Document:

exhibit1019.htm

    FIRST AMENDMENT AND WAIVER
TO AMENDED AND RESTATED CREDIT AGREEMENT

     

    THIS
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as
of November 30, 2007 is among HEARTLAND FINANCIAL USA, INC., a corporation
formed under the laws of the State of Delaware (the “Borrower”), each of
the banks party hereto (individually, a “Bank” and collectively, the “Banks”) and THE
NORTHERN TRUST COMPANY, as agent for the Banks (in such capacity, together with
its successors in such capacity, the “Agent”).

     

    WHEREAS,
the Borrower, the Agent and the Banks have entered into an Amended and Restated
Credit Agreement dated as of June 8, 2007 (as hereto amended, the “Credit Agreement”);
and

     

    WHEREAS,
the Borrower, the Agent and the Banks wish to make certain amendments to the
Credit Agreement;

     

    NOW,
THEREFORE, for valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

     

    1. Definitions.  Terms
defined in the Credit Agreement and not otherwise defined herein shall have the
respective meanings given to them in the Credit Agreement and terms defined in
the introductory paragraphs or other provisions of this Amendment shall have the
respective meanings attributed to them therein.  In addition, the
following terms shall have the following meanings (terms defined in the singular
having a correlative meaning when used in the plural and vice
versa):

     

    “Effective
Date” shall mean November 30, 2007, if (i) this Amendment shall have been
executed and delivered by the Borrower, the Agent and the Banks and
(ii) the Borrower shall have performed its obligations under Section 3
hereof.

     

    2. Amendment.  Section 7.4(h)
of the Credit Agreement is hereby amended to state in its entirety as
follows:

     

    (h)           Loan Loss Reserves
Ratio.  The Borrower and each Subsidiary Bank shall maintain at
all times on a consolidated basis a ratio of loan loss reserves to
non-performing loans (not including “other real estate owned”, any portion of non-performing loans
guaranteed by a governmental entity of the United States of America (including
the United States Department of Agriculture and the United States Small Business
Administration) and other repossessed assets) of not less than ninety
percent (90%).

     

    3. Conditions to Effective
Date.  The occurrence of the Effective Date shall be subject to
the satisfaction of the following conditions precedent:

     

    (a) The
Borrower, the Agent and the Banks shall have executed and delivered this
Amendment.

     

    (b) No
Default shall have occurred and be continuing under the Credit Agreement, and
the representations and warranties of the Borrower in Section 6 of the
Credit Agreement and in Section 6 hereof
shall be true and correct on and as of the Effective Date and the Borrower shall
have provided to the Agent a certificate of a senior officer of the Borrower to
that effect.

     

    (c) The
Guarantor shall acknowledge and consent to this Amendment for purposes of its
Guaranty Agreement as evidenced by its signed acknowledgment of this Amendment
on the signature page hereof.

     

    (d) The
Borrower shall have delivered to the Agent, on behalf of the Banks, such other
documents as the Agent may reasonably request.

     

    4. Effective Date
Notice.  Promptly following the occurrence of the Effective
Date, the Agent shall give notice to the parties of the occurrence of the
Effective Date, which notice shall be conclusive, and the parties may rely
thereon; provided, that such notice shall not waive or otherwise limit any right
or remedy of the Agent or the Banks arising out of any failure of any condition
precedent set forth in Section 3 to be
satisfied.

     

    5. Ratification.  The
parties agree that the Credit Agreement, as amended hereby, and the notes have
not lapsed or terminated, are in full force and effect, and are and from and
after the Effective Date shall remain binding in accordance with their
terms.

     

    6. Representations and
Warranties.  The Borrower represents and warrants to the Agent
and the Banks that:

     

    (a) No
Breach.  The execution, delivery and performance of this
Amendment will not conflict with or result in a breach of, or cause the creation
of a Lien or require any consent under, the articles of incorporation or bylaws
of the Borrower, or any applicable law or regulation, or any order, injunction
or decree of any court or governmental authority or agency, or any agreement or
instrument to which the Borrower is a party or by which it or its property is
bound.

