ALADDIN GAMING HOLDING LLC
EXHIBIT 10.03
<DOCUMENT>
<TYPE>EX-10.03
<SEQUENCE>5
<FILENAME>a2055177zex-10_03.htm
<DESCRIPTION>EXHIBIT 10.03
<TEXT>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>EXHIBIT 10.03  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kf2093_second_amendment_to_keep-well_agreement"> </A>
<A NAME="toc_kf2093_1"> </A></FONT> <FONT SIZE=2><B>SECOND AMENDMENT TO<BR>  KEEP-WELL AGREEMENT    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
Dated as of June&nbsp;15, 2001,<BR>
effective as of May&nbsp;29, 2001 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>(amending
the Keep-Well Agreement<BR>
dated as of<BR>
February&nbsp;26, 1998) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>by
</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>LONDON
CLUBS INTERNATIONAL, PLC,<BR>
THE TRUST UNDER ARTICLE SIXTH UNDER<BR>
THE WILL OF SIGMUND SOMMER<BR>
ALADDIN BAZAAR HOLDINGS, LLC<BR>
and<BR>
ALADDIN HOLDINGS, LLC<BR>
as the Sponsors, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>and
</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>THE
BANK OF NOVA SCOTIA,<BR>
as the Administrative Agent for various financial institutions<BR>
as the Lenders </FONT></P>

