Document:

Exhibit

Exhibit 10.1
FIFTH AMENDING AGREEMENT
THIS FIFTH AMENDING AGREEMENT (the “Amendment”) is dated as of November 21, 2019 and is entered into between Whistler Mountain Resort Limited Partnership (“Whistler LP”), by its general partner, Whistler Blackcomb Holdings Inc. (the “Parent GP”), and Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP” and together with Whistler LP, the “Borrowers”), by its general partner, Parent GP, the guarantors party hereto, each of the lenders party hereto, and The Toronto-Dominion Bank, as administrative agent (the “Administrative Agent”);
WHEREAS the Borrowers, the lenders from time to time party thereto (the “Lenders”), the guarantors from time to time party thereto (the “Guarantors”) and the Administrative Agent are parties to an Amended and Restated Credit Agreement dated as of November 12, 2013, as amended by a First Amending Agreement dated as of October 30, 2014, a Second Amending Agreement and Waiver dated as of October 14, 2016, a Third Amending Agreement dated as of February 13, 2017 and a Fourth Amending Agreement dated as of November 30, 2019 (as amended, restated, amended and restated, supplemented, extended or otherwise modified to but excluding the date hereof, the “Credit Agreement”);
AND WHEREAS the Borrowers have submitted an extension request (the “Extension Request”) to extend the Maturity Date under the Credit Agreement to December 15, 2024 (the “New Maturity Date”);
AND WHEREAS pursuant to Section 18.01 of the Credit Agreement, the Extension Request requires the approval of all of the affected Lenders;
AND WHEREAS the parties wish to make certain ancillary amendments to the Credit Agreement in connection with the Extension Request;
NOW THEREFORE for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows:
ARTICLE 1
INTERPRETATION
Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.
ARTICLE 2
AMENDMENTS TO CREDIT AGREEMENT
Subject to the satisfaction of each of the conditions set forth in this Amendment, and in reliance on the representations, warranties and agreements contained in this Amendment, the Credit Agreement is hereby amended as follows:
		
	2.1
	Definition of Maturity Date

Section 1.01 of the Credit Agreement is hereby amended by deleting the definition of “Maturity Date” in its entirety and replacing it with the following:
““Maturity Date” means December 15, 2024, or any subsequent date to which the Maturity Date is extended in accordance with Section 2.11.”

		
	2.2
	Additional Definitions

Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions in alphabetical order:
““CDOR Scheduled Unavailability Date” has the meaning attributed thereto in Section 3.07(1)(c).
“CDOR Successor Rate” has the meaning set forth in Section 3.07(1).
“LIBO Successor Rate” has the meaning set forth in Section 3.08(1)(a).
“LIBOR Scheduled Unavailability Date” has the meaning set forth in Section 3.08(1)(c).
“LIBOR Screen Rate” has the meaning set forth in Section 3.08(1)(a).”
		
	2.3
	CDOR Discontinuation

Article 3 of the Credit Agreement is hereby amended by adding the following Section 3.07:
“3.07    CDOR Discontinuation
		
	(1)
	If the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrowers or the Majority Lenders notify the Administrative Agent that the Borrower or Majority Lenders (as applicable) have determined that:

		
	(a)
	adequate and reasonable means do not exist for ascertaining CDOR (including, in all references within this Section 3.07, the BA Discount Rate), including because the Reuters Screen CDOR Page is not available or published on a current basis for the applicable Interest Period, and such circumstances are unlikely to be temporary;

		
	(b)
	the administrator of CDOR or a Governmental Authority having jurisdiction has made a public statement identifying a specific date after which CDOR will permanently or indefinitely cease to be made available or permitted to be used for determining the interest rate of loans;

		
	(c)
	a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which CDOR shall no longer be permitted to be used for determining the interest rate of loans (each such specific date in paragraph (b) above and in this paragraph (c) a “CDOR Scheduled Unavailability Date”); or

		
	(d)
	syndicated loans currently being executed, or that include language similar to that contained in this Section 3.07(1), are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace CDOR,

then reasonably promptly after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Borrowers may mutually agree upon a successor rate to CDOR, and the Administrative Agent and the Borrowers may amend this Agreement to replace CDOR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving or then existing convention for similar Canadian Dollars denominated syndicated credit facilities for such alternative benchmarks (any such proposed rate, a “CDOR Successor Rate”), together with any proposed CDOR Successor Rate conforming changes and any such amendment shall become 

effective at 5:00 p.m. (Toronto time) on the fifth  Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrowers unless, prior to such time, Lenders comprising the Majority Lenders have delivered to the Administrative Agent written notice that such Majority Lenders do not accept such amendment.
		
