Document:

Exhibit 10.3

 

PROMISSORY NOTE

 

	
  $150,000

  	
   

  	
  Minneapolis,
  Minnesota

  

 

FOR
VALUE RECEIVED, ProUroCare Medical Inc., its successors and permitted
assigns (the “Purchaser”), promises to pay to Profile L.L.C., its successors
and permitted assigns (the “Seller”), in lawful money of the United States, the
principal sum of One Hundred Fifty Thousand Dollars ($150,000.00), together
with interest, accruing as of the date hereof, on the unpaid principal balance
hereof at the annual rate of ten percent (10%) prior to the Maturity Date as
specified in Section 1 below and eighteen percent (18%) thereafter.  Interest will be computed on the basis of the
actual number of days elapsed in a year consisting of 365 days.

 

This
Promissory Note (the “Note”) is the Purchaser’s Promissory Note referred to in,
and arising out of, that certain Asset Purchase Agreement, dated as of April 3,
2008, between the Purchaser and the Seller (the “Purchase Agreement”).  This Note is subject to, and governed by, the
terms and conditions of the Purchase Agreement, which terms and conditions are
incorporated herein by reference and made a part hereof with the same force and
effect as if such terms and conditions were fully stated.

 

1.             Maturity.  This Note (principal plus accrued and unpaid
interest) becomes due and payable in full in Five (5) business days
following the close of a public offering of equity in Purchaser or August 29,
2008, whichever first occurs (the “Maturity Date”).  Purchaser may prepay this Note at any time
without incurring any penalty.  Unless
otherwise agreed or required by applicable law, payments will be applied first
to any accrued unpaid interest and then to principal.

 

2.             Successor Interests.  The terms of this Note shall be binding upon
Purchaser, and upon Purchaser’s successors and assigns, and shall inure to the
benefit of Seller and their successors and assigns.

 

3.             General Provisions.  Seller may delay or forgo enforcing any of
its rights or remedies under this Note without losing them.  Purchaser waives presentment, demand for
payment, and notice of dishonor.

 

4.             Governing Law and
Jurisdiction.   This Note
represents a debt obligation negotiated, executed and to be performed in the
State of Minnesota and will be construed, interpreted and governed in all
respects including, without limitation, with respect to performance, effect and
remedies, by the internal laws of said state, without regard to the laws of
conflict of any jurisdiction.

 

The
Purchaser hereby consents to the personal jurisdiction of the state and federal
courts located in the State of Minnesota in connection with any controversy
related to this Note, and waives any argument that venue in such forums is not
convenient.

 

 

5.             Assets as Security for Note.  This Note is made in conjunction with and
subject to the terms and conditions of a Security Agreement (the “Security
Agreement”) of even date herewith on the Patents/Applications and Know-how (“Assets”)
described on Exhibit A to the Purchase Agreement.

 

6.             Default and Remedies Upon
Event of Default.  An “Event
of Default” shall be deemed to occur if and when this Note is not fully paid at
the Maturity Date.  If Purchaser has not
cured any such Event of Default within forty five (45) days thereafter, then
Seller may exercise or enforce its rights against the Assets, which rights
shall encompass:

 

a)             The Purchaser delivering to
the Seller:

 

1)             A bill of sale transferring
to Seller all of the Assets set forth in Exhibit A plus an assignment
assigning to Seller all of the Assets set forth in Exhibit A; and

 

b)            Purchaser renouncing any and
all right to recoup any monies theretofor 
paid to Seller for such Assets.

 

	
   

  	
   

  	
  PURCHASER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ProUroCare
  Medical, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/
  Richard Carlson

  

 

 

Accepted:

 

Profile
L.L.C.

