Document:

EXHIBIT 10.6
                                  ------------
                            ASSIGNMENT AND ASSUMPTION
                       OF AIR AMBULANCE SERVICES AGREEMENT
                                   AND CONSENT

         This Assignment and Assumption of Air Ambulance Services Agreement and
Consent ("Assignment") is entered into by and among American Air Network,
Inc.("AANI"), American Air Network Alaska, Inc ("AANA") and Yukon-Kuskokwim
Health Corporation ("YKHC") based upon the following facts:

                                    RECITALS

         A.       AANI, and YKHC are parties to that certain Air Ambulance
                  Agreement of even date ("Air Ambulance Agreement").

         B.       For various reasons, AANI has formed a separate legal entity,
                  AANA to assume and perform its duties under the Air Ambulance
                  Services Agreement

         C.       The parties wish to provide for the terms and conditions of an
                  assignment and consent whereby AANI assigns and AANA assumes
                  all rights and obligations set forth in Air Ambulance
                  Agreement and YKHC consents to said assignment. .

                       ASSIGNMENT, ASSUMPTION AND CONSENT

         1. ASSIGNMENT AND ASSUMPTION. AANI hereby assigns and AANA hereby
assumes all obligations, duties, rights and benefits set forth in the Air
Ambulance Agreement and AANA unconditionally and irrevocably assumes and agrees
to perform all of AANI's obligations and duties under the Air Ambulance
Agreement and to be bound by all the terms and conditions thereof to the same
extent as if AANA were an original party to the Air Ambulance Agreement.

         2. CONSENT. YKHC hereby consentsw to the assignment by AANI and the
assumption by AANA of the Air Ambulance Agreement subject to YKHC's rights
against AANI as set forth in paragraph 17 of the Air Ambulance Services
Agreement Further, should AANA fail to perform in any material respect under the
Air Ambulance Services Agreement, AANI shall be required to perform all
obligations set forth in the agreement.

         3. INDEMNIFICATION AANA shall indemnify, defend, and hold AANI harmless
from any and all claims that may arise under the terms of the Air Ambulance
Agreement based upon events that take place after the effective date of this
Assignment.

                                       1

<PAGE>

         4. MISCELLANEOUS

                  4.1 HEIRS AND ASSIGNS. This Assignment shall be binding upon
and shall inure to the benefit of the parties and their respective heirs,
successors and assigns.

                  4.2 INTEGRATION CLAUSE. This Assignment, along with the
documents referenced herein, constitutes the entire assignment by and among the
parties hereto with respect to the subject matter hereof and supercedes all
prior agreements and undertakings, oral and written.

                 4.3 ATTORNEYS FEES AND COSTS, JURISDICTION AND VENUE. In the
event of a dispute between the parties regarding the terms of this Assignment,
or in the event any party commits a suit for the enforcement of the terms and
conditions hereof, then the prevailing party shall be entitled to reasonable
attorneys fees and costs pertaining to such proceedings. The parties consent
that jurisdiction and venue may be laid in the state courts located in either
Anchorage or Bethel, Alaska.

                  4.4. COUNTERPARTS. This Assignment may be executed in one or
more counterparts which when taken together shall constitute one Assignment.

                  4.5 EFFECTIVE DATE. The effective date of this Assignment
shall be the date of the signing of the Air Ambulance Services Agreement by AANI
and YKHC.

American Air Network Inc.                     American Air Network Alaska, Inc.

By:________________________________           By:_______________________________

Its:________________________________          Its. _____________________________

                                              Yukon-Kuskokwim Health Corporation

                                              By:_______________________________

                                              Its:______________________________

                                       2EXHIBIT 10.7
                           American Air Network, Inc.
                               657 North Bell Ave.
                                    Suite 200
                              Chesterfield MO 63005

August 1, 2003

Mr. Gregory Love
President and CEO
Elite Flight Solutions Inc.
5550 Bee Ridge Rd.
Suite E-3
Sarasota, Florida  34233

Dear Mr. Love,

It is the intent of this letter to confirm that Air American  Network,  Inc. has
authorized  Elite Flight  Solutions,  Inc. and it's  subsidiary  FlyJets.biz the
right to market the aircraft on our air carrier charter certificate which at the
present  time  totals 50 various  type of  aircraft.  In addition  air  American
Network,  Inc.  further agrees to authorize  Elite and FlyJets.biz to market any
additional  aircraft that is added to our air carrier charter certificate in the
future.

This agreement will stay in effect until July 30, 2004 and can be renewed by
mutual written consent.

Very truly yours,

Doug Gilliland
PresidentExhibit 10.20

August 22, 2003

VIA FACSIMILE

Hudson Technologies, Inc.
Hudson Technologies Company
c/o 275 North Middletown Road
Pearl River, New York 10965
Attention: President

Re:   First Amendment to Letter Agreement Regarding New Notes

      This First Amendment (this "Amendment"), effective as of the date hereof,
to the Letter Agreement, dated as of May 30, 2003 (the "Letter Agreement"),
among Hudson Technologies, Inc., Hudson Technologies Company, Fleming US
Discovery Fund III, L.P. and Fleming US Discovery Offshore Fund III, L.P. (the
"Parties").

      The Parties hereby agree that the first paragraph of the Letter Agreement
shall be deleted in its entirety and new first paragraph shall be inserted in
lieu and instead thereof to read as follows:

            "Reference is made to the registration statement on Form SB-2 filed
      by Hudson Technologies, Inc. (the "Company") with the Securities and
      Exchange Commission on May 9, 2003 (as the same may be amended from time
      to time, the "Registration Statement") in connection with the offering of
      shares of common stock of the Company."

            The Parties hereby agree that the second paragraph of the Letter
      Agreement shall be deleted in its entirety and new second paragraph shall
      be inserted in lieu and instead thereof to read as follows:

            "Fleming US Discovery Fund III, L.P. and Fleming US Discovery
      Offshore Fund III, L.P. (the "Fleming Funds") have indicated their
      intention that if the gross proceeds from the shares sold by the Company
      for cash in the offering to the Company's stockholders and other investors
      (other than the Fleming Funds) together with the amount of principal and
      accrued interest due on the outstanding $1,660,000 principal amount of
      Convertible Notes (as defined in the Registration Statement) that will be
      converted to common stock in connection with the offering is less than
      $2,575,000, the Fleming Funds will acquire from the shares being offered
      to the public that number of shares (not to exceed $925,000) necessary for
      the Company to reach the $2,575,000 level (hereinafter referred to as the
      "Top-Off Amount")."

      The Letter Agreement shall remain in full force and effect in accordance
with its terms, except as expressly amended hereby.

      This Amendment may be executed in one or more counterparts, which together
will constitute a single agreement.

                           [Signature page to follow]

<PAGE>

                                 FLEMING US DISCOVERY FUND III, L.P.

                                      By: FLEMING US DISCOVERY PARTNERS, L.P.,
                                          its general partner

                                          By: FLEMING US DISCOVERY, LLC,
                                              its general partner

                                          By: /s/ Robert L. Burr
                                              ----------------------------------
                                              Robert L. Burr, member

                                 FLEMING US DISCOVERY OFFSHORE FUND III, L.P.

                                      By: FLEMING US DISCOVERY PARTNERS, L.P.,
                                          its general partner

                                          By: FLEMING US DISCOVERY, LLC,
                                              its general partner

                                          By: /s/ Robert L. Burr
                                              ----------------------------------
                                              Robert L. Burr, member

AGREED AND ACCEPTED:

HUDSON TECHNOLOGIES, INC.

By: /s/ Brian F. Coleman
    --------------------------------------
    Name:  Brian F. Coleman
    Title: President and
           Chief Operating Officer

HUDSON TECHNOLOGIES COMPANY

By: /s/ Brian F. Coleman
    --------------------------------------
Name:  Brian F. Coleman
Title: President and
       Chief Operating Officer

                      [Signature Page to Letter Agreement]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 Expiration
        Date.  If the Borrower elects to skip a commitment reduction, compliance
        with paragraphs 8.3 and 8.4 are automatically waived for that fiscal
        year.

      (c)              
        This is a revolving line of credit.  During the availability period,
        the Borrower may repay principal amounts and reborrow them up to the Facility
        No. 1 Commitment.

      (d)              
        The Borrower agrees not to permit the principal balance outstanding to
        exceed the Facility No. 1 Commitment.  If the Borrower exceeds
        this limit, the Borrower will immediately pay the excess to the Bank upon
        the Bank’s demand.

      1.2.            
        Availability Period.  Facility No. 1 is available between
        the date of this Agreement and May 31, 2009, or such earlier date
        as the availability may terminate as provided in this Agreement (the “Facility
        No. 1 Expiration Date”).

      1.3.            
        Repayment Terms.

      (a)              
        The Borrower will pay interest on the first day of each April, July, October,
        and January, beginning April 1, 2003, until payment in full of any
        principal outstanding under Facility No. 1.  Any interest period
        for an optional interest rate (as described below) shall expire no later
        than the Facility No. 1 Expiration Date.

      (b)              
        On each day that the Facility No. 1 Commitment reduces pursuant to
        paragraph 1.1(a), the Borrower shall repay any outstanding principal
        of Facility No. 1 that exceeds the Facility No. 1 Commitment.

      (c)              
        The Borrower will repay in full all principal and any unpaid interest
        or other charges outstanding under Facility No. 1 no later than the
        Facility No. 1 Expiration Date.

      1.4.            
        Interest Rate.

      (a)              
        The interest rate is a rate per year equal to the Bank’s Prime Rate plus
        zero percentage points.

      (b)              
        The Prime Rate is the rate of interest publicly announced from time to
        time by the Bank as its Prime Rate.  The Prime Rate is set by the
        Bank based on various factors, including the Bank’s costs and desired
        return, general economic conditions and other factors, and is used as
        a reference point for pricing some loans.  The Bank may price loans
        to its customers at, above, or below the Prime Rate.  Any change
        in the Prime Rate shall take effect at the opening of business on the
        day specified in the public announcement of a change in the Bank’s Prime
        Rate.

      1.5.            
        Optional Interest Rates.  Instead of the interest rate based
        on the rate stated in paragraph 1.4 above, the Borrower may elect
        the optional interest rates listed in Article 2 for this Facility
        No. 1 during interest periods specified under the terms of Article 2. 
        The optional interest rates shall be subject to the terms and conditions
        described later in this Agreement.  Any principal amount bearing
        interest at an optional rate under this Agreement is referred to as a
        “Portion.”  The optional interest rate that is available is the LIBOR
        Rate plus 1.75 percentage points.

	- 1 - 

        

	

	2.        
        OPTIONAL INTEREST RATES

      2.1.            
        Optional Rates.  Each optional interest rate is a rate per
        year.  At the end of any interest period, the interest rate will
        revert to the rate stated in paragraph 1.4 above, unless the Borrower
        has designated another optional interest rate for the Portion.  No
        Portion will be converted to a different interest rate during the applicable
        interest period.  Upon the occurrence of an event of default under
        this Agreement, the Bank may terminate the availability of optional interest
        rates for interest periods commencing after the default occurs.

      2.2.            
        LIBOR Rate.  The election of LIBOR Rates shall be subject
        to the following terms and requirements:

      (a)              
        The interest period during which the LIBOR Rate will be in effect will
        be one, two, three, or six months.  The first day of the interest
        period must be a day other than a Saturday or a Sunday on which the Bank
        is open for business in New York and London and dealing in offshore dollars
        (a “LIBOR Banking Day”).  The last day of the interest period and
        the actual number of days during the interest period will be determined
        by the Bank using the practices of the London inter-bank market.

      (b)              
        Each LIBOR Rate Portion will be for an amount not less than $100,000.

      (c)              
        The “LIBOR Rate” means the interest rate determined by the following formula,
        rounded upward to the nearest 1/100 of one percent (All amounts in the
        calculation will be determined by the Bank as of the first day of the
        interest period):

	 	 	London Inter-Bank Offered Rate	 
	 	LIBOR Rate =	
	 
	 	 	(1.00 - Reserve Percentage)	 

	Where:	 
	 	 
	 	(i)           
      “London Inter-Bank Offered Rate” means the average per annum interest rate
      at which U.S. dollar deposits would be offered for the applicable interest
      period by major banks in the London inter-bank market, as shown on the Telerate
      Page 3750 (or any successor page) at approximately 11:00 a.m. London time
      two (2) London Banking Days before the commencement of the interest period. 
      If such rate does not appear on the Telerate Page 3750 (or any successor
      page), the rate for that interest period will be determined by such alternate
      method as reasonably selected by the Bank.  A “London Banking Day”
      is a day on which the Bank’s London Banking Center is open for business
      and dealing in offshore dollars.
	 	 
	 	(ii)           
      “Reserve Percentage” means the total of the maximum reserve percentages
      for determining the reserves to be maintained by member banks of the Federal
      Reserve System for Eurocurrency Liabilities, as defined in Federal Reserve
      Board Regulation D, rounded upward to the nearest 1/100 of one percent. 
      The percentage will be expressed as a decimal, and will include, but not
      be limited to, marginal, emergency, supplemental, special, and other reserve
      percentages.
	 	 
	(d)                
      The Borrower shall irrevocably request a LIBOR Rate Portion no later than
      12:00 noon, Pacific time, on the LIBOR Banking Day preceding the day on
      which the London Inter-Bank Offered Rate will be set, as specified above. 
      For example, if there are no intervening holidays or weekend days in any
      of the relevant locations, the request must be made at least three days
      before the LIBOR Rate takes effect.
	 	 
	(e)                
      The Bank will have no obligation to accept an election for a LIBOR Rate
      Portion if any of the following described events has occurred and is continuing:
	 	 
	 	(i)           
      Dollar deposits in the principal amount, and for periods equal to the interest
      period, of a LIBOR Rate Portion are not available in the London inter-bank
      market; or
	 	 
	 	(ii)           
      the LIBOR Rate does not accurately reflect the cost of a LIBOR Rate Portion.
	 	 
	(f)                  
      Each prepayment of a LIBOR Rate Portion, whether voluntary, by reason of
      acceleration or otherwise, will be accompanied by the amount of accrued
      interest on the amount prepaid and a prepayment fee as described below. 
      A “prepayment” is a payment of an amount on a date earlier than the scheduled
      payment date for such amount as required by this Agreement.
	 
	(g)                
      The prepayment fee shall be in an amount sufficient to compensate the Bank
      for any loss, cost or expense incurred by it as a result of the prepayment,
      including any loss of anticipated profits and any loss or expense arising
      from the liquidation or reemployment of funds obtained by it to maintain
      such Portion or from fees payable to terminate the deposits from which such
      funds were obtained.  The Borrower shall also pay any customary administrative
      fees charged by the Bank in connection with the foregoing.  For purposes
      of this paragraph, the Bank shall be deemed to have funded each Portion
      by a matching deposit or other borrowing in the applicable interbank market,
      whether or not such Portion was in fact so funded.

	- 2 - 

        

	

	3.        
        FEES AND EXPENSES

      3.1.            
        Fees.

      (a)              
        Loan Fee.  The Borrower agrees to pay a loan fee in the amount
        of $15,000.  This fee is due on the date of this Agreement.

      (b)              
        Waiver Fee.  If the Bank, at its discretion, agrees to waive
        or amend any terms of this Agreement, the Borrower will, at the Bank’s
        option, pay the Bank a fee for each waiver or amendment in an amount advised
        by the Bank at the time the Borrower requests the waiver or amendment. 
        Nothing in this paragraph shall imply that the Bank is obligated to agree
        to any waiver or amendment requested by the Borrower.  The Bank may
        impose additional requirements as a condition to any waiver or amendment.

      (c)              
        Late Fee.  To the extent permitted by law, the Borrower agrees
        to pay a late fee in an amount not to exceed 4.0% of any payment that
        is more than 15 days late.  The imposition and payment of a late
        fee shall not constitute a waiver of the Bank’s rights with respect
        to the default.

      3.2.            
        Expenses.  The Borrower agrees to immediately repay the Bank
        for expenses that include, but are not limited to, filing, recording and
        search fees, appraisal fees, title report fees, and documentation fees.

      3.3.            
        Reimbursement of Costs.  The Borrower agrees to reimburse
        the Bank for any expenses it incurs in the preparation of this Agreement
        and any agreement or instrument required by this Agreement.  Expenses
        include, but are not limited to, reasonable attorneys’ fees, including
        any allocated costs of the Bank’s in-house counsel to the extent permitted
        by applicable law.

      4.        
        COLLATERAL

      4.1.            
        Personal Property.  The Borrower’s obligations to the
        Bank under this Agreement will be secured by equipment and fixtures the
        Borrower now owns or will own in the future.  The collateral is further
        defined in security agreement(s) executed by the Borrower.  In addition,
        all personal property collateral securing this Agreement shall also secure
        all other present and future obligations of the Borrower to the Bank. 
        All personal property collateral securing any other present or future
        obligations of the Borrower to the Bank shall also secure this Agreement.

      4.2.            
        Real Property.  The Borrower’s obligations to the Bank under
        this Agreement will be secured by a lien covering the real property described
        in the Mortgage dated November 21, 1994, recorded in Flathead County,
        Montana, under recorder’s file no. 9434211110 (the “Mortgage”),
        by Special-Use Permit No. TAL01 described in that certain Assignment
        in Trust dated as of January 7, 2003 (as amended from time to time,
        the “Permit Assignment”), and by that certain Commercial Security
        Agreement dated as of as of November 21, 1994 (as amended from time
        to time, the “Security Assignment”).

      5.        
        DISBURSEMENTS, PAYMENTS AND COSTS

      5.1.            
        Disbursements and Payments.

      (a)              
        Each payment by the Borrower will be made in immediately available funds
        by direct debit to a deposit account as specified below or by mail to
        the address shown on the Borrower’s statement or at one of the Bank’s
        banking centers in the United States.

      (b)              
        Each disbursement by the Bank and each payment by the Borrower will be
        evidenced by records kept by the Bank.  In addition, the Bank may,
        at its discretion, require the Borrower to sign one or more promissory
        notes.

	- 3 - 

        

	

	5.2.            
        Telephone and Telefax Authorization.

      (a)              
        The Bank may honor telephone or telefax instructions for advances or repayments
        or for the designation of optional interest rates given, or purported
        to be given, by any one of the individuals authorized to sign loan agreements
        on behalf of the Borrower, or any other individual designated by any one
        of such authorized signers.

      (b)               Advances
        will be deposited in and repayments will be withdrawn from account number
        68317601 owned by the Borrower, or such other of the Borrower’s
        accounts with the Bank as designated in writing by the Borrower.

      (c)              
        The Borrower will indemnify and hold the Bank harmless from all liability,
        loss, and costs in connection with any act resulting from telephone or
        telefax instructions the Bank reasonably believes are made by any individual
        authorized by the Borrower to give such instructions.  This paragraph
        will survive this Agreement’s termination, and will benefit the Bank and
        its officers, employees, and agents.

      5.3.            
        Direct Debit (Pre-Billing).

      (a)              
        The Borrower agrees that the Bank will debit deposit account number 68317601
        owned by the Borrower, or such other of the Borrower’s accounts
        with the Bank as designated in writing by the Borrower (the “Designated
        Account”) on the date each payment of principal and interest and any fees
        from the Borrower becomes due (the “Due Date”).

      (b)              
        Prior to each Due Date, the Bank will mail to the Borrower a statement
        of the amounts that will be due on that Due Date (the “Billed Amount”). 
        The bill will be mailed a specified number of calendar days prior to the
        Due Date, which number of days will be mutually agreed from time to time
        by the Bank and the Borrower.  The calculations in the bill will
        be made on the assumption that no new extensions of credit or payments
        will be made between the date of the billing statement and the Due Date,
        and that there will be no changes in the applicable interest rate.

      (c)              
        The Bank will debit the Designated Account for the Billed Amount, regardless
        of the actual amount due on that date (the “Accrued Amount”).  If
        the Billed Amount debited to the Designated Account differs from the Accrued
        Amount, the discrepancy will be treated as follows:

      

	 	(i)           
      If the Billed Amount is less than the Accrued Amount, the Billed Amount
      for the following Due Date will be increased by the amount of the discrepancy. 
      The Borrower will not be in default by reason of any such discrepancy.
	 	 
	 	(ii)           
      If the Billed Amount is more than the Accrued Amount, the Billed Amount
      for the following Due Date will be decreased by the amount of the discrepancy.

	
Regardless of any such discrepancy, interest will continue
        to accrue based on the actual amount of principal outstanding without
        compounding.  The Bank will not pay the Borrower interest on any
        overpayment.

      (d)              
        The Borrower will maintain sufficient funds in the Designated Account
        to cover each debit.  If there are insufficient funds in the Designated
        Account on the date the Bank enters any debit authorized by this Agreement,
        the Bank may reverse the debit.

      5.4.            
        Banking Days.  Unless otherwise provided in this Agreement,
        a banking day is a day other than a Saturday, Sunday or other day on which
        commercial banks are authorized to close, or are in fact closed, in the
        state where the Bank’s lending office is located, and, if such day relates
        to amounts bearing interest at an offshore rate (if any), means any such
        day on which dealings in dollar deposits are conducted among banks in
        the offshore dollar interbank market.  All payments and disbursements
        which would be due on a day which is not a banking day will be due on
        the next banking day.  All payments received on a day which is not
        a banking day will be applied to the credit on the next banking day.

      5.5.            
        Interest Calculation.  Except as otherwise stated in this
        Agreement, all interest and fees, if any, will be computed on the basis
        of a 360-day year and the actual number of days elapsed.  This results
        in more interest or a higher fee than if a 365-day year is used. 
        Installments of principal which are not paid when due under this Agreement
        shall continue to bear interest until paid.

      5.6.            
        Default Rate.  Upon the occurrence of any default under this
        Agreement, all amounts outstanding under this Agreement, including any
        interest, fees, or costs which are not paid when due, will at the option
        of the Bank bear interest at a rate which is 6.0% higher than the rate
        of interest otherwise provided under this Agreement.  This may result
        in compounding of interest.  This will not constitute a waiver of
        any default.

	- 4 - 

        

	

	6.        
        CONDITIONS

      Bank must receive the following items, in form and content
        acceptable to the Bank, before it is required to extend any credit to
        the Borrower under this Agreement:

      6.1.            
        Conditions to First Extension of Credit.  Before the first
        extension of credit:

      (a)              
        Authorizations.  Evidence that the execution, delivery and
        performance by the Borrower of this Agreement and any instrument or agreement
        required under this Agreement have been duly authorized.

      (b)              
        Governing Documents.  If required by the Bank, a copy of the
        Borrower’s organizational documents.

      (c)              
        Security Agreements.  Signed original security agreements
        covering the personal property collateral which the Bank requires.

      (d)              
        Mortgage.  Execution of a modification to the Mortgage, the
        Permit Assignment and the Security Assignment, in form satisfactory to
        Bank, and issuance by the title company that issued the Bank’s original
        lender’s title policy, at the Borrower’s expense, of a modification
        endorsement satisfactory to the Bank.

      (e)                
        Perfection and Evidence of Priority. Financing statements and fixture
        filings (and any collateral in which the Bank requires a possessory security
        interest), together with evidence that the security interests and liens
        in favor of the Bank are valid, enforceable, and prior to all others’
        rights and interests, except those the Bank consents to in writing.

      (f)                  
        Payment of Fees.  Payment of all accrued and unpaid expenses
        incurred by the Bank as required by paragraph 3.3.

      7.        
        REPRESENTATIONS AND WARRANTIES

      When the Borrower signs this Agreement, and until the
        Bank is repaid in full, the Borrower makes the following representations
        and warranties.  Each request for an extension of credit under Facility
        No. 1 constitutes a renewal of these representations and warranties
        as of the date of the request:

      7.1.            
        Formation.  The Borrower is duly formed and existing under
        the laws of the state of Montana.

      7.2.            
        Authorization.  This Agreement, and any instrument or agreement
        required hereunder, are within the Borrower’s powers, have been duly authorized,
        and do not conflict with any of its organizational papers.

      7.3.            
        Enforceable Agreement.  This Agreement is a legal, valid and
        binding agreement of the Borrower, enforceable against the Borrower in
        accordance with its terms, and any instrument or agreement required hereunder,
        when executed and delivered, will be similarly legal, valid, binding and
        enforceable.

      7.4.            
        Good Standing.  In each state in which the Borrower does business,
        it is properly licensed, in good standing, and, where required, in compliance
        with fictitious name statutes.

      7.5.            
        No Conflicts.  This Agreement does not conflict with any law,
        agreement, or obligation by which the Borrower is bound.

      7.6.            
        Financial Information.  All financial and other information
        that has been or will be supplied to the Bank is sufficiently complete
        to give the Bank accurate knowledge of the Borrower’s financial condition,
        including all material contingent liabilities.  Since the date of
        the most recent financial statement provided to the Bank, there has been
        no material adverse change in the business condition (financial or otherwise),
        operations, properties or prospects of the Borrower.

      7.7.            
        Lawsuits.  There is no lawsuit, tax claim or other dispute
        pending or threatened against the Borrower which, if lost, would impair
        the Borrower’s financial condition or ability to repay Facility No. 1,
        except as have been disclosed in writing to the Bank.

	- 5 - 

        

	

	7.8.            
        Collateral.  All collateral required in this Agreement is
        owned by the grantor of the security interest free of any title defects
        or any liens or interests of others, except those which have been approved
        by the Bank in writing.

      7.9.            
        Permits, Franchises.  The Borrower possesses all permits,
        memberships, franchises, contracts and licenses required and all trademark
        rights, trade name rights, patent rights and fictitious name rights necessary
        to enable it to conduct the business in which it is now engaged.

      7.10.         
        Other Obligations.  The Borrower is not in default on any
        obligation for borrowed money, any purchase money obligation or any other
        material lease, commitment, contract, instrument or obligation, except
        as have been disclosed in writing to the Bank.

      7.11.         
        Tax Matters.  The Borrower has no knowledge of any pending
        assessments or adjustments of its income tax for any year and all taxes
        due have been paid, except as have been disclosed in writing to the Bank.

      7.12.         
        No Event of Default.  There is no event which is, or with
        notice or lapse of time or both would be, a default under this Agreement.

      7.13.         
        Insurance.  The Borrower has obtained, and maintained in effect,
        the insurance coverage required in paragraph 8.17.

      7.14.         
        Location of Borrower.  The Borrower’s place of business (or,
        if the Borrower has more than one place of business, its chief executive
        office) is located in the vicinity of Whitefish, Montana.

      8.        
        COVENANTS

      The Borrower agrees, so long as credit is available under
        this Agreement and until the Bank is repaid in full:

      8.1.            
        Use of Proceeds.  To use the proceeds of Facility No. 1
        only for general working capital, and for construction of a conference/meeting
        center and moving or rebuilding of an existing restaurant/bar within the
        Big Mountain “Village,” and for short-term (less than one-year)
        interim financing of real estate to be acquired in tax-deferred exchanges
        under Internal Revenue Code Section 1031.

      8.2.            
        Financial Information.  To provide the following financial
        information and statements in form and content acceptable to the Bank,
        and such additional information as requested by the Bank from time to
        time:

      (a)              
        Within 150 days of the fiscal year end, the annual financial statements
        of the Borrower, certified and dated by an authorized officer of Borrower. 
        These financial statements must be audited (with an opinion satisfactory
        to the Bank) by a Certified Public Accountant acceptable to the Bank. 
        The statements shall be prepared on a consolidated basis.

      (b)              
        Within 60 days of the period’s end (including the last period in each
        fiscal year), quarterly financial statements of the Borrower, certified
        and dated by an authorized financial officer.  These financial statements
        may be company-prepared or may, at the Bank’s option, be provided
        by delivery of the Borrower’s 10Q report.  The statements shall
        be prepared on a consolidated basis.

      (c)               
        Within the period(s) provided in (a) and (b) above, a compliance certificate
        of the Borrower signed by an authorized financial officer of the Borrower
        setting forth (i) the information and computations (in sufficient
        detail) to establish that the Borrower is in compliance with all financial
        covenants at the end of the period covered by the financial statements
        then being furnished and (ii) whether there existed as of the date
        of such financial statements and whether there exists as of the date of
        the certificate, any default under this Agreement and, if any such default
        exists, specifying the nature thereof and the action the Borrower is taking
        and proposes to take with respect thereto.

      8.3.            
        Debt Service Coverage Ratio.  To maintain on a consolidated
        basis, measured as of each fiscal year end, a Debt Service Coverage Ratio
        of at least 1.5 to 1.  “Debt Service Coverage Ratio” means the ratio
        of (a) net profit plus depreciation plus interest, divided by (b) the
        reduction in the Facility No. 1 Commitment occurring during such
        year, plus all interest expense, with measurement beginning for the fiscal
        year ending May 31, 2004.

	- 6 - 

        

	

	8.4.            
        Health Ratio.  To maintain on a consolidated basis, measured
        as of each fiscal year end, a Health Ratio of at not greater than 5.0
        to 1.  “Health Ratio” means the ratio of (a) Senior Funded Debt,
        divided by (b) net profit plus depreciation .  “Senior
        Funded Debt” means all outstanding indebtedness for borrowed money
        and other interest-bearing liabilities, including current and long-term
        indebtedness, less the non-current portion of Subordinated Debt. 
        “Subordinated Debt” means indebtedness of the Borrower to
        third parties, the repayment of which is subordinated to the Bank, in
        form satisfactory to the Bank.

      8.5.            
        Reduction Period.  To reduce the amount of advances outstanding
        under Facility No. 1 to at least $3,000,000 below the Facility No. 1
        Commitment for a period of at least 30 consecutive days in each fiscal
        year.

      8.6.            
        Capital Expenditures.  Not to spend or incur obligations (including
        the total amount of any capital leases) to acquire fixed assets for more
        than the average of the prior two fiscal years’ Cash Flow in any
        single fiscal year on a consolidated basis.  “Cash Flow”
        means net profit plus depreciation minus the reduction in the Facility
        No. 1 Commitment occurring during such year.  Short-term (less
        than one-year) interim financing of real estate to be acquired in tax-deferred
        exchanges under Internal Revenue Code Section 1031 shall not be considered
        a capital expenditure under this section.

      8.7.            
        Mandatory Hedge.  Enter into an interest rate hedge for not
        less than $3,500,000 of the Facility No. 1 Commitment, by no later
        than the date that the construction of a conference/meeting center is
        begun, for a minimum of 5 years, with an amortization to be chosen by
        the Borrower.

      8.8.            
        Other Debts.  Not to have outstanding or incur any direct
        or contingent liabilities or lease obligations (other than those to the
        Bank), or become liable for the liabilities of others, without the Bank’s
        written consent.  This does not prohibit:

      (a)               
        Acquiring goods, supplies, or merchandise on normal trade credit.

      (b)               
        Endorsing negotiable instruments received in the usual course of business.

      (c)               
        Obtaining surety bonds in the usual course of business.

      (d)               
        Liabilities, lines of credit and leases in existence on the date of this
        Agreement disclosed in writing to the Bank.

      8.9.            
        Other Liens.  Not to create, assume, or allow any security
        interest or lien (including judicial liens) on property the Borrower now
        or later owns, except:

      (a)               
        Liens and security interests in favor of the Bank.

      (b)               
        Liens for taxes not yet due.

      (c)               
        Liens outstanding on the date of this Agreement disclosed in writing to
        the Bank.

      8.10.         
        Maintenance of Assets.

      (a)              
        Not to sell, assign, lease, transfer or otherwise dispose of any part
        of the Borrower’s business or the Borrower’s assets except in the ordinary
        course of the Borrower’s business.

      (b)              
        Not to sell, assign, lease, transfer or otherwise dispose of any assets
        for less than fair market value, or enter into any agreement to do so.

      (c)              
        Not to enter into any sale and leaseback agreement covering any of its
        fixed assets.

      (d)              
        To maintain and preserve all rights, privileges, and franchises the Borrower
        now has.

      (e)              
        To make any repairs, renewals, or replacements to keep the Borrower’s
        properties in good working condition.

      8.11.         
        Investments.  Not to have any existing, or make any new, investments
        in any individual or entity, or make any capital contributions or other
        transfers of assets to any individual or entity, except for:

      (a)              
        Existing investments disclosed to the Bank in writing.

      (b)              
        Investments in the Borrower’s current subsidiaries.

      (c)              
        Investments in any of the following:

	- 7 - 

        

	

	 	(i)           
      certificates of deposit.
	 	 
	 	(ii)           
      U.S. treasury bills and other obligations of the federal government.
	 	 
	 	(iii)           
      readily marketable securities (including commercial paper, but excluding
      restricted stock and stock subject to the provisions of Rule 144 of the
      Securities and Exchange Commission).

	
8.12.         
        Loans.  Not to make any loans, advances or other extensions
        of credit to any individual or entity, except for:

      (a)              
        Existing extensions of credit disclosed to the Bank in writing.

      (b)              
        Extensions of credit to the Borrower’s current subsidiaries.

      (c)              
        Extensions of credit in the nature of accounts receivable or notes receivable
        arising from the sale or lease of goods or services in the ordinary course
        of business to non-affiliated entities.

      8.13.         
        Change of Management.  Not to make any substantial change
        in the present executive or management personnel of the Borrower.

      8.14.         
        Change of Ownership.  Not to cause, permit, or suffer any
        change in capital ownership such that there is a change of more than 25%
        in the direct or indirect capital ownership of the Borrower.

      8.15.         
        Additional Negative Covenants.  Not to, without the Bank’s
        written consent:

      (a)              
        Enter into any consolidation, merger, or other combination, or become
        a partner in a partnership, a member of a joint venture, or a member of
        a limited liability company, other than joint ventures or limited liability
        companies associated with the development of Glacier Village.

      (b)              
        Acquire or purchase a business or its assets.

      (c)              
        Engage in any business activities substantially different from the Borrower’s
        present business.

      (d)              
        Liquidate or dissolve the Borrower’s business.

      (e)              
        Voluntarily suspend its business.

      8.16.         
        Notices to Bank.  To promptly notify the Bank in writing of:

      (a)              
        Any lawsuit over $50,000 in excess of any insurance coverage against the
        Borrower.

      (b)              
        Any substantial dispute between any governmental authority and the Borrower.

      (c)              
        Any event of default under this Agreement, or any event which, with notice
        or lapse of time or both, would constitute an event of default.

      (d)              
        Any material adverse change in the Borrower’s business condition (financial
        or otherwise), operations, properties or prospects, or ability to repay
        the credit.

      (e)              
        Any change in the Borrower’s name, legal structure, place of business,
        or chief executive office if the Borrower has more than one place of business.

      (f)                
        Any actual contingent liabilities of any Borrower, and any such contingent
        liabilities which are reasonably foreseeable.

      8.17.         
        Insurance.

      (a)              
        To maintain insurance as is usual for the business it is in.

      (b)              
        To maintain all risk property damage insurance policies covering the tangible
        property comprising the collateral.  Each insurance policy must be
        in an amount acceptable to the Bank.  The insurance must be issued
        by an insurance company acceptable to the Bank and must include a lender’s
        loss payable endorsement in favor of the Bank in a form acceptable to
        the Bank.

      (c)               
        Upon the request of the Bank, to deliver to the Bank a copy of each insurance
        policy, or, if permitted by the Bank, a certificate of insurance listing
        all insurance in force.

      8.18.         
        Compliance with Laws.  To comply with the laws (including
        any fictitious name statute), regulations, and orders of any government
        body with authority over the Borrower’s business.

	- 8 - 

        

	

	8.19.         
        ERISA Plans.  Promptly during each year, to pay and cause
        any subsidiaries to pay contributions adequate to meet at least the minimum
        funding standards under ERISA with respect to each and every Plan; file
        each annual report required to be filed pursuant to ERISA in connection
        with each Plan for each year; and notify the Bank within 10 days of the
        occurrence of any Reportable Event that might constitute grounds for termination
        of any capital Plan by the Pension Benefit Guaranty Corporation or for
        the appointment by the appropriate United States District Court of a trustee
        to administer any Plan.  “ERISA” means the Employee Retirement Income
        Security Act of 1974, as amended from time to time.  Capitalized
        terms in this paragraph shall have the meanings defined within ERISA.

