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EXHIBIT 10.24
LINE OF CREDIT TO THE COMPANY FROM
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Exhibit 13
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April 10, 1997
Board of Directors
Saratoga Beverage Group, Inc.
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Ladies and Gentleman:
The undersigned hereby agree to loan to Saratoga Beverage
Group, Inc. (the "Company"), pursuant to a line of credit, an amount of up to
$250,000, which borrowing will be evidenced by a promissory note containing
standard terms and conditions, including the following: (a) the note will bear
interest at a rate equal to one percentage point per annum in excess of the
prime rate as in effect from time to time; (b) the term of the note will be one
year from the date thereof, at which time all accrued interest and unpaid
principal will be due and payable; provided, however, that the note will be
payable at such earlier time as either of the following events may occur: (I)
the Company secures a bank line of credit or similar financing in an amount of
at least $250,000; or (II) a change in control of the Company occurs; and (c)
the note will be secured by a pledge of receivables, inventory, property, plant
and/or equipment of the Company, as determined by the undersigned and the
officers of the Company in their discretion.
The line of credit will take effect upon the execution by the
undersigned and the Company of loan documentation prepared by counsel to the
undersigned.
Very truly yours,
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Exhibit 14
