<PAGE>   1
                                                                  EXHIBIT 10.25

                            BUSINESS LOAN AGREEMENT

THIS BUSINESS LOAN AGREEMENT ("AGREEMENT") IS MADE BETWEEN BANK OF AMERICA NW,
N.A. DBA SEAFIRST BANK ("BANK") AND NATIONAL SECURITIES CORPORATION
("BORROWER") WITH RESPECT TO THE FOLLOWING:

                                     PART A

Subject to the terms of this Agreement, Bank will make loans to Borrower under
the following provisions.

CREDIT LINE:
         Facility #1              $15,000,000

         Facility #2              $1,000,000

GUARANTOR:                        None

LOAN PURPOSES:
         Facility #1              For intraday loans to fund the underwriting of
                                  new security issues.

         Facility #2              Cover cash shortfalls caused by stock/bond
                                  trading activity and client money market
                                  withdrawals. If outstanding balance exceeds 3
                                  days, balance to transfer to Facility # 1.

INTEREST RATE:                    Bank of America NW, NA dba Seafirst Bank
                                  prime rate plus zero percent of principal per
                                  annum, changed on the day of any Bank of
                                  America NW, NA. dba Seafirst Bank prime rate
                                  change.  All interest will be calculated at
                                  the per annum rate based on a 360 day year and
                                  applied to the actual number of days elapsed.

REPAYMENT:                        The principal balance outstanding shall be
                                  due in full on March 1, 1997. Interest
                                  payments shall be paid monthly on the first
                                  day of each month.

ADVANCE RATE:                     Maximum advance rate of 90% on marketable
                                  securities.

SECURITY:
         Facility #1              Marketable securities. Also, collateral
                                  securing other loans with Bank may secure this
                                  loan.

         Facility #2              Unsecured.  Also, collateral securing other 
                                  loans with Bank may secure this loan.

AVAILABILITY/EXPIRATION:          This revolving facility is available for
                                  advances until March 1, 1997, and any advances
                                  are to mature no later than March 1, 1997. If,
                                  however, advances are made and/or new
                                  promissory notes executed after this date,
                                  such advances will extend and be subject to
                                  this commitment until repaid in full, unless a
                                  written statement signed by


<PAGE>   2

                                  the Bank and Borrower provides otherwise, or a
                                  subsequent mutually satisfactory loan
                                  agreement is executed.



<PAGE>   3




                            BUSINESS LOAN AGREEMENT

                                     PART B

1.       PROMISSORY NOTE(S).  All loans shall be evidenced by promissory notes
         in a form and substance satisfactory to Bank.

2.       CONDITIONS TO AVAILABILITY OF LOAN/LINE OF CREDIT.  Before Bank is
         obligated to disburse/make any advance, or at any time thereafter
         which Bank deems necessary and appropriate, Bank must receive all of
         the following, each of which. must be in form and substance
         satisfactory to Bank ("loan documents"):

         2.1     Original, executed promissory note(s);

         2.2     Original executed security agreement(s) and/or deed(s) of
                 trust covering the collateral described in Part A;

         2.3     All collateral described in Part A in which Bank wishes to
                 have a possessory security interest;

         2.4     Financing statement(s) executed by Borrower;

         2.5     Such evidence that Bank may deem appropriate that the security
                 interests and liens in favor of Bank are valid, enforceable,
                 and prior to the rights and interests of others except those
                 consented to in writing by Bank;

         2.6     Evidence that the execution, delivery, and performance by
                 Borrower of this Agreement and the execution, delivery, and
                 performance by Borrower and any corporate guarantor or
                 corporate subordinating creditor of any instrument or
                 agreement required under this Agreement, as appropriate, have
                 been duly authorized;

         2.7     Any other document which is deemed by the Bank to be required
                 from time to time to evidence loans or to effect the
                 provisions of this Agreement;

         2.8     If requested by Bank, a written legal opinion expressed to
                 Bank, of counsel for Borrower as to the matters set forth in
                 sections 3.1 and 3.2, and to the best of such counsel's
                 knowledge after reasonable investigation, the matters set
                 forth in sections 3.3, 3.5, 3.6, 3.7, 3.8 and such other
                 matters as the Bank may reasonably request;