 

 

	
  By:

  	
    /s/
  Stanley L. Graves

  	
   

  
	
   

  
	
   

  
	
  Dated:

  	
   

  	
   

  
				

 

2Exhibit
10.4

 

PROMISSORY
NOTE

 

	
  $37,500.00

  	
   

  	
  Minneapolis,
  Minnesota

  	
   

  
	
   

  	
   

  	
  April 3,
  2008

  	
   

  

 

FOR VALUE
RECEIVED, the undersigned, ProUroCare Medical Inc., a Nevada corporation (“Corporation”)
promises to pay to the order of
                              
(“                      “),
the principal sum of the loan made to it of Thirty-Seven Thousand Five Hundred
Dollars ($37,500.00) together with interest on the unpaid principal balance
thereof at the rate of ten percent (10.00%) per annum.  Payment in full of the principal plus
interest is due on September 1, 2008.

 

Corporation agrees
as further consideration for the loan made to it to grant
                            
a warrant to purchase Twenty-Five Thousand (25,000) shares of the Corporation’s
$0.00001 par value common stock, such warrants being exercisable at anytime
before April 3, 2013 at a price of One Dollar Fifty Cents ($1.50) per
share of stock.

 

Corporation reserves and
shall have the right to repay at any time and from time to time, the whole or
any portion of the unpaid principal balance of this note, without premium or
penalty.

 

                Corporation promises to pay all costs of collection
with respect to this obligation, including, but not limited to, attorneys’
fees, whether or not suit is filed with respect thereto.

 

                No delay or omission on the part of the Note holder
in exercising any right or remedy given hereunder or available under law shall
impair such right, or be considered a waiver thereof or acquiescence in any
default hereunder.

 

This Note shall be
governed by and construed in accordance with the laws of the State of
Minnesota.

 

 

	
   

  	
  ProUroCare
  Medical Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Richard
  Carlson

  
	
   

  	
   

  	
  Its:

  	
    Chief
  Executive OfficerExhibit 10.6.4

 

WAIVER AGREEMENT
AND FOURTH AMENDMENT

TO

THIRD AMENDED AND
RESTATED CREDIT AGREEMENT

 

THIS WAIVER
AGREEMENT AND FOURTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
(the “Fourth Amendment”) is entered into as of April 23, 2008 by and among
MONACO COACH CORPORATION, a Delaware corporation, SIGNATURE MOTORCOACH RESORTS,
INC., a Delaware corporation formerly known as MCC Acquisition Corporation,
OUTDOOR RESORTS OF LAS VEGAS, INC., a Nevada corporation, OUTDOOR RESORTS
MOTORCOACH COUNTRY CLUB, INC., a California corporation, NAPLES MOTORCOACH
RESORT, INC., a Florida corporation formerly known as Outdoor Resorts of Naples, Inc.
(“Naples Resorts”), R-VISION HOLDINGS LLC, a Delaware limited liability
company, R-VISION, INC., an Indiana corporation, R-VISION MOTORIZED LLC, an
Indiana limited liability company, BISON MANUFACTURING, LLC, an Indiana limited
liability company, ROADMASTER LLC, an Indiana limited liability company, LA QUINTA MOTORCOACH RESORT, INC., a
California corporation, PORT OF THE ISLES MOTORCOACH RESORT, INC., a Florida
corporation, and SIGNATURE RESORTS OF MICHIGAN, INC., a Michigan corporation (“Signature
Michigan”) (each of the foregoing parties individually referred to as “Borrower”
and all collectively referred to as “Borrowers”), each of the Lenders and U.S.
BANK NATIONAL ASSOCIATION, as the Administrative Lender.

 

WHEREAS,
Borrowers (other than Signature Michigan, which is joining as a Borrower in
this Fourth Amendment), Lenders and Administrative Lender are parties to that
certain Third Amended and Restated Credit Agreement dated November 18, 2005
(as previously amended, the “Credit Agreement”);

 

WHEREAS
Signature Michigan is joining in the Credit Agreement as a Borrower;

 

WHEREAS,
the parties desire to address Borrowers’ failure to comply with the
requirements of Sections 10.1 and 10.3 of the Credit Agreement as of Parent’s
first fiscal quarter of 2008 (collectively, the “Existing Defaults”); and

 

WHEREAS,
the parties desire to waive the Existing Defaults and to amend the Credit
Agreement in the manner set forth below;

 

NOW,
THEREFORE, in consideration of the mutual covenants and promises of the parties
contained herein, Borrowers, Lenders and Administrative Lender hereby agree as
follows:

 

1

 

1.                                      Definitions.    All capitalized terms used but not defined herein
shall have the meaning attributed to them in the Credit Agreement.

 

2.                                      Borrowers’ Acknowledgments.    Each Borrower
hereby acknowledges and agrees as follows: 
(a) it is obligated to Lenders pursuant to the Loan Documents; (b) the
Loan Documents are legal, valid and binding obligations of Borrower enforceable
in accordance with their terms; and (c) it has no defense, offset, claim
or counterclaim with respect to any of the Loan Documents or its obligations
thereunder.

 

3.                                      Waiver.    The Existing
Defaults are hereby waived.  This Fourth
Amendment is not intended to be and is not a waiver by any Lender of any
Default other than the Existing Defaults. 
Lenders’ willingness to grant the waiver set forth above shall not be
construed as a willingness by any Lender to grant any subsequent waiver of any
of Borrowers’ obligations to any Lender. 
All of the provisions of the Credit Agreement and other Loan Documents,
as modified hereby, shall remain in full force and effect.

 

4.                                      Section 1.1 of the
Credit Agreement.    Section 1.1
of the Credit Agreement is amended to revise the definition of “Borrowing Base”
in its entirety to read as follows:

 

“Borrowing Base” means, as of any date of determination, an
amount equal to the following amount:

 

(a)                                  85% of the outstanding Eligible Accounts;

 

(b)                                 plus 50% of Eligible Inventory consisting of raw
materials, valued at the lower of cost (determined on a “first in, first out”
basis) or market value;

 

(c)                                  plus the lesser of $50,000,000 or 90% of Eligible
Inventory consisting of finished goods, valued at the lower of cost (determined
on a “first in, first out” basis) or market value;

 

(d)                                 less the outstanding balance of all accounts payable with
respect to chassis which are secured in whole or in part; and

 

(e)                                  less the outstanding balance of the Term Loans.

 

5.                                      Section 8.3 of the
Credit Agreement.  Items (vi) and (vii) of Section 8.3
of the Credit Agreement are replaced with the following items (vi) –
(viii):

 

(vi)                              as soon as available but not later than
30 days after and as of the end of each fiscal month of Parent, a consolidated
balance sheet of Parent and the Subsidiaries as of the end of such fiscal month
and consolidated statement of earnings and cash flow of Parent and the
Subsidiaries for such fiscal month and for fiscal year-to-date, together with a
comparison of Parent’s financial condition for such fiscal month and
year-to-date with the corresponding fiscal month and year-to-date in Parent’s
immediately preceding fiscal year;

 

2

 

(vii)                           a Borrowing Base Certificate not later
than 30 days after and as of the end of each fiscal month of Parent; and

 

(viii)                        from time to time such other information
as Administrative Lender may reasonably request.

 

6.                                      Schedule II.    Schedule II to the Credit Agreement
is replaced with the Schedule II attached hereto.

 

7.                                      Joinder of Signature
Resorts of Michigan, Inc.    For good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Signature Resorts of Michigan, Inc. hereby becomes a party
to the Credit Agreement (as amended hereby) as a Borrower with the same force
and effect as if it had been an original signatory to the Credit Agreement,
including, without limitation, granting a security interest pursuant to Section 5.1
of the Credit Agreement in all of its rights in the Collateral.

 

8.                                      Monthly Projections.    On or before May 9, 2008, Borrowers’ Agent shall
furnish to Administrative Lender detailed projections setting forth Parent’s
projected consolidated income and cash flow on a monthly basis for the 12
fiscal months beginning with the fourth fiscal month of Parent’s 2008 fiscal
year and Parent’s projected consolidated balance sheet as of the end of each
such fiscal month, together with a certificate of Parent’s principal financial
officer setting forth the assumptions on which such projections are based.

