WELLS FARGO BANK, NATIONAL ASSOCIATION
September 30, 2020
To the Borrowers under the below-described Credit Agreement
c/o Golden Road Motor Inn, Inc.
3800 South Virginia Street
Reno, NV 89502
Attention: John Farahi
Re:Amendment to Credit Agreement
Ladies and Gentlemen:
Reference is made to that certain Fourth Amended and Restated Credit Agreement, dated as of September 3, 2020 (as in effect immediately prior to the effectiveness of this letter agreement, the “Credit Agreement”), by and among: (1) MONARCH CASINO & RESORT, INC., a Nevada corporation, GOLDEN ROAD MOTOR INN, INC., a Nevada corporation, MONARCH GROWTH INC., a Nevada corporation, and MONARCH BLACK HAWK, INC., a Colorado corporation (each, a “Borrower” and, collectively, the “Borrowers”); (2) each of the lenders party thereto; and (3) WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, as L/C Issuer and as Swing Line Lender. Capitalized terms not defined in this letter agreement are used herein as defined in the Credit Agreement.
The Borrowers have requested certain amendments to the Credit Agreement as set forth below.
Upon effectiveness of this letter agreement, the Administrative Agent, the Borrowers and the Required Lenders hereby agree that:
(i)The definition of “Financial Covenant Start Date” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Financial Covenant Start Date” shall mean the earlier of (i) the last day of the fiscal quarter for which the Borrowers have, prior to the last Business Day of the second calendar month following the end of such fiscal quarter, delivered written notice to the Administrative Agent designating the last day of such fiscal quarter as the “Financial Covenant Start Date” and (ii) June 30, 2021.
(ii)Section 5.01(a)(iv) of the Credit Agreement is hereby amended and restated in its entirety as follows: