NEVADA GOLD & CASINOS INC
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v076785_ex10-1.htm
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
        10.1</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>D.B.
        ZWIRN SPECIAL OPPORTUNITIES FUND, L.P.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">745
        Fifth
        Avenue, 18</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Floor</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
        York,
        New York 10051</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">May
        23,
        2007</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Nevada
        Gold &amp; Casinos, Inc.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3040
        Post
        Oak Blvd., Suite 375</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Houston,
        Texas 77056</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Attention:
        Mr. James J. Kohn, Chief Financial Officer</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 72pt;">&#160;</td>
              <td style="width: 36pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Re:</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Financing
                  Commitment</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dear
        Mr.
        Kohn:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Nevada
        Gold &amp; Casinos, Inc., a Nevada corporation (the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Company</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"),
        has
        advised </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D.B.
        Zwirn Special Opportunities Fund, L.P.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        and its
        affiliates and designees (the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Lender</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">")
        that
        the Company and certain of its subsidiaries (the Company, together with certain
        subsidiaries of the Company designated by the Lender, each a "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Borrower</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        and
        collectively, the&#160;"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Borrowers</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">")
        desire
        financing (a) primarily to fund the Borrowers' future purchases of gaming
        operations, mergers and acquisition opportunities, and (b) to pay fees and
        expenses related to the financing contemplated by this commitment letter.
        The
        Lender is pleased to advise you that the Lender is willing to provide the
        Borrowers with a senior secured financing facility in the maximum aggregate
        amount of $15,000,000 (the&#160;"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Financing
        Facility</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">")
        substantially on the terms and conditions set forth in the Outline of Terms
        and
        Conditions attached hereto as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit&#160;A</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        (the
        "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Term
        Sheet</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">").
        Terms
        used in this commitment letter and not otherwise defined herein shall have
        the
        meanings assigned to such terms in the Term Sheet or as set forth in
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
        B</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Financing Facility will consist of a term loan facility of up to $15,000,000.
        All obligations of the Borrowers under the Financing Facility will be guaranteed
        by each subsidiary of the Company that is not a Borrower (each a "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Guarantor</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        and
        collectively, the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Guarantors</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        and
        together with the Borrowers, each a "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Loan
        Party</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        and
        collectively, the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Loan
        Parties</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">").
        The
        Lender's commitment to provide the Financing Facility is subject in all respects
        to satisfaction of the terms and conditions contained in this commitment
        letter
        and in the Term Sheet.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company, on behalf of itself and the other Loan Parties, acknowledges that
        this
        commitment letter and the Term Sheet are intended as an outline only and
        do not
        purport to summarize all of the conditions, covenants, representations,
        warranties and other provisions that would be contained in definitive loan
        documentation for the Financing Facility. The definitive loan documentation
        for
        the Financing Facility will include, in addition to the provisions that are
        summarized in this commitment letter and the Term Sheet, provisions that,
        in the
        opinion of the Lender, are customary or typical for this type of financing
        transaction and other provisions that the Lender determines to be appropriate
        in
        the context of the proposed transaction. Such definitive loan documentation
        shall be in form and substance satisfactory to the Lender.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By
        its
        execution hereof and its acceptance of the commitment contained herein, the
        Company, on behalf of itself and the other Loan Parties, agrees to indemnify
        and
        hold harmless the Lender, any other entity that becomes a Lender as contemplated
        by the Term Sheet, each of their respective assignees and affiliates, and
        their
        respective directors, partners, members, officers, employees and agents (each
        an
        "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Indemnified
        Party</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">")
        from
        and against any and all losses, claims, damages, liabilities or other expenses
        to which such Indemnified Party may become subject, insofar as such losses,
        claims, damages, liabilities (or actions or other proceedings commenced or
        threatened in respect thereof) or other expenses arise out of or in any way
        relate to or result from, this commitment letter or the extension of the
        Financing Facility contemplated by this commitment letter, or in any way
        arise
        from any use or intended use of this commitment letter or the proceeds of
        the
        Financing Facility contemplated by this commitment letter, and the Company
        agrees to reimburse each Indemnified Party for any legal or other expenses
        incurred in connection with investigating, defending or participating in
        any
        such loss, claim, damage, liability or action or other proceeding (whether
        or
        not such Indemnified Party is a party to any action or proceeding out of
        which
        indemnified expenses arise), but excluding therefrom all expenses, losses,
        claims, damages and liabilities which are finally determined in a non-appealable
        decision of a court of competent jurisdiction to have resulted solely from
        the
        gross negligence or willful misconduct of such Indemnified Party. In the
        event
        of any litigation or dispute involving this commitment letter or the Financing
        Facility, no Indemnified Party shall be responsible or liable to the Company
        or
        any other person or entity for any special, indirect, consequential, incidental
        or punitive damages. In addition, the Company agrees to reimburse the Lender
        on
        demand for all reasonable fees and expenses (the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Expenses</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">")
        incurred by or on behalf of the Lender in connection with the negotiation,
        preparation, execution and delivery of this commitment letter, the Term Sheet
        and any and all definitive loan documentation relating hereto and thereto,
        including, without limitation, the reasonable fees and expenses of counsel
        to
        the Lender and the fees and expenses incurred by the Lender in connection
        with
        any due diligence, collateral reviews, appraisals, valuations and field
        examinations, and syndication of the Financing Facility. The obligations
        of the
        Company under this paragraph shall remain effective whether or not definitive
        loan documentation is executed and notwithstanding any termination of this
        commitment letter.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company agrees to pay to the Lender certain fees set forth in the fee letter
        delivered in connection herewith (the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Fee
        Letter</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">").
        The
        terms and conditions of the Fee Letter set forth therein are incorporated
        herein
        by this reference.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company has previously paid to the Lender (i) $75,000 in respect of a work
        fee
        and (ii) $50,000, which represents a deposit (the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Expense
        Deposit</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">")
        to
        fund Expenses incurred by or on behalf of the Lender. If less than $50,000
        of
        Expenses are incurred by or on behalf of the Lender, the unused portion of
        the
        Expense Deposit will be returned to the Company. The Lender may request,
        and the
        Company shall forthwith pay to the Lender, in immediately available funds,
        an
        additional expense deposit if the amount of Expenses incurred or to be incurred
        by the Lender in connection with the Financing Facility exceeds or will exceed
        the amount of the Expense Deposit. The Expense Deposit will not be segregated
        and may be commingled with other funds, and the Company will not be entitled
        to
        receive interest on the Expense Deposit.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Lender's commitment to provide the Financing Facility is subject to (a)&#160;the
        negotiation, execution and delivery of definitive loan documentation in form
        and
        substance satisfactory to the Lender and its counsel, (b)&#160;the satisfaction
        of the Lender that since the date hereof there has not occurred or become
        known
        to any Loan Party or the Lender any material adverse change with respect
        to the
        condition (financial or otherwise, but excluding fluctuations in the share
        price
        of the Company's publicly traded stock), business, operations, assets,
        liabilities or prospects of any Loan Party, as determined by the Lender in
        its
        sole discretion (a "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Material
        Adverse Change</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"),
        and
        (c)&#160;the satisfaction of the conditions set forth in this commitment letter
        and the Term Sheet, as determined by the Lender in its sole discretion. If
        at
        any time the Lender shall determine (in its sole discretion) that either
        (i)&#160;any Loan Party will be unable to fulfill any condition set forth in
        this commitment letter or in the Term Sheet or (ii)&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
        Material Adverse Change has occurred</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        the
        Lender may terminate this commitment letter by giving notice thereof to the
        Company (subject to the obligation of the Company to pay all fees, costs,
        expenses and other payment obligations expressly assumed by the Company
        hereunder, which shall survive the termination of this commitment letter).
        Notwithstanding anything to the contrary contained herein, this commitment
        letter may be terminated by the Lender or the Company if either the Lender
        or
        the Company is advised by any gaming regulatory agency, or has reasonable
        basis
        to conclude, that a gaming regulatory agency would find the Lender to be
        an
        "unsuitable person" which could impair any gaming license held or being applied
        for by the Company.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company, on behalf of itself and the other Loan Parties, represents and warrants
        that (a)&#160;all information and other materials concerning the Loan Parties
        (collectively, the&#160;"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Information</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">")
        which
        has been, or is hereafter, made available by, or on behalf of any Loan Party
        is,
        or when delivered will be, when considered as a whole, complete and correct
        in
        all material respects and does not, or will not when delivered, contain any
        untrue statement of material fact or omit to state a material fact necessary
        in
        order to make the statements contained therein not misleading and (b)&#160;to
        the extent that any such Information contains projections, such projections
        were
        prepared in good faith on the basis of (i)&#160;assumptions, methods and tests
        stated therein which are believed by the Loan Parties to be reasonable and
        (ii)&#160;information believed by the Loan Parties to have been accurate based
        upon the information available to the Loan Parties at the time such projections
        were furnished to the Lender. The Company agrees that if at any time prior
        to
        the Closing Date (as defined in the Term Sheet), any of the representations
        in
        the preceding sentence would be incorrect in any material respect if the
        information and projections were being furnished, and such representations
        were
        being made, at such time, then the Company will promptly supplement, or cause
        to
        be supplemented, the information and projections so that such representations
        will be correct in all material respects under those circumstances.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company agrees, on behalf of itself and the other Loan Parties, that it will,
        and will cause each of the other Loan Parties to (a)&#160;promptly provide
        copies of any filing to the Lender (including, without limitation, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">filings
        with the SEC and other applicable regulatory authorities and stock
        exchanges</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)
        in
        which reference is made to the Lender or the commitment contained herein,
        and
        (b)&#160;promptly provide copies to the Lender of any public announcement in
        which reference is made to the Lender or to the commitment contained herein.