         2.9     Pay or reimburse Bank for any out-of-pocket expenses expended
                 in making or administering the loans made hereunder including
                 without limitation attorney's fees (including allocated costs
                 of in-house counsel);

3.       REPRESENTATIONS AND WARRANTIES.  Borrower represents and warrants to
         Bank, except as Borrower has disclosed to Bank in writing, as of the
         date of this Agreement and hereafter so long as credit granted under
         this Agreement is available and until full and final payment of all
         sums outstanding under this Agreement and promissory notes that:

         3.1     Borrower is duly organized and existing under the laws of the
                 state of its organization as a Corporation.  Borrower is
                 properly licensed and in good standing in each state in which



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NATIONAL SECURITIES CORPORATION
BUSINESS LOAN AGREEMENT - PART B
PAGE 4

 
                 Borrower is doing business and Borrower has qualified under,
                 and complied with, where required, the fictitious or trade
                 name statutes of each state in which Borrower is doing
                 business, and Borrower has obtained all necessary government
                 approvals for its business activities; the execution,
                 delivery, and performance of this Agreement and such notes and
                 other instruments required herein are within Borrower's
                 powers, have been duly authorized, and, as to Borrower and any
                 guarantor, are not in conflict with the terms of any charter,
                 bylaw, or other organization papers of Borrower, and this
                 Agreement, such notes and the loan documents are valid and
                 enforceable according to their terms;

         3.2     The execution, delivery, and performance of this Agreement,
                 the loan documents and any other instruments are not in
                 conflict with any law or any indenture, agreement or
                 undertaking to which Borrower is a party or by which Borrower
                 is bound or affected;

         3.3     Borrower has title to each of the properties and assets as
                 reflected in its financial statements (except such assets
                 which have been sold or otherwise disposed of in the ordinary
                 course of business), and no assets or revenues of the Borrower
                 are subject to any lien except as required or permitted by
                 this Agreement, disclosed in its financial statements or
                 otherwise previously disclosed to Bank in writing;

         3.4     All financial information, statements as to ownership of
                 Borrower and all other statements submitted by Borrower to
                 Bank, whether previously or in the future, are and will be
                 true and correct in all material respects upon submission and
                 are and will be complete upon submission insofar as may be
                 necessary to give Bank a true and accurate knowledge of the
                 subject matter thereof;

         3.5     Borrower has filed all tax returns and reports as required by
                 law to be filed and has paid all taxes and assessments
                 applicable to Borrower or to its properties which are
                 presently due and payable, except those being contested in
                 good faith;

         3.6     There are no proceedings, litigation or claims (including
                 unpaid taxes) against Borrower pending or, to the knowledge of
                 the Borrower, threatened, before any court or government
                 agency, and no other event has occurred which may have a
                 material adverse effect on Borrower's financial condition:

         3.7     There is no event which is, or with notice or lapse of time,
                 or both, would be, an Event of Default (as defined in Section
                 7) under this Agreement;

         3.8     Borrower has exercised due diligence in inspecting Borrower's
                 properties for hazardous wastes and hazardous substances.
                 Except as otherwise previously disclosed and acknowledged to
                 Bank in writing:

                 (a) during the period of Borrower's ownership of Borrower's
                 properties, there has been no use, generation, manufacture,
                 storage, treatment, disposal, release or threatened release of
                 any hazardous waste or hazardous substance by any person in,
                 on, under or about any of Borrower's properties; (b) Borrower
                 has no actual or constructive knowledge that there has
<PAGE>   5
NATIONAL SECURITIES CORPORATION
BUSINESS LOAN AGREEMENT - PART B
PAGE 5





