Document:

exv10w1

Exhibit 10.1

RELEASE AND WAIVER

     THIS RELEASE AND WAIVER (the “Termination Release”) is made as of the _____ day of
___________, 2010, and shall be effective as of February 1, 2011, by and between ASHFORD
HOSPITALITY TRUST, INC. (the “REIT”) and ALAN TALLIS (the “Executive”).

     WHEREAS, the Executive, Ashford Hospitality Trust, Inc. (the “REIT”), and Ashford Hospitality
Limited Partnership (the “Operating Partnership”) have entered into an Employment Agreement (the
“Agreement”) dated effective as of March 31, 2008, and providing certain compensation and severance
amounts upon the Executive’s termination of employment; and

     WHEREAS, the Executive has agreed, pursuant to the terms of the Agreement, to execute a
release and waiver in the form set forth in this Termination Release in consideration of the REIT
and the Operating Partnership (collectively, the “Company”) agreeing to provide the compensation
and severance amounts and agreeing to the other terms and conditions to become effective upon the
Executive’s termination of employment set out in this Termination Release, and in accordance with
the terms hereof and those other agreements referenced herein; and

     WHEREAS, the Company and the Executive desire to settle all rights, duties and obligations
between them, including without limitation all such rights, duties, and obligations arising under
the Agreement or otherwise out of the Executive’s employment by the Company on the terms and
conditions set forth herein;

     NOW THEREFORE, intending to be legally bound and for good and valid consideration the
sufficiency of which is hereby acknowledged, the parties agree as follows:

     1. RELEASE.

     (a) The Executive knowingly and voluntarily releases, acquits, covenants not to sue and
forever discharges the Company, and their respective affiliates, owners, parents, stockholders,
predecessors, successors, assigns, agents, directors, officers, employees, representatives,
divisions and subsidiaries (collectively, the “Releasees”) from any and all charges, complaints,
claims, liabilities, obligations, promises, agreements, damages, causes of action, suits, rights,
costs, losses, debts and expenses of any nature whatsoever, known or unknown, suspected or
unsuspected, foreseen or unforeseen, matured or unmatured, against them which the Executive or any
of his heirs, executors, administrators, successors and assigns ever had, now has or at any time
hereafter may have, own or hold by reason of any matter, fact, or cause whatsoever from the
beginning of time up to and including the date of this Termination Release, including without
limitation all claims arising under the Age Discrimination in Employment Act, Title VII of the
Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Family and Medical Leave
Act of 1993, the Employee Retirement Income Security

 

 

Act of 1974, Texas Labor Code Section 21.001, et seq. (Texas Employment Discrimination); Texas
Labor Code Section 61.001, et seq. (Texas Pay Day Act); Texas Labor Code Section 62.002, et seq.
(Texas Minimum Wage Act); Texas Labor Code Section 201.001, et seq. (Texas Unemployment
Compensation Act); Texas Labor Code Section 401.001, et seq., specifically Section 451.001 formerly
codified as Article 8307c of the Revised Civil Statutes (Texas Workers’ Compensation Act and
Discrimination Issues); and Texas Genetic Information and Testing Law, each as amended, or any
other federal, state or local laws, rules, regulations, judicial decisions or public policies now
or hereafter recognized, SPECIFICALLY EXCLUDING from the scope of the release contained in this
Termination Release, those matters, considerations and future obligations of the Company set forth
in Section 8(c) and otherwise as set forth in the Agreement

     (b) The Executive represents that he has not filed or permitted to be filed against any of the
Releasees, any complaints, charges or lawsuits and covenants and agrees that he will not seek or be
entitled to any personal recovery in any court or before any governmental agency, arbitrator or
self-regulatory body against any of the Releasees arising out of any matters set forth in Section
1(a) hereof. Notwithstanding anything in this Termination Release to the contrary, nothing herein
shall prevent the Executive from seeking to enforce his rights under this Termination Release or
the Agreement. Further, the Executive does not, by virtue of his execution of this Termination
Release, hereby waive or release his rights to any benefits under the respective Company employee
benefit plans to which he is or will be entitled pursuant to the terms of such plans in the
ordinary course.

     (c) The Executive acknowledges that on or about each of March 21, 2008, April 2, 2009, August
15, 2008 and March 24, 2010, the Executive was issued a number of unvested restricted stock grants
pursuant to the 2003 stock incentive plan of the REIT (the “Stock Grants”), which Stock Grants are
represented and governed by separate written agreements entitled “Grant of Restricted Stock” (the
“Stock Grant Agreements”). Pursuant to the Stock Grant Agreements, (a) 33.33% of the Stock Grants
vest on each anniversary date of the issuance of such Stock Grants over a period of three years,
and (b) upon any resignation or removal from employment with the REIT or its affiliates, all
unvested Stock Grants are forfeited by the Executive (the “Forfeiture Clause”). Notwithstanding
the Forfeiture Clause to the contrary, the REIT agrees to permit the Executive to retain all
unvested Stock Grants held as of the date hereof, which Stock Grants will vest proportionately in
the same timeframe as provided in each respective Stock Grant Agreement, all as more specifically
set forth on Schedule 1 attached hereto; provided, however, it shall be a condition to the
vesting of any Stock Grants that the Executive shall not have breached any of the terms and
conditions of this Termination Release. In the event of a material, uncured (after due notice and
a reasonable opportunity to cure provided to Executive) breach by the Executive of any of the
material terms and conditions of this Termination Release, all unvested Stock Grants shall be
forfeited by the Executive, and the Company and Executive will each retain all rights, remedies and
defenses available at law or in equity, except where specifically waived or released hereunder.

 

 

     (d) At all times prior to the date that 100% of the Stock Grants become fully vested (i.e.,
March 24, 2013), the Executive will remain unemployed, except (i) for the permitted activities
described in Section 1(c)(i), (ii) and (iii) of the Agreement, (ii) consulting work with the
Company and its affiliates as reasonably required by the Company from time to time, not in excess
of 15 / hours per week on average during any particular month, and (iii) following the first
anniversary of the date of this Termination Release, consulting work with any other company or
organization not in excess of fifteen (15) hours per week on average during any particular month.
Following the first anniversary of the date of this Termination Release through March 24, 2013, the
Company shall pay the Executive for any such consulting work with the Company and its affiliates at
a rate of $400 per hour.

     (e) The parties agree that the Executive’s termination of employment is the result of the
voluntary resignation of the Executive, which is characterized under the Agreement as a
“Termination by Executive Without Good Reason”. The Date of Termination is February 1, 2011.

     2. NON-DISPARAGEMENT. The Executive covenants and agrees he will not make statements or
representations, or otherwise communicate, directly or indirectly, in writing, orally, or
otherwise, or take any action which may, directly or indirectly, disparage the Company or their
respective affiliates or their respective officers, directors, employees, advisors, businesses or
reputations. Notwithstanding the foregoing, nothing herein or in the Agreement shall preclude the
Executive from making truthful statements or disclosures that are required by applicable law,
regulation, or legal process.

     3. NON-SOLICITATION. The Executive covenants and agrees he shall not, without the prior
written consent of the Company, for a period ending three (3) years from the Date of Termination
(as defined in the Agreement), directly or indirectly, whether for his own account or on behalf of
any person, firm, corporation, partnership, association or other entity or enterprise, solicit,
recruit, hire or cause to be hired any employees of the Company or any of their affiliates, or any
person who was an employee of the Company during the six months preceding the Executive’s Date of
Termination (as defined in the Agreement), or solicit or encourage any employee of the Company or
any of their affiliates to leave the employment of the Company or any of such affiliates, as
applicable.

     4. NON-INTERFERENCE WITH COMPANY OPPORTUNITIES. The Executive understands and agrees that all
business opportunities with which he is involved during his employment with the Company constitute
valuable assets of the Company and their affiliated entities, and may not be converted to
Executive’s own use or converted by Executive for the use of any person, firm, corporation,
partnership, association or other entity or enterprise. Accordingly, Executive agrees he shall
not, directly or indirectly, whether for his own account or on behalf of any person, firm,
corporation, partnership, association or other entity or enterprise, interfere with, solicit,
pursue, or in any manner make use of any such business opportunities.

 

 

     5. ACKNOWLEDGMENT. The Company have advised the Executive to consult with an attorney of his
choosing prior to signing this Termination Release and the Executive hereby represents to the
Company that he has been offered an opportunity to consult with an attorney prior to signing this
Termination Release.

          BECAUSE THE EXECUTIVE IS OVER FORTY (40) YEARS OF AGE, HE HAS SPECIFIC RIGHTS UNDER THE OLDER
WORKERS BENEFITS PROTECTION ACT (“OWBPA”), WHICH PROHIBITS DISCRIMINATION ON THE BASIS OF AGE, AND
THAT THE RELEASES SET FORTH IN THIS TERMINATION RELEASE ARE INTENDED TO RELEASE ANY RIGHT HE MAY
HAVE TO FILE A CLAIM AGAINST THE COMPANY ALLEGING DISCRIMINATION ON THE BASIS OF AGE.

          THE EXECUTIVE’S SIGNATURE BELOW CERTIFIES THAT THE COMPANY HAS PROVIDED HIM WITH TWENTY-ONE
DAYS (UNTIL DECEMBER ____, 2010) IN WHICH TO CONSIDER AND ACCEPT THE TERMS OF THIS TERMINATION
RELEASE BY SIGNING BELOW AND RETURNING IT TO DAVID BROOKS, C/O ASHFORD HOSPITALTIY TRUST.
EXECUTIVE HAS THE RIGHT TO WAIVE THE TWENTY-ONE (21) DAY PERIOD BY EXECUTING THE TERMINATION
RELEASE AND DELIVERING THE EXECUTED ORIGINAL TERMINATION RELEASE TO THE COMPANY. THE COMPANY
HEREBY ADVISES EXECUTIVE THAT GRANTING SUCH WAIVERS IS VOLUNTARY AND THAT ACCEPTANCE OF THIS
TERMINATION RELEASE IS VOLUNTARY. IN ADDITION, EXECUTIVE MAY RESCIND HIS ASSENT TO THIS
TERMINATION RELEASE IF, WITHIN SEVEN (7) DAYS AFTER HE SIGNS IT, HE DELIVERS A NOTICE OF RESCISSION
TO THE COMPANY. TO BE EFFECTIVE, SUCH RESCISSION MUST BE HAND DELIVERED OR POSTMARKED WITHIN THE
SEVEN (7) DAY PERIOD AND SENT BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO DAVID BROOKS, CHIEF
OPERATING OFFICER AND GENERAL COUNSEL, ASHFORD HOSPITALITY TRUST, 14185 DALLAS PARKWAY, DALLAS, TX,
75254. IF THE TERMINATION RELEASE IS NOT REVOKED OR RESCINDED WITHIN THE SEVEN (7) DAY PERIOD, THE
TERMINATION RELEASE SHALL BECOME BINDING ON THE PARTIES HERETO. HOWEVER, IF THE TERMINATION
RELEASE IS TIMELY REVOKED OR RESCINDED, THIS OFFER OF SETTLEMENT SHALL TERMINATE AND THE
TERMINATION RELEASE SHALL BE NULL AND VOID.

 

 

     IN WITNESS WHEREOF, the Executive and the Company have executed this Termination Release under
seal as of the day and year first above written.

	 	 	 	 	 	 	 	 	 

	 	 	 	 	 
	 	 	Alan Tallis	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Ashford Hospitality Trust, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	David Brooks	 	 
	 	 	 	 	Chief Operating Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Ashford Hospitality Limited Partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Ashford OP General Partner LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

David Brooks
	 	 
	 

	 	 	 	 	 	Vice President	 	 

 

 

Schedule 1

Unvested Stock Grants and Vesting Schedule

	 	 	 	 	 	 	 	 	 	 	 
	Stock Grant Issue	 	Total Unvested	 	 	 	 	Number of Shares to	 
	Date	 	Shares Outstanding	 	 	Vesting Date	 	Vest	 
	March 21, 2008
	 	 	0	 	 	N/A	 	 	0	 
	 
	 	 	 	 	 	 	 	 	 	 
	August 15, 2008
	 	 	3,334	 	 	August 15, 2011	 	 	3,334	 
	 
	 	 	 	 	 	 	 	 	 	 
	April 2, 2009
	 	 	64,867	 	 	April 2, 2011	 	 	32,433	 
	 
	 	 	 	 	 	April 2, 2012	 	 	32,434	 
	 
	 	 	 	 	 	 	 	 	 	 
	March 24, 2010
	 	 	185,000	 	 	March 24, 2011	 	 	61,666	 
	 
	 	 	 	 	 	March 24, 2012	 	 	61,667	 
	 
	 	 	 	 	 	March 24, 2013	 	 	61,667	 

Total Unvested Shares Outstanding = 253,201 sharesExhibit 10.1

Exhibit 10.1

EXECUTION COPY

SERIES A CREDIT AGREEMENT

among

RIVIERA HOLDINGS CORPORATION,

as Borrower,

CERTAIN DOMESTIC SUBSIDIARIES OF THE BORROWER

FROM TIME TO TIME PARTY HERETO,

as Guarantors,

THE LENDERS PARTY HERETO,

and

CANTOR FITZGERALD SECURITIES,

as Administrative Agent

Dated as of April 1, 2011

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE I DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	Section 1.1 Defined Terms
	 	 	1	 
	Section 1.2 Other Definitional Provisions
	 	 	36	 
	Section 1.3 Accounting Terms
	 	 	37	 
	Section 1.4 Time References
	 	 	37	 
	Section 1.5 Execution of Documents
	 	 	37	 
	 
	 	 	 	 
	ARTICLE II THE LOANS; AMOUNT AND TERMS
	 	 	37	 
	 
	 	 	 	 
	Section 2.1 Revolving Loans
	 	 	37	 
	Section 2.2 Term Loan
	 	 	39	 
	Section 2.3 Letter of Credit Subfacility
	 	 	40	 
	Section 2.4 Swingline Loan Subfacility
	 	 	44	 
	Section 2.5 Fees
	 	 	45	 
	Section 2.6 Commitment Reductions
	 	 	46	 
	Section 2.7 Prepayments
	 	 	47	 
	Section 2.8 Default Rate and Payment Dates
	 	 	49	 
	Section 2.9 Conversion Options
	 	 	50	 
	Section 2.10 Computation of Interest and Fees; Usury
	 	 	50	 
	Section 2.11 Pro Rata Treatment and Payments
	 	 	52	 
	Section 2.12 Non-Receipt of Funds by the Administrative Agent
	 	 	54	 
	Section 2.13 Inability to Determine Interest Rate
	 	 	55	 
	Section 2.14 Yield Protection
	 	 	55	 
	Section 2.15 Indemnity; Eurocurrency Liabilities
	 	 	57	 

 

i

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	Section 2.16 Taxes
	 	 	57	 
	Section 2.17 Indemnification; Nature of Issuing Lender’s Duties
	 	 	59	 
	Section 2.18 Illegality
	 	 	61	 
	Section 2.19 Replacement of Lenders
	 	 	61	 
	 
	 	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES
	 	 	63	 
	 
	 	 	 	 
	Section 3.1 [Reserved.]
	 	 	63	 
	Section 3.2 No Material Adverse Effect;
	 	 	63	 
	Section 3.3 Corporate Existence; Compliance with Law
	 	 	63	 
	Section 3.4 Corporate Power; Authorization; Enforceable Obligations
	 	 	63	 
	Section 3.5 No Legal Bar; No Default
	 	 	64	 
	Section 3.6 No Material Litigation
	 	 	64	 
	Section 3.7 Investment Company Act; etc.
	 	 	65	 
	Section 3.8 Margin Regulations
	 	 	65	 
	Section 3.9 ERISA
	 	 	65	 
	Section 3.10 Environmental Matters
	 	 	65	 
	Section 3.11 Use of Proceeds
	 	 	66	 
	Section 3.12 Subsidiaries; Joint Ventures; Partnerships
	 	 	66	 
	Section 3.13 Ownership
	 	 	67	 
	Section 3.14 Indebtedness
	 	 	67	 
	Section 3.15 Taxes
	 	 	67	 
	Section 3.16 Intellectual Property Rights
	 	 	67	 
	Section 3.17 Solvency
	 	 	68	 
	Section 3.18 Investments
	 	 	68	 
	Section 3.19 Location of Collateral
	 	 	69	 
	Section 3.20 [Reserved]
	 	 	69	 

 

ii

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	Section 3.21 Brokers’ Fees
	 	 	69	 
	Section 3.22 Labor Matters
	 	 	69	 
	Section 3.23 Accuracy and Completeness of Information
	 	 	69	 
	Section 3.24 [Reserved.]
	 	 	69	 
	Section 3.25 Insurance
	 	 	69	 
	Section 3.26 Security Documents
	 	 	70	 
	Section 3.27 [Reserved.]
	 	 	70	 
	Section 3.28 Classification of Senior Indebtedness
	 	 	70	 
	Section 3.29 Anti-Terrorism Laws
	 	 	70	 
	Section 3.30 Compliance with OFAC Rules and Regulations
	 	 	70	 
	Section 3.31 Compliance with FCPA
	 	 	70	 
	Section 3.32 Consent; Governmental Authorizations
	 	 	71	 
	 
	 	 	 	 
	ARTICLE IV CONDITIONS PRECEDENT
	 	 	71	 
	 
	 	 	 	 
	Section 4.1 Conditions to Closing Date
	 	 	71	 
	Section 4.2 Conditions to All Extensions of Credit
	 	 	75	 
	 
	 	 	 	 
	ARTICLE V AFFIRMATIVE COVENANTS
	 	 	76	 
	 
	 	 	 	 
	Section 5.1 Financial Statements
	 	 	76	 
	Section 5.2 Certificates; Other Information
	 	 	78	 
	Section 5.3 Payment of Taxes and Other Obligations
	 	 	79	 
	Section 5.4 Conduct of Business and Maintenance of Existence
	 	 	79	 
	Section 5.5 Maintenance of Property; Insurance
	 	 	80	 
	Section 5.6 Inspection of Property; Books and Records; Discussions
	 	 	80	 
	Section 5.7 Notices
	 	 	81	 
	Section 5.8 Environmental Laws
	 	 	82	 
	Section 5.9 [Reserved]
	 	 	83	 

 

iii

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	Section 5.10 Additional Guarantors
	 	 	83	 
	Section 5.11 Compliance with Law
	 	 	83	 
	Section 5.12 Pledged Assets
	 	 	84	 
	Section 5.13 Hedging Agreements
	 	 	84	 
	Section 5.14 [Reserved]
	 	 	85	 
	Section 5.15 Ratings
	 	 	85	 
	Section 5.16 Landlord Waivers
	 	 	85	 
	Section 5.17 Appraisals
	 	 	85	 
	Section 5.18 Additional Matters
	 	 	85	 
	 
	 	 	 	 
	ARTICLE VI NEGATIVE COVENANTS
	 	 	86	 
	 
	 	 	 	 
	Section 6.1 Indebtedness
	 	 	86	 
	Section 6.2 Liens
	 	 	88	 
	Section 6.3 Nature of Business
	 	 	88	 
	Section 6.4 Consolidation, Merger, Sale or Purchase of Assets, etc.
	 	 	88	 
	Section 6.5 Advances, Investments and Loans
	 	 	90	 
	Section 6.6 Transactions with Affiliates
	 	 	90	 
	Section 6.7 Ownership of Subsidiaries; Restrictions
	 	 	91	 
	Section 6.8 Corporate Changes; Material Contracts
	 	 	91	 
	Section 6.9 Limitation on Restricted Actions
	 	 	91	 
	Section 6.10 Restricted Payments
	 	 	92	 
	Section 6.11 Amendment of Series B Term Loan; Subordinated Debt
	 	 	93	 
	Section 6.12 Sale Leasebacks
	 	 	93	 
	Section 6.13 No Further Negative Pledges
	 	 	93	 
	Section 6.14 Account Control Agreements; Additional Bank Accounts
	 	 	94	 
	Section 6.15 Financial Covenant
	 	 	94	 

 

iv

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE VII EVENTS OF DEFAULT
	 	 	95	 
	 
	 	 	 	 
	Section 7.1 Events of Default
	 	 	95	 
	Section 7.2 Acceleration; Remedies
	 	 	98	 
	Section 7.3 Right to Cure
	 	 	99	 
	 
	 	 	 	 
	ARTICLE VIII THE ADMINISTRATIVE AGENT
	 	 	100	 
	 
	 	 	 	 
	Section 8.1 Appointment and Authority
	 	 	100	 
	Section 8.2 Nature of Duties
	 	 	100	 
	Section 8.3 Exculpatory Provisions
	 	 	100	 
	Section 8.4 Reliance by Administrative Agent
	 	 	101	 
	Section 8.5 Notice of Default
	 	 	102	 
	Section 8.6 Non-Reliance on Administrative Agent and Other Lenders
	 	 	103	 
	Section 8.7 Indemnification
	 	 	103	 
	Section 8.8 Administrative Agent in Its Individual Capacity
	 	 	103	 
	Section 8.9 Successor Administrative Agent
	 	 	104	 
	Section 8.10 Collateral and Guaranty Matters
	 	 	104	 
	Section 8.11 Agency for Perfection
	 	 	105	 
	Section 8.12 Administrative Agent May File Proofs of Claim
	 	 	105	 
	 
	 	 	 	 
	ARTICLE IX MISCELLANEOUS
	 	 	106	 
	 
	 	 	 	 
	Section 9.1 Amendments, Waivers and Release of Collateral
	 	 	106	 
	Section 9.2 Notices
	 	 	109	 
	Section 9.3 No Waiver; Cumulative Remedies
	 	 	110	 
	Section 9.4 Survival of Representations and Warranties
	 	 	111	 
	Section 9.5 Payment of Expenses; Indemnity
	 	 	111	 
	Section 9.6 Successors and Assigns; Participations
	 	 	113	 
	Section 9.7 Right of Set-off; Sharing of Payments
	 	 	116	 

 

v

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	Section 9.8 Table of Contents and Section Headings
	 	 	117	 
	Section 9.9 Counterparts; Integration; Effectiveness; Electronic Execution
	 	 	117	 
	Section 9.10 Severability
	 	 	117	 
	Section 9.11 Integration
	 	 	117	 
	Section 9.12 Governing Law
	 	 	118	 
	Section 9.13 Consent to Jurisdiction; Service of Process and Venue
	 	 	118	 
	Section 9.14 Confidentiality
	 	 	118	 
	Section 9.15 Acknowledgments
	 	 	119	 
	Section 9.16 Waivers of Jury Trial
	 	 	119	 
	Section 9.17 Patriot Act Notice
	 	 	120	 
	Section 9.18 Resolution of Drafting Ambiguities
	 	 	120	 
	Section 9.19 Continuing Agreement
	 	 	120	 
	Section 9.20 Regulatory Matters
	 	 	121	 
	Section 9.21 Intercreditor Agreement and Security Documents
	 	 	122	 
	Section 9.22 Signature Pages
	 	 	122	 
	 
	 	 	 	 
	ARTICLE X GUARANTY
	 	 	122	 
	 
	 	 	 	 
	Section 10.1 The Guaranty
	 	 	122	 
	Section 10.2 Limitation on Amount Guaranteed; Bankruptcy
	 	 	123	 
	Section 10.3 Nature of Liability
	 	 	123	 
	Section 10.4 Independent Obligation
	 	 	124	 
	Section 10.5 Authorization
	 	 	125	 
	Section 10.6 Reliance
	 	 	125	 
	Section 10.7 Waiver
	 	 	125	 
	Section 10.8 Limitation on Enforcement
	 	 	126	 
	Section 10.9 Confirmation of Payment
	 	 	127	 

 

vi

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	Section 10.10 Continuing Guaranty
	 	 	127	 
	Section 10.11 Rights Cumulative
	 	 	127	 
	 
	 	 	 	 
	ARTICLE XI SUBORDINATION OF INTERCOMPANY DEBT
	 	 	127	 
	 
	 	 	 	 
	Section 11.1 Subordination
	 	 	127	 
	Section 11.2 Priority and Payment of Proceeds in Certain Events
	 	 	127	 
	Section 11.3 Restrictions on Actions by Credit Parties
	 	 	128	 
	Section 11.4 Miscellaneous
	 	 	128	 

 

vii

 

Schedules

	 	 	 
	Schedule 1.1(a)

	 	Initial Term Loan Percentages
	Schedule 1.1(b)

	 	Existing Investments
	Schedule 1.1(c)

	 	Existing Liens
	Schedule 1.1(d)

	 	Revolving Commitment Percentages
	Schedule 3.3

	 	Jurisdictions of Organization
	Schedule 3.12

	 	Subsidiaries, Joint Ventures and Partnerships
	Schedule 3.16

	 	Intellectual Property
	Schedule 3.19(a)

	 	Properties
	Schedule 3.19(b)

	 	Tangible Personal Property
	Schedule 3.19(c)

	 	Location of Collateral
	Schedule 3.19(d)

	 	Mortgaged Properties
	Schedule 3.22

	 	Labor Matters
	Schedule 3.25

	 	Insurance
	Schedule 6.1(b)

	 	Existing Indebtedness
	Schedule 6.14

	 	Checking, Savings and Other Accounts

Exhibits

	 	 	 
	Exhibit 1.1(a)

	 	Form of Account Designation Notice
	Exhibit 1.1(b)

	 	Form of Assignment and Assumption
	Exhibit 1.1(c)

	 	Form of Joinder Agreement
	Exhibit 1.1(d)

	 	Form of Notice of Borrowing
	Exhibit 1.1(e)

	 	Form of Notice of Conversion/Extension
	Exhibit 2.1(e)

	 	Form of Revolving Note
	Exhibit 2.2(d)

	 	Form of Term Loan Note
	Exhibit 2.4(d)

	 	Form of Swingline Note
	Exhibit 4.1(b)

	 	Form of Officer’s Certificate (closing)
	Exhibit 4.1(d)

	 	Form of Solvency Certificate
	Exhibit 5.2(b)

	 	Form of Officer’s Certificate (financials)

 

viii

 

SERIES A CREDIT AGREEMENT, dated as of April 1, 2011 among RIVIERA HOLDINGS CORPORATION, a
Nevada corporation (the “Borrower”), each of those Domestic Subsidiaries of the Borrower
identified as a “Guarantor” on the signature pages hereto and such other Domestic Subsidiaries of
the Borrower as may from time to time become a party hereto (such Subsidiaries, each a
“Guarantor” and collectively, the “Guarantors”), the several banks and other
financial institutions as are, or may from time to time become parties to this Agreement (each a
“Lender” and, collectively, the “Lenders”), and Cantor Fitzgerald Securities, a New
York general partnership, as administrative agent for the Lenders hereunder (including any
successors, in such capacity, the “Administrative Agent” or “Agent”).

W I T N E S S E T H:

WHEREAS, on July 12, 2010, the Credit Parties (as hereinafter defined) filed with the United
States Bankruptcy Court for the District of Nevada voluntary petitions for relief under Chapter 11
of the Bankruptcy Code; and

WHEREAS, pursuant to the Plan of Reorganization (as defined below), the Term Loans hereunder
shall be deemed made on the Closing Date and the Lenders hereunder shall make such other loans and
financial accommodations to the Credit Parties as more particularly described herein and on the
terms and conditions contained herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties hereto, such parties hereby agree as follows:

ARTICLE I

DEFINITIONS

Section 1.1 Defined Terms.

As used in this Agreement, terms defined in the preamble to this Agreement have the meanings
therein indicated, and the following terms have the following meanings:

“ABR Default Rate” shall have the meaning set forth in Section 2.8.

“Account Designation Notice” shall mean the Account Designation Notice dated as of the
Closing Date from the Borrower to the Administrative Agent in substantially the form attached
hereto as Exhibit 1.1(a).

“Additional Credit Party” shall mean each Person that becomes a Guarantor by execution
of a Joinder Agreement in accordance with Section 5.10.

“Administrative Questionnaire” shall mean an Administrative Questionnaire in a form
supplied by the Administrative Agent.

“Affiliate” shall mean, with respect to a specified Person, another Person that
directly or indirectly through one or more intermediaries, Controls or is Controlled by or is under
common Control with the Person specified.

 

 

 

“Agreement” or “Credit Agreement” shall mean this Series A Credit Agreement,
as amended, modified, extended, restated, replaced, or supplemented from time to time in accordance
with its terms.

“Alternate Base Rate” shall mean, for any day, a rate per annum equal to the greater
of (a) the Prime Rate in effect on such day; (b) the Federal Funds Effective Rate in effect on such
day plus 1/2 of 1%; and (c) the LIBOR Rate that would be payable on such day for a LIBOR Rate
Loan with one-month Interest Period plus 1.00%. For purposes hereof: “Prime Rate”
shall mean, at any time, the rate of interest equal to the highest rate published on the day of
determination (or most recently prior thereto) in the “Money Rates” section of The Wall Street
Journal (Eastern edition) as the Prime Rate in the U.S. for such day (or, if such source is not
available, such alternate source as determined by the Administrative Agent in its reasonable
discretion). Each change in the Prime Rate shall be effective as of the opening of business on the
day such change in the Prime Rate occurs; and “Federal Funds Effective Rate” shall mean,
for any day, the weighted average of the rates on overnight federal funds transactions with members
of the Federal Reserve System arranged by federal funds brokers, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so
published on the next succeeding Business Day, the average of the quotations for the day of such
transactions received by the Administrative Agent from three federal funds brokers of recognized
standing selected by it. If the Administrative Agent shall have determined (which determination
shall be conclusive in the absence of manifest error) that it is unable to ascertain the Federal
Funds Effective Rate, for any reason, including the inability or failure of the Administrative
Agent to obtain sufficient quotations in accordance with the terms above, the Alternate Base Rate
shall be determined without regard to clause (b) of the first sentence of this definition, as
appropriate, until the circumstances giving rise to such inability no longer exist. Any change in
the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall
be effective on the opening of business on the date of such change.

“Alternate Base Rate Loans” shall mean Loans that bear interest at an interest rate
based on the Alternate Base Rate.

“Applicable Percentage” shall mean, (a) for any day with respect to any LIBOR Rate
Loans, 5.00% per annum and (b) for any day with respect any Alternate Base Rate Loans, 4.00% per
annum.

“Approval” shall mean all approvals, consents, licenses, permits, authorizations,
registrations, declarations, concessions, orders, filings, notices, findings of suitability,
franchises, waivers, exemptions and other similar authorizations.

“Approved Bank” shall have the meaning set forth in the definition of “Cash
Equivalents.”

“Approved Fund” shall mean any Fund that is administered, managed or underwritten by
(a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that
administers or manages a Lender.

 

2

 

“Asset Disposition” shall mean the disposition of any or all of the assets (including,
without limitation, the Equity Interest of a Subsidiary or any ownership interest in a joint
venture) of any Credit Party or any Subsidiary whether by sale, lease, transfer or otherwise, in a
single transaction or in a series of transactions. The term “Asset Disposition” shall not include
the sale, lease, transfer or other disposition of assets permitted by Section 6.4(a)(i), Section
6.4(a)(ii), Section 6.4(a)(iv), or Section 6.4(a)(v).

“Assignment and Assumption” shall mean an assignment and assumption entered into by a
Lender and an assignee (with the consent of any party whose consent is required by Section 9.6),
and accepted by the Administrative Agent, in substantially the form of Exhibit 1.1(b) or any other
form approved by the Administrative Agent.

“Bankruptcy Code” shall mean the Bankruptcy Code in Title 11 of the United States
Code, as amended, modified, succeeded or replaced from time to time.

“Bankruptcy Court” shall mean the United States Bankruptcy Court for the District of
Nevada.

“Bankruptcy Event” shall mean any of the events described in Section 7.1(f).

“Bankruptcy Event of Default” shall mean an Event of Default specified in Section
7.1(f).

“Board of Directors” shall mean the board of directors (or comparable managers) of the
Borrower or any committee thereof duly authorized to act on behalf of the Borrower.

“Borrowing Date” shall mean, in respect of any Loan, the date such Loan is made.

“Business” shall have the meaning set forth in Section 3.10.

“Business Day” shall mean any day other than a Saturday, Sunday or other day on which
commercial banks in New York, New York are authorized or required by law to close;
provided, however, that when used in connection with a rate determination,
borrowing or payment in respect of a LIBOR Rate Loan, the term “Business Day” shall also exclude
any day on which banks in London, England are not open for dealings in Dollar deposits in the
London interbank market.

“Cantor Fitzgerald” shall mean Cantor Fitzgerald Securities, a New York general
partnership.

“Capital Lease” shall mean any lease of property, real or personal, the obligations
with respect to which are required to be capitalized on a balance sheet of the lessee in accordance
with GAAP.

“Capital Lease Obligations” shall mean the capitalized lease obligations relating to a
Capital Lease determined in accordance with GAAP.

 

3

 

“Cash Collateralized” shall mean either (a) the delivery of cash to the Issuing Lender
as security for the payment of Obligations in respect of Letters of Credit in an amount equal to
105% of the aggregate face amount of such outstanding Letters of Credit or (b) the delivery to the
Issuing Lender of a customary back-to-back letter of credit (from an issuing bank reasonably
acceptable to the Issuing Lender) in an amount equal to 105% of the aggregate face amount of the
outstanding Letters of Credit issued by such Issuing Lender.

“Cash Equivalents” shall mean (a) securities issued or directly and fully guaranteed
or insured by the United States of America or any agency or instrumentality thereof (provided that
the full faith and credit of the United States of America is pledged in support thereof) having
maturities of not more than twelve (12) months from the date of acquisition (“Government
Obligations”), (b) Dollar denominated time deposits, certificates of deposit, eurodollar time
deposits and eurodollar certificates of deposit of (i) any domestic commercial bank of recognized
standing having capital and surplus in excess of $250,000,000 or (ii) any bank whose short-term
commercial paper rating at the time of the acquisition thereof is at least A-1 or the equivalent
thereof from S&P or is at least P-1 or the equivalent thereof from Moody’s (any such bank being an
“Approved Bank”), in each case with maturities of not more than 364 days from the date of
acquisition, (c) commercial paper and variable or fixed rate notes issued by any Approved Bank (or
by the parent company thereof) or any variable rate notes issued by, or guaranteed by any domestic
corporation rated A-1 (or the equivalent thereof) or better by S&P or P-1 (or the equivalent
thereof) or better by Moody’s and maturing within six (6) months of the date of acquisition, (d)
repurchase agreements with a bank or trust company (including a Lender) or a recognized securities
dealer having capital and surplus in excess of $500,000,000 for direct obligations issued by or
fully guaranteed by the United States of America, (e) obligations of any state of the United States
or any political subdivision thereof for the payment of principal, and interest in respect of which
there shall have been irrevocably deposited Government Obligations maturing as to principal and
interest at times and in amounts sufficient to provide such payment, (f) auction preferred stock
rated in the highest short-term credit rating category by S&P or Moody’s, (g) money market accounts
subject to Rule 2a-7 of the Exchange Act (“SEC Rule 2a-7”) which consist primarily of cash
and cash equivalents set forth in clauses (a) through (f) above and of which 95% shall at all times
be comprised of First Tier Securities (as defined in SEC Rule 2a-7) and any remaining amount shall
at all times be comprised of Second Tier Securities (as defined in SEC Rule 2a-7) and (h) shares of
any so-called “money market fund,” provided that such fund is registered under the Investment
Company Act of 1940, has net assets of at least $100,000,000 and has an investment portfolio with
an average maturity of 365 days or less.

“Casino” shall mean a gaming establishment owned, directly or indirectly, by the
Borrower or any of the Guarantors and any hotel, building, restaurant, theater, amusement park,
other entertainment facility, sport facility, parking facilities, retail shops, convention or
meeting facilities, land, equipment, and other property asset directly ancillary thereto and used
or to be used in connection therewith.

“Casino Licenses” shall mean any material license, franchise or other approval or
authorization required to own, lease or operate a Casino or otherwise conduct gaming in any
jurisdiction in which the Borrower or any Guarantor conducts or proposes in good faith to conduct a
gaming business, including any applicable liquor license.

 

4

 

“CDG” shall mean the Colorado Division of Gaming.

“Change in Law” shall mean the occurrence, after the date of this Agreement, of any of
the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any
change in any law, rule, regulation or treaty or in the administration, interpretation or
application thereof by any Governmental Authority or (c) the making or issuance of any request,
guideline or directive (whether or not having the force of law) by any Governmental Authority.

“Change of Control” shall mean (a) any “person” or “group” (within the meaning of
Sections 13(d) and 14(d) of the Exchange Act), other than any Permitted Holder or any “group”
including Permitted Holders, becomes the beneficial owner (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of 35%, or more, of the Voting Stock of the Borrower and has
obtained all necessary permits, licenses and/or approvals from the applicable Gaming Authorities
for purposes of directing operations and ownership of the Credit Parties or (b) a majority of the
members of the Board of Directors do not constitute Continuing Directors.

“Closing Date” shall mean the date upon which all of the conditions precedent in
Section 4.1 are satisfied or have been waived by the Administrative Agent.

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

“Collateral” shall mean a collective reference to the collateral which is identified
in, and at any time will be covered by, the Security Documents and any other property or assets of
a Credit Party, whether tangible or intangible and whether real or personal, that may from time to
time secure the Credit Party Obligations, but specifically excluding the Excluded Assets.

“Collection Action” shall mean (a) to accelerate the Intercompany Debt or (b) to
initiate or participate with others in any Bankruptcy Event or any other suit, action or proceeding
against any Credit Party to (i) enforce payment of or to collect the whole or any part of the
Intercompany Debt or (ii) commence enforcement (judicial or otherwise) of any of the rights and
remedies with respect to the Intercompany Debt.

“Colorado Commission” shall mean the Colorado Limited Gaming Control Commission.

“Colorado Gaming Authorities” shall mean the CDG, the Colorado Commission, the local
liquor licensing authority (e.g., the City of Black Hawk) and the Colorado Department of Revenue’s
Liquor Enforcement Division.

“Colorado Gaming Notice” shall have the meaning set forth in Section 5.19(b).

“Commitment” shall mean the Revolving Commitments, the LOC Commitment and the
Swingline Commitment, individually or collectively, as appropriate.

“Commitment Fee” shall have the meaning set forth in Section 2.5(a).

“Commitment Period” shall mean (a) with respect to Revolving Loans and Swingline
Loans, the period from and including the Closing Date to but excluding the Revolver Maturity

 

5

 

Date and (b) with respect to Letters of Credit, the period from and including the Closing Date
to but excluding the date that is thirty (30) days prior to the Revolver Maturity Date.

“Commonly Controlled Entity” shall mean an entity, whether or not incorporated, which
is under common control with the Borrower within the meaning of Section 4001(b)(1) of ERISA or is
part of a group which includes the Borrower and which is treated as a single employer under Section
414(b) or 414(c) of the Code or, solely for purposes of Section 412 of the Code to the extent
required by such section, Section 414(m) or 414(o) of the Code.

“Confirmation Order” shall mean the Order Confirming Debtors’ Second Amended Joint
Plan of Reorganization, together with the Findings Of Fact And Conclusions Of Law In Support Of
Order Confirming Debtors’ Second Amended Joint Plan of Reorganization, entered by the Bankruptcy
Court on November 17, 2010.

“Consolidated” shall mean, when used with reference to financial statements or
financial statement items of the Borrower and its Subsidiaries or any other Person, such statements
or items on a consolidated basis in accordance with the consolidation principles of GAAP.

“Consolidated Capital Expenditures” shall mean, as of any date of determination for
the four consecutive fiscal quarter period ending on such date, all expenditures of the Borrower
and its Subsidiaries on a Consolidated basis for such period that in accordance with GAAP are or
should be classified as capital expenditures on the consolidated statement of cash flows of the
Borrower and its Subsidiaries, including, without limitation, Capital Lease Obligations. The term
“Consolidated Capital Expenditures” shall not include capital expenditures in respect of (a) the
reinvestment of proceeds from Asset Dispositions or Extraordinary Receipts in accordance with the
terms of Section 2.7(b)(vi) or (b) Permitted Acquisitions.

“Consolidated EBITDA” shall mean, as of any date of determination for the four
consecutive fiscal quarter period ending on such date, without duplication, (a) Consolidated Net
Income for such period plus (b) the sum of the following to the extent deducted in
calculating Consolidated Net Income: (i) Consolidated Interest Expense for such period, (ii) tax
expense (including, without limitation, any federal, state, local and foreign income and similar
taxes) of the Borrower and its Subsidiaries for such period, (iii) depreciation and amortization
expense of the Borrower and its Subsidiaries for such period, (iv) other non-cash charges of the
Borrower and its Subsidiaries for such period, (v) any net after-tax loss from discontinued
operations or from disposed, abandoned, transferred, closed or discontinued operations, (vi) any
net after-tax loss (less all fees and expenses or charges relating thereto) attributable to
business dispositions or asset dispositions other than in the ordinary course of business, (vii)
any net after-tax extraordinary, nonrecurring or unusual losses, expenses or charges, including,
without limitation, any severance, relocation or other restructuring expenses, acquisition
integration costs or any expenses or charges relating to any offering of Equity Interests of the
Borrower, any Investment, acquisition or Indebtedness permitted to be incurred hereunder (in each
case whether or not successful) and (viii) any ordinary course dividend distribution or other
payment in cash received from any Person that is not a Subsidiary of the Borrower or is an
Unrestricted Subsidiary or that is accounted for by the equity method of accounting in excess of
amounts added back to the Consolidated Net Income of such Person pursuant to clause (c)(vi) of this
definition, minus (c) the sum of the following: (i) non-cash charges previously added back
to Consolidated Net

 

6

 

Income in determining Consolidated EBITDA to the extent such non-cash charges have become cash
charges during such period, (ii) any other non-recurring cash or non-cash gains during such period
and (iii) any net after-tax extraordinary, nonrecurring or unusual gains or income, (iv) any net
after-tax income from discontinued operations or from disposed, abandoned, transferred, closed or
discontinued operations, (v) any net after-tax gain (less all fees and expenses or charges relating
thereto) attributable to business dispositions or asset dispositions other than in the ordinary
course of business, and (vi) the Consolidated Net Income for such period of any Person that is not
a Subsidiary of the Borrower or is an Unrestricted Subsidiary or that is accounted for by the
equity method of accounting, except to the extent of the amount of dividends or distributions or
other payments paid in cash or converted into cash to the Borrower or its Subsidiaries in respect
of such period. Consolidated EBITDA for any period shall not include the cumulative effect of a
change in accounting principles during such period.

“Consolidated Funded Debt” shall mean, as of any date of determination, (a) the
aggregate principal amount of all Funded Debt of the Borrower and its Subsidiaries on a
Consolidated basis, minus (b) Unrestricted Cash and, without duplication, Cash Equivalents
of the Borrower and its Subsidiaries on a Consolidated Basis on such date.

“Consolidated Interest Coverage Ratio” shall mean, as of the last day of any fiscal
quarter of the Borrower, for the Borrower and its Subsidiaries on a Consolidated basis, the ratio
of (a) Consolidated EBITDA to (b) Consolidated Interest Expense.

“Consolidated Interest Expense” shall mean, as of any date of determination for the
four consecutive fiscal quarter period ending on such date, all interest expense (excluding
amortization of debt discount and premium, but including (a) the interest component under Capital
Leases and synthetic leases, (b) tax retention operating leases and (c) off-balance sheet loans and
similar off-balance sheet financing products in each case for such period of the Borrower and its
Subsidiaries on a Consolidated basis), solely to the extent that such interest expense is payable
in cash during such period.

“Consolidated Leverage Incurrence Test” shall mean the requirement that the
Consolidated Leverage Ratio shall be less than or equal to the applicable Consolidated Leverage
Ratio levels set forth in Section 6.15, notwithstanding whether the Consolidated Leverage Ratio is
required to be calculated pursuant to Section 6.15.

“Consolidated Leverage Ratio” shall mean, as of the last day of any fiscal quarter of
the Borrower, for the Borrower and its Subsidiaries on a Consolidated basis, the ratio of (a)
Consolidated Funded Debt of the Borrower and its Subsidiaries on such date to (b) Consolidated
EBITDA.

“Consolidated Net Income” shall mean, as of any date of determination for the four
consecutive fiscal quarter period ending on such date, the net income (excluding extraordinary
losses and gains and all non-cash income, interest income (other than interest income in respect of
the Series B Term Loan Controlled Account) and tax credits, rebates and other benefits) of the
Borrower and its Subsidiaries on a Consolidated basis for such period, all as determined in
accordance with GAAP.

 

7

 

“Consolidated Working Capital” shall mean, as of any date of determination, the excess
of (a) current assets (excluding cash and Cash Equivalents) of the Borrower and its Subsidiaries on
a Consolidated basis as of such date of determination less (b) current liabilities (excluding the
current portion of long-term Indebtedness) of the Borrower and its Subsidiaries on a Consolidated
basis as of such date of determination, all as determined in accordance with GAAP.

“Continuing Director” shall mean (a) any member of the Board of Directors who was a
director (or comparable manager) of the Borrower on the Closing Date and (b) any individual who
becomes a member of the Board of Directors after the Closing Date if such individual was appointed
or nominated for election to the Board of Directors by a majority of the Continuing Directors or by
any Permitted Holder.

“Contractual Obligation” shall mean, as to any Person, any provision of any security
issued by such Person or of any contract, agreement, instrument or undertaking to which such Person
is a party or by which it or any of its property is bound.

“Control” shall mean the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings
correlative thereto.

“Copyright Act” shall have the meaning set forth in Section 3.16.

“Copyright Licenses” shall mean any agreement, whether written or oral, providing for
the grant by or to a Person of any right under any Copyright, including, without limitation, any
such agreement referred to in Schedule 3.16.

“Copyrights” shall mean all copyrights of the Credit Parties and their Subsidiaries in
all Works, now existing or hereafter created or acquired, all registrations and recordings thereof,
and all applications in connection therewith, including, without limitation, registrations,
recordings and applications in the United States Copyright Office or in any similar office or
agency of the United States, any state thereof or any other country or any political subdivision
thereof, or otherwise, including, without limitation, any such agreement referred to in Schedule
3.16 and all renewals thereof.

“Credit Documents” shall mean this Agreement, each of the Notes, the Intercreditor
Agreement, any Joinder Agreement, the Custodian Agreement, the Letters of Credit, LOC Documents,
each Environmental Indemnity and the Security Documents and all other agreements, documents,
certificates and instruments delivered to the Administrative Agent or any Lender by any Credit
Party in connection therewith (other than any agreement, document, certificate or instrument
related to a Hedging Agreement).

“Credit Party” shall mean any of the Borrower or the Guarantors and “Credit
Parties” shall mean all of them.

“Credit Party Obligations” shall mean, without duplication, (a) all of the
obligations, indebtedness and liabilities of the Credit Parties to the Lenders (including the
Issuing Lender) and the Administrative Agent, whenever arising, under this Agreement, the Notes or
any of the

 

8

 

other Credit Documents, including principal, interest, fees, reimbursements and
indemnification obligations and other amounts (including, but not limited to, any interest accruing
after the occurrence of a filing of a petition of bankruptcy under the Bankruptcy Code with respect
to any Credit Party, regardless of whether such interest is an allowed claim under the Bankruptcy
Code) and (b) all liabilities and obligations, whenever arising, owing from any Credit Party or any
of their Subsidiaries to any Hedging Agreement Provider arising under any Secured Hedging
Agreement.

“Cumulative Credit” shall mean, at any date, an amount, not less than zero in the
aggregate, determined on a cumulative basis equal to, without duplication:

(a) the Cumulative Retained Excess Cash Flow Amount at such time, plus

(b) the cumulative amount of proceeds to the Borrower (including cash and the fair market
value of property other than cash) from the sale of Equity Interests of the Borrower by the
Borrower after the Closing Date (other than in connection with a Qualified IPO but including upon
exercise of warrants or options); provided that this clause (b) shall exclude Permitted
Cure Securities and the proceeds thereof, plus

(c) 100% of the aggregate amount of contributions to the common capital of the Borrower
received in cash (and the fair market value of property other than cash) after the Closing Date
(subject to the same exclusions as are applicable to clause (b) above) plus

(d) the principal amount of any Indebtedness (including the liquidation preference or maximum
fixed repurchase price, as the case may be, of any Disqualified Stock) of Borrower or any
Subsidiary thereof issued after the Closing Date (other than Indebtedness issued to a Subsidiary of
the Borrower), which has been converted into or exchanged for Equity Interests (other than
Disqualified Stock) in the Borrower, plus

(e) 100% of the aggregate amount of the Net Proceeds of any Facility Disposition that are not
required to be used to repay the Loans pursuant to Section 2.7(b)(ii) hereof; plus

(f) an amount equal to any returns (including dividends, interest, distributions, returns of
principal, profits on sale, repayments, income and similar amounts) actually received by the
Borrower or any Subsidiary in respect of any Investments made pursuant to clause (r) of the
definition of “Permitted Investments” after the Closing Date (net of any amounts thereof used to
make Investments pursuant to clause (r) of the definition of “Permitted Investments” after the
Closing Date prior to such time; plus

(g) 100% of the aggregate amount received by the Borrower or any Subsidiary in cash (and the
fair market value of property other than cash received by the Borrower or any Subsidiary) after the
Closing Date from:

(i) the sale (other than to the Borrower or any Subsidiary) of the Equity Interests of
an Unrestricted Subsidiary, or

 

9

 

(ii) any dividend or other distribution by an Unrestricted Subsidiary, plus

(h) in the event any Unrestricted Subsidiary undergoes a Subsidiary Redesignation or has been
merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is
liquidated into, the Borrower or any Subsidiary, the fair market value of the Investments of the
Borrower or any Subsidiary in such Unrestricted Subsidiary at the time of such Subsidiary
Redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable),
minus

(i) any amounts thereof used to make Investments pursuant to clause (r) of the definition of
“Permitted Investments” after the Closing Date prior to such time, minus

(j) the cumulative amount of Restricted Payments made pursuant to Section 6.10 after the
Closing Date prior to such time.

“Cumulative Retained Excess Cash Flow Amount” shall mean, at any date, an amount, not
less than zero in the aggregate, determined on a cumulative basis equal to the aggregate cumulative
sum of the Retained Percentage of Excess Cash Flow for all Excess Cash Flow Periods ending after
the Closing Date and prior to such date.

“Cure Amount” shall have the meaning set forth in Section 7.3.

“Cure Right” shall have the meaning set forth in Section 7.3.

“Custodian Agreement” shall mean that certain Custody Agent Appointment and Acceptance
Agreement by and among the Administrative Agent, Dunham Trust Company and the Borrower, whereby the
custodian agrees to hold the stock certificate or stock certificates evidencing the Borrower’s
Equity Interest in ROC, along with undated stock powers related thereto, in Nevada on behalf of the
Administrative Agent for the benefit of the Secured Parties.

“Debt Issuance” shall mean the issuance of any Indebtedness by any Credit Party or any
of its Subsidiaries (excluding any Indebtedness of any Credit Party and its Subsidiaries permitted
to be incurred pursuant to Section 6.1(a)-Section 6.1(q) hereof).

“Default” shall mean any of the events specified in Section 7.1, whether or not any
requirement for the giving of notice or the lapse of time, or both, or any other condition, has
been satisfied.

“Defaulting Lender” shall mean, at any time, any Lender that, at such time (a) has
failed to make a Loan required pursuant to the terms of this Agreement or failed to fund a
Participation Interest in accordance with the terms of this Agreement, (b) has failed to pay to the
Administrative Agent or any Lender an amount owed by such Lender pursuant to the terms of this
Agreement and such default remains uncured, or (c) has been deemed insolvent or has become subject
to a bankruptcy or insolvency proceeding or to a receiver, trustee or similar official.

 

10

 

“Deposit Account Control Agreement” shall mean an agreement, among a Credit Party, a
depository institution, and the Administrative Agent, which agreement is in a form acceptable to
the Administrative Agent and which provides the Administrative Agent with “control” (as such term
is used in Article 9 of the Uniform Commercial Code) over the deposit account(s) described therein,
as the same may be amended, modified, extended, restated, replaced, or supplemented from time to
time.

“Disqualified Stock” shall have the meaning set forth in the definition of
“Indebtedness.”

“Dollars” and “$” shall mean dollars in lawful currency of the United States
of America.

“Domestic Lending Office” shall mean, initially, the office of each Lender designated
as such Lender’s Domestic Lending Office shown in such Lender’s Administrative Questionnaire; and
thereafter, such other office of such Lender as such Lender may from time to time specify to the
Administrative Agent and the Borrower as the office of such Lender at which Alternate Base Rate
Loans of such Lender are to be made.

“Domestic Subsidiary” shall mean any Subsidiary that is organized and existing under
the laws of the United States or any state or commonwealth thereof or under the laws of the
District of Columbia.

“Environmental Indemnity” shall mean, individually and collectively, (a) that certain
Environmental Indemnity by the Borrower and RBH in favor of the Administrative Agent for the
benefit of the Lenders relative to the Riviera Black Hawk Facility and (b) that certain
Environmental Indemnity by the Borrower in favor of the Administrative Agent for the benefit of the
Lenders relative to the Riviera Las Vegas Facility.

“Environmental Laws” shall mean any and all applicable foreign, federal, state, local
or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements
of any Governmental Authority or other Requirement of Law (including common law) regulating,
relating to or imposing liability or standards of conduct concerning protection of human health or
the environment, as now or may at any time be in effect during the term of this Agreement.

“Equity Interest” shall mean (a) in the case of a corporation, capital stock, (b) in
the case of an association or business entity, any and all shares, interests, participations,
rights or other equivalents (however designated) of capital stock, (c) in the case of a
partnership, partnership interests (whether general or limited), (d) in the case of a limited
liability company, member’s or membership interests and (e) any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or
distributions of assets of, the issuing Person.

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended
from time to time.

“Event of Default” shall mean any of the events specified in Section 7.1;
provided, however, that any requirement for the giving of notice or the lapse of
time, or both, or any other condition, has been satisfied.

 

11

 

“Excess Cash Flow” shall mean, with respect to any Excess Cash Flow Period, for the
Borrower and its Subsidiaries on a Consolidated basis, an amount equal to (a) Consolidated EBITDA
for such period minus (in each case without duplication) (b) the sum of (i) Consolidated
Capital Expenditures for such period, (ii) capital expenditures that the Borrower or any of its
Subsidiaries shall, during such period, become obligated to make but that are not made during such
period; provided, that (A) the Borrower shall deliver a certificate to the Administrative
Agent not later than 90 days after the end of such Excess Cash Flow Period, signed by a Responsible
Officer of the Borrower and certifying that such capital expenditures and the delivery of the
related equipment will be made in the following Excess Cash Flow Period, and (B) any amount so
deducted shall not be deducted again in a subsequent Excess Cash Flow Period and (iii) capital
expenditures projected in good faith by the Borrower to be made by the Borrower or any of its
Subsidiaries during the 12 months following the close of such Excess Cash Flow Period, as set forth
in the annual operating budget delivered to the Administrative Agent pursuant to Section 5.1(c)
with respect to such subsequent 12-month period; provided, that (A) the Borrower shall
deliver a certificate to the Administrative Agent not later than 90 days after the end of such
Excess Cash Flow Period, signed by a Responsible Officer of the Borrower and certifying that such
capital expenditures are projected, in good faith, to be made during such 12-month period and (B)
any amount so deducted shall not be deducted again in a subsequent Excess Cash Flow Period,
minus (c) Scheduled Funded Debt Payments made during such period minus (d)
Consolidated Interest Expense (excluding any Consolidated Interest Expense associated with
intercompany indebtedness) for such period minus (e) amounts paid in cash in respect of
federal, state, local and foreign income taxes of the Borrower and its Subsidiaries with respect to
such period or that will be paid within 12 months after the close of such period (provided that
with respect to any such amounts to be paid after the close of such period, any amount so deducted
shall not be deducted again in a subsequent Excess Cash Flow Period and appropriate reserves shall
have been established in accordance with GAAP) minus (f) increases in Consolidated Working
Capital plus (g) decreases in Consolidated Working Capital minus (h) optional
prepayments of the Term Loan and of the Revolving Loans (to the extent accompanied by a
corresponding reduction of the Revolving Commitments) and of any other term Indebtedness, in each
case during such period and so long as the amount of such prepayment is not already reflected in
Scheduled Funded Debt Payments, minus (j) permitted dividends, distributions or repurchases
of Equity Interests paid in cash by the Borrower during the Excess Cash Flow Period in accordance
with Section 6.10 (other than Section 6.10(c) or (d)), minus (k) amounts paid in cash
during such Excess Cash Flow Period on account of items that were accounted for as noncash
reductions in determining Consolidated Net Income or Consolidated EBITDA in a prior Excess Cash
Flow Period, minus (l) the aggregate amount of items that were added to or not deducted
from Consolidated Net Income or Consolidated EBITDA to the extent such items represented a cash
payment (which had not reduced Excess Cash Flow upon the accrual thereof in a prior Excess Cash
Flow Period) or an accrual for a cash payment, by the Borrower or its Subsidiaries or did not
represent cash received by the Borrower and its Subsidiaries, in each case on a consolidated basis
during such Excess Cash Flow Period, plus (m) the aggregate amount of items that were
deducted from or not added to Consolidated Net Income or Consolidated EBITDA to the extent either
(i) such items represented cash received by the Borrower or any of its Subsidiaries or (ii) such
items do not represent cash paid by the Borrower or any of its subsidiaries, in each case on a
consolidated basis during such Excess Cash Flow Period, minus (n) cash expenditures made in
respect of Hedging Agreements

 

12

 

during the applicable Excess Cash Flow Period, to the extent not reflected in the computation of
Consolidated EBITDA or Consolidated Interest Expense, plus (o) cash payments received in
respect of Hedging Agreements during such Excess Cash Flow Period to the extent not included in the
computation of Consolidated EBITDA or to the extent such payments do not reduce Consolidated
Interest Expense.

“Excess Cash Flow Period” shall mean each fiscal year of the Borrower, commencing with
the fiscal year ending December 31, 2011.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

“Excluded Assets” shall mean (a) any Approval issued by any Gaming Authority or any
other Governmental Authority or any other personal property, including, without limitation, any
cash reserves required thereby, solely to the extent that any Gaming Law, directive of the Gaming
Authorities or other Requirement of Law prohibits the applicable Credit Party from granting a Lien
therein, and (b) the Series B Term Loan Controlled Account.

“Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender, the
Issuing Lender or any other recipient of any payment to be made by or on account of any obligation
of the Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however
denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction
(or any political subdivision thereof) under the laws of which such recipient is organized or in
which its principal office is located or, in the case of any Lender, in which its applicable
lending office is located or any other jurisdiction as a result of such recipient engaging in a
trade or business or having a taxable presence in such jurisdiction for tax purposes (other than
arising solely from the acquisition and holding of any Loan or Commitment (including entering into
or being a party to this Agreement)), (b) any branch profits taxes imposed by the United States of
America or any similar tax imposed by any other jurisdiction in which the Borrower is located, (c)
in the case of a Lender, any withholding tax (including any backup withholding tax) that is imposed
on amounts payable to such Lender at the time such Lender becomes a party hereto (or designates a
new lending office) or is attributable to such Lender’s failure or inability (other than as a
result of a Change in Law or any event or change occurring after the date hereof or, in the case of
a Lender that becomes a Lender after the date hereof, after the effective date of the relevant
Assignment and Assumption) to comply with Section 2.16, except to the extent that such Lender (or
its assignor, if any) was entitled, at the time of designation of a new lending office (or
assignment), to receive additional amounts from the Borrower with respect to such withholding tax
pursuant to Section 2.16, and (d) any U.S. federal Tax imposed by reason of a Lender’s failure to
comply with the requirements of Sections 1471-1474 of the Code and any regulations promulgated
thereunder (known as “FACTA”).

“Extension of Credit” shall mean, as to any Lender, the making of a Loan by such
Lender, any conversion of a Loan from one Type to another Type, any extension of any Loan or the
issuance of, or participation in, a Letter of Credit or Swingline Loan by such Lender.

“Extraordinary Receipt” shall mean any cash received by or paid to or for the account
of any Person under any casualty insurance policy in respect of a covered loss thereunder or as a
result of the taking of any assets of such Person by any Person pursuant to the power of eminent

 

13

 

domain, condemnation or a similar power, or pursuant to a sale of any such assets to a
purchaser with such power under threat of a taking; provided, however, that an
Extraordinary Receipt shall not include any such cash receipts to the extent that such proceeds,
awards or payments (a) in respect of loss or damage to equipment, fixed assets or real property are
applied (or in respect of which expenditures were previously incurred) to replace or repair the
equipment, fixed assets or real property in respect of which such proceeds were received in
accordance with the terms of Section 2.7 or (b) are received by any Person in respect of any third
party claim against such Person and applied to pay (or to reimburse such Person for its prior
payment of) such claim and the costs and expenses of such Person with respect thereto.

“Facility Disposition” shall mean the disposition of all or substantially all of the
assets constituting (a) the Riviera Las Vegas Facility and/or (b) the Riviera Black Hawk Facility
(or a disposition of the Equity Interests of a Subsidiary owning such asset or assets).

“Federal Funds Effective Rate” shall have the meaning set forth in the definition of
“Alternate Base Rate.”

“Flood Hazard Property” shall mean any Mortgaged Property that is in an area
designated by the Federal Emergency Management Agency as having special flood or mudslide hazards.

“Foreign Lender” shall mean any Lender that is, for United States federal income tax
purposes, organized (or part of an entity that is organized) under the laws of a jurisdiction other
than that in which the Borrower is resident for such tax purposes. For purposes of this
definition, the United States of America, each state or commonwealth thereof and the District of
Columbia shall be deemed to constitute a single jurisdiction.

“Foreign Subsidiary” shall mean any Subsidiary that is not a Domestic Subsidiary.

“Fund” shall mean any Person (other than a natural person) that is (or will be)
engaged in making, purchasing, holding or otherwise investing in commercial loans and similar
extensions of credit in the ordinary course of its business.

“Funded Debt” shall mean, with respect to any Person, without duplication, (i) all
Indebtedness of such Person of the types described in clauses (a), (b) or (h) of the definition of
“Indebtedness”, (ii) all Indebtedness of others of the type described in clause (i) hereof secured
by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to
be secured by) any Lien on, or payable out of the proceeds of production from, property owned or
acquired by such Person, whether or not the obligations secured thereby have been assumed and (iii)
all Guaranty Obligations of such Person with respect to Indebtedness of another Person of the type
described in clause (i) hereof.

“GAAP” shall mean generally accepted accounting principles in effect in the United
States of America (or, in the case of Foreign Subsidiaries with significant operations outside the
United States of America, generally accepted accounting principles in effect from time to time in
their respective jurisdictions of organization or formation) applied on a consistent basis,
subject, however, in the case of determination of compliance with the financial covenants set out
in Section 6.15 to the provisions of Section 1.3.

 

14

 

“Gaming Authority” shall mean any agency, authority, board, bureau, commission,
department, office or instrumentality of any nature whatsoever of the United States of America or
foreign government (including Native American governments), any state, province, city or other
political subdivision thereof, whether now or hereafter existing, or any officer or official
thereof, including the Nevada Gaming Commission, the Nevada State Gaming Control Board, the Clark
County Liquor and Gaming Licensing Board, the Colorado Limited Gaming Control Commission, the
Colorado Division of Gaming, the local liquor licensing authority in Colorado (e.g., the City of
Black Hawk), the Colorado Department of Revenue’s Enforcement Divisions, and any other agency with
authority to regulate any gaming or liquor operation (or proposed gaming or liquor operation)
owned, managed or operated by the Borrower or any of its Subsidiaries.

“Gaming Laws” shall mean all applicable federal, state and local laws, rules and
regulations pursuant to which any Gaming Authority possesses regulatory, licensing or permit
authority over gaming or liquor within any jurisdiction: and (i) within the State of Nevada,
specifically, the Nevada Gaming Control Act, as codified in Chapter 463 of the Nevada Revised
Statutes, as amended from time to time, the regulations promulgated thereunder and the Clark County
Code, as amended from time to time and (ii) within the State of Colorado, specifically, the
Colorado Limited Gaming Act, as codified in Title 12 Article 47.1 of the Colorado Revised Statutes,
and regulations and orders promulgated thereunder by the Colorado Commission, and the Colorado
Liquor Code, as codified in Title 12 Article 47 of the Colorado Revised Statutes, and regulations
and orders promulgated thereunder.

“Government Acts” shall have the meaning set forth in Section 2.17.

“Government Obligations” shall have the meaning set forth in the definition of “Cash
Equivalents.”

“Governmental Authority” shall mean the government of the United States of America or
any other nation, or of any political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any supra-national bodies such as the European Union or the
European Central Bank).

“Guaranteed Obligations” shall have the meaning set forth in Article X.

“Guaranty” shall mean the guaranty of the Guarantors set forth in Article X.

“Guaranty Termination Date” shall mean the date on which all Guaranteed Obligations
(other than the Obligations which expressly survive termination of the Credit Documents) have been
paid in full.

“Guaranty Obligations” shall mean, with respect to any Person, without duplication,
any obligations of such Person (other than endorsements in the ordinary course of business of
negotiable instruments for deposit or collection) guaranteeing or intended to guarantee any
Indebtedness or other obligations of any other Person in any manner, whether direct or indirect,
and including without limitation any obligation, whether or not contingent, (a) to purchase any

 

15

 

such Indebtedness or any property constituting security therefor, (b) to advance or provide
funds or other support for the payment or purchase of any such Indebtedness or to maintain working
capital, solvency or other balance sheet condition of such other Person (including without
limitation keep well agreements, maintenance agreements, comfort letters or similar agreements or
arrangements) for the benefit of any holder of Indebtedness of such other Person, (c) to lease or
purchase property, securities or services primarily for the purpose of assuring the holder of such
Indebtedness, or (d) to otherwise assure or hold harmless the holder of such Indebtedness against
loss in respect thereof. The amount of any Guaranty Obligation hereunder shall (subject to any
limitations set forth therein) be deemed to be an amount equal to the outstanding principal amount
(or maximum principal amount, if larger) of the Indebtedness in respect of which such Guaranty
Obligation is made.

“Hedging Agreement Provider” shall mean any Person that enters into a Secured Hedging
Agreement with a Credit Party or any of its Subsidiaries that is permitted by Section 6.1(e) to the
extent such Person is a Lender, an Affiliate of a Lender or any other Person that was a Lender (or
an Affiliate of a Lender) at any time (or whose Affiliate has ceased to be a Lender) under the
Credit Agreement; provided, in the case of a Secured Hedging Agreement with a Person who is
no longer a Lender, such Person shall be considered a Hedging Agreement Provider only through the
stated maturity date (without extension or renewal) of such Secured Hedging Agreement.

“Hedging Agreements” shall mean, with respect to any Person, any agreement entered
into to protect such Person against fluctuations in interest rates, or currency or raw materials
values, including, without limitation, any interest rate swap, cap or collar agreement or similar
arrangement between such Person and one or more counterparties, any foreign currency exchange
agreement, currency protection agreements, commodity purchase or option agreements or other
interest or exchange rate hedging agreements.

“Indebtedness” shall mean, with respect to any Person, without duplication, (a) all
obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by
bonds, debentures, notes or similar instruments, or upon which interest payments are customarily
made, (c) all obligations of such Person under conditional sale or other title retention agreements
relating to property purchased by such Person (other than customary reservations or retentions of
title under agreements with suppliers entered into in the ordinary course of business), (d) all
obligations (including, without limitation, earnout obligations) of such Person incurred, issued or
assumed as the deferred purchase price of property or services purchased by such Person (other than
trade debt incurred in the ordinary course of business and due within six (6) months of the
incurrence thereof) which would appear as liabilities on a balance sheet of such Person, (e) all
obligations of such Person under take-or-pay or similar arrangements or under commodities
agreements, (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness
has an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of
the proceeds of production from, property owned or acquired by such Person, whether or not the
obligations secured thereby have been assumed, (g) all Guaranty Obligations of such Person with
respect to Indebtedness of another Person, (h) the principal portion of all Capital Lease
Obligations plus any accrued interest thereon, (i) the net payments that such Person would
have to make in the event of any early termination, on the date Indebtedness of such Person is
being determined, of any Hedging Agreement, (j) the maximum amount of all letters of credit issued
or bankers’ acceptances facilities created for the account of such Person

 

16

 

and, without duplication, all drafts drawn thereunder (to the extent unreimbursed), (k) all
preferred Equity Interest issued by such Person and which by the terms thereof could be (at the
request of the holders thereof or otherwise) subject to mandatory sinking fund payments, redemption
or other acceleration (“Disqualified Stock”), (l) the principal balance outstanding under
any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance
sheet financing product plus any accrued interest thereon, and (m) all indebtedness of the
type described in clauses (a) through (i) of any partnership or unincorporated joint venture in
which such Person is a general partner or a joint venturer to the extent such Person is liable
therefor as a result of such Person’s ownership interest in or other relationship with such
partnership or unincorporated joint venture, except to the extent the terms of such indebtedness
provide that such Person is not liable therefor.

“Indemnified Taxes” shall mean Taxes other than Excluded Taxes and Other Taxes.

“Indemnitee” shall have the meaning set forth in Section 9.5(b).

“Initial Term Loan Percentage” shall mean, with respect to each Term Loan Lender as of
the Closing Date, the percentage set forth opposite such Term Loan Lender’s name on Schedule 1.1(a)
hereto.

“Insolvency” shall mean, with respect to any Multiemployer Plan, the condition that
such Plan is insolvent within the meaning of such term as used in Section 4245 of ERISA.

“Intellectual Property” shall mean, collectively, all Copyrights, Copyright Licenses,
Patents, Patent Licenses, Trademarks and Trademark Licenses of the Credit Parties and their
Subsidiaries, all goodwill associated therewith and all rights to sue for infringement thereof.

“Intercompany Debt” shall mean all Indebtedness, whether now existing or hereafter
created, owing by a Credit Party to another Credit Party whether for principal, interest (including
interest accruing after the occurrence of an Bankruptcy Event, whether or not the same is allowed
as a claim) prepayment premium, fees, expenses or otherwise.

“Intercreditor Agreement” shall mean that certain Intercreditor Agreement dated as of
the date hereof by and between the Administrative Agent, the Series B Administrative Agent, and the
Credit Parties, as amended, modified, extended, restated, replaced, or supplemented from time to
time in accordance with its terms.

“Interest Payment Date” shall mean (a) as to any Alternate Base Rate Loan, the last
Business Day of each March, June, September and December and the applicable Maturity Date, (b) as
to any LIBOR Rate Loan having an Interest Period of three (3) months or less, the last day of such
Interest Period, (c) as to any LIBOR Rate Loan having an Interest Period longer than three (3)
months, (i) each three (3)-month anniversary following the first day of such Interest Period and
(ii) the last day of such Interest Period and (d) as to any Loan which is the subject of a
mandatory prepayment required pursuant to Section 2.7(b), the date on which such mandatory
prepayment is due.

 

17

 

“Interest Period” shall mean, with respect to any LIBOR Rate Loan,

(a) initially, the period commencing on the Borrowing Date or conversion date, as the case may
be, with respect to such LIBOR Rate Loan and ending one (1), two (2), three (3) or six (6) months
thereafter, subject to availability to all applicable Lenders, as selected by the Borrower in the
Notice of Borrowing or Notice of Conversion/Extension given with respect thereto; and

(b) thereafter, each period commencing on the last day of the immediately preceding Interest
Period applicable to such LIBOR Rate Loan and ending one (1), two (2), three (3) or six (6) months
thereafter, subject (in the case of six-month Interest Periods) to availability to all applicable
Lenders, as selected by the Borrower by irrevocable notice to the Administrative Agent not less
than three (3) Business Days prior to the last day of the then-current Interest Period with respect
thereto; provided that the foregoing provisions are subject to the following:

(i) if any Interest Period pertaining to a LIBOR Rate Loan would otherwise end on a day
that is not a Business Day, such Interest Period shall be extended to the next succeeding
Business Day unless the result of such extension would be to carry such Interest Period into
another calendar month in which event such Interest Period shall end on the immediately
preceding Business Day;

(ii) any Interest Period pertaining to a LIBOR Rate Loan that begins on the last
Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the
last Business Day of the relevant calendar month;

(iii) if the Borrower shall fail to give notice as provided in this paragraph (b), the
Borrower shall be deemed to have selected an Alternate Base Rate Loan to replace the
affected LIBOR Rate Loan;

(iv) no Interest Period in respect of any Loan shall extend beyond the applicable
Maturity Date; and

(v) no more than ten (10) LIBOR Rate Loans may be in effect at any time. For purposes
hereof, LIBOR Rate Loans with different Interest Periods shall be considered as separate
LIBOR Rate Loans, even if they shall begin on the same date and have the same duration,
although borrowings, extensions and conversions may, in accordance with the provisions
hereof, be combined at the end of existing Interest Periods to constitute a new LIBOR Rate
Loan with a single Interest Period.

“Internal Control Event” shall mean a material weakness in, or fraud that involves
management or other employees who have a significant role in, any Credit Party’s internal controls
over financial reporting, in each case as described in the Securities Laws.

“Investment” shall mean (a) the acquisition (whether for cash, property, services,
assumption of Indebtedness, securities or otherwise) of shares of Equity Interest, other ownership
interests or other securities of any Person or bonds, notes, debentures or all or substantially all
of the assets of any Person, (b) any deposit with, or advance, loan or other extension of credit
to,

 

18

 

any Person (other than deposits made in the ordinary course of business) or (c) any other
capital contribution to or investment in any Person, including, without limitation, any Guaranty
Obligation (including any support for a letter of credit issued on behalf of such Person) incurred
for the benefit of such Person.

“Issuing Lender” shall mean Cantor Fitzgerald, and any successor.

“Issuing Lender Fees” shall have the meaning set forth in Section 2.5(c).

“Joinder Agreement” shall mean a Joinder Agreement in substantially the form of
Exhibit 1.1(c), executed and delivered by an Additional Credit Party in accordance with the
provisions of Section 5.10.

“Letter of Credit” shall mean any standby letter of credit issued by the Issuing
Lender pursuant to the terms hereof, as such letter of credit may be amended, modified, restated,
extended, renewed, increased, replaced or supplemented from time to time.

“Letter of Credit Facing Fee” shall have the meaning set forth in Section 2.5(c).

“Letter of Credit Fee” shall have the meaning set forth in Section 2.5(b).

“LIBOR” shall mean, for any LIBOR Rate Loan for any Interest Period therefor, the
greater of (a) the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%)
appearing on Reuters Screen LIBOR01 Page (or any successor page) as the London interbank offered
rate for deposits in Dollars at approximately 11:00 A.M. (London time) two (2) Business Days prior
to the first day of such Interest Period for a term comparable to such Interest Period (and if for
any reason such rate is not available, then “LIBOR” for the purposes of this clause (a) shall mean
the rate per annum at which, as determined by the Administrative Agent in accordance with its
customary practices, Dollars in an amount comparable to the Loans then requested are being offered
to leading banks at approximately 11:00 A.M. (London time), two (2) Business Days prior to the
commencement of the applicable Interest Period for settlement in immediately available funds by
leading banks in the London interbank market for a period equal to the Interest Period selected)
and (b) 2.00%.

“LIBOR Lending Office” shall mean, initially, the office(s) of each Lender designated
as such Lender’s LIBOR Lending Office in such Lender’s Administrative Questionnaire; and
thereafter, such other office of such Lender as such Lender may from time to time specify to the
Administrative Agent and the Borrower as the office of such Lender at which the LIBOR Rate Loans of
such Lender are to be made.

“LIBOR Rate” shall mean a LIBOR rate per annum (rounded upwards, if necessary, to the
next higher 1/100th of 1%) determined by the Administrative Agent in accordance with the
definition of “LIBOR.”

“LIBOR Rate Loan” shall mean Loans the rate of interest applicable to which is based
on the LIBOR Rate.

 

19

 

“Lien” shall mean any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge or other security interest or any
preference, priority or other security agreement or preferential arrangement of any kind or nature
whatsoever (including, without limitation, any conditional sale or other title retention agreement
and any Capital Lease having substantially the same economic effect as any of the foregoing).

“Loan” or “Loans” shall mean a Revolving Loan, the Term Loan and/or a
Swingline Loan, as appropriate.

“LOC Commitment” shall mean the commitment of the Issuing Lender to issue Letters of
Credit and with respect to each Revolving Lender, the commitment of such Revolving Lender to
purchase Participation Interests in the Letters of Credit up to such Lender’s LOC Committed Amount
as specified in the Register, or in the applicable Assignment and Assumption, as such amount may be
reduced from time to time in accordance with the provisions hereof.

“LOC Committed Amount” shall have the meaning set forth in Section 2.3(a).

“LOC Documents” shall mean, with respect to each Letter of Credit, such Letter of
Credit, any amendments thereto, any documents delivered in connection therewith, any application
therefor, and any agreements, instruments, guarantees or other documents (whether general in
application or applicable only to such Letter of Credit) governing or providing for (a) the rights
and obligations of the parties concerned or (b) any Collateral for such obligations.

“LOC Obligations” shall mean, at any time, the sum of (a) the maximum amount which is,
or at any time thereafter may become, available to be drawn under Letters of Credit then
outstanding, assuming compliance with all requirements for drawings referred to in such Letters of
Credit plus (b) the aggregate amount of all drawings under Letters of Credit honored by the
Issuing Lender but not theretofore reimbursed.

“Mandatory LOC Borrowing” shall have the meaning set forth in Section 2.3(e).

“Mandatory Swingline Borrowing” shall have the meaning set forth in Section
2.4(b)(ii).

“Material Adverse Effect” shall mean a material adverse effect on (a) the business,
operations, property, assets, condition (financial or otherwise) or prospects of the Borrower or of
the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrower and the
Guarantors (taken as a whole) to perform their obligations, when such obligations are required to
be performed, under this Agreement, any of the Notes or any other Credit Document or (c) the
validity or enforceability of this Agreement, any of the Notes or any of the other Credit Documents
or the rights or remedies of the Administrative Agent or the Lenders hereunder or thereunder.

“Materials of Environmental Concern” shall mean any gasoline or petroleum (including
crude oil or any extraction thereof) or petroleum products or any hazardous or toxic substances,
materials or wastes, defined or regulated as such in or under any Environmental Law, including,
without limitation, asbestos, perchlorate, polychlorinated biphenyls and urea-formaldehyde
insulation.

 

20

 

“Maturity Date” shall mean the Revolver Maturity Date and/or the Term Loan Maturity
Date, as applicable.

“Moody’s” shall mean Moody’s Investors Service, Inc.

“Mortgage Instrument” shall mean any mortgage, deed of trust or deed to secure debt
executed by a Credit Party in favor of the Administrative Agent, for the benefit of the Secured
Parties, pursuant to the terms of Section 4.1(b)(vii)(A), Section 5.10 or Section 5.12, as the same
may be amended, modified, extended, restated, replaced, increased or supplemented from time to
time.

“Mortgage Policy” shall mean, with respect to any Mortgage Instrument, an ALTA
mortgagee title insurance policy issued by a title insurance company (the “Title Insurance
Company”) selected by the Administrative Agent in an amount satisfactory to the Administrative
Agent, with survey exception deleted, which shall have such endorsements and affirmative insurance
and reinsurance and otherwise as the Administrative Agent may reasonably request, all of the
foregoing in form and substance satisfactory to the Administrative Agent.

“Mortgaged Property” shall mean any owned or leased real property of a Credit Party
listed on Schedule 3.19(d).

“Multiemployer Plan” shall mean a Plan that is a multiemployer plan as defined in
Section 4001(a)(3) of ERISA.

“Net Cash Proceeds” shall mean the aggregate cash proceeds received by any Credit
Party or any Subsidiary in respect of any Asset Disposition, Facility Disposition, Qualified IPO,
Debt Issuance or Extraordinary Receipt, net of (a) direct costs (including, without limitation,
legal, accounting and investment banking fees, and sales commissions) associated therewith, (b)
amounts held in escrow to be applied as part of the purchase price of any Asset Disposition or
Facility Disposition and (c) taxes paid or payable as a result thereof; it being understood that
“Net Cash Proceeds” shall include, without limitation, any cash received upon the sale or
other disposition of any non-cash consideration received by any Credit Party or any Subsidiary in
any Asset Disposition, Facility Disposition, Qualified IPO, Debt Issuance or Extraordinary Receipt
and any cash released from escrow as part of the purchase price in connection with any Asset
Disposition or Facility Disposition.

“Nevada Gaming Authorities” shall mean the NGC, NGCB and the Clark County Liquor and
Gaming Licensing Board.

“NGC” shall mean the Nevada Gaming Commission.

“NGCB” shall mean the Nevada State Gaming Control Board.

“Note” or “Notes” shall mean the Revolving Notes, the Term Loan Notes and/or
the Swingline Note, collectively, separately or individually, as appropriate.

 

21

 

“Notice of Borrowing” shall mean a request for a Revolving Loan borrowing pursuant to
Section 2.1(b)(i) or a request for a Swingline Loan borrowing pursuant to Section 2.4(b)(i), as
appropriate. A Form of Notice of Borrowing is attached as Exhibit 1.1(d).

“Notice of Conversion/Extension” shall mean the written notice of conversion of a
LIBOR Rate Loan to an Alternate Base Rate Loan or an Alternate Base Rate Loan to a LIBOR Rate Loan,
or extension of a LIBOR Rate Loan, in each case substantially in the form of Exhibit 1.1(e).

“Obligations” shall mean, collectively, Loans, LOC Obligations, and all other
obligations of the Credit Parties to the Administrative Agent and the Lenders under the Credit
Documents.

“OFAC” shall mean the U.S. Department of the Treasury’s Office of Foreign Assets
Control.

“Operating Lease” shall mean, as applied to any Person, any lease (including, without
limitation, leases which may be terminated by the lessee at any time) of any property (whether
real, personal or mixed) which is not a Capital Lease other than any such lease in which that
Person is the lessor.

“Other Parties” shall have the meaning set forth in Section 10.7(c).

“Other Taxes” shall mean all present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies arising from any payment made hereunder or
under any other Credit Document or from the execution, delivery or enforcement of, or otherwise
with respect to, this Agreement or any other Credit Document (but not Excluded Taxes).

“Participant” has the meaning assigned to such term in Section 9.6(d).

“Participation Interest” shall mean a participation interest purchased by a Revolving
Lender in LOC Obligations as provided in Section 2.3(c) and in Swingline Loans as provided in
Section 2.4.

“Patent Licenses” shall mean all agreements, whether written or oral, providing for
the grant by or to a Person of any right to manufacture, use or sell any invention covered by a
Patent, including, without limitation, any such agreement referred to in Schedule 3.16.

“Patents” shall mean (a) all letters patent of the United States or any other country,
now existing or hereafter arising, and all improvement patents, reissues, reexaminations, patents
of additions, renewals and extensions thereof, including, without limitation, those referred to in
Schedule 3.16, and (b) all applications for letters patent of the United States or any other
country, now existing or hereafter arising, and all provisionals, divisions, continuations and
continuations-in-part and substitutes thereof, including, without limitation, those referred to in
Schedule 3.16.

“Patriot Act” shall mean The Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L.
No. 107-56 (signed into law October 26, 2001)), as amended or modified from time to time.

 

22

 

“PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to
Subtitle A of Title IV of ERISA.

“Permitted Acquisitions” shall mean any acquisition of all or substantially all the
assets of, or all the Equity Interests (other than directors’ qualifying shares) in, or merger or
consolidation with, a person or division or line of business of a person (or any subsequent
Investment made in a person, division or line of business previously acquired in a Permitted
Acquisition), if immediately after giving effect thereto: (i) no Event of Default shall have
occurred and be continuing or would result therefrom; (ii) all transactions related thereto shall
be consummated in accordance with applicable laws; (iii) the Borrower is in compliance on a Pro
Forma Basis with the Consolidated Leverage Incurrence Test; (iv) any acquired or newly formed
Subsidiary shall not be liable for any Indebtedness except for Indebtedness permitted by Section
6.1; and (v) to the extent required by Section 5.10, any person acquired in such acquisition, if
acquired by a Borrower or a Domestic Subsidiary, shall be merged into a Borrower or a Credit Party
or become upon consummation of such acquisition a Credit Party.

“Permitted Cure Securities” shall mean any equity securities of the Borrower other
than Disqualified Stock and upon which all dividends or distributions (if any) shall, prior to 91
days after the Maturity Date, be payable solely in additional shares of such equity security.

“Permitted Funds” shall have the meaning assigned to such term in the definition of
“Permitted Holders.”

“Permitted Holders” shall mean each of (i) Riviera Voteco, L.L.C., (ii) SCH/VIII
Bonds, L.L.C., SCH/VIII Bonds II, L.L.C., SCH/VIII Bonds III, L.L.C., SCH/VIII Bonds IV, L.L.C.,
Strategic Value Special Situations Master Fund, L.P., Cerberus Series Four Holdings, LLC, and
Desert Rock Enterprises, LLC, and each of their respective Related Funds (the “Permitted
Funds”) and (iii) any partner, member, director, officer or employee of any of the Permitted
Funds.

“Permitted Investments” shall mean:

(a) cash and Cash Equivalents;

(b) Investments set forth on Schedule 1.1(b);

(c) receivables owing to the Credit Parties or any of their Subsidiaries or any receivables or
advances to suppliers, in each case if created, acquired or made in the ordinary course of business
and payable or dischargeable in accordance with customary trade terms;

(d) (i) Investments in and loans to any Credit Party and (ii) intercompany loans between
Subsidiaries that are not Credit Parties and investments by Subsidiaries that are not Credit
Parties in other Subsidiaries that are not Credit Parties;

(e) loans and advances to officers, directors and employees in respect of payroll payments and
expenses in the ordinary course of business;

 

23

 

(f) Investments (including debt obligations) received in connection with the bankruptcy or
reorganization of suppliers and customers and in settlement of delinquent obligations of, and other
disputes with, customers and suppliers arising in the ordinary course of business;

(g) Investments, acquisitions or transactions permitted under Section 6.4(b)(ii), 6.4(b)(iii),
6.4(b)(iv), Section 6.4(c)(ii) or Section 6.4(c)(iii);

(h) Permitted Acquisitions;

(i) Investments arising out of the receipt by the Borrower or any Subsidiary of permitted
noncash consideration with respect to asset sales made pursuant to Section 6.4(a)(ii) or Section
6.4(a)(vi);

(j) Hedging Agreements to the extent permitted hereunder;

(k) accounts receivable, security deposits and prepayments arising and trade credit granted in
the ordinary course of business and any assets or securities received in satisfaction or partial
satisfaction thereof from financially troubled account debtors to the extent reasonably necessary
in order to prevent or limit loss and any prepayments and other credits to suppliers made in the
ordinary course of business;

(l) Investments of a Subsidiary acquired after the Closing Date or of an entity merged into
the Borrower or merged into or consolidated with a Subsidiary after the Closing Date, in each case
(provided such transaction otherwise constitutes a “Permitted Investment” hereunder and, in the
case of any merger or consolidation, is in accordance with Section 6.4) to the extent that such
Investments were not made in contemplation of or in connection with such acquisition, merger or
consolidation and were in existence on the date of such acquisition, merger or consolidation;

(m) Guarantees by the Borrower or any Subsidiary of Operating Leases (other than Capital Lease
Obligations) or of other obligations that do not constitute Indebtedness, in each case entered into
by the Borrower or any Subsidiary in the ordinary course of business;

(n) Investments to the extent that payment for such Investments is made with Equity Interests
of the Borrower;

(o) Investments consisting of the redemption, purchase, repurchase or retirement of any Equity
Interests permitted under Section 6.10;

(p) Guarantee Obligations permitted under Section 6.1;

(q) Investments arising from pledges and deposits under clauses (f), (g) or (n) of the
definition of “Permitted Liens”; and

(r) additional loan advances and/or Investments of a nature not contemplated by the foregoing
clauses hereof; provided that such loans, advances and/or Investments made after the
Closing Date pursuant to this clause shall not exceed an aggregate amount, at any one

 

24

 

time outstanding, of (i) $3,000,000 plus (ii) the portion, if any, of the Cumulative
Credit on the date of such election that the Borrower elects to apply to this clause (r), such
election to be specified in a written notice of a Responsible Officer of the Borrower calculating
in reasonable detail the amount of Cumulative Credit immediately prior to such election and the
amount thereof elected to be so applied.

“Permitted Liens” shall mean:

(a) Liens created by or otherwise existing under or in connection with this Agreement or the
other Credit Documents in favor of the Administrative Agent on behalf of the Secured Parties;

(b) Liens in favor of a Hedging Agreement Provider in connection with a Secured Hedging
Agreement; provided that such Liens secure the Credit Party Obligations and the obligations
under such Secured Hedging Agreement on a pari passu basis;

(c) Liens securing purchase money Indebtedness and Capital Lease Obligations to the extent
permitted under Section 6.1(c); provided, that (i) any such Lien attaches to such property
concurrently with or within ninety (90) days after the acquisition thereof and (ii) such Lien
attaches solely to the property so acquired in such transaction;

(d) Liens for taxes, assessments, charges or other governmental levies not yet due or as to
which the period of grace (not to exceed sixty (60) days), if any, related thereto has not expired
or which are being contested in good faith by appropriate proceedings; provided that
adequate reserves with respect thereto are maintained on the books of any Credit Party or its
Subsidiaries, as the case may be, in conformity with GAAP;

(e) statutory Liens such as carriers’, warehousemen’s, mechanics’, materialmen’s, landlords’,
repairmen’s or other like Liens arising in the ordinary course of business which are not overdue
for a period of more than thirty (30) days or which are being contested in good faith by
appropriate proceedings; provided that a reserve or other appropriate provision shall have
been made therefor;

(f) pledges or deposits in connection with workers’ compensation, unemployment insurance and
other social security legislation and deposits securing liability to insurance carriers under
insurance or self-insurance arrangements in an aggregate amount not to exceed $5,000,000;

(g) deposits to secure the performance of bids, trade contracts (other than for borrowed
money), leases, statutory obligations, surety and appeal bonds, performance bonds and other
obligations of a like nature incurred in the ordinary course of business;

(h) easements, reciprocal easement and operating agreements, rights of way, zoning
restrictions, development agreements, air rights agreements, parking agreements and other similar
encumbrances affecting real property which do not in any case materially detract from the value of
the property subject thereto or materially interfere with the ordinary conduct of the business of
the applicable Person, or any zoning, building or similar laws or rights reserved to or vested in
any Governmental Authority;

 

25

 

(i) Liens existing on the Closing Date and set forth on Schedule 1.1(c); provided that
(i) no such Lien shall at any time be extended to cover property or assets other than the property
or assets subject thereto on the Closing Date and improvements thereon and (ii) the principal
amount of the Indebtedness secured by such Lien shall not be increased to an amount greater than
that outstanding on the Closing Date in connection with any extension, renewal or replacement of
the Indebtedness secured by such Lien;

(j) [Reserved];

(k) Liens arising in the ordinary course of business by virtue of any contractual, statutory
or common law provision relating to banker’s Liens, rights of set-off or similar rights and
remedies covering deposit or securities accounts (including funds or other assets credited thereto)
or other funds maintained with a depository institution or securities intermediary;

(l) Liens on any property or asset of the Credit Parties of or any Subsidiary securing
Indebtedness permitted by Section 6.1(k); provided, that such Lien (i) does not apply to
any other property or assets of the Credit Parties or of any Subsidiary not securing such
Indebtedness at the date of the acquisition of such property or asset (other than after acquired
property securing such Indebtedness and required to be pledged as security for such Indebtedness
pursuant to the terms of such Indebtedness as of the date of such acquisition), and (ii) such Lien
is not created in contemplation of or in connection with such acquisition;

(m) restrictions on transfers of securities imposed by applicable Securities Laws;

(n) Liens arising out of judgments or awards not resulting in an Event of Default;
provided that the applicable Credit Party or Subsidiary shall in good faith be prosecuting
an appeal or proceedings for review;

(o) [Reserved.];

(p) any interest or title of a lessor, licensor or sublessor under any lease, license or
sublease entered into by any Credit Party or any Subsidiary thereof in the ordinary course of its
business and covering only the assets so leased, licensed or subleased;

(q) assignments of insurance or condemnation proceeds provided to landlords (or their
mortgagees) pursuant to the terms of any lease and Liens or rights reserved in any lease (or any
ancillary security documents in connection therewith) for rent or for compliance with the terms of
such lease;

(r) (i) Liens upon the Series B Term Loan Controlled Account securing the Borrower’s and its
Subsidiaries’ obligations under the Series B Credit Agreement and (ii) Liens on the Collateral
securing the Borrower’s and its Subsidiaries’ obligations under the Series B Credit Agreement
provided that such Liens described in this clause (ii) are subordinated to the Liens granted under
the Credit Documents on the terms described in the Intercreditor Agreement;

 

26

 

(s) Liens on Equity Interests in joint ventures securing obligations of such joint venture;

(t) Liens securing insurance premiums financing arrangements, provided, that such
Liens are limited to the applicable unearned insurance premiums;

(u) Liens in favor of any Credit Parties or any Subsidiary; provided that if any such
Lien shall cover any Collateral, the holder of such Lien shall execute and deliver to the
Administrative Agent a subordination agreement in form and substance reasonably satisfactory to the
Administrative Agent;

(v) Liens that are contractual rights of set-off (i) relating to the establishment of
depository relations with banks not given in connection with the issuance of Indebtedness or (ii)
relating to pooled deposit or sweep accounts of the Borrower or any Subsidiary to permit
satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the
Borrower or any Subsidiary;

(w) leases or subleases, licenses or sublicenses (including with respect to intellectual
property and software) granted to others in the ordinary course of business not interfering in any
material respect with the business of the Borrower and its Subsidiaries, taken as a whole;

(x) Liens arising from precautionary Uniform Commercial Code financing statements or
consignments entered into in connection with any transaction otherwise permitted under this
Agreement;

(y) additional Liens so long as the principal amount of Indebtedness and other obligations
secured thereby does not exceed $1,500,000 in the aggregate at any time outstanding.

