Exhibit 10.2

FIRST AMENDMENT TO AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT

THIS FIRST AMENDMENT TO AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT (this
“Amendment”) is made as of this        day of July, 2007 by and among MezzCo,
L.L.C., a Nevada limited liability company (the “Company”), EquityCo, L.L.C., a
Nevada limited liability company and the sole member of the Company (“EquityCo”
or the “Member”) and the persons identified on the signature pages hereto as the
Mezzanine Investors (each, a “Mezzanine Investor” and collectively, the
“Mezzanine Investors”).

WITNESSETH:

WHEREAS, the Securityholders (as defined below), the Company and the other
signatories thereto are parties to that certain Investor Rights Agreement dated
as of August 9, 2004 (the “Original Investor Rights Agreement”) pursuant to
which, among other things, the Mezzanine Investors acquired warrants (the
“Original Warrants”) in an aggregate amount of 17,500 of the Company’s units
(subject to adjustment and increase as provided in the Original Warrants)
representing membership interests in the Company;

WHEREAS, the Company, the Mezzanine Investors and other members of the Company
or holders of securities convertible into securities of the Company (together
with the Member, the “Non-Mezz Investors”) are parties to that certain Amended
and Restated Investors Rights Agreement dated as of November 30, 2006 (the
“Investors Agreement”) and (i) the Company entered into that certain credit
facility with Column Financial Inc., in the aggregate amount of up to
$820,000,000 (the “CMBS Facility”), and (ii) in connection therewith, the
Company and the Securityholders determined to enter into the Investors Agreement
which amends, restates and supersedes the Original Investor Rights Agreement and
the terms of the Original Warrants (each such amended and restated Original
Warrant, a “Warrant” and collectively, the  “Warrants”).  The Mezzanine
Investors and the Non-Mezz Investors are herein collectively referred to as the
“Securityholders” and each a “Securityholder.”

WHEREAS, the parties to the Investors Agreement desire to amend the terms of the
Investors Agreement and upon the terms and subject to the conditions set forth
herein.

NOW, THEREFORE, in consideration of the mutual agreements, provisions and
covenants contained herein, the parties agree as follows:

1.             DEFINED TERMS.  CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN
SHALL HAVE THE MEANINGS ASCRIBED TO THEM IN THE INVESTORS AGREEMENT.

2.             AMENDMENTS TO INVESTORS AGREEMENT.  UPON SATISFACTION OF THE
CONDITIONS SET

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FORTH IN SECTION 3 HEREOF, THE INVESTORS AGREEMENT IS HEREBY AMENDED AS FOLLOWS:

(I)  THE DEFINITION OF “ADDITIONAL ROOM RENOVATION EXPENSES” IS HEREBY ADDED TO
SECTION 1.3 OF THE INVESTORS AGREEMENT AS FOLLOWS:

“ ‘ADDITIONAL ROOM RENOVATION EXPENSES’ MEANS EXPENSES INCURRED BY THE COMPANY
AND ITS SUBSIDIARIES TO RENOVATE ROOMS AT THE HOTEL PREMISES IN ADDITION TO THE
608 ROOMS INCLUDED WITHIN THE ORIGINAL RENOVATION PLAN APPROVED BY THE CMBS
LENDERS.”

(ii)                                  The definition of “GAAP” is hereby added
to Section 1.3 of the Investors Agreement as follows:

“ ‘GAAP’ means United States generally accepted account principles, as in effect
from time to time.”

(iii)  The definition of “Incurred” is hereby added to Section 1.3 of the
Investors Agreement as follows:

“ ‘Incurred’ means expenses incurred or accrued, payables accrued, and/or
capital expenditures recorded by the Company or any of its Subsidiaries during
the relevant period all in accordance with GAAP.”

(iv)  The definition of “Permitted Indebtedness” is hereby amended and restated
in its entirety as follows:

“ ‘Permitted Indebtedness’ means (a) Indebtedness incurred in connection with
the CMBS Facility and any Indebtedness incurred in refinancings of the
outstanding principal amount of the CMBS Facility (together with any accrued
interest, premiums, and any reasonable fees and expenses incurred therewith);
provided that in no event shall the principal amount thereof exceed $860 million
less the amount of any repayments of principal and any permanent reductions in
the commitments, and (b) Indebtedness incurred in connection with the financing
of the utility plant owned and operated by Northwind and located on the Energy
Premises.”