 

9.                                      Q1 2007 and 2008 Financial
Statements.    On or before May 9, 2008, Borrower’s
Agent shall furnish to Administrative Lender a consolidated balance sheet of
Parent and the Subsidiaries as of the end of each fiscal month in Parent’s
first fiscal quarter of 2008 and consolidated statement of earnings and cash
flow of Parent and the Subsidiaries for each such fiscal month and for fiscal
year-to-date as of the end of each such fiscal month, together with a
comparison of Parent’s financial condition for each such fiscal month and
year-to-date with the corresponding fiscal month and year-to-date in Parent’s 2007
fiscal year

 

10.                               Borrowers’ Representations
and Warranties.    Each Borrower hereby represents and
warrants to Lenders that:

 

10.1                           Borrower has all requisite corporate or
limited liability company power and authority to execute, deliver and carry out
this Fourth Amendment.  Borrower has
taken all corporate or limited liability company action necessary to authorize
the execution, delivery and performance of this Fourth Amendment and has duly
executed and delivered this Fourth Amendment. 
This Fourth Amendment constitutes the valid and legally binding
obligation of Borrower enforceable against it in accordance with its terms.

 

10.2                           Upon the waiver of the Existing Defaults,
no Default will exist or will be continuing under the Loan Documents.

 

3

 

10.3                           No oral or written statement by any
Lender, other than within this Fourth Amendment, or of any of its affiliates,
officers or representatives shall constitute a representation, covenant,
warranty or agreement on the part of any Lender to restructure in any way any
of the Obligations, to waive any breach or Default or to forbear from
exercising any remedies.  The practices
and methods of dealing between Lenders (or any of them) and Borrower in
connection with this Fourth Amendment shall not constitute evidence or create
any expectation or reliance on the part of Borrower applicable to any future
transaction or accommodation by Lenders (or any of them).

 

11.                               GENERAL RELEASE.    IN CONSIDERATION
OF THE BENEFITS PROVIDED TO EACH BORROWER UNDER THE TERMS AND PROVISIONS
HEREOF, EACH BORROWER HEREBY AGREES AS FOLLOWS (“GENERAL RELEASE”):

 

(A)                              EACH BORROWER, FOR ITSELF AND ON BEHALF
OF ITS RESPECTIVE SUCCESSORS AND ASSIGNS, DOES HEREBY RELEASE, ACQUIT AND
FOREVER DISCHARGE LENDERS, ALL OF LENDERS’ PREDECESSORS IN INTEREST, AND ALL OF
LENDERS’ PAST AND PRESENT OFFICERS, DIRECTORS, ATTORNEYS, AFFILIATES, EMPLOYEES
AND AGENTS, OF AND FROM ANY AND ALL CLAIMS, DEMANDS, OBLIGATIONS, LIABILITIES,
INDEBTEDNESS, BREACHES OF CONTRACT, BREACHES OF DUTY OR OF ANY RELATIONSHIP,
ACTS, OMISSIONS, MISFEASANCE, MALFEASANCE, CAUSES OF ACTION, DEFENSES, OFFSETS,
DEBTS, SUMS OF MONEY, ACCOUNTS, COMPENSATION, CONTRACTS, CONTROVERSIES,
PROMISES, DAMAGES, COSTS, LOSSES AND EXPENSES, OF EVERY TYPE, KIND, NATURE,
DESCRIPTION OR CHARACTER, WHETHER KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED,
LIQUIDATED OR UNLIQUIDATED, EACH AS THOUGH FULLY SET FORTH HEREIN AT LENGTH
(EACH, A “RELEASED CLAIM” AND COLLECTIVELY, THE “RELEASED CLAIMS”), THAT
BORROWER NOW HAS OR MAY ACQUIRE AS OF APRIL 23, 2008 (THE “RELEASE
DATE”), INCLUDING WITHOUT LIMITATION, THOSE RELEASED CLAIMS IN ANY WAY ARISING
OUT OF, CONNECTED WITH OR RELATED TO ANY AND ALL PRIOR CREDIT ACCOMMODATIONS,
IF ANY, PROVIDED BY ANY LENDER, OR ANY OF LENDERS’ PREDECESSORS IN INTEREST, TO
BORROWER, AND ANY AGREEMENTS, NOTES OR DOCUMENTS OF ANY KIND RELATED THERETO OR
THE TRANSACTIONS CONTEMPLATED THEREBY OR HEREBY, OR ANY OTHER AGREEMENT OR
DOCUMENT REFERRED TO HEREIN OR THEREIN.

