Document:

Exhibit 10.1

FIRST AMENDMENT TO

FIFTH AMENDED AND RESTATED CREDIT AGREEMENT

THIS FIRST AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (“First Amendment”) is made and
entered into as of the 19th day of June,
2007, 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 First Amendment (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”).

R_E_C_I_T_A_L_S:

WHEREAS:

A.            Borrowers and Wells Fargo Bank, National Association;
National City Bank; CIT Lending Services Corporation; PNC Bank, National
Association; Fifth Third Bank; and Citizens Bank of Pennsylvania (collectively,
the “Existing Lenders”) entered into a Fifth Amended and Restated Credit
Agreement dated as of September 22, 2006 (the “Existing Credit Agreement”)
for the purpose of continuing a reducing revolving line of credit in the
initial principal amount of One Hundred Five Million Dollars ($105,000,000.00),
including a subfacility for the funding of swingline advances up to the maximum
aggregate amount of Ten Million Dollars ($10,000,000.00) at any time
outstanding and a subfacility for the issuance of letters of credit up to the
maximum aggregate amount of Sixty Million Dollars ($60,000,000.00).

B.            For the purpose of this First Amendment, all capitalized
words and terms not otherwise defined herein shall have the respective meanings
and be construed herein as provided in Section 1.01 of the Existing Credit
Agreement and any reference to a provision of the Existing Credit Agreement
shall be deemed to incorporate that provision as a part hereof, in the same
manner and with the same effect as if the same were fully set forth herein.

C.            Borrowers have requested that the Banks amend the
Existing Credit Agreement for the following purposes:

(i)             Increasing the Aggregate Commitment
from One Hundred Five Million Dollars ($105,000,000.00) to One Hundred
Fifty-Five Million Dollars ($155,000,000.00), an increase of Fifty Million
Dollars ($50,000,000.00) (the “PIDI Commitment Increase”);

(ii)            Amending Section 5.30 for the purpose of extending the time to complete
the Mara Environmental Remediation from April 1, 2008 to August 1,
2008;

(iii)           Amending
Section 6.06(d) for the purpose of increasing the maximum permitted
Distributions to MTR Harness from Twelve Million Five Hundred Thousand Dollars
($12,500,000.00) to Fifteen Million Dollars ($15,000,000.00);

(iv)           Amending
Section 6.07(b) for the purpose of increasing the maximum permitted Expansion
Capital Expenditure for the PIDI Facility from Two Hundred Fifty-Six Million
Dollars ($256,000,000.00) to Two Hundred Ninety-Six Million Dollars
($296,000,000.00);

(v)            Amending
Section 6.09(k) for the purpose of increasing the maximum permitted Investments
in MTR Harness from Twelve Million Five Hundred Thousand Dollars
($12,500,000.00) to Fifteen Million Dollars ($15,000,000.00); and

(vi)           Evidencing the
consent of Lenders to the release of the Watson Property as Collateral under
the Bank Facilities and to the sale of the Watson Property by the Borrower
Consolidation for its fair market value;

(vii)          Evidencing the
consent of Lenders to the sale of the SGFI Hotel/Casino Facilities, the release
of SGFI Collateral and to the use of the Net Proceeds of such sale by the
Borrower Consolidation for operating purposes and not as a Mandatory Permanent
Reduction of the Credit Facility; and

(viii)         Evidencing the
consent of Lenders that upon the sale of the SGLVI Hotel/Casino Facility and
the release of SGLVI Collateral that the Net Proceeds of such sale may be used
by the Borrower Consolidation for operating purposes and not as a Principal
Prepayment as required under Section 6.12(f) of the Credit Facility.

