Document:

Exhibit 10.40

ADDENDUM
TO PROMISSORY NOTE

of April 1, 2003

Las Vegas, Nevada

As a provision of this
Note, it is the expressed intent of the Holder to provide sufficient funds to
MediCor Ltd. to pay for shortfalls in cash caused by the operating activities of
MediCor Ltd.  This commitment to fund
operating shortfalls extends to July 1, 2007, at which time the Holder and
MediCor Ltd. shall have the option of renegotiating, terminating, or extending
the terms and conditions of this Note.

	
   

  	
  MediCor Ltd.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theodore R. Maloney

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
  August 24, 2006

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  International Integrated Industries, LLC

  
	
   

  	
  Holder

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donald K. McGhan

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  Managing Member

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
  August 24, 2006Exhibit 10.1

 

 

FIFTH
AMENDED AND RESTATED

CREDIT
AGREEMENT

Dated as of September 22, 2006

among

MTR GAMING GROUP, INC., a Delaware corporation,

MOUNTAINEER PARK, INC., a West Virginia corporation,

SPEAKEASY GAMING OF LAS VEGAS, INC.,

a Nevada corporation,

PRESQUE ISLE DOWNS, INC., a Pennsylvania corporation,

SCIOTO DOWNS,
INC., an Ohio corporation (“SDI”) and

SPEAKEASY
GAMING OF FREMONT, INC., a Nevada corporation

as Borrowers

WELLS FARGO BANK, National Association,

as Agent Bank, Swingline Lender, and
L/C Issuer

and
the LENDERS referenced therein

 

 

TABLE OF CONTENTS

	
  RECITALS

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE I - DEFINITIONS

  	
  2

  
	
   

  	
   

  
	
  Section 1.01.

  	
  Definitions

  	
  2

  
	
  Section 1.02.

  	
  Interpretation and Construction

  	
  66

  
	
  Section 1.03.

  	
  Use of Defined Terms

  	
  67

  
	
  Section 1.04.

  	
  Cross-References

  	
  68

  
	
  Section 1.05.

  	
  Exhibits and Schedules

  	
  68

  
	
   

  	
   

  	
   

  
	
  ARTICLE II - AMOUNT, TERMS AND SECURITY OF THE
  CREDIT FACILITY

  	
  68

  
	
   

  	
   

  
	
  Section 2.01.

  	
  The Credit Facility

  	
  68

  
	
  Section 2.02.

  	
  Use of Proceeds of the Credit Facility

  	
  70

  
	
  Section 2.03.

  	
  Notice of Borrowings

  	
  71

  
	
  Section 2.04.

  	
  Conditions of Borrowings

  	
  72

  
	
  Section 2.05.

  	
  The Revolving Credit Note and Interest Rate Options

  	
  72

  
	
  Section 2.06.

  	
  Security for the Bank Facilities

  	
  76

  
	
  Section 2.07.

  	
  Place and Manner of Payment

  	
  76

  
	
  Section 2.08.

  	
  The Swingline Facility

  	
  78

  
	
  Section 2.09.

  	
  Fees

  	
  81

  
	
  Section 2.10.

  	
  Late Charges and Default Rate

  	
  83

  
	
  Section 2.11.

  	
  Net Payments

  	
  83

  
	
  Section 2.12.

  	
  Increased Costs

  	
  84

  
	
  Section 2.13.

  	
  Mitigation; Exculpation

  	
  85

  
	
  Section 2.14.

  	
  Issuance of Letters of Credit

  	
  85

  
	
   

  	
   

  	
   

  
	
  ARTICLE III - CONDITIONS PRECEDENT TO THE
  RESTATEMENT DATE

  	
  88

  
	
   

  	
   

  
	
  A. Restatement
  Closing Conditions

  	
  88

  
	
   

  	
   

  	
   

  
	
  Section 3.01.

  	
  Credit Agreement

  	
  88

  
	
  Section 3.02.

  	
  The Notes

  	
  88

  
	
  Section 3.03.

  	
  Security Documentation

  	
  89

  
	
  Section 3.04.

  	
  Other Loan Documents

  	
  90

  
	
  Section 3.05.

  	
  Articles of Incorporation, Bylaws, Corporate
  Resolutions, Certificates of Good Standing and Closing Certificate

  	
  90

  
	
  Section 3.06.

  	
  Opinion of Counsel

  	
  90

  
	
  Section 3.07.

  	
  Title Insurance Endorsements

  	
  90

  
	
  Section 3.08.

  	
  Survey

  	
  91

  
	
  Section 3.09.

  	
  Payment of Taxes

  	
  91

  
	
  Section 3.10.

  	
  Insurance

  	
  91

  

 

 

	
  Section 3.11.

  	
  Payment of Fees

  	
  91

  
	
  Section 3.12.

  	
  Reimbursement for Expenses and Fees

  	
  91

  
	
  Section 3.13.

  	
  Schedules of Spaceleases and Equipment Leases and
  Contracts

  	
  92

  
	
  Section 3.14.

  	
  Phase I Environmental Site Assessments

  	
  92

  
	
  Section 3.15.

  	
  Evidence of Right to Occupancy of Collateral
  Properties

  	
  92

  
	
  Section 3.16.

  	
  Gaming Permits

  	
  92

  
	
  Section 3.17.

  	
  Financial Statements

  	
  92

  
	
  Section 3.18.

  	
  Schedule of all Significant Litigation

  	
  92

  
	
  Section 3.19.

  	
  No Injunction or Other Litigation

  	
  93

  
	
  Section 3.20.

  	
  Additional Documents and Statements

  	
  93

  
	
  Section 3.21.

  	
  Green Shingle Loan Documents and National City Loan
  Documents

  	
  93

  
	
  Section 3.22.

  	
  Construction Cost Analysis of the PIDI Construction
  Project

  	
  93

  
	
  Section 3.23.

  	
  Construction Schedule, Plans, and Specifications and
  Construction Budget

  	
  94

  
	
  Section 3.24.

  	
  Construction Agreement

  	
  94

  
	
  Section 3.25.

  	
  Architect’s Contract

  	
  94

  
	
  Section 3.26.

  	
  Major Subcontracts

  	
  95

  
	
  Section 3.27.

  	
  Regulatory Approvals, Permits, Consents, Etc.

  	
  95

  
	
  Section 3.28.

  	
  Assignment of Architect’s Contract

  	
  95

  
	
  Section 3.29.

  	
  Assignment of General contractor’s Agreement

  	
  95

  
	
   

  	
   

  	
   

  
	
  B. Conditions
  Precedent to all Borrowings, Swingline Advances and Letters of Credit

  	
  95

  
	
   

  	
   

  	
   

  
	
  Section 3.30.

  	
  Notices

  	
  95

  
	
  Section 3.31.

  	
  Certain Statements

  	
  96

  
	
  Section 3.32.

  	
  Gaming Permits

  	
  96

  
	
   

  	
   

  	
   

  
	
  C. Additional
  Conditions Precedent to Commitment Increase

  	
  96

  
	
   

  	
   

  	
   

  
	
  Section 3.33.

  	
  Amendments to Security Documents

  	
  97

  
	
  Section 3.34.

  	
  Revolving Credit Note

  	
  97

  
	
  Section 3.35.

  	
  Opinion of Counsel – Commitment Increase

  	
  97

  
	
  Section 3.36.

  	
  Endorsement of Title Insurance Policy

  	
  97

  
	
  Section 3.37.

  	
  Reimbursement for Expenses and Fees

  	
  97

  
	
  Section 3.38.

  	
  Additional Documents and Statements

  	
  97

  

 

 ii
 

 

 

	
  D. Conditions Precedent to
  Borrowings for each Material Future Project

  	
  98

  
	
   

  	
   

  
	
  Section 3.39.

  	
  Construction Cost Analysis

  	
  98

  
	
  Section 3.40.

  	
  Construction Schedule, Plans and Specifications and
  Construction Budgets

  	
  98

  
	
  Section 3.41.

  	
  Construction Documentation

  	
  98

  
	
  Section 3.42.

  	
  Regulatory Approvals, Permits, Consents, Etc.

  	
  98

  
	
  Section 3.43.

  	
  Assignment of Architect’s Contract

  	
  98

  
	
  Section 3.44.

  	
  Assignment of General Contractor’s Agreement

  	
  98

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV - REPRESENTATIONS AND WARRANTIES

  	
  99

  
	
   

  	
   

  
	
  Section 4.01.

  	
  Organization; Power and Authorization

  	
  99

  
	
  Section 4.02.

  	
  No Conflict With, Violation of or Default Under Laws
  or Other Agreements

  	
  99

  
	
  Section 4.03.

  	
  Litigation

  	
  99

  
	
  Section 4.04.

  	
  Agreements Legal, Binding, Valid and Enforceable

  	
  100

  
	
  Section 4.05.

  	
  Information and Financial Data Accurate; Financial
  Statements; No Adverse Event

  	
  100

  
	
  Section 4.06.

  	
  Governmental Approvals

  	
  100

  
	
  Section 4.07.

  	
  Payment of Taxes

  	
  101

  
	
  Section 4.08.

  	
  Title to Properties

  	
  101

  
	
  Section 4.09.

  	
  No Untrue Statements

  	
  101

  
	
  Section 4.10.

  	
  Brokerage Commissions

  	
  102

  
	
  Section 4.11.

  	
  No Defaults

  	
  102

  
	
  Section 4.12.

  	
  Employee Retirement Income Security Act of 1974

  	
  102

  
	
  Section 4.13.

  	
  Availability of Utility Services

  	
  102

  
	
  Section 4.14.

  	
  Policies of Insurance

  	
  102

  
	
  Section 4.15.

  	
  Spaceleases

  	
  103

  
	
  Section 4.16.

  	
  Equipment Leases and Contracts

  	
  103

  
	
  Section 4.17.

  	
  Gaming Permits and Approvals

  	
  103

  
	
  Section 4.18.

  	
  Environmental Certificate

  	
  103

  
	
  Section 4.19.

  	
  Investment Company Act

  	
  103

  
	
  Section 4.20.

  	
  Public Utility Holding Company Act

  	
  103

  
	
  Section 4.21.

  	
  Labor Relations

  	
  103

  
	
  Section 4.22.

  	
  Trademarks, Patents, Licenses, Franchises, Formulas
  and Copyrights

  	
  103

  
	
  Section 4.23.

  	
  Contingent Liabilities

  	
  104

  
	
  Section 4.24.

  	
  Subsidiaries

  	
  104

  
	
  Section 4.25.

  	
  Green Shingle Loan Documents and National City Loan
  Documents

  	
  104

  
	
  Section 4.26.

  	
  Pledged Stock

  	
  104

  
	
  Section 4.27.

  	
  Senior Unsecured Indenture

  	
  104

  
	
  Section 4.28.

  	
  Senior Subordinated Indenture

  	
  105

  

 

 iii
 

 

 

	
  Section 4.29.

  	
  The Construction Projects

  	
  105

  
	
  Section 4.30.

  	
  SGFI Leases

  	
  105

  
	
   

  	
   

  	
   

  
	
  ARTICLE V - GENERAL COVENANTS OF BORROWERS

  	
  106

  
	
   

  	
   

  
	
  Section 5.01.

  	
  FF&E

  	
  106

  
	
  Section 5.02.

  	
  Permits; Licenses and Legal Requirements

  	
  106

  
	
  Section 5.03.

  	
  Protection Against Lien Claims

  	
  106

  
	
  Section 5.04.

  	
  Pennsylvania Security Instruments

  	
  107

  
	
  Section 5.05.

  	
  No Change in Character of Business or Location of
  Chief Executive Office

  	
  107

  
	
  Section 5.06.

  	
  Preservation and Maintenance of Properties and
  Assets; Acquisition of Additional Property

  	
  107

  
	
  Section 5.07.

  	
  Repair of Properties and Assets

  	
  108

  
	
  Section 5.08.

  	
  Financial Statements; Reports; Certificates and
  Books and Records

  	
  108

  
	
  Section 5.09.

  	
  Insurance

  	
  112

  
	
  Section 5.10.

  	
  Taxes

  	
  118

  
	
  Section 5.11.

  	
  Permitted Encumbrances Only

  	
  118

  
	
  Section 5.12.

  	
  Advances

  	
  118

  
	
  Section 5.13.

  	
  Further Assurances

  	
  119

  
	
  Section 5.14.

  	
  Indemnification

  	
  119

  
	
  Section 5.15.

  	
  Inspection of the Collateral and Appraisal

  	
  120

  
	
  Section 5.16.

  	
  Compliance With Other Loan Documents

  	
  120

  
	
  Section 5.17.

  	
  Suits or Actions Affecting Borrowers

  	
  120

  
	
  Section 5.18.

  	
  Consents of and Notice to Gaming Authorities

  	
  121

  
	
  Section 5.19.

  	
  Tradenames, Trademarks and Servicemarks

  	
  121

  
	
  Section 5.20.

  	
  Notice of Hazardous Materials

  	
  121

  
	
  Section 5.21.

  	
  Compliance with Access Laws

  	
  122

  
	
  Section 5.22.

  	
  Compliance with and Restriction on Amendment of
  Green Shingle Loan Documents and National City Loan Documents

  	
  123

  
	
  Section 5.23.

  	
  SGFI Leases

  	
  123

  
	
  Section 5.24.

  	
  Compliance with and Restriction on Amendment of
  Senior Unsecured Indenture, Senior Unsecured Notes, Senior Subordinated
  Indenture and Senior Subordinated Notes

  	
  123

  
	
  Section 5.25.

  	
  Prohibition on Prepayment or Defeasance of Senior
  Unsecured Debt

  	
  124

  
	
  Section 5.26.

  	
  Key Man Life Insurance

  	
  124

  
	
  Section 5.27.

  	
  Compliance with other Loan Documents, Execution of
  Subsidiary Guaranties and Pledge of Restricted Subsidiary Stock

  	
  124

  

 

 iv
 

 

 

	
  Section 5.28.

  	
  [Reserved.]

  	
   

  
	
  Section 5.29.

  	
  Construction Covenants

  	
  125

  
	
  Section 5.30.

  	
  Resolution of Mara Environmental Issues and
  Encumbrance of Mara Real Property

  	
  126

  
	
  Section 5.31.

  	
  Special Provisions Regarding Acquisition of
  Additional Properties with Environmental Issues

  	
  126

  
	
  Section 5.32.

  	
  USA Patriot Act

  	
  127

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI - FINANCIAL COVENANTS

  	
  127

  
	
   

  	
   

  
	
  Section 6.01.

  	
  Total Leverage Ratio

  	
  127

  
	
  Section 6.02.

  	
  Senior Leverage Ratio

  	
  128

  
	
  Section 6.03.

  	
  Adjusted Fixed Charge Coverage Ratio

  	
  128

  
	
  Section 6.04.

  	
  Minimum Tangible Net Worth

  	
  129

  
	
  Section 6.05.

  	
  Limitation on Indebtedness

  	
  129

  
	
  Section 6.06.

  	
  Restrictions on Distributions

  	
  130

  
	
  Section 6.07.

  	
  Capital Expenditure Requirements

  	
  130

  
	
  Section 6.08.

  	
  Contingent Liability(ies)

  	
  131

  
	
  Section 6.09.

  	
  Investment Restrictions

  	
  131

  
	
  Section 6.10.

  	
  Total Liens

  	
  133

  
	
  Section 6.11.

  	
  No Change of Control

  	
  134

  
	
  Section 6.12.

  	
  Sale of Assets, Consolidation, Merger, or
  Liquidation

  	
  134

  
	
  Section 6.13.

  	
  No Transfer of Ownership; Equity Offerings

  	
  136

  
	
  Section 6.14.

  	
  ERISA

  	
  136

  
	
  Section 6.15.

  	
  Margin Regulations

  	
  137

  
	
  Section 6.16.

  	
  Transactions with Affiliates

  	
  137

  
	
  Section 6.17.

  	
  Limitation on Additional Subsidiaries

  	
  137

  
	
  Section 6.18.

  	
  Limitation on Consolidated Tax Liability

  	
  137

  
	
  Section 6.19.

  	
  Change in Accounting Principles

  	
  137

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII - EVENTS OF DEFAULT

  	
  138

  
	
   

  	
   

  
	
  Section 7.01.

  	
  Events of Default

  	
  138

  
	
  Section 7.02.

  	
  Default Remedies

  	
  142

  
	
  Section 7.03.

  	
  Application of Proceeds

  	
  143

  
	
  Section 7.04.

  	
  Notices

  	
  143

  
	
  Section 7.05.

  	
  Agreement to Pay Attorney’s Fees and Expenses

  	
  144

  
	
  Section 7.06.

  	
  No Additional Waiver Implied by One Waiver

  	
  144

  
	
  Section 7.07.

  	
  Licensing of Agent Bank and Lenders

  	
  144

  
	
  Section 7.08.

  	
  Exercise of Rights Subject to Applicable Law

  	
  144

  
	
  Section 7.09.

  	
  Discontinuance of Proceedings

  	
  144

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII - DAMAGE, DESTRUCTION AND CONDEMNATION

  	
  145

  
	
   

  	
   

  
	
  Section 8.01.

  	
  No Abatement of Payments

  	
  145

  

 

 v
 

 

 

	
  Section 8.02.

  	
  Distribution of Capital Proceeds Upon Occurrence of
  Fire, Casualty, Other Perils or Condemnation

  	
  145

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX - AGENCY PROVISIONS

  	
  147

  
	
   

  	
   

  
	
  Section 9.01.

  	
  Appointment

  	
  147

  
	
  Section 9.02.

  	
  Nature of Duties

  	
  147

  
	
  Section 9.03.

  	
  Disbursement of Borrowings

  	
  148

  
	
  Section 9.04.

  	
  Distribution and Apportionment of Payments

  	
  149

  
	
  Section 9.05.

  	
  Rights, Exculpation, Etc.

  	
  151

  
	
  Section 9.06.

  	
  Reliance

  	
  151

  
	
  Section 9.07.

  	
  Indemnification

  	
  151

  
	
  Section 9.08.

  	
  Agent Individually

  	
  152

  
	
  Section 9.09.

  	
  Successor Agent Bank; Resignation of Agent Bank;
  Removal of Agent Bank

  	
  152

  
	
  Section 9.10.

  	
  Consent and Approvals

  	
  153

  
	
  Section 9.11.

  	
  Agency Provisions Relating to Collateral

  	
  154

  
	
  Section 9.12.

  	
  Lender Actions Against Collateral

  	
  156

  
	
  Section 9.13.

  	
  Ratable Sharing

  	
  156

  
	
  Section 9.14.

  	
  Delivery of Documents

  	
  156

  
	
  Section 9.15.

  	
  Notice of Events of Default

  	
  157

  
	
   

  	
   

  	
   

  
	
  ARTICLE X - GENERAL TERMS AND CONDITIONS

  	
  157

  
	
   

  	
   

  
	
  Section 10.01.

  	
  Amendments and Waivers

  	
  157

  
	
  Section 10.02.

  	
  Failure to Exercise Rights

  	
  159

  
	
  Section 10.03.

  	
  Notices and Delivery

  	
  159

  
	
  Section 10.04.

  	
  Modification in Writing

  	
  161

  
	
  Section 10.05.

  	
  Other Agreements

  	
  161

  
	
  Section 10.06.

  	
  Counterparts

  	
  161

  
	
  Section 10.07.

  	
  Rights, Powers and Remedies are Cumulative

  	
  161

  
	
  Section 10.08.

  	
  Continuing Representations

  	
  161

  
	
  Section 10.09.

  	
  Successors and Assigns

  	
  162

  
	
  Section 10.10.

  	
  Assignment of Loan Documents by Borrowers or
  Syndication Interests by Lenders

  	
  162

  
	
  Section 10.11.

  	
  Action by Lenders

  	
  163

  
	
  Section 10.12.

  	
  Time of Essence

  	
  163

  
	
  Section 10.13.

  	
  Choice of Law and Forum

  	
  164

  
	
  Section 10.14.

  	
  Arbitration

  	
  164

  
	
  Section 10.15.

  	
  Waiver of Jury Trial

  	
  165

  
	
  Section 10.16.

  	
  Scope of Approval and Review

  	
  165

  
	
  Section 10.17.

  	
  Severability of Provisions

  	
  165

  
	
  Section 10.18.

  	
  Cumulative Nature of Covenants

  	
  165

  
	
  Section 10.19.

  	
  Costs to Prevailing Party

  	
  165

  

 

 vi
 

 

 

	
  Section 10.20.

  	
  Expenses

  	
  166

  
	
  Section 10.21.

  	
  Setoff

  	
  166

  
	
  Section 10.22

  	
  Borrower Waivers and Consents

  	
  167

  
	
  Section 10.23

  	
  Confidentiality

  	
  171

  
	
  Section 10.24.

  	
  The Existing Credit Agreement and Security Documents

  	
  171

  
	
  Section 10.25.

  	
  Schedules Attached

  	
  172

  

 

	
  

  	
   

  	
  Schedule 2.01(a)

  	
  -

  	
  Schedule of Lenders’ Proportions in Credit Facility

  
	
   

  	
   

  	
  Schedule 2.01(c)

  	
  -

  	
  Aggregate Commitment Reduction Schedule

  
	
   

  	
   

  	
  Schedule 2.01(c)

  	
  -

  	
   

  
	
   

  	
   

  	
  Alternate One

  	
  -

  	
  Aggregate Commitment Reduction Schedule – Alternate
  One

  
	
   

  	
   

  	
  Schedule 3.18

  	
  -

  	
  Schedule of Significant Litigation

  
	
   

  	
   

  	
  Schedule 4.15(a)

  	
  -

  	
  Schedule of MPI Spaceleases

  
	
   

  	
   

  	
  Schedule 4.15(b)

  	
  -

  	
  Schedule of SGLVI Spaceleases

  
	
   

  	
   

  	
  Schedule 4.15(c)

  	
  -

  	
  Schedule of SDI Spaceleases

  
	
   

  	
   

  	
  Schedule 4.15(d)

  	
  -

  	
  Schedule of PIDI Spaceleases

  
	
   

  	
   

  	
  Schedule 4.15(e)

  	
  -

  	
  Schedule of SGFI Spaceleases

  
	
   

  	
   

  	
  Schedule 4.16(a)

  	
  -

  	
  Schedule of MPI Equipment Leases and Contracts

  
	
   

  	
   

  	
  Schedule 4.16(b)

  	
  -

  	
  Schedule of SGLVI Equipment Leases and Contracts

  
	
   

  	
   

  	
  Schedule 4.16(c)

  	
  -

  	
  Schedule of SDI Equipment Leases and Contracts

  
	
   

  	
   

  	
  Schedule 4.16(d)

  	
  -

  	
  Schedule of PIDI Equipment Leases and Contracts

  
	
   

  	
   

  	
  Schedule 4.16(e)

  	
  -

  	
  Schedule of SGFI Equipment Leases and contracts

  
	
   

  	
   

  	
  Schedule 4.22

  	
  -

  	
  Schedule of Trademarks, Patents, Licenses, Franchises,
  Formulas and Copyrights

  
	
   

  	
   

  	
  Schedule 4.23

  	
  -

  	
  Schedule of Contingent Liabilities

  
	
   

  	
   

  	
  Schedule 4.24

  	
  -

  	
  Schedule of Restricted and Unrestricted Subsidiaries

  
	
   

  	
   

  	
  Schedule 4.30

  	
  -

  	
  Schedule of SGFI Leases

  
	
   

  	
   

  	
  Schedule 5.09(m)

  	
  -

  	
  Schedule of General Contractor Minimum Insurance
  Requirements

  

 

 vii
 

 

 

	
  

  	
   

  	
  Schedule 6.12(f)

  	
  -

  	
  Schedule of Non Essential Properties

  

 

	
  Section 10.26.

  	
  Exhibits Attached

  	
  173

  

 

	
  

  	
   

  	
  Exhibit A -

  	
   

  	
  Revolving Credit Note

  
	
   

  	
   

  	
  Exhibit B -

  	
   

  	
  Notice of Borrowing - Form

  
	
   

  	
   

  	
  Exhibit C -

  	
   

  	
  Continuation/Conversion Notice - Form

  
	
   

  	
   

  	
  Exhibit D -

  	
   

  	
  Compliance Certificate - Form

  
	
   

  	
   

  	
  Exhibit E -

  	
   

  	
  Cash Collateral Pledge Agreement – Form

  
	
   

  	
   

  	
  Exhibit F -

  	
   

  	
  Authorized Officer Certificate -Form

  
	
   

  	
   

  	
  Exhibit G -

  	
   

  	
  Closing Certificate - Form

  
	
   

  	
   

  	
  Exhibit H -

  	
   

  	
  Assignment and Assumption Agreement - Form

  
	
   

  	
   

  	
  Exhibit I -

  	
   

  	
  Legal Opinion - Form

  
	
   

  	
   

  	
  Exhibit J -

  	
   

  	
  Subsidiary Guaranty - Form

  
	
   

  	
   

  	
  Exhibit K -

  	
   

  	
  MPI Real Property Description

  
	
   

  	
   

  	
  Exhibit L -

  	
   

  	
  SGLVI Real Property Description

  
	
   

  	
   

  	
  Exhibit M-

  	
   

  	
  SDI Real Property Description

  
	
   

  	
   

  	
  Exhibit N -

  	
   

  	
  PIDI Real Property Description

  
	
   

  	
   

  	
  Exhibit O -

  	
   

  	
  SGFI Real Property

  
	
   

  	
   

  	
  Exhibit P -

  	
   

  	
  Troyer/Maffeo Property

  
	
   

  	
   

  	
  Exhibit Q -

  	
   

  	
  IP Real Property

  
	
   

  	
   

  	
  Exhibit R -

  	
   

  	
  Swingline Note - Form

  
	
   

  	
   

  	
  Exhibit S -

  	
   

  	
  Notice of Swingline Advance – Form

  
	
   

  	
   

  	
  Exhibit T -

  	
   

  	
  Assumption and consent Agreement

  

 

 viii

 

FIFTH AMENDED AND RESTATED

CREDIT
AGREEMENT

THIS FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (“Credit
Agreement”) is made and entered into as of the 22nd day of
September, 2006, by and among MTR GAMING GROUP, INC., a Delaware corporation (“MTRI”),
MOUNTAINEER PARK, INC., a West Virginia corporation (“MPI”), SPEAKEASY GAMING
OF LAS VEGAS, INC., a Nevada corporation (“SGLVI”), PRESQUE ISLE DOWNS, INC., a
Pennsylvania corporation (“PIDI”), SCIOTO DOWNS, INC., an Ohio corporation (“SDI”)
and SPEAKEASY GAMING OF FREMONT, INC., a Nevada corporation (“SGFI” and
together with MTRI, MPI, SGLVI, PIDI and SDI, collectively referred to as the “Borrowers”),
each financial institution whose name is set forth on the signature pages of
this Credit Agreement and each lender which may hereafter become a party to
this Credit Agreement pursuant to Section 10.10(b) (each individually a “Lender”
and collectively the “Lenders”), WELLS FARGO BANK, National Association, as the
swingline lender (herein in such capacity, together with its successors and
assigns, the “Swingline Lender”), and WELLS FARGO BANK, National Association,
as the issuer of letters of credit following the Restatement Date (in such
capacity, together with its successors and assigns, the “L/C Issuer”) and WELLS
FARGO BANK, National Association, as administrative and collateral agent for
the Lenders, Swingline Lender and L/C Issuer (herein, in such capacity, called
the “Agent Bank” and, together with the Lenders, Swingline Lender and L/C
Issuer, collectively referred to as the “Banks”).

RECITALS:

WHEREAS:

A.                                   In this
Credit Agreement all capitalized words and terms shall have the respective
meanings and be construed herein as hereinafter provided in Section 1.01 of
this Credit Agreement and shall be deemed to incorporate such words and terms
as a part hereof in the same manner and with the same effect as if the same
were fully set forth.

B.                                     MPI, SGLVI,
PIDI, SDI and SGFI are wholly owned subsidiaries of MTRI.  As of the date hereof, MTRI, MPI, SGLVI,
PIDI, SDI and SGFI are indebted to WFB and other lenders as set forth in the
Existing Credit Agreement under the terms of the Existing Credit Facility.

C.                                     In
connection with the application for a license to conduct gaming activities at
the PIDI Facility, Wells Fargo Bank issued a letter of credit for the account
of PIDI in the amount of Fifty Million Dollars ($50,000,000.00) dated
December 27, 

 

2005,
in favor of the Commonwealth of Pennsylvania in compliance with the
requirements of Section 441.10(f) of the PGCB Regulations (the “PIDI
License Letter of Credit”).

D.                                    The
Borrowers desire to fully amend and restate the Existing Credit Facility for
the purpose of continuing the Aggregate Commitment in the initial amount of One
Hundred Five Million Dollars ($105,000,000.00) as a reducing revolving line of
credit, increasing the maximum aggregate amount of the letter of credit
subfacility from Fifty-Five Million Dollars ($55,000,000.00) to Sixty Million
Dollars ($60,000,000.00), deeming the PIDI License Letter of Credit as issued under
the L/C Facility hereunder and continuing the Swingline Facility in the maximum
amount of Ten Million Dollars ($10,000,000.00).

E.                                      Lenders are
willing to continue the Credit Facility in the initial amount of One Hundred
Five Million Dollars ($105,000,000.00) at any time outstanding, subject to
increase up to One Hundred Fifty-Five Million Dollars ($155,000,000.00) in
accordance with the provisions set forth in Section 2.01(d), including an
increase of the letter of credit subfacility for the issuance of Letters of
Credit to the maximum aggregate amount of Sixty Million Dollars
($60,000,000.00) at any time outstanding and continuing the Swingline Facility
in the maximum amount of Ten Million Dollars ($10,000,000.00), all on the terms
and subject to the conditions, covenants and understandings hereinafter set
forth and contained in each of the Loan Documents.

NOW, THEREFORE, in consideration of the foregoing, and
other valuable considerations as hereinafter described, the parties hereto do
promise, covenant and agree as follows:

ARTICLE I

DEFINITIONS

Section 1.01.                             Definitions.  For the purposes of this Credit Agreement,
each of the following terms shall have the meaning specified with respect
thereto, unless a different meaning clearly appears from the context:

“Acquisition”
means any transaction, or any series of related transactions, consummated after
the Closing Date, by which any member of the Borrower Consolidation directly or
indirectly acquires (i) any real property that does not constitute an
Expansion Capital Expenditure, (ii) any New Venture or any ongoing
business, or (iii) all or substantially all of the assets of any firm,
partnership, joint venture, limited liability company, corporation or division
thereof, whether through purchase of assets, merger or otherwise.

 2
 

 

“Additional Property Title Policy” shall have the
meaning set forth in Section 5.32.

“Adjusted Fixed Charge Coverage Ratio” as of the end of
any Fiscal Quarter shall mean with reference to the Borrower Consolidation:

For the Fiscal Quarter under
review, together with the most recently ended three (3) preceding Fiscal
Quarters, the sum of: (i) Annualized EBITDA, less (ii) the aggregate
amount of Distributions actually paid, less (iii) the aggregate amount of
actually paid federal and state taxes on or measured by income, less
(iv) the aggregate amount of the Capital Expenditure Proxy Amount

Divided by ( ̧)

The sum of: (i) Interest Expense
(expensed and capitalized) determined for the Fiscal Quarter under review
together with the most recently ended three (3) preceding Fiscal Quarters, plus
(ii) the current portion of all interest bearing Indebtedness as of the
end of the Fiscal Quarter under review, plus (iii) the current portion of
Capitalized Lease Liabilities as of the end of the Fiscal Quarter under review.

“Affiliate”, as applied to any Person, means any other
Person directly or indirectly controlling, controlled by, or under common
control with, that Person.  For the
purposes of this definition, “control” (including, with correlative meanings,
the terms “controlling”, “controlled by” and “under common control with”), as
applied to any Person, means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of that
Person, whether through the ownership of voting securities or by contract or
otherwise.

“Agent Bank” shall mean WFB in its capacity as
administrative and collateral agent for Lenders.

“Aggregate Commitment” shall mean reference to the
aggregate amount committed by Lenders for advance to or on behalf of the
Borrower Consolidation as Borrowings under the Credit Facility in the initial principal amount of One Hundred
Five Million Dollars ($105,000,000.00), subject to the Availability Restriction
until the occurrence of the PIDI Licensing Event and further subject to
increase in the amount of up to an additional Fifty Million Dollars
($50,000,000.00) as provided in Section 2.01(d), in each case as may be reduced
from time to time by: (i) Scheduled Reductions, (ii) Voluntary Permanent
Reductions, and/or (iii) Mandatory Commitment Reductions.

 3
 

 

“Aggregate
Commitment Reduction Schedule” shall mean the schedule setting forth the amount
of the Scheduled Reductions as of each Reduction Date under the Credit
Facility, which schedule shall be: (i) the Aggregate Commitment Reduction
Schedule marked “Schedule 2.01(c)”, affixed hereto and by this reference
incorporated herein and made a part hereof, or (ii) in the event of
occurrence of the Commitment Increase, the Aggregate Commitment Reduction
Schedule - Alternate One marked “Schedule 2.01(c) - Alternate One”,
affixed hereto and by this reference incorporated herein and made part hereof
to be completed by Agent Bank and distributed to Borrowers and each of the
Lenders, evidencing the amount of each Scheduled Reduction following the
Commitment Increase Effective Date.

“Aggregate Outstandings” shall mean collective reference
to the sum of the Funded Outstandings, Swingline Outstandings and L/C Exposure
as of any given date of determination.

“Annualized
EBITDA” shall mean with reference to the Borrower Consolidation, as of the last
day of each Fiscal Quarter (a) EBITDA for the fiscal period consisting of
that Fiscal Quarter and the three (3) immediately preceding Fiscal Quarters,
and (b) with respect to the Fiscal Quarter during which the Opening Date
of the PIDI Facility or any Material Future Project occurs, if the Borrower
Consolidation has operated the PIDI Facility or such Material Future Project
for at least thirty (30) days during such Fiscal Quarter, the EBITDA realized
by the PIDI Facility and/or Material Future Project, as applicable, during such
Fiscal Quarter shall be divided by the actual number of days of operation and
the quotient multiplied by three hundred sixty-five (365) to reflect the
annualization of EBITDA realized by the PIDI Facility and/or Material Future
Project during such Fiscal Quarter, and (c) with respect to any such
fiscal period in which the Borrower Consolidation has operated the PIDI
Facility or any Material Future Project for at least one (1) full Fiscal
Quarter but less than four (4) full Fiscal Quarters, such amount as is
necessary to reflect the annualization of EBITDA realized by the PIDI Facility
and/or Material Future Project, as applicable, using the following
calculations:

(i)                                if the Borrower Consolidation has operated the
PIDI Facility and/or Material Future Project, as applicable, for one (1) full
Fiscal Quarter, the EBITDA for that Fiscal Quarter shall be multiplied by four
(4);

(ii)                             if the Borrower Consolidation has operated the
PIDI Facility and/or Material Future Project, as applicable, for two (2) full
Fiscal Quarters, the EBITDA for those Fiscal Quarters shall be multiplied by
two (2); and

(iii)                          if the Borrower Consolidation has operated the
PIDI Facility and/or Material Future Project, as applicable, for three (3) full
Fiscal 

 4
 

 

Quarters, the EBITDA for those
Fiscal Quarters shall be multiplied by four-thirds (4/3).

“Applicable Margin” means for any Base Rate Loan or
LIBOR Loan, the applicable percentage amount to be added to the Base Rate or
LIBO Rate, as the case may be, as follows: (i) commencing on the Restatement
Date and continuing until the Rate Adjustment Date following the first Fiscal
Quarter end occurring subsequent to the PIDI Casino Completion Date, two and
one-eighth percent (2.125%) to be added to the Base Rate and two and
seven-eighths percent (2.875%) to be added to the applicable LIBO Rate; and
(ii) commencing on such Rate Adjustment Date and continuing until Bank
Facilities Termination, the margin rates as set forth in Table One below, in
each instance based on the Total Leverage Ratio calculated with regard to the
Borrower Consolidation as of each Fiscal Quarter end, together with the
immediately preceding three (3) Fiscal Quarters on a four (4) Fiscal Quarter
basis, any change in the applicable percentage amount by reason thereof to be
effective as of the Rate Adjustment Date immediately following each such Fiscal
Quarter end:

	
  

  	
   

  	
   

  	
   

  	
  TABLE ONE

  	
   

  	
  TABLE TWO

  	
   

  
	
  Tier

  	
   

  	
  Total Leverage Ratio

  	
   

  	
  Base

  Rate

  Margin

  	
   

  	
  LIBO

  Rate

  Margin

  	
   

  	
  

  Commitment

  Percentage

  	
   

  
	
  VI

  	
   

  	
   

  	
  Greater
  than or equal to 5.00 to 1.00

  	
   

  	
  2.125

  	
  %

  	
  2.875

  	
  %

  	
  0.500

  	
  %

  
	
  V

  	
   

  	
   

  	
  Greater
  than or equal to 4.25 to 1.00 but less than 5.00 to 1.00

  	
   

  	
  2.00

  	
  %

  	
  2.75

  	
  %

  	
  0.500

  	
  %

  
	
  IV

  	
   

  	
   

  	
  Greater
  than or equal to 3.50 to 1.00 but less than 4.25 to 1.00

  	
   

  	
  1.75

  	
  %

  	
  2.50

  	
  %

  	
  0.500

  	
  %

  
	
  III

  	
   

  	
   

  	
  Greater
  than or equal to 2.75 to 1.0 but less than 3.50 to 1.00

  	
   

  	
  1.50

  	
  %

  	
  2.25

  	
  %

  	
  0.500

  	
  %

  
	
  II

  	
   

  	
   

  	
  Greater
  than or equal to 2.00 to 1.0 but less than 2.75 to 1.00

  	
   

  	
  1.25

  	
  %

  	
  2.00

  	
  %

  	
  0.375

  	
  %

  
	
  I

  	
   

  	
   

  	
  Less than 2.00 to 1.00

  	
   

  	
  1.00

  	
  %

  	
  1.75

  	
  %

  	
  0.375

  	
  %

  

 

“Architect’s Consent” shall mean, with respect to each
Construction Project, the Architect’s Consent and Agreement to be executed upon
the request of Agent Bank by each applicable Architect for the benefit of Agent
Bank, on behalf of the Lenders, for the purpose, among other things, of
evidencing such Architect’s: 
(i) consent to Assignment of Architect’s Contract;
(ii) agreement not to modify the Architect’s Contract in any material
respect without Agent Bank’s consent; and (iii) agreement to continue
performance under the Architect’s Contract on behalf of Agent Bank subject to
the terms and conditions set forth therein.

 5
 

 

“Architect’s Contract” shall mean, with respect to each
Construction Project, reference to the agreement to provide
architectural/engineering services for a Construction Project.

“Arneault” shall mean Edson (Ted) Arneault, an
individual, President and Chief Executive Officer of MTRI as of the Restatement
Date.

“Assets” shall mean the total assets, as of any given
date, of the Borrower Consolidation determined in accordance with GAAP.

“Assignment and Assumption Agreement” shall mean the
document evidencing an assignment of a Syndication Interest by any Lender to an
Eligible Assignee in the form of the Assignment, Assumption and Consent
Agreement marked “Exhibit H”, affixed hereto and by this reference
incorporated herein and made a part hereof.

“Assignment of Architect’s Contract” shall mean the
assignment to be executed upon the request of Agent Bank with respect to each
Architect’s Contract, pursuant to which, among other things, the applicable
Borrower’s rights under the Architect’s Contract are assigned to Agent Bank as
additional security for the Bank Facilities.

“Assignment of General Contractor’s Agreement” shall
mean the assignment to be executed upon the request of Agent Bank with respect
to each General Contractor’s Agreement, under which the applicable Borrower’s
rights under the General Contractor’s Agreement are assigned to Agent Bank as
additional security for the Bank Facilities.

“Assumption
and Consent Agreement” shall mean the document evidencing an increase of the
Aggregate Commitment and assumption of such increase by a Lender or Eligible
Assignee pursuant to Section 2.01(d) in the form of the Assumption and
Consent Agreement marked “Exhibit T”, affixed hereto and by this reference
incorporated herein and made a part hereof.

“Authorized Officer(s)” shall mean, relative to the
Borrower Consolidation, those of the respective officers whose signatures and
incumbency shall have been certified to Agent Bank and the Banks as required in
Section 3.05(iv) of the Credit Agreement with the authority and responsibility
to deliver Notices of Borrowing, Notice of Swingline Advances,
Continuation/Conversion Notices, Compliance Certificates and all other
requests, notices, reports, consents, certifications and authorizations on
behalf of Borrowers and the Borrower Consolidation.

 6
 

 

“Availability Restriction” shall mean that until the
occurrence of the PIDI Licensing Event, the Aggregate Outstandings shall not
exceed Seventy-Five Million Dollars ($75,000,000.00) at any time.

“Available Borrowings” shall mean, at any time, and from
time to time, the aggregate amount available to Borrowers for a Borrowing,
Swingline Advance or issuance of a Letter of Credit not exceeding the amount of
the Maximum Availability, as of each date of determination.

“Available FF&E Financing” shall mean with respect
to any Construction Project, the amount of FF&E Financing permitted under
Section 6.05(e) with respect to such Construction Project that has not
been funded to or on behalf of the Borrower Consolidation and remains available
to the Borrower Consolidation.

“Bank Facilities” shall mean collective reference to the
Credit Facility, Swingline Facility
and L/C Facility.

“Bank Facilities
Termination” shall mean indefeasible payment in full of all sums owing under
the Bank Facilities and each of the other Loan Documents, the occurrence of the
Stated Expiry Date or other termination of all outstanding Letters of Credit,
and the irrevocable termination of: (i) the obligation of Lenders to advance
Borrowings under the Credit Facility,
(ii) the obligation of L/C Issuer to issue Letters of Credit under the L/C
Facility, and (iii) the obligation of Swingline Lender to make Swingline
Advances under the Swingline Facility.

“Banking Business Day” means (a) with respect to any
Borrowing, payment or rate determination of LIBOR Loans, a day, other than a
Saturday or Sunday, on which Agent Bank is open for business in San Francisco
and on which dealings in Dollars are carried on in the London interbank market,
and (b) for all other purposes any day excluding Saturday, Sunday and any
day which is a legal holiday under the laws of the States of California and/or
Nevada, or is a day on which banking institutions located in California and/or
Nevada are required or authorized by law or other governmental action to close.

“Bankruptcy
Code” shall mean the United States Bankruptcy Code, as amended, 11 U.S.C.
Section 101, et seq.

“Banks”
shall have the meaning set forth in the Preamble to this Credit Agreement.

“Base
Rate” shall mean, as of any date of determination, the rate per annum equal to
the higher of (a) the Prime Rate in effect on such date and (b) the 

 7
 

 

Federal Funds Rate
in effect on such date plus one-half of one percent (1/2 of 1%) (fifty basis
points).

“Base
Rate Loan” shall mean reference to that portion of the unpaid principal balance
of the Credit Facility bearing interest with reference to the Base Rate plus
the Applicable Margin.

“Borrower
Consolidation” shall mean collective reference to Borrowers and each Restricted
Subsidiary created in accordance with Section 5.27 on a consolidated
basis, without regard to any Unrestricted Subsidiary.

“Borrower Construction Budget” shall mean (a) with
reference to the PIDI Construction Project, the line item breakdown for those
Construction Completion Costs of the PIDI Construction Project which are not a
part of the applicable General Contractor’s Agreement or General Contractor
Budget, and (b) with reference to each Material Future Project the line item
breakdown for those Construction Completion Costs of such Material Future
Project which are not a part of the general contractor’s agreement or General
Contractor’s Budget applicable to such Material Future Project.

“Borrower Construction Expenditures” shall mean
collective reference to the aggregate amount of funds which may be required to
be advanced by Borrowers at any time and from time to time for payment of the
costs and expenses for construction and development of the PIDI Construction
Project or any Material Future Project in accordance with the applicable
Project Development Budget, other than from the proceeds of the Bank Facilities
or from third party purchase money financing.

“Borrowers”
shall mean collective reference to MTRI, MPI, SGLVI, PIDI, SDI and SGFI.

“Borrowing(s)”
shall mean collective reference to such amounts as Borrowers may request from
time to time to be advanced under the Credit Facility by Notice of Borrowing in
the manner provided in Section 2.03, or at the request of Agent Bank pursuant
to Section 2.08 or 2.14.

“Breakage
Charges” shall have the meaning set forth in Section 2.07(c) of the Credit
Agreement.

“Capital
Expenditure Proxy Amount” as used herein shall mean two percent (2.0%) of
revenues of the Borrower Consolidation net of promotional allowances determined
for the four (4) consecutive Fiscal Quarter period ending with the Fiscal
Quarter under review.

 8
 

 

“Capital
Expenditures” shall mean, for any period, without duplication, the aggregate of
all expenditures (whether paid in cash or accrued as liabilities during that
period and including Capitalized Lease Liabilities) by a Borrower or the
Borrower Consolidation, as the context may require, during such period that, in
conformity with GAAP, are required to be included in or reflected by the
property, plant or equipment or similar fixed or capital asset accounts
reflected in the balance sheet of a Borrower or the Borrower Consolidation, as
the context may require (including equipment which is purchased simultaneously
with the trade-in of existing equipment owned by Borrower or the Borrower
Consolidation, as the context may require, to the extent of (a) the gross
amount of such purchase price less (b) the cash proceeds of
trade-in credit of the equipment being traded in at such time), but excluding
capital expenditures made in connection with the replacement or restoration of
assets, to the extent reimbursed or refinanced from insurance proceeds paid on
account of the loss of or damage to the assets being replaced or restored, or
from awards of compensation arising from the taking by condemnation of or the
exercise of the power of eminent domain with respect to such assets being
replaced or restored.

“Capital
Proceeds” shall mean the proceeds received by the Borrower Consolidation from
(i) partial or total condemnation or destruction of any part of the Collateral,
(ii) insurance proceeds (other than rent insurance and business interruption
insurance) received in connection with damage to or destruction of the
Collateral, and (iii) the sale, transfer, conveyance or other disposition of
any portion of the Collateral in accordance with the provisions of this Credit
Agreement (not including, however, any proceeds received by Borrowers, or any
of them, from a sale, condemnation, damage or destruction of FF&E or other
personal property if such FF&E or other personal property is replaced by
items of equivalent value and utility, in each case such exclusion to apply
only during any period in which no Default or Event of Default has occurred and
is continuing).

“Capitalized
Lease Liabilities” means all monetary obligations of the Borrower Consolidation
under any leasing or similar arrangement which, in accordance with GAAP, would
be classified as capitalized leases, and, for purposes of this Credit
Agreement, the amount of such obligations shall be the capitalized amount
thereof, determined in accordance with GAAP, and the stated maturity thereof
shall be the date of the last payment of rent or any other amount due under
such lease prior to the first date upon which such lease may be terminated by
the lessee without payment of a penalty.

“Cash”
shall mean, when used in connection with any Person, all monetary and
non-monetary items owned by that Person that are treated as cash in accordance
with GAAP.

 9
 

 

“Cash
Collateral Account” shall mean the restricted depository savings account to be
established by Borrowers or Agent Bank on behalf of Borrowers with L/C Issuer
at its offices located at 5340 Kietzke Lane, Suite 201, Reno Nevada, or at such
other office located in the United States as may be designated from time to
time by L/C Issuer, for the purpose of depositing Cash collateral for the
aggregate L/C Exposure upon the occurrence and during the continuation of any
Event of Default.

“Cash
Collateral Pledge Agreement” shall mean the Pledge and Assignment of Savings
Account Agreement to be executed by Borrowers in favor of L/C Issuer as of the Restatement Date as the same may be
amended or modified from time to time under the terms of which all sums held
from time to time in the Cash Collateral Account are pledged in favor of L/C
Issuer to secure repayment of any funding required under any outstanding
Letters of Credit, a copy of the form of which Cash Collateral Pledge Agreement
is marked “Exhibit E”, affixed to the Credit Agreement and by this
reference incorporated herein and made a part hereof.

“Cash
Equivalents” shall mean, when used in connection with any Person, that Person’s
Investments in:

(a)                             Government Securities due within one (1) year
after the date of the making of the Investment;

(b)                            readily marketable direct obligations of any
State of the United States of America given on the date of such Investment a
credit rating of at least Aa by Moody’s Investors Service, Inc. or AA by
Standard & Poor’s Corporation, in each case due within one (1) year from
the making of the Investment;

(c)                             certificates of deposit issued by, bank deposits
in, eurodollar deposits through, bankers’ acceptance of, and repurchase
agreements covering Government Securities executed by, United National Bank of
West Virginia or any bank incorporated under the laws of the United States of
America or any State thereof and having on the date of such Investment combined
capital, surplus and undivided profits of at least Two Hundred Fifty Million
Dollars ($250,000,000.00), or total assets of at least Five Billion Dollars
($5,000,000,000.00), in each case due within one (1) year after the date of the
making of the Investment;

(d)                            certificates of deposit issued by, bank deposits
in, eurodollar deposits through, bankers’ acceptances of, and repurchase
agreements covering Government Securities executed by, any branch or office
located in the United States of America of a bank incorporated under the laws
of any 

 10
 

 

jurisdiction outside the United
States of America having on the date of such Investment combined capital,
surplus and undivided profits of at least Five Hundred Million Dollars
($500,000,000.00), or total assets of at least Fifteen Billion Dollars
($15,000,000,000.00) in each case due within one year after the date of the
making of the Investment;

(e)                             repurchase agreements covering Government
Securities executed by a broker or dealer registered under Section 15(b) of the
Securities Exchange Act of 1934 having on the date of the Investment capital of
at least One Hundred Million Dollars ($100,000,000.00), due within thirty (30)
days after the date of the making of the Investment; provided that the
maker of the Investment receives written confirmation of the transfer to it of
record ownership of the Government Securities on the books of a “primary dealer”
in such Government Securities on the books of such registered broker or dealer,
as soon as practicable after the making of the Investment;

(f)                               readily marketable commercial paper of
corporations doing business in and incorporated under the laws of the United
States of America or any State thereof or of any corporation that is the
holding company for a bank described in clauses (c) or (d) above given on the
date of such Investment a credit rating of at least P-1 by Moody’s Investors
Service, Inc. or A-1 by Standard & Poor’s Corporation, in each case due
within three hundred sixty-five (365) days after the date of the making of the
Investment;

(g)                            “money market preferred stock” issued by a
corporation incorporated under the laws of the United States of America or any
State thereof given on the date of such Investment a credit rating of at least
Aa by Moody’s Investors Service, Inc. or AA by Standard & Poor’s
Corporation, in each case having an investment period not to exceed fifty (50)
days; provided that (i) the amount of all such Investments issued by the
same issuer does not exceed Five Million Dollars ($5,000,000.00) and
(ii) the aggregate amount of all such Investments does not exceed Fifteen
Million Dollars ($15,000,000.00); and

(h)                            a readily redeemable “money market mutual fund”
sponsored by a bank described in clauses (c) or (d) hereof, or a registered
broker or dealer described in clause (e) hereof, that has and maintains an
investment policy limiting its investments primarily to instruments of the
types described in clauses (a) through (g) hereof and having on the date of
such Investment total assets of at least One Billion Dollars
($1,000,000,000.00).

“Change of Control” shall mean the occurrence of any of
the following:

 11
 

 

(a)                             Any “person” or “group” (as such terms are
defined in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended) or their Affiliates, own or control, more than forty percent
(40%) of the common voting stock of MTRI; or

(b)                            During any period of twenty-four (24) consecutive
months commencing after the Closing Date, individuals who at the beginning of
such period constituted MTRI’s Board of Directors (together with any new or
replacement directors whose election by MTRI’s Board of Directors or whose
nomination for election by MTRI’s shareholders, was approved by a vote of at least
a majority of the directors then still in office who were either directors at
the beginning of such period or whose election or nomination for election was
previously so approved) cease for any reason to constitute a majority of the
directors then in office; or

(c)                             MTRI fails to own, directly or indirectly, one
hundred percent (100%) of the capital stock interests of MPI, SGLVI, PIDI, SDI
and SGFI.

“Closing Certificate” shall have the meaning ascribed to
such term in Section 3.05(v).

“Closing
Date” shall mean reference to December 29, 2005, the date the Existing Credit
Facility was closed.

“Collateral” shall mean: (a) a collective reference to
the MPI Collateral, SGLVI Collateral, SDI Collateral, the MTRI Collateral, the
SGFI Collateral and the PIDI Collateral; and (b) any and all other property
and/or intangible rights, interests or benefits inuring to or in favor of
Borrowers which are in any manner assigned, pledged, encumbered or otherwise
hypothecated in favor of Lenders or Agent Bank on behalf of the Lenders to
secure repayment of the Bank Facilities.

“Collateral Properties” shall mean collective
reference to the real properties, improvements and associated FF&E which
are pledged and encumbered as Collateral securing repayment of the Bank
Facilities from time to time, which shall consist of the MPI Real Property,
SGLVI Real Property, SDI Real Property, SGFI Real Property, PIDI Real Property,
Troyer/Maffeo Real Property and IP Real Property, together with any other real
property or interests therein which may be held by Agent Bank from time to time
to secure repayment of the Bank Facilities.

“Commercial Letter(s) of Credit” shall mean a letter or
letters of credit issued by L/C Issuer pursuant to Section 2.14 of the
Credit Agreement for the purpose of assuring 

 12
 

 

payment for goods, equipment or materials supplied to any member of the
Borrower Consolidation.

“Commitment Fee” shall have the meaning ascribed to such
term in Section 2.09(b) of the Credit Agreement.

“Commitment Increase” shall have the meaning ascribed to
such term in Section 2.01(d).

“Commitment Increase Effective Date” shall mean the date
upon which each of the requirements and conditions precedent for the
effectiveness and funding of the Commitment Increase as set forth in
Section 2.01(d) and in Article III C shall have been fully satisfied.

“Commitment Percentage” shall mean the per annum
percentage to be used in the calculation of the Commitment Fee based on the
Total Leverage Ratio of the Borrower determined as set forth in Table Two of the
definition of Applicable Margin.

“Communications”
shall have the meaning ascribed to such term in Section 10.03(a).

“Completion Date” shall mean with reference to the PIDI
Casino Project, the PIDI Racetrack Project or to a Material Future
Project, as the context requires, the date
upon which each of the following have occurred: (a) the PIDI Casino
Project, the PIDI Racetrack Project or such Material Future Project, as applicable, has been completed in
substantial accordance and compliance with the Plans and Specifications for the
PIDI Casino Project, the PIDI Racetrack Project or such Material Future
Project, as applicable, and substantially
in accordance and compliance with the terms and conditions of all Governmental
Authorities and (b) the Occupancy Date for the PIDI Casino Project, the
PIDI Racetrack Project or such Material Future Project, as applicable, has occurred.

“Compliance
Certificate” shall mean a compliance certificate as described in Section
5.08(e) which is more particularly described on “Exhibit D”, affixed hereto and
by this reference incorporated herein and made a part hereof.

“Construction Budgets” shall mean with reference to the
PIDI Construction Project or any Material Future Project, as the context may
require, collective reference to the Project Development Budget, General
Contractors Budget and Borrower Construction Budget applicable to such PIDI
Construction Project or Material Future Project.

“Construction Commencement” means the date upon which
actual construction of the PIDI Construction Project or a Material Future
Project, as applicable, 

 13
 

 

has commenced by breaking ground and other activities which gave
visible evidence of the beginning of actual construction.

“Construction Completion Costs” means, as of any date of
determination, an amount equal to the remaining unpaid costs, including,
without limitation all Hard Costs and Soft Costs, and including retainage, of
causing the PIDI Construction Project or a Material Future Project, as the
context may require, to be completed and opened to the public, together with
all other requirements for the occurrence of the Completion Date, applicable to
the PIDI Construction Project or applicable Material Future Project, as
determined by Lenders’ Consultant and Agent Bank from time to time by a
Construction Cost Analysis, applicable to the PIDI Construction Project or
applicable Material Future Project.

“Construction Cost Analysis” shall mean with
reference to the PIDI Construction Project and each Material Future Project,
the review and analysis of the applicable Plans and Specifications, General
Contractor Budget, Borrower Construction Budget, Project Development Budget and
all other related documentation, including, without limitations, the General
Contractor’s Agreement, Architect’s Contract, subcontracts, bids and other
agreements relating to and necessary for the construction of the PIDI
Construction Project or Material Future Project, as applicable, and occurrence
of the Completion Date of the PIDI Construction Project or Material Future
Project, as applicable, in each case to be made from time to time by Lenders’
Consultant for the purpose of determining the Construction Completion Costs
applicable to the PIDI Construction Project or such Material Future Project as
of any date of determination.

“Construction Documentation” shall mean with reference
to the PIDI Construction Project and each Material Future Project, collective
reference to the Construction Schedule, Plans and Specifications, Construction
Budgets, General Contractor’s Agreement, Architect’s Contract and all other
contracts and agreements relating to the construction of the PIDI Construction
Project or Material Future Project, as applicable, together with all
amendments, revisions and modifications thereto.

“Construction Period” shall mean with reference to the
PIDI Construction Project and each of the Material Future Projects, the period
beginning on the date of Construction Commencement and terminating on the
Completion Date applicable to the PIDI Construction Project and each such
Material Future Project, as the case may be.

“Construction
Project” shall mean individual reference and “Construction Projects” shall mean
collective reference to the PIDI Construction Project and each Material Future
Project.

 14
 

 

“Construction
Project Reviews” shall mean, with reference to each of the Construction
Projects, a monthly review of such Construction Project by Lenders’ Consultant,
including, without limitation:

(a)                             a
review of each set of plans and specifications and determination and acceptability
of documentation relating to each applicable Construction Project.

(b)                            site
inspections of the applicable Construction Project to verify:

(i)                                     the
percentage of construction completed;

(ii)                                  the
applicable Construction Project is in substantial compliance with the
applicable governing construction documentation, ie., plans, specifications,
construction budgets and approved change orders, etc.;

(c)                             A
review of budgetary aspects, including construction cost and project completion
analysis on a monthly basis.

“Construction Schedule” shall mean the anticipated time
schedule for completion of the PIDI Casino Project, the PIDI Racetrack Project
or a Material Future Project, as applicable, as shown on a schedule to be
delivered to Agent Bank on or before Construction Commencement of PIDI Casino
Project, the PIDI Racetrack Project or Material Future Project, as applicable.

“Contingent
Liability(ies)” shall mean, as to any Person any obligation of such Person
guaranteeing or having the economic effect of guaranteeing any Indebtedness,
leases or dividends (“primary obligations”) of any other Person that is not a
member of the Borrower Consolidation hereunder (the “primary obligor”) in any
manner, whether directly or indirectly, including, without limitation, any obligation
of such Person, whether or not contingent, (a) to purchase any such
primary obligation or any property constituting direct or indirect security
therefor, (b) to advance or supply funds (i) for the purchase or
payment of any such primary obligation or (ii) to maintain working capital
or equity capital of the primary obligor or otherwise to maintain the net worth
or solvency of the primary obligor, (c) to purchase property, securities
or services primarily for the purpose of assuring the owner of any such primary
obligation of the ability of the primary obligor to make payment of such
primary obligation, (d) to make payment in respect of any net liability
arising in connection with any Interest Rate Hedges, foreign currency exchange
agreement, commodity hedging agreement or any similar agreement or arrangement
in any such case if the purpose or intent of such 

 15
 

 

agreement is to
provide assurance that such primary obligation will be paid or discharged, or
that any agreements relating thereto will be complied with, or that the holders
of such primary obligation will be protected (in whole or in part) against loss
in respect thereof or (e) otherwise to assure or hold harmless the holder
of such primary obligation against loss in respect thereof; provided, however,
that the term Contingent Liability shall not include endorsements of
instruments for deposit or collection in the ordinary course of business, trade
payables incurred in the ordinary course of business and less than ninety (90)
days in arrears.  It is specifically
understood and agreed that the obligation of any member of the Borrower
Consolidation to reimburse the issuer of a letter of credit for draws which may
be made thereunder constitutes a Contingent Liability hereunder.  The amount of any Contingent Liability shall
be deemed to be an amount equal to the stated or determinable amount of the
primary obligation in respect of which such Contingent Liability is made or, if
not stated or determinable, the reasonably anticipated liability in respect
thereof (assuming such Person is required to perform thereunder) as determined
by such Person in good faith.

“Continuation/Conversion
Notice” shall mean a notice of continuation of or conversion to a LIBOR Loan
and certificate duly executed by an Authorized Officer, substantially in the
form of that certain exhibit marked “Exhibit C”, affixed hereto and
by this reference incorporated herein and made a part hereof.

“Convert,
Conversion and Converted” shall refer to a Borrowing at or continuation of a
particular interest rate basis or conversion of one interest rate basis to
another pursuant to Section 2.05(c).

“Credit
Agreement” shall mean this Fifth Amended and Restated Credit Agreement together
with all Schedules and Exhibits attached thereto, executed by and among
Borrowers and Banks setting forth the terms and conditions of the Bank
Facilities, as may be amended, modified, extended, renewed or restated from
time to time.

“Credit Facility”
shall mean the agreement of Lenders to fund a reducing revolving line of
credit, including the subfacilities for the Swingline Facility and the L/C
Facility, in each case subject to the terms and conditions set forth in this
Credit Agreement and the Revolving Credit Note, up to the Aggregate Commitment
as reduced from time to time in accordance with the terms of this Credit
Agreement and the Revolving Credit Note.

“Deeds
of Trust” shall mean collective
reference to the MPI Deed of Trust, the SGLVI Deed of Trust, the SDI Mortgage,
the SGFI Deed of Trust, the PIDI Mortgage, the Troyer/Maffeo Mortgage and the
IP Mortgage, together with any other deeds of trust or mortgages which may be
executed by a member of the Borrower Consolidation in favor of Agent Bank from
time to time for the purpose of securing 

 16
 

 

Borrowers’ payment
and performance under the Bank Facilities, in each case as the same may be
amended, modified, extended, renewed or restated from time to time.

“Default”
shall mean the occurrence or non-occurrence, as the case may be, of any
event that with the giving of notice or passage of time, or both, would become
an Event of Default.

“Default
Rate” shall have the meaning set forth in Section 2.10(b) with respect to
defaults occurring under the Revolving Credit Note and shall mean the Prime
Rate plus the then Applicable Margin plus two percent (2%) per annum for all
other purposes.

“Defaulting
Lender” means any Lender which fails or refuses to perform its obligations
under this Credit Agreement within the time period specified for performance of
such obligation or, if no time frame is specified, if such failure or refusal
continues for a period of five (5) Banking Business Days after notice from
Agent Bank.

“Designated
Deposit Account” shall mean a deposit account to be maintained by Borrowers
with Agent Bank, as from time to time designated in writing by an Authorized
Officer.

“Disposition”
shall have the meaning ascribed to such term in Section 6.12(c).

“Dispute”
shall have the meaning set forth in Section 10.14(a).

“Distributions”
shall mean and collectively refer to any and all cash dividends on stock,
loans, management fees, payments, advances or other distributions, fees or
compensation of any kind or character whatsoever, other than within the
Borrower Consolidation, but shall not include (i) consideration paid in the
ordinary course of business for tangible and intangible assets in an arms
length exchange for fair market value, (ii) trade payments made and other
payments for liabilities incurred in the ordinary course of business, or
(iii) compensation to officers, directors and employees of Borrowers in
the ordinary course of business.  For the
purpose of clarification, capital contributions, advances and other Investments
made by the Borrower Consolidation in Unrestricted Subsidiaries shall
constitute Distributions.

“Documents”
shall have the meaning set forth in Section 10.14(a).

“Dollars”
and “$” means the lawful money of the United States of America.

 17

 

“Downs Assets”
shall have the meaning ascribed to such term in the Penn Settlement Agreement.

“EBITDA” shall
mean with reference to any Person, for any fiscal period under review, the sum
of (i) Net Income for that period, less (ii) any one-time non-Cash gain
reflected in such Net Income, plus (iii) any losses on sales of assets and
other extraordinary losses and one-time non-Cash charges, plus
(iv) Interest Expense (expensed and capitalized) for that period, plus
(v) the aggregate amount of federal and state taxes on or measured by
income for that period (whether or not payable during that period), plus
(vi) depreciation, amortization and all other non-cash expenses for that
period, plus (vii) preopening expenses for that period, in each case determined
in accordance with GAAP and, in the case of items (iii), (iv), (v), (vi) and
(vii), only to the extent deducted in the determination of Net Income for that
period.  For purposes of Financial
Covenants and pricing calculations EBITDA shall include only Cash distributions
actually funded by an Unrestricted Subsidiary that are received by the Borrower
Consolidation.

“Eligible Assignee”
means (a) another Lender, (b) with respect to any Lender, any
Affiliate of that Lender, (c) any commercial bank having a combined
capital and surplus of Fifty Million Dollars ($50,000,000.00) or more that is
(i) organized under the Laws of the United States of America, any State
thereof or the District of Columbia or (ii) organized under the Laws of
any other country which is a member of the Organization for Economic
Cooperation and Development, or a political subdivision of such a country, provided
that (A) such bank is acting through a branch or agency located in the United
States of America and (B) is otherwise exempt from withholding of tax on
interest and delivers Form 1001 or Form 4224 at the time of any
assignment, (d) a financial institution which is an accredited investor as
defined by the Securities Act of 1934, as amended, and is otherwise exempt from
withholding tax on interest at the time of any assignment, (e) any other
financial institution that meets the requirements set forth in subclauses
(c)(i) or (c)(ii) above that (i) has a net worth of Fifty Million Dollars
($50,000,000.00) or more, (ii) is engaged in the business of lending money
and extending credit under credit facilities substantially similar to those
extended under this Credit Agreement, and (iii) is operationally and
procedurally able to meet the obligations of a Lender hereunder to the same
degree as a commercial bank, (f) with respect to such commercial bank or
financial institution as described in (a) through (e) above, no finding of
unsuitability has been made or determined by Nevada Gaming Authorities or any
Gaming Authority of any other States of the United States of America, and
(g) any other financial institution deemed acceptable as a Lender by
Borrowers and Agent Bank as evidenced by a duly executed Assignment and
Assumption Agreement.

“Environmental
Certificate” shall mean the Certificate and Indemnification Regarding Hazardous
Substances to be executed by Borrowers on or before the 

 18
 

 

Restatement Date and
delivered to Agent Bank as a further inducement to the Banks to establish the
Bank Facilities, as such certificate may be amended, modified, extended,
renewed or restated from time to time. 
The Environmental Certificate shall supercede the Certificate and
Indemnification Regarding Hazardous Substances, dated as of March 28, 2003,
which was executed by MPI, SGLVI, PIDI and RAI as indemnitors, for the benefit
of the Banks.

“Equipment Leases
and Contracts” shall mean
collective reference to the MPI Equipment Leases and Contracts, SGLVI Equipment
Leases and Contracts, SDI Equipment Leases and Contracts, SGFI Equipment Leases
and Contracts and PIDI Equipment Leases and Contracts, together with any other
equipment leases and contracts which may be executed by a member of the
Borrower Consolidation in favor of Agent Bank from time to time for the purpose
of securing Borrowers’ payment and performance under the Bank Facilities, in
each case as the same may be amended, modified, extended, renewed or restated
from time to time.

“Equity Offering”
shall mean the issuance and sale of shares of common voting stock by MTRI to
the public after the Restatement Date
in exchange for Cash or Cash Equivalents but shall not include, however, shares
of stock utilized in a stock-for-stock Acquisition, a stock-for-assets
Acquisition, or stock issued upon the exercise of employee stock options.

“ERISA” shall mean
the Employee Retirement Income Security Act of 1974, as amended from time to
time.

“Event of Default”
shall mean any event of default as defined in Section 7.01 hereof.

“Excess Capital
Proceeds” shall have the meaning ascribed to such term in Section 6.12(c)
of this Credit Agreement.

“Excess Cash On
Hand”  shall mean the total amount of
Cash and Cash Equivalents held by the Borrower Consolidation as of any date of
determination in excess of Twenty-Five Million Dollars ($25,000,000.00), but
shall not include Cash or Cash Equivalents that have been pledged to secure
payment or performance by any member of the Borrower Consolidation or for which
the use thereof by the Borrower Consolidation is restricted, but shall include
funds held by the Borrower Consolidation to pay for the Construction Completion
Costs of any Construction Project.

“Existing Credit
Agreement” shall mean that certain Fourth Amended and Restated Credit Agreement
dated as of December 27, 2005, as amended by First Amendment to Fourth
Amended and Restated Credit Agreement dated as of March 23, 

 19
 

 

2006, and as further
amended by Second Amendment to Fourth Amended and Restated Credit Agreement
dated as of March 28, 2006, each executed by and among Borrowers and the
lenders therein named.

“Existing Credit
Facility” shall mean the revolving line of credit up to the maximum principal
amount of One Hundred Five Million Dollars ($105,000,000.00) at any time
outstanding, evidenced by the Existing Credit Agreement.

“Existing Security
Documents” shall have the meaning ascribed to such term “Security Documentation”
in the Existing Credit Agreement.

“Existing Title
Insurance Policies” shall mean a collective reference to the following ALTA
Lenders Policies of Title Insurance, each issued to Agent Bank by First
American Title Insurance Company: (i) Policy No. A859354, dated December 29,
2005, together with the Endorsements issued concurrently therewith, together
with a Modification Endorsement issued thereto, under date of January 31, 2006,
and together with a Modification Endorsement issued thereto under date of March
30, 2006, all insuring the lien and priority of the MPI Deed of Trust; (ii)
Policy No. 8292190, dated December 29, 2005, together with the
Endorsements issued concurrently therewith and together with a CLTA Form 110.5
Endorsement issued thereto, under date of March 30, 2006, all insuring the lien
and priority of the SGLVI Deed of Trust; (iii) Policy No. 1310420, dated
December 29, 2005, together with the Endorsements issued concurrently therewith
and together with a CLTA Form 110.5 Endorsement issued thereto, under date of
March 30, 2006, all insuring the lien and priority of the SDI Mortgage; (iv)
Policy No. 1143840-PAL dated December 29, 2005 together with the Endorsements
issued concurrently therewith and together with a Modification Endorsement
issued thereto, under date of March 30, 2006, all insuring the lien and
priority of the PIDI Mortgage and Troyer/Maffeo Mortgage; (v) Policy No.
8100961, dated as of April 19, 2006, together with the Endorsements issued concurrently
therewith, all insuring the lien and priority of the SGFI Deed of Trust; and
(vi) Policy No. 1150698PAL dated June 7, 2006, together with the Endorsements
issued concurrently therewith, insuring the lien and priority of the IP
Mortgage.

“Expansion Capital
Expenditures” shall mean collective reference to Capital Expenditures (a) made
or advanced for the construction, development and completion of the PIDI
Construction Project and the SDI Construction Project, and (b) made to or
for the benefit of or for use in connection with any Hotel/Casino Facility, any
other Construction Project or New Venture which (i) are not for the purpose of
maintaining, repairing or replacing existing assets of the Borrower
Consolidation, (ii) consist of the acquisition, construction or creation of
additional assets and improvements owned by the Borrower Consolidation, and
(iii) are added as Collateral under the Bank Facilities and are encumbered
by the Security Documentation, any 

 20
 

 

amendments required by
Agent Bank for such purpose to be at the expense of the Borrower Consolidation.

“Federal Funds
Rate” means, as of any date of determination, the rate set forth in the weekly
statistical release designated as H.15(519), or any successor publication,
published by the Federal Reserve Board (including any such successor, “H.15(519)”)
for such date opposite the caption “Federal Funds (Effective)”.  If for any relevant date such rate is not yet
published in H.15(519), the rate for such date will be the rate set forth in
the daily statistical release designated as the Composite 3:30 p.m.
Quotations for U.S. Government Securities, or any successor publication,
published by the Federal Reserve Bank of New York (including any successor, the
“Composite 3:30 p.m. Quotation”) for such date under the caption “Federal
Funds Effective Rate”.  If on any
relevant date the appropriate rate for such date is not yet published in either
H.15(519) or the Composite 3:30 p.m. Quotations, the rate for such date
will be the arithmetic mean of the rates for the last transaction in overnight
Federal funds arranged prior to 9:00 a.m. (New York City time) on that
date by each of three leading brokers of Federal funds transactions in New York
City selected by the Agent Bank.  For
purposes of the Credit Agreement, any change in the Base Rate due to a change
in the Federal Funds Rate shall be effective as of the opening of business on
the effective date of such change.

“Fee Side Letter”
shall mean the Confidential Fee Letter dated May 23, 2006 and accepted by
Borrowers on July 6, 2006, concerning payment of the fees more
particularly therein described.

“FF&E” shall
mean collective reference to the MPI FF&E, SGLVI FF&E, SDI FF&E,
PIDI FF&E and SGFI FF&E and any other furniture, fixtures and
equipment, including, without limitation, all gaming devices and associated
equipment, inventories and supplies used in connection with the Hotel/Casino
Facilities or any New Venture.

“FF&E
Financing” shall have the meaning ascribed to such term in
Section 6.05(e).

“Financial Covenants”
shall mean collective reference to the financial covenants set forth in Article
VI of this Credit Agreement.

“Financing
Statements” shall mean collective reference to the MPI Financing Statements,
SGLVI Financing Statements, SDI Financing Statements, MTRI Financing
Statements, PIDI Financing Statements and SGFI Financing Statements, together
with any other financing statements which may be executed by a member of the
Borrower Consolidation in favor of Agent Bank from time to time for the purpose
of securing Borrowers’ payment and performance under the Bank Facilities, in
each case 

 21
 

 

as the same may be
amended, modified, extended, renewed or restated from time to time.

“FIRREA” shall
mean the Financial Institutions Reform, Recovery and Enforcement Act of 1989.

“First
Amendment to IP Mortgage” shall mean an amendment to the IP Mortgage to be
executed and delivered by PIDI and Agent Bank, as of the Restatement Date, in a
form and substance acceptable to Agent Bank amending the IP Mortgage for the
purpose, among other things, of confirming its continued security for payment
and performance under the Bank Facilities.

“First
Amendment to SGFI Deed of Trust” shall mean an amendment to the SGFI Deed of
Trust to be executed and delivered by SGFI and Agent Bank, as of the
Restatement Date, in a form and substance acceptable to Agent Bank amending the
SGFI Deed of Trust for the purpose, among other things, of confirming its
continued security for payment and performance under the Bank Facilities.

“Fiscal Quarter” shall
mean the consecutive three (3) month periods during each Fiscal Year beginning
on January 1, April 1, July 1 and October 1 and ending on
March 31, June 30, September 30 and December 31,
respectively.

“Fiscal Year”
shall mean the fiscal year period beginning January 1 of each calendar
year and ending on the following December 31.

“Fiscal Year End”
shall mean December 31 of each calendar year.

“Free Cash Flow”
shall be defined as actual EBITDA, less Distributions, less Maintenance Capital
Expenditures, less Interest Expense, in each case determined as of the end of
each calendar month during each Construction Period, together with the most
recently ended eleven (11) calendar months on a rolling twelve (12) month
basis.

“Funded Outstandings” shall mean
the unpaid principal amount outstanding on the Credit Facility as of any given date of determination for
Borrowings made thereunder, but not including Swingline Outstandings or L/C
Exposure.

“Funding Date”
shall mean each date upon which Lenders fund Borrowings requested by Borrowers
in accordance with the provisions of Section 2.03 or at the request of
Agent Bank pursuant to Section 2.08 or 2.14.

 22
 

 

“Future Project” shall mean
individual reference and “Future Projects” shall mean collective reference to
additional construction projects in connection with a New Venture and Expansion
Capital Expenditures to be made at the Collateral Properties, as designated by
Borrower from time to time by written notice to Agent Bank, including, without
limitation, the SDI Construction Project.

“GAAP” means
generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board, or in such other statements by such other entity as
may be in general use by significant segments of the accounting profession,
which are applicable to the circumstances as of the date of determination.

“Gaming
Authority(ies)” shall mean any agency, authority, board, bureau, commission,
department, office or instrumentality of any nature whatsoever of the United
States federal or foreign government, any state, province or any city or other
political subdivision or otherwise and whether now or hereafter in existence or
any officer or official thereof, including, without limitation, the PGCB,
Nevada Gaming Authorities and West Virginia Gaming Authorities, with authority
to regulate any gaming operation owned, managed or operated by the Borrower
Consolidation.

“Gaming Devices”
shall mean slot machines and other devices which constitute gaming devices and
related equipment.

“Gaming Laws”
means all statutes, rules, regulations, ordinances, codes and administrative or
judicial precedents pursuant to which any Gaming Authority possesses
regulatory, licensing or permit authority over gambling, gaming or casino
activities conducted by the Borrower Consolidation within its jurisdiction.

“Gaming Permits”
shall mean collective reference to every license, permit or other authorization
required to own, operate and otherwise conduct unrestricted gaming operations
at the Hotel/Casino Facilities or any New Venture.

“General Contractor” shall mean reference to each general contractor or
prime contractor engaged by a member of the Borrower Consolidation for
construction of all or any portion of a Construction Project.

“General Contractor Budget” shall mean with reference to the PIDI
Construction Project or Material Future Project, as applicable, the line item
breakdown for construction costs, materials, labor and other payments to be
made under the applicable General Contractor’s Agreement, together with all
amendments, revisions and modifications thereto.

 23
 

 

“General Contractor’s Agreement”
shall mean, with respect to each Construction Project, the construction
contract to be entered into by and between the applicable member of the
Borrower Consolidation and the applicable General Contractor for the
construction of the applicable Construction Project consistent with the
applicable Project Development Budget.

“General Contractor’s Consent”
shall mean a Contractor’s Consent and Agreement to be executed, upon the
request of Agent Bank, by the applicable General Contractor for the benefit of
Agent Bank, on behalf of the Lenders, for the purpose, among other things, of
evidencing such General Contractor’s: (i) consent to the Assignment of
General Contractor’s Agreement; (ii) agreement not to modify the General
Contractor’s Agreement in any material respect without Agent Bank’s consent;
and (iii) agreement to continue performance under the General Contractor’s
Agreement on behalf of Agent Bank subject to the terms and conditions set forth
therein.

“Government
Securities” means readily marketable (a) direct full faith and credit
obligations of the United States of America or obligations guaranteed by the
full faith and credit of the United States of America and (b) obligations of an
agency or instrumentality of, or corporation owned, controlled or sponsored by,
the United States of America that are generally considered in the securities
industry to be implicit obligations of the United States of America.

“Governmental
Authority” or “Governmental Authorities” shall mean any federal, state,
regional, county or municipal governmental agency, board, commission, officer
or official whose consent or approval is required or whose regulations must be
followed as a prerequisite to (i) the continued operation and occupancy of the
Collateral Properties, the Hotel/Casino Facilities or any New Venture, or (ii)
the performance of any act or obligation or the observance of any agreement,
provision or condition of whatever nature herein contained.

“Green Shingle
Loan” shall mean the loan made by MTRI to Tecnica in the amount of Two Million
Forty-Five Thousand Six Hundred Fifty-Three Dollars and Sixty-Four Cents
($2,045,653.64), plus closing costs, to finance the purchase of the Green
Shingle Property by Tecnica.

“Green Shingle
Loan Agreement” shall mean that certain Loan Agreement, dated March 22,
2002, by and between Tecnica, as borrower, and MTRI, as lender, setting forth
the terms, conditions and understandings with respect to the Green Shingle
Loan, including, without limitation, provisions that MTRI has the option to purchase
the Green Shingle Property in exchange for the Indebtedness evidenced by the
Green Shingle Loan.

 24
 

 

“Green Shingle
Loan Documents” shall have the meaning set forth in Section 3.21(a).

“Green Shingle
Mortgage” shall mean that certain Mortgage, which was executed by Tecnica, as
mortgagor, for the benefit of MTRI, as mortgagee, and which was recorded in the
Official Records of Erie County, Pennsylvania on March 29, 2002 in
Mortgage Book Volume 0865 at Page 2046, all for the purpose of
encumbering the Green Shingle Property, as a first priority mortgage lien,
securing repayment of the Green Shingle Loan.

“Green Shingle
Note” shall mean that certain Promissory Note, which was executed by Tecnica
under date of March 22, 2002, and which is payable to the order of MTRI in
the principal amount of Two Million Forty-Five Thousand Six Hundred Fifty-Three
Dollars and Sixty-Four Cents ($2,045,653.64), as evidence of Tecnica’s
obligation to repay the Green Shingle Loan together with accrued interest
thereon.

“Green Shingle Perfection
Items” shall mean collective reference to: (i) an endorsement of the Green
Shingle Note executed by MTRI in favor of Agent Bank; (ii) a collateral
assignment of the Green Shingle Mortgage executed by MTRI in favor of Agent
Bank; (iii) the original stock certificates which are subject to the
Tecnica Stock Pledge; and (iv) such title insurance policies and/or
endorsements regarding the Lien of the Green Shingle Mortgage (or proforma
commitment for the issuance thereof), as may be requested by Agent Bank; all of
which shall be in a form and substance acceptable to Agent Bank.

“Green Shingle
Property” shall mean a parcel containing approximately eighty-three (83) acres
encompassing the Green Shingle Restaurant/Motel at 6468 Sterrettania Road and
the Poplar White Thruway Service at 6450 Sterrettania Road in McKean Township,
Erie, Pennsylvania.

“Green Shingle
Security Documents” shall mean collective reference to the Green Shingle
Mortgage, Tecnica Stock Pledge and all other documents and instruments securing
repayment of the Green Shingle Loan.

“Hard Costs” shall mean those
costs which are shown in the Construction Budgets as a “construction cost” and
any adjustments to such costs pursuant to properly approved change orders.

“Hazardous Materials Laws” shall have the meaning
set forth in Section 5.20.

 25
 

 

“Hotel/Casino Facility” shall mean individual reference and “Hotel/Casino
Facilities” shall mean collective reference to the MPI Hotel/Casino Facilities,
the SDI Facility, the SGFI Hotel/Casino Facility, the PIDI Facility, and the
SGLVI Hotel/Casino Facility, in each case including any future expansions
thereof, related thereto or used in connection therewith, and all appurtenances
thereto.

“In Balance Calculation” shall mean as of the end of each month that is
under review during a Construction Period, a calculation demonstrating that the
sum of the Construction Completion Costs of each Construction Project for which
the Completion Date has not occurred do not exceed the sum of:

a.                                       The Available Borrowings;

b.                                      Plus, Excess Cash On Hand,

c.                                       Plus, Projected Free Cash Flow, and

d.                                      Plus, the aggregate amount of Available FF&E
Financing.

“Indebtedness” of any Person includes all obliga­tions, contingent or
otherwise, which in accordance with GAAP should be classified upon such Person’s
balance sheet as liabilities, but in any event including liabilities for
borrowed money or other liabilities secured by any lien existing on property
owned or acquired by such Person, Affiliate or a Subsidiary thereof (whether or
not the liability secured thereby shall have been assumed), obligations which
have been or under GAAP should be capitalized for financial reporting purposes,
and all guaranties, endorse­ments, and other contingent obligations with
respect to Indebtedness of others, including, but not limited to, any
obligations to acquire any of such Indebtedness, to purchase, sell, or furnish
property or services primarily for the purpose of enabling such other Person to
make payment of any of such Indebtedness, or otherwise to assure the owner of
any of such Indebtedness against loss with respect thereto.

“Insider Cash Loans” shall mean collective reference to all loans
advanced by any member of the Borrower Consolidation in Cash to any officer or
director of any member of the Borrower Consolidation, for the purpose of
funding taxes payable by such officers and directors from the purchase and sale
of shares of MTRI acquired through stock options or other employee incentive
plans established by the Borrower Consolidation.

“Insider Non-Cash Loans” shall mean collective reference to loans made
by book entry (and not evidenced by the advance of Cash) to any officer or
director of any 

 26
 

 

member
of the Borrower Consolidation for the purpose of exercising stock options for
the acquisition of shares of the stock of MTRI.

“Intangibles” shall mean the aggregate goodwill, trademarks, patents,
organizational expense and other similar intangible items of the Borrower
Consolidation determined on a consolidated basis in accordance with GAAP.

“Interest Expense” shall mean with respect to any Person, as of the
last day of any fiscal period under review, the sum of (i) all interest,
fees, charges and related expenses paid or payable (without duplication but
including capitalized interest) for that fiscal period by such Person to a
lender in connection with borrowed money (including any obligations for fees,
charges and related expenses payable to the issuer of any letter of credit) or
the deferred purchase price of assets that are considered “interest expense”
under GAAP, plus (ii) the portion of the up front costs and expenses for
Interest Rate Hedges (to the extent not included in (i)) fairly allocated
to such interest rate hedges as expenses for such period, plus (iii) the
portions of Capital Lease Liabilities paid or payable with respect to such
period that should be treated as interest in accordance with GAAP.

“Interest Period(s)” shall have the meaning set forth in
Section 2.05(d) of the Credit Agreement.

“Interest Rate Hedges” shall mean, with respect to any Person, all
liabilities of such Person under interest rate swap agreements, interest rate
cap agreements, basis swap, forward rate agreement and interest collar or floor
agreements and all other agreements or arrangements designed to protect such
Person against fluctuations in interest rates or currency exchange rates.

“Interest Rate Option” shall have the meaning ascribed to such term in
Section 2.05(b) of the Credit Agreement.

“Investment” shall mean, when used in connection with any Person: (i) any investment by or of that Person, whether by
means of purchase or other acquisition of stock or other securities of any
other Person or by means of a loan, advance creating a debt, capital
contribution, guaranty or other debt or equity participation or interest in any
other Person, including any partnership and joint venture interests of
such Person, (ii) any Acquisition, and (iii) any other item that is
or would be classified as an investment on a balance sheet of such Person
prepared in accordance with GAAP, as in effect as of the Closing Date.  The
amount of any Investment shall be the amount actually invested without
adjustment for subsequent increases or decreases in the value of such
Investment.

 27
 

 

“IP Mortgage” shall mean the Open-End Mortgage, Assignment of Rents,
Security Agreement and Fixture Filing executed by PIDI, dated as of May 31,
2006, for the benefit of Agent Bank, and recorded in the Official Records of
Erie County, Pennsylvania on June 7, 2006 in Book 1334, at Page 1748;
all for the purpose of encumbering the IP Real Property and other Collateral
described therein, as security for the Bank Facilities and Borrowers’ payment
and performance under each of the Loan Documents (other than the Environmental
Certificate) as such deed of trust may be amended, modified, extended, renewed,
restated, substituted or replaced from time to time.

“IP Real Property” shall mean the real property which is more
particularly described on that certain exhibit marked “Exhibit Q”, affixed
hereto and by this reference incorporated herein and made a part hereof.

“JRI” shall mean
Jackson Racing, Inc., a Michigan corporation, a wholly owned subsidiary of
MTRI.

“JTAL” shall mean
Jackson Trotting Association, LLC, the operator of a harness racetrack in
Jackson County, Michigan, known as the Jackson Harness Raceway.

“Laws” means, collectively, all international, foreign, federal, state
and local statutes, maritime laws, treaties, rules, regulations, ordinances,
codes and administrative or judicial precedents.

“L/C Agreement(s)”
shall mean collective reference to the Application and Agreement for Standby
Letter of Credit and Application and Agreement for Commercial Letter of Credit
and addendum(s) thereto executed by an Authorized Officer of Borrowers in favor
of L/C Issuer in L/C Issuer’s standard form, setting forth the terms and
conditions upon which L/C Issuer shall issue a Letter(s) of Credit, as the same
may be amended or modified from time to time.

“L/C Exposure”
shall mean the aggregate amount which L/C Issuer may be required to fund or is
contingently liable for disbursement under all issued and outstanding Letter(s)
of Credit, which amount shall be determined by subtracting from the aggregate
of the Stated Amount of each such Letter(s) of Credit, the principal amount of
all L/C Reimbursement Obligations which have accrued and have been fully
satisfied as of each date of determination.

“L/C Facility”
shall mean the agreement of L/C Issuer to issue Letters of Credit subject to
the terms and conditions and up to the maximum amounts and duration as set
forth in Section 2.14 of the Credit Agreement.

 28
 

 

“L/C Fee” shall have the meaning set forth in Section 2.09(c) of
the Credit Agreement.

“L/C Issuance Date” means each date of issuance of each Letter of
Credit hereunder.

“L/C Issuer” shall mean WFB in its capacity as the issuer of Letters of
Credit under the L/C Facility following the Closing Date.

“L/C Reimbursement Obligation(s)” shall mean the obligation of
Borrowers to reimburse L/C Issuer for amounts funded or disbursed under a
Letter(s) of Credit, together with accrued interest thereon.

“Lender Reply Period” shall have the meaning set forth in Section
9.10(d).

“Lenders” shall have the meaning set forth in the Preamble to this
Credit Agreement.  At all times that
there are no Lenders other than WFB, the terms “Lender” and “Lenders” means WFB
in its individual capacity.  With respect
to matters requiring the consent to or approval of all Lenders at any given
time, all then existing Defaulting Lenders will be disregarded and excluded,
and, for voting purposes only, “all Lenders” shall be deemed to mean “all
Lenders other than Defaulting Lenders”.

“Lenders’
Consultant” shall mean the architectural or engineering firm of Agent Bank’s
choice and/or affiliate of Agent Bank to be engaged by Agent Bank in connection
with the Construction Project Reviews to be made for each of the Construction
Projects pursuant to the Lenders’ Consultant Contract at the expense of
Borrowers after having been first reasonably approved by Borrowers.

“Lenders’ Consultant Contract”
shall mean the agreement between Agent Bank and Lenders’ Consultant for the
purpose set forth herein, including, without limitation:

(a)                             An examination of the Plans and Specifications
relating to each of the Construction Projects;

(b)                            Periodic site inspections of each of the
Construction Projects to ascertain:

(i)                                     the percentage of construction completed;

(ii)                                  each of the Construction Projects is in general
compliance with the Plans and Specifications;

 29
 

 

(c)                             A review of all material change orders; and

(d)                            Presentation of budgetary updates on a monthly
basis during the Construction Period.

“Letter(s) of
Credit” shall mean collective reference to (i) the Irrevocable Letter of
Credit No. NZS497218 dated September 29, 2003 in favor of the State of
West Virginia Lottery in the amount of Six Hundred Forty-Five Thousand
($645,000.00), (ii) the PIDI License Letter of Credit, (iii) the
Irrevocable Letter of Credit No. NZS 565612 dated February 27, 2006
in favor of National Union Fire Insurance Company of Pittsburgh, PA, et al., in
the amount of Eight Hundred Eighty-One Thousand Six Hundred Fifty-Three Dollars
($881,653.00) and (iv) each Standby Letter(s) of Credit and/or Commercial
Letters of Credit, as the case may be, issued by L/C Issuer on behalf of
Borrowers, in each case as the same may be extended, renewed or reissued from
time to time.

“Liabilities”
shall mean, as of any given date, the total liabilities of the Borrower
Consolidation in accordance with GAAP as of such date.

“Liabilities and
Costs” means all claims, judgments, liabilities, obligations, responsibilities,
losses, damages (including lost profits), punitive or treble damages, costs,
disbursements and expenses (including, without limitation, reasonable attorneys’,
experts’ and consulting fees and costs of investigation and feasibility
studies), fines, penalties and monetary sanctions, interest, direct or
indirect, known or unknown, absolute or contingent, past, present or future.

“LIBO Rate” means, relative to any LIBOR Loan Interest Period for any
LIBOR Loan included in any Borrowing, the per annum rate (reserve adjusted as
hereinbelow provided) of interest quoted by Agent Bank, rounded upwards, if
necessary, to the nearest one-sixteenth of one percent (0.0625%) at which Dollar
deposits in immediately available funds are offered by Agent Bank to leading
banks in the London interbank market at approximately 11:00 a.m. London,
England time two (2) Banking Business Days prior to the beginning of such
Interest Period, for delivery on the first day of such Interest Period for a
period approximately equal to such Interest Period and in an amount equal or
comparable to the LIBOR Loan to which such Interest Period relates.  The foregoing rate of interest shall be
reserve adjusted by dividing the applicable LIBO Rate by a one (1.00) minus the
LIBOR Reserve Percentage, with such quotient to be rounded upward to the
nearest whole multiple of one-hundredth of one percent (0.01%).  All references in this Credit Agreement or
other Loan Documents to a LIBO Rate include the aforesaid reserve adjustment.

 30
 

 

“LIBOR Loan” shall mean each portion of the total unpaid principal
under the Credit Facility which
bears interest at a rate determined by reference to the LIBO Rate plus the
Applicable Margin.

“LIBOR Reserve Percentage” means, relative to any Interest Period for
LIBOR Loans made by any Lender, the reserve percentage (expressed as a decimal)
equal to the actual aggregate reserve requirements (including all basic,
emergency, supplemental, marginal and other reserves and taking into account
any transactional adjustments or other scheduled changes in reserve
requirements) announced within Agent Bank as the reserve percentage applicable
to Agent Bank as specified under regulations issued from time to time by the
Federal Reserve Board.  The LIBOR Reserve
Percentage shall be based on Regulation D of the Federal Reserve Board or other
regulations from time to time in effect concerning reserves for “Eurocurrency
Liabilities” from related institutions as though Agent Bank were in a net
borrowing position.

“Lien” means any
lien, mortgage, pledge, assignment, security interest, charge or encumbrance of
any kind (including any conditional sale or other title retention agreement,
any lease in the nature thereof, and any agreement to give any security
interest) and any option, trust or other preferential arrangement having the
practical effect of any of the foregoing.

“Loan Documents”
shall mean collective reference to the Credit Agreement, the Revolving Credit
Note, the Swingline Note, the Security Documentation, Cash Collateral Pledge
Agreement, the Environmental Certificate and all other documents and
instruments which may hereafter be executed and delivered by or on behalf of
Borrowers or any other Person in connection with the Bank Facilities for the
benefit of Banks or Agent Bank on behalf of the Lenders, as the same may be
amended, modified, supplemented, replaced, renewed or restated from time to
time.

“Maintenance
Capital Expenditures” shall mean collective reference to Capital Expenditures
made to or for the benefit of or for use in connection with the Hotel/Casino
Facilities or any New Venture which are for the purpose of maintaining,
repairing and/or replacing existing assets of the Borrower Consolidation.

“Major Subcontractor” shall mean
a Subcontractor that is party to a Major Subcontract.

“Major Subcontracts” shall mean
all contracts or subcontracts executed by a Subcontractor and either General
Contractor or another Subcontractor in connection with the PIDI Construction
Project or a Material Future Project if the aggregate amount of such contracts
or subcontracts executed by such Subcontractor is equal to or greater than Five
Million Dollars ($5,000,000.00).

 31

 

“Mandatory
Commitment Reduction(s)” shall mean a permanent reduction of the Aggregate
Commitment which shall be made from time to time as may be required under
Sections 5.12, 5.26, 6.12(c), 6.12(f) and/or 8.02.

“Mara
Environmental Compliance” shall mean remediation of all Environmental Issues to
the extent necessary to allow SDI to make the New Acquisition Certifications
with respect to the Mara Property.

“Mara
Environmental Issues” shall mean collective reference to the underground
storage tanks and the presence of groundwater contamination in the vicinity of
the tanks, together with any other environmental matters requiring remediation
at the Mara Property.

“Mara Property”
shall mean the approximately thirty-five (35) acres of real property which is
adjacent to the SDI Real Property which has been or is about to be purchased by
SDI.

“Margin Stock”
shall have the meaning provided in Regulation U of the Board of Governors of
the Federal Reserve System.

“Material Adverse
Change” shall mean: (i) any set of circumstances of events which, other than
with respect to the Representations and Warranties set forth in Article IV of
the Credit Agreement which shall be construed to be applicable to circumstances
and events existing both as of the Restatement Date (or such earlier date as
may be referenced in each particular provision) and subsequent to the
Restatement Date, are not in existence as of the Restatement Date, which are
material and adverse to (a) the Collateral or (b) the condition
(financial or otherwise) or business operations of the Borrower Consolidation
taken as a whole, or (c) the ability of any of the Lenders to enforce any of
their material rights or remedies under any of the Loan Documents, or
(ii) any events or changes, which, other than with respect to the
Representations and Warranties set forth in Article IV of the Credit Agreement
which shall be construed to be applicable to events and changes existing both
as of the Restatement Date (or such earlier date as may be referenced in each
particular provision) and subsequent to the Restatement Date, are not in
existence as of the Restatement Date and which have or result in a material
adverse effect upon (a) the value of the Hotel/Casino Facilities taken as
a whole or the priority of the security interests granted to Agent Bank,
(b) the validity of any of the Loan Documents, or (c) the use, occupancy
or operation of the Hotel/Casino Facilities taken as a whole.

“Material Future
Project” shall mean each Future Project for which the projected or budgeted cost
to complete, including all Expansion Capital Expenditures, is 

 32
 

 

equal to or in excess of
Fifteen Million Dollars ($15,000,000.00), including, without limitation, the
SDI Construction Project.

“Maturity Date”
shall mean September 27, 2011, provided, however, in the event the Senior
Unsecured Notes are not fully refinanced by October 1, 2009, the “Maturity
Date” shall be October 1, 2009.

“Maximum
Availability” shall mean the Aggregate Commitment less the Aggregate
Outstandings, subject to the Availability Restriction until the occurrence of
the PIDI Licensing Event.

“Maximum
Maintenance Cap Ex Limit” shall have the meaning ascribed to such term in
Section 6.07(a) of the Credit Agreement.

“Minimum
Maintenance Cap Ex Requirement” shall have the meaning ascribed to such term in
Section 6.07(a) of the Credit Agreement.

“MPI” shall have
the meaning ascribed to such term in the Preamble of this Credit Agreement.

“MPI Assignment of Entitlements, Contracts, Rents and Revenues” shall
mean the assignment to be executed by MPI as of the Restatement Date, pursuant
to which, MPI shall presently assigned to Agent Bank in consideration of the
Bank Facilities (reserving a revocable license to retain use and enjoy):
(a) all of its right, title and interest under all MPI Spaceleases and MPI
Equipment Leases and Contracts relating to the MPI Hotel/Casino Facilities;
(b) all of its right, title and interest in and to all permits, licenses
and contracts relating to the MPI Hotel/Casino Facilities, except Gaming
Permits and except those permits, licenses and contracts which are
unassignable; and (c) all rents, issues, profits, revenues and income from the
MPI Real Property, from the operation of the MPI Hotel/Casino Facilities and
from any other business activity conducted on the MPI Real Property, as such
assignment may be amended, modified, extended, renewed, restated, substituted
or replaced from time to time.  The MPI
Assignment of Entitlements, Contracts, Rents and Revenues shall supercede the
Assignment of Entitlements, Contracts, Rents and Revenues executed by MPI, in
favor of Agent Bank, and dated as of March 28, 2003.

“MPI Collateral”
shall mean collective reference to: (i) all of the MPI Real Property and
MPI FF&E and the contract rights, leases, intangibles and other interests
of MPI which are subject to the liens and security interests of the MPI
Security Documents; (ii) all rights of MPI presently assigned pursuant to
the terms of the MPI Security Documents; and (iii) any and all other
property and/or intangible rights, interest or benefits inuring to or in favor
of MPI, which are in any manner assigned, pledged, 

 33
 

 

encumbered or otherwise
hypothecated in favor of Agent Bank on behalf of Lenders to secure payment of
the Bank Facilities.

“MPI Deed of Trust” shall mean the Credit Line Deed of Trust, Fixture
Filing and Security Agreement with Assignment of Rents executed by MPI, dated
as of March 28, 2003, for the benefit of Agent Bank, and recorded in the
Official Records of Hancock County, West Virginia on April 2, 2003 in Book 470
at Page 615 as Document No. 002172, as amended by: (i) First Amendment to a
Credit Line Deed of Trust, Fixture Filing and Security Agreement with
Assignment of Rents and Notice of Additional Commitment dated December 27, 2005
and recorded in the Official Records of Hancock County, West Virginia on
December 29, 2005 in Book 543 at Page 565 as Document No. 008796; (ii) Second
Amendment to a Credit Line Deed of Trust, Fixture Filing and Security Agreement
with Assignment of Rents and Notice of Additional Commitment dated January 23,
2006 and recorded in the Official Records of Hancock County, West Virginia on
January 31, 2006 in Book 545 at Page 184 as Document No. 000635; and (iii)
Third Amendment to a Credit Line Deed of Trust, Fixture Filing and Security
Agreement with Assignment of Rents and Notice of Additional Commitment dated
March 27, 2005 and recorded in the Official Records of Hancock County, West
Virginia on March 30, 2006 in Book 548 at Page 139 as Document No. 001946; all
for the purpose of encumbering the MPI Real Property, MPI FF&E, MPI
Hotel/Casino Facilities and other Collateral described therein, as security for
the Bank Facilities and Borrowers’ payment and performance under each of the
Loan Documents (other than the Environmental Certificate) as such deed of trust
may be amended, modified, extended, renewed, restated, substituted or replaced
from time to time.

“MPI Deed of Trust
Restatement” shall mean an amendment and restatement of the MPI Deed of Trust
to be executed and delivered by MPI and Agent Bank, as of the Restatement Date,
in a form and substance acceptable to Agent Bank amending and restating the MPI
Deed of Trust for the purpose, among other things, of confirming its continued
security for payment and performance under the Bank Facilities.

“MPI Equipment
Leases and Contracts” shall mean the executed leases and purchase contracts
pertaining to the MPI FF&E wherein MPI is the lessee or vendee, as the case
may be, as set forth on that certain schedule marked “Schedule 4.16(a)”,
affixed to the Existing Credit Agreement and by this reference incorporated
herein and made a part hereof.

“MPI FF&E”
shall mean the furniture, fixtures and equipment and all gaming equipment and
devices which have been installed or are to be installed and used, owned or
leased by MPI in connection with the operation of the MPI Hotel/Casino
Facilities.

 34
 

 

“MPI Financing Statements” shall mean the Uniform Commercial Code
financing statements each naming MPI as the Debtor and filed: (i) in the Office
of the Secretary of State of the State of West Virginia on April 3, 2003 under
File No. 200300253709; and (ii) in the Office of the County Recorder of Hancock
County, West Virginia on April 2, 2003 under File No. 61-3854; all in order to
perfect the security interest granted to Agent Bank under the MPI Deed of Trust
and under other Security Documentation, all in accordance with requirements of
the West Virginia Uniform Commercial Code, as such financing statements may be
amended, modified, extended, renewed, restated, substituted or replaced from
time to time.

“MPI Hotel/Casino
Facilities” shall mean the racetrack, hotel and casino business and related
activities conducted on the MPI Real Property under the common law trade names
of the “Mountaineer Racetrack & Gaming Resort”, “Mountaineer Lodge” and “Woodview
Golf Course”.

“MPI Permitted
Encumbrances” shall mean, at any particular time: (i) liens for taxes,
assessments or governmental charges not then due and payable or not then
delinquent; (ii) statutory liens for labor and/or materials and liens for
taxes, assessments or governmental charges the validity of which, in either
instance, are being contested in good faith by Borrowers by appropriate
proceedings, and as provided in Sections 5.03 and 5.10 hereof, respectively,
provided that, Borrowers shall have maintained adequate reserves in accordance
with GAAP for payment of same; (iii) liens incurred or deposits made in
the ordinary course of business in connection with workers’ compensation,
unemployment insurance and other types of social security, or to secure the
performance of tenders, statutory obligations, surety and appeal bonds, bids,
leases, government contracts, trade contracts, performance and return-of-money
bonds and other similar obligations (exclusive of obligations for the payment
of borrowed money); (iv) leases or subleases granted to others (including,
without limitation, any Subsidiary) not interfering in any material respect
with the ordinary conduct of the business of the MPI Hotel/Casino Facilities; (v) liens
created or contemplated by the MPI Security Documents; (vi) the liens,
encumbrances and restrictions on the MPI Real Property and MPI FF&E which
are shown as exceptions on Schedule B of the applicable Title Insurance
Policy; (vii) liens consented to in writing by Agent Bank upon the approval of
Requisite Lenders, (viii) liens of legally valid capital leases and
purchase money security interests for MPI FF&E to the extent permitted by
Section 6.09(c); (ix) each and every easement, restriction, license
or right-of-way that (A) is hereafter granted to any Governmental Authority or
public utility providing services to the MPI Real Property and (B) does not
interfere in any material respect with the MPI Hotel/Casino facilities; and (x)
judgment liens, writs, warrants, levies, distraints, attachments and other
similar process which do not constitute an Event of Default.

 35
 

 

“MPI Real Property” shall mean the real property which is more
particularly described on that certain exhibit marked “Exhibit K”, affixed
hereto and by this reference incorporated herein and made a part hereof.

“MPI Security
Documents” shall mean collective
reference to the MPI Deed of Trust, MPI Assignment of Entitlements, Contracts,
Rents and Revenues, the MPI Financing Statements and all other documents,
instruments or agreements which are executed or delivered by or on behalf of
MPI and accepted by Agent Bank, on behalf of Lenders, as security for payment
of the Bank Facilities.

“MPI Spaceleases” shall mean the executed leases and concession
agreements pertaining to the MPI Hotel/Casino Facilities, or any portion
thereof, wherein MPI is the lessor, as set forth on that certain schedule
marked “Schedule 4.15(a)”, affixed to the Existing Credit Agreement and by
this reference incorporated herein and made a part hereof.

“MTR Harness”
shall mean MTR-Harness, Inc., a Minnesota corporation.

“MTRI” shall have the meaning ascribed to such
term in the Preamble of this Credit Agreement.

“MTRI Collateral”
shall mean collective reference to: (i) the Green Shingle Loan Documents
and the contract rights, leases, intangibles and other interests of MTRI which
are subject to the liens and security interests of the MTRI Security Documents;
(ii) all rights of MTRI presently assigned pursuant to the terms of the
MTRI Security Documents; and (iii) any and all other property and/or
intangible rights, interest or benefits inuring to or in favor of MTRI, which
are in any manner assigned, pledged, encumbered or otherwise hypothecated in
favor of Agent Bank on behalf of Lenders to secure payment of the Bank
Facilities.

“MTRI Financing Statement” shall mean the Uniform Commercial Code
financing statement naming MTRI as the Debtor and filed in the Office of the
Secretary of State of the State of Delaware on April 2, 2003 under File No.
3086554; in order to perfect the security interest granted to Agent Bank under
the MTRI Security Agreement and under other Security Documentation, all in
accordance with requirements of the Delaware Uniform Commercial Code, as such
financing statements may be amended, modified, extended, renewed, restated,
substituted or replaced from time to time.

“MTRI Permitted
Encumbrances” shall mean, at any
particular time, (i) liens for taxes, assessments or governmental charges not
then due and payable or not then delinquent, (ii) statutory liens for labor
and/or materials and liens for taxes, assessments or governmental charges the
validity of which, in either instance, are being 

 36
 

 

contested in good faith
by Borrowers by appropriate proceedings, and as provided in Sections 5.03
and 5.10 hereof, respectively, provided that, Borrowers shall have maintained
adequate reserves in accordance with GAAP for payment of same, (iii) liens
incurred or deposits made in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other types of social
security, or to secure the performance of tenders, statutory obligations,
surety and appeal bonds, bids, leases, government contracts, trade contracts,
performance and return-of-money bonds and other similar obligations (exclusive
of obligations for the payment of borrowed money); (iv) liens created or
contemplated by the MTRI Security Documents; (v) liens consented to in writing
by Agent Bank upon the approval of Requisite Lenders, (vi) liens of legally
valid capital leases and purchase money security interests for FF&E to the
extent permitted by Section 6.09(c); and (vii) judgment liens, writs,
warrants, levies, distraints, attachments and other similar process which do
not constitute an Event of Default.

“MTRI Security
Agreement” shall mean the Security Agreement executed by MTRI, as debtor, as of
March 28, 2003, pursuant to which, among other things, MTRI granted a blanket
security interest to Agent Bank in and to all personal property of MTRI
(including, without limitation, all right, title and interest of MTRI in, and
to, the Green Shingle Loan Documents), all as security for payment and
performance under the Bank Facilities, as such Security Agreement may be
renewed, extended, amended, restated, replaced, substituted or otherwise
modified from time to time.

“MTRI Security
Agreement Restatement” shall mean an amendment and restatement of the MTRI
Security Agreement to be executed and delivered by MTRI and Agent Bank, as of
the Restatement Date, in a form and substance acceptable to Agent Bank amending
and restating the MTRI Security Agreement for the purpose, among other things,
of confirming its continued security for payment and performance under the Bank
Facilities.

“MTRI Security
Documents” shall mean collective reference to the Stock Pledges, the MTRI
Security Agreement, the Green Shingle Perfection Items, the MTRI Financing
Statements and all other documents, instruments or agreements which are
executed or delivered by or on behalf of MTRI, and accepted by Agent Bank, on
behalf of the Lenders, as security for payment of the Bank Facilities.

“National City
Loan Documents” shall mean a collective reference to: (i) that certain
Commercial Note: Term Single Advance/Fixed (Ohio) dated April 1, 1999, executed
by SDI (prior to its merger with RAI) and payable to the order of National City
Bank (“NCB”) in the principal amount of Three Million One Hundred Three
Thousand Three Hundred Twenty-three Dollars and Fifty-six Cents ($3,103,323.56);
(ii) that certain Open-End Mortgage and Security Agreement, dated
September 24, 1990, by 

 37
 

 

and between the Borrower
and BancOhio National Bank (“BONB”) and recorded in the Official Records of
Franklin County, Ohio on September 24, 1990 in Volume 15852, at Page 109; (iii)
that certain Modification Agreement recorded in the Official Records of
Franklin County, Ohio on June 9, 1999 as Instrument No. 199906090146604 (the “Mortgage”);
and (iv) that certain Assignment of Open-End Mortgage, Assignment of Rents and
Security Agreement, dated August 8, 2003, by NCB (as the successor to BONB) to
National City Bank, successor by merger to National City Bank of Pennsylvania.

“Net Income” shall
mean with respect to the Borrower Consolidation for any fiscal period, the net
income of the Borrower Consolidation (determined without regard to any Insider
Non-Cash Loans, until such Insider Non-Cash Loans have been repaid) during such
fiscal period determined in accordance with GAAP.