        The
        Company acknowledges that the Lender and its affiliates may now or hereafter
        provide financing or obtain other interests in other companies in respect
        of
        which the Company or its affiliates may be business competitors, and that
        the
        Lender and its affiliates will have no obligation to provide to the Company
        or
        any of its affiliates any confidential information obtained from or in respect
        of such other companies.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
        the term of this commitment letter, the Company intends to consummate the
        Rogers
        Refinancing. The Company hereby grants to the Lender the Right of First
        Negotiation to provide the Rogers Refinancing. If the Company is unable to
        conclude a binding agreement with a third party with respect to the Rogers
        Refinancing within 150&#160;days after the expiration of the Exclusive
        Negotiation Period, then the Company shall be obligated to re-offer the
        opportunity for the Lender to provide the Rogers Refinancing and the Lender
        shall be entitled to a Right of First Negotiation with respect thereto in
        each
        such instance. Notwithstanding anything to the contrary contained herein,
        the
        terms of the Right of First Negotiation shall not be applicable and shall
        be of
        no force or affect if the Company is advised by any gaming regulatory agency,
        or
        has reasonable basis to conclude, that a gaming regulatory agency would find
        the
        Lender to be an "unsuitable person" which could impair any gaming license
        held
        or being applied for by the Company.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        offer
        made by the Lender in this commitment letter shall expire, unless otherwise
        agreed by the Lender in writing, at 5:00&#160;p.m. (New York City time) on May
        24, 2007, unless prior thereto the Lender shall have received (a)&#160;a copy of
        this commitment letter and the Fee Letter, signed by the Company accepting
        the
        terms and conditions of this commitment letter, the Term Sheet and the Fee
        Letter, (b)&#160;the Expense Deposit, in immediately available funds, and (c)
        the commitment fee set forth in the Fee Letter, in immediately available
        funds.
        The commitment by the Lender to provide the Financing Facility shall expire
        at
        5:00&#160;p.m. (New York City time) on May 24, 2009, unless prior thereto,
        definitive loan documentation shall have been agreed to in writing by all
        parties and the conditions set forth therein shall have been satisfied (it
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        understood that the Company's obligation to pay all amounts in respect of
        indemnification, fees and Expenses shall survive termination of this commitment
        letter).</font></div>
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        commitment letter, including the attached Term Sheet, and the Fee Letter
        (a)&#160;supersede all prior discussions, agreements, commitments, arrangements,
        negotiations or understandings, whether oral or written, of the parties with
        respect thereto, (b)&#160;shall be governed by the law of the State of New York,
        without giving effect to the conflict of laws provisions thereof, (c)&#160;shall
        be binding upon the parties and their respective successors and assigns,
        (d)&#160;may not be relied upon or enforced by any other person or entity, and
        (e)&#160;may be signed in multiple counterparts and delivered by facsimile or
        other electronic transmission, each of which shall be deemed an original
        and all
        of which together shall constitute one and the same instrument. If this
        commitment letter becomes the subject of a dispute, each of the parties hereto
        hereby waives trial by jury. This commitment letter may be amended, modified
        or
        waived only in a writing signed by each of the parties hereto.</font></div>
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        the terms and conditions of the offer contained herein meet with your approval,
        please indicate your acceptance by signing and returning a copy of this
        commitment letter and the Fee Letter to the Lender and wiring the commitment
        fee
        set forth in the Fee Letter, in immediately available funds, to an account
        designated by the Lender.</font></div>
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        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

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              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Very
                  truly yours,</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D.B.
                  ZWIRN SPECIAL OPPORTUNITIES FUND, L.P.</font></div>
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            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">D.B.
