as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender,
as Lead Arranger and Sole Bookrunner,
Page | ||||||
ARTICLE I. INTERPRETATION | 1 | |||||
1.01. | Definitions | 1 | ||||
1.02. | GAAP | 30 | ||||
1.03. | Headings | 31 | ||||
1.04. | Plural Terms | 31 | ||||
1.05. | Time | 31 | ||||
1.06. | Governing Law | 31 | ||||
1.07. | Construction | 31 | ||||
1.08. | Entire Agreement | 31 | ||||
1.09. | Calculation of Interest and Fees | 32 | ||||
1.10. | References | 32 | ||||
1.11. | Other Interpretive Provisions | 32 | ||||
1.12. | Rounding | 32 | ||||
ARTICLE II. CREDIT FACILITIES | 33 | |||||
2.01. | Loan Facilities | 33 | ||||
2.02. | Letters of Credit | 41 | ||||
2.03. | The Swing Line | 50 | ||||
2.04. | Amount Limitations, Commitment Reductions, Etc. | 53 | ||||
2.05. | Fees | 55 | ||||
2.06. | Prepayments | 55 | ||||
2.07. | Other Payment Terms | 59 | ||||
2.08. | Loan Accounts; Notes | 60 | ||||
2.09. | Loan Funding | 61 | ||||
2.10. | Pro Rata Treatment | 62 | ||||
2.11. | Change of Circumstances | 64 | ||||
2.12. | Taxes on Payments | 66 | ||||
2.13. | Funding Loss Indemnification | 68 | ||||
2.14. | Security | 68 | ||||
2.15. | Replacement of the Lenders | 69 | ||||
ARTICLE III. CONDITIONS PRECEDENT | 70 | |||||
3.01. | Conditions Precedent to Effectiveness | 70 | ||||
3.02. | Conditions Precedent to Initial Funding | 70 |
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(continued)
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3.03. | Conditions Precedent to each Credit Event | 70 | ||||
ARTICLE IV. REPRESENTATIONS AND WARRANTIES | 71 | |||||
4.01. | Representations and Warranties of the Borrower | 71 | ||||
4.02. | Reaffirmation of Borrower’s Representations and Warranties | 79 | ||||
4.03. | Representations and Warranties of each Lender | 79 | ||||
ARTICLE V. COVENANTS | 79 | |||||
5.01. | Affirmative Covenants | 79 | ||||
5.02. | Negative Covenants | 85 | ||||
5.03. | Financial Covenants | 94 | ||||
ARTICLE VI. EVENTS OF DEFAULT | 95 | |||||
6.01. | Events of Default | 95 | ||||
6.02. | Remedies | 99 | ||||
ARTICLE VII. ADMINISTRATIVE AGENT, COLLATERAL AGENT, SECURITY TRUSTEE AND RELATIONS AMONG LENDERS | 101 | |||||
7.01. | Appointment, Powers and Immunities | 101 | ||||
7.02. | Reliance by the Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender | 102 | ||||
7.03. | Defaults | 103 | ||||
7.04. | Indemnification | 103 | ||||
7.05. | Non-Reliance | 103 | ||||
7.06. | Resignation of the Administrative Agent or Collateral Agent | 104 | ||||
7.07. | Collateral Matters | 105 | ||||
7.08. | Performance of Conditions | 105 | ||||
7.09. | The Administrative Agent, the Collateral Agent and the Security Trustee in their Individual Capacities | 106 | ||||
7.10. | Collateral Matters/Lender Rate Contracts | 106 | ||||
7.11. | Administrative Agent May File Proofs of Claim | 106 | ||||
7.12. | Application of Gaming Laws | 107 | ||||
ARTICLE VIII. MISCELLANEOUS | 108 | |||||
8.01. | Notices | 108 | ||||
8.02. | Expenses | 110 | ||||
8.03. | Indemnification | 110 | ||||
8.04. | Waivers; Amendments | 112 |
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(continued)
Page | ||||||
8.05. | Successors and Assigns | 115 | ||||
8.06. | Setoff; Security Interest | 120 | ||||
8.07. | No Third Party Rights | 120 | ||||
8.08. | Partial Invalidity | 120 | ||||
8.09. | Jury Trial | 120 | ||||
8.10. | Confidentiality | 121 | ||||
8.11. | Counterparts | 121 | ||||
8.12. | Consent to Jurisdiction | 121 | ||||
8.13. | Relationship of Parties | 122 | ||||
8.14. | Time | 122 | ||||
8.15. | Waiver of Punitive Damages | 122 | ||||
8.16. | USA PATRIOT Act | 123 | ||||
8.17. | Clarification | 123 | ||||
8.18. | NO MANAGEMENT | 123 | ||||
8.19. | Gaming Law Limitations | 123 |
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SCHEDULE I | — | THE LENDERS | ||
SCHEDULE 1.01(a) | — | REAL PROPERTY SECURITY DOCUMENTS | ||
SCHEDULE 3.01 | — | CONDITIONS PRECEDENT TO EFFECTIVENESS | ||
SCHEDULE 3.02 | CONDITIONS PRECEDENT TO INITIAL CREDIT EVENT | |||
SCHEDULE 4.01(e)(iv) | GOVERNMENTAL AUTHORIZATIONS | |||
SCHEDULE 4.01(g) | — | LITIGATION | ||
SCHEDULE 4.01(h) | — | REAL PROPERTY | ||
SCHEDULE 4.01(k) | — | MULTIEMPLOYER PLANS | ||
SCHEDULE 4.01(o) | — | SUBSIDIARIES | ||
SCHEDULE 4.01(v) | — | AGREEMENTS WITH AFFILIATES, ETC. | ||
SCHEDULE 5.02(a) | — | EXISTING INDEBTEDNESS | ||
SCHEDULE 5.02(b) | — | EXISTING LIENS | ||
SCHEDULE 5.02(e) | — | EXISTING INVESTMENTS |
EXHIBIT A | NOTICE OF LOAN BORROWING | |
EXHIBIT B | NOTICE OF CONVERSION | |
EXHIBIT C | NOTICE OF INTEREST PERIOD SELECTION | |
EXHIBIT D | NOTICE OF SWING LINE BORROWING | |
EXHIBIT E | REVOLVING LOAN NOTE | |
EXHIBIT F | TERM LOAN NOTE | |
EXHIBIT G | SWING LINE NOTE | |
EXHIBIT H | ASSIGNMENT AGREEMENT | |
EXHIBIT I | COMPLIANCE CERTIFICATE | |
EXHIBIT J | COLLATERAL CERTIFICATE | |