                 been any use, generation, manufacture, storage, treatment,
                 disposal, release or threatened release of any hazardous waste
                 or hazardous substance by any person in, on, under or about
                 any of Borrower's properties by any prior owner or occupant of
                 any of Borrower's properties; and (c) Borrower has no actual
                 or constructive notice of any actual or threatened litigation
                 or claims of any kind by any person relating to such matters.
                 The terms "hazardous waste(s)," hazardous substance(s),"
                 "disposal," "release," and "threatened release" as used in
                 this Agreement shall have the same meanings as set forth in
                 the Comprehensive Environmental Response, Compensation, and
                 Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et
                 seq., the Superfund Amendments and Reauthorization Act of
                 1986, as amended, Pub. L. No. 99-499, the Hazardous Materials
                 Transportation Act, as amended, 49 U.S. C. Section 1801, et
                 seq., the Resource Conservation and Recovery Act, as amended,
                 49 U.S.C. Section 6901, et seq., or other applicable state or
                 federal laws, rules or regulations adopted pursuant to any of
                 the foregoing.

4.       AFFIRMATIVE COVENANTS.  So long as credit granted under this Agreement
         is available and until full and final payment of all sums outstanding
         under this Agreement and promissory note(s) Borrower will:

         4.1     Use the proceeds of the loans covered by this Agreement only
                 in connection with Borrower's business activities and
                 exclusively for the following purposes: to cover cash
                 shortfalls caused by stock/bond trading activity and client
                 money market withdrawals.

         4.2     Maintain current assets in an amount at least equal to 1.1
                 times current liabilities, and not less than $2,500,000.
                 Current assets and current liabilities shall be determined in
                 accordance with generally accepted accounting principles and
                 practices, consistently applied;

         4.3     Maintain a tangible net worth of at least $3,500,000 and net
                 capital in excess of SEC minimum requirement and not permit
                 Borrower's total indebtedness which is not subordinated in a
                 manner satisfactory to Bank to exceed 14 times Borrower's
                 tangible net worth.  "Tangible net worth" means the excess of
                 total assets over total liabilities, excluding, however, from
                 the determination of total assets (a) all assets which should
                 be classified as intangible assets such as goodwill, patents,
                 trademarks, copyrights, franchises, and deferred charges
                 (including unamortized debt discount and research and
                 development costs), (b) treasury stock, (c) cash held in a
                 sinking or other similar fund established for the purpose of
                 redemption or other retirement of capital stock, (d) to the
                 extent not already deducted from total assets, reserves for
                 depreciation, depletion, obsolescence or amortization of
                 properties and other reserves or appropriations of retained
                 earnings which have been or should be established in
                 connection with the business conducted by the relevant
                 corporation, and (e) any revaluation or other write-up in book
                 value of assets subsequent to the fiscal year of such
                 corporation last ended at the date of this Agreement;

         4.4     Promptly give written notice to Bank of: (a) all litigation
                 and claims made or threatened affecting Borrower where the
                 amount is $1,000,000 or more; (b) any substantial dispute
                 which may exist between Borrower and any governmental
                 regulatory body or law enforcement authority; (c) any Event of
                 Default under this Agreement or any other
<PAGE>   6
NATIONAL SECURITIES CORPORATION
BUSINESS LOAN AGREEMENT - PART B
PAGE 6





                 agreement with Bank or any other creditor or any event which
                 become an Event of Default; and (d) any other matter which has
                 resulted or might result in a material adverse change in
                 Borrower's financial condition or operations;

         4.5     Borrower shall as soon as available, but in any event within
                 90 days following the end of each Borrower's fiscal years and
                 within 60 days following the end of each quarter provide to
                 Bank, in a form satisfactory to Bank (including audited
                 statements if required at any time by Bank), such financial
                 statements and other information respecting the financial
                 condition and operations of Borrower as Bank may reasonably
                 request;

         4.6     Borrower will maintain in effect insurance with responsible
                 insurance companies in such amounts and against such risks as
                 is customarily maintained by persons engaged in businesses
                 similar to that of Borrower and all policies covering property
                 given as security for the loans shall have loss payable
                 clauses in favor of Bank. Borrower agrees to deliver to Bank
                 such evidence of insurance as Bank may reasonably require and,
                 within thirty (30) days after notice from Bank, to obtain such
                 additional insurance with an insurer satisfactory to the Bank;

