Document:

csph_ex104.htm

EXHIBIT 10.4

 

Mortgage Contract

 

	 	
Contract No.: 53100220120012609

 

Dear customer,

 

In order to protect your rights and interests, please read all the terms (especially the terms in boldface)in this contract carefully and pay attention to your rights and obligations before you sign this contract. If you have any questions, please consult the bank.

Mortagee (full name): Agricultural Bank of China, Kunming Shuanglong Subbranch

Mortgagor: Kunming Shenghuo Pharmaceutical (Group) Co., Ltd.

This Mortgage Contract is entered into by and among the two parties in accordance with relevant Chinese laws and regulations for purpose of ensuring that Kunming Shenghuo Pharmaceutical (Group) Co., Ltd. will repay the loan under the Loan Contract (No. 53010120120001121) as above mentioned.

1. Type and Amount of the Creditor’s Principal Debt

 

The creditor’s principal debt guaranteed is the loan borrowed for current capital in the amount of RMB37.85 million.

 

2. The Scope of Guaranty of Mortgage

 

The scope of this guaranty of mortgage includes the amount of creditor’s principal claim and the interest thereof, default fine, compensation for damage and all kinds of relevant expenses on for the mortgagee to realize the creditor’s claim and the mortgaged right.

3. Collateral

 

3.1 The mortgagor agrees to use the real property as collateral, which are on the attached List of Collateral of Real Estate (No.: 53100220120012609), which constitutes an integral part of this Contract and has same legal force and effect as in the Contract; and

3.2 The provisional price of the above mentioned collateral is RMB54,080,000 while the terminal value will be determined by its actual disposing price.

 

  

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4. Covenants of the Mortgagor

 

4.1 The Mortgagor has obtained authorization necessary to enter into this Contract pursuant to relevant regulations and procedures.

 

4.2 The full and undisputed ownership and disposition right of the collateral is entitled to the mortgagor.

 

4.3 The collateral is negotiable or transferable according to law.

 

4.4 The collaterals have not been confiscated, detained or supervised.

 

4.5 The mortgagor shall make a full and accurate disclosure to the extent that the money and collateral such as tax in default, construction mortgages have been mortgaged or rented.

 

4.6 The Mortgagor has obtained approval from co-owners of the right to be pledged under this Contract.

4.7 During the term of mortgage, the mortgagor shall inform the mortgagee in writing if any of the following occurs:

 

4.7.1 The collaterals have been confiscated, detained, supervised or are subject to other enforcement actions.

 

4.7.2 The mortgagor’s capital or organizational structure has changed.  The changes include but not limited to contract operation, leasing, shareholding system transformation, joint operation, merger, separation, partnership, asset transfer, and etc.

 

4.7.3 The business license of the mortgagor has been cancelled or revoked, or is ordered to shut down or close its business for other causes.

 

4.7.4 The mortgagor applies for bankruptcy, reorganization, reconciliation or is the subject of bankruptcy and reorganization applications.

 

4.8 Nothing exists that may prevent the mortgagee from exercising its right with respect to the collateral.

 

5. Effect of the Collateral

 

The effect of collateral is extended to the ancillary component, incidental right, subrogation of mortgage or other property and rights associated with the collateral according to laws and regulations.

  

  

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6. Management and Utility of the Collateral

 

6.1 The collateral under this Contract shall be kept by the mortgagor; the mortgagor shall be liable for the management of utility of the collateral. And the mortgagee shall be entitled to supervise and review how the collateral was managed and used.

 

6.2 During the term of mortgage, the mortgagor may not grant or transfer, rent, remortgage the collateral or dispose it in other ways without the written approval of the mortgagee. Where the written approval is available, the proceeds from the collateral disposition shall firstly be used to liquidate the secured creditor’s principal claim and the escrow.

 

6.3 Where the collateral was damaged, lost, expropriated, or was owned by the third party resulted from the affiliation, mixture or process of the collateral, the mortgagor shall take active measures to prevent the loss from increasing, meanwhile shall notify the mortgagee in written. The mortgagee is entitled to obtain the indemnity at first priority. Where the performance term of the secured creditor’s claim has not elapsed, the mortgagee is entitled to liquidate the debt or to escrow in advance.