                Zwirn Partners, LLC</font></td>
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            <tr valign="top" bgcolor="#ffffff">
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              <td align="left"><font size="2">its general partner</font></td>
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            <tr valign="top" bgcolor="#ffffff">
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              <td>&#160;</td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
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              <tr valign="top" bgcolor="#ffffff">
                <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
                <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
                <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Zwirn
                  Holdings, LLC</font></td>
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              <tr valign="top" bgcolor="#ffffff">
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                <td align="left"><font size="2">its managing member</font></td>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

                <tr valign="top" bgcolor="#ffffff">
                  <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
                  <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
                  <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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                  <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/
                    Lawrence Cutler, Chief Operating
                    Officer</font></td>
                </tr>

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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Agreed
        and accepted on this</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">24</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        day of
        May 2007:</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NEVADA
        GOLD &amp; CASINOS, INC.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
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            <tr valign="top" style="line-height: 1.25;">
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  James J. Kohn, Chief Financial
                  Officer</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        A</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nevada
        Gold &amp; Casinos, Inc.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Outline
        of Terms and Conditions for Financing Facility</u></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        Outline of Terms and Conditions is part of the commitment letter, dated May
        23,
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        Letter</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"),
        addressed to Nevada Gold &amp; Casinos, Inc. (the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Company</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">")
        by
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        and is
        subject to the terms and conditions of the Commitment Letter. Capitalized
        terms
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        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
        B</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        unless
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      <div>
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              <td align="justify" valign="top" width="26%" style="border-bottom: medium none;">
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              <td align="justify" valign="top" width="54%" style="border-bottom: medium none;">
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                  Company and certain affiliates and subsidiaries of the Company
                  designated
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            <tr>
              <td align="justify" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="26%" style="border-bottom: medium none;">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
                  subsidiaries of the Company that are not Borrowers (together with
                  the
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                  and collectively, the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loan
                  Parties</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">").</font></div>
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            <tr>
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              <td align="justify" valign="top" width="54%">&#160;</td>
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            <tr>
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                  Lender or affiliates thereof, and such other lenders designated
                  by the
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                  lenders.</font></div>
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                  senior secured credit facility consisting of a term loan facility
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                  to be drawn for a to-be-determined acquisition or acquisitions
                  acceptable
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                  due
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              <td align="justify" valign="top" width="54%" style="border-bottom: medium none;">
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                  of the
                  Acquisition Line outstanding under the Financing Facility together
                  with
                  other funded debt (to be determined) exceed a multiple (to be determined)
                  of the trailing twelve months EBITDA (which will include the equity
                  portion of the Loan Parties' earnings from investments such as
                  the Isle of
                  Capri-Blackhawk and other unconsolidated minority owned investments)
                  of
                  the Loan Parties and their subsidiaries to be agreed upon (the
                  amount of
                  any such excess, an "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EBITDA
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                  make a
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            <tr>
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                  Acquisition Line shall terminate on the second anniversary of the
                  Issuance
                  Date (the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Acquisition
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                  Any amounts drawn under the Acquisition Line prior to the Acquisition
                  Line
                  Termination Date shall have a term of three years from the date
                  such funds
                  are drawn. Any undrawn amounts under the Acquisition Line will
                  no longer
                  be available to be borrowed on or after the Acquisition Line Termination
                  Date. The Financing Facility shall terminate on the third anniversary
                  of
                  the date upon which the final draw is made by the Borrowers under
                  the
                  Acquisition Line (the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Maturity
                  Date</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">").</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
                  addition, if no draw has been made under the Acquisition Line and
                  there
                  are no other amounts outstanding under the Financing Facility,
                  the
                  Borrowers may voluntarily terminate the Financing Facility at any
                  time. If
                  the Borrowers choose to terminate the Financing Facility pursuant
                  to this
                  paragraph, they shall not be liable for any fees that would otherwise
                  have
                  accrued after the date of such termination, but shall remain liable
                  for
                  any and all fees that have accrued on or prior to such
                  date.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">A
            - 1</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="justify" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>MANDATORY</u></strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>AND