 

(B)                                EACH BORROWER HEREBY ACKNOWLEDGES,
REPRESENTS AND WARRANTS TO LENDERS THAT:  (i) IT AGREES TO ASSUME THE RISK OF ANY
AND ALL UNKNOWN, UNANTICIPATED OR MISUNDERSTOOD DEFENSES AND RELEASED CLAIMS
WHICH ARE RELEASED BY THE PROVISIONS OF THIS GENERAL RELEASE IN FAVOR OF
LENDERS, AND EACH BORROWER HEREBY WAIVES AND RELEASES ALL RIGHTS AND BENEFITS
WHICH IT MIGHT OTHERWISE HAVE UNDER ANY LAW WITH REGARD TO THE RELEASE OF SUCH 

 

4

 

UNKNOWN, UNANTICIPATED OR MISUNDERSTOOD DEFENSES AND
RELEASED CLAIMS; (ii) IT HAS HAD AN OPPORTUNITY TO OBTAIN A LAWYER’S
ADVICE CONCERNING THE LEGAL CONSEQUENCES OF EACH OF THE PROVISIONS OF THIS
GENERAL RELEASE; (iii) NONE OF THE PROVISIONS OF THIS GENERAL RELEASE
SHALL BE CONSTRUED AS OR CONSTITUTE AN ADMISSION OF ANY LIABILITY ON THE PART OF
ANY LENDER OR OTHER PERSON RELEASED HEREBY; (iv) THE PROVISIONS OF THIS
GENERAL RELEASE SHALL CONSTITUTE AN ABSOLUTE BAR TO ANY RELEASED CLAIM OF ANY
KIND, WHETHER ANY SUCH RELEASED CLAIM IS BASED ON CONTRACT, TORT, WARRANTY,
MISTAKE OR ANY OTHER THEORY, WHETHER LEGAL, STATUTORY OR EQUITABLE; AND (v) ANY
ATTEMPT TO ASSERT A RELEASED CLAIM BARRED BY THE PROVISIONS OF THIS GENERAL
RELEASE SHALL SUBJECT BORROWER TO THE PROVISIONS OF APPLICABLE LAW SETTING
FORTH THE REMEDIES FOR THE BRINGING OF GROUNDLESS, FRIVOLOUS OR BASELESS CLAIMS
OR CAUSES OF ACTION.

 

12.                               Fee.    Upon
execution of this Fourth Amendment, Borrower shall pay to Administrative Agent,
for the ratable benefit of Lenders, a fee of $198,214.28.

 

13.                               Effective Date.    Upon payment
of the fee set forth above, this Fourth Amendment shall be effective as of the
date first written above.

 

14.                               Ratification.  Except as
otherwise provided in this Fourth Amendment, all of the provisions of the
Credit Agreement are ratified and confirmed and shall remain in full force and
effect.

 

15.                               One Agreement.  The Credit
Agreement, as modified by the provisions of this Fourth Amendment, shall be
construed as one agreement.

 

16.                               Miscellaneous.

 

16.1                           This Fourth Amendment may be executed in
any number of counterparts, each of which when executed and delivered shall be
deemed to be an original, and all of which when taken together shall constitute
one and the same agreement.  Delivery of
an executed signature page of this Fourth Amendment by fax or in PDF
format by email shall be effective as delivery of a manually executed
counterpart hereof.

 

16.2                           EACH OF BORROWERS, ADMINISTRATIVE LENDER
AND LENDERS HEREBY:  (A) SUBMITS TO
THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF OREGON AND THE FEDERAL
COURTS OF THE UNITED STATES FOR THE DISTRICT OF OREGON FOR THE PURPOSE OF ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS,
INCLUDING, WITHOUT LIMITATION, THIS FOURTH AMENDMENT; (B) AGREES THAT ALL
CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN SUCH 

 

5

 

COURTS; (C) IRREVOCABLY WAIVES (TO THE FULL
EXTENT PERMITTED BY APPLICABLE LAW) ANY OBJECTION WHICH IT NOW OR HEREAFTER MAY HAVE
TO THE LAYING OF VENUE OF ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY OF THE
FOREGOING COURTS, AND ANY OBJECTION ON THE GROUND THAT ANY SUCH ACTION OR
PROCEEDING IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM; AND (D) AGREES
THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PERMITTED BY LAW.