      8.20.         
        Books and Records.  To maintain adequate books and records.

      8.21.         
        Audits.  To allow the Bank and its agents to inspect the Borrower’s
        properties and examine, audit, and make copies of books and records at
        any reasonable time.  If any of the Borrower’s properties, books
        or records are in the possession of a third party, the Borrower authorizes
        that third party to permit the Bank or its agents to have access to perform
        inspections or audits and to respond to the Bank’s requests for information
        concerning such properties, books and records.

      8.22.         
        Perfection of Liens.  To help the Bank perfect and protect
        its security interests and liens, and reimburse it for related costs it
        incurs to protect its security interests and liens.

      8.23.         
        Cooperation.  To take any action reasonably requested by the
        Bank to carry out the intent of this Agreement.

      8.24.         
        Flood Insurance.  If any improved real property collateral
        is located in a designated flood hazard area, or becomes located in a
        designated flood hazard area after the date of this Agreement as a result
        of any re-mapping of flood insurance maps by the Federal Emergency Management
        Agency, the Borrower will be required to maintain flood insurance on the
        real property and on any tangible personal property collateral located
        on the real property.

      8.25.         
        Inspections and Appraisals of Real Property.  To allow the
        Bank and its agents to visit the real property collateral at any reasonable
        time for the purpose of inspecting the real property and conducting appraisals,
        and deliver to the Bank any financial or other information concerning
        the real property as the Bank may request.

      8.26.         
        Use or Leasing of the Real Property Collateral.  To occupy
        the real property collateral for the conduct of its regular business. 
        The Borrower will not change its intended use of the real property without
        the Bank’s prior written approval.

      8.27.         
        Indemnity Regarding Use of Real Property.  To indemnify, defend
        with counsel acceptable to the Bank, and hold the Bank harmless from and
        against all liabilities, claims, actions, damages, costs and expenses
        (including all legal fees and expenses of Bank’s counsel) arising out
        of or resulting from the construction of any improvements on the real
        property collateral, or the ownership, operation, or use of the real property
        collateral, whether such claims are based on theories of derivative liability,
        comparative negligence or otherwise.  The Borrower’s obligations
        to the Bank under this paragraph shall survive termination of this Agreement
        and repayment of the Borrower’s obligations to the Bank under this Agreement,
        and shall also survive as unsecured obligations after any acquisition
        by the Bank of the real property collateral or any part of it by foreclosure
        or any other means.

      9.        
        HAZARDOUS SUBSTANCES

      9.1.            
        Indemnity Regarding Hazardous Substances.  The Borrower agrees
        to indemnify and hold the Bank harmless from and against all liabilities,
        claims, actions, foreseeable and unforeseeable consequential damages,
        costs and expenses (including sums paid in settlement of claims and all
        consultant, expert and legal fees and expenses of the Bank’s counsel)
        or loss directly or indirectly arising out of or resulting from any of
        the following:

      (a)              
        Any hazardous substance being present at any time, whether before, during
        or after any construction, in or around any part of the real property
        collateral securing this Agreement (the “Real Property”), or in the soil,
        groundwater or soil vapor on or under the Real Property, including those
        incurred in connection with any investigation of site conditions or any
        clean-up, remedial, removal or restoration work, or any resulting damages
        or injuries to the person or property of any third parties or to any natural
        resources.

	- 9 - 

        

	

	(b)              
        Any use, generation, manufacture, production, storage, release, threatened
        release, discharge, disposal or presence of a hazardous substance. 
        This indemnity will apply whether the hazardous substance is on, under
        or about any of the Borrower’s property or operations or property leased
        to the Borrower, whether or not the property has been taken by the Bank
        as collateral.

      Upon demand by the Bank, the Borrower will defend any
        investigation, action or proceeding alleging the presence of any hazardous
        substance in any such location, which affects the Real Property or which
        is brought or commenced against the Bank, whether alone or together with
        the Borrower or any other person, all at the Borrower’s own cost and by
        counsel to be approved by the Bank in the exercise of its reasonable judgment. 
        In the alternative, the Bank may elect to conduct its own defense at the
        expense of the Borrower.

      9.2.            
        Representation and Warranty Regarding Hazardous Substances. 
        Before signing this Agreement, the Borrower researched and inquired into
        the previous uses and ownership of the Real Property.  Based on that
        due diligence, the Borrower represents and warrants that to the best of
        its knowledge, no hazardous substance has been disposed of or released
        or otherwise exists in, on, under or onto the Real Property, except as
        the Borrower has disclosed to the Bank in writing.

      9.3.            
        Compliance Regarding Hazardous Substances.  The Borrower has
        complied, and will comply and cause all occupants of the Real Property
        to comply, with all current and future laws, regulations and ordinances
        or other requirements of any governmental authority relating to or imposing
        liability or standards of conduct concerning protection of health or the
        environment or hazardous substances (“Environmental Laws”). 
        The Borrower shall promptly, at the Borrower’s sole cost and expense,
        take all reasonable actions with respect to any hazardous substances or
        other environmental condition at, on, or under the Real Property necessary
        to (i) comply with all applicable Environmental Laws; (ii) allow
        continued use, occupation or operation of the Real Property; or (iii) maintain
        the fair market value of the Real Property.  The Borrower acknowledges
        that hazardous substances may permanently and materially impair the value
        and use of the Real Property.

      9.4.            
        Notices Regarding Hazardous Substances.  Until full repayment
        of Facility No. 1, the Borrower will promptly notify the Bank in
        writing if it knows, suspects or believes there may be any hazardous substance
        in or around the Real Property, or in the soil, groundwater or soil vapor
        on or under the Real Property, or that the Borrower or the Real Property
        may be subject to any threatened or pending investigation by any governmental
        agency under any current or future law, regulation or ordinance pertaining
        to any hazardous substance.

      9.5.            
        Site Visits, Observations and Testing.  The Bank and its agents
        and representatives will have the right at any reasonable time, after
        giving reasonable notice to the Borrower, to enter and visit the Real
        Property and any other locations where any personal property collateral
        securing this Agreement is located, for the purposes of observing the
        Real Property and the personal property collateral, taking and removing
        environmental samples, and conducting tests on any part of the Real Property. 
        The Borrower shall reimburse the Bank on demand for the costs of any such
        environmental investigation and testing.  The Bank will make reasonable
        efforts during any site visit, observation or testing conducted pursuant
        this paragraph to avoid interfering with the Borrower’s use of the
        Real Property and the personal property collateral.  The Bank is
        under no duty, however, to visit or observe the Real Property or 
        the personal property collateral or to conduct tests, and any such acts
        by the Bank will be solely for the purposes of protecting the Bank’s security
        and preserving the Bank’s rights under this Agreement.  No site visit,
        observation or testing or any report or findings made as a result thereof
        (“Environmental Report”) (i) will result in a waiver
        of any default of the Borrower; (ii) impose any liability on the
        Bank; or (iii) be a representation or warranty of any kind regarding
        the Real Property or the personal property collateral (including its condition
        or value or compliance with any laws) or the Environmental Report (including
        its accuracy or completeness).  In the event the Bank has a duty
        or obligation under applicable laws, regulations or other requirements
        to disclose an Environmental Report to the Borrower or any other party,
        the Borrower authorizes the Bank to make such a disclosure.  The
        Borrower further understands and agrees that any Environmental Report
        or other information regarding a site visit, observation or testing that
        is disclosed to the Borrower by the Bank or its agents and representatives
        is to be evaluated (including any reporting or other disclosure obligations
        of the Borrower) by the Borrower without advice or assistance from the
        Bank.

