Exhibit 10.1

 

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

 

dated as of
February 28, 2011

 

among

 

TROPICANA ENTERTAINMENT INC.,

as the Borrower

 

THE LENDERS PARTY HERETO,

 

AND

 

ICAHN AGENCY SERVICES LLC,

as Administrative Agent and as Collateral Agent

 

 

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AMENDMENT NO. 1 TO CREDIT AGREEMENT

 

dated as of February 28, 2011

 

Reference is made to the Credit Agreement, dated as of December 29, 2009 (as
amended, restated, amended and restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”; capitalized terms used but not defined
herein having the meanings set forth therein), among TROPICANA ENTERTAINMENT
INC., a Delaware corporation (the “Borrower”), the lenders party hereto from
time to time (the “Lenders”), and ICAHN AGENCY SERVICES LLC, as Administrative
Agent and as Collateral Agent.

 

PRELIMINARY STATEMENTS:

 

WHEREAS, the Borrower and the Required Lenders desire to amend certain
provisions of the Credit Agreement as set forth below on and subject to the
terms of this Amendment No. 1 to Credit Agreement (this “Amendment No. 1”).

 

NOW, THEREFORE, in consideration of the premises and the agreements, provisions
and covenants herein contained, and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

SECTION 1.   Amendment to Credit Agreement.

 

(a)   Amendment to Section 6.10.  Section 6.10 of the Credit Agreement is hereby
amended and restated in its entirety to read as follows:

 

6.10.  Fixed Charge Coverage Ratio.  Permit the Fixed Charge Coverage Ratio for
any period of four consecutive fiscal quarters of the Borrower ending on or
prior to December 31, 2011 (other than the four consecutive fiscal quarter
period ending December 31, 2010) to be less than 1.00 to 1.00 or permit the
Fixed Charge Coverage Ratio for any period of four consecutive fiscal quarters
of the Borrower ending after December 31, 2011 to be less than 2.00 to 1.00.

 

SECTION 2.   Condition to Effectiveness.  This Amendment No. 1 shall become
effective as of the date hereof upon receipt by the Administrative Agent of
counterparts of this Amendment No. 1 duly executed by (i) the Borrower and
(ii) the Required Lenders.

 

SECTION 3.   Applicable Law.  THIS AMENDMENT NO. 1 SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 4.   Counterparts.  This Amendment No. 1 may be executed in counterparts
(and by different parties hereto on different counterparts), each of which shall
constitute an original but all of which when taken together shall constitute a
single contract, and shall become effective as provided in Section 2 hereof. 
Delivery of an executed signature page to this Amendment No. 1 by facsimile or
.pdf transmission shall be as effective as delivery of a manually signed
counterpart of this Amendment No. 1.

 

SECTION 5.   Continuing Effectiveness.  Except as modified by this Amendment
No. 1, the Credit Agreement shall remain in full force and effect and is hereby
ratified and confirmed in all respects and this Amendment No. 1 shall be a Loan
Document for all purposes, and references in the Credit Agreement to “the date
hereof” and “the date of this Agreement” and phrases of similar import, shall in
all instances be references to, and continue to refer to, December 29, 2009, and
not the date of this Amendment No. 1.

 

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SECTION 6.   Entire Agreement.  This Amendment No. 1 and the Credit Agreement
constitute the entire contract between the parties relative to the subject
matter hereof.  Any other previous agreement among the parties with respect to
the subject matter hereof is superseded by this Amendment No. 1 and the Credit
Agreement.

 

SECTION 7.   WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER
OR IN CONNECTION WITH THIS AMENDMENT NO. 1.  EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT NO.
1 BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

SECTION 8.   Headings.  Section headings used herein are for convenience of
reference only, are not part of this Amendment No. 1 and are not to affect the
construction of, or to be taken into consideration in interpreting, this
Amendment No. 1.

 

SECTION 9.   Successors and Assigns.  Whenever in this Amendment No. 1 any of
the parties hereto is referred to, such reference shall be deemed to include the
permitted successors and assigns of such party; and all covenants, promises and
agreements by or on behalf of the Borrower, the Administrative Agent, the
Collateral Agent or the Lenders that are contained in this Amendment No. 1 shall
bind and inure to the benefit of their respective successors and assigns.  The
Borrower shall not assign or delegate any of its rights or duties hereunder
without the prior written consent of the Administrative Agent and each Lender,
and any attempted assignment without such consent shall be null and void.