“Person” shall mean any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

“Plan” shall mean, as of any date of determination, any employee benefit plan which is
covered by Title IV of ERISA (other than a Multiemployer Plan) and in respect of which any Credit
Party or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would
under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

“Plan of Reorganization” means the Debtors’ Second Amended Joint Plan of
Reorganization As Confirmed dated November 15, 2010 and confirmed by the Bankruptcy Court pursuant
to the Confirmation Order.

“Pledge Agreement” shall mean that Series A Pledge Agreement dated as of the Closing
Date executed by the Credit Parties, in favor of the Administrative Agent, for the benefit of the
Secured Parties, as amended, modified, extended, restated, replaced, or supplemented from time to
time in accordance with the terms hereof and thereof.

“Prime Rate” shall have the meaning set forth in the definition of “Alternate Base
Rate.”

 

27

 

“Pro Forma Basis” shall mean, as to any person, for any events as described below that
occur subsequent to the commencement of a period for which the financial effect of such events is
being calculated, and giving effect to the events for which such calculation is being made, such
calculation as will give pro forma effect to such events as if such events occurred on the first
day of the four consecutive fiscal quarter period ended on or before the occurrence of such event
(the “Reference Period”): (i) in making any determination of EBITDA, effect shall be given
to any asset sale or any acquisition (or any similar transaction or transactions not otherwise
permitted under Section 6.4 or Section 6.5 that require a waiver or consent of the Required Lenders
and in respect of which such waiver or consent has been obtained), any designation of any
Subsidiary as an Unrestricted Subsidiary or any Subsidiary Redesignation (the foregoing, together
with any transactions related thereto or in connection therewith, the “relevant transactions”), in
each case that occurred during the Reference Period (or, in the case of determinations made
pursuant to Article VI, occurring during the Reference Period or thereafter and through and
including the date upon which the respective incurrence of Indebtedness or acquisition or asset
sale is consummated), (ii) in making any determination on a Pro Forma Basis, (x) all Indebtedness
(including Indebtedness issued, incurred or assumed as a result of, or to finance, any relevant
transactions and for which the financial effect is being calculated, whether incurred under this
Agreement or otherwise, but excluding normal fluctuations in revolving Indebtedness incurred for
working capital purposes not to finance any acquisition) issued, incurred, assumed or permanently
repaid during the Reference Period (or, in the case of determinations made pursuant to Section 6.1
or Section 6.4, occurring during the Reference Period or thereafter and through and including the
date upon which the respective acquisition or incurrence of Indebtedness or asset sale is
consummated) shall be deemed to have been issued, incurred, assumed or permanently repaid at the
beginning of such period and (y) Consolidated Interest Expense of such person attributable to
interest on any Indebtedness, for which pro forma effect is being given as provided in the
preceding clause (x) (A) bearing floating interest rates shall be computed on a pro forma basis as
if the rate in effect on the date of such calculation had been the applicable rate for the entire
period (taking into account any Hedging Agreements applicable to such Indebtedness if such Hedging
Agreement has a remaining term in excess of 12 months), and (B) in respect of a Capital Lease
Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible
financial or accounting officer of the Borrower to be the rate of interest implicit in such Capital
Lease Obligation in accordance with GAAP and (iii) (A) in respect of any Subsidiary Redesignation
then being designated, effect shall be given to such Subsidiary Redesignation and all other
Subsidiary Redesignations after the first day of the relevant Reference Period and on or prior to
the date of the respective Subsidiary Redesignation then being designated, collectively, and (B) in
respect of any designation of a Subsidiary as an Unrestricted Subsidiary, effect shall be given to
such designation and all other designations of Subsidiaries as Unrestricted Subsidiaries after the
first day of the relevant Reference Period and on or prior to the date of the then applicable
designation of a Subsidiary as an Unrestricted Subsidiary, collectively.

For purposes of computing the financial covenants set forth in Section 6.15 for any applicable
test period, any permitted sale of assets (including a stock sale), acquisition of assets or
incurrence of debt shall be given pro forma effect as if such transaction had taken place as of the
first day of such applicable test period.

“Properties” shall have the meaning set forth in Section 3.10(a).

 

28

 

“Qualified IPO” shall mean an underwritten primary public offering of at least 25%
(calculated on a fully diluted basis) of the Equity Interests of the Borrower pursuant to an
effective registration statement (other than a registration statement on Form S-8) filed with the
SEC in accordance with the Securities Act.

“Ratings” shall mean a corporate credit rating as determined by S&P and a corporate
family rating as determined by Moody’s, in each case, of the Borrower.

“RBH” shall mean Riviera Black Hawk, Inc., a Colorado corporation.

“Real Estate” shall have the meaning set forth in Section 5.12(c).

“Real Estate Appraisal” shall mean an appraisal of the Credit Parties’ real estate
performed by an appraiser selected by the Administrative Agent, in form and substance reasonably
satisfactory to the Administrative Agent.

“Register” shall have the meaning set forth in Section 9.6(c).

“Regulation D” shall mean Regulation D of the Board of Governors of the Federal
Reserve System from time to time in effect and shall include any successor or other regulation
relating to reserve requirements applicable to member banks of the Federal Reserve System.

“Reimbursement Obligation” shall mean the obligation of the Borrower to reimburse the
Issuing Lender pursuant to Section 2.3(d) for amounts drawn under Letters of Credit.

“Related Fund” means, with respect to any Person, an Affiliate of such Person, or a
fund or account managed by such Person or an Affiliate of such Person.

“Related Parties” shall mean, with respect to any Person, such Person’s Affiliates and
the partners, directors, officers, employees, agent, trustees and advisors of such Person and of
such Person’s Affiliates.

“Reorganization” shall mean, with respect to any Multiemployer Plan, the condition
that such Plan is in reorganization within the meaning of such term as used in Section 4241 of
ERISA.

“Reportable Event” shall mean any of the events set forth in Section 4043(c) of ERISA,
other than those events as to which the thirty-day notice period is waived under PBGC Reg.
ss.4043.

“Required Lenders” shall mean, as of any date of determination, Lenders holding at
least a majority of (a) the outstanding Revolving Commitments and the aggregate principal amount of
Term Loans then outstanding or (b) if the Revolving Commitments have been terminated, the
outstanding Loans and Participation Interests; provided, however, that if any
Lender shall be a Defaulting Lender at such time, then there shall be excluded from the
determination of Required Lenders, Obligations (including Participation Interests) owing to such
Defaulting Lender and such Defaulting Lender’s Commitments.

 

29

 

“Required Percentage” shall mean, with respect to an Excess Cash Flow Period, 50%,
provided, that if the Consolidated Leverage Ratio at the end of such Excess Cash Flow Period is
less than 5.00 to 1.00, such percentage shall be 25%.

“Required Revolving Lenders” shall mean, as of any date of determination, Revolving
Lenders holding at least a majority of (a) the outstanding Revolving Commitments or (b) if the
Revolving Commitments have been terminated, the aggregate principal amount of outstanding Revolving
Loans and Participation Interests; provided, however, that if any Revolving Lender
shall be a Defaulting Lender at such time, then there shall be excluded from the determination of
Required Revolving Lenders, Obligations (including Participation Interests) owing to such
Defaulting Lender and such Defaulting Lender’s Revolving Commitments.

“Required Term Loan Lenders” shall mean, as of any date of determination, Lenders
holding at least a majority of the aggregate principal amount of Term Loans then outstanding;
provided, however, that if any such Lender shall be a Defaulting Lender at such
time, then there shall be excluded from the determination of Required Term Loan Lenders,
Obligations owing to such Defaulting Lender.

“Requirement of Law” shall mean, as to any Person, the articles or certificate of
incorporation, by-laws or other organizational or governing documents of such Person, and each law,
treaty, rule or regulation or determination of an arbitrator or a court or other Governmental
Authority, in each case applicable to or binding upon such Person or any of its property or to
which such Person or any of its property is subject.

“Responsible Officer” shall mean, for any Credit Party, any duly authorized officer
thereof and in respect of which the Administrative Agent has an incumbency certificate indicating
such officer is a duly authorized officer thereof.

“Restricted Payment” shall mean (a) any dividend or other distribution, direct or
indirect, on account of any shares (or equivalent) of any class of Equity Interest of any Credit
Party or any of its Subsidiaries, now or hereafter outstanding, (b) any redemption, retirement,
sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of
any shares (or equivalent) of any class of Equity Interest of any Credit Party or any of its
Subsidiaries, now or hereafter outstanding, (c) any payment made to retire, or to obtain the
surrender of, any outstanding warrants, options or other rights to acquire shares of any class of
Equity Interest of any Credit Party or any of its Subsidiaries, now or hereafter outstanding, (d)
any payment with respect to any earnout obligation, (e) any payment or prepayment or other
distribution of or in respect of principal of, premium, if any, or interest on, redemption,
purchase, retirement, defeasance, sinking fund or similar payment with respect to, any Subordinated
Debt of any Credit Party or any of its Subsidiaries or any obligations under the Series B Credit
Agreement (except for (A) refinancings thereof permitted by Section 6.1(b) or Section 6.1(h), as
applicable, (B) payments of regularly scheduled interest or (C) the conversion of any Subordinated
Debt or the Series B Term Loan to Equity Interest of the Borrower).

“Retained Percentage” shall mean, with respect to any Excess Cash Flow Period, (a)
100% minus (b) the Required Percentage with respect to such Excess Cash Flow Period.

 

30

 

“Revolver Maturity Date” shall mean the date that is five (5) years following the
Closing Date.

“Revolving Commitment” shall mean, with respect to each Revolving Lender, the
commitment of such Revolving Lender to make Revolving Loans in an aggregate principal amount at any
time outstanding up to an amount equal to such Revolving Lender’s Revolving Commitment Percentage
of the Revolving Committed Amount.

“Revolving Commitment Percentage” shall mean, for each Lender, the percentage
identified on Schedule 1.1(d) or in the Assignment and Assumption pursuant to which such Lender
became a Lender hereunder, as such percentage may be modified in connection with any assignment
made in accordance with the provisions of Section 9.6.

“Revolving Committed Amount” shall have the meaning set forth in Section 2.1(a).

“Revolving Committed Amount (Non-Defaulting Lender)” shall mean, as of any date, (a)
the Revolving Committed Amount as of such date minus (b) the product of (i) the sum of the
Revolving Commitment Percentages of all Defaulting Lenders as of such date, times (ii) the
Revolving Committed Amount as of such date.

“Revolving Facility” shall mean Revolving Commitments and the Extensions of Credit
made pursuant to Section 2.1, Section 2.3, and Section 2.4.

“Revolving Lender” shall mean, as of any date of determination, a Lender holding a
Revolving Commitment, a Revolving Loan or a Participation Interest on such date.

“Revolving Loans” shall have the meaning set forth in Section 2.1.

“Revolving Note” or “Revolving Notes” shall mean the promissory notes of the
Borrower provided pursuant to Section 2.1(e) in favor of any of the Revolving Lenders evidencing
the Revolving Loan provided by any such Revolving Lender pursuant to Section 2.1(a), individually
or collectively, as appropriate, as such promissory notes may be amended, modified, extended,
restated, replaced, or supplemented from time to time.

“Riviera Black Hawk Facility” shall mean the Riviera Black Hawk Casino of Black Hawk,
Colorado and the real property, equipment and personal property related thereto.

“Riviera Las Vegas Facility” shall mean the Riviera Hotel & Casino of Las Vegas,
Nevada and the real property, equipment and personal property related thereto.

“ROC” shall mean Riviera Operating Corporation, a Nevada corporation.

“S&P” shall mean Standard & Poor’s Ratings Services, a division of The McGraw Hill
Companies, Inc.

“Sanctioned Country” shall mean a country subject to a sanctions program identified on
the list maintained by OFAC and made publicly available from time to time.

 

31

 

“Sanctioned Person” shall mean (a) a Person named on the list of “Specially Designated
Nationals and Blocked Persons” maintained by OFAC and made publicly available from time to time, or
(b) (i) an agency of the government of a Sanctioned Country, (ii) an organization controlled by a
Sanctioned Country, or (iii) a person resident in a Sanctioned Country, to the extent subject to a
sanctions program administered by OFAC.

“Sarbanes-Oxley” shall mean the Sarbanes-Oxley Act of 2002.

“Scheduled Funded Debt Payments” shall mean, as of any date of determination for the
Borrower and its Subsidiaries, the sum of all scheduled, mandatory payments of principal on Funded
Debt for the applicable period ending on the date of determination (including the principal
component of payments due on Capital Leases during the applicable period ending on the date of
determination).

“SEC” shall mean the Securities and Exchange Commission or any successor Governmental
Authority.

“Secured Hedging Agreement” shall mean any Hedging Agreement between a Credit Party
and a Hedging Agreement Provider, as amended, modified, extended, restated, replaced, or
supplemented from time to time.

“Secured Parties” shall mean the Administrative Agent, the Lenders and the Hedging
Agreement Providers.

“Securities Account Control Agreement” shall mean an agreement, among a Credit Party,
a securities intermediary, and the Administrative Agent, which agreement is in a form acceptable to
the Administrative Agent and such Credit Party and which provides the Administrative Agent with
“control” (as such term is used in Articles 8 and 9 of the Uniform Commercial Code) over the
securities account(s) described therein, as the same may be as amended, modified, extended,
restated, replaced, or supplemented from time to time.

“Securities Act” shall mean the Securities Act of 1933, together with any amendment
thereto or replacement thereof and any rules or regulations promulgated thereunder.

“Securities Laws” shall mean the Securities Act, the Exchange Act, Sarbanes-Oxley and
the related accounting and auditing principles, rules, standards and practices promulgated,
approved or incorporated by the SEC or the Public Company Accounting Oversight Board, as each of
the foregoing may be amended and in effect on any applicable date hereunder.

“Security Agreement” shall mean the Series A Security Agreement dated as of the
Closing Date executed by the Credit Parties in favor of the Administrative Agent, for the benefit
of the Secured Parties, as amended, modified, extended, restated, replaced, or supplemented from
time to time in accordance with its terms.

“Security Documents” shall mean the Security Agreement, the Pledge Agreement, the
Mortgage Instruments and all other agreements, documents and instruments relating to, arising out
of, or in any way connected with any of the foregoing documents or granting to the Administrative
Agent, Liens or security interests to secure, inter alia, the Credit Party

 

32

 

Obligations whether now or hereafter executed and/or filed, each as may be amended from time
to time in accordance with the terms hereof, executed and delivered in connection with the
granting, attachment and perfection of the Administrative Agent’s security interests and liens
arising thereunder, including, without limitation, UCC financing statements.

“Series B Administrative Agent” shall mean the administrative agent under the Series B
Credit Agreement.

“Series B Credit Agreement” shall mean that certain Series B Credit Agreement, dated
as of April 1, 2011, among the Credit Parties, Cantor Fitzgerald, as administrative agent, and
certain lenders named therein, as amended, modified, extended, restated, replaced, supplemented or
refinanced from time to time.

“Series B Term Loan” shall mean that certain second priority senior secured term loan
made as of the Closing Date (as defined in the Series B Credit Agreement), pursuant to the Series B
Credit Agreement.

“Series B Term Loan Controlled Account” shall mean bank account number 4122163751
entitled “Series B Term Loan Controlled Account” at Wells Fargo Bank, National Association, which
bank account shall be subject to a first priority security interest in favor of the Series B
Administrative Agent for the benefit of the holders of the Series B Term Loan (it being understood
that the Series B Term Loan Controlled Account shall not constitute Collateral).

“Single Employer Plan” shall mean any Plan that is not a Multiemployer Plan.

“Subordinated Debt” shall mean any Indebtedness incurred by any Credit Party which by
its terms is specifically subordinated in right of payment to the prior payment of the Credit Party
Obligations and contains subordination and other terms acceptable to the Administrative Agent.

“Subsidiary” shall mean, as to any Person, a corporation, partnership, limited
liability company or other entity of which shares of stock or other ownership interests having
ordinary voting power (other than stock or such other ownership interests having such power only by
reason of the happening of a contingency) to elect a majority of the board of directors or other
managers of such corporation, limited liability company, partnership or other entity are at the
time owned, or the management of which is otherwise controlled, directly or indirectly through one
or more intermediaries, or both, by such Person. Unless otherwise qualified, all references to a
“Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of
the Borrower; provided, that an Unrestricted Subsidiary shall be deemed not to be a
Subsidiary of the Company or any of its Subsidiaries for purposes of this Agreement (except for
purposes of the definition of “Unrestricted Subsidiary” contained herein, and Section 3.6,
Section 3.8, Section 3.9, Section 3.10, Section 3.12, Section 3.15, Section 3.29, Section 3.30,
Section 3.31, Section 5.3, Section 5.8 and Section 7.1(h).

“Subsidiary Redesignation” shall have the meaning provided in the definition of
“Unrestricted Subsidiary” contained in this Section 1.1.

“Substantial Consummation Date” shall have the meaning set forth in the Plan of
Reorganization.

 

33

 

“Swingline Commitment” shall mean the commitment of the Swingline Lender to make
Swingline Loans in an aggregate principal amount at any time outstanding up to the Swingline
Committed Amount, and the commitment of the Revolving Lenders to purchase participation interests
in the Swingline Loans as provided in Section 2.4(b)(ii), as such amounts may be reduced from time
to time in accordance with the provisions hereof.

“Swingline Committed Amount” shall mean the amount of the Swingline Lender’s Swingline
Commitment as specified in Section 2.4(a).

“Swingline Lender” shall mean Cantor Fitzgerald and any successor swingline lender.

“Swingline Loan” shall have the meaning set forth in Section 2.4(a).

“Swingline Note” shall mean the promissory note of the Borrower in favor of the
Swingline Lender evidencing the Swingline Loans provided pursuant to Section 2.4(d), as such
promissory note may be amended, modified, extended, restated, replaced, or supplemented from time
to time.

“Tax” or “Taxes” shall mean all present or future taxes, levies, imposts,
duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental
Authority, including any interest, additions to tax or penalties applicable thereto.

“Term Loan” shall mean the loan deemed to be made pursuant to Section 2.2(a).

“Term Loan Lender” shall mean a Lender holding a portion of the outstanding Term Loan.

“Term Loan Maturity Date” shall mean the date that is five (5) years following the
Closing Date.

“Term Loan Note” or “Term Loan Notes” shall mean the promissory notes of the
Borrower (if any) in favor of any of the Term Loan Lenders evidencing the portion of the Term Loan
deemed provided by any such Term Loan Lender pursuant to Section 2.2(a), individually or
collectively, as appropriate, as such promissory notes may be amended, modified, extended,
restated, replaced, or supplemented from time to time.

“Title Insurance Company” shall have the meaning set forth in the definition of
“Mortgage Policy.”

“Trademark License” shall mean any agreement, whether written or oral, providing for
the grant by or to a Person of any right to use any Trademark, including, without limitation, any
such agreement referred to in Schedule 3.16.

“Trademarks” shall mean (a) all trademarks, trade names, corporate names, company
names, business names, fictitious business names, service marks, elements of package or trade dress
of goods or services, logos and other source or business identifiers, together with the goodwill
associated therewith, now existing or hereafter adopted or acquired, all registrations and
recordings thereof, and all applications in connection therewith, whether in the United States

 

34

 

Patent and Trademark Office or in any similar office or agency of the United States, any state
or commonwealth thereof or any other country or any political subdivision thereof, including,
without limitation, any such agreement referred to in Schedule 3.16 and (b) all renewals thereof
including, without limitation, any such agreement referred to in Schedule 3.16.

“Tranche” shall mean the collective reference to (a) LIBOR Rate Loans whose Interest
Periods begin and end on the same day and (b) Alternate Base Rate Loans made on the same day.

“Transactions” shall mean the consummation of the Plan of Reorganization, including,
without limitation, the effectiveness of this Agreement and the other Credit Documents and the
consummation of the other transactions contemplated hereby or by the Plan of Reorganization to
occur on the Substantial Consummation Date; including, without limitation, the initial borrowings
under the Credit Documents and the payment of fees and expenses in connection with all of the
foregoing), as well as the effectiveness of the Series B Credit Agreement and the funding of the
Series B Term Loan thereunder.

“Transfer Effective Date” shall have the meaning set forth in each Assignment and
Assumption.

“Type” shall mean, as to any Loan, its nature as an Alternate Base Rate Loan or LIBOR
Rate Loan, as the case may be.

“UCC” shall mean the Uniform Commercial Code from time to time in effect in any
applicable jurisdiction.

“Unrestricted Cash” shall mean domestic cash or cash equivalents of the Borrower or
any of its Subsidiaries that would not appear as “restricted” on a consolidated balance sheet of
the Borrower or any of its Subsidiaries; provided, that, notwithstanding the foregoing, all cash
and cash equivalents in the Series B Term Loan Controlled Account shall be “Unrestricted Cash” for
purposes hereof.

“Unrestricted Subsidiary” shall mean any Subsidiary of the Borrower that is acquired
or created after the Closing Date and designated by the Borrower as an Unrestricted Subsidiary
hereunder by written notice to the Administrative Agent; provided, that the Borrower shall
only be permitted to so designate a new Unrestricted Subsidiary after the Closing Date and so long
as (a) no Default or Event of Default has occurred and is continuing or would result therefrom, (b)
such Unrestricted Subsidiary shall be capitalized (to the extent capitalized by the Borrower or any
of its Subsidiaries) through Investments as permitted by, and in compliance with, clause (r) of the
definition of “Permitted Investments,” and any prior or concurrent Investments in such Subsidiary
by the Borrower or any of its Subsidiaries shall be deemed to have been made pursuant to clause (r)
of the definition of “Permitted Investments,” (c) without duplication of clause (b), any assets
owned by such Unrestricted Subsidiary at the time of the initial designation thereof shall be
treated as Investments pursuant to clause (r) of the definition of “Permitted Investments” and (d)
such Subsidiary shall have been designated an “unrestricted subsidiary” (or otherwise not be
subject to the covenants and defaults) under the Series B Credit Agreement, any other Indebtedness
permitted to be incurred hereby and all Indebtedness refinancing or replacing

 

35

 

any of the foregoing and all Disqualified Stock; provided, further, that at
the time of the initial Investment by the Borrower or any of its Subsidiaries in such Subsidiary,
the Borrower shall designate such entity as an Unrestricted Subsidiary in a written notice to the
Administrative Agent. The Borrower may designate any Unrestricted Subsidiary to be a Subsidiary
for purposes of this Agreement (each, a “Subsidiary Redesignation”); provided, that
(i) such Unrestricted Subsidiary, both before and after giving effect to such designation, shall be
a wholly owned Subsidiary of the Borrower, (ii) no Default or Event of Default has occurred and is
continuing or would result therefrom, (iii) all representations and warranties contained herein and
in the other Credit Documents shall be true and correct in all material respects with the same
effect as though such representations and warranties had been made on and as of the date of such
Subsidiary Redesignation (both before and after giving effect thereto), unless stated to relate to
a specific earlier date, in which case such representations and warranties shall be true and
correct in all material respects as of such earlier date, and (iv) the Borrower shall have
delivered to the Administrative Agent an officer’s certificate executed by a Responsible Officer of
the Borrower, certifying to the best of such officer’s knowledge, compliance with the requirements
of preceding clauses (i) through (iii), inclusive.

“Voting Stock” shall mean, with respect to any Person, Equity Interest issued by such
Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for
the election of directors (or persons performing similar functions) of such Person, even though the
right so to vote may be or have been suspended by the happening of such a contingency.

“Works” shall mean all works which are subject to copyright protection pursuant to
Title 17 of the United States Code.

Section 1.2 Other Definitional Provisions.

The definitions of terms herein shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be
deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to
have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a)
any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein), (b) any reference herein to any Person shall be
construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and
“hereunder,” and words of similar import, shall be construed to refer to this Agreement in its
entirety and not to any particular provision hereof, (d) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and
Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall,
unless otherwise specified, refer to such law or regulation as amended, modified or supplemented
from time to time and (f) the words “asset” and “property” shall be construed to have the same
meaning and effect and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights.

 

36

 

Section 1.3 Accounting Terms.

Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all
accounting determinations hereunder shall be made, and all financial statements required to be
delivered hereunder shall be prepared in accordance with GAAP applied on a basis consistent with
the most recent audited Consolidated financial statements of the Borrower delivered to the Lenders;
provided that, if the Borrower shall notify the Administrative Agent that it wishes to
amend any definitions or covenant incorporated in Section 6.15 to eliminate the effect of any
change in GAAP on the operation of any such definition or provision (or if the Administrative Agent
notifies the Borrower that the Required Lenders wish to amend any such definition or provision for
such purpose), then the Borrower’s compliance with such provisions shall be determined on the basis
of GAAP in effect immediately before the relevant change in GAAP became effective, until either
such notice is withdrawn or such definition or provision is amended in a manner satisfactory to the
Borrower and the Required Lenders.

The Borrower shall deliver to the Administrative Agent and each Lender at the same time as the
delivery of any annual or quarterly financial statements given in accordance with the provisions of
Section 5.1, (a) a description in reasonable detail of any material change in the application of
accounting principles employed in the preparation of such financial statements from those applied
in the most recently preceding quarterly or annual financial statements as to which no objection
shall have been made in accordance with the provisions above and (b) a reasonable estimate of the
effect on the financial statements on account of such changes in application.

Section 1.4 Time References.

Unless otherwise specified, all references herein to times of day shall be references to
Eastern time (daylight or standard, as applicable).

Section 1.5 Execution of Documents.

Unless otherwise specified, all Credit Documents and all other certificates executed in
connection therewith must be signed by a Responsible Officer.

ARTICLE II

THE LOANS; AMOUNT AND TERMS

Section 2.1 Revolving Loans.

(a) Revolving Commitment. During the Commitment Period, subject to the terms and
conditions hereof, each Revolving Lender severally, but not jointly, agrees to make revolving
credit loans in Dollars (“Revolving Loans”) to the Borrower from time to time in an
aggregate principal amount of up to TEN MILLION DOLLARS ($10,000,000) (as such aggregate maximum
amount may be reduced from time to time as provided in Section 2.6, the “Revolving Committed
Amount”) for the purposes hereinafter set forth; provided, however, that
(i) with regard to each Revolving Lender individually, the sum of such Revolving Lender’s
Revolving Commitment Percentage of the aggregate principal amount of outstanding Revolving

 

37

 

Loans
plus such Revolving Lender’s Revolving Commitment Percentage of outstanding Swingline Loans
plus such Revolving Lender’s Revolving Commitment Percentage of outstanding LOC Obligations
shall not exceed such Revolving Lender’s Revolving Commitment and (ii) with regard to the Revolving
Lenders collectively, the sum of the aggregate principal amount of outstanding Revolving Loans
plus outstanding Swingline Loans plus outstanding LOC Obligations shall not exceed
the Revolving Committed Amount then in effect. Revolving Loans may consist of Alternate Base Rate
Loans or LIBOR Rate Loans, or a combination thereof, as the Borrower may request, and may be repaid
and reborrowed in accordance with the provisions hereof; provided, however, the
Revolving Loans made on the Closing Date or any of the three (3) Business Days following the
Closing Date, may only consist of Alternate Base Rate Loans unless the Borrower delivers a funding
indemnity letter (which shall provide that the Borrower shall agree to be bound by the terms of
Section 2.15(a) (or provisions similar thereto) with respect to such requested borrowing as if such
Section 2.15(a) were in effect on the date of such letter and shall otherwise be reasonably
acceptable to the Administrative Agent) not less than three (3) Business Days prior to the Closing
Date. LIBOR Rate Loans shall be made by each Revolving Lender at its LIBOR Lending Office and
Alternate Base Rate Loans at its Domestic Lending Office.

(b) Revolving Loan Borrowings.

(i) Notice of Borrowing. The Borrower shall request a Revolving Loan borrowing by
delivering a written Notice of Borrowing (or telephone notice promptly confirmed in writing by
delivery of a written Notice of Borrowing, which delivery may be by fax) to the Administrative
Agent not later than 1:00 P.M. (New York time) on the Business Day prior to the date of the
requested borrowing in the case of Alternate Base Rate Loans, and on the third Business Day prior
to the date of the requested borrowing in the case of LIBOR Rate Loans. Each such Notice of
Borrowing shall be irrevocable and shall specify (A) that a Revolving Loan is requested, (B) the
date of the requested borrowing (which shall be a Business Day), (C) the aggregate principal amount
to be borrowed and (D) whether the borrowing shall be comprised of Alternate Base Rate Loans, LIBOR
Rate Loans or a combination thereof, and if LIBOR Rate Loans are requested, the Interest Period(s)
therefor. If the Borrower shall fail to specify in any such Notice of Borrowing (1) an applicable
Interest Period in the case of a LIBOR Rate Loan, then such notice shall be deemed to be a request
for an Interest Period of one month, or (2) the Type of Revolving Loan requested, then such notice
shall be deemed to be a request for an Alternate Base Rate Loan hereunder. The Administrative
Agent shall give notice to each Revolving Lender, on the same day of its receipt of each Notice of
Borrowing, of the contents thereof and of each such Revolving Lender’s share thereof.

(ii) Minimum Amounts. Each Revolving Loan that is made as an Alternate Base Rate Loan
shall be in a minimum aggregate amount of $500,000 and in integral multiples of $500,000 in excess
thereof (or the remaining amount of the Revolving Committed Amount, if less). Each Revolving Loan
that is made as a LIBOR Rate Loan shall be in a minimum aggregate amount of $500,000 and in
integral multiples of $500,000 in excess thereof (or the remaining amount of the Revolving
Committed Amount, if less).

(iii) Advances. Each Revolving Lender will make its Revolving Commitment Percentage
of each Revolving Loan borrowing available to the Administrative

 

38

 

Agent for the account of the
Borrower by wire transfer of immediately available funds, in Dollars, to the account designated in
writing by the Administrative Agent for such purpose, by 1:00 P.M. (New York time) on the date
specified in the applicable Notice of Borrowing. Such borrowing will then be made available to the
Borrower by the Administrative Agent by wire transfer of the aggregate of the amounts so received
by the Administrative Agent from the Revolving Lenders and in like funds as received by the
Administrative Agent to an account of the Borrower designated by the Borrower in the applicable
Notice of Borrowing.

(c) Repayment. Subject to the terms of this Agreement, Revolving Loans may be
borrowed, repaid and reborrowed during the Commitment Period. The principal amount of all
Revolving Loans shall be due and payable in full on the Revolver Maturity Date, unless accelerated
sooner pursuant to Section 7.2. The Borrower shall have the right to repay Revolving Loans in
whole or in part from time to time without premium or penalty; provided, however;
that each partial repayment of a Revolving Loan shall be in a minimum principal amount of
$1,000,000 and integral multiples of $500,000 in excess thereof (or the remaining outstanding
principal amount).

(d) Interest. Subject to the provisions of Section 2.8, Revolving Loans shall bear
interest as follows:

(i) Alternate Base Rate Loans. During such periods as any Revolving Loans
shall be comprised of Alternate Base Rate Loans, each such Alternate Base Rate Loan shall
bear interest at a per annum rate equal to the sum of the Alternate Base Rate plus
the Applicable Percentage; and

(ii) LIBOR Rate Loans. During such periods as Revolving Loans shall be
comprised of LIBOR Rate Loans, each such LIBOR Rate Loan shall bear interest at a per annum
rate equal to the sum of the LIBOR Rate plus the Applicable Percentage.

Interest on Revolving Loans shall be payable in arrears on each Interest Payment Date.

(e) Revolving Notes; Covenant to Pay. The Borrower’s obligation to pay each Revolving
Lender shall be evidenced by this Agreement and, upon such Revolving Lender’s request, by a duly
executed promissory note of the Borrower to such Revolving Lender in substantially the form of
Exhibit 2.1(e). The Borrower covenants and agrees to pay the Revolving Loans in accordance with
the terms of this Agreement.

Section 2.2 Term Loan.

(a) Term Loan. In accordance with the terms of the Plan of Reorganization, the
parties agree that on the Closing Date, each Term Loan Lender shall be deemed to have made to the
Borrower such Term Loan Lender’s Initial Term Loan Percentage of a term loan in Dollars in the
aggregate principal amount of FIFTY MILLION DOLLARS ($50,000,000.00). The Term Loan shall consist
of Alternate Base Rate Loans or LIBOR Rate Loans, or a combination thereof, as the Borrower may
request; provided, however, that the Term Loan deemed made on the Closing Date may
only consist of Alternate Base Rate Loans unless the Borrower delivers a
funding indemnity letter (which shall provide that the Borrower shall agree to be bound by the
terms of Section 2.15(a) (or provisions similar thereto) with respect to such requested borrowing

 

39

 

as if such Section 2.15(a) were in effect on the date of such letter and shall otherwise be
reasonably acceptable to the Administrative Agent) not less than three (3) Business Days prior to
the Closing Date. LIBOR Rate Loans shall be made by each Term Lender at its LIBOR Lending Office
and Alternate Base Rate Loans at its Domestic Lending Office.

(b) Repayment of Term Loan. Unless accelerated sooner pursuant to Section 7.2, the
principal amount of the Term Loan shall be due and payable in full on the Term Loan Maturity Date.
The Borrower shall have the right to repay the Term Loan in whole or in part from time to time
without premium or penalty subject to Section 2.7(a); provided, however; that each
partial repayment of a Term Loan shall be in a minimum principal amount of $1,000,000 and integral
multiples of $500,000 in excess thereof (or the remaining outstanding principal amount). Amounts
repaid or prepaid on the Term Loan may not be reborrowed.

(c) Interest on the Term Loan. Subject to the provisions of Section 2.8, the Term
Loan shall bear interest as follows:

(i) Alternate Base Rate Loans. During such periods as the Term Loan shall be
comprised of Alternate Base Rate Loans, each such Alternate Base Rate Loan shall bear
interest at a per annum rate equal to the sum of the Alternate Base Rate plus the
Applicable Percentage; and

(ii) LIBOR Rate Loans. During such periods as the Term Loan shall be comprised
of LIBOR Rate Loans, each such LIBOR Rate Loan shall bear interest at a per annum rate equal
to the sum of the LIBOR Rate plus the Applicable Percentage.

Interest on the Term Loan shall be payable in arrears on each Interest Payment Date.

(d) Term Loan Notes; Covenant to Pay. The Borrower’s obligation to pay each Term Loan
Lender shall be evidenced by this Agreement and, upon such Term Loan Lender’s request, by a duly
executed promissory note of the Borrower to such Term Loan Lender in substantially the form of
Exhibit 2.2(d). The Borrower covenants and agrees to pay the Term Loan in accordance with the
terms of this Agreement.

Section 2.3 Letter of Credit Subfacility.

(a) Issuance. Subject to the terms and conditions hereof and of the LOC Documents, if
any, and any other terms and conditions which the Issuing Lender may reasonably require, during the
Commitment Period the Issuing Lender shall issue, and the Revolving Lenders shall participate in,
standby Letters of Credit for the account of the Borrower from time to time upon request in a form
reasonably acceptable to the Issuing Lender; provided, however, that (i) the
aggregate amount of LOC Obligations shall not at any time exceed FIVE MILLION DOLLARS ($5,000,000)
(the “LOC Committed Amount”), (ii) the sum of the aggregate principal amount of outstanding
Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations
shall not at any time exceed the Revolving Committed Amount then in effect, (iii) all Letters of
Credit shall be denominated in Dollars and (iv) Letters of Credit
shall be issued for any lawful corporate purposes and shall be issued as standby letters of
credit, including in connection with workers’ compensation and other insurance programs. Except as
otherwise expressly agreed upon by all the Revolving Lenders, no Letter of Credit shall have an

 

40

 

original expiry date more than twelve (12) months from the date of issuance; provided,
however, so long as no Default or Event of Default has occurred and is continuing and
subject to the other terms and conditions to the issuance of Letters of Credit hereunder, the
expiry dates of Letters of Credit may be extended annually or periodically from time to time on the
request of the Borrower or by operation of the terms of the applicable Letter of Credit to a date
not more than twelve (12) months from the date of extension; provided, further,
that no Letter of Credit, as originally issued or as extended, shall have an expiry date extending
beyond the date that is thirty (30) days prior to the Revolver Maturity Date. Each Letter of
Credit shall comply with the related LOC Documents. The issuance and expiry date of each Letter of
Credit shall be a Business Day. Each Letter of Credit issued hereunder shall be in a minimum
original face amount of $500,000 or such lesser amount as approved by the Issuing Lender.

(b) Notice and Reports. The request for the issuance of a Letter of Credit shall be
submitted to the Issuing Lender at least five (5) Business Days prior to the requested date of
issuance. The Issuing Lender will promptly upon request provide to the Administrative Agent for
dissemination to the Revolving Lenders a detailed report specifying the Letters of Credit which are
then issued and outstanding and any activity with respect thereto which may have occurred since the
date of any prior report, and including therein, among other things, the account party, the
beneficiary, the face amount, expiry date as well as any payments or expirations which may have
occurred. The Issuing Lender will further provide to the Administrative Agent promptly upon
request copies of the Letters of Credit. The Issuing Lender will provide to the Administrative
Agent promptly upon request a summary report of the nature and extent of LOC Obligations then
outstanding.

(c) Participations. Each Revolving Lender upon issuance of a Letter of Credit, shall
be deemed to have purchased without recourse a risk participation from the Issuing Lender in such
Letter of Credit and the obligations arising thereunder and any Collateral relating thereto, in
each case in an amount equal to its Revolving Commitment Percentage of the obligations under such
Letter of Credit and shall absolutely, unconditionally and irrevocably assume, as primary obligor
and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due,
its Revolving Commitment Percentage of the obligations arising under such Letter of Credit;
provided that any Person that becomes a Revolving Lender after the Closing Date shall be
deemed to have purchased a Participation Interest in all outstanding Letters of Credit on the date
it becomes a Lender hereunder and any Letter of Credit issued on or after such date, in each case
in accordance with the foregoing terms. Without limiting the scope and nature of each Revolving
Lender’s participation in any Letter of Credit, to the extent that the Issuing Lender has not been
reimbursed as required hereunder or under any LOC Document, each such Revolving Lender shall pay to
the Issuing Lender its Revolving Commitment Percentage of such unreimbursed drawing in same day
funds pursuant to and in accordance with the provisions of subsection (d) of this Section. The
obligation of each Revolving Lender to so reimburse the Issuing Lender shall be absolute and
unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any
other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the
obligation of the
Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as
hereinafter provided.

 

41

 

(d) Reimbursement. In the event of any drawing under any Letter of Credit, the
Issuing Lender will promptly notify the Borrower and the Administrative Agent. The Borrower shall
reimburse the Issuing Lender on the day of drawing under any Letter of Credit if notified prior to
3:00 P.M. on a Business Day or, if after 3:00 P.M., on the following Business Day (either with the
proceeds of a Revolving Loan obtained hereunder or otherwise) in same day funds as provided herein
or in the LOC Documents. If the Borrower shall fail to reimburse the Issuing Lender as provided
herein, the unreimbursed amount of such drawing shall bear interest at a per annum rate equal to
the ABR Default Rate. Unless the Borrower shall immediately, and in any event within one (1) hour
of the receipt by the Borrower of notification of any drawing, notify the Issuing Lender and the
Administrative Agent of its intent to otherwise reimburse the Issuing Lender, the Borrower shall be
deemed to have requested a Mandatory LOC Borrowing in the amount of the drawing as provided in
subsection (e) of this Section, the proceeds of which will be used to satisfy the Reimbursement
Obligations. The Borrower’s Reimbursement Obligations hereunder shall be absolute and
unconditional under all circumstances irrespective of any rights of set-off, counterclaim or
defense to payment the Borrower may claim or have against the Issuing Lender, the Administrative
Agent, the Lenders, the beneficiary of the Letter of Credit drawn upon or any other Person,
including without limitation any defense based on any failure of the Borrower to receive
consideration or the legality, validity, regularity or unenforceability of the Letter of Credit.
The Issuing Lender will promptly notify the other Revolving Lenders of the amount of any
unreimbursed drawing and each Revolving Lender shall promptly pay to the Administrative Agent for
the account of the Issuing Lender, in Dollars and in immediately available funds, the amount of
such Revolving Lender’s Revolving Commitment Percentage of such unreimbursed drawing. Such payment
shall be made on the day such notice is received by such Revolving Lender from the Issuing Lender
if such notice is received at or before 2:00 P.M., otherwise such payment shall be made at or
before 12:00 P.M. on the Business Day next succeeding the day such notice is received. If such
Revolving Lender does not pay such amount to the Issuing Lender in full upon such request, such
Revolving Lender shall, on demand, pay to the Administrative Agent for the account of the Issuing
Lender interest on the unpaid amount during the period from the date of such drawing until such
Revolving Lender pays such amount to the Issuing Lender in full at a rate per annum equal to, if
paid within two (2) Business Days of the date of drawing, the Federal Funds Effective Rate and
thereafter at a rate equal to the Alternate Base Rate. Each Revolving Lender’s obligation to make
such payment to the Issuing Lender, and the right of the Issuing Lender to receive the same, shall
be absolute and unconditional, shall not be affected by any circumstance whatsoever and without
regard to the termination of this Agreement or the Commitments hereunder, the existence of a
Default or Event of Default or the acceleration of the Credit Party Obligations hereunder and shall
be made without any offset, abatement, withholding or reduction whatsoever.

(e) Repayment with Revolving Loans. On any day on which the Borrower shall have
requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter
of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving
Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit,
in which case a Revolving Loan borrowing comprised entirely of Alternate Base Rate Loans (each such
borrowing, a “Mandatory LOC Borrowing”) shall be
made (without giving effect to any termination of the Commitments pursuant to Section 7.2)
pro
rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before
giving effect to any termination of the Commitments pursuant to Section 7.2)

 

42

 

and the proceeds
thereof shall be paid directly to the Issuing Lender for application to the respective LOC
Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans on the
day such notice is received by the Revolving Lenders from the Administrative Agent if such notice
is received at or before 2:00 P.M., otherwise such payment shall be made at or before 12:00 P.M. on
the Business Day next succeeding the day such notice is received, in each case notwithstanding (i)
whether the amount of Mandatory LOC Borrowing complies with the minimum amount for borrowings of
Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2
are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for
any such request or deemed request for Revolving Loan to be made by the time otherwise required in
Section 2.1(b)(i), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the
Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event
that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above
(including, without limitation, as a result of the occurrence of a Bankruptcy Event), then each
such Revolving Lender hereby agrees that it shall forthwith fund (as of the date the Mandatory LOC
Borrowing would otherwise have occurred, but adjusted for any payments received from the Borrower
on or after such date and prior to such purchase) its Participation Interests in the outstanding
LOC Obligations; provided, further, that in the event any Revolving Lender shall
fail to fund its Participation Interest on the day the Mandatory LOC Borrowing would otherwise have
occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall
bear interest payable by such Revolving Lender to the Issuing Lender upon demand, at the rate equal
to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and
thereafter at a rate equal to the Alternate Base Rate.

(f) Modification, Extension. The issuance of any supplement, modification, amendment,
renewal, or extension to any Letter of Credit shall, for purposes hereof, be treated in all
respects the same as the issuance of a new Letter of Credit hereunder.

(g) ISP98. Unless otherwise expressly agreed by the Issuing Lender and the Borrower,
when a Letter of Credit is issued, the rules of the “International Standby Practices 1998,”
published by the Institute of International Banking Law & Practice (or such later version thereof
as may be in effect at the time of issuance) shall apply to each standby Letter of Credit.

(h) Conflict with LOC Documents. In the event of any conflict between this Agreement
and any LOC Document (including any letter of credit application), this Agreement shall control.

(i) Designation of Subsidiaries as Account Parties. Notwithstanding anything to the
contrary set forth in this Agreement, including without limitation Section 2.3(a), a Letter of
Credit issued hereunder may contain a statement to the effect that such Letter of Credit is issued
for the account of a Subsidiary of the Borrower; provided that, notwithstanding such
statement, the Borrower shall be the actual account party for all purposes of this Agreement for
such Letter of Credit and such statement shall not affect the Borrower’s Reimbursement Obligations
hereunder with respect to such Letter of Credit.

 

43

 

Section 2.4 Swingline Loan Subfacility.

(a) Swingline Commitment. During the Commitment Period, subject to the terms and
conditions hereof, the Swingline Lender, in its individual capacity, agrees to make certain
revolving credit loans to the Borrower (each a “Swingline Loan” and, collectively, the
“Swingline Loans”) for the purposes hereinafter set forth; provided,
however, (i) the aggregate principal amount of Swingline Loans outstanding at any time
shall not exceed TWO MILLION DOLLARS ($2,000,000) (the “Swingline Committed Amount”), and
(ii) the sum of the aggregate principal amount of outstanding Revolving Loans plus
outstanding Swingline Loans plus outstanding LOC Obligations shall not exceed the Revolving
Committed Amount then in effect. Swingline Loans hereunder may be repaid and reborrowed in
accordance with the provisions hereof.

(b) Swingline Loan Borrowings.

(i) Notice of Borrowing and Disbursement. Upon receiving a Notice of Borrowing from
the Borrower not later than 1:00 P.M. on any Business Day requesting that a Swingline Loan be made,
the Swingline Lender will make Swingline Loans available to the Borrower on the same Business Day
such request is received by the Administrative Agent. Swingline Loan borrowings hereunder shall be
made in minimum amounts of $500,000 (or the remaining available amount of the Swingline Committed
Amount if less) and in integral amounts of $100,000 in excess thereof.

(ii) Repayment of Swingline Loans. Each Swingline Loan borrowing shall be due and
payable on the Revolver Maturity Date. The Swingline Lender may, at any time, in its sole
discretion, by written notice to the Borrower and the Administrative Agent, demand repayment of its
Swingline Loans by way of a Revolving Loan borrowing, in which case the Borrower shall be deemed to
have requested a Revolving Loan borrowing comprised entirely of Alternate Base Rate Loans in the
amount of such Swingline Loans; provided, however, that, in the following
circumstances, any such demand shall also be deemed to have been given one Business Day prior to
each of (A) the Revolver Maturity Date, (B) the occurrence of any Bankruptcy Event, (C) upon
acceleration of the Credit Party Obligations hereunder, whether on account of a Bankruptcy Event or
any other Event of Default, and (D) the exercise of remedies in accordance with the provisions of
Section 7.2 hereof (each such Revolving Loan borrowing made on account of any such deemed request
therefor as provided herein being hereinafter referred to as “Mandatory Swingline
Borrowing”). Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans
promptly upon any such request or deemed request on account of each Mandatory Swingline Borrowing
in the amount and in the manner specified in the preceding sentence on the date such notice is
received by the Revolving Lenders from the Administrative Agent if such notice is received at or
before 2:00 P.M., otherwise such payment shall be made at or before 12:00 P.M. on the Business Day
next succeeding the date such notice is received notwithstanding (1) the amount of Mandatory
Swingline Borrowing may not comply with the minimum amount for borrowings of Revolving Loans
otherwise required hereunder, (2) whether any conditions specified in Section 4.2 are then
satisfied, (3) whether a Default or an Event of Default then exists, (4) failure of any such
request or deemed request for Revolving Loans to be made by the time otherwise required in Section
2.1(b)(i), (5) the date of such
Mandatory Swingline Borrowing, or (6) any reduction in the Revolving Committed Amount or

 

44

 

termination of the Revolving Commitments immediately prior to such Mandatory Swingline Borrowing or
contemporaneously therewith. In the event that any Mandatory Swingline Borrowing cannot for any
reason be made on the date otherwise required above (including, without limitation, as a result of
the commencement of a proceeding under the Bankruptcy Code), then each Revolving Lender hereby
agrees that it shall forthwith purchase (as of the date the Mandatory Swingline Borrowing would
otherwise have occurred, but adjusted for any payments received from the Borrower on or after such
date and prior to such purchase) from the Swingline Lender such Participation Interest in the
outstanding Swingline Loans as shall be necessary to cause each such Revolving Lender to share in
such Swingline Loans ratably based upon its respective Revolving Commitment Percentage (determined
before giving effect to any termination of the Commitments pursuant to Section 7.2);
provided that (x) all interest payable on the Swingline Loans shall be for the account of
the Swingline Lender until the date as of which the respective Participation Interest is purchased,
and (y) at the time any purchase of a Participation Interest pursuant to this sentence is actually
made, the purchasing Revolving Lender shall be required to pay to the Swingline Lender interest on
the principal amount of such Participation Interest purchased for each day from and including the
day upon which the Mandatory Swingline Borrowing would otherwise have occurred to but excluding the
date of payment for such Participation Interest, at the rate equal to, if paid within two (2)
Business Days of the date of the Mandatory Swingline Borrowing, the Federal Funds Effective Rate,
and thereafter at a rate equal to the Alternate Base Rate. The Borrower shall have the right to
repay the Swingline Loan in whole or in part from time to time without premium or penalty;
provided, however; that each partial repayment of a Swingline Loan shall be in a
minimum principal amount of $500,000 and integral multiples of $100,000 in excess thereof (or the
remaining outstanding principal amount).

(c) Interest on Swingline Loans. Subject to the provisions of Section 2.8, Swingline
Loans shall bear interest at a per annum rate equal to the Alternate Base Rate plus the
Applicable Percentage for Revolving Loans that are Alternate Base Rate Loans. Interest on
Swingline Loans shall be payable in arrears on each Interest Payment Date.

(d) Swingline Note; Covenant to Pay. The Swingline Loans shall be evidenced by this
Agreement and, upon request of the Swingline Lender, by a duly executed promissory note of the
Borrower in favor of the Swingline Lender in the original amount of the Swingline Committed Amount
and substantially in the form of Exhibit 2.4(d). The Borrower covenants and agrees to pay the
Swingline Loans in accordance with the terms of this Agreement.

Section 2.5 Fees.

(a) Commitment Fee. In consideration of the Revolving Commitments, the Borrower
agrees to pay to the Administrative Agent, for the ratable benefit of the Revolving Lenders (other
than a Defaulting Lender), a commitment fee (the “Commitment Fee”) at a rate equal to 0.75%
per annum on the average daily unused amount of the Revolving Committed Amount (Non-Defaulting
Lender). For purposes of computation of the Commitment Fee, LOC Obligations shall be considered
usage of the Revolving Committed Amount (Non-Defaulting Lender) but Swingline Loans shall not be
considered usage of the Revolving Committed Amount
(Non-Defaulting Lender). The Commitment Fee shall be (i) payable quarterly in arrears on the

 

45

 

last Business Day of each March, June, September and December, commencing June 30, 2011, and on the
Revolver Maturity Date and (ii) non-refundable.

(b) Letter of Credit Fees. In consideration of the LOC Commitments, the Borrower
agrees to pay to the Administrative Agent, for the ratable benefit of the Revolving Lenders, a fee
(the “Letter of Credit Fee”) equal to the Applicable Percentage for Revolving Loans that
are LIBOR Rate Loans per annum on the average daily maximum amount available to be drawn under each
Letter of Credit from the date of issuance to the date of expiration. The Letter of Credit Fee
shall be (i) payable quarterly in arrears on the last Business Day of each March, June, September
and December, commencing June 30, 2011, and on the Revolver Maturity Date and (ii) non-refundable.

(c) Issuing Lender Fees. In addition to the Letter of Credit Fees payable pursuant to
subsection (b) of this Section, the Borrower shall pay to the Issuing Lender for its own account
without sharing by the other Lenders the reasonable and customary charges from time to time of the
Issuing Lender with respect to the amendment, transfer, administration, cancellation and conversion
of, and drawings under, such Letters of Credit (collectively, the “Issuing Lender Fees”).
The Issuing Lender may charge, and retain for its own account without sharing by the other Lenders,
an additional facing fee (the “Letter of Credit Facing Fee”) of 0.50% per annum on the
average daily maximum amount available to be drawn under each such Letter of Credit issued by it.
The Issuing Lender Fees and the Letter of Credit Facing Fee shall be (i) payable quarterly in
arrears on the last Business Day of each March, June, September and December, commencing June 30,
2011, and on the Revolver Maturity Date and (ii) non-refundable.

(d) Administrative Fee. The Borrower agrees to pay to the Administrative Agent an
annual administrative fee in an amount equal to $100,000 per annum, which fee shall be payable in
advance to the Administrative Agent for its own account on the Closing Date and on each one-year
anniversary thereof.

Section 2.6 Commitment Reductions.

(a) Voluntary Reductions. The Borrower shall have the right to terminate or
permanently reduce the unused portion of the Revolving Committed Amount at any time or from time to
time upon not less than five (5) Business Days’ prior written notice to the Administrative Agent
(which shall notify the Lenders thereof as soon as practicable) of each such termination or
reduction, which notice shall specify the effective date thereof and the amount of any such
reduction which shall be in a minimum amount of $1,000,000 or a whole multiple of $500,000 in
excess thereof and shall be irrevocable and effective upon receipt by the Administrative Agent;
provided that no such reduction or termination shall be permitted if after giving effect
thereto, and to any prepayments of the Revolving Loans made on the effective date thereof, the sum
of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline
Loans plus outstanding LOC Obligations would exceed the Revolving Committed Amount then in
effect.

(b) Swingline Committed Amount. If the Revolving Committed Amount is reduced below
the then current Swingline Committed Amount, the Swingline Committed

 

46

 

Amount shall automatically be
reduced by an amount such that the Swingline Committed Amount equals the Revolving Committed
Amount.

(c) Maturity Date. The Revolving Commitments, the Swingline Commitment and the LOC
Commitment shall automatically terminate on the Revolver Maturity Date.

Section 2.7 Prepayments.

(a) Optional Prepayments. The Borrower shall have the right to prepay Loans in whole
or in part from time to time; provided, however, that each partial prepayment of a
Term Loan shall be in a minimum principal amount of $1,000,000 and integral multiples of $500,000
in excess thereof (or the remaining outstanding principal amount). The Borrower shall give three
(3) Business Days’ irrevocable notice of prepayment in the case of LIBOR Rate Loans and same-day
irrevocable notice on any Business Day in the case of Alternate Base Rate Loans, to the
Administrative Agent (which shall notify the Lenders thereof as soon as practicable). To the
extent that the Borrower elects to prepay the Term Loans, amounts prepaid under this Section 2.7(a)
shall be applied ratably to the remaining principal installments thereof. Within the foregoing
parameters, prepayments under this Section 2.7 shall be applied first to Alternate Base Rate Loans
and then to LIBOR Rate Loans in direct order of Interest Period maturities. All prepayments under
this Section 2.7 shall be subject to Section 2.15(a), but otherwise without premium or penalty.
Interest on the principal amount prepaid shall be payable on the next occurring Interest Payment
Date that would have occurred had such loan not been prepaid or, at the request of the
Administrative Agent, interest on the principal amount prepaid shall be payable on any date that a
prepayment is made hereunder through the date of prepayment.

(b) Mandatory Prepayments.

(i) Revolving Committed Amount. If at any time after the Closing Date, the sum of the
aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans
plus outstanding LOC Obligations shall exceed the Revolving Committed Amount, the Borrower
shall immediately prepay the Revolving Loans and Swingline Loans and (after all Revolving Loans and
Swingline Loans have been repaid) cash collateralize the LOC Obligations in an amount sufficient to
eliminate such excess (such prepayment to be applied as set forth in clause (vii) below.

(ii) Asset Dispositions. Promptly following any Asset Disposition (or related series
of Asset Dispositions), the Borrower shall prepay the Loans and/or cash collateralize the LOC
Obligations in an aggregate amount equal to one hundred percent (100%) of the Net Cash Proceeds
derived from such Asset Disposition (or related series of Asset Dispositions) (such prepayment to
be applied as set forth in clause (vii) below); provided, however, that, so long as
no Default or Event of Default has occurred and is continuing, such Net Cash Proceeds shall not be
required to be so applied to the extent the Borrower delivers to the Administrative Agent a
certificate stating that the Credit Parties intend to use such Net Cash Proceeds to acquire,
maintain, develop, construct, improve, upgrade or repair assets useful in the business of the
Credit Parties within 365 days of the receipt of such Net Cash Proceeds, it being
expressly agreed that Net Cash Proceeds not so reinvested within such time period shall be
applied to prepay the Loans and/or cash collateralize the LOC Obligations immediately upon the

 

47

 

expiration of such 365 day period (such prepayment to be applied as set forth in clause (vii)
below). Promptly following any Facility Disposition, the Borrower shall prepay the Loans in an
amount necessary so that the Credit Parties shall be in compliance on a Pro Forma Basis with the
financial covenants set forth in Section 6.15 hereof, recalculated as of the end of the most
recently ended fiscal quarter for which financial statements are available (such prepayment to be
applied as set forth in clause (vii) below, provided, that notwithstanding anything to the contrary
in clause (vii) below or otherwise, the Borrower shall not be required to reduce the Swingline
Committed Amount by the amount of proceeds of a Facility Disposition used to repay Swingline Loans
pursuant to this sentence, shall not be required to reduce Revolving Committed Amount by the amount
proceeds of a Facility Disposition used to repay Revolving Loans pursuant to this sentence and
shall not be required to cash collateralize the LOC Obligations with proceeds of a Facility
Disposition).

(iii) Debt Issuances. Immediately upon receipt by any Credit Party or any of its
Subsidiaries of proceeds from any Debt Issuance, the Borrower shall prepay the Loans and/or cash
collateralize the LOC Obligations in an aggregate amount equal to one hundred percent (100%) of the
Net Cash Proceeds of such Debt Issuance (such prepayment to be applied as set forth in clause (vii)
below).

(iv) Equity Issuances. Immediately upon receipt by any Credit Party or any of its
Subsidiaries of proceeds from any Qualified IPO, the Borrower shall prepay the Loans and/or cash
collateralize the LOC Obligations in an aggregate amount equal to one hundred percent (100%) of the
Net Cash Proceeds of such Qualified IPO in excess of $5,000,000 (such prepayment to be applied as
set forth in clause (vii) below).

(v) Excess Cash Flow. Within 90 days after the end of each Excess Cash Flow Period,
the Borrower shall prepay the Loans and cash collateralize the LOC Obligations in an aggregate
amount equal to the Required Percentage of Excess Cash Flow for such Excess Cash Flow Period (such
prepayments to be applied as set forth in clause (vii) below).

(vi) Extraordinary Receipt. Immediately upon receipt by any Credit Party or any of
its Subsidiaries of proceeds from any Extraordinary Receipt, the Borrower shall prepay the Loans
and/or cash collateralize LOC Obligations in an aggregate amount equal to one hundred percent
(100%) of the Net Cash Proceeds of such Extraordinary Receipt (such prepayment to be applied as set
forth in clause (vii) below); provided, however, that, so long as no Default or
Event of Default has occurred and is continuing, such Net Cash Proceeds shall not be required to be
so applied to the extent the Borrower delivers to the Administrative Agent a certificate stating
that Credit Parties intend to use such Net Cash Proceeds to acquire assets useful to the business
of the Credit Parties within 365 days of the receipt of such Net Cash Proceeds, it being expressly
agreed that any Net Cash Proceeds not so reinvested within such time period shall be applied to
prepay the Loans and/or cash collateralize the LOC Obligations immediately after the expiration of
such 365 day period (such prepayment to be applied as set forth in clause (vii) below).

(vii) Application of Mandatory Prepayments. All amounts required to be paid pursuant
to this Section shall be applied as follows:

 

48

 

(A) with respect to all amounts prepaid pursuant to Section 2.7(b)(i), (1)
first to the outstanding Swingline Loans, (2) second to the outstanding Revolving
Loans and (3) third to cash collateralize the LOC Obligations; and

(B) with respect to all amounts prepaid pursuant to Section 2.7(b)(ii) through
Section 2.7(b)(vi), (1) first to the Term Loan, (2) second to the Swingline Loans
(without a corresponding reduction of the Swingline Committed Amount), (3) third to
the Revolving Loans (without a corresponding reduction of the Revolving Committed
Amount) and (4) fourth to a cash collateral account in respect of LOC Obligations
(without a corresponding reduction of the LOC Committed Amount). Within the
parameters of the applications set forth above, prepayments shall be applied first
to Alternate Base Rate Loans and then to LIBOR Rate Loans in direct order of
Interest Period maturities. All prepayments under this Section shall be subject to
Section 2.15(a) and be accompanied by interest on the principal amount prepaid
through the date of prepayment, but otherwise without premium or penalty.

(c) Hedging Obligations Unaffected. Any repayment or prepayment made pursuant to this
Section shall not affect the Borrower’s obligation to continue to make payments under any Secured
Hedging Agreement, which shall remain in full force and effect notwithstanding such repayment or
prepayment, subject to the terms of such Secured Hedging Agreement.

Section 2.8 Default Rate and Payment Dates.

(a) If all or a portion of the principal amount of any LIBOR Rate Loan shall not be continued
as a LIBOR Rate Loan in accordance with the provisions of Section 2.9 (whether at the stated
maturity, by acceleration or otherwise), such LIBOR Rate Loan shall be converted to an Alternate
Base Rate Loan at the end of the Interest Period applicable thereto.

(b) (i) If all or a portion of the principal amount of any LIBOR Rate Loan shall not be paid
when due, such overdue amount shall bear interest at a rate per annum which is equal to the rate
that would otherwise be applicable thereto plus 2%, until the end of the Interest Period
applicable thereto, and thereafter at a rate per annum which is equal to the Alternate Base Rate
plus the sum of the Applicable Percentage then in effect for Alternate Base Rate Loans and
2% (the “ABR Default Rate”) or (ii) if any interest payable on the principal amount of any
Loan or any fee or other amount, including the principal amount of any Alternate Base Rate Loan,
payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or
otherwise), such overdue amount shall bear interest at a rate per annum which is equal to the ABR
Default Rate, in each case from the date of such non-payment until such amount is paid in full
(after as well as before judgment). Upon the occurrence, and during the continuance, of any other
Event of Default hereunder, at the option of the Required Lenders, the principal of and, to
the extent permitted by law, interest on the Loans and any other amounts owing hereunder or
under the other Credit Documents shall bear interest, payable on demand, at a per annum rate which
is (A) in the case of principal, the rate that would otherwise be applicable thereto plus
2%

 

49

 

or (B) in the case of interest, fees or other amounts, the ABR Default Rate (after as well as
before judgment).

(c) Interest on each Loan shall be payable in arrears on each Interest Payment Date;
provided that interest accruing pursuant to paragraph (b) of this Section shall be payable
from time to time on demand.

Section 2.9 Conversion Options.

(a) The Borrower may, in the case of Revolving Loans and the Term Loan, elect from time to
time to convert Alternate Base Rate Loans to LIBOR Rate Loans, by delivering a Notice of
Conversion/Extension to the Administrative Agent at least three (3) Business Days prior to the
proposed date of conversion. In addition, the Borrower may elect from time to time to convert all
or any portion of a LIBOR Rate Loan to an Alternate Base Rate Loan by giving the Administrative
Agent irrevocable written notice thereof by 1:00 P.M. one (1) Business Day prior to the proposed
date of conversion. If the date upon which an Alternate Base Rate Loan is to be converted to a
LIBOR Rate Loan is not a Business Day, then such conversion shall be made on the next succeeding
Business Day and during the period from such last day of an Interest Period to such succeeding
Business Day such Loan shall bear interest as if it were an Alternate Base Rate Loan. LIBOR Rate
Loans may only be converted to Alternate Base Rate Loans on the last day of the applicable Interest
Period. If the date upon which a LIBOR Rate Loan is to be converted to an Alternate Base Rate Loan
is not a Business Day, then such conversion shall be made on the next succeeding Business Day and
during the period from such last day of an Interest Period to such succeeding Business Day such
Loan shall bear interest as if it were an Alternate Base Rate Loan. All or any part of outstanding
Alternate Base Rate Loans may be converted as provided herein; provided that (i) no Loan
may be converted into a LIBOR Rate Loan when any Default or Event of Default has occurred and is
continuing and (ii) partial conversions shall be in an aggregate principal amount of $500,000 or a
whole multiple of $500,000 in excess thereof. All or any part of outstanding LIBOR Rate Loans may
be converted as provided herein; provided that partial conversions shall be in an aggregate
principal amount of $500,000 or a whole multiple of $500,000 in excess thereof.

(b) Any LIBOR Rate Loans may be continued as such upon the expiration of an Interest Period
with respect thereto by compliance by the Borrower with the notice provisions contained in Section
2.9(a); provided, that no LIBOR Rate Loan may be continued as such when any Default or
Event of Default has occurred and is continuing, in which case such Loan shall be automatically
converted to an Alternate Base Rate Loan at the end of the applicable Interest Period with respect
thereto. If the Borrower shall fail to give timely notice of an election to continue a LIBOR Rate
Loan, or the continuation of LIBOR Rate Loans is not permitted hereunder, such LIBOR Rate Loans
shall be automatically converted to Alternate Base Rate Loans at the end of the applicable Interest
Period with respect thereto.

Section 2.10 Computation of Interest and Fees; Usury.

(a) Interest payable hereunder with respect to any Alternate Base Rate Loan based on the Prime
Rate shall be calculated on the basis of a year of 365 days (or 366 days, as applicable) for the
actual days elapsed. All other fees, interest and all other amounts payable

 

50

 

hereunder shall be
calculated on the basis of a 360-day year for the actual days elapsed. The Administrative Agent
shall as soon as practicable notify the Borrower and the Lenders of each determination of a LIBOR
Rate on the Business Day of the determination thereof. Any change in the interest rate on a Loan
resulting from a change in the Alternate Base Rate shall become effective as of the opening of
business on the day on which such change in the Alternate Base Rate shall become effective. The
Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of the
effective date and the amount of each such change.

(b) Each determination of an interest rate by the Administrative Agent pursuant to any
provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the
absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver
to the Borrower a statement showing the computations used by the Administrative Agent in
determining any interest rate.

(c) It is the intent of the Lenders and the Credit Parties to conform to and contract in
strict compliance with applicable usury law from time to time in effect. All agreements between
the Lenders and the Credit Parties are hereby limited by the provisions of this subsection which
shall override and control all such agreements, whether now existing or hereafter arising and
whether written or oral. In no way, nor in any event or contingency (including, but not limited
to, prepayment or acceleration of the maturity of any Credit Party Obligation), shall the interest
taken, reserved, contracted for, charged, or received under this Agreement, under the Notes or
otherwise, exceed the maximum nonusurious amount permissible under applicable law. If, from any
possible construction of any of the Credit Documents or any other document, interest would
otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be
subject to the provisions of this paragraph and such interest shall be automatically reduced to the
maximum nonusurious amount permitted under applicable law, without the necessity of execution of
any amendment or new document. If any Lender shall ever receive anything of value which is
characterized as interest on the Loans under applicable law and which would, apart from this
provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which
would have been excessive interest shall, without penalty, be applied to the reduction of the
principal amount owing on the Loans and the Cash Collateralization of outstanding Letters of Credit
and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and
to the extent such amount which would have been excessive exceeds such unpaid principal amount of
the Loans and the 105% of the face amount of the outstanding Letters of Credit. The right to
demand payment of the Loans or any other Indebtedness evidenced by any of the Credit Documents does
not include the right to receive any interest which has not otherwise accrued on the date of such
demand, and the Lenders do not intend to charge or receive any unearned interest in the event of
such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans
shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread
throughout the full stated term (including any renewal or extension) of the Loans so that the
amount of interest on
account of such Indebtedness does not exceed the maximum nonusurious amount permitted by
applicable law.

 

51

 

Section 2.11 Pro Rata Treatment and Payments.

(a) Allocation of Payments Prior to Exercise of Remedies. Each borrowing of Revolving
Loans and any reduction of the Revolving Commitments shall be made pro rata according to the
respective Revolving Commitment Percentages of the Revolving Lenders. Unless otherwise required by
the terms of this Agreement, each payment under this Agreement or any Note shall be applied, first,
to any fees then due and owing by the Borrower pursuant to Section 2.5, second, to interest then
due and owing hereunder and under the Notes of the Borrower and, third, to principal then due and
owing hereunder and under the Notes of the Borrower. Each payment on account of any fees pursuant
to Section 2.5 shall be made pro rata in accordance with the respective amounts due and owing
(except as to the Letter of Credit Facing Fees and the Issuing Lender Fees and except that
Commitment Fees shall not be paid to any Defaulting Lender). Each payment (other than prepayments)
by the Borrower on account of principal of and interest on the Revolving Loans and on the Term
Loan, as applicable, shall be applied to such Loans, as applicable, on a pro rata basis. Each
optional prepayment on account of principal of the Loans shall be applied in accordance with
Section 2.7(a). Each mandatory prepayment on account of principal of the Loans shall be applied in
accordance with Section 2.7(b). All payments (including prepayments) to be made by the Borrower on
account of principal, interest and fees shall be made without defense, set-off or counterclaim and
shall be made to the Administrative Agent for the account of the Lenders at the Administrative
Agent’s account most recently designated in writing by the Administrative Agent for such purpose in
Dollars and in immediately available funds not later than 1:00 P.M. (New York time) on the date
when due. The Administrative Agent shall distribute such payments to the Lenders entitled thereto
promptly upon receipt in like funds as received. If any payment hereunder (other than payments on
the LIBOR Rate Loans) becomes due and payable on a day other than a Business Day, such payment
shall be extended to the next succeeding Business Day, and, with respect to payments of principal,
interest thereon shall be payable at the then applicable rate during such extension. If any
payment on a LIBOR Rate Loan becomes due and payable on a day other than a Business Day, such
payment date shall be extended to the next succeeding Business Day unless the result of such
extension would be to extend such payment into another calendar month, in which event such payment
shall be made on the immediately preceding Business Day.

(b) Allocation of Payments After Exercise of Remedies. Notwithstanding any other
provisions of this Agreement to the contrary, after the exercise of remedies (other than the
invocation of default interest pursuant to Section 2.8) by the Administrative Agent or the Lenders
pursuant to Section 7.2 (or after the Commitments shall automatically terminate and the Loans (with
accrued interest thereon) and all other amounts under the Credit Documents (including without
limitation the maximum amount of all contingent liabilities under Letters of Credit) shall
automatically become due and payable in accordance with the terms of such Section), all amounts
collected or received by the Administrative Agent or any Lender on account of the Credit Party
Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the
Collateral shall be paid over or delivered as follows (irrespective of whether the following costs,
expenses, fees, interest, premiums, scheduled periodic payments
or Credit Party Obligations are allowed, permitted or recognized as a claim in any proceeding
resulting from the occurrence of a Bankruptcy Event):

 

52

 

FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including
without limitation reasonable attorneys’ fees) of the Administrative Agent in connection
with enforcing the rights of the Lenders under the Credit Documents and any protective
advances made by the Administrative Agent with respect to the Collateral under or pursuant
to the terms of the Security Documents;

SECOND, to the payment of any other fees owed to the Administrative Agent and the
Issuing Lender;

THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including
without limitation, reasonable attorneys’ fees) of each of the Lenders in connection with
enforcing its rights under the Credit Documents or otherwise with respect to the Credit
Party Obligations owing to such Lender;

FOURTH, to the payment of all of the Credit Party Obligations consisting of accrued
fees and interest, and including, with respect to any Secured Hedging Agreement, any fees,
premiums and scheduled periodic payments due under such Secured Hedging Agreement and any
interest accrued thereon;

FIFTH, to the payment of the outstanding principal amount of the Credit Party
Obligations and the payment or Cash Collateralization of the outstanding LOC Obligations,
and including with respect to any Secured Hedging Agreement, any breakage, termination or
other payments due under such Secured Hedging Agreement and any interest accrued thereon;

SIXTH, to all other Credit Party Obligations and other obligations which shall have
become due and payable under the Credit Documents or otherwise and not repaid pursuant to
clauses “FIRST” through “FIFTH” above; and

SEVENTH, to the payment of the surplus, if any, to whoever may be lawfully entitled to
receive such surplus.

In carrying out the foregoing, (a) amounts received shall be applied in the numerical order
provided until exhausted prior to application to the next succeeding category; (b) each of the
Lenders and any Hedging Agreement Provider shall receive an amount equal to its pro rata share
(based on the proportion that the then outstanding Loans and LOC Obligations held by such Lender or
the outstanding obligations payable to such Hedging Agreement Provider bears to the aggregate then
outstanding Loans and LOC Obligations and obligations payable under all Secured Hedging Agreements)
of amounts available to be applied pursuant to clauses “THIRD”, “FOURTH”, “FIFTH” and “SIXTH”
above; and (c) to the extent that any amounts available for distribution pursuant to clause “FIFTH”
above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such
amounts shall be held by the Administrative Agent in a cash collateral account and applied (i)
first, to reimburse the Issuing Lender from time to time for any drawings under such Letters of
Credit and (ii) then, following the expiration of all Letters of Credit, to all other obligations
of the types described in clauses “FIFTH” and “SIXTH” above in
the manner provided in this Section. Notwithstanding the foregoing terms of this Section,
only Collateral proceeds and payments under the Guaranty (as opposed to ordinary course principal,

 

53

 

interest and fee payments hereunder) shall be applied to obligations under any Secured Hedging
Agreement.

Section 2.12 Non-Receipt of Funds by the Administrative Agent.

(a) Funding by Lenders; Presumption by Administrative Agent. Unless the
Administrative Agent shall have received written notice from a Lender prior to the proposed date of
any Extension of Credit that such Lender will not make available to the Administrative Agent such
Lender’s share of such Extension of Credit, the Administrative Agent may assume that such Lender
has made such share available on such date in accordance with this Agreement and may, in reliance
upon such assumption, make available to the Borrower a corresponding amount. In such event, if a
Lender has not in fact made its share of the applicable Extension of Credit available to the
Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the
Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each
day from and including the date such amount is made available to the Borrower to but excluding the
date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such
Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a
payment to be made by the Borrower, the interest rate applicable to Alternate Base Rate Loans. If
the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an
overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of
such interest paid by the Borrower for such period. If such Lender pays its share of the
applicable Extension of Credit to the Administrative Agent, then the amount so paid shall
constitute such Lender’s Loan included in such Extension of Credit. Any payment by the Borrower
shall be without prejudice to any claim the Borrower may have against a Lender that shall have
failed to make such payment to the Administrative Agent.

(b) Payments by Borrower; Presumptions by Administrative Agent. Unless the
Administrative Agent shall have received notice from the Borrower prior to the date on which any
payment is due to the Administrative Agent for the account of the Lenders or the Issuing Lender
hereunder that the Borrower will not make such payment, the Administrative Agent may assume that
the Borrower has made such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to the Lenders or the Issuing Lender, as the case may be, the amount
due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or
the Issuing Lender, as the case may be, severally agrees to repay to the Administrative Agent
forthwith on demand the amount so distributed to such Lender or the Issuing Lender, with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding
the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate
and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation.

A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount
owing under subsections (a) and (b) of this Section shall be conclusive, absent manifest error.

 

54

 

(c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the
Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing
provisions of this Article II, and such funds are not made available to the Borrower by the
Administrative Agent because the conditions to the applicable Extension of Credit set forth in
Article IV are not satisfied or waived in accordance with the terms thereof, the Administrative
Agent shall return such funds (in like funds as received from such Lender) to such Lender, without
interest.

(d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make
Revolving Loans, to fund participations in Letters of Credit and Swingline Loans and to make
payments pursuant to Section 9.5(c) are several and not joint. The failure of any Lender to make
any Loan, to fund any such participation or to make any such payment under Section 9.5(c) on any
date required hereunder shall not relieve any other Lender of its corresponding obligation to do so
on such date, and no Lender shall be responsible for the failure of any other Lender to so make its
Loan, to purchase its participation or to make its payment under Section 9.5(c).

(e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain
the funds for any Loan in any particular place or manner or to constitute a representation by any
Lender that it has obtained or will obtain the funds for any Loan in any particular place or
manner.

Section 2.13 Inability to Determine Interest Rate.

Notwithstanding any other provision of this Agreement, if (a) the Administrative Agent shall
reasonably determine (which determination shall be conclusive and binding absent manifest error)
that, by reason of circumstances affecting the relevant market, reasonable and adequate means do
not exist for ascertaining the LIBOR Rate for such Interest Period, or (b) the Required Lenders
shall reasonably determine (which determination shall be conclusive and binding absent manifest
error) that the LIBOR Rate does not adequately and fairly reflect the cost in the interbank loan
market of funding LIBOR Rate Loans that the Borrower has requested be outstanding as a LIBOR
Tranche during such Interest Period, the Administrative Agent shall forthwith give telephone notice
of such determination, confirmed in writing, to the Borrower, and the Lenders at least two (2)
Business Days prior to the first day of such Interest Period. Unless the Borrower shall have
notified the Administrative Agent upon receipt of such telephone notice that it wishes to rescind
or modify its request regarding such LIBOR Rate Loans, any Loans that were requested to be made as
LIBOR Rate Loans shall be made as Alternate Base Rate Loans and any Loans that were requested to be
converted into or continued as LIBOR Rate Loans shall remain as or be converted into Alternate Base
Rate Loans. Until any such notice has been withdrawn by the Administrative Agent, no further Loans
shall be made as, continued as, or converted into, LIBOR Rate Loans for the Interest Periods so
affected.

Section 2.14 Yield Protection.

(a) Increased Costs Generally. If any Change in Law shall:

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits with

 

55

 

or for the account
of, or credit extended or participated in by, any Lender (except any reserve requirement
reflected in the LIBOR Rate) or the Issuing Lender; or

(ii) impose on any Lender or the Issuing Lender or the London interbank market any
other condition, cost or expense affecting this Agreement or LIBOR Rate Loans made by such
Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any LIBOR Rate Loan (or of maintaining its obligation to make any such Loan), or to
increase the cost to such Lender or the Issuing Lender of participating in, issuing or maintaining
any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of
Credit), or to reduce the amount of any sum received or receivable by such Lender or the Issuing
Lender hereunder (whether of principal, interest or any other amount) then, upon request of such
Lender or the Issuing Lender, the Borrower will pay to such Lender or the Issuing Lender, as the
case may be, such additional amount or amounts as will compensate such Lender or the Issuing
Lender, as the case may be, for such additional costs incurred or reduction suffered.

(b) Capital Requirements. If any Lender or the Issuing Lender determines that any
Change in Law affecting such Lender or the Issuing Lender or any lending office of such Lender or
such Lender’s or the Issuing Lender’s holding company, if any, regarding capital requirements has
or would have the effect of reducing the rate of return on such Lender’s or the Issuing Lender’s
capital or on the capital of such Lender’s or the Issuing Lender’s holding company, if any, as a
consequence of this Agreement, the Commitments of such Lender or the Loans made by, or
participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the
Issuing Lender, to a level below that which such Lender or the Issuing Lender or such Lender’s or
the Issuing Lender’s holding company could have achieved but for such Change in Law (taking into
consideration such Lender’s or the Issuing Lender’s policies and the policies of such Lender’s or
the Issuing Lender’s holding company with respect to capital adequacy), then from time to time the
Borrower will pay to such Lender or the Issuing Lender, as the case may be, such additional amount
or amounts as will compensate such Lender or the Issuing Lender or such Lender’s or the Issuing
Lender’s holding company for any such reduction suffered.

(c) Certificates for Reimbursement. A certificate of a Lender or the Issuing Lender
setting forth, in reasonable detail, the amount or amounts necessary to compensate such Lender or
the Issuing Lender or its holding company, as the case may be, as specified in paragraph (a) or (b)
of this Section and delivered to the Borrower shall be conclusive absent manifest error. The
Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due
on any such certificate within ten (10) days after receipt thereof.

(d) Delay in Requests. Failure or delay on the part of any Lender or the Issuing
Lender to demand compensation pursuant to this Section shall not constitute a waiver of such
Lender’s or the Issuing Lender’s right to demand such compensation, provided that the Borrower
shall not be required to compensate a Lender or the Issuing Lender pursuant to this Section for any
increased costs incurred or reductions suffered, as the case may be, to the extent that such Lender
or the Issuing Lender fails to make a demand for such compensation more than

 

56

 

nine (9) months after
becoming aware of such Change in Law giving arise to such increased costs or reductions.

(e) The foregoing provisions of this Section 2.14 shall not apply in the case of any Change in
Law in respect of Taxes, which shall instead be governed by Section 2.16.

Section 2.15 Indemnity; Eurocurrency Liabilities.

(a) The Credit Parties hereby agree to indemnify each Lender and to hold such Lender harmless
from any funding loss or expense which such Lender may sustain or incur as a consequence of (a) the
failure by the Borrower to pay the principal amount of or interest on any Loan by such Lender in
accordance with the terms hereof, (b) the failure by the Borrower to accept a borrowing after the
Borrower has given a notice in accordance with the terms hereof, (c) default by the Borrower in
making any prepayment after the Borrower has given a notice in accordance with the terms hereof,
and/or (d) the making by the Borrower of a prepayment of a LIBOR Rate Loan, or the conversion
thereof, on a day which is not the last day of the Interest Period with respect thereto, in each
case including, but not limited to, any such loss or expense arising from interest or fees payable
by such Lender to lenders of funds obtained by it in order to maintain its Loans hereunder. A
certificate setting forth reasonable details as to any additional amounts payable pursuant to this
Section submitted by any Lender, through the Administrative Agent, to the Borrower (which
certificate must be delivered to the Administrative Agent within thirty (30) days following such
default, prepayment or conversion) shall be conclusive in the absence of manifest error. The
agreements in this Section shall survive termination of this Agreement and payment of the Credit
Party Obligations.

(b) The Borrower shall pay to each Lender, as long as such Lender shall be required to
maintain reserves under Regulation D with respect to “Eurocurrency liabilities” within the meaning
of Regulation D, or under any similar or successor regulation with respect to Eurocurrency
liabilities or Eurocurrency funding, additional interest on the unpaid principal amount of each
LIBOR Loan equal to the actual costs of such reserves allocated to such LIBOR Loan by such Lender
(as determined by such Lender in good faith, which determination shall be conclusive), which shall
be due and payable on each date on which interest is payable on such LIBOR Loan, provided the
Borrower shall have received at least fifteen (15) days prior notice (with a copy to the
Administrative Agent) of such additional interest from such Lender. If a Lender fails to give
notice fifteen (15) days prior to the relevant interest payment date, such additional interest
shall be due and payable fifteen (15) days from receipt of such notice.

Section 2.16 Taxes.

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation
of the Borrower hereunder or under any other Credit Document shall be made free and clear of and
without reduction or withholding for any Taxes, provided that if the Borrower shall be required by
applicable law to deduct any Taxes from such payments, then (i) in the case of Indemnified Taxes
and Other Taxes, the sum payable shall be increased as necessary so that after making all required
deductions (including deductions applicable to additional sums payable under this Section) the
Administrative Agent, any Lender or Issuing Lender, as the case may be, receives an amount equal to
the sum it would have received had no such deductions been made,

 

57

 

(ii) the Borrower shall make such
deductions and (iii) the Borrower shall timely pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable law.

(b) Payment of Other Taxes by the Borrower. Without limiting the provisions of
Section 2.16(a) above, the Borrower shall timely pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law.

(c) Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent, each Lender and the Issuing Lender, within ten (10) days after demand therefor, for the full
amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed
or asserted on or attributable to amounts payable under this Section) paid by the Administrative
Agent, such Lender or the Issuing Lender, as the case may be, and any penalties, interest and
reasonable expenses arising therefrom or with respect thereto. A certificate as to the amount of
such payment or liability delivered to the Borrower by a Lender or the Issuing Lender (with a copy
to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a
Lender or the Issuing Lender, shall be conclusive absent manifest error.

(d) Evidence of Payments. As soon as practicable after any payment of Indemnified
Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the
Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.

(e) Status of Lenders. Any Lender that is entitled to an exemption from or reduction
of withholding tax under the law of the jurisdiction in which the Borrower is resident for tax
purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder
or under any other Credit Document shall (or shall cause its parent or owner to) deliver to the
Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable
law or reasonably requested by the Borrower or the Administrative Agent, such properly completed
and executed documentation prescribed by applicable law as will permit such payments to be made
without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by
the Borrower or the Administrative Agent, shall (or shall cause its parent or owner to) deliver
such other documentation prescribed by applicable law or reasonably requested by the Borrower or
the Administrative Agent as will enable the Borrower or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or information reporting requirements.

Without limiting the generality of the foregoing, in the event that the Borrower is resident
for tax purposes in the United States of America, any Lender shall (or shall cause its parent or
owner to) deliver to the Borrower and the Administrative Agent (in such number of copies as shall
be requested by the recipient) on or prior to the date on which such Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the request of the Borrower or the
Administrative Agent, but only if such Lender is legally entitled to do so), whichever of the
following is applicable:

 

58

 

(i) duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility
for benefits of an income tax treaty to which the United States of America is a party,

(ii) duly completed copies of Internal Revenue Service Form W-8ECI,

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under section 881(c) of the Code, (i) a certificate to the effect that
such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the
Code, (B) a “10 percent shareholder” of the Borrower within the meaning of section
881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section
881(c)(3)(C) of the Code and (ii) duly completed copies of Internal Revenue Service Form
W-8BEN,

(iv) duly completed copies of Internal Revenue Service Form W-9, or

(v) any other form prescribed by applicable law as a basis for claiming exemption from
or a reduction in United States federal withholding tax duly completed together with such
supplementary documentation as may be prescribed by applicable law to permit the Borrower to
determine the withholding or deduction required to be made.

(f) Treatment of Certain Refunds. If the Administrative Agent, a Lender or the
Issuing Lender receives a refund of any Taxes or Other Taxes as to which it has been indemnified by
the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this
Section, it shall pay to the Borrower an amount equal to such refund (but only to the extent of
indemnity payments made, or additional amounts paid, by the Borrower under this Section with
respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses
of the Administrative Agent, such Lender or the Issuing Lender, as the case may be, and without
interest (other than any interest paid by the relevant Governmental Authority with respect to such
refund), provided that the Borrower, upon the request of the Administrative Agent, such Lender or
the Issuing Lender, agrees to repay the amount paid over to the Borrower (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) to the
Administrative Agent, such Lender or the Issuing Lender in the event the Administrative Agent, such
Lender or the Issuing Lender is required to repay such refund to such Governmental Authority. This
paragraph shall not be construed to require the Administrative Agent, any Lender or the Issuing
Lender to make available its tax returns (or any other information relating to its taxes that it
deems confidential) to the Borrower or any other Person.

Section 2.17 Indemnification; Nature of Issuing Lender’s Duties.

(a) In addition to their other obligations under Section 2.3, the Credit Parties hereby agree
to protect, indemnify, pay and save the Issuing Lender and each Lender harmless from and against
any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including
reasonable attorneys’ fees) that the Issuing Lender or such Lender may incur or be subject to as a
consequence, direct or indirect, of (i) the issuance of any Letter of Credit or (ii) the failure of
the Issuing Lender to honor a drawing under a Letter of Credit as a result of any act or omission,
whether rightful or wrongful, of any present or future de jure or de facto

 

59

 

government or
Governmental Authority (all such acts or omissions, herein called “Government Acts”).

(b) As between the Credit Parties, the Issuing Lender and each Lender, the Credit Parties
shall assume all risks of the acts, omissions or misuse of any Letter of Credit by the beneficiary
thereof. Neither the Issuing Lender nor any Lender shall be responsible: (i) for the form,
validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party
in connection with the application for and issuance of any Letter of Credit, even if it should in
fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged;
(ii) for the validity or sufficiency of any instrument transferring or assigning or purporting to
transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof,
in whole or in part, that may prove to be invalid or ineffective for any reason; (iii) for failure
of the beneficiary of a Letter of Credit to comply fully with conditions required in order to draw
upon a Letter of Credit; (iv) for errors, omissions, interruptions or delays in transmission or
delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in
cipher; (v) for errors in interpretation of technical terms; (vi) for any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under a Letter of
Credit or of the proceeds thereof; and (vii) for any consequences arising from causes beyond the
control of the Issuing Lender or any Lender, including, without limitation, any Government Acts.
None of the above shall affect, impair, or prevent the vesting of the Issuing Lender’s rights or
powers hereunder.

(c) In furtherance and extension and not in limitation of the specific provisions hereinabove
set forth, any action taken or omitted by the Issuing Lender or any Lender, under or in connection
with any Letter of Credit or the related certificates, if taken or omitted in the absence of gross
negligence or willful misconduct, shall not put such Issuing Lender or such Lender under any
resulting liability to the Credit Parties. It is the intention of the parties that this Agreement
shall be construed and applied to protect and indemnify the Issuing Lender and each Lender against
any and all risks involved in the issuance of the Letters of Credit, all of which risks are hereby
assumed by the Credit Parties, including, without limitation, any and all risks of the acts or
omissions, whether rightful or wrongful, of any Government Authority. The Issuing Lender and the
Lenders shall not, in any way, be liable for any failure by the Issuing Lender or anyone else to
pay any drawing under any Letter of Credit as a result of any Government Acts or any other cause
beyond the control of the Issuing Lender and the Lenders.

(d) Nothing in this Section is intended to limit the Reimbursement Obligation of the Borrower
contained in Section 2.3(d) hereof. The obligations of the Credit Parties under this Section shall
survive the termination of this Agreement. No act or omissions of any current or prior beneficiary
of a Letter of Credit shall in any way affect or impair the rights of the Issuing Lender and the
Lenders to enforce any right, power or benefit under this Agreement.

(e) Notwithstanding anything to the contrary contained in this Section, the Credit Parties
shall have no obligation to indemnify the Issuing Lender or any Lender in respect of any liability
incurred by the Issuing Lender or such Lender arising out of the gross negligence or willful
misconduct of the Issuing Lender (including action not taken by the Issuing Lender or such Lender),
as determined by a court of competent jurisdiction or pursuant to arbitration.

 

60

 

Section 2.18 Illegality.

Notwithstanding any other provision of this Credit Agreement, if any Change in Law shall make
it unlawful for such Lender or its LIBOR Lending Office to make or maintain LIBOR Rate Loans as
contemplated by this Credit Agreement or to obtain in the interbank eurodollar market through its
LIBOR Lending Office the funds with which to make such Loans, (a) such Lender shall promptly notify
the Administrative Agent and the Borrower thereof, (b) the commitment of such Lender hereunder to
make LIBOR Rate Loans or continue LIBOR Rate Loans as such shall forthwith be suspended until the
Administrative Agent shall give notice that the condition or situation which gave rise to the
suspension shall no longer exist, and (c) such Lender’s Loans then outstanding as LIBOR Rate Loans,
if any, shall be converted on the last day of the Interest Period for such Loans or within such
earlier period as required by law as Alternate Base Rate Loans. The Borrower hereby agrees to
promptly pay any Lender, upon its demand, any additional amounts necessary to compensate such
Lender for actual and direct costs (but not including anticipated profits) reasonably incurred by
such Lender in making any repayment in accordance with this Section including, but not limited to,
any interest or fees payable by such Lender to lenders of funds obtained by it in order to make or
maintain its LIBOR Rate Loans hereunder. A certificate (which certificate shall include a
description of the basis for the computation) as to any additional amounts payable pursuant to this
Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be
conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts
(including reasonable efforts to change its LIBOR Lending Office) to avoid or to minimize any
amounts which may otherwise be payable pursuant to this Section; provided, however,
that such efforts shall not cause the imposition on such Lender of any additional costs or legal or
regulatory burdens deemed by such Lender in its sole discretion to be material.