	- 10 - 

        

	

	9.6.            
        Unsecured Obligation; Continuation of Indemnity.  Notwithstanding
        any provision in the mortgage encumbering the Real Property, the Borrower’s
        obligations to the Bank under this Article are not secured by the Real
        Property.  The Borrower’s obligations to the Bank under this Article,
        except the obligation to give notices to the Bank, shall survive termination
        of this Agreement, repayment of the Borrower’s obligations to the Bank
        under this Agreement, and foreclosure of the mortgage encumbering the
        Real Property or similar proceedings.

      9.7.            
        Definition of Hazardous Substance.  “Hazardous substance”
        means any substance, material or waste that is or becomes designated or
        regulated as “toxic,” “hazardous,” “pollutant,” or “contaminant” or a
        similar designation or regulation under any current or future federal,
        state or local law (whether under common law, statute, regulation or otherwise)
        or judicial or administrative interpretation of such, including without
        limitation petroleum or natural gas.

      10.       
        DEFAULT AND REMEDIES

      If any of the following events of default occurs, the
        Bank may do one or more of the following: declare the Borrower in default,
        stop making any additional credit available to the Borrower, and require
        the Borrower to repay its entire debt immediately and without prior notice. 
        In addition, if any event of default occurs, the Bank shall have all rights,
        powers and remedies available under any instruments and agreements required
        by or executed in connection with this Agreement, as well as all rights
        and remedies available at law or in equity.  If an event of default
        occurs under paragraph 10.5 below, with respect to any Borrower,
        then the entire debt outstanding under this Agreement will automatically
        be due immediately.

      10.1.         
        Failure to Pay.  The Borrower fails to make a payment under
        this Agreement within three days after the date when due.

      10.2.         
        Other Bank Agreements.  The Borrower fails to meet the conditions
        of, or fails to perform any obligation under any other agreement the Borrower
        has with the Bank or any affiliate of the Bank.  If, in the Bank’s
        opinion, the breach is capable of being remedied, the breach will not
        be considered an event of default under this Agreement for a period of
        60 days after the date on which the Bank gives written notice of the breach
        to the Borrower; provided, however, that the Bank will not be obligated
        to extend any additional credit to the Borrower during that period.

      10.3.         
        Cross-default.  Any default occurs under any agreement in
        connection with any credit the Borrower has obtained from anyone else
        or which the Borrower has guaranteed.

      10.4.         
        False Information.  The Borrower has given the Bank false
        or misleading information or representations.

      10.5.         
        Bankruptcy.  The Borrower files a bankruptcy petition, a bankruptcy
        petition is filed against the Borrower, or the Borrower makes a general
        assignment for the benefit of creditors.

      10.6.         
        Receivers.  A receiver or similar official is appointed for
        a substantial portion of the Borrower’s business, or the business is terminated,
        or, if the Borrower is liquidated or dissolved.

      10.7.         
        Lien Priority.  The Bank fails to have an enforceable first
        lien (except for any prior liens to which the Bank has consented in writing)
        on or security interest in any property given as security for this Agreement
        (or any guaranty).

      10.8.         
        Lawsuits.  Any lawsuit or lawsuits are filed on behalf of
        one or more trade creditors against the Borrower in an aggregate amount
        of $50,000 or more in excess of any insurance coverage.

      10.9.         
        Judgments.  Any judgments or arbitration awards are entered
        against the Borrower, or the Borrower enters into any settlement agreements
        with respect to any litigation or arbitration, in an aggregate amount
        of $50,000 or more in excess of any insurance coverage.

      10.10.     
        Material Adverse Change.  A material adverse change occurs,
        or is reasonably likely to occur, in the Borrower’s business condition
        (financial or otherwise), operations, properties or prospects, or ability
        to repay the credit; or the Bank determines that it is insecure for any
        other reason.

      10.11.     
        Government Action.  Any government authority takes action
        that the Bank believes materially adversely affects the Borrower’s financial
        condition or ability to repay Facility No. 1.

	- 11 - 

        

	

	10.12.     
        Default under Related Documents.  Any default occurs under
        any guaranty, subordination agreement, security agreement, mortgage, or
        other document required by or delivered in connection with this Agreement
        or any such document is no longer in effect.

      10.13.     
        ERISA Plans.  Any one or more of the following events occurs
        with respect to a Plan of the Borrower subject to Title IV of ERISA,
        provided such event or events could reasonably be expected, in the judgment
        of the Bank, to subject the Borrower to any tax, penalty or liability
        (or any combination of the foregoing)  which, in the aggregate, could
        have a material adverse effect on the financial condition of the Borrower:

      (a)              
        A reportable event shall occur under Section 4043(c) of ERISA with respect
        to a Plan.

      (b)              
        Any Plan termination (or commencement of proceedings to terminate a Plan)
        or the full or partial withdrawal from a Plan by the Borrower or any ERISA
        Affiliate.

      10.14.     
        Other Breach Under Agreement.  The Borrower fails to meet
        the conditions of, or fails to perform any obligation under, any term
        of this Agreement not specifically referred to in this Article. 
        This includes any failure or anticipated failure by the Borrower to comply
        with any financial covenants set forth in this Agreement, whether such
        failure is evidenced by financial statements delivered to the Bank or
        is otherwise known to the Borrower or the Bank.

      11.       
        ENFORCING THIS AGREEMENT; MISCELLANEOUS

      11.1.         
        GAAP.  Except as otherwise stated in this Agreement, all financial
        information provided to the Bank and all financial covenants will be made
        under generally accepted accounting principles, consistently applied.

      11.2.         
        Washington Law.  This Agreement is governed by Washington
        law.

      11.3.         
        Successors and Assigns.  This Agreement is binding on the
        Borrower’s and the Bank’s successors and assignees.  The Borrower
        agrees that it may not assign this Agreement without the Bank’s prior
        consent.  The Bank may sell participations in or assign this loan,
        and may exchange financial information about the Borrower with actual
        or potential participants or assignees.  If a participation is sold
        or the loan is assigned, the purchaser will have the right of set-off
        against the Borrower.

      11.4.         
        Arbitration and Waiver of Jury Trial.

      (a)              
        This paragraph concerns the resolution of any controversies or claims
        between the parties, whether arising in contract, tort or by statute,
        including but not limited to controversies or claims that arise out of
        or relate to: (i) this agreement (including any renewals, extensions
        or modifications); or (ii) any document related to this agreement
        (collectively a “Claim”).  For the purposes of this arbitration provision
        only, the term “parties” shall include any parent corporation,
        subsidiary or affiliate of the Bank involved in the servicing, management
        or administration of any obligation described or evidenced by this agreement.

      (b)              
        At the request of any party to this agreement, any Claim shall be resolved
        by binding arbitration in accordance with the Federal Arbitration Act
        (Title 9, U. S. Code) (the “Act”).  The Act will apply even though
        this agreement provides that it is governed by the law of a specified
        state.

      (c)              
        Arbitration proceedings will be determined in accordance with the Act,
        the applicable rules and procedures for the arbitration of disputes of
        JAMS or any successor thereof (“JAMS”), and the terms of this paragraph. 
        In the event of any inconsistency, the terms of this paragraph shall control.

