Document:

Exhibit
10.1

AMENDMENT, dated as of September
18, 2006 (this “Amendment ), to (a) the Credit Agreement dated as of
October 3, 2005 the (“Credit Agreement”), among PENN NATIONAL GAMING,
INC. (the “Borrower”), the subsidiary guarantors party thereto from time
to time (the “Guarantors” and, together with the Borrower, the “Pledgors”),
the lenders from time to time party thereto (the “Lenders”), the L/C
Lenders party thereto, DEUTSCHE BANK SECURITIES INC., GOLDMAN SACHS CREDIT
PARTNERS L.P. and LEHMAN BROTHERS INC., as joint lead arrangers and joint
bookrunners (in such capacities, together with their respective successors in
such capacities, “Lead Arrangers”), GOLDMAN SACHS CREDIT PARTNERS L.P.
and LEHMAN COMMERCIAL PAPER INC., as co-syndication agents (in such capacities,
together with their respective successors in such capacities, “Co-syndication
Agents”), DEUTSCHE BANK TRUST COMPANY AMERICAS, as swingline lender (in
such capacity, together with its successors in such capacity, “Swingline
Lender”),  as administrative agent
(in such capacity, together with its successors in such capacity, “Administrative
Agent”) and as collateral agent (in such capacity, together with its
successors in such capacity, “Collateral Agent”), and CALYON NEW YORK
BRANCH, WELLS FARGO BANK, NATIONAL ASSOCIATION and BANK OF SCOTLAND as
co-documentation agents (in such capacities, together with their respective
successors in such capacities, “Co-Documentation Agents”), (b) the
Security Agreement dated as of October 3, 2005 among the Pledgors and the
Collateral Agreement (the “Security Agreement”), (c) each Ship Mortgage
(as defined in the Credit Agreement) entered into by any Pledgors (as defined
in the Credit Agreement) and (d) each Mortgage (as defined in the Credit
Agreement) entered into by any Pledgors.

A.            Pursuant
to the Credit Agreement, the Lenders have extended credit to the Borrower
pursuant to the terms and subject to the conditions set forth therein.

B.            The
Borrower has requested that the Required Lenders agree, subject to the conditions
and terms set forth in this Amendment, to amend the Credit Agreement, as set
forth below.

C.            The
Required Lenders are willing to amend the Credit Agreement pursuant to the
terms and subject to the conditions set forth herein.

D.            Pursuant
to the Security Agreement, the Pledgors have granted the Lenders a security
interest in the Pledged Collateral (as defined in the Security Agreement).

E.             The
Pledgors have requested that the Collateral Agent and the Required Lenders
agree, subject to the conditions and terms set forth in the Amendment, to amend
the Security Agreement as set forth below.

F.             The
Collateral Agent and the Required Lenders are willing to amend the Security
Agreement pursuant to the terms and subject to the conditions set forth herein.

G.            Capitalized
terms used but not defined herein have the meanings assigned to them in the
Credit Agreement or the Security Agreement, as applicable.

Accordingly, in consideration of the mutual agreements
herein contained and other good and valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, and subject to the conditions set
forth herein, the parties hereto hereby agree as follows:

 

SECTION 1.              Amendment
to Section 2.01(d) of the Credit Agreement. 
The first sentence of Section 2.01(d) of the Credit Agreement is hereby
deleted in its entirety and replaced with the following:

“No
more than twenty-five separate Interest Periods in respect of LIBOR Loans may
be outstanding at any one time.”

SECTION 2.              Amendment
to Section 8.22. Section 8.22 of the Credit Agreement is hereby amended by
adding the following to the end of the sentence:

“,
except, with respect to wind and flood damage insurance on any property for any
insurance coverage period, to the extent that the Borrower has demonstrated to
the reasonable satisfaction of the Administrative Agent that such coverage is
not available to the Borrower and/or its Restricted Subsidiaries on such
property on commercially reasonable terms”.

SECTION 3.              Amendment
to Section 9.02(a).  Section 9.02(a)
of the Credit Amendment is hereby amended by adding the following between “shall”
and “maintain” in the first line thereof:

“,
except, with respect to wind and flood damage insurance on any property for any
insurance coverage period, to the extent that the Borrower has demonstrated to
the reasonable satisfaction of the Administrative Agent that such coverage is
not available to the Borrower and/or its Restricted Subsidiaries on such
property on commercially reasonable terms,”.

SECTION 4.              Amendment
to Section 10.06.  Section 10.06 of
the Credit Agreement is hereby amended by deleting the “and” before clause (g)
and replacing it with a “,” and by adding the following after “Borrower” and
before the “.” at the end of Section 10.06:

“and
(h) the Borrower may purchase, redeem, acquire or repurchase its Equity Interests
in an aggregate amount not to exceed $200.0 million minus the amount
paid in respect of principal and premium for Indebtedness purchased, redeemed,
retired, acquired, cancelled or terminated under Section 10.10 (m).”

SECTION 5.              Amendment
to Section 10.08(d).  Section
10.08(d) of the Credit Agreement is hereby amended by deleting in its entirety
clause (viii) thereof and replacing clause (viii) thereof with the following:

“(viii) the
Capital Expenditures set forth on Schedule 10.08(d); provided, however, that
(A) the aggregate Capital Expenditure amount for any single Gaming Facility
listed on Schedule 10.08(d) (excluding amounts expended pursuant to
clauses (i) through and including (vi) above in this Section 10.08(d)) may not
exceed $525.0 million and (B) the aggregate Capital Expenditure amounts
expended pursuant to this clause (viii) in respect of all Gaming Facilities
listed on Schedule 10.08(d) during the term of this Agreement may not exceed
$1,212.5 million (the “Specified Cap Ex Amount”)
plus any portion of the Initial Cap Ex Amount 

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(without
giving effect to any increase of the Initial Cap Ex Amount pursuant to the
proviso in such clause (vii)) not used.”

SECTION 6.              Amendment
to Schedule 10.08(d).  Schedule
10.08(d) to the Credit Agreement is hereby deleted in its entirety and replaced
with the following:

SCHEDULE 10.08(d)

	
  Gaming Facility

  	
   

  	
  Capital Expenditure Amount*

  
	
  Charles Town
  Facility

  	
   

  	
  $136,000,000

  	
   

  
	
  Penn National
  Race Course Phase 1

  	
   

  	
  $310,000,000

  	
   

  
	
  Penn National
  Race Course Phase 2

  	
   

  	
  $50,000,000

  	
   

  
	
  Penn National
  Race Course Phase 3

  	
   

  	
  $100,000.000

  	
   

  
	
  Bangor Facility

  	
   

  	
  $175,000,000

  	
   

  
	
  Boomtown Casino

  	
   

  	
  $5,000,000

  	
   

  
	
  Kansas City Facility

  	
   

  	
  $75,000,000

  	
   

  
	
  Lawrenceburg
  Facility

  	
   

  	
  $310,000,000

  	
   

  
	
  Lease Repurchase

  	
   

  	
  $1,500,000

  	
   

  
	
  Contingency

  	
   

  	
  $50,000,000

  	
   

  
	
  Total

  	
   

  	
  $1,212,500,000

  	
   

  

* Subject to limitation
set forth in Section 10.08(d) and as provided in Section 10.08(d), it is understood
that any portion of the Capital Expenditure amount set forth in the table above
with respect to any Gaming Facility referred to in such table that is not used
for such Gaming Facility may be used for any other Gaming Facility referred to
therein.

SECTION 7.              Amendment
to Section 10.10 of the Credit Agreement. Section 10.10 of the Credit
Agreement is hereby amended by deleting the “and” after clause (k) and by
adding the following after “Acquisitions” and before the “.” at the end of Section
10.10:

“;
and (m) the purchase, redemption, retirement, acquisition, cancellation or termination
of  Indebtedness up to an aggregate
principal amount (or accreted value) plus premium not to exceed $200 million minus
the amount of Restricted Payments made under Section 10.06 (h)”

SECTION 8.              Amendments
to the Security Agreement.

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(a)           The
definition of “Excluded Collateral” contained in Section 1.1 of the Security
Agreement is hereby amended by (x) deleting the word “and” which appears at the
end of clause (iii) of such definition and (y) inserting the following at the
end of such definition:

“,
(v)(i) all funds, monies or other amounts derived from the operation of Gaming
Facilities in the Commonwealth of Pennsylvania and owing to the Commonwealth of
Pennsylvania on or with respect to gaming revenues under the Pennsylvania Race
Horse Development and Gaming Act, any rules or regulations promulgated
thereunder or any successor statute, rule or regulation and (2)
all accounts established for, or for the benefit of, the Commonwealth of
Pennsylvania into which monies, funds or other  amounts from the operation
of Gaming Facilities are paid, in order to satisfy obligations with respect to
gaming revenue owing to the Commonwealth of Pennsylvania under the
Pennsylvania Race Horse Development and Gaming Act, any rules
or regulations promulgated thereunder or any successor statute, rule
or regulation and (vi) any property or assets to the extent the
granting of a Lien on such property or assets is not permitted under applicable
Gaming Laws of any Future Jurisdiction, including as a result of 
interpretations of such Gaming Laws by the applicable Gaming Authorities in any
applicable jurisdiction; provided that, with respect to this clause (vi), such
property or assets will cease to constitute Excluded Collateral at the time a
Lien on such property or assets under this Agreement is permitted under
applicable Gaming Laws (including, as a result of all required approvals from
applicable Gaming Authorities or Governmental Authorities).”