(v)  Sections 7.7 (m) and (n) of  the Investors Agreement are hereby amended and
restated in their entirety as follows:

“(m)        concurrently with the delivery of any financial and other reports
and notices to the CMBS Lender under the CMBS Documents or any other holder of
Indebtedness, a copy of all such financial and other reports and notices so
delivered;

“(n)         such additional information as the Majority Holders may from time
to time reasonably request regarding the financial and business affairs,
operations or prospects of the Company and its Subsidiaries; and”

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(VI)  SECTION 7.7 (O) SHALL BE ADDED TO THE INVESTORS AGREEMENT IN ITS ENTIRETY
AS FOLLOWS:

“(o)         within six months of a draw upon the Tranche B facility under the
CMBS Documents, a certificate from an Approved Officer of the Company (with
supporting calculations) that demonstrates that the Company has Incurred
Additional Room Renovation Expenses, whether Incurred prior to or after the date
of such draw, in an amount at least equal to the amount of such draw.”

(VII)  SECTION 8.4 OF THE INVESTORS AGREEMENT IS HEREBY AMENDED AND RESTATED IN
ITS ENTIRETY AS FOLLOWS:

“SECTION 8.4.  LIMITATIONS ON INCURRENCE OF INDEBTEDNESS AND ISSUANCE OF
INTERESTS.  NOTWITHSTANDING ANY PROVISION OF THIS AGREEMENT TO THE CONTRARY, NO
INDEBTEDNESS (OTHER THAN PERMITTED INDEBTEDNESS) SHALL BE INCURRED BY EQUITYCO
OR ANY OF ITS SUBSIDIARIES AND NO ADDITIONAL INTERESTS IN THE COMPANY OR ANY OF
ITS SUBSIDIARIES SHALL BE ISSUED TO ANY PERSON, UNTIL SUCH TIME AS AT LEAST $100
MILLION IN CASH IS CONTRIBUTED TO THE COMPANY (THE “MINIMUM EQUITY
CONTRIBUTION”) FOR COMMON INTERESTS OF THE TYPE AUTHORIZED AND ISSUED AS OF THE
DATE HEREOF.  IN NO EVENT SHALL THE INTERESTS ISSUABLE IN RESPECT OF THE MINIMUM
EQUITY CONTRIBUTION BE DILUTIVE TO THE PERCENTAGE INTEREST OF ANY MEZZANINE
INVESTOR, AND IN CONNECTION WITH ANY SUCH ISSUANCE THE NUMBER OF WARRANT
INTERESTS (AS DEFINED IN THE WARRANTS) ISSUABLE UPON EXERCISE OR CONVERSION OF
THE WARRANT BY SUCH MEZZANINE INVESTOR SHALL BE INCREASED BY THE NUMBER OF UNITS
OF ADDITIONAL EQUITY INTERESTS AS IS NECESSARY TO MAINTAIN AT LEAST THE SAME
PERCENTAGE INTEREST OF SUCH MEZZANINE INVESTOR IN THE COMPANY AND, INDIRECTLY,
IN ITS SUBSIDIARIES, THAT SUCH MEZZANINE INVESTOR’S WARRANT REPRESENTED
IMMEDIATELY PRIOR TO THE MINIMUM EQUITY CONTRIBUTION.  UPON REQUEST OF ANY
MEZZANINE INVESTOR, THE COMPANY SHALL DELIVER A CERTIFICATE OF AN APPROVED
OFFICER CONFIRMING THE ADJUSTMENT TO THE WARRANT.  THE REQUIREMENT TO MAKE A
MINIMUM EQUITY CONTRIBUTION SHALL BE REDUCED, ON A DOLLAR-FOR-DOLLAR BASIS, BY
THE NET PROCEEDS RECEIVED BY THE COMPANY IN A QUALIFIED PUBLIC OFFERING.”