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D.            Subject to the terms, provisions and conditions hereinafter
set forth, Lenders have agreed to the amendments, revisions and modifications
set forth in this First Amendment. 
Furthermore, the Lenders set forth below (collectively the “Assuming
Lenders”) have agreed, subject to the terms, conditions and provisions set
forth in the Assumption and Consent Agreement (“Assumption Agreement”) executed
concurrently herewith, to fund their respective portions of the PIDI Commitment
Increase by increasing their respective Pro Rata Shares of the Aggregate
Commitment for those Assuming Lenders that are Existing Lenders and committing
to fund their respective Pro Rata Shares of the Aggregate Commitment for those
Assuming Lenders that are not Existing Lenders, in each instance by the amounts
set forth below:

	
  NAME OF ASSUMING LENDER

  	
   

  	
  PROPORTIONATE

  SHARES OF PIDI

  COMMITMENT INCREASE

  	
   

  
	
  Wells Fargo Bank

  	
   

  	
  $

  	
  10,000,000.00

  	
   

  
	
  National City
  Bank

  	
   

  	
  $

  	
  5,000,000.00

  	
   

  
	
  CIT Lending
  Services

  	
   

  	
  $

  	
  9,000,000.00

  	
   

  
	
  Citizens Bank of
  Pennsylvania

  	
   

  	
  $

  	
  11,000,000.00

  	
   

  
	
  Commerzbank AG

  	
   

  	
  $

  	
  15,000,000.00

  	
   

  
	
  Total Increase to Aggregate
  Commitment

  	
   

  	
  $

  	
  50,000,000.00

  	
   

  

 

NOW, THEREFORE, in consideration of the foregoing and
other good and valuable considerations, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree to the amendments and
modifications to the Existing Credit Agreement as specifically hereinafter
provided as follows:

1.                                       Definitions.  As of the First Amendment Effective Date,
Section 1.01 of the Existing Credit Agreement entitled “Definitions” shall
be and is hereby amended to include the following definitions.  Those terms which are currently defined by
Section 1.01 of the Existing Credit Agreement and which are also defined
below shall be superseded and restated by the applicable definition set forth
below:

“Aggregate Commitment” shall mean reference to the
aggregate amount committed by Lenders for advance to or on behalf of the
Borrowers as Borrowings under the Credit Facility in the principal amount of
One Hundred Fifty-Five Million Dollars ($155,000,000.00) as of the First
Amendment Effective Date, subject to further increase in the additional amount
of 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) the Scheduled Reductions,
(ii) Voluntary Permanent Reductions, and/or (iii) Mandatory Commitment
Reductions.

“Aggregate Commitment Reduction Schedule” shall mean
the schedule setting forth the amount of the Scheduled Reductions as of each
Reduction Date under

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the Credit Facility, which schedule shall be:
(i) the Aggregate Commitment Reduction Schedule marked “Schedule 2.01(c)”,
affixed to the First Amendment and by this reference incorporated herein and
made a part hereof, which revised Schedule 2.01(c) shall fully supercede
and restate Schedule 2.01(c) attached to the Existing Credit Agreement, 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 to the First Amendment 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.

“Assuming Lender(s)” shall have the meaning ascribed
to such term in Recital Paragraph D of the First Amendment.

“Assumption Agreement” shall have the meaning ascribed
to such term in Recital Paragraph D of the First Amendment.

“Compliance Certificate” shall mean a compliance
certificate as described in Section 5.08(e) of the Existing Credit
Agreement, the form of which is more particularly described on “Exhibit D”,
affixed to the First Amendment and by this reference incorporated herein and
made a part hereof, which revised Exhibit D shall fully supersede and
restate Exhibit D attached to the Existing Credit Agreement.

“Credit Agreement” shall mean the Existing Credit
Agreement as amended by the First Amendment, together with all Schedules,
Exhibits and other attachments thereto, as it may be further amended, modified,
extended, renewed or restated from time to time.

“Existing Credit Agreement” shall have the meaning set
forth in Recital Paragraph A of the First Amendment.

“Existing Lenders” shall have the meaning set forth in
Recital Paragraph A of the First Amendment.

“Existing Title Insurance Policies” shall mean a
collective reference to those policies of title insurance, and endorsements
thereto, which are defined as the “Title Insurance Policies” by Section 1.01 of
the Existing Credit Agreement.

