July-~. 2013 

Hruct: ··T,\u Dogs"' Bo1sum. Chainnan 

Mohcg<.111 rrihe of Indians of Connecticut 

Onl: \.h)hcg:.in St111 8,n1kvarcl 

l ·11c~1svilk. ( ··1 ()(, 102 

Re: Ri,.·\ j.._·\.1.- nt' 1inanci11g J.grc..:-m.:-nt;:; f'or th~ \'tohcgan Tribt: of lndiuns of Co1mc ticut 

D( . .'ar Chainrnm l301!>ullt: 

!l11s letter ri;sponds to the rcquc-;t on hd1al C of the Moht.:~Jn I nh1.· ~,,·Indian. ol' 

Conne•:licu t I rrih<.:) and Lhe Mohegan Tribal C iami ng. Authori l y 1 :vn l i A 1 t(.'r th~: Na 1ona I 

I 11dia11 C.imrnng Co min ission' s Office of Genera! Counsel to rcvi.;'W S\.."• i;r,d 1~!\.!\.:tn~ its 

related lt) HK· r-:(inancrn:s of existin~ debt. Sp~<.:ilically, you have asked for an opini< n 

wh1.·th..:r rhcs..:- ;ig.rc~mcnis are managcm..:-nt contracts requiring the Nl(i(' Chuirwom n's 

approv;d under the lndi"1n Gaming R;;;gulatory .-\cc You also asked for an opinion 

\Nh~th1..:r lf1...: <Lgr~1.:m~nt,:; \·ioiatc fGR.-\ ·s requirement that a Tribe have the sole prnp1 ctary 

rnlcrcst 111 its gammg operation. 

In my rt:\ It:'-"· I consider ... 'tl thl:! fullo~ ing documents (C1)lkct!\ .. :!y ··1hc Finan mg 

_,\~1-.;:~mcnts'" J su h1111 tt.;d a:-1 attat:h mcnt:; tl> 1..:-mai ls sent by Kent R icli..;: 1rn heh al f of the 

Tribe: 

I. l.oan agreement markeu at top right as "WI.RK DRAFT IJ:2:') ~Ol 3" by and 

among the Tribe and the l\tlT(IA. as the Borwwcr; Credit Suisse.-\(!. as 

.'\dministrativ~ Agent~ RBS Citizcns. l\i.A. as Revolving Agent and f.cttcrol 

Credit !!)sul.'r: Bank of Amcr1c<i. 1'i .A as Antoborrow L>!mkr am.I I .cttcr or C t:<ht 

Issuer: and th~ oth1.:r lender parties thereto including. Me1Till Lynd1. Pierce. 

Fcnn..:r & Smith fncorporahxl. RBS Sccuriti~s. Inc., and Cre<lit Suis:>c Sccllri ics 

(l :s ...\ l r LC r.;:cei ved via e-nui I on 7; I 201 3, ('"Loan Agn.'-:'ll1cn1 .. l: 

., 

-· Re\ o/\.ing 11010, aH;.Khvd as Exh1bi1 F tn rhe T .mm Agreement. nwrkcd at top ght 

as "'WLRK ORA FT 71 1121113 ·· and al hot tom left as ···v.r2119 I (>2 ,·if'; 

T~rn1 loan nut..:. auach.;:J as F\hibit H Lo the Loan Agreement, markeu at top right 

as "Wl.R~ DRAFT 7:! !21) l'.~" and at bolturn ld't as ··wn \I l) l(ll1v):C: 

!: ,. , / /' ;r;,r. N'•····:\' 1i :;ov 

I I 
l'lm1r:i1:u1 Ho;~;um 

R.:: R~\·1~\\ \)I .. tin<.1l1l.:lllg agre:.:m..:nrs for ch-: i'vlllhcgan 

Juh \, .. WI.~ 

P<i.:-:·.: 2 t1 f -~ 

5 

6. 

Guarani~ marked at top right as "WLRK DRAFT 7' i ·2111.~·- and at bottorn I ft as 

··w 1lI9l...J.JvS"; 

S1::curity agrccm.c-nt mark.::d at top right as "WLRK DRAFT 7. (12013" and a 

bottom ldt as "W 121 l 9 I 44v8 "; 

Pktlg'-' agr .!l.:mcnt marked at top right as -•\\d.RK DR. \fr - I •:!O I Y" an<l at 

t11...;t111m kn ;.is ·-w;.2! 19147v8 .. ; 

fkrti:~11 account control agrcr.;mcnt. rnarkl!d al h)p right :1:,: "'v\."LRK DRAFT 

()/2~ . .211 I~ .. bct\\~en the MTGA. Cn:dit Suisse AC;. Cayman bi!an<ls branch, s the 

Administrative Agent and Bank or Am~rica. N.A .. as dcpositarv bank:. 