(b)           The
following definition is hereby added in Section 1.1 of the Security Agreement
between the definitions of “FR Park Note” and “General Intangibles”:

“Future
Jurisdiction” shall mean any jurisdiction where the Borrower or any Restricted
Subsidiary conducts  gambling operations, other than jurisdictions where
the Borrower or any Restricted Subsidiary conducts gambling operations (excluding
horse racing or off track wagering) as of September 1, 2006.”

(c)           Section
11.2(i) of the Security Agreement is hereby amended by deleting such clause (i)
in its entirety.

SECTION 9.              Amendments
to Credit Agreement, Mortgages and Ship Mortgages.  For all purposes of the Credit Agreement, any
Mortgage, any Ship Mortgage and any other Credit Document, each and all
provisions in such agreements that require the Borrower or any Subsidiary of
the Borrower to obtain or maintain any wind or flood damage insurance on its
Properties shall be deemed to be qualified by the existence and availability,
of any such insurance on commercially reasonable terms (as determined by the
Borrower in good faith and, to the extent unavailable on commercially
reasonable terms, as demonstrated to the reasonable satisfaction of the
Administrative Agent).

SECTION 10.            Representations
and Warranties.  Each Credit Party
represents and warrants to the Administrative Agent and to each of the Lenders
that:

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(a)           This Amendment has been duly executed
and delivered by such Credit Party and constitutes its legal, valid and binding
obligation enforceable in accordance with its terms, except to the extent that
the enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws generally affecting creditors’
rights and by equitable principles (regardless of whether enforcement is sought
in equity or at law).

(b)           After giving effect to this
Amendment, the representations and warranties of each Credit Party set forth in
the Credit Documents are true and correct in all material respects on and as of
the Amendment Effective Date, except to the extent such representations and
warranties expressly relate to an earlier date (in which case such representations
and warranties were true and correct in all material respects as of such
earlier date).

(c)           Immediately after giving effect to
this Amendment, no Default or  Event of
Default has occurred and is continuing.

SECTION 11.            Obligations
of Borrower.              The Borrower
shall reimburse the Administrative Agent and the Collateral Agent for all costs
and expenses incurred in connection with this Amendment, including the fees and
expenses of counsel to the Administrative Agent and the Collateral Agent.

SECTION 12.            Conditions
to Effectiveness.  This Amendment
shall become effective on the date (the “Amendment Effective Date”) on
which each of the following conditions is satisfied:

(a)           The
Administrative Agent (or its counsel) shall have received from the Required
Lenders, the Borrower, the Guarantors and the Collateral Agent, a counterpart
of this Amendment signed on behalf of such party;

(b)           All
corporate and other proceedings taken or to be taken in connection with this
Amendment and all documents incidental thereto, whether or not referred to
herein, shall be reasonably satisfactory in form and substance to the Administrative
Agent;

(c)           The
representations and warranties in Section 11 of this Amendment shall be true
and correct; and

(d)           the
Borrower shall have receipt of approvals required for this Amendment from any
applicable Gaming Authority.

Upon satisfaction
of the conditions precedent set forth above, the Administrative Agent shall
promptly notify the Borrower and the Lenders of its determination that this
Amendment has become effective, which determination shall, absent manifest
error, be conclusive and binding on the Borrower and the Lenders for all
purposes.

SECTION 13.            Credit
Agreement and Security Agreement. 
Except as expressly set forth herein, this Amendment shall not by
implication or otherwise limit, impair, constitute a waiver of, or otherwise
affect the rights and remedies of the Lenders, the Administrative Agent, 

 5
 

 

the Borrower or any other Credit Party under the
Credit Agreement or any other Credit Document, and shall not alter, modify,
amend or in any way affect any of the terms, conditions, obligations, covenants
or agreements contained in the Credit Agreement or any other Credit Document.  Nothing herein shall be deemed to entitle the
Borrower to any future consent to, or waiver, amendment, modification or other
change of, any of the terms, conditions, obligations, covenants or agreements
contained in the Credit Agreement or any other Credit Document in similar or
different circumstances.  After the
Amendment Effective Date, any reference to (i) the Credit Agreement shall mean
the Credit Agreement as modified hereby, provided that any reference in the
Credit Agreement to the date of the Credit Agreement, as modified hereby, shall
in all instances remain as of October 3, 2005, 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 and continue to refer to October 3,
2005, and not the date of this Amendment and (ii) the Security Agreement shall
mean the Security Agreement as modified hereby, provided that any reference in
the Security Agreement to the date of the Security Agreement, as modified
hereby, shall in all instances remain as of October 3, 2005, and references in
the Security Agreement to “the date hereof” and “the date of this Agreement,”
and phrases of similar import, shall in all instances be and continue to refer
to October 3, 2005, and not the date of this Amendment.  This Amendment shall constitute a “Credit
Document” for all purposes of the Credit Agreement and the other Credit Documents.