<HR NOSHADE>
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<A NAME="page_kf2093_1_2"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kf2093_second_amendment_to_keep-well_agreement_1"> </A>
<A NAME="toc_kf2093_2"> </A>
<BR></FONT><FONT SIZE=2><B>SECOND AMENDMENT TO KEEP-WELL AGREEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;THIS SECOND AMENDMENT TO KEEP-WELL AGREEMENT (this "</FONT><FONT SIZE=2><I>Second Amendment to Keep-Well
Agreement</I></FONT><FONT SIZE=2>") dated as of June&nbsp;15, 2001, effective as of May&nbsp;29, 2001, by and among LONDON CLUBS INTERNATIONAL, PLC, a company registered in England and Wales under
company number 2862479 ("</FONT><FONT SIZE=2><I>LCI</I></FONT><FONT SIZE=2>"), THE TRUST UNDER ARTICLE SIXTH UNDER THE WILL OF SIGMUND SOMMER (the
"</FONT><FONT SIZE=2><I>Trust</I></FONT><FONT SIZE=2>"), ALADDIN BAZAAR HOLDINGS, LLC, a Nevada limited-liability company ("</FONT><FONT SIZE=2><I>ABH</I></FONT><FONT SIZE=2>") and ALADDIN HOLDINGS,
LLC, a Delaware limited liability company ("</FONT><FONT SIZE=2><I>AHL</I></FONT><FONT SIZE=2>"; AHL, ABH, the Trust and LCI are individually called a
"</FONT><FONT SIZE=2><I>Sponsor</I></FONT><FONT SIZE=2>" and collectively called the "</FONT><FONT SIZE=2><I>Sponsors</I></FONT><FONT SIZE=2>") and THE BANK OF NOVA SCOTIA, as administrative agent
(together with any successor thereto in such capacity, the </FONT><FONT SIZE=2><I>"Administrative Agent"</I></FONT><FONT SIZE=2>) for the various financial institutions as are or may become parties
hereto (individually, a "</FONT><FONT SIZE=2><I>Lender</I></FONT><FONT SIZE=2>" and collectively, the </FONT><FONT SIZE=2><I>"Lenders"</I></FONT><FONT SIZE=2>). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
consideration of the mutual agreements herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto, intending to be
legally bound, agree as follows: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kf2093_w_i_t_n_e_s_s_e_t_h_"> </A>
<A NAME="toc_kf2093_3"> </A>
<BR></FONT><FONT SIZE=2><B>W I T N E S S E T H:    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant to a Credit Agreement, dated as of February&nbsp;26, 1998 (together with that certain First Amendment to Credit Agreement dated as of
January&nbsp;29, 1999, that certain Second Amendment to Credit Agreement dated as of April&nbsp;5, 1999, effective as of March&nbsp;10, 1999, that certain Third Amendment to Credit Agreement
dated as of June&nbsp;2, 2000, that certain Fourth Amendment to Credit Agreement dated as of July&nbsp;27, 2000, that certain Fifth Amendment to Credit Agreement dated as of December&nbsp;29,
2000, that certain Sixth Amendment to Credit Agreement dated as of March&nbsp;30, 2001 and that certain Seventh Amendment to Credit Agreement (the "</FONT><FONT SIZE=2><I>Seventh Amendment to
Credit Agreement</I></FONT><FONT SIZE=2>") of even date herewith and all other amendments and other modifications from time to time hereafter made thereto, the "</FONT><FONT SIZE=2><I>Credit
Agreement</I></FONT><FONT SIZE=2>"), among Aladdin Gaming, LLC, a Nevada limited-liability company (the "</FONT><FONT SIZE=2><I>Borrower</I></FONT><FONT SIZE=2>"), the Lenders and the Administrative
Agent, Merrill Lynch Capital Corporation, as the syndication agent, and CIBC Oppenheimer Corp., as the documentation agent, the Lenders have extended Commitments to make Loans to the Borrower and to
issue Letters of Credit for the account of the Borrower; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Borrower has requested the Lenders to enter into the Seventh Amendment to Credit Agreement; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
LCI, ABH, and AHL executed and delivered a Keep-Well Agreement (the "</FONT><FONT SIZE=2><I>Keep-Well Agreement</I></FONT><FONT SIZE=2>") in favor of
the Lenders and the Administrative Agent dated as of February&nbsp;26, 1998 pursuant to which LCI, ABH and AHL agreed, </FONT><FONT SIZE=2><I>inter alia</I></FONT><FONT SIZE=2>, to perform the
obligations set forth in the Keep-Well Agreement and certain subsidiaries of LCI (the "</FONT><FONT SIZE=2><I>Subsidiary Guarantors</I></FONT><FONT SIZE=2>") have agreed to guarantee
fully and unconditionally the payment of LCI's obligations under the Keep-Well Agreement pursuant to a guaranty agreement dated February&nbsp;26, 1998 (the "</FONT><FONT SIZE=2><I>LCI
Subsidiary Guaranty</I></FONT><FONT SIZE=2>"); and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Trust executed and delivered a Joinder Agreement and Consent (the "</FONT><FONT SIZE=2><I>Joinder Agreement</I></FONT><FONT SIZE=2>") in favor of the Lenders and the
Administrative Agent dated as of July&nbsp;27, 2000 pursuant to which the Trust agreed to become a Sponsor under the Keep-Well Agreement; and </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Sponsors entered into that certain First Amendment to Keep-Well Agreement (the "</FONT><FONT SIZE=2><I>First Amendment to Keep-Well
Agreement</I></FONT><FONT SIZE=2>") dated as of March&nbsp;30, 2001; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Sponsors have requested the Lenders to enter into certain additional amendments to the Keep-Well Agreement; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Sponsors have duly authorized the execution, delivery and performance of this Second Amendment to Keep-Well Agreement and the Subsidiary Guarantors have duly
authorized the execution, delivery and performance of a ratification, reaffirmation and consent agreement (the </FONT><FONT SIZE=2><I>"Ratification of LCI Subsidiary
Guaranty</I></FONT><FONT SIZE=2>") with respect to the Subsidiary Guaranty, an executed </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;2&#150;</FONT></P>

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<A NAME="page_kf2093_1_3"> </A>

