Exhibit 10.1 COMPLIANCE WAIVER LETTER As of December 6, 2005 VIA OVERNIGHT COURIER AND FAX - 435-615-4780 Grand Summit Resort Properties, Inc. 136 Heber Avenue, Suite 303 Park City, Utah 84060 Attention: Helen Wallace VIA OVERNIGHT COURIER AND FAX -...Loan and Security Agreement • December 14th, 2005 • American Skiing Co /Me • Services-miscellaneous amusement & recreation
Re: Loan and Security Agreement (as amended to the date hereof, the "LSA"), dated as of September 1, 1998, among Grand Summit Properties, Inc., a Maine corporation ("GSRP"), Textron Financial Corporation, a Delaware corporation, as administrative agent ("Administrative Agent"), and FINOVA Capital Corporation, Foothill Capital Corporation, Litchfield Financial Corporation and Textron Financial Corporation, as lenders (collectively, the "Lenders")