Section 2.19 Replacement of Lenders.

(a) Designation of a Different Lending Office. If any Lender requests compensation
under Section 2.14, or requires the Borrower to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 2.16, then such Lender
shall use reasonable efforts to designate a different lending office for funding or booking its
Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the reasonable judgment of such Lender, such designation or
assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.14 or Section
2.16, as the case may be, in the future and (ii) would not subject such Lender to any material
unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender in any
material respect. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by
any Lender in connection with any such designation or assignment.

(b) Replacement of Lenders In Certain Circumstances. If any Lender requests or
becomes entitled to (and does not waive) compensation under Section 2.14, or if the Borrower is
required to pay any additional amount to any Lender or any Governmental Authority for the account
of any Lender pursuant to Section 2.16, or if any Lender defaults in its obligation to fund Loans
hereunder, then the Borrower may, at its sole expense and effort, upon notice to such Lender and
the Administrative Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in, and consents required

 

61

 

by, Section
9.6), all of its interests, rights and obligations under this Agreement and the related Credit
Documents to an assignee that shall assume such obligations (which assignee may be another Lender,
if a Lender accepts such assignment), provided that:

(i) the Borrower shall have paid to the Administrative Agent the assignment fee
specified in Section 9.6;

(ii) such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans and participations in Letters of Credit, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder and under the other Credit
Documents (including any amounts under Section 2.15) from the assignee (to the extent of
such outstanding principal and accrued interest and fees) or the Borrower (in the case of
all other amounts);

(iii) in the case of any such assignment resulting from a claim for compensation under
Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will
result in a reduction in such compensation or payments thereafter; and

(iv) such assignment does not conflict with applicable law.

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as
a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to
require such assignment and delegation cease to apply.

(c) Replacement of Non-Consenting Lenders. Notwithstanding anything to the contrary
provided in Section 9.6, if any Lender (such Lender, a “Non-Consenting Lender”) has failed
to consent to a proposed amendment, waiver, discharge or termination which pursuant to the terms of
Section 9.1 requires the consent of all of the Lenders or all of the Lenders affected and with
respect to which the Required Lenders shall have granted their consent, then the Borrower shall
have the right (unless such Non-Consenting Lender grants such consent) to replace such
Non-Consenting Lender by deeming such Non-Consenting Lender to have assigned its Loans, and its
Commitments hereunder to one or more assignees reasonably acceptable to the Administrative Agent
(unless such assignee is a Lender, an Affiliate of a Lender or an Approved
Fund); provided, that: (i) all Obligations of the Borrower owing to such
Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender
concurrently with such assignment and (ii) the replacement Lender shall purchase the foregoing by
paying to such Non-Consenting Lender a price equal to the principal amount thereof plus
accrued and unpaid interest thereon. No action by or consent of the Non-Consenting Lender shall be
necessary in connection with such assignment, which shall be immediately and automatically
effective upon payment of such purchase price. In connection with any such assignment, the
Borrower, Administrative Agent, such Non-Consenting Lender and the replacement Lender shall
otherwise comply with Section 9.6; provided, that if such Non-Consenting Lender does not
comply with Section 9.6 within three (3) Business Days after Borrower’s request, compliance with
Section 9.6 shall not be required to effect such assignment.

 

62

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

To induce the Lenders to enter into this Agreement and to make the Extensions of Credit herein
provided for, the Credit Parties hereby represent and warrant, as of the date of each Extension of
Credit as provided in Section 4.2, to the Administrative Agent and to each Lender that:

Section 3.1 [Reserved.]

Section 3.2 No Material Adverse Effect.

Since the Closing Date (after giving effect to the Transactions), there has been no
development, circumstance or event which has had or could reasonably be expected to have a Material
Adverse Effect.

Section 3.3 Corporate Existence; Compliance with Law.

Each of the Credit Parties (a) is duly organized, validly existing and in good standing under
the laws of the jurisdiction of its incorporation, organization or formation, (b) has the requisite
power and authority and the legal right to own and operate all its property, to lease the property
it operates as lessee and to conduct the business in which it is currently engaged and has taken
all actions necessary to maintain all rights, privileges, licenses and franchises necessary or
required in the normal conduct of its business, (c) is duly qualified to conduct business and in
good standing under the laws of (i) the jurisdiction of its organization or formation, (ii) the
jurisdiction where its chief executive office is located and (iii) each other jurisdiction where
its ownership, lease or operation of property or the conduct of its business requires such
qualification except to the extent that the failure to so qualify or be in good standing in any
such other jurisdiction could not, individually or in the aggregate, reasonably be expected to have
a material adverse effect on the business or operations of the Credit Parties and their
Subsidiaries in such jurisdiction and (d) is in compliance with all Requirements of Law,
organizational
documents, government permits and government licenses (including gaming and liquor licenses)
except to the extent such non-compliance could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. The jurisdictions in which the Credit Parties are
organized as of the Closing Date are described on Schedule 3.3. The Borrower shall update Schedule
3.3 from time to time, in accordance with Section 5.2, to add Additional Credit Parties.

Section 3.4 Corporate Power; Authorization; Enforceable Obligations.

(a) Each of the Credit Parties has full power and authority and the legal right to make,
deliver and perform the Credit Documents to which it is party and has taken all necessary limited
liability company, partnership or corporate action to authorize the execution, delivery and
performance by it of the Credit Documents to which it is party. Each Credit Document to which it
is a party has been duly executed and delivered on behalf of each Credit Party. Each Credit
Document to which it is a party constitutes a legal, valid and binding obligation of each Credit
Party, enforceable against such Credit Party in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency,

 

63

 

reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally and by general equitable principles
(whether enforcement is sought by proceedings in equity or at law).

(b) Each of the Borrower and the Guarantors has obtained (i) all material licenses (including
material gaming and liquor licenses), permits and consents necessary or appropriate for such party
to conduct the business and operations located at each of the Facilities and (ii) except for the
Colorado Gaming Notice and any Approvals of the Gaming Authorities or any other Governmental
Authorities that the Administrative Agent or any Lender, Secured Party or Participant is required
to obtain under the Gaming Laws or other Requirements of Law in order to exercise their respective
rights and remedies under the Credit Documents, all required approvals from the Gaming Authorities
of the transactions contemplated hereby and by the other Credit Documents.

Section 3.5 No Legal Bar; No Default.

The execution, delivery and performance by each Credit Party of the Credit Documents to which
such Credit Party is a party, the borrowings thereunder and the use of the proceeds of the Loans
(a) will not violate any Requirement of Law or any Contractual Obligation of any Credit Party
(except those as to which waivers or consents have been obtained), (b) will not conflict with,
result in a breach of or constitute a default under the articles of incorporation, bylaws, articles
of organization, operating agreement or other organization documents of the Credit Parties or any
material agreement or other material instrument to which such Person is a party or by which any of
its properties may be bound or any material approval or material consent from any Governmental
Authority relating to such Person, and (c) will not result in, or require, the creation or
imposition of any Lien on any Credit Party’s properties or revenues pursuant to any Requirement of
Law or Contractual Obligation other than the Liens arising under or contemplated in connection with
the Credit Documents or Permitted Liens. No Credit Party is in default under or with respect to
any of its Contractual Obligations except to the extent such
default could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. No Default or Event of Default has occurred and is continuing.

Section 3.6 No Material Litigation.

No litigation, investigation, claim, criminal prosecution, civil investigative demand,
imposition of criminal or civil fines and penalties, or any other proceeding of or before any
arbitrator or Governmental Authority is pending or, to the best knowledge of the Credit Parties,
threatened by or against any Credit Party or any of its Subsidiaries or against any of its or their
respective properties or revenues (a) with respect to the Credit Documents or any Extension of
Credit or any of the transactions contemplated hereby, or (b) which could reasonably be expected to
have a Material Adverse Effect. No permanent injunction, temporary restraining order or similar
decree has been issued against any Credit Party or any of its Subsidiaries which could reasonably
be expected to have a Material Adverse Effect.

 

64

 

Section 3.7 Investment Company Act; etc.

No Credit Party is an “investment company”, or a company “controlled” by an “investment
company”, within the meaning of the Investment Company Act of 1940, as amended. No Credit Party is
subject to regulation under the Federal Power Act, the Interstate Commerce Act, or any federal or
state statute or regulation limiting its ability to incur the Credit Party Obligations.

Section 3.8 Margin Regulations.

No part of the proceeds of any Extension of Credit hereunder will be used directly or
indirectly for any purpose that violates, or that would require any Lender to make any filings in
accordance with, the provisions of Regulation T, U or X of the Board of Governors of the Federal
Reserve System as now and from time to time hereafter in effect. The Credit Parties and their
Subsidiaries (a) are not engaged, principally or as one of their important activities, in the
business of extending credit for the purpose of “purchasing” or “carrying” “margin stock” within
the respective meanings of each of such terms under Regulation U and (b) taken as a group do not
own “margin stock” except as identified in the financial statements delivered pursuant to Section
5.1 and the aggregate value of all “margin stock” owned by the Credit Parties and their
Subsidiaries taken as a group does not exceed 25% of the value of their assets.

Section 3.9 ERISA.

Neither a Reportable Event nor an “accumulated funding deficiency” (within the meaning of
Section 412 of the Code or Section 302 of ERISA) has occurred during the five-year period prior to
the date on which this representation is made or deemed made with respect to any Plan, and each
Plan has complied in all material respects with the applicable provisions of ERISA and the Code.
No termination of a Single Employer Plan has occurred resulting in any liability that has remained
underfunded, and no Lien in favor of the PBGC or a Plan has arisen, during such five-year period.
The present value of all accrued benefits under each Single Employer Plan (based on those
assumptions used to fund such Plans) did not, as of the last annual valuation date
prior to the date on which this representation is made or deemed made, exceed the value of the
assets of such Plan allocable to such accrued benefits. Neither any Credit Party nor any Commonly
Controlled Entity is currently subject to any liability for a complete or partial withdrawal from a
Multiemployer Plan.

Section 3.10 Environmental Matters.

Except as could not reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect:

(a) The facilities and properties owned, leased or operated by the Credit Parties or
any of their Subsidiaries (the “Properties”) do not contain any Materials of
Environmental Concern in amounts or concentrations which (i) constitute a violation of, or
(ii) could give rise to liability on behalf of any Credit Party under, any Environmental
Law.

 

65

 

(b) The Properties and all operations of the Credit Parties and/or their Subsidiaries
at the Properties are in compliance, and have in the last five (5) years been in compliance,
with all applicable Environmental Laws, and there is no contamination at, under or about the
Properties or violation of any Environmental Law with respect to the Properties or the
business operated by the Credit Parties or any of their Subsidiaries (the
“Business”).

(c) Neither the Credit Parties nor their Subsidiaries have received any written or
actual notice of violation, alleged violation, non-compliance, liability or potential
liability on behalf of any Credit Party with respect to environmental matters or
Environmental Laws regarding any of the Properties or the Business, nor do the Credit
Parties or their Subsidiaries have knowledge or reason to believe that any such notice will
be received or is being threatened.

(d) The Credit Parties have not and, to the best knowledge of the Credit Parties, no
other Person has disposed of Materials of Environmental Concern from the Properties in
violation of, or in a manner or to a location that could give rise to liability on behalf of
any Credit Party under any Environmental Law, and the Credit Parties have not and, to the
best knowledge of the Credit Parties, no other Person has generated, treated, stored or
disposed of Materials of Environmental Concern at, on or under any of the Properties in
violation of, or in a manner that could give rise to liability on behalf of any Credit Party
under, any applicable Environmental Law.

(e) No judicial proceeding or governmental or administrative action is pending or, to
the knowledge of the Credit Parties and their Subsidiaries, threatened, under any
Environmental Law to which any Credit Party or any Subsidiary is or will be named as a party
with respect to the Properties or the Business, nor are there any consent decrees or other
decrees, consent orders, administrative orders or other orders, or other administrative or
judicial requirements outstanding under any Environmental Law with respect to the Properties
or the Business.

(f) There has been no release or threat of release of Materials of Environmental
Concern at or from the Properties, or arising from or related to the operations of any
Credit Party or any Subsidiary in connection with the Properties or otherwise in connection
with the Business, in violation of or in amounts or in a manner that could give rise to
liability on behalf of any Credit Party under Environmental Laws.

Section 3.11 Use of Proceeds.

The proceeds of the Extensions of Credit shall be used by the Borrower solely (a) to pay any
costs, fees and expenses associated with this Agreement on the Closing Date, and (b) for working
capital and other general corporate purposes of the Credit Parties and their Subsidiaries.

Section 3.12 Subsidiaries; Joint Ventures; Partnerships.

Set forth on Schedule 3.12 is a complete and accurate list of all Subsidiaries, joint ventures
and partnerships of the Credit Parties as of the Closing Date. Information on the attached
Schedule includes the following: (a) the number of shares of each class of Equity

 

66

 

Interest or
other equity interests of each Subsidiary outstanding; and (b) the number and percentage of
outstanding shares of each class of Equity Interest owned by the Borrower or any of its
Subsidiaries. The outstanding Equity Interests of all such Subsidiaries are validly issued, fully
paid and non-assessable and are owned free and clear of all Liens (other than those arising under
the Credit Documents). There are no outstanding subscriptions, options, warrants, calls, rights or
other agreements or commitments (other than stock options granted to employees or directors and
directors’ qualifying shares) of any nature relating to any Equity Interest of the Borrower or any
Subsidiary, except as contemplated in connection with the Credit Documents or as set forth on
Schedule 3.12. The Borrower shall update Schedule 3.12 from time to time, in accordance with
Section 5.2, by providing a replacement Schedule 3.12 to the Administrative Agent.

Section 3.13 Ownership.

Each of the Credit Parties and its Subsidiaries is the owner of, and has good and marketable
title to or a valid leasehold interest in, all of its respective assets, which, together with
assets leased or licensed by the Credit Parties and their Subsidiaries, represents all assets in
the aggregate material to the conduct of the business of the Credit Parties and their Subsidiaries,
and (after giving effect to the Transactions) none of such assets is subject to any Lien other than
Permitted Liens. Each Credit Party and its Subsidiaries enjoys peaceful and undisturbed possession
under all of its leases and all such leases are valid and subsisting and in full force and effect.

Section 3.14 Indebtedness.

Except as otherwise permitted under Section 6.1, the Credit Parties and their Subsidiaries
have no Indebtedness.

Section 3.15 Taxes.

Each of the Credit Parties and its Subsidiaries has filed, or caused to be filed, all material
income tax returns and all other material tax returns (federal, state, local and foreign) required
to be filed and paid (a) all amounts of taxes shown thereon to be due (including interest and
penalties) and (b) all other material taxes, fees, assessments and other governmental charges
(including mortgage recording taxes, gaming taxes, documentary stamp taxes and intangibles taxes)
owing by it, except for such taxes (i) that are not yet due and payable or (ii) that are being
contested in good faith and by proper proceedings, and against which adequate reserves are being
maintained in accordance with GAAP. None of the Credit Parties or their Subsidiaries is aware, as
of the Closing Date, of any proposed material tax assessments made in writing against it or any of
its Subsidiaries.

Section 3.16 Intellectual Property Rights.

Each of the Credit Parties and its Subsidiaries owns, or has the legal right to use, all
Intellectual Property necessary for each of them to conduct its business as currently conducted.
Set forth on Schedule 3.16 is a list of all registered or issued Intellectual Property (including
all applications for registration and issuance) owned by each of the Credit Parties and its
Subsidiaries or that each of the Credit Parties or any of its Subsidiaries has the right to use as
of

 

67

 

the Closing Date or as of the date such Schedule was last updated in accordance with the terms
of Section 5.2 (including name/title, current owner, registration or application number, and
registration or application date). Except as disclosed in Schedule 3.16 hereto, (a) each Credit
Party has the right to use its Intellectual Property in perpetuity and without payment of
royalties, (b) all registrations with and applications to Governmental Authorities in respect of
such Intellectual Property are valid and in full force and effect and are not subject to the
payment of any taxes or maintenance fees or the taking of any interest therein, held by any of the
Credit Parties to maintain their validity or effectiveness, and (c) there are no restrictions on
the direct or indirect transfer of any Contractual Obligation, or any interest therein, held by any
of the Credit Parties in respect of such Intellectual Property which has not been obtained. None
of the Credit Parties is in default (or with the giving of notice or lapse of time or both, would
be in default) under any license to use its Intellectual Property; no claim has been asserted and
is pending by any Person challenging or questioning the use of any such Intellectual Property or
the validity or effectiveness of any such Intellectual Property, nor do the Credit Parties or any
of their Subsidiaries know of any such claim; and, to the knowledge of the Credit Parties or any of
their Subsidiaries, the use of such Intellectual Property by any of the Credit Parties or any of
its Subsidiaries does not infringe on the rights of any Person. The Credit Parties have recorded
or deposited with and paid to the United States Copyright Office, the Register of Copyrights, the
Copyrights Royalty Tribunal or other Governmental Authority, all notices, statements of account,
royalty fees and other documents and instruments required under the terms and conditions of any
Contractual Obligation of the Credit Parties and/or under Title 17 of the United States Code and
the rules and regulations issued thereunder (collectively, the “Copyright Act”), and are
not liable to any Person for copyright infringement under the Copyright Act or any other law, rule,
regulation, contract or license as a result of their business operations. Schedule 3.16 shall be
updated from time to time, in accordance with Section 5.2, by the Borrower to include
new Intellectual Property acquired after the Closing Date by giving written notice thereof to
the Administrative Agent.

Section 3.17 Solvency.

After giving effect to the Transactions, (a) each of the Credit Parties is solvent and is able
to pay its debts and other liabilities, contingent obligations and other commitments as they mature
in the normal course of business, and (b) the fair saleable value of each Credit Party’s assets,
measured on a going concern basis, exceeds all probable liabilities, including those to be incurred
pursuant to this Agreement. After giving effect to the Transactions, none of the Credit Parties
(i) has unreasonably small capital in relation to the business in which it is or proposes to be
engaged or (ii) has incurred, or believes that it will incur debts beyond its ability to pay such
debts as they become due. In executing the Credit Documents and consummating the Transactions,
none of the Credit Parties intends to hinder, delay or defraud either present or future creditors
or other Persons to which one or more of the Credit Parties is or will become indebted.

Section 3.18 Investments.

All Investments of each of the Credit Parties and its Subsidiaries are Permitted Investments.

 

68

 

Section 3.19 Location of Collateral.

Set forth on Schedule 3.19(a) is a list of all Properties of the Credit Parties and their
Subsidiaries as of the Closing Date with street address, county and state where located. Set forth
on Schedule 3.19(b) is a list of all locations where any tangible personal property of the Credit
Parties and their Subsidiaries (excluding inventory in transit or on temporary display at a
customer location) is located as of the Closing Date, including county and state where located.
Set forth on Schedule 3.19(c) is the state of incorporation or organization, the chief executive
office, the principal place of business, the federal tax identification number and organization
identification number of each of the Credit Parties and their Subsidiaries as of the Closing Date.

Section 3.20 [Reserved].

Section 3.21 Brokers’ Fees.

None of the Credit Parties or their Subsidiaries has any obligation to any Person in respect
of any finder’s, broker’s, investment banking or other similar fee in connection with any of the
transactions contemplated under the Credit Documents other than the closing and other fees payable
pursuant to this Agreement or as contemplated by the Bankruptcy Plan.

Section 3.22 Labor Matters.

There are no collective bargaining agreements or Multiemployer Plans covering the employees of
the Credit Parties or any of their Subsidiaries as of the Closing Date, other than as set forth in
Schedule 3.22 hereto, and none of the Credit Parties or their Subsidiaries (a) has
suffered any strikes, walkouts, work stoppages or other material labor difficulty within the
last five (5) years, other than as set forth in Schedule 3.22 hereto, or (b) has knowledge of any
potential or pending strike, walkout or work stoppage. Other than as set forth on Schedule 3.22,
no unfair labor practice complaint is pending against any Credit Party or any of its Subsidiaries.
There are no strikes, walkouts, work stoppages or other material labor difficulty pending or
threatened against any Credit Party.

Section 3.23 Accuracy and Completeness of Information.

All factual information heretofore, contemporaneously or hereafter furnished by or on behalf
of any Credit Party or any of its Subsidiaries to the Administrative Agent or any Lender for
purposes of or in connection with this Agreement or any other Credit Document, or any transaction
contemplated hereby or thereby, was on the date furnished, is, or will be on the date furnished
true and accurate in all material respects and not incomplete by omitting to state any material
fact necessary to make such information not misleading.

Section 3.24 [Reserved.]

Section 3.25 Insurance.

The insurance coverage of the Credit Parties and their Subsidiaries as of the Closing Date is
outlined as to carrier, policy number, expiration date, type and amount on Schedule 3.25 and such
insurance coverage complies with the requirements set forth in Section 5.5(b).

 

69

 

Section 3.26 Security Documents.

The Security Documents create valid security interests in, and Liens on, the Collateral
purported to be covered thereby. Except as set forth in the Security Documents, such security
interests and Liens are currently (or will be, upon (a) the filing of appropriate financing
statements with the Secretary of State of the state of incorporation or organization for each
Credit Party, the filing of appropriate assignments or notices with the United States Patent and
Trademark Office and the United States Copyright Office, and the recordation of the Mortgage
Instruments, in each case in favor of the Administrative Agent, on behalf of the Lenders, and (b)
the Administrative Agent obtaining Control (as defined in the Security Agreement) or possession
over those items of Collateral in which a security interest is perfected through Control or
possession) perfected security interests and Liens, prior to all other Liens other than Permitted
Liens.

Section 3.27 [Reserved].

Section 3.28 Classification of Senior Indebtedness.

The Credit Party Obligations constitute “Senior Indebtedness”, “Designated Senior
Indebtedness” or any similar designation under and as defined in any agreement governing any
Subordinated Debt and the subordination provisions set forth in each such agreement are legally
valid and enforceable against the parties thereto.

Section 3.29 Anti-Terrorism Laws.

Neither any Credit Party nor any of its Subsidiaries is an “enemy” or an “ally of the enemy”
within the meaning of Section 2 of the Trading with the Enemy Act of the United States of America
(50 U.S.C. App. §§ 1 et seq.), as amended. Neither any Credit Party nor any or its Subsidiaries is
in violation of (a) the Trading with the Enemy Act, as amended, (b) any of the foreign assets
control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as
amended) or any enabling legislation or executive order relating thereto or (c) the Patriot Act.
None of the Credit Parties (i) is a blocked person described in Section 1 of the Anti-Terrorism
Order or (ii) to the best of its knowledge, engages in any dealings or transactions, or is
otherwise associated, with any such blocked person.

Section 3.30 Compliance with OFAC Rules and Regulations.

None of the Credit Parties or their Subsidiaries or their respective Affiliates (a) is a
Sanctioned Person, (b) has more than 15% of its assets in Sanctioned Countries, or (c) derives more
than 15% of its operating income from investments in, or transactions with Sanctioned Persons or
Sanctioned Countries. No part of the proceeds of any Extension of Credit hereunder will be used
directly or indirectly to fund any operations in, finance any investments or activities in or make
any payments to, a Sanctioned Person or a Sanctioned Country.

Section 3.31 Compliance with FCPA.

Each of the Credit Parties and their Subsidiaries is in compliance with the Foreign Corrupt
Practices Act, 15 U.S.C. §§ 78dd-1, et seq., and any foreign counterpart thereto. None

 

70

 

of the
Credit Parties or their Subsidiaries has made a payment, offering, or promise to pay, or authorized
the payment of, money or anything of value (a) in order to assist in obtaining or retaining
business for or with, or directing business to, any foreign official, foreign political party,
party official or candidate for foreign political office, (b) to a foreign official, foreign
political party or party official or any candidate for foreign political office, and (c) with the
intent to induce the recipient to misuse his or her official position to direct business wrongfully
to such Credit Party or its Subsidiary or to any other Person, in violation of the Foreign Corrupt
Practices Act, 15 U.S.C. §§ 78dd-1, et seq.

Section 3.32 Consent; Governmental Authorizations.

Except for the Colorado Gaming Notice and any Approvals of the Bankruptcy Court, Gaming
Authorities or any other Governmental Authorities that the Administrative Agent or any Lender,
Secured Party or Participant is required to obtain under Requirements of Law in order to exercise
their respective rights and remedies under the Credit Documents, no approval, consent or
authorization of, filing with, notice to or other act by or in respect of, any Governmental
Authority or any other Person is required in connection with acceptance of Extensions of Credit by
the Borrower or the making of the Guaranty hereunder or with the execution, delivery or
performance of any Credit Document by the Credit Parties (other than those which have been
obtained) or with the validity or enforceability of any Credit Document against the Credit Parties
(except such filings as are necessary in connection with the perfection of the Liens created by
such Credit Documents).

ARTICLE IV

CONDITIONS PRECEDENT

Section 4.1 Conditions to Closing Date.

This Agreement shall become effective only upon, the Term Loan shall be made only upon and the
availability of Revolving Loans on the Closing Date is subject to, the satisfaction of the
following conditions precedent:

(a) Execution of Credit Agreement and Credit Documents. The Administrative
Agent shall have received (i) except as provided in Section 9.22, counterparts of this
Agreement executed by a duly authorized officer of each party hereto, (ii) for the account
of each Revolving Lender requesting a promissory note, a Revolving Note, (iii) for the
account of each Term Loan Lender requesting a promissory note, a Term Loan Note, (iv) for
the account of the Swingline Lender requesting a promissory note, the Swingline Note, (v)
counterparts of the Security Agreement, the Pledge Agreement, each Environmental Indemnity
and each Mortgage Instrument, in each case conforming to the requirements of this Agreement
and executed by duly authorized officers of the Credit Parties or other Person, as
applicable, and (vi) except as provided in Section 9.22, counterparts of any other Credit
Document (other than the Custodian Agreement) executed by the duly authorized officers of
the parties thereto.

 

71

 

(b) Authority Documents. The Administrative Agent shall have received the
following:

(i) Articles of Incorporation/Charter Documents. Copies of articles of
incorporation or other charter documents, as applicable, of each Credit Party
certified (A) by an officer of such Credit Party (pursuant to an officer’s
certificate in substantially the form of Exhibit 4.1(b) attached hereto) as of the
Closing Date to be true and correct and in force and effect as of such date, and (B)
to be true and complete as of a recent date by the appropriate Governmental
Authority of the state of its incorporation or organization, as applicable.

(ii) Resolutions. Copies of resolutions of the board of directors or
comparable managing body of each Credit Party approving and adopting the Credit
Documents, the transactions contemplated therein and authorizing execution and
delivery thereof, certified by an officer of such Credit Party (pursuant to an
officer’s certificate in substantially the form of Exhibit 4.1(b) attached hereto)
as of the Closing Date to be true and correct and in force and effect as of such
date.

(iii) Bylaws/Operating Agreement. A copy of the bylaws or comparable
operating agreement of each Credit Party certified by an officer of such Credit
Party (pursuant to an officer’s certificate in substantially the form of Exhibit
4.1(b) attached hereto) as of the Closing Date to be true and correct and in force
and effect as of such date.

(iv) Good Standing. Original certificates of good standing, existence
or its equivalent with respect to each Credit Party certified as of a recent date by
the appropriate Governmental Authorities of the state of incorporation or
organization of such Credit Party.

(v) Incumbency. An incumbency certificate of each Credit Party
certified by an officer (pursuant to an officer’s certificate in substantially the
form of Exhibit 4.1(b) attached hereto) to be true and correct as of the Closing
Date.

(vi) Legal Opinion of Counsel. If requested by the Administrative
Agent, the Administrative Agent shall have received an opinion or opinions
(including, if so requested, local counsel opinions, including, without limitation,
Colorado local counsel opinions) of counsel for the Credit Parties, dated the
Closing Date and addressed to the Administrative Agent and the Lenders, in form and
substance acceptable to the Administrative Agent.

(vii) Personal Property Collateral. The Administrative Agent shall
have received, in form and substance satisfactory to the Administrative Agent:

(A) completed UCC financing statements for each appropriate
jurisdiction as is necessary, in the Administrative Agent’s sole discretion,
to perfect the Administrative Agent’s security interest in the Collateral;

 

72

 

(B) stock or membership certificates, if any, evidencing the Equity
Interest pledged to the Administrative Agent pursuant to the Pledge
Agreement and duly executed in blank undated stock or transfer powers (other
than the stock certificates evidencing the Equity Interest in ROC and the
stock power with respect to the same);

(C) duly executed consents as are necessary, in the Administrative
Agent’s sole discretion, to perfect the Lenders’ security interest in the
Collateral; and

(D) all instruments and chattel paper in the possession of any of the
Credit Parties, together with allonges or assignments as may be necessary or
appropriate to perfect the Administrative Agent’s and the Lenders’ security
interest in the Collateral.

(viii) Real Property Collateral. The Administrative Agent shall have
received, in form and substance satisfactory to the Administrative Agent and the
Lenders:

(A) fully executed and notarized Mortgage Instruments encumbering the
Mortgaged Properties listed in Schedule 3.19(d) as to properties owned by
the Credit Parties;

(B) a title report in respect of each of the Mortgaged Properties;

(C) with respect to each Mortgaged Property listed in Schedule 3.19(d),
a Mortgage Policy assuring the Administrative Agent that the Mortgage
Instrument with respect to such Mortgaged Property creates a valid and
enforceable first priority mortgage lien on such Mortgaged Property, free
and clear of all defects and encumbrances except Permitted Liens;

(D) evidence satisfactory to Administrative Agent as to (A) whether any
Mortgaged Property listed in Schedule 3.19(d) is a Flood Hazard Property and
(B) if any Mortgaged Property is a Flood Hazard Property, (x) whether the
community in which such Mortgaged Property is located is participating in
the National Flood Insurance Program, (y) the applicable Credit Party’s
written acknowledgment of receipt of written notification from the
Administrative Agent (I) as to the fact that such Mortgaged Property is a
Flood Hazard Property and (II) as to whether the community in which each
such Flood Hazard Property is located is participating in the National Flood
Insurance Program and (z) copies of insurance policies or certificates of
insurance of the Credit Parties and their Subsidiaries evidencing flood
insurance reasonably satisfactory to the Administrative Agent and naming the
Administrative Agent as loss payee on behalf of the Lenders;

(E) [Reserved].

