Exhibit 10.1

 

AMENDMENT NO. 3

 

This AMENDMENT NO. 3 (“AMENDMENT”) is made as of February 16, 2005, by and among
DOVER MOTORSPORTS, INC., a Delaware corporation, DOVER INTERNATIONAL SPEEDWAY,
INC., a Delaware corporation, GATEWAY INTERNATIONAL MOTORSPORTS CORPORATION, an
Illinois corporation, GATEWAY INTERNATIONAL SERVICES CORPORATION, an Illinois
corporation, MEMPHIS INTERNATIONAL MOTORSPORTS CORPORATION, a Tennessee
corporation, M&N SERVICES CORP., a Tennessee corporation, NASHVILLE SPEEDWAY
USA, INC., a Tennessee corporation and GRAND PRIX ASSOCIATION OF LONG BEACH,
INC., a California corporation (collectively, “BORROWERS”); MERCANTILE-SAFE
DEPOSIT AND TRUST COMPANY, a Maryland banking corporation as agent (“AGENT”);
MERCANTILE-SAFE DEPOSIT AND TRUST COMPANY, a Maryland banking corporation in its
capacity as issuer of letters of credit (“ISSUING BANK”); and WILMINGTON TRUST
COMPANY, MERCANTILE-SAFE DEPOSIT AND TRUST COMPANY, DELAWARE STERLING BANK, a
division of Bank of Lancaster County, NA, WILMINGTON SAVINGS FUND SOCIETY, FSB
and PNC BANK, DELAWARE (collectively, “LENDERS”).

 

RECITALS

 

The BORROWERS, the AGENT, the ISSUING BANK and the LENDERS are parties to that
certain Credit Agreement executed February 17, 2004 and effective as of February
19, 2004, as previously amended (“CREDIT AGREEMENT”), pursuant to which the
LENDERS and the ISSUING BANK are providing to the BORROWERS certain credit
facilities.

 

The parties hereto have agreed to amend a certain provision of the CREDIT
AGREEMENT and are entering into this AMENDMENT in order to accomplish such
amendment.

 

NOW, THEREFORE, in consideration of the premises, and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
parties agree as follows:

 

Section 1. Recitals. The parties acknowledge the accuracy of the above recitals
and hereby incorporate the recitals into this AMENDMENT.

 

Section 2. Amendment to Credit Agreement. Section 5.17 of the CREDIT AGREEMENT
is hereby amended by deleting its present language in its entirety and
substituting in lieu thereof the following:

 

Section 5.17. Fixed Charge Coverage Ratio. The BORROWERS shall maintain a FIXED
CHARGE COVERAGE RATIO of not less than:

 

(a) 1.0 to 1.0 for the four fiscal quarter period ending on June 30, 2005; and
(b) 1.75 to 1.0 for each four fiscal quarter period ending on the last day of
each fiscal quarter other than June 30, 2005.

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Section 3. Other Terms. Except as specifically modified herein, all other terms
and provisions of the CREDIT AGREEMENT and all other documents evidencing,
securing or otherwise documenting the terms and provisions of the credit
facilities being provided by the LENDERS and the ISSUING BANK to the BORROWERS
remain in full force and effect and are hereby ratified and confirmed.

 

Section 4. Choice of Law. The laws of the State of Maryland (excluding, however,
conflict of law principals) shall govern and be applied to determine all issues
relating to this AMENDMENT and the rights and obligations of the parties hereto,
including the validity, construction, interpretation and enforceability of this
AMENDMENT.

 

Section 5. Delivery by Telecopier. This AMENDMENT may be delivered by telecopier
and a facsimile of any party’s signature hereto shall constitute an original
signature for all purposes.

 

Section 6. Counterparts. This AMENDMENT may be executed in counterparts each of
which shall be binding upon the signatories but all of which shall constitute
one and the same agreement.

 

IN WITNESS WHEREOF, the parties have executed this AMENDMENT with the specific
intention of creating a document under seal.

