ContractBusiness Loan Agreement • August 28th, 2003 • Winter Sports Inc /New • Services-miscellaneous amusement & recreation
BUSINESS LOAN AGREEMENT This Agreement dated as of January 7, 2003, is between Bank of America, N.A., a national banking association (the “Bank”), and Winter Sports Inc., a Montana corporation (the “Borrower”). 1. FACILITY NO. 1: LINE OF CREDIT AMOUNT AND TERMS 1.1. Line of Credit Amount. (a) During the availability period described below, the Bank will provide a line of credit to the Borrower (“Facility No. 1”). The amount of the line of credit (the “Facility No. 1 Commitment”) is initially $13,500,000, reducing by $1,200,000 on each May 31, beginning May 31, 2004. (b) If, due to conditions beyond the control of the Borrower, gross revenues for a ski season (not including real estate-related revenues) are less than $8,500,000, the Borrower may skip the mandatory commitment reduction on the reduction date next succeeding such ski season. The Borrower is limited to two such skip payments during the term of Facility No. 1. Any reduction skipped is deferred until the Facility No. 1 Expira