“First Amendment” shall mean the First Amendment to
Fifth Amended and Restated Credit Agreement.

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“First Amendment Closing Instructions” shall mean
instructions from Agent Bank to Title Insurance Company setting forth Agent
Bank’s requirement for the First Amendment Endorsements and other conditions to
recording/filing of the First Amendment Deed of Trust Modifications.

“First Amendment Deed of Trust Modifications” shall
mean a collective reference to separate instruments amending each of the Deeds
of Trust for the purpose of: (i) confirming that the Deeds of Trust secure
payment and performance under the Credit Facility, as modified by the PIDI
Commitment Increase; and (ii) providing for such other modifications to the
Deeds of Trust as may be required by Agent Bank; all of which separate
instruments shall be in a form and substance acceptable to Agent Bank.

“First Amendment Effective Date” shall mean the date
upon which each of the conditions precedent set forth in Paragraph 9 of
the First Amendment has been fully satisfied.

“First Amendment Endorsements” shall mean a collective
reference to:  (i) such endorsements
to the Existing Title Insurance Policies as may be required by Agent Bank in
order to provide for each of the Title Insurance Policies to insure the lien
and priority of the insured Deed of Trust thereunder, as such Deed of Trust is
modified by the applicable First Amendment Deed of Trust Modification;
(ii) tie-in endorsements to the Existing Title Insurance Policies, in a
form acceptable to Agent Bank, causing each Title Insurance Policy to be tied
to all other Title Insurance Policies (to the extent such tie-in endorsements
are available); (iii) if acceptable tie-in endorsements are issued to all
of the Existing Title Insurance Policies, such endorsements to the Existing
Title Insurance Policies as may be required by Agent Bank in order to provide
for aggregate coverage thereunder, in the amount of One Hundred Fifty-Five
Million Dollars ($155,000,000.00); (iv) if acceptable tie-in endorsements are
not issued to all of the Existing Title Insurance Policies, such endorsements
as may be required by Agent Bank to provide for coverage under each Title
Insurance Policy in such amounts as may be required by Agent Bank; and (v) such
other endorsements to the Existing Title Insurance Policies as may be required
by Agent Bank in its reasonable discretion.

“PIDI Commitment Increase” shall have the meaning
ascribed to such term in Recital Paragraph C(i) of the First Amendment.

“PIDI Commitment Increase Mandate Letter” shall mean
the Mandate Letter dated May 29,
2007, executed by Agent Bank and accepted by Borrowers on June 1, 2007.

“Revolving Credit Note” shall mean collective
reference to the Revolving Credit Note (First Restated), a copy of which is
marked “Exhibit A”, affixed to the First

 5
 

Amendment and by this reference incorporated herein
and made a part hereof, to be executed by Borrowers on or before the First
Amendment Effective Date, payable to the order of Agent Bank on behalf of the
Lenders, evidencing the Credit Facility, together with each Replacement Note or
Replacement Notes issued on and after the First Amendment Effective Date to one
or more of the Lenders pursuant to Section 2.05(i) evidencing the
respective Syndication Interest of such Lender or Lenders, in each case as the
same may be amended, modified, supplemented, replaced, renewed or restated from
time to time, which Revolving Credit Note shall fully restate and supersede the
revolving credit note and replacement notes issued in connection with the
Existing Credit Agreement.

“Schedule of Lenders’ Proportions in Credit Facility”
shall mean the Schedule of Lenders’ Proportions in Credit Facility, a copy of
which is set forth as Schedule 2.01(a), affixed to the First Amendment 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 with respect to the Aggregate Commitment as of
the First Amendment Effective Date, as the same may be amended or restated from
time to time in connection with an Assignment and Assumption Agreement, which
revised Schedule 2.01(a) shall fully restate and supersede
Schedule 2.01(a) attached to the Existing Credit Agreement and all
previous amendments and restatements thereof.

“Title Insurance Policies” shall mean the Existing
Title Insurance Policies as endorsed by the First Amendment Endorsements and as
they may be further endorsed, supplemented or otherwise modified from time to
time.