SECTION 14.            Governing
Law.  THIS AMENDMENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH
AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK.  ANY LEGAL ACTION OR PROCEEDING WITH RESPECT
TO THIS AMENDMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF
THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE
LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS
AMENDMENT, THE BORROWER HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF
ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID
COURTS.

SECTION 15.            Counterparts.  This Amendment may be executed in any number
of counterparts and by the different parties hereto on separate counterparts,
each of which when so executed and delivered shall be an original, but all of
which shall together constitute one and the same instrument.  A set of counterparts executed by all the
parties hereto shall be lodged with the Borrower and the Administrative Agent.

SECTION 16.            Headings.  The headings of the several sections and
subsections of this Amendment are inserted for convenience only and shall not
in any way affect the meaning or construction of any provision of this Amendment.

SECTION 17.            Severability.  Any provision of this Amendment held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other
jurisdiction.  The 

 6
 

 

parties shall endeavor in good-faith negotiations to
replace the invalid, illegal or unenforceable provisions with valid provisions,
the economic effect of which comes as close as possible to that of the invalid,
illegal or unenforceable provisions.

 

 7

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed by their respective authorized officers as
of the day and year first written above.

	
  

  	
   

  	
  DEUTSCHE BANK SECURITIES INC.,

  	 

	
   

  	
   

  	
  as Joint Lead Arranger and Joint Bookrunner

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	
  /s/Andrew Goldman

  	 

	
   

  	
   

  	
   

  	
   

  	
  Name: Andrew Goldman

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Managing Director

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	
  /s/Richard Grellier

  	 

	
   

  	
   

  	
   

  	
   

  	
  Name: Richard Grellier

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Managing Director

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  Address for Notices:

  	 

	
   

  	
   

  	
  Deutsche Bank Securities Inc.

  	 

	
   

  	
   

  	
  60 Wall Street

  	 

	
   

  	
   

  	
  New York, New York 10005

  	 

	
   

  	
   

  	
  Attention: Mary Kay Coyle

  	 

	
   

  	
   

  	
  email:  marykay.coyle@db.com

  	 

	
   

  	
   

  	
  Tel: 212-250-6039

  	 

	
   

  	
   

  	
  Fax: 212-797-5690

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  and

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  Deutsche Bank Securities Inc.

  	 

	
   

  	
   

  	
  90 Hudson Street, M/S JCY05-0199

  	 

	
   

  	
   

  	
  Jersey City, NJ 07302

  	 

	
   

  	
   

  	
  Attention: Deirdre Wall

  	 

	
   

  	
   

  	
  email:  deirdre.wall@db.com

  	 

	
   

  	
   

  	
  Tel: 201-593-2170

  	 

	
   

  	
   

  	
  Fax: 201-593-2309

  	 

 

 S-1
 

 

 

	
  

  	
   

  	
  LEHMAN BROTHERS, INC.

  
	
   

  	
   

  	
  as Joint Lead Arranger and Joint Bookrunner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/Diane Albanese

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Diane Albanese

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for Notice:

  
	
   

  	
   

  	
  Lehman Commercial Paper Inc.

  
	
   

  	
   

  	
  745 Seventh Avenue

  
	
   

  	
   

  	
  New York, New York, 10019

  
	
   

  	
   

  	
  Attention:

  
	
   

  	
   

  	
  Email:

  

 S-2
 

 

 

	
  

  	
   

  	
  LEHMAN COMMERCIAL PAPER INC.,

  
	
   

  	
   

  	
  as Lender

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/Diane Albanese

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Diane Albanese

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Authorized Signatory

  

 S-3
 

 

 

	
  

  	
   

  	
  DEUTSCHE BANK TRUST COMPANY 

     AMERICAS, as Administrative Agent, 

     Swingline Lender, Collateral Agent and

     Lender

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/Mary Kay Coyle

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Mary Kay Coyle

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/Brenda Casey

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Brenda Casey

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for Notices:

  
	
   

  	
   

  	
  Deutsche Bank Trust Company Americas

  
	
   

  	
   