“Net Proceeds”
shall mean the aggregate cash proceeds received by the Borrower Consolidation
in respect of (a) Capital Proceeds net of the direct costs relating to
such sale, transfer, conveyance or disposition of FF&E or other items of
Collateral, amounts required to be applied to the repayment of Indebtedness
secured by a Lien on the asset or assets that were the subject of such sale,
transfer, conveyance or disposition of FF&E or other items of Collateral
and all Indebtedness assumed by the purchaser in connection with such sale,
transfer, conveyance or disposition of FF&E or other items of Collateral
and all taxes paid or payable as a result of such sale, transfer, conveyance or
disposition, and (b) any Equity Offering issued by MTRI, in each case less all
costs, fees and expenses (including without limitation underwriting, placement,
financial advisory and similar fees and expenses) incurred in connection with
the issuance of such Equity Offering, but shall not include the proceeds of
Insider Cash Loan and Insider Non-Cash Loans, until such Insider Non-Cash Loans
have been repaid.

“Nevada Gaming
Authorities” shall mean, without limitation, the Nevada Gaming Commission and
the State Gaming Control Board and any other applicable governmental or
administrative state or local agency involved in the regulation of gaming and
gaming activities conducted by the Borrower Consolidation in the State of
Nevada.

“New Acquisition
Certifications” shall mean the requirements and certifications to be made by
Borrowers concurrently with the Acquisition of any real property to be added as
Collateral under the Bank Facilities, consisting of each of the following
(a) evidence that such additional real property and improvements located
thereon, if any, are protected by insurance coverages as required for Collateral
under Section 5.09, (b) certification that such additional real
property is not within an area designated as a one hundred (100) year flood
zone (or, in the alternative, that 

 38
 

 

Borrowers have obtained
sufficient flood insurance coverage to satisfy all applicable legal
requirements relating to encumbrance of property situated within such a flood
zone by Agent Bank), and (c) a Phase I Environmental Site Assessment
prepared in conformance with the scope and limitations of ASTM Standard
Designation E 1527-93, approved by Agent Bank, with a remediation plan, if
required, that has been approved by the applicable Governmental Authorities and
Agent Bank, or in the absence of such requirement as approved by Agent Bank.

“New Venture”
means collective reference to each other casino, hotel, casino/hotel,
resort, casino/resort, riverboat casino, dock casino, dog or horse racing
business, entertainment center or similar facility (or any site or proposed
site for any of the foregoing or entity that provides management or other
services or goods to any of the foregoing) owned in whole by any member of the
Borrower Consolidation (including each Restricted Subsidiary created in
accordance with Section 5.27).

“New Venture
Investment” shall mean any Investment made by the Borrower Consolidation in or
to any New Venture following the Restatement Date, but shall not include the
Expansion Capital Expenditures to the extent permitted under
Section 6.07(b).

“New Venture
Investments” shall mean collective reference to each and every New Venture
Investment.

“Non-Consenting
Lender” shall have the meaning ascribed to such term in Section 10.01.

“Non Essential
Property” shall mean individual reference and “Non Essential Properties” shall
mean collective reference to the real properties that have been deemed
non-essential to the business operations of the Borrower Consolidation, as
shown on the Schedule of Non Essential Properties.

“Non Pro Rata
Borrowing” means a Borrowing with respect to which fewer than all Lenders have
funded their respective Pro Rata Shares of such Borrowing and the failure of
the non-funding Lender or Lenders to fund its or their respective Pro Rata
Shares of such Borrowing constitutes a breach of this Credit Agreement.

“North Metro”
shall mean North Metro Harness Initiative, LLC, a Minnesota limited liability
company.

“Notes” shall mean
collective reference to the Revolving Credit Note and the Swingline Note.

 39
 

 

“Notice” shall
have the meaning ascribed to such term in Section 10.03(b).

“Notice of
Borrowing” shall have the meaning set forth in Section 2.03.

“Notice of
Swingline Advance” shall have the meaning set forth in Section 2.08(b).

“Obligations”
means, from time to time, all Indebtedness of Borrowers owing to Agent Bank,
any Lender or any Person entitled to indemnification pursuant to
Section 5.14, or any of their respective successors, transferees or
assigns, of every type and description, whether or not evidenced by any note,
guaranty or other instrument, arising under or in connection with this Credit
Agreement, any other Loan Document or any Interest Rate Hedge, whether or not
for the payment of money, whether direct or indirect (including those acquired
by assignment), absolute or contingent, due or to become due, now existing or
hereafter arising and however acquired. 
The term includes, without limitation, all interest, charges, expenses,
fees, reasonable attorneys’ fees and disbursements, reasonable fees and
disbursements of expert witnesses and other consultants, and any other sum now
or hereinafter chargeable to Borrowers under or in connection with Credit
Agreement or any other Loan Document. 
Notwithstanding the foregoing definition of “Obligations”, Borrowers’
obligations under any environmental indemnity agreement constituting a Loan
Document, or any environmental representation, warranty, covenant, indemnity or
similar provision in this Credit Agreement or any other Loan Document, shall be
secured by the Collateral only to the extent, if any, specifically provided in
the Security Documentation.

“Occupancy Date” shall mean the
date upon which the PIDI Casino Project, the PIDI Racetrack Project or each
Material Future Project, as the context may require, is legally open for
business and ready for occupancy by the general public as provided for in the
applicable Plans and Specifications.

“Ohio Licensing
Event” shall mean (i) legislation providing for the operation of Gaming Devices
at racetracks has been passed by the Ohio legislature and signed into law by
the governor of the State of Ohio (or becomes law by other means), and
(ii) SDI becomes entitled to operate Gaming Devices and receives a license
from the State of Ohio to operate Gaming Devices at the SDI Facility.

“Opening Date” shall mean the
date upon which the PIDI Casino Project, the PIDI Racetrack Project or each
Material Future Project, as the context may require, is open for use and
occupancy by the public.

“Original Closing
Date” shall mean March 28, 2003.

 40
 

 

“Out of Balance”
as of any date of determination shall mean the In Balance Calculation has
demonstrated that the sum of the Construction Completion Costs of each
Construction Project for which the Completion Date has not occurred are in
excess of the sum of:

a.                                       The
Available Borrowings;

b.                                      Plus,
Excess Cash On Hand;

c.                                       Plus,
Projected Free Cash Flow; and

d.                                      Plus,
the aggregate amount of Available FF&E Financing.

“Penn Settlement
Agreement” shall mean the Settlement Agreement dated June 2003, executed
among Penn National Gaming, Inc., The Downs Racing, Inc., Penn National
Racecourse, Mountainview Thoroughbred Racing Association, Pennsylvania National
Turf Club, Inc., MTRI and PIDI under the terms of which, amongst other
provisions, MTRI has agreed to purchase the Downs Assets for the sum of Seven
Million Dollars ($7,000,000.00) upon the occurrence of pari-mutual wagering or
commencement of gaming activities in Erie, Pennsylvania, all as more
particularly set forth therein.

“Pennsylvania
Gaming Authorities” shall mean the PGCB and any other applicable governmental
or administrative state or local agency involved in the regulation of gaming
and gaming activities conducted by the Borrower Consolidation in the
Commonwealth of Pennsylvania.

“Pension Plan”
means any “employee pension benefit plan” (other than a “multi-employer plan”
as defined in Title IV of ERISA which is maintained by any Person which is not
a member of the Borrower Consolidation) that is subject to Title IV of ERISA
and which is maintained for employees of Borrowers or any of its ERISA
Affiliates.

“Permitted
Encumbrances” shall mean collective reference to the MPI Permitted
Encumbrances, SGLVI Permitted Encumbrances, the MTRI Permitted Encumbrances,
SDI Permitted Encumbrances, PIDI Permitted Encumbrances, SGFI Permitted
Encumbrances, the Troyer/Maffeo/IP Permitted Encumbrances and the Restricted
Subsidiary Permitted Encumbrances.

“Person” means an
individual, firm, corporation, limited liability company, trust, association,
partnership, joint venture, tribunal or other entity.

 41
 

 

“PGCB” shall mean
the Pennsylvania Gaming Control Board.

“PGCB Regulations”
shall mean the rules and regulations of the Pennsylvania Gaming Control Board.

“PIDI” shall have
the meaning ascribed to such term in the Preamble of this Credit Agreement.

“PIDI Assignment of Entitlements, Contracts, Rents and Revenues” shall
mean the assignment to be executed by PIDI as of the Restatement Date pursuant
to which PIDI shall presently assign to Agent Bank in consideration of the Bank
Facilities (reserving a revocable license to retain use and enjoy):
(a) all of its right, title and interest under all PIDI Spaceleases and
PIDI Equipment Leases and Contracts relating to the PIDI Facility; (b) all
of its right, title and interest in and to all permits, licenses and contracts
relating to the PIDI Facility, except Gaming Permits and except those permits,
licenses and contracts which are unassignable; and (c) all rents, issues,
profits, revenues and income from the PIDI Real Property, from the operation of
the PIDI Facility and from any other business activity conducted on the PIDI
Real Property, as such assignment may be amended, modified, extended, renewed,
restated, substituted or replaced from time to time.

“PIDI Casino
Completion Date” shall mean the occurrence of the Completion Date of the PIDI
Casino Project.

“PIDI Casino Project” shall mean the component of the PIDI Construction
Project for the construction of the casino and related appurtenances at the
PIDI Real Property.

“PIDI Collateral”
shall mean collective reference to: (i) all of the PIDI Real Property and
PIDI FF&E and the contract rights, leases, intangibles and other interests
of PIDI which are subject to the liens and security interests of the PIDI
Security Documents; (ii) all rights of PIDI presently assigned pursuant to
the terms of the PIDI Security Documents; and (iii) any and all other
property and/or intangible rights, interest or benefits inuring to or in favor
of PIDI, which are in any manner assigned, pledged, encumbered or otherwise
hypothecated in favor of Agent Bank on behalf of Lenders to secure payment of
the Bank Facilities.

“PIDI Construction
Project” shall mean the project, as may be proposed by Borrowers, for the
construction and development of the PIDI Facility in accordance with plans and
specifications and budget analysis to be provided to Agent Bank and Lenders’ 

 42
 

 

Consultant in accordance
with Section 5.29, consisting of the PIDI Casino Project and the PIDI
Racetrack Project.

“PIDI Equipment
Leases and Contracts” shall mean the executed leases and purchase contracts
pertaining to the PIDI FF&E wherein PIDI is the lessee or vendee, as the
case may be, as set forth on that certain schedule marked “Schedule 4.16(d)”,
affixed to the Existing Credit Agreement and by this reference incorporated
herein and made a part hereof.

“PIDI Facility”
shall mean the real property, improvements and appurtenances proposed to be
constructed by PIDI in Erie County, Pennsylvania, including, without
limitation, a new thoroughbred horse race track to be known as “Presque Isle
Downs”, and further including, without limitation, after the occurrence of the
PIDI Licensing Event, casino and gaming facilities and related appurtenances.

“PIDI FF&E”
shall mean the furniture, fixtures and equipment and all gaming equipment and
devices which have been installed or are to be installed and used, owned or
leased by PIDI in connection with the operation of the PIDI Facility.

“PIDI Financing Statements” shall mean the Uniform Commercial Code
financing statements each naming PIDI as the Debtor: (i) filed in the Office of
the Secretary of State of the State of Pennsylvania on March 22, 2006
under File No. 2006032701046; and (ii) to be filed in the Office of the County
Recorder of Erie County, Pennsylvania on the Restatement Date; all in order to
perfect the security interest granted to Agent Bank under the PIDI Mortgage and
under other Security Documentation, all in accordance with requirements of the
Pennsylvania Uniform Commercial Code, as such financing statements may be
amended, modified, extended, renewed, restated, substituted or replaced from time
to time.

“PIDI License
Letter of Credit” shall mean the Irrevocable Standby Letter of Credit
No. NZS560832 dated December 27, 2005, in favor of the Commonwealth
of Pennsylvania in the amount of Fifty Million Dollars ($50,000,000.00).

“PIDI Licensing
Event” shall mean (i) the Commonwealth of Pennsylvania has issued a
license to PIDI for the operation of Gaming Devices and the conduct of gambling
and games of chance at the PIDI Facility, (ii) PIDI has paid all licensing
fees necessary for the issuance of such license, and (iii) the
Commonwealth of Pennsylvania has terminated the PIDI License Letter of Credit
and has returned the original thereof to the L/C Issuer.

“PIDI Mortgage” shall mean the Open-End Mortgage, Assignment of Rents,
Security Agreement and Fixture Filing executed by PIDI, dated as of January 19,
2006, for 

 43
 

 

the
benefit of Agent Bank, and recorded in the Official Records of Erie County,
Pennsylvania on January 31, 2006 in Book 1303, at Page 1164 as Document No.
002987 as amended by that certain First Amendment to Open-End Mortgage,
Assignment of Rents, Security Agreement and Fixture Filing, dated as of March
28, 2006, and recorded in the Official Records of Erie County, Pennsylvania on
March 30, 2006, in Book 1315, at Page 2178, as Document No. 686800; all for the
purpose of encumbering the PIDI Real Property, PIDI FF&E, PIDI Facility and
other Collateral described therein, as security for the Bank Facilities and
Borrowers’ payment and performance under each of the Loan Documents (other than
the Environmental Certificate) as such mortgage may be amended, modified,
extended, renewed, restated, substituted or replaced from time to time.

“PIDI Mortgage
Restatement” shall mean an amendment and restatement of the PIDI Mortgage to be
executed and delivered by PIDI and Agent Bank, as of the Restatement Date, in a
form and substance acceptable to Agent Bank amending and restating the PIDI
Mortgage for the purpose, among other things, of confirming its continued
security for payment and performance under the Bank Facilities.

“PIDI Permitted
Encumbrances” shall mean, at any particular time: (i) liens for taxes,
assessments or governmental charges not then due and payable or not then
delinquent; (ii) statutory liens for labor and/or materials and liens for taxes,
assessments or governmental charges the validity of which, in either instance,
are being contested in good faith by Borrowers by appropriate proceedings, and
as provided in Sections 5.03 and 5.10 hereof, respectively, provided that,
Borrowers shall have maintained adequate reserves in accordance with GAAP for
payment of same; (iii) liens incurred or deposits made in the ordinary
course of business in connection with workers’ compensation, unemployment
insurance and other types of social security, or to secure the performance of
tenders, statutory obligations, surety and appeal bonds, bids, leases,
government contracts, trade contracts, performance and return-of-money bonds
and other similar obligations (exclusive of obligations for the payment of
borrowed money); (iv) leases or subleases granted to others (including, without
limitation, any Subsidiary) not interfering in any material respect with the
ordinary conduct of the business of the PIDI Hotel/Casino Facilities;
(v) liens created or contemplated by the PIDI Security Documents; (vi) the
liens, encumbrances and restrictions on the PIDI Real Property and PIDI
FF&E which are shown as exceptions on Schedule B of the PIDI Title
Insurance Policy; (vii) liens consented to in writing by Agent Bank upon the approval
of Requisite Lenders, (viii) liens of legally valid capital leases and
purchase money security interests for PIDI FF&E to the extent permitted by
Section 6.10(c); (ix) each and every easement, restriction, license
or right-of-way that (A) is hereafter granted to any Governmental Authority or
public utility providing services to the PIDI Real Property and (B) does not
interfere in any material respect with the PIDI Facility; and (x) judgment
liens, writs, 

 44
 

 

warrants, levies,
distraints, attachments and other similar process which do not constitute an
Event of Default.

“PIDI Racetrack Completion Date” shall mean the occurrence of the
Completion Date of the PIDI Racetrack Project.

“PIDI Racetrack Project” shall mean the component of the PIDI
Construction Project for the construction of the thoroughbred horse racetrack
and related appurtenances at the PIDI Real Property.

“PIDI Real Property” shall mean the real property which is particularly
described on Exhibit N, affixed hereto.

“PIDI Security
Documents” shall mean collective
reference to the PIDI Mortgage, PIDI Assignment of Entitlements, Contracts,
Rents and Revenues, the PIDI Financing Statements and all other documents,
instruments or agreements which are executed or delivered by or on behalf of
PIDI and accepted by Agent Bank, on behalf of Lenders, as security for payment
of the Bank Facilities.

“PIDI Spaceleases” shall mean the executed leases and
concession agreements pertaining to the PIDI Facility, or any portion thereof,
wherein PIDI is the lessor, as set forth on that certain schedule marked “Schedule 4.15(d)”,
affixed to the Existing Credit Agreement and by this reference incorporated
herein and made a part hereof.

“Plans and Specifications” shall mean the plans and specifications for
the development and construction of a Construction Project prepared by the
applicable Architect and the Architect’s consultants, as such plans and
specifications may be amended from time to time.  Said plans and specifications shall include,
but not be limited to, all plans, layouts sketches, diagrams, elevations,
drawings, specifications, lists, and all other reports, data and plans prepared
by such Architect and such Architect’s consultants in connection with the
exterior and interior components, equipment and furnishing of the Construction
Project.

“Platform” shall have the meaning ascribed to such term in
Section 10.03(a).

“Policies of
Insurance” shall mean the insurance to be obtained and maintained by Borrowers
throughout the term of this Credit Agreement as provided by Section 5.09
herein.

 45

 

“Prime Rate” means
at any time, and from time to time, the rate of interest most recently
announced within WFB at its principal office in San Francisco, California, as
its “Prime Rate”, with the understanding that WFB’s “Prime Rate” is one of its
base rates and serves as the basis upon which effective rates of interest are
calculated for those loans and extensions of credit making reference thereto,
and is evidenced by the recording thereof after its announcement in such
internal publication or publications as WFB may designate.  Each change in the Prime Rate shall be
effective on the day the change is announced within WFB.

“Principal
Prepayments” shall have the meaning set forth in Section 2.07(a) of this
Credit Agreement.

“Pro Rata” or “Pro
Rata Share” shall mean, with respect to any Lender, a percentage equal to such
Lender’s Syndication Interest in the Credit Facility as set forth on the
Schedule of Lenders’ Proportions in Credit Facility.

“Project Development Budget” shall mean with reference to each Construction
Project, the detailed line item budget showing in detail to the satisfaction of
Agent Bank the anticipated costs of the developing, constructing, furnishing
and equipping the applicable Construction Project, including the cost of gaming
devices, slot machines and other FF&E to be used in connection therewith
and including all items shown on the General Contractor’s Budget and Borrower
Construction Budget.

“Projected Free
Cash Flow” shall be determined by the following calculation:

Free Cash Flow determined for the applicable twelve
(12) month period under review shall be divided by 12. The quotient shall be
multiplied by 21.  The product shall be
deemed the amount of Free Cash Flow as of the end of the applicable calendar
month.

“Protective
Advance” means all sums expended as determined by Agent Bank to be necessary
to: (a) protect the priority, validity and enforceability of the Security
Documentation on, and security interests in, any Collateral and the instruments
evidencing or securing the Obligations, or (b) prevent the value of any
Collateral from being materially diminished (assuming the lack of such a
payment within the necessary time frame could potentially cause such Collateral
to lose value), or (c) protect any of the Collateral from being materially
damaged, impaired, mismanaged or taken, including, without limitation, any
amounts expended in accordance with Section 10.20 or post-foreclosure
ownership, maintenance, operation or marketing of any Collateral.

 46
 

 

“Purchasing Lender”
shall have the meaning ascribed to such term in Section 10.01.

“Qualified
Appraisal” shall mean reference to an appraisal or appraisals of the
Hotel/Casino Facilities and Collateral, or any portion thereof, acceptable to
Agent Bank, prepared at Borrowers’ expense in compliance with FIRREA by an
appraiser acceptable to Agent Bank, with sufficient copies delivered to Agent
Bank for distribution to each of the Lenders.

“RAI” shall mean
Racing Acquisition, Inc., an Ohio corporation that was merged into SDI.

“Rate Adjustment
Date” shall mean the first (1st) day of the third (3rd) month immediately following each Fiscal
Quarter end.

“Reduction Date(s)”
shall mean reference to each date or the dates, as the context may require upon
which the Aggregate Commitment is reduced by a Scheduled Reduction as set forth
on the Aggregate Commitment Reduction Schedule.

“Regulatory
Redemption” shall have the meaning ascribed to the term “Required Regulatory
Redemption” in Section 3.9 of the Senior Unsecured Indenture.

“Related Entities”
shall mean collective reference to all stockholders, employees, Affiliates and
Subsidiaries of the Borrowers, or any of them, other than another Borrower.

“Replacement
Note(s)” shall have the meaning set forth in Section 2.05(i) of the Credit
Agreement.

“Reportable Event”
shall mean any of the events described in Section 4043(b) of ERISA, other
than an event for which the thirty (30) day notice requirement is waived by
regulations.

“Requisite Lenders”
means, as of any date of determination prior to the occurrence of an Event of
Default, Lenders holding Syndication Interests equal to or in excess of 50.1%
of the Credit Facility; and at all times during which an Event of Default has
occurred and remains continuing, Lenders holding a percentage equal to or in excess
of 50.1% of the Funded Outstandings; provided  that, (i) in
determining such percentage at any given time, all then existing Defaulting
Lenders will be disregarded and excluded and the Pro Rata Shares of Lenders
shall be redetermined, for voting purposes only, to exclude the Pro Rata Shares
of such Defaulting Lenders, and (ii) notwithstanding the foregoing, at all
times when two or more Lenders are party to 

 47
 

 

this Credit Agreement,
the term Requisite Lenders shall in no event mean less than two (2) Lenders.

“Restatement
Closing Disbursements” shall have the meaning set forth by Section 2.02(a).

“Restatement
Closing Instructions” shall mean instructions from Agent Bank to the Title
Insurance Company setting forth the terms and conditions under which the Title
Insurance Modification Endorsements are to be issued.

“Restatement Date”
shall mean the date upon which: (i) each requirement set forth in Article IIIA
of this Credit Agreement has been satisfied or waived and (ii) the Security
Documentation have each been filed and/or recorded in accordance with and in
the manner required by the Restatement Closing Instructions.

“Restricted
Subsidiary” shall mean a wholly owned Subsidiary of MTRI (other than MPI,
SGLVI, PIDI, SDI and SGFI) which: (a) has not incurred any Indebtedness
other than in connection with a Subsidiary Guaranty, guaranties issued in
connection with the Senior Unsecured Notes, and accrued expenses, tax
liability, deferred taxes and trade accounts payable less than ninety (90) days
past due and other accrued or deferred liabilities incurred in the ordinary
course of business, (b) is not subject to any Liens except Restricted
Subsidiary Permitted Encumbrances and in connection with a Restricted
Subsidiary Stock Pledge, (c) has executed and delivered to Agent Bank a
Subsidiary Guaranty and has executed and delivered to Agent Bank such security
instruments, mortgages, ship mortgages and other documents as Agent Bank may
reasonably require for the purpose of adding its assets, real and personal, as
additional Collateral securing repayment of the Bank Facilities and the
Subsidiary Guaranty, (d) all of the stock or other evidence of ownership
thereof has been pledged in favor of Agent Bank by a Restricted Subsidiary
Security Agreement, and (e) has been designated by MTRI to be a Restricted
Subsidiary by written notice thereof to Agent Bank.  MTR shall not redesignate a Restricted
Subsidiary as an Unrestricted Subsidiary without the prior written consent of
the Agent Bank, or if in the opinion of Agent Bank such redesignation is
material or in any manner adverse to the Borrower Consolidation, or any of
them, or the Lenders, without the prior written consent of Requisite Lenders,
which consent of Agent Bank or Requisite Lenders, as applicable, shall not be
unreasonably withheld, so long as: (i) no Default or Event of Default has
occurred and remains continuing, and (ii) giving effect to such
redesignation as of the end of the most recently ended Fiscal Quarter on a pro
forma basis, no Default or Event of Default would exist under the Financial
Covenants.

“Restricted
Subsidiary Permitted Encumbrances” shall mean, at any particular time with
respect to a Restricted Subsidiary, (i) Liens for taxes, assessments 

 48
 

 

or governmental charges
not then due, payable and delinquent, (ii) statutory Liens for labor or
materials or liens for taxes, assessments or governmental charges not then
required to be paid pursuant to Section 5.10, (iii) Liens in favor of
Agent Bank or any Lender created or contemplated by the Security Documentation,
(iv) Liens consented to in writing by Agent Bank upon the approval of Requisite
Lenders, (v) Liens of legally valid capital leases and purchase money
security interests for acquired FF&E up to the maximum amount permitted
under Section 6.09(c), and only to the extent of the lesser of the
purchase money loan or the fair market value of the acquired FF&E at the
time of the acquisition thereof, (vi) Liens of legally valid leases for
FF&E, (vii) easements, licenses or rights-of-way, now existing or hereafter
granted to any Governmental Authority or public utility providing services to
the Restricted Subsidiary or Restricted Subsidiary Venture, (viii) judgment and
attachment Liens which do not constitute an Event of Default,
(ix) statutory or other Liens of landlords and Liens of carriers,
warehousemen, mechanics, customs and revenue authorities and materialmen and
other similar Liens imposed by law incurred in the ordinary course of business
which could not reasonably be expected to cause a Material Adverse Change and
which are discharged in accordance with Section 5.04, (x) Liens
incurred or deposits made in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other types of social
security, or to secure the performance of tenders, statutory obligations,
surety and appeal bonds, bids, leases, government contracts, trade contracts,
performance and return-of-money bonds and other similar obligations;
(xi) leases or subleases granted to others not interfering in any material
respect with the ordinary conduct of the business of such Restricted
Subsidiary; (xii) the replacement or renewal of any Lien otherwise
permitted hereunder; (xiii) minor defects, encroachments or irregularities
in title not interfering in any material respect with the ordinary conduct of
the business of such Restricted Subsidiary; and (xiv) Liens in existence
at the time of acquisition or designation of any Restricted Subsidiary, so long
as such Lien is not created or perfected in contemplation of such acquisition
or designation.

“Restricted
Subsidiary Stock Pledge” shall mean the Security Agreement and Pledge Agreement
in substantially the form of the Stock Pledges, and in any case to the
reasonable satisfaction of Agent Bank, to be executed by MTRI in favor of Agent
Bank on behalf of the Banks for the purpose of pledging and granting a security
interest in the capital stock and other interests which it may have in any
Restricted Subsidiary, as it may be amended, modified, supplemented, extended,
renewed or restated from time to time.

“Restricted
Subsidiary Venture” shall mean a New Venture wholly owned by a Restricted
Subsidiary.

“Revolving Credit
Note” shall mean the Revolving Credit Note, a copy of which is marked “Exhibit A”,
affixed hereto and by this reference incorporated herein 

 49
 

 

and made a part hereof,
to be executed by Borrowers on the Restatement Date, payable to the order of
Agent Bank on behalf of the Lenders, evidencing the Credit Facility, as may be
amended, modified, extended, renewed, restated or replaced in whole or in part
from time to time, including, without limitation, each Replacement Note or
Replacement Notes issued to one or more of the Lenders pursuant to
Section 2.05(i) evidencing the respective Syndication Interest of such
Lender or Lenders.

“Revolving Credit
Period” shall mean the period commencing on the Restatement Date and
terminating on the Maturity Date.

“Schedule of
Lenders’ Proportions in Credit Facility” shall mean the Schedule of Lenders’
Proportions in Credit Facility, a copy of which is marked “Schedule 2.01(a)”,
affixed hereto and by this reference incorporated herein and made a part
hereof, setting forth the respective Syndication Interest and maximum amount to
be funded under the Credit Facility by each Lender, as the same may be amended,
modified or restated from time to time in connection with an Assignment and
Assumption Agreement.

“Schedule of Non
Essential Properties” shall mean the Schedule of Non Essential Properties, a
copy of which is set forth as Schedule 6.12(g), affixed hereto and by this
reference incorporated herein and made a part hereof, setting forth a
description of each of the Non Essential Properties.

“Schedule of
Restricted and Unrestricted Subsidiaries” shall mean the Schedule of Restricted
and Unrestricted Subsidiaries, a copy of which is set forth as Schedule 4.24,
affixed hereto and by this reference incorporated herein and made a part
hereof, setting forth the information described in Section 4.24 with respect to
each Restricted and Unrestricted Subsidiary which exists as of the Restatement
Date.

“Schedule of
Significant Litigation” shall mean the Schedule of Significant Litigation, a
copy of which is set forth as Schedule 3.18, affixed hereto and by this
reference incorporated herein and made a part hereof, setting forth the
information described in Section 3.18 with respect to each Significant
Litigation.

“Scheduled Reduction Payment” shall mean for any Fiscal Quarter, the
amount, if any, by which the highest amount of Aggregate Outstandings during
such Fiscal Quarter exceeds the amount of the Aggregate Commitment as reduced
by any Scheduled Reduction required to be made to such Aggregate Commitment at
the end of such Fiscal Quarter.

 50
 

 

“Scheduled
Reductions” shall mean the amount by which the Aggregate Commitment is reduced
on each Reduction Date as set forth on the Aggregate Commitment Reduction
Schedule.

“SDI” shall mean
Scioto Downs, Inc., an Ohio corporation.

“SDI Assignment of Entitlements, Contracts, Rents and Revenues” shall
mean the assignment to be executed by SDI as of the Restatement Date pursuant
to which, SDI shall presently assign to Agent Bank in consideration of the Bank
Facilities (reserving a revocable license to retain use and enjoy):
(a) all of its right, title and interest under all SDI Spaceleases and SDI
Equipment Leases and Contracts relating to the SDI Facility; (b) all of
its right, title and interest in and to all permits, licenses and contracts
relating to the SDI Facility, except Gaming Permits and except those permits,
licenses and contracts which are unassignable; and (c) all rents, issues,
profits, revenues and income from the SDI Real Property, from the operation of
the SDI Facility and from any other business activity conducted on the SDI Real
Property, as such assignment may be amended, modified, extended, renewed,
restated, substituted or replaced from time to time.  The SDI Assignment of Entitlements,
Contracts, Rents and Revenues shall supercede the Assignment of Entitlements,
Contracts, Rents and Revenues executed by SDI, in favor of Agent Bank and dated
as of August 5, 2003.

“SDI
Collateral” shall mean collective reference to: (i) all of the SDI Real
Property, SDI FF&E, and the contract rights, leases, intangibles and other
interests of SDI, which are subject to the liens and security interests of the
SDI Security Documents; (ii) all rights of SDI presently assigned pursuant
to the terms of the SDI Security Documents; and (iii) any and all other
property and/or intangible rights, interest or benefits inuring to or in favor
of SDI, which are in any manner assigned, pledged, encumbered or otherwise
hypothecated in favor of Agent Bank on behalf of Lenders to secure payment of
the Bank Facilities.

“SDI Construction
Project” shall mean the expansion project, as may be proposed by Borrowers, for
the construction and development of additional improvements at the SDI Facility
in accordance with plans and specifications and budget analysis to be provided
to Agent Bank and Lenders’ Consultant in accordance with Section 5.29.

“SDI Equipment
Leases and Contracts” shall mean the executed leases and purchase contracts
pertaining to the SDI FF&E wherein SDI is the lessee or vendee, as the case
may be, as set forth on that certain schedule marked “Schedule 4.16(c)”,
affixed to the Existing Credit Agreement and by this reference incorporated
herein and made a part hereof.

 51
 

 

“SDI Facility”
shall mean the real property, improvements and appurtenances located in
Columbus, Ohio, owned by SDI, on which SDI owns and operates a harness horse
racing facility with pari mutual wagering known as “Scioto Downs”.

“SDI FF&E”
shall mean the furniture, fixtures and equipment and all gaming equipment and
devices which have been installed or are to be installed and used, owned or
leased by SDI in connection with the operation of the SDI Facility.

“SDI Financing Statements” shall mean the Uniform Commercial Code
financing statements each naming SDI as the Debtor and filed: (i) in the Office
of the Secretary of State of the State of Ohio on September 2, 2003 under File
No. OH00067996078; and (ii) in the Office of the County Recorder of Franklin
County, Ohio on August 8, 2003 under File No. 2003080251653; all in order to
perfect the security interest granted to Agent Bank under the SDI Mortgage and
under other Security Documentation, all in accordance with requirements of the
Ohio Uniform Commercial Code, as such financing statements may be amended,
modified, extended, renewed, restated, substituted or replaced from time to
time.

“SDI Mortgage” shall mean the Open-End Mortgage, Assignment of Rents,
Security Agreement and Fixture Filing executed by SDI, dated as of August 5,
2003, for the benefit of Agent Bank, and recorded in the Official Records of
Franklin County, Ohio on August 8, 2003 as Instrument No. 200308080251649 as
amended by: (i) that certain First Amendment to Open-End Mortgage, Assignment
of Rents, Security Agreement and Fixture Filing, dated as of December 27,
2005 and recorded in the Official Records of Franklin County, Ohio on December 29,
2005, as Instrument No. 200512290273329; and (ii) that certain Second
Amendment to Open-End Mortgage, Assignment of Rents, Security Agreement and
Fixture Filing, dated as of March 28, 2006, and recorded in the Official
Records of Franklin County, Ohio on March 30, 2006, as Instrument No.
200603300059146, all for the purpose of encumbering the SDI Real Property, SDI
FF&E, SDI Facility and other Collateral described therein, as security for
the Bank Facilities and Borrowers’ payment and performance under each of the
Loan Documents (other than the Environmental Certificate) as such deed of trust
may be amended, modified, extended, renewed, restated, substituted or replaced
from time to time.

“SDI Permitted
Encumbrances” shall mean, at any particular time: (i) liens for taxes,
assessments or governmental charges not then due and payable or not then
delinquent; (ii) statutory liens for labor and/or materials and liens for
taxes, assessments or governmental charges the validity of which, in either
instance, are being contested in good faith by Borrowers by appropriate
proceedings, and as provided in Sections 5.03 and 5.10 hereof,
respectively, provided that, Borrowers shall have maintained adequate reserves
in accordance with GAAP for payment of same; (iii) liens incurred or
deposits 

 52
 

 

made in the ordinary
course of business in connection with workers’ compensation, unemployment
insurance and other types of social security, or to secure the performance of
tenders, statutory obligations, surety and appeal bonds, bids, leases,
government contracts, trade contracts, performance and return-of-money bonds
and other similar obligations (exclusive of obligations for the payment of
borrowed money); (iv) leases or subleases granted to others (including, without
limitation, any Subsidiary) not interfering in any material respect with the
ordinary conduct of the business of the SDI Hotel/Casino Facilities;
(v) liens created or contemplated by the SDI Security Documents; (vi) the
liens, encumbrances and restrictions on the SDI Real Property and SDI FF&E
which are shown as exceptions on Schedule B of the applicable Title
Insurance Policy, including, without limitation, the National City Loan
Documents; (vii) liens consented to in writing by Agent Bank upon the approval
of Requisite Lenders, (viii) liens of legally valid capital leases and
purchase money security interests for SDI FF&E to the extent permitted by
Section 6.09(c); (ix) each and every easement, restriction, license
or right-of-way that (A) is hereafter granted to any Governmental Authority or
public utility providing services to the SDI Real Property and (B) does not
interfere in any material respect with the SDI Facility; and (x) judgment
liens, writs, warrants, levies, distraints, attachments and other similar process
which do not constitute an Event of Default.

“SDI Real Property”
shall mean the real property which is more particularly described on that
certain exhibit marked “Exhibit M”, affixed hereto and by this reference
incorporated herein and made a part hereof.

“SDI Security
Documents” shall mean collective reference to the SDI Mortgage, SDI Assignment
of Entitlements, Contracts, Rents and Revenues, the SDI Financing Statements
and all other documents, instruments or agreements which are executed or
delivered by or on behalf of SDI, and accepted by Agent Bank, on behalf of the
Lenders, as security for payment of the Bank Facilities.

“SDI Spaceleases” shall mean the executed leases and
concession agreements pertaining to the SDI Facility, or any portion thereof,
wherein SDI is the lessor, as set forth on that certain schedule marked “Schedule 4.15(c)”,
affixed to the Existing Credit Agreement and by this reference incorporated
herein and made a part hereof.

“SEC” shall mean
Securities and Exchange Commission.

“Secured Interest
Rate Hedge(s)” shall mean any Interest Rate Hedge entered into between any
Borrower and any Lender, or Affiliate of any Lender, which is secured by the
Security Documentation.

 53
 

 

“Securities Act”
shall mean the Securities Act of 1933, as amended.

“Security Document
Amendments” shall mean collective reference to the amendment documents to be
delivered on or before the Restatement Date under Section 3.03.

“Security
Documentation” shall mean a collective reference to the MPI Security Documents,
SGLVI Security Documents, the MTRI Security Documents, the SDI Security
Documents, the PIDI Security Documents, the Troyer/Maffeo Mortgage, the IP
Mortgage, the Trademark Security Agreement and all other instruments and
agreements to be executed by or on behalf of Borrowers or other applicable
Persons, in favor of Agent Bank on behalf of the Lenders securing repayment on
the Bank Facilities.

“Senior Indenture Trustee” shall mean Wells Fargo Bank Minnesota,
National Association or its successor.

“Senior Officer”
shall mean each of (a) the president and (b) the chief financial
officer of MTRI as an Authorized Officer on behalf of the Borrower
Consolidation.

“Senior Secured
Leverage Ratio” as of the end of any Fiscal Quarter shall mean the ratio
resulting by dividing (a) Total Senior Secured Funded Debt for the Fiscal
Quarter under review by (b) sum of Annualized EBITDA determined as of the end
of such Fiscal Quarter.

“Senior
Subordinated Indenture” shall mean that certain Indenture dated as of
May 25, 2006, executed by and among MTRI, as issuer, MPI, SGLVI, PIDI, SDI
and SGFI, as guarantors, each other Subsidiary of MTRI that is or becomes a
guarantor thereunder, and the Subordinated Indenture Trustee, as trustee,
pursuant to which MTRI issued the Senior Subordinated Notes.

“Senior
Subordinated Indenture Trustee” shall mean Wells Fargo Bank, N.A., as trustee or its successor.

“Senior
Subordinated Notes” shall mean at any time the issued and outstanding 9%
unsecured Senior Subordinated Notes due June 1, 2012, in the aggregate
principal amount of One Hundred Twenty-Five Million Dollars ($125,000,000.00).

“Senior Unsecured
Indenture” shall mean that certain Indenture dated as of March 25, 2003,
executed by and among MTRI, as issuer, MPI, SGLVI and PIDI, as guarantors, each
other Subsidiary of MTRI that is or becomes a guarantor thereunder, 

 54
 

 

and the Indenture
Trustee, as trustee, pursuant to which MTRI issued the Senior Unsecured Notes.

“Senior Unsecured
Notes” shall mean at any time the issued and outstanding 9 3/4% Senior
Unsecured Notes due April 1, 2010, in the aggregate principal amount of
One Hundred Thirty Million Dollars ($130,000,000.00).

“SGFI” shall have the meaning ascribed to such term in the Preamble of
this Credit Agreement.

“SGFI Assignment of Entitlements, Contracts, Rents and Revenues” shall
mean the assignment to be executed by SGFI as of the Restatement Date, pursuant
to which, SGFI shall presently assigned to Agent Bank in consideration of the
Bank Facilities (reserving a revocable license to retain use and enjoy):
(a) all of its right, title and interest under all SGFI Spaceleases and
SGFI Equipment Leases and Contracts relating to the SGFI Hotel/Casino
Facilities; (b) all of its right, title and interest in and to all
permits, licenses and contracts relating to the SGFI Hotel/Casino Facilities,
except Gaming Permits and except those permits, licenses and contracts which
are unassignable; and (c) all rents, issues, profits, revenues and income from
the SGFI Real Property, from the operation of the SGFI Hotel/Casino Facilities
and from any other business activity conducted on the SGFI Real Property, as
such assignment may be amended, modified, extended, renewed, restated,
substituted or replaced from time to time.

“SGFI Collateral”
shall mean collective reference to: (i) all of the SGFI Real Property and
SGFI FF&E and the contract rights, leases, intangibles and other interests
of SGFI which are subject to the liens and security interests of the SGFI
Security Documents; (ii) all rights of SGFI presently assigned pursuant to
the terms of the SGFI Security Documents; and (iii) any and all other
property and/or intangible rights, interest or benefits inuring to or in favor
of SGFI, which are in any manner assigned, pledged, encumbered or otherwise hypothecated
in favor of Agent Bank on behalf of Lenders to secure payment of the Bank
Facilities.

“SGFI Deed of Trust” shall mean the Deed of Trust, Fixture Filing and
Security Agreement with Assignment of Rents executed by SGFI, dated as of April
12, 2006, for the benefit of Agent Bank, and recorded in the Official Records
of Clark County, Nevada on April 19, 2006 in Book 20060409; all for the purpose
of encumbering the SGFI Real Property, SGFI FF&E, SGFI Hotel/Casino
Facilities and other Collateral described therein, as security for the Bank
Facilities and Borrowers’ payment and performance under each of the Loan
Documents (other than the Environmental Certificate) as such deed of trust may
be amended, modified, extended, renewed, restated, substituted or replaced from
time to time.

 55
 

 

“SGFI Equipment
Leases and Contracts” shall mean the executed leases and purchase contracts
pertaining to the SGFI FF&E wherein SGFI is the lessee or vendee, as the
case may be, as set forth on that certain schedule marked “Schedule 4.16(e)”,
affixed to the Existing Credit Agreement and by this reference incorporated
herein and made a part hereof.

“SGFI FF&E”
shall mean the furniture, fixtures and equipment and all gaming equipment and
devices which have been installed or are to be installed and used, owned or
leased by SGFI in connection with the operation of the SGFI Hotel/Casino
Facilities.

“SGFI Financing Statements” shall mean the Uniform Commercial Code
financing statements each naming SGFI as the Debtor and filed: (i) in the Office
of the Secretary of State of the State of Nevada on April 14, 2006 under File
No. 2006011892-6; and (ii) in the Office of the County Recorder of Clark
County, Nevada on April 19, 2006 in Book 20060419 as Instrument No. 0001279;
all in order to perfect the security interest granted to Agent Bank under the
SGFI Deed of Trust and under other Security Documentation, all in accordance
with requirements of the Nevada Uniform Commercial Code, as such financing
statements may be amended, modified, extended, renewed, restated, substituted
or replaced from time to time.

“SGFI Hotel/Casino
Facilities” shall mean the improvements and the hotel and casino business and
related activities conducted on the SGFI Real Property under the trade name of
Binions Hotel and Casino.

“SGFI Lease
Estoppel Certificates” shall mean such estoppel certificates with respect to
the SGFI Leases as Agent Bank may require in order to provide: (i) adequate
assurances that SGFI is entitled to encumber its interest as lessee under the
respective SGFI Leases; and (ii) such other assurances with respect to the SGFI
Leases as Agent Bank may reasonably require.

“SGFI Leases”
shall mean those respective leases, which are described on Schedule 4.30,
attached hereto, pursuant to which SGFI occupies those portions of the SGFI
Real Property that are described on Exhibit O, attached hereto, as
Parcels 2, 4A, 5, 6, 7A, 10, 11 and 12, respectively.

“SGFI Lessors”
shall mean the lessors under each of the SGFI Leases, which lessors are set
forth on Schedule 4.30, attached hereto.

“SGFI Permitted
Encumbrances” shall mean, at any particular time: (i) liens for taxes,
assessments or governmental charges not then due and payable or not then
delinquent; (ii) statutory liens for labor and/or materials and liens for taxes,

 56
 

 

assessments or
governmental charges the validity of which, in either instance, are being
contested in good faith by Borrowers by appropriate proceedings, and as
provided in Sections 5.03 and 5.10 hereof, respectively, provided that,
Borrowers shall have maintained adequate reserves in accordance with GAAP for
payment of same; (iii) liens incurred or deposits made in the ordinary
course of business in connection with workers’ compensation, unemployment
insurance and other types of social security, or to secure the performance of
tenders, statutory obligations, surety and appeal bonds, bids, leases,
government contracts, trade contracts, performance and return-of-money bonds
and other similar obligations (exclusive of obligations for the payment of borrowed
money); (iv) leases or subleases granted to others (including, without
limitation, any Subsidiary) not interfering in any material respect with the
ordinary conduct of the business of the SGFI Hotel/Casino Facilities;
(v) liens created or contemplated by the SGFI Security Documents; (vi) the
liens, encumbrances and restrictions on the SGFI Real Property and SGFI
FF&E which are shown as exceptions on Schedule B of the applicable
Title Insurance Policy; (vii) liens consented to in writing by Agent Bank upon
the approval of Requisite Lenders, (viii) liens of legally valid capital
leases and purchase money security interests for SGFI FF&E to the extent
permitted by Section 6.09(c); (ix) each and every easement,
restriction, license or right-of-way that (A) is hereafter granted to any
Governmental Authority or public utility providing services to the SGFI Real
Property and (B) does not interfere in any material respect with the SGFI
Hotel/Casino facilities; and (x) judgment liens, writs, warrants, levies, distraints,
attachments and other similar process which do not constitute an Event of
Default.

“SGFI Real
Property” shall mean the real
property owned by SGFI which is more particularly described on that certain
exhibit marked “Exhibit O”, affixed hereto and by this reference incorporated
herein and made a part hereof.

“SGFI Security
Documents” shall mean collective
reference to the SGFI Deed of Trust, SGFI Assignment of Entitlements,
Contracts, Rents and Revenues, the SGFI Financing Statements and all other documents,
instruments or agreements which are executed or delivered by or on behalf of
SGFI and accepted by Agent Bank, on behalf of Lenders, as security for payment
of the Bank Facilities.

“SGFI Spaceleases” shall mean the executed leases and
concession agreements pertaining to the SGFI Hotel/Casino Facilities, or any
portion thereof, wherein SGFI is the lessor, as set forth on that certain
schedule marked “Schedule 4.15(e)”, affixed to the Existing Credit
Agreement and by this reference incorporated herein and made a part hereof.

“SGLVI” shall have
the meaning ascribed to such term in the Preamble of this Credit Agreement.

 57
 

 

“SGLVI Assignment of Entitlements, Contracts, Rents and Revenues” shall
mean the assignment to be executed by SGLVI as of the Restatement Date,
pursuant to which, SGLVI shall presently assigned to Agent Bank in
consideration of the Bank Facilities (reserving a revocable license to retain
use and enjoy): (a) all of its right, title and interest under all SGLVI
Spaceleases and SGLVI Equipment Leases and Contracts relating to the SGLVI
Hotel/Casino Facility; (b) all of its right, title and interest in and to
all permits, licenses and contracts relating to the SGLVI Hotel/Casino
Facility, except Gaming Permits and except those permits, licenses and
contracts which are unassignable; and (c) all rents, issues, profits, revenues
and income from the SGLVI Real Property, from the operation of the SGLVI
Hotel/Casino Facility and from any other business activity conducted on the
SGLVI Real Property, as such assignment may be amended, modified, extended,
renewed, restated, substituted or replaced from time to time.  The SGLVI Assignment of Entitlements,
Contracts, Rents and Revenues shall supercede the Assignment of Entitlements,
Contracts, Rents and Revenues executed by SGLVI, in favor of Agent Bank, and
dated as of March 28, 2003.

“SGLVI Collateral”
shall mean collective reference to: (i) all of the SGLVI Real Property,
SGLVI FF&E, and the contract rights, leases, intangibles and other
interests of SGLVI, which are subject to the liens and security interests of
the SGLVI Security Documents; (ii) all rights of SGLVI presently assigned
pursuant to the terms of the SGLVI Security Documents; and (iii) any and
all other property and/or intangible rights, interest or benefits inuring to or
in favor of SGLVI, which are in any manner assigned, pledged, encumbered or
otherwise hypothecated in favor of Agent Bank on behalf of Lenders to secure
payment of the Bank Facilities.

“SGLVI Deed of Trust” shall mean the Deed of Trust, Fixture Filing and
Security Agreement with Assignment of Rents executed by SGLVI, dated as of
March 28, 2003, for the benefit of Agent Bank, and recorded in the Official
Records of Clark County, Nevada on April 2, 2003 in Book 20030402, as Instrument
No. 02483, as amended by: (i) First Amendment to Deed of Trust, Fixture Filing
and Security Agreement with Assignment of Rents and Notice of Additional
Commitment dated December 27, 2005 and recorded in the Official Records of
Clark County, Nevada on December 29, 2005 in Book 20051229 as Instrument No.
00970; and (ii) Second Amendment to Deed of Trust, Fixture Filing and Security
Agreement with Assignment of Rents and Notice of Additional Commitment dated
March 28, 2006 and recorded in the Official Records of Clark County, Nevada on
March 30, 2006 in Book 20060330 as Instrument No. 0001022; all for the purpose
of encumbering the SGLVI Real Property, SGLVI FF&E, SGLVI Hotel/Casino
Facility and other Collateral described therein, as security for the Bank
Facilities and Borrowers’ payment and performance under each of the Loan
Documents (other than the Environmental Certificate) as such deed of trust may
be amended, modified, extended, renewed, restated, substituted or replaced from
time to time.

 58
 

 

“SGLVI Equipment
Leases and Contracts” shall mean the executed leases and purchase contracts
pertaining to the SGLVI FF&E wherein SGLVI is the lessee or vendee, as the
case may be, as set forth on that certain schedule marked “Schedule 4.16(b)”,
affixed to the Existing Credit Agreement and by this reference incorporated
herein and made a part hereof.

“SGLVI FF&E”
shall mean the furniture, fixtures and equipment and all gaming equipment and
devices which have been installed or are to be installed and used, owned or
leased by SGLVI in connection with the operation of the SGLVI Hotel/Casino
Facility.

“SGLVI Financing Statements” shall mean the Uniform Commercial Code
financing statements each naming SGLVI as the Debtor and filed: (i) in the
Office of the Secretary of State of the State of Nevada on April 3, 2003 under
File No. 2003009353-4; and (ii) in the Office of the County Recorder of Clark
County, Nevada on April 2, 2003 in Book 20030402 as Instrument No. 02485; all
in order to perfect the security interest granted to Agent Bank under the SGLVI
Deed of Trust and under other Security Documentation, all in accordance with
requirements of the Nevada Uniform Commercial Code, as such financing
statements may be amended, modified, extended, renewed, restated, substituted
or replaced from time to time.

“SGLVI
Hotel/Casino Facility” shall mean the improvements and the hotel and casino
business and related activities conducted on the SGLVI Real Property under the
trade name of Ramada Inn and Speedway Casino.

“SGLVI Permitted
Encumbrances” shall mean, at any particular time, (i) liens for taxes,
assessments or governmental charges not then due and payable or not then
delinquent, (ii) statutory liens for labor and/or materials and liens for
taxes, assessments or governmental charges the validity of which, in either
instance, are being contested in good faith by Borrowers by appropriate
proceedings, and as provided in Sections 5.03 and 5.10 hereof,
respectively, provided that, Borrowers shall have maintained adequate reserves
in accordance with GAAP for payment of same, (iii) liens incurred or
deposits made in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other types of social security, or to
secure the performance of tenders, statutory obligations, surety and appeal
bonds, bids, leases, government contracts, trade contracts, performance and
return-of-money bonds and other similar obligations (exclusive of obligations
for the payment of borrowed money); (iv) leases or subleases granted to others
(including, without limitation, any Subsidiary) not interfering in any material
respect with the ordinary conduct of the business of the SGLVI Hotel/Casino
Facility; (v) liens created or contemplated by the SGLVI Security Documents,
(vi) the liens, encumbrances and restrictions on the SGLVI Real Property, SGLVI
FF&E and existing improvements which are shown as exceptions 

 59
 

 

on Schedule B of the
applicable Title Insurance Policy, (vii) liens consented to in writing by
Agent Bank upon the approval of Requisite Lenders, (viii) liens of legally
valid capital leases and purchase money security interests for SGLVI FF&E
to the extent permitted by Section 6.09(c), and (ix) each and every
easement, license, restriction or right-of-way that (A) is hereafter granted to
any Governmental Authority or public utility providing services to the SGLVI
Real Property and (B) does not interfere in any material respect with the SGLVI
Hotel/Casino Facility; and (x) judgment liens, writs, warrants, levies,
distraints, attachments and other similar process which do not constitute an
Event of Default.

“SGLVI Real
Property” shall mean the real
property which is more particularly described on that certain exhibit marked “Exhibit
L”, affixed hereto and by this reference incorporated herein and made a part
hereof.

“SGLVI Security
Documents” shall mean collective reference to the SGLVI Deed of Trust, SGLVI
Assignment of Entitlements, Contracts, Rents and Revenues, the SGLVI Financing
Statements and all other documents, instruments or agreements which are
executed or delivered by or on behalf of SGLVI, and accepted by Agent Bank, on
behalf of the Lenders, as security for payment of the Bank Facilities.

“SGLVI Spaceleases”
shall mean the executed leases and concession agreements pertaining to the
SGLVI Hotel/Casino Facility, or any portion thereof, wherein SGLVI is the
lessor, as set forth on that certain schedule marked “Schedule 4.15(b)”,
affixed to the Existing Credit Agreement and by this reference incorporated
herein and made a part hereof.

“Share Repurchases”
shall mean the purchase of shares of any class of stock, option, right or other
equity interest, whether voting or non-voting of MTRI by any member of the
Borrower Consolidation, or any of them.

“Significant
Litigation” shall mean each action, suit, proceeding, litigation and
controversy involving Borrowers, or any of them, involving claims in excess of
Two Million Five Hundred Thousand Dollars ($2,500,000.00) or which if
determined adverse to the interests of Borrowers, or any of them, could result
in a Material Adverse Change.

“Soft Costs” shall mean all
costs which are shown in the Construction Budgets, other than Hard Costs,
including, without limitation, the purchase of FF&E and other items outside
the scope of the applicable General Contractor’s Agreement.

“Spaceleases”
shall mean collective reference to the MPI Spaceleases and SGLVI Spaceleases.

 60
 

 

“Standby Letter(s)
of Credit” shall mean a letter or letters of credit issued by L/C Issuer
pursuant to Section 2.14 of the Credit Agreement for the purpose of
securing payment or performance of a financial obligation of Borrowers, other
than in connection with the payment for goods, equipment or materials.

“Stated Amount”
shall mean the maximum amount which L/C Issuer may be required to disburse to
the beneficiary(ies) of a Letter(s) of Credit under the terms thereof.

“Stated Expiry
Date(s)” shall mean the date set forth on the face of a Letter(s) of Credit as
the date when all obligations of L/C Issuer to advance funds thereunder will
terminate, as the same may be extended from time to time.

“Stock Pledges”
shall mean collective reference to: (i) the Security Agreement and Pledge
of Stock (Nevada) dated as of February 10, 2000, executed between MTRI, as
debtor, and Agent Bank, as secured party, together with Speakeasy Gaming of Las
Vegas, Inc. Certificate No. 2 dated January 24, 2000, for 100 shares,
issued in favor of MTRI and the Irrevocable Stock Power executed in connection
therewith, (ii) the Security Agreement and Pledge of Stock dated
concurrently herewith, executed between MTRI, as debtor, and Agent Bank, as
secured party, together with Mountaineer Park, Inc. Certificate No. 16
dated October 16, 1992 for 110 shares, issued in favor of MTRI (formerly
Excalibur Holding Corporation) and the Irrevocable Stock Power executed in
connection therewith, and (iii) each of Security Agreement and Pledge of
Stock and related stock powers executed in favor of Agent Bank, including each
Restricted Subsidiary Stock Pledge and the Stock Pledges to be executed on or
before the Restatement Date for the issued and outstanding shares of PIDI, SDI
and SGFI; in each case executed and delivered to Agent Bank on behalf of the
Lenders as security for the Bank Facilities and all other sums which may be
owing by Borrowers to the Banks from time to time under the Credit Agreement,
as the same may be amended, modified or restated from time to time (including,
without limitation, the amendment and restatement of the Existing Credit
Agreement evidenced by this Credit Agreement and the Revolving Credit Note
executed concurrently herewith), as the same may be amended, modified or
restated from time to time.