	(2)
	If no CDOR Successor Rate has been determined and the circumstances under Section 3.07(1)(a) above exist or a CDOR Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the Borrowers and each Lender. Thereafter, (i) the obligation of the Lenders to make or maintain Bankers’ Acceptances and BA Equivalent Notes, shall be suspended (to the extent of the affected Bankers’ Acceptances, BA Equivalent Notes, or Interest Periods) and (ii) CDOR shall no longer be utilized as a component in determining the Canadian Prime Rates. Upon receipt of such notice, a Borrower may revoke any pending request for an Advance of, conversion to or rollover of Bankers’ Acceptances or BA Equivalent Notes (to the extent of the affected Bankers’ Acceptances, BA Equivalent Notes, or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Canadian Prime Rate Advance (subject to the foregoing clause (ii)) in the amount specified therein.

		
	(3)
	Notwithstanding anything else herein, any definition of the CDOR Successor Rate (exclusive of any margin) shall provide that in no event shall such CDOR Successor Rate be less than zero for the purposes of this Agreement.”

		
	2.4
	LIBOR Discontinuation

Article 3 of the Credit Agreement is hereby amended by adding the following Section 3.08:
“3.08    LIBOR Discontinuation
		
	(1)
	If the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrowers or the Majority Lenders notify the Administrative Agent that the Borrower or Majority Lenders (as applicable) have determined that: 

		
	(a)
	adequate and reasonable means do not exist for ascertaining the LIBOR Rate, including because the “LIBOR01 Page” of the Reuters Money Rates Service (or any successor source from time to time for such rate) (the “LIBOR Screen Rate”) is not available or published on a current basis for an Advance in the applicable currency or for the applicable Interest Period and such circumstances are unlikely to be temporary; 

		
	(b)
	the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the administrator of the LIBOR Screen Rate has made a public statement identifying a specific date after which the LIBOR Screen Rate will permanently or indefinitely cease to be made available or permitted to be used for determining the interest rate of loans; 

		
	(c)
	a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBOR Rate or the LIBOR Screen Rate shall no longer be permitted to be used for determining the interest rate of loans (each such specific date in paragraph (b) above and in this paragraph (c) a “LIBOR Scheduled Unavailability Date”); or

		
	(d)
	syndicated loans currently being executed, or that include language similar to that contained in this Section 3.08(1), are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace the LIBOR Rate,

then reasonably promptly after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Borrowers may mutually agree upon a successor rate to the LIBOR Rate, and the Administrative Agent and the Borrowers may amend this Agreement to replace the LIBOR Rate with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein ), giving due consideration to any evolving or then existing convention for similar U.S. Dollar denominated syndicated credit facilities for such alternative benchmarks (any such proposed rate, a “LIBO Successor Rate”), together with any proposed LIBO Successor Rate conforming changes and any such amendment shall become effective at 5:00 p.m. (Toronto time) on the fifth  Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrowers unless, prior to such time, Lenders comprising the Majority Lenders have delivered to the Administrative Agent written notice that such Majority Lenders do not accept such amendment.
		
	(2)
	If no LIBO Successor Rate has been determined and the circumstances under Section 3.08(1)(a) above exist or a LIBOR Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the Borrowers and each Lender. Thereafter, the obligation of the Lenders to make or maintain LIBOR Advances shall be suspended (to the extent of the affected LIBOR Advances or Interest Periods). Upon receipt of such notice, a Borrower may revoke any pending request for an Advance of, conversion to or rollover of LIBOR Advances (to the extent of the affected LIBOR Advances or Interest Periods) or, failing that, will be deemed to have converted such request into a request for U.S. Base Rate Advances in the amount specified therein.

		
	(3)
	Notwithstanding anything else herein, any definition of the LIBO Successor Rate (exclusive of any margin) shall provide that in no event shall such LIBO Successor Rate be less than zero for the purposes of this Agreement.”