  	
  60 Wall Street

  
	
   

  	
   

  	
  New York, New York 10005

  
	
   

  	
   

  	
  Email:

  

 S-4
 

 

 

	
  

  	
   

  	
  CALYON NEW YORK BRANCH,

  
	
   

  	
   

  	
  as Co-Documentation Agent and Lender

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/Dianne M. Scott

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Dianne M. Scott

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/F. Frank Herrera

  
	
   

  	
   

  	
   

  	
   

  	
  Name: F. Frank Herrera

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for Notices:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Calyon Los Angeles Branch

  
	
   

  	
   

  	
  515 South Flower Street, Suite 2200

  
	
   

  	
   

  	
  Los Angeles, CA 90071

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Email: frank.herrera@us.calyon.com

  

 S-5
 

 

 

	
  

  	
   

  	
  WELLS FARGO BANK, NATIONAL ASSOCIATION, as

  
	
   

  	
   

  	
  Co-Documentation Agent, Lender and L/C Lender

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/Greg Rossiter

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Greg Rossiter

  
	
   

  	
   

  	
   

  	
   

  	
  Title: AVP

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for Notice:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Wells Fargo Gaming Division

  
	
   

  	
   

  	
  5340 Kietzke Lane #201

  
	
   

  	
   

  	
  Reno, NV 89511

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Email: Stephen.buntin@wellsfargo.com

  

 S-6
 

 

 

	
  

  	
   

  	
  BANK OF SCOTLAND, as Co-Documentation 

  Agent and Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Karen Weich

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Karen Weich

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for Notice:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Bank of Scotland

  
	
   

  	
   

  	
  565 Fifth Avenue

  
	
   

  	
   

  	
  New York, New York 10019

  
	
   

  	
   

  	
  Attn: Victoria McFadden

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Email: victoriamcfadden@bankofscotlandusa.com

  

 S-7
 

 

 

	
  

  	
   

  	
  *                                            ,

  
	
   

  	
   

  	
  as Lender

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for Notice:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Email:

  

 

 

 

 

*              Form of signature page executed by the other lenders party to this
amendment.

 S-8
 

 

 

	
  

  	
   

  	
  PENN NATIONAL GAMING, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Robert S. Ippolito

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Robert S. Ippolito

  
	
   

  	
   

  	
   

  	
   

  	
  Title:Sec/Treas

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for Notices for Borrower and each Subsidiary
  Guarantor:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Penn National Gaming, Inc.

  
	
   

  	
   

  	
  825 Berkshire Boulevard

  
	
   

  	
   

  	
  Suite 200

  
	
   

  	
   

  	
  Wyomissing, Pennsylvania 19610

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Contact person:

  
	
   

  	
   

  	
  Facsimile No.:

  
	
   

  	
   

  	
  TelephoneNo.:

  
	
   

  	
   

  	
  Email:

  
	
   

  	
   

  	
  Website: www.pngaming.com

  

 S-9
 

 

 

	
  

  	
   

  	
  SUBSIDIARY GUARANTORS:

  	 

	
   

  	
   

  	
  BSL, INC.

  	 

	
   

  	
   

  	
  BTN, INC.

  	 

	
   

  	
   

  	
  CHC CASINOS CORP.

  	 

	
   

  	
   

  	
  CRC HOLDINGS, INC.

  	 

	
   

  	
   

  	
  HOLLYWOOD CASINO CORPORATION

  	 

	
   

  	
   

  	
  HWCC-TUNICA, INC.

  	 

	
   

  	
   

  	
  LOUISIANA CASINO CRUISES, INC.

  	 

	
   

  	
   

  	
  MOUNTAINVIEW THOROUGHBRED

  	 

	
   

  	
   

  	
    RACING ASSOCIATION

  	 

	
   

  	
   

  	
  PENN BULLPEN, INC.

  	 

	
   

  	
   

  	
  PENN BULLWHACKERS, INC.

  	 

	
   

  	
   

  	
  PENN NATIONAL HOLDING COMPANY

  	 

	
   

  	
   

  	
  PENNSYLVANIA NATIONAL TURF

  	 

	
   

  	
   

  	
    CLUB, INC.

  	 

	
   

  	
   

  	
  ARGOSY GAMING COMPANY

  	 

	
   

  	
   

  	
  THE INDIANA GAMING COMPANY

  	 

	
   

  	
   

  	
  INDIANA GAMING HOLDING COMPANY

  	 

	
   

  	
   

  	
  THE MISSOURI GAMING COMPANY

  	 

	
   

  	
   

  	
  OHIO RACING COMPANY

  	 

	
   

  	
   

  	
  RACEWAY PARK, INC.