“Watson Property” shall mean that portion of the MPI
Real Property which is designated as Parcel Eleven on Exhibit K to the Existing
Credit Agreement.

2.                                       PIDI
Commitment Increase.  From and after
the First Amendment Effective Date:

a.              Each
Assuming Lender shall and does hereby assume and agree to perform all of the
promises and covenants of a Lender as to its respective Pro Rata Share of the
Aggregate Commitment in the amounts set forth in Recital Paragraph D with
respect to the PIDI Commitment Increase;

b.              The
respective aggregate Syndication Interests of the Lenders in the Credit
Facility shall be as set forth on the Schedule of Lenders’ Proportions in
Credit Facility as of the First Amendment Effective Date, a copy of which is
marked “Schedule 2.01(a)” affixed to the First Amendment and by this reference
incorporated herein and made a part hereof, which shall restate the Schedule of
Lenders’ Proportions in Credit Facility as of Fifth Amended and Restated Restatement
Date attached as

 6
 

Schedule 2.01(a) to the Existing Credit Agreement, and all previous
amendments and restatements thereof, for the purpose of showing the Aggregate
Commitment, as increased by the PIDI Commitment Increase, the adjustment of the
respective Syndication Interests held by each of the Lenders, and evidencing
each Lender’s applicable Syndication Interest in the Credit Facility as of and
after the First Amendment Effective Date; and

c.              The
PIDI Commitment Increase is independent of the Commitment Increase described in
Section 2.01(d) of the Existing Credit Agreement, which shall survive this
First Amendment and remain in full force and effect.

3.                                       Amendment of Section 5.30.  As of the First Amendment Effective Date, the
reference to April 1, 2008 in Section 5.30 entitled “Resolution of
Mara Environmental Issues and Encumbrance of Mara Real Property” shall be and
is hereby amended to be August 1, 2008.

4.                                       Restatement
of Section 6.06(d).  As of the First
Amendment Effective Date, Section 6.06(d) of the Existing Credit Agreement
shall be and is hereby amended and restated in its entirety and the following
is substituted as a full restatement thereof:

“d. on and after the
Original Closing Date, Distributions to MTR Harness up to the maximum cumulative
aggregate amount of Fifteen Million Dollars ($15,000,000.00).”

5.                                       Restatement
of Section 6.07(b).  As of the First
Amendment Effective Date, Section 6.07(b) of the Existing Credit Agreement
shall be and is hereby deleted in its entirety and the following is substituted
as a full restatement thereof:

“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 Ninety-Six Million
Dollars ($296,000,000.00);”.

6.                                       Restatement
of Section 6.09(k).  As of the First
Amendment Effective Date, Section 6.09(k) of the Existing Credit Agreement
shall be and is hereby deleted in its entirety and the following is substituted
as a full restatement thereof:

“k.           On and after the Original Closing
Date, Investments made in MTR Harness up to the maximum cumulative aggregate
amount of Fifteen Million Dollars ($15,000,000.00);”

 7
 

7.                                       Release
of Watson Property.  As of the First
Amendment Effective Date, each of the Lenders shall and do hereby consent to
the release by Agent Bank of the Watson Property as Collateral and the
termination of all Liens in favor of the Banks encumbering the Watson
Property.  As of the First Amendment
Effective Date, the Watson Property shall be deemed to be a “Non Essential
Property” under Section 6.12(g), the Net Proceeds of which may be retained
by Borrowers.

8.                                       Sale
of SGFI Hotel/Casino Facilities.  As
of the First Amendment Effective Date, Lenders shall and do hereby consent to
the sale by the Borrower Consolidation of the SGFI Hotel/Casino Facilities and
to the release and reconveyance by Agent Bank of all SGFI Security Documents
subject to the following conditions:

a. That the
purchase price, terms of sale and amount of the Net Proceeds to be realized by
such sale of the SGFI Hotel/Casino Facilities be first approved by Agent Bank;
and either

b. So long
as no Default or Event of Default has occurred and remains continuing, upon
receipt of the Net Proceeds of such sale, the Borrower Consolidation may retain
such Net Proceeds for operating purposes; or

c. In the
event a Default or Event of Default has occurred and remains continuing at the
time of the Borrower Consolidation’s receipt of such Net Proceeds, such Net
Proceeds shall be used by the Borrower Consolidation to make a Principal Prepayment.

9.                                       Sale
of SGLVI Collateral.  As of the First
Amendment Effective Date, Lenders shall and do hereby agree that in the event
the SGLVI Collateral is sold as provided in Section 6.12(f) of the Credit
Agreement, that so long as no Default or Event of Default has occurred and
remains continuing the Borrower Consolidation may retain the Net Proceeds of
such sale for operating purposes and will not be required to make a Principal
Prepayment as therein provided.

10.                                 Conditions
Precedent to First Amendment Effective Date.  The occurrence of the First Amendment
Effective Date is subject to Agent Bank having received the following documents
and payments, in each case in a form and substance reasonably satisfactory to
Agent Bank, and the occurrence of each other condition precedent set forth
below on or before June 22, 2007:

a. Due
execution by Borrowers and Banks of eight (8) duplicate originals of this First
Amendment;

b. Due
execution by the Borrowers, Agent Bank and Assuming Lenders of eight (8)
duplicate originals of the Assumption Agreement;

 8
 

c. Due
execution by Borrowers of the original Revolving Credit Note (First Restated);

d. An
original Certificate of Corporate Resolution for each of the Borrowers
authorizing each respective Borrowers to enter into all documents and
agreements to be executed by it pursuant to this First Amendment 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 corporation;

e. Borrowers
shall have executed and delivered to Agent Bank: (i) each of the First
Amendment Deed of Trust Modifications; and (ii) any further amendments to
the Security Documentation reasonably requested by Agent Bank for the purpose
of securing repayment of the PIDI Commitment Increase and the Bank Facilities;

f. Borrowers
shall pay the costs of the First Amendment Endorsements and related costs and
expenses incurred in connection therewith;

g. Each
Lender realizing a decrease in its respective Syndication Interest has received
such amount as is necessary to adjust such Lender’s Pro Rata Share of the
Funded Outstandings as of the First Amendment Effective Date equal to such
Lender’s Syndication Interest as set forth on the Schedule of Lenders’
Proportions in Credit Facility dated as of the First Amendment Effective Date,
attached hereto;

h. Each
Assuming Lender realizing a new or increase in its respective Syndication
Interest has delivered to Agent Bank an amount representing its Pro Rata Share
of the Funded Outstandings as of the First Amendment Effective Date, less such
Assuming Lender’s Pro Rata Share of the Funded Outstandings immediately prior
to the First Amendment Effective Date, for distribution to the Lenders in such
amounts as are necessary to adjust each such Lenders’ Pro Rata Share of the
Funded Outstandings as of the First Amendment Effective Date to a percentage
equal to the Syndication Interests set forth on the Schedule of Lenders’
Proportions in Credit Facility dated as of the First Amendment Effective Date,
attached hereto.  Interest accrued but
remaining unpaid on the outstanding principal balance under the Credit Facility
shall be prorated to the First Amendment Effective Date and disbursed by Agent
Bank to Lenders from the next payment of accrued interest under the Revolving
Credit Note in accordance with their respective Pro Rata Shares;

i. Payment
by Borrowers to Agent Bank of the fees to the extent then due and payable on
the First Amendment Effective Date as provided in the PIDI Commitment Increase
Mandate Letter;

 9
 

j. Borrowers
shall have caused their attorneys to deliver a legal opinion in substantially
the form of the Legal Opinion attached as Exhibit M to the Existing Credit
Agreement with respect to the First Amendment and the amendments to the
Security Documentation and in all other respects reasonably satisfactory to
Agent Bank;

k. Borrowers
pay Agent Bank for the account of the applicable Lenders any Breakage Charges
due under Section 2.07(c) of the Existing Credit Agreement;

l. Reimbursement
to Agent Bank by Borrowers for all reasonable fees and out-of-pocket expenses
incurred by Agent Bank in connection with the PIDI Commitment Increase and
First Amendment, but not limited to, reasonable attorneys’ fees of Henderson
& Morgan, LLC and all other like expenses remaining unpaid as of the First
Amendment Effective Date; and

m. Such
other documents, instruments or conditions as may be reasonably required by
Agent Bank.