“Subsidiary” shall
mean, on the date in question, any Person of which an aggregate of fifty percent
(50%) or more of the stock of any class or classes (or equivalent interests) is
owned of record or beneficially, directly or indirectly, by another Person
and/or any of its Subsidiaries, if the holders of the stock of such class or
classes (or equivalent interests) (a) are ordinarily, in the absence of contin­gencies,
entitled to vote for the election of a majority of the directors (or
individuals performing similar functions) of such Person, even though the right
so to vote has been suspended by the happening of such a contingency, or (b)
are entitled, as such holders, to vote for the

 61
 

 

 election of a majority of the directors (or
individuals performing similar functions) of such Person, whether or not the
right so to vote exists by reason of the happening of a contingency.

“Subsidiary
Guaranty” shall mean the General Continuing Subsidiary Guaranty to be executed
by each Subsidiary in favor of the Agent Bank on behalf of Banks in the form of
the General Continuing Subsidiary Guaranty marked “Exhibit J”, affixed
hereto and by this reference incorporated herein and made a part hereof, under
the terms of which each Subsidiary irrevocably and unconditionally guaranties
to Agent Bank on behalf of the Banks the full and prompt payment and
performance of all Obligations.

“Swingline Advance”
shall mean each advance made by Swingline Lender to Borrowers under the
Swingline Facility.

“Swingline
Facility” shall mean the agreement of Swingline Lender to make Swingline
Advances to Borrowers subject to the terms and conditions and up to the maximum
amounts and for the duration as set forth in Section 2.08 of this Credit
Agreement.

“Swingline
Issuance Date” means each date a Swingline Advance is funded.

“Swingline Lender”
shall have the meaning set forth in the Preamble of this Credit Agreement.

“Swingline Note”
shall mean the Swingline Note, a copy of which is marked “Exhibit R”,
affixed hereto and by this reference incorporated herein and made a part
hereof, to be executed by Borrowers on the Restatement Date, payable to the
order of Swingline Lender evidencing the Swingline Facility, as the same may be
amended or restated from time to time.

“Swingline
Outstandings” shall mean the aggregate amount of all outstanding and unpaid
Swingline Advances as of each date of determination.

“Syndication Costs”
shall mean collective reference to all costs and expenses incurred by Agent
Bank in connection with the sale, transfer and/or assignment of a Syndication
Interest to any other Lender.

“Syndication
Interest” shall mean the proportionate interest of each Lender in the Credit
Facility as set forth on the Schedule of Lenders’ Proportions in Credit
Facility, as the same may be amended or restated from time to time.

 62
 

 

“Tangible Net
Worth” shall mean Assets, excluding Intangibles (other than deferred financing
fees and costs and capitalized gaming licensing costs and fees), less
Liabilities, in each instance calculated without regard to Insider Non-Cash
Loans and Insider Cash Loans.

“Taxes” shall have
the meaning ascribed to such term in Section 2.11.

“Tecnica” shall
mean Tecnica Development Corp.

“Tecnica Stock
Pledge” shall mean the pledge of all outstanding stock of Tecnica in favor of
MTR as additional security for repayment of the Green Shingle Loan.

“Third Amendment
to SDI Mortgage” shall mean an amendment to the SDI Mortgage to be executed and
delivered by SDI and Agent Bank, as of the Restatement Date, in a form and
substance acceptable to Agent Bank amending the SDI Mortgage for the purpose,
among other things, of confirming its continued security for payment and
performance under the Bank Facilities.

“Third Amendment
to SGLVI Deed of Trust” shall mean an amendment to the SGLVI Deed of Trust to
be executed and delivered by SGLVI and Agent Bank, as of the Restatement Date,
in a form and substance acceptable to Agent Bank amending the SGLVI Deed of
Trust for the purpose, among other things, of confirming its continued security
for payment and performance under the Bank Facilities.

“Title Insurance
Company” shall mean First American Title Insurance Company by and through its
settlement agent Terra Nova Title & Settlement Services, together with such
reinsurers with direct access as are requested by Agent Bank or other title
insurance company or companies as may be reasonably acceptable to Agent Bank.

“Title Insurance
Modification Endorsements” shall mean collective reference to the following
endorsements, which shall be issued to each of the Existing Title Insurance
Policies by the Title Insurance Company, as of the Restatement Date, in accordance
with the Restatement Closing Instructions: (i) CLTA 110.5, or other
modification endorsements acceptable to Agent Bank providing assurances that,
among other things, the insured mortgage under each Existing Title Insurance
Policy has been validly amended by the applicable deed of trust or mortgage
amendment, and that there are no intervening items with priority over such deed
of trust or mortgage amendments other than Permitted Encumbrances; and (ii)
such other endorsements as may be requested by Agent Bank; all of which shall
be in a form and substance acceptable to Agent Bank.

 63

 

“Title Insurance
Policies” shall mean collective reference to the Existing Title Insurance
Policies as modified and/or supplemented by the Title Insurance Modification
Endorsements.

“Total Funded Debt”
shall mean with reference to the Borrower Consolidation for any period:
(i) the daily average of the Aggregate Outstandings for such period, plus
(ii) the total as of the last day of such period of both the long-term and
current portions (without duplication) of all other Indebtedness (including Contingent
Liabilities) and Capitalized Lease Liabilities.

“Total Leverage
Ratio” as of the end of any Fiscal Quarter shall mean the ratio resulting by
dividing (a) Total Net Funded Debt as of the end of the Fiscal Quarter under
review by (b) the sum of Annualized EBITDA determined as of the end of each
Fiscal Quarter.

“Total Net Funded
Debt” shall mean Total Funded Debt less the amount of Excess Cash On Hand as of
any given date of determination.

“Total Senior
Secured Funded Debt” shall mean with reference to the Borrower Consolidation
for any period the Aggregate Outstandings as of the last day of such period,
plus the total of both the long-term and current portions (without duplication)
of all other Indebtedness that is secured by all or any portion of the Collateral,
in each instance determined as of the last day of such Fiscal Period.

“Trademark
Security Agreement” shall mean the security agreement to be executed by each of
the Borrowers as of the Restatement Date for the purpose of granting a security
interest in favor of Agent Bank in all trademarks, tradenames, copyrights and
servicemarks used in connection with the Hotel/Casino Facilities, including,
without limitation each registration and application set forth on Schedule 4.22
or otherwise described on Schedule A to the Trademark Security Agreement, as
such Trademark Security Agreement may be amended, modified, supplemented,
replaced, renewed or restated from time to time.  The Trademark Security Agreement shall
supercede the Trademark Security Agreement, dated as of March 28, 2003, which
was executed by MPI, SGLVI, PIDI and RAI, as debtors, for the benefit of Agent
Bank as secured party.

“TRGI” shall mean
Three Rivers Gaming, Inc. (formerly known as Keystone State Gaming), which
shall be deemed to be an Unrestricted Subsidiary until otherwise designated by
MTRI in accordance with Section 5.27.

 64
 

 

“Troyer/Maffeo Mortgage” shall mean the Open-End Mortgage, Assignment
of Rents, Security Agreement and Fixture Filing executed by PIDI, dated as of
January 19, 2006, for the benefit of Agent Bank, and recorded in the Official
Records of Erie County, Pennsylvania on January 31, 2006 in Book 1303, at Page
1164 as Document No. 002987 as amended by that certain First Amendment to
Open-End Mortgage, Assignment of Rents, Security Agreement and Fixture Filing,
dated as of March 28, 2006, and recorded in the Official Records of Erie
County, Pennsylvania on March 30, 2006, in Book 1315, at Page 2165, as Document
No. 08988; all for the purpose of encumbering the Troyer/Maffeo Real Property,
PIDI FF&E, PIDI Facility and other Collateral described therein, as
security for the Bank Facilities and Borrowers’ payment and performance under
each of the Loan Documents (other than the Environmental Certificate) as such
deed of trust may be amended, modified, extended, renewed, restated,
substituted or replaced from time to time.

“Troyer/Maffeo
Mortgage Restatement” shall mean an amendment and restatement of the
Troyer/Maffeo Mortgage to be executed and delivered by PIDI and Agent Bank, as
of the Restatement Date, in a form and substance acceptable to Agent Bank
amending and restating the Troyer/Maffeo Mortgage for the purpose, among other
things, of confirming its continued security for payment and performance under
the Bank Facilities.

“Troyer/Maffeo
Property” shall mean the real
property which is more particularly described on that certain exhibit marked “Exhibit
P”, affixed hereto and by this reference incorporated herein and made a part
hereof.

“Troyer/Maffeo/IP
Property Permitted Encumbrances” shall mean, at any particular time with
respect to the Troyer/Maffeo Real Property and IP Real Property; (i) Liens for
taxes, assessments or governmental charges not then due, payable and
delinquent; (ii) statutory Liens for labor or materials or liens for taxes,
assessments or governmental charges not then required to be paid pursuant to
Section 5.10; (iii) Liens in favor of Agent Bank or any Lender created or
contemplated by the Security Documentation; (iv) Liens consented to in writing
by Agent Bank upon the approval of Requisite Lenders; (v) Liens of legally
valid capital leases and purchase money security interests for acquired
FF&E up to the maximum amount permitted under Section 6.09(c), and
only to the extent of the lesser of the purchase money loan or the fair market
value of the acquired FF&E at the time of the acquisition thereof;
(vi) Liens of legally valid leases for FF&E; (vii) easements, licenses
or rights-of-way, now existing or hereafter granted to any Governmental
Authority or public utility providing services to the Restricted Subsidiary or
Restricted Subsidiary Venture; (viii) judgment and attachment Liens which do
not constitute an Event of Default; (ix) statutory or other Liens of
landlords and Liens of carriers, warehousemen, mechanics, customs and revenue
authorities and materialmen and other similar Liens imposed by law incurred in 

 65
 

 

the ordinary course of
business which could not reasonably be expected to cause a Material Adverse
Change and which are discharged in accordance with Section 5.04;
(x) Liens incurred or deposits made in the ordinary course of business in
connection with workers’ compensation, unemployment insurance and other types
of social security, or to secure the performance of tenders, statutory
obligations, surety and appeal bonds, bids, leases, government contracts, trade
contracts, performance and return-of-money bonds and other similar obligations;
(xi) leases or subleases granted to others not interfering in any material
respect with the ordinary conduct of the business of such Restricted
Subsidiary; (xii) the replacement or renewal of any Lien otherwise
permitted hereunder; (xiii) minor defects, encroachments or irregularities
in title not interfering in any material respect with the ordinary conduct of
the business of the Borrower which owns such property; and (xiv) liens,
encumbrances and restrictions shown on Schedule B of the applicable Title
Insurance Policy.

“Unrestricted
Subsidiary shall mean each Subsidiary of MTRI which is not a Restricted
Subsidiary or a Borrower.

“Unsuitable Lender”
shall have the meaning set forth in Section 10.10(d).

“Voluntary
Permanent Reduction” shall have the meaning set forth in Section 2.01(c).

“West Virginia
Gaming Authorities” shall mean the West Virginia State Racing Commission and
West Virginia State Lottery Commission and any other applicable governmental or
administrative state or local agency involved in the regulation of gaming and
gaming activities conducted by the Borrower Consolidation in the State of West
Virginia.

“WFB” shall mean
Wells Fargo Bank, National Association.

Section 1.02.                             Interpretation
and Construction.  In this Credit
Agreement, unless the context otherwise requires:

(a)                                  Articles and Sections mentioned by number only
are the respective Articles and Sections of this Credit Agreement as so
numbered;

(b)                                 Words importing a particular gender mean and
include every other gender, and words importing the singular number mean and
include the plural number and vice versa;

(c)                                  All times specified herein, unless otherwise
specifically referred, shall be the time in San Francisco, California;

 66
 

 

(d)                                 Any headings preceding the texts of the several
Articles and Sections of this Credit Agreement, and any table of contents or
marginal notes appended to copies hereof, shall be solely for con­venience of
reference and shall not constitute a part of this Credit Agreement, nor shall
they affect its meaning, construction or effect;

(e)                                  If any clause, definition, provision or Section
of this Credit Agreement shall be determined to be apparently contrary to or
conflicting with any other clause, definition, provision or Section of this
Credit Agreement then the clause, definition, provision or Section containing
the more specific provisions shall control and govern with respect to such apparent
conflict.  The parties hereto do agree
that each has con­tributed to the drafting of this Credit Agreement and all
Loan Documents and that the provisions herein contained shall not be construed
against either Borrowers or Lenders as having been the person or persons
responsible for the preparation thereof;

(f)                                    The terms “herein”, “hereunder”, “hereby”, “hereto”,
“hereof” and any similar terms as used in the Credit Agreement refer to this
Credit Agreement; the term “heretofore” means before the date of execution of
this Credit Agreement; and the term “hereafter” means after the date of the
execution of this Credit Agreement;

(g)                                 All accounting terms used herein which are not
otherwise specifically defined shall be used in accordance with GAAP;

(h)                                 If any clause, provision or Section of this
Credit Agreement shall be ruled invalid or unenforceable by any court of
competent jurisdiction, such holding shall not invalidate or render
unenforceable any of the remaining provisions hereof;

(i)                                     Each reference to this Credit Agreement or any
other Loan Document or any of them, as used in this Credit Agreement or in any
other Loan Document, shall be deemed a reference to this Credit Agreement or
such Loan Document, as applicable, as the same may be amended, modified,
supplemented, replaced, renewed or restated from time to time; and

(j)                                     Every affirmative duty, covenant and obligation
of Borrowers hereunder shall be equally applicable to each of the Borrowers
individually and where the context would result in the best interests or rights
of Banks shall be construed to mean “Borrowers or any of them” or “Borrowers
and each of them”, as applicable.

Section 1.03.                             Use
of Defined Terms.  Unless otherwise
defined or the context otherwise requires, terms for which meanings are
provided in this Credit Agreement shall have such meanings when used in the
Revolving Credit Note and in 

 67
 

 

each Loan Document and other communication delivered from time to time
in connection with this Credit Agreement or any other Loan Document.

Section 1.04.                             Cross-References.  Unless otherwise specified, references in
this Credit Agreement and in each other Loan Document to any Article or Section
are references to such Article or Section of this Credit Agreement or such
other Loan Document, as the case may be, and, unless otherwise specified,
references in any Article, Section or definition to any clause are references
to such clause of such Article, Section or definition.

Section 1.05.                             Exhibits
and Schedules.  All Exhibits and
Schedules to this Credit Agreement, either as originally existing or as the
same may from time to time be supplemented, modified or amended, are
incorporated herein by this reference.

ARTICLE
II

AMOUNT, TERMS AND SECURITY OF THE CREDIT FACILITY

Section 2.01.                             The
Credit Facility.

a.                                       Subject
to the conditions and upon the terms hereinafter set forth and in accordance
with the terms and provisions of the Revolving Credit Note, on and after the Restatement Date Lenders severally agree
in the proportions set forth on the Schedule of Lenders’ Proportions in Credit Facility
to lend and advance Borrowings to Borrowers, up to the Aggregate Commitment,
such amounts as Borrowers may request by Notice of Borrowing duly executed by
an Authorized Officer and delivered to Agent Bank from time to time as provided
in Section 2.03 or at the request of Agent Bank pursuant to
Sections 2.08 or 2.14.

b.                                      Subject
to the uses and purposes set forth in Section 2.02, on and after the Restatement Date Borrowers may borrow,
repay and reborrow the Available Borrowings up to the Aggregate Commitment from
time to time.  Provided, however, amounts
of Funded Outstandings bearing interest with reference to a LIBO Rate shall be
subject to Breakage Charges incident to prepayment.  The Credit Facility shall be for a term
commencing on the Restatement Date
and terminating on the Maturity Date, on which date the entire outstanding
balance of the Credit Facility shall be fully paid and Bank Facilities
Termination shall occur.  In no event
shall any Lender be liable to fund any amounts under the Credit Facility
in excess of its respective Syndication Interest in any Borrowing.

c.                                       Borrowers
may voluntarily permanently reduce the Aggregate Commitment from time to time
(a “Voluntary Permanent Reduction”) on the following conditions:

 68
 

 

(i)                                     that
each such Voluntary Permanent Reduction be in the minimum amount of One Million
Dollars ($1,000,000.00) and made in writing by an Authorized Officer, effective
on the fifth (5th) Banking Business Day following receipt by Agent Bank; and

(ii)                                  that
each such Voluntary Permanent Reduction shall be irrevocable and a permanent
reduction to the Aggregate Commitment.

d.                                      Commitment
Increase.  Subject to the prior
occurrence of the Ohio Licensing Event, Borrowers may, by written notice to the
Agent Bank and the Lenders, increase the Aggregate Commitment by up to a
cumulative aggregate of an additional Fifty Million Dollars ($50,000,000.00)
for the purpose of financing the costs of the SDI Construction Project (the
actual amount of each such increase to the Aggregate Commitment being herein
referred to as a “Commitment Increase”); provided that (i) no
Default or Event of Default has occurred and remains continuing, (ii) no
more than two (2) Commitment Increases may be made during the term of the Credit Facility
and in no case shall the total of such Commitment Increase exceed Fifty Million
Dollars ($50,000,000.00) in the aggregate; (iii) the obligation to fund
each Commitment Increase is expressly assumed by a Lender or Lenders then party
to this Credit Agreement, in each case in such Lender’s sole discretion, or
(after having first offered the Commitment Increase to the Lenders then party
to this Credit Agreement) by a Person or Persons that are Eligible Assignees,
in each case acceptable to Borrowers and reasonably acceptable to the Agent
Bank, and in each instance evidenced in writing by execution of an Assumption
and Consent Agreement in the form of Exhibit T attached hereto, executed
by each such assuming Lender or Eligible Assignee, Agent Bank and Borrowers,
provided that no Lender shall have any obligation to increase its Syndication
Interest in effect as of the Closing Date, (iv) each such assuming Lender or
Eligible Assignee concurrently purchases a Pro Rata Share of the Funded
Outstandings from the Lenders party to the Credit Agreement (and each Lender
hereby agrees to sell the appropriate proportion of its Pro Rata Share at par
value to such assuming Lender or Eligible Assignee) that is equivalent to the
increased new Pro Rata Share of each such assuming Lender or Eligible Assignee
after giving effect to the Commitment Increase and such Lender’s Syndication
Interest in the Aggregate Commitment, (v) Borrowers pay Agent Bank any
amount owing under Section 2.07(c) and any fees owing to the Agent Bank or to
the assuming Lenders or Eligible Assignees committing to fund the Commitment
Increase based upon negotiations made in connection with the funding of the
Commitment Increase, (vi) the Commitment Increase shall not increase the Pro
Rata Share of the Aggregate Commitment and the Pro Rata Share of the amount of
the Funded Outstandings held by any other Lender absent the express written
consent of that Lender, and (vii) the Commitment Increase shall not be
available for advance by Lenders until each condition precedent set forth in
Sections 3.33 through 

 69
 

 

3.38 of Article III C shall have occurred and been fully
satisfied.  Giving effect to the
Commitment Increase and purchase of Pro Rata Shares of the Funded Outstandings,
adjustments shall be made to the Pro Rata Shares of the Lenders in the
Aggregate Commitment and the Pro Rata Shares of Funded Outstandings such that
the Pro Rata Share of each Lender in the Aggregate Commitment shall be
identical to its Pro Rata Share of the Funded Outstandings.  The Agent Bank shall promptly thereafter
prepare and circulate to Borrowers and the Banks a revised Schedule of Lenders’
Proportions in Credit Facility reflecting such increased
Aggregate Commitment and the revised Pro Rata Shares of the Lenders in the Credit Facility,
and such revised Schedule of Lenders’ Proportions in Credit Facility shall supersede and
replace the then existing Schedule of Lenders’ Proportions in Credit Facility.

e.                                       No
Voluntary Permanent Reduction or Mandatory Commitment Reduction shall relieve or
otherwise defer the making of each Scheduled Reduction on each Reduction Date.

f.                                         In
the event any Scheduled Reduction, Voluntary Permanent Reduction or Mandatory
Commitment Reduction reduces the Aggregate Commitment to less than the sum of
the Aggregate Outstandings, the Borrowers shall on or before the second (2nd) Banking Business Day
following Borrowers receipt of written notice from Agent Bank, cause the
Aggregate Outstandings to be repaid by such amount as may be necessary to cause
the Aggregate Outstandings to be equal to or less than the Aggregate
Commitment.

Section 2.02.                             Use
of Proceeds of the Credit
Facility.  Available
Borrowings shall be used for the purposes of:

a.                                       On
the Restatement Date (collectively the “Restatement Closing Disbursements”):

(i)                                     continuing
the outstanding principal balance under the Existing Credit Facility as Funded
Outstandings under the Credit Facility; and

(ii)                                  paying
in full the fees due Agent Bank as set forth in the Fee Side Letter, the costs,
fees and expenses of Title Insurance Companies incurred in connection with the
issuance of the Title Endorsements, the costs, fees and expenses of the
attorneys for Borrowers and the costs, fees and expenses of Henderson &
Morgan, LLC, attorneys for Agent Bank, and associate counsel and insurance
consultants retained by them incurred to the Restatement
Date.

 70
 

 

b.                                      During
the Revolving Credit Period:

(i)                                     funding
working capital needs of the Borrower Consolidation relating to the
Hotel/Casino Facilities;

(ii)                                  funding
ongoing Capital Expenditure requirements of the Borrower Consolidation relating
to the Hotel/Casino Facilities; and

(iii)                               funding
for other general corporate purposes.

Section 2.03.                             Notice
of Borrowings.

a.                                       An
Authorized Officer may give Agent Bank, no later than 9:00 a.m. on any Banking
Business Day at Agent Bank’s office specified in Section 2.07, three (3) full
Banking Business Days prior written notice in the form of the Notice of
Borrowing (“Notice of Borrowing”), a copy of which is marked “Exhibit B”,
affixed hereto and by this reference incorporated herein and made a part
hereof, for each proposed Borrowing to be made with reference to a LIBO Rate
and at least one (1) full Banking Business Day prior notice for all other
Borrowings, specifying the date and amount of each proposed Borrowing.  Agent Bank shall give prompt notice of each
Notice of Borrowing to Lenders of the amount to be funded and specifying the
Funding Date in accordance with Section 9.03(a).  Not later than 11:00 a.m. on the Funding Date
specified, each Lender shall disburse to Agent Bank its Pro Rata Share of the
amount to be advanced by each such Lender in lawful money of the United States
of America and in immediately available funds. 
Agent Bank shall make the proceeds of such fundings received by it on or
before 11:00 a.m. from the Lenders available to Borrowers by depositing, prior
to 1:00 p.m. on the day so received (but not prior to the Funding Date) in the
Designated Deposit Account maintained with Agent Bank, the amounts received
from the Lenders.  No Borrowing may
exceed the Available Borrowings.  Each
Borrowing to be made with reference to the Base Rate shall be in a minimum
amount of Five Hundred Thousand Dollars ($500,000.00) and in increments of One
Hundred Thousand Dollars ($100,000.00). 
Borrowers shall be entitled to no more than three (3) Borrowings during
each calendar month, exclusive of Borrowings made for the sole purpose of
funding repayment of a Swingline Advance.

b.                                      The
failure of any Lender to fund its Pro Rata Share of any Borrowing on any
Funding Date shall neither relieve any other Lender of any obligation hereunder
to fund its Pro Rata Share of such Borrowing on such Funding Date nor relieve
such Lender which has failed to fund its Pro Rata Share of its obligations to
Borrowers hereunder.  No Lender shall be
responsible for the failure of any other Lender to fund its Pro Rata Share of
such Borrowing on any Funding Date nor shall any Lender be responsible for the
failure of any other Lender to perform its respective 

 71
 

 

obligations hereunder.  The
provisions set forth in Section 10.10(d) shall be applicable to a
Defaulting Lender to the same extent as if such Defaulting Lender was found to
be an Unsuitable Lender.

Section 2.04.                             Conditions
of Borrowings.  Borrowings, other
than Borrowings made at the request of Agent Bank for the purpose of funding
repayment of Swingline Outstandings and/or L/C Reimbursement Obligations as
hereinafter provided, will only be made so long as Borrowers are in full
compliance with each of the requirements and conditions precedent set forth in
Article III B of this Credit Agreement; provided, however, upon the
consent of Requisite Lenders, Lenders shall advance Borrowings notwithstanding
the existence of less than full compliance with the requirements of Article III
B and Borrowings so made shall be deemed to have been made pursuant to this
Credit Agreement.

Section 2.05.                             The
Revolving Credit Note and Interest Rate Options.

a.                                       The
Credit Facility shall be further evidenced by the Revolving Credit Note payable
to the order of Agent Bank on behalf of the Lenders.  Agent Bank shall record manually or
electronically the date and amount of each Borrowing advanced by the Lenders
together with the applicable Interest Period in the case of portions of the
unpaid principal under the Credit Facility bearing interest with reference to a
LIBO Rate, and the amount of each repayment of principal made thereunder by
Borrowers and the entry of such records shall be conclusive absent manifest or
demonstrable error; provided, however, the failure to make such a record or
notation with respect to any Borrowing or repayment thereof, or an error in
making such a record or notation, shall not limit or otherwise affect the
obligations of Borrowers hereunder or under the Revolving Credit Note.

b.                                      Interest
shall accrue on the entire outstanding principal balance of the Credit Facility
at a rate per annum equal to the Base Rate plus the Applicable Margin, unless
Borrowers request a LIBOR Loan pursuant to Section 2.03 or elect pursuant
to Section 2.05(c) hereinbelow to have interest accrue on a portion or
portions of the outstanding principal balance of the Credit Facility at a LIBO
Rate (“Interest Rate Option”), in which case interest on such portion or
portions shall accrue at a rate per annum equal to such LIBO Rate plus the
Applicable Margin in effect as of the second Banking Business Day prior to the
first day of the applicable Interest Period, as long as: (i) each such
LIBOR Loan is in a minimum amount of Five Million Dollars ($5,000,000.00) plus
minimum increments of One Million Dollars ($1,000,000.00), or such lesser
amount as equals the Aggregate Commitment, and (ii) no more than five (5)
LIBOR Loans may be outstanding at any one time. 
Interest accrued on each Base Rate Loan shall be due and payable on the
first day of the month following the Closing Date, on the first day of each
successive month thereafter, and on the Maturity Date.  For each LIBOR Loan, accrued interest shall
be due and payable at the end of each Interest 

 72
 

 

Period applicable thereto, but in any event no less frequently than at
the end of each three (3) month period during the term of such LIBOR Loan.  Any Borrowing that is repaid on the same day
on which it is made shall bear interest for one (1) day.  Agent Bank shall notify Borrower in writing
five (5) Banking Business Days prior to each payment of interest due herewith,
detailing the amount owed and the calculation thereof.  Except as qualified above, the outstanding
principal balance hereunder may be a Base Rate Loan or one or more LIBOR Loans,
or any combination thereof, as Borrowers shall specify.

c.                                       So
long as no Default or Event of Default shall have occurred and remains
continuing, Borrowers may Convert from one Interest Rate Option to another
Interest Rate Option or continue an Interest Rate Option for another Interest
Period by giving irrevocable notice to Agent Bank of such Conversion by 11:00
a.m., on a day which is at least three (3) Banking Business Days prior to the
proposed date of such Conversion to or Continuation of each LIBOR Loan or one
(1) Banking Business Day prior to the proposed date of such Conversion to each
Base Rate Loan.  Each such notice shall
be made by an Authorized Officer by telephone and thereafter immediately
confirmed in writing by delivery to Agent Bank of a Continuation/Conversion
Notice specifying the date of such Conversion or Continuation, the amounts to
be so Converted or Continued and the Interest Period if the Conversion or
Continuation is being made with reference to a LIBOR Loan.  Upon receipt of such Continuation/Conversion
Notice, Agent Bank shall promptly set the applicable interest rate (which in
the case of a LIBOR Loan shall be the LIBO Rate plus the Applicable Margin as
of the second Banking Business Day prior to the first day of the applicable
Interest Period) and the applicable Interest Period if the Conversion or
Continuation is being made with reference to a LIBOR Loan and shall confirm the
same in writing to Borrowers and Lenders. 
Each Conversion or Continuation shall be on a Banking Business Day.  No LIBOR Loan shall be converted to a Base
Rate Loan or renewed on any day other than the last day of the current Interest
Period relating to such amounts outstanding unless Borrowers pay any applicable
Breakage Charges.  All Borrowings
advanced at the request of Agent Bank under Section 2.08 of the Credit
Agreement shall bear interest with reference to the Base Rate plus the
Applicable Margin, subject to Borrowers’ right to Convert such Borrowing to a
LIBOR Loan or LIBOR Loans as provided herein. 
If Borrowers fail to give a Continuation/Conversion Notice for the
continuation of a LIBOR Loan as a LIBOR Loan for a new Interest Period in
accordance with this Section 2.05(c), such LIBOR Loan shall automatically
become a Base Rate Loan at the end of its then current Interest Period.

d.                                      Each
interest period (each individually an “Interest Period” and collectively the “Interest
Periods”) for a LIBOR Loan shall commence on the date such LIBOR Loan is made
or the date of Conversion or Continuation of any amount or amounts of the
outstanding Borrowings hereunder to a LIBOR Loan, as the case may 

 73
 

 

be, and shall end on the
date which is one (1), two (2), three (3) or six (6) months thereafter, as
elected by Borrowers.  However, no Interest
Period may extend beyond the Maturity Date. 
Each Interest Period for a LIBOR Loan shall commence and end on a
Banking Business Day.  If any Interest
Period commences on a date for which there is no corresponding date in the
month in which it is scheduled to end, such Interest Period shall end on the
last Banking Business Day of such month. 
If any Interest Period would otherwise expire on a day which is not a
Banking Business Day, the Interest Period shall be extended to expire on the
next succeeding Banking Business Day, unless the result of such extension would
be to carry such Interest Period into another calendar month, in which event
such Interest Period shall end on the immediately preceding Banking Business
Day.

e.                                       The
applicable LIBO Rate and Base Rate shall be determined by the Agent Bank, and
notice thereof shall be given promptly to Borrowers and Lenders.  Each determination of the applicable Base
Rate and LIBO Rate shall be conclusive and binding upon the Borrowers, in the
absence of manifest or demonstrable error. 
The Agent Bank shall, upon written request of Borrowers or any Lender,
deliver to Borrowers or such Lender, as the case may be, a statement showing
the computations used by the Agent Bank in determining any rate hereunder.

f.                                         Computation
of fees and interest on all Base Rate Loans and LIBOR Loans shall be calculated
on the basis of a year of three hundred sixty (360) days and the actual number
of days elapsed.  The applicable Base
Rate shall be effective the same day as a change in the Base Rate is announced
by WFB as being effective.

g.                                      If
with respect to any Interest Period, (a) the Agent Bank reasonably determines
(which determination shall be binding and conclusive on Borrowers) that by
reason of circum­stances affecting the inter-bank eurodollar market adequate
and reasonable means do not exist for ascertaining the applicable LIBO Rate, or
(b) Requisite Lenders advise Agent Bank that the LIBO Rate as determined
by Agent Bank will not adequately and fairly reflect the cost to such Lenders
of maintaining or funding, for such Interest Period, a LIBOR Loan under the
Credit Facility, then so long as such circumstances shall continue:  (i) Agent Bank shall promptly notify
Borrowers thereof, (ii) the Lenders shall not be under any obligation to
make a LIBOR Loan or Convert a Base Rate Loan into a LIBOR Loan for which such
circumstances exist, and (iii) on the last day of the then current Interest
Period, the LIBOR Loan for which such circumstances exist shall, unless then
repaid in full, automatically Convert to a Base Rate Loan.

h.                                      Notwithstanding
any other provisions of the Credit Agreement, if, after the Restatement Date, any law, rule,
regulation, treaty, interpretation or directive (whether having the force of
law or not) or any change therein shall make it 

 74
 

 

unlawful for any Lender
to make or maintain LIBOR Loans, then (i) the commitment and agreement to
maintain LIBOR Loans as to such Lender shall immediately be suspended, and (ii)
unless required to be terminated earlier, LIBOR Loans as to such Lender, if
any, shall be Converted on the last day of the then current Interest Period
applicable thereto to Base Rate Loans. 
If it shall become lawful for such Lender to again maintain LIBOR Loans,
then Borrowers may once again as to such Lender request Conversions to the LIBO
Rate.  During any period of such
suspension, such Lender shall make Base Rate Loans.

i.                                          The
Borrowers agree that upon written notice by: (y) Agent Bank or (z) any Lender
to the Borrowers (with a copy of such notice concurrently delivered to Agent
Bank) to the effect that a promissory note or other evidence of indebtedness is
required for such Lender in order for such Lender to evidence (whether for the
purposes of pledge, enforcement or otherwise) the Borrowings owing to, or to be
made by, such Lender:

(i)                                     The
Borrowers shall promptly execute and deliver to each such requiring Lender a
promissory note payable to the order of such Lender (each individually a “Replacement
Note” and collectively the “Replacement Notes”) in the form of the Revolving
Credit Note in the amount of such requiring Lender’s respective Syndication
Interest in the Credit Facility;

(ii)                                  The
Replacement Notes shall fully replace the Revolving Credit Note as to the
Syndication Interests evidenced by such Replacement Notes and each reference to
the Revolving Credit Note in this Credit Agreement and each of the Loan
Documents shall be deemed to be a collective reference to the Revolving Credit
Note and each of the Replacement Notes;

(iii)                               Borrowings,
Interest Rate Options, Construction/Conversion Notices and all other provisions
for the disbursement of funds, setting of interest rates and collection of
repayments of interest and principal shall continue to be made by Agent Bank as
the administrative and collateral agent for the Lenders in the same manner and
to the same extent as provided in the Revolving Credit Note and this Credit
Agreement as fully applicable to each of the Replacement Notes;

(iv)                              the
Agent Bank, upon the consent of Requisite Lenders, shall cause the Title
Insurance Company to issue, at the expense of Lenders, such endorsements to the
Title Insurance Policies as may be reasonably necessary to assure the aggregate

 75
 

 

obligation evidenced by the Replacement Notes is secured by the Deed of
Trust with the same coverage and priority as the obligation evidenced by the
Revolving Credit Note; and

(v)                                 Concurrently
with the delivery of each Replacement Note, Borrowers shall execute a restated
Revolving Credit Note in the principal amount of the Aggregate Commitment less
the aggregate amount of the Syndication Interests evidenced by the Replacement
Notes and Agent Bank shall return the original Revolving Credit Note to
Borrowers marked as superseded and replaced by such restated Revolving Credit Notes
and the Replacement Notes.

Section 2.06.                             Security
for the Bank Facilities.  The
Security Documentation shall secure the due and punctual payment and
performance of the Obligations and the terms and provisions of this Credit
Agreement, the Revolving Credit Note and all of the other Loan Documents.  In furtherance of such security, the Security
Document Amendments shall be executed and delivered to Agent Bank, as of the Restatement Date, by the respective
parties to each of the Security Document Amendments and recorded and/or filed
as required by the Restatement
Closing Instructions.

Section 2.07.                             Place
and Manner of Payment.

a.                                       All
amounts payable by Borrowers to the Lenders shall be made to Agent Bank on
behalf of Lenders pursuant to the terms of the Credit Agreement and the Notes
and shall be made on a Banking Business Day in lawful money of the United
States of America and in immediately available funds.  Other than in connection with principal
payments which may be required to decrease the Funded Outstandings to an amount
equal to or less than the Aggregate Commitment, Borrowers shall not make
repayments (“Principal Prepayments”) of the outstanding balance of principal
owing under the Revolving Credit Note more frequently than three (3) such
Principal Prepayments during each calendar month.  Each such Principal Prepayment of a Base Rate
Loan shall be in a minimum amount of Five Hundred Thousand Dollars
($500,000.00) (or, if less, the outstanding principal amount of Base Rate
Loans) and in increments of One Hundred Thousand Dollars ($100,000.00) in
excess thereof.  Each such Principal
Prepayment of a LIBOR Loan shall be in a minimum amount of Five Million Dollars
($5,000,000.00) and in increments of One Million Dollars ($1,000,000.00) in
excess thereof; provided, that in no event shall any outstanding LIBOR Loan
have a principal balance of less then Five Million Dollars
($5,000,000.00).  Borrowers shall give
written notice to Agent Bank of each Principal Payment by 11:00 a.m. on a day
which is at least three (3) Banking Business Days prior to each Principal
Prepayment of all or 

 76
 

 

any portion of a LIBOR
Loan or one (1) Banking Business Day prior to each Principal Prepayment of all
or any portion of a Base Rate Loan.

b.                                      All
such amounts payable by Borrowers shall be made to Agent Bank at its office
located at Wells Fargo Bank, Syndications Division, 201 Third Street,
Eighth Floor, San Francisco, California 94103, or at such other address as may
be directed in writing by Agent Bank from time to time.  If such payment is received by Agent Bank
prior to 11:00 a.m., Agent Bank shall credit Borrowers with such payment on the
day so received and shall promptly disburse to the appropriate Lenders on the
same day the Pro Rata Share of payments relating to the Credit Facility, in
immediately available funds.  If such
payment is received by Agent Bank after 11:00 a.m., Agent Bank shall credit
Borrowers with such payment as of the next Banking Business Day and disburse to
the appropriate Lenders on the next Banking Business Day such Pro Rata Share of
such payment relating to the Credit Facility in immediately available
funds.  Any payment on the Credit
Facility made by Borrowers to Agent Bank pursuant to the terms of this Credit
Agreement or the Revolving Credit Note for the account of Lenders shall
constitute payment to the appropriate Lenders. 
If the Revolving Credit Note or any payment required to be made thereon
or hereunder, is or becomes due and payable on a day other than a Banking
Business Day, the due date thereof shall be extended to the next succeeding
Banking Business Day and interest thereon shall be payable at the then
applicable rate during such extension.

c.                                       Subject
to Section 2.07(a), the outstanding principal owing under the Credit
Facility and the Revolving Credit Note may be prepaid at any time in whole or
in part without penalty; provided, however, that any portion or portions of the
unpaid principal balance which is accruing interest at a LIBO Rate may only be
prepaid or repaid on the last day of the applicable Interest Period unless
Borrowers give three (3) days prior written notice to Agent Bank and
additionally pay concurrently with such prepayment or repayment such additional
amount or amounts as will compensate Lenders for any losses, costs or expenses
which they may incur as a result of such payment, including, without
limitation, any loss (including loss of anticipated profits), cost or expense
incurred by the liquidation or reemployment of deposits or other funds acquired
by such Lender to fund or maintain such LIBOR Loan (“Breakage Charges”).  A certificate of a Lender as to amounts
payable hereunder shall be conclusive and binding on Borrowers for all
purposes, absent manifest or demonstrable error.  Any calculation hereunder shall be made on
the assumption that each Lender has funded or will fund each LIBOR Loan in the
London interbank market; provided that no Lender shall have any
obligation to actually fund any LIBOR Loan in such manner.

d.                                      Unless
the Agent Bank receives notice from an Authorized Officer prior to the date on
which any payment is due to the Lenders that the Borrowers will not make such
payment in full as and when required, the Agent Bank may assume that the
Borrowers have made such payment in full to the Agent Bank on such date in 

 77
 

 

immediately available
funds and the Agent Bank may (but shall not be so required), in reliance upon
such assumption, distribute to each Lender on such due date an amount equal to
the amount then due such Lender.  If and
to the extent the Borrowers have not made such payment in full to the Agent
Bank, each Lender shall repay to the Agent Bank on demand such amount
distributed to such Lender, together with interest thereon at the Federal Funds
Rate for each day from the date such amount is distributed to such Lender until
the date repaid.

e.                                       If,
other than as expressly provided elsewhere herein, any Lender shall obtain any
payment with respect to the Credit Facility (whether voluntary, involuntary,
through the exercise of any right of set-off, or otherwise) in excess of its
Syndication Interest, such Lender shall immediately (a) notify the Agent Bank
of such fact, and (b) purchase from the other Lenders such participations
in the Credit Facility as shall be necessary to cause such purchasing Lender to
share the excess payment with each of them in proportion to their respective
Syndication Interests; provided, however, that if all or any portion of
such excess payment is thereafter recovered from the purchasing Lender, such
purchase shall to that extent be rescinded and each other Lender shall repay to
the purchasing Lender the purchase price paid therefor, together with an amount
equal to such paying Lender’s ratable share (according to the proportion of
(i) the amount of such paying Lender’s required repayment to (ii) the
total amount so recovered from the purchasing Lender) of any interest or other
amount paid or payable by the purchasing Lender in respect of the total amount
so recovered.  The Borrowers agree that any
Lender so purchasing a participation from another Lender may, to the fullest
extent permitted by law, exercise all its rights of payment with respect to
such participation as fully as if such Lender were the direct creditor of the
Borrowers in the amount of such participation. 
The Agent Bank will keep records (which shall be conclusive and binding
in the absence of manifest or demonstrable error) of each participation
purchased under this section and will in each case notify the Lenders following
any such purchases or repayments.

Section 2.08.                             The
Swingline Facility.

a.                                       Subject
to the conditions and upon the terms hereinafter set forth and in accordance
with the terms and provisions of the Swingline Note, Exhibit R affixed
hereto, on and after the Restatement
Date, Swingline Lender agrees to lend and advance Swingline Advances to
Borrowers in the amounts and at the times provided below.  Notwithstanding anything herein contained to
the contrary, however, Borrower shall not be entitled to any Swingline Advances
on and after the date which is ten (10) calendar days prior to the Maturity
Date.

b.                                      With
respect to each proposed Swingline Advance, an Authorized Officer shall give
Swingline Lender written notice in the form of the Notice of Swingline Advance
(“Notice of Swingline Advance”), a copy of which is marked 

 78
 

 

“Exhibit S”, affixed
hereto and by this reference incorporated herein and made a part hereof, to be
received by Swingline Lender no later than 12:00 noon on the date for each
proposed Swingline Advance specifying the requested amount to be funded or oral
notice to be received by Swingline Lender no later than 12:00 noon on such
date, to be followed by a duly completed and executed Notice of Swingline
Advance no later than 1:00 p.m. on the same date.  Swingline Lender shall, on the date for each proposed
Swingline Advance, deposit into the Designated Deposit Account in lawful money
of the United States of America in immediately available funds such amounts as
Borrowers may request; provided, that: (i) after giving effect to such
Swingline Advance, the Swingline Outstandings shall not exceed Ten Million
Dollars ($10,000,000.00), (ii) the amount requested does not exceed the
Available Borrowings, (iii) no Default or Event of Default has occurred
and is continuing, and (iv) the conditions precedent set forth in
Sections 3.23 and 3.24 shall have been satisfied.  Within the foregoing limitations, Borrowers
may borrow, repay and reborrow under the Swingline Facility.  Each Swingline Advance shall be in an
integral multiple of One Hundred Thousand Dollars ($100,000.00).  Promptly after receipt of each request for a
Swingline Advance, Swingline Lender shall obtain telephonic verification from
Agent Bank that, giving effect to such request, the amount of such request does
not exceed the then Available Borrowings (such verification to be promptly
confirmed in writing).  Unless notified
to the contrary by the Swingline Lender, each repayment of a Swingline Advance
shall be in an amount which is an integral multiple of One Hundred Thousand
Dollars ($100,000.00), together with the accrued interest thereon.  The Swingline Lender shall promptly notify
the Agent Bank of the Swingline Outstandings each time there is a change
therein.

c.                                       Each
Swingline Advance shall bear interest at the Base Rate plus the Applicable Margin
and shall be payable at the times and in the manner set forth below and, in any
event, on or before ten (10) days prior to the Maturity Date.  Unless otherwise paid, interest accrued on
the unpaid balance of Swingline Outstandings for the period commencing on the
first calendar day and ending on the last calendar day of each and every month
shall be paid monthly in arrears on or before the fifth (5th) day following
receipt by Borrowers of an invoice from Swingline Lender setting forth the
amount of such accrued interest.  In the
event any Swingline Advance is outstanding for ten (10) consecutive Banking
Business Days or as of the tenth (10th) day prior to the Maturity Date, then on
the next Banking Business Day (unless Borrowers have made other arrangements
acceptable to the Swingline Lender to pay the Swingline Outstanding in full or
to continue such Swingline Outstanding), Borrowers shall request a Borrowing
under the Credit Facility in an amount sufficient to pay the applicable
Swingline Advance in full, together with all interest accrued thereon.  Upon receipt of the amount of the Borrowing
from the Lenders, the Agent Bank shall provide such amount to the Swingline
Lender for repayment of the applicable Swingline Advance and the balance of the
Borrowing, if any, shall be deposited in immediately available funds to 

 79
 

 

the Designated Deposit
Account.  In the event Borrowers fail to
request a Borrowing within the period specified above, Agent Bank shall,
without notice to the Borrowers and without regard to any other conditions
precedent for the making of Borrowings under the Credit Facility, including,
without limitation the remedies set forth in Section 7.02, promptly (but
subject to the notice periods for Borrowings set forth in Section 2.03) cause
a Borrowing to be made and funded by the Lenders under the Credit Facility in
the amount necessary to pay the applicable Swingline Advance in full, together
with all interest accrued thereon, to the extent of Available Borrowings, and
the Borrowers shall be deemed to have requested such Borrowing and consented to
its being made as provided for herein.

d.                                      In
the event Agent Bank fails or is restrained, prohibited or restricted from
causing a Borrowing to be made as provided in (c) above or Lenders are
restrained, prohibited or restricted from funding a Borrowing as provided in
(c) above, the Swingline Lender may by written notice given to Agent Bank not
later than 11:00 a.m. on any Banking Business Day require the Lenders to
acquire participations on the next Banking Business Day in the Swingline Outstandings.  Such notice shall specify the aggregate
amount of the Swingline Outstandings in which the Lenders will
participate.  Promptly upon receipt of
such notice, Agent Bank will give notice thereof to each Lender, specifying in
such notice such Lender’s applicable Pro Rata Share of such Swingline
Outstandings.  Each Lender hereby
absolutely and unconditionally agrees, upon receipt of notice as provided
above, to pay to Agent Bank , for the account of the Swingline Lender, such
Lender’s Pro Rata Share of such Swingline Outstandings.  Each Lender acknowledges and agrees that its
obligation to acquire a participation in the Swingline Outstandings pursuant to
this paragraph is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including the occurrence and continuance of a Default
or an Event of Default, and that each such payment shall be made without any offset,
abatement, withholding or reduction whatsoever (provided that such payment shall not
cause the unpaid balance of principal owing to such Lender under the Bank
Facilities to exceed such Lender’s Syndication Interest in the Credit
Facility).  Each Lender shall comply with
its obligation under this paragraph by wire transfer of immediately available
funds, in the same manner as provided in Section 2.03(a) with respect to
Borrowings made by such Lender, and Agent Bank shall promptly pay to the
Swingline Lender the amounts so received by it from the Lenders.  Agent Bank shall notify Borrower of any
participations in any Swingline Outstandings acquired pursuant to this
paragraph, and thereafter payments in respect of such Swingline Outstandings
shall be made to Agent Bank and not to the Swingline Lender.  Any amounts received by the Swingline Lender
from Borrower (or other party on behalf of Borrower) in respect of Swingline
Outstandings after receipt by the Swingline Lender of the proceeds of a sale of
participations therein shall be promptly remitted to Agent Bank; any such
amounts received by Agent Bank shall be promptly remitted by Agent Bank to the
Lenders that shall have made their payments pursuant to this paragraph 

 80
 

 

and to the Swingline
Lender, as their interests may appear. 
The purchase of participations in Swingline Outstandings pursuant to
this paragraph shall not relieve Borrower of any default in the payment
thereof.

e.                                       Each
Lender’s obligation to advance Borrowings in the proportionate amount of its
Syndication Interest in the Credit Facility of any unreimbursed Swingline Outstandings
pursuant hereto is several, and not joint or joint and several.  The failure of any Lender to perform its
obligation to advance a Borrowing in a proportionate amount of such Lender’s
Syndication Interest of any unreimbursed Swingline Outstandings shall neither
relieve any other Lender of its obligation hereunder to advance such Borrowing
in the amount of such other Lender’s proportionate Syndication Interest of such
amount, nor relieve the Lender which has failed to fund of its obligations to
Borrowers hereunder.  The Borrowers agree
to accept the Borrowings for payment of Swingline Outstandings as provided
hereinabove, whether or not such Borrowings could have been made pursuant to
the terms of Article III B or any other section of this Credit Agreement.

Section 2.09.                             Fees.

a.                                       On
the Restatement Date and on each
other applicable date, Borrowers shall pay the fees as required in the Fee Side
Letter, each of such fees to be retained by Agent Bank or distributed to
Lenders as agreed between Agent Bank and each Lender.

b.                                      Borrowers
shall pay a quarterly nonusage fee (the “Commitment Fee”) to the Agent Bank for
the account of Lenders based on the Total Leverage Ratio, calculated as of each
Fiscal Quarter end following the Restatement
Date with reference to the Borrower Consolidation, to determine the applicable
Commitment Percentage determined as set forth in Table Two of the definition of
Applicable Margin.  As of the Restatement
Date, the Commitment Percentage shall be set at Tier VI.

The Commitment Fee shall commence to accrue
on the Restatement Date and shall be
calculated as the product of (i) the applicable Commitment Percentage
multiplied by (ii) the daily average of the Aggregate Commitment less the
daily average of the Funded Outstandings computed on the basis of a three
hundred sixty (360) day year based on the number of actual days elapsed.  Each Commitment Fee shall be payable in
arrears on a quarterly basis on or before the fifth (5th) day following receipt by
Borrowers of an invoice from Agent Bank setting forth the amount of such
Commitment Fee for each applicable Fiscal Quarter, and upon Bank Facilities
Termination.  Each Commitment Fee shall
be promptly distributed by Agent Bank to Lenders in proportion to their
respective Syndication Interests in the Credit Facility, as in effect from time
to time during each applicable Fiscal Quarter.

 81
 

 

c.                                       Letter
of Credit Fees.

(i)                                     As
of the Restatement Date, Borrowers have paid all letter of credit fees due
through the Stated Expiry Date of each Letter of Credit outstanding under the
Existing Credit Agreement, except with respect to the PIDI License Letter of
Credit which is paid through September 27, 2006.  With respect to all Letters of Credit issued
hereunder for the period from and including the day each such Letter of Credit
is issued to, but excluding, the applicable Stated Expiry Date and with respect
to the PIDI License Letter of Credit for the period from September 28,
2006 to, but excluding the Stated Expiry Date of the PIDI License Letter of
Credit, the Borrowers shall pay to the Agent Bank a letter of credit fee (“L/C
Fee”) equal to the greater of Five Hundred Dollars ($500.00) or the Stated
Amount of each such Letter of Credit multiplied by the LIBO Rate Margin, as set
forth in Table One of the definition of Applicable Margin in effect as of the
first day of the applicable Fiscal Quarter calculated on a per annum basis, due
and payable quarterly in arrears on the last Banking Business Day of each
March, June, September and December and on the Stated Expiry Date of each such
Letter of Credit.  Provided, however,
that with respect to the first letter of credit fee payable hereunder with
respect to the PIDI Licensing Letter of Credit, the period shall commence on
September 28, 2006 and end on December 31, 2006.

(ii)                                  From
each L/C Fee the greater of Five Hundred Dollars ($500.00) or one quarter of
one percent (.25%) of the Stated Amount of each such Letter of Credit,
calculated on a per annum basis as provided hereinabove, shall be distributed
by Agent Bank to L/C Issuer for its own account and the balance of each L/C Fee
shall be promptly distributed by Agent Bank to Lenders in proportion to their
respective Syndication Interests in the Credit Facility.  All L/C Fees paid by Borrowers are
nonrefundable.

(iii)                               The
Borrowers shall pay to the L/C Issuer for its own account, with respect to each
Letter of Credit issued hereunder, from time to time such additional fees and
charges (including, but not limited to, cable charges, transfer fees,
negotiation fees and amendment fees) as are generally associated with letters
of credit, in accordance with the L/C Issuer’s standard internal charge
guidelines in effect at such time.

 82

 

Section 2.10.                             Late
Charges and Default Rate.

a.                                       If
any payment due under the Revolving Credit Note is not paid within three (3)
Banking Business Days after receipt by Borrowers of written notice of such
nonpayment from Agent Bank, Borrowers promise to pay a late charge in the
amount of three percent (3%) of the amount of such delinquent payment and Agent
Bank need not accept any late payment made unless it is accompanied by such
three percent (3%) late payment charge. 
Any late charge shall be paid to Lenders in proportion to their
respective Syndication Interests.

b.                                      In
the event of the existence of an Event of Default, commencing on the first
(1st) Banking Business Day following the receipt by Borrowers of written notice
of the occurrence of such Event of Default from Agent Bank, the total of the
unpaid balance of the principal and the then accrued and unpaid interest owing
under the Revolving Credit Note shall commence accruing interest at a rate
equal to two percent (2.0%) over the interest rate otherwise applicable to the
Revolving Credit Note (the “Default Rate”) until all Events of Default which
may exist have been cured, at which time the interest rate shall revert to the
rate of interest otherwise accruing pursuant to the terms of the Revolving
Credit Note.

c.                                       In
the event of the occurrence of an Event of Default, Borrowers agree to pay all
reasonable costs of collection, including the reasonable attorneys’ fees
incurred by Agent Bank, in addition to and at the time of the payment of such
sum of money and/or the performance of such acts as may be required to cure
such Event of Default.  In the event
legal action is commenced for the collection of any sums owing hereunder or
under the terms of the Revolving Credit Note, the Borrowers agree that any
judgment issued as a consequence of such action against Borrowers shall bear
interest at a rate equal to the Default Rate until fully paid.

Section 2.11.                             Net
Payments.  All payments under this
Credit Agreement, the Revolving Credit Note, the Swingline Note and/or L/C
Reimbursement Obligations shall be made without set-off, counterclaim,
recoupment or defense of any kind and in such amounts as may be necessary in
order that all such payments, after deduction or withholding for or on account
of any future taxes, levies, imposts, duties or other charges of whatsoever
nature imposed by the United States or any Governmental Authority, other than
franchise taxes or any tax on or measured by the gross receipts or overall net
income of any Lender pursuant to the income tax laws of the United States or
any State, or the jurisdiction where each Lender’s principal office is located
(collectively “Taxes”), shall not be less than the amounts otherwise specified
to be paid under this Credit Agreement and the Revolving Credit Note.  A certificate as to any additional amounts
payable to the Lenders under this Section 2.11 submitted to the Borrowers by
the Lenders shall show in reasonable detail an accounting of the amount payable
and the calculations used to determine in good faith such amount and shall be 

 83
 

 

conclusive absent manifest or demonstrable error.  Any amounts payable by the Borrowers under
this Section 2.11 with respect to past payments shall be due within ten (10)
days following receipt by the Borrowers of such certificate from the Lenders;
any such amounts payable with respect to future payments shall be due within
ten (10) days after demand with such future payments.  With respect to each deduction or withholding
for or on account of any Taxes, the Borrowers shall promptly furnish to the
Lenders such certificates, receipts and other documents as may be required (in
the reasonable judgment of the Lenders) to establish any tax credit to which
the Lenders may be entitled.

