Document:

Exhibit
10.2

 

MTR GAMING GROUP, INC.

 

12.625% SENIOR SECURED NOTE

DUE 2014

 

  

 

	
   

  	
  CUSIP
  No.:

  	
  553769 AG5

  
	
  No. 
  A-2

  	
   

  	
  $ 10,000,000

  

 

MTR Gaming Group, Inc., a Delaware corporation (the “Company,”
which term includes any successors under the Indenture hereinafter referred
to), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of TEN MILLION DOLLARS, on July 15,
2014.

 

Interest
Payment Dates:  January 15 and July 15,
commencing January 15, 2010.

 

Interest
Record Dates:  January 1 and July 1.

 

Reference is made to the further provisions of this Note on the reverse
side, which will, for all purposes, have the same effect as if set forth at
this place.

 

[signature pages follow]

 

 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

	
   

  	
  MTR
  GAMING GROUP, INC.,

  
	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Hughes

  
	
   

  	
   

  	
  Name:
  David R. Hughes

  
	
   

  	
   

  	
  Title:
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John Bittner

  
	
   

  	
   

  	
  Name:
  John W. Bittner Jr.

  
	
   

  	
   

  	
  Title:
  Executive Vice President, Finance and Accounting

  

 

 

Dated:  October 13, 2009

 

(144A
Note A-2)

 

 

This
is one of the Notes described in the Indenture hereinafter referred to.

 

	
   

  	
  WILMINGTON TRUST FSB

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Adam Berman

  
	
   

  	
   

  	
  Authorized Signatory

  

 

(144A Note A-2)

 

 

12.625% Senior Secured Notes due 2014

 

THIS GLOBAL NOTE IS HELD BY
THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE
IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT
TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO
SECTION 2.6 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.6(a) OF
THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR
WRITTEN CONSENT OF THE COMPANY.

 

UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR TO ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.  UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW
YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THE NOTES EVIDENCED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”)
AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO
A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING
WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT
TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL INVESTOR THAT IS AN
ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501 OF REGULATION D UNDER THE
SECURITIES ACT IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT AND 

 

 

(B) IN ACCORDANCE WITH
ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER
JURISDICTIONS.

 

ORIGINAL ISSUE
DISCOUNT.  THE NOTES HAVE BEEN ISSUED
WITH ORIGINAL ISSUE DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX PURPOSES (“OID”).  THE ISSUE PRICE, THE AMOUNT OF OID, THE ISSUE
DATE AND THE YIELD TO MATURITY MAY BE OBTAINED BY CONTACTING DAVID R.
HUGHES, CORPORATE EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER, MTR
GAMING GROUP, INC., (724) 933-8122.

 

Capitalized terms used
herein shall have the meanings assigned to them in the Indenture referred to
below unless otherwise indicated.

 

1.                                       Interest.  MTR Gaming Group, Inc., a Delaware
corporation (the “Company”),
promises to pay interest on the principal amount of this Note at 12.625% per
annum from the Issue Date until maturity and shall pay the Liquidated Damages,
if any, payable pursuant to Section 2(c) of the Registration Rights
Agreement referred to below.  The Company
will pay interest and Liquidated Damages, if any, semi-annually in arrears on July 15
and January 15 of each year, or if any such day is not a Business Day, on
the next succeeding Business Day (each an “Interest
Payment Date”).  Interest on
the Notes will accrue from the most recent date to which interest has been paid
or provided for or, if no interest has been paid, from the Issue Date; provided, that if there is no existing
Default in the payment of interest, and if this Note is authenticated between
an Interest Record Date (defined below) referred to on the face hereof and the
next succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided, further,
that the first Interest Payment Date shall be January 15, 2010.  The Company shall pay interest on overdue
principal and premium, if any, from time to time on demand at the rate then in
effect; it shall pay interest on overdue installments of interest and
Liquidated Damages, if any (without regard to any applicable grace periods),
from time to time on demand at the same rate to the extent lawful.  Interest will be computed on the basis of a
360-day year of twelve 30-day months.