EXHIBIT K | NON-BANK CERTIFICATE | |
EXHIBIT L | FORM OF GUARANTY | |
EXHIBIT M | FORM OF SECURITY AGREEMENT | |
EXHIBIT N | GRAND VICTORIA EXCESS LAND |
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Applicable Margin | Applicable Margin | Commitment Fee | ||||||||||||||
Tier | Total Leverage Ratio | for LIBOR Loans | for Base Rate Loans | Percentage | ||||||||||||
I | ≥ 1.25 | 5.50 | % | 4.50 | % | 0.750 | % | |||||||||
II | ≥ 0.75 < 1.25 | 5.00 | % | 4.00 | % | 0.625 | % | |||||||||
III | < 0.75 | 4.50 | % | 3.50 | % | 0.500 | % |
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Maximum Total | ||||
Period | Leverage Ratio | |||
Initial Funding Date through and including December 31, 2011 | 2.00:1.00 | |||
January 1, 2012 through and including December 31, 2012 | 1.75:1.00 | |||
January 1, 2013 and thereafter | 1.50:1.00 |
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Minimum Fixed | ||||
Any Fiscal Quarter Ending | Charge Coverage Ratio | |||
Initial Funding Date through and including December 31, 2013 | 1.10:1.00 | |||
March 31, 2014 and thereafter | 1.20:1.00 |
Any Fiscal Quarter Ending | Adjusted EBITDA | |||
Initial Funding Date through and including June 30, 2012 | $ | 7,500,000 | ||
September 30, 2012 and thereafter | $ | 9,000,000 |
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TRUSTEE AND RELATIONS AMONG LENDERS.
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The Administrative Agent, the Collateral Agent, the Security Trustee, the L/C Issuer and the Swing Line Lender | For Notices of Borrowing, Notices of Conversion and Notices of Interest Period Selection: | |
Wells Fargo Bank, National Association 201 Third Street, 11th Floor MAC Mail A0187-110 San Francisco, California 94103 Attention: Deal Administrator Tel. No. (415) 477-5314 Fax No. (415) 546-6353 E-mail: agentsf@wellsfargo.com | ||
For all other notices: | ||
Wells Fargo Bank, National Association 5340 Kietzke Lane Reno, Nevada 89511 Attention: Erna Stuckey Tel. No. 775-689-6018 Fax No. 775-689-6026 E-mail: Erna.F.Stuckey@wellsfargo.com |
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The Borrower: | Full House Resorts, Inc. 4670 S. Fort Apache Road Suite 190 Las Vegas, NV 89147 Attention: Mark Miller Chief Financial Officer/Chief Operating Officer Tel. No. (702) 221-7800Fax No. (702) 221-8101 E-mail: mmiller@fullhouseresorts.com | |
With a Copy to: | Greenberg Traurig, LLP 2375 East Camelback Road, Suite 700 Phoenix, AZ 85016 Attention: Jeffrey H. Verbin Tel. No. (602) 445-8202 Fax No. (602) 445-8630 E-mail: VerbinJ@GTLaw.com |
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BORROWER: FULL HOUSE RESORTS, INC., a Delaware corporation | ||||
By: | /s/ Mark Miller | |||
Name: | ||||
Title: | ||||
ADMINISTRATIVE AGENT, COLLATERAL AGENT, L/C ISSUER AND SWING LINE LENDER: WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Security Trustee, L/C Issuer and Swing Line Lender | ||||
By: | /s/ Erna Stuckey | |||
Name: | Erna Stuckey | |||
Title: | Vice President | |||
THE LENDERS: WELLS FARGO BANK, NATIONAL ASSOCIATION | ||||
By: | /s/ Erna Stuckey | |||
Name: | Erna Stuckey | |||
Title: | Vice President | |||
CAPITAL ONE, N.A. | ||||
By: | /s/ Ross Wales | |||
Name: | Ross Wales | |||
Title: | Sr. Vice President | |||
NEVADA STATE BANK | ||||
By: | ||||
Name: | ||||
Title: | ||||
CAPITAL ONE, N.A. | ||||
By: | ||||
Name: | ||||
Title: | ||||
NEVADA STATE BANK | ||||
By: | /s/ Rick Thomas | |||
Name: | Rick Thomas | |||
Title: | V.P. | |||
Revolving | Term | |||||||||||||||
Revolving Loan | Proportionate | Term Loan | Proportionate | |||||||||||||
Name of Lender | Commitment | Share | Commitment | Share | ||||||||||||
Wells Fargo Bank, National Association | $ | 2,171,052.63 | 45.83333333 | % | $ | 14,328,947.37 | 45.83333333 | % | ||||||||
Capital One, N.A. | $ | 1,907,894.74 | 40.27777778 | % | $ | 12,592,105.26 | 40.27777778 | % | ||||||||
Nevada State Bank | $ | 657,894.74 | 13.88888889 | % | $ | 4,342,105.26 | 13.88888889 | % | ||||||||
Total | $ | 4,736,842.11 | 100.00 | % | $ | 31,263,157,89 | 100.00 | % | ||||||||
1
as a Lender
5340 Kietzke Lane
Reno, Nevada 89511
Attention: Erna Stuckey
Tel. No. (775) 689-6018
Fax No. (775) 689-6026
E-mail: Erna.F.Stuckey@wellsfargo.com
201 Third Street, 11th Floor
MAC Mail A0187-110
San Francisco, California 94103
Attention: Deal Administrator
Tel. No. (415) 477-5314
Fax No. (415) 546-6353
E-mail: agentsf@wellsfargo.com
as a Lender
201 St. Charles Ave, 29th Floor
New Orleans, LA 70130
Attention: Ross S. Wales
Telephone: (504) 533-5719
Facsimile: (504) 533-2060
E-mail: ross.wales@capitalonebank.com
2
201 St. Charles Ave, 29th Floor
New Orleans, LA 70130
Attention: Lorie Ferguson
Telephone: (504) 533-5718
Facsimile: (504) 533-2060
E-mail: lorie.ferguson@capitalonebank.com
as a Lender
One West Liberty St.
Reno, NV 89501
Attention: Rick Thomas
Telephone: (775) 688-6959
Facsimile: (775) 688-6960
E-mail: richard.thomas@nsbank.com
600 White Drive 1st 71
Las Vegas, NV 89119
Attention: Aimee Blutt
Telephone: (702) 642-7421
Facsimile: (702) 657-3534
E-mail: aimee.blutt@nsbank.com
3
1
2
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Trust Agreement recorded March 1, 2005, under DocumentNo.368694, Official Records, Churchill County, Nevada
thence North 01 degrees 50 minutes 05 seconds East, 80.47 feet to a P.K. nail; thence North 06 degrees 37 minutes 21 seconds East, 71.69 feet to a PK. nail; thence North 11 degrees 58 minutes 14 seconds East, 87.16 feet to a P.K. nail; thence North 15 degrees 01 minutes 26 seconds East, 35.65 feet; thence South 89 degrees 25 minutes 33 seconds East, 415.33 feet to a re-bar; thence South 00 degrees 34 minutes 27 seconds West, 296.73 feet to a re-bar; thence North 89 degrees 25 minutes 33 seconds West, 450.74 feet to the point of beginning.
South 40 degrees 00 minutes 00 seconds West, 457.19 feet;
South 45 degrees 32 minutes 47 seconds West, 493.77 feet;
South SO degrees 00 minutes 09 seconds West, 188.26 feet;
South 47 degrees 32 minutes 14 seconds West, 226.52 feet;
South 51 degrees 55 minutes 30 seconds West, 241.36 feet;
South 52 degrees 34 minutes 03 seconds West, 212.45 feet;
South 56 degrees 55 minutes 05 seconds West, 177.71 feet;
South 48 degrees 21 minutes 24 seconds West, 131.52 feet;
South 32 degrees 36 minutes 56 seconds West, 94.74 feet;
South 28 degrees 00 minutes 21 seconds West, 67.59 feet to the most Southeasterly corner lands owned by Gregory H. Anderson and Barbara A. Anderson (D. R. 24, p. 195); thence along said Andersons’ boundary the following five courses:
North 20 degrees 18 minutes 57 seconds East, 353.90 feet to a re-bar;
North 68 degrees 46 minutes 03 seconds West, 34.53 feet to a re-bar;
North 16 degrees 05 minutes 27 seconds East, 237.36 feet to a re-bar;
North 19 degrees 07 minutes 17 seconds East, 265.01 feet to a re-bar marking the most Southeasterly corner of lands of David H. Hamilton and Delberta A. Hamilton (D.R. 18, p. 59); thence along said Hamiltons’ boundary the following three courses:
North 89 degrees 51 minutes 1 3 seconds West, 373.43 feet to a re-bar;
South 20 degrees 04 minutes 27 seconds West, 380.42 feet to an iron pipe marking said Hamiltons’ most Southwesterly corner; thence continuing along said Andersons’ boundary the following two courses: North 89 degrees 51 minutes 14 seconds West, 299.09 feet to a re-bar; South 02 degrees 08 minutes 02 seconds West, 838.95 feet to a re-bar; thence North 89 degrees 56 minutes 53 seconds West along the boundary of lands of the Detmer Family Limited Partnership and the centerline of formerly Rabb’s Lane 1350.69 feet to a re-bar; thence North 00 degrees 28 minutes 40 seconds East, 847.33 feet to the Southerly boundary of a 1 .15 acre tract of land (D.R. 19, p. 598) and the South right of way line of Industrial Drive; thence South 89 degrees 40 minutes 20 seconds East along said 1.15 acre tract of land and the extended right-of-way line 280.00 feet to a re-bar; thence North 00 degrees 1 9 minutes 40 seconds East, 50.00 feet to the Northeasterly corner of said 1.15 acre tract; thence North 89 degrees 40 minutes 20 seconds West along the Northerly line of said 1.15 acre tract and the extended right-of-way line of said Industrial Drive 730.00 feet to a re-bar; thence North 00 degrees 19 minutes 40 seconds East, 150.00 feet to a re-bar; thence North 89 degrees 40 minutes 20 seconds West, 269.05 feet to a P.K. nail in the center of said S.R. 56; thence along the centerline of said road North 00 degrees 41 minutes 30 seconds East, 615.73 feet to the point of beginning.
Jurisdiction | Number of | Percentage | ||||||||||||
of | Class of | Securities | owned by | |||||||||||
Name | Organization | Security | issued | Loan Party | Ownership | |||||||||
Full House Resorts | Delaware | Common Stock | 18,001,681 | 0 | n/a | |||||||||
Full House Subsidiary, Inc | Delaware | Common Stock | 1,000 | 100 | % | Wholly owned by Full House Resorts | ||||||||
Full House Subsidiary II, Inc. | Nevada | Common Stock | 1,000 | 100 | % | Wholly owned by Full House Resorts | ||||||||
Gaming Entertainment (Montana) LLC | Nevada | Membership | N/A | 100 | % | Wholly owned by Full House Resorts | ||||||||
Gaming Entertainment (Santa Fe) LLC | Nevada | Membership | N/A | 100 | % | Wholly owned by Full House Resorts | ||||||||
Gaming Entertainment (Indiana) LLC | Nevada | Membership | N/A | 100 | % | Wholly owned by Full House Resorts | ||||||||
Stockman’s Casino | Nevada | Common Stock | 2,000 | 100 | % | Wholly owned by Full House Resorts | ||||||||
Gaming Entertainment (Michigan) LLC | Delaware | Membership | N/A | 50 | % | 49% directly owned by Full House Resorts, 1% owned by Full House Subsidiary, Inc, 50% owned by third-party | ||||||||
Gaming Entertainment (Delaware) LLC | Delaware | Membership | N/A | 50 | % | 50% owned by Full House Subsidiary, Inc. |
as the Administrative Agent
201 Third Street, 11th Floor
MAC Mail A0187-110
San Francisco, CA 94103
Attention: Deal Administrator
Tel. No. (415) 477-5314
Fax No. (415) 546-6353
E-mail: agentsf@wellsfargo.com
1 | Paragraphs 2(b) and 2(c) below need only be completed in the case of a Notice of Loan Borrowing for a Revolving Loan Borrowing. Per Section 2.01(c) of the Credit Agreement, the Term Loan Borrowing shall be initially made as a Base Rate Portion. |
A-1
A-2
FULL HOUSE RESORTS, INC., a Delaware corporation | ||||
By: | ||||
Name: | ||||
Title: |
A-3
as the Administrative Agent
201 Third Street, 11th Floor
MAC Mail A0187-110
Attention: Deal Administrator
Tel. No. (415) 477-5314
Fax No. (415) 546-6353
E-mail:agentsf@wellsfargo.com
Type | Amount | Interest Period |
B-1
B-2
FULL HOUSE RESORTS, INC., a Delaware corporation | ||||
By: | ||||
Name: | ||||
Title: |
B-3
as the Administrative Agent
201 Third Street, 11th Floor
MAC Mail A0187-110
San Francisco, CA 94103
Attention: Deal Administrator
Tel. No. (415) 477-5314
Fax No. (415) 546-6353
E-mail: agentsf@wellsfargo.com:
C-1
C-2
FULL HOUSE RESORTS, INC., a Delaware corporation | ||||
By: | ||||
Name: | ||||
Title: |
C-3
as the Administrative Agent
201 Third Street, 11th Floor
MAC Mail A0187-110
San Francisco, CA 94103
Attention: Deal Administrator
Tel. No. (415) 477-5314
Fax No. (415) 546-6353
E-mail: agentsf@wellsfargo.com
D-1
D-2
FULL HOUSE RESORTS, INC., a Delaware corporation | ||||
By: | ||||
Name: | ||||
Title: |
D-3
$________ | _________________________, _____ |
E-1
E-2
FULL HOUSE RESORTS, INC., a Delaware corporation | ||||
By: | ||||
Name: | ||||
Title: |
E-3
Interest Period | ||||||||||||||||||||||
Amount of | Unpaid | |||||||||||||||||||||
Type of | Amount of | Principal Paid or | Principal | Notation | ||||||||||||||||||
Date | Loan | Loan | Prepaid | Balance | Made By |
E-4
$_______ | _________________________, _____ |
F-1
FULL HOUSE RESORTS, INC., a Delaware corporation | ||||
By: | ||||
Name: | ||||
Title: |
F-2
$1,000,0000 | _________________________, _____ |
G-1
G-2
FULL HOUSE RESORTS, INC., a Delaware corporation | ||||
By: | ||||
Name: | ||||
Title: | ||||
G-3
H-1
H-2
H-3
H-4
, as Assignor Lender | ||||
By: | ||||
Name: | ||||
Title: | ||||
, as Assignee Lender | ||||
By: | ||||
Name: | ||||
Title: |
H-5
CONSENTED TO AND ACKNOWLEDGED BY: FULL HOUSE RESORTS, INC., a Delaware corporation | ||||
By: | ||||
Name: | ||||
Title: |
H-6
CONSENTED TO, ACKNOWLEDGED BY, AND ACCEPTED FOR RECORDATION IN REGISTER: WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent | ||||
By: | ||||
Name: | ||||
Title: |
H-7
NAMES, ADDRESSES, REVOLVING LOAN COMMITMENTS, TERM LOANS AND
PROPORTIONATE SHARES OF ASSIGNOR LENDER AND ASSIGNEE LENDER
AND ASSIGNMENT EFFECTIVE DATE
Column 1 | Column 2 | |||||||||||
Revolving Loan | Revolving Loan | |||||||||||
Commitment, | Commitment, | |||||||||||
Term Loan | Term Loan | |||||||||||
Principal and | Principal and | |||||||||||
Proportionate | Proportionate | |||||||||||
Shares | Shares After | |||||||||||
A. | ASSIGNOR LENDER | Transferred1, 2 | Assignment1 | |||||||||
$ | $ | |||||||||||
% | % | |||||||||||
Applicable Lending Office: | ||||||||||||
Address for Notices: | ||||||||||||
�� | ||||||||||||
Telephone No.: | ||||||||||||
Telecopier No.: | ||||||||||||
Wiring Instructions: | ||||||||||||
1 | To be expressed by a percentage rounded to the eighth digit to the right of the decimal point. | |
2 | Proportionate Share of Total Revolving Loan Commitment and/or aggregate Effective Amount of all Term Loans outstanding, in each case as contemplated to be sold by Assignor Lender and purchased by Assignee Lender pursuant to this Assignment Agreement. |
H-8
Column 1 | Column 2 | |||||||||||
Revolving Loan | Revolving Loan | |||||||||||
Commitment, | Commitment, | |||||||||||
Term Loan | Term Loan | |||||||||||
Principal and | Principal and | |||||||||||
Proportionate | Proportionate | |||||||||||
Shares | Shares After | |||||||||||
B. | ASSIGNEE LENDER | Transferred1, 2 | Assignment1 | |||||||||
$ | $ | |||||||||||
% | % | |||||||||||
Applicable Lending Office: | ||||||||||||
Address for Notices: | ||||||||||||
Telephone No.: | ||||||||||||
Telecopier No.: | ||||||||||||
Wiring Instructions: | ||||||||||||
% | % | |||||||||||
Applicable Lending Office: | ||||||||||||
1 | To be expressed by a percentage rounded to the eighth digit to the right of the decimal point. | |
2 | Proportionate Share of Total Revolving Loan Commitment and/or aggregate Effective Amount of all Term Loans outstanding, in each case as contemplated to be sold by Assignor Lender and purchased by Assignee Lender pursuant to this Assignment Agreement. |
H-9
Address for Notices: | ||||||||||||
Telephone No.: | ||||||||||||
Telecopier No.: | ||||||||||||
Wiring Instructions: | ||||||||||||
C. | ASSIGNMENT EFFECTIVE DATE: | |||||||||||
, 20 |
H-10
FORM OF
ASSIGNMENT EFFECTIVE NOTICE
Very truly yours, WELLS FARGO BANK, NATIONAL ASSOCIATION,as the Administrative Agent | ||||
By: | ||||
Name: | ||||
Title: |
H-11
as Administrative Agent
201 Third Street, 11th Floor
MAC Mail A0187-110
San Francisco, California 94103
Attention: Deal Administrator
Tel. No. (415) 477-5314
Fax No. (415) 546-6353
E-mail: agentsf@wellsfargo.com
1
2
(a) Total revenues for fiscal year 20__1 | $ | |||
(b) Maximum permitted Net Capital Expenditures for fiscal year [20__]2 — equals | ||||
[(a) * 5%] | $ | |||
In compliance: | [YES][NO] | |||
(c) Minimum required Net Capital Expenditures for fiscal year [20__]3 — equals | ||||
[(a) * 1.5%] | $ | |||
In compliance: | [YES][NO] | |||
1 | Insert fiscal year immediately preceding the Test Date | |
2 | Insert fiscal year in which Test Date occurs | |
3 | Insert fiscal year in which Test Date occurs |
3
The Total Leverage Ratio as of the Test Date was computed as follows: | ||||
(a) Total Funded Debt of or attributed to the Borrower Parties on a consolidated basis as of the Test Date4 | ||||
(i) all obligations evidenced by notes, bonds, debentures or other similar instruments and all other obligations for borrowed money (including obligations to repurchase receivables and other assets sold with recourse) | $ | |||
(ii) all obligations for the deferred purchase price of property or services (including obligations under letters of credit and other credit facilities which secure or finance such purchase price), except for (i) trade accounts payable, provided that (A) such trade accounts payable arise in the ordinary course of business and (B) no material part of any such account is more than sixty (60) days past due and (ii) time-based licenses | $ | |||
(iii) all obligations under conditional sale or other title retention agreements with respect to acquired property acquired (to the extent of the value of such property if the rights and remedies of the seller or the lender under such agreement in the event of default are limited solely to repossession or sale of such property) | $ | |||
(iv) all obligations arising as lessee under or with respect to Capital Leases and synthetic leases and all other off-balance sheet financing | $ | |||
(v) all obligations, contingent or otherwise, under or with respect to Surety Instruments | $ | |||
(vi) all Unfunded Pension Liabilities | $ | |||
(vii) all obligations arising under acceptance facilities or under facilities for the discount of accounts receivable | $ | |||
4 | Total Funded Debt for any period that includes any fiscal quarter ending prior to the Initial Funding Date shall be deemed to include the Total Funded Debt of or attributable to the Purchased Assets. |
4
(viii) all Contingent Obligations of such Person | $ | |||
(ix) all Disqualified Securities of such Person | $ | |||
(x) with respect to any Rate Contracts, the Termination Value thereof | $ | |||
(xi) all obligations with respect to letters of credit, whether drawn or undrawn, contingent or otherwise | $ | |||
(xii) all Guaranty Obligations with respect to the obligations of other Persons of the types described in clauses (i) — (xi) above | $ | |||
(xiii) all obligations of other Persons (“primary obligors”) of the types described in clauses (i) — (xii) above to the extent secured by (or for which any holder of such obligations has an existing right, contingent or otherwise, to be secured by) any Lien on any property (including accounts and contract rights), even though such Person has not assumed or become liable for the payment of such obligations (and, for purposes of this clause (xiii), the amount of the Indebtedness shall be deemed to be the lesser of (1) the amount of all obligations of such primary obligors so secured by (or for which any holder of such obligations has an existing right, contingent or otherwise, to be secured by) such property and (2) the value of such property) | $ | |||
(a) — Total Funded Debt — equals | ||||
[(i)+(ii)+(iii)+(iv)+(v)+(vi)+(vii)+(viii)+(ix)+(x)+(xi)+(xii)+(xiii)] | $ | |||
(b) Adjusted EBITDA for the four consecutive fiscal quarter period ending on the Test Date | ||||
(i) Net Income | $ | |||
(ii) Interest Expenses | + | $ | ||
(iii) provisions for income taxes | + | $ | ||
(iv) depreciation and amortization expenses | + | $ | ||
(v) the aggregate amount of extraordinary losses (including non-cash impairment charges) | + | $ | ||
(vi) acquisition costs required to be expensed in accordance with GAAP in any quarter in fiscal years 2010 and 2011 in an aggregate amount not to exceed $800,000 | + | $ | ||
(vii) rebranding costs in an aggregate amount not to exceed $800,000 | + | $ | ||
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(viii) costs incurred in connection with Grand Victoria Casino & Resort compliance with the Sarbanes-Oxley Act of 2002 in an aggregate amount not to exceed $100,000 | + | $ | ||
(ix) the aggregate amount of extraordinary gains | - | $ | ||
(x) the portion of Net Income for such period attributable to GEM, GED or any other Non-Wholly-Owned Subsidiary relating to Equity Interests held by Persons other than the Borrower | - | $ | ||
Items (ii) through (viii) are included to the extent deducted in determining such Net Income for such period (without duplication). | ||||