		
	2.5
	Qualified Financial Contract

The Credit Agreement is hereby amended by adding the following Article 24:
“ARTICLE 24 
QUALIFIED FINANCIAL CONTRACT MATTERS
24.01 Acknowledgment Regarding Any Supported QFCs
To the extent that the Credit Documents provide support, through a guarantee or otherwise, for any Hedge Obligation or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Credit Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

		
	(a)
	In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States.

		
	(b)
	In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Credit Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Credit Documents were governed by the laws of the United States or a state of the United States. 

		
	(c)
	“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

“Covered Entity” means any of the following:  (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).”
ARTICLE 3
REPRESENTAIONS AND WARRANTIES

		
	3.1
	Representations and Warranties

Each of the Parent GP and the Loan Parties represents and warrants that the representations and warranties contained in Section 7.01 of the Credit Agreement continue to be true and correct as if made on and as of the date hereof except for those changes to the representations and warranties which have been disclosed to and accepted by the Administrative Agent and the Lenders pursuant to Section 18.01 of the Credit Agreement and any representation and warranty which is stated to be made only as of a certain date (and then as of such date).  Each of the Parent GP and the Loan Parties further represents and warrants that: 
		
	(a)
	no Default or Event of Default has occurred and is continuing or would exist after giving effect to the amendments contemplated hereto;

		
	(b)
	it has all requisite corporate, partnership or other power and authority to enter into and perform its obligations under this Amendment; 

		
	(c)
	the execution, delivery and performance of this Amendment has been duly authorized by all corporate, partnership or other analogous actions required and this Amendment has been duly executed and 

delivered by it, and constitutes a legal, valid and binding obligation enforceable against it in accordance with its terms, subject only to any limitations under Laws relating to (i) bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally; and (ii) general equitable principles including the discretion that a court may exercise in granting of equitable remedies; and
		
	(d)
	the execution and delivery of this Amendment and the performance of its obligations hereunder and compliance with the terms, conditions and provisions hereof, will not (i) conflict with or result in a breach of any of the material terms, conditions or provisions of (a) its partnership agreement or other constating documents, as applicable, or by laws, (b) any Law, (c) any Material Agreement or Material Permit, or (d) any judgment, injunction, determination or award which is binding on it; or (ii) result in, require or permit (x) the imposition of any Encumbrance in, on or with respect to the Assets now owned or hereafter acquired by it (other than pursuant to the Security Documents or which is a Permitted Encumbrance), (y) the acceleration of the maturity of any material Debt binding on or affecting it, or (z) any third party to terminate or acquire any rights materially adverse to Parent GP or the applicable Loan Party under any Material Agreement.

ARTICLE 4
CONFIRMATION OF SECURITY
		
	4.1
	Confirmation of Security Documents

Each of the Parent GP, the Borrowers and the other Loan Parties hereby acknowledges and confirms that each Security Document to which it is a party:
		
	(a)
	is and shall remain in full force and effect in all respects, notwithstanding the amendments and supplements to the Credit Agreement made pursuant to this Amendment, and has not been amended, terminated, discharged or released;

		
	(b)
	constitutes a legal, valid and binding obligation of the undersigned, enforceable against the undersigned in accordance with its terms; and

		
	(c)
	shall, together with that portion of the Security constituted thereby, continue to exist and apply to all of the Guaranteed Obligations and other obligations of the undersigned including, without limitation, any and all obligations, liabilities and indebtedness of the undersigned pursuant to Accommodations or otherwise outstanding under the Credit Agreement and the other Credit Documents to which it is a party.

		
	4.2
	Nature of Acknowledgements

The foregoing acknowledgements and confirmations (i) are in addition to and shall not limit, derogate from or otherwise affect any provisions of the Credit Agreement or the other Credit Documents, and (ii) do not serve as an acknowledgment by any of the Lenders or the Administrative Agent that, in the event of a future change to the constitution of any Loan Party, any material change to the terms of the Credit Agreement or the other Credit Documents or any other change of circumstances, a similar acknowledgment and confirmation need be entered into.
		
	4.3
	Further Assurances

The parties hereto shall from time to time do all such further acts and things and execute and deliver all such documents as are required in order to effect the full intent of and fully perform and carry out the terms of this Agreement.

ARTICLE 5
CONDITIONS
The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:
		
	(a)
	the Administrative Agent shall have received a copy of this Amendment duly executed by all parties hereto; 

		
	(b)
	the Administrative Agent shall have received, on behalf of the Lenders, payment in full from the Borrowers of all fees relating to the Amendment;  

		
	(c)
	each of the Borrowers shall have delivered to the Administrative Agent evidence of the corporate or partnership authority of each such party to execute, deliver and perform its obligations under the Amendment, and, as applicable, all other agreements and documents executed by such party in connection therewith, all in form and substance satisfactory to the Administrative Agent and the Lenders;

		
	(d)
	no Default or Event of Default shall have occurred and be continuing; and

		
	(e)
	all representations and warranties set out in the Credit Documents and this Amendment shall be true and correct as if made on and as of the date hereof except for those changes to the representations and warranties which have been disclosed to and accepted by the Administrative Agent and the Lenders pursuant to Section 18.01 of the Credit Agreement and any representation and warranty which is stated to be made only as of a certain date (and then as of such date).

ARTICLE 6
MISCELLANEOUS
		
	6.1
	Benefits

This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors and assigns.
		
	6.2
	References to the Credit Agreement

As of and from the effective date of this Amendment, each reference to the “Credit Agreement” in any of the Credit Documents (including the Credit Agreement) shall be deemed to be a reference to the Credit Agreement, as amended by this Amendment. 
		
	6.3
	Governing Law

This Amendment and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of the Province of British Columbia and the federal laws of Canada applicable therein.
		
	6.4
	Credit Document

This Amendment shall be a Credit Document.
		
	6.5
	Limited Effect

Except as expressly provided herein, all of the terms and provisions of the Credit Agreement are and shall remain in full force and effect and are hereby ratified and confirmed by the Borrowers.

		
	6.6
	Counterparts

This Amendment may be executed in any number of counterparts, including by facsimile or portable document format, each of which shall be deemed to be an original.
[Remainder of this page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first above written.
	
					
	 
	 
	WHISTLER MOUNTAIN RESORT LIMITED PARTNERSHIP, by its general partner, WHISTLER BLACKCOMB HOLDINGS INC., as Borrower

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin

	 
	 
	 
	 
	Title: CFO and EVP

	
					
	 
	 
	BLACKCOMB SKIING ENTERPRISES LIMITED PARTNERSHIP, by its general partner, WHISTLER BLACKCOMB HOLDINGS INC., as Borrower

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	THE TORONTO-DOMINION BANK, as Administrative Agent

	 
	 
	 
	By:
	/s/ Feroz Haq

	 
	 
	 
	 
	Feroz Haq

	 
	 
	 
	 
	Director, Loan Syndications - Agency

	 
	 
	 
	 
	 

	
					
	 
	 
	THE TORONTO-DOMINION BANK, as Lender

	 
	 
	 
	By:
	/s/ Rahim Kabani

	 
	 
	 
	 
	Rahim Kabani

	 
	 
	 
	 
	Managing Director

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Ben Montgomery

	 
	 
	 
	 
	Ben Montgomery

	 
	 
	 
	 
	Director

	 
	 
	 
	 
	 

	 
	 
	BANK OF AMERICA, N.A., CANADA BRANCH, as Lender

	 
	 
	 
	By:
	/s/ David Rafferty

	 
	 
	 
	 
	Vice President

	 
	 
	 
	 
	 

	 
	 
	BANK OF MONTREAL, as Lender

	 
	 
	 
	By:
	/s/ Doug Mills

	 
	 
	 
	 
	Doug Mills

	 
	 
	 
	 
	Managing Director - Corporate Finance Division

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Tony Chong

	 
	 
	 
	 
	Tony Chong

	 
	 
	 
	 
	Director - Corporate Finance Division

	 
	 
	 
	 
	 

	 
	 
	WELLS FARGO BANK, N.A., CANADIAN BRANCH, as Lender

	 
	 
	 
	By:
	/s/ Andre-Gilles Charbonneau

	 
	 
	 
	 
	Andre-Gilles Charbonneau

	 
	 
	 
	 
	Vice President

	 
	 
	 
	 