 

16.3                           EACH OF BORROWERS, ADMINISTRATIVE LENDER
AND LENDERS, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING,
COUNTERCLAIM OR OTHER LITIGATION IN ANY WAY ARISING OUT OF OR RELATING TO THIS FOURTH
AMENDMENT, ANY OTHER OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS OR EVENTS
REFERENCED HEREIN OR THEREIN OR CONTEMPLATED HEREBY OR THEREBY, WHETHER WITH
RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE.  THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO ANY OF THE LOAN
DOCUMENTS.  A COPY OF THIS SECTION MAY BE
FILED WITH ANY COURT AS WRITTEN EVIDENCE OF THE WAIVER OF THE RIGHT TO TRIAL BY
JURY AND THE CONSENT TO TRIAL BY COURT.

 

16.4                           This Fourth Amendment shall be governed
by and construed in accordance with the laws of the State of Oregon, without
regard to the conflicts of laws provisions thereof.

 

UNDER
OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY ANY LENDER OR
ADMINISTRATIVE LENDER CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE
NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE
BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND BE SIGNED BY
SUCH LENDER OR ADMINISTRATIVE LENDER TO BE ENFORCEABLE.

 

[INTENTIONALLY LEFT BLANK]

 

6

 

IN WITNESS WHEREOF, Borrowers, Lenders and
Administrative Lender have executed this Waiver Agreement and Fourth Amendment as
of the date first above written.

 

	
  MONACO COACH CORPORATION

  	
   

  	
  SIGNATURE MOTORCOACH RESORTS, 

  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/: P. Martin Daley

  	
   

  	
  By:

  	
   /s/: John Nepute

  
	
  Title:
  VP/CFO/Treasurer

  	
   

  	
  Title:
  VP/Treasurer

  
	
   

  	
   

  	
   

  
	
  OUTDOOR
  RESORTS MOTORCOACH 

  COUNTRY CLUB, INC.

  	
   

  	
  OUTDOOR
  RESORTS OF LAS VEGAS, 

  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/: P. Martin Daley

  	
   

  	
  By:

  	
   /s/: P. Martin Daley

  
	
  Title:
  VP/CFO/Treasurer and Director

  	
   

  	
  Title:
  VP/CFO/Treasurer and Director

  
	
   

  	
   

  	
   

  
	
  NAPLES
  MOTORCOACH RESORT, INC.

  	
   

  	
  R-VISION
  HOLDINGS LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/: P.
  Martin Daley

  	
   

  	
  By:

  	
   /s/: P.
  Martin Daley

  
	
  Title: VP/CFO/Treasurer and Director

  	
   

  	
  Title: VP/Treasurer

  
	
   

  	
   

  	
   

  
	
  R-VISION, INC.

  	
   

  	
  R-VISION MOTORIZED LLC

  
	
   

  	
   

  	
  By: R-Vision Holdings LLC, its manager

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/: P. Martin Daley

  	
   

  	
  By:

  	
   /s/: P.
  Martin Daley

  
	
  Title:
  VP/Treasurer

  	
   

  	
  Title: VP/Treasurer

  
	
   

  	
   

  	
   

  
	
  BISON MANUFACTURING, LLC

  	
   

  	
  ROADMASTER LLC

  
	
  By: R-Vision Holdings LLC, its manager

  	
   

  	
  By:
  R-Vision Holdings LLC, its manager

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/: P. Martin Daley

  	
   

  	
  By:

  	
   /s/: P.
  Martin Daley

  
	
  Title:
  VP/Treasurer

  	
   

  	
  Title: VP/Treasurer

  
										

 

7

 

	
  LA QUINTA MOTORCOACH RESORT, 

  INC.