Section 2.12.                             Increased
Costs.  If after the date hereof the
adoption of, or any change in, any applicable law, rule or regulation
(including without limitation Regulation D of the Board of Governors of
the Federal Reserve System and any successor thereto), or any change in the
interpretation or administration thereof by any Governmental Authority, central
bank or comparable agency charged with the interpretation or administration
thereof, or compliance by any Lender with any future request or future
directive (whether or not having the force of law) of any such Governmental
Authority, central bank or comparable agency:

a.                                       Shall
subject any Lender to any tax, duty or other charge with respect to the Credit
Facility and/or the Revolving Credit Note or such Lender’s obligation to make
any funding of the Credit Facility, or shall change the basis of taxation of
payments to such Lender of the principal of, or interest on, the Credit
Facility or any other amounts due under the Revolving Credit Note in respect of
the Credit Facility or such Lender’s obligation to fund the Credit Facility
(except for changes in the rate of tax on the overall net income of such Lender
imposed by the United States or any Governmental Authority pursuant to the
income tax laws of the United States or any State, or the jurisdiction where each
Lender’s principal office is located); or

b.                                      With
respect to the Credit Facility or the obligation of the Lenders to advance
Borrowings under the Credit Facility shall impose, modify or deem applicable
any reserve imposed by the Board of Governors of the Federal Reserve System,
special deposit, capitalization, capital adequacy or similar requirement
against assets of, deposits with or for the account of, or credit extended by,
any Lender; or

c.                                       Shall
impose on any Lender any other condition affecting the Credit Facility, the
Revolving Credit Note or such Lender’s obligation to advance Borrowings under
the Credit Facility;

and the result of any of the
foregoing, as set forth in subsections (a), (b) or (c) is to increase the cost
to (or in the case of Regulation D or reserve requirements referred to
above or a successor thereto, to impose a cost on) such Lender of making or
maintaining the Credit Facility, or to reduce the amount of any sum or rate of
return received or 

 84
 

 

receivable by such Lender under
the Revolving Credit Note, then within ten (10) days after demand by such
Lender (which demand shall be accompanied by a certificate setting forth the
basis of such demand), the Borrowers shall pay directly to such Lender such
additional amount or amounts as will compensate such Lender for such increased
cost (or in the case of Regulation D or reserve requirements referred to
above or a successor thereto, such costs which may be imposed upon such Lender)
or such reduction of any sum or rate of return received or receivable under the
Revolving Credit Note less the amount, if any, of the reduction of the Lenders’
tax liability to another taxing authority resulting from the payment of such
taxes.  A certificate as to any
additional amounts payable to any Lender under this Section 2.12 submitted to
the Borrowers by such Lender shall show in reasonable detail an accounting of
the amount payable and the calculations used to determine in good faith such
amount and shall be conclusive absent manifest or demonstrable error.

Section 2.13.                             Mitigation;
Exculpation.

a.                                       Each
Lender agrees that it will promptly notify the Borrowers in writing upon its
becoming aware that any payments are to become due to it under this Credit
Agreement pursuant to Section 2.11 or 2.12. 
Each Lender further agrees that it will use reasonable efforts not
materially disadvantageous to it (in its reasonable determination) in order to
avoid or minimize, as the case may be, the payment by the Borrowers of any
additional amounts pursuant to Section 2.11 or 2.12.  Each Lender represents, to the best of its
knowledge, that as of the Restatement
Date no such amounts are payable to it.

b.                                      Borrowers
shall not be liable to any Lender for any payments under Section 2.11 or
2.12 arising to the extent of such Lender’s gross negligence or wilful
misconduct or breach of any laws (other than as a result of Borrowers’ breach),
or for amounts which were incurred more than ninety (90) days prior to the date
Borrowers are notified of the incurrence of such amount.

Section 2.14.                             Issuance
of Letters of Credit.

a.                                       Subject to the provisions set forth in
Section 5.29(e), any Authorized Officer of Borrowers may from time to time
request that a Standby Letter of Credit or Commercial Letter of Credit be
issued by delivering to L/C Issuer (with a telecopy to the Agent Bank) on a
Banking Business Day, at least five (5) Banking Business Days prior to the date
of such proposed issuance, an L/C Agreement in L/C Issuer’s then standard form
(consistent with the terms of the Credit Agreement), completed to the
satisfaction of L/C Issuer and such other certificates as the L/C Issuer may
reasonably request; provided, however, that no Letter of Credit shall be issued
(a) if any Default or Event of Default has occurred and remains continuing, or
(b) if after giving effect to the issuance thereof, the aggregate Stated
Amount of outstanding Letters of Credit would 

 85
 

 

exceed Sixty Million Dollars
($60,000,000.00), or (c) the Stated Amount of the requested Letter of
Credit exceeds the Maximum Availability. 
Each Letter of Credit shall be issued by the L/C Issuer on the Banking
Business Day specified in the Borrower’s application therefor.  Each request for a Letter of Credit and each
Letter of Credit shall be subject to the Uniform Customs and Practice for
Documentary Credits, International Chamber of Commerce Publication New 1994
Revision No. 500, or any successor publication then in effect.  Each Commercial Letter of Credit will be
issued for a term not greater than one hundred eighty (180) calendar days.  In no event shall any Letter of Credit have a
Stated Expiry Date later than thirty (30) days prior to the Maturity Date.  Promptly after receipt of each request for
the issuance of a Letter of Credit and immediately prior to the issuance
thereof, L/C Issuer shall obtain telephonic verification from Agent Bank that
the amount of such request does not exceed the then Available Borrowings.  The L/C Issuer shall promptly notify the
Agent Bank of the aggregate L/C Exposure of outstanding Letters of Credit each
time there is a change therein.

b.                                      Upon presentation of a draft drawn under any
Letter of Credit, L/C Issuer shall promptly notify the Agent Bank and Borrowers
of the amount under such draft and the date upon which such draft is to be
funded.  On or before two (2) Banking
Business Days following such notice (unless Borrowers have made other
arrangements acceptable to the L/C Issuer to pay the amount of such draft in
full), Borrowers shall advance to L/C Issuer the amount of such draft from
Borrowers’ available funds or shall request a Borrowing under the Credit
Facility in an amount sufficient to pay the amount of such draft in full.  The Agent Bank, upon receipt of such funds
from the Lenders, shall automatically provide such amount to the L/C Issuer for
payment of the amount of such draft and the balance of the Borrowing shall be
deposited in immediately available funds to the Designated Deposit
Account.  In the event Borrowers fail to
advance to L/C Issuer the amount of such draft from Borrowers’ available funds
or to request a Borrowing within two (2) Banking Business Days from receipt of
the notice as specified above, on the third (3rd) Banking Business Day
following Agent Bank’s receipt of such notice, Agent Bank shall, without notice
to or consent of the Borrowers and without regard to any other conditions
precedent for the making of Borrowings under the Credit Facility, cause a
Borrowing to be made and funded by the Lenders under the Credit Facility and
Lenders agree to fund their respective Pro Rata Share of such Borrowing in the
amount necessary to pay the amount of such draft in full.  Upon the occurrence of any Event of Default,
L/C Issuer shall, without notice or further authorization or consent of Borrowers
whatsoever, be authorized to immediately cause the Cash Collateral Account to
be established and funded by Lenders with a Borrowing advanced to Agent Bank
equal to the aggregate amount of the L/C Exposure then outstanding.  All amounts held by L/C Issuer in the Cash
Collateral Account shall be held as security for the repayment of any L/C
Reimbursement Obligation thereafter arising pursuant to the terms of the L/C
Agreement(s) and the Cash Collateral Pledge Agreement.  Borrowings advanced by Lenders to pay drafts
drawn upon or to secure repayment of the L/C Exposure under Letters of Credit
pursuant to this subsection 

 86
 

 

shall: (i) constitute Borrowings under
the Credit Facility, (ii) initially be Base Rate Loans and (iii) be
subject to all of the provisions of this Credit Agreement concerning Borrowings
under the Credit Facility, except that such Borrowings shall be made upon
demand of the Agent Bank as set forth above rather than upon Notice of
Borrowing by Borrowers and shall be made, notwithstanding anything in this
Credit Agreement to the contrary, without regard to any other conditions
precedent to the making of Borrowings under the Credit Agreement and
notwithstanding any Default or Event of Default thereunder.  All amounts paid by L/C Issuer on a draft
drawn under any Letter of Credit which has not been funded or concurrently
reimbursed by Borrowers or through a Borrowing as provided hereinabove, shall
bear interest at the Base Rate plus the Applicable Margin per annum until
repaid or reimbursed to L/C Issuer.

c.                                       In
the event Agent Bank fails or is restrained, prohibited or restricted from
causing a Borrowing to be made as provided in (b) above or Lenders are
restrained, prohibited or restricted from funding a Borrowing as provided in
(b) above, the L/C Issuer may by written notice given to Agent Bank not later
than 11:00 a.m. on any Banking Business Day require the Lenders to acquire
participations on the next Banking Business Day in the subject L/C
Reimbursement Obligation.  Such notice
shall specify the aggregate amount of the L/C Reimbursement Obligation in which
Lenders will participate.  Promptly upon
receipt of such notice, Agent Bank will give notice thereof to each Lender,
specifying in such notice such Lender’s applicable Pro Rata Share percentage of
such L/C Reimbursement Obligation.  Each
Lender hereby absolutely and unconditionally agrees, upon receipt of notice as
provided above, to pay to Agent Bank, for the account of the L/C Issuer, such
Lender’s Pro Rata Share of such L/C Reimbursement Obligation.  Each Lender acknowledges and agrees that its
obligation to acquire participations in the L/C Reimbursement Obligation
pursuant to this paragraph is absolute and unconditional and shall not be
affected by any circumstance whatsoever, including the occurrence and
continuance of a Default or an Event of Default, and that each such payment
shall be made without any offset, abatement, withholding or reduction
whatsoever (provided
that such payment shall not cause the unpaid balance of principal owing
to such Lender under the Bank Facilities to exceed such Lender’s Syndication
Interest in the Credit Facility).  Each
Lender shall comply with its obligation under this paragraph by wire transfer
of immediately available funds, in the same manner as provided in
Section 2.03(a) with respect to Borrowings made by such Lender, and Agent
Bank shall promptly pay to the L/C Issuer the amounts so received by it from
the Lenders.  Agent Bank shall notify
Borrower of any participations in any L/C Reimbursement Obligation acquired
pursuant to this paragraph, and thereafter payments in respect of such L/C
Reimbursement Obligation shall be made to Agent Bank and not to the L/C
Issuer.  Any amounts received by the L/C
Issuer from Borrower (or other party on behalf of Borrower) in respect of any
L/C Reimbursement Obligation after receipt by the L/C Issuer of the proceeds of
a sale of participations therein shall be promptly remitted to Agent Bank; any
such amounts received by Agent 

 87
 

 

Bank shall be promptly remitted by Agent Bank to the Lenders that shall
have made their payments pursuant to this paragraph and to the L/C Issuer, as
their interests may appear.  The purchase
of participations in any L/C Reimbursement Obligation pursuant to this
paragraph shall not relieve Borrower of any default in the payment thereof.

d.                                      Each Lender’s obligation to advance Borrowings in
the proportionate amount of its Syndication Interest in the Credit Facility of
any unreimbursed amounts outstanding under any Letter of Credit pursuant hereto
is several, and not joint or joint and several. 
The failure of any Lender to perform its obligation to advance a
Borrowing in a proportionate amount of such Lender’s Syndication Interest of
any unreimbursed amounts outstanding under a Letter of Credit will not relieve
any other Lender of its obligation hereunder to advance such Borrowing in the
amount of such other Lender’s proportionate Syndication Interest of such
amount, nor relieve the Lender which has failed to fund of its obligation to
fund hereunder.  The Borrowers agree to
accept the Borrowings for payment of Letters of Credit as provided hereinabove,
whether or not such Borrowings could have been made pursuant to the terms of
Article III B or any other section of the Credit Agreement.

e.                                       Letters of Credit shall be used and issued for the
benefit of Borrowers for the general corporate purposes of Borrowers relating
to the Hotel/Casino Facilities or any New Venture.

ARTICLE
III

CONDITIONS PRECEDENT TO THE RESTATEMENT DATE

A.                                   Restatement
Closing Conditions.  The obligation
of each of the Banks to fund any Restatement Closing Disbursement under the
Credit Facility is subject to the following conditions precedent, each of which
shall be satisfied on or before October 6, 2006 (unless all of the Banks,
in their sole and absolute discretion, shall agree otherwise).  The occurrence of the Restatement Date is
subject to and contingent upon Agent Bank having received, in each case in form
and substance reasonably satisfactory to Agent Bank, or in the case of an
occurrence, action or event, the occurrence of, each of the following:

Section 3.01.                             Credit
Agreement.  Executed counterparts of
this Credit Agreement in sufficient duplicate originals for Borrowers and each
of the Banks.

Section 3.02.                             The
Notes.

a.                                       On
or before the Restatement Date, the
Revolving Credit Note duly executed by the Borrowers in favor of Agent Bank
shall be delivered to Agent Bank.

 88
 

 

b.                                      On
or before the Restatement Date, the
Swingline Note duly executed by the Borrowers in favor of Swingline Lender
shall be delivered to Swingline Lender.

Section 3.03.                             Security
Documentation.  The Security Document
Amendments duly executed by each of the applicable Borrowers or other parties
thereto, consisting of the following:

a.                                       MTRI
Security Agreement Restatement;

b.                                      MPI
Deed of Trust Restatement;

c.                                       Third
Amendment to SGLVI Deed of Trust;

d.                                      Third
Amendment to SDI Mortgage;

e.                                       PIDI
Mortgage Restatement;

f.                                         Troyer/Maffeo
Mortgage Restatement;

g.                                      First
Amendment to SGFI Deed of Trust;

h.                                      First
Amendment to IP Mortgage;

i.                                          Trademark
Security Agreement;

j.                                          PIDI
Financing Statement;

k.                                       MPI
Assignment of Entitlements, Contracts, Rents and Revenues;

l.                                          SGLVI
Assignment of Entitlements, Contracts, Rents and Revenues;

m.                                    SDI
Assignment of Entitlements, Contracts, Rents and Revenues;

n.                                      PIDI
Assignment of Entitlements, Contracts, Rents and Revenues; and

o.                                      SGFI
Assignment of Entitlements, Contracts, Rents and Revenues.

 89
 

 

Section 3.04.                             Other
Loan Documents.  The following Loan
Documents duly executed by each of the applicable Borrowers and any other
applicable party thereto, consisting of the following shall be delivered or
caused to be delivered to Agent Bank on or before the Restatement Date:

a.                                       Environmental
Certificate; and

b.                                      SGFI
Lease Estoppel Certificates.

Section 3.05.                             Articles
of Incorporation, Bylaws, Corporate Resolutions, Certificates of Good Standing
and Closing Certificate.  On or before the Restatement Date, Agent Bank
shall have received from each of the Borrowers: (i) a Certificate of Good
Standing issued by the Secretary of State of the applicable state of
incorporation and dated within thirty (30) Banking Business Days of the Restatement Date, (ii) a copy of the
articles of incorporation and by-laws certified to be true and correct by
a duly Authorized Officer of each respective Borrower, (iii) an original
Certificate of Corporate Resolution and Certificate of Incumbency executed by
the Secretary of each respective Borrower and attested to by its President,
Vice President, or Treasurer authorizing Borrowers to enter into all documents
and agreements to be executed by it pursuant to this Credit Agreement and
further authorizing and empowering the officer or officers who will execute
such documents and agreements with the authority and power to execute such
documents and agreements on behalf of each respective Borrower,
(iv) designation by corporate certificate (“Authorized Officer Certificate”),
substantially in the form of the Authorized Officer Certificate marked “Exhibit F”,
affixed hereto and by this reference incorporated herein and made a part
hereof, of the officers of each respective Borrower who are authorized to give
Notices of Borrowing, Continuation/ Conversion Notices, Compliance Certificates
and all other notices, requests, reports, consents, certifications and
authorizations on behalf of each of the Borrowers and the Borrower
Consolidation, each individually an “Authorized Officer” and collectively the “Authorized
Officers”, and (v) an original Closing
certificate (“Closing Certificate”), substantially in the
form of the Closing Certificate marked “Exhibit G”,
affixed hereto and by this reference incorporated herein and made a part
hereof, duly executed by an Authorized Officer of Borrowers.

Section 3.06.                             Opinion
of Counsel.  One or more opinions of
counsel to the Borrowers, dated as of the Restatement
Date and addressed to the Agent Bank on behalf of itself and each of the Banks,
together with their respective successors and assigns, substantially in the
form of the legal opinion marked “Exhibit I”, affixed hereto and by this
reference incorporated herein and made a part hereof.

Section 3.07.                             Title
Insurance Endorsements.  As of the
Restatement Date, the Title Insurance Modification Endorsements (or proforma
commitment for the 

 90
 

 

issuance thereof) consistent with the requirements of the Restatement Closing Instructions.

Section 3.08.                             Survey.  If required by Title Insurance Company, with
respect to any of the Collateral Properties, as a condition for the issuance of
any of the Title Endorsements, a current boundary and location survey for the
applicable Collateral Property, subject to exceptions approved by Lenders prior
to the Restatement Date, delivered
to Agent Bank no less than ten (10) Banking Business Days prior to the Restatement Date, which, if so required,
must (a) be certified to Agent Bank and the Title Insurance Company, (b) show
the applicable Collateral Property to be free of encroachments, overlaps, and
other survey defects, (c) show the courses and distances of the lot lines for
the applicable Collateral Property, (d) show that all existing improvements are
located within said lot and building lines, and (e) show the location of all
above and below ground easements, improvements, appurtenances, utilities,
rights-of-way, water rights and ingress and egress, by reference to book and
page numbers and/or filed map reference. 
On or before the Restatement
Date, Borrowers shall comply with all other survey requirements of Title
Insurance Company for the issuance of the Title Endorsements without reference
to any exception of title based on any survey requirement.

Section 3.09.                             Payment
of Taxes.  Evidence satisfactory to
Agent Bank that all past and current real and personal property taxes and
assessments which are presently due and payable applicable to the Collateral
Properties have been paid in full.

Section 3.10.                             Insurance.  Copies of declaration pages of each insurance
policy, certified to be true and correct in all respects by an Authorized
Officer of Borrowers, together with original binders evidencing Borrowers as
the named insured, and original certificates of insurance, loss payee and
mortgagee endorsements naming Agent Bank as mortgagee, loss payee and
additional insured as required by the insurance provisions set forth in
Section 5.09 of this Credit Agreement.

Section 3.11.                             Payment
of Fees.  Payment by Borrowers to
Agent Bank of the fees to the extent then due and payable on the Restatement Date as provided in
Section 2.09(a) hereinabove.

Section 3.12.                             Reimbursement
for Expenses and Fees.  Reimbursement
by Borrowers for all reasonable fees and out-of-pocket expenses
incurred by Agent Bank in connection with the Credit Facility, excluding,
however, all Syndication Costs, but including, but not limited to, escrow
charges, title insurance premiums, environmental examinations, recording fees,
appraisal fees, reasonable attorney’s fees of Henderson & Morgan, LLC and
insurance consultant fees, and all other like fees and expenses remaining
unpaid as of the Restatement Date to
the extent then due and payable on the Restatement
Date, provided that the amount then invoiced shall not 

 91
 

 

thereafter preclude Borrowers’ obligation to pay such costs and
expenses relating to the restatement
of the Credit Facility following the Restatement
Date or to reimburse Agent Bank for the payment thereof.

Section 3.13.                             Schedules
of Spaceleases and Equipment Leases and Contracts.  The Schedules of Spaceleases (Schedules 4.15(a) through (e)) and Equipment Leases and
Contracts (Schedules 4.16(a) through (e)) in each
instance setting forth the name of the other party thereto, a brief description
of each spacelease, equipment lease and contract and the commencement and
ending date thereof.

Section 3.14.                             Phase
I Environmental Site Assessments.

a.                                       A
Phase I Environmental Site Assessment or Assessments of the Collateral
Properties prepared in conformance with the scope and limitations of ASTM
Standard Designation E1527-93 and approved by Agent Bank.  The Phase I Environmental Site
Assessments delivered to Agent Bank in connection with the Existing Credit
Facility shall be deemed to satisfy this requirement.  Any recommended action shall have been
completed by Borrowers.

b.                                      Borrowers
hereby confirm the representations contained in Sections 2.1 and 2.2 of
the Environmental Certificate are true and correct in all respects, except with
respect to the matters disclosed on the Schedule of Significant Litigation.

Section 3.15.                             Evidence
of Right to Occupancy of Collateral Properties.  A copy of the permanent certificate of
occupancy issued by each applicable Governmental Authority, evidencing the
right of the Borrower Consolidation to use and hold open for the use and
occupancy of the public of the Hotel/Casino Facilities.

Section 3.16.                             Gaming
Permits.  Copies of those Gaming
Permits issued by each applicable Gaming Authority evidencing the right of the
Borrower Consolidation to conduct pari-mutuel wagering on live horseracing and
simulcast horse and greyhound racing at the MPI Hotel/Casino Facilities, SDI
Facility and PIDI Facility, as applicable, and, except for the PIDI Facility
prior to the occurrence of the PIDI Licensing Event, to conduct gaming
activities and games of chance at each of the Hotel/Casino Facilities.

Section 3.17.                             Financial
Statements.  Audited financial
statements of the Borrower Consolidation for the most recently ended Fiscal
Year, to the extent the same have been prepared and are available.

Section 3.18.                             Schedule
of all Significant Litigation.  A
Schedule of Significant Litigation (Schedule 3.18) involving any member of
the Borrower 

 92
 

 

Consolidation, in each instance setting forth the names of the other
parties thereto, a brief description of such litigation, whether or not such
litigation is covered by insurance and, if so, whether the defense thereof and
liability therefor has been accepted by the applicable insurance company
indicating whether such acceptance of such defenses with or without a
reservation of rights, the commencement date of such litigation and the amount
sought to be recovered by the adverse parties thereto or the amount which is
otherwise in controversy.

Section 3.19.                              No
Injunction or Other Litigation.  No
law or regulation shall prohibit, and no order, judgment or decree of any
Governmental Authority shall, and no litigation shall be pending or threatened
which in the reasonable judgment of the Agent Bank would or would reasonably be
expected to, enjoin, prohibit, limit or restrain the execution and delivery of
this Credit Agreement or the making of any advance under the Credit Facility.

Section 3.20.                             Additional
Documents and Statements.  As of the Restatement Date such additional
documents, affidavits, certificates and opinions as Requisite Lenders may
reasonably require to insure compliance with this Credit Agreement.  The statements set forth in Section 3.31
shall be true and correct.

Section 3.21.                             Green
Shingle Loan Documents and National City Loan Documents.

a.                                       Each
of the following with respect to the Green Shingle Loan:

(i)                                     the
originals of each of the Green Shingle Note, Green Shingle Loan Agreement,
Green Shingle Security Documents and the original stock certificates of Tecnica
stock referenced in the Tecnica Stock Pledge (collectively, the “Green Shingle
Loan Documents”);

(ii)                                  Such
endorsements and assignments of the Green Shingle Loan Documents as are
reasonably required by Agent Bank and its attorneys to perfect a first position
security interest in the Green Shingle Loan Documents as additional collateral
for the Bank Facilities; and

b.                                      A
true and correct copy of each of the National City Loan Documents and of all
amendments and modifications thereto.

Section 3.22.                             Construction
Cost Analysis of the PIDI Construction Project.  Borrowers shall have provided Agent Bank and
Lenders’ Consultant with all 

 93
 

 

information reasonably requested by them, or either of them, in order
for the Lenders’ Consultant to complete a Construction Cost Analysis of the
PIDI Construction Project dated within thirty (30) days of the Restatement
Date, including, without limitation, confirmation that as of the Restatement
Date:

a.                                       The
Project Development Budget for construction and completion of the PIDI
Construction Project (inclusive of all Hard Costs, Soft Costs, pre-opening
expenses, capitalized interest and the licensing fee to be paid in connection
with the PIDI Licensing Event) does not exceed Two Hundred Fifty-Six Million
Dollars ($256,000,000.00);

b.                                      The
General Contractor’s Agreement is either a guaranteed maximum price contract or
a fixed price contract, in each case not in excess of the General Contractor’s
Budget; and

c.                                       The
total Project Development Budget of the PIDI Construction Project does not
exceed the sum of:

(i)                                     Borrower
Construction Expenditures made as of the Restatement Date,

(ii)                                  plus
the Available Borrowings,

(iii)                               plus
Excess Cash On Hand;

(iv)                              plus
Projected Free Cash Flow determined as of the end of the most recently ended
calendar month; and

(v)                                 plus,
the amount of the Available FF&E Financing applicable to the PIDI
Construction Project.

Section 3.23.                             Construction
Schedule, Plans and Specifications and Construction Budgets.  The Construction Schedule, the Plans and
Specifications, General Contractor’s Budget(s), Borrower Construction Budget
and the Project Development Budget of the PIDI Construction Project, each
approved by Lenders’ Consultant.

Section 3.24.                             Construction
Agreement.  The General Contractor’s
Agreement applicable to the PIDI Construction Project duly executed by the
General Contractor and PIDI.

Section 3.25.                             Architect’s
Contract.  The Architect’s Contract
applicable to the PIDI Construction Project duly executed by PIDI and
Architect.

 94
 

 

Section 3.26.                             Major
Subcontracts.  A list setting forth
the name and address of each Major Subcontractor and a copy of all Major
Subcontracts applicable to the PIDI Construction Project executed by and
between PIDI and each such Major Subcontractor or by and between the General
Contractor and each such Major Subcontractor.

Section 3.27.                             Regulatory
Approvals, Permits, Consents, Etc. 
True and correct copies of all permits, approvals, authorizations and
consents by all Governmental Authorities permitting the construction of the
PIDI Construction Project in accordance with the Plans and Specifications or
evidence that same can be obtained, together with all supporting documents and
materials reasonably requested by Agent Bank.

Section 3.28.                             Assignment
of Architect’s Contract.  If required
by Agent Bank, the Assignment of Architect’s Contract duly executed by PIDI and
Architect and the Architect’s Consent duly executed by Architect.

Section 3.29.                             Assignment
of General Contractor’s Agreement. 
If required by Agent Bank, the Assignment of Contractor’s Agreement duly
executed by PIDI and General Contractor’s Consent duly executed by General
Contractor.

B.                                     Conditions
Precedent to all Borrowings, Swingline Advances and Letters of Credit.  The obligation of each Lender and Agent Bank
to advance any Borrowing requested to be made on any Funding Date is (except
Borrowings made upon the demand of Agent Bank for the purpose of funding
repayment of Swingline Outstandings and/or L/C Reimbursement Obligations), and
the obligation of Swingline Lender to fund Swingline Advances and the
obligation of L/C Issuer to issue Letters of Credit are, in each case, subject
to the occurrence of each of the following conditions precedent as of such
Funding Date, Swingline Issuance Date and/or L/C Issuance Date, as the case may
be:

Section 3.30.                             Notices.

a.                                       With
respect to any Borrowing, the Agent Bank shall have received in accordance with
Section 2.03 on or before such Funding Date an original and duly executed
Notice of Borrowing or facsimile copy thereof, to be promptly followed by an
original.

b.                                      With
respect to any Swingline Advance, the Swingline Lender shall have received in
accordance with Section 2.08 on or before such Swingline Issuance Date an
original and duly executed Notice of Swingline Advance or facsimile copy
thereof, to be promptly followed by an original.

 95
 

 

c.                                       With
respect to the issuance of any Letter of Credit, the L/C Issuer shall have
received in accordance with Section 2.14 on or before such L/C Issuance Date
an original and duly executed L/C Agreement.

Section 3.31.                             Certain
Statements.  On the Restatement Date
and as of each respective Funding Date, Swingline Issuance Date and/or L/C
Issuance Date the following statements shall be true and correct:

a.                                       The
representations and warranties with respect to the Borrower contained in
Article IV hereof (other than representations and warranties which expressly
speak only as of a different date which shall be true and correct as of such
date) are true and correct on and as of the Funding Date, Swingline Issuance
Date and/or L/C Issuance Date and as of the Restatement Date in all material
respects as though made on and as of that date, except to the extent that such
representations and warranties are not true and correct as a result of a change
which is permitted by this Credit Agreement or by any other Loan Document, or
which is otherwise consented to by Requisite Lenders or the Agent Bank, as may
be required;

b.                                      The
representations and certifications contained in the Environmental Certificate
are true and correct in all material respects (other than representations and
warranties which expressly speak only as of a different date which shall be
true and correct as of such date);

c.                                       Since
the date of the most recent financial statements referred to in
Section 3.17 and 5.08(b), no Material Adverse Change shall have occurred;
and

d.                                      No
event has occurred or as a result of any Borrowings contemplated hereby would
occur and is continuing, or would result from the making thereof, which
constitutes a Default or Event of Default hereunder.

Section 3.32.                             Gaming
Permits.  The Borrower Consolidation shall have all Gaming
Permits material to or required for the conduct of its gaming businesses and
the conduct of games of chance at the MPI Hotel/Casino Facilities and the SGLVI
Hotel/Casino Facility and such Gaming Permits shall not then be suspended,
enjoined or prohibited (for any length of time) by any Gaming Authority or any
other Governmental Authority.

C.                                     Additional
Conditions Precedent to Commitment Increase.  In addition to the requirements set forth in
Articles III A and B, the obligation of Lenders (as such Lenders are defined as
of the applicable date of determination) and Agent Bank to make available the
Commitment Increase is subject to and contingent upon (i) satisfaction of
each of the conditions and requirements set forth in Section 2.01(d), 

 96
 

 

and (ii) Agent Bank having received in each case in form and substance
reasonably satisfactory to Agent Bank or in the case of an occurrence, action
or event, the occurrence of each of the following:

Section 3.33.                             Amendments
to Security Documents.  Borrower
shall execute and deliver to Agent Bank such amendments to the Security
Documentation as may be required by Agent Bank to add the Commitment
Increase as an Obligation secured by the Security Documentation.

Section 3.34.                             Revolving
Credit Note.  Borrower shall execute
and deliver an amendment and restatement of the Revolving Credit Note, in a
form reasonably acceptable to Agent Bank, in the amount of the then Aggregate
Commitment as increased by the Commitment Increase.

Section 3.35.                             Opinion
of Counsel - Commitment Increase.  An
opinion of counsel to the Borrower and addressed to the Agent Bank on behalf of
itself and each of the Banks, together with their respective successors and
assigns, opining as to such matters as are reasonably required by Agent Bank
and the Requisite Lenders, including, without limitation, that the Commitment
Increase is permitted under the terms of the Senior Unsecured Indenture and
Senior Subordinated Indenture.

Section 3.36.                             Endorsement
of Title Insurance Policy.  As of the
Commitment Increase Effective Date, Borrower, at Borrower’s expense, shall
cause the Title Insurance Policy to be endorsed with a CLTA Form 108.8, CLTA
Form 110.5 and/or other appropriate endorsement(s) (in each case, in a form and
substance acceptable to Agent Bank) for the purpose of (a) reaffirming the
lien and priority of the Deeds of Trust, as amended, and (b) increasing the
coverage amount thereunder by the amount of the Commitment Increase.

Section 3.37.                             Reimbursement
for Expenses and Fees.  Reimbursement
and payment by Borrower for all arrangement fees, upfront fees and all
reasonable fees and out-of-pocket expenses incurred by Agent Bank in connection
with the Commitment Increase, including, but not limited to, title insurance
premiums, reasonable attorney’s fees of Henderson & Morgan, LLC and all
other like fees and expenses relating to the Commitment Increase Effective
Date, provided that the amount then invoiced shall not thereafter preclude
Borrower’s obligation to pay such costs and expenses relating to the Commitment
Increase following the Commitment Increase Effective Date or to reimburse Agent
Bank for the payment thereof.

Section 3.38.                             Additional
Documents and Statements.  Such
additional documents, affidavits, certificates and opinions as Agent Bank may
reasonably require to insure compliance with this Credit Agreement.  The statements set forth in Section 3.31 shall be true and correct.

 97
 

 

D.                                    Conditions
Precedent to Borrowings for each Material Future Project.  Except with respect to the SDI Project for
which up to Fifteen Million Dollars ($15,000,000.00) may be advanced prior to
compliance with the requirements of Sections 3.39 through 3.44, the
obligation of each Lender and Agent Bank to advance Borrowings for a Material
Future Project is subject to Agent Bank having received, in each case in form
and substance reasonably satisfactory to Agent Bank and Lenders’ Consultant, or
in the case of an occurrence, action or event, the occurrence of, each of the
following:

Section 3.39.                             Construction
Cost Analysis.  Borrowers shall have
demonstrated to the satisfaction of Agent Bank and Lenders’ Consultant, that
the Construction Completion Costs of all of the Construction Projects commenced
and for which the Completion Date has not occurred, including the proposed
Material Future Project, do not exceed the In Balance Calculation.

Section 3.40.                             Construction
Schedule, Plans and Specifications and Construction Budgets.  A Construction Schedule, Plans and
Specifications, General Contractor’s Budget, Borrower Construction Budget and
the Project Development Budget for such Material Future Project, together with
a completed Construction Cost Analysis for such Material Future Project, each
approved by Lenders’ Consultant and Agent Bank as substantially final and
complete and acceptable for construction disbursements for such Material Future
Project.

Section 3.41.                             Construction
Documentation.  A complete set of all
Construction Documentation applicable to such Material Future Project, in each
case duly executed by all applicable parties.

Section 3.42.                             Regulatory
Approvals, Permits, Consents, Etc. 
True and correct copies of all permits, approvals, authorizations and
consents by all Governmental Authorities permitting the construction of the
Material Future Project in accordance with the applicable Plans and
Specifications or evidence that same can be obtained, together with all
supporting documents and materials reasonably requested by Agent Bank.

Section 3.43.                             Assignment
of Architect’s Contract.  If required
by Agent Bank, an Assignment of Architect’s Contract duly executed by the
applicable member of the Borrower Consolidation and the
applicable Architect and an Architect’s Consent duly executed by such
Architect.

Section 3.44.                             Assignment
of General Contractor’s Agreement. 
If required by Agent Bank, an Assignment of Contractor’s Agreement duly
executed by the applicable member of the Borrower Consolidation and a General
Contractor’s Consent duly executed by such General Contractor.

 98

 

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES

To
induce Banks to enter into this Credit Agreement, Borrowers make the following
representations and warranties:

Section 4.01.                             Organization;
Power and Author­ization.  MTRI is a
corporation duly organized and validly existing under the laws of the State of
Delaware.  SGLVI and SGFI are each a
corporation duly organized and validly existing under the laws of the State of
Nevada.  MPI is a corporation duly
organized and validly existing under the laws of the State of West
Virginia.  PIDI is a corporation duly
organized and validly existing under the laws of the Commonwealth of
Pennsylvania.  SDI is a corporation duly
organized and validly existing under the laws of the State of Ohio.  Each Borrower (i) has all requisite corporate
power, authority and legal right to execute and deliver each document,
agreement or certificate to which it is a party or by which it is bound in
connection with the Bank Facilities, to consummate the transactions and perform
its obligations hereunder and thereunder, and to own its properties and assets
and to carry on and conduct its business as presently conducted or proposed to
be conducted, and (ii) has taken all necessary corporate action to authorize
the execution, delivery and performance of this Credit Agreement and the other
Loan Documents to which it is a party or by which it is bound and to consummate
the transactions contemplated hereunder and thereunder.

Section 4.02.                             No
Conflict With, Violation of or Default Under Laws or Other Agreements.  Neither the execution and delivery of this
Credit Agreement, the Revolving Credit Note or any other Loan Document, or any
other agreement, certificate or instrument to which any Borrower is a party or
by which it is bound in connection with the Bank Facilities, nor the
consummation of the transactions contemplated hereunder or thereunder, nor the
compliance with or performance of the terms and conditions herein or therein,
is prevented by, limited by, conflicts in any material respect with, or will
result in a material breach or violation of, or a material default (with due
notice or lapse of time or both) under, or the creation or imposition of any
lien, charge, or encumbrance of any nature whatsoever upon any of their
respective property or assets by virtue of, the terms, conditions or provisions
of (a) any indenture, evidence of indebtedness, loan or financing agreement, or
other agreement or instrument of whatever nature to which any Borrower is
bound, or (b) any provision of any existing law, rule, regulation, order, writ,
injunction or decree of any court or Governmental Authority to which Borrowers
are subject.

Section 4.03.                             Litigation.  Except as disclosed on the Schedule of
Significant Litigation delivered in connection with Section 3.18, to the
best knowledge of Borrowers, after due inquiry and investigation, there is no
action, suit, proceeding, 

 99
 

 

inquiry, hearing or investigation pending or threatened, in any court
of law or in equity, or before any Governmental Authority, which reasonably
would be expected to (a) result in any Material Adverse Change in the operation
of the Hotel/Casino Facilities or in its business, financial condition,
properties or operations, (b) materially adversely affect the Borrowers’
ability to perform their respective obligations under the Credit Agreement and
the other Loan Documents, or (c) materially adversely affect the validity or
enforceability of this Credit Agreement and the other Loan Documents.  To the best knowledge of Borrowers, after due
inquiry and investigation, no Borrower is in violation of or default with
respect to any order, writ, injunction, decree or demand of any Governmental
Authority.

Section 4.04.                             Agreements
Legal, Binding, Valid and Enforceable. 
This Credit Agreement, the Revolving Credit Note, the Swingline Note,
the Security Documentation and all other Loan Documents, when executed and
delivered by Borrowers in connection with the Bank Facilities will constitute
legal, valid and binding obligations of Borrowers, enforceable against Borrowers
in accordance with their respective terms, except as may be limited by
bankruptcy, insolvency, reorganization, moratorium and other laws of general
application relating to or affecting the enforcement of creditors’ rights and
the exercise of judicial discretion in accordance with general principles of
equity (regardless of whether enforcement is considered in a proceeding in
equity or at law).

Section 4.05.                             Information
and Financial Data Accurate; Financial Statements; No Adverse Event.  To the best of Borrowers’ knowledge,
information and belief, all information and financial and other data previously
furnished in writing by Borrowers in connection with the Bank Facilities was
true, correct and complete in all material respects as of the date furnished
(unless subsequently corrected prior to the date hereof), and there has been no
Material Adverse Change with respect thereto to the date of this Credit
Agreement since the dates thereof.  No
information has been omitted which would make the information previously
furnished in such financial statements to Banks misleading or incorrect in any
material respect to the date of this Credit Agreement.  Any and all financial statements heretofore
furnished to Banks by Borrowers: (a) present fairly the financial position of
Borrowers as of their respective dates and the results of operations and
changes in financial position for the periods to which they apply, and (b) have
been prepared in conformity with GAAP applied on a consistent basis throughout
the periods involved.  Since the date of
the financial statements referred to in this Section 4.05, there has been no
Material Adverse Change in the financial condition, assets, liabilities,
business or operations of Borrowers.

Section 4.06.                             Governmental
Approvals.  All timely consents,
approvals, orders or authorizations of, or registrations, declarations, notices
or filings with any Governmental Authority which are required in connection
with the valid execution and delivery of this Credit Agreement and the other Loan
Documents by Borrowers and the 

 100
 

 

carry-out or performance of any of the transactions required or
contemplated hereunder, or thereunder, by Borrowers, have been obtained or
accomplished and are in full force and effect, or can be obtained or
accomplished by Borrowers.  To the best
of Borrowers’ knowledge, all timely consents, approvals, orders or
authorizations of, or registrations, declarations, notices or filings with any
Governmental Authority which are required by Borrowers in connection with the
use and operation of the MPI Hotel/Casino Facilities, SGLVI Hotel/Casino
Facility, SDI Facility, SGFI Hotel/Casino Facilities and PIDI Facility have
been obtained or accomplished and are in full force and effect.

Section 4.07.                             Payment
of Taxes.  To the best of Borrowers’
knowledge, Borrowers have duly filed or caused to be filed all federal, state
and local tax reports and returns which are required to be filed by them and
have paid or made provisions for the payment of, all material taxes,
assessments, fees and other governmental charges which have or may have become
due pursuant to said returns or otherwise pursuant to any assessment received
by Borrowers except such taxes, assessments, fees or other governmental
charges, if any, as are being contested in good faith by Borrowers by
appropriate proceedings and for which Borrowers have maintained adequate
reserves for the payment thereof in accordance with GAAP.

Section 4.08.                             Title
to Properties.  To the best of
Borrowers’ knowledge, Borrowers shall have good and marketable title to the
Collateral Properties as of the Restatement
Date and at all times during the term of the Bank Facilities.  Each of the Borrowers has good and marketable
title to:  (a) all of its properties
and assets reflected in the most recent financial statements referred to in
Section 4.05 hereof as owned by them (except those properties and assets
disposed of since the date of said financial statements in the ordinary course
of business or those properties and assets which are no longer used or useful
in the conduct of its businesses), including, but not limited to, Borrowers’
interest in patents, trademarks, tradenames, servicemarks, and licenses
relating to or pertaining to the Collateral Properties or the Hotel/Casino
Facilities, and (b) all properties and assets acquired by them subsequent
to the date of the most recent financial statements referred to in
Section 4.05 hereof.  All such
properties and assets are not subject to any liens, encumbrances or
restrictions except Permitted Encumbrances. 
All roads, easements and rights of way necessary for the full
utilization of the Collateral Properties have been completed and/or obtained.

Section 4.09.                             No
Untrue Statements.  To the best of Borrowers’ knowledge, all
statements, representations and warranties made by Borrowers in this Credit
Agreement, any other Loan Document and any other agreement, document,
certificate or instrument previously furnished or to be furnished by Borrowers
to Banks pursuant to the provisions of this Credit Agreement, at the time they
were made and on and as of the Restatement
Date: (a) are and shall be true, correct and complete in all material respects,
(b) do not and shall not contain any untrue statement of a material fact, and
(c) do not and shall not omit to state a material fact, the absence of which 

 101
 

 

makes the information contained herein or therein materially misleading
or incomplete.  Borrowers understand that
all such statements, representations and warranties shall be deemed to have
been relied upon by Banks as a material inducement to establish the Bank
Facilities.

Section 4.10.                             Brokerage
Commissions.  No person is entitled
to receive any brokerage commission, finder’s fee or similar fee or payment in
connection with the extensions of credit contemplated by this Credit
Agreement.  No brokerage or other fee,
commission or compensation is to be paid by Banks with respect to the
extensions of credit contemplated hereby and Borrowers agree to indemnify Banks
against any such claims for brokerage fees or commissions and to pay all
expenses including, without limitation, reasonable attorney’s fees incurred by
Banks in connection with the defense of any action or proceeding brought to
collect any such brokerage fees or commissions.

Section 4.11.                             No
Defaults.  No Borrower has received
any notice, declaration or similar correspondence or communication, oral or
written, evidencing, declaring or claiming a violation of any applicable law
and/or regulations, the violation of which materially and adversely affects the
business, financial condition or operations of the Hotel/Casino
Facilities.  Borrowers are not in
violation or default (nor is there any waiver in effect which, if not in
effect, would result in a violation or default) in any material and adverse
respect under any indenture, evidence of indebtedness, loan or financing
agreement or other agreement or instrument of whatever nature to which they are
a party or by which they are bound (except for any defaults previously brought
to Lenders’ attention in writing, for which Borrowers have received a waiver
from Requisite Lenders), a default under which would reasonably be expected to
result in a Material Adverse Change.

Section 4.12.                             Employee
Retirement Income Security Act of 1974. 
No Reportable Event has occurred and is continuing with respect to any
Pension Plan under ERISA, that gives rise to liabilities that would constitute
a Material Adverse Change.

Section 4.13.                             Availability
of Utility Services.  All utility
services and facilities necessary for the Hotel/Casino Facilities and the
Collateral Properties including, without limitation, electrical, water, gas and
sewage services and facilities are available at the boundaries of the
Collateral Properties.

Section 4.14.                             Policies
of Insurance.  Each of the copies of
the declaration pages, original binders and certificates of insurance
evidencing the Policies of Insurance relating to the Hotel/Casino Facilities
delivered to Agent Bank by Borrowers (i) is a true, correct and complete copy
of the respective original thereof as in effect on the date hereof, and no
amendments or modifications of any of said documents or instruments not
included in such copies have been made, and (ii) has not 

 102
 

 

been terminated and is in full force and effect.  Borrowers are not in default in the observance
or performance of their respective obligations under said documents and
instruments, and Borrowers have done all things required to be done as of the Restatement Date to keep unimpaired their
respective rights thereunder.

Section 4.15.                             Spaceleases.  A schedule of all executed Spaceleases
pertaining to the Hotel/Casino Facility or any portion thereof, in existence as
of the Amendment Effective Date, are set forth on Schedules 4.15(a)
through (e) attached hereto.

Section 4.16.                             Equipment
Leases and Contracts.  A schedule of
all executed Equipment Leases and Contracts pertaining to the Hotel/Casino
Facility or any portion thereof, in existence as of the Amendment Effective
Date, are set forth on Schedules 4.16(a) through (e) attached hereto.

Section 4.17.                             Gaming
Permits and Approvals.  All Gaming
Permits required to be held by Borrowers are current and in good standing and
Borrowers presently hold all Gaming Permits necessary for the continued
operation of the Hotel/Casino Facilities.

Section 4.18.                             Environmental
Certificate.  The representations and
certifications contained in the Environmental Certificate are true and correct
in all material respects.

Section 4.19.                             Investment
Company Act.  Each Borrower is
neither an “investment company” nor a company “controlled” by an “investment
company,” within the meaning of the Investment Company Act of 1940, as amended.

Section 4.20.                             Public
Utility Holding Company Act.  Each
Borrower is neither a “holding company,” nor a “subsidiary company” of a “holding
company,” nor an “affiliate” of a “holding company” nor of a “subsidiary
company” of a “holding company,” within the meaning of the Public Utility
Holding Company Act of 1935, as amended.

Section 4.21.                             Labor
Relations.  There is no strike or
work stoppage in existence, or to the best knowledge of Borrowers threatened,
involving any Borrower or the Hotel/Casino Facilities that reasonably would be
expected to result in a Material Adverse Change.

Section 4.22.                             Trademarks,
Patents, Licenses, Franchises, Formulas and Copyrights.  Except as disclosed in Schedule 4.22,
each of the Borrowers owns all the patents, trademarks, permits, servicemarks,
tradenames, copyrights, licenses, franchises and formulas, or has a valid
license or sublicense of rights with respect to the foregoing, and has obtained
assignments of all leases and other rights of whatever 

 103
 

 

nature, necessary for the present conduct of its respective businesses,
without any known conflict with the rights of others which, or the failure to
obtain which, as the case may be, could reasonably be expected to result in a
Material Adverse Change on the business, operations, property, assets or
condition (financial or otherwise) of Borrowers.  Each of the patents, trademarks, servicemarks,
tradenames and copyrights owned by Borrowers under the common law or which is
registered with any Governmental Authority is set forth on Schedule 4.22.

Section 4.23.                             Contingent
Liabilities.  As of the Restatement Date, Borrowers have incurred
no material Contingent Liabilities (any Contingent Liability in excess of One
Million Dollars ($1,000,000.00) being deemed material) other than those
described on Schedule 4.23.

Section 4.24.                             Subsidiaries.  As of the Restatement
Date, no member of the Borrower Consolidation has any Subsidiaries that are not
members of the Borrower Consolidation, other than those Subsidiaries existing
as of the Restatement Date which are
described on the Schedule of Restricted and Unrestricted Subsidiaries attached
hereto as Schedule 4.24.

Section 4.25.                             Green
Shingle Loan Documents and National City Loan Documents.

a.                                       The
Green Shingle Loan Documents which have been delivered to Agent Bank in
accordance with Section 3.21(a) are originals.

b.                                      The
National City Loan Documents which have been delivered to Agent Bank in accordance
with Section 3.21(b) are true and correct copies of the originals thereof.

c.                                       The
Green Shingle Loan Documents and National City Loan Documents are all in full
force and effect, and none of them have been amended or otherwise modified
except as set forth by documents delivered to Agent Bank in accordance with
Section 3.21.

Section 4.26.                             Pledged
Stock.  The stock certificates
delivered to Agent Bank in connection with the Stock Pledges represent one
hundred percent (100%) of all of the issued and outstanding stock of MPI,
SGLVI, PIDI, SDI and SGFI.

Section 4.27.                             Senior
Unsecured Indenture.  The copy of the
Senior Unsecured Indenture and all modifications and amendments thereto (if
any) which have been delivered to Agent Bank are a true, correct and complete
copy of the respective original thereof, as in effect on the Restatement Date,
and no amendments or modifications have been made to such Senior Unsecured
Indenture, except as set forth 

 104
 

 

by documents delivered to Agent Bank or otherwise reasonably approved
in writing by Requisite Lenders.  The
Senior Unsecured Indenture, as amended, has not been terminated and is in full
force and effect.  The Borrower
Consolidation is not in default in the observance or performance of any of its
material obligations under the Senior Unsecured Indenture and has done all
things required to be done as of the Restatement Date to keep unimpaired its
rights thereunder.  This Credit Agreement
and the Bank Facilities are permitted under the terms of the Senior Unsecured
Indenture.

Section 4.28.                             Senior
Subordinated Indenture.  The copy of
the Senior Subordinated Indenture and all modifications and amendments thereto
(if any) which have been delivered to Agent Bank are a true, correct and
complete copy of the respective original thereof, as in effect on the
Restatement Date, and no amendments or modifications have been made to such
Senior Subordinated Indenture, except as set forth by documents delivered to
Agent Bank or otherwise reasonably approved in writing by Requisite Lenders.  The Senior Subordinated Indenture, as
amended, has not been terminated and is in full force and effect.  The Borrower Consolidation is not in default
in the observance or performance of any of its material obligations under the
Senior Subordinated Indenture and has done all things required to be done as of
the Restatement Date to keep unimpaired its rights thereunder.  This Credit Agreement and the Bank Facilities
are permitted under the terms of the Senior Subordinated Indenture.

Section 4.29.                             The
Construction Projects.  Each of the
Construction Projects will be carried out and undertaken in compliance in all
material respects with all applicable zoning, environmental protection, use and
building codes, laws, rules, regulations and ordinances, including, without
limitation, the Americans with Disabilities Act.  Each of the Construction Projects shall be
constructed entirely on real property that is Collateral, except with respect
to such offsite improvements as are shown on the approved Plans and Specifications.  With respect to each of the Construction
Projects, the General Contractor Budget and the Borrower Construction Budget,
as aggregated in the Project Development Budget, shall set forth all
Construction Completion Costs of each applicable Construction Project as of
each date of determination.

Section 4.30.                             SGFI
Leases.  The copies of the SGFI
Leases delivered to Agent Bank by Borrowers: (a) are true, correct and complete
copies of the originals thereof, as in effect on the date hereof, and no amendments
or modifications to any of them which are not included in such copies have been
made; and (b) have not been terminated and are all in full force and
effect.  SGFI is not in default in the
observance or performance of its obligations under either of the SGFI Leases
and SGFI has done all things required to be done as of the Restatement Date to
keep unimpaired its rights under the SGFI Leases.  Each of the SGFI Leases are particularly
described by Schedule 4.30 attached hereto and incorporated by reference
herein.

 105
 

 

ARTICLE V

GENERAL
COVENANTS OF BORROWERS

To
induce the Banks to enter into this Credit Agreement, Borrowers covenant to
Banks as follows:

Section 5.01.                             FF&E.  The Borrower Consolidation shall furnish,
fixture and equip the Hotel/Casino Facilities with FF&E it reasonably deems
appropriate for the operation of the Hotel/Casino Facilities.  All FF&E that is purchased and installed
in the Hotel/Casino Facilities shall be purchased free and clear of any liens,
encumbrances or claims, other than Permitted Encumbrances.

Section 5.02.                             Permits;
Licenses and Legal Requirements. 
Borrowers shall comply in all material respects with and keep in full
force and effect, as and when required, all Gaming Permits and all material
permits, licenses and approvals obtained from any Governmental Authorities
which are required for the operation and use of the MPI Hotel/Casino
Facilities, SGLVI Hotel/Casino Facility, SDI Facility, SGFI Hotel/Casino
Facility and PIDI Facility.  Borrowers
shall comply in all material respects with all applicable material existing and
future laws, rules, regulations, orders, ordinances and requirements of all
Governmental Authorities, and with all recorded restrictions affecting the
Collateral Properties.

Section 5.03.                             Protection
Against Lien Claims.  Borrowers shall
promptly pay and discharge or cause to be paid and discharged all claims and
liens for labor done and materials and services supplied and furnished in
connection with the Hotel/Casino Facilities in accordance with this Section 5.03,
except such claims and liens, if any, as are being contested in good faith by
Borrowers by appropriate proceedings and for which Borrowers have maintained
adequate reserves for the payment thereof in accordance with GAAP.  If any mechanic’s lien or materialman’s lien
shall be recorded, filed or suffered to exist against the Collateral Properties
or any of them or any interest therein by reason of work, labor, services or
materials supplied, furnished or claimed to have been supplied and furnished in
connection with the Hotel/Casino Facilities, upon Borrowers receipt of written
notice from Agent Bank demanding the release and discharge of such lien, said
lien or claim shall be paid, released and discharged of record within ninety
(90) days following its receipt of such notice, or, in lieu of such payment
Borrowers may (i) with respect to the SGLVI Hotel/Casino Facility cause
said mechanic’s lien or materialman’s lien to be released of record pursuant to
the provisions set forth in the Nevada Revised Statutes 108.2413, et. seq.,
within one hundred twenty (120) days of the date of such notice; and (ii) to
the extent that any such mechanic’s lien or materialman’s lien shall be
recorded, filed or suffered to exist in the State of West Virginia, the
Commonwealth of Pennsylvania or the State of Ohio, Borrowers shall cause said
mechanic’s lien to be released of record 

 106
 

 

pursuant to a bonding or similar statutory procedure under the laws of
the State of West Virginia, the Commonwealth of Pennsylvania or the State of
Ohio, as applicable, which statutory procedures shall be reasonably acceptable
to Agent Bank and accomplished within one hundred twenty (120) days of the date
of such notice.

Section 5.04.                             Pennsylvania
Security Instruments. 
Notwithstanding anything contained in this Credit Agreement or in the
Security Documentation to the contrary relating to Collateral located in the
Commonwealth of Pennsylvania, Agent Bank hereby confirms that it does not and
will not have or otherwise claim a security interest in, or lien on, monies and
other funds on account for taxes owed to the Commonwealth of Pennsylvania under
Chapter 14 of the Pennsylvania Race Horse Development and Gaming Act, 4 Pa.
Cons. Stat. Ann. § 1101 ­et  seq.

Section 5.05.                             No
Change in Character of Business or Location of Chief Executive Office.  At all times throughout the term of the
Credit Facility (a) the chief executive office of Borrowers shall be
located at State Route 2, South, P.O. Box 356, Chester, West Virginia 26034;
provided, however, Borrowers shall be entitled to move their chief executive
office to another location upon no less than thirty (30) days prior written
notice to Agent Bank, (b) the Hotel/Casino Facilities shall be operated by the
Borrower Consolidation, and (c) Borrowers shall not effect a material
change in the nature and character of the business at the Hotel/Casino
Facilities as presently conducted and as presently contemplated and disclosed
to Banks.