     

    (b) Power and Action, Binding
Effect.  The Borrower has been duly incorporated and is validly
existing as a corporation under the laws of the State of Delaware and has all
necessary power and authority to execute, deliver and perform its obligations
under this Amendment and the Credit Agreement, as amended by this Amendment; the
execution, delivery and performance by the Borrower of this Amendment and the
Credit Agreement, as amended by this Amendment, have been duly authorized by all
necessary action on its part; and this Amendment and the Credit Agreement, as
amended by this Amendment, have been duly and validly executed and delivered by
the Borrower and constitute legal, valid and binding obligations, enforceable in
accordance with their respective terms.

     

    (c) Approvals.  No
authorizations, approvals or consents of, and no filings or registrations with,
any governmental or regulatory authority or agency or any other person are
necessary for the execution, delivery or performance by the Borrower of this
Amendment or the Credit Agreement, as amended by this Amendment, or for the
validity or enforceability thereof.

     

    7. Successors and
Assigns.  This Amendment shall be binding upon and inure to the
benefit of the Borrower, the Agent and the Banks and their respective successors
and assigns, except that the Borrower may not transfer or assign any of its
rights or interest hereunder.

     

    8. Governing
Law.  This
Amendment shall be governed by, and construed and interpreted in accordance
with, the internal laws of the State of Illinois.

     

    9. Counterparts.  This
Amendment may be executed in any number of counterparts and each party hereto
may execute any one or more of such counterparts, all of which shall constitute
one and the same instrument.  Delivery of an executed counterpart of a
signature page to this Amendment by telecopy shall be as effective as delivery
of a manually executed counterpart of this amendment.

     

    10. Expenses.  Whether
or not the effective date shall occur, without limiting the obligations of the
Borrower under the Credit Agreement, the Borrower agrees to pay, or to reimburse
on demand, all reasonable costs and expenses incurred by the Agent in connection
with the negotiation, preparation, execution, delivery, modification, amendment
or enforcement of this Amendment, the Credit Agreement and the other agreements,
documents and instruments referred to herein, including the reasonable fees and
expenses of Mayer Brown LLP, special counsel to the Agent, and any other counsel
engaged by the Agent.

     

    [Signature
Page Follows]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, this Amendment has been executed as of the date first above
written.

     

    HEARTLAND
FINANCIAL USA, INC.

     

    /s/ John
K. Schmidt

    EVP, COO & CFO

     

    

     

    THE
NORTHERN TRUST COMPANY,

    as
Agent

     

    /s/ Lisa
McDermott

    VP

     

    

     

    BANKS:

     

    THE
NORTHERN TRUST COMPANY

        

                                    /s/ Lisa
McDermott

                                    VP

    

     

    HARRIS N.A. (successor by
merger with Harris Trust and Savings Bank)

     

    /s/
Thomas J.
Wilson                                                             

    Vice
President

     

    WELLS
FARGO BANK, N.A.,

     

    /s/
Leighton Kor

    Vice
President

    

     

    U.S.
BANK NATIONAL ASSOCIATION

     

    /s/ Noel
Licht

    Assistant Vice President

    GUARANTOR
ACKNOWLEDGMENT

     

    

     

    The
undersigned Guarantor hereby acknowledges and consents to the Borrower’s
execution of this Amendment.

     

    CITIZENS
FINANCE CO.

     

    /s/ John
K. Schmidt

    EVP, COO & CFOUnassociated Document

     

     

    Exhibit 10.22

     

    
      AMENDMENT
NO. 1

       

      AMENDMENT
NO. 1 (this “Amendment”), dated as
of June 13, 2005, among EMPIRE RESORTS, INC., a Delaware corporation (“Borrower”), the
GUARANTORS listed on the signature page hereof, the lenders listed on the
signature page hereof (each a “Bank” and
collectively, the “Banks”) and BANK OF
SCOTLAND, as agent for the Banks (in such capacity, the “Agent”).