Items (ix) through (x) are included to the extent added in determining such Net Income for such period (without duplication). | ||||
(b) — Adjusted EBITDA — equals | ||||
[(i)+(ii)+(iii)+(iv)+(v)+(vi)+(vii)+(viii)-(ix)-(x)] | $ | |||
Total Leverage Ratio equals [(a)¸(b)] | ________:1.00 | |||
The maximum permitted Total Leverage Ratio as of the Test Date is: | ________:1.00 | |||
In compliance: | [YES][NO] | |||
9.Section 5.03(b) — Minimum Fixed Charge Coverage Ratio. | ||||
The Fixed Charge Coverage Ratio was computed as follows: | ||||
(a) (i) Adjusted EBITDA for the four consecutive fiscal quarter period ending on the Test Date (as calculated in paragraph 8(b) above) | $ | |||
Minus | ||||
(ii) the aggregate amount of Capital Expenditures made during such period (excluding up to $2,000,000 in the aggregate spent to convert hotel rooms at the Grand Victoria Casino & Resort to suites) | $ | |||
Minus | ||||
(iii) the aggregate amount of dividends made during such period | $ | |||
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Minus | ||||
(iv) cash taxes required to be paid during such period | $ | |||
(a) — equals | ||||
[(i)-(ii)-(iii)-(iv)] | $ | |||
Divided by | ||||
(b) Fixed Charges for the Borrower Parties (determined on a consolidated basis without duplication) for the four consecutive fiscal quarter period ending on the Test Date | ||||
(i) Interest Expense paid in cash during such period | $ | |||
(ii) payments of principal on Indebtedness scheduled to be paid during such period; provided, however, that for purposes of this clause (ii), any optional prepayments made during such period that are applied pursuant to Section 2.06(b) of the Credit Agreement to payments on the Term Loans scheduled to be made during such period shall be disregarded, and such scheduled payments on the Term Loans during such period shall be included in this clause (ii) notwithstanding the prior application of such prepayments to such scheduled payments | $ | |||
(iii) the portion of payments under Capital Leases that should be treated as payment of principal in accordance with GAAP required to be paid during such period | $ | |||
(b) Fixed Charges — equal | ||||
[(i)+(ii)+(iii)]5 | $ | |||
Fixed Charge Ratio — equals | ||||
[a¸b] | ________:1.00 | |||
The Minimum Fixed Charge Ratio is: | ________:1.00 | |||
In compliance | [YES][NO] | |||
5 | With respect to calculation of the Fixed Charges: for each of the four fiscal quarter periods ending with the first full fiscal quarter after the Initial Funding Date, the second full fiscal quarter after the Initial Funding Date and the third full fiscal quarter after the Initial Funding Date, Fixed Charges for each such four fiscal quarter period shall be deemed equal to the sum of clauses (i) through (iii) for the full quarters after the Initial Funding Date ending thereon multiplied by 4, by 2 and by 4/3rds, respectively. |
7
10.Section 5.03(c) — Minimum Adjusted EBITDA. | ||||
Adjusted EBITDA was computed as follows: | ||||
(a) Adjusted EBITDA for the two consecutive fiscal quarter period ending on the Test Date 6 | ||||
(i) Net Income | $ | |||
(ii) Interest Expenses | + | $ | ||
(iii) provisions for income taxes | + | $ | ||
(iv) depreciation and amortization expenses | + | $ | ||
(v) the aggregate amount of extraordinary losses (including non-cash impairment charges) | + | $ | ||
(vi) acquisition costs required to be expensed in accordance with GAAP in any quarter in fiscal years 2010 and 2011 in an aggregate amount not to exceed $800,000 | + | $ | ||
(vii) rebranding costs in an aggregate amount not to exceed $800,000 | + | $ | ||
(viii) costs incurred in connection with Grand Victoria Casino & Resort compliance with the Sarbanes-Oxley Act of 2002 in an aggregate amount not to exceed $100,000 | + | $ | ||
(ix) the aggregate amount of extraordinary gains | - | $ | ||
(x) the portion of Net Income for such period attributable to GEM, GED or any other Non-Wholly-Owned Subsidiary relating to Equity Interests held by Persons other than the Borrower | - | $ | ||
6 | Adjusted EBITDA for any period that includes any fiscal quarter ending prior to the Initial Funding Date shall be deemed to include the Total Funded Debt of or attributable to the Purchased Assets. | |
Pro forma credit shall be given for an Acquired Person’s Adjusted EBITDA as if owned on the first day of the applicable period; companies (or identifiable business units or divisions) sold, transferred or otherwise disposed of during any period will be treated as if not owned during the entire applicable period. |
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Items (ii) through (viii) are included to the extent deducted in determining such Net Income for such period (without duplication). | ||||
Items (ix) through (x) are included to the extent added in determining such Net Income for such period (without duplication). | ||||
(a) — Adjusted EBITDA — equals | ||||
[(i)+(ii)+(iii)+(iv)+(v)+(vi)+(vii)+(viii)-(ix)-(x)] | $ | |||
The Minimum Adjusted EBITDA is: | $ | |||
In compliance | [YES][NO] | |||
9
Dated: , 20__ BORROWER: Full House Resorts, Inc. | ||||
By: | ||||
Name: | ||||
Title: | ||||
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AS SOON AS POSSIBLE TO:
Orrick, Herrington & Sutcliffe, LLP
777 S. Figueroa Street, Suite 3200
Los Angeles, CA 90017
Tele: 213-612-2343
Fax: 213-612-2499
dlin@orrick.com
Street and | Date of | |||||||||||||||
Name | Mailing Address | Acquisition | Type of Property | |||||||||||||
(i) | . | |||||||||||||||
(ii) | . | |||||||||||||||
(iii) | . | |||||||||||||||
(iv) | . | |||||||||||||||
(i) | ( %). | |||
(ii) | ( %). | |||
(iii) | ( %). | |||
(iv) | ( %). | |||
