Document:

EX-10.2

 

Exhibit 10.2

FIRST AMENDED AND RESTATED REVOLVING CREDIT NOTE

			
	 	 	 
	$9,500,000
	 	Cuyahoga County, Ohio

As of March 28, 2008

     FOR VALUE RECEIVED, the undersigned, JOHN D. OIL AND GAS COMPANY, a Maryland corporation
(“John D”) and RICHARD M. OSBORNE, an individual (“Osborne”)(“John D” and “Osborne” jointly and
severally “Borrowers”), hereby jointly and severally promise to pay to the order of RBS CITIZENS,
N.A., d/b/a CHARTER ONE (together with its successors and assigns and each subsequent holder,
“Bank”), at its principal office at 1215 Superior Avenue, Cleveland, Ohio 44114, or at such other
place as the holder hereof may from time to time designate in writing, in immediately available
funds on the Maturity Date, as defined in the Loan Agreement (as defined below) the lesser of NINE
MILLION FIVE HUNDRED THOUSAND DOLLARS U.S. ($9,500,000.00) or the Commitment Sublimit pursuant to
that certain First Amended and Restated Loan and Security Agreement among Borrowers and Bank, dated
as of March 28, 2008, (as the same may hereafter be amended, restated, supplemented, or otherwise
modified from time to time and at any time, the “Loan Agreement”). Each capitalized term used
herein and not otherwise defined herein shall have the meaning ascribed to such term in the Loan
Agreement.

     Loan Agreement. This note is the First Amended and Restated Revolving Credit Note referred
to in the Loan Agreement (as heretofore amended, restated, supplemented and otherwise modified,
this “Note”). The Loan Agreement, among other things, (i) contains provisions for acceleration of
the maturity hereof upon the happening of certain stated events and also for prepayments on account
of principal hereof prior to the maturity hereof and (ii) provides for the amendment or waiver of
certain terms of the Loan Agreement, all upon the terms and conditions therein specified.

     Payments. Each of the undersigned, jointly and severally, promises to pay accrued and unpaid
interest on the unpaid principal amount of each Revolving Credit Loan evidenced hereby from the
date of such Revolving Credit Loan until such principal amount is paid in full, at such interest
rates, and payable at such times, as are set forth in the Loan Agreement, including any applicable
Default Rate, until the payment in full thereof. Without in any way limiting Bank’s right at any
time to demand payment of the entire principal balance under this Note and all interest accrued
thereon upon the occurrence of an Event of Default, which right is absolute and unconditional, the
entire unpaid principal balance under this Note, together with all interest accrued thereon, shall
be due and payable on the Maturity Date, without notice, presentment, demand, notice of dishonor,
or any notice of any kind. Each of the undersigned, jointly and severally, promises to pay on
demand, interest on any overdue principal and, to the extent permitted by law, overdue interest
from their due dates at the rate or rates provided in the Loan Agreement or this Note. Each of the
undersigned, jointly and severally, promise to pay in accordance with the terms set forth in the
Loan Agreement, the amount by which Advances extended hereunder exceed the Commitment Sublimit.
Both principal and interest in respect of

 

 

each Revolving Credit Loan are payable in lawful money of the United States of America to Bank
in immediately available funds. Each Revolving Credit Loan made by Bank to Borrowers pursuant to
the Loan Agreement, and all payments made on account of the principal amount thereof, shall be
recorded by Bank.

     Collateral. Each Borrower has executed certain “Credit Documents” (as defined in the Loan
Agreement). The indebtedness evidenced by this Note is secured by all of the Credit Documents, and
all of the covenants, conditions and agreements contained in all of the Credit Documents are hereby
made a part of and incorporated into this Note by this reference. Reference is hereby made to the
Credit Documents for a description of the collateral covered thereby and the rights of Bank and the
obligations of each Borrower in respect thereto, but neither this reference to the Credit Documents
nor any provisions thereof shall affect or impair the obligation of each Borrower jointly and
severally to pay the principal and interest of this Note and all other sums or charges hereunder
when due and payable in accordance with the terms and conditions hereof.

     Business Loan. Each Borrower hereby expressly acknowledges and represents that the
indebtedness evidenced by this Note is a “business loan” within the meaning of Chapter 1343 of the
Ohio Revised Code.

     Fees. If this Note is not paid when due, whether at maturity or by acceleration, each
Borrower jointly and severally promises to pay all costs of collection incurred by Bank, including,
without limitation, reasonable attorneys’ fees to the fullest extent not prohibited by applicable
law, and all expenses incurred in connection with the protection or realization of any collateral,
whether or not suit is filed hereon or on any instrument granting a security interest.

     Waiver. Each Borrower hereby jointly and severally waives demand, presentment for payment,
protest, notice of protest, notice of nonpayment and any and all lack of diligence or delays in
collection or enforcement of this Note or the other Credit Documents, and expressly consents to any
extension of time of payment hereof, release of any party primarily or secondarily liable hereunder
or of any of the security for this Note, acceptance of other parties to be liable for any of the
indebtedness evidenced hereby or under the other Credit Documents or of other security therefor, or
any other indulgence or forbearance which may be made, without notice to any party and without in
any way affecting the liability of any party. Each Borrower hereby jointly and severally waives,
in favor of Bank, any and all rights of contribution, subrogation, exoneration and any similar
rights and interest so long as any amount evidenced by this Note, together with any additional
amount secured by any of the Credit Documents, remains unpaid.

     Governing Law; Consent to Jurisdiction. This Note is executed by Borrowers at Cleveland,
Cuyahoga County, Ohio. This Note is delivered in the State of Ohio and is to be governed by and
construed in accordance with the laws of the State of Ohio without regard to conflict of laws
principles thereof. Each Borrower consents to, and by execution of this Note submits to, the
personal jurisdiction of the Court of Common Pleas of Cuyahoga County, Ohio, and the United States
District Court sitting in Cleveland, Ohio, for the purposes of any judicial proceedings which are
instituted for the enforcement of this Note. Each Borrower agrees that venue is proper in either
of said courts.

 

 

     No delay on the part of the holder of this Note in the exercise of any power or right under
this Note, or any of the other Credit Documents or under any other instrument executed pursuant
hereto, shall operate as a waiver thereof, nor shall a single or partial exercise of any other
power or right. Enforcement by the holder of this Note or any security for the payment thereof
shall not constitute any election by it of remedies so as to preclude the exercise of any other
remedy available to it.

     Successors and Assigns. Each Borrower agrees that this Note shall inure to the benefit of and
may be enforced by Bank or its endorsees, transferees, successors and assigns, and shall be binding
upon and enforceable against each Borrower and their respective heirs, administrators,
representatives, successors and assigns.

     Amendment and Restatement. This Note amends and restates and shall not constitute a novation
of that certain note executed by Borrowers in favor of Bank dated September 28, 2006.

     Warrant of Attorney. Borrowers and each of them authorize any attorney-at-law to appear in
any court of record in the State of Ohio or in any other state or territory of the United States at
any time after this Note becomes due, whether at stated maturity, accelerated maturity or
otherwise, to waive the issuing and service of process and to enter an appearance and to confess
judgment against Borrowers or either of them in favor of Bank or the holder hereof for the amount
due, together with interest, expenses, the costs of suit and reasonable counsel fees, and thereupon
to release and waive all errors, rights of appeal and stays of execution. This warrant of attorney
shall survive the dissolution or death of a Borrower. Such authority shall not be exhausted by one
exercise, but judgment may be confessed from time to time as any sums and/or costs, expenses or
reasonable counsel fees shall be due as if a prior judgment is vacated, by filing an original or a
photostatic copy of this Note. Borrowers jointly and severally agree that the attorney for Bank
may confess judgment pursuant to this warrant of attorney and receive a fee from Bank for the same,
and Borrowers jointly and severally expressly consent to the same and waive any conflict of
interest arising therefrom.

     No Right to Jury Trial. BANK, BY ACCEPTANCE OF THIS NOTE, AND EACH BORROWER, JOINTLY AND
SEVERALLY, HEREBY MUTUALLY, KNOWINGLY, VOLUNTARILY, IRREVOCABLY AND UNCONDITIONALLY WAIVES FOR THE
BENEFIT OF THE OTHER ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER
SOUNDING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR
INCIDENTAL TO THIS NOTE OR THE CREDIT DOCUMENTS, THE TRANSACTIONS RELATED THERETO OR THE
RELATIONSHIP ESTABLISHED THEREBY. THIS PROVISION IS A MATERIAL INDUCEMENT TO BANK AND BORROWERS TO
EXECUTE AND DELIVER THE CREDIT DOCUMENTS. IT SHALL NOT IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR
MODIFY BANK’S ABILITY TO PURSUE ITS REMEDIES INCLUDING, BUT NOT LIMITED TO, ANY CONFESSION OF
JUDGMENT OR COGNOVIT PROVISION CONTAINED IN THIS NOTE OR THE CREDIT DOCUMENTS. IN THE EVENT OF
LITIGATION, THIS NOTE MAY BE FILED BY BANK AS A WRITTEN CONSENT TO A NON-JURY TRIAL.

 

 

WARNING — BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT
PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS
OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE
CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE
AGREEMENT, OR ANY OTHER CAUSE.

	 	 	 	 	 	 	 	 
	JOHN D. OIL & GAS COMPANY	 	 	 	 
	 
	 	 	 	 	 	 	 
	 	By:
	 	/s/ Richard M. Osborne	 	 	 	/s/ Richard M. Osborne
	 	 
	 	 	 	 	 	 
	 
	 	 	Richard M. Osborne,	 	 	 	Richard M. Osborne,
	 	 
	 	Chief Executive Officer	 	 	 	Individually
	 	 
	 	(Duly Authorized)	 	 	 	 

WARNING — BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT
PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS
OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE
CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE
AGREEMENT, OR ANY OTHER CAUSE.

[Balance of Page Intentionally Blank.]Exhibit 4.15

 

SUPPLEMENTAL INDENTURE

 

                THIS SUPPLEMENTAL INDENTURE
(this “Supplemental Indenture”), dated as of March 7, 2008 (the “Effective Date”),
among MTR Gaming Group, Inc., a Delaware corporation (the “Issuer”), the
guarantors executing this Supplemental Indenture (the “Guarantors”) and Wells
Fargo Bank, N.A., as trustee (the “Trustee”), under the Indenture dated as of March 25,
2003, as supplemented on or prior to the date hereof (as so supplemented, the “Indenture”).
Capitalized terms used herein and not otherwise defined shall have the
respective meanings ascribed to them in the Indenture.

 

                WHEREAS, pursuant to the terms
of Article Ten of the Indenture, each Guarantor, by executing the
Indenture, jointly and severally, unconditionally guarantees the Issuer’s
payment and performance obligations under the Indenture;

 

                WHEREAS, in accordance with Article Ten
of the Indenture, upon the sale or disposition of a Guarantor to a Person which
is not, and is not required to become, a Guarantor, which transaction is
otherwise in compliance with the Indenture, such Guarantor will be deemed
released from its obligations under its Guarantee of the Notes, subject to the
requirements of the Indenture;

 

                WHEREAS, Section 9.1(d) of
the Indenture permits the Issuer, the Trustee and the Guarantors to supplement
the Indenture for the purpose of evidencing the release of any Guarantor under
the terms of the Indenture; and

 

                NOW THEREFORE, in consideration
of the agreements and obligations set forth herein and for other good and
valuable consideration, the sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

 

                Section 1.               Definitions.  All capitalized terms used in this
Supplemental Indenture not defined herein shall have the meanings ascribed to
them in the Indenture.

 

                Section 2.               Release of Guarantor.  Speakeasy Gaming of Fremont, Inc. is
hereby released as a Guarantor and from all of the obligations of a Guarantor
under the Indenture, as amended and supplemented on or prior to the date
hereof.

 

                Section 3.               Counterparts.  This Supplemental Indenture may be executed
in any number of counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same document.

 

                Section 4.               Governing Law.  This Supplemental Indenture shall be governed
by and construed in accordance with the laws of the State of New York, without
regard to the principles of conflicts of laws.

 

 

 

IN WITNESS WHEREOF, the parties
hereto have caused this Supplemental Indenture to be duly executed all as of
the date hereof.

 

	
  ISSUER:

  	
   

  	
   

  
	
   

  	
  MTR GAMING GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edson R. Arneault

  
	
   

  	
   

  	
  Name: Edson R. Arneault

  
	
   

  	
   

  	
  Title: President and CEO

  
	
   

  	
   

  	
   

  
	
  GUARANTORS:

  	
   

  	
   

  
	
   

  	
  MOUNTAINEER PARK, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edson R. Arneault

  
	
   

  	
   

  	
  Name: Edson R. Arneault

  
	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PRESQUE ISLE DOWNS, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edson R. Arneault

  
	
   

  	
   

  	
  Name: Edson R. Arneault

  
	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SPEAKEASY GAMING OF LAS VEGAS, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edson R. Arneault

  
	
   

  	
   

  	
  Name: Edson R. Arneault

  
	
   

  	
   

  	
  Title: President

  

 

2

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SPEAKEASY GAMING OF RENO, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edson R. Arneault

  
	
   

  	
   

  	
  Name: Edson R. Arneault

  
	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MTR—HARNESS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edson R. Arneault

  
	
   

  	
   

  	
  Name: Edson R. Arneault

  
	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SCIOTO DOWNS, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edson R. Arneault

  
	
   

  	
   

  	
  Name: Edson R. Arneault

  
	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SPEAKEASY GAMING OF FREMONT, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edson R. Arneault

  
	
   

  	
   

  	
  Name: Edson R. Arneault

  
	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  

 

3

 

	
   

  	
   

  	
   

  
	
   

  	
  JACKSON RACING, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edson R. Arneault

  
	
   

  	
   

  	
  Name: Edson R. Arneault

  
	
   

  	
   

  	
  Title: President

  

 

 

	
  WELLS FARGO BANK, N.A., as Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Joseph O’Donnell

  	
   

  
	
   

  	
  Name: Joseph O’Donnell

  	
   

  
	
   

  	
  Title: Vice President

  	
   

  

 

 

4

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