On December 28, 2017 (the Closing Date), Empire Resorts, Inc. entered into a Delayed Draw Term Loan Credit Agreement (the Bangkok Bank Loan Agreement), with Bangkok Bank PCL, New York Branch (Bangkok Bank), as lender, and Monticello Raceway Management, Inc., (MRMI), as guarantor. The Bangkok Bank Loan Agreement provides for loans to be made to the company in an aggregate principal amount of up to $20,000,000 (the Bangkok Bank Loan). The Bangkok Bank Loan may be borrowed in up to five installments, each in multiples of $500,000, from time to time during the period from the Closing Date until the earlier of (i) the two-year anniversary of the Closing Date, and (ii) December 31, 2019 (unless such date is extended or the Bangkok Bank Loan otherwise becomes due pursuant to the Bangkok Bank Loan Agreement) (such date, the Maturity Date). The company borrowed $16,000,000 on the Closing Date. Of this amount, approximately $9,900,000 was contributed to Montreign Operating Company, LLC (Montreign Operating), responsible for the development of Resorts World Catskills and the related development projects in Sullivan County, New York. This contribution to Montreign Operating was required by the terms of that certain Building Term Loan Agreement dated January 24, 2017 (as amended on May 26, 2017) among Montreign Operating, the lenders from time to time party thereto, and Credit Suisse AG, Cayman Islands Branch, as administrative agent (the Term Loan Agreement), which Term Loan Agreement provided a portion of the debt financing required to complete Resorts World Catskills and the related development projects. After the payment of a $600,000 closing fee to Bangkok Bank and approximately $500,000 in other transaction-related fees and expenses, approximately $5,000,000 of the $16,000,000 that was drawn down on the Closing Date is available for the general corporate purposes of the company. Interest shall accrue on outstanding borrowings under the Bangkok Bank Loan Agreement at a rate equal to LIBOR plus 6.25%, or an alternate base rate plus 5.25% per annum. In addition, the company will pay a commitment fee to Bangkok Bank equal to the undrawn amount of the Bangkok Bank Loan commitment multiplied by a rate equal to 1.50% per annum. Such commitment fee will be payable on the last business day of each quarter beginning on March 30, 2018.