         4.7     Borrower will pay all indebtedness taxes and other obligations
                 for which the Borrower is liable or to which its income or
                 property is subject before they shall become delinquent,
                 except any which is being contested by the Borrower in good
                 faith;

         4.8     Borrower will continue to conduct its business as presently
                 constituted, and will maintain and preserve all rights,
                 privileges and franchises now enjoyed, conduct Borrower's
                 business in an orderly, efficient and customary manner, keep
                 all Borrowers properties in good working order and condition,
                 and from time to time make all needed repairs, renewals or
                 replacements so that the efficiency of Borrower's properties
                 shall be fully maintained and preserved;

         4.9     Borrower will maintain adequate books, accounts and records
                 and prepare all financial statements required hereunder in
                 accordance with generally accepted accounting principles and
                 practices consistently applied, and in compliance with the
                 regulations of any governmental regulatory body having
                 jurisdiction over Borrower or Borrower's business;

         4.10    Borrower will permit representatives of Bank to examine and
                 make copies of the books and records of Borrower and to
                 examine the collateral of the Borrower at reasonable times;

         4.11    Borrower will perform, on request of Bank, such acts as may be
                 necessary or advisable to perfect any lien or security
                 interest provided for herein or otherwise carry out the intent
                 of this Agreement;

         4.12    Borrower will comply with all applicable federal, state and
                 municipal laws, ordinances, rules and regulations relating to
                 its properties, charters, businesses and operations, including
                 compliance with all minimum funding and other requirements
                 related to any of Borrower's employee benefit plans;
<PAGE>   7
NATIONAL SECURITIES CORPORATION
BUSINESS LOAN AGREEMENT - PART B
PAGE 7





         4.13    Borrower will permit representatives of Bank to enter onto
                 Borrower's properties to inspect and test Borrower's
                 properties as Bank, in its sole discretion, may deem
                 appropriate to determine Borrower's compliance with section
                 5.8 of this Agreement; provided however, that any such
                 inspections and tests shall be for Bank's sole benefit and
                 shall not be construed to create any responsibility or
                 liability on the part of Bank to Borrower or to any third
                 party.

5.       NEGATIVE COVENANTS.  So long as credit granted under this Agreement is
         available and until full and final payment of all sums outstanding
         under this Agreement and promissory note(s):

         5.1     Borrower will not, during any fiscal year, expend or incur in
                 the aggregate more than $500,000 for fixed assets, nor more
                 than $250,000 for any single fixed asset whether or not
                 payable that fiscal year or later under any purchase agreement
                 or lease;

         5.2     Borrower will not, without the prior written consent of Bank
                 purchase or lease under an agreement for acquisition, incur
                 any other indebtedness for borrowed money, mortgage, assign,
                 or otherwise encumber any of Borrower's assets, nor sell,
                 transfer or otherwise hypothecate any such assets except in
                 the ordinary course of business. Borrower shall not guaranty,
                 endorse, co-sign, or otherwise become liable upon the
                 obligations of others, except by the endorsement of negotiable
                 instruments for deposit or collection in the ordinary course
                 of business. For purposes of this paragraph, the sale or
                 assignment of accounts receivable, or the granting of a
                 security interest therein, shall be deemed the incurring of
                 indebtedness for borrowed money;

         5.3     Borrower will not, without Bank's prior written consent,
                 declare any dividends on shares of its capital stock, or apply
                 any of its assets to the purchase, redemption or other
                 retirement of such shares, or otherwise amend its capital
                 structure;

         5.4     Borrower will not liquidate or dissolve or enter into any
                 consolidation, merger, pool, joint venture, syndicate or other
                 combination, or sell, lease, or dispose of Borrower's business
                 assets as a whole or such as in the opinion of Bank constitute
                 a substantial portion of Borrower's business or assets;

         5.5     Borrower will not engage in any business activities or
                 operations substantially different from or unrelated to
                 present business activities or operations; and

         5.6     Borrower, and Borrower's tenants, contractors, agents or other
                 parties authorized to use any of Borrower's properties, will
                 not use, generate, manufacture, store, treat, dispose of, or
                 release any hazardous substance or hazardous waste in, on,
                 under or about any of Borrower's properties, except as
                 previously disclosed to Bank in writing as provided in section
                 3.8; and any such activity shall be conducted in compliance
                 with all applicable federal, state and local laws, regulations
                 and ordinances, including without limitation those described
                 in section 3.8.