 

6.4 During the term of mortgage, where the value of collateral is decreased, the mortgagee is entitled to ask the mortgagor resuming original value of the collateral or offering a guaranty which is equivalent to the decreased value and needs to be recognized by the mortgagee.

 

7. Insurance of the Collateral

 

7.1 The mortgagor shall effect the insurance for the collateral at the request of the mortgagee and designate the mortgagee as the first beneficiary. The original insurance document shall be delivered to the mortgagee for storage.

 

7.2 The mortgagor shall be liable for the insurance premiums and pay it in full amount and on time. It also requires the mortgagor perform other obligations under the insurance contract (including the insurance document or other insurance certificate). During the term of mortgage, where the mortgagor didn’t pay the insurance premiums or effect (or renew) the insurance contract on time, the mortgagee is entitled to make advance payment of the insurance premiums or effect the insurance contract on behalf of the mortgagor, while the mortgagor shall be liable for those expenses. The mortgagor agrees that the mortgagee could collect the above mentioned expenses from its account opened at the mortgagee.

 

  

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7.3 During the term of mortgage, the mortgagor may not unilaterally or negotiate with the insurer to change or terminate the insurance contract without the written approval of mortgagee; neither should he waive the right to insurance claims or the right to claim compensation against the third party.

 

7.4 During the term of mortgage, where an insurance incident incurred to the collateral, the mortgagor shall immediately inform the insurer and mortgagee, and shall be responsible to claim compensation. Where the mortgagee didn’t perform his obligation of notification or claiming compensation, causing the loss of the mortgagee, the mortgagor shall be liable for indemnity.

8. Registration of Mortgage

 

8.1 The mortgagor shall register this Mortgage Contract with relevant registration authorities within 5 days from the date of its execution; all of those certificates, mortgage registration document associated with the collateral shall be kept by the mortgagee.

 

8.2 During the term of mortgage, where the registration needs to be changed, the mortgagor shall be liable to do so.

 

8.3 During the term of mortgage, where the mortgaged right is transferred by the mortgagor according to this Contract; the mortgagor shall be in assistance with the mortgagee and transferee on the change of registration.

 

9. Transfer of Mortgaged Right

 

Where part of the creditor’s claim is transferred by the mortgagee, he is entitled not to transfer the corresponding mortgaged right.

 

10. Realization of Mortgaged Right

 

10.1 Under any of the following circumstances, the mortgagee has the right to exercise the mortgaged right:

 

10.1.1 The mortgagee is not paid at the maturity of the obligation under the principal contract.

 

10.1.2 The business licenses of the debtor or mortgagor has been cancelled or revoked, or he is ordered to close down or was terminated for other causes.

 

10.1.3 The People’s Court has accepted the bankruptcy application of the debtor or mortgagor or has made the determination of a settlement.

 

10.1.4 The debtor or mortgagor was dead or was declared lost or dead.

 

  

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10.1.5 The collateral has been sealed up, distrained, supervised or has been taken other enforcement actions.

 

10.1.6 The collateral was damaged, lost or expropriated.

 

10.1.7 The mortgagor didn’t resume the value of the collateral or offer the corresponding guaranty at the request of mortgagee.

 

10.1.8 The mortgagor violated those obligations under this Contract.

 

10.1.9 Other circumstances that have material effect on the realization of mortgaged right.

 

10.2 Where there are both material guarantee (include the guarantee provided by debtor or third party) and credit guarantee for the claim guaranteed under this contract, the Mortagee shall be able to achieve claim via material guarantee, and also can request the guarantor to burden the obligation of credit guarantee. Where more than two material guarantors for the creditor’s claim under this Contract exist in the mean time (include the guarantee provided by debtor), the mortgagee is entitled to exercise the security right to any one of the collateral or both of them. If the mortgagee has chosen certain material guarantee or collateral to achieve its claim, it can also achieve part of or all claim via other guarantee or collateral meanwhile.

 

10.3 Where the mortgagor is the third person other than the debtor, meanwhile the debtor has offered material guarantee for the creditor’s claim under the principal contract, and the mortgagor has waived this security right, the mortgagor agrees to continue to offer a guaranty of mortgage for the creditor’s claim under the principal contract. “The security right” is the security right formed when the debtor offers material guarantee for the claim under the principal contract.

10.4 Where the Mortgagor offers guarantee by using the collateral under this contract for several debts, include but not limited, the debts under this contract, and the money converted from the sale or the auction of the collateral is not enough to pay off all the debt, the mortgagee is entitled to decide the ranking of all claims. If this collateral offers guarantee for the debt between other debtor and the mortgagee and the money converted from the sale or the auction of the collateral is not enough to pay off all the debt and there are not any appointed matters, the mortgagee is also entitled to decide the ranking of all claims.

 

  

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11. Liability for Breach of Contract

 

11.1 After this Contract takes effect, where the mortgagee didn’t perform his obligations, resulting in the loss of mortgagor, the mortgagee shall be liable for the indemnity.

 

11.2 The mortgagor shall indemnify the mortgagee in case of committing any of the following acts:

 

11.2.1 Didn’t obtain legal and effect authorization which is necessary for the guaranty under this Contract.

 

11.2.2 Didn’t perform his obligation of making a full and accurate disclosure to the extent that there is a existence of tax in default, construction mortgage, co-ownership of the collateral and a dispute over the collateral, or the collateral was mortgaged or rented, or the collateral has been sealed up, distrained or supervised.

 

11.2.3 Didn’t register the Mortgage Contract according to the provisions herein.

 

11.2.4 Disposed the collateral without the written approval of the mortgagee.

 

11.2.5 Didn’t resume the value of the collateral or offer the corresponding guaranty at the request of the mortgagee.

 

11.2.6 Other activities that have violated the agreement under this Contract or affected the realization of mortgaged right.

12. Special provisions where there are changes in the mortgaged buildings, other attachments on the ground and the use right of the land for construction.

12.1 Where the collateral under this contract is building, other attachments on the ground or the use right of the land for construction and the collateral is expropriated, levied or demolished, the Mortgagor should inform the Mortgagee within 10 days after getting the information of demolition.

12.2 If the compensation for demolition is in the form of the exchange of right and the borrower has not repay the debt ahead of time, the Mortgagor should make collateral for the debt by using the building, other attachments on the ground or the use right of the land for construction gotten in the demolition exchange and sign relevant contract. The Mortgagor should also do collateral register procedures for the exchanged building, other attachments on the ground or the use right of the land for construction. Before the new collateral was registered, the Mortgagee has the right to request the Mortgagor to provide other guarantee.

  

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12.3 If the Mortgagor gets compensation for demolition in the form of money, the Mortgagee has the priority to get the compensation; if the loan contract has not expired, the Mortgagee has the right to request the Mortgagor to deposit the compensation to the deposit account or pledge the certificate of the deposit to provide guarantee for the debt and sign relevant guarantee agreement.

12.4 If the Mortgagor violates the terms under this contract, it should pay     % of the principal of the main debt as liquidated damages.

 

13. Liability for Expenses

 

The mortgagor shall be liable for incurred costs in the course of collateral appraisement, evaluation, storage, registration, notarization and escrow.

 

14. Objection Period of rescission right

Where the Mortgagee executes rescission right according to rules or terms under this contract, the objection period for the Mortgagor is seven working days as of the date on which the Mortgagee informs the Mortgagor by written or oral notice or notice in other forms.

15. Resolution of Disputes

 

Any dispute arising from this Contract shall be resolved by both parties through friendly discussion, or

 

15.1 Shall be resolved by litigation which falls within the jurisdiction of People’s Court in the mortgagee’s place of residence.

 

15.2 During the course of the litigation, this Contract shall be performed except for the part under dispute.

 

16. Other Matters

 

16.1 The mortgagor hereby acknowledged the receipt of the principal contract and have read and understood this contract secured by the mortgagor.

 

17. This Contract shall take effect from the date of its execution.

 

18. This Contract is made out in 4 copies and each one for the Mortgagee, the Mortgagor, the Administration for Industry and Commerce, Ministry of Commerce and the Public Notary Office. Each copy has same legal force and effect.

 

The mortgagee has notified the mortgagor to make a complete and accurate understanding for each provision under this Contract and have made explanations for corresponding provisions as per the requirement of the mortgagor. Both parties reached an agreement on this Contract.

  

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The Mortgagor declare that: the mortgagee has pointed out relevant terms (especially the terms in boldface)and explained the concept, content and legal effect of relevant terms at the request of us. We know and understand all the terms above.

 

Mortgagee:

 

Agricultural Bank of China, Kunming Shuanglong Subbranch

 

Signature: Qian He

 

Mortgagor:

 

Kunming Shenghuo Pharmaceutical (Group) Co., Ltd.

 

Signature: Qionghua gao

 

	 	Date: April 19, 2012   

 

  

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List of Collateral of Real Estate

 

	 	
No.: 53100220120012609

 

Mortagee (full name): Agricultural Bank of China, Kunming Shuanglong Subbranch

Mortgagor(full name): Kunming Shenghuo Pharmaceutical (Group) Co., Ltd.

	
Name of Collateral

	
Real Estate

	
Owner

	
Kunming Shenghuo Pharmaceutical (Group) Co., Ltd.

	
No. of the Land for Construction

	
(2006)00207

	
Located at

	
No. 9-4 land, Kunming National Economy & Technology Developing District

	
Type of the Use Right of the Land for Construction

	
Sale

	
No. of the Property Certificate

	
No.200610657

	
Term of the Land Use Right

	
From January 2006 to March 2050

	
Date of construction

	
2006-3-31

	
Usage of the Land Use Right

	
Industry

	
The Building shall be used as

	
Office, warehouse, preparation workshop and extracting workshop

	
Area of the Land for Construction

	
13570m2

	
The construction area of the building

	
14622.8m2

	
Area of the Building

	  
	
Area mortgaged in this contract

	
14622.8m2

	
Area of the Land Use Right Mortgaged under This Contract

	
13570m2

	
Situation of mortgage or leasing

	
None.

	
Evaluation of the collateral under this contract

	
RMB54,080,000.00

	
Mortgagor

“Kunming Shenghuo Pharmaceutical (Group) Co., Ltd.” (Seal)

 

Legal representative or authorized Agent: Qionghua Gao (Signature)

 

Date: April 19, 2012

	
Mortagee (full name)

 “Agricultural Bank of China, Kunming Shuanglong Subbranch” (Seal)

 

Legal representative or authorized Agent: Qian He (Signature)

 

Date: April 19, 2012

	
This list constitutes part of the Loan Contract “Loan Contract of Current Capital” (No. 53010120120001121).

 

 

 

 

9ex10_1.htm

Greektown Superholdings, Inc. 8-K 

Exhibit 10.1

 

THIRD AMENDMENT TO

CREDIT AGREEMENT

 

 

THIS THIRD AMENDMENT (“Amendment”) dated as of May 24, 2012, by and between Greektown Superholdings, Inc., a Delaware corporation (“Borrower”) and Comerica Bank (“Bank”).

 

RECITALS:

 

A. Borrower and Bank entered into a Credit Agreement dated as of June 30, 2010, as amended by two amendments (“Agreement”).

 

B. Borrower and Bank desire to amend the Agreement as hereinafter set forth.

 

NOW, THEREFORE, the parties agree as follows:

 

1. The following definition in Section 1 of the Agreement is amended to read as follows:

 

“Revolving Credit Commitment” shall mean Forty Five Million Dollars ($45,000,000), subject to reduction or termination under Sections 2.10 or 9.2 hereof.

 

2. The definition of Applicable Facility Fee Rate in Section 1 of the Agreement is deleted.

 

3. The following definitions are added to Section 1 of the Agreement in alphabetical order:

 

“Applicable Unused Fee Rate” shall mean seventy five basis points per annum.

 

“Valet Parking Garage Project” shall mean the construction of a new valet parking garage facility located at 500 Macomb Street, Detroit, Michigan in accordance with the plans and specifications previously provided by Borrower to the Bank.

 

“Commitment Reduction” shall have the meaning given to such term in Section 2.12.

 

“Corporate Credit Card Reserve” shall mean an amount established from time to time by the Bank by written notice to the Borrower and which amount shall initially mean Seventy Five Thousand Dollars ($75,000).

 

“Cleanup Amount” shall mean as of any date of determination occurring (a) before July 1, 2013 (or the Valet Parking Garage Completion Date if earlier), $0 plus the aggregate outstanding amount of Valet Parking Garage Advances made by the Bank to the Borrower and (b) on or after July 1, 2013 (or the Valet Parking Garage Completion Date if earlier) , an amount equal to $0 plus the lesser of (x) aggregate amount of the Valet 

  

  

  

 

Parking Garage Advances minus the aggregate amount of the Commitment Reductions occurring on or after July 1, 2013 (or the Valet Parking Garage Completion Date if earlier) and (y) the outstanding principal amount of the Valet Parking Garage Advances.

 

“Valet Parking Garage Advances” shall mean the Advances made by the Bank to the Borrower which are identified by the Borrower as being requested to fund the costs of the Valet Parking Garage Project in accordance with the provisions of Section 2.13.

 

“Valet Parking Garage Completion Date” shall mean the date the Valet Parking Garage Project is completed as evidenced by the issuance by the City of Detroit of a conditional or final certificate of occupancy.

 

4. Section 2.1 of the Agreement is amended to read as follows:

 

“2.1           Revolving Credit Commitment.  Subject to the terms and conditions of this Agreement, Bank agrees to make Advances to Borrower at any time and from time to time from the Effective Date until the Revolving Credit Maturity Date, in an aggregate principal amount not to exceed at any one time outstanding the Revolving Credit Commitment.  All of the Advances under this Section 2 shall be evidenced by the Revolving Credit Note under which Advances, repayments and readvances may be made, subject to the terms and conditions of this Agreement.  The sum of the aggregate amount of Advances used for the Borrower’s working capital and general corporate purposes (exclusive of Valet Parking Garage Advances) and the Letter of Credit Reserve shall not exceed Thirty Million Dollars ($30,000,000) at any time outstanding.”

 

5. Section 2.8 of the Agreement is amended to read as follows:

 

“2.8           Unused Fee. From May 24, 2012 to the payment in full in cash of all obligations under this Agreement and the termination of any obligation on the part of Bank to extend Advances or issue Letters of Credit under this Agreement or any Loan Document, Borrower shall pay to Bank an unused fee quarterly in arrears commencing on April 1, 2012 (in respect of the prior fiscal quarter or portion thereof), and on the first day of each fiscal quarter thereafter; provided that, in connection with any reduction or termination of the Revolving Credit Commitment under Section 2.10 hereof, the accrued facility fee calculated for the period ending on such date shall also be paid on the date of such reduction or termination, with, in the case of a reduction, the subsequent quarterly payment being calculated on the basis of the period from such reduction date to such quarterly payment date. The unused fee payable to Bank shall be determined by multiplying the Applicable Unused Fee Rate times the average daily amount by which the Revolving Credit Commitment then in effect exceeds the sum of (i) the aggregate principal amount of the Advances outstanding from time to time during such period and (ii) the amount of Letters of Credit outstanding from time to time 

 

  

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during such period, calculated on a daily basis. The unused fee shall be computed on the basis of a year of three hundred sixty (360) days and assessed for the actual number of days elapsed. Whenever any payment of the unused fee shall be due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. It is expressly understood that the unused fee described in this Section 2.8 shall not be refundable under any circumstances.”

 

6. Section 2.9 of the Agreement is amended to read as follows:

 

“2.9           Use of Proceeds.  Of the $45,000,000 Revolving Credit Commitment, $30,000,000 of the Proceeds of Advances under the Note (combined with the Letter of Credit Reserve, and the Corporate Credit Card Reserve) shall be used solely for working capital and general corporate purposes of Borrower and its Subsidiaries and up to $15,000,000 of the Proceeds of Advances under the Note shall be used only to pay the costs of the Valet Parking Garage Project.”

 

7. The following Section 2.12 is added to the Credit Agreement:

 

“2.12           Reductions in Revolving Credit Commitment.

 

	
  

	
(a)

	
Beginning on the earlier to occur of (i) July 1, 2013 and (ii) the first day of the first month after the Valet Parking Garage Completion Date, the Revolving Credit Commitment shall reduce quarterly on the first day of each applicable quarter by an amount equal to one-twentieth (1/20th) of the aggregate amount of the Valet Parking Garage Advances (each such reduction, a “Commitment Reduction”)

 

	
  

	
(b)

	
On the earlier to occur of (i) July 1, 2013 and (ii) the Valet Parking Garage Completion Date the Revolving Credit Commitment shall reduce by an amount equal to the excess, if any, of Fifteen Million Dollars ($15,000,000) over the aggregate amount of the Valet Parking Garage Advances.

 

	
  

	
(c)

	
On the date of such reduction of the Revolving Credit Commitment, the Borrower shall make the payment, if any, required under Section 2.6 as a result of such reduction.”

 

8. The following Section 2.13 is added to the Agreement:

 

“2.13           Valet Parking Garage Advances. Borrower may not request an Advance the proceeds of which are to be used to fund construction of the Valet Parking Garage Project unless:

 

(a)  each such Request for Advance is accompanied by (i) an itemization in form and detail satisfactory to Bank of the construction costs to be paid  

 

	
  

	
(a)

	
each such Request for Advance is accompanied by (i) an itemization in form and detail satisfactory to Bank of the construction costs to be paid  

 

  

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with the proceeds of the applicable Advance and (ii) an updated construction progress report in form and detail satisfactory to Bank; and

 

	
  

	
(b)

	
the amount of the requested Advance plus the aggregate amount of all other Advances disbursed by Bank to pay construction costs of the Valet Parking Garage Project does not exceed Fifteen Million Dollars ($15,000,000); and

 

	
  

	
(c)

	
Borrower has provided evidence satisfactory to Bank that Borrower has paid the first $10,500,000 of the costs of the construction of the Valet Parking Garage Project.

 

9. The lead in language to Section 7.16 of the Agreement is amended to read as follows:

 

“Use continuing commercially reasonable efforts (which shall include but not be limited to filing of a motion to enforce the discharge of liens or similar motion in the United States Bankruptcy Court for the Eastern District of Michigan) to deliver or cause to be delivered to Bank, at Borrower’s expense, in form and substance satisfactory to Bank, all of the following:”

 

10. Section 7.18 of the Agreement is amended to read as follows:

 

7.18           Clean Up Period.  Cause the outstanding amount of Advances to be equal to or less than the Cleanup Amount for at least forty five (45) consecutive days during each Cleanup Period.”

 

11. Section 2.6 of the Agreement is amended to read as follows:

 

“2.6           Reduction of Indebtedness.  If at any time and for any reason (a) the aggregate outstanding principal amount of Advances hereunder to Borrower, plus the outstanding Letter of Credit Reserve and the Corporate Credit Card Reserve, shall exceed the Revolving Credit Commitment, or (b) the Letter of Credit Reserve exceeds the Letter of Credit Sublimit, then, in the case of (a), Borrower shall immediately reduce any pending request for an Advance on such day by the amount of such excess and, to the extent any excess remains thereafter, immediately repay an amount of the Indebtedness equal to such excess, and, to the extent any such excess Indebtedness, attributable to any Letters of Credit or corporate credit cards, remains outstanding after prepayment of the Advances, Borrower shall provide cash collateral upon demand in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit or advanced under corporate credit cards and, in the case of (b), upon Bank’s demand, Borrower shall deposit with Bank cash collateral in an amount equal to the excess.  Borrower acknowledges that, in connection with any repayment required hereunder, it shall also be responsible for the reimbursement of any prepayment or other costs required under the terms of the Revolving Credit Note.”

 

  

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12. Section 4.1(b) of the Agreement is amended to read as follows:

 

	
  

	
“(b)

	
From May 24, 2012 until the required date of delivery (or, if earlier, delivery) under Section 7.1(b) of Borrower’s financial statements and Covenant Compliance Report for the first fiscal quarter ending March 31, 2012, the margins shall be those set forth under the Level 2 column of the pricing matrix attached to this Agreement as Schedule 1.  Thereafter, all margins shall be based upon Borrower’s financial statements and Covenant Compliance Report, subject to recalculation as provided in subsection 4.1(a) above.”

 

13. Schedules 1 and 4 to the Agreement are deleted and attached Schedules 1 and 4 are substituted in their places.

 

14. Borrower hereby represent and warrant that, after giving effect to the amendments contained herein, (a) execution, delivery and performance of this Amendment and any other documents and instruments required under this Amendment or the Agreement are within Borrower’s corporate powers, have been duly authorized, are not in contravention of law or the terms of Borrower’s Articles of Incorporation or Bylaws, and do not require the consent or approval of any governmental body, agency, or authority; and this Amendment and any other documents and instruments required under this Amendment or the Agreement, will be valid and binding in accordance with their terms; (b) the continuing representations and warranties of Borrower set forth in Sections 6.1 through 6.6 and 6.8 through 6.18 of the Agreement are true and correct in all material respects on and as of the date hereof with the same force and effect as made on and as of the date hereof, except where such representations and warranties refer to a specific date, in which case such representations and warranties shall be true and correct in all material respects as of such date; (c) the continuing representations and warranties of Borrower set forth in Section 6.7 of the Agreement are true and correct as of the date hereof with respect to the most recent financial statements furnished to the Bank by Borrower in accordance with Section 7.1 of the Agreement; and (d) no Event of Default (as defined in the Agreement) or condition or event which, with the giving of notice or the running of time, or both, would constitute an Event of Default under the Agreement, as hereby amended, has occurred and is continuing as of the date hereof.

 

15. Except as expressly provided herein, all of the terms and conditions of the Agreement remain unchanged and in full force and effect.

 

16. This Amendment shall be effective upon execution of this Agreement by Borrower and the Bank, (b) execution and delivery by Company and the Guarantors of the documents listed on the Closing Agenda dated May 24, 2012, (c) payment by the Borrower to the Bank of a non-refundable closing and amendment fee in the amount of $75,000, and (d) payment to the Bank of the facility fee accrued under Section 2.8 through May 24, 2012.

 

  

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IN WITNESS the due execution hereof as of the day and year first above written.

 

	
COMERICA BANK

	  	
GREEKTOWN SUPERHOLDINGS, INC.

	  	  	  	  	  
	 	 	 	 	 
	
By:

	

/s/ Robert Tull

	  	
By:

	

/s/ Glen Tomaszewski

	
 

	  	  	
 

	  
	
Its:

	Vice President	  	
Its:

	Senior Vice President and Chief Financial Officer

  

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SCHEDULE 1

 

(Expressed in basis points)

 

	
BASIS FOR PRICING

	
LEVEL 1

	
LEVEL 2

	
Leverage Ratio

	
< 4.0:1.0

	
≥ 4.0:1.0

	
Revolving Credit Note – LIBOR Option

	
175

	
225

	
Letter of Credit Rate

	
175

	
225

	
Revolving Credit Note – Prime-Referenced Rate Option

	
-100

	
-25

 

  

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SCHEDULE 4

 

Excluded Capital Expenditures

 

	
1.  

	
New Slot machines (300 and 250 in 2011 and 2012, respectively) - $6,000,000 and $5,000,000 in 2011 and 2012, respectively.

 

	
2.  

	
High speed network for gaming floor (to compete with other two casinos) - $3,650,000 in 2012.

 

	
3.  

	
Additional restrooms and renovation of existing - $1,100,000 and $1,900,000 in 2011 and 2012, respectively.

 

	
4.  

	
Remodel Opa Bar (to include food; and attach to back of house) - $2,600,000 in 2011

 

	
5.  

	
Addition of Rooftop garden lounge - $500,000 and $3,000,000 in 2011 and 2012, respectively.

 

	
6.  

	
Capital Expenditures for the Valet Parking Garage Project in an amount not exceeding the aggregate amount of Valet Parking Garage Project Advances plus an amount equal to the cash proceeds (in the amount of $10,500,000) realized from the Exchange Transaction (as defined in the Second Amendment to Credit Agreement and Consent dated July 8, 2011 between Borrower and Bank).

 

 

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