Section 5.06.                             Preservation
and Maintenance of Properties and Assets; Acquisition of Additional Property.

a.                                       At
all times throughout the term of the Bank Facilities, (i) the Borrower
Consolidation shall operate, maintain and preserve all rights, privileges,
franchises, licenses, Gaming Permits and other properties and assets necessary
to conduct its businesses and the Hotel/Casino Facilities, in accordance with
all applicable governmental laws, ordinances, approvals, rules and regulations
and requirements, including, but not limited to, zoning, sanitary, pollution,
building, environmental and safety laws and ordinances, rules and regulations
promulgated thereunder, and (ii) Borrowers shall not consolidate with, remove,
demolish, materially alter, discontinue the use of, sell, transfer, assign,
hypothecate or otherwise dispose of to any Person, any part of its properties
and assets necessary for the continuance of its business, as presently
conducted and as presently contemplated, other than in the normal course of
business, alterations or modifications as are reasonably expected to increase
the value of the Collateral, or as otherwise permitted pursuant to this Credit
Agreement.

b.                                      Furthermore,
in the event any Borrower, or any Affiliate and/or Related Entity thereof,
shall acquire any other real property or rights to the use of real property
which is: (i) adjacent to any of the Collateral Properties and used in a 

 107
 

 

material manner in connection with the use and/or operation at the
Collateral Properties, the Hotel/Casino Facilities, or any of them, or
(ii) if not so adjacent, necessary and required for the use and operation
of such Collateral Property, Hotel/Casino Facilities, or any of them, Borrowers
shall concurrently with the acquisition of such real property or the rights to
the use of such real property, execute or cause the execution of such documents
as may be necessary to add such real property or rights to the use of real
property as Collateral under the Bank Facilities, together with each of the New
Acquisition Certifications.

Section 5.07.                             Repair
of Properties and Assets.  At all
times throughout the term of the Bank Facilities, Borrowers shall, at their own
cost and expense, (a) maintain, preserve and keep in a manner consistent with
hotel and gaming casino operating practices, as the case may be, applicable to
hotel/casino operations operating in the jurisdictions in which such properties
are located, its assets and properties, including, but not limited to, the
Collateral Properties and all FF&E owned or leased by Borrowers in good and
substantial repair, working order and condition, ordinary wear and tear
excepted, (b) from time to time, make or cause to be made, all necessary and
proper repairs, replacements, renewals, improvements and betterments thereto,
and (c) from time to time, make such substitutions, additions, modifications
and improvements as may be necessary and as shall not impair the structural
integrity, operating efficiency and economic value of said assets and
properties.  All alterations,
replacements, renewals, or additions made pursuant to this Section 5.07 shall
become and constitute a part of said assets and property and subject, inter
alia, to the provisions of Section 5.01 and subject to the lien of the Loan
Documents.

Section 5.08.                             Financial
Statements; Reports; Certificates and Books and Records.  Until Bank Facilities Termination, Borrowers
shall, unless the Agent Bank (with the written approval of the Requisite
Lenders) otherwise consents, at Borrowers’ sole expense, deliver to the Agent
Bank and each of the Lenders a full and complete copy of each of the following
and shall comply with each of the following financial requirements:

a.                                       Monthly
Financial Reporting.

(i)                                     Financing
Reporting.  As soon as practicable,
and in any event within forty-five (45) days after the end of each calendar
month (including the last calendar month of each Fiscal Year), the consolidated
and consolidating balance sheet, income statement, statement of cash flows,
statement of retained earnings and operating statement for the calendar month
under review and reflecting year-to-date performance of the Borrower
Consolidation and a comparison of the financial performance of the Borrower
Consolidation to the prior Fiscal Year’s operations and projected 

 108
 

 

results from operations at the Hotel/Casino Facilities (in each case
reconciled with year end audited statements and compared to budget and prior
year period) of the Borrower Consolidation all in reasonable detail.  The Borrower Consolidation shall also
deliver, concurrently with such monthly financial statements, each Management
Variance Report prepared for management review relating to the calendar month
under review.  Such financial statements
shall be certified by an Authorized Officer of the Borrower Consolidation as
fairly presenting the financial condition, results of operations and cash flows
of the Borrower Consolidation in accordance with GAAP (other than footnote
disclosures) as at such date and for such periods, subject only to normal
year-end accruals and audit adjustments.

(ii)                                  Construction
Projects Reporting.  On or before thirty
(30) days after the end of each calendar month occurring subsequent to the
Commencement of Construction of any Construction Project and continuing until
forty-five (45) days after final completion of such Construction Project,
Borrowers shall submit a written report to Agent Bank and to Lenders’
Consultant reporting on the status of such construction, including, without
limitation, percentage of completion, line item breakdown of amounts expended
and amounts remaining to be expended to completion and comparison to the
approved construction budgets, including, without limitation, any changes,
variances and/or overages to the line items, scope or total costs of such
Construction Project.  Each such report
shall further set forth the “In Balance Calculation” determined as of the end
of each such month.

b.                                      Quarterly
Financial Reporting.  As soon as
practicable, and in any event within ­­­­­forty-five (45) days after the end of
each Fiscal Quarter (including the fourth Fiscal Quarter in any Fiscal Year),
the consolidated and consolidating balance sheet, income statement, statement
of cash flows, statement of retained earnings and operating statement for the
Fiscal Quarter under review and reflecting year-to-date performance of the
Borrower Consolidation and a comparison of the financial performance of the
Borrower Consolidation to the prior Fiscal Year’s operations and projected
results from operations at the Hotel/Casino Facilities (in each case reconciled
with year end audited statements and compared to budget and prior year period)
of the Borrower Consolidation all in reasonable detail.  Such financial statements shall be certified
by an Authorized Officer of the Borrower Consolidation as fairly presenting the
financial condition, results of operations and cash flows of the Borrower
Consolidation in accordance with GAAP (other than footnote disclosures) as 

 109
 

 

at such date and for such periods, subject only to normal year-end
accruals and audit adjustments;

c.                                       Annual
Financial Reporting.  As soon as
practicable, and in any event within ninety (90) days after the end of each
Fiscal Year, (i) the consolidated and consolidating balance sheet, income
statement, statement of retained earnings and cash flows (reconciled with year
end audited statements) of the Borrower Consolidation as at the end of such
Fiscal Year, all in reasonable detail. 
Such financial statements shall be prepared in accordance with GAAP and
shall be accompanied by a report of independent public accountants of
recognized standing selected by Borrowers and reasonably satisfactory to the
Agent Bank (it being understood that Ernst & Young, LLP or any “Big 5”
accounting firm shall be automatically deemed satisfactory to the Agent Bank),
which report shall be prepared in accordance with generally accepted auditing
standards as at such date, and shall not be subject to any qualifications or
exceptions as to the scope of the audit nor to any other qualification or
exception determined by the Requisite Lenders in their good faith business
judgment to be adverse to the interests of the Banks.  Such accountants’ report shall be accompanied
by a certificate stating that, in making the examination pursuant to generally
accepted auditing standards necessary for the certification of such financial
statements and such report, such accountants have obtained no knowledge of any
Default or, if, in the opinion of such accountants, any such Default shall
exist, stating the nature and status of such Default, and stating that such
accountants have reviewed the Financial Covenants as at the end of such Fiscal
Year (which shall accompany such certificate) under Sections 6.01 through 6.07,
have read such Sections (including the definitions of all defined terms used
therein) and that nothing has come to the attention of such accountants in the
course of such examination that would cause them to believe that the same were
not calculated by the Borrower Consolidation in the manner prescribed by this
Credit Agreement.  Such financial
statements shall be certified by an Authorized Officer of the Borrower
Consolidation in the same manner as required with respect to financial
statements delivered pursuant to Section 5.08(a).

d.                                      Budgets
and Projections.  As soon as
practicable, and in any event no later than thirty days (30) following the
commencement of each Fiscal Year, a budget (including a Capital Expenditure
budget) and projection by Fiscal Quarter for that Fiscal Year and by Fiscal
Year for the next four (4) succeeding Fiscal Years, including for the
first such Fiscal Year, projected consolidated and consolidating balance
sheets, statements of operations and statements of cash flow and, for the
second (2nd) and third (3rd) such Fiscal Years, projected consolidated and
consolidating condensed balance sheets and statements of operations and cash
flows, of the Borrower Consolidation, all in reasonable detail.

e.                                       Compliance
Certificate.  As soon as practicable,
and in any event within forty-five (45) days after the end of each Fiscal
Quarter (including the fourth 

 110
 

 

(4th) Fiscal Quarter in any Fiscal Year), a Compliance Certificate
signed by a Senior Officer of the Borrower Consolidation in the form marked “Exhibit D”,
affixed hereto and by this reference incorporated herein and made a part
hereof, setting forth preliminary calculations of the Financial Covenants,
Applicable Margin, In Balance Calculation and other matters set forth thereon,
and providing reasonable detail as to the calculation thereof, which
calculations shall be based on the preliminary unaudited financial statements
of the Borrower Consolidation for such Fiscal Quarter, and as soon as
practicable thereafter, in the event of any material variance in the actual
calculations from such preliminary calculation, a revised Compliance
Certificate setting forth the actual calculation thereof; provided, however,
that in the event that the Borrowers do not deliver a Compliance Certificate
when due, then until (but only until) such Compliance Certificate is delivered
as provided herein, the Total Leverage Ratio shall be deemed, for the purpose
of determining the Applicable Margin, to be the highest permitted Maximum Total
Leverage Ratio and the Applicable Margin determined with respect thereto.

f.                                         SEC
Reporting.  Promptly after the same
are available, copies of each annual report, proxy or financial statement or
other report or communication that shall have been sent to the stockholders of
MTRI, and copies of all annual, regular, periodic and special reports
(including, without limitation, each 10Q and 10K report) and registration statements
which MTRI shall have filed or be required to file with the Securities and
Exchange Commission under Section 13 or 15(d) of the Securities Exchange
Act of 1934, as amended, and not otherwise required to be delivered to the
Banks pursuant to other provisions of this Section 5.08.

g.                                      Books
and Records.  Until Bank Facilities
Termination, Borrowers, and each of them, shall keep and maintain complete and
accurate books and records in accordance with GAAP, consistently applied.  Subject to compliance with all applicable
Gaming Laws and the Securities and Exchange Act of 1934, as amended, Borrowers,
and each of them, shall permit Banks and any authorized representatives of
Banks to have reasonable access to and to inspect, examine and make copies of
the books and records, any and all accounts, data and other documents of
Borrowers at all reasonable times upon the giving of reasonable notice of such
intent.  In addition:  (i) in the event of the occurrence of
any Default or Event of Default, or (ii) in the event any Material Adverse
Change occurs, Borrowers shall promptly, and in any event within three (3) days
after actual knowledge thereof, notify Agent Bank in writing of such
occurrence; and

h.                                      Other
Information.  Until Bank Facilities
Termination, Borrowers, and each of them, shall furnish to Agent Bank, with
sufficient copies for distribution to each of the Banks, any financial
information or other information bearing on the financial status of the
Borrowers, or any of them, which is reasonably requested by Agent Bank or
Requisite Lenders.

 111
 

 

Section 5.09.                             Insurance.  Except for the Construction Insurance
Coverages set forth in Subparagraph m hereinbelow which shall be
maintained at all times during the period in which a Construction Project is
under construction until the Completion Date of such Construction Project,
Borrowers shall obtain, or cause to be obtained, and shall maintain or cause to
be maintained with respect to the Collateral, at their own cost and expense,
and shall deposit the evidence of the same required hereunder with Agent Bank
on or before the Restatement Date evidence of the following coverages:

a.                                       Property
Insurance.  Borrowers shall maintain
a special causes of loss (“All Risk” - ISO form or equivalent), perils policy
covering all buildings and improvements, and any other permanent structures for
a limit of one hundred percent (100%) of the replacement cost of the values at
the largest location.  Borrowers shall
maintain a minimum Ten Million Dollar ($10,000,000.00) limit of coverage for the
perils of flood (outside of properties located in a Federal Flood Zone “A”) and
earthquake covering the Collateral and a minimum of Two Million Five Hundred
Thousand Dollars ($2,500,000.00) limit of coverage for the perils of flood for
properties within Federal Flood Zone “A”. 
Upon the request of Agent Bank, replacement cost for insurance purposes
will be established by an independent appraiser mutually selected by Borrowers
and Agent Bank.  The policy will include
Agreed Amount (waiving co-insurance), replacement cost valuation and building
ordinance endorsements.  The policy will
include a standard mortgagee clause (ISO form or equivalent, i.e. Borrower’s
acts will not impair mortgagee’s right to recover, exclusive payment of loss to
mortgagee and automatic notice of cancellation or non-renewal to mortgagee) and
provide that all losses in excess of Two Hundred Thousand Dollars ($200,000.00)
be adjusted with the Agent Bank.  The
Borrowers waive any and all rights of subrogation against Banks resulting from
losses to property.

b.                                      Personal
Property (including machinery, equipment, furniture, fixtures, stock).  Borrowers shall maintain a special causes of
loss (“All Risk”) perils property coverage for all personal property owned,
leased or for which Borrowers are legally liable.  The coverage will include a lenders’ loss
payable endorsement in favor of Agent Bank.

The policy providing real property and
personal property coverages, as specified in 5.09(a) and (b) hereinabove, may
include a deductible of no more than One Hundred Thousand Dollars ($100,000.00)
for any single occurrence. 
Notwithstanding the foregoing, in lieu of a separate deduction in the
amount of One Hundred Thousand Dollars ($100,000.0) for each of real property,
personal property and business interruption insurance pursuant to
Sections 5.09(a), (b) and (c), Borrowers may obtain a policy providing
real property, personal property, and business interruption insurance coverage
with a combined deductible of not more than Two Hundred Fifty Thousand Dollars
($250,000.00) for any single occurrence. 
Flood and earthquake 

 112
 

 

deductibles can be no more than Two Hundred Fifty Thousand Dollars
($250,000.00), if a separate deductible applies.

c.                                       Business
Interruption/Extra Expense. 
Borrowers shall maintain combined Business Interruption/Extra Expense
coverage for the Hotel/Casino Facilities with a limit representing no less than
one hundred percent (100%) of the net profit plus continuing expenses
(including debt service) for the race track, hotel and casino facilities
(including all video lottery/slot operations). 
Such coverage shall include an extensions for off premises power losses
at One Million Dollars ($1,000,000.00) and extended period of indemnity of one
hundred eighty (180) days endorsement. 
Subject to the allowance of a Two Hundred Fifty Thousand Dollar
($250,000.00) combined deductible pursuant to Section 5.09(b), these coverages
may have deductible of no greater than forty-eight (48) hours, or One Hundred
Thousand ($100,000.00), if a separate deductible applies.  This coverage will be specifically endorsed
to include Agent Bank as loss payee.

d.                                      Boiler
and Machinery.  Borrowers shall
maintain a Boiler and Machinery policy for the Casino Facilities written on a
Comprehensive Form with a combined direct and indirect limit of no less than
Ten Million Dollars ($10,000,000.00). 
The policy shall include extensions for Agreed Amount (waiving
co-insurance) and Replacement Cost Valuation. 
The policy may contain deductibles of no greater than One Hundred
Thousand Dollars ($100,000.00) direct and two times average daily value for
business income.

e.                                       Crime
Insurance.  Borrowers shall obtain a
comprehensive crime policy, including Innkeepers Legal and Safe Deposit Legal
coverages and the following coverages:

(i)                                     employee
dishonesty - One Million Dollars ($1,000,000.00);

(ii)                                  money
and securities (inside) - Five Hundred Thousand Dollars ($500,000.00);

(iii)                               money
and securities (outside) - Five Hundred Thousand Dollars ($500,000.00);

(iv)                              depositor’s
forgery - One Million Dollars ($1,000,000.00);

(v)                                 computer
fraud - One Million Dollars ($1,000,000.00).

 113
 

 

The policy must be
amended so that money is defined to include “tokens and chips” (as defined in
Regulation 12.010 of the Nevada Gaming Authorities).  The policy may contain deductibles of no
greater than Fifty Thousand Dollars ($50,000.00) for all coverages listed
above.

f.                                         Commercial
General Liability (1998 Form or Equivalent).  Borrowers shall maintain a Commercial General
Liability policy with a One Million Dollar ($1,000,000.00) combined single
limit for bodily injury and property damage, including Products Liability,
Contractual Liability, and all standard policy form extensions.  The policy must provide a Two Million Dollar
($2,000,000.00) general aggregate (per location, if multi-location risk) and be
written on an “occurrence form”.  The
policy will also include extensions for Liquor Legal Liability, Employee
Benefits Legal Liability (claims-made form acceptable) and Participants Legal
Liability coverages (if necessary, a separate policy can be secured for Liquor
Legal Liability and/or Participants Legal Liability).  If the general liability policy contains a
self-insured retention, it shall be no greater than Twenty-Five Thousand
Dollars ($25,000.00) per occurrence, with an aggregate retention of no more
than One Million Dollars ($1,000,000.00), including expenses.

The policy shall
be endorsed to include Agent Bank as an additional insured on behalf of the
Banks.  Definition of additional insured
shall include all officers, directors, employees, agents and representatives of
the additional insured.  The coverage for
Agent Bank as additional insured shall apply on a primary basis irrespective of
any other insurance whether collectible or not (ISO Form #CG20261185 Additional
Insured - Designated Person or Organization, or Equivalent).

g.                                      Horse
Legal Liability.  Borrowers shall
maintain a Horse Legal Liability policy with a single limit of no less than One
Hundred Thousand Dollars ($100,000.00) (each horse)/One Million Dollars
($1,000,000.00) (in the aggregate) per occurrence for any injury, damage or
death to horses in the care, custody and control of the Borrowers.  The Agent Bank shall be included as an
additional insured under such policy. 
The policy may contain deductibles no greater than Twenty-Five Thousand
Dollars ($25,000.00) per occurrence.

h.                                      Automobile.  Borrowers shall maintain a comprehensive
Automobile Liability Insurance Policy written under coverage “symbol 1”,
providing a One Million Dollar ($1,000,000.00) combined single limit for bodily
injury and property damage covering all owned, non-owned and hired vehicles of
the Borrowers.  If the policy contains a
self insured retention it shall be no greater than Ten Thousand Dollars
($10,000.00) per occurrence with an aggregate retention of no more than Two
Hundred Fifty Thousand Dollars ($250,000.00), including expenses.  The following additional coverages must be
purchased by Borrowers:

 114

 

(i)                                     Garage
Liability.  A One Million Dollar
($1,000,000.00) combined single limit for bodily and property damage for the
garage operation.

(ii)                                  Garagekeepers
Legal Liability.  Five Hundred
Thousand Dollar ($500,000.00) limit for comprehensive and collision coverages
for physical damage to vehicles in the Borrowers’ care, custody and
control.  The policy can be subject to a
deductible of no greater than Two Thousand Five Hundred Dollars ($2,500.00) for
each auto and Ten Thousand Dollars ($10,000.00) for each loss.

i.                                          Workers
Compensation and Employers Liability Insurance.  Borrowers shall maintain a standard workers
compensation policy covering the states of Nevada, Pennsylvania, Ohio, Michigan
and West Virginia and any other state where the company is operating, including
employers liability coverage subject to a limit of no less than One Million
Dollars ($1,000,000.00) each employee, One Million Dollars ($1,000,000.00) each
accident, One Million Dollars ($1,000,000.00) policy limit.  The policy shall include endorsements for
Voluntary Compensation, Stop Gap Liability, Long-Shoreman’s and Harbors
Workmans Compensation Act and Maritime Coverages (as applicable).  If the Borrowers have elected to self-insure
Workers Compensation coverage in the State of Nevada (or any other state), the
Agent Bank must be furnished with a copy of the certificate from the state(s)
permitting self-insurance and evidence of a Stop Loss Excess Workers
Compensation policy with a specific retention of no greater than Three Hundred
Thousand Dollars ($300,000.00) per occurrence.

j.                                          Retention.  If Borrowers’ general liability and
automobile policies include a self-insured retention, it is agreed and fully
understood that Borrowers are solely responsible for payment of all amounts due
within said self-insured retentions.  Any
Indemnification/Hold Harmless provision is extended to cover all liabilities
associated with said self-insured retentions.

k.                                       Umbrella
Liability.  An Umbrella Liability
policy shall be purchased with a limit of not less than Fifty Million Dollars
($50,000,000.00) providing excess coverage over all limits and coverages
indicated in paragraphs (f), (h) and (i) above. 
The limits can be obtained by a combination of Primary and Excess Umbrella
policies, provided that all layers follow form with the underlying policies
indicated in (f), (h) and (i) are written on an “occurrence” form.  This policy shall be endorsed to include the
Agent Bank as an additional insured on behalf of the Banks, in the same manner
set forth in Section 5.09(f) hereinabove.

l.                                          Key
Man Life Insurance.  The Borrower
Consolidation shall maintain key-man life insurance on the life of Arneault in
an aggregate amount of no 

 115
 

 

less than Eight Million Dollars ($8,000,000.00).  Each such key man life insurance policy or
policies shall designate MTRI 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.

m.                                    Construction
Insurance Coverages.  Borrowers shall
obtain, or cause to be obtained and shall maintain, or caused to be maintained
with respect to the PIDI Construction Project and each Future Project at all
times during the period in which the PIDI Construction Project and each Future
Project is under construction until the occurrence of the applicable Completion
Date, at its own cost and expense, the following policies:

(i)                                     Builders
Risk.  All risk builders risk form
providing property coverage during construction on a completed value form.  The policy amount shall be Ninety Two Million
Five Hundred Thousand Dollars ($92,500,000.00) for the PIDI Construction
Project and one hundred percent (100%) of the anticipated construction cost
(excluding earthmoving costs and soft costs) for each Future Project.  The policy will include endorsements
extending coverage for (a) property in transit in a minimum amount of One
Hundred Thousand Dollars ($100,000.00) and (b) offsite storage in a
minimum amount of One Hundred Thousand Dollars ($100,000.00).  The policy for each Future Project shall also
include endorsements extending coverage for delay of opening (business
Interruption) in a minimum amount of Fifteen Million Dollars
($15,000,000.00).  The policy can be
subject to a deductible of no greater than One Hundred Thousand Dollars
($100,000.00) for property damage and ten (10) days for delay of opening.  Agent Bank must be included as mortgagee and
loss payee.  The Policy should include as
named insured the owner, general contractor, subcontractors, sub-subcontractors
and all material supplies.

(ii)                                  Contractors/Sub-Contractors
Insurance Requirements.  Borrowers
shall require that each General Contractor and each Major Subcontractor party
to a Major Subcontract performing work at the applicable Construction Project
comply with the minimum insurance requirements per Schedule 5.09(m)
attached hereto and by this reference incorporated herein and made a part
hereof.

n.              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 

 116
 

 

no lower than “A VIII” 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. 
Each of the Banks agree that Agent Bank shall have the discretion to
accept lower ratings or to accept the use of non-admitted carriers when deemed
reasonably acceptable by the Agent Bank’s outside insurance consultant without
the Consent of Requisite Lenders. 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
A.M. Best ratings set forth below:

(i)                                     Excess
Liability with Lexington at A+ XV, Nonadmitted;

(ii)                                  Umbrella
with AIG (National Union Fire Insurance Co.) at A+ XV;

(iii)                               General
Liability and Auto with American Specialty/Philadelphia Insurance Company at A+
IX;

(iv)                              General
Liability with Arch for Binion’s and Speedway at A- XV, Nonadmitted;

(v)                                 Liquor
Liability with Aspen Specialty Insurance Company at A- VIII, Nonadmitted;

(vi)                              Crime
with AIG (National Union Fire Insurance Co.) at AA+;

(vii)                           Property
Insurance with Allianz, Global Risks U.S. Insurance Company at AA-; Affiliated
FM at BBBpi; Continental Casualty Company at A-; Liberty Mutual Fire Insurance 

 117
 

 

Company at A; Travelers Property Casualty Company at A+; and/or Zurich
American Insurance Company at A+.

o.                                      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.

Section 5.10.                             Taxes.  Throughout the term of the Bank Facilities,
Borrowers shall prepare and timely file or cause to be prepared and timely
filed all federal, state and local tax returns required to be filed by it, and
Borrowers shall pay and discharge prior to delinquency all taxes, assessments
and other governmental charges or levies imposed upon it, or in respect of any
of any of its properties and assets except such taxes, assessments and other
governmental charges or levies, if any, as are being contested in good faith by
Borrowers in the manner which is set forth for such contests by Section 4.07
herein.

Section 5.11.                             Permitted
Encumbrances Only.  At all times
throughout the term of the Bank Facilities, Borrowers shall not create, incur,
assume or suffer to exist any mortgage, deed of trust, pledge, lien, security
interest, encumbrance, attachment, levy, distraint, or other judicial process
and burdens of every kind and nature except the Permitted Encumbrances on or with
respect to the Collateral, except (a) with respect to matters described in
Sections 5.03 and 5.10 such items as are being contested in the manner
described therein, and (b) with respect to any other items, if any, as are
being contested in good faith by appropriate proceedings and for which
Borrowers have maintained adequate reserves for the payment thereof.

Section 5.12.                             Advances.  At any time during the term of the Bank
Facilities, if Borrowers should fail (a) to perform or observe, or (b) to cause
to be performed or observed, any covenant or obligation of Borrowers under this
Credit Agreement or any of the other Loan Documents, then Agent Bank, upon the
giving of reasonable notice may (but shall be under no obligation to) take such
steps as are necessary to remedy any such non-performance or non-observance and
provide for payment thereof.  All amounts
advanced by Agent Bank or Lenders pursuant to this Section 5.12 shall become an
additional obligation of Borrowers to Lenders secured by the Deeds of Trust and
other Loan Documents, shall constitute a Mandatory Commitment Reduction until
repaid and shall become due and payable by Borrowers on the next interest
payment date, together with interest thereon at a rate per annum equal to the
Default Rate (such interest to be calculated from the date of such advancement
to the date of payment thereof by Borrowers).

 118
 

 

Section 5.13.                             Further
Assurances.  Borrowers will do,
execute, acknowledge and deliver, or cause to be done, executed, acknowledged
and delivered, such amendments or supplements hereto or to any of the Loan
Documents and such further documents, instruments and transfers as Requisite
Lender or Agent Bank may reasonably require for the curing of any defect in the
execution or acknowledgement hereof or in any of the Loan Documents, or in the
description of the Collateral Properties or other Collateral or for the proper
evidencing of giving notice of each lien or security interest securing
repayment of the Bank Facilities. 
Further, upon the execution and delivery of the Deeds of Trust and each
of the Loan Documents and thereafter, from time to time, Borrowers shall cause
the Deeds of Trust and each of the Loan Documents and each amendment and
supplement thereto to be filed, registered and recorded and to be refiled,
re-registered and re-recorded in such manner and in such places as may be
reasonably required by the Requisite Lenders or Agent Bank, in order to publish
notice of and fully protect the liens of the Deeds of Trust and the Loan
Documents and to protect or continue to perfect the security interests created
by the Deeds of Trust and Loan Documents in the Collateral Properties and
Collateral and to perform or cause to be performed from time to time any other
actions required by law and execute or cause to be executed any and all
instruments of further assurance that may be necessary for such publication,
perfection, continuation and protection.

Section 5.14.                             Indemnification.  Borrowers agree to and do hereby jointly and
severally indemnify, protect, defend and save harmless Agent Bank and each of
the Banks and their respective trustees, officers, employees, agents, attorneys
and shareholders (individually an “Indemnified Party” and collectively the “Indemnified
Parties”) from and against any and all losses, damages, expenses or liabilities
of any kind or nature from any suits, claims, or demands, including reason­able
counsel fees incurred in investigating or defending such claim, suffered by any
of them and caused by, relating to, arising out of, resulting from, or in any
way connected with this Credit Agreement, with any other Loan Document or with
the transactions contemplated herein and thereby; provided, however, Borrowers
shall not be obligated to indemnify, protect, defend or save harmless an Indemnified
Party if, and to the extent, the loss, damage, expense or liability was caused
by (a) the gross negligence or intentional misconduct of such Indemnified
Party, or (b) the breach of this Credit Agreement or any other Loan Document by
such Indemnified Party or the breach of any laws, rules or regulation by such
Indemnified Party (other than those breaches of laws arising from any Borrowers’
default).  In case any action shall be
brought against any Indemnified Party based upon any of the above and in respect
to which indemnity may be sought against Borrowers, Agent Bank shall promptly
notify Borrowers in writing, and Borrowers shall assume the defense thereof,
including the employment of counsel selected by Borrowers and reasonably
satisfactory to Indemnified Party, the payment of all costs and expenses and
the right to negotiate and consent to settlement upon the consent of the
Indemnified Party.  Upon reasonable
determination made by Indemnified Party that such counsel 

 119
 

 

would have a conflict representing such Indemnified Party and
Borrowers, the applicable Indemnified Party shall have the right to employ
separate counsel in any such action and to participate in the defense
thereof.  Borrowers shall not be liable for
any settlement of any such action effected without their consent, but if
settled with Borrowers’ consent, or if there be a final judgment for the
claimant in any such action, Borrowers agree to indemnify, defend and save
harmless such Indemnified Parties from and against any loss or liability by
reason of such settlement or judgment. 
The provisions of this Section 5.14 shall survive the termination of
this Credit Agreement and the repayment of the Bank Facilities and the
assignment or subparticipation of all or any portion of the Syndication Interest
held by any Lender pursuant to Section 10.10.

Section 5.15.                             Inspection
of the Collateral and Appraisal.  At
all times during the term of the Bank Facilities and subject to compliance with
all applicable Gaming Laws, Borrowers shall provide or cause to be provided to
Banks and any authorized representatives of Banks, accompanied by
representatives of Borrowers, the reasonable right of entry and free access to
the Collateral Properties to inspect same on reasonable prior notice to
Borrowers.  Provided, however, Lenders
shall use commercially reasonable efforts to avoid undue interference with
Borrowers’ business operations.  If at
any time any Qualified Appraisal of the Collateral Properties, or any of them,
is required to be made by any banking regulatory authority or determined to be
necessary by Agent Bank or Requisite Lenders after the occurrence of an Event
of Default, Borrowers agree to pay all fees, costs and expenses incurred by
Agent Bank in connection with the preparation of such Qualified Appraisal.

Section 5.16.                             Compliance
With Other Loan Documents.  Borrowers
shall comply with each and every term, condition and agreement contained in the
Loan Documents including, without limitation, the Environmental Certificate and
all of the Security Documentation.

Section 5.17.                             Suits
or Actions Affecting Borrowers. 
Throughout the term of the Bank Facilities, Borrowers shall promptly
advise Agent Bank in writing within ten (10) days after Borrowers obtain
knowledge of (a) any claims, litigation, proceedings or disputes (whether or
not purportedly on behalf of Borrowers) against, or to the actual knowledge of
Borrowers, threatened or affecting Borrowers which, if adversely determined,
would result in a Material Adverse Change in the Collateral Properties or the
business, operations or financial conditions of Borrowers, (b) any material
labor controversy resulting in or threatening to result in a strike against any
of the Collateral Properties or Hotel/Casino Facilities, or (c) any
proposal by any Governmental Authority to acquire any of the material assets or
business of Borrowers.

 120
 

 

Section 5.18.                             Consents
of and Notice to Gaming Authorities.

a.                                       Borrowers
shall make all necessary applications to and procure all necessary consents and
approvals of the applicable Gaming Authorities to the: (i) pledge of the
stock of MPI, SGLVI, PIDI, SDI and SGFI, pursuant to the Stock Pledges, (ii)
the restrictions on transfer and hypothecation of the stock of MPI, SGLVI,
PIDI, SDI and SGFI, contained in Sections 6.12(a) and 7.01(s), and
(iii) the terms set forth in the Credit Agreement and each of the Loan
Documents, to the extent which may be required by the West Virginia Gaming
Authorities and/or the Pennsylvania Gaming Authorities; and

b.                                      Borrowers
shall comply in all material respects with all applicable statutes, rules and
regulations requiring reports and disclosures to all applicable Gaming
Authorities, including, but not limited to, reporting this Credit Facility
transaction, within the time period required by Regulation 8.130(2) of the
Regulations of Nevada Gaming Commission and State Gaming Control Board and as
may be required by the West Virginia Gaming Authorities and/or the Pennsylvania
Gaming Authorities.

Section 5.19.                             Tradenames,
Trademarks and Servicemarks.  Borrowers
shall not assign or in any other manner alienate their respective interests in
any material tradenames, trademarks or servicemarks relating or pertaining to
the Hotel/Casino Facilities during the term of the Bank Facilities.  No Borrower shall change its name without
first giving at least thirty (30) days prior written notice to Agent Bank.

Section 5.20.                             Notice
of Hazardous Materials.  Within ten
(10) days after an executive officer of any of the Borrowers shall have
obtained actual knowledge thereof, Borrowers shall promptly advise Agent Bank
and each of the Lenders in writing of and deliver a copy of: (a) any and all
enforcement, clean-up, removal or other governmental or regulatory actions
instituted or threatened by any Governmental Agency pursuant to any applicable
federal, state or local laws, ordinances or regulations relating to any
Hazardous Materials (as defined in the Environmental Certificate) affecting the
Collateral Properties (“Hazardous Materials Laws”); (b) all written claims made
or threatened by any third party against Borrowers, the Collateral Properties,
the Hotel/Casino Facilities, or any of them, relating to damage, contribution,
cost recovery compensation, loss or injury resulting from any Hazardous
Materials (the matters set forth in clauses (a) and (b) above are hereinafter
referred to as “Hazardous Materials Claims”); and (c) the discovery of any
occurrence or condition on any real property adjoining or in the vicinity of
the Collateral Properties, the Hotel/Casino Facilities, or any of them, that
could cause any Borrower or any part thereof to be held liable under the
provisions of, or to be otherwise subject to any restrictions on the ownership,
occupancy, transferability or use of the Collateral Properties or the
Hotel/Casino Facilities under, any Hazardous Materials Laws.

 121
 

 

Section 5.21.                             Compliance
with Access Laws.

a.                                       Borrowers
agree that Borrowers, the Hotel/Casino Facilities and the Collateral Properties
shall at all times strictly comply with the requirements of the Americans with
Disabilities Act of 1990; the Fair Housing Amendments Act of 1988; and other
federal, state or local laws or ordinances related to disabled access; or any
statute, rule, regulation, ordinance, order of Governmental Authorities, or
order or decree of any court adopted or enacted with respect thereto, as now
existing or hereafter amended or adopted (collectively, the “Access Laws”), as
may be applicable to the respective Hotel/Casino Facilities.  At any time, Agent Bank may require a
certificate of compliance with the Access Laws and indemnification agreement in
a form reasonably acceptable to Agent Bank. 
Agent Bank may also require a certificate of compliance with the Access
Laws from an architect, engineer, or other third party acceptable to Agent Bank.

b.                                      Notwithstanding
any provisions set forth herein or in any other document, Borrowers shall not
alter or permit any tenant or other person to alter the Hotel/Casino Facilities
or the Collateral Properties in any manner which would increase Borrowers’ responsibilities
for compliance with the Access Laws without the prior written approval of Agent
Bank.  In connection with such approval,
Agent Bank may require a certificate of compliance with the Access Laws from an
architect, engineer or other person acceptable to Agent Bank.

c.                                       Borrowers
agree to give prompt written notice to Agent Bank of the receipt by Borrowers
of any claims of violation of any of the Access Laws and of the commencement of
any proceedings or investigations which relate to compliance with any of the
Access Laws.

d.                                      Borrowers
shall indemnify, defend and hold harmless Indemnified Parties from and against
any and all claims, demands, damages, costs, expenses, losses, liabilities,
penalties, fines and other proceedings including, without limitation,
reasonable attorneys’ fees and expenses arising directly or indirectly from or
out of or in any way connected with any failure of the Hotel/Casino Facilities
or the Collateral Properties to comply with any of the Access Laws as the same
may have been applicable during the term of the Bank Facilities.  The obligations and liabilities of Borrowers
under this section shall survive Bank Facilities Termination, any satisfaction,
assignment, judicial or nonjudicial foreclosure proceeding, or delivery of a
deed in lieu of foreclosure.

 122
 

 

Section 5.22.                             Compliance
with and Restriction on Amendment of Green Shingle Loan Documents and National
City Loan Documents.

a.                                       Until
Bank Facilities Termination, Borrowers shall fully perform and comply with or
cause to be performed and complied with all of the respective material
covenants, material terms and material conditions imposed or assumed by them,
or any of them, under each of the Green Shingle Loan Documents.  Other than extending the maturity date under
the Green Shingle Loan Documents to June 30, 2007, Borrowers shall not
amend, modify or terminate, or enter into any agreement to amend, modify or
terminate any of the Green Shingle Loan Documents without the prior written
consent of Requisite Lenders.

b.                                      Until
Bank Facilities Termination, Borrowers shall fully perform and comply with or
cause to be performed and complied with all of the respective material
covenants, material terms and material conditions imposed or assumed by them,
or any of them, under each of the National City Loan Documents.  Borrowers shall not amend, modify or
terminate, or enter into any agreement to amend, modify or terminate any of the
National City Loan Documents without the prior written consent of Requisite
Lenders.

Section 5.23.                             SGFI
Leases.  SGFI shall perform all of
its monetary and non-monetary obligations under each of the SGFI Leases, all in
a timely manner.  No SGFI Lease shall be
amended, modified, terminated or surrendered without the prior written consent
of Agent Bank.

Section 5.24.                             Compliance
with and Restriction on Amendment of Senior Unsecured Indenture, Senior
Unsecured Notes, Senior Subordinated Indenture and Senior Subordinated Notes.

a.                                       Until
Bank Facilities Termination, Borrowers shall fully perform and comply and cause
compliance with all material agreements, covenants, terms and conditions
imposed upon, or assumed by, MTRI and its Subsidiaries under the Senior
Unsecured Indenture, Senior Unsecured Notes, Senior Subordinated Indenture and
Senior Subordinated Notes.

b.                                      No
amendments or modifications shall be made to, nor shall any agreement be made
or entered or entered into to amend or modify the Senior Unsecured Indenture,
Senior Unsecured Notes, Senior Subordinated Indenture or Senior Subordinated
Notes without the prior written consent of Agent Bank, or if in the opinion of
Agent Bank such amendment or modification is material or in any manner adverse
to the Borrower Consolidation, or any of them or the Lenders, without the prior
written consent of Requisite Lenders, which consent of Agent Bank, or Requisite
Lenders, as applicable, shall not be unreasonably withheld.

 123
 

 

Section 5.25.                             Prohibition
on Prepayment or Defeasance of Senior Unsecured Debt.  Notwithstanding anything contained in the
Credit Agreement to the contrary, no member of the Borrower Consolidation
shall, except with the prior written consent of the Requisite Lenders,
purchase, redeem, retire or otherwise acquire for value, or set apart any money
for a sinking, defeasance or other analogous fund for, the purchase,
redemption, retirement or other acquisition of, or make any voluntary payment
or prepayment of the principal of or interest on, or any other amount owing in
respect of, the Senior Unsecured Notes or Senior Subordinated Notes, except for
(i) refinance of the Senior Unsecured Notes with other senior unsecured
indebtedness having a maturity no earlier than 2012, which refinancing shall be
completed prior to October 1, 2009, (ii) regularly scheduled payments
of interest in respect of such Senior Unsecured Notes required pursuant to the
instruments evidencing such Senior Unsecured Notes and the Senior Unsecured
Indenture, (iii) regularly scheduled payments of interest in respect of such
Senior Subordinated Notes required pursuant to the instruments evidencing such
Senior Subordinated Notes and the Senior Subordinated Indenture, and
(iv) the principal amount of any Regulatory Redemption required by any
Gaming Authority.

Section 5.26.                             Key
Man Life Insurance.  In the event of
the death of Arneault prior to Bank Facilities Termination, Borrowers shall
cause a Mandatory Commitment Reduction to be made to the Aggregate Commitment in the amount of Four Million Dollars
($4,000,000.00), which Mandatory Commitment Reduction shall be made on or
before the earlier to occur of (a) receipt by MTRI of the proceeds of the key
man life insurance required to be maintained by the Borrower Consolidation
under Section 5.09; or (b) one hundred twenty (120) days following the death of
Arneault.

Section 5.27.                             Compliance
With Other Loan Documents, Execution of Subsidiary Guaranties and Pledge of
Restricted Subsidiary Stock.  Each
member of the Borrower Consolidation shall comply with each and every term,
condition and agreement contained in the Loan Documents to which they, or any
of them, are a party.  Borrowers shall
notify Agent Bank in writing on or before ten (10) days following the creation
thereof, of each Restricted Subsidiary and Unrestricted Subsidiary, together
with a description of each New Venture owned or to be acquired by such
Restricted Subsidiary or Unrestricted Subsidiary.  Borrowers shall further cause each Restricted
Subsidiary created or otherwise occurring from time to time following the Restatement Date to join in the execution
of the Subsidiary Guaranty in favor of Agent Bank and to deliver the original
thereof, or a duly executed Certificate of Joinder in the form attached to the
Subsidiary Guaranty as Exhibit A, to Agent Bank promptly, but in no event
later than thirty (30) days following the creation or other occurrence of such
Restricted Subsidiary.  MTRI shall
execute or cause to be executed a Restricted Subsidiary Security Agreement no
later than thirty (30) days following the creation or other occurrence of each
Restricted Subsidiary.  In the case of a
Restricted Subsidiary which 

 124
 

 

is the holder of Gaming Permits, MTRI shall use its best efforts to
cause all necessary Governmental Authorities to consent to the delivery of the
applicable stock certificates, together with a stock power executed in blank,
to Agent Bank as soon as reasonably practical. 
MTRI shall deliver the applicable stock certificates to Agent Bank
promptly following receipt of such approval. 
In the case of a Restricted Subsidiary that is not the holder of any
Gaming Permits, the applicable stock certificates, together with a stock power
executed in blank, shall be delivered to Agent Bank concurrently with the
execution of the Restricted Subsidiary Security Agreement.  Banks do hereby acknowledge receipt of notice
of the creation of MTR Harness as a wholly owned Unrestricted Subsidiary of
MTRI.  Banks do hereby acknowledge
receipt of notice of the creation of JRI as a wholly owned Unrestricted
Subsidiary of MTRI holding a ninety percent (90.0%) equity interest in JTAL.

Section 5.28.                             [Reserved.]

Section 5.29.                             Construction
Covenants.

a.                                       The
PIDI Casino Completion Date shall occur on or before June 30, 2007;

b.                                      The
PIDI Racetrack Completion Date shall occur on or before June 30, 2008;

c.                                       The
Completion Date of each Material Future Project shall be on or before the
twenty-first (21st)
month anniversary date of the Construction Commencement of such Material Future
Project unless otherwise approved by Requisite Lenders;

d.                                      Lenders’
Consultant shall, at all times during the construction of the applicable
Construction Project, have the right of reasonable entry and free access to
such Construction Project and the right to inspect all work done, labor
performed and materials furnished in connection with such Construction Project
and the right to inspect all work done, labor performed and materials furnished
in connection with such Construction Project and the right of reasonable
inspection to inspect all draw requests books, contracts and construction
records which such Lenders’ Consultant reasonably deems necessary for the
Construction Project Reviews.  In
performing such inspections, Agent Bank and Lenders’ Consultant shall cooperate
with Borrowers in making suitable arrangements to minimize disruption of the
construction work, and each such inspection shall be conducted pursuant to
applicable insurance, safety and security requirements;

e.                                       In
the event the In Balance Calculation demonstrates the Borrower Consolidation to
be Out of Balance for two (2) consecutive monthly periods:

 125
 

 

(i)                                     No
further Borrowings, Swingline Advances or Letters of Credit shall be advanced
or issued under the Bank Facilities until the Borrower Consolidation
demonstrates that it is In Balance (the “Out of Balance Period”); and

(ii)                                  During
the Out of Balance Period the Applicable Margins otherwise applicable to Base
Rate Loans and LIBOR Loans shall be increased by two percent (2%) per annum.

f.                                         Until
completion of each Construction Project Lenders’ Consultant shall submit to
Agent Bank as soon as reasonably practical following the end of each month, a
report on the Construction Project Reviews and the status of construction as of
the end of such Fiscal Quarter for each Construction Project, together with any
other information, accounting or documents reasonably requested by Agent Bank or
upon the request of Requisite Lenders; and

g.                                      Borrowers
agree to reimburse Agent Bank for the costs and expenses of the Lenders’
Consultant within thirty (30) days of Borrowers’ receipt of a written invoice
setting forth the amount due.

Section 5.30.                             Resolution
of Mara Environmental Issues and Encumbrance of Mara Real Property.  The Mara Environmental Compliance shall be
completed by Borrowers in all material respects on or before April 1,
2008, Agent Bank and each of the Lenders:

a.                                       Agree
that the New Acquisition Certifications with respect to the Mara Property may
be deferred until such time as the Mara Environmental Compliance has been
completed; and

b.                                      Agree
that the requirement that SDI encumber the Mara Property as Collateral shall be
deferred until such time as the Mara Environmental Compliance has occurred and
Borrowers have delivered the New Acquisition Certifications with respect to the
Mara Property.

Section 5.31.                             Special
Provisions Regarding Acquisition of Additional Properties with Environmental
Issues.  In the event the Borrower
Consolidation desires to acquire ownership of additional real property, but
because of environmental issues would be unable to deliver the New Acquisition
Certifications as provided in Section 5.06(b) or 6.09(i)(iii):

a.                                       No
less than forty-five (45) days prior to the date Borrowers desire to acquire
title to such property, Borrowers shall deliver to Agent Bank with sufficient
copies for each of the Lenders (i) a detailed description of the
transaction, 

 126
 

 

including the purchase price and other material terms, (ii) a
legal description and map of such property, (iii) a copy of all reports,
investigations and other inquiries concerning the applicable environmental
issues, and (iv) the proposed timeline for remediating such environmental
issues and delivering the necessary New Acquisition Certifications;

b.                                      Upon
the consent of Requisite Lenders, Borrowers shall be permitted to acquire
ownership of the subject property and the requirement that Borrowers encumber
such property as Collateral and give the New Acquisition Certifications with
respect to such property shall be deferred until such date as may be approved
by the Requisite Lenders.

Section 5.32.                             USA
Patriot Act.  Each Lender that is
subject to the Patriot Act (as hereinafter defined) to the extent required
thereby, notifies Borrower that pursuant to the requirements of the USA Patriot
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001))
(the “Patriot Act”), it is required to obtain, verify and record information
that identifies each Borrower, which information includes the name and address
of each Borrower and other information that will allow such Lender to identify
each of the Borrowers in accordance with the Patriot Act, and Borrowers agree
to provide such information from time to time to any Lender.

ARTICLE
VI

FINANCIAL COVENANTS

Until the
occurrence of Bank Facilities Termination, the Borrower Consolidation agrees,
as set forth below, to comply or cause compliance with the following Financial
Covenants:

Section 6.01.                             Total
Leverage Ratio.  Commencing as of the
first Fiscal Quarter ending on September 30, 2006 and continuing as of
each Fiscal Quarter end until Bank Facilities Termination, the Borrower
Consolidation shall maintain a Total Leverage Ratio no greater than the ratios
described hereinbelow as of the end of each Fiscal Quarter in accordance with
the following schedule, to be calculated for a fiscal period consisting of each
such Fiscal Quarter and the most recently ended three (3) preceding Fiscal Quarters
on a rolling four (4) Fiscal Quarter basis:

	
  Fiscal Quarter End

  	
   

  	
  Maximum Total

  Leverage Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  As of the end of
  the Fiscal Quarter ending on September 30, 2006 through the Fiscal Quarter
  ending on September 30, 2007

  	
   

  	
  5.75 to 1.00

  	
   

  

 

 127
 

 

 

	
  Fiscal Quarter End

  	
   

  	
  Maximum Total

  Leverage Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  As of the Fiscal
  Quarter ending on December 31, 2007 through the Fiscal Quarter ending on
  September 30, 2008

  	
   

  	
  5.25 to 1.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  As of the Fiscal
  Quarter ending on December 31, 2008 through the Fiscal Quarter ending on
  September 30, 2009

  	
   

  	
  4.75 to 1.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  As of the Fiscal
  Quarter ending on December 31, 2009 through the Fiscal Quarter ending on
  September 30, 2010

  	
   

  	
  4.25 to 1.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  As of the Fiscal Quarter
  ending December 31, 2010 and as of each Fiscal Quarter end thereafter
  occurring until Bank Facilities Termination

  	
   

  	
  4.00 to 1.00

  	
   

  

 

Section 6.02.                             Senior
Leverage Ratio.  Commencing as of the
Fiscal Quarter ending on September 30, 2006 and continuing as of each
Fiscal Quarter end until Bank Facilities Termination, the Borrower
Consolidation shall maintain a Senior Leverage Ratio no greater than the ratios
described hereinbelow as of the end of each Fiscal Quarter in accordance with
the following schedule, to be calculated for a fiscal period consisting of each
such Fiscal Quarter and the most recently ended three (3) preceding Fiscal
Quarters on a rolling four (4) Fiscal Quarter basis:

	
  

  Fiscal Quarter End

  	
   

  	
  Maximum Senior

  Leverage Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  As of the Fiscal
  Quarter ending on September 30, 2006 through the Fiscal Quarter ending
  September 30, 2010

  	
   

  	
  3.00 to 1.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  As of the Fiscal
  Quarter ending December 31, 2010 and as of each Fiscal Quarter end
  thereafter occurring until Bank Facilities Termination

  	
   

  	
  2.50 to 1.00

  	
   

  

Section 6.03.                             Adjusted
Fixed Charge Coverage Ratio. 
Commencing as of the Fiscal Quarter ending September 30, 2006 and
continuing as of each Fiscal Quarter end until Bank Facilities Termination, the
Borrower Consolidation shall maintain an Adjusted Fixed Charge Coverage Ratio
no less than 1.25 to 1.00.

 128
 

 

Section 6.04.                             Minimum
Tangible Net Worth.  The Borrower
Consolidation shall maintain as of the last day of each Fiscal Quarter a
Tangible Net Worth equal to or greater than the sum of (a) ninety percent (90%)
of the Tangible Net Worth of the Borrower Consolidation calculated as of
June 30, 2006, plus (b) eighty-five percent (85.0%) of Net Income
after taxes realized by the Borrower Consolidation as of each Fiscal Quarter
end occurring on and after September 30, 2006, without deduction for any
net losses, plus (c) ninety percent (90.0%) of the Net Proceeds received by the
Borrower Consolidation from all Equity Offerings made subsequent to
June 30, 2006.

Section 6.05.                             Limitation
on Indebtedness.  The Borrower
Consolidation shall not owe or incur any Indebtedness, except as specifically
permitted hereinbelow:

a.                                       Aggregate
Outstandings under the Bank Facilities;

b.                                      Interest
Rate Hedges up to the aggregate notional amount no greater than the Aggregate
Commitment as of any date of determination;

c.                                       Indebtedness
owing by Borrowers under the Senior Unsecured Notes as of the Closing Date,
including Indebtedness to refinance the then unpaid balance of the Senior
Unsecured Notes prior to October 1, 2009;

d.                                      Indebtedness
owing by the Borrower Consolidation under the Senior Subordinated Notes as of
the Closing Date up to the maximum aggregate amount of One Hundred Twenty-Five
Million Dollars ($125,000,000.00);

e.                                       Secured
purchase money Indebtedness and Capital Lease Liabilities relating to FF&E
used and to be used in connection with the Hotel/Casino Facilities
(collectively “FF&E Financing”) up to the maximum aggregate principal
amounts set forth below:

(i)                                     On
and after the Restatement Date, Thirty-Five Million Dollars ($35,000,000.00) at
any time outstanding with respect to the PIDI Facility;

(ii)                                  On
and after the Ohio Licensing Event, Thirty-Five Million Dollars
($35,000,000.00) at any time outstanding with respect to the SDI Facility;

(iii)                               On
and after the Restatement Date, Twenty-Five Million Dollars ($25,000,000.00) at
any time outstanding for all other Hotel/Casino Facilities.

f.                                         Contingent
Liabilities to the extent permitted under Section 6.08;

 129
 

 

g.                                      Unsecured
trade payable incurred in the ordinary course of business less than one hundred
twenty (120) days past due;

h.                                      Indebtedness
evidenced by the National City Loan in the approximate amount of Two Million
Five Hundred Thousand Dollars ($2,500,000.00); and

i.                                          Indebtedness
incurred for the purpose of financing premiums on Directors’ and Officers’
Liability Insurance Coverage up to the aggregate amount of One Million Dollars
($1,000,000.00) at any time outstanding.

Section 6.06.                             Restriction
on Distributions.  No member of the
Borrower Consolidation shall make any Distributions, other than:
(a) Distributions to other members of the Borrower Consolidation,
(b) Distributions made in connection with Insider Cash Loans and Insider
Non-Cash Loans, (c) Share Repurchases to the extent permitted by
Section 6.08(h), (d) on and after the Original Closing Date,
Distributions to MTR Harness up to the maximum cumulative aggregate amount of
Twelve Million Five Hundred Thousand Dollars ($12,500,000.00), (e) on and after
the Original Closing Date, Distributions to JRI up to the maximum cumulative
aggregate amount of Five Million Dollars ($5,000,000.00), and (f) on and
after the Restatement Date, Distributions to TRGI up to the maximum cumulative
aggregate amount of Six Hundred Thousand Dollars ($600,000.00).

Section 6.07.                             Capital
Expenditure Requirements.

a.                                       During
each Fiscal Year, Borrowers shall make or cause to be made, Maintenance Capital
Expenditures to the Hotel/Casino Facilities in a minimum aggregate amount equal
to or greater (“Minimum Maintenance Cap Ex Requirement”) than two percent (2%)
of net revenues determined with reference to the net revenues derived from the
Hotel/Casino Facilities by the Borrower Consolidation during the immediately
preceding Fiscal Year, but in no event shall Maintenance Capital Expenditures
made during any Fiscal Year be greater than a maximum aggregate amount equal to
six percent (6%) of net revenues (“Maximum Maintenance Cap Ex Limit”) derived
from the Hotel/Casino Facilities by the Borrower Consolidation during the immediately
preceding Fiscal Year.

b.                                      On
and after the Original Closing Date, the Expansion Capital Expenditures for the
PIDI Facility (including all Construction Completion Costs of the PIDI
Construction Project, inclusive of all Hard Costs, Soft Costs, pre-opening
expenses, capitalized interest and the licensing fee to be paid in connection
with the PIDI Licensing Event) shall not exceed the cumulative aggregate amount
of Two Hundred Fifty-Six Million Dollars ($256,000,000.00);

 130

 

c.                                       Prior
to the occurrence of the Ohio Licensing Event, no Expansion Capital
Expenditures shall be permitted at the SDI Facility.  On and after the Ohio Licensing Event, the
Expansion Capital Expenditures for the SDI Facility (including all Construction
Completion Costs of the SDI Construction Project, inclusive of all Hard Costs,
Soft Costs, pre-opening expenses, and capitalized interest) shall not exceed
the cumulative maximum aggregate amount of Eighty-Five Million Dollars
($85,000,000.00); and

On and after the
Restatement Date, the cumulative aggregate of Expansion Capital Expenditures
(including all Future Projects, other than the SDI Construction Project and the
PIDI Construction Project) made with respect to the other Hotel/Casino
Facilities and New Ventures, together with all New Venture Investments made
under Section 6.09(i), shall not exceed the amount of Thirty-Five Million
Dollars ($35,000,000.00) in the aggregate at any time prior to Bank Facilities
Termination.  Provided, however, that in
the event PIDI purchases the Downs Assets pursuant to the terms of the Penn
Settlement Agreement:

(i)                                     such
purchase shall be deemed to constitute an Expansion Capital Expenditure;

(ii)                                  if
the Downs Assets (less whatever FF&E PIDI decides to retain) are sold by Borrowers,
Borrowers shall make a Principal Prepayment with the Net Proceeds thereof in
the same manner as set forth in Subsection 6.12(f); and

(iii)                               if
the Downs Assets are sold within one (1) year from the date PIDI acquires
ownership thereof, the Thirty-Five Million Dollar ($35,000,000.00) basket for
Expansion Capital Expenditures and New Venture Investments set forth above
shall be credited with the amount of the Net Proceeds of such sale up to the
maximum aggregate amount of Seven Million Dollars ($7,000,000.00).

