Assignment of Rents, dated and recorded as of September 7, 2001, Instrument No. 2001-075957 (the “Deed of Trust”), securing
Trustor’s obligations under the Old Promissory Note; 
  
 WHEREAS, Trustor issued that certain Amended and Restated Promissory Note Secured by Deed of Trust in the amount of $995,000.00, dated as of June 11, 2004 (the “New Promissory Note”) to LL Inc., which amended
and replaced the Existing Promissory Note and which has terms substantially similar to those contained in the Existing Promissory Note in all material respects; 
  

WHEREAS, Trustor desires to amend the Deed of Trust to reflect the issuance of the New Promissory Note; 
  

 NOW, THEREFORE, the parties hereto agree to amend and restate the Deed of Trust as follows:

  

	 	1.	Any and all references to the promissory note in the Deed of Trust shall mean the New Promissory Note. 

  

	 	2.	All other terms and conditions of the Deed of Trust shall remain in full force and effect. 

  

 In Witness Whereof, the undersigned, by its duly elected officer and pursuant to proper authority
of its board of directors has duly executed, sealed, acknowledged and delivered this Amendment to the Deed of Trust and Assignment of Rents as of the day and year first above written. 
  

			
	LANGUAGE LINE, INC., a Delaware corporation
		
	 By:
	 	 /s/ C.J. Brucato, III

	 	 	 Name: C.J. Brucato, III

	 	 	 Title: Vice President

  

 In Witness Whereof, the undersigned has duly executed, sealed, acknowledged and delivered this
Amendment to the Deed of Trust and Assignment of Rents as of the day and year first above written. 
  

			
	
	/S/    DENNIS G. DRACUP
	DENNIS G. DRACUP

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