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EXHIBIT 10.70
Private Client Group
▇▇▇▇▇▇▇ ▇▇▇▇▇ Business
Financial Services Inc.
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[▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇] ▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
(▇▇▇) ▇▇▇-▇▇▇▇
FAX: (▇▇▇) ▇▇▇-▇▇▇▇
July 26, 1999
Leisure Time Casino & Resorts, Inc.
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▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
RE: WCMA LINE OF CREDIT INCREASE
Ladies & Gentlemen:
This Letter Agreement will serve to confirm certain agreements of ▇▇▇▇▇▇▇ ▇▇▇▇▇
Business Financial Services Inc. ("MLBFS") and Leisure Time Casino & Resorts,
Inc. ("Customer") with respect to: (i) that certain WCMA LOAN AND SECURITY
AGREEMENT NO. 701-07H43 between MLBFS and Customer (including any previous
amendments and extensions thereof), and (ii) all other agreements between MLBFS
and Customer or any party who has guaranteed or provided collateral for
Customer's obligations to MLBFS (a "Guarantor") in connection therewith
(collectively, the "Loan Documents"). Capitalized terms used herein and not
defined herein shall have the meaning set forth in the Loan Documents.
Subject to the terms hereof, effective as of the "Effective Date" (as defined
below), the Loan Documents are hereby amended as follows:
(a) The term "Maximum WCMA Line of Credit" shall mean $1,000,000.00.
(b) The annual "Line Fee" is hereby increased to $10,000.00. In connection with
the increase in the Maximum WCMA Line of Credit pursuant hereto, a portion of
such new Line Fee in the amount of $2,500.00 (the "Increase Fee") is now due and
owing. Customer hereby authorizes and directs MLBFS to charge the Increase Fee
to WCMA Account No. 701-07H43 on or at any time after the Effective Date. Once
charged, the Increase Fee is non-refundable.
Except as expressly amended hereby, the Loan Documents shall continue in full
force and effect upon all of their terms and conditions.
By their execution of this Letter Agreement, the below-named Guarantors hereby
consent to the foregoing modifications to the Loan Documents, and hereby agree
that the "Obligations" under their Unconditional Guaranty shall extend to and
include the Obligations of Customer under the Loan Documents, as amended hereby.
Customer and said Guarantors acknowledge, warrant and agree, as a primary
inducement to MLBFS to enter into this Agreement, that: (a) no Default or Event
of Default has occurred and is continuing under the Loan Documents; (b) each of
the warranties of Customer in the Loan Documents are true and correct as of the
date hereof and shall be deemed remade as of the date hereof; (c) neither
Customer nor any of said Guarantors have any claim against MLBFS or any of its
affiliates arising out of or in connection with the Loan Documents or any other
matter
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▇▇▇▇▇▇▇ ▇▇▇▇▇ BUSINESS FINANCIAL SERVICES INC.
Leisure Time Casino & Resorts, Inc.
July 23, 1999
Page No. 2
whatsoever; and (d) neither Customer nor any of said Guarantors have any
defense to payment of any amounts owing, or any right of counterclaim for any
reason under, the Loan Documents.
Provided that no Event of Default, or event which with the giving of notice,
passage of time, or both, would constitute an Event of Default, shall then have
occurred and be continuing under the terms of the Loan Documents, the amendments
and agreements in this Letter Agreement will become effective on the date (the
"Effective Date") upon which: (a) Customer and the Guarantors shall have
executed and returned the duplicate copy of this Letter Agreement enclosed
herewith; and (b) an officer of MLBFS shall have reviewed and approved this
Letter Agreement as being consistent in all respects with the original internal
authorization hereof.
Notwithstanding the foregoing, if Customer and the Guarantors do not execute
and return the duplicate copy of this Letter Agreement within 14 days from the
date hereof, or if for any other reason (other than the sole fault of MLBFS)
the Effective Date shall not occur within said 14-day period, then all of said
amendments and agreements will, at the sole option of MLBFS, be void.
Very truly yours,
▇▇▇▇▇▇▇ ▇▇▇▇▇ BUSINESS FINANCIAL SERVICES INC.
By: /s/ ▇▇▇▇ ▇▇▇▇▇▇
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Division Documentation Manager
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Accepted:
LEISURE TIME CASINO & RESORTS, INC.
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇
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Printed Name: ▇▇▇▇▇ ▇▇▇▇▇
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Title: E.V.B.
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Approved:
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▇▇▇▇▇▇▇ ▇. ▇▇▇▇
/s/ ▇▇ ▇▇▇▇▇▇▇
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LEISURE TIME TECHNOLOGY
By: ▇▇▇▇▇ ▇▇▇▇▇
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Printed Name: ▇▇▇▇▇ ▇▇▇▇▇
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Title: E.V.B.
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LEISURE TIME CRUISE CORPORATION
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇
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Printed Name: ▇▇▇▇▇ ▇▇▇▇▇
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Title: E.V.B.
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