<P><FONT SIZE=2>
counterpart of which is annexed hereto (the LCI Subsidiary Guaranty, together with the Ratification of LCI Subsidiary Guaranty and all other amendments and other modifications from time to time
hereafter made thereto, the "</FONT><FONT SIZE=2><I>Subsidiary Guaranty</I></FONT><FONT SIZE=2>"); and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
it is in the best interests of the Sponsors to execute this Second Amendment to Keep-Well Agreement and the Subsidiary Guarantors to execute the Ratification of
LCI Subsidiary Guaranty inasmuch as the Sponsors and the Subsidiary Guarantors have and will continue to derive substantial direct and indirect benefits from the Loans (as such term is defined in the
Credit Agreement; each capitalized term not otherwise defined herein shall have the meaning ascribed to such term in the Credit Agreement) made to the Borrower by the Lenders pursuant to the Credit
Agreement; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
each of the parties hereto is willing, on the terms and subject to the conditions hereinafter set forth, to so amend the Keep-Well Agreement upon the terms and
conditions set forth below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the agreements contained herein, the parties hereto agree as follows: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kf2093_article_1_amendments"> </A>
<A NAME="toc_kf2093_4"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 1<BR>  <BR>    AMENDMENTS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Amendments.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The parties hereto hereby agree that from and after the Effective Date (as
defined in </FONT><FONT SIZE=2><I>Section&nbsp;3.1</I></FONT><FONT SIZE=2>) the following amendments shall be made to the Keep-Well Agreement, as amended by the First Amendment to
Credit Agreement: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The
definition of "</FONT><FONT SIZE=2><I>Keep-Well Termination Date</I></FONT><FONT SIZE=2>" set forth in </FONT> <FONT SIZE=2><I>Section&nbsp;1</I></FONT><FONT SIZE=2> of the Keep-Well Agreement, as amended by the First Amendment to Keep-Well Agreement,
 shall be deleted in its
entirety and the following definition of "</FONT><FONT SIZE=2><I>Keep-Well Termination Date</I></FONT><FONT SIZE=2>" shall be substituted in its place: </FONT></P>

<UL>

<P><FONT SIZE=2>"&nbsp;'</FONT><FONT
SIZE=2><I>Keep-Well Termination Date</I></FONT><FONT SIZE=2>' shall mean the earliest of (i)&nbsp;the day on which full and indefeasible payment of the
Obligations of the Borrower under the Credit Agreement has been made to reduce the Commitments of the Lenders thereunder to $145,000,000 or less, (ii)&nbsp;the last day of the period of six
consecutive fiscal quarters from and after the Conversion Date during which the Borrower shall have satisfied each of the financial covenants set forth in the Credit Agreement (without giving effect
to the Seventh Amendment to Credit Agreement or to any other amendment of the Credit Agreement which became effective prior to the date of the Seventh Amendment to Credit Agreement or to any payments
to or investments by the Sponsors in or for the benefit of the Borrower), (iii)&nbsp;the date on which both of the following shall have been satisfied: (a)&nbsp;construction of the Aladdin Hotel
and Casino and renovation of the Theater has been completed in accordance with all terms of the Credit Agreement and (b)&nbsp;the Commitments and the aggregate outstanding principal amount of the
Obligations under the Credit Agreement shall have been reduced to an amount not in excess of the amount specified for such date on </FONT><FONT SIZE=2><I>Schedule&nbsp;1</I></FONT><FONT SIZE=2>
hereto, (iv)&nbsp;the date on which the Sponsors shall have made full payment of the Accelerated Payment Amount described under </FONT><FONT SIZE=2><I>Section&nbsp;4</I></FONT><FONT SIZE=2> below
or (v)&nbsp;in the case of LCI only, the date on which it shall have made full payment of the Accelerated Payment Amount described under </FONT> <FONT SIZE=2><I>Section&nbsp;13</I></FONT><FONT SIZE=2> below." </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The
following sentences shall be added after the second sentence of Section&nbsp;2 of the Keep-Well Agreement, as amended by the First Amendment to
Keep-Well Agreement: </FONT></P>