11.                                 Representations
of Borrowers.  Borrowers hereby
represent to the Banks, which representations shall survive the First Amendment
Effective Date and be deemed incorporated into Article IV of the Credit
Agreement, that:

a. The
representations and warranties contained in Article IV of the Existing Credit
Agreement and contained in each of the other Loan Documents (other than
representations and warranties which expressly speak only as of a different
date, which shall be true and correct in all material respects as of such date)
are true and correct on and as of the First Amendment Effective Date in all
material respects as though such representations and warranties had been made
on and as of the First Amendment Effective 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 the Credit Agreement or by any other Loan Document or
which has been otherwise consented to by Agent Bank or, where applicable, the
Requisite Lenders;

b. Since the
date of the most recent financial statements referred to in Section 5.08 of the
Existing Credit Agreement, no Material Adverse Change has occurred and no event
or circumstance which could reasonably be expected to result in a Material
Adverse Change has occurred;

c. No event
has occurred and is continuing which constitutes a Default or Event of Default
under the terms of the Credit Agreement; and

 10
 

d. The
execution, delivery and performance of this First Amendment, the Revolving
Credit Note and each of the related documents has been duly authorized by all
necessary action of Borrowers and this First Amendment, the Revolving Credit
Note and each of the related documents constitute valid, binding and
enforceable obligation of Borrowers.

12.                                 Incorporation
by Reference.  This First Amendment
shall be and is hereby incorporated in and forms a part of the Existing Credit
Agreement.

13.                                 Governing
Law.  This First Amendment to Credit
Agreement shall be governed by the internal laws of the State of Nevada without
reference to conflicts of laws principles.

14.                                 Counterparts.  This First Amendment may be executed 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 one and the same document.

15.                                 Continuance
of Terms and Provisions.  All of the
terms and provisions of the Credit Agreement shall remain unchanged except as
specifically modified herein.

16.                                 Replacement
Schedules and Exhibits Attached.  The
following additional and replacement Schedules and Exhibits are attached hereto
and incorporated herein and made a part of the Credit Agreement as follows:

	
  

  	
   

  	
  Schedule 2.01(a) -

  	
   

  	
  Schedule of Lenders’ Proportions in Credit Facility
  as of First Amendment Effective Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Schedule 2.01(c) -

  	
   

  	
  Aggregate Commitment Reduction Schedule

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Schedule 2.01(c) -

  Alternate One -

  	
   

  	
  Aggregate Commitment Reduction Schedule - Alternate
  One

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Exhibit A -

  	
   

  	
  Revolving Credit Note (First Restated) - Form

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Exhibit D -

  	
   

  	
  Compliance Certificate (First Restated) - Form

  

 

 11

 

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,

  
	
   

  	
   

  	
   

  	
  Chairman

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  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

  

 

 S-2
 

 

	
  

  	
   

  	
  BANKS:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WELLS FARGO BANK,

  National Association,

  Agent Bank, Lender,

  Swingline Lender and L/C Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /S/ James Neil

  
	
   

  	
   

  	
   

  	
  James Neil,

  
	
   

  	
   

  	
   

  	
  Vice President

  

 

 S-3
 

 

	
  

  	
   

  	
  NATIONAL CITY BANK,

  successor by merger to

  NATIONAL CITY BANK OF

  PENNSYLVANIA,

  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /S/ Emil Kwaczala

  
	
   

  	
   

  	
   

  	
  Emil Kwaczala,

  
	
   

  	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 S-4
 

 

	
  

  	
   

  	
  CIT LENDING SERVICES CORPORATION,

  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /S/ Anthony Holland

  
	
   

  	
   