	Wells Fargo Commercial Banking

	 
	 
	 
	 
	 

	 
	 
	ROYAL BANK OF CANADA, as Lender

	 
	 
	 
	By:
	/s/ Jenny J. Wang

	 
	 
	 
	 
	Jenny J. Wang

	 
	 
	 
	 
	Vice President

	 
	 
	 
	 
	 

	
					
	 
	 
	CANADIAN IMPERIAL BANK OF COMMERCE, as Lender

	 
	 
	 
	By:
	/s/ Zee Noorani

	 
	 
	 
	 
	Zee Noorani

	 
	 
	 
	 
	Authorized Signatory

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Thomas MacGregor

	 
	 
	 
	 
	Thomas MacGregor

	 
	 
	 
	 
	Authorized Signatory

	 
	 
	 
	 
	 

	 
	 
	FÉDÉRATION DES CAISSES DESJARDINS DU QUÉBEC, as Lender

	 
	 
	 
	By:
	/s/ Oliver Sumugod

	 
	 
	 
	 
	Oliver Sumugod

	 
	 
	 
	 
	Director

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Matt van Remmen

	 
	 
	 
	 
	Matt van Remmen

	 
	 
	 
	 
	Managing Director

	 
	 
	 
	 
	 

	 
	 
	HSBC BANK CANADA, as Lender

	 
	 
	 
	By:
	/s/ Doug Remington 

	 
	 
	 
	 
	Doug Remington

	 
	 
	 
	 
	Vice President

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Hai Pham

	 
	 
	 
	 
	Hai Pham

	 
	 
	 
	 
	Assistant Vice President - Corporate Banking

	
					
	 
	 
	WHISTLER MOUNTAIN RESORT LIMITED PARTNERSHIP, by its general partner, WHISTLER BLACKCOMB HOLDINGS INC., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	BLACKCOMB SKIING ENTERPRISES LIMITED PARTNERSHIP, by its general partner, WHISTLER BLACKCOMB HOLDINGS INC., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	WHISTLER BLACKCOMB HOLDINGS INC., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	WHISTLER & BLACKCOMB MOUNTAIN RESORTS LIMITED, as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	PEAK TO CREEK LODGING COMPANY LTD., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	BLACKCOMB MOUNTAIN DEVELOPMENT LTD., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	GARIBALDI LIFTS LTD., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	WHISTLER BLACKCOMB EMPLOYMENT CORP., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	WHISTLER/BLACKCOMB MOUNTAIN EMPLOYEE HOUSING LTD., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	WHISTLER SKI SCHOOL LTD., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	CRANKWORX EVENTS INC., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	WHISTLER HELI-SKIING LTD., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	PEAK TO CREEK HOLDINGS CORP., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	WB LAND INC., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	WHISTLER BLACKCOMB GENERAL PARTNER LTD., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	WB/T DEVELOPMENT LTD., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	BLACKCOMB SKIING ENTERPRISES LTD., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	AFFINITY SNOWSPORTS INC., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	WHISTLER ALPINE CLUB INC., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	WB LAND (CREEKSIDE SNOW SCHOOL) INC., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	1016563 B.C. LTD., as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVP

	
					
	 
	 
	SUMMIT SKI LIMITED, as Guarantor

	 
	 
	 
	By:
	/s/ Michael Barkin

	 
	 
	 
	 
	Name: Michael Barkin 
Title: CFO and EVPExhibit

Exhibit 10.63

8 West 40th Street, 14th Floor
New York, NY 10018
February 20, 2020
FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT 
THIS FIRST AMENDMENT to the Loan and Security Agreement dated as of January 31, 2020 (the “Amendment”) is entered into by and among STAR REAL ESTATE HOLDINGS USA, INC., a Delaware corporation, 300 PARK STREET, LLC, a Delaware limited liability company, 947 WATERFORD ROAD, LLC, a Delaware limited liability company, and 56 MECHANIC FALLS ROAD, LLC, a Delaware limited liability company, as Borrowers (“Borrowers”), and GERBER FINANCE INC., a New York corporation (“Lender”).
RECITALS
Borrowers and Lender are parties to a Loan and Security Agreement dated as of January 31, 2020 (as amended, modified, restated or supplemented from time to time, the “Loan Agreement”) pursuant to which Lender provides financial accommodations to Borrowers.
Borrowers and Lender have agreed to amend the Loan Agreement on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, it is agreed as follows:
1.Amendments.  Upon the terms and subject to the conditions set forth in this Amendment, the Loan Agreement is hereby amended as follows:

		
	II.
	LOANS

		
	2.1
	Credit Advance.

(i)Subject to the terms and conditions set forth herein on the Closing Date, Lender shall make a credit advance (the “Credit Advance”) to the Borrowers which will not exceed the Borrowing Base and (i) $2,000,000 thereof shall be used for working capital of KBS Builders, Inc. (the “KBS Advance”) and (ii) $800,000 thereof shall be used for working capital of EdgeBuilder, Inc. and Glenbrook Building Supply, Inc. (the “EBGL Advance”).  

1

The Credit Advance will be deposited into the account of Star Real Estate Holdings USA, Inc. maintained at Lender for ongoing use of the Borrowers as herein provided.

(ii)Notwithstanding the limitations set forth above, as herein provided. Lender retains the right to lend Borrowers from time to time such amounts in excess of such limitations as Lender may determine in its sole discretion and to treat it as a Credit Advance.

(iii)Each Borrower acknowledges that the exercise of Lender’s discretionary rights hereunder may result during the term of this Agreement in one or more increases or decreases in the advance percentage used in determining Real Estate Availability and each Borrower hereby consents to any such increases or decreases which may limit or restrict advances requested by Borrower.

(iv)If any Borrower does not pay any interest, fees, costs or charges to Lender when due, Borrowers shall thereby be deemed to have requested, and Lender is hereby authorized at its discretion to make and charge to any Borrower’s account, a Credit Advance as of such date in an amount equal to such unpaid interest, fees, costs  or charges.

(v)If any Credit Party at any time fails to perform or observe any of the covenants contained in this Agreement or any other Credit Document, Lender may, but need not, perform or observe such covenant on behalf and in the name, place and stead of such Credit Party (or, at Lender’s option, in Lender’s name) and may, but need not, take any and all other actions which Lender may deem necessary to cure or correct such failure (including the payment of taxes, the satisfaction of Liens, the performance of obligations owed to Account Debtors, lessors or other obligors, the procurement and maintenance of insurance, the execution of assignments, security agreements and financing statements, and the endorsement of instruments).  The amount of all monies expended and all costs and expenses (including attorneys’ fees and legal expenses) incurred by Lender in connection with or as a result of the performance or observance of such agreements or the taking of such action by Lender shall be charged to any Borrower’s account as a Credit Advance and added to the Obligations.  To facilitate Lender’s performance or observance of such covenants of Credit Parties, each Credit Party hereby irrevocably appoints Lender, or Lender’s delegate, acting alone, as such Credit Party’s attorney in fact (which appointment is coupled with an interest) with the right (but not the duty) from time to time to create, prepare, complete, execute, deliver, endorse or file in the name and on behalf of such Credit Party any and all instruments, documents, assignments, security agreements, financing statements, applications for insurance and other agreements and writings required to be obtained, executed delivered or endorsed by such Credit Party.

(vi)Lender is authorized by Borrowers to record on its books or records the date, principal amount, amount and date of all payments of principal of and interest on each Loan, and the outstanding principal balance of the Loans and such recordation shall constitute prima facie evidence as to all such information contained therein.  Lender shall provide Borrowing Representative on a monthly basis with a statement and accounting of such recordations but any failure on the part of Lender to keep such recordation (or any errors therein) or to send a statement thereof to Borrowing Representative shall not limit or otherwise affect the obligation of any Borrower to repay (with applicable interest) any Loans.  Except to the extent that Borrowing Representative shall, within thirty (30) days after such statement and accounting is sent, notify Lender in writing 

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of any objection any Borrower may have thereto (stating with particularity the basis for such objection), such statement and accounting shall be deemed final, binding and conclusive upon Borrowers, absent manifest error.  The Loans made by Lender will be evidenced by a Note.  Each Borrower will execute the Note simultaneously with the execution of this Agreement.

		
	III.
	REPAYMENT

3.1 Repayment of the Credit Advance. 
(a) The principal of the KBS Advance shall be repaid in sixty (60) consecutive equal monthly installments together with interest on the first (1st) day in each calendar month, commencing February 1, 2020, and in a final installment on January 1, 2025, when the unpaid balance of principal and any accrued interest is due and payable.  The principal of the EBGL Advance shall be repaid as follows: (i) $500,000 to be repaid in twelve (12) consecutive equal monthly installments together with interest on the first (1st) day in each calendar month, commencing February 1, 2020 and in a final installment on January 1, 2021 when the unpaid balance of principal and any accrued interest is due and payable; and (ii) $300,000 to be paid as one lump sum on or before April 30, 2020.  Notwithstanding the foregoing, the Credit Advance matures and is due and payable, in full, upon an Event of Default or upon the Maturity Date.  Borrowers shall be required to make a mandatory repayment hereunder at any time that the aggregate outstanding principal balance of the Credit Advance made by Lender to Borrowers hereunder is in excess of the Borrowing Base, in an amount equal to such excess.  Any payments of principal, interest, fees or any other amounts payable hereunder or under any Credit Document shall be made prior to 12:00 noon (New York time) on the due date thereof in immediately available funds.  Upon the expiration of the Term, all unpaid principal, interest, fees and other charges owed Lender under this Agreement or any other Credit Document becomes immediately due and payable.  Borrowers may prepay the Credit Advance and any other amounts payable hereunder, including those provided in Section 11.1, on one (1) Business Day’s prior notice to Lender provided that simultaneously the Credit Parties to the EBGL Credit Facility pay to Lender the EBGL Credit Facility in full and all fees, expenses payable in connection therewith.

2.Conditions of Effectiveness.  This Amendment shall become effective February 20, 2020 upon satisfaction of the following condition precedent:

(a)Lender shall have received this Amendment duly executed on behalf of Borrower.
(b)Lender shall have received a fee in amount of $3,000 in connection with this Amendment. 

3.Representations and Warranties.  Borrower hereby represents and warrants as follows:

(a)This Amendment and the Loan Agreement, as amended hereby, constitute legal, valid and binding obligations of such Credit Party and are enforceable against such Borrower in accordance with their respective terms.

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(b)Upon the effectiveness of this Amendment, each Borrower hereby reaffirms all covenants, representations and warranties made in the Loan Agreement to the extent the same are not amended hereby.

(c)No Event of Default or Default would exist after giving effect to this Amendment.

(d)No Borrower has any defense, counterclaim or offset with respect to the Loan Agreement.

4.Effect on the Loan Agreement.

(a)Upon the effectiveness of Section 2 hereof, each reference in the Loan Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Loan Agreement as amended hereby.

(b)Except as specifically amended herein, the Loan Agreement, and all other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed.

(c)The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Agent or Lenders, nor constitute a waiver of any provision of the Loan Agreement, or any other Credit Documents; but in the event that any terms or condition set forth in this Amendment conflict with any term or condition set forth in Loan Agreement, the term or condition set forth herein shall control.

5.Expenses.  The Borrower agrees to pay or reimburse the Lender for all reasonable costs and expenses including, without limitation, legal fees and disbursements, incurred by the Lender in connection with the preparation, negotiation, execution, delivery, administration and enforcement of this Amendment. 

6.Counterparts; Facsimile.  This Amendment may be executed by the parties hereto in one or more counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one and the same agreement.  Any signature delivered by a party by facsimile transmission shall be deemed to be an original signature hereto.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

	
	
	BORROWERS: 
STAR REAL ESTATE HOLDINGS USA, INC.,
By: /s/ David J. Noble                        
Name: David J. Noble                        
Title: CFO                                          
300 PARK STREET, LLC
By: /s/ David J. Noble                        
Name: David J. Noble                        
Title: CFO                                          
947 WATERFORD ROAD, LLC, 
By: /s/ David J. Noble                        
Name: David J. Noble                        
Title: CFO                                          
56 MECHANIC FALLS ROAD, LLC
By: /s/ David J. Noble                        
Name: David J. Noble                        
Title: CFO                                          

LENDER:
GERBER FINANCE INC.
By: /s/ Kevin McGarry                     
Name: Kevin McGarry                     
Title: CCO                                        

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