Section 6.08.                             Contingent
Liability(ies).  The Borrower
Consolidation shall not directly or indirectly incur any Contingent
Liability(ies) without the prior written consent of Requisite Lenders.  In no event shall any Contingent Liabilities
be secured by a Lien on any property or assets of any member of the Borrower
Consolidation.  No member of the Borrower
Consolidation shall be directly or indirectly liable for any Indebtedness,
contingent or otherwise, of JRI or JTAL, other than MTRI’s commitment to make
an Investment in JRI in an aggregate amount up to Five Million Dollars
($5,000,000.00).

Section 6.09.                             Investment
Restrictions.  Other than Investments
permitted hereinbelow or approved in writing by Requisite Lenders, the Borrower

 131
 

 

Consolidation shall not make any Investments (whether by way of loan,
stock purchase, capital contribution, or otherwise) other than the following:

a.                                       Cash,
Cash Equivalents and direct
obligations of the United States Government;

b.                                      Prime
commercial paper (AA rated or better);

c.                                       Certificates
of Deposit or Repurchase Agreement issued by a commercial bank having capital
surplus in excess of One Hundred Million Dollars ($100,000,000.00);

d.                                      Money
market or other funds of nationally recognized institutions investing solely in
obligations described in (a), (b) and (c) above;

e.                                       Insider
Cash Loans not exceeding One Million Five Hundred Thousand Dollars
($1,500,000.00) in the aggregate during any Fiscal Year, provided that each of
such Insider Cash Loans shall bear interest at a rate no less than the Prime
Rate plus one percent (1.0%) per annum and shall in each instance be fully due
and payable on or before two (2) years from the date such Insider Cash Loan is
advanced by any member of the Borrower Consolidation;

f.                                         Insider
Non-Cash Loans to the extent permitted by Law;

g.                                      Capital
Expenditures to the extent permitted under Section 6.07;

h.                                      Share
Repurchases up to the maximum cumulative aggregate amount of Thirty Million
Dollars ($30,000,000.00) during the period commencing on the Original Closing
Date and ending at Bank Facilities Termination;

i.                                          New
Venture Investments on and after the Restatement Date, so long as:

(i)                                     the
cumulative aggregate of such New Venture Investments, together with all
Expansion Capital Expenditures made under Section 6.07(d), shall not
exceed the cumulative maximum aggregate amount of Thirty-Five Million Dollars
($35,000,000.00) through Bank Facilities Termination;

(ii)                                  in
each instance the New Venture and assets acquired by such New Venture
Investment is concurrently pledged as additional Collateral securing the Bank
Facilities;

 132
 

 

(iii)                               each
of the New Acquisition Certifications are made and delivered by Borrowers with
respect to any real property to be added as Collateral; and

(iv)                              no
Default or Event of Default shall have occurred and remains continuing;

j.                                          On
and after the Original Closing Date, the Green Shingle Loan up to the maximum
amount of Two Million Six Hundred Thousand Dollars ($2,600,000.00), subject to
compliance with the requirements of Section 3.21(a);

k.                                       On
and after the Original Closing Date, Investments made in MTR Harness up to the
maximum cumulative aggregate amount of Twelve Million Five Hundred Thousand
Dollars ($12,500,000.00);

l.                                          On
and after the Original Closing Date, Investments made in JRI up to the maximum
cumulative aggregate amount of Five Million Dollars ($5,000,000.00); provided
that if the Pine Hollow Golf Course Property is purchased with the proceeds of
Investments made in JRI, the Borrowers shall cause such property to be
encumbered as additional Collateral hereunder subject to the New Acquisition
Certifications; and

m.                                    On
and after the Restatement Date, Investments to TRGI up to the maximum
cumulative aggregate amount of Six Hundred Thousand Dollars ($600,000.00).

Section 6.10.                             Total
Liens.  The Borrower Consolidation
shall not directly or indirectly, create, incur, assume or permit to exist any
Lien on or with respect to any of the Collateral, whether now owned or
hereafter acquired, or any income or profits therefrom, or file or permit the
filing of, or permit to remain in effect, any financing statement or other
similar notice of any Lien with respect to any of the Collateral under the
Uniform Commercial Code of any State or under any similar recording or notice
statute, except:

a.                                       Permitted
Encumbrances;

b.                                      Liens
granted or permitted pursuant to the Security Documentation;

c.                                       Liens
on the FF&E and other goods securing Indebtedness to finance the purchase
price thereof; provided that (i) such Liens shall extend only to the
equipment and other goods so financed and the proceeds thereof, (ii) such Liens
shall not secure Indebtedness in excess of the limitations set forth in
Section 6.05(e) in 

 133
 

 

the aggregate at any time, and (iii) Agent Bank, upon the written
request of an Authorized Officer, shall confirm the priority of such Liens as
paramount to the Security Documentation to the extent such Liens are permitted
under this Section 6.10(c); and

d.                                      Liens
creating a security interest in the proceeds of the insurance policy or
policies the premiums for which are financed as permitted under
Section 6.05(i).

Section 6.11.                             No
Change of Control.  Until the
occurrence of Bank Facilities Termination, no Change of Control shall occur.

Section 6.12.                             Sale
of Assets, Consolidation, Merger, or Liquidation.  Other than as approved in writing by
Requisite Lenders, no member of the Borrower Consolidation shall wind up,
liquidate or dissolve its affairs or enter into any transaction of merger or
consolidation (except a merger or consolidation with another entity within the
Borrower Consolidation), or convey, sell, lease or otherwise dispose of (or
make an agreement to do any of the foregoing at any time prior to Bank
Facilities Termination) all or any material part of its respective property or
assets (except to another entity within the Borrower Consolidation), except
that the following shall be permitted:

a.                                       The
Borrowers may make sales of inventory and other assets in the ordinary course
of business;

b.                                      So
long as no Default or Event of Default shall have occurred and remains
continuing the Borrowers may, in the ordinary course of business and subject to
the provisions of subsection (c) hereinbelow, sell FF&E and other
items of personal property Collateral that are, in Borrowers’ prudent business
judgment, obsolete or no longer necessary for the Borrower Consolidation’s
business objectives;

c.                                       If
the Borrower Consolidation should sell, transfer, convey or otherwise dispose (“Disposition”)
of any FF&E or other items of personal property Collateral and, in the case
of FF&E and other items of personal property Collateral which have been
designated at the time of such Disposition by written notice to Agent Bank for
replacement (the “Designated Replacement Assets”), not replace such Designated
Replacement Assets with purchased items of equivalent value and utility or with
leased FF&E or other items of Collateral of equivalent value and utility
within the permissible leasing and purchase agreement limitation set forth in
Section 6.04(d) herein, to the extent the sum of: (i) the Net Proceeds
from the Disposition of FF&E and other items of personal property
Collateral which are not Designated Replacement Assets, plus (ii) the Net
Proceeds from the Disposition of Designated Replacement Assets which are not
used to replace such Designated Replacement Assets during the consecutive
twelve (12) month period following the date of such Disposition, which twelve
(12) month period ends during the Fiscal Year under review, plus
(iii) Cash 

 134
 

 

payments received for principal owing under any promissory notes or
deferred payment arrangements payable to the order of any member of the
Borrower Consolidation from the Disposition of Collateral during the current or
any prior Fiscal Year, exceeds the cumulative aggregate amount of One Million
Dollars ($1,000,000.00) during any single Fiscal Year (the “Excess Capital
Proceeds”), on or before March 1 of the immediately following Fiscal Year
Borrowers shall be required to permanently reduce the Aggregate Commitment by a
Mandatory Commitment Reduction in the amount of such Excess Capital Proceeds,
subject, however, to the right of Agent Bank to verify to its reasonable
satisfaction the amount of such Excess Capital Proceeds;

d.                                      In
the event a sale of the SGLVI Collateral or other real property that is not an
income producing asset of the Borrower Consolidation results in a promissory
note receivable payable to the order of SGLVI or other member of the Borrower
Consolidation for a portion of the applicable purchase price, such note shall
be permitted so long as (1) the principal is not in excess of seventy-five
percent (75%) of the applicable purchase price, (2) the note is secured by
a first priority lien and security interest encumbering the SGLVI Collateral or
other real property Collateral so sold, and (3) the note and all such
liens and security interests are pledged, collaterally assigned to and a first
priority security interest perfected in favor of Agent Bank as additional
Collateral for the Bank Facilities.

e.                                       Notwithstanding the foregoing, the Borrower
Consolidation shall be permitted to contribute real property Collateral to an
Unrestricted Subsidiary and Agent Bank agrees and is authorized to release such
real property as Collateral so long as (i) such real property is not an income
producing asset of the Borrower Consolidation at the time of such contribution
and does not have a fair market value in excess of One Million Dollars
($1,000,000.00), excepting the IP Real Property and the parcel of land located
in Hancock County, West Virginia consisting of approximately two hundred
fifty-five (255) acres, commonly known as the “Quarry Property,” each of which
may be contributed to an Unrestricted Subsidiary without regard to the One
Million Dollar ($1,000,000.00) fair market value limitation, (ii) no
member of the Borrower Consolidation directly, indirectly or contingently
becomes liable for the debts, liabilities or obligations of such Unrestricted
Subsidiary, and (iii) in no event shall the Borrower Consolidation contribute
or in any other manner invest in excess of One Million Dollars ($1,000,000)
(except with respect to the contribution of the IP Real Property and/or Quarry
Property as set forth above in the aggregate) in any Unrestricted Subsidiary
without the prior written consent of Lenders.

f.                                         Each
of the Lenders agree that the SGLVI Collateral may be sold by the Borrower
Consolidation and released as Collateral by the Agent Bank without further
consent or authorization from the Lenders so long as the Borrower Consolidation
realizes no less than the net book value of such SGLVI Collateral from such
sale.  Further, upon the sale of such
SGLVI Collateral, on or before the tenth 

 135
 

 

(10th)
day following receipt by the Borrower Consolidation of the Net Proceeds of such
sale, the Borrower Consolidation shall make a Principal Prepayment in the
amount of such Net Proceeds so received. 
Such Principal Prepayment shall be made without regard to the three (3)
Principal Prepayment limitation and without regard to the minimum amounts and
increments set forth in Section 2.07.

g.                                      Each
of the Lenders agree that the Non Essential Properties may be sold by the
Borrower Consolidation and released as Collateral by the Agent Bank without
further consent or authorization from the Lenders.  Further, upon the sale of each Non Essential
Property, Agent Bank, in its sole discretion, may either (i) require the
Net Proceeds of such sale to be applied as a Mandatory Commitment Reduction, or
(ii) require the Net Proceeds of such sale to be applied as a Principal
Prepayment in the same manner as set forth in Section 6.12(f) above, or
(iii) in the case of Net Proceeds less than One Hundred Thousand Dollars
($100,000.00) in the aggregate, permit such Net Proceeds to be retained by the
Borrowers.

Section 6.13.                             No
Transfer of Ownership; Equity Offerings.

a.                                       MTRI
shall not transfer or hypothecate its ownership interests in MPI, SGLVI, PIDI,
SDI or SGFI except in connection with the Security Documentation.

b.                                      MTRI
shall not make any Equity Offering in excess of Ten Million Dollars
($10,000,000.00) without the prior written consent of Requisite Lenders.

Section 6.14.                             ERISA.  No Borrower shall:

a.                                       At
any time, permit any Pension Plan which is maintained by any Borrower or to
which any Borrower is obligated to contribute on behalf of its employees, in
such case if to do so would constitute a Material Adverse Change, to:

(i)                                     engage
in any non-exempt “prohibited transaction”, as such term is defined in
Section 4975 of the Code;

(ii)                                  incur
any material “accumulated funding deficiency”, as that term is defined in
Section 302 of ERISA; or

(iii)                               suffer
a termination event to occur which may reasonably be expected to result in
liability of any Borrower to the Pension Plan or to the Pension Benefit
Guaranty Corporation or the imposition of a lien on the Collateral pursuant to
Section 4068 of ERISA.

 136
 

 

b.                                      Fail,
upon any Borrower becoming aware thereof, promptly to notify the Agent Bank of
the occurrence of any Reportable Event with respect to any Pension Plan or of
any non-exempt “prohibited transaction” (as defined in Section 4975 of the
Code) with respect to any Pension Plan which is maintained by any Borrower or
to which Borrowers are obligated to contribute on behalf of their employees or
any trust created thereunder which Reportable Event or prohibited transaction
would constitute a Material Adverse Change.

c.                                       At
any time, permit any Pension Plan which is maintained by any Borrower or to
which any Borrower is obligated to contribute on behalf of its employees to
fail to comply with ERISA or other applicable laws in any respect that would
result in a Material Adverse Change.

Section 6.15.                             Margin
Regulations.  No part of the proceeds
of the Bank Facilities will be used by Borrowers to purchase or carry any
Margin Stock or to extend credit to others for the purpose of purchasing or
carrying any Margin Stock.  Neither the
making of such loans, nor the use of the proceeds of such loans will violate or
be inconsistent with the provisions of Regulations G, T, U or X of the Board of
Governors of the Federal Reserve System.

Section 6.16.                             Transactions
with Affiliates.  No Borrower shall
engage in any transaction with any Affiliate of Borrowers which is not a member
of the Borrower Consolidation, other than arms length transactions for fair
market value, except to the extent more favorable to the Borrower
Consolidation.

Section 6.17.                             Limitation
on Additional Subsidiaries.  Other
than RacelineBet, Inc., an Oregon corporation as an Unrestricted Subsidiary of
SDI, no Subsidiary of MTRI which is a member of the Borrower Consolidation
shall create any additional Subsidiaries without the prior written consent of
Requisite Lenders.

Section 6.18.                             Limitation
on Consolidated Tax Liability.  No
member of the Borrower Consolidation shall be liable for federal income taxes
relating to the taxable income of any Subsidiary or Affiliate of MTRI which is
not a member of the Borrower Consolidation, or any of them, in excess of the
amount of federal income taxes it would pay if reporting as a separate entity,
unless such member of the Borrower Consolidation is fully reimbursed by such
Subsidiary or Affiliate of MTRI on or before the payment of such taxes.

Section 6.19.                             Change
in Accounting Principles.  Except as
otherwise provided herein, if any changes in accounting principles from those
used in the preparation of the most recent financial statements delivered to
Agent Bank pursuant to the terms hereof are hereinafter required or permitted
by the rules, regulations, pronouncements and opinions of the Financial Accounting
Standards Board or the 

 137
 

 

American Institute of Certified Public Accountants (or successors
thereto or agencies with similar functions) and are adopted by the Borrowers
with the agreement of their independent certified public accountants and such
changes result in a change in the method of calculation of any of the financial
covenants, standards or terms found herein, the parties hereto agree to enter
into negotiations in order to amend such provisions so as to equitably reflect
such changes with the desired result that the criteria for evaluating the
financial condition of Borrowers shall be the same after such changes as if
such changes had not been made; provided, however, that no change in GAAP that
would affect the method of calculation of any of the financial covenants,
standards or terms shall be given effect in such calculations until such
provisions are amended, in a manner satisfactory to Agent Bank and Requisite
Lenders, to so reflect such change in accounting principles.

ARTICLE
VII

EVENTS OF DEFAULT

Section 7.01.                             Events
of Default.  Any of the following
events and the passage of any applicable notice and cure periods shall
constitute an Event of Default hereunder:

a.                                       Any
representation or warranty made by Borrowers pursuant to or in connection with
this Credit Agreement, the Revolving Credit Note, the Environmental
Certificate, or any other Loan Document or in any report, certificate,
financial statement or other writing furnished by Borrowers in connection
herewith, shall prove to be false, incorrect or misleading in any materially
adverse aspect as of the date when made;

b.                                      Borrowers
shall have defaulted in the payment of any principal or interest on the
Revolving Credit Note or Swingline Note when due, and such default continues
for a period of more than five (5) days;

c.                                       Borrowers
shall have defaulted under the terms of any other obligation owing Agent Bank
under the terms of this Credit Agreement, which default continues beyond any
applicable grace period therein contained;

d.                                      Borrowers
shall have defaulted in the payment of any late charge, Nonusage Fees,
expenses, indemnities or any other amount owing under any Loan Document or
under the Fee Side Letter for a period of five (5) days after notice thereof to
Borrowers from Agent Bank;

e.                                       Borrowers
or any Restricted Subsidiary shall fail duly and punctually to perform or
comply with: (i) any term, covenant, condition or promise 

 138
 

 

contained in Sections 6.01, 6.02, 6.03, 6.04, 6.05, 6.06, 6.07,
6.08, 6.09, 6.10, 6.11, 6.12 (as to wind up, liquidation, dissolution, merger
or consolidation) and 6.13, or (ii) any other term, covenant, condition or
promise contained in this Credit Agreement, the Revolving Credit Note or
Swingline Note, the Deeds of Trust or any other Loan Document and, in the case
of any term, covenant, condition or promise covered by this clause (ii), such
failure shall continue thirty (30) days after written notice thereof is
delivered to Borrowers by Agent Bank or any Lender of such failure;

f.                                         Any
of the Security Documentation or any provision thereof: (i) shall cease to
be in full force and effect in any material respect and such cessation results
in a Material Adverse Change, or (ii) shall cease to give the Agent Bank in any
material respect the liens, rights, powers and privileges purported to be
created thereby, or (iii) the Borrowers or any Restricted Subsidiary shall
default in the due performance or observance of any term, covenant or agreement
on their part to be performed or observed pursuant to the Security Documentation
for a period of thirty (30) days after written notice thereof is delivered to
Borrowers by Agent Bank of such failure (or such shorter period following such
notice as may be specifically required in any Loan Document), provided,
however, that in the event the cure for such Event of Default reasonably
requires more than thirty (30) days, the cure period shall be extended for an
additional period so long as Borrowers diligently and promptly undertake such
cure and in no event shall the default remain uncured for a period in excess of
ninety (90) days following such written notice;

g.                                      Any
Borrower or any Restricted Subsidiary shall commence a voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
it or its debts under the Bankruptcy Code or any bankruptcy, insolvency or
other similar law now or hereafter in effect or seeking the appointment of a
trustee, receiver, liquidator, custodian or other similar official, for all or
substantially all of its property, or shall consent to any such relief or to
the appointment or taking possession by any such official in any involuntary
case or other proceeding against it;

h.                                      An
involuntary case or other proceeding shall be commenced against any Borrower or
any Restricted Subsidiary seeking liquidation, reorganization or other relief
with respect to itself or its debts under the Bankruptcy Code or any
bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official, for all or substantially all of its property, and such
involuntary case or other proceeding shall remain undismissed and unstayed for
a period of ninety (90) days;

i.                                          Any
Borrower or any Restricted Subsidiary makes an assignment for the benefit of
its creditors or admits in writing its inability to pay its debts generally as
they become due;

 139
 

 

j.                                          Borrowers
default, beyond any applicable grace period, under the terms of the Senior
Unsecured Indenture or Senior Unsecured Notes or under the terms of the Senior
Subordinated Indenture or Senior Subordinated Notes if the effect thereof is to
permit the acceleration or require prepayment, purchase or redemption thereof
by the holders thereof or Borrowers shall fail to make any payment when due
(whether by scheduled maturity, required prepayment, offer to purchase,
redemption, acceleration, demand or otherwise, in each case beyond the grace
period provided with respect to such Indebtedness) on the Indebtedness
evidenced by the National City Loan Documents or on any other Indebtedness, if
the aggregate amount of such Indebtedness is Two Million Five Hundred Thousand
Dollars ($2,500,000.00), or more, or any breach, default or event of default
shall occur, or any other event shall occur or condition shall exist, under any
instrument, agreement or indenture pertaining thereto if the effect thereof is
to accelerate, the maturity of any such Indebtedness; or any such Indebtedness
shall be declared to be due and payable or shall be required to be prepaid,
purchased or redeemed (other than by a regularly scheduled required prepayment)
prior to the stated maturity thereof, or the holder of any lien in any amount,
shall commence foreclosure of such lien upon property of Borrowers having a value
in excess of One Million Dollars ($1,000,000.00) and such foreclosure shall
continue against such property to a date less than thirty (30) days prior to
the date of the proposed foreclosure sale;

k.                                       The
occurrence of any event of default, beyond any applicable grace period, under
the terms of any agreement with any Lender in connection with a Secured
Interest Rate Hedge relating to the Credit Facility;

l.                                          Any
Borrower or any Restricted Subsidiary shall be voluntarily or involuntarily
divested of title or possession of any Collateral Property or shall lease or in
any other manner, voluntarily or involuntarily alienate any of its interest in
any Collateral Property or any portion of the Hotel/Casino Facilities, other
than the Permitted Encumbrances and as permitted in Section 6.11 or other
than within the Borrower Consolidation;

m.                                    The
occurrence of any Reportable Event with respect to a Pension Plan which Agent
Bank determines in good faith constitutes proper grounds for the termination of
any Pension Plan by the Pension Benefit Guaranty Corporation or for the
appointment by an appropriate United States District Court of a trustee to
administer any such plan that would result in a Material Adverse Change, should
occur and should continue for thirty (30) days after written notice of such
determination shall have been given to Borrowers by Agent Bank;

n.                                      Commencement
against any Borrower, any time after the execution of this Credit Agreement, of
any litigation which is not stayed, bonded, dismissed, terminated or disposed
of to the satisfaction of Agent Bank within ninety (90) 

 140
 

 

days after its commencement, and which (i) has a reasonable probability
of success, and could, if successful, in the reasonable opinion of Agent Bank,
materially and adversely affect the priority of the Liens granted Agent Bank by
the Deeds of Trust in the Collateral Properties, or (ii) results in the
issuance of a preliminary or permanent injunction which is not dissolved or
stayed pending appeal within sixty (60) days of its issuance and which
preliminary or permanent injunction materially adversely affects any Borrowers’
right to use the Collateral Properties as the Hotel/Casino Facilities;

o.                                      The
loss, revocation, non-renewal or suspension, other than on account of forces
majeure, of any Borrower’s unrestricted Gaming Permits or the failure of any
Borrower to maintain gaming activities at the Hotel/Casino Facilities other
than on account of forces majeure at least to the same general extent as is
presently conducted thereon for a period in excess of thirty (30) consecutive
days;

p.                                      Any
money judgment, writ or warrant of attachment or similar process involving
(i) in any individual case an amount in excess of One Million Dollars
($1,000,000.00) or (ii) in the aggregate at any time an amount in excess
of Two Million Dollars ($2,000,000.00) (in either case not adequately covered
by insurance as to which a solvent and unaffiliated insurance company has
acknowledged coverage or released, bonded or expunged as provided in
Section 5.03) shall be entered or filed against any Borrower or any
Restricted Subsidiary or any of their respective assets and shall remain
undischarged, unvacated, unbonded or unstayed for a period of sixty (60) days
(or in any event later than five (5) days prior to the date of any proposed
sale thereunder);

q.                                      Any
order, judgment or decree shall be entered against any Borrower decreeing its
involuntary dissolution or split up and such order shall remain undischarged
and unstayed for a period in excess of thirty (30) days, or Borrowers shall
otherwise dissolve or cease to exist;

r.                                         The
occurrence of any Change of Control;

s.                                       MTRI
sells, transfers, assigns, hypothecates or otherwise alienates its interest in
all or any portion of the common voting stock of MPI, SGLVI, PIDI, SDI or SGFI,
other than in connection with the Stock Pledges;

t.                                         The
occurrence of any default under any Subsidiary Guaranty delivered to Agent Bank
or the revocation, termination or repudiation of such Subsidiary Guaranty by
any Subsidiary prior to Bank Facilities Termination;

u.                                      The
occurrence of any Material Adverse Change;

v.                                      Any
Subsidiary Guaranty shall cease to be in full force or effect in any material
respect, or any Subsidiary Guarantor shall deny or disaffirm such 

 141
 

 

Subsidiary Guarantor’s obligations under the Subsidiary Guaranty, or
such Subsidiary Guarantor shall default for a period of thirty (30) days after
notice thereof from Agent Bank in the due performance or observance of any
term, covenant or agreement on its part to be performed or observed pursuant to
the Subsidiary Guaranty;

w.                                    The
PIDI Casino Completion Date shall not have occurred on or before June 30, 2007
or the PIDI Racetrack Completion Date shall not have occurred on or before
June 30, 2008; or

x.                                        The
Senior Unsecured Notes are not fully refinanced with other senior unsecured
indebtedness prior to October 1, 2009, with such refinancing having a
maturity no earlier than 2012.

Section 7.02.                             Default
Remedies.

a.                                       Upon
the occurrence and during the continuance of any Event of Default, Agent Bank
may and, upon the consent of Requisite Lenders shall: (i) declare all of
the outstanding unpaid Indebtedness hereunder and under the Notes and the other
Loan Documents, together with all accrued interest thereon, to be fully due and
payable without presentation, demand, protest or notice of any kind, and, in
the event of such declaration; (ii) shall terminate the obligation of
Lenders to make any advances for Borrowings; and (iii) shall terminate the
obligation of the Swingline Lender to make any advances under the Swingline
Facility; and (iv) shall terminate the obligation of the L/C Issuer to issue
Letters of Credit; and (v) shall direct the Borrowers to pay (and each of the
Borrowers hereby jointly and severally agree upon receipt of such notice to pay)
to the L/C Issuer an amount in Cash equal to the then outstanding L/C Exposure,
such Cash to be held by L/C Issuer in the Cash Collateral Account as security
for the repayment of all L/C Reimbursement Obligations thereafter occurring;
provided, that, the remedies set forth in clauses (i) through (v) above will be
deemed to have been automatically exercised on the occurrence of any event set
out in Sections 7.01(g), (h) or (i);

b.              Additionally,
while any Event of Default has occurred and remains continuing, the Banks
and/or Agent Bank may (i) exercise any and all remedies available to Banks
or Agent Bank under the Loan Documents; and/or (ii) exercise any other
remedies available to Banks or Agent Bank at law or in equity, including
requesting the appointment of a receiver to perform any acts required of
Borrowers, or any of them, under this Credit Agreement;

c.                                       The
Banks and/or Agent Bank may exercise any other remedies available to Banks or
Agent Bank at law or in equity, including requesting the appointment of a
receiver to perform any acts required of Borrowers under this Credit Agreement,
and Borrowers hereby specifically consent to any such request by Banks.

 142
 

 

For the purpose of
carrying out this section and exercising these rights, powers and privileges
and subject to all applicable Gaming Laws, Borrowers hereby irrevocably
constitute and appoint Agent Bank as their true and lawful attorney-in-fact to
execute, acknowledge and deliver any instruments and do and perform any acts
such as are referred to in this paragraph in the name and on behalf of
Borrowers.  Agent Bank on behalf of
Lenders may exercise one or more of Lenders’ remedies simultaneously and all
its remedies are nonexclusive and cumulative. 
Agent Bank and Lenders shall not be required to pursue or exhaust any
Collateral or remedy before pursuing any other Collateral or remedy.  Agent Bank and Lenders’ failure to exercise
any remedy for a particular default shall not be deemed a waiver of (i) such
remedy, nor their rights to exercise any other remedy for that default, nor
(ii) their right to exercise that remedy for any subsequent default.

Section 7.03.                             Application
of Proceeds.  All payments and
proceeds received and all amounts held or realized from the sale or other
disposition of the Collateral Properties and/or Collateral, which are to be
applied hereunder towards satisfaction of Borrowers’ obligations under the
Credit Facility, shall be applied in the following order of priority:

a.                                       First,
to the payment of all reasonable fees, costs and expenses (including reasonable
attorney’s fees and expenses) incurred by Agent Bank and Banks, their agents or
representatives in connection with the realization upon any of the Collateral;

b.                                      Next,
to the payment in full of any other amounts due under this Credit Agreement,
the Security Documentation, or any other Loan Documents (other than the Notes
and any liability under the Secured Interest Rate Hedges);

c.                                       Next,
to the balance of interest remaining unpaid on the Notes;

d.                                      Next,
to the balance of principal remaining unpaid on the Revolving Credit Note;

e.                                       Next,
to the payment of any other amounts owing to Banks which is necessary to cause
Bank Facilities Termination, including, without limitation, any amounts owing
with respect to the Secured Interest Rate Hedges; and

f.                                         Next,
the balance, if any, of such payments or proceeds to whomever may be legally
entitled thereto.

Section 7.04.                             Notices.  In order to entitle Agent Bank and/or Banks
to exercise any remedy available hereunder, it shall not be necessary for Agent
Bank 

 143
 

 

and/or Banks to give any notice, other than such notice as may be
required expressly herein or by applicable law.

Section 7.05.                             Agreement
to Pay Attorney’s Fees and Expenses. 
Subject to the provisions of Section 10.14, upon the occurrence of
an Event of Default, as a result of which Agent Bank shall require and employ
attorneys or incur other expenses for the collection of payments due or to
become due or the enforcement or performance or observance of any obligation or
agreement on the part of Borrowers contained herein, Borrowers shall, on
demand, pay to Agent Bank the reasonable fees of such attorneys and such other
reasonable expenses so incurred by Agent Bank.

Section 7.06.                             No
Additional Waiver Implied by One Waiver. 
In the event any agreement contained in this Credit Agreement should be
breached by either party and thereafter waived by the other party, such waiver
shall be limited to the particular breach so waived and shall not be deemed to
waive any other breach hereunder.

Section 7.07.                             Licensing
of Agent Bank and Lenders.  In the
event of the occurrence of an Event of Default hereunder or under any of the
Loan Documents and it shall become necessary, or in the opinion of Requisite
Lenders advisable, for an agent, supervisor, receiver or other representative
of Agent Bank and Banks to become licensed under the provisions of the laws
and/or regulations of any Gaming Authority as a condition to receiving the
benefit of any Collateral encumbered by the Deeds of Trust or other Loan Documents
for the benefit of Lenders or otherwise to enforce their rights hereunder,
Borrowers hereby give their consent to the granting of such license or licenses
and agree to execute such further documents as may be required in connection
with the evidencing of such consent.

Section 7.08.                             Exercise
of Rights Subject to Applicable Law. 
All rights, remedies and powers provided by this Article VII may be
exercised only to the extent that the exercise thereof does not violate any
applicable provision of the laws of any Governmental Authority and all of the
provisions of this Article VII are intended to be subject to all applicable
mandatory provisions of law that may be controlling and to be limited to the
extent necessary so that they will not render this Credit Agreement invalid,
unenforceable or not entitled to be recorded or filed under the provisions of
any applicable law.

Section 7.09.                             Discontinuance
of Proceedings.  In case Agent Bank
and/or Banks shall have proceeded to enforce any right, power or remedy under
this Credit Agreement, the Notes, the Deeds of Trust or any other Loan Document
by foreclosure, entry or otherwise, and such proceedings shall have been
discontinued or abandoned for any reason or shall have been determined
adversely to Banks, then and in every such case Borrowers, Agent Bank and/or
Banks shall be restored to their former positions and rights hereunder with
respect to the Collateral, and all rights, 

 144
 

 

remedies and powers of Agent Bank and Banks shall continue as if such
proceedings had not been taken, subject to any binding rule by the applicable
court or other tribunal in any such proceeding.

ARTICLE
VIII

DAMAGE, DESTRUCTION AND CONDEMNATION

Section 8.01.                             No
Abatement of Payments.  If all or any
part of the Collateral shall be materially damaged or destroyed, or if title to
or the temporary use of the whole or any part of any of the Collateral shall be
taken or condemned by a competent authority for any public use or purpose,
there shall be no abatement or reduction in the amounts payable by Borrowers
hereunder or under the Revolving Credit Note, and Borrowers shall continue to
be obligated to make such payments.

Section 8.02.                             Distribution
of Capital Proceeds Upon Occurrence of Fire, Casualty, Other Perils or
Condemnation.  All Capital Proceeds
received from insurance policies under Section 5.09, including flood and
earthquake, covering any of the Collateral or from condemnation or similar
actions in regard to said Collateral, shall be paid directly to Agent Bank.  In the event the amount of Capital Proceeds
paid to Agent Bank is equal to or less than One Million Dollars
($1,000,000.00), such Capital Proceeds shall be paid to Borrowers, unless a
Default in the payment of any principal or interest owing under the terms of
the Bank Facilities or an Event of Default (other than non-monetary Events of
Default occurring as a direct consequence of each casualty loss or
condemnation) shall have occurred hereunder and is continuing.  In the event the amount of Capital Proceeds
paid to Agent Bank is greater than One Million Dollars ($1,000,000.00), then,
unless a Default or Event of Default (other than non-monetary Events of Default
occurring as a direct consequence of each casualty loss or condemnation) has
occurred hereunder and is then continuing, the entire amount so collected or so
much thereof as may be required (any excess to be returned to Borrowers) to
repair or replace the destroyed or condemned property, shall, subject to the
conditions set forth below, be released to Borrowers for repair or replacement
of the property destroyed or condemned or to reimburse Borrowers for the costs
of such repair or replacement incurred prior to the date of such release.  If a Default or Event of Default has occurred
hereunder and is then continuing such amount may, at the option of Requisite
Lenders, be applied as a Mandatory Commitment Reduction.  In the event Banks are required to release
all or a portion of the collected funds to Borrowers for such repair or re­placement
of the property destroyed or condemned, such release of funds shall be made in
accordance with the following terms and conditions:

a.                                       The
repairs, replacements and rebuilding shall be made in accordance with plans and
specifications approved by Requisite Lenders and in 

 145
 

 

accordance with all applicable laws, ordinances, rules, regulations and
requirements of Governmental Authorities;

b.                                      Borrowers
shall provide Agent Bank with a detailed estimate of the costs of such repairs
or restora­tions;

c.                                       Borrowers
shall satisfy the Requisite Lenders that after the reconstruction is completed,
the value of the Collateral, as determined by the Requisite Lenders in their
reasonable discretion, will not be less than the value of the Collateral
immediately prior to such destruction or condemnation as determined by the
Requisite Lenders pursuant to this Credit Agreement;

d.                                      In
the Requisite Lenders’ sole reasonable opinion, any undisbursed portion of the
Available Borrowings contemplated hereunder, after deposit of such insurance or
condemnation proceeds, is sufficient to pay all costs of reconstruction of the
Hotel/Casino Facility or other Collateral damaged, destroyed or condemned; or
if the undisbursed portion of such Credit Facility is not sufficient, Borrowers
shall deposit additional funds with the Agent Bank, sufficient to pay such
additional costs of reconstructing the Collateral;

e.                                       Borrowers
have delivered to the Agent Bank a construction contract for the work of
reconstruction in form and content, including insurance requirements,
acceptable to the Requisite Lenders with a contractor acceptable to the
Requisite Lenders;

f.                                         The
Requisite Lenders in their reasonable discretion have determined that after the
work of reconstruction is completed, the Hotel/Casino Facilities will produce
income sufficient to pay all costs of operations and maintenance of the
Hotel/Casino Facilities with a reasonable reserve for repairs, and service all
Indebtedness secured by the Security Documentation;

g.                                      No
Default in the payment of any principal or interest owing under the terms of
the Bank Facilities, and no Event of Default has occurred and is continuing
hereunder;

h.                                      Borrowers
have deposited with the Agent Bank that amount reasonably determined by the
Requisite Lenders (taking into consideration the amount of Borrowings available
and the amount of proceeds, if any, of insurance policies covering property
damage and business interruption, loss or rental income in connection with the
Hotel/Casino Facility or Collateral damaged, destroyed or condemned accruing
and immediately forthcoming to the Agent Bank) to be sufficient to service no
less than seventy-five percent (75.0%) of the Indebtedness secured hereby
during the period of reconstruction, as reasonably estimated by the Requisite
Lenders;

 146

 

i.                                          Before
commencing any such work, Borrowers shall, at their own cost and expense,
furnish Agent Bank with appropriate endorsements, if needed, to the “All Risk”
insurance policy which Borrowers are then presently maintaining, and course of
construction insurance to cover all of the risks during the course of such
work;

j.                                          Such
work shall be commenced by Borrowers within one hundred twenty (120) days after
(i) settlement shall have been made with the insurance companies or
condemnation proceeds shall have been received, and (ii) all the necessary
governmental approvals shall have been obtained, and such work shall be
completed within a reasonable time, free and clear of all liens and
encumbrances so as not to interfere with the lien of the Deeds of Trust; and

k.                                       Disbursements
of such Capital Proceeds shall be made in the customary manner used by Agent
Bank for the disbursement of construction loans.

ARTICLE
IX

AGENCY PROVISIONS

Section 9.01.                             Appointment.

a.                                       Each
Lender hereby (i) designates and appoints WFB as the Agent Bank of such Lender
under this Credit Agreement and the Loan Documents, (ii) authorizes and
directs Agent Bank to enter into the Loan Documents other than this Credit
Agreement for the benefit of Lenders, and (iii) authorizes Agent Bank to
take such action on its behalf under the provisions of this Credit Agreement
and the Loan Documents and to exercise such powers as are set forth herein or
therein, together with such other powers as are reasonably incidental thereto.  Agent Bank agrees to act as such on the
express conditions contained in this Article IX.

b.                                      The
provisions of this Article IX are solely for the benefit of Agent Bank and
Lenders, and Borrowers shall not have any rights to rely on or enforce any of
the provisions hereof (other than as set forth in the provisions of
Sections 9.03, 9.09 and 10.10), provided, however, that the foregoing
shall in no way limit Borrowers’ obligations under this Article IX.  In performing its functions and duties under
this Credit Agreement, Agent Bank shall act solely as Agent Bank of Lenders and
does not assume and shall not be deemed to have assumed any obligation toward
or relationship of agency or trust with or for Borrowers or any other Person.

Section 9.02.                             Nature
of Duties.  Agent Bank shall not have
any duties or responsibilities except those expressly set forth in this Credit
Agreement or in the Loan Documents.  The
duties of Agent Bank shall be administrative in nature.  Subject to the provisions of Sections 9.05
and 9.07, Agent Bank shall administer the Bank Facilities in 

 147
 

 

the same manner as it administers its own loans.  Promptly following the effectiveness of this
Credit Agreement, Agent Bank shall send to each Lender a duplicate executed
original, to the extent the same are available in sufficient numbers, of the
Credit Agreement and a copy of each other Loan Document in favor of Lenders and
a copy of the filed or recorded Security Documentation, with the originals of
the latter to be held and retained by Agent Bank for the benefit of all Lenders.  Agent Bank shall not have by reason of this
Credit Agreement a fiduciary relationship in respect of any Lender.  Nothing in this Credit Agreement or any of
the Loan Documents, expressed or implied, is intended or shall be construed to
impose upon Agent Bank any obligation in respect of this Credit Agreement or
any of the Loan Documents except as expressly set forth herein or therein.  Each Lender shall make its own independent
investigation of the financial condition and affairs of the Borrowers and the
Collateral in connection with the making and the continuance of the Credit
Facility hereunder and shall make its own appraisal of the creditworthiness of
the Borrowers and the Collateral, and, except as specifically provided herein,
Agent Bank shall not have any duty or responsibility, either initially or on a
continuing basis, to provide any Lender with any credit or other information
with respect thereto, whether coming into its possession before the Closing Date or at any time or times thereafter.

Section 9.03.                             Disbursement
of Borrowings.

a.                                       Not
later than the next Banking Business Day following receipt of a Notice of
Borrowing, Agent Bank shall notify each Lender of the proposed Borrowing and
the Funding Date.  Each Lender shall make
available to Agent Bank (or the funding bank or entity designated by Agent
Bank), the amount of such Lender’s Pro Rata Share of such Borrowing in
immediately available funds not later than the times designated in Section
9.03(b).  Unless Agent Bank shall have
been notified by any Lender not later than the close of business (San Francisco
time) on the Banking Business Day immediately preceding the Funding Date in
respect of any Borrowing that such Lender does not intend to make available to
Agent Bank such Lender’s Pro Rata Share of such Borrowing, Agent Bank may
assume that such Lender shall make such amount available to Agent Bank.  If any Lender does not notify Agent Bank of
its intention not to make available its Pro Rata Share of such Borrowing as
described above, but does not for any reason make available to Agent Bank such
Lender’s Pro Rata Share of such Borrowing, such Lender shall pay to Agent Bank
forthwith on demand such amount, together with interest thereon at the Federal
Funds Rate.  In any case where a Lender does
not for any reason make available to Agent Bank such Lender’s Pro Rata Share of
such Borrowing, Agent Bank, in its sole discretion, may, but shall not be
obligated to, fund to Borrowers such Lender’s Pro Rata Share of such
Borrowing.  If Agent Bank funds to
Borrowers such Lender’s Pro Rata Share of such Borrowing and if such Lender
subsequently pays to Agent Bank such corresponding amount, such amount so paid
shall constitute such Lender’s Pro Rata Share of such 

 148
 

 

Borrowing.  Nothing in this
Section 9.03(a) shall alter the respective rights and obligations of the
parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata
Borrowing.

b.                                      Requests
by Agent Bank for funding by Lenders of Borrowings will be made by
facsimile.  Each Lender shall make the
amount of its Pro Rata Share of such Borrowing available to Agent Bank in
Dollars and in immediately available funds, to such bank and account, in San
Francisco, California as Agent Bank may designate, not later than
11:00 a.m. (San Francisco time) on the Funding Date designated in the
Notice of Borrowing with respect to such Borrowing, but in no event later than
one (1) Banking Business Day notice with respect to Base Rate Loans and two (2)
Banking Business Days notice with respect to LIBOR Loans, in each case
following Lender’s receipt of the applicable Notice of Borrowing.

c.                                       Nothing
in this Section 9.03 shall be deemed to relieve any Lender of its obligation
hereunder to make its Pro Rata Share of Borrowings on any Funding Date, nor
shall any Lender be responsible for the failure of any other Lender to perform
its obligations to advance its Pro Rata Share of any Borrowing hereunder, and
the Pro Rata Share of the Aggregate Commitment of any Lender shall not be
increased or decreased as a result of the failure by any other Lender to
perform its obligation to advance its Pro Rata Share of any Borrowing.

Section 9.04.                             Distribution
and Apportionment of Payments.

a.                                       Subject
to Section 9.04(b), payments actually received by Agent Bank for the account of
Lenders shall be paid to them promptly after receipt thereof by Agent Bank, but
in any event within one (1) Banking Business Day, provided that Agent Bank
shall pay to Lenders interest thereon, at the Federal Funds Rate from the
Banking Business Day following receipt of such funds by Agent Bank until such
funds are paid in immediately available funds to Lenders.  Subject to Section 9.04(b), all payments of
principal and interest in respect of Funded Outstandings, all payments of the
fees described in this Credit Agreement, and all payments in respect of any
other Obligations shall be allocated among such other Lenders as are entitled
thereto, in proportion to their respective Pro Rata Shares or otherwise as
provided herein.  Agent Bank shall
promptly distribute, but in any event within one (1) Banking Business Day, to
each Lender at its primary address set forth on the appropriate signature page
hereof or on the applicable Assignment and Assumption Agreement, or at such
other address as a Lender may request in writing, such funds as it may be
entitled to receive, provided that Agent Bank shall in any event not be bound
to inquire into or determine the validity, scope or priority of any interest or
entitlement of any Lender and may suspend all payments and seek appropriate
relief (including, without limitation, instructions from Requisite Lenders or
all Lenders, as applicable, or an action in the nature of interpleader) in the
event of any doubt or dispute as to any apportionment or distribution 

 149
 

 

contemplated hereby.  The order
of priority herein is set forth solely to determine the rights and priorities
of Lenders as among themselves and may at any time or from time to time be
changed by Lenders as they may elect, in writing in accordance with Section
10.01, without necessity of notice to or consent of or approval by Borrowers or
any other Person.  All payments or other
sums received by Agent Bank for the account of Lenders (including, without
limitation, principal and interest payments, the proceeds of any and all insurance
maintained with respect to any of the Collateral, and any and all condemnation
proceeds with respect to any of the Collateral) shall not constitute property
or assets of the Agent Bank and shall be held by Agent Bank, solely in its
capacity as administrative and collateral agent for itself and the other
Lenders, subject to the Loan Documents.

b.                                      Notwithstanding
any provision hereof to the contrary, until such time as a Defaulting Lender
has funded its Pro Rata Share of Borrowing which was previously a Non Pro Rata
Borrowing, or all other Lenders have received payment in full (whether by
repayment or prepayment) of the principal due in respect of such Non Pro Rata
Borrowing, all principal sums owing to such Defaulting Lender hereunder shall
be subordinated in right of payment to the prior payment in full of all
principal, in respect of all Non Pro Rata Borrowing in which the Defaulting
Lender has not funded its Pro Rata Share. 
This provision governs only the relationship among Agent Bank, each
Defaulting Lender, and the other Lenders; nothing hereunder shall limit the
obligation of Borrowers to repay all Borrowings in accordance with the terms of
this Credit Agreement.  The provisions of
this section shall apply and be effective regardless of whether an Event of
Default occurs and is then continuing, and notwithstanding (i) any other
provision of this Credit Agreement to the contrary, (ii) any instruction
of Borrowers as to their desired application of payments or (iii) the
suspension of such Defaulting Lender’s right to vote on matters which are
subject to the consent or approval of Requisite Lenders or all Lenders.  No Commitment Fee or letter of credit fees
shall accrue in favor of, or be payable to, such Defaulting Lender from the
date of any failure to fund Borrowings or reimburse Agent Bank for any
Liabilities and Costs as herein provided until such failure has been cured, and
Agent Bank shall be entitled to (A) withhold or setoff, and to apply to the
payment of the defaulted amount and any related interest, any amounts to be
paid to such Defaulting Lender under this Credit Agreement, and (B) bring
an action or suit against such Defaulting Lender in a court of competent
jurisdiction to recover the defaulted amount and any related interest.  In addition, the Defaulting Lender shall
indemnify, defend and hold Agent Bank and each of the other Lenders harmless
from and against any and all Liabilities and Costs, plus interest thereon at
the Default Rate, which they may sustain or incur by reason of or as a direct
consequence of the Defaulting Lender’s failure or refusal to abide by its
obligations under this Credit Agreement.

 150
 

 

Section 9.05.                             Rights,
Exculpation, Etc.  Neither Agent
Bank, any Affiliate of Agent Bank, nor any of their respective officers, directors,
employees, agents, attorneys or consultants, shall be liable to any Lender for
any action taken or omitted by them hereunder or under any of the Loan
Documents, or in connection herewith or therewith, except that Agent Bank shall
be liable for its gross negligence or willful misconduct.  In the absence of gross negligence or willful
misconduct, Agent Bank shall not be liable for any apportionment or
distribution of payments made by it in good faith pursuant to
Section 9.04, and if any such apportionment or distribution is
subsequently determined to have been made in error the sole recourse of any
Person to whom payment was due, but not made, shall be to recover from the
recipients of such payments any payment in excess of the amount to which they are
determined to have been entitled.  Agent
Bank shall not be responsible to any Lender for any recitals, statements,
representations or warranties herein or for the execution, effectiveness,
genuineness, validity, enforceability, collectibility or sufficiency of this
Credit Agreement, any of the Security Documentation or any of the other Loan
Documents, or any of the transactions contemplated hereby and thereby; or for
the financial condition of the Borrowers or any of their Affiliates.  Agent Bank shall not be required to make any
inquiry concerning either the performance or observance of any of the terms,
provisions or conditions of this Credit Agreement or any of the Loan Documents
or the financial condition of the Borrowers or any of their Affiliates, or the
existence or possible existence of any Default or Event of Default.

Section 9.06.                             Reliance.  Agent Bank shall be entitled to rely upon any
written notices, statements, certificates, orders or other documents,
telecopies or any telephone message believed by it in good faith to be genuine
and correct and to have been signed, sent or made by the proper Person, and
with respect to all matters pertaining to this Credit Agreement or any of the
Loan Documents and its duties hereunder or thereunder, upon advice of legal
counsel (including counsel for Borrowers), independent public accountant,
outside insurance consultants and other experts selected by it.

Section 9.07.                             Indemnification.  To the extent that Agent Bank is not
reimbursed and indemnified by Borrowers, Lenders will reimburse, within ten
(10) Banking Business Days after notice from Agent Bank, and indemnify and
defend Agent Bank for and against any and all Liabilities and Costs which may
be imposed on, incurred by, or asserted against it in any way relating to or
arising out of this Credit Agreement, the Security Documentation or any of the
other Loan Documents or any action taken or omitted by Agent Bank or under this
Credit Agreement, the Security Documentation or any of the other Loan
Documents, in proportion to each Lender’s Pro Rata Share; provided that no
Lender shall be liable for any portion of such Liabilities and Costs resulting
from Agent Bank’s gross negligence or willful misconduct.  The obligations of Lenders under this Section
9.07 shall survive the payment in full of all 

 151
 

 

Obligations and the termination of this Credit Agreement.  In the event that after payment and
distribution of any amount by Agent Bank to Lenders, any Lender or third party,
including Borrowers, any creditor of Borrowers or a trustee in bankruptcy,
recovers from Agent Bank any amount found to have been wrongfully paid to Agent
Bank or disbursed by Agent Bank to Lenders, then Lenders, in proportion to
their respective Pro Rata Shares, shall reimburse Agent Bank for all such
amounts.  Notwithstanding the foregoing,
Agent Bank shall not be obligated to advance Liabilities and Costs and may
require the deposit by each Lender of its Pro Rata Share of any material
Liabilities and Costs anticipated by Agent Bank before they are incurred or
made payable.

Section 9.08.                             Agent
Individually.  With respect to its
Pro Rata Share of the Aggregate Commitment hereunder and the Borrowings made by
it, Agent Bank shall have and may exercise the same rights and powers hereunder
and is subject to the same obligations and liabilities as and to the extent set
forth herein for any other Lender.  The
terms “Lenders”, “Requisite Lenders” or any similar terms may include Agent
Bank in its individual capacity as a Lender or one of the Requisite Lenders,
but Requisite Lenders shall not include Agent Bank solely in its capacity as
Agent Bank and need not necessarily include Agent Bank in its capacity as a
Lender.  Agent Bank and any Lender and
its Affiliates may accept deposits from, lend money to, and generally engage in
any kind of banking, trust or other business with Borrowers or any of their
Affiliates as if it were not acting as Agent Bank or Lender pursuant hereto.

Section 9.09.                             Successor
Agent Bank; Resignation of Agent Bank; Removal of Agent Bank.

a.                                       Agent
Bank may resign from the performance of all its functions and duties hereunder
at any time by giving at least thirty (30) Banking Business Days’ prior written
notice to Lenders and Borrowers, and shall automatically cease to be Agent Bank
hereunder in the event a petition in bankruptcy shall be filed by or against
Agent Bank or the Federal Deposit Insurance Corporation or any other
Governmental Authority shall assume control of Agent Bank or Agent Bank’s
interests under the Bank Facilities. 
Further, Lenders (other than Agent Bank in its capacity as a Lender) may
unanimously remove Agent Bank at any time upon the occurrence of gross
negligence or wilful misconduct by Agent Bank by giving at least thirty (30)
Banking Business Days’ prior written notice to Agent Bank, Borrowers and all
other Lenders.  Such resignation or
removal shall take effect upon the acceptance by a successor Agent Bank of
appointment pursuant to clause (b) or (c).

b.                                      Upon
any such notice of resignation by or removal of Agent Bank, Requisite Lenders
shall appoint a successor Agent Bank which appointment shall be subject to
Borrowers’ consent (other than upon the occurrence and during the continuance
of any Event of Default), which shall not be unreasonably withheld or 

 152
 

 

delayed.  Any successor Agent
Bank must be a bank (i) the senior debt obligations of which (or such bank’s
parent’s senior unsecured debt obligations) are rated not less than Baa-2 by
Moody’s Investors Services, Inc. or a comparable rating by a rating agency
acceptable to Requisite Lenders and (ii) which has total assets in excess of
Ten Billion Dollars ($10,000,000,000.00).

c.                                       If
a successor Agent Bank shall not have been so appointed within said thirty (30)
Banking Business Day period, the retiring or removed Agent Bank, with the
consent of Borrowers (other than upon the occurrence and during the continuance
of any Event of Default) (which may not be unreasonably withheld or delayed),
shall then appoint a successor Agent Bank who shall meet the requirements
described in subsection (b) above and who shall serve as Agent Bank until such
time, if any, as Requisite Lenders, with the consent of Borrowers (other than
upon the occurrence and during the continuance of any Event of Default),
appoint a successor Agent Bank as provided above.

Section 9.10.                             Consent
and Approvals.

a.                                       Each
consent, approval, amendment, modification or waiver specifically enumerated in
this Credit Agreement as conditioned upon the prior consent or approval of
Requisite Lenders shall be evidenced by a written consent or approval delivered
to Agent Bank.

b.                                      Each
consent, approval, amendment, modification or waiver specifically enumerated in
Section 10.01 (a) through (c) shall require the consent of all Lenders.

c.                                       In
addition to the required consents or approvals, Agent Bank may at any time
request instructions from Requisite Lenders with respect to any actions or
approvals which, by the terms of this Credit Agreement or of any of the Loan
Documents, Agent Bank is permitted or required to take or to grant without
instructions from any Lenders, and if such instructions are promptly requested,
Agent Bank shall be absolutely entitled to refrain from taking any action or to
withhold any approval and shall not be under any liability whatsoever to any
Person for refraining from taking any action or withholding any approval under
any of the Loan Documents until it shall have received such instructions from
Requisite Lenders.  Without limiting the
foregoing, no Lender shall have any right of action whatsoever against Agent
Bank as a result of Agent Bank acting or refraining from acting under this
Credit Agreement, the Security Documentation or any of the other Loan Documents
in accordance with the instructions of Requisite Lenders or, where applicable,
all Lenders.  Agent Bank shall promptly
notify each Lender at any time that the Requisite Lenders have instructed Agent
Bank to act or refrain from acting pursuant hereto.

 153
 

 

d.                                      Each
Lender agrees that any action taken by Agent Bank at the direction or with the
consent of Requisite Lenders in accordance with the provisions of this Credit
Agreement or any Loan Document, and the exercise by Agent Bank at the direction
or with the consent of Requisite Lenders of the powers set forth herein or
therein, together with such other powers as are reasonably incidental thereto,
shall be authorized and binding upon all Lenders, except for actions
specifically requiring the approval of all Lenders.  All communications from Agent Bank to Lenders
requesting Lenders’ determination, consent, approval or disapproval (i) shall
be given in the form of a written notice to each Lender, including notice of
the Lender Reply Period described immediately hereinbelow, (ii) shall be
accompanied by a description of the matter or thing as to which such
determination, approval, consent or disapproval is requested, or shall advise
each Lender where such matter or thing may be inspected, or shall otherwise
describe the matter or issue to be resolved, (iii) shall include, if
reasonably requested by a Lender and to the extent not previously provided to
such Lender, written materials and a summary of all oral information provided
to Agent Bank by Borrowers in respect of the matter or issue to be resolved,
and (iv) shall include Agent Bank’s recommended course of action or
determination in respect thereof.  Each
Lender shall reply promptly, but in any event within ten (10) Banking Business
Days (the “Lender Reply Period”).  Unless
a Lender shall give written notice to Agent Bank that it objects to the
recommendation or determination of Agent Bank (together with a written
explanation of the reasons behind such objection) within the Lender Reply
Period, such Lender shall be deemed to have approved of or consented to such
recommendation or determination.  With
respect to decisions requiring the approval of Requisite Lenders or all
Lenders, Agent Bank shall submit its recommendation or determination for
approval of or consent to such recommendation or determination to all Lenders
and upon receiving the required approval or consent shall follow the course of
action or determination recommended to Lenders by Agent Bank or such other
course of action recommended by Requisite Lenders, and each non-responding
Lender shall be deemed to have concurred with such recommended course of
action.

