Description of Changes in Terms. As from the Modification Effective Date:
Description of Changes in Terms. The definition of “Maturity Date” in Annex I to the Agreement is amended by deleting such definition in its entirety and substituting, in lieu thereof, the following:
Description of Changes in Terms. Effective automatically upon the Modification Effective Date:
(a) The Loan – Repayment. The “Repayment” clause of Section 1 of the Schedule is amended and restated to read in its entirety as follows (quotation marks and formatting for convenience of reading only):
Description of Changes in Terms. As of the Effective Date, the Loan Agreement is modified in the following respects:
Description of Changes in Terms. (a) Section 2.4(c) of the Agreement is amended by deleting the first proviso thereof and substituting, in lieu thereof, the following: provided that the Borrower, the Banks and the Agent intend that the Borrower shall use Interest Advances, to the extent available pursuant to the terms hereof, to pay accrued and unpaid interest on the Loans and/or to pay accrued and unpaid commitment commission due under Section 4.1 of this Agreement when such interest and/or commitment commission is due and the Borrower lacks other funds to make such payment,
(b) Section 2.4(f) of the Agreement is amended by deleting the first parenthetical in the first sentence thereof and substituting, in lieu thereof, the following: (except any Transfer of the Trust Land to the United States in trust for an Indian Tribe which is developing a casino in conjunction with the Borrower, which shall not cause any obligation by the Borrower hereunder)
(c) Section 8.8 of the Agreement is amended by deleting the first sentence thereof and substituting, in lieu thereof, the following: The Borrower will not, and will not permit any of its Subsidiaries to consummate any Transfer of the Monticello Land except a Transfer of the Trust Land to the United States in trust for an Indian Tribe which is developing a casino in conjunction with the Borrower.
(d) Section 8.12 of the Agreement is amended by deleting the amount “$100,000” set forth in the table contained therein opposite “2005” and substituting, in lieu thereof, “$350,000” and by deleting clause (a) of the last proviso of such Section and substituting, in lieu thereof, the following:
(a) a casino developed in conjunction with an Indian Tribe on the Trust Land.
(e) Section 10.7(b) of the Agreement is amended by deleting the second sentence thereof and substituting, in lieu thereof, the following: The proceeds of Interest Advances shall be used to pay accrued and unpaid interest on the Loans and/or accrued and unpaid commitment commission due under Section 4.1 of this Agreement.
(f) The definitions of “Applicable Asset Sale”, “Maturity Date” and “Trust Land” in Annex I to the Agreement are amended by deleting such definitions in their entireties and substituting, in lieu thereof, respectively, the following:
Description of Changes in Terms a. As of the Effective Date, the Credit Agreement is modified in the following respects:
(i) Cover Page. The cover page is hereby amended in the following respects:
(A) replacing the date "January 31, 1996" with "November 19, 1996", (B) replacing the reference to "SILICON VALLEY BANK, AS AGENT" with "CORESTATES BANK, N.A., AS AGENT", and (C) replacing the reference to the dollar amount of the credit facility in the amount of "$25,000,000" with "$35,000,000".
Description of Changes in Terms. (a) Section 2.2(a) of the Agreement is amended by deleting clause (D) of the second sentence thereof.
(b) Section 2.2(a) of the Agreement is further amended by deleting the last sentence thereof.
(c) Section 2.4(c) of the Agreement is amended by deleting the first proviso thereof.
(d) Section 2.4(e) of the Agreement is amended by deleting such Section in its entirety and substituting, in lieu thereof, the following: If, by the date which is six months prior to the Maturity Date, the Consolidated Debt Service Coverage Ratio as of end of the preceding fiscal quarter with respect to Monticello Raceway Management shall not be greater than 1.5 to 1, then such amount of the unpaid principal amount of the Loans which, if repaid, would cause the Consolidated Debt Service Coverage Ratio with respect to Monticello Raceway Management to be greater than 1.5 to 1 shall be immediately due and payable on the date which is six months prior to the Maturity Date, PROVIDED that if the Consolidated Debt Service Coverage Ratio with respect to Monticello Raceway Management would be less than 1.5 to 1 even if the entire unpaid principal amount of all the Loans were repaid, then the entire unpaid principal amount of all the Loans and of all of the other unpaid Obligations shall become and be absolutely and unconditionally due and payable in full on the date which is six months prior to the Maturity Date.
(e) Section 3.1 of the Agreement is amended by deleting such Section in its entirety and substituting, in lieu thereof, the following:
Description of Changes in Terms. (a) Section 8(a)(2) of the Schedule to each of the Loan Agreement is amended to read in its entirety as follows:
Description of Changes in Terms. 2.1 Numbered paragraph 2 of the Commitment Letter, as heretofore amended, is hereby replaced in its entirety as follows: The Working Capital Commitment will commence July 14, 2000 and will expire on July 13, 2001 (the "Working Capital Expiry Date"). The Equipment Commitment will commence July 14, 2000 and will expire on July 13, 2001 (the "Equipment Expiry Date").
2.2 The first three sentences of numbered paragraph 3 of the Commitment Letter, as heretofore amended, are hereby replaced in their entirety as follows: Advances under the Working Capital Commitment shall bear interest at a fluctuating per annum rate of interest equal to the Bank's Prime Rate (as defined below) or the Interest Rate for LIBOR Rate Loans as set forth on the attached LIBOR Supplement Agreement, as applicable and advances under the Equipment Line of Credit Commitment shall bear interest at a fluctuating rate of interest equal to the Bank's Prime Rate per annum. Borrower shall make payments of interest in respect of advances under the Working Capital Commitment monthly on the thirteenth (13th) day of each month and on the Working Capital Expiry Date. Borrower shall make payments of interest in respect of advances under the Equipment Commitment monthly on the thirteenth (13th) day of each month and on the Equipment Expiry Date. Nothwithstanding an Event of Default, Advances under the Commitments shall bear interest at a rate of 5% per annum plus the rate otherwise in effect.
2.3 Numbered paragraph 4 of Schedule II to the Commitment Letter, as heretofore amended, is hereby replaced in its entirety as follows:
Description of Changes in Terms. As from the Modification Effective Date:
4.1 Restatement of Section 5 of Schedule. Section 5 of the Schedule shall be amended and restated in its entirety with a new clause (a) as follows:
