Document:

Document

Exhibit 10.47

INCREMENTAL JOINDER AGREEMENT NO. 2
This INCREMENTAL JOINDER AGREEMENT NO. 2 (this “Agreement”), dated as of March 9, 2021, and effective as of the Effective Date (as hereinafter defined), is made and entered into by and among BALLY’S CORPORATION (formerly known as TWIN RIVER WORLDWIDE HOLDINGS, INC.), a Delaware corporation (the “Borrower”), the GUARANTORS (as defined in the Credit Agreement referred to below) party hereto, each 2021 INCREMENTAL REVOLVING FACILITY LENDER (as hereinafter defined) party hereto, and CITIZENS BANK, N.A., as administrative agent for the Lenders under the Existing Credit Agreement (as hereinafter defined) (in such capacity, the “Administrative Agent”).
RECITALS:
WHEREAS, reference is hereby made to the Credit Agreement, dated as of May 10, 2019 (as amended by that certain Amendment No. 1, dated as of April 24, 2020, among the Borrower, the Guarantors, the Revolving Lenders party thereto and the Administrative Agent, as further amended by that certain Incremental Joinder Agreement No. 1, dated as of May 11, 2020 (the “First Incremental Amendment”), among the Borrower, the Guarantors, the Lenders party thereto and the Administrative Agent, as further amended by that certain Limited Waiver to Credit Agreement, dated as of February 5, 2021, among the Borrower, the Guarantors, the Revolving Lenders party thereto and the Administrative Agent, as further amended by that certain Amendment No. 2, dated as of March 5, 2021, among the Borrower, the Guarantors, the Revolving Lenders party thereto and the Administrative Agent, and as it may be further amended, restated, amended and restated, replaced, supplemented or otherwise modified prior to giving effect to the amendments contemplated by this Agreement, the “Existing Credit Agreement” and, after giving effect to this Agreement, the “Credit Agreement”), among the Borrower, the Guarantors, the Lenders (as defined in the Credit Agreement) party thereto from time to time, the Administrative Agent, Citizens Bank, N.A., as collateral agent for the Secured Parties (as defined in the Credit Agreement) and the other parties thereto;
WHEREAS, pursuant to Section 2.12 of the Existing Credit Agreement, the Borrower has requested that those certain financial institutions party hereto and listed on Schedule A hereto (the “2021 Incremental Revolving Facility Lenders”) provide in the aggregate $75,000,000 in Incremental Existing Tranche Revolving Commitments as an increase to the Closing Date Revolving Commitments (the “2021 Incremental Revolving Loan Commitments”);
WHEREAS, pursuant to Section 2.12(f) and Section 13.04(c) of the Existing Credit Agreement, the Borrower has further requested that the Administrative Agent agree to enter into this Agreement, subject to and in accordance with the terms and conditions set forth herein, to reflect the incurrence of the 2021 Incremental Revolving Loan Commitments;
WHEREAS, the proceeds of the Revolving Loans made under the 2021 Incremental Revolving Loan Commitments may be used from time to time for general corporate purposes that are not prohibited by the Credit Agreement or the Regulatory Agreement; and
WHEREAS, each 2021 Incremental Revolving Facility Lender and the Administrative Agent is willing, on the terms and subject to the conditions set forth below, to enter into this Agreement.
NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
NAI-1516318861v2 
US-DOCS\119856396.6

ARTICLE I
DEFINITIONS

SECTION 1.1    Definitions.  Except as otherwise expressly provided herein, capitalized terms used in this Agreement (including in the Recitals and the introductory paragraph above) shall have the meanings given in the Credit Agreement, and the rules of construction set forth in the Credit Agreement shall apply to this Agreement.
ARTICLE II
AGREEMENT TO PROVIDE 2021 INCREMENTAL REVOLVING LOAN COMMITMENTS

SECTION 2.1    Agreement to Provide 2021 Incremental Revolving Loan Commitments. Each 2021 Incremental Revolving Facility Lender hereby agrees, severally and not jointly, to provide its respective 2021 Incremental Revolving Loan Commitment as set forth on Schedule A annexed hereto on the terms set forth in this Agreement, and its 2021 Incremental Revolving Loan Commitment shall be binding as of the Effective Date.  Each 2021 Incremental Revolving Facility Lender hereby agrees, severally and not jointly, to make Revolving Loans to the Borrower under the 2021 Incremental Revolving Loan Commitments from time to time in accordance with the Credit Agreement in the amount of its 2021 Incremental Revolving Loan Commitment, which Revolving Loans shall have the same terms and conditions as the Revolving Loans made under the Closing Date Revolving Commitments.

SECTION 2.2    New Loans and Commitments.  The 2021 Incremental Revolving Loan Commitment (and Revolving Loans made thereunder) of each 2021 Incremental Revolving Facility Lender is in addition to such 2021 Incremental Revolving Facility Lender’s existing Loans and Commitments under the Existing Credit Agreement, if any (which, except to the extent repaid on the Effective Date, shall continue under and be subject in all respects to the Credit Agreement), and, immediately after giving effect to the amendments contemplated hereby, will be subject in all respects to the terms of the Credit Agreement (and, in each case, the other Credit Documents).
SECTION 2.3    2021 Incremental Revolving Loan Commitments.  This Agreement represents the Borrower’s request pursuant to Section 2.12(a) of the Credit Agreement for the 2021 Incremental Revolving Loan Commitments to be established and provided on the terms set forth herein on the Effective Date.  It is the understanding, agreement and intention of the parties that (a) all 2021 Incremental Revolving Loan Commitments shall be an increase to the Closing Date Revolving Commitments and the Closing Date Revolving Facility having all of the terms and conditions of the “Closing Date Revolving Commitments” and the “Closing Date Revolving Facility” in the Credit Agreement and shall constitute “Closing Date Revolving Commitments,” “Revolving Commitments” and “Commitments” under the Credit Documents, (b) all Revolving Loans made pursuant to the 2021 Incremental Revolving Loan Commitments shall have all of the terms and conditions of the Revolving Loans made pursuant to the Closing Date Revolving Commitments and shall constitute “Revolving Loans” and “Loans” under the Credit Documents and (c) the 2021 Incremental Revolving Loan Commitments and the Revolving Loans made thereunder shall be included in and subject to the terms of the Closing Date Revolving Facility.  The 2021 Incremental Revolving Loan Commitments shall terminate on the R/C Maturity Date for the Closing Date Revolving Commitments.  The Borrower hereby designates the 2021 Incremental Revolving Loan Commitments as incurred pursuant to clause (a) of the definition of “Incremental Loan Amount”. 
SECTION 2.4    Adjustment of Revolving Loans.  On the Effective Date, the 2021 Incremental Revolving Facility Lenders, the existing Revolving Lenders and the Administrative Agent shall take all
2
NAI-1516318861v2 
US-DOCS\119856396.6

actions required by Section 2.12(d) in connection with the incurrence of the 2021 Incremental Revolving Loan Commitments. 
ARTICLE III
REPRESENTATIONS AND WARRANTIES

To induce (a) the 2021 Incremental Revolving Facility Lenders to provide the 2021 Incremental Revolving Loan Commitments and (b) the Administrative Agent to enter into this Agreement, the Credit Parties represent to each 2021 Incremental Revolving Facility Lender and the Administrative Agent that, after giving effect to the incurrence of the 2021 Incremental Revolving Loan Commitments by the Borrower, as of the Effective Date:
SECTION 3.1    Corporate Existence.  The Borrower and each Restricted Subsidiary (a)(i) is a corporation, partnership, limited liability company or other entity duly organized and validly existing under the laws of the jurisdiction of its organization and (ii) is in good standing under the laws of the jurisdiction of its organization; (b)(i) has all requisite corporate or other power and authority, and (ii) has all governmental licenses, authorizations, consents and approvals necessary to own its Property and carry on its business as now being conducted; and (c) is qualified to do business and is in good standing in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary; except, in the case of clauses (b)(ii) and (c) where the failure thereof individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect.
SECTION 3.2    Action; Enforceability.  The Borrower and each Restricted Subsidiary has all necessary corporate or other organizational power, authority and legal right to execute, deliver and perform its obligations under this Agreement and to consummate the transactions herein contemplated; the execution, delivery and performance by the Borrower and each Restricted Subsidiary of this Agreement and the consummation of the transactions herein contemplated have been duly authorized by all necessary corporate, partnership or other organizational action on its part; and this Agreement has been duly and validly executed and delivered by each Credit Party and constitutes its legal, valid and binding obligation, enforceable against each Credit Party in accordance with its terms, except as may be limited by (a) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws of general applicability from time to time in effect affecting the enforcement of creditors’ rights and remedies and (b) the application of general principles of equity (regardless of whether considered in a proceeding in equity or at law).
SECTION 3.3    No Breach.  None of the execution, delivery and performance by any Credit Party of this Agreement nor the consummation of the transactions herein contemplated do or will (i) conflict with or result in a breach of, or require any consent (which has not been obtained and is in full force and effect) under (x) any Organizational Document of any Credit Party or (y) any applicable Requirement of Law (including, without limitation, any Gaming/Racing Law) or (z) any order, writ, injunction or decree of any Governmental Authority binding on any Credit Party, or result in a breach of, or require termination of, any term or provision of any Contractual Obligation of any Credit Party or (ii) constitute (with due notice or lapse of time or both) a default under any such Contractual Obligation or (iii) result in or require the creation or imposition of any Lien (except for the Liens created pursuant to the Security Documents) upon any Property of any Credit Party pursuant to the terms of any such Contractual Obligation, except with respect to (i)(y), (i)(z), (ii) or (iii) which would not reasonably be expected to result in a Material Adverse Effect. After giving effect to the transactions to be consummated on the Effective Date, none of Borrower or any Restricted Subsidiary is in default in any material respect under any Material Gaming/Racing Agreement, any Gaming/Racing License or the Senior Unsecured Notes.
3
NAI-1516318861v2 
US-DOCS\119856396.6

SECTION 3.4    Credit Document Representations.  Each of the representations and warranties made by the Borrower or any other Credit Party in or pursuant to the Credit Documents to which such entity is a party, as amended hereby, are true and correct in all material respects as of such date (except to the extent such representations and warranties are qualified by “materiality” or “Material Adverse Effect,” in which case such representations and warranties shall be true and correct in all respects), as applicable, with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date (except to the extent such representations and warranties are qualified by “materiality” or “Material Adverse Effect,” in which case such representations and warranties shall be true and correct in all respects as of the applicable date)).
ARTICLE IV
CONDITIONS TO THE EFFECTIVE DATE

This Agreement shall become effective, and the 2021 Incremental Revolving Facility Lenders shall provide their 2021 Incremental Revolving Loan Commitments on the date (the “Effective Date”) on which each of the following conditions is satisfied:
SECTION 4.1    Execution of Counterparts.  The Administrative Agent shall have received executed counterparts of this Agreement from each Credit Party, each 2021 Incremental Revolving Facility Lender and the Administrative Agent.
SECTION 4.2    Corporate Documents.  The Administrative Agent shall have received:
(a)    certified true and complete copies of the Organizational Documents of each Credit Party and of all corporate or other authority for each Credit Party (including board of directors (or other applicable governing authority) resolutions and evidence of the incumbency, including specimen signatures, of officers) with respect to the execution, delivery and performance of this Agreement and the extensions of credit hereunder, certified as of the Effective Date as complete and correct copies thereof by a Responsible Officer of each such Credit Party (provided that, in lieu of attaching such Organizational Documents and/or evidence of incumbency, such certificate may certify that (x) since the Closing Date (or such later date on which the applicable Credit Party became party to the Credit Documents) or the date of the First Incremental Amendment, there have been no changes to the Organizational Documents of such Credit Party and (y) no changes have been made to the incumbency certificate of the officers of such Credit Party delivered on the Closing Date (or such later date referred to above) or the date of the First Incremental Amendment);
(b)    a certificate as to the good standing each Credit Party as of a recent date, from the Secretary of State (or other applicable Governmental Authority) of its jurisdiction of formation; and
(c)    a customary closing certificate of a Responsible Officer of the Borrower certifying as to the matters set forth in Sections 4.4 and 4.5 of this Agreement.
SECTION 4.3    Conditions to Incremental Loan Commitments.All of the applicable requirements under Section 2.12 of the Existing Credit Agreement with respect to the incurrence of the 2021 Incremental Revolving Loan Commitments shall have been complied with or waived.
SECTION 4.4    Representations and Warranties.  Each of the representations and warranties made by the Borrower or any other Credit Party in or pursuant to Article IV of this Agreement and the Credit
4
NAI-1516318861v2 
US-DOCS\119856396.6

Documents to which such entity is a party, as amended hereby, shall be true and correct in all material respects as of such date (except to the extent such representations and warranties are qualified by “materiality” or “Material Adverse Effect,” in which case such representations and warranties shall be true and correct in all respects), as applicable, with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date (except to the extent such representations and warranties are qualified by “materiality” or “Material Adverse Effect,” in which case such representations and warranties shall be true and correct in all respects as of the applicable date)).
SECTION 4.5    No Default.  No Default or Event of Default shall have occurred or be continuing immediately after giving effect to the incurrence of the 2021 Incremental Revolving Loan Commitments.  
SECTION 4.6    Solvency Certificate.  The Administrative Agent shall have received a solvency certificate substantially in the form of Exhibit G to the Existing Credit Agreement from the chief financial officer, chief accounting officer or other financial officer of the Borrower.  
SECTION 4.7    Opinions of Counsel.  The Administrative Agent shall have received the following opinions, each of which shall be addressed to the Administrative Agent, the Collateral Agent and the 2021 Incremental Revolving Facility Lenders and covering customary matters for transactions of this type as reasonably requested by the Administrative Agent:
(a)    an opinion of Jones Day, special counsel to the Credit Parties; and 
(b)    opinions of local counsel to the Credit Parties in such jurisdictions as are set forth in Schedule B.
SECTION 4.8    Fees, Costs and Expenses.  All fees due to the Administrative Agent and the Lenders on the Effective Date shall have been paid, and all expenses to be paid or reimbursed to the Administrative Agent and the Lenders that have been invoiced a reasonable period of time prior to the Effective Date (and in any event, invoiced at least three (3) Business Days prior to the Effective Date (except as otherwise agreed by the Borrower)) shall have been paid.
SECTION 4.9    Know Your Customer and Anti-Money Laundering.  Each of the Borrower and the applicable Guarantors shall have provided the documentation and other information to the Administrative Agent that are required by regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the Act, at least three (3) Business Days prior to the Effective Date (or such later date as the Administrative Agent may agree to), to the extent requested at least ten (10) Business Days prior to the Effective Date.
SECTION 4.10    Flood Insurance.  With respect to the Mortgaged Real Properties, for each such Mortgaged Real Property, the Borrower shall have provided to the Administrative Agent, in form and substance reasonably acceptable to the Administrative Agent, (a) a completed “Life-of-Loan” Federal Emergency Management Agency standard flood hazard determination, (b) a notice about special flood hazard area status and flood disaster assistance duly executed by Borrower and the applicable Credit Party relating thereto and (c) evidence of all insurance required with respect to such Mortgaged Real Property by Flood Insurance Laws (if any)).

5
NAI-1516318861v2 
US-DOCS\119856396.6

ARTICLE V

POST-CLOSING REQUIREMENTS 

SECTION 5.1    Post-Closing Real Property. The Borrower shall as soon as practicable, but not later than ninety (90) days after the Effective Date (or such later date as the Administrative Agent may determine in its sole discretion), deliver or cause to be delivered to Collateral Agent the following items with respect to each Mortgaged Real Property, each in form and substance reasonably acceptable to the Administrative Agent:
(a)    an amendment to each existing Mortgage encumbering a Mortgaged Real Property (each Mortgaged Real Property encumbered by a Mortgage prior to the date hereof, an “Existing Mortgaged Real Property”) to include the 2021 Incremental Revolving Loan Commitments in the obligations secured by such Mortgage (the “Mortgage Amendments”), each duly executed and delivered by an authorized officer of each Credit Party party thereto and in form suitable for filing and recording in all filing or recording offices that the Administrative Agent may deem necessary or desirable;
(b)    such mortgage-modification, date-down and other endorsements as the Administrative Agent may reasonably request to the Lenders’ title insurance policies previously delivered to the Administrative Agent with respect to each of the Existing Mortgaged Real Properties, each effective as of the date of the recordation or filing of the applicable Mortgage Amendment and in form, substance and amount reasonably satisfactory to the Administrative Agent;
(c)    with respect to each Mortgage Amendment, legal opinions, each of which shall be addressed to the Administrative Agent, Collateral Agent and the Lenders, dated the effective date of such Mortgage Amendment and covering such matters as the Administrative Agent shall reasonably request in a manner customary for transactions of this type; and
(d)    a completed “Life-of-Loan” Federal Emergency Management Agency standard flood hazard determination with respect to each fee-owned Existing Mortgaged Real Property (or to the extent required by law, any other Existing Mortgaged Real Property) (together with a notice about special flood hazard area status and flood disaster assistance duly executed by Borrower and the applicable Credit Party relating thereto and evidence of all insurance required with respect to such Existing Mortgaged Real Properties by Flood Insurance Laws (if any)).
SECTION 5.2    Collateral Expenses.  Each of the Credit Parties hereby acknowledges its obligations under Section 13.03(a) of the Credit Agreement as and to the extent that they relate to the negotiation, preparation, execution and delivery of the Mortgage Amendments and other documents required by Section 6.1 in accordance with their terms.
ARTICLE VI

VALIDITY OF OBLIGATIONS AND LIENS

SECTION 6.1    Reaffirmation.  Each of the Credit Parties party hereto (a) acknowledges and agrees that all of such Credit Party’s obligations under the Security Documents and the other Credit Documents (as amended hereby) to which it is a party are reaffirmed and remain in full force and effect on a continuous basis as amended by this Agreement, (b) reaffirms each lien and security interest granted by it to the Collateral Agent for the benefit of the Secured Parties to secure the Secured Obligations and the guaranties 
6
NAI-1516318861v2 
US-DOCS\119856396.6

of the Guaranteed Obligations made by it pursuant to the Existing Credit Agreement, (c) acknowledges and agrees that the grants of liens and security interests by, and the guaranties of, the Credit Parties contained in the Existing Credit Agreement and the Security Documents are, and shall remain, in full force and effect after giving effect to this Agreement and the transactions contemplated hereby and thereby and (d) confirms and agrees that the Obligations, the Guaranteed Obligations and the Secured Obligations under the Credit Agreement and the other Credit Documents include the 2021 Incremental Revolving Loan Commitments and the Revolving Loans made thereunder.
ARTICLE VII

MISCELLANEOUS
SECTION 7.1    Notice.  For purposes of the Credit Agreement, the initial notice address of each 2021 Incremental Revolving Facility Lender (other than any 2021 Incremental Revolving Facility Lender that, immediately prior to the execution of this Agreement, is a “Lender” under the Existing Credit Agreement) shall be as set forth below its signature to this Agreement.
SECTION 7.2    Amendment, Modification and Waiver.  This Agreement may not be amended, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of the Borrower and the Administrative Agent (acting at the direction of such Lenders as may be required under Section 13.04 of the Credit Agreement).
SECTION 7.3    Entire Agreement.  This Agreement (including the Schedules) and the other Credit Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof.  Each 2021 Incremental Revolving Facility Lender party hereto, in its capacity as a 2021 Incremental Revolving Facility Lender hereunder and in its capacity as a Lender under the Existing Credit Agreement, hereby consents to the incurrence of the 2021 Incremental Revolving Loan Commitments and the Revolving Loans thereunder on the terms set forth herein.
SECTION 7.4    GOVERNING LAW.  THIS AGREEMENT AND ANY CLAIMS, CONTROVERSIES, DISPUTES, OR CAUSES OF ACTION (WHETHER ARISING UNDER CONTRACT LAW, TORT LAW OR OTHERWISE) BASED UPON OR RELATING TO THIS AGREEMENT, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW PRINCIPLES THAT WOULD APPLY THE LAWS OF ANOTHER JURISDICTION.
SECTION 7.5    SUBMISSION TO JURISDICTION; WAIVER OF VENUE; SERVICE OF PROCESS; WAIVER.  EACH PARTY HERETO AGREES THAT SECTION 13.09(b), 13.09(c), 13.09(d) AND 13.09(e) OF THE CREDIT AGREEMENT SHALL APPLY TO THIS AGREEMENT MUTATIS MUTANDIS.
SECTION 7.6    Confidentiality.  Each party hereto agrees that Section 13.10 of the Credit Agreement shall apply to this Agreement mutatis mutandis.
SECTION 7.7    No Advisory or Fiduciary Responsibility.  Each party hereto agrees that Section 13.17 of the Credit Agreement shall apply to this Agreement mutatis mutandis.
SECTION 7.8    Severability.  Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this 
7
NAI-1516318861v2 
US-DOCS\119856396.6

Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Agreement.
SECTION 7.9    Counterparts.  This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission (including portable document format (“.pdf”) or similar format) shall be effective as delivery of a manually executed counterpart hereof.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement and any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include an electronic symbol or process attached to a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record (each an “Electronic Signature”), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent.  Without limiting the generality of the foregoing, the Borrower hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders and the Credit Parties, electronic images of this Agreement or any other Credit Documents (in each case, including with respect to any signature pages thereto)  shall have the same legal effect, validity and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity or enforceability of the Credit Documents based solely on the lack of paper original copies of any Credit Documents, including with respect to any signature pages thereto.
SECTION 7.10    Credit Document.  This Agreement shall constitute a “Credit Document” as defined in the Credit Agreement.
SECTION 7.11    No Novation.  The parties hereto expressly acknowledge that it is not their intention that this Agreement or any of the other Credit Documents executed or delivered pursuant hereto constitute a novation of any of the obligations, covenants or agreements contained in the Existing Credit Agreement or any other Credit Document, but rather constitute a modification thereof or supplement thereto pursuant to the terms contained herein. The Existing Credit Agreement and the Credit Documents, in each case as amended, modified or supplemented hereby, shall be deemed to be continuing agreements among the parties thereto, and all documents, instruments, and agreements delivered, as well as all Liens created, pursuant to or in connection with the Existing Credit Agreement and the other Credit Documents shall remain in full force and effect, each in accordance with its terms (as amended, modified or supplemented by this Agreement), unless such document, instrument, or agreement has otherwise been terminated or has expired in accordance with or pursuant to the terms of this Agreement or such document, instrument, or agreement or as otherwise agreed by the required parties hereto or thereto, it being understood that from after the occurrence of Effective Date, each reference in the Credit Documents to the “Credit Agreement,” “thereunder,” “thereof” (and each reference in the Credit Agreement to “this Agreement,” “hereunder,” or “hereof”) or words of like import shall mean and be a reference to the Credit Agreement as amended, modified or supplemented by this Agreement.
SECTION 7.12    Expenses.  Without duplication of any amounts required to be paid pursuant to Sections 4.8 and 5.2, the Borrower agrees to reimburse the Administrative Agent and the Collateral Agent 
8
NAI-1516318861v2 
US-DOCS\119856396.6

for the reasonable and documented out-of-pocket expenses incurred by them in connection with this Agreement, including the reasonable and documented fees, charges and disbursements of one primary counsel and one local counsel in each relevant material jurisdiction for the Administrative Agent and the Collateral Agent, taken as a whole.
[Remainder of page intentionally left blank]

9
NAI-1516318861v2 
US-DOCS\119856396.6

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the day and year first above written, to be effective as of the Effective Date.
						
	Borrower:	
	BALLY'S CORPORATION
	(formerly known as TWIN RIVER WORLDWIDE HOLDINGS, INC.)
		
	By:	/s/ Craig L. Eaton
	Name:	Craig L. Eaton
	Title:	Executive Vice President, General Counsel and Secretary
		
		
		

[Signature Page to Incremental Joinder Agreement No. 2]

[Signature Page to Incremental Joinder Agreement No. 2]

						
	Guarantors:	
	TWIN RIVER MANAGEMENT GROUP, INC. 

	UTGR, INC.
	PREMIER ENTERTAINMENT BILOXI LLC
	PREMIER FINANCE BILOXI CORP.
	JAMLAND, LLC
	TWIN RIVER-TIVERTON, LLC
	PREMIER ENTERTAINMENT BLACK HAWK,
	LLC
	PREMIER ENTERTAINMENT VICKSBURG, LLC
	(formerly known as RAINBOW CASINO
	VICKSBURG PARTNERSHIP, L.P.)
	IOC-KANSAS CIRY, INC.
		
	By:	/s/ Craig L. Eaton
	Name:	Craig L. Eaton
	Title:	Executive Vice President, General Counsel and Secretary
		
		
		

[Signature Page to Incremental Joinder Agreement No. 2]

									
	Acknowledge and Agreed by:	
	CITIZENS BANK, N.A., as Administrative Agent

			
			
	By:	/s/ Sean McWhinnie	
	Name:	Sean McWhinnie	
	Title:	Director	
			
			
			

[Signature Page to Incremental Joinder Agreement No. 2]

BARCLAYS BANK PLC,
as a 2021 Incremental Revolving Facility Lender
By:    /s/ Craig Malloy            
Name:    Craig Malloy
Title:    Director   

Notice Information:

Address: 745 7th Avenue, 8th Floor, New York, NY 10019 
Telephone: (1) 212 412 1140 
Fax: (1) 212 526 5115 
Email: ali.hassan2@barclays.com

[Signature Page to Incremental Joinder Agreement No. 2]

CREDIT SUISSE AG, CAYMAN ISLANDS
BRANCH,
as a 2021 Incremental Revolving Facility Lender

By:    /s/ Whitney Gaston            
Name:    Whitney Gaston
Title:    Authorized Signatory   

By:    /s/ Komal Shah            
Name:    Komal Shah
Title:    Authorized Signatory 

Notice Information:

Address: 7033 Louis Stephens Drive, Research Triangle Park, NC 27709
Telephone: +1 919 994 6174
Fax: 18664693871@docs.LDSPROD.com 
Email: 18664693871@docs.LDSPROD.com

[Signature Page to Incremental Joinder Agreement No. 2]

SCHEDULE A

2021 Incremental Revolving Loan Commitments

						
	Name of 2021 Incremental Revolving Facility Lender	Amount
	Citizens Bank, N.A.	$12,500,000.00
	Barclays Bank PLC	$50,000,000.00
	Credit Suisse AG, Cayman Islands Branch	$12,500,000.00
	Total	$75,000,000.00

NAI-1516318861v2 
US-DOCS\119856396.6

SCHEDULE B

Local Counsel Opinions

			
	Balch and Bingham LLP Legal Opinion (Mississippi)
	Cooper Levenson, P.A. Legal Opinion (Delaware)
	Greenberg Traurig, LLP Legal Opinion (Rhode Island)
	Holland & Hart LLP Legal Opinion (Colorado)
	The Tipton Law Firm, P.C. Legal Opinion (Colorado Gaming)
	Lathrop GPM LLP (Missouri)

NAI-1516318861v2 
US-DOCS\119856396.6Document

Exhibit 4.1

DESCRIPTION OF CAPITAL STOCK
General
In connection with our IPO, we converted from a Delaware limited liability company into a Delaware corporation, by filing a certificate of conversion with the office of the Secretary of the State of Delaware, and changed our name from ATI Intermediate Holdings, LLC to Array Technologies, Inc. We also filed with the office of the Secretary of the State of Delaware our amended and restated certificate of incorporation (our “Certificate of Incorporation”) and adopted our bylaws (our “Bylaws”), effective upon the consummation of our IPO. Below is a summary of the material terms and provisions of our Certificate of Incorporation and our Bylaws affecting the rights of our stockholders upon the consummation of our IPO, as well as relevant provisions of Delaware law affecting the rights of our stockholders. This summary does not purport to be complete and is qualified in its entirety by the provisions of our Certificate of Incorporation, our Bylaws and the DGCL. Copies of our Certificate of Incorporation and Bylaws have been filed with the SEC as exhibits to the registration statement on Form S-1 filed on October 8, 2020. References in this section to the “Company,” “we,” “us” and “our” refer to Array Technologies, Inc. and not to any of its subsidiaries.
Authorized Capital
Our authorized capital stock consists of 1 billion shares of common stock, par value $0.001 per share, and 5,000,000 shares of preferred stock, par value $0.001 per share.
As of November 20, 2020, there were 126,994,467 shares of common stock outstanding.
Common Stock
Voting Rights. The holders of our common stock are entitled to one vote per share on all matters submitted to a vote of stockholders; provided, however, that, except as otherwise required by law, holders of common stock, as such, shall not be entitled to vote on any amendment to our Certificate of Incorporation that relates solely to the terms of one or more outstanding Series of preferred stock if the holders of such affected Series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to our Certificate of Incorporation. Holders of our common stock do not have cumulative voting rights in the election of directors. Accordingly, the holders of a majority of the combined voting power of our common stock could, if they so choose, elect all the directors.
Dividend Rights. Holders common stock will be entitled to receive dividends if, as and when declared by our board of directors, out of our legally available assets, in cash, property, shares of our common stock or other securities, after payments of dividends required to be paid on outstanding preferred stock, if any.
Distributions in Connection with Mergers or Other Business Combinations. Upon a merger, consolidation or substantially similar transaction, holders of each class of common stock will be entitled to receive equal per share payments or distributions.
Liquidation Rights. Upon our liquidation, dissolution or winding up, any business combination or a sale or disposition of all or substantially all of our assets, the assets legally available for distribution to our stockholders will be distributable ratably among the holders of the common stock, subject to prior satisfaction of all outstanding debts and other liabilities and the payment of liquidation preferences, if any, on any outstanding preferred stock.
Other Matters. Our Certificate of Incorporation does not entitle holders of our common stock to preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to our common stock. All outstanding shares of our common stock are, and the shares of common stock offered in this offering will be, fully paid and non-assessable.
 
Authorized but Unissued Preferred Stock
93719493_1

Delaware law does not require stockholder approval for any issuance of authorized shares. However, the listing requirements of Nasdaq, which apply as long as our common stock is listed on Nasdaq, require stockholder approval of certain issuances equal to or exceeding 20% of the combined voting power of our common stock. These additional shares may be used for a variety of corporate purposes, including future public offerings to raise additional capital, acquisitions and employee benefit plans.
Unless required by law or by any stock exchange on which our common stock may be listed, the authorized shares of preferred stock will be available for issuance without further action by our stockholders. Our Certificate of Incorporation authorizes our board of directors to establish, from time to time, the number of shares to be included in each Series of preferred stock, and to fix the designation, powers, privileges, preferences, and relative participating, optional or other rights, if any, of the shares of each Series of preferred stock, and any of its qualifications, limitations or restrictions. Our board of directors may also increase or decrease the number of shares of any Series of preferred stock, but not below the number of shares of that Series of preferred stock then outstanding, without any further vote or action by the stockholders, without any vote or action by stockholders.
The existence of unissued and unreserved common stock or preferred stock may enable our board of directors to issue shares to persons friendly to current management, which could render more difficult or discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest or otherwise, and could thereby protect the continuity of our management and possibly deprive stockholders of opportunities to sell their shares of common stock at prices higher than prevailing market prices.
Indemnification and Limitations on Directors’ Liability
Section 145 of the DGCL grants each Delaware corporation the power to indemnify any person who is or was a director, officer, employee or agent of a corporation, against expenses, including attorneys’ fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, other than an action by or in the right of the corporation, by reason of serving or having served in any such capacity, if he or she acted in good faith in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. A Delaware corporation may similarly indemnify any such person in actions by or in the right of the corporation if he or she acted in good faith in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation, except that no indemnification may be made in respect of any claim, issue or matter as to which the person shall have been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery or the court in which the action was brought determines that, despite adjudication of liability, but in view of all of the circumstances of the case, the person is fairly and reasonably entitled to indemnity for expenses which the Delaware Court of Chancery or other court shall deem proper.
Section 102(b)(7) of the DGCL enables a corporation in its certificate of incorporation, or an amendment thereto, to eliminate or limit the personal liability of a director to the corporation or its stockholders for monetary damages for violations of the director’s fiduciary duty as a director, except (i) for any breach of the director’s duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) pursuant to Section 174 of the DGCL (providing for director liability with respect to unlawful payment of dividends or unlawful stock purchases or redemptions) or (iv) for any transaction from which a director derived an improper personal benefit. Our Certificate of Incorporation provides for such limitation of liability.
Our Certificate of Incorporation and Bylaws indemnify our directors and officers to the full extent permitted by the DGCL and our Certificate of Incorporation also allows our board of directors to indemnify other employees. This indemnification extends to the payment of judgments in actions against officers and directors and to reimbursement of amounts paid in settlement of such claims or actions and may apply to judgments in favor of the
 corporation or amounts paid in settlement to the corporation. This indemnification also extends to the payment of attorneys’ fees and expenses of officers and directors in suits against them where the officer or director acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the 
    -2-
93719493_1

Company, and, with respect to any criminal action or proceeding, he or she had no reasonable cause to believe his or her conduct was unlawful. This right of indemnification is not exclusive of any right to which the officer or director may be entitled as a matter of law and shall extend and apply to the estates of deceased officers and directors.
We maintain a directors’ and officers’ insurance policy. The policy insures directors and officers against unindemnified losses arising from certain wrongful acts in their capacities as directors and officers and reimburses us for those losses for which we have lawfully indemnified the directors and officers. The policy contains various exclusions that are normal and customary for policies of this type.
We believe that the limitation of liability and indemnification provisions in our Certificate of Incorporation, Bylaws and insurance policies are necessary to attract and retain qualified directors and officers. However, these provisions may discourage derivative litigation against directors and officers, even though an action, if successful, might benefit us and other stockholders. Furthermore, a stockholder’s investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers as required or allowed by these limitation of liability and indemnification provisions.
At present, there is no pending litigation or proceeding involving any of our directors, officers, employees or agents as to which indemnification is sought from us, nor are we aware of any threatened litigation or proceeding that may result in an indemnification claim.
Anti-Takeover Effects of Delaware Law, Our Certificate of Incorporation and Our Bylaws
Certain provisions of Delaware law, our Certificate of Incorporation and our Bylaws could make the acquisition of the Company more difficult and could delay, defer or prevent a tender offer or other takeover attempt that a stockholder might consider to be in its best interest, including takeover attempts that might result in the payment of a premium to stockholders over the market price for their shares. These provisions also may promote the continuity of our management by making it more difficult for a person to remove or change the incumbent members of our board of directors.
Authorized but Unissued Shares; Undesignated Preferred Stock. The authorized but unissued shares of our common stock will be available for future issuance without stockholder approval except as required by law or by any stock exchange on which our common stock may be listed. These additional shares may be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, acquisitions and employee benefit plans. In addition, our board of directors may authorize, without stockholder approval, the issuance of undesignated preferred stock with voting rights or other rights or preferences designated from time to time by our board of directors. The existence of authorized but unissued shares of common stock or preferred stock may enable our board of directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise.
Board Classification. Our Certificate of Incorporation provides that our board of directors is divided into three classes of directors, with the classes to be as nearly equal in number as possible, and with the directors serving three-year terms. As a result, approximately one-third of our board of directors are elected each year. The classification of directors will have the effect of making it more difficult for stockholders to change the composition of our board of directors. Our Certificate of Incorporation and Bylaws provide that, subject to any rights of holders of preferred stock to elect additional directors under specified circumstances, the number of directors will be fixed from time to time exclusively pursuant to a resolution adopted by our board of directors.
No Cumulative Voting. Our Certificate of Incorporation provides that stockholders are not permitted to cumulate votes in the election of directors.
 
Special Meetings of Stockholders. Our Bylaws provide that special meetings of our stockholders may be called, prior to the Trigger Event, only by or at the direction of our board of directors or our Chairman at the request of holders of not less than a majority of the combined voting power of our common stock, and, from and after the 
    -3-
93719493_1

Trigger Event, only by or at the direction of our board of directors or our Chairman. We expect the Trigger Event to occur following the completion of this offering.
Stockholder Action by Written Consent. Pursuant to Section 228 of the DGCL, any action required to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of our stock entitled to vote thereon were present and voted, unless our certificate of incorporation provides otherwise. Our Certificate of Incorporation precludes stockholder action by written consent from and after the Trigger Event, which we expect to occur following the completion of this offering.
Advance Notice Requirements for Stockholder Proposals and Nomination of Directors. Our Bylaws require stockholders seeking to bring business before an annual meeting of stockholders, or to nominate individuals for election as directors at an annual or special meeting of stockholders, to provide timely notice in writing. To be timely, a stockholder’s notice will need to be sent to and received by our Secretary both (1) at our principal executive offices by hand delivery, overnight courier service, or by certified or registered mail, return receipt required, and (2) by electronic mail, as provided in the Bylaws, no later than the close of business on the 90th day, nor earlier than the close of business on the 120th day, prior to the anniversary of the immediately preceding annual meeting of stockholders. However, in the event that the annual meeting is called for a date that is not within 30 days before or 70 days after the anniversary of the immediately preceding annual meeting of stockholders, or if no annual meeting was held in the preceding year, such notice will be timely only if received no earlier than the close of business on the 120th day prior to the annual meeting and no later than the close of business on the later of the 90th day prior to such annual meeting and the tenth day following the date on which a public announcement of the date of the annual meeting was made by us. Our Bylaws also specify requirements as to the form and content of a stockholder’s notice. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our meetings of stockholders. These provisions may also discourage or deter a potential acquiror from conducting a solicitation of proxies to elect the potential acquiror’s own slate of directors or otherwise attempting to obtain control of the Company.
Removal of Directors; Vacancies. Under the DGCL, unless otherwise provided in our Certificate of Incorporation, directors serving on a classified board may be removed by the stockholders only for cause. Our Certificate of Incorporation provides that from and after the Trigger Event, directors may only be removed for cause, and only by the affirmative vote of holders of at least 66 2/3% in voting power of all the then-outstanding shares of common stock of the Company entitled to vote thereon. In addition, our Certificate of Incorporation also provides that from and after the Trigger Event, any newly created directorship on our board of directors that results from an increase in the number of directors and any vacancy occurring in our board of directors may only be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director (and not by the stockholders). We expect the Trigger Event to occur following the completion of this offering.
Supermajority Provisions. Our Certificate of Incorporation and Bylaws provide that our board of directors is expressly authorized to alter, amend, rescind or repeal, in whole or in part, our Bylaws without a stockholder vote in any matter not inconsistent with Delaware law and our Certificate of Incorporation. From and after the Trigger Event, which we expect to occur following the completion of this offering, in addition to any vote of the holders of any class or series of capital stock of our Company required therein, our Bylaws or applicable law, any amendment, alteration, rescission or repeal of our Bylaws by our stockholders will require the affirmative vote of the holders of at least 66 2/3% in voting power of all the then-outstanding shares of stock of our Company entitled to vote thereon, voting together as a single class.
 
The DGCL provides generally that the affirmative vote of a majority of the outstanding shares entitled to vote thereon, voting together as a single class, is required to amend a corporation’s certificate of incorporation, unless the certificate of incorporation requires a greater percentage. Our Certificate of Incorporation provides that the following provisions in our Certificate of Incorporation may be amended, altered, repealed or rescinded only by the affirmative 
    -4-
93719493_1

vote of the holders of at least 66 2/3% in voting power of all the then-outstanding shares of stock of our Company entitled to vote thereon, voting together as a single class:
 
												
	 	•	 	the provision requiring a 66 2/3% supermajority vote for stockholders to amend our Bylaws;

 
												
	 	•	 	the provisions providing for a classified board of directors (the election and term of our directors);

 
												
	 	•	 	the provisions regarding removal of directors;

 
												
	 	•	 	the provisions regarding stockholder action by written consent;

 
												
	 	•	 	the provisions regarding calling special meetings of stockholders;

 
												
	 	•	 	the provisions regarding filling vacancies on our board of directors and newly created directorships;

 
												
	 	•	 	the provisions regarding competition and corporate opportunities;

 
												
	 	•	 	the provisions regarding Section 203 of the DGCL;

 
												
	 	•	 	the provisions eliminating monetary damages for breaches of fiduciary duty by a director and governing forum selection; and

 
												
	 	•	 	the amendment provision requiring that the above provisions be amended only with a 66 2/3% supermajority vote.

Section 203 of the Delaware General Corporation Law. Section 203 of the DGCL provides that, subject to certain stated exceptions, a corporation may not engage in a business combination with any “interested stockholder” (as defined below) for a period of three years following the time that such stockholder became an interested stockholder, unless:
 
												
	 	•	 	prior to such time the board of directors of the corporation approved either the business combination or transaction which resulted in the stockholder becoming an interested stockholder;

 
												
	 	•	 	upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding shares owned by persons who are directors and also officers and employee stock plans in which participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer;

 
												
	 	•	 	at or subsequent to such time, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent; or

 
												
	 	•	 	by the affirmative vote of 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.

    -5-
93719493_1

An “interested stockholder” is any person (other than the corporation and any direct or indirect majority-owned subsidiary) who owns 15% or more of the outstanding voting stock of the corporation or is an affiliate or associate of the corporation and was the owner of 15% or more of the outstanding voting stock of the corporation at any time within the three-year period immediately prior to the date of determination, and the affiliates and associates of such person.
Under our Certificate of Incorporation, we opted out of Section 203 of the DGCL and are therefore not subject to Section 203.
 
Transfer Agent and Registrar
The transfer agent and registrar for our common stock is Computershare Trust Company, N.A.
Listing
Our common stock is listed on Nasdaq under the symbol “ARRY.”

    -6-
93719493_1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}]]