<UL>

<P><FONT SIZE=2>"Notwithstanding
the foregoing, with respect only to the Fiscal Quarter ending March&nbsp;31, 2001, the amount of the Cash Equity Contributions for such Fiscal Quarter (the
'</FONT><FONT SIZE=2><I>FQ2 Cash Equity Contributions</I></FONT><FONT SIZE=2>')
shall equal all Debt Service (including, without limitation, Debt Service payments due on or about June&nbsp;29, 2001 and August&nbsp;1, 2001) and such other amounts </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>&#150;3&#150;</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>
reasonably required by the Board of Managers of the Borrower to perform in all material respects its covenants in the first four sentences of Section&nbsp;7.1.3 of the Credit Agreement (without
giving effect to any grace, notice or cure period granted to the Borrower under the Credit Agreement), in each case which is due and payable or otherwise required by the Borrower on or before
August&nbsp;1, 2001 and which has not been funded by the Borrower in accordance with the Loan Documents (without giving effect to any grace, notice or cure period granted to the Borrower under the
Credit Agreement). With respect to such Debt Service which is due and payable on or before August&nbsp;1, 2001, such Cash Equity Contributions shall be made by the Sponsors on or before the date
that such amount is due and payable under the Loan Documents, in each case without giving effect to any grace, notice or cure period granted to the Borrower thereunder. With respect to amounts
reasonably required by the Borrower to perform in all material respects its covenants in the first four sentences of Section&nbsp;7.1.3 of the Credit Agreement, such Cash Equity Contributions shall
be made within three Business Days after request therefor has been made by the Borrower, without giving effect to any grace, notice or cure period granted to the Borrower under the Loan Documents." </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kf2093_article_2_ratification_and_reaffirmation"> </A>
<A NAME="toc_kf2093_5"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 2<BR>  <BR>    RATIFICATION AND REAFFIRMATION    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Ratification and Reaffirmation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;This Second Amendment to Keep-Well Agreement
shall be deemed to be an amendment to the Keep-Well Agreement, as amended by the First Amendment to Keep-Well Agreement, and the Keep-Well Agreement, as amended by
the First Amendment to Keep-Well Agreement and this Second Amendment to Keep-Well Agreement, shall continue in full force and effect and is hereby ratified, approved and
confirmed in each and every respect. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kf2093_article_3_conditions_precedent_and_covenant"> </A>
<A NAME="toc_kf2093_6"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 3<BR>  <BR>    CONDITIONS PRECEDENT AND COVENANT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Conditions to Effectiveness.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The amendments in </FONT> <FONT SIZE=2><I>Section&nbsp;1.1</I></FONT><FONT SIZE=2> of this Second Amendment to Keep-Well Agreement shall become
effective on the date (the
"</FONT><FONT SIZE=2><I>Effective Date</I></FONT><FONT SIZE=2>") on which each of the following conditions precedent shall have been satisfied. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;Execution of Documents.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Administrative Agent shall have received counterparts of
(i)&nbsp;this Second Amendment to Keep-Well Agreement executed by an Authorized Representative of the parties hereto, (ii)&nbsp;the Ratification of LCI Subsidiary Guaranty executed by
the Authorized Representatives of the Subsidiary Guarantors and LCI, (iii)&nbsp;the Seventh Amendment to Credit Agreement executed by Authorized Representatives of the Borrower and the
Administrative Agent and (iv)&nbsp;all documentation required by </FONT><FONT SIZE=2><I>Section&nbsp;3.1</I></FONT><FONT SIZE=2> of the Seventh Amendment to Credit Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;Seventh Amendment to Credit Agreement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Seventh Amendment to Credit Agreement shall have become
effective in accordance with its terms. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;Incumbency, etc.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Administrative Agent shall have received (with copies for each Lender) a
certificate, dated as of the Effective Date, of an Authorized Representative of each Sponsor certifying </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;as
to the incumbency and signatures of the Person or Persons authorized to execute and deliver this Second Amendment to Keep-Well Agreement and any
instruments or agreements required hereunder, </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;as
to an attached copy of one or more resolutions or other authorizations of the Sponsors certified by the Authorized Representative of each such Sponsor as being
in full </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>&#150;4&#150;</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>
force and effect on the date hereof, authorizing the execution, delivery and performance of this Second Amendment to Keep-Well Agreement and any instruments or agreements required
hereunder, and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;that
the Organizational Documents of such Sponsor have not been modified since the date on which they were last delivered to the Administrative Agent, </FONT></P>