  	
   

  	
  PORT
  OF THE ISLES MOTORCOACH 

  RESORT, INC.

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/: P. Martin Daley

  	
   

  	
  By:

  	
   /s/: P. Martin Daley

  
	
  Title:
  VP/CFO/Treasurer and Director

  	
   

  	
  Title:
  VP/Treasurer

  
	
   

  	
   

  	
   

  
	
  SIGNATURE
  RESORTS OF MICHIGAN, 

  INC.

  	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/: P. Martin Daley

  	
   

  	
  By:

  	
   /s/: Oran Coffin

  
	
  Title:
  VP/Treasurer

  	
   

  	
  Title:
  Vice President

  
	
   

  	
   

  	
   

  
	
  NATIONAL CITY BANK OF INDIANA

  	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/: Mike Callas

  	
   

  	
  By:

  	
   /s/: Eric Eidler

  
	
  Title:
  Vice President

  	
   

  	
  Title:
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
  BANK OF THE WEST

  	
   

  	
  WELLS FARGO BANK, NATIONAL 

  ASSOCIATION

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/: Brett
  German

  	
   

  	
  By:

  	
   /s/: John
  Weiss

  
	
  Title: Vice President

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
  GE COMMERCIAL DISTRIBUTION 

  FINANCE CORPORATION

  	
   

  	
  UNION BANK OF CALIFORNIA, N.A.

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/: Justin Wood

  	
   

  	
  By:

  	
   /s/: Steve Sloan

  
	
  Title:
  Credit Director

  	
   

  	
  Title:
  Vice President

  

 

8

 

SCHEDULE II

 

Pricing Schedule

 

	
   

  	
   

  	
  Level I

  	
   

  	
  Level II

  	
   

  	
  Level III

  	
   

  	
  Level IV

  	
   

  	
  Level V

  	
   

  
	
  LIBOR Margin

  	
   

  	
  1.50

  	
   

  	
  1.75

  	
   

  	
  2.00

  	
   

  	
  2.25

  	
   

  	
  2.50

  	
   

  
	
  Prime Margin

  	
   

  	
  0

  	
   

  	
  0.25

  	
   

  	
  0.50

  	
   

  	
  0.75

  	
   

  	
  1.00

  	
   

  
	
  Fee Percentage

  	
   

  	
  0.25

  	
   

  	
  0.25

  	
   

  	
  0.375

  	
   

  	
  0.375

  	
   

  	
  0.50

  	
   

  

 

For
purposes of this Pricing Schedule, the following terms have the following
meanings:

 

“Level I” applies on any day if, on such day, the applicable
Leverage Ratio is less than 1.50:1.

 

“Level II” applies on any day if, on such day, the applicable
Leverage Ratio is equal to or greater than 1.50:1 and less than 2.00:1.

 

“Level III” applies on any day if, on such day, the
applicable Leverage Ratio is equal to or greater than 2.00:1 and less than 2.50:1.

 

“Level IV” applies on any day if, on such day, the applicable
Leverage Ratio is equal to or greater than 2.50:1 and less than 3.00:1.

 

“Level V” applies on any day if, on such day, the applicable
Leverage Ratio is 3.00:1 or greater.

 

For
purposes of this Pricing Schedule, the Leverage Ratio shall be calculated once
every quarter based on the financial information most recently reported by
Borrowers’ Agent pursuant to Section 8.3 of the Agreement; provided,
however, that the Leverage Ratio shall not be computed on the financial
information most recently reported by Borrowers’ Agent until the later of the
first day of the month after receipt of such information or five Business Days
after the receipt thereof, and if the most recent report required pursuant to Section 8.3
has not been delivered, or if Administrative Lender reasonably objects to the
accuracy of such report within five Business Days after the receipt thereof,
the next higher Level from the Level then in effect shall apply until such time
as the delinquent report is delivered or Administrative Lender’s objections are
resolved to Administrative Lender’s reasonable satisfaction.  Initially, Level V shall be the
applicable Level.

 

1

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