Exhibit 10.27

AMENDMENT TO PLEDGE AGREEMENT

This Amendment to Pledge Agreement (this “Amendment”), dated as of April 2, 2007
(the “Effective Date”), relates to the Pledge Agreement dated as of June 5, 2006
(the “Pledge”), among Millennium Gaming, Inc. (“Millennium”), MGIM, LLC (“MGIM”
and together with Millennium, the “Pledgors”) in favor of the Lenders (as
defined in the Credit Agreement (as hereinafter defined)) and Bank of America,
N.A. (“Bank of America”), as Administrative Agent (the “Administrative Agent”).

This Amendment is delivered in connection with the Credit Agreement dated as of
January 5, 2006 (as amended, supplemented, modified or restated from time to
time, the “Credit Agreement”) among Cannery Casino Resorts, LLC, The Cannery
Hotel and Casino, LLC, Nevada Palace, LLC, and Rampart Resort Management, LLC
(the “Borrowers”), the Administrative Agent, the L/C Issuer, the Swing Line
Lender and the Lenders (capitalized terms used but not otherwise defined herein
shall have the meanings ascribed to them in the Credit Agreement or the Pledge)

Prior to the date hereof, MGIM, MGIM was the owner of 33 1/3% of the Membership
Interest of CCR.  As of September 22, 2006, MGIM transferred its Membership
Interest in CCR to OCM AcquisitionCo, LLC (the “Additional Pledgor”), and MGIM
was released as a party to the Pledge.  On November 22, 2006, CCR issued
additional Preferred Units to the Additional Pledgor, increasing the Additional
Pledgor’s equity interest in CCR to 42%.  Millennium, the Additional Pledgor and
the Administrative Agent have agreed that the Additional Pledgor shall be added
as a party to the Pledge and pledge its Membership Interest in CCR thereunder. 
The Additional Pledgor, Millennium and the Administrative Agent hereby agree as
follows:

1.             Amendment.  The Pledge is hereby amended to add as a party, and
more specifically, as a Pledgor thereunder, the Additional Pledgor.  In
addition:

(a) Item A of Schedule 1 of the Pledge is hereby amended in its entirety as
follows:

Item A Membership Interests

 

Membership Interests

 

 

 

Type of

 

% of Aggregate

 

 

 

Membership Interest

 

Membership Interests

 

Cannery Casino Resorts

 

Preferred Membership Units

 

100

%

 

1

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(b) Item B of Schedule 1 to the Pledge is hereby amended in its entirety as
follows:

If to Millennium Gaming, Inc.:

c/o Cannery Casino Resorts
9107 West Russell Road
Las Vegas, Nevada  89148
Attention: William Paulos
Attention: William Wortman
Attention: Tom Lettero
Telephone: (702) 507-5900
Telecopier: (702) 507-5922

Electronic Mail:

tlettero@canneryresorts.com

 

bpaulos@canneryresorts.com

 

wwortman@caneryresorts.com

 

with a copy to

Santoro, Driggs, Walch, Kearney, Johnson & Thompson
400 South Fourth Street, Suite 300
Las Vegas, Nevada  89101
Attention: Michael Kearney, Esq.
Telephone: (702) 791-0308
Telecopier: (702) 791-1912

Electronic Mail:

mkearney@nevadafirm.com

 

If to OCM AcquisitionCo, LLC:

c/o Oaktree Capital Management
OCM AcquisitionCo, LLC
333 South Grand Avenue, 28th Floor
Los Angeles, California  90071
Attention:  Stephen A. Kaplan
Telephone: (213) 830-6300
Telecopier: (213) 830-

Electronic Mail:

skaplan@oaktreecap.com

 

with a copy to:

Munger, Tolles & Olson LLP
355 South Grand Avenue, 35th Floor
Los Angeles, California  90071
Attention:  Judi Kitano
Telephone: (702) 683-9100
Telecopier: (702) 687-3702

Electronic Mail:

judith.kitano@mto.com

 

2

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2.             Additional Pledgor as Pledgor.  The Additional Pledgor assumes
all of the obligations and liabilities of a Pledgor under the Pledge after the
date hereof and agrees to be bound thereby as a Pledgor for all purposes under
the Loan Documents.

3.             Effectiveness.  The Amendment shall become effective on the date
hereof upon the execution hereof by the Additional Guarantor and the
Administrative Agent and delivery hereof to the Administrative Agent.

4.             Governing Law.  This Amendment shall be governed by, and
construed in accordance with, the laws of the State of Nevada, without regard to
principles of conflicts of law.

3

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In WITNESS WHEREOF, each of the undersigned has executed and delivered this
Amendment to Pledge Agreement as of the day and year first written above.

OCM ACQUISITIONCO, LLC

 

 

 

 

 

By:

 

 

 

 

Name:

Stephen A. Kaplan

 

 

Title:

Manager

 

 

 

 

 

By:

 

 

 

 

Name:

Ronald N. Beck

 

 

Title:

Manager

 

 

 

 

 

 

 

 

 

MILLENNIUM GAMING, INC.

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

 

Title:

 

 

 

 

 

 

 

 

 

 

BANK OF AMERICA, N.A., as Administrative Agent

 

 

 

 

 

By:

 

 

 

Name:

 

 

 

Title:

 

 

 

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