3.             CONDITIONS.  THE EFFECTIVENESS OF THIS AMENDMENT IS SUBJECT TO
THE FOLLOWING CONDITIONS:

A.             THE COMPANY SHALL HAVE EXECUTED AND DELIVERED THIS AMENDMENT.

B.             THE COMPANY SHALL HAVE DELIVERED THE INDEMNIFICATION AGREEMENT
DATED AS OF JULY      , 2007, MADE BY AND BETWEEN BH/RE, L.L.C AND THE MEZZANINE
INVESTORS.

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C.             THE COMPANY SHALL HAVE DELIVERED, OR SHALL HAVE CAUSED TO BE
DELIVERED  SUCH OTHER DOCUMENTS, AGREEMENTS AND INSTRUMENTS AS MAY BE REASONABLY
REQUESTED BY MEZZANINE INVESTORS, EACH SUCH DOCUMENT, AGREEMENT AND INSTRUMENT
IN FORM AND CONTENT REASONABLY ACCEPTABLE TO MEZZANINE INVESTORS.

D.             THE MEZZANINE INVESTORS SHALL HAVE EXECUTED THIS AMENDMENT.

E.             ALL PROCEEDINGS TAKEN IN CONNECTION WITH THE TRANSACTIONS
CONTEMPLATED BY THIS AMENDMENT AND ALL DOCUMENTS, INSTRUMENTS AND OTHER LEGAL
MATTERS INCIDENT THERETO SHALL BE SATISFACTORY TO THE MEZZANINE INVESTORS AND
THEIR LEGAL COUNSEL;

F.              THE COMPANY SHALL HAVE PAID ALL COSTS AND EXPENSES INCURRED BY
THE MEZZANINE INVESTORS IN CONNECTION WITH THE PREPARATION, NEGOTIATION,
EXECUTION AND DELIVERY OF THIS AMENDMENT AND ANY DOCUMENTS EXECUTED OR DELIVERED
IN CONNECTION HEREWITH.

4.             NO MODIFICATION.  EXCEPT AS AMENDED HEREBY, THE INVESTORS
AGREEMENT REMAINS UNMODIFIED AND IS IN FULL FORCE AND EFFECT.

5.             WARRANTS.  THE COMPANY AND THE MEZZANINE INVESTORS AGREE THAT THE
COMPANY SHALL ISSUE TO EACH MEZZANINE INVESTOR AN AMENDED AND RESTATED WARRANT
TO PURCHASE MEMBERSHIP INTERESTS OF MEZZCO, L.L.C. (EACH, A “WARRANT
CERTIFICATE”) IN THE FORM OF EXHIBIT A ATTACHED HERETO WITHIN FOURTEEN (14) DAYS
OF THE DATE HEREOF; PROVIDED, THAT IN ORDER FOR A MEZZANINE INVESTOR TO RECEIVE
ITS WARRANT CERTIFICATE, SUCH MEZZANINE INVESTOR SHALL HAVE COMPLIED WITH ITS
OBLIGATIONS UNDER SECTION 9 OF THE RESTRUCTURING AGREEMENT, INCLUDING WITHOUT
LIMITATION, DELIVERY TO THE COMPANY OF SUCH MEZZANINE INVESTOR’S NOTE(S) (AS
DEFINED IN THE RESTRUCTURING AGREEMENT) AND/OR WARRANT(S) (AS DEFINED IN THE
RESTRUCTURING AGREEMENT) (OR EVIDENCE INDICATING SUCH NOTE(S) AND/OR WARRANT(S)
HAVE BEEN LOST, STOLEN OR MISPLACED, IN THE FORM OF AN AFFIDAVIT REASONABLY
ACCEPTABLE TO THE COMPANY), AND THE COMPANY SHALL BE UNDER NO OBLIGATION TO
DELIVER SUCH WARRANT CERTIFICATE UNTIL SUCH TIME AS SUCH MEZZANINE INVESTOR
SHALL HAVE COMPLIED WITH SUCH OBLIGATIONS.  IN ADDITION, THE MEZZANINE INVESTORS
AGREE THAT EXHIBIT A HERETO SHALL REPLACE EXHIBIT 3(H) OF THE RESTRUCTURING
AGREEMENT.

