Document:

SUBORDINATED PROMISSORY NOTE DATED 05/19/2003

 Exhibit 10.5 
  
 SUBORDINATED 
 PROMISSORY NOTE 
  

	 $990,000
	  	May 19, 2003

  
 FOR VALUE RECEIVED,
the undersigned, CYBEX INTERNATIONAL, INC., a New York corporation (the “Obligor”), does hereby promise to pay to the order of UM HOLDINGS, LTD., a New Jersey corporation (the “Lender”), as hereinafter provided, the principal sum
of Nine Hundred and Ninety Thousand Dollars ($990,000), together with interest on the unpaid principal hereof from the date of this Note until paid, at the rate of 10% per annum. 
  
 Both the principal of and interest on this Note are payable in lawful money of the United States of America. 
  
 This Note shall be deemed to be “Junior Debt” for purposes of the
subordination agreement dated July 24, 2002 (the “Subordination Agreement”) among Obligor, Lender, Wachovia Bank, National Association, as agent for the lenders named therein, and such lenders, and as such shall be subject to the terms and
provisions of the Subordination Agreement, including the provisions thereof subordinating the payment of the principal, interest, fees and costs hereunder to the payment in full of all Obligations (as defined in the Subordination Agreement), as more
fully therein provided. Subject to the Subordination Agreement, the principal of and interest on this Note shall become payable in full on the later of January 1, 2004 or one business day after all Obligations (as defined in the Subordination
Agreement) shall have been indefeasibly paid in full. 
  
 If any
one or more of the following Events of Default shall occur: 
  
 A.    A failure to pay the principal of or interest on this Note when due, and the continuance of such default 30 days after written notice thereof shall have been provided by the Lender to the Obligor; 
  
 B.    A material attachment, garnishment, levy or lien
shall be made, issued or filed against any of the assets of the Obligor, and such action shall not be discharged within sixty days; or 
  
 C.    The Obligor shall (i) apply for, consent to or permit the appointment of a receiver, trustee or liquidator of the Obligor or of
all or a substantial part of its assets, (ii) be unable, or admit in writing its inability, to pay debts as they mature, (iii) make a 

 general assignment for the benefit of creditors, (iv) be adjudicated a bankrupt or insolvent, or (v) file a voluntary
petition in bankruptcy or a petition or an answer seeking reorganization, or an arrangement with creditors or to take advantage of any insolvency law, or any answer admitting the material allegations of a petition filed against the Obligor in any
such proceeding; or 
  
 D.    A change of
control of the Obligor occurs of a nature that would be required to be reported in the Obligor’s proxy statement under the Securities Exchange Act of 1934, as amended; 
  
 then in any such event, but subject to the Subordination Agreement, the holder of this Note may at any time thereafter (unless all such
Events of Default shall theretofore have been fully cured to the satisfaction of such holder, and all costs and expenses, including without limitation attorneys’ fees and expenses, incurred by or on behalf of such holder shall have been paid by
the Obligor), by notice to the Obligor, declare the entire outstanding principal of this Note to be due and payable immediately, and upon such declaration such principal, and all accrued but unpaid interest, shall become and be immediately due and
payable, without further notice. 
  
 Subject to the Subordination
Agreement, this Note may at the option of the Obligor at any time or from time to time be prepaid, in whole or in part, without penalty or premium. 
  
 The principal of and interest on this Note is subject to automatic conversion into shares of the Common Stock of the Obligor, in the event and on the
terms more fully provided in Section 4 of the Subordination Agreement. 
  
 Should the indebtedness represented by this Note or any part thereof be collected in any proceeding or placed in the hands of attorneys for collection, the Obligor agrees to pay, in addition to the principal and interest due and payable
hereon, all costs of collecting this Note, including reasonable attorneys’ fees and expenses. 
  
 The Obligor expressly waives presentment, demand, protest or any other notice whatsoever. 
  
 IN WITNESS WHEREOF, the undersigned has executed and delivered this Note on the day and year first above written.

  

	 	 	 	 	 CYBEX INTERNATIONAL, INC. 

