Exhibit 10.14

 

SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

This SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) is made and entered into as of the 19th day of February, 2004, by
and among Dover Downs Gaming and Entertainment, Inc. (the “Borrower”) and
Wilmington Trust Company, a Delaware banking corporation (“WTC”), and PNC Bank,
Delaware, a Delaware banking corporation (collectively, the “Banks”) and WTC, as
agent (the “Agent”).

 

WHEREAS, the Borrower, the Banks and the Agent have entered into an Amended and
Restated Credit Agreement, dated as of March 25, 2002, as amended by the
Amendment to Amended and Restated Credit Agreement, dated as of August 12, 2002
(as amended, the “Agreement”), pursuant to which the Banks agreed to make
available certain credit facilities to the Borrower; and

 

WHEREAS, the Borrower, the Banks and the Agent desire to amend the Agreement as
set forth herein.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound hereby, the
parties hereto hereby agree to amend the Agreement as follows:

 

SECTION 1.  Defined Terms.  Capitalized terms used herein and not otherwise
defined are used as defined in the Agreement.

 

SECTION 2.  Amendments.

 

2.1.          The definition of Termination Date found in Section 1.1 of the
Agreement is hereby amended and restated in its entirety to read as follows:

 

“Termination Date”:  the earlier of (a) April 30, 2006, or such later date to
which the Termination Date shall have been extended pursuant to Section 2.10(d)
and (b) the date the Commitments are terminated as provided herein.

 

2.2.          Section 2.10(c) of the Agreement is hereby amended and restated in
its entirety to read as follows:

 

“Each reduction in the Total Commitment hereunder, other than the scheduled
reductions of $5,000,000 as of December 31, 2002, $10,000,000 as of December 31,
2003, and $5,000,000 as of February 19, 2004, shall be made ratably among the
Banks in accordance with their respective Commitment Percentages.  The Borrower
shall pay to the Agent for the account of the Banks, on

 

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the date of each termination or reduction, the Commitment Fees on the amount of
the Commitments so terminated or reduced accrued to the date of such termination
or reduction.  In connection with any reduction of the Total Commitment, the
Borrower shall make any prepayment required under Section 2.11(b).

 

2.3.          Schedule I of the Agreement is hereby amended and restated in its
entirety to read as set forth in Schedule I attached hereto.

 

SECTION 3.  Binding Effect.  This Amendment shall be binding upon, and shall
inure to the benefit of, the parties hereto and their respective successors and
assigns.

 

SECTION 4.  Execution in Counterparts.  This Amendment may be executed in any
number of counterparts, all of which taken together shall constitute one and the
same instrument, and any of the parties hereto may execute this Amendment by
signing any such counterpart.

 

SECTION 5.  Agreement in Effect.  Except as hereby amended, the Agreement shall
remain in full force and effect.

 

SECTION 6.  Governing Law.  This Amendment shall be governed by, and construed
in accordance with, the laws of the State of Delaware without regard to its
principles of conflict of laws, all rights and remedies being governed by
Delaware’s substantive laws.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of
the date first above written.

 

 

DOVER DOWNS GAMING &
ENTERTAINMENT, INC.

 

 

 

 

 

 

 

By:

/s/Denis McGlynn

 

 

 

Name: Denis McGlynn

 

 

Title: President

 

 

 

 

 

 

 

WILMINGTON TRUST COMPANY, as Agent
and as a Bank

 

 

 

 

 

 

 

By:

/s/Michael B. Gast

 

 

 

Name: Michael B. Gast

 

 

Title: Vice President

 

 

 

 

 

 

 

PNC BANK, DELAWARE, as a Bank

 

 

 

 

 

 

 

By:

/s/John H. Hall

 

 

 

Name: John H. Hall

 

 

Title: Vice President

 

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SCHEDULE I

 

BANK AND COMMITMENT INFORMATION

 

Bank and Address

 

Commitment

 

Swing Line Commitment

 

 

 

 

 

 

Wilmington Trust Company

121 South State Street

Dover, DE 19901

Attn:  Commercial Banking
Department

 

$45,000,000 through December 31, 2003, then $35,000,000 through February 19,
2004, and $30,000,000 thereafter

 

 

$

 

5,000,000

 

 

 

 

 

 

 

 

PNC Bank Delaware

222 Delaware Avenue

18th Floor
Wilmington, DE 19801

Attn: Theodore J. Prushinski

 

$15,000,000 through December 31, 2002, then $10,000,000 thereafter

 

 

 

 

 

 

 

 

 

Total:

 

$60,000,000 through December 31, 2002, then $55,000,000 through December 31,
2003, then $45,000,000 through February 19, 2004, and $40,000,000 thereafter

 

 

 

 

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