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Name | Number | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
(iv) | . | |||||||
Date of | ||||||||||||
Name | Jurisdiction | Incorporation | ||||||||||
(i) | . | |||||||||||
(ii) | . | |||||||||||
(iii) | . | |||||||||||
(iv) | . | |||||||||||
Name | Subsidiary | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
(iv) | . | |||||||
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Name | Subsidiary | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
(iv) | . | |||||||
Name | Mailing Address | Date of Acquisition | Type of Property | Subsidiary | ||||||||||||||||
(i) | . | |||||||||||||||||||
(ii) | . | |||||||||||||||||||
(iii) | . | |||||||||||||||||||
(iv) | . | |||||||||||||||||||
Complete Street and Mailing Address, | COMPANY/ | |||||||
including County and Zip Code | Subsidiary | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
(iv) | . | |||||||
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Complete Street and Mailing Address, | Dates | COMPANY/ | ||||||||||
including County and Zip Code | Used | Subsidiary | ||||||||||
(i) | . | |||||||||||
(ii) | . | |||||||||||
(iii) | . | |||||||||||
(iv) | . | |||||||||||
Complete Street and Mailing Address, | COMPANY/ | |||||||
including County and Zip Code | Subsidiary | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
(iv) | . | |||||||
Complete Street and Mailing Address, | COMPANY/ | |||||||
including County and Zip Code | Subsidiary | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
(iv) | . | |||||||
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(i) | . | |||
(ii) | . | |||
(iii) | . | |||
(iv) | . | |||
Complete Street and Mailing Address, | COMPANY/ | |||||||
including County and Postal Code | Subsidiary | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
(iv) | . | |||||||
(v) | . | |||
(vi) | . | |||
(vii) | . | |||
Complete Street and Mailing Address, | COMPANY/ | |||||||
including County and Zip Code | Subsidiary | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
(iv) | . | |||||||
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(v) | . | |||
(vi) | . | |||
(vii) | . | |||
(viii) | . | |||
(ix) | . | |||
Complete Street and Mailing Address, | COMPANY/ | |||||||
including County and Zip Code | Subsidiary | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
(iv) | . | |||||||
(v) | . | |||
(vi) | . | |||
(vii) | . | |||
Street and Mailing Address, | COMPANY/ | |||||||||||
Names | including County and Zip Code | Subsidiary | ||||||||||
(i) | . | |||||||||||
(ii) | . | |||||||||||
(iii) | . | |||||||||||
(iv) | . | |||||||||||
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Street and Mailing Address, | COMPANY/ | |||||||||||
Names | including County and Zip Code | Subsidiary | ||||||||||
(i) | . | |||||||||||
(ii) | . | |||||||||||
(iii) | . | |||||||||||
(iv) | . | |||||||||||
If So, Are They Negotiable?
(v) | . | |||
(vi) | . | |||
(vii) | . | |||
(viii) | . | |||
Street and Mailing Address, | COMPANY/ | |||||||||||
Names | including County and Zip Code | Subsidiary | ||||||||||
(i) | . | |||||||||||
(ii) | . | |||||||||||
(iii) | . | |||||||||||
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Complete Street and Mailing Address, | COMPANY/ | |||||||
including County and Zip Code | Subsidiary | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
(iv) | . | |||||||
Complete Street and Mailing Address, | COMPANY/ | |||||||
including County and Zip Code | Subsidiary | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
(iv) | . | |||||||
COMPANY/ | ||||||||
State | Subsidiary | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
(iv) | . | |||||||
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COMPANY/ | ||||||||
State | Subsidiary | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
(iv) | . | |||||||
COMPANY/ | ||||||||
Country/Territory | Subsidiary | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
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If Foreign Trademark, | COMPANY/ | |||||||||||||||||||
Trademark | Number | Date | What Country? | Subsidiary | ||||||||||||||||
(i) | . | |||||||||||||||||||
(ii) | . | |||||||||||||||||||
(iii) | . | |||||||||||||||||||
(iv) | . | |||||||||||||||||||
If Foreign Patent, | COMPANY/ | |||||||||||||||||||||||
Patent Name | Number | Date | Inventor | What Country? | Subsidiary | |||||||||||||||||||
(i) | . | |||||||||||||||||||||||
(ii) | . | |||||||||||||||||||||||
(iii) | . | |||||||||||||||||||||||
(iv) | . | |||||||||||||||||||||||
If Foreign | ||||||||||||||||||||
Copyright, | COMPANY/ | |||||||||||||||||||
Copyright | Number | Date | What Country? | Subsidiary | ||||||||||||||||
(i) | . | |||||||||||||||||||
(ii) | . | |||||||||||||||||||
(iii) | . | |||||||||||||||||||
(iv) | . | |||||||||||||||||||
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COMPANY/ | ||||||||
Description of License Agreement | Subsidiary | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
(iv) | . | |||||||
COMPANY/ | ||||||||
Description of License | Subsidiary | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
(iv) | . | |||||||
Franchises, marketing agreements or similar agreements: | Yes | No | ||||||
Stocks, Bonds or other securities: | Yes | No | ||||||
Promissory notes, or other instruments or evidence of indebtedness in favor of such person: | Yes | No | ||||||
Leases of equipment, security agreements naming such person as secured party, or other chattel paper: | Yes | No | ||||||
Aircraft: | Yes | No | ||||||
Vessels, Boats or Ships: | Yes | No | ||||||
Railroad Rolling Stock: | Yes | No |
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COMPANY/ | ||||||||||||||||||||