  	
   

  	
  Anthony Holland,

  
	
   

  	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 S-5
 

 

	
  

  	
   

  	
  PNC BANK,

  National Association,

  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /S/ Dave Schaich

  
	
   

  	
   

  	
   

  	
  Dave Schaich,

  
	
   

  	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 S-6
 

 

	
  

  	
   

  	
  FIFTH THIRD BANK,

  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /S/ Neil Corry-Roberts

  
	
   

  	
   

  	
   

  	
  Neil Corry-Roberts,

  
	
   

  	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 S-7
 

 

	
  

  	
   

  	
  CITIZENS BANK OF PENNSYLVANIA,

  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /S/ Dwayne R. Finney

  
	
   

  	
   

  	
   

  	
  Dwayne R. Finney,

  
	
   

  	
   

  	
   

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 S-8
 

 

	
  

  	
   

  	
  COMMERZBANK AG,

  NEW YORK AND GRAND CAYMAN BRANCHES,

  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /S/ Karla Wirth

  
	
   

  	
   

  	
   

  	
  Karla Wirth,

  
	
   

  	
   

  	
   

  	
  Assistant Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /S/ Y. Joanne Si

  
	
   

  	
   

  	
   

  	
  Y. Joanne Si,

  
	
   

  	
   

  	
   

  	
  Assistant Vice President

  

 

 S-9Exhibit 10.2

REVOLVING CREDIT NOTE

(First Restated)

	
  $125,000,000.00

  	
   

  	
  June 19, 2007

  

 

FOR VALUE
RECEIVED, the undersigned, 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 and SPEAKEASY GAMING OF
FREMONT, INC., a Nevada corporation (collectively the “Borrowers”) jointly and
severally promise to pay to the order of WELLS FARGO BANK, National
Association, as Agent Bank on behalf of itself and the other Lenders as defined
and described in the Credit Agreement described hereinbelow (each, together
with their respective successors and assigns, individually being referred as a “Lender”
and collectively as the “Lenders”) such sums as Lenders (other than those Lenders that have received a Replacement Note in the
amount of their respective Syndication Interest in the Credit Facility) have
loaned and may hereafter loan or advance or re-loan to the Borrowers
from time to time pursuant to the Credit Facility as described in the Credit
Agreement, hereinafter defined up to the maximum principal sum of One Hundred Twenty-Five Million Dollars ($125,000,000.00) (or such lesser
amount of such loans and advances as may be outstanding from time to time), the
unpaid balance of which, together with
the unpaid balance of each of the Replacement Notes, shall not exceed in
the aggregate the Aggregate Commitment at any time, together with interest on
the principal balance outstanding from time to time at the rate or rates set
forth in the Credit Agreement.

A.            Incorporation of Credit Agreement.

1.             Reference is made to the Fifth
Amended and Restated Credit Agreement dated September 22, 2006, as amended by First Amendment to Fifth Amended and
Restated Credit Agreement dated concurrently herewith (as may be further
amended, modified, extended, renewed or restated from time to time,  collectively, the “Credit Agreement”),
executed by and among the Borrowers and the Lenders, Swingline Lender and L/C
Issuer therein named, and Wells Fargo Bank, National Association, as
administrative and collateral agent for itself and for the Lenders (the “Agent
Bank”).  Terms defined in the Credit
Agreement and not otherwise defined herein are used herein with the meanings
defined for those terms in the Credit Agreement.  This Revolving
Credit Note, together with each of the Replacement Notes issued pursuant to
Section 2.05(i) of the Credit Agreement, are a restatement of the

 1
 

Revolving
Credit Notes dated September 22, 2006, for the purpose of evidencing an
increase of the Aggregate Commitment from One Hundred Five Million Dollars
($105,000,000.00) to One Hundred Fifty-Five Million Dollars ($155,000,000.00)
and shall constitute the Revolving Credit Note (“Revolving Credit Note”)
referred to in the Credit Agreement, and any holder hereof (in accordance with
the Credit Agreement) is entitled to all of the rights, remedies, benefits and
privileges provided for in the Credit Agreement as originally executed or as it
may from time to time be supplemented, modified or amended.  The Credit Agreement, among other things,
contains provisions for acceleration of the maturity hereof upon the happening of
certain stated events upon the terms and conditions therein specified.