Section 9.11.                             Agency
Provisions Relating to Collateral.

a.                                       Agent
Bank is hereby authorized on behalf of all Lenders, without the necessity of
any notice to or further consent from any Lender, from time to time prior to an
Event of Default, to take any action with respect to any Collateral or Loan
Document which may be necessary to perfect and maintain Liens of the Security
Documentation upon the Collateral granted pursuant to the Loan Documents.  Agent Bank may make, and shall be reimbursed
by Lenders (in accordance with their Pro Rata Shares), to the extent not
reimbursed by Borrowers, for, Protective Advance(s) during any one (1) calendar
year with respect to the Collateral up to the sum of (i) amounts expended
to pay real estate taxes, assessments and governmental charges or levies
imposed upon such Collateral, (ii) amounts expended to pay insurance
premiums for 

 154
 

 

policies of insurance related to such Collateral, and (iii) One
Hundred Thousand Dollars ($100,000.00). 
Protective Advances in excess of said sum during any calendar year for
any Collateral shall require the consent of Requisite Lenders.  In addition, Agent Bank is hereby authorized
on behalf of all Lenders, without the necessity of any notice to or further
consent from any Lender, to waive the imposition of the late fees provided for
in Section 2.10(a) up to a maximum of two (2) times per calendar year,
including any extensions.

b.                                      Lenders
hereby irrevocably authorize Agent Bank, at its option and in its discretion,
to release any Security Documentation granted to or held by Agent Bank upon any
Collateral (i) upon Bank Facilities Termination and repayment and
satisfaction of all Borrowings, and all other Obligations and the termination
of this Credit Agreement, or (ii) if approved, authorized or ratified in
writing by Agent Bank at the direction of all Lenders.  Agent Bank shall not be required to execute
any document to evidence the release of the Security Documentation granted to
Agent Bank for the benefit of Lenders herein or pursuant hereto upon any
Collateral if, in Agent Bank’s opinion, such document would expose Agent Bank
to liability or create any obligation or entail any consequence other than the
release of such Security Documentation without recourse or warranty, and such
release shall not in any manner discharge, affect or impair the Obligations or
any Security Documentation upon (or obligations of Borrowers in respect of) any
property which shall continue to constitute part of the Collateral.

c.                                       Except
as provided in this Credit Agreement, Agent Bank shall have no obligation
whatsoever to any Lender or to any other Person to assure that the Collateral
exists or is owned by Borrowers or is cared for, protected or insured or has
been encumbered or that the Security Documentation granted to Agent Bank herein
or in any of the other Loan Documents or pursuant hereto or thereto have been
properly or sufficiently or lawfully created, perfected, protected or enforced
or are entitled to any particular priority.

d.                                      Should
Agent Bank (i) employ counsel for advice or other representation (whether or
not any suit has been or shall be filed) with respect to any Collateral or any
part thereof, or any of the Loan Documents, or the attempt to enforce any
security interest or Security Documentation on any of the Collateral, or (ii)
commence any proceeding or in any way seek to enforce its rights or remedies
under the Loan Documents, irrespective of whether as a result thereof Agent
Bank shall acquire title to any Collateral, either through foreclosure, deed in
lieu of foreclosure or otherwise, each Lender, upon demand therefor from time
to time, shall contribute its share (based on its Pro Rata Share) of the
reasonable costs and/or expenses of any such advice or other representation,
enforcement or acquisition, including, but not limited to, fees of receivers or
trustees, court costs, title company charges, filing and recording fees,
appraisers’ fees and fees and expenses of attorneys to the extent not otherwise
reimbursed by Borrowers; provided that Agent Bank shall not be entitled to 

 155
 

 

reimbursement of its attorneys’ fees and expenses incurred in
connection with the resolution of disputes between Agent Bank and other Lenders
unless Agent Bank shall be the prevailing party in any such dispute.  Any loss of principal and interest resulting
from any Event of Default shall be shared by Lenders in accordance with their
respective Pro Rata Shares.  It is
understood and agreed that in the event Agent Bank determines it is necessary
to engage counsel for Lenders from and after the occurrence of an Event of
Default, said counsel shall be selected by Agent Bank.

Section 9.12.                             Lender
Actions Against Collateral.  Each
Lender agrees that it will not take any action, nor institute any actions or
proceedings, against Borrowers or any other obligor hereunder, under the
Security Documentation or under any other Loan Documents with respect to
exercising claims against or rights in any Collateral without the consent of
Requisite Lenders.

Section 9.13.                             Ratable
Sharing.  Subject to Section 9.03 and
9.04, Lenders agree among themselves that (i) with respect to all amounts
received by them which are applicable to the payment of the Obligations,
equitable adjustment will be made so that, in effect, all such amounts will be
shared among them ratably in accordance with their Pro Rata Shares, whether
received by voluntary payment, by counterclaim or cross action or by the
enforcement of any or all of the Obligations, or the Collateral, (ii) if
any of them shall by voluntary payment or by the exercise of any right of
counterclaim or otherwise, receive payment of a proportion of the aggregate
amount of the Obligations held by it which is greater than its Pro Rata Share
of the payments on account of the Obligations, the one receiving such excess
payment shall purchase, without recourse or warranty, an undivided interest and
participation (which it shall be deemed to have done simultaneously upon the
receipt of such payment) in such Obligations owed to the others so that all such
recoveries with respect to such Obligations shall be applied ratably in
accordance with their Pro Rata Shares; provided, that if all or part of such
excess payment received by the purchasing party is thereafter recovered from
it, those purchases shall be rescinded and the purchase prices paid for such
participations shall be returned to that party to the extent necessary to
adjust for such recovery, but without interest except to the extent the
purchasing party is required to pay interest in connection with such
recovery.  Borrowers agree that any
Lender so purchasing a participation from another Lender pursuant to this
Section 9.13 may, to the fullest extent permitted by law, exercise all its
rights of payment with respect to such participation as fully as if such Lender
were the direct creditor of Borrowers in the amount of such participation.  No Lender shall exercise any setoff, banker’s
lien or other similar right in respect to any Obligations without the prior
written approval by Agent Bank.

Section 9.14.                             Delivery
of Documents.  Agent Bank shall as
soon as reasonably practicable distribute to each Lender at its primary address
set forth on the appropriate counterpart signature page hereof, or at such
other address as a Lender 

 156
 

 

may request in writing, (i) copies of all documents to which such
Lender is a party or of which is executed or held by Agent Bank on behalf of
such Lender, (ii) all documents of which Agent Bank receives copies from
Borrowers pursuant to Article VI and Section 10.03, (iii) all other
documents or information which Agent Bank is required to send to Lenders
pursuant to the terms of this Credit Agreement, (iv) other information or
documents received by Agent Bank at the request of any Lender, and (v) all
notices received by Agent Bank pursuant to Section 5.20.  In addition, within fifteen (15) Banking
Business Days after receipt of a request in writing from a Lender for written
information or documents provided by or prepared by Borrowers, Agent Bank shall
deliver such written information or documents to such requesting Lender if
Agent Bank has possession of such written information or documents in its
capacity as Agent Bank or as a Lender.

Section 9.15.                             Notice
of Events of Default.  Agent Bank
shall not be deemed to have knowledge or notice of the occurrence of any
Default or Event of Default (other than nonpayment of principal of or interest
on the Credit Facility) unless Agent Bank has received notice in writing from a
Lender or Borrowers referring to this Credit Agreement or the other Loan
Documents, describing such event or condition and expressly stating that such
notice is a notice of a Default or Event of Default.  Should Agent Bank receive such notice of the
occurrence of a Default or Event of Default, or should Agent Bank send Borrowers
a notice of Default or Event of Default, Agent Bank shall promptly give notice
thereof to each Lender.

ARTICLE X

GENERAL TERMS AND CONDITIONS

The following
terms and conditions shall be applicable throughout the term of this Credit
Agreement:

Section 10.01.                       Amendments
and Waivers. (a) No amend­ment or modification of any provision of
this Credit Agreement shall be effective without the written agreement of
Requisite Lenders (after notice to all Lenders) and Borrowers (except for
rights and priorities of Lenders as amongst themselves as provided in
Section 9.04(a) which do not require the consent of Borrowers), and
(b) no termination or waiver of any provision of this Credit Agreement, or
consent to any departure by Borrowers therefrom (except as expressly provided
in Section 9.11(a) with respect to waivers of late fees), shall in any event be
effective without the written concurrence of Requisite Lenders (after notice to
all Lenders), which Requisite Lenders shall have the right to grant or withhold
at their sole discretion, except that the following amendments, modifications
or waivers shall require the consent of all Lenders:

 157
 

 

a.                                       Modify
any requirement hereunder that any particular action be taken by all the
Lenders or by the Requisite Lenders, modify this Section 10.01 or change the
definition of “Requisite Lenders”, or remove Agent Bank under
Section 9.09(a), shall be effective unless consented to by all of the
Lenders, without regard to the vote of Agent Bank as a Lender;

b.                                      Increase
the Aggregate Commitment or the Syndication Interest of any Lender, release any
Collateral except as specifically provided in the Credit Agreement, extend the
Maturity Date, release any Subsidiary that has executed a Subsidiary Guaranty
or change any provision expressly requiring the consent of all Lenders shall be
made without the consent of each Lender; or

c.                                       Reduce
any fees described in Section 2.10 or extend the due date for, or reduce
or postpone the amount of, any required principal reduction on the Credit
Facility, or reduce the rate of interest or postpone the payment of interest on
the Credit Facility, shall be made without the consent of all of the Lenders.

In connection with
any proposed amendment, modification, supplement, extension, termination,
consent or waiver requiring the consent of all Lenders as set forth in (i)
through (iii) above, if the consent of the Requisite Lenders is obtained, but
the consent of other Lenders whose consent is required is not obtained (any
such Lender whose consent is not obtained as described in this Section 10.01
being referred to as a “Non-Consenting Lender”), then, so long as the Lender
that is acting as the Agent Bank is not a Non-Consenting Lender, at the
Borrowers’ request, the Lender that is acting as the Agent Bank or an Eligible
Assignee that is acceptable to the Agent Bank (in either case the “Purchasing
Lender”) shall have the right with the Agent Bank’s consent and in the Agent
Bank’s sole discretion (but shall have no obligation) to purchase from such
Non-Consenting Lender, and such Non-Consenting Lender agrees that it shall,
upon the Agent Bank’s request, sell and assign to the Purchasing Lender all of
its rights and obligations under this Credit Agreement and the other Loan
Documents (including all of its rights and obligations in the Bank Facilities)
for an amount equal to the Non-Consenting Lender’s Syndication Interest in the
Funded Outstandings and all accrued interest, fees and other Obligations with
respect thereto through the date of sale (or such other amounts as may be
agreed upon by the Non-Consenting Lender and the Purchasing Lender).  In such event, such Non-Consenting Lender and
such Purchasing Lender agree to execute an Assignment and Assumption Agreement
to reflect such purchase and sale, but regardless of whether such Assignment
and Assumption Agreement is executed by such Non-Consenting Lender, such
Non-Consenting Lender’s rights hereunder, except rights under Section 5.14
(i.e. Indemnification by the Borrowers) and 10.14 (i.e. Arbitration) with
respect to actions prior to such date, shall cease from and after the date of
presentation of the Assignment and Assumption Agreement duly executed by such
Purchasing Lender and tender by the Purchasing Lender of the amount of the
purchase price.

 158
 

 

No amendment, modification, termination or waiver of any provision of
Article IX or any other provision referring to Agent Bank shall be effective
without the written concurrence of Agent Bank, but only if such amendment,
modification, termination or waiver alters the obligations or rights of Agent
Bank.  Any waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
it was given.  No notice to or demand on
Borrowers in any case shall entitle Borrowers to any other further notice or
demand in similar or other circumstances. 
Any amendment, modification, termination, waiver or consent effected in
accordance with this Section 10.01 shall be binding on each assignee,
transferee or recipient of Agent Bank’s or any Lender’s Syndication Interest
under this Credit Agreement or the Credit Facility at the time
outstanding.  No modification of
Section 2.08 shall be made without the consent of Swingline Lender.  No modification of Section 2.14 shall be
made without the consent of the L/C Issuer.

Section 10.02.                       Failure
to Exercise Rights.  Nothing herein
contained shall impose upon Banks or Borrowers any obligation to enforce any
terms, covenants or conditions contained herein.  Failure of Banks or Borrowers, in any one or
more instances, to insist upon strict performance by Borrowers or Banks of any
terms, covenants or conditions of this Credit Agreement or the other Loan
Documents, shall not be considered or taken as a waiver or relinquishment by
Banks or Borrowers of their right to insist upon and to enforce in the future,
by injunction or other appropriate legal or equitable remedy, strict compliance
by Borrowers or Banks with all the terms, covenants and conditions of this
Credit Agreement and the other Loan Documents. 
The consent of Banks or Borrowers to any act or omission by Borrowers or
Banks shall not be construed to be a consent to any other or subsequent act or
omission or to waive the requirement for Banks’ or Borrowers’ consent to be
obtained in any future or other instance.

Section 10.03.                       Notices
and Delivery.

a.                                       The
Borrower Consolidation agrees that the Agent Bank may make any material
delivered by the Borrower Consolidation to the Agent Bank, as well as any
amendments, waivers, consents, and other written information, documents,
instruments and other materials relating to the Borrower Consolidation, any of
its Subsidiaries or Affiliates, or any other materials or matters relating to
this Credit Agreement, the Notes or any of the transactions contemplated hereby
(collectively, the “Communications”) available to the Lenders by posting such
notices on an electronic delivery system (which may be provided by the Agent
Bank, an Affiliate of the Agent Bank, or any Person that is not an Affiliate of
the Agent Bank), such as IntraLinks, or a substantially similar electronic
system (the “Platform”).  The Borrower
Consolidation acknowledges that (i) the distribution of material through an
electronic medium is not necessarily secure and that there are confidentiality
and other risks associated with 

 159
 

 

such distribution, (ii)
the Platform is provided “as is” and “as available” and (iii) neither the Agent
Bank nor any of its Affiliates warrants the accuracy, completeness, timeliness,
sufficiency, or sequencing of the Communications posted on the Platform.  The Agent Bank and its Affiliates expressly
disclaim with respect to the Platform any liability for errors in transmission,
incorrect or incomplete downloading, delays in posting or delivery, or problems
accessing the Communications posted on the Platform and any liability for any
losses, costs, expenses or liabilities that may be suffered or incurred in
connection with the Platform.  No
warranty of any kind, express, implied or statutory, including, without
limitation, any warranty of merchantability, fitness for a particular purpose,
non-infringement of third party rights or freedom from viruses or other code
defects, is made by the Agent Bank or any of its Affiliates in connection with
the Platform.

b.              Each Lender agrees that notice to it (as provided
in the next sentence) (a “Notice”) specifying that any Communication has been
posted to the Platform shall for purposes of this Credit Agreement constitute
effective delivery to such Lender of such information, documents or other
materials comprising such Communication. 
Each Lender agrees (i) to notify, on or before the date such Lender
becomes a party to this Credit Agreement, the Agent Bank in writing of such
Lender’s e-mail address to which a Notice may be sent (and from time to time
thereafter to ensure that the Agent Bank has on record an effective e-mail
address for such Lender) and (ii) that any Notice may be sent to such e-mail
address.

c.               Notwithstanding
the foregoing, any Communications may be personally served, faxed or sent by
courier service or United States mail and shall be deemed to have been given
when delivered in person or by courier service, upon receipt of a facsimile (or
on the next Banking Business Day if such facsimile is received on a non-Banking
Business Day or after 5:00 p.m. on a Banking Business Day) or four (4) Banking
Business Days after deposit in the United States mail (registered or certified,
with postage prepaid and properly addressed). 
Notices to Agent Bank pursuant to Articles II shall not be effective
until received by Agent Bank.

d.              For
the purposes hereof, the addresses of the parties hereto (until notice of a
change thereof is delivered as provided in this Section 10.03) shall be as set
forth below each party’s name on the signature pages hereof, or, as to each
party, at such other address as may be designated by such party in an
Assignment and Assumption Agreement or in a written notice to all of the other
parties.  All non-electronic deliveries
to be made to Agent Bank for distribution to the Lenders shall be made to Agent
Bank at the addresses specified for notice on the signature page hereto and in
addition, a sufficient number of copies of each such delivery shall be
delivered to Agent Bank for delivery to each Lender at the address specified
for deliveries on the signature page hereto or such other address as may be
designated by Agent Bank in a written notice.

 160
 

 

Section 10.04.                       Modification
in Writing.  This Credit Agreement
and the other Loan Documents constitute the entire agreement between the
parties and supersede all prior agreements whether written or oral with respect
to the subject matter hereof, including, but not limited to, any term sheets
furnished by any of the Banks to Borrowers. 
Neither this Credit Agreement, nor any other Loan Documents, nor any
provision herein, or therein, may be changed, waived, discharged or terminated
orally, but only by an instrument in writing signed by the party against whom
enforcement of the change, waiver, discharge or termination is sought.

Section 10.05.                       Other
Agreements.  If the terms of any
documents, certificates or agreements delivered in connection with this Credit
Agreement are inconsistent with the terms of the Loan Documents, Borrowers
shall use their best efforts to amend such document, certificate or agreement
to the satisfaction of Agent Bank to remove such inconsistency.

Section 10.06.                       Counterparts.  This Credit Agreement may be executed by the
parties hereto in any number of separate counterparts with the same effect as
if the signatures hereto and hereby were upon the same instrument.  All such counterparts shall together
constitute but one and the same document.

Section 10.07.                       Rights,
Powers and Remedies are Cumulative. 
None of the rights, powers and remedies conferred upon or reserved to
Agent Bank, Banks or Borrowers in this Credit Agreement are intended to be
exclusive of any other available right, power or remedy, but each and every
such right, power and remedy shall be cumulative and not alternative, and shall
be in addition to every right, power and remedy herein specifically given or
now or hereafter existing at law, in equity or by statute.  Any forbearance, delay or omission by Agent
Bank, Banks or Borrowers in the exercise of any right, power or remedy shall
not impair any such right, power or remedy or be considered or taken as a
waiver or relinquishment of the right to insist upon and to enforce in the
future, by injunction or other appropriate legal or equitable remedy, any of
said rights, powers and remedies given to Agent Bank, Banks or Borrowers
herein.  The exercise of any right or
partial exercise thereof by Agent Bank, Banks or Borrowers shall not preclude
the further exercise thereof and the same shall continue in full force and
effect until specifically waived by an instrument in writing executed by Agent
Bank or Banks, as the case may be.

Section 10.08.                       Continuing
Representations.  All agreements,
representations and warranties made herein shall survive the execution and
delivery of this Credit Agreement, the making of the Credit Facility hereunder
and the execution and delivery of each other Loan Document until and final
payment of all sums owing under the Credit Facility and the occurrence of Bank
Facilities Termination.

 161
 

 

Section 10.09.                       Successors
and Assigns.  All of the terms, covenants,
warranties and conditions contained in this Credit Agreement shall be binding
upon and inure to the sole and exclusive benefit of the parties hereto and
their respective successors and assigns.

Section 10.10.                       Assignment
of Loan Documents by Borrowers or Syndication Interests by Lenders.

a.                                       This
Credit Agreement and the other Loan Documents to which Borrowers are a party
will be binding upon and inure to the benefit of Borrowers, the Agent Bank,
each of the Banks, and their respective successors and assigns, except
that, Borrowers may not assign their rights hereunder or thereunder or any
interest herein or therein without the prior written consent of all the
Lenders.  Any attempted assignment or
delegation in contravention of the foregoing shall be null and void.  Any Lender may at any time pledge its
Syndication Interest in the Credit Facility, the Credit Agreement and the Loan
Documents to a Federal Reserve Bank, but no such pledge shall release that
Lender from its obligations hereunder or grant to such Federal Reserve Bank the
rights of a Lender hereunder absent foreclosure of such pledge.

b.                                      Each
Lender may assign all or any part of its Syndication Interest in the Credit
Facility to any Affiliate of such Lender which is an Eligible Assignee or to
any other Lender without consent and to one or more financial institutions that
are Eligible Assignees with the prior consent of the Agent Bank and Borrowers
(so long as no Event of Default has occurred and remains continuing), which
consents shall not be unreasonably withheld or delayed; provided,
however, that the minimum amount of each such assignment shall be One Million
Dollars ($1,000,000.00), or such lesser amount as constitutes the remaining
amount of a Lender’s Syndication Interest in the Credit Facility (except that
there shall be no minimum assignment among the Lenders or to their Affiliates),
and each assignee Lender (or assignor if so agreed between the assignee Lender
and such assignor) shall pay to the Agent Bank an assignment fee of Three Thousand
Five Hundred Dollars ($3,500.00) with respect to each such assignment.  Each such assignment shall be evidenced by an
assignment substantially in the form of the Assignment and Assumption
Agreement.  Upon any such assignment, the
assignee financial institution shall become a Lender for all purposes under the
Credit Agreement and each of the Loan Documents and the assigning Lender shall
be released from its further obligations hereunder to the extent of such
assignment.  Agent Bank agrees to give
prompt notice to Borrowers of each assignment made under this
Section 10.10(b) and to deliver to Borrowers each revision to the Schedule
of Lenders’ Proportions in Credit Facility made as a consequence of each such
assignment.

c.                                       Each
Lender may sell participations for all or any part of its Syndication Interest
in the Credit Facility; provided, however, that (i) such Lender
shall remain responsible for its total obligations under the Credit Agreement
and each of the 

 162
 

 

Loan Documents,
(ii) the Borrowers and the Agent Bank shall continue to deal solely with
such Lender in connection with such Lender’s rights and obligations under the
Credit Agreement and each of the Loan Documents, and (iii) such Lender
shall not sell any participation under which the participant would have rights
to approve any amendment or waiver relating to the Credit Agreement or any Loan
Document except to the extent any such amendment or waiver would
(w) extend the final Maturity Date or the date for the payment or any
installments of fees, principal or interest due in respect of the Credit
Facility, (x) reduce the amount of any required principal reduction in
respect to the Credit Facility, (y) reduce the interest rates or fees
applicable to the Credit Facility or (z) release any material portion of
the Collateral.  Notwithstanding the
foregoing, the rights of the Lenders to make assignments and to grant
participations shall be subject to the approval by the Gaming Authorities of
the assignee or participant, to the extent required by applicable Gaming Laws,
and to applicable securities laws.

d.                                      In
the event any Lender is found unsuitable as a Lender under the Credit Facility
by the Nevada Gaming Authorities (“Unsuitable Lender”), then to the extent
permitted by applicable Laws: (a) Agent Bank shall use its best efforts to
find a replacement Lender, (b) Borrowers shall have the right to make a
Voluntary Permanent Reduction in the amount necessary to reduce the Aggregate
Commitment by the amount of the Syndication Interest held by the Unsuitable Lender,
and any payments required in connection with such Voluntary Permanent Reduction
shall be made to the Unsuitable Lender and not on a pro rata basis to all
Lenders, (without any penalties, including any Breakage Charges) until a
replacement Lender, if any, commits to acquire the Syndication Interest of the
Unsuitable Lender, at which time the Aggregate Commitment shall be increased by
the amount of the Voluntary Permanent Reduction, and (c) upon full payment of
all outstanding amounts of principal and interest owing it, such Unsuitable
Lender shall execute such documents as may be required by Agent Bank, Borrowers
or any applicable gaming authorities to evidence the termination of its
Syndication Interest in the Credit Facility.

Section 10.11.                       Action
by Lenders.  Whenever Banks shall
have the right to make an election, or to exercise any right, or their consent
shall be required for any action under this Credit Agreement or the Loan
Documents, then such election, exercise or consent shall be given or made for
all Banks by Agent Bank in accordance with the provisions of
Section 10.01.  Notices, reports and
other documents required to be given by Borrowers to Banks hereunder may be
given by Borrowers to Agent Bank on behalf of Banks, with sufficient copies for
distribution to each of the Banks, and the delivery to Agent Bank shall
constitute delivery to Banks.  In the
event any payment or payments are received by a Lender other than Agent Bank,
Borrowers consent to such payments being shared and distributed as provided
herein.

Section 10.12.                       Time
of Essence.  Time shall be of the
essence of this Credit Agreement.

 163
 

 

Section 10.13.                       Choice
of Law and Forum.  This Credit
Agreement and each of the Loan Documents shall be governed by and construed in
accordance with the internal laws of the State of Nevada without regard to
principles of conflicts of law. 
Borrowers further agree that the full and exclusive forum for the
determination of any action relating to this Credit Agreement, the Loan
Documents, or any other document or instrument delivered in favor of Banks
pursuant to the terms hereof shall be either an appropriate Court of the State
of Nevada or the United States District Court or United States Bankruptcy Court
for the District of Nevada.

Section 10.14.                       Arbitration.

a.                                       Upon
the request of any party, whether made before or after the institution of any
legal proceeding, any action, dispute, claim or controversy of any kind (e.g.,
whether in contract or in tort, statutory or common law, legal or equitable) (“Dispute”)
now existing or hereafter arising between the parties in any way arising out
of, pertaining to or in connection with the Credit Agreement, Loan Documents or
any related agreements, documents, or instruments (collectively the “Documents”),
may, by summary proceedings (e.g., a plea in abatement or motion to stay
further proceedings), bring an action in court to compel arbitration of any
Dispute.

b.                                      All
Disputes between the parties shall be resolved by binding arbitration governed
by the Commercial Arbitration Rules of the American Arbitration
Association.  Judgment upon the award
rendered by the arbitrators may be entered in any court having jurisdiction.

c.                                       No
provision of, nor the exercise of any rights under this arbitration clause
shall limit the rights of any party, and the parties shall have the right
during any Dispute, to seek, use and employ ancillary or preliminary remedies,
judicial or otherwise, for the purposes of realizing upon, preserving,
protecting or foreclosing
upon any property, real or personal, which is involved in a Dispute, or
which is subject to, or described in, the Documents, including, without
limitation, rights and remedies relating to: (i) foreclosing against any
real or personal property collateral or other security by the exercise of a
power of sale under the Security Documentation or other security agreement or
instrument, or applicable law, (ii) exercising self-help remedies (including
setoff rights) or (iii) obtaining provisional or ancillary remedies such as
injunctive relief, sequestration, attachment, garnishment or the appointment of
a receiver from a court having jurisdiction before, during or after the
pendency of any arbitration.  The
institution and maintenance of an action for judicial relief or pursuit of
provisional or ancillary remedies or exercise of self-help remedies shall not
constitute a waiver of the right of any party, including the plaintiff, to
submit the Dispute to arbitration nor render inapplicable the compulsory
arbitration provision hereof.

 164

 

Section 10.15.                       Waiver
of Jury Trial.  TO THE MAXIMUM EXTENT
PERMITTED BY LAW, BORROWERS AND EACH OF THE BANKS EACH MUTUALLY HEREBY
EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY ACTION, CAUSE OF ACTION,
CLAIM, DEMAND, OR PROCEEDING ARISING UNDER OR WITH RESPECT TO THIS CREDIT
AGREEMENT, THE REVOLVING CREDIT NOTE OR ANY OF THE LOAN DOCUMENTS, OR IN ANY
WAY CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE DEALINGS OF BORROWERS AND
BANKS WITH RESPECT TO THIS CREDIT AGREEMENT, THE REVOLVING CREDIT NOTE, OR ANY
OF THE LOAN DOCUMENTS, OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER
NOW EXISTING OR HEREAFTER ARISING, AND IRRESPECTIVE OF WHETHER SOUNDING IN
CONTRACT, TORT, OR OTHERWISE.  TO THE
MAXIMUM EXTENT PERMITTED BY LAW, BORROWERS AND EACH OF THE BANKS EACH MUTUALLY
AGREE THAT ANY SUCH ACTION, CAUSE OF ACTION, CLAIM, DEMAND, OR PROCEEDINGS
SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY AND THAT THE DEFENDING PARTY
MAY FILE AN ORIGINAL COUNTERPART OF THIS SECTION WITH ANY COURT OR OTHER
TRIBUNAL AS WRITTEN EVIDENCE OF THE CONSENT OF THE COMPLAINING PARTY TO THE
WAIVER OF ITS RIGHT TO TRIAL BY JURY.

Section 10.16.                       Scope
of Approval and Review.  Any
inspection of the Hotel/Casino Facilities or other documents shall be deemed to
be made solely for Banks’ internal purposes and shall not be relied upon by the
Borrowers or any third party.  In no
event shall Lenders be deemed or construed to be joint venturers or partners of
Borrowers.

Section 10.17.                       Severability
of Provisions.  In the event any one
or more of the provisions contained in this Credit Agreement shall be invalid,
illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not in any
way be affected or impaired thereby.

Section 10.18.                       Cumulative
Nature of Covenants.  All covenants
contained herein are cumulative and not exclusive of each other covenant.  Any action allowed by any covenant shall be
allowed only if such action is not prohibited by any other covenant.

Section 10.19.                       Costs
to Prevailing Party.  If any action
or arbitration proceeding is brought by any party against any other party under
this Credit Agreement or any of the Loan Documents, the prevailing party shall
be entitled to recover such costs and attorney’s fees as the court in such
action or proceeding may adjudge reasonable.

 165
 

 

Section 10.20.                       Expenses.

a.                                       Generally.  Borrowers agree upon demand to pay, or
reimburse Agent Bank for, all of Agent Bank’s documented reasonable
out-of-pocket costs and expenses of every type and nature (excluding, however,
all Syndication Costs) incurred by Agent Bank at any time (whether prior to, on
or after the date of this Credit Agreement) in connection with (i) any
requests for consent, waiver or other modification of any Loan Document made by
Borrowers; (ii) the negotiation, preparation and execution of this Credit
Agreement (including, without limitation, the satisfaction or attempted
satisfaction of any of the conditions set forth in Article III), the Security
Documentation and the other Loan Documents and the advance of Borrowings;
(iii) the subordination of any Collateral, including title charges,
recording fees and reasonable attorneys’ fees and costs incurred in connection
therewith; (iv) any appraisals performed after the occurrence of an Event
of Default; (v) the creation, perfection or protection of the Security
Documentation on the Collateral (including, without limitation, any fees and
expenses for title and lien searches, local counsel in various jurisdictions,
filing and recording fees and taxes, duplication costs and corporate search
fees); and (vi) the protection, collection or enforcement of any of the
Obligations or the Collateral, including Protective Advances.

b.                                      After
Event of Default.  Borrowers further
agree to pay, or reimburse Agent Bank and Lenders, for all reasonable
out-of-pocket costs and expenses, including without limitation reasonable
attorneys’ fees and disbursements incurred by Agent Bank or Lenders after the
occurrence of an Event of Default (i) in enforcing any Obligation or in
foreclosing against the Collateral or exercising or enforcing any other right
or remedy available by reason of such Event of Default; (ii) in connection
with any refinancing or restructuring of the credit arrangements provided under
this Credit Agreement in the nature of a “work-out” or in any insolvency or
bankruptcy proceeding; (iii) in commencing, defending or intervening in
any litigation or in filing a petition, complaint, answer, motion or other
pleadings in any legal proceeding relating to Borrowers and related to or
arising out of the transactions contemplated hereby; (iv) in taking any
other action in or with respect to any suit or proceeding (whether in
bankruptcy or otherwise); (v) in protecting, preserving, collecting,
leasing, selling, taking possession of, or liquidating any of the Collateral;
or (vi) in attempting to enforce or enforcing any lien in any of the
Collateral or any other rights under the Security Documentation.

Section 10.21.                       Setoff.  In addition to any rights and remedies of the
Agent Bank provided by law, if any Event of Default exists, Agent Bank is
authorized at any time and from time to time, without prior notice to any
Borrower, any such notice being waived by the Borrowers to the fullest extent
permitted by law, to set-off and apply any and all deposits (general or
special, time or demand, provisional or final) at any time held by Agent Bank
to or for the credit or the account of Borrowers against any and all 

 166
 

 

obligations of Borrowers
under the Credit Facility, now or hereafter existing, irrespective of whether
or not the Agent Bank shall have made demand under this Credit Agreement or any
Loan Document and although such amounts owed may be contingent or unmatured.  Agent Bank agrees promptly to notify the
Borrowers (and Agent Bank shall promptly notify each other Lender) after any
such setoff and application made by Agent Bank; provided, however, that the
failure to give such notice shall not affect the validity of such set-off and
application.  The rights of Agent Bank
under this Section 10.21 are in addition to the other rights and remedies
which Agent Bank may have.

Section 10.22.                       Borrower
Waivers and Consents.

a.                                       Each
Borrower shall be jointly and severally liable for the repayment of all sums
owing under the terms of this Credit Agreement and each the Loan Documents.

b.                                      Each
Borrower agrees that neither the Agent Bank nor any Bank shall have any
responsibility to inquire into the apportionment, allocation or disposition of
any Borrowings as among the Borrowers or within the Borrower Consolidation.

c.                                       For
the purpose of implementing the joint borrower provisions of this Credit
Agreement and each of the Loan Documents, each Borrower and the Collateral
Affiliate hereby irrevocably appoints each Authorized Officer as its agent and
attorney-in-fact for all purposes of this Credit Agreement and each of the Loan
Documents, including without limitation the giving and receiving of notices and
other communications, the making of requests for, or conversions or
continuations of, Borrowings, the execution and delivery of certificates and
the receipt and allocation of disbursements from the Banks.

d.                                      Each
Borrower acknowledges that the handling of the Credit Facility on a joint
borrowing basis as set forth in this Credit Agreement is solely an
accommodation to Borrowers and is done at their request.  Each Borrower agrees that neither the Agent
Bank, nor any Lender, shall incur any liability to any Borrower as a result
thereof.  To induce the Agent Bank and the
Lenders to enter into this Credit Agreement, and in consideration thereof, in
accordance with the provisions set forth in Section 5.14 of this Credit
Agreement, each Borrower hereby agrees to indemnify the Agent Bank and each
Lender and hold each such entity harmless from and against any and all
liabilities, expenses, losses, damages and/or claims of damage or injury
asserted against such entity by any Borrower or by any other Person arising
from or incurred by reason of the structuring of the Credit Facility as herein
provided, reliance by the Agent Bank or the Lenders on any requests or
instructions from any Borrower or any Authorized Officer, or any other action
taken by the Agent Bank or a Lender under the terms of this Credit Agreement or
any of the Loan Documents at the request of any 

 167
 

 

Borrower or Authorized
Officer.  This Section 10.22(d) shall
survive termination of this Credit Agreement.

e.                                       Each
Borrower represents and warrants to the Agent Bank and the Lenders that
(i) it has established adequate means of obtaining from each Borrower on a
continuing basis financial and other information pertaining to the business,
operations and condition (financial and otherwise) of each of the Borrowers and
its respective property, and (ii) each Borrower now is and hereafter will
be completely familiar with the business, operations and condition (financial
and otherwise) of each Borrower, and its property.  Each Borrower hereby waives and relinquishes
any duty on the part of the Agent Bank or any Lender to disclose to such
Borrower any matter, fact or thing relating to the business, operations or
condition (financial or otherwise) of any Borrower, or the property of any
Borrower, whether now or hereafter known by the Agent Bank or any Lender at any
time through Bank Facilities Termination.

f.                                         Each
Borrower acknowledges that the Funded Outstandings, or portions thereof, may
derive from value provided directly to another Borrower and, in full
recognition of that fact, each Borrower consents and agrees that the Agent Bank
and any Lender may, at any time and from time to time, without notice or
demand, and without affecting the enforceability or security of the Loan
Documents:

(i)                                     accept
partial payments on the Bank Facilities;

(ii)                                  receive
and hold additional security or guaranties for the Bank Facilities or any part
thereof;

(iii)                               release,
reconvey, terminate, waive, abandon, subordinate, exchange, substitute,
transfer and enforce any security or guaranties, and apply any security and
direct the order or manner of sale thereof, as the Agent Bank or Requisite
Lenders in their sole and absolute discretion may determine;

(iv)                              release
any party or any guarantor from any personal liability with respect to the Bank
Facilities or any part thereof;

(v)                                 settle,
release on terms satisfactory to the Agent Bank or Requisite Lenders or by
operation of applicable laws or otherwise liquidate or enforce the Bank
Facilities and any security or guaranty in any manner, consent to the transfer
of any security and bid and purchase at any sale; and/or

 168
 

 

(vi)                              consent
to the merger, change or any other restructuring or termination of the
corporate existence of any other Borrower or any other Person, and
correspondingly restructure the Bank Facilities, continuing existence of any
lien or encumbrance under any other Loan Document to which any Borrower is a
party or the enforceability hereof or thereof with respect to all or any part
of the Bank Facilities.

Each
Borrower expressly waives any right to require the Agent Bank or any Lender to
marshal assets in favor of any Borrower, any other party or any other Person or
to proceed against any other Borrower or any other party or any Collateral
provided by any Borrower or any other party, and agrees that the Agent Bank and
Lenders may proceed against Borrowers and/or the Collateral in such order as
they shall determine in their sole and absolute discretion.  The Agent Bank and Lenders may file a
separate action or actions against any Borrower, whether action is brought or
prosecuted with respect to any other security or against any other Person, or
whether any other Person is joined in any such action or actions.  Each Borrower agrees that the Agent Bank or
Lenders and any other Borrower may deal with each other in connection with the
Bank Facilities or otherwise, or alter any contracts or agreements now or
hereafter existing between any of them, in any manner whatsoever, all without
in any way altering or affecting the obligations of such Borrower under the
Loan Documents or the perfection of the Security Documentation.  Each Borrower expressly waives any and all
defenses now or hereafter arising or asserted by reason of: (a) any disability
or other defense of any Borrower or any other party with respect to the Bank
Facilities, (b) the unenforceability or invalidity as to any Borrower, or any
other party of the Bank Facilities, (c) intentionally omitted, (d) the
cessation for any cause whatsoever of the liability of any Borrower or any
other party (other than by reason of the full payment and performance of the
Bank Facilities and the occurrence of Bank Facilities Termination),
(e) any failure of the Agent Bank or any Lender to give notice of sale or
other disposition to any Borrower or any defect in any notice that may be given
in connection with any sale or disposition, (f) any act or omission of the
Agent Bank or any Lender or others that directly or indirectly results in or
aids the discharge or release of any Borrower or any other Person or the Bank
Facilities or any other security or guaranty therefor by operation of law or
otherwise, (g) any law which provides that the obligation of a surety or
guarantor must neither be larger in amount 

 169
 

 

nor
in other respects more burdensome than that of the principal or which reduces a
surety’s or guarantor’s obligation in proportion to the principal obligation,
(h) any failure of the Agent Bank or any Lender to file or enforce a claim
in any bankruptcy or other proceeding with respect to any Person, (i) the
election by the Agent Bank or any Lender, in any bankruptcy proceeding of any
Person, of the application or non-application of Section 1111(b)(2) of the
United States Bankruptcy Code, (j) any extension of credit or the grant of
any lien or encumbrance under Section 364 of the United States Bankruptcy
Code, (k) any use of cash collateral under Section 363 of the United
States Bankruptcy Code, (l) any agreement or stipulation with respect to
the provision of adequate protection in any bankruptcy proceeding of any
Person, (m) the avoidance of any lien or encumbrance in favor of the Agent Bank
or any Lender for any reason, (n) any bankruptcy, insolvency, reorganization,
arrangement, readjustment of debt, liquidation or dissolution proceeding
commenced by or against any Person, including any discharge of, or bar or stay
against collecting, all or any of the obligations (or any interest thereon) in
or as a result of any such proceeding, or (o) any election of remedies by
the Agent Bank or any Lender, even if the effect thereof is to destroy or
impair any Borrower’s right to subrogation, reimbursement, exoneration,
indemnification or contribution.

g.                                      Each
Borrower authorizes the Agent Bank and any Lender, upon the occurrence of any
acceleration of the Indebtedness then owing under the Bank Facilities, at their
sole option, without any other notice or demand and without affecting any of
the Bank Facilities or the validity or enforceability of any liens or
encumbrance in favor of the Agent Bank or any Lender on any Collateral, to
foreclose any or all of the Deeds of Trust by judicial or nonjudicial
sale.  To the extent permitted by
applicable law, each Borrower expressly waives any defenses to the enforcement
of the Loan Documents or any liens or encumbrances created or granted under the
Loan Documents or to the recovery by the Agent Bank or any Lender against any
other Borrower or any guarantor or any other Person liable therefor of any
deficiency after a judicial or nonjudicial foreclosure or sale, even though
such a foreclosure or sale may impair the subrogation rights of a Borrower and
may preclude a Borrower from obtaining reimbursement or contribution from any
other Borrower.

h.                                      Notwithstanding
anything to the contrary elsewhere contained herein or in any other Loan
Document to which any Borrower is a party, each Borrower hereby expressly
agrees with respect to the Borrowers and their successors and assigns
(including any surety) and any other Person which is directly or indirectly a 

 170
 

 

creditor of the other
Borrowers or any surety for any other Borrower, not to exercise, until Bank
Facilities Termination has irrevocably occurred, any rights at law or in equity
to subrogation, to reimbursement, to exoneration, to contribution, to setoff or
to any other rights that could accrue to a surety against a principal, to a
guarantor against a maker or obligor, to an accommodation party against the
party accommodated, or to a holder or transferee against a maker, and which
such Borrower may have or hereafter acquire against any of the Borrowers or any
other such Person in connection with or as a result of such Borrower’s
execution, delivery and/or performance of this Credit Agreement or any other
Loan Document to which such Borrower is a party.

Section 10.23.                       Confidentiality.  Each of the Banks agrees to hold any
non-public information that it may receive from Borrowers pursuant to this
Credit Agreement (or pursuant to any other Loan Document) in confidence and
consistent with their respective policies for handling material non-public
information, except for disclosure: (a) To the other Banks; (b) To legal
counsel and accountants for Borrowers or any of the Banks;  (c) To the other professional advisors
to Borrowers or any of the Banks, provided that the recipient has accepted such
information subject to a confidentiality agreement substantially similar to
this Section 10.23; (d) To regulatory officials having jurisdiction over
that Bank; (e) To any Gaming Authority having regulatory jurisdiction over
Borrowers or their respective Subsidiaries, provided that each of the Banks
agrees to endeavor to notify Borrowers of any such disclosure; (f) As
required by law or legal process or in connection with any legal proceeding,
provided that such disclosing Bank uses reasonable efforts to notify Borrowers
prior to any such disclosure; and (g) To another financial institution in
connection with a disposition or proposed disposition to that financial
institution of all or part of that Lender’s Syndication Interest hereunder or
in the Revolving Credit Note, provided that the recipient has accepted such information
subject to a confidentiality agreement substantially similar to this Section
10.23.  For purposes of the foregoing, “non-public
information” shall mean any information respecting Borrowers or their
respective Subsidiaries reasonably considered by Borrowers to be material and
not available to the public, other than (i) information previously
filed with any governmental agency and available to the public,
(ii) information which is available to the general public at the time of
use or disclosure, (iii) information which becomes available to the
general public, other than by manner of unauthorized disclosure or use, or (iv)
information previously published in any public medium from a source other than,
directly or indirectly, that Bank. 
Nothing in this Section shall be construed to create or give rise to any
fiduciary duty on the part of the Agent Bank or the Banks to Borrowers.

Section 10.24.                       The
Existing Credit Agreement and Security Documents.  The parties hereto agree that as of the Closing Date: (i) the Existing Credit Agreement shall be
and is hereby amended, superseded and restated in its entirety by this Credit 

 171
 

 

Agreement; and
(ii) each of the Existing Security Documents shall be and are hereby
amended, superseded and restated in their entirety by the Security
Documentation.

Section 10.25.                       Schedules
Attached.  Schedules are attached
hereto and incorporated herein and made a part hereof as follows:

	
  Schedule 2.01(a)

  	
  -

  	
  Schedule of Lenders’ Proportions in Credit Facility

  
	
   

  	
   

  	
   

  
	
  Schedule 2.01(c)

  	
  -

  	
  Aggregate Commitment Reduction Schedule

  
	
   

  	
   

  	
   

  
	
  Schedule 2.01(c)

  	
  -

  	
   

  
	
   Alternate One

  	
  -

  	
  Aggregate Commitment Reduction Schedule - Alternate
  One

  
	
   

  	
   

  	
   

  
	
  Schedule 3.18

  	
  -

  	
  Schedule of Significant Litigation

  
	
   

  	
   

  	
   

  
	
  Schedule 4.15(a)

  	
  -

  	
  Schedule of MPI Spaceleases

  
	
   

  	
   

  	
   

  
	
  Schedule 4.15(b)

  	
  -

  	
  Schedule of SGLVI Spaceleases

  
	
   

  	
   

  	
   

  
	
  Schedule 4.15(c)

  	
  -

  	
  Schedule of SDI Spaceleases

  
	
   

  	
   

  	
   

  
	
  Schedule 4.15(d)

  	
  -

  	
  Schedule of PIDI Spaceleases

  
	
   

  	
   

  	
   

  
	
  Schedule 4.15(e)

  	
  -

  	
  Schedule of SGFI Spaceleases

  
	
   

  	
   

  	
   

  
	
  Schedule 4.16(a)

  	
  -

  	
  Schedule of MPI Equipment Leases and Contracts

  
	
   

  	
   

  	
   

  
	
  Schedule 4.16(b)

  	
  -

  	
  Schedule of SGLVI Equipment Leases and Contracts

  
	
   

  	
   

  	
   

  
	
  Schedule 4.16(c)

  	
  -

  	
  Schedule of SDI Equipment Leases and Contracts

  
	
   

  	
   

  	
   

  
	
  Schedule 4.16(d)

  	
  -

  	
  Schedule of PIDI Equipment Leases and Contracts

  
	
   

  	
   

  	
   

  
	
  Schedule 4.16(e)

  	
  -

  	
  Schedule of SGFI Equipment Leases and Contracts

  
	
   

  	
   

  	
   

  
	
  Schedule 4.22

  	
  -

  	
  Schedule of Trademarks, Patents, Licenses,
  Franchises, Formulas and Copyrights

  
	
   

  	
   

  	
   

  
	
  Schedule 4.23

  	
  -

  	
  Schedule of Contingent Liabilities

  
	
   

  	
   

  	
   

  
	
  Schedule 4.24

  	
  -

  	
  Schedule of Restricted and Unrestricted Subsidiaries

  

 

 172
 

 

 

	
  Schedule 4.30

  	
  -

  	
  Schedule of SGFI Leases

  
	
   

  	
   

  	
   

  
	
  Schedule 5.09(m)

  	
  -

  	
  Schedule of General Contractor Minimum Insurance
  Requirements

  
	
   

  	
   

  	
   

  
	
  Schedule 6.12(f)

  	
  -

  	
  Schedule of Non Essential Properties

  

 

Section 10.26.                       Exhibits
Attached.  Exhibits are attached
hereto and incorporated herein and made a part hereof as follows:

	
  Exhibit A

  	
  -

  	
  Revolving Credit Note

  
	
   

  	
   

  	
   

  
	
  Exhibit B

  	
  -

  	
  Notice of Borrowing -
  Form

  
	
   

  	
   

  	
   

  
	
  Exhibit C

  	
  -

  	
  Continuation/Conversion
  Notice -Form

  
	
   

  	
   

  	
   

  
	
  Exhibit D

  	
  -

  	
  Compliance Certificate
  - Form

  
	
   

  	
   

  	
   

  
	
  Exhibit E

  	
  -

  	
  Cash Collateral Pledge
  Agreement - Form

  
	
   

  	
   

  	
   

  
	
  Exhibit F

  	
  -

  	
  Authorized Officer
  Certificate -Form

  
	
   

  	
   

  	
   

  
	
  Exhibit G

  	
  -

  	
  Closing Certificate -
  Form

  
	
   

  	
   

  	
   

  
	
  Exhibit H

  	
  -

  	
  Assignment and
  Assumption Agreement - Form

  
	
   

  	
   

  	
   

  
	
  Exhibit I

  	
  -

  	
  Legal Opinion - Form

  
	
   

  	
   

  	
   

  
	
  Exhibit J

  	
  -

  	
  Subsidiary Guaranty -
  Form

  
	
   

  	
   

  	
   

  
	
  Exhibit K

  	
  -

  	
  MPI Real Property
  Description

  
	
   

  	
   

  	
   

  
	
  Exhibit L

  	
  -

  	
  SGLVI Real Property
  Description

  
	
   

  	
   

  	
   

  
	
  Exhibit M

  	
  -

  	
  SDI Real Property
  Description

  
	
   

  	
   

  	
   

  
	
  Exhibit N

  	
  -

  	
  PIDI Real Property
  Description

  
	
   

  	
   

  	
   

  
	
  Exhibit O

  	
  -

  	
  SGFI Real Property

  
	
   

  	
   

  	
   

  
	
  Exhibit P

  	
  -

  	
  Troyer/Maffeo Property

  

 

 173
 

 

 

	
  Exhibit Q

  	
  -

  	
  IP Real Property

  
	
   

  	
   

  	
   

  
	
  Exhibit R

  	
  -

  	
  Swingline Note - Form

  
	
   

  	
   

  	
   

  
	
  Exhibit S

  	
  -

  	
  Notice of Swingline
  Advance - Form

  
	
   

  	
   

  	
   

  
	
  Exhibit T

  	
  -

  	
  Assumption and Consent
  Agreement

  

 

 174

 

IN WITNESS WHEREOF, the parties hereto have caused this Credit
Agreement to be executed as of the day and year first above written.

	
  

  	
  BORROWERS:

  
	
   

  	
   

  
	
   

  	
  MTR GAMING GROUP, INC.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Edson R. Arneault

  	
   

  
	
   

  	
   

  	
  Edson R. Arneault,

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MOUNTAINEER PARK, INC.,

  
	
   

  	
  a West Virginia corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Edson R. Arneault

  	
   

  
	
   

  	
   

  	
  Edson R. Arneault,

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SPEAKEASY GAMING OF LAS VEGAS,

  
	
   

  	
  INC., a Nevada corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Edson R. Arneault

  	
   

  
	
   

  	
   

  	
  Edson R. Arneault,

  
	
   

  	
   

  	
  President

  

 

 S-1
 

 

 

	
  

  	
  PRESQUE ISLE DOWNS, INC.,

  
	
   

  	
  a Pennsylvania corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Edson R. Arneault

  	
   

  
	
   

  	
   

  	
  Edson R. Arneault,

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  
	
   

  	
  SCIOTO DOWNS, INC.,

  
	
   

  	
  an Ohio corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Edson R. Arneault

  	
   

  
	
   

  	
   

  	
  Edson R. Arneault,

  
	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
  SPEAKEASY GAMING OF FREMONT, INC.,

  a Nevada corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Edson R. Arneault

  	
   

  
	
   

  	
   

  	
  Edson R. Arneault,

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  
	
   

  	
  Address for Borrowers:

  
	
   

  	
   

  
	
   

  	
  State Route 2, South

  
	
   

  	
  P.O. Box 356

  
	
   

  	
  Chester, West Virginia 26034

  
	
   

  	
   

  
	
   

  	
  Attn: Edson R. Arneault

  
	
   

  	
   

  
	
   

  	
  Telephone: (304) 387-8300

  
	
   

  	
  Facsimile: (304) 387-1598

  

 

 S-2
 

 

 

	
  

  	
  BANKS:

  
	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK,

  
	
   

  	
  National Association,

  
	
   

  	
  Agent Bank, Lender,

  
	
   

  	
  Swingline Lender and L/C Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Gregory A. Rossiter

  	
   

  
	
   

  	
   

  	
  Gregory A. Rossiter,

  
	
   

  	
   

  	
  Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  5340 Kietzke Lane

  
	
   

  	
  Suite 201

  
	
   

  	
  Reno, NV 89511

  
	
   

  	
   

  
	
   

  	
  Telephone: (775) 689-6007

  
	
   

  	
  Facsimile: (775) 689-6026

  

 

 S-3
 

 

 

	
  

  	
  NATIONAL CITY BANK,

  
	
   

  	
  successor by merger to

  
	
   

  	
  NATIONAL CITY BANK OF

  
	
   

  	
  PENNSYLVANIA,

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Emil Kwaczala

  	
   

  
	
   

  	
   

  	
  Emil Kwaczala,

  
	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  20 Stanwix Street, 19th Floor

  
	
   

  	
  Pittsburg, PA 15222-1323

  
	
   

  	
  Attn: Emil Kwaczala, V.P.

  
	
   

  	
   

  
	
   

  	
  Telephone: (412) 644-7727

  
	
   

  	
  Facsimile: (412) 644-8889

  

 

 S-4
 

 

 

	
  

  	
  CIT LENDING SERVICES CORPORATION,

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Anthony Holland

  	
   

  
	
   

  	
   

  	
  Anthony Holland,

  
	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  1 CIT Drive

  
	
   

  	
  Livingston, NJ 07039

  
	
   

  	
  Attn: Shamik Ghosh

  
	
   

  	
   

  
	
   

  	
  With a copy to:

  
	
   

  	
   

  
	
   

  	
  1 CIT Drive

  
	
   

  	
  Livingston, NJ 07039

  
	
   

  	
  Attn: Group Portfolio Manager

  
	
   

  	
   

  
	
   

  	
  Telephone: (973) 422-3826

  
	
   

  	
  Facsimile: (973) 535-1732

  

 

 S-5
 

 

 

	
  

  	
  PNC BANK,

  
	
   

  	
  National Association,

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Dave Schaich

  	
   

  
	
   

  	
   

  	
  Dave Schaich,

  
	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  One PNC Plaza

  
	
   

  	
  249 Fifth Avenue, 5th Floor

  
	
   

  	
  Pittsburgh, PA 15222-2707

  
	
   

  	
  Attn: Dave Schaich, V.P.

  
	
   

  	
   

  
	
   

  	
  Telephone: (412) 762-1199

  
	
   

  	
  Facsimile: (412) 762-4718

  

 

 S-6
 

 

 

	
  

  	
  FIFTH THIRD BANK,

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Neil Corry-Roberts

  	
   

  
	
   

  	
   

  	
  Neil Corry-Roberts,

  
	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  707 Grant Street, 21st Floor

  
	
   

  	
  Pittsburgh, PA 15219

  
	
   

  	
  Attn: Neil Corry-Roberts, V.P.

  
	
   

  	
   

  
	
   

  	
  Telephone: (412) 291-5461

  
	
   

  	
  Facsimile: (412) 291-5477

  

 

 S-7
 

 

 

	
  

  	
  CITIZENS BANK OF PENNSYLVANIA,

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Dwayne R. Finney

  	
   

  
	
   

  	
   

  	
  Dwayne R. Finney,

  
	
   

  	
   

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  525 William Penn Place, Room 2910

  
	
   

  	
  Pittsburgh, PA 15219

  
	
   

  	
  Attn: Dwayne Finney

  
	
   

  	
   

  
	
   

  	
  Telephone: (412) 867-2425

  
	
   

  	
  Facsimile: (412) 552-6307

  

 

 S-8

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"}]]