6.             COUNTERPARTS.  THIS AMENDMENT MAY BE EXECUTED BY ONE OR MORE OF
THE PARTIES TO THIS AMENDMENT AND ANY NUMBER OF SEPARATE COUNTERPARTS, EACH OF
WHICH WHEN SO EXECUTED, SHALL BE DEEMED AN ORIGINAL AND ALL SAID COUNTERPARTS
WHEN TAKEN TOGETHER SHALL BE DEEMED TO CONSTITUTE BUT ONE AND THE SAME
INSTRUMENT.  ANY SIGNATURE DELIVERED BY A PARTY BY FACSIMILE OR PORTABLE
DOCUMENT FORMAT (PDF) TRANSMISSION SHALL BE DEEMED AN ORIGINAL SIGNATURE HERETO.

7.             SUCCESSORS AND ASSIGNS.  THIS AMENDMENT SHALL BE BINDING UPON AND
INURE TO THE BENEFIT OF THE COMPANY AND ITS SUCCESSORS AND ASSIGNS AND MEZZANINE
INVESTORS AND THEIR SUCCESSORS AND ASSIGNS.

8.             FURTHER ASSURANCE.  THE COMPANY HEREBY AGREES FROM TIME TO TIME,
AS AND WHEN REQUESTED BY THE MEZZANINE INVESTORS, TO EXECUTE AND DELIVER OR
CAUSE TO BE EXECUTED AND DELIVERED, ALL SUCH DOCUMENTS, INSTRUMENTS AND
AGREEMENTS AND TO TAKE OR CAUSE TO BE TAKEN SUCH

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FURTHER OR OTHER ACTION AS THE MEZZANINE INVESTORS MAY REASONABLY DEEM NECESSARY
OR DESIRABLE IN ORDER TO CARRY OUT THE INTENT AND PURPOSES OF THIS AMENDMENT AND
THE INVESTORS AGREEMENT.

9.             GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.

10.           SEVERABILITY.   WHEREVER POSSIBLE, EACH PROVISION OF THIS
AMENDMENT SHALL BE INTERPRETED IN SUCH MANNER AS TO BE EFFECTIVE AND VALID UNDER
APPLICABLE LAW, BUT IF ANY PROVISION OF THIS AMENDMENT SHALL BE PROHIBITED BY OR
INVALID UNDER SUCH LAW, SUCH PROVISION SHALL BE INEFFECTIVE TO THE EXTENT OF
SUCH PROHIBITION OR INVALIDITY WITHOUT INVALIDATING THE REMAINDER OF SUCH
PROVISION OR THE REMAINING PROVISIONS OF THIS AMENDMENT.

[Remainder of Page Intentionally Left Blank; Signature Page Follows]

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IN WITNESS WHEREOF, each of the undersigned has executed this Amendment as of
the date set forth above.

THE COMPANY:

 

 

 

 

 

MezzCo, L.L.C.,

 

a Nevada limited liability company

 

 

 

 

 

 

By:

/s/ DONNA LEHMANN

 

 

 

Name:

Donna Lehmann

 

 

 

Title:

Executive Vice President/Chief Financial Officer

 

 

 

 

MEMBER:

 

 

 

 

EquityCo, L.L.C.,

 

a Nevada limited liability company

 

 

 

 

By:

/s/ DOUGLAS TEITELBAUM

 

 

 

Name:

Douglas Teitelbaum

 

 

 

Title:

Manager

 

 

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MEZZANINE INVESTORS:

 

 

 

 

 

 

POST TOTAL RETURN MASTER FUND, L.P.

 

 

 

 

 

 

 

By:

Post Advisory Group, L.L.C., its General
Partner

 

 

 

 

 

 

 

 

By:

/s/ CARL GOLDSMITH

 

 

 

 

 

Name:

Carl Goldsmith

 

 

 

 

Title:

Senior Investment Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

POST DISTRESSED MASTER FUND, L.P.

 

 

 

 

 

 

 

By:

Post Advisory Group, L.L.C., its General
Partner

 

 

 

 

 

 

 

 

By:

/s/ CARL GOLDSMITH

 

 

 

 

 

Name:

Carl Goldsmith

 

 

 

 

Title:

Senior Investment Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STATE OF SOUTH DAKOTA RETIREMENT
SYSTEM FUND

 

 

 

 

 

 

 

By:

Post Advisory Group, L.L.C., its Authorized
Agent

 

 

 

 

 

 

 

 

By:

/s/ CARL GOLDSMITH

 

 

 

 

 

Name:

Carl Goldsmith

 

 

 

 

Title:

Senior Investment Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DB DISTRESSED OPPORTUNITIES MASTER
PORTFOLIO, LTD.