 

[signature pages follow]

 

2

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be
executed by their officers thereunto duly authorized as of the date first above
written.

 

 

THE BORROWER:

TROPICANA ENTERTAINMENT INC.

 

 

 

 

 

By:

/s/ Lance J. Millage

 

 

Name: Lance J. Millage

 

 

Title: CFO

 

[Signature Page to Amendment No. 1]

 

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AGENTS AND

 

REQUIRED LENDERS:

ICAHN AGENCY SERVICES LLC,

 

as Administrative Agent and as Collateral Agent

 

 

 

 

 

By:

/s/ Keith Cozza

 

 

Name:

Keith Cozza

 

 

Title:

Treasurer

 

[Signature Page to Amendment No. 1]

 

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ICAHN PARTNERS LP,

 

as a Lender

 

 

 

 

 

By:

/s/ Keith Cozza

 

 

Name:

Keith Cozza

 

 

Title:

CCO

 

[Signature Page to Amendment No. 1]

 

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ICAHN PARTNERS MASTER FUND LP,

 

as a Lender

 

 

 

 

 

By:

/s/ Keith Cozza

 

 

Name:

Keith Cozza

 

 

Title:

CCO

 

[Signature Page to Amendment No. 1]

 

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ICAHN PARTNERS MASTER FUND II L.P.,

 

as a Lender

 

 

 

 

 

By:

/s/ Keith Cozza

 

 

Name:

Keith Cozza

 

 

Title:

CCO

 

[Signature Page to Amendment No. 1]

 

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ICAHN PARTNERS MASTER FUND III L.P.,

 

as a Lender

 

 

 

 

 

By:

/s/ Keith Cozza

 

 

Name:

Keith Cozza

 

 

Title:

CCO

 

[Signature Page to Amendment No. 1]

 

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PAR Investment Partners, L.P.,

 

as a Lender

 

 

 

 

 

By: PAR Group, L.P., as general partner

 

By: PAR Capital Management, Inc., as general partner

 

 

 

By:

/s/ Steven M. Smith

 

 

Name:

Steven M. Smith

 

 

Title:

Chief Operating Officer

 

[Signature Page to Amendment No. 1]

 

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Restoration Holdings Ltd.,
as a Lender

 

 

 

 

 

By:

/s/ Michael Ring

 

 

Name:

Michael Ring

 

 

Title:

Treasurer

 

[Signature Page to Amendment No. 1]

 

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Restoration Special Opportunities Master Ltd.,
as a Lender

 

 

 

 

 

By:

/s/ Michael Ring

 

 

Name:

Michael Ring

 

 

Title:

Treasurer

 

[Signature Page to Amendment No. 1]

 

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Schultze Master Fund, Ltd.,
as a Lender

 

 

 

 

 

By:

/s/ George J. Schultze

 

 

Name:

George J. Schultze

 

 

Title:

Director

 

[Signature Page to Amendment No. 1]

 

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Schultze Apex Master Fund, Ltd.,
as a Lender

 

 

 

 

 

By:

/s/ George J. Schultze

 

 

Name:

George J. Schultze

 

 

Title:

Director

 

[Signature Page to Amendment No. 1]

 

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Debello Investors LLC,
as a Lender

 

 

 

 

 

By:

/s/ Jack Doyle

 

 

Name:

Jack Doyle

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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Wexford Spectrum Investors LLC,
as a Lender

 

 

 

 

 

By:

/s/ Jack Doyle

 

 

Name:

Jack Doyle

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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Eaton Vance Institutional Senior Loan Fund,

 

By: Eaton Vance Management as investment advisor
as a Lender

 

 

 

 

 

By:

/s/ Michael Kinahan

 

 

Name:

Michael Kinahan

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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Senior Debt Portfolio,

 

By: Boston Management and Research as investment advisor
as a Lender

 

 

 

 

 

By:

/s/ Michael Kinahan

 

 

Name:

Michael Kinahan

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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Eaton Vance Floating-Rate Income Trust

 

BY: Eaton Vance Management as investment advisor
as a Lender

 

 

 

 

 

By:

/s/ Michael Kinahan

 

 

Name:

Michael Kinahan

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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Eaton Vance Limited Duration Income Fund,

 

BY: Eaton Vance Management as investment advisor
as a Lender

 

 

 

 

 

By:

/s/ Michael Kinahan

 

 