       

      W I T N E S S E T H:

       

      WHEREAS,
the Borrower, the Guarantors, the Agent and the Banks are parties to that
certain Loan Agreement dated as of January 11, 2005 (the “Agreement”);
and

       

      WHEREAS,
the parties hereto desire to amend the Agreement in certain
respects;

       

      NOW,
THEREFORE, it is agreed:

       

      1.           Definitions.  Unless
otherwise defined, capitalized terms used herein and defined in the Agreement
are used herein as therein defined.  All references to Sections in
this Amendment shall be deemed to be references to Sections in the Agreement
unless otherwise provided.

       

      2.           Effect of Amendment.
On and after the Amendment Effective Date (as hereinafter defined) all
references to the “Agreement” or “Loan Agreement” in the Agreement (including
all Exhibits thereto), the Notes and the other Loan Documents, and all other
instruments and documents executed in connection therewith, shall be a reference
to the Agreement as amended by prior amendments and by this
Amendment.

       

      3.           Description of Changes in
Terms.  (a)  Section 2.2(a) of the Agreement is
amended by deleting the last sentence thereof and substituting, in lieu thereof,
the following:

       

      The
aggregate outstanding amount of Interest Advances at any one time shall not
exceed $800,000.

       

      (b)  Section
2.4(c) of the Agreement is amended by deleting the last proviso thereof and
substituting, in lieu thereof, the following:

       

      provided, further, that the
Borrower, the Banks and the Agent intend that the Borrower shall use LOC Cash
Collateral Advances, to the extent available pursuant to the terms hereof, to
make a deposit into a cash collateral account to serve as security for the
reimbursement of any letter of credit posted by the Borrower.

       

      (d)  Section
6A.3 of the Agreement is amended by deleting such Section in its entirety and
substituting, in lieu thereof, the following:

       

      6A.3.  Non-Interest
Advances.  After giving effect to the making of such Loan, (a)
the aggregate outstanding principal amount of Interest Advances shall not exceed
$800,000, and (b) the aggregate outstanding principal amount of Loans used to
make a deposit in the Reserve Account shall not exceed $400,000 and (c) the
aggregate outstanding principal amount of Loans other than Interest Advances and
other than Loans used to make a deposit in the Reserve Account shall not exceed
$8,800,000.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (e)
Section 10.7(b) of the Agreement is amended by deleting the third sentence
thereof and substituting, in lieu thereof, the following:

       

      The
proceeds of LOC Cash Collateral Advances shall be used to make a deposit into a
cash collateral account to serve as security for the reimbursement of any letter
of credit posted by the Borrower.

       

      5.           Limited Nature of Amendments
and Waivers. The foregoing amendments and waivers are limited as provided
herein and do not extend to any other provisions of the Agreement not specified
herein nor to any other matter.  Except as expressly amended hereby,
the terms and provisions of the Agreement shall remain in full force and
effect.

       

      6.           Effectiveness.  This
Amendment shall become effective as of June 13, 2005 (the “Amendment Effective
Date”) upon the due execution and delivery of this Amendment by each of the
parties hereto.

       

      7.           Governing Law. THIS
AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED WHOLLY WITHIN THE STATE
OF NEW YORK, WITHOUT REFERENCE TO CHOICE OF LAW DOCTRINE THAT WOULD RESULT IN
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

       

      8.
           Jurisdiction.  EACH
OF THE GUARANTORS AND THE BORROWER HEREBY AGREES THAT ANY LEGAL ACTION OR
PROCEEDING AGAINST IT WITH RESPECT TO THIS AMENDMENT MAY BE BROUGHT IN THE
COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE
SOUTHERN DISTRICT OF NEW YORK AS THE AGENT OR ANY BANK MAY ELECT and, by
execution and delivery hereof, accepts and consents for itself and in respect to
its property, generally and unconditionally, the non-exclusive jurisdiction of
the aforesaid courts. 

       

      9.           Headings.  The
descriptive headings of the various provisions of this Amendment are inserted
for convenience of reference only and shall not be deemed to affect the meaning
or construction of any of the provisions hereof.

       

      10.           Counterparts.  This
Amendment may be executed in any number of counterparts, and by the different
parties on the same or separate counterparts, each of which when so executed and
delivered shall be deemed to be an original, but all of which together shall
constitute one and the same agreement.  Telecopied signatures shall be of
the same force and effect as an original of a manually signed copy.

       

      11.           Representations.  By
the signature of its authorized officer below, each of the Guarantors and the
Borrower represents and warrants that as of the Amendment Effective Date and the
date of this Agreement, (i) all representations and warranties of such Guarantor
or the Borrower, as the case may be, contained in the Agreement or in the other

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

       

      Loan
Documents or otherwise made by such Guarantor or the Borrower in connection with
any of the foregoing are true and correct in all material respects as though
made on and as of such date, (ii) it has no defenses against the obligations to
pay any amounts under the Agreement and the other Loan Documents, and (iii) no
Default has occurred and is continuing.

       

      [Remainder
of Page Intentionally Left Blank.]

       

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly
executed and delivered by their respective duly authorized
officers.

       

      
        
          	 
      	
                  BANK
      OF SCOTLAND

                  individually
      and as Agent

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/
      Amena Nabi

                  

                
	 
      	 
      	
                  Name:

                	
                  Amena
      Nabi

                
	 
      	 
      	
                  Title:

                	
                  Assistant
      Vice President

                

        

        

        

        
          	 
      	
                  EMPIRE
      RESORTS, INC.

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/
      David P. Hanlon

                  

                
	 
      	 
      	
                  Name:

                	
                  David
      P. Hanlon

                
	 
      	 
      	
                  Title:

                	
                  President

                

        

        

        

        
          	 
      	
                  ALPHA
      MONTICELLO, INC.

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/
      David P. Hanlon

                  

                
	 
      	 
      	
                  Name:

                	
                  David
      P. Hanlon

                
	 
      	 
      	
                  Title:

                	
                  President

                

        

        

        

        
          	 
      	
                  ALPHA
      CASINO MANAGEMENT INC.

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/
      David P. Hanlon

                  

                
	 
      	 
      	
                  Name:

                	
                  David
      P. Hanlon

                
	 
      	 
      	
                  Title:

                	
                  President

                

        

        

        

        
          	 
      	
                  MOHAWK
      MANAGEMENT, LLC

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/
      David P. Hanlon

                  

                
	 
      	 
      	
                  Name:

                	
                  David
      P. Hanlon

                
	 
      	 
      	
                  Title:

                	
                  Manager

                

        

        

        

        
          	 
      	
                  MONTICELLO
      CASINO

                  MANAGEMENT,
      LLC

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/
      David P. Hanlon

                  

                
	 
      	 
      	
                  Name:

                	
                  David
      P. Hanlon

                
	 
      	 
      	
                  Title:

                	
                  Manager

                

        

        

        

        
          	 
      	
                  MONTICELLO
      RACEWAY DEVELOPMENT COMPANY, LLC

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/
      David P. Hanlon

                  

                
	 
      	 
      	
                  Name:

                	
                  David
      P. Hanlon

                
	 
      	 
      	
                  Title:

                	
                  Manager

                

        

        
 

        
          
            
            

          

          
            -4-

            
              

            

          

          
            
            

          

        

        

        
          	 
      	
                  MONTICELLO
      RACEWAY MANAGEMENT, INC.

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/
      David P. Hanlon

                  

                
	 
      	 
      	
                  Name:

                	
                  David
      P. Hanlon

                
	 
      	 
      	
                  Title:

                	
                  President

                

        

         

      

       

      
        
          
          

        

        
          -5-

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