                  OPTIONAL </strong></font></u></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PREPAYMENT</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>:</strong></font></u><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
              </td>
              <td align="justify" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mandatory</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">:
                  In addition to mandatory prepayments in respect of the EBITDA Deficit,
                  other customary mandatory prepayments shall be included in the
                  definitive
                  loan documentation (including issuance of debt, excess cash flow
                  (in a
                  percentage of __% and as defined in the definitive loan documentation),
                  sale of assets (subject to any Permitted Liens), casualty events,
                  receipt
                  of proceeds from other "corporate events" and other extraordinary
                  receipts), subject to customary exceptions to be agreed upon, which
                  may
                  include, so long as no event of default has occurred and is continuing,
                  minimum working capital thresholds (after giving effect to such
                  payments)
                  to be agreed upon. All mandatory prepayments of the Acquisition
                  Line shall
                  be applied to installments of the Acquisition Line in the inverse
                  order of
                  maturity.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="26%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Optional</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">:
                  The Borrowers may prepay the Acquisition Line, in whole at any
                  time or in
                  part from time to time, subject to the prepayment premium referred
                  to
                  below. All voluntary prepayments of the Acquisition Line shall
                  be applied
                  to installments of the Acquisition Line in the inverse order of
                  maturity.</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="26%">&#160;</td>
              <td align="left" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="26%" style="border-bottom: medium none;">&#160;</td>
              <td align="justify" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prepayment
                  Premium</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">:
                  Prepayment of the Acquisition Line at any time prior to the Maturity
                  Date
                  shall be subject to a prepayment fee, as more fully described in
                  the Fee
                  Letter.</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>MATURITY/</u></strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>AMORTIZATION</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>:</strong></font></u></div>
              </td>
              <td align="left" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
                  amounts drawn under the Acquisition Line shall be payable in full
                  three
                  years from the date such funds are drawn. All loans and other obligations
                  outstanding under the Financing Facility shall be payable in full
                  on the
                  Maturity Date.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="left" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="26%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CLOSING
                  DATE</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>:</strong></font></u></div>
              </td>
              <td align="left" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  first date on which any amount is drawn under the Acquisition Line,
                  which
                  date shall not be later than the Acquisition Line Termination Date,
                  unless
                  otherwise agreed to in writing by the Lender (the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Closing
                  Date</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">").</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="26%">&#160;</td>
              <td align="left" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="26%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>COLLATERAL</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>:</strong></font></u></div>
              </td>
              <td align="left" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
                  obligations of the Loan Parties to the Lender shall be secured
                  by a
                  perfected lien (subject only to Permitted Liens) on and security
                  interest
                  in all of the Loan Parties' now owned and hereafter acquired assets,
                  including, without limitation, all real property, fixtures, accounts,
                  inventory, equipment, documents, general intangibles, payment intangibles,
                  contract rights, chattel paper, instruments, investment property,
                  commercial tort claims, trademarks, copyrights, patents and other
                  intellectual property, deposit accounts, cash and cash equivalents
                  and all
                  other assets and property of the Loan Parties, real and personal,
                  tangible
                  and intangible, and all proceeds thereof, including, without limitation,
                  all of the capital stock or other equity interests of each subsidiary
                  of
                  each Loan Party (the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Collateral</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">").
                  </font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="26%">&#160;</td>
              <td align="left" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
                  amounts drawn under the Financing Facility, all costs, fees and
                  expenses
                  of the Lender and all other obligations owed to the Lender shall
                  be
                  secured as described above and shall be charged to the loan account
                  to be
                  established under the Financing Facility.</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="26%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INTEREST</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>:</strong></font></u></div>
              </td>
              <td align="justify" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amounts
                  outstanding under the Financing Facility shall bear interest at
                  the LIBOR
                  Rate plus the LIBOR Rate Margin.</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">A
            - 2</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="26%" style="border-bottom: medium none;">&#160;</td>
              <td align="justify" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Lender's obligation to provide loans under the Acquisition Line
                  of a type
                  bearing interest calculated based upon the LIBOR Rate ("</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">LIBOR
                  Loans</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">")
                  shall be subject to the following: (a) not more than a number of
                  separate
                  interest periods to be agreed upon may be in effect for LIBOR Loans
                  at any
                  one time, (b) LIBOR Loans shall be made in an agreed upon minimum
                  amount
                  and in an agreed upon integral multiple in excess thereof, and
                  (c) the
                  Borrowers shall be responsible for any breakage fees, yield maintenance
                  and other associated costs, as determined by the
                  Lender.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
                  interest and fees shall be computed on the basis of a year of
                  360&#160;days for the actual days elapsed. If any event of default shall
                  occur and be continuing, interest shall accrue at a rate per annum
                  equal
                  to 5.00% in excess of the rate of interest otherwise in effect.