 

 

 

 

 

 

 

By:

Post Advisory Group, L.L.C., its Authorized
Agent

 

 

 

 

 

 

 

 

By:

/s/ CARL GOLDSMITH

 

 

 

 

 

Name:

Carl Goldsmith

 

 

 

 

Title:

Senior Investment Officer

 

[Signature Page to First Amendment to Investors Agreement]

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MW POST PORTFOLIO FUND, LTD.

 

 

 

 

 

 

 

By:

Post Advisory Group, L.L.C., its Authorized
Agent

 

 

 

 

 

 

 

 

By:

/s/ CARL GOLDSMITH

 

 

 

 

 

Name:

Carl Goldsmith

 

 

 

 

Title:

Senior Investment Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THE OPPORTUNITY FUND, LLC

 

 

 

 

 

 

 

By:

Post Advisory Group, L.L.C., its Authorized
Agent

 

 

 

 

 

 

 

 

By:

/s/ CARL GOLDSMITH

 

 

 

 

 

Name:

Carl Goldsmith

 

 

 

 

Title:

Senior Investment Officer

 

[Signature Page to First Amendment to Investors Agreement]

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HFR DS OPPORTUNITY MASTER TRUST

 

 

 

 

 

 

 

By:

Post Advisory Group, L.L.C., its Authorized
Agent

 

 

 

 

 

 

 

 

By:

/s/ CARL GOLDSMITH

 

 

 

 

 

Name:

Carl Goldsmith

 

 

 

 

Title:

Senior Investment Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

POST HIGH YIELD, L.P.

 

 

 

By:

Post Advisory Group, LLC, its General
Partner

 

 

 

 

 

 

 

 

By:

/s/ CARL GOLDSMITH

 

 

 

 

 

Name:

Carl Goldsmith

 

 

 

 

Title:

Senior Investment Officer

 

 

 

 

 

 

 

 

 

 

 

POST BALANCED FUND, L.P.

 

 

 

 

 

 

 

By:

Post Advisory Group, LLC, its General
Partner

 

 

 

 

 

 

 

 

By:

/s/ CARL GOLDSMITH

 

 

 

 

 

Name:

Carl Goldsmith

 

 

 

 

Title:

Senior Investment Officer

 

[Signature Page to First Amendment to Investors Agreement]

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CANPARTNERS INVESTMENTS IV, L.L.C.

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ MITCH JULIUS

 

 

 

 

 

Name:

Mitch Julius

 

 

 

 

Title:

Managing Partner

 

[Signature Page to First Amendment to Investors Agreement]

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CONTINENTAL CASUALTY COMPANY

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ MARILOU R. MCGIRR

 

 

 

 

 

Name:

Marilou R. McGirr

 

 

 

 

Title:

Vice President and Assistant Treasurer

 

[Signature Page to First Amendment to Investors Agreement]

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JOHN HANCOCK HIGH YIELD FUND

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ ISMAIL GUNES

 

 

 

 

 

Name:

Ismail Gunes

 

 

 

 

Title:

Vice President Investment Operations

 

[Signature Page to First Amendment to Investors Agreement]

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COCHRAN ROAD, LLC

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ LAWRENCE CUTLER

 

 

 

 

 

Name:

Lawrence Cutler

 

 

 

 

Title:

Chief Operating Officer

 

[Signature Page to First Amendment to Investors Agreement]

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YORK CREDIT OPPORTUNITIES FUND, L.P.

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ ADAM J. SEMLER

 

 

 

 

 

Name:

Adam J. Semler

 

 

 

 

Title:

Chief Financial Officer

 

[Signature Page to First Amendment to Investors Agreement]

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/s/ JEFFREY D. BENJAMIN

 

 

 

 

 

JEFFREY D. BENJAMIN

 

 

 

 

 

 

[Signature Page to First Amendment to Investors Agreement]

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