Revolving Loan Agreement (2001)Full Document 

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REVOLVING LOAN AGREEMENT

Dated as of August 22, 2001

among

MANDALAY RESORT GROUP

The Lenders, Co-Documentation Agents, Senior Managing Agents and Co-Agent herein named

CITICORP USA, INC. and BANKERS TRUST COMPANY as Syndication Agents

and

BANK OF AMERICA, N.A.

as Administrative Agent and Issuing Lender

BANC OF AMERICA SECURITIES LLC and SALOMON SMITH BARNEY INC.

Lead Arrangers and Book Managers





TABLE OF CONTENTS

 
   
   
  Page
Article 1  DEFINITIONS AND ACCOUNTING TERMS   1
    1.1   Defined Terms   1
    1.2   Use of Defined Terms   19
    1.3   Accounting Terms   19
    1.4   Rounding   19
    1.5   Exhibits and Schedules   19
    1.6   References to "Borrower and its Subsidiaries"   19
    1.7   Miscellaneous Terms   19
Article 2  LOANS   20
    2.1   Loans-General   20
    2.2   Base Rate Loans   21
    2.3   Eurodollar Rate Loans   21
    2.4   Letters of Credit   21
    2.5   Swing Line   25
    2.6   Voluntary Reduction of Commitment   26
    2.7   Optional Termination of Commitment   26
    2.8   Administrative Agent's Right to Assume Funds Available for Advances   26
    2.9   Extension of the Maturity Date   27
Article 3  PAYMENTS AND FEES   28
    3.1   Principal and Interest   28
    3.2   Arrangement Fee   29
    3.3   Upfront Fees   29
    3.4   Commitment Fees   29
    3.5   Letter of Credit Fees   29
    3.6   Agency Fees   29
    3.7   Increased Commitment Costs   30
    3.8   Eurodollar Costs and Related Matters   30
    3.9   Default Rate   33
    3.10   Computation of Interest and Fees   33
    3.11   Non-Business Days   33
    3.12   Manner and Treatment of Payments   34
    3.13   Funding Sources   34
    3.14   Failure to Charge Not Subsequent Waiver   35
    3.15   Administrative Agent's Right to Assume Payments Will be Made by Borrower   35
    3.16   Fee Determination Detail   35
    3.17   Survivability   35
Article 4  REPRESENTATIONS AND WARRANTIES   36
    4.1   Existence and Qualification; Power; Compliance With Laws   36
    4.2   Authority; Compliance With Other Agreements and Instruments and Government Regulations   36
    4.3   No Governmental Approvals Required   37
    4.4   Subsidiaries   37
    4.5   Financial Statements   38
    4.6   No Other Liabilities; No Material Adverse Effect   38
    4.7   Title to Property   38
    4.8   Intangible Assets   38
    4.9   Public Utility Holding Company Act   38
    4.10   Litigation   38

–i–


    4.11   Binding Obligations   38
    4.12   No Default   38
    4.13   ERISA   39
    4.14   Regulations T, U and X; Investment Company Act   39
    4.15   Disclosure   39
    4.16   Tax Liability   39
    4.17   Projections   39
    4.18   Hazardous Materials.   40
    4.19   Developed Properties   40
    4.20   Gaming Laws   40
Article 5  AFFIRMATIVE COVENANTS (OTHER THAN INFORMATION ANDREPORTING REQUIREMENTS)   41
    5.1   Payment of Taxes and Other Potential Liens   41
    5.2   Preservation of Existence   41
    5.3   Maintenance of Properties   41
    5.4   Maintenance of Insurance   41
    5.5   Compliance With Laws   41
    5.6   Inspection Rights   42
    5.7   Keeping of Records and Books of Account   42
    5.8   Compliance With Agreements   42
    5.9   Use of Proceeds   42
    5.10   New Significant Subsidiaries   42
    5.11   Hazardous Materials Laws   42
Article 6  NEGATIVE COVENANTS   43
    6.1   Payment of Subordinated Debt   43
    6.2   Disposition of Property   43
    6.3   Mergers   43
    6.4   Hostile Tender Offers   44
    6.5   Distributions   44
    6.6   ERISA   44
 
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