EMPLOYMENT AGREEMENTEmployment Agreement • August 9th, 2004 • Penn National Gaming Inc • Services-miscellaneous amusement & recreation • Pennsylvania
This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of this 26th day of May, 2004 (the “Commencement Date”) by and between Penn National Gaming, Inc., a Pennsylvania corporation (the “Company”), and Kevin G. DeSanctis, an individual residing in Pennsylvania (“Executive”).
AGREEMENTAgreement • August 9th, 2004 • Penn National Gaming Inc • Services-miscellaneous amusement & recreation
For good and valuable consideration, the LIVE RACING AGREEMENT (the “Agreement”) effective March 23, 1999 through January 1, 2004 by and among PENN NATIONAL TURF CLUB, INC., MOUNTAINVIEW THOROUGHBRED RACING ASSOCIATION, the PENNSLYVANIA HORSEMEN’S BENEVOLENT AND PROTECTIVE ASSOCIATION, INC. (“Horsemen”), and all of its terms and conditions are hereby extended by the mutual consent of all parties through 11:59 p.m. on 8/31/04. In the interim, the parties further agree to discuss in good faith the structure, quantity and repayment terms for a proposed advance of purse money to the Horsemen, as well as all other items pertaining to a new Live Racing Agreement.
June 15, 2004Penn National Gaming Inc • August 9th, 2004 • Services-miscellaneous amusement & recreation
This letter constitutes a Letter Agreement by and between PNGI Charles Town Gaming and the West Virginia Thoroughbred Breeders Association. It is hereby agreed that the net terminal income from Lideo Lottery Terminals operated by PNGI Charles Town Gaming at the Charles Town Race Track shall be distributed in accordance with the provisions of Section 29-22A-100 of The Race Track Video Lottery Act, as such statutory provision shall be in effect on the date of execution of this Letter Agreement, or as hereinafter amended from time to time by the West Virginia Legislature, either at any regular or special session.
AMENDMENT NO. 1 TO CREDIT AGREEMENTCredit Agreement • August 9th, 2004 • Penn National Gaming Inc • Services-miscellaneous amusement & recreation • New York
This AMENDMENT NO. 1 (this “Amendment”) dated as of June 9, 2004, to the CREDIT AGREEMENT dated as of March 3, 2003, as amended and restated as of December 5, 2003 (the “Credit Agreement”) among PENN NATIONAL GAMING, INC. as Borrower; the Subsidiary Guarantors party hereto; the Lenders party hereto; BEAR, STEARNS & CO. INC. and MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, as original joint lead arrangers and original joint bookrunners (in such capacities, together with their successors in such capacities, “Original Lead Arrangers”); MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, as syndication agent (in such capacity, together with its successors in such capacity, “Syndication Agent”); BEAR, STEARNS & CO. INC., as sole lead arranger and sole bookrunner in connection with the Term D Loan Facility and the amendment and restatement of the original credit agreement (the “New Lead Arranger”; together with the Original Lead Arrangers, the “Lead Arrangers”); BEAR STEARNS CORPORATE