</UL>

<P><FONT SIZE=2>upon
which certificate the Administrative Agent and the Lenders (collectively, the "</FONT><FONT SIZE=2><I>Financing Parties</I></FONT><FONT SIZE=2>") may conclusively rely until the Administrative
Agent has received a further certificate of an Authorized Representative of such Sponsor canceling or amending such prior certificate. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;Fees.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;All reasonable fees and costs and expenses of Mayer, Brown&nbsp;&amp; Platt and other
professionals employed by the Administrative Agent and all other reasonable expenses of the Administrative Agent in connection with the negotiation, execution and delivery of this Second Amendment to
Keep-Well Agreement and the transactions contemplated herein shall have been paid in full. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;Satisfactory Legal Form.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Each Financing Party and its counsel shall have received all information,
approvals, opinions, documents or instruments as each Financing Party or its counsel may have reasonably requested, and all documents executed or submitted pursuant hereto by or on behalf of each
Sponsor shall be reasonably satisfactory in form and substance to each Financing Party and its counsel. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;Default.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;After giving effect to this Second Amendment to Keep-Well Agreement and the
Seventh Amendment to Credit Agreement the following statements shall be true and correct: (i)&nbsp;to the best knowledge of each Sponsor, no act or condition exists which, with the giving of notice
or passage of time would constitute a "</FONT><FONT SIZE=2><I>Default</I></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><I>Event of Default</I></FONT><FONT SIZE=2>" (as defined in the Credit
Agreement, the GECC Facilities Agreement and Discount Note Indenture) has occurred and is continuing as of the date hereof and (ii)&nbsp;no material adverse change in (A)&nbsp;the financial
condition, business, property, prospects or ability of the Sponsors or the Borrower to perform in all material respects its respective obligations under any Operative Document or any of the documents
evidencing and securing the FF&amp;E Financing to which it is a party or (B)&nbsp;the financial condition, business, property, prospects and ability of any other Aladdin Party or, to the best knowledge
of such Sponsor, LCNI to perform in all material respects its obligations under any Operative Document to which it is a party has occurred since the Closing Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;Consents and Approvals.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;All approvals and consents required to be taken, given or obtained, as the
case may be, by or from any Governmental Instrumentality or another Person, or by or from any trustee (including, without limitation, GECC and the Discount Note Indenture Trustee) or holder of any
indebtedness or obligation of the Borrower or the Sponsor, that are necessary or, in the reasonable opinion of the Administrative Agent, advisable in connection with the execution, delivery and
performance of this Second Amendment to Keep-Well Agreement by all parties hereto, shall have been taken, given or obtained, as the case may be, shall be in full force and effect and the
time for appeal with respect to any thereof shall have expired (or, if an appeal shall have been taken, the same shall have been dismissed) and shall not be subject to any pending proceedings or
appeals (administrative, judicial or otherwise) and shall be in form and substance reasonably satisfactory to the Administrative Agent. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;Delivery of Second Amendment to Keep-Well Agreement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Sponsor shall have delivered
this Second Amendment to Keep-Well Agreement to all Persons entitled thereto under the Operative Documents to receive delivery hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;Opinions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Administrative Agent shall have received such opinions of counsel as it deems
necessary, dated as of the Effective Date and addressed to the Administrative Agent and the Lenders which shall be in form and substance reasonably satisfactory to the Administrative Agent. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>&#150;5&#150;</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kf2093_article_4_representations_and_warranties"> </A>
<A NAME="toc_kf2093_7"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 4<BR>  <BR>    REPRESENTATIONS AND WARRANTIES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In order to induce each Financing Party to enter into this Second Amendment to Keep-Well Agreement, each Sponsor, as to itself, reaffirms, as of
the Effective Date, its representations and warranties contained in the Keep-Well Agreement (as amended by the First Amendment to Keep-Well Agreement and this Second Amendment
to Keep-Well Agreement) and additionally represents and warrants, as to itself, unto each Financing Party as set forth in this </FONT> <FONT SIZE=2><I>Article&nbsp;IV</I></FONT><FONT SIZE=2>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Due Authorization, Non-Contravention, etc.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The execution, delivery and
performance by each Sponsor of this Second Amendment to Keep-Well Agreement and each other document executed or to be executed by it in connection with this Second Amendment to
Keep-Well Agreement are within such Sponsor's powers, have been duly authorized by all necessary action, and do not </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>contravene
such Sponsor's Organizational Documents; </FONT></DD><DT><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>contravene
any contractual restriction binding on or affecting such Sponsor; </FONT></DD><DT><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>contravene
any court decree or order or Legal Requirement binding on or affecting such Sponsor; or </FONT></DD><DT><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>result
in, or require the creation or imposition of, any Lien on any of such Sponsor's properties except as expressly contemplated by the Operative Documents, </FONT></DD></DL>
</UL>


