Via email: gjacobs@jpneswalker.com 

and First Class Mail 

Gina M. Jacobs, Esq. 

Jones Walker LLP . 

190 E Capitol Street, Ste. 800 

Jackson, MS·3920l 1 •• • 

July 27, 2017 

Re: Review of th~ 2017 Loan Documents for the•Eastern Band of Cherokee'Iridians 

Dear Ms. Jacobs: · ' • · (<,' 

This i~tter respond~ to your May 12, 2017 request, on behalf of the E~stern Bahd'of Cherokee 

Indians, for the National Indian Gaming Co.mmission,Qf!;1ce ()f,thy General Cpl;lnsel,:tp;rt;view 

certain loan documents aridfo·p?ovide in opirliori' as'tO whether or not t~e s4bmitted•lo,~nidocuments 

are management contracts requiring the NIOC Chairman's approval pursuant to the Indian Gaming 

'Vio ·~ttifar~}~~~!,:n~'t=t~!~~·~£:r:·~~~;i~;:;t~n:~!!~~~~;s ~~~~~:cit~!~~;ents \ ' .'· : '~\t".'· ,, <':i •'\~. ,. < ' 

• 1 In myreview,i lconsidet'e'dthe'following submissions (col~ectjveJy, ;~the 201 ~ Lpan 

Documents"): · · · 

f;' 

• Fifth J.,!nended and Restated Loan Agreement Dated as of [ ~.J\ ion dmong Tribal Casino 

Gaming Enterprise, as the Borrower, the Lendersparty h(fr<ftO /r(}flJ time to {Im?, (Ind We:lls 

Fargo Bank, National Asso'cii1tioh;· asAdmihfstrative Agent, VCJssuer:and Swing Line Lqnder, 

Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and US. 

Bank Natio.nql Asspciation. as Joint Lead Arrangers and Joint Bookrunners, Bank of America, 

N.i, and U.s. Bank National Association, as Co-Syndication Agehts (marked at b6ttom left as 

"OHSUSA:766658865.8" and at top right as "01-IS Draft 7':'18-17 Pu[?lisheq C,I.;JSW.Nu,mber 

LJ?'); : .. . . .\ 

• Exhibit A Ndtice of Loan Borrowing (marked at bottom left as "OHSUSA:766796293.~"); 

• EJ\Q ibit B Notice .o.f Loan C()nversion (marked at bottom left as "OHSUSA:766796293 .3 "); ' ' ,_ ' <, , ',i 

• Exhibit C Notice of Loan Interest Period Selection (marked at bottom left as 

"OHSUS~:7667,96+93.3"); 

• Exhibit D TLA Loan Note (marked at bottom left as "OHSUSA:766796293.3"); 

• Exhibit E Pricing Certificate (marked at bottom left as "OHSUSA:766796293.3"); 

NEW MAILING ADDRESS: NIGC/DEPARTMENT OF THE INTERIOR 1849 C Street NW, Moil Stop# 1621 Washington, DC 20240 Tel: 202.632.7003 Fox: 202.632.7066 

REGIONAL OFFICES Portland, OR; Sacramento, CA; Phoenix, AZ; St. Poul, MN; Tulsa OK; Oklahoma City, OK 

WWW,NIGC.GOV 
• Exhibit F Assignment of Construction.CofJtrad (marked at bottom left as 

"OHSUSA:76679652 l .3"); . . . 

• Exhibit G Notice of Swing Line Borrowing (marked at bottom left as 

"OHSUSA:766796293.3"); 

• Exhibit H [Second, Etc.] [Amended and Restated] Revolving Loan Note (marked at bottom 

left as "OHSUSA:766796293.3"); 

• Exhibit I DD Term Loan Note (marked at bottom left as "OHSUSA:766796293.3"); 

• ExhibitJ [Sixth, Etc.] [Amended and Restated} SwingLine Note(fiiarked at bottom'leftas 

"OHSUSA:766796293.3"); · , . 

• Exhibit K Assignment Agreement (marked at bottom left as "OHSUSA:766799293.3"); 

• Exhibit L Compliance Certificate (marked at bottom left as "OHSUSA:766796293.3"); . , ,,,- , '' , '',. i'r 

• Exhibit M Form of Subordinated Note (marked at bottom left as "OHSUSA:7~9V9652'.3"); 

• Exhibit N Request to Increase the Total Revolving Loan Commitment (Sectiof! 2.5(c)) 

~m.~rk~qa,~,~ottom l~ft as ~~QHS.USA:7<56.19@93d '';rn;: · 1 ' .,.,' • • • 

• Exhibit 0 Distribution Certificate (marked at bottom left as "OHSUSA:766796293.3"); 

• Exhibit P-1 Form of US. Tax Compliance Certificate (Owner) (marked at bottomJeft as 

'.~0ij.SUSA:.7h6796293;3'n; . , .. · ·. ; n· ' · .. , · • h1 ' · · " . 

