EXHIBIT 4
CONSTRUCTION LOAN AGREEMENT AMENDMENT
Construction Loan Agreement Amendment dated February 10, 1995,
among Xxxxxxx Management and Development Corp., a New York corporation
("Lender"), Mountaineer Park, Inc., a West Virginia corporation ("Borrower"),
and Winners Entertainment, Inc., a Delaware corporation and parent of
Borrower ("Winners").
WHEREAS, Borrower and Lender desire to amend a Construction Loan
Agreement executed by the parties on June 27, 1994 as amended on September
27, 1994 and December 7, 1994 ("Agreement"); and
WHEREAS, Borrower and Lender desire to amend Article III, Section
3.10 - Purpose of the Loans; and
WHEREAS, all other terms and conditions as set forth in the
Agreement and the Amendment and the Note shall remain as originally executed.
NOW, THEREFORE, in consideration of the premises and agreements
herein contained, the parties, hereto, hereby agree as follows:
1. Article III, Section 3.10, Purpose of Loans is amended in its
entirety as follows: 3.10 Purpose of Loans. The proceeds of the loan will
be used by Borrower only to (i) finance operations, (ii) refurbish
Mountaineer Race Track and Resort in accordance with plans which have been
approved by AGEL, as such plans maybe revised from time to time in accordance
with the approval of AGEL, (iii) pay up to Two Hundred Thousand Dollars
($200,000) of investment banking fees, (iv) loan up to Seven Hundred Thousand
Dollars ($700,000) to Winners to fund certain operating deficiencies as
approved by AGEL in its sole discretion which loan must be repaid to Borrower
no later than April 15, 1995, and (v) loan up to Eight Hundred Thousand
Dollars ($800,000) to Winners to fund certain operating deficiencies as
approved by AGEL in its sole discretion, which loan must be repaid to
Borrower no later then June 15, 1995.
This amendment is not intended to nor shall not alter or amend any
other Sections of the Agreement. Any terms not herein defined shall have the
term set forth in the Agreement.
IN WITNESS HEREOF, the parties hereto have caused this Amendment to
be duly executed and delivered by the proper and duly authorized officers as
of the day and year first written above.
XXXXXXX MANAGEMENT & DEVELOPMENT CORP.
By: /s/ Xxxxxxx X. Xxxxxxx
--------------------------------
Name:
Title:
MOUNTAINEER PARK, INC.
By: /s/ Xxxxxxx X. Xxxx
--------------------------------
Name: Xxxxxxx X. Xxxx
Title: Chairman of the Board
WINNERS ENTERTAINMENT, INC.
By: /s/ Xxxxxxx X. Xxxx
--------------------------------
Name: Xxxxxxx X. Xxxx
Title: Chairman of the Board
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