EXHIBIT 7
Xxxxxxx Management & Development Corporation
October 31, 1995
Mountaineer Park, Inc. (Borrower)
c/o Winners Entertainment, Inc.
00000 Xxxxxx Xxxxx Xxxx, Xxxxx 000
Xxx Xxxx Xxxxxxxxxx, XX 00000
RE: Credit in the principal amount of $10,200,000 extended by Xxxxxxx
Management & Development Corp. (the "Loan") pursuant to a certain
June 27, 1994 Construction Loan Agreement by and among Xxxxxxx
Management & Development Corp., Lender, Mountaineer Park, Inc.,
Borrower, and Winners Entertainment, Inc., Winners, as amended
Gentlemen:
For a period of thirty days from the date hereof, Xxxxxxx Management &
Development Corp. will pursuant to section 7.2 waive any Event of Default
during such period and will not in any way during such period (a) seek
repayment of the Loan from Mountaineer Park, Inc., or Winners Entertainment,
Inc.; (b) seek to enforce the promissory note made by Mountaineer Park, Inc.,
evidencing the loan (including its rights under the Credit Line Deed of Trust
securing the same); or, (c) claim that an Event of Default (as that term is
defined in the Construction Loan Agreement) has occurred.
The foregoing forbearance is provided upon Xxxxxxx Management &
Development Corp.'s understanding and upon the condition that it will receive
an interest-only payment (at the interest rate of 12.5%) for the month of
October, in the amount of $109,791.67 on or before November 10, 1995.
Very truly yours,
XXXXXXX MANAGEMENT
& DEVELOPMENT CORPORATION
/s/ Xxxxxxx Xxxxxxx
------------------------------------
XXXXXXX XXXXXXX
Acting Secretary and General Counsel
SW/ld
cc: Xxxxx X. Xxxxxxxx