				
	 	 	 	 	By:	 	 /s/    JOHN
AGLIALORO        

	 	 	 	 	 	 	Authorized signatorySUBORDINATED PROMISSORY NOTE DATED 06/20/2003

 Exhibit 10.6 
  
 SUBORDINATED 
 PROMISSORY NOTE 
  

	 $510,000
	  	June 20, 2003

  
 FOR VALUE RECEIVED,
the undersigned, CYBEX INTERNATIONAL, INC., a New York corporation (the “Obligor”), does hereby promise to pay to the order of UM HOLDINGS, LTD., a New Jersey corporation (the “Lender”), as hereinafter provided, the principal sum
of Five Hundred and Ten Thousand Dollars ($510,000), together with interest on the unpaid principal hereof from the date of this Note until paid, at the rate of 10% per annum. 
  
 Both the principal of and interest on this Note are payable in lawful money of the United States of America. 
  
 This Note shall be deemed to be “Junior Debt” for purposes of the
subordination agreement dated July 24, 2002 (the “Subordination Agreement”) among Obligor, Lender, Wachovia Bank, National Association, as agent for the lenders named therein, and such lenders, and as such shall be subject to the terms and
provisions of the Subordination Agreement, including the provisions thereof subordinating the payment of the principal, interest, fees and costs hereunder to the payment in full of all Obligations (as defined in the Subordination Agreement), as more
fully therein provided. Subject to the Subordination Agreement, the principal of and interest on this Note shall become payable in full on the later of January 1, 2004 or one business day after all Obligations (as defined in the Subordination
Agreement) shall have been indefeasibly paid in full. 
  
 If any
one or more of the following Events of Default shall occur: 
  
 A.    A failure to pay the principal of or interest on this Note when due, and the continuance of such default 30 days after written notice thereof shall have been provided by the Lender to the Obligor; 
  
 B.    A material attachment, garnishment, levy or lien
shall be made, issued or filed against any of the assets of the Obligor, and such action shall not be discharged within sixty days; or 
  
 C.    The Obligor shall (i) apply for, consent to or permit the appointment of a receiver, trustee or liquidator of the Obligor or of
all or a substantial part of its assets, (ii) be unable, or admit in writing its inability, to pay debts as they mature, (iii) make a 

 general assignment for the benefit of creditors, (iv) be adjudicated a bankrupt or insolvent, or (v) file a voluntary
petition in bankruptcy or a petition or an answer seeking reorganization, or an arrangement with creditors or to take advantage of any insolvency law, or any answer admitting the material allegations of a petition filed against the Obligor in any
such proceeding; or 
  
 D.    A change of
control of the Obligor occurs of a nature that would be required to be reported in the Obligor’s proxy statement under the Securities Exchange Act of 1934, as amended; 
  
 then in any such event, but subject to the Subordination Agreement, the holder of this Note may at any time thereafter (unless all such
Events of Default shall theretofore have been fully cured to the satisfaction of such holder, and all costs and expenses, including without limitation attorneys’ fees and expenses, incurred by or on behalf of such holder shall have been paid by
the Obligor), by notice to the Obligor, declare the entire outstanding principal of this Note to be due and payable immediately, and upon such declaration such principal, and all accrued but unpaid interest, shall become and be immediately due and
payable, without further notice. 
  
 Subject to the Subordination
Agreement, this Note may at the option of the Obligor at any time or from time to time be prepaid, in whole or in part, without penalty or premium. 
  
 The principal of and interest on this Note is subject to automatic conversion into shares of the Common Stock of the Obligor, in the event and on the
terms more fully provided in Section 4 of the Subordination Agreement. 
  
 Should the indebtedness represented by this Note or any part thereof be collected in any proceeding or placed in the hands of attorneys for collection, the Obligor agrees to pay, in addition to the principal and interest due and payable
hereon, all costs of collecting this Note, including reasonable attorneys’ fees and expenses. 
  
 The Obligor expressly waives presentment, demand, protest or any other notice whatsoever. 
  
 IN WITNESS WHEREOF, the undersigned has executed and delivered this Note on the day and year first above written.

  

	 	 	 	 	 CYBEX INTERNATIONAL, INC. 

				
	 	 	 	 	By:	 	 /s/    JOHN
AGLIALORO        

	 	 	 	 	 	 	Authorized signatorySupplemental Indenture Dated January 27, 2003

 Exhibit 4.3 
  

SUPPLEMENTAL INDENTURE 
 TO BE
DELIVERED BY SUBSEQUENT SUBSIDIARY GUARANTORS 
  
 SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”), dated as of January 27, 2003, among the Mohegan Basketball Club, LLC (the “Subsidiary Guarantor”), a subsidiary of the Mohegan Tribal Gaming Authority (or its permitted successor), (the
“Authority”), the Authority, the other Subsidiary Guarantors (as defined in the Indenture referred to herein) and Wachovia Bank, National Association (f/k/a First Union National Bank), as trustee under the Indenture referred to below (the
“Trustee”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Authority has heretofore executed and delivered to the Trustee
an indenture (the “Indenture”), dated as of March 3, 1999 providing for the issuance of an aggregate principal amount of up to $200,000,000 of 8 1/8% Senior Notes due 2006 (the “Senior Notes”); 
  
 WHEREAS, the Indenture provides that under certain circumstances the
Subsidiary Guarantor shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor shall unconditionally guarantee all of the Authority’s Obligations under the Senior Notes and the Indenture on the
terms and conditions set forth herein (the “Senior Subsidiary Guarantee”); and 
  
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
  
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is
hereby acknowledged, the Subsidiary Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Senior Notes as follows: 
  
 1.    CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings
assigned to them in the Indenture. 
  
 2.    INDENTURE PROVISION PURSUANT TO WHICH GUARANTEE IS GIVEN. This Supplemental Indenture is being executed and delivered pursuant to Section 4.20 of the Indenture. 
  
 3.    AGREEMENT TO GUARANTEE. The Subsidiary Guarantor
hereby agrees as follows: 
  
 (a)    The Subsidiary Guarantor, jointly and severally with all other 

 Subsidiary Guarantors, if any, unconditionally guarantees to each Holder of a Senior Note authenticated
and delivered by the Trustee and to the Trustee and its successors and assigns, the Senior Notes or the obligations of the Authority hereunder or thereunder, that: 
  
 (i)    the principal of and interest on the Senior Notes will be promptly paid in full
when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Senior Notes, if any, if lawful, and all other obligations of the Authority to the Holders or the Trustee hereunder
or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
  
 (ii)    in case of any extension of time of payment or renewal of any Senior Notes or any of such other obligations,
that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance
so guaranteed for whatever reason, the Subsidiary Guarantors shall be jointly and severally obligated to pay the same immediately. 
  
 Notwithstanding the foregoing, in the event that this Subsidiary Guarantee would constitute or result in a violation of any applicable fraudulent
conveyance or similar law of any relevant jurisdiction, the liability of the Subsidiary Guarantor under this Supplemental Indenture and its Senior Subsidiary Guarantee shall be limited to such amount as will not, after giving effect thereto, and to
all other liabilities of the Subsidiary Guarantor, result in such amount constituting a fraudulent transfer or conveyance. 
  
 4.    EXECUTION AND DELIVERY OF SENIOR SUBSIDIARY GUARANTEES 
  
 (a)    To evidence its Senior Subsidiary Guarantee set forth in this Supplemental
Indenture, the Subsidiary Guarantor hereby agrees that a notation of such Senior Subsidiary Guarantee substantially in the form of Annex A hereto shall be endorsed by an officer of such Subsidiary Guarantor on each Senior Note authenticated and
delivered by the Trustee after the date hereof. 
  
 (b)    Notwithstanding the foregoing, the Subsidiary Guarantor hereby agrees that its Senior Subsidiary Guarantee set forth herein shall remain in full force and effect notwithstanding any failure to endorse on each
Senior Note a notation of such Senior Subsidiary Guarantee. 
  
 (c)    If an officer whose signature is on this Supplemental Indenture or on the Senior Subsidiary Guarantee no longer holds that office at the time the Trustee authenticates the Senior Note on
which a Senior Subsidiary Guarantee is endorsed, the Senior Subsidiary Guarantee shall be valid nevertheless. 
  

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 (d)    The delivery of the Senior Note by the Trustee, after the
authentication thereof under the Indenture, shall constitute due delivery of the Senior Subsidiary Guarantee set forth in this Supplemental Indenture on behalf of the Subsidiary Guarantor. 
  
 (e)    The Subsidiary Guarantor hereby
agrees that its obligations hereunder shall be unconditional, regardless of the validity, regularity or enforceability of the Senior Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the
Senior Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Authority, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of
a guarantor. 
  
 (f)    The
Subsidiary Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Authority, any right to require a proceeding first against the Authority, protest, notice and
all demands whatsoever and covenants that its Senior Subsidiary Guarantee made pursuant to this Supplemental Indenture will not be discharged except by complete performance of the obligations contained in the Senior Notes and the Indenture or
pursuant to Section 5(b) of this Supplemental Indenture. 
  
 (g)    If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Supplemental Indenture and such proceeding has been discontinued or abandoned for any
reason, or has been determined adversely to the Trustee or to such Holder, then, and in every such case, subject to any determination in such proceeding, the Subsidiary Guarantor, the Trustee and the Holders shall be restored severally and
respectively to their former positions hereunder and thereafter all rights and remedies of the Subsidiary Guarantor, the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
  
 (h)    The Subsidiary Guarantor hereby
waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Authority or any other Subsidiary Guarantor as a result of any payment by
such Subsidiary Guarantor under its Senior Subsidiary Guarantee. The Subsidiary Guarantor further agrees that, as between the Subsidiary Guarantors, on the one hand, and the Holders and the Trustee, on the other hand: 
  
 (i)    the maturity of the obligations
guaranteed hereby may be accelerated as provided in Article 6 of the Indenture for the purposes of the Senior Subsidiary Guarantee made pursuant to this Supplemental Indenture, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby; and 
  
 (ii)    in the event of any declaration of acceleration of such obligations as provided in Article 6, such obligations (whether or not due 

  

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and payable) shall forthwith become due and payable by the Subsidiary Guarantor for the purpose of the Senior Subsidiary Guarantee made pursuant to this
Supplemental Indenture. 
  
 (i)    The Subsidiary Guarantor shall have the right to seek contribution from any other non-paying Subsidiary Guarantor, if any, so long as the exercise of such right does not impair the rights of the Holders under the
Senior Subsidiary Guarantee made pursuant to this Supplemental Indenture. 
  
 (j)    The Subsidiary Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of the Indenture or this Senior Subsidiary Guarantee; and the Subsidiary Guarantor (to the
extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted. 
  
 5.    SUBSIDIARY GUARANTOR MAY CONSOLIDATE, ETC. ON CERTAIN TERMS 
  
 (a)    Nothing contained in the Indenture, this Supplemental Indenture or in the Senior Notes shall prevent any
consolidation or merger of the Subsidiary Guarantor with or into the Authority or any other Subsidiary Guarantor or shall prevent any transfer, sale or conveyance of the property of the Subsidiary Guarantor as an entirety or substantially as an
entirety, to the Authority or any other Subsidiary Guarantor. 
  
 (b)    Except as set forth in Article 5 of the Indenture, upon the sale or disposition of all of the Capital Stock of the Subsidiary Guarantor by the Authority or a Subsidiary of the Authority, or
upon the consolidation or merger of the Subsidiary Guarantor with or into any Person, or if a Subsidiary Guarantor is designated as an Unrestricted Subsidiary, or the sale of all or substantially all of the assets of the Subsidiary Guarantor (in
each case, other than with or to an Affiliate of the Authority), or upon a legal defeasance or covenant defeasance of the Notes, such Subsidiary Guarantor shall be deemed automatically and unconditionally released and discharged from all obligations
under this Senior Subsidiary Guarantee without any further action required on the part of the Trustee or any Holder if no Default shall have occurred and be continuing; provided that in the event of an Asset Sale, the Net Cash Proceeds therefrom are
treated in accordance with Section 4.10 of the Indenture and provided further that in the event of a redesignation of a Subsidiary, that the transaction is in compliance with Section 4.07 of the Indenture. Except with respect to transactions set
forth in the preceding sentence, the Authority and the Subsidiary Guarantor covenant and agree that upon any such consolidation, merger or transfer of assets, the performance of all covenants and conditions of this Supplemental Indenture to be
performed by such Subsidiary Guarantor shall be expressly assumed by supplemental indenture satisfactory in form to the Trustee, by the corporation 

  

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formed by such consolidation, or into which the Subsidiary Guarantor shall have merged, or by the corporation which shall have acquired such property. Upon
receipt of an Officer’s Certificate of the Authority or the Subsidiary Guarantor, as the case may be, to the effect that the Authority or such Subsidiary Guarantor has complied with the first sentence of this Section 5(b), the Trustee shall
execute any documents reasonably requested by the Authority or the Subsidiary Guarantor, at the cost of the Authority or such Subsidiary Guarantor, as the case may be, in order to evidence the release of such Subsidiary Guarantor from its
obligations under its Senior Subsidiary Guarantee endorsed on the Senior Notes and under the Indenture and this Supplemental Indenture. 
  
 6.    NEW YORK LAW TO GOVERN. The internal law of the State of New York shall govern and be used to construe this Supplemental
Indenture. 
  
 7.    COUNTERPARTS. The parties
may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 8.    EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not effect the construction hereof.

  
 IN WITNESS WHEREOF, the parties hereto have caused this
Supplemental Indenture to be duly executed and attested, all as of the date first above written. 
  
 Dated: January 27, 2003 
  

	MOHEGAN BASKETBALL CLUB, LLC
		
	 By:
	 	 /s/    JEFFREY E.
HARTMANN        

	 Name:
 Title:
	 	 Jeffrey E. Hartmann
 Manager and Vice
President

  

	MOHEGAN TRIBAL GAMING AUTHORITY
		
	 By:
	 	 /s/    MARK F. BROWN        

	 Name:
 Title:
	 	 Mark F. Brown
 Chairman, Management
Board

  

	WACHOVIA BANK, NATIONAL ASSOCIATION (f/k/a FIRST UNION NATIONAL BANK), as Trustee
		
	 By:
	 	 /s/    TIMOTHY DONMOYER        

	 Authorized Signatory
 N.E.
Manager of Bond Administration

  

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 NOTATION OF SUBSIDIARY GUARANTEE ON SENIOR NOTE 
  
 Each Subsidiary Guarantor (as defined in the Indenture) has jointly and
severally unconditionally guaranteed (a) the due and punctual payment of the principal of, premium, if any, and interest on the Senior Notes, whether at maturity or an Interest Payment Date, by acceleration, call for redemption or otherwise, (b) the
due and punctual payment of interest on the overdue principal and premium of, and interest, to the extent lawful, on the Senior Notes and (c) that in case of any extension of time of payment or renewal of any Senior Notes or any of such other
obligations, the same will be promptly paid in full when due in accordance with the terms of the extension of renewal, whether at stated maturity, by acceleration or otherwise. 
  
 Notwithstanding the foregoing, in the event that the Senior Subsidiary Guarantee would constitute or result in a violation
of any applicable fraudulent conveyance or similar law of any relevant jurisdiction, the liability of the Subsidiary Guarantor under its Senior Subsidiary Guarantee shall be limited to such amount as will not, after giving effect thereto, and to all
other liabilities of the Subsidiary Guarantor, result in such amount constituting a fraudulent transfer or conveyance. 
  
 The Senior Subsidiary Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Senior Note upon which the
Senior Subsidiary Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual or facsimile signature of one of its authorized officers. 
  
 Dated: January 27, 2003 
  

	MOHEGAN BASKETBALL CLUB, LLC
		
	 By:
	 	 /s/    JEFFREY E.
HARTMANN        

	 Name:
 Title:
	 	 Jeffrey E. Hartmann
 Manager and Vice
President

  

 6

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