 

2.                                       Method
of Payment.  The Company
will pay interest on the Notes (except Defaulted Interest) and Liquidated
Damages, if any, to the Persons who are registered Holders of Notes at the
close of business on July 1 or January 1 next preceding the Interest
Payment Date (each an “Interest Record Date”),
even if such Notes are cancelled after such Record Date and on or before such
Interest Payment Date, except as provided in Section 2.12 of the Indenture
(as defined below) with respect to Defaulted Interest.  The Notes will be payable as to principal,
premium, if any, interest and Liquidated Damages, if any, at the office or
agency of the Company maintained in the Borough of Manhattan, The City and
State of New York for such purpose, or, at the option of the Company, payment
of interest and Liquidated Damages, if any, may be made by check mailed to the
Holders at their addresses set forth in the register of Holders, and provided, that payment by wire transfer of
immediately available funds to an account within the United States will be
required with respect to principal of and interest, premium, if any, and
Liquidated Damages, if any, on all Global Notes.  Such payment shall be in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

 

 

3.                                       Paying
Agent and Registrar.  Initially,
Wilmington Trust FSB, the Trustee under the Indenture, will act as Paying Agent
and Registrar.  The Company may change
any Paying Agent or Registrar without notice to any Holder.  The Company or any of its Subsidiaries may
act in any such capacity.

 

4.                                       Indenture.  The Company issued the Notes under an
Indenture dated as of August 12, 2009 (the “Indenture”), by and among the Company, the Guarantors, the
Trustee and the Collateral Agent.  The
terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939, as amended (15
U.S. Code §§ 77aaa-77bbbb) (the “TIA”). 
The Notes are subject to all such terms, and Holders are referred to the
Indenture and the TIA for a statement of such terms.

 

5.                                       Optional
Redemption.

 

(a)          Except as set forth
in clause (b) of this Section 5, the Company shall not have the
right to redeem any Notes pursuant to this Section 5 prior to July 15,
2011.  The Notes will be redeemable for
cash at the option of the Company, in whole or in part, at any time on or after
July 15, 2011, at the following redemption prices (expressed as
percentages of the principal amount) if redeemed during the 12-month period
commencing July 15 of the years indicated below, in each case, together
with accrued and unpaid interest and Liquidated Damages, if any, thereon to the
Redemption Date:

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2011

  	
   

  	
  106.313

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  2012

  	
   

  	
  103.156

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  2013 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

(b)          Notice of redemption
will be mailed by first class mail at least 30 days but not more than 60 days
before the Redemption Date to each Holder whose Notes are to be redeemed at its
registered address.  Notes in
denominations larger than $1,000 may be redeemed in part but only in integral
multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed.  On and after the Redemption
Date, interest (and Liquidated Damages, if any) ceases to accrue on Notes or
portions thereof called for redemption unless the Company defaults in such
payments due on the Redemption Date.

 

If
the Redemption Date is on or after an Interest Record Date and is on or before
the associated Interest Payment Date, any accrued and unpaid interest and
Liquidated Damages, if any, due on such Interest Payment Date shall be paid on
such Interest Payment Date to the Person in whose name a Note is registered at
the close of business on such Interest Record Date.

 

Any
redemption of Notes pursuant to this Section 5 shall be made in
accordance with the provisions of Sections 3.1 through 3.7 of the
Indenture.

 

6.                                       Mandatory
Redemption.  The Company
shall not be required to make mandatory redemption payments with respect to the
Notes.  The Notes shall not have the
benefit of any sinking fund.

 

 

7.                                       Regulatory
Redemption. 
Notwithstanding any provision hereof, if any Gaming Authority requires
that a Holder or beneficial owner of Notes must be licensed, qualified or found
suitable under any applicable Gaming Law and such Holder or beneficial owner
fails to apply for a license, qualification or a finding of suitability within
30 days after being requested to do so by the Gaming Authority (or such lesser
period that may be required by such Gaming Authority), or if such Holder or
such beneficial owner is not so licensed, qualified or found suitable, the
Company shall have the right, at its option, (1) to require such Holder or
beneficial owner to dispose of such Holder’s or beneficial owner’s Notes within
30 days of receipt of notice of such finding by the applicable Gaming Authority
or such earlier date as may be ordered by such Gaming Authority or (2) to
call for the redemption (a “Required
Regulatory Redemption”) of the Notes of such Holder or beneficial
owner at the principal amount thereof or, if required by such Gaming Authority,
the lesser of (a) the price at which such Holder or beneficial owner
acquired the Notes, and (b) the fair market value of such Notes on the
Redemption Date, together with, in either case, accrued and unpaid interest
and, if permitted by such Gaming Authority, Liquidated Damages, to the earlier
of the Redemption Date or such earlier date as may be required by such Gaming
Authority or the date of the finding of unsuitability by such Gaming Authority,
which may be less than 30 days following the notice of redemption, if so
ordered by such Gaming Authority. The Company shall notify the Trustee in
writing of any such redemption as soon as practicable and the Redemption Price
of each Note to be redeemed.

 

8.                                       Offers
to Purchase.

 

(a)          Change of Control.  In the event that a Change of Control has
occurred, each Holder of Notes will have the right, at such Holder’s option,
pursuant to an offer (subject only to conditions required by applicable law, if
any) by the Company (the “Change of Control Offer”), to
require the Company to repurchase all or any part of such Holder’s Notes; provided, that the principal amount of such Notes must be $1,000 or in
integral multiples thereof, on a date (the “Change of Control Purchase Date”)
that is no later than 30 Business Days after the occurrence of such
Change of Control, at a cash price equal to 101% of the principal amount
thereof (the “Change of Control Purchase Price”), together
with accrued and unpaid interest and Liquidated Damages, if any, to the Change
of Control Purchase Date.  The Change of
Control Offer will be made in accordance with Section 4.14 of the
Indenture.

 

(b)          Asset Sale.  If the Company, any Guarantor or any
Subsidiary of the Company or any Guarantor consummates any Asset Sales, when
the Excess Proceeds equal or exceed $5,000,000, the Company shall offer to
repurchase the Notes, together with any senior secured Indebtedness with
similar provisions requiring the Company to make an offer to purchase such
Indebtedness with the proceeds from such Asset Sale pursuant to a cash offer
(subject only to conditions required by applicable law, if any), pro rata in proportion to the respective principal amounts
of such senior secured Indebtedness (or accreted values in the case of
Indebtedness issued with an original issue discount) and the Notes (the “Asset Sale Offer”) at a purchase price of 100% of the
principal amount (or accreted value in the case of Indebtedness issued with an
original issue discount) (the “Asset Sale Offer Price”).  The Asset Sale Offer shall remain open for at
least 20 Business Days following its commencement (the “Asset Sale
Offer Period”).  Upon
expiration of the Asset Sale Offer Period, the Company shall apply an amount 

 

 

equal
to the Excess Proceeds (the “Asset Sale Offer Amount”)
plus an amount equal to accrued and unpaid interest and Liquidated Damages, if
any, to the purchase of all Indebtedness properly tendered in accordance with
the provisions of this covenant (on a pro rata basis
if the Asset Sale Offer Amount is insufficient to purchase all Indebtedness so
tendered) at the Asset Sale Offer Price (together with accrued and unpaid
interest and Liquidated Damages, if any, to the date of payment).  To the extent that the aggregate amount of
Notes and such other senior secured Indebtedness tendered pursuant to an Asset
Sale Offer is less than the Asset Sale Offer Amount, the Company may use any
remaining Net Cash Proceeds as otherwise permitted by the Indenture and the
Security Documents.  Following the
consummation of each Asset Sale Offer, the Excess Proceeds amounts shall be
reset to zero.  The Asset Sale Offer will
be made in accordance with and will be subject to the limitations contained in Section 4.13
of the Indenture.

 

9.                                       Denominations,
Transfer, Exchange.  The Notes
are in registered form without coupons in denominations of $1,000 and integral
multiples of $1,000.  The transfer of
Notes may be registered and Notes may be exchanged as provided in the
Indenture.  The Registrar and the Trustee
may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and the Company may require a Holder to pay any taxes
and fees required by law or permitted by the Indenture.  The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for
the unredeemed portion of any Note being redeemed in part.  Also, it need not exchange or register the
transfer of any Notes for a period of 15 days before a selection of Notes to be
redeemed or during the period between an Interest Record Date and the
corresponding Interest Payment Date.

 

10.                                 Persons
Deemed Owners.  The
registered Holder of a Note may be treated as its owner for all purposes.

 

11.                                 Amendment,
Supplement and Waiver. 
Subject to certain exceptions set forth in Article IX of the
Indenture, the Company, the Guarantors and the Trustee may amend, supplement or
otherwise modify the Indenture, the Notes and the Guarantees, with the consent
of the Holders of a majority in aggregate principal amount of the Notes then
outstanding (including, without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for, the Notes), and,
subject to certain exceptions, any existing Default or Event of Default (other
than a Default or Event of Default in the payment of the principal of, premium,
if any, or interest or Liquidated Damages (if any) on the Notes, except a
payment default resulting from an acceleration that has been rescinded) or
compliance with any provision of the Indenture, the Notes and the Guarantees
may be waived with the consent of the Holders of a majority in aggregate
principal amount of the then outstanding Notes (including consents obtained in
connection with a purchase of, or tender offer or exchange offer for, the
Notes).

 

12.                                 Defaults
and Remedies.  The
Indenture provides that each of the following constitutes an Event of Default:

 

(a)          the Company’s failure
to pay any installment of interest (or Liquidated Damages, if any) on the Notes
as and when the same becomes due and payable and the continuance of any such
failure for 30 days;

 

 

(b)                                 the Company’s
failure to pay all or any part of the principal of, or premium, if any, on the
Notes when and as the same becomes due and payable at maturity, redemption, by
acceleration or otherwise, including, without limitation, payment of the Change
of Control Purchase Price or the Asset Sale Offer Price on Notes validly
tendered and not properly withdrawn pursuant to a Change of Control Offer or
Asset Sale Offer, as applicable;

 

(c)                                  the Company’s
failure or the failure by any of Subsidiaries to observe or perform any other
covenant or agreement contained in the Notes or the Indenture and, except for
the provisions under Sections 4.13 and 4.14, and Article V of the
Indenture, the continuance of such failure for a period of 30 days after
written notice is given to the Company by the Trustee or to the Company and the
Trustee by the Holders of at least 25% in aggregate principal amount of the
Notes outstanding;

 

(d)                                 certain events
of bankruptcy, insolvency or reorganization in respect of the Company or any of
the Guarantors;

 

(e)                                  a default
occurs (after giving effect to any waivers, amendments, applicable grace
periods or any extension of any maturity date) in any of the Company’s
Indebtedness or the Indebtedness of any of the Guarantors or any of the Company’s
Subsidiaries with an aggregate principal amount in excess of $10,000,000 (a) resulting
from the failure to pay principal of or interest on such Indebtedness, or (b) if
as a result of such default, the maturity of such Indebtedness has been
accelerated prior to its stated maturity;

 

(f)                                    final
unsatisfied judgments not covered by insurance aggregating in excess of
$10,000,000, at any one time rendered against the Company, any of the
Guarantors or any of the Company’s Subsidiaries and not stayed, bonded or
discharged within 60 days;

 

(g)                                 any Guarantee
of a Guarantor ceases to be in full force and effect or becomes unenforceable
or is invalid or is declared null and void (other than in accordance with the
terms of the Guarantee and this Indenture) or any Guarantor denies or
disaffirms its Obligations under its Guarantee;

 

(h)                                 the suspension
or loss (excluding any voluntary termination of such rights in connection with
a sale, lease or closure of a site (other than the Mountaineer Casino,
Racetrack & Resort and Presque Isle Downs), provided
that such sale, lease or closure was otherwise permitted by, and complied with
the provisions of, the Indenture) of the Company’s or any of the Company’s
Subsidiaries’ legal right to operate slot machines or to conduct other gaming
operations (other than parimutuel wagering) and such suspension or loss
continues for more than 90 consecutive days or for 120 days within any
consecutive 180-day period; and

 

(i)                                     the occurrence
of any of the following:

 

(1)           (i) any
Security Document is held in any judicial proceeding to be unenforceable or
invalid or ceases for any reason to be in full force and effect or is declared
null and void, other than in accordance with the terms of the relevant Security
Document, or (ii) it becomes unlawful for the Company or any Guarantor to
perform any 

 

 

of the Note Obligations or Collateral Agent shall not have or
shall cease to have a valid and perfected Lien in any material portion of the
Collateral purported to be covered by the Security Documents with the priority
required by the relevant Security Document (including as a result of assets not
constituting Collateral by operation of clause (1) or clause (2) of
the definition of Excluded Assets), in each case for any reason other than the
failure of Collateral Agent or any other holder of Note Obligations to take any
action within its control, or (iii) the Company or any Guarantor shall
contest the validity or enforceability of the Indenture or any Security
Document in writing or repudiate or rescind (or purport to repudiate or
rescind) or deny in writing that it has any further liability under any
provision of any Security Document to which the Company or it is a party or
shall contest the validity or perfection of any Lien in any Collateral purported
to be covered by the Security Documents; or

 

(2)           except as
permitted by the Indenture, any Permitted Priority Lien purported to be granted
under any Security Document on Collateral, individually or in the aggregate,
having a fair market value in excess of $5,000,000 ceases to be enforceable and
perfected first-priority Lien, subject only to Permitted Prior Liens; or

 

(3)           the
Company or any Guarantor, or any Person acting on behalf of any of them, denies
or disaffirms, in writing, any obligation of the Company or any Guarantor set
forth in or arising under any Security Document.

 

13.                                 Trustee
Dealings with Company.  The
Trustee, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Company or its Affiliates, and may
otherwise deal with the Company or its Affiliates, as if it were not the
Trustee.

 

14.                                 No
Recourse Against Others.  No
direct or indirect stockholder, employee, officer or director, as such, past,
present or future of the Company, the Guarantors or any successor entity shall
have any personal liability in respect of the obligations of the Company or the
Guarantors under the Indenture or the Notes solely by reason of his, her or its
status as such stockholder, employee, officer or director; provided, that this Section 14 shall
in no way limit the obligation of any Guarantor pursuant to any Guarantee of
the Notes.  Each Holder by accepting a
Note waives and releases all such liability. 
The waiver and release are part of the consideration for the issuance of
the Notes.

 

15.                                 Authentication.  This Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating
agent.

 

16.                                 Abbreviations.  Customary abbreviations may be used in the
name of a Holder or an assignee, such as: 
TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT
TEN (= joint tenants with right of survivorship and not as tenants in common),
CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

17.                                 Additional
Rights of Holders of Transfer Restricted Notes.  In addition to the rights provided to Holders
of Notes under the Indenture, Holders of Transfer Restricted Notes shall have
all the rights set forth in the Registration Rights Agreement dated as of the
date 

 

 

of
the Indenture, by and among the Company, the Guarantors and the Initial
Purchasers (the “Registration Rights
Agreement”).

 

18.                                 CUSIP
Numbers.  Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP numbers to be printed on the Notes, and the Trustee
shall use CUSIP numbers in notices of redemption as a convenience to
Holders.  No representation is made as to
the correctness of such numbers either as printed on the Notes or as contained
in any notice of redemption and reliance may be placed only on the other
identification numbers printed on the Notes, and any such redemption shall not
be affected by any defect in or omission of such numbers.

 

19.                                 Notation
of Guarantee.  As more fully
set forth in the Indenture, each of the Guarantors shall, jointly and
severally, irrevocably and unconditionally guarantee, on a senior secured basis
(the “Guarantee”),
to each Holder of a Note authenticated and delivered by the Trustee and
to the Trustee and its successors and assigns, irrespective of the validity and
enforceability against the Company and any other Guarantors of this Indenture,
the Notes or the obligations of the Company under this Indenture or the Notes,
that: (x) the principal of and premium (if any), and interest (and
Liquidated Damages, if any) on the Notes will be paid in full when due, whether
at Stated Maturity or an Interest Payment Date, by acceleration, call for
redemption, upon a Change of Control Offer, upon an Asset Sale Offer or
otherwise; (y) all other obligations of the Company to the Holders or the
Trustee under this Indenture or the Notes will be promptly paid in full or
performed, all in accordance with the terms of this Indenture and the Notes;
and (z) in case of any extension of time of payment or renewal of any
Notes or any of such other obligations, the same will be promptly paid in full
when due or performed in accordance with the terms of the extension or renewal,
whether at maturity, by acceleration, call for redemption, upon a Change of
Control Offer, upon an Asset Sale Offer or otherwise. Failing payment when due
of any amount so guaranteed for whatever reason, each Guarantor shall be
obligated to pay the same before failure so to pay becomes an Event of Default.  Each Guarantor agrees that this is a
guarantee of payment and not a guarantee of collection.  Such Guarantees shall cease to apply, and
shall be null and void, with respect to any Guarantor who, pursuant to Article X
of the Indenture, is released from its Guarantee or whose Guarantee otherwise
ceases to be applicable pursuant to the terms of the Indenture.

 

When
a successor assumes all the obligations of its predecessor under the Notes and
the Indenture, the predecessor will be released from those obligations.

 

20.                                 Governing
Law.  THE INDENTURE, THE GUARANTEES
AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE
STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF
THE NEW YORK GENERAL OBLIGATIONS LAW AND RULE 327(b) OF THE NEW YORK CIVIL
PRACTICE LAWS AND RULES.

 

 

The
Company will furnish to any Holder upon written request and without charge a
copy of the Indenture, any of the Security Documents and/or the Registration
Rights Agreement.  Requests may be made
to:

 

MTR Gaming Group, Inc.

State Route 2, South

P.O. Box 358

Chester, West Virginia  26034

Attention:  Chief Financial Officer

Facsimile: (304) 387-2167

 

 

Assignment Form

 

To assign this Note, fill in the form below: (I) or (we) assign
and transfer this Note to

 

(Insert assignee’s soc. sec.
or tax I.D. no.)

 

 

(Print or type assignee’s name, address and zip code)

 

and irrevocably appoint
                                                                                                                                                                              
to transfer this Note on the books of the Company.  The agent may substitute another to act for
him.

 

 

	
  Date:

  	
   

  	
  Your
  Signature:

  	
   

  	
   

  
	
   

  	
   

  	
  (Sign
  exactly as your name appears on the face of this Note)

  

 

Signature
Guarantee*

 

 

*NOTICE:  The Signature must be guaranteed by an
Institution which is a member of one of the following recognized signature
Guarantee Programs:  (i) The
Securities Transfer Agent Medallion Program (STAMP); (ii) The New York
Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange
Medallion Program (SEMP); or (iv) such other guarantee program acceptable
to the Trustee.

 

 

Option of Holder to Elect Purchase

 

If
you want to elect to have this Note purchased by the Company pursuant to Section 4.13
or 4.14 of the Indenture, check the box below:

 

	
  o
  Section 4.13

  	
   

  	
  o
  Section 4.14

  

 

If
you want to elect to have only part of the Note purchased by the Company
pursuant to Section 4.13 or Section 4.14 of the Indenture, state the
amount you elect to have purchased (in denominations of $1,000 only, except if
you have elected to have all of your Notes purchased):  $                 

 

	
  Date:

  	
   

  	
  Your
  Signature:

  
	
   

  	
  (Sign
  exactly as your name appears on the Note)

  

 

(2)           Tax Identification
No.:                            

 

Signature
Guarantee*

 

 

*NOTICE:  The Signature must be guaranteed by an
Institution which is a member of one of the following recognized signature Guarantee
Programs:  (i) The Securities
Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange
Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program
(SEMP); or (iv)  such other guarantee program acceptable to the Trustee.

 

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

 

The
following exchanges of a part of this Global Note for an interest in another
Global Note or for a Definitive Note, or exchanges of a part of another Global
Note or Definitive Note for an interest in this Global Note, have been made:

 

	
  Date of Exchange

  	
   

  	
  Amount of decrease in

  Principal Amount of

  this Global Note

  	
   

  	
  Amount of increase in

  Principal Amount of

  this Global Note

  	
   

  	
  Principal Amount of

  this Global Note

  following such decrease

  (or increase)

  	
   

  	
  Signature of

  authorized officer of

  Trustee or Note

  CustodianExhibit
10.1

 

FIFTH AMENDMENT TO LEASE

 

THIS
FIFTH AMENDMENT TO LEASE (the “Fifth Amendment”) is made this 8th day of October, 2009, by and between RB KENDALL FEE, LLC (“Landlord”) and
HELICOS BIOSCIENCES CORPORATION,
having a mailing address at One Kendall Square, Building 200, Cambridge,
Massachusetts 02139 (“Tenant”).

 

BACKGROUND:

 

A.            Reference is made to a
certain Lease dated as of December 30, 2005 by and between Landlord’s
predecessor in interest, One Kendall Square Associates, LLC, and Tenant as amended
by (i) First Amendment dated March 23, 2006, (ii) Second
Amendment To Lease (the “Second Amendment”) dated February 27,
2007; (iii) Third Amendment To Lease (the “Third Amendment”) dated December 10,
2007; and (iv) Fourth Amendment To Lease (the “Fourth Amendment”)
dated March 1, 2008 (collectively, the “Lease”), demising
approximately 27,298 rentable square feet of space (the “Building 600/650/700
Space”) located in Building 600/650/700; 10,144 rentable square feet of
space (the “Building 200 Space”) located in Building 200; approximately
16,782 rentable square feet of space (the “Expansion Space”) located in
Building 200, and licensing the use of four (4) Storage Spaces (totaling approximately
2,237 rentable square feet) in the basement of Building 600/650/700 (the “Storage
Space”) in One Kendall Square, Cambridge, Massachusetts (the “Complex”).
 Capitalized terms used but not defined
herein shall have the same meaning as in the Lease.

 

B.            Landlord and Tenant are the
current holders, respectively, of the lessor’s and lessee’s interests in the
Lease.

 

C.            Landlord and Tenant want to
terminate the Lease with regard to the Building 200 Space and to extend the
term of the Lease with regard to the Building 600/650/700 Space and to further
revise the Lease as set forth in this Fifth Amendment.

 

D.            Landlord and Tenant now
desire to amend the Lease as set forth herein.

 

AGREEMENTS:

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein
contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree
and amend the Lease as follows:

 

1.             Termination.  Tenant’s use and occupancy of the Building 200
Space shall be terminated effective August 24, 2009 (the “Effective
Date”).  On or before the Effective
Date, Tenant shall quit, vacate and yield-up the Building 200 Space in broom
clean condition and free from all personal property, furniture, fixtures,
inventory and equipment and otherwise in accordance with the surrender
provisions of the Lease; provided, however, that Landlord shall permit Tenant
to leave certain furniture, cubicles and other personal property as previously
agreed to by Landlord prior to the Effective Date.  Such furniture, cubicles and other personal
property shall remain the personal property of Tenant and Tenant and Landlord
agree that each party shall agree on the final disposition of such personal
property after the Effective Date.  At
any time hereafter that Landlord determines it needs such personal property to
be removed from the Building 200 Space, Tenant agrees that is shall remove such
personal property, at Tenant’s sole cost, upon notice given by Landlord to
Tenant.  Tenant shall repair or cause to
be repaired at its cost any damage to the Building 200 Space caused by Tenant’s
removal of its personal property or equipment from the Building 200 Space.  Tenant represents that as of Effective Date it
has surrendered the Building 200 Space in accordance with the terms of the
Lease and this Fifth Amendment and 

 

 

Landlord hereby acknowledges
and agrees that Tenant has so vacated, quit an delivered up the Building 200
Space as of the Effective Date, in satisfactory condition and has satisfied all
of its obligations pursuant to the surrender provisions of this Fifth Amendment
and the Lease with regard to the Building 200 Space (with the exception of the
continuing rent obligation set forth in paragraph 3 hereof).  As of the Effective Date, Tenant shall have no
further leasehold or other right, title, or interest in or to the Building 200
Space pursuant to the Lease or otherwise. Tenant shall remain liable to
Landlord pursuant to the Lease for any and all amounts due and payable or
accrued on or before the Effective Date with regard to the Building 200 Space.

 

2.             Representations and
Warranties.  Tenant
hereby represents and warrants that as of the date hereof and as of the
Effective Date that there are no other contracts or obligations of Tenant
relating to Tenant’s use or occupancy of the Building 200 Space that shall in
any way be binding upon Landlord or survive the termination of the Lease with
regard to said space and/or Tenant’s occupancy of the Building 200 Space, including
without limitation, utility service contracts, maintenance contracts, subleases
or license agreements.  Tenant shall
indemnify, protect, defend and hold harmless Landlord and its agents, employees
and partners from and against any and all claims, damages, costs, liens,
judgments, penalties, attorneys’ and consultants’ fees, expenses and/or
liabilities arising out of, involving, or in connection with any claim(s) as
a result of any inaccuracy of these representations and warranties.  The indemnification obligation set forth in
this Paragraph 2 shall survive the Effective Date.

 

3.             Yearly Rent; Additional Rent. (a) Yearly
Rent.  Notwithstanding the provisions
of Section 1 above, Yearly Rent for the Building 200 Space shall continue
to be due and payable at a monthly rate of $17,752.00 through October 31,
2009.  Yearly Rent for the Expansion
Space shall continue to be due and payable pursuant to the Lease.

 

(b) Additional
Rent.  Notwithstanding the provisions
of Section 1 above, Tenant shall continue to pay Tenant’s Proportionate
Common Area and Building Shares with respect to the Building 200 Space through October 31,
2009.  Tenant shall continue to pay
Tenant’s Proportionate Common Area and Building Area Shares with respect to the
Expansion Space in accordance with the terms of the Lease.

 

4.             Tenant’s Proportionate
Shares.  Commencing as of November 1,
2009, provided Tenant has surrendered the Building 200 Space in accordance with
the terms of this Fifth Amendment and the Lease, Tenant shall pay Tenant’s
Proportionate Share with respect to the Expansion Space in the following amounts:
Common Area Share: 2.54% and Building Share (Building 200): 13.78% (based upon
a total rentable area in Building 200 of 121,762 square feet).

 

5.             Extension of Building
600/650/700 Space; Rent.  The
term of the Lease with respect to the Building 600/650/700 Space is hereby
extended to November 30, 2009 (the “Extended Term”), unless otherwise
terminated in accordance with the Lease.  Throughout the Extended Term, Yearly Rent for
the Building 600/650/700 Space shall continue to be due and payable at a monthly
rate of $79,619.17, payable in accordance with the terms of the Lease, and
Tenant shall continue to pay Tenant’s Proportionate Common Area and Building
Area Shares with respect to the Building 600/650/700 Space in accordance with
the terms of the Lease.  Notwithstanding
the foregoing, the Extended Term with respect to the Building 600/650/700 Space
shall be extended on a month to month basis from December 1, 2009, to March 31,
2010 (the “Month to Month Term”).  Throughout
the Month to Month Term, Yearly Rent for the Building 600/650/700 Space shall
continue to be due and payable at a monthly rate of $79,619.17, payable in
accordance with the terms of the Lease, and Tenant shall continue to pay Tenant’s
Proportionate Common Area and Building Shares with respect to the Building
600/650/700 Space throughout the Month to Month Term in accordance with the
terms of the Lease.  Tenant may terminate
the Lease with respect to the Building 600/650/700 Space at any time during the
Month to Month Term upon thirty (30) days prior written notice to Landlord.

 

2

 

6.             Brokers.  Landlord and Tenant each warrant and represent
to the other that they have dealt with no brokers in connection with the
negotiation or consummation of this Fifth Amendment other than Beal and Company, Inc.
(the “Broker”) and in the event of any brokerage claim against either
party by any person claiming to have dealt with either Landlord or Tenant in
connection with this Fifth Amendment, other than the Broker, the party with
whom such person claims to have dealt shall defend and indemnify the other
party against such claim.

 

7.             Ratification.  In all other respects the Lease shall remain
unmodified and shall continue in full force and effect, as amended hereby.  The parties hereby ratify, confirm, and
reaffirm all of the terms and conditions of the Lease, as amended hereby.

 

IN WITNESS WHEREOF the
parties hereto have executed this Fifth Amendment to Lease on the date first
written above in multiple copies, each to be considered an original hereof, as
a sealed instrument.

 

	
  LANDLORD:

  	
   

  	
  TENANT:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  RB KENDALL FEE, LLC

  	
   

  	
  HELICOS BIOSCIENCES 

  
	
   

  	
   

  	
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Robert L. Beal

  	
   

  	
  By:

  	
  /s/ Ronald A. Lowy

  
	
  Robert L. Beal, its
  authorized signatory

  	
   

  	
  Name:

  	
  Ronald A. Lowy

  
	
   

  	
   

  	
  Title:

  	
  Chief
  Executive Officer

  
					

 

3

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