Name of Issuer | Face Amount | Expiration Date | Account Party | Subsidiary | ||||||||||||||||
(i) | . | |||||||||||||||||||
(ii) | . | |||||||||||||||||||
(iii) | . | |||||||||||||||||||
Office | Name of Officer or | % of Ownership | ||||||||||||||||||||
Title | Director | COMPANY/Subsidiary | Signature | Interest Held | ||||||||||||||||||
(i) | . | |||||||||||||||||||||
(ii) | . | |||||||||||||||||||||
(iii) | . | |||||||||||||||||||||
(iv) | . | |||||||||||||||||||||
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Name | Title | Signature | ||||||||||
(i) | . | |||||||||||
(ii) | . | |||||||||||
(iii) | . | |||||||||||
(iv) | . | |||||||||||
NAME/ADDRESS | % of Ownership Interest Held | |||||||
(i) | . | |||||||
(ii) | . | |||||||
(iii) | . | |||||||
(iv) | . | |||||||
% OF OWNERSHIP | ||||||||||||
NAME/ADDRESS | TYPE OF OPERATION | INTEREST HELD | RELATIONSHIP | |||||||||
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Name | Title | Address | ||||||||||
(i) | . | |||||||||||
(ii) | . | |||||||||||
(iii) | . | |||||||||||
i. | The COMPANY participates in, maintains or provides a deferred compensation plan for the benefit of the COMPANY’s employees or a multi-employer plan as described in Section 4001(2)3 of the Employee Retirement Income Security Act (“ERISA”) of 1974 as amended. Yes No |
-15-
ii. | A determination as to qualifications of this plan has been issued. Yes No | ||
iii. | Funding is current and in compliance with established requirements. Yes No |
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Company: | ||||
By: | ||||
Name: | ||||
Title: | ||||
By: | ||||
Name: | ||||
Title: |
-17-
[NAME OF FINANCIAL INSTITUTION] | ||||
By: | ||||
Name: | ||||
Title: |
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The Administrative Agent: | Wells Fargo Bank, National Association 5340 Kietzke Lane Reno, Nevada 89511 Attention: Erna Stuckey Tel. No. 775-689-6018 Fax No. 775-689-6026 E-mail: Erna.F.Stuckey@wellsfargo.com |
-13-
The Guarantors: | c/o Full House Resorts, Inc. 4670 S. Fort Apache Road Suite 190 Las Vegas, NV 89147 Attention: Mark Miller Chief Financial Officer/Chief Operating Officer Tel. No. (702) 221-7800 Fax No. (702) 221-8101 E-mail: mmiller@fullhouseresorts.com | |
With a Copy to: | Greenberg Traurig, LLP 2375 East Camelback Road, Suite 700 Phoenix, AZ 85016 Attention: Jeffrey H. Verbin Tel. No. (602) 445-8202 Fax No. (602) 445-8630 E-mail: VerbinJ@GTLaw.com |
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GUARANTOR(S): FULL HOUSE SUBSIDIARY, INC., a Delaware corporation | ||||
BY: | ||||
NAME: | ||||
TITLE: | ||||
FULL HOUSE SUBSIDIARY II, INC., a Nevada corporation | ||||
BY: | ||||
NAME: | ||||
TITLE: | ||||
GAMING ENTERTAINMENT (INDIANA), LLC, a Nevada limited liability company | ||||
BY: | ||||
NAME: | ||||
TITLE: | ||||
GAMING ENTERTAINMENT (SANTA FE), LLC, a Nevada limited liability company | ||||
BY: | ||||
NAME: | ||||
TITLE: | ||||
GAMING ENTERTAINMENT (MONTANA), LLC, a Nevada limited liability company | ||||
BY: | ||||
NAME: | ||||
TITLE: | ||||
STOCKMAN’S CASINO, a Nevada corporation | ||||
BY: | ||||
NAME: | ||||
TITLE: | ||||
(Guaranty Agreement)
[Additional Guarantor] | ||||
By: | ||||
Name: | ||||
Title: | ||||
as of the date of this Joinder Agreement
first above written.
Wells Fargo Bank, National Association, as Administrative Agent | ||||
By: | ||||
Name: | ||||
Title: | ||||
2.
M-1
2
3
1 | Equity Securities of GEM to be included in Excluded Assets only to the extent the NIGC will not issue a declination letter with respect to the Credit Documents if such Equity Securities are included in the Collateral |
4
5
6
7
8
2 | See Footnote 1 |
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13
14
15
16
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19
20
21
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29
GRANTORS: FULL HOUSE RESORTS, INC., a Delaware corporation | ||||
By: | ||||
Name: | ||||
Title: | ||||
FULL HOUSE SUBSIDIARY, INC., a Delaware corporation | ||||
By: | ||||
Name: | ||||
Title: | ||||
FULL HOUSE SUBSIDIARY II, INC., a Nevada corporation | ||||
By: | ||||
Name: | ||||
Title: | ||||
GAMING ENTERTAINMENT (INDIANA), LLC, a Nevada limited liability company | ||||
By: | ||||
Name: | ||||
Title: | ||||
GAMING ENTERTAINMENT (SANTA FE), LLC, a Nevada limited liability company | ||||
By: | ||||
Name: | ||||
Title: | ||||
GAMING ENTERTAINMENT (MONTANA), LLC, a Nevada limited liability company | ||||
By: | ||||
Name: | ||||
Title: | ||||
STOCKMAN’S CASINO, a Nevada corporation | ||||
By: | ||||
Name: | ||||
Title: | ||||
COLLATERAL AGENT: WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent | ||||
By: | ||||
Name: | ||||
Title: | ||||
Depository Bank | Type of Account | Account Number | Bank Address | |||||||||
Securities | ||||||||||||
Securities | Intermediary | |||||||||||
Intermediary | Type of Account | Account Number | Address | |||||||||
Commodity | ||||||||||||
Commodity | Intermediary | |||||||||||
Intermediary | Type of Account | Account Number | Address | |||||||||
LOCATION OF COLLATERAL
Chief Executive | ||||||||||||
Office; Principal | ||||||||||||
Place of Business; | ||||||||||||
Jurisdiction of | Location of Books | Other Collateral | ||||||||||
Legal Name | Formation | and Records | Locations | |||||||||
ANNEX I-1
ANNEX I-2
[Additional Grantor] | ||||
By: | ||||
Name: | ||||
Title: | ||||
ACKNOWLEDGED AND AGREED as of the date of this Joinder Agreement first above written. Wells Fargo Bank, National Association, as Collateral Agent | ||||
By: | ||||
Name: | ||||
Title: |
ANNEX I-3
ANNEX I-4
TO SECURITY AGREEMENT
[Name of Grantor] | ||||
By: | ||||
Name: | ||||
Title: |
N-1
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