 

BORROWERS: DOVER MOTORSPORTS, INC.,

A Delaware Corporation

By:

 

/s/ Thomas G. Wintermantel

--------------------------------------------------------------------------------

 

(SEAL)

Name:

 

Thomas G. Wintermantel

   

Title:

 

Treasurer

    DOVER INTERNATIONAL SPEEDWAY, INC.,

A Delaware Corporation

By:

 

/s/ Thomas G. Wintermantel

--------------------------------------------------------------------------------

 

(SEAL)

Name:

 

Thomas G. Wintermantel

   

Title:

 

Treasurer

   

--------------------------------------------------------------------------------

GATEWAY INTERNATIONAL MOTORSPORTS

CORPORATION, An Illinois Corporation

By:

 

/s/ Patrick J. Bagley

--------------------------------------------------------------------------------

 

(SEAL)

Name:

 

Patrick J. Bagley

   

Title:

 

Sr. VP of Finance and CFO

   

GATEWAY INTERNATIONAL SERVICES

CORPORATION, An Illinois Corporation

By:

 

/s/ Tony R. Evans

--------------------------------------------------------------------------------

 

(SEAL)

Name:

 

Tony R. Evans

   

Title:

 

Treasurer and Secretary

   

MEMPHIS INTERNATIONAL MOTORSPORTS

CORPORATION, A Tennessee Corporation

By:

 

/s/ Patrick J. Bagley

--------------------------------------------------------------------------------

 

(SEAL)

Name:

 

Patrick J. Bagley

   

Title:

 

Sr. VP of Finance and CFO

    M&N SERVICES CORP.,

A Tennessee Corporation

By:

 

/s/ Tony R. Evans

--------------------------------------------------------------------------------

 

(SEAL)

Name:

 

Tony R. Evans

   

Title:

 

Treasurer and Secretary

   

NASHVILLE SPEEDWAY USA, INC.,

A Tennessee Corporation

By:

 

/s/ Patrick J. Bagley

--------------------------------------------------------------------------------

 

(SEAL)

Name:

 

Patrick J. Bagley

   

Title:

 

Sr. VP of Finance and CFO

   

--------------------------------------------------------------------------------

GRAND PRIX ASSOCIATION OF LONG

BEACH, INC., A California Corporation

By:

 

/s/ Patrick J. Bagley

--------------------------------------------------------------------------------

 

(SEAL)

Name:

 

Patrick J. Bagley

   

Title:

 

Sr. VP of Finance and CFO

    AGENT:

MERCANTILE-SAFE DEPOSIT AND TRUST

COMPANY, A Maryland Banking Corporation

By:

 

/s/ C. Douglas Sawyer, III

--------------------------------------------------------------------------------

 

(SEAL)

Name:

 

C. Douglas Sawyer, III

   

Title:

 

Senior Vice President

    LENDERS: WILMINGTON TRUST COMPANY

By:

 

/s/ Michael B. Gast

--------------------------------------------------------------------------------

 

(SEAL)

Name:

 

Michael B. Gast

   

Title:

 

Vice President

   

MERCANTILE-SAFE DEPOSIT AND

    TRUST COMPANY

By:

 

/s/ C. Douglas Sawyer, III

--------------------------------------------------------------------------------

 

(SEAL)

Name:

 

C. Douglas Sawyer, III

   

Title:

 

Senior Vice President

   

DELAWARE STERLING BANK,

A Division of Bank of Lancaster County, NA

By:

 

/s/ David Paul Kenney

--------------------------------------------------------------------------------

 

(SEAL)

Name:

 

David Paul Kenney

   

Title:

 

Senior Vice President

   

--------------------------------------------------------------------------------

WILMINGTON SAVINGS FUND SOCIETY, FSB

By:

 

/s/ M. Scott Baylis

--------------------------------------------------------------------------------

 

(SEAL)

Name:

 

M. Scott Baylis

   

Title:

 

Managing Vice President

    PNC BANK, DELAWARE

By:

 

/s/ Warren C. Engle

--------------------------------------------------------------------------------

 

(SEAL)

Name:

 

Warren C. Engle

   

Title:

 

Senior Vice President

    ISSUING BANK:

MERCANTILE-SAFE DEPOSIT AND

    TRUST COMPANY

By:

 

/s/ C. Douglas Sawyer, III

--------------------------------------------------------------------------------

 

(SEAL)

Name:

 

C. Douglas Sawyer, III

   

Title:

 

Senior Vice President