                  All
                  interest shall accrue from the Closing Date and shall be payable
                  in cash
                  monthly in arrears, provided that interest that accrues at the
                  default
                  rate shall be payable on demand. </font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FEES</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>:</strong></font></u></div>
              </td>
              <td align="justify" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Borrowers shall pay to the Lenders the fees set forth in the Fee
                  Letter.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>WARRANTS:</u></strong></font></div>
              </td>
              <td align="left" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">None.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="left" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>USE
                  OF PROCEEDS</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>:</strong></font></u></div>
              </td>
              <td align="justify" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Funded
                  amounts under the Financing Facility shall be used to (a) provide
                  for the
                  ongoing working capital of the Borrowers, including future purchases
                  of
                  gaming operations, mergers and acquisition opportunities approved
                  by the
                  Lender, and (b) pay fees and expenses relating to the Financing
                  Facility
                  and the transactions contemplated thereby.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>CONDITIONS</u></strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PRECEDENT</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>:</strong></font></u></div>
              </td>
              <td align="justify" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  obligation of the Lender to fund any amounts under the Acquisition
                  Line or
                  provide any other financial accommodations under the Financing
                  Facility
                  will be subject to customary conditions precedent including, without
                  limitation, the following special conditions precedent:</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">
                <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Lender's completion of its legal and collateral due diligence,
                  with
                  results satisfactory to the Lender and its counsel. Such due diligence
                  shall include, without limitation, a review of ERISA, regulatory,
                  environmental, intellectual property, litigation, accounting, tax,
                  licensing, certification and permit matters and labor matters,
                  with
                  results satisfactory to the Lender, in its sole
                  discretion.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">
                <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Execution
                  and delivery of appropriate legal documentation, including, without
                  limitation, security agreements, cash management agreements, pledge
                  agreements, mortgages (and related title insurance policies, surveys
                  and
                  environmental site assessment reports), intercreditor agreements
                  (including, without limitation, an intercreditor agreement with
                  LHR),
                  landlord waivers (with respect to the primary operating locations
                  of the
                  Loan Parties), and bailee agreements, each in form and substance
                  satisfactory to the Lender and the satisfaction of the conditions
                  precedent contained therein. </font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">
                <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
                  Material Adverse Change shall have occurred, as determined, in
                  good faith,
                  by the Lender in its sole discretion.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">
                <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Lender shall have been granted a perfected lien (subject only to
                  Permitted
                  Liens) on all Collateral, and shall have received UCC, tax and
                  judgment
                  lien searches and other appropriate evidence, evidencing the absence
                  of
                  any other liens on the Collateral, other than existing liens acceptable
                  to
                  the Lender in its sole discretion.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">A
            - 3</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">
                <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Opinions
                  from the Loan Parties' counsel (including, without limitation,
                  local
                  counsel) as to such matters as the Lender and its counsel may reasonably
                  request.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">
                <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
                  Loan Party shall be in good standing in its respective jurisdiction
                  of
                  organization and duly qualified to do business in each other jurisdiction
                  where its ownership or lease of property or the conduct of its
                  business
                  requires such qualification.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">
                <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(g)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Insurance
                  satisfactory to the Lender; such insurance to include liability
                  insurance
                  for which the Lender will be named as an additional insured and
                  property
                  insurance with respect to the Collateral for which the Lender will
                  be
                  named as loss payee, subject to existing liens acceptable to the
                  Lender in
                  its sole discretion.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">
                <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(h)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Lender shall be satisfied in its sole discretion with the results
                  of its
                  review of all material contracts of the Loan Parties.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">
                <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
                  required governmental, shareholder and third party approvals, consents,
                  licenses, franchises and permits in connection with the Financing
                  Facility
                  and the operation by the Loan Parties of their businesses shall
                  have been
                  obtained and remain in full force and effect.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">
                <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(j)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
                  as otherwise disclosed to the Lender prior to the date of the Commitment
                  Letter, there shall exist no claim, action, suit, investigation,
                  litigation or proceeding, pending or threatened in any court or
                  before any
                  arbitrator or governmental instrumentality which relates to the
                  Financing
                  Facility or which, in the opinion of the Lender, has any reasonable
                  likelihood of having a material adverse effect on (i) the condition
                  (financial or otherwise), operations, performance, properties,
                  assets,
                  liabilities, business or prospects of any Loan Party, (ii) the