,? f,·/."#c .• ·,· 'o,o• ' •; ,•' ~,<\<'. ,,·; Ji~'.,>,,;f,$,\\? / ·.; <f~'j~;' i:1'( '~ ': 'f ,' , '. ' 

• "Exllibif'P~~ F~rm ?[ U~. TaX f;,~mp~la11,ce,,f;fi':(ificgleJfat:f{cpqnt) (marked· at bottom'1eftas 

"!j00SBSA':%f>796293.3"); , i , . • • , , 

fa£;\.~,',' , }' ,: -'' '<,; , ' , , I~. i'~. , \( '?H>:,~ , . , . '".,· :>. ;' 

'.. rn~ J~"hibi, P~3/?Qr~<Jf US .Tax Compliance,<Jertificate·'(Par'tic/ptiiztl(marked a~ bpiton(le~.as ' " i ,.;~Ql:ISUSA:766796293.3")~ · · ·· • 1• 1 ::: .. : · ·· ·. •• • ' • 

• Exh~bit P-4 Form l?[Jl.S: Tax C,9,r1Jplialf!Pt? <;ertificate/~~er) (mar~¥d at bottom left as 

'f0HSUSA:766796293.3"); ' '. . · · , . . 

• Schedule 4.3 Insurance Gaming Insurance Requirements (marked at bottom left as 

";QHSUSA.:766'573669.6"); ' .. 

t~ ~ t .,. '.'!:.' "" , :~ ~- \ ~'.:' ', t~ \ ',)' ,· 

• Third Amended and Restated Securrty Agreement,(iv.arked a~ qo~pin I~~ ?,s 

0HSUSA:766796550~3");,' .. ·.. . . .. , . 

• T~il;d Amel(l.de,d an4Re~ated DetnandDeposit Account Control Agreement'(rrtarkecl at bottom 

le{t ~,~.~'OH~D;SA:?63682150S~); . 

• Fifth Am'iiu:Md and R~stated Tribal Ai;reement DattdtiS (!>/[],. 2on between Eastern ~~4 <!Jf 

Cherokee Indians and Wells Fargo Bank, Nationt;d$6.<;iali.OrJ; t13AdministrativeAge:nt(marked 

~t bottom left as."OHSUSA:7667·96530.3"); · · ·· 

• Secorz.c/. iAm:ended and Restated Tribal Subordination Agreement (marked at bottom left as 

"OHSUSA:766796559.3'); 

• Second Amended and Restated Unjust Enrichment and Sovereign lmmliniiy Agreement (marked 

at bottom left as "OHSUS~:766796549.3"); an~ 

• Amendment Engagement Letter dated. Iytarch2, 2017 .. 
The 2017 Loan Documents contain terms similar to other agreements that OGC has 

previously reviewed and analyzed. Some of these opinion letters may be found on the NIGC's 

website located at <www.nigc.gov>. Applying the same analysis here, it is my opinion that, 

collectively, the 2017 Loan Documents are not management contracts and do not require the 

approval of the NIGC Chairman. It is also my opinion that they do not violate IGRA's sole 

proprietary interest requirement. 

It is my understanding that the 2017 Loan Documents are represented to be in substantially 

final form, and any further changes will not be material to OGC's analysis. This opinion shall not 

apply if the 2017 Loan Documents change in any material way prior to closing or are inconsistent 

with the assumptions made herein. Further, this opinion is limited to the aforementioned 2017 Loan 

Documents and does not include or extend to any other agreements not submitted for review. 

Please note that it is my intent that this letter be released to the public through the NIGC's 

website. If you have any objection to this disclosure, please provide a written statement explaining 

the grounds for the objection and highlighting the information that you believe should be withheld. 

25 C.F.R. § 517.7(c). If you object on the grounds that the information qualifies as confidential 

commercial information subject to withholding under Exemption 4 of the Freedom of Information 

Act. 5 U.S.C. § 552(b)(4), please be advised that the information was voluntarily submitted and, as 

such, any request to withhold will be analyzed in accordance with the standard set forth in Critical 

Mass Energy Project v. NRC, 975 F .2d 871 (D.C. Cir. 1992). Any claim of confidentiality should 

also be supported with "a statement or certification by an officer or authorized representative of the 

submitter." 25 C.F.R. § 517.7(c). Please submit any written objection to 

<FOIASubmitterReply@nigc.gov> din tbitty (30.) calendar.days of the filte of thi~ )stter. After 

this time elapses, the letter will be made public and objections will no longer be considered. Id. If 

you need any additional guidance regarding potential grounds for withholding, please see the United 

States Department of Justice's Guide to the Freedom of Information Act at 

<http://www.justice.gov/oip/doj-guide-freedom-information-act-O>. 

7003. 

If you have any questions, please contact Armando Acosta, Senior Attorney, at (202) 632-

Sincerely, 

/tl·Jt~/h~ 

Michael Hoenig 

General Counsel