To the extent that the provisions set forth herein amend the rights and obligations of The Meadows Guarantor from those set forth in the Original Loan Agreement, such amendments will not be operative unless approved by The State Harness Racing Commission of Pennsylvania under 58 Pa. Code Section 185.22; provided, however, that the obligations of The Meadows Guarantors set forth in the Original Loan Agreement shall continue in full force and effect until such approval is obtained.
On or prior to July 15, 2006, The Meadows Guarantors shall provide the Lender with a written notice setting out in detail the proposed terms of the Additional Financing, including the proposed amount, term, interest rate, use of proceeds and security in respect of the Additional Financing, which terms shall be subject to approval by the Lender, acting reasonably.
Each of The Meadows Guarantors covenants that they will promptly seek such approval, and further covenants that they will not take any act (or omit to take any act) that disqualifies them from applying, obtaining, maintaining or receiving a license under the Pennsylvania Race Horse Development and Gaming Act, 4 Pa. C.S.A. Sections 1101-1904 (2004) or related regulations as in effect from time to time.
Notwithstanding anything else herein contained, The Meadows Guarantors' Environmental Indemnity shall remain in full force and effect following any substitution for The Meadows Security.
The Lender acknowledges that The Meadows Guarantors will likely require the Additional Financing from a third party lender (the "Third Party Senior Lender").