6        WAIVER, RELEASE AND INDEMNIFICATION.  Borrower hereby:(a) releases and
         waives any claims against Bank for indemnity or contribution in the
         event Borrower becomes liable for cleanup or other costs
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NATIONAL SECURITIES CORPORATION
BUSINESS LOAN AGREEMENT - PART B
PAGE 8





         under any of the applicable federal, state or local laws, regulations
         or ordinances, including without limitation those described in section
         3.8, and (b) agrees to indemnify and hold Bank harmless from and
         against any and all claims, losses, liabilities, damages, penalties
         and expenses which Bank may directly or indirectly sustain or suffer
         resulting from a breach of (i) any of Borrower's representations and
         warranties with respect to hazardous wastes and hazardous substances
         contained in section 3.8, or (ii) section 5.8.  The provisions of this
         section 6 shall survive the full and final payment of all sums
         outstanding under this Agreement and promissory notes and shall not be
         affected by Bank's acquisition of any interest in any of the
         Borrower's properties, whether by foreclosure or otherwise.

7.       EVENTS OF DEFAULT.  The occurrence of any of the following events
         ("Events of Default") shall terminate any and all obligations on the
         part of Bank to make or continue the loan and/or line of credit and,
         at the option of Bank, shall make all sums of interest and principal
         outstanding under the loan and/or line of credit immediately due and
         payable, without notice of default, presentment or demand for payment,
         protest or notice of non payment or dishonor, or other notices or
         demands of any kind or character, all of which are waived by Borrower,
         and Bank may proceed with collection of such obligations and
         enforcement and realization upon all security which it may hold and to
         the enforcement of all rights hereunder or at law:

         7.2     Borrower shall fail to comply with the provisions of any other
                 covenant, obligation or term of this Agreement for a period of
                 fifteen (15) days after the earlier of written notice thereof
                 shall have been given to the Borrower by Bank or Borrower or
                 any Guarantor has knowledge of an Event of Default or an event
                 that can become an Event of Default:

         7.3     Borrower shall fail to pay when due any other obligation for
                 borrowed money, or to perform any term or covenant on its part
                 to be performed under any agreement relating to such
                 obligation or any such other debt shall be declared to be due
                 and payable and such failure shall continue after the
                 applicable grace period;

         7.4     Any representation or warranty made by Borrower in this
                 Agreement or in any other statement to Bank shall prove to
                 have been false or misleading in any material respect when
                 made;

         7.5     Borrower makes an assignment for the benefit of creditors,
                 files a petition in bankruptcy, is adjudicated insolvent or
                 bankrupt, petitions to any court for a receiver or trustee for
                 Borrower or any substantial part of its property, commences
                 any proceeding relating to the arrangement, readjustment,
                 reorganization or liquidation under any bankruptcy or similar
                 laws, or if there is commenced against Borrower any such
                 proceedings which remain undismissed for a period of thirty
                 (30) days or, if Borrower by any act indicates its consent or
                 acquiescence in any such proceeding or the appointment of any
                 such trustee or receiver;

         7.6     Loss of any required government approvals, and/or any
                 governmental regulatory authority takes or institutes action
                 which, in the opinion of Bank, will adversely affect
                 Borrower's condition, operations or ability to repay the loan
                 and/or line of credit;
<PAGE>   9
NATIONAL SECURITIES CORPORATION
BUSINESS LOAN AGREEMENT - PART B
PAGE 9





         7.7     Failure of Bank to have a legal, valid and binding first lien
                 on, or a valid and enforceable prior perfected security
                 interest in, any property covered by any deed of trust or
                 security agreement required under this Agreement;

         7.8     Borrower dies, becomes incompetent, or ceases to exist as a
                 going concern;

         7.9     Occurrence of an extraordinary situation which gives Bank
                 reasonable grounds to believe that Borrower may not, or will
                 be unable to, perform its obligations under this or any other
                 agreement between Bank and Borrower; or

         7.10    Any of the preceding events occur with respect to any
                 guarantor of credit under this Agreement, or such guarantor
                 dies or becomes incompetent, unless the obligations arising
                 under the guaranty and related agreements have been
                 unconditionally assumed by the guarantor's estate in a manner
                 satisfactory to Bank.

8.    SUCCESSORS; WAIVERS.  Notwithstanding the Events of Default above, this
      Agreement shall be binding upon and inure to the benefit of Borrower and
      Bank, their respective successors and assigns, except that Borrower may
      not assign its rights hereunder. No consent or waiver under this
      Agreement shall be effective unless in writing and signed by the Bank and
      shall not waive or affect any other default, whether prior or subsequent
      thereto, and whether of the same or different type. No delay or omission
      on the part of the Bank in exercising any right shall operate as a waiver
      of such right or any other right.

9.    ARBITRATION.

      9.1    At the request of either Bank or Borrower any controversy or claim
             between the Bank and Borrower, arising from or relating to this
             Agreement or any Loan Document executed In connection with this
             Agreement or arising from any alleged tort shall be settled by
             arbitration in King County Washington. The United States
             Arbitration Act will apply to the arbitration proceedings which
             will be administered by the American Arbitration Association under
             its commercial rules of arbitration except that unless the amount
             of the claim(s) being arbitrated exceeds $5,000,000 there shall be
             only one arbitrator.  Any controversy over whether an issue is
             arbitrable shall be determined by the arbitrator(s).  Judgment
             upon the arbitration award may be entered in any court having
             Jurisdiction. The institution and maintenance of any action for
             Judicial relief or pursuit of a provisional or ancillary remedy
             shall not constitute a waiver of the right of either party,
             including plaintiff, to submit the controversy or claim to
             arbitration if such action for judicial relief is contested.

             For purposes of the application of the statute of limitations the
             filing of an arbitration as provided herein is the equivalent of
             filing a lawsuit and the arbitrator(s) will have the authority to
             decide whether any claim or controversy is barred by the statute
             of limitations, and if so, to dismiss the arbitration on that
             basis.  The parties consent to the joinder in the arbitration
             proceedings of any guarantor, hypothecator or other party having
             an interest related to the claim or controversy being arbitrated.
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NATIONAL SECURITIES CORPORATION
BUSINESS LOAN AGREEMENT - PART B
PAGE 10





         9.2     Notwithstanding the provisions of Section 9.1, no controversy
                 or claim shall be submitted to arbitration without the consent
                 of all parties if at the time of the proposed submission, such
                 controversy or claim arises from or relates to an obligation
                 secured by real property;

         9.3     No provision of this Section 9 shall limit the right of the
                 Borrower or the Bank to exercise self-help remedies such as
                 setoff, foreclosure or sale of any collateral, or obtaining
                 any ancillary provisional or interim remedies from a court of
                 competent jurisdiction before, after or during the pendency of
                 any arbitration proceeding.  The exercise of any such remedy
                 does not waive the right of either party to request
                 arbitration. At Bank's option foreclosure under any deed of
                 trust may be accomplished by exercise of the power of sale
                 under the deed of trust or judicial foreclosure as a mortgage.

10.      COLLECTION ACTIVITIES, LAWSUITS AND GOVERNING LAW.  Borrower agrees to
         pay Bank all costs and expenses (including reasonable attorney's fees
         and the allocated cost for in-house legal services incurred by Bank),
         to enforce this Agreement, any notes or any Loan Documents pursuant to
         this Agreement, whether or not suit is instituted.  If suit is
         instituted by Bank to enforce this Agreement or any of these
         documents, Borrower consents to the personal jurisdiction of the
         Courts of the State of Washington and Federal Courts located in the
         State of Washington. Borrower further consents to the venue of this
         suit, being laid in King County, Washington. This Agreement and any
         notes and security agreements entered into pursuant to this Agreement
         shall be construed in accordance with the laws of the State of
         Washington.

11.      ADDITIONAL PROVISIONS.  Borrower agrees to the additional provisions
         set forth immediately following this Section 11 or on any "Exhibit A"
         attached to and hereby incorporated into Agreement.  This Agreement
         supersedes all oral negotiations or agreements between Bank and
         Borrower with respect to the subject matter hereof and constitutes the
         entire understanding and Agreement of the matters set forth in this
         Agreement.

         11.1    If any provision of this Agreement is held to be invalid or
                 unenforceable, then (a) such provision shall be deemed
                 modified if possible, or if not possible, such provision shall
                 be deemed stricken, and (b) all other provisions shall remain
                 in full force and effect.

         11.2    If the imposition of or any change in any law, rule, or
                 regulation guideline or the interpretation or application of
                 any thereof by any court of administrative or governmental
                 authority (including any request or policy whether or not
                 having the force of law) shall impose or modify any taxes
                 (except U.S. federal, state or local income or franchise taxes
                 imposed on Bank), reserve requirements, capital adequacy
                 requirements or other obligations which would: (a) increase
                 the cost to Bank for extending or rnaintaining any loans
                 and/or line of credit to which this Agreement relates, (b)
                 reduce the amounts payable to Bank under this Agreement, such
                 notes and other instruments, or (c) reduce the rate of return
                 on Bank's capital as a consequence of Bank's obligations with
                 respect to any loan and/or line of credit to which this
                 Agreement relates, then Borrower agrees to pay Bank such
                 additional amounts as will compensate Bank therefor, within
                 five (5) days after Bank's written demand for such payment,
                 which demand shall be accompanied by an explanation of such
                 imposition or charge and a calculation in reasonable detail of
                 the additional amounts payable by Borrower, which explanation
                 and calculations shall be conclusive. absent manifest error.
<PAGE>   11
NATIONAL SECURITIES CORPORATION
BUSINESS LOAN AGREEMENT - PART B
PAGE 11





         11.3    Bank may sell participations in or assign this loan in whole
                 or in part without notice to Borrower and Bank may provide
                 information regarding the Borrower and this Agreement to any
                 prospective participant or assignee. If a participation is
                 sold or the loan is assigned the purchaser will have the right
                 of set off against the Borrower and may enforce its interest
                 in the Loan irrespective of any claims or defenses the
                 Borrower may have against the Bank.

12.      NOTICES.  Any notices shall be given in writing to the opposite
         party's signature below or as that party may otherwise specify in
         writing.

13.      ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY. EXTEND CREDIT. OR
         TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE
         UNDER WASIIINGTON LAW.

This Business Loan Agreement (Parts A and B) executed by the parties on
_____________, 1996 Borrower acknowledges having read all of the provisions of
this Agreement and Borrower agrees to its terms.

SEAFIRST BANK                              NATIONAL SECURITIES CORPORATION
Metropolitan Commercial Banking Team 5

By:_________________________________       By:_________________________________
   G. Paul Grohe, Vice President               

                                           Title:______________________________


Address:  1001 Fourth Avenue, 4th Floor    Address: 1001 Fourth Avenue, 
          Seattle, Washington  98154                Suite 2200
                                                    Seattle, Washington  98l54


Phone:   206-358-0858                      Phone:  (206) 622-7200
Fax:     206-358-0019                      Fax:    (206)



<PAGE>   12




                            BUSINESS LOAN AGREEMENT

                                   EXHIBIT A


At all times prior to expiration of this Commitment. you agree:

FINANCIAL INFORMATION:  You will provide to us the following financial exhibits
at the following times:

Description                                      Times
-----------                                      -----


Audited fiscal year-end financial statement.     Annually within 90 days of
                                                 year-end.

Interim financial statements and Focus Reports.  Quarterly within 20 days of
                                                 quarter-end.

Monthly statements as available.


OTHER:  You agree to maintain the following:

Seafirst collateral account maintained at DTC.