      (d)              
        The arbitration shall be administered by JAMS and conducted, unless otherwise
        required by law, in any U. S. state where real or tangible personal property
        collateral for this credit is located or if there is no such collateral,
        in the state specified in paragraph 11.2.  All Claims shall
        be determined by one arbitrator; however, if Claims exceed $5,000,000,
        upon the request of any party, the Claims shall be decided by three arbitrators. 
        All arbitration hearings shall commence within 90 days of the demand for
        arbitration and close within 90 days of commencement and the award of
        the arbitrator(s) shall be issued within 30 days of the close of the hearing. 
        However, the arbitrator(s), upon a showing of good cause, may extend the
        commencement of the hearing for up to an additional 60 days.  The
        arbitrator(s) shall provide a concise written statement of reasons for
        the award.  The arbitration award may be submitted to any court having
        jurisdiction to be confirmed and enforced.

	- 12 - 

        

	

	(e)              
        The arbitrator(s) will have the authority to decide whether any Claim
        is barred by the statute of limitations and, if so, to dismiss the arbitration
        on that basis. For purposes of the application of the statute of limitations,
        the service on JAMS under applicable JAMS rules of a notice of Claim is
        the equivalent of the filing of a lawsuit.  Any dispute concerning
        this arbitration provision or whether a Claim is arbitrable shall be determined
        by the arbitrator(s).  The arbitrator(s) shall have the power to
        award legal fees pursuant to the terms of this agreement.

      (f)               
        This paragraph does not limit the right of any party to: (i) exercise
        self-help remedies, such as but not limited to, setoff; (ii) initiate
        judicial or non-judicial foreclosure against any real or personal property
        collateral; (iii) exercise any judicial or power of sale rights,
        or (iv) act in a court of law to obtain an interim remedy, such as
        but not limited to, injunctive relief, writ of possession or appointment
        of a receiver, or additional or supplementary remedies.

      (g)              
        The filing of a court action is not intended to constitute a waiver of
        the right of any party, including the suing party, thereafter to require
        submittal of the Claim to arbitration.

      (h)              
        By agreeing to binding arbitration, the parties irrevocably and voluntarily
        waive any right they may have to a trial by jury in respect of any Claim. 
        Furthermore, without intending in any way to limit this agreement to arbitrate,
        to the extent any Claim is not arbitrated, the parties irrevocably and
        voluntarily waive any right they may have to a trial by jury in respect
        of such Claim.  This provision is a material inducement for the parties
        entering into this agreement.

      11.5.         
        Severability; Waivers.  If any part of this Agreement is not
        enforceable, the rest of the Agreement may be enforced.  The Bank
        retains all rights, even if it makes a loan after default.  If the
        Bank waives a default, it may enforce a later default.  Any consent
        or waiver under this Agreement must be in writing.

      11.6.         
        Attorneys’ Fees.  The Borrower shall reimburse the Bank for
        any reasonable costs and attorneys’ fees incurred by the Bank in connection
        with the enforcement or preservation of any rights or remedies under this
        Agreement and any other documents executed in connection with this Agreement,
        and in connection with any amendment, waiver, “workout” or restructuring
        under this Agreement.  In the event of a lawsuit or arbitration proceeding,
        the prevailing party is entitled to recover costs and reasonable attorneys’
        fees incurred in connection with the lawsuit or arbitration proceeding,
        as determined by the court or arbitrator.  In the event that any
        case is commenced by or against the Borrower under the Bankruptcy Code
        (Title 11, United States Code) or any similar or successor statute,
        the Bank is entitled to recover costs and reasonable attorneys’ fees incurred
        by the Bank related to the preservation, protection, or enforcement of
        any rights of the Bank in such a case.  As used in this paragraph,
        “attorneys’ fees” includes the allocated costs of the Bank’s in-house
        counsel.

      11.7.         
        One Agreement.  This Agreement and any related security or
        other agreements required by this Agreement, collectively:

      (a)           
        represent the sum of the understandings and agreements between the Bank
        and the Borrower concerning this credit;

      (b)           
        replace any prior oral or written agreements between the Bank and the
        Borrower concerning this credit; and

      (c)            
        are intended by the Bank and the Borrower as the final, complete and exclusive
        statement of the terms agreed to by them.

      In the event of any conflict between this Agreement and
        any other agreements required by this Agreement, this Agreement will prevail. 
        Any reference in any related document to a “promissory note”
        or a “note” executed by the Borrower and dated as of the date
        of this Agreement shall be deemed to refer to this Agreement, as now in
        effect or as hereafter amended, renewed, or restated.  The ORAL
        AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, TO EXTEND CREDIT, OR TO
        FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON
        LAW.

      11.8.         
        Indemnification.  The Borrower will indemnify and hold the
        Bank harmless from any loss, liability, damages, judgments, and costs
        of any kind relating to or arising directly or indirectly out of (a) this
        Agreement or any document required hereunder, (b) any credit extended
        or committed by the Bank to the Borrower hereunder, and (c) any litigation
        or proceeding related to or arising out of this Agreement, any such document,
        or any such credit.  This indemnity includes but is not limited to
        attorneys’ fees (including the allocated cost of in-house counsel). 
        This indemnity extends to the Bank, its parent, subsidiaries and all of
        their directors, officers, employees, agents, successors, attorneys, and
        assigns.  This indemnity will survive repayment of the Borrower’s
        obligations to the Bank.  All sums due to the Bank hereunder shall
        be obligations of the Borrower, due and payable immediately without demand.

	- 13 - 

        

	

	11.9.         
        Notices.  Unless otherwise provided in this Agreement or in
        another agreement between the Bank and the Borrower, all notices required
        under this Agreement shall be personally delivered or sent by first class
        mail, postage prepaid, or by overnight courier, to the addresses on the
        signature page of this Agreement, or sent by facsimile to the fax numbers
        listed on the signature page, or to such other addresses as the Bank and
        the Borrower may specify from time to time in writing.  Notices and
        other communications shall be effective (i) if mailed, upon the earlier
        of receipt or five (5) days after deposit in the U.S. mail, first class,
        postage prepaid, (ii) if telecopied, when transmitted, or (iii) if
        hand-delivered, by courier or otherwise (including telegram, lettergram
        or mailgram), when delivered.

      11.10.     
        Headings.  Article and paragraph headings are for reference
        only and shall not affect the interpretation or meaning of any provisions
        of this Agreement.

      11.11.     
        Counterparts.  This Agreement may be executed in as many counterparts
        as necessary or convenient, and by the different parties on separate counterparts
        each of which, when so executed, shall be deemed an original but all such
        counterparts shall constitute but one and the same agreement.

      11.12.     
        Prior Agreement Superseded.  This Agreement supersedes the
        Business Loan Agreement entered into as of June 16, 1998, between
        the Bank and the Borrower, and any credit outstanding thereunder shall
        be deemed to be outstanding under this Agreement.

      This Agreement
        is executed as of the date stated at the top of the first page.

	Borrower:	Bank:
	 	 
	WINTER SPORTS INC.	BANK OF AMERICA, N.A.
	 	 
	 	 
	 	 
	By                                                                   	By                                                                    
	 	 
	Title                                                                 	Title                                                                  
	 	 
	Address where notices to the Borrower	Address where notices to the Bank
	are to be sent:	are to be sent:
	 	 
	P.O. Box 1400	820 A Street, 2nd Floor
	Whitefish, MT  59937	Tacoma, WA  98401
	 	 
	 	 
	Telephone: (406) 862-1930	Telephone: (253) 305-3323
	Facsimile: (406) 862-2955	Facsimile: (253) 305-3353

	- 14 -

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