AS THE BENEFICIARY THEREOF AND
SHALL PROVIDE THAT WRITTEN NOTICE SHALL BE GIVEN TO AGENT BANK NO LESS THAN
THIRTY (30) DAYS PRIOR TO ANY CANCELLATION OR TERMINATION THEREOF.
9
M.
RATINGS.
EXCEPT AS PROVIDED BELOW, ALL POLICIES INDICATED ABOVE
SHALL BE WRITTEN WITH INSURANCE COMPANIES LICENSED AND ADMITTED TO DO BUSINESS
IN ALL STATES WHERE THE BORROWER CONSOLIDATION, OR ANY OF THEM, IS OPERATING AND
SHALL BE RATED NO LOWER THAN "A XII" IN THE MOST RECENT ADDITION OF A.M. BEST'S
OR "AA-" IN THE MOST RECENT EDITION OF STANDARD & POOR'S, OR SUCH OTHER CARRIER
REASONABLY ACCEPTABLE TO AGENT BANK.
ALL POLICIES DISCUSSED ABOVE SHALL BE
ENDORSED TO PROVIDE THAT IN THE EVENT OF A CANCELLATION, NON-RENEWAL OR MATERIAL
MODIFICATION, AGENT BANK SHALL RECEIVE THIRTY (30) DAYS PRIOR WRITTEN NOTICE
THEREOF.
THE BORROWERS SHALL FURNISH AGENT BANK WITH CERTIFICATES OF INSURANCE
EXECUTED BY AN AUTHORIZED AGENT EVIDENCING COMPLIANCE WITH ALL INSURANCE
PROVISIONS DISCUSSED ABOVE ON AN ANNUAL BASIS.
THE BORROWERS SHALL ALSO FURNISH
ACTUAL POLICY ENDORSEMENTS EVIDENCING APPROPRIATE STATUS OF AGENT BANK (AS
MORTGAGEE, LOSS PAYEE AND ADDITIONAL INSURED).
CERTIFICATES OF INSURANCE
EXECUTED BY AN AUTHORIZED AGENT OF EACH CARRIER PROVIDING INSURANCE EVIDENCING
CONTINUATION OF ALL COVERAGES HAVE BEEN PROVIDED ON THE RESTATEMENT DATE AND
WILL BE PROVIDED ANNUALLY ON OR BEFORE TEN (10) DAYS PRIOR TO THE EXPIRATION OF
EACH POLICY.
ALL CERTIFICATES AND OTHER NOTICES RELATED TO THE INSURANCE
PROGRAM SHALL BE DELIVERED TO AGENT BANK CONCURRENTLY WITH THE DELIVERY OF SUCH
CERTIFICATES OR NOTICES TO SUCH CARRIER OR TO BORROWERS, OR ANY OF THEM, AS
APPLICABLE.
NOTWITHSTANDING THE FOREGOING, HOWEVER, AGENT BANK, ON BEHALF OF
THE LENDERS, CONSENTS TO THE FOLLOWING COVERAGES WITH THE STANDARD AND POOR'S
RATINGS SET FORTH BELOW:
(I)
EXCESS LIABILITY WITH GREAT AMERICAN AT A-;
(II)
UMBRELLA WITH AIG (NATIONAL UNION FIRE INSURANCE CO.) AT AA+;
(III)
GENERAL LIABILITY AND AUTO WITH AMERICAN SPECIALTY/DISCOVER P&C
AT A+;
(IV)
CRIME WITH AIG (NATIONAL UNION FIRE INSURANCE CO.) AT AA+;
(V)
PROPERTY INSURANCE WITH ALLIAN, GLOBAL RISKS U.S. INSURANCE
COMPANY AT AA-, AFFILIATED FM AT BBBPI; CONTINENTAL CASUALTY COMPANY AT A-,
LIBERTY MUTUAL FIRE INSURANCE
10
COMPANY AT A, TRAVELERS PROPERTY CASUALTY COMPANY AT A+ AND/OR ZURICH AMERICAN
INSURANCE COMPANY AT A+.
N.
OTHER COVERAGE.
ANY OTHER INSURANCE REASONABLY REQUESTED BY
AGENT BANK OR REQUISITE LENDERS IN SUCH AMOUNT AND COVERING SUCH RISKS AS MAY BE
REASONABLY REQUIRED AND CUSTOMARY IN THE RACE TRACK HOTEL/CASINO INDUSTRY IN THE
GENERAL LOCATION OF THE HOTEL/CASINO FACILITIES.
APPROVAL OF ANY INSURANCE BY
AGENT BANK SHALL NOT BE A REPRESENTATION OF SOLVENCY OF ANY INSURER OR
SUFFICIENCY OF ANY COVERAGE REQUIRED UNDER THIS CREDIT AGREEMENT.
ALL
REQUIREMENTS ARE CONSIDERED MINIMUM IN TERMS OF THE PURCHASE AND MAINTENANCE OF
INSURANCE UNDER THIS CREDIT AGREEMENT."
4.
Restatement of Leverage Ratio Covenant.
As of the Second
Amendment Effective Date, Section 6.01 of the Existing Credit Agreement entitled
"Leverage Ratio" shall be and is hereby fully amended and restated in its
entirety as follows:
"Section 6.01.
Leverage Ratio.
Commencing