<P><FONT SIZE=2>and
the Financing Parties may conclusively rely on such representation and warranty. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Government Approval, Regulation, etc.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;No authorization or approval or other action by, and
no notice to or filing with, any governmental authority or regulatory body or other Person is required for the due execution, delivery or performance by the Sponsor of this Second Amendment to
Keep-Well Agreement or any other document to be executed by it in connection with this Second Amendment to Keep-Well Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Validity, etc.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;This Second Amendment to Keep-Well Agreement constitutes the
legal, valid and binding obligations of the Sponsors enforceable in accordance with their respective terms, except as
such enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors rights generally and by general principles of equity. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Limitation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Except as expressly provided hereby, all of the representations, warranties,
terms, covenants and conditions of the Keep-Well Agreement, as amended by the First Amendment to Credit Agreement and this Second Amendment to Credit Agreement and each other Operative
Document shall remain unamended and unwaived and shall continue to be, and shall remain, in full force and effect in accordance with their respective terms. The amendments and modifications set forth
herein shall be limited precisely as provided for herein, and shall not be deemed to be a waiver of, amendment or modification of any other term or provision of the Keep-Well Agreement or
other Instrument referred to therein or herein, or of any transaction or further or future action on the part of the Borrower or any other Person which would require the consent of the Agents, the
Lenders, GECC or the Discount Note Indenture Trustee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Offsets and Defenses.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Sponsors have no offsets or defenses to their obligations under
the Loan Documents to which they are a party and no claims or counterclaims against any of the Agents or the Lenders. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;6&#150;</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_kf2093_8"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 5<BR>  <BR>    MISCELLANEOUS PROVISIONS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Headings.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The various headings of this Second Amendment to Keep-Well Agreement
are inserted for convenience only and shall not affect the meaning or interpretation of this Second Amendment to Keep-Well Agreement or any provisions hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Applicable Law.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT SIZE=2><B>THIS SECOND AMENDMENT TO
KEEP-WELL AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS SECOND AMENDMENT TO KEEP-WELL AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT EXCLUDING ALL OTHER CHOICE OF LAW AND CONFLICTS OF LAW RULES OF
SUCH STATE.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Cross-References.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;References in this Second Amendment to Keep-Well Agreement to
any Article or Section are, unless otherwise specified, to such Article or Section of this Second Amendment to Keep-Well Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Operative Document.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;This Second Amendment to Keep-Well Agreement is a Loan
Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with the terms and provisions of the
Credit Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Successors and Assigns.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;This Second Amendment to Keep-Well Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.6</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Counterparts.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;This Second Amendment to Keep-Well Agreement may be executed by
the parties hereto in any number of counterparts and on separate counterparts, each of which shall be an original but all of which together shall constitute one and the same instrument. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;7&#150;</FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment to Keep-Well Agreement as of the day and year first above written. </FONT></P>

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<TD COLSPAN=2><FONT SIZE=2>ALADDIN HOLDINGS, LLC</FONT></TD>
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<TD COLSPAN=2><FONT SIZE=2>THE TRUST UNDER ARTICLE SIXTH<BR>
UNDER THE WILL OF SIGMUND SOMMER</FONT></TD>
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<TD COLSPAN=2><FONT SIZE=2>Title:&nbsp;&nbsp;Trustee</FONT></TD>
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<TD COLSPAN=2><FONT SIZE=2>LONDON CLUBS INTERNATIONAL PLC</FONT></TD>
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<TD COLSPAN=2><FONT SIZE=2>THE BANK OF NOVA SCOTIA,<BR>
as the Administrative Agent</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>&#150;8&#150;</FONT></P>

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<P><br><A NAME="01BHL2092_4">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_kf2093_1">SECOND AMENDMENT TO KEEP-WELL AGREEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kf2093_2">SECOND AMENDMENT TO KEEP-WELL AGREEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kf2093_3">W I T N E S S E T H</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kf2093_4">ARTICLE 1 AMENDMENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kf2093_5">ARTICLE 2 RATIFICATION AND REAFFIRMATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kf2093_6">ARTICLE 3 CONDITIONS PRECEDENT AND COVENANT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kf2093_7">ARTICLE 4 REPRESENTATIONS AND WARRANTIES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kf2093_8">ARTICLE 5 MISCELLANEOUS PROVISIONS</A></FONT><BR>
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