EXHIBIT 4.8(a)
June 17, 1998
Xxxxx Fargo Bank, National Association
Commercial Banking Division
X.X. Xxx 00000
Xxxx, Xxxxxx 00000
Attention: Xxxxxx Xxxxx,
Senior Vice President
RE: EMPRESS ENTERTAINMENT, INC.,
EMPRESS CASINO XXXXXXX CORPORATION, AND
EMPRESS CASINO JOLIET CORPORATION
SENIOR CREDIT FACILITY
Ladies & Gentlemen:
This letter agreement shall confirm our understanding with respect to
certain matters relating to the closing (the "Closing") of the Credit Agreement
(the "Credit Agreement") among Xxxxx Fargo Bank, National Association (the
"Agent Bank"), Empress Entertainment, Inc. (the "Company"), Empress Casino
Joliet Corporation ("Empress Joliet") and Empress Casino Xxxxxxx Corporation
("Empress Xxxxxxx," and together with the Company and Empress Joliet, the
"Borrowers") on June 18, 1998, pursuant to which the Agent Bank intends to
provide the Borrowers with a $100.0 million senior secured revolving credit
facility. Terms not otherwise defined in this letter agreement shall have the
meanings assigned to them in the Credit Agreement.
To facilitate the timely recordation of certain of the ECHC Security
Documents, including the ECHC Mortgage, the ECHC Assignment of Permits, Licenses
and Contracts, the ECHC Assignment of Spaceleases, Contracts, Rents and
Revenues, the ECHC Ship Mortgage and the ECHC Financing Statements
(collectively, the "ECHC Recorded Documents"), the Company and Empress Xxxxxxx
have delivered to the Agent Bank in advance of the Closing, and the Agent Bank
has recorded, the ECHC Recorded Documents. The Agent Bank and the Borrowers
hereby agree that:
1. All of the Loan Documents have been dated as of June 17, 1998 to
facilitate the filing and recordation of the ECHC Recorded Documents. The
operative provisions of the Loan Documents shall take effect, and the Closing of
the transactions contemplated by the Loan Documents shall be deemed to have
occurred, on June 18, 1998.
Xxxxx Fargo Bank
2
June 17, 1998
2. In the even the Closing does not occur by 6:00 p.m. Central Standard
Time on June 18, 1998, the Agent Bank shall immediately prepare, execute and
deliver to the Borrowers such termination statements and releases as are
reasonably necessary to release all security interests reflected by the ECHC
Recorded Documents.
Please signify the Agent Bank's agreement with the foregoing by its
authorized signature below.
EMPRESS ENTERTAINMENT, INC.
/s/ Xxxx Xxxxxxxx
--------------------------------
Xxxx X. Xxxxxxxx, Vice President, Chief
Financial Officer
EMPRESS CASINO XXXXXXX CORPORATION
/s/ Xxxx Xxxxxxxx
--------------------------------
Xxxx X. Xxxxxxxx, Vice President, Chief
Financial Officer
EMPRESS CASINO JOLIET CORPORATION
/s/ Xxxx Xxxxxxxx
--------------------------------
Xxxx X. Xxxxxxxx, Vice President, Chief
Financial Officer
ACKNOWLEDGED AND AGREED:
-----------------------
XXXXX FARGO BANK, NATIONAL
ASSOCIATION
/s/ Xxxxxx Xxxxx
_________________________________
Xxxxxx Xxxxx, Senior Vice President