                  ability of
                  any Loan Party to perform its obligations under the Loan Documents
                  or
                  (iii) the ability of the Lender to enforce the Loan
                  Documents.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">
                <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(k)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Loan Parties shall have paid to the Lender all fees and expenses
                  then
                  owing to the Lender, including, without limitation, all audit fees,
                  attorneys' fees, search fees, title fees and documentation and
                  filing
                  fees.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">
                <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(l)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
                  default or event of default shall exist under any Loan
                  Document.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">
                <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(m)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
                  Borrower shall be jointly and severally liable and all amounts
                  outstanding
                  under the Financing Facility and other obligations shall be
                  cross-collateralized and cross-defaulted.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">
                <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(n)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Lender shall have received such financial and other information
                  regarding
                  the Loan Parties as the Lender may request.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td valign="top" width="54%">&#160;</td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">A
            - 4</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="26%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>REPRESENTATIONS</u></strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>AND
                  WARRANTIES</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>:</strong></font></u></div>
              </td>
              <td align="justify" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Usual
                  representations and warranties, including, without limitation,
                  corporate
                  existence and good standing, authority to enter into loan documentation,
                  occurrence of the Closing Date, governmental approvals, enforceability
                  of
                  Loan Documents, capitalization, litigation and commercial tort
                  claims,
                  financial statements, non-violation of other agreements, compliance
                  with
                  environmental, pension and other laws, ERISA, taxes, Regulations
                  T, U and
                  X, nature of business, permits, real property, insurance, use of
                  proceeds,
                  solvency, location of Collateral, material contracts, intellectual
                  property, customers and suppliers, absence of Material Adverse
                  Change,
                  absence of default or unmatured default under the Financing Facility
                  and
                  priority of the Lender's liens.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>COVENANTS</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>:</strong></font></u></div>
              </td>
              <td align="justify" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Usual
                  covenants, including, without limitation, provision of financial
                  statements, notices of litigation, defaults and unmatured defaults
                  and
                  other information, subsidiaries not in existence on the Closing
                  Date to be
                  Loan Parties, compliance with laws, preservation of existence,
                  books and
                  records, inspection of properties, maintenance of properties and
                  insurance, obtaining of permits, change in Collateral locations,
                  landlord
                  waivers and collateral access agreements, after acquired real property,
                  fiscal year, key man life insurance, and limitations with respect
                  to liens
                  and encumbrances, indebtedness, dispositions, dividends and retirement
                  of
                  capital stock and management fees and certain other payments, issuance
                  of
                  capital stock, guarantees, sale and lease back transactions subject
                  to an
                  agreed upon waterfall distribution agreement, consolidations and
                  mergers,
                  investments, capital expenditures, loans and advances, change in
                  nature of
                  business, modifications of material contracts, organization documents
                  and
                  certain other agreements, compromise of accounts receivable,
                  non-compliance with pension, environmental and other laws, operating
                  and
                  capital leases, transactions with affiliates and prepayment of
                  other
                  indebtedness.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
                  covenants to include, maximum debt/EBITDA (commencing after the
                  first
                  anniversary of the Closing Date), minimum net worth, minimum EBITDA
                  (including the equity portion of earnings associated with minority
                  ownership in unconsolidated investments) and maximum capital expenditures
                  (definition to be negotiated but to include 100% owned investments
                  and
                  potential new investments), to be mutually agreed upon by the Lender
                  and
                  the Company. </font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
                  reporting to include: (a)&#160;annual, audited financial statements,
                  (b)&#160;quarterly, internally prepared, financial statements,
                  (c)&#160;monthly, internally prepared, financial statements,
                  (d)&#160;annual projections, including profit and loss and cash flow
                  figures, and (e)&#160;other reporting as required by the Lender consistent
                  with financings of this type.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EVENTS
                  OF DEFAULT</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>:</strong></font></u></div>
              </td>
              <td align="justify" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Usual
                  events of default (subject to negotiated cure periods, if applicable,
                  to
                  be addressed in the Loan Documents), including, without limitation,
                  payment, cross-default, violation of covenants, breach of representations
                  or warranties, bankruptcy or insolvency, invalidity of any provision
                  of
                  any Loan Document, invalidity of lien on any Collateral, failure
                  to comply
                  with cash management agreements, judgment, ERISA, environmental,
                  cessation
                  of or restraint from conducting a material part of the Loan Parties'
                  business, loss or suspension of material licenses or permits, indictment
                  of a Loan Party or a proceeding in which penalties or remedies
                  include
                  forfeiture of a material portion of property, material adverse
                  change and
                  change of control. </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">A
            - 5</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>GOVERNING