  	 

	
   

  	
   

  	
  CRAZY HORSES, INC.

  	 

	
   

  	
   

  	
  For each of the foregoing entities:

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Robert S. Ippolito

  	 

	
   

  	
   

  	
   

  	
   

  	
  Name: Robert S. Ippolito

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Treasurer

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  PNGI CHARLES TOWN GAMING

  	 

	
   

  	
   

  	
    LIMITED LIABILITY COMPANY

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	
  Penn National Holding Company,

  	 

	
   

  	
   

  	
   

  	
   

  	
  Its Managing Member

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
  By: /s/ Robert S. Ippolito

  	 

	
   

  	
   

  	
   

  	
   

  	
  Name: Robert S. Ippolito

  	 

	
   

  	
   

  	
   

  	
   

  	
  Title: Treasurer

  	 

 S-10
 

 

PNGI CHARLES TOWN FOOD
& BEVERAGE LIMITED LIABILITY
   COMPANY

By:          /s/ Robert S. Ippolito                                           
                Name:     Robert S. Ippolito
                Title:       Manager

INDIANA GAMING II, L.P.

By:          Indiana Gaming Holding Company

Its:          General Partner

By:          /s/ Robert S. Ippolito                                           
                Name:     Robert S. Ippolito
                Title:       Treasurer

INDIANA GAMING COMPANY,
L.P.

By:          The Indiana Gaming Company

Its:          General Partner

By:          /s/ Robert S. Ippolito                                           
                Name:     Robert S. Ippolito
                Title:       Treasurer

PENN NATIONAL GSFR, LLC

By:          Penn National Gaming, Inc.

Its:          Sole Member

By:          /s/ Robert S. Ippolito                                           
                Name:     Robert S. Ippolito
                Title:       Treasurer

 S-11
 

 

ALTON GAMING COMPANY

ARGOSY OF IOWA, INC.

BANGOR ACQUISITION CORP.

BANGOR HISTORIC TRACK, INC.

EMPRESS CASINO JOLIET CORPORATION

HOLLYWOOD CASINO-AURORA, INC.

IOWA GAMING COMPANY

By:          /s/Kevin DeSanctis                                              
                Name:     Kevin DeSanctis
                Title:       President

BELLE OF SIOUX CITY, L.P.

By:          Iowa Gaming Company

Its:          General Partner

By:          /s/ Kevin DeSanctis                                             
                Name:     Kevin DeSanctis
                Title:       President

 

 S-12Exhibit
10.1

THIRD
AMENDMENT TO

AMENDED
AND RESTATED RECEIVABLES PURCHASE AGREEMENT

THIS
THIRD AMENDMENT TO AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT,
dated as of September 18, 2006 (this “Amendment”),
is entered into by and among GGRC Corp. (as “Seller”),
Georgia Gulf Corporation (“Georgia Gulf”),
Georgia Gulf Chemicals and Vinyls, LLC (individually and together with Georgia
Gulf, the “Servicers,” and the Servicers, together with
Seller, the “Seller Parties”), Variable
Funding Capital Company LLC (as successor in interest to Variable Funding
Capital Corporation (successor in interest to Blue Ridge Asset Funding
Corporation)), (“VFCC”),
Victory Receivables Corporation (“Victory”
and as a purchaser, a “Purchaser,”
and together with VFCC, the “Purchasers”),
Wachovia Bank, National Association (individually and as a purchaser agent for
the VFCC Purchaser Group, the “VFCC
Purchaser Agent,” and as administrative agent, the “Administrative Agent”) and The Bank
of Tokyo-Mitsubishi UFJ, Ltd., New York Branch (f/k/a The Bank of
Tokyo-Mitsubishi, Ltd., New York Branch) (individually and as purchaser agent,
the “Victory Purchaser Agent,”
and together with the VFCC Purchaser Agent and the Administrative Agent, the “Agents”).  Capitalized terms used and not otherwise
defined herein are used as defined in the Agreement (as defined below).