8 Or..:n-~111.l inortgagt: deed. assignmi:nt ot' kascs and r<.:nb <md -;t:curity agr:..:c1 ~nt. 

niarl...:<l al top as "DRAFT: 7' I l Y- and bottL)ll1 ktl ~1s ''S[) I \ 1888-1-S' by\.. ·1 (11\ 

in ~t\\lr or" the :\dminislraLivl..'.' :\gent; 

9 . Open-;.:nd kasdh)ld mortgage deed. assignment or lc;ts-::. and n.:nts and sccu ity 

agr~~mi..:nl, marked at top as "'DRAFl: 7/J. l3" and hol\om kfl <IS 

--sD· 1319104.5" hy Mohegan Golf l.f .C in favor o!' the .'\dminmrative i\g~ 1 L: 

lO A11tuhormw line of credit agrccm-.:nt rnarkl:d at tor as ''\\.l.RK DRAFT 

6.' 18. 20 I ~ .. allll at bottom right a~ ··w.'!. I 23282v4" bet\\ ~:en :VfTG !\ arnl Ban · o ~­

Am~rn.:a. !\ .. -\. as .'\utnboJTo\V LcnJi..:r; 

I I. AutohomH1 .. scr..-ice agre;:cmt:nt marked at top as '"\VLRK DR \FT 6, l 9/2013 ·and 

at boi.tom right as "'W12l23.283v4" betvvt::en MTGA an<l Bank. of America, N /\. 

as :\utobormw L~nder: 

12. Deposit account control agreement, marked at top as "\.VI RK DRJ\FT 6il y· 0 l3" 

and at bottom right as "W/2 \ l 9502v8'' bctwt.!en tilt: Dow1is Racing. LP, the 

Administrarivc Agent and First National Community Bank. a3 depositary ba1 .k: 

I.~ . Opt:tt-.:-nd mortg:.igc deed and security agreement. mark..:d Jl 10p as "DRAFT 

6/lL'J."' by Downs Racing. LP. in favur uftlie Adrninistrati\1.: '\gem; 

J -1-. lndi.::ntun,; marki;d at tnp as "WLRK DRA.FT: 6/7 1.~-- J1id :.H 1-h)ttom right as 

·'Wi2 I l (i 7J 7v 11" among MTGA .. the Tri he. (i-uaranr.ors and Li .S. Bank Nati< nal 

A:-;sociation as S~nior ~otes Truske ("lnd~ntun:"). 

l 5. Nm..: utlachcJ a::; Exhibit A tu the above-rcfcrcncGd lntk11tu1 t.: i.:t)nsi:;ting (1f l 

pagi.:s. :\.I lhrough A-13; 
( ·hainn.111 B,)/ . ..;f1111 

R'-': Rcvi..;\\ nt 1iP.t11(i1t~ agrc<:ments for 1!11.: 'vloh~l?-'-111 Tribe of lnJcan:; 01· ( \11111.::ctic 11 

July 3. ~() 13 

Pag..: .) or".~ 

!<). Purch .. i_..c_· .t~rL"-.:mc.:nt marked at lop as "Wf.RK /Jra/i 61-1 !3 .. ,md 1il bottom I ·ii <ts 

··l\iY Si\ i ~-:;o ~ .. :and, 

17. Di:akr rn~inager agrel.'!rnent markt.:d at top as ··DRAFT DA.TED:(> I.\ ·1.r·. 

The Fin<.uic_·in~~ .\gre...:mcnt;:; contain tc..:mts similar to other agrci..:111c..:nts the Of tee 

or Gencr .. tl ( 'oun.;;d h..Ls .. dr .. :ad; rt"" iC\.\·CJ Jlld analyzed. See 

v.w>v.ni~c.5m R-:adin.:.; R,h)rn,'>'vlanagcmcnt R~vicw Letters.asp\. i\pplytng tile; sa 11\.: 

<ma]y!;;1S hae. it is m,:v opinion that (:()lkc:ti' cly thi.: Financing Agrc~mi.:nl ... ar-: not 

management contract:; and do not rc<..ptirc Lili.: approval of the Chain.vo111tt11. It is also my 

opinion that rhey dv 1it>t "in late rGRA ·s sok propridary interest rcquircm...:nt. 

It is my untkr·.;1andin6 that lhc Fi~u111c:ng Agr:.::crn¢ms are reprcsl.!ntcd lo be i 

:;uhstantiall1,. linal !~)rm \\ith r».:spcc..:t tn kr•11s ,i!Tccting th1:> opinion, and if such term 

change in ,my m~u.::·i~t! "-' ay priN to clo,:;1i1g or arc inconsistent \.Vith assumptions ma k 

herein, thr;; upiniei11 :-;h,dl nol app!;-. Further, this opinion is limited to the F!11anc[i1g 

Agr:.::cmcnts listc<.1 ah{l\I.:' This 0pinion Jut.!s noc include or ext.:nd t0 an' oth~r 

agreements or d0cu111cms not sub111itc-:d f(1r revi.:\1,. 

I anticipate that this letter 1,1, iii b~ pnsh.~d to. the NIGCs -.vchsik. Prior to pn~l ng. 

>J lGC 1,1, ill notify you and give you an 1Jpportunny to id en ti fy and request that 

inf'ormation suhjcct to th~ c\emptions umkr f-OIA be redacted or withheld. A lisr ol the 

FOIA l:!\c.'mpcions ma.J b(.; fr1w1<l at 25 L:.s.c. ~ 552th>. 

{f >OU ha\c ,my qui.:stions. pka,,,c \.·u11c,1CL ~IGC Senior Attorney M..:lissa 

Schlichting at (2fl~l f).)~-71HH. 

Sincerely. 

Eric Shepard 

Acting G·:n~ral ( ·ouns~~I 

cc. f [clga \Vood~. Attumi.:y Gcncrnl 

tvlohcgan Tnh~ or lndi<ms or Conn1..·cticU1 

(via c-mai I: hwogil_s(,1 n1 oh~ganm.1i I.com) 

Kent Rid11..:y, b-;q. 

Faegre Hah:r [):mids, LLP. 

(via c-mai l. "-.~n.!. n_<;Jtl.) y ia fo-.:..,r..:bJ.t·om}