 

73

 

(F) to the extent requested by the Administrative Agent, satisfactory
third-party environmental reviews of all owned Mortgaged Properties listed
in Schedule 3.19(d) and all leased Mortgaged Properties listed in Schedule
3.19(d), including, but not limited to, Phase I environmental assessments,
together with reliance letters in favor of the Lenders;

(G) to the extent requested by the Administrative Agent, opinions of
counsel to the Credit Parties for each jurisdiction in which the Mortgaged
Properties are located;

(H) to the extent requested by the Administrative Agent and available
upon using commercially reasonable efforts, zoning letters from each
municipality or other Governmental Authority for each jurisdiction in which
the Mortgaged Properties listed in Schedule 3.19(d) are located, and zoning
reports from a nationally recognized zoning reporting service; and

(I) with respect to each owned Mortgaged Property, and to the extent
requested by the Administrative Agent, with respect to each leased Mortgaged
Property, a Survey certified to the Administrative Agent and the Title
Insurance Company by a firm of surveyors reasonably satisfactory to the
Administrative Agent and acceptable to the Title Insurance Company.

(c) Liability, Casualty, Property and Business Interruption Insurance. The
Administrative Agent shall have received copies of insurance policies or certificates of
insurance evidencing liability, casualty, flood (subject to Section 4.1(b)(viii)(D)),
property and business interruption insurance meeting the requirements set forth herein or in
the Security Documents.

(d) Solvency Certificate. The Administrative Agent shall have received an
officer’s certificate prepared by the chief financial officer of the Borrower as to the
financial condition, solvency and related matters of the Credit Parties and their
Subsidiaries, after giving effect to the initial borrowings under the Credit Documents, in
substantially the form of Exhibit 4.1(d) hereto.

(e) Account Designation Notice. If requested by the Administrative Agent, the
Administrative Agent shall have received the executed Account Designation Notice in the form
of Exhibit 1.1(a) hereto.

(f) Notice of Borrowing. The Administrative Agent shall have received a Notice
of Borrowing with respect to the Loans to be made on the Closing Date.

(g) Consents. The Administrative Agent shall have received evidence that (A)
except for the Colorado Gaming Notice and any Approvals of the Gaming Authorities or any
other Governmental Authorities that the Administrative Agent or any Lender, Secured Party or
Participant is required to obtain under the Gaming Laws or other Requirements of Law in
order to exercise their respective rights and remedies under

 

74

 

the Credit Documents (i) all
boards of directors, governmental, shareholder and material third party consents and
approvals necessary in connection with the Transactions have been obtained and all
applicable waiting periods have expired without any action being taken by any authority that
could restrain, prevent or impose any material adverse conditions on such transactions or
that could seek or threaten any of the foregoing, and (ii) the Borrower and the Guarantors
have made all necessary registrations with, obtained all necessary consents or approvals of,
given all necessary notices to, and taken all other necessary actions required by, each
applicable Gaming Authority relative to the execution, delivery and performance of the
Credit Documents by the Borrower and the Guarantors and (B) the Borrower has given notice of
the Transactions to the Colorado Gaming Authorities prior to the Closing Date.

(h) Customer Information. The Lenders shall have received all documentation
and other information that is (i) requested in writing not less than 10 business days prior
to the Closing Date and (ii) required by regulatory authorities under
applicable “know your customer” and anti-money laundering rules and regulations,
including without limitation the PATRIOT Act.

(i) Fees and Expenses. The Administrative Agent and the Lenders shall have
received all fees and expenses, if any, owing pursuant to Section 2.5 and the Plan of
Reorganization.

(j) Plan of Reorganization. The Substantial Consummation Date shall have
occurred.

Section 4.2 Conditions to All Extensions of Credit.

The obligation of each Lender to make any Extension of Credit hereunder is subject to the
satisfaction of the following conditions precedent on the date of making such Extension of Credit:

(a) Representations and Warranties. The representations and warranties made by
the Credit Parties herein, in any other Credit Document and which are contained in any
certificate furnished at any time under or in connection herewith shall (i) with respect to
representations and warranties that contain a materiality qualification, be true and correct
and (ii) with respect to representations and warranties that do not contain a materiality
qualification, be true and correct in all material respects, in each case on and as of the
date of such Extension of Credit as if made on and as of such date except for any
representation or warranty that expressly relate to an earlier date, which representation
and warranty shall be true and correct as of such earlier date.

(b) No Default or Event of Default. No Default or Event of Default shall have
occurred and be continuing on such date or after giving effect to the Extension of Credit to
be made on such date unless such Default or Event of Default shall have been waived in
accordance with this Agreement.

(c) Compliance with Commitments. Immediately after giving effect to the making
of any such Extension of Credit (and the application of the proceeds thereof),

 

75

 

(i) the sum
of the aggregate principal amount of outstanding Revolving Loans plus outstanding
Swingline Loans plus outstanding LOC Obligations shall not exceed the Revolving
Committed Amount then in effect, (ii) the outstanding LOC Obligations shall not exceed the
LOC Committed Amount, and (iii) the outstanding Swingline Loans shall not exceed the
Swingline Committed Amount.

(d) Additional Conditions to Revolving Loans. If a Revolving Loan is
requested, all conditions set forth in Section 2.1 shall have been satisfied.

(e) Additional Conditions to Letters of Credit. If the issuance of a Letter of
Credit is requested, all conditions set forth in Section 2.3 shall have been satisfied.

(f) Additional Conditions to Swingline Loans. If a Swingline Loan is
requested, all conditions set forth in Section 2.4 shall have been satisfied.

Each request for an Extension of Credit and each acceptance by the Borrower of any such
Extension of Credit shall be deemed to constitute representations and warranties by the Credit
Parties as of the date of such Extension of Credit that the conditions set forth above in
paragraphs (a) through (f), as applicable, have been satisfied.

ARTICLE V

AFFIRMATIVE COVENANTS

Each of the Credit Parties hereby covenants and agrees that on the Closing Date, and
thereafter (a) for so long as this Agreement is in effect, (b) until the Commitments have
terminated, (c) until no Note remains outstanding and unpaid, (d) until no Letter of Credit remains
outstanding (unless such Letters of Credit have been Cash Collateralized), and (e) until the Credit
Party Obligations and all other amounts owing to the Administrative Agent or any Lender hereunder
(other than contingent indemnification obligations for which no claim has been made) are paid in
full, such Credit Party shall, and shall cause each of their Subsidiaries (other than in the case
of Section 5.1 or Section 5.2 hereof), to:

Section 5.1 Financial Statements.

Furnish to the Administrative Agent and each of the Lenders:

(a) Annual Financial Statements. As soon as available and in any event no
later than the earlier of (i) to the extent applicable, the date the Borrower is required by
the SEC to deliver its Form 10-K for each fiscal year of the Borrower and (ii) ninety (90)
days after the end of each fiscal year of the Borrower, a copy of (A) the Consolidated
balance sheet of the Borrower and its Consolidated Subsidiaries as at the end of such fiscal
year and the related Consolidated statements of income and retained earnings and of cash
flows of the Borrower and its Consolidated Subsidiaries for such year, which shall be
audited by a firm of independent certified public accountants of nationally recognized
standing reasonably acceptable to the Administrative Agent, setting forth in each case in
comparative form the figures for the previous year (except for such deviations as are
permitted by GAAP or SEC rules for companies after their emergence

 

76

 

from bankruptcy),
reported on without a “going concern” or like qualification or exception, or qualification
indicating that the scope of the audit was inadequate to permit such independent certified
public accountants to certify such financial statements without such qualification and (B)
the unaudited consolidating balance sheet of the Borrower and its Consolidated Subsidiaries
as at the end of such fiscal year and the related unaudited consolidating statements of
income and retained earnings and of cash flows of the Borrower and its Consolidated
Subsidiaries for such year;

(b) Quarterly Financial Statements. As soon as available and in any event no
later than the earlier of (i) to the extent applicable, the date the Borrower is required by
the SEC to deliver its Form 10-Q for any fiscal quarter of the Borrower and (ii) forty-five
(45) days after the end of each fiscal quarter of the Borrower, a copy of the Consolidated
and consolidating balance sheet of the Borrower and its Consolidated Subsidiaries as at the
end of such period and related Consolidated and consolidating statements of income
and retained earnings and of cash flows for the Borrower and its Consolidated
Subsidiaries for such quarterly period and for the portion of the fiscal year ending with
such period, in each case setting forth in comparative form Consolidated figures for the
corresponding period or periods of the preceding fiscal year (subject to normal recurring
year-end audit adjustments and except for such deviations as are permitted by GAAP or SEC
rules for companies after their emergence from bankruptcy); and

(c) Annual Operating Budget and Cash Flow. As soon as available, but in any
event within thirty (30) days after the end of each fiscal year, a copy of the detailed
annual operating budget or plan including cash flow projections of the Borrower and its
Subsidiaries for the next four fiscal quarter period prepared on a quarterly basis, in form
and detail reasonably acceptable to the Administrative Agent, together with a summary of the
material assumptions made in the preparation of such annual budget or plan;

all such financial statements to be complete and correct in all material respects (subject, in the
case of interim statements, to normal recurring year-end audit adjustments) and to be prepared in
reasonable detail and, in the case of the annual and quarterly financial statements provided in
accordance with subsections (a) and (b) above, in accordance with GAAP applied consistently
throughout the periods reflected therein and further accompanied by a description of, and an
estimation of the effect on the financial statements on account of, a change, if any, in the
application of accounting principles as provided in Section 1.3.

Notwithstanding the foregoing, financial statements and reports required to be delivered
pursuant to the foregoing provisions of this Section may be delivered electronically and if so,
shall be deemed to have been delivered on the date on which the Administrative Agent receives such
reports from the Borrower through electronic mail; provided that, upon the Administrative
Agent’s request, the Borrower shall provide paper copies of any documents required hereby to the
Administrative Agent.

 

77

 

Section 5.2 Certificates; Other Information.

Furnish to the Administrative Agent and each of the Lenders:

(a) Accountant Certificate. Concurrently with the delivery of the financial
statements referred to in Section 5.1(a) above, a certificate of the independent certified
public accountants reporting on such financial statements stating that in making the
examination necessary therefor no knowledge was obtained of any Default or Event of Default,
except as specified in such certificate.

(b) Officer’s Certificate. Concurrently with the delivery of the financial
statements referred to in Section 5.1(a) and Section 5.1(b) above, a certificate of a
Responsible Officer substantially in the form of Exhibit 5.2(b) stating that (i) such
financial statements present fairly the financial position of the Borrower and its
Subsidiaries for the periods indicated in conformity with GAAP applied on a consistent
basis, (ii) each of the Credit Parties during such period observed or performed all of its
covenants and other agreements, and satisfied every condition, contained in this
Agreement to be observed, performed or satisfied by it and (iii) such Responsible
Officer has obtained no knowledge of any Default or Event of Default except as specified in
such certificate. Such certificate shall include the calculations in reasonable detail
required to indicate compliance with Section 6.15 as of the last day of such period and a
list of the names of each Unrestricted Subsidiary that individually qualifies as an
Unrestricted Subsidiary.

(c) Updated Schedules. Concurrently with or prior to the delivery of the
financial statements referred to in Section 5.1(a) and Section 5.1(b) above, (i) an updated
copy of Schedule 3.3 and Schedule 3.12 if the Borrower or any of its Subsidiaries has formed
or acquired a new Subsidiary since the Closing Date or since such Schedule was last updated,
as applicable and (ii) an updated copy of Schedule 3.16 if the Borrower or any of its
Subsidiaries has registered, applied for registration of, acquired or otherwise obtained
ownership of any new Intellectual Property since the Closing Date or since Schedule 3.16 was
last updated, as applicable.

(d) Financial Information; SEC Filings; Material Reports; Press Releases; Etc.
Promptly upon their becoming available, (i) copies of all reports (other than those provided
pursuant to Section 5.1 and those which are of a promotional nature) and other financial
information which the Borrower sends to its shareholders, (ii) copies of all reports and all
registration statements and prospectuses, if any, which the Borrower may make to, or file
with, the SEC (or any successor or analogous Governmental Authority) or any securities
exchange or other private regulatory authority, (iii) all material regulatory reports and
(iv) all press releases and other statements made available by any of the Credit Parties to
the public concerning material developments in the business of any of the Credit Parties.

(e) Annual Officer’s Certificate. Within ninety (90) days after the end of
each fiscal year of the Borrower, a certificate containing information including a
calculation of Excess Cash Flow and the amount of all acquisitions, all dividends paid,
Asset

 

78

 

Dispositions, Facility Dispositions, Qualified IPOs and Debt Issuances that were made
during the prior fiscal year and amounts received in connection with any Extraordinary
Receipt during the prior fiscal year.

(f) Management Letters; Etc. Promptly upon receipt thereof, a copy or summary
of any other report, or “management letter” or similar report submitted by independent
accountants to the Borrower or any of its Subsidiaries in connection with any annual,
interim or special audit of the books of such Person.

(g) Gaming Information. As soon as practicable and in any event within ten
(10) days after the receipt by the Borrower or any Guarantor from any Gaming Authority or
other Governmental Authority having jurisdiction over the operations of the Borrower or any
Guarantor or filing or receipt thereof by the Borrower or any Guarantor, (i) copies of any
order or notice of such Gaming Authority or such other Governmental Authority or court of
competent jurisdiction which designates any material Casino License or other material
franchise, permit or other governmental operating authorization of the Borrower or any
Guarantor, or any application therefor, for a hearing or which refuses renewal or
extension of, or revokes or suspends the authority of the Borrower or any Guarantor to
own, manage or operate the Facilities (or portion thereof) and (ii) a copy of any material
citation, notice of material violation or order to show cause issued by any Gaming Authority
or other Governmental Authority or any material complaint filed by any Gaming Authority or
other Governmental Authority which is available to the Borrower or any Guarantor.

(h) Miscellaneous Information. Promptly, such additional financial and other
information as the Administrative Agent, on behalf of any Lender, may from time to time
reasonably request.

Section 5.3 Payment of Taxes and Other Obligations.

Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as
the case may be, subject, where applicable, to specified grace periods, (a) all of its material
taxes (Federal, state, local and any other taxes) and (b) all of its other obligations and
liabilities of whatever nature in accordance with industry practice and (c) any additional costs
that are imposed as a result of any failure to so pay, discharge or otherwise satisfy such taxes,
obligations and liabilities, except when the amount or validity of any such taxes, obligations and
liabilities is currently being contested in good faith by appropriate proceedings and reserves, if
applicable, in conformity with GAAP with respect thereto have been provided on the books of the
relevant Credit Party.

Section 5.4 Conduct of Business and Maintenance of Existence.

Continue to engage in business of the same general type as now conducted by it on the Closing
Date and preserve, renew and keep in full force and effect its corporate or other formative
existence and good standing, take all reasonable action to maintain all rights, privileges and
franchises (including all necessary Casino Licenses) necessary or desirable in the

 

79

 

normal conduct
of its business and to maintain its goodwill and comply with all contractual obligations and
Requirements of Law.

Section 5.5 Maintenance of Property; Insurance.

(a) Keep all material property useful and necessary in its business in good working order and
condition (ordinary wear and tear and obsolescence excepted) and not commit or permit any waste
thereon.

(b) Maintain with financially sound and reputable insurance companies liability, casualty,
flood (subject to Section 4.1(b)(viii)(D)), property and business interruption insurance
(including, without limitation, insurance with respect to (i) its tangible Collateral, (ii)
business interruption, (iii) public liability, (iv) product liability, and (v) larceny,
embezzlement and criminal misappropriation) in at least such amounts and against at least such
risks as are usually insured against by companies engaged in the same or a similar business; and
furnish to the Administrative Agent, upon the request of the Administrative Agent, full information
as to
the insurance carried. The Administrative Agent shall be named (i) as Lender’s loss payee, as
its interest may appear, with respect to any property insurance, and (ii) as additional insured, as
its interest may appear, with respect to any such liability insurance. As soon as reasonably
practicable after the Closing Date, the Borrower shall provide the Administrative Agent with
endorsements of insurance evidencing liability, casualty, flood (subject to Section
4.1(b)(viii)(D)), property and business interruption insurance meeting the requirements set forth
herein or in the Security Documents. The Borrower will use commercially reasonable efforts to have
each provider of any such insurance agree, by endorsement upon the policy or policies issued by it
or by independent instruments to be furnished to the Administrative Agent, that it will give the
Administrative Agent thirty (30) days prior written notice before any such policy or policies shall
be altered or canceled, and such policies shall provide that no act or default of the Credit
Parties or any of their Subsidiaries or any other Person shall affect the rights of the
Administrative Agent under such policy or policies.

(c) In case of any material loss, damage to or destruction of the Collateral of any Credit
Party or any part thereof, such Credit Party shall promptly give written notice thereof to the
Administrative Agent generally describing the nature and extent of such damage or destruction. In
case of any such material loss, damage to or destruction of the Collateral of any Credit Party or
any part thereof, if required by the Administrative Agent or the Required Lenders, such Credit
Party, will promptly, at such Credit Party’s election, (i) at such Credit Party’s cost and expense,
repair or replace the Collateral of such Credit Party so lost, damaged or destroyed or (ii) prepay
the Loans in accordance with Section 2.7(b)(vi).

Section 5.6 Inspection of Property; Books and Records; Discussions.

Keep proper books, records and accounts in which full, true and correct entries in conformity
with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to
its businesses and activities; and permit, during regular business hours and upon reasonable notice
by the Administrative Agent or any Lender, the Administrative Agent or any Lender to visit and
inspect any of its properties and examine and make abstracts from any of its books and records at
any reasonable time and as often as may reasonably be

 

80

 

desired, and to discuss the business,
operations, properties, financial conditions and other conditions of the Credit Parties and their
Subsidiaries with officers and employees of the Credit Parties and their Subsidiaries and with its
independent certified public accountants.

Section 5.7 Notices.

Give notice in writing to the Administrative Agent (which shall promptly transmit such notice
to each Lender):

(a) promptly, but in any event within two (2) Business Days after any Credit Party
knows thereof, the occurrence of any Default or Event of Default;

(b) promptly, after any default or event of default under any Contractual Obligation of
any Credit Party or any of its Subsidiaries which, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect or involve a
monetary claim in excess of $1,000,000;

(c) promptly, of any litigation, or any investigation or proceeding known or threatened
to any Credit Party (i) affecting any Credit Party or any of its Subsidiaries which,
individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect or involve a monetary claim in excess of $1,000,000 or involving injunctions or
requesting injunctive relief by or against any Credit Party or any Subsidiary of any Credit
Party, (ii) affecting or with respect to this Agreement, any other Credit Document or any
security interest or Lien created thereunder, (iii) involving an environmental claim or
potential liability under Environmental Laws which could reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect, or (iv) by any Governmental
Authority relating to the Borrower or any Subsidiary thereof and alleging fraud, deception
or willful misconduct by such Person;

(d) promptly, of any labor controversy that has resulted in, or threatens to result in,
a strike or other work action against any Credit Party which could reasonably be expected to
have a Material Adverse Effect;

(e) promptly, of any attachment, judgment, lien, levy or order exceeding $1,000,000
that may be assessed against or threatened against any Credit Party other than Permitted
Liens;

(f) promptly, and in any event within thirty (30) days after any Credit Party knows or
has reason to know thereof: (i) the occurrence or expected occurrence of any Reportable
Event with respect to any Plan, a failure to make any required contribution to a Plan, the
creation of any Lien in favor of the PBGC (other than a Permitted Lien) or a Plan or any
withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan
or (ii) the institution of proceedings or the taking of any other action by the PBGC or any
Credit Party, any Commonly Controlled Entity or any Multiemployer Plan, with respect to the
withdrawal from, or the terminating, Reorganization or Insolvency of, any Plan;

 

81

 

(g) promptly after becoming aware of the occurrence of any Internal Control Event;

(h) promptly, and in any event within ten (10) days prior to creating a Domestic
Subsidiary, notice of the creation of such Domestic Subsidiary;

(i) promptly, any notice of any violation received by any Credit Party from any
Governmental Authority including, without limitation, any notice of violation of
Environmental Laws; and

(j) promptly, any other development or event which could reasonably be expected to have
a Material Adverse Effect.

Each notice pursuant to this Section shall be accompanied by a statement of a Responsible
Officer setting forth details of the occurrence referred to therein and stating what
action the Credit Parties propose to take with respect thereto. In the case of any notice of
a Default or Event of Default, the Borrower shall specify that such notice is a Default or Event of
Default notice on the face thereof.

Section 5.8 Environmental Laws.

(a) Comply in all material respects with, and ensure compliance in all material respects by
all tenants and subtenants, if any, with, all applicable Environmental Laws and obtain and comply
in all material respects with and maintain, and ensure that all tenants and subtenants obtain and
comply in all material respects with and maintain, any and all material licenses, approvals,
notifications, registrations or permits required by applicable Environmental Laws;

(b) Conduct and complete all investigations, studies, sampling and testing, and all remedial,
removal and other actions required under Environmental Laws and promptly comply in all material
respects with all lawful orders and directives of all Governmental Authorities regarding
Environmental Laws except to the extent that the same are being contested in good faith by
appropriate proceedings; and

(c) Defend, indemnify and hold harmless the Administrative Agent and the Lenders, and their
respective employees, agents, officers and directors and affiliates, from and against any and all
claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of
whatever kind or nature known or unknown, contingent or otherwise, arising out of, or in any way
relating to the violation of, noncompliance with or liability under, any Environmental Law
applicable to the operations of the Credit Parties or any of their Subsidiaries or the Properties,
or any orders, requirements or demands of Governmental Authorities related thereto, including,
without limitation, reasonable attorney’s and consultant’s fees, investigation and laboratory fees,
response costs, court costs and litigation expenses, except to the extent that any of the foregoing
arise out of the gross negligence or willful misconduct of the party seeking indemnification
therefor. The agreements in this paragraph shall survive repayment of the Credit Party Obligations
and all other amounts payable hereunder and termination of the Commitments and the Credit
Documents.

 

82

 

Section 5.9 [Reserved.]

Section 5.10 Additional Guarantors.

The Credit Parties will cause each of their Domestic Subsidiaries, whether newly formed, after
acquired or otherwise existing (with any Subsidiary Redesignation resulting in an Unrestricted
Subsidiary becoming a Domestic Subsidiary being deemed to constitute the acquisition of a Domestic
Subsidiary) to promptly (and in any event within thirty (30) days after such Domestic Subsidiary is
formed or acquired (or such longer period of time as agreed to by the Administrative Agent in its
reasonable discretion)) become a Guarantor hereunder by way of execution of a Joinder Agreement and
will execute a supplement to the Intercreditor Agreement, in accordance with to Section 8.21
thereof. In connection therewith, the Credit Parties shall give notice to the Administrative Agent
not less than ten (10) days prior to creating a Domestic Subsidiary (or such shorter period of time
as agreed to by the Administrative Agent in its
reasonable discretion), or acquiring the Equity Interest of any other Person. Subject to
Gaming Laws, the Credit Party Obligations shall be secured by, among other things, a first priority
perfected security interest in the Collateral of such new Guarantor and a pledge of 100% of the
Equity Interest of such new Guarantor and its direct or indirect Domestic Subsidiaries (unless such
Domestic Subsidiary is owned by a Foreign Subsidiary) and 65% of the voting Equity Interest and
100% of the non-voting Equity Interest of its first-tier Foreign Subsidiaries. Subject to
applicable Gaming Laws, in connection with the foregoing, the Credit Parties shall deliver to the
Administrative Agent, with respect to each new Guarantor to the extent applicable, substantially
the same documentation required pursuant to Section 4.1(b) and Section 5.12 and such other
documents or agreements as the Administrative Agent may reasonably request.

Section 5.11 Compliance with Law.

(a) Comply with all Requirements of Law and orders (including Environmental Laws), and all
applicable restrictions imposed by all Governmental Authorities, applicable to it and the
Collateral if noncompliance with any such Requirements of Law, order or restriction could
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

(b) File, on a timely basis, all applicable reports and informational filings with respect to
the transactions contemplated herein and in the other Credit Documents that are required by any
Gaming Laws or any order issued by any applicable Gaming Authority.

(c) Comply in all material respects with all Contractual Obligations if noncompliance with any
such Contractual Obligation could reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.

(d) Maintain any and all material licenses (including liquor licenses), approvals,
notifications, registrations or permits required by applicable Gaming Authorities or other
Governmental Authority for purposes of directing operations and ownership of the Credit Parties, if
any such failure to maintain could reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect.

 

83

 

Section 5.12 Pledged Assets.

(a) Subject to the Gaming Laws, each Credit Party will cause 100% of the Equity Interest in
each of its direct or indirect Domestic Subsidiaries (unless such Domestic Subsidiary is owned by a
Foreign Subsidiary) and 65% of the voting Equity Interest and 100% of the non-voting Equity
Interest of its first-tier Foreign Subsidiaries, in each case to the extent owned by such Credit
Party, to be subject at all times to a first priority, perfected Lien in favor of the
Administrative Agent pursuant to the terms and conditions of the Security Documents or such other
security documents as the Administrative Agent shall reasonably request, subject to Permitted
Liens.

(b) Subject to the terms of subsection (c) below and other than Excluded Assets, each Credit
Party will cause any real property it acquires after the Closing Date and all tangible and
intangible personal property now owned or hereafter acquired to be subject at all
times to a first priority, perfected Lien (subject in each case to Permitted Liens) in favor
of the Administrative Agent pursuant to the terms and conditions of the Security Documents or such
other security documents as the Administrative Agent shall reasonably request. Each Credit Party
shall, and shall cause each of its Subsidiaries to, adhere to the covenants set forth in the
Security Documents.

(c) To the extent otherwise permitted hereunder, if any Credit Party acquires a fee ownership
interest in any real property (“Real Estate”) after the Closing Date and such Real Estate
has a fair market value in excess of $2,000,000, it shall provide to the Administrative Agent
promptly and in any event no later than 30 days following the date of such acquisition: (i) such
security documentation as the Administrative Agent may request to cause such Real Estate to be
subject at all times to a first priority, perfected Lien (subject in each case to Permitted Liens)
in favor of the Administrative Agent and (ii) such other documentation as the Administrative Agent
may reasonably request in connection with the foregoing, including, without limitation, title,
insurance policies, surveys, environmental reports and opinions of counsel, all in form and
substance reasonably satisfactory to the Administrative Agent; provided, that, in the event
that the acquisition of such assets is funded in whole or in part with secured Indebtedness
incurred pursuant to Section 6.1(c) or Section 6.1(k) and clauses (c) or (l) of the definition of
“Permitted Liens,”, and the terms of the documents governing such secured Indebtedness do not
permit the Liens securing the Obligations, then such Credit Party shall not be required to grant a
Lien securing the Obligations (it being understood that immediately upon the ineffectiveness, lapse
or termination of any such provision, the Collateral shall include, and such Credit Party shall
grant a security interest in, such assets).

(d) Each Credit Party shall timely and fully pay and perform its obligations under all leases
and other agreements with respect to each leased location or public warehouse where any Collateral
is or may be located.

Section 5.13 Hedging Agreements.

Within ninety (90) days following the Closing Date and at all times thereafter until the third
anniversary of the Closing Date, cause at least 50% of the aggregate principal amount of Term Loan
then outstanding to be hedged against fluctuations in interest rate pursuant to

 

84

 

Hedging Agreements
for a term of at least three (3) years with a counterparty and on terms reasonably acceptable to
the Administrative Agent.

Section 5.14 [Reserved].

Section 5.15 Ratings.

Obtain Ratings within ninety (90) days following the Closing Date, and maintain Ratings at all
times thereafter.

Section 5.16 Landlord Waivers.

The Credit Parties will provide the Administrative Agent with such estoppel letters, consents
and waivers from the landlords on such real property to the extent (a) requested by the
Administrative Agent and (b) the Borrower is able to secure such letters, consents and waivers
after using commercially reasonable efforts (such letters, consents and waivers shall be in form
and substance reasonably satisfactory to the Administrative Agent).

Section 5.17 Deposit Account Control Agreements.

The Credit Parties will use commercially reasonable efforts to enter into, as soon as
reasonably practicable after the Closing Date, Deposit Account Control Agreements with the
Administrative Agent and the applicable deposit bank, with respect to each deposit account of the
Credit Parties, except payroll accounts, the Series B Term Loan Controlled Account and other
accounts designated by the Administrative Agent.

Section 5.18 Appraisals.

Upon the occurrence and during the continuance of an Event of Default and the Administrative
Agent’s reasonable request and upon reasonable notice to the Borrower, the Borrower shall have
field examinations and/or Real Estate Appraisals conducted, in each case at the Borrower’s expense.

Section 5.19 Additional Matters.

(a) Public/Private Designation. Borrower will cooperate with the Administrative Agent
in connection with the publication of certain materials and/or information provided by or on behalf
of the Borrower to the Administrative Agent and Lenders (collectively, “Information
Materials”) pursuant to this Article V and will designate Information Materials (i) that are
either available to the public or not material with respect to the Borrower and its Subsidiaries or
any of their respective securities for purposes of United States federal and state securities laws,
as “Public Information” and (ii) that are not Public Information as “Private Information”.

(b) Gaming Approvals. As soon as practicable, but in any event within twenty (20)
days following the Closing Date, the Borrower shall deliver to the applicable Colorado Gaming
Authorities fully executed copies of the Credit Documents (the “Colorado Gaming Notice”).

 

85

 

(c) Further Assurances. Upon the reasonable request of the Administrative Agent, the
Credit Parties shall promptly perform or cause to be performed any and all acts and execute or
cause to be executed any and all documents for filing under the provisions of the Uniform
Commercial Code or any other Requirement of Law which are necessary or advisable to maintain in
favor of the Administrative Agent, for the benefit of the Secured Parties, Liens on the Collateral
that are duly perfected in accordance with the requirements of, or the obligations of the Credit
Parties under, the Credit Documents and all applicable Requirements of Law; including, without
limitation, the execution of the Custodian Agreement.

ARTICLE VI

NEGATIVE COVENANTS 

Each of the Credit Parties hereby covenants and agrees that on the Closing Date, and
thereafter (a) for so long as this Agreement is in effect, (b) until the Commitments have
terminated, (c) until no Note remains outstanding and unpaid, (d) until no Letter of Credit remains
outstanding (unless such Letters of Credit have been Cash Collateralized), and (e) until the Credit
Party Obligations and all other amounts owing to the Administrative Agent or any Lender hereunder
(other than contingent indemnification obligations for which no claim has been made) are paid in
full, that:

Section 6.1 Indebtedness.

No Credit Party will, nor will it permit any Subsidiary to, contract, create, incur, assume or
permit to exist any Indebtedness, except:

(a) Indebtedness arising or existing under this Agreement and the other Credit
Documents;

(b) Indebtedness of the Credit Parties and their Subsidiaries (i) existing as of the
Closing Date (and set out more specifically in Schedule 6.1(b) hereto), (ii) pursuant to the
Series B Credit Agreement and (iii) in each case, any renewals, refinancings or extensions
thereof in a principal amount not in excess of that outstanding as of the date of such
renewal, refinancing or extension;

(c) Indebtedness of the Credit Parties and their Subsidiaries incurred after the
Closing Date consisting of Capital Leases or Indebtedness incurred to provide all or a
portion of the purