GENERAL CREDIT AND SECURITY AGREEMENT
THIS AGREEMENT, dated as of the 3rd day of June, 1998, between First American Bank, National
Association, a national banking association, having its mailing address and principal place of business at 633
South Concord Street, South St. Paul, MN 55075 (herein called "Lender"), and Canterbury Park Holding
Corporation, a Minnesota corporation, having offices at 1100 Canterbury Road, Shakopee, Minnesota 55379,
(herein called "Borrower").
1. AGREEMENT. This Agreement states the terms and conditions under which Borrower may obtain certain
loans from Lender.
2. CERTAIN DEFINITIONS. For purposes of this Agreement, the following terms shall have the following
"ADVANCE(S)" shall have the meaning provided in Paragraph 4A(a).
"AFFILIATE" shall include, with respect to any party, any Person which directly or indirectly controls, is
controlled by, or is under common control with such party and, in addition, in the case of Borrower, each officer,
director or shareholder of Borrower, and each joint venturer and partner of Borrower.
"ASSIGNMENT OF RENTS" shall mean the Assignment of Leases and Rents to be made by the Borrower in
favor of the Lender covering the Mortgaged Property and securing the Term Loan, as originally executed and as
it may be amended, modified, supplemented, restated or replaced from time to time.
"BORROWER" shall have the meaning provided in the preamble hereto.
"BUSINESS DAY" shall mean any day on which commercial banks in Minneapolis, Minnesota are open for the
transaction of business of the kind contemplated by this Agreement.
"CASH MANAGEMENT AGREEMENT" shall have the meaning provided in Paragraph 4A. (b).
"CHANGE OF CONTROL" shall mean the occurrence after the date of this Agreement of any event where: (a)
Curtis A. Sampson, Randall D. Sampson and Dale Schenian shall cease to respectively own 35%, 5% and 15%
of the aggregate voting power of all classes of the Borrower's stock entitled to vote generally in th