EXHIBIT 10.15
AMENDMENT NO. 1 TO BUSINESS LOAN AGREEMENT
This Amendment No. 1 (the "Amendment") dated as of July 23, 1996, is
between Bank of America NT & SA (the "Bank") and Portland Brewing Company (the
"Borrower").
RECITALS
A. The Bank and the Borrower entered into a certain Business Loan
Agreement dated as of December 15, 1995 (the "Agreement").
B. The Bank and the Borrower desire to further amend the Agreement.
C. The Bank is the successor by merger to Bank of America Oregon.
AGREEMENT
1. DEFINITIONS. Capitalized terms used but not defined in this
Amendment shall have the meaning given to them in the Agreement.
2. AMENDMENTS. The Agreement is hereby amended as follows:
2.1 Paragraph 3.1 of the Agreement is amended to read in its
entirety as follows:
3.1 LINE OF CREDIT AMOUNT.
(a) During the availability period described below, the Bank
will provide a line of credit to the Borrower. The amount
of the line of credit (the "Facility 3 Commitment") is One
Million Four Hundred Thousand Dollars ($1,400,000).
(b) This is a non-revolving line of credit with a term
repayment option. Any amount borrowed, from the date of
this Amendment and repaid before the end of the
availability period, permanently reduces the remaining
available line of credit.
(c) The Borrower agrees not to permit the outstanding principal
balance of the line of credit to exceed the Facility 3
Commitment.
2.2 Paragraph 3.2 of the Agreement is amended to read in its
entirety as follows:
3.2 AVAILABILITY PERIOD. The line of credit is available
between the date of this Agreement and August 1, 1996 (the
"Expiration Date") unless the Borrower is in default.
2.3 Subparagraph 3.4(b) of the Agreement is amended to read in its
entirety as follows:
(b) The Borrower will make one (1) payment of Seven Thousand
One Hundred Thirty Six 25/100 Dollars ($7,136.25) on
August 1, 1996. The
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Borrower will then repay the principal in 76 successive
monthly installments of Eighteen Thousand Eighty Nine 15/100
Dollars ($18,089.15) starting September 1, 1996. On
January 1, 2003, the Borrower will repay the remaining
principal balance plus any interest then due.
3. EFFECT OF AMENDMENT. Except as provided in this Amendment, all of
the terms and conditions of the Agreement shall remain in full force and
effect.
This Amendment is executed as of the date stated at the beginning of this
Amendment.
BANK OF AMERICA NT & SA PORTLAND BREWING COMPANY
/s/ ▇▇ ▇▇▇▇▇ x ▇▇▇▇ ▇▇▇▇▇
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By: ▇▇ ▇▇▇▇▇ By:
Title: Vice President Title: CFO
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