WHEREAS, the Seller Parties, the Purchasers
and the Agents have entered into that certain Amended and Restated Receivables
Purchase Agreement, dated as of November 12, 2004 (as the same may be
amended, restated or otherwise modified from time to time, the “Agreement”);

WHEREAS, the Sellers Parties, the
Purchasers and the Agents desire to amend the Agreement in certain respects as
hereinafter set forth;

NOW THEREFORE, in consideration of the
premises and the other mutual covenants contained herein, the parties agree as
follows:

SECTION 1.           Amendments.  The Agreement is hereby amended as follows:

(a)           Section
6.1 of the Agreement is hereby amended and modified by adding the following clause
(y) to the end of the same:

“(y) Accuracy of
Information:  All information
heretofore or contemporaneously furnished orally or in writing (and prepared by
or on behalf of) by such Seller Party, to VFCC, the Purchasers or the
Administrative Agent for purposes of or in connection with any Transaction
Document or any transaction contemplated hereby or thereby is, and all such
information hereafter furnished (and prepared by or on behalf of) by such
Seller Party, to VFCC, the Purchasers, or the Administrative Agent pursuant to
or in connection with any Transaction 

 

Document will be,
true and accurate in every material respect as of the date it was furnished and
does not and will not contain any misstatement of a material fact or omitted or
omit to state any material fact necessary to make such information, in light of
the circumstances in which it is made, not misleading.”

(b)           Section
8.3(b) of the Agreement is hereby amended and modified by deleting the phrase “following
the occurrence of a Notice Event” from the first sentence of such section.

(c)           Section
10.1(d) of the Agreement is hereby amended, modified and restated in its
entirety as follows:

“(d)         (i) Any Seller Party shall (A) fail to
pay any principal or interest, regardless of amount, due in respect of any
Indebtedness when the aggregate unpaid principal amount is in excess of in the
case of the Seller, $12,300, or in the case of any other Seller Party,
$20,000,000, when and as the same shall become due and payable (after
expiration of any applicable grace or cure period) or (B) fail to observe or
perform any other term, covenant, condition or agreement (after expiration of
any applicable grace period or cure) contained in any agreement or instrument
evidencing or governing any such Indebtedness if the effect of any failure
referred to in this clause (B) is to cause, or permit the holder or
holders of such Indebtedness or a trustee on its or their behalf (with or
without the giving of notice) to cause, such Indebtedness to become due prior
to its stated maturity; (ii) any default under any other agreement or
instrument relating to the purchase of receivables in an aggregate amount in
excess of in the case of the Seller, 
$12,300, or in the case of any other
Seller Party $20,000,000, or any other event, shall occur and shall continue
after the applicable grace period, if any, specified in such agreement or
instrument, if the effect of such default (A) is to permit the termination of
the commitment of any party to such agreement or instrument to purchase receivables
or the right of such Seller Party to reinvest in receivables the principal
amount paid by any party to such agreement or instrument for its interest in
receivables or (B) is to terminate such commitment or right; or (iii) a
default, amortization event, liquidation event or other similar event shall
occur under any asset securitization agreement or arrangement entered into by
any Seller Party for the sale of receivables or an interest therein in excess
of $20,000,000; or”

(d)           Section
10.1 of the Agreement is hereby amended and modified by adding the following
clause (v) to the end of the same:

“(v)         The occurrence of a Credit Event.”

(e)           Section
14.7(b)(iv) of the Agreement is hereby amended, modified and restated in its
entirety as follows:

“(iv)        to any other party to this Agreement,
potential credit enhancer or any party listed in clauses (ii) or (iii) herein
(and to any officers, directors, employees, advisors, outside accountants and
attorneys of any of such party, 

 2
 

 

provided that they
are informed of the confidential nature of such information), for the purposes
contemplated hereby,”

(f)            The
definition of “Default Horizon Ratio” in Appendix A to the Agreement is hereby
amended and restated in its entirety as follows:

“Default
Horizon Ratio:  As of any Cut-Off
Date, the ratio (expressed as a decimal) computed by dividing (i) the sum of
(A) the aggregate sales generated by the Originators during the last four
settlement periods ending on such Cut-Off Date and (B) 1/2 of the aggregate
dollar amount of Receivables generated by the Originators during the fifth
preceding Settlement Period (or such other number of days as the Administrative
Agent and each Purchaser Agent shall reasonably determine to be appropriate in
respect of the performance of the Receivables in the Receivables Pool at such
time following any audit conducted pursuant to Section 7.1(c) and/or any
consultation with Georgia Gulf as to the calculation of such amount in
connection with the Receivables Pool following completion of such an audit) by
(ii) the Net Pool Balance as of such Cut-off Date.”

(g)           The
definition of “Dilution Horizon Ratio” in Appendix A to the Agreement is hereby
amended and restated in its entirety as follows:

“Dilution
Horizon Ratio:  As of any Cut-off
Date, a ratio (expressed as a decimal), computed by dividing (i) the aggregate
sales generated by the Originators during the most recent Settlement Period (or
such other number of days as the Administrative Agent and each Purchaser Agent
shall reasonably determine to be appropriate in respect of the performance of
the Receivables in the Receivables Pool at such time following any audit
conducted pursuant to Section 7.1(c) and/or any consultation with
Georgia Gulf as to the calculation of such amount in connection with the
Receivables Pool following completion of such an audit), by (ii) the Net Pool
Balance as of such Cut-Off Date.”