2.             The outstanding principal
indebtedness evidenced by this Revolving Credit Note shall be payable as
provided in the Credit Agreement and in any event on September 27, 2011, the Maturity Date.

3.             Interest shall be payable on the
outstanding daily unpaid principal amount of each Borrowing hereunder from the
date thereof until payment in full and shall accrue and be payable at the rates
and on the dates set forth in the Credit Agreement both before and after
Default and before and after maturity and judgment, with interest on overdue
interest to bear interest at the Default Rate, to the fullest extent permitted
by applicable law.

4.             The amount of each payment
hereunder shall be made to the Agent Bank at the Agent Bank’s office as
specified in the Credit Agreement for the account of the Lenders at the time or
times set forth therein, in lawful money of the United States of America and in
immediately available funds.

5.             Borrowings hereunder shall be made
in accordance with the terms, provisions and procedures set forth in the Credit
Agreement.

B.            Default.  The “Late Charges and Default Rate”
provisions contained in Section 2.10 and the “Events of Default”
provisions contained in Article VII of the Credit Agreement are hereby
incorporated by this reference as though fully set forth herein.  Upon the occurrence of a Default or Event of
Default, Borrowers’ right to convert or exercise its Interest Rate Option for a
LIBOR Loan, or the continuation thereof at the expiration of the then current
Interest Period, shall immediately, without notice or demand, terminate for so
long as a Default or Event of Default is continuing.

C.            Waiver.  Borrowers
waive diligence, demand, presentment for payment, protest and notice of
protest.

 2
 

D.            Collection Costs.  In the event of the occurrence of an Event of
Default, the Borrowers agree to pay all reasonable costs of collection,
including reasonable attorneys fees, 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 default.  In the
event legal action is commenced for the collection of any sums owing hereunder
the undersigned agrees 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.

E.             Interest Rate Limitation.  Notwithstanding any provision herein or in
any document or instrument now or hereafter securing this Revolving Credit
Note, the total liability for payments in the nature of interest shall not
exceed the limits now imposed by the applicable laws of the State of Nevada or
the United States of America.

F.             Security.  This Revolving Credit Note is secured by the
Security Documentation described in the Credit Agreement.

G.            Governing Law.  This Revolving Credit Note has been delivered
in Reno, Nevada, and shall be
governed by and construed in accordance with the laws of the State of Nevada.

H.            Partial Invalidity.  If any provision of this Revolving Credit
Note shall be prohibited by or invalid under any applicable law, such provision
shall be in­effective only to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision of any other provision of
this Revolving Credit Note.

I.              No Conflict with Credit
Agreement.  This Revolving Credit
Note is issued under, and subject to, the terms, covenants and conditions of
the Credit Agreement, which Credit Agreement is by this reference incorporated
herein and made a part hereof.  No
reference herein to the Credit Agreement and no provision of this Revolving
Credit Note or the Credit Agreement shall alter or impair the obligations of
Borrowers, which are absolute and unconditional, to pay the principal of and
interest on this Revolving Credit Note at the place, at the respective times,
and in the currency prescribed in the Credit Agreement.  If any provision of this Revolving Credit
Note conflicts or is inconsistent with any provision of the Credit Agreement,
the provisions of the Credit Agreement shall govern.

 3
 

IN
WITNESS WHEREOF, this Revolving Credit Note has been executed as of the date
first hereinabove 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

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

 4
 

 

	
  

  	
   

  	
  PRESQUE ISLE DOWNS, INC.,

  a Pennsylvania corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /S/ Edson R. Arneault

  
	
   

  	
   

  	
   

  	
  Edson R. Arneault,

  
	
   

  	
   

  	
   

  	
  Chairman

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  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

  
	
   

  	
   

  	
   

  

 

 5

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