                  LAW</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>:</strong></font></u></div>
              </td>
              <td align="justify" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
                  documentation in connection with the Financing Facility shall be
                  governed
                  by the laws of the State of New&#160;York.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ASSIGNMENTS,
                  PARTICIPATIONS</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>:</strong></font></u></div>
              </td>
              <td align="justify" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Lender may sell or assign to one or more other persons a portion
                  of its
                  loans or commitments under the Financing Facility without the consent
                  of
                  the Loan Parties. The Lender may also sell participations in its
                  loans and
                  commitments under the Financing Facility without the consent of
                  the Loan
                  Parties.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td align="justify" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>OUT-OF-POCKET</u></strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXPENSES</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>:</strong></font></u></div>
              </td>
              <td align="justify" valign="top" width="54%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Borrowers shall pay on demand all documented costs and expenses
                  of the
                  Lender (including legal fees, audit fees, appraisal and valuation
                  fees,
                  search fees, filing fees, and documentation fees) incurred in connection
                  with the Financing Facility.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
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            - 6</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
        B</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Definitions</u></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
        purposes of the Commitment Letter and the Term Sheet, the following terms
        shall
        have the following meanings: </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exclusive
        Negotiation Period</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        shall
        mean a period of 30&#160;days following written notice by the
        Company.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>ICBH
        Note</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        shall
        mean the promissory note payable by the Company to Isle of Capri - Black
        Hawk,
        L.L.C. in connection with the acquisition by the Company of the Colorado
        Grand
        Casino.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Issuance
        Date</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        shall
        mean May 24, 2007.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>LHR</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        shall
        mean Louise H. Rogers.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>LHR
        Credit Facility</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        shall
        mean the $55,000,000 revolving credit facility between the Company and
        LHR.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>LIBOR
        Rate</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        shall
        mean the greater of (i) 5.00% per annum, and (ii) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
        rate
        per annum, determined by the Lender in accordance with its customary procedures,
        at which dollar deposits are offered to major banks in the London interbank
        market, adjusted by the reserve percentage prescribed by governmental
        authorities as determined by the Lender. The LIBOR Rate shall be available
        for
        interest periods of one, two, or three months (at the Borrower's
        option).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>LIBOR
        Rate Margin</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        shall
        mean </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.00
        percentage points.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Match
        Period</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        shall
        mean the ten day period commencing on the date of receipt by the Lender of
        written notice from the Company that it has received a bona fide offer, on
        terms
        equal to or less favorable than the terms of the Lender's last offer, from
        a
        third party with respect to the Rogers Refinancing, that it desires to
        accept.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Orix
        Note</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        shall
        mean the promissory note payable by the Company to Orix in connection with
        the
        purchase of slot machines for the Colorado Grand Casino.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Permitted
        Liens</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        shall
        mean liens securing each of the ICBH Note, the LHR Credit Facility and the
        Orix
        Note.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">A
            - 7</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Right
        of First Negotiation</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        shall
        mean, with respect to the Rogers Refinancing, that (i)&#160;at such time as the
        Company desires to secure financing in connection with the Rogers Refinancing,
        the Company shall submit written notice of its intent to the Lender;
        (ii)&#160;upon the receipt of such written notice, the Lender and the Company
        shall negotiate the terms of the Rogers Refinancing exclusively and in good
        faith for the duration of the Exclusive Negotiation Period; (iii) the Lender
        will provide the Company with a final written offer regarding the Rogers
        Refinancing by no later than the expiration of the Exclusive Negotiation
        Period;
        and (iv)&#160;if the parties have not reached an agreement during such Exclusive
        Negotiation Period, the Company may conclude a binding agreement with respect
        to
        the Rogers Refinancing with any other third party without further obligation
        to
        the Lender, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        that the
        Company shall not enter into an agreement with any third party unless (A)
        in the
        good faith judgment of the Company, the material terms of such agreement,
        taken
        as a whole, are more favorable to the Company than the terms of the Lender's
        written offer to the Company or (B)&#160;the material terms of such agreement
        are equal to or less favorable to the Company than the terms of the Lender's
        last offer to the Company and the Company has provided the Lender with written
        notice of such third party offer and the exclusive right, during the Match
        Period, to either accept or reject the opportunity to finance the Rogers
        Refinancing on such terms.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Rogers
        Refinancing</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        shall
        mean that portion of the existing LHR Credit Facility that has not been extended
        or refinanced by LHR. The Rogers Refinancing shall not include any portion
        of
        the LHR Credit Facility that is reduced by the proceeds of an equity offering
        of
        securities by the Company.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>&#160;</div>
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            - 8</font></div>
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