(h)           The
definition of “Notice Event” in Appendix A is hereby deleted.

(i)            Clause
(iv) of the definition of “Termination Date” in Appendix A to the Agreement is
hereby amended, modified and restated in its entirety as follows:

“(iv) September 18, 2009;”.

SECTION 2.           Effectiveness and Effect.

This
Amendment shall become effective as of the date (the “Effective Date”) on which (i) this
Amendment shall have been executed and delivered by a duly authorized officer
of each party hereto; (ii) the Third Amended and Restated Fee Letter has been
executed and delivered and the renewal fees set forth therein that are due on
the date hereof have been paid in full and (iii) the Third Amendment to
Receivables Sale Agreement has been executed and delivered by each of the
parties thereto

 3
 

 

SECTION 3.           Reference
to and Effect on the Agreement and the Related Documents.

Upon the
effectiveness of this Amendment, (i) each of the Seller Parties hereby
reaffirms all representations and warranties made by it in the Agreement (as
amended hereby) and agrees that all such covenants, representations and
warranties shall be deemed to have been restated as of the Effective Date of
this Amendment and (ii) each reference in the Agreement to “this Agreement”, “hereunder”,
“hereof”, “herein” or words of like import shall mean and be, and any
references to the Agreement in any other document, instrument or agreement
executed and/or delivered in connection with the Agreement shall mean and be, a
reference to the Agreement as amended hereby.

SECTION 4.           Governing Law.

THIS AMENDMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF)
OTHER THAN SECTION 5-1401 OF THE NEW YOUR GENERAL OBLIGATIONS LAW.

SECTION 5.           Severability.

Each provision of
this Amendment shall be severable from every other provision of this Amendment
for the purpose of determining the legal enforceability of any provision
hereof, and the unenforceability of one or more provisions of this Amendment in
one jurisdiction shall not have the effect of rendering such provision or
provisions unenforceable in any other jurisdiction.

SECTION 6.           Counterparts.

This Amendment may
be executed in one or more counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the same
instrument.  Delivery of an executed
counterpart of a signature page by facsimile shall be effective as delivery of
a manually executed counterpart of this Amendment.

[Remainder of page
left intentionally blank]

 4

 

IN WITNESS WHEREOF, each
of the parties hereto have caused this Amendment to be executed by their respective
officers thereunto duly authorized as of the day and year first above written.

	
  

  	
  GGRC CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ JAMES T. MATTHEWS

  	
   

  
	
   

  	
  Name:

  	
   

  	
  James T. Matthews

  	 

	
   

  	
  Title:

  	
   

  	
  CEO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GEORGIA GULF CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ JAMES T. MATTHEWS

  	
   

  
	
   

  	
  Name:

  	
   

  	
  James T. Matthews

  	
   

  
	
   

  	
  Title:

  	
   

  	
  CFO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GEORGIA GULF CHEMICALS AND VINYLS, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ JAMES T. MATTHEWS

  	
   

  
	
   

  	
  Name:

  	
   

  	
  James T. Matthews

  	
   

  
	
   

  	
  Title:

  	
   

  	
  CFO

  	
   

  
									

 

[additional
signatures to follow]

[Signature Page to
Third Amendment to Amended and Restated Receivables Purchase Agreement]

 

 

	
  

  	
  VARIABLE FUNDING CAPITAL COMPANY LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wachovia Capital Markets, LLC,

  
	
   

  	
   

  	
  as Attorney-In-Fact

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ DOUGLAS R. WILSON

  	
   

  
	
   

  	
  Name:

  	
   

  	
  DOUGLAS R. WILSON, SR.

  	 

	
   

  	
  Title:

  	
   

  	
  VICE PRESIDENT

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  

  	
  WACHOVIA BANK, NATIONAL ASSOCIATION

  
	
   

  	
  By:

  	
   

  	
  /s/ WILLIAM P. RUTKOWSKI

  	
   

  
	
   

  	
  Name:

  	
   

  	
  William P. Rutkowski

  	 

	
   

  	
  Title:

  	
   

  	
  Vice President

  	
   

  
								

 

 

 

 

 

	
  

  	
  VICTORY RECEIVABLES CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ GERALDINE ST-LOUIS

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Geraldine St-Louis

  	 

	
   

  	
  Title:

  	
   

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

  
	
   

  	
  NEW YORK BRANCH

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ ADITYA REDDY

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Aditya Reddy

  	 

	
   

  	
  Title:

  	
   

  	
  VP

  	
   

  
								

 

[end of signatures]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]