Name:

Michael Kinahan

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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Eaton Vance Senior Floating-Rate Trust,

 

BY: Eaton Vance Management as investment advisor
as a Lender

 

 

 

 

 

By:

/s/ Michael Kinahan

 

 

Name:

Michael Kinahan

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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Eaton Vance Senior Income Trust,

 

BY: Eaton Vance Management as investment advisor
as a Lender

 

 

 

 

 

By:

/s/ Michael Kinahan

 

 

Name:

Michael Kinahan

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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Eaton Vance VT Floating-Rate Income Fund,

 

BY: Eaton Vance Management as investment advisor
as a Lender

 

 

 

 

 

By:

/s/ Michael Kinahan

 

 

Name:

Michael Kinahan

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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ARES IIIR/IVR CLO LTD.,
as a Lender

 

 

 

ARES IIIR/IVR CLO LTD.

 

 

 

By:

ARES CLO MANAGEMENT IIIR/IVR, L.P. ITS ASSET MANAGER

 

 

 

By:

ARES CLO GP IIIR/IVR, LLC, ITS GENERAL PARTNER

 

 

 

 

 

By:

/s/ Seth J. Brufsky

 

 

Name:

Seth J. Brufsky

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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ARES IIR CLO LTD.,
as a Lender

 

 

 

ARES IIR CLO LTD.

 

 

 

By:

ARES CLO MANAGEMENT IIR, L.P. ITS INVESTMENT MANAGER

 

 

 

 

By:

ARES CLO GP IIR, LLC, ITS GENERAL PARTNER

 

 

 

 

 

 

 

By:

/s/ Seth J. Brufsky

 

 

Name:

Seth J. Brufsky

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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ARES IX CLO LTD.,
as a Lender

 

 

 

ARES IX CLO LTD.

 

 

 

By:

ARES CLO MANAGEMENT IX, L.P. ITS INVESTMENT MANAGER

 

 

 

 

By:

ARES CLO GP IX, LLC, ITS GENERAL PARTNER

 

 

 

 

 

 

 

By:

/s/ Seth J. Brufsky

 

 

Name:

Seth J. Brufsky

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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ARES VIII CLO LTD.,
as a Lender

 

 

 

ARES VIII CLO LTD.

 

 

 

By:

ARES CLO MANAGEMENT VIII, L.P. ITS INVESTMENT MANAGER

 

 

 

 

By:

ARES CLO GP VIII, LLC, ITS GENERAL PARTNER

 

 

 

 

 

 

 

By:

/s/ Seth J. Brufsky

 

 

Name:

Seth J. Brufsky

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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ARES VIR CLO LTD.,
as a Lender

 

 

 

ARES VIR CLO LTD.

 

 

 

By:

ARES CLO MANAGEMENT VIR, L.P. ITS INVESTMENT MANAGER

 

 

 

 

By:

ARES CLO GP VIR, LLC, ITS GENERAL PARTNER

 

 

 

 

 

 

 

By:

/s/ Seth J. Brufsky

 

 

Name:

Seth J. Brufsky

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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ARES VR CLO LTD.,
as a Lender

 

 

 

ARES VR CLO LTD.

 

 

 

By:

ARES CLO MANAGEMENT VR, L.P. ITS INVESTMENT MANAGER

 

 

 

 

By:

ARES CLO GP VR, LLC, ITS GENERAL PARTNER

 

 

 

 

 

 

 

By:

/s/ Seth J. Brufsky

 

 

Name:

Seth J. Brufsky

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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ARES X CLO LTD.,
as a Lender

 

 

 

ARES X CLO LTD.

 

 

 

By:

ARES CLO MANAGEMENT X, L.P. ITS INVESTMENT MANAGER

 

 

 

 

By:

ARES CLO GP X, LLC, ITS GENERAL PARTNER

 

 

 

 

 

 

 

By:

/s/ Seth J. Brufsky

 

 

Name:

Seth J. Brufsky

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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ARES XI CLO LTD.,
as a Lender

 

 

 

ARES XI CLO LTD.

 

 

 

By:

ARES CLO MANAGEMENT XI, L.P. ITS INVESTMENT MANAGER

 

 

 

 

By:

ARES CLO GP XI, LLC, ITS GENERAL PARTNER

 

 

 

 

 

 

 

By:

/s/ Seth J. Brufsky

 

 

Name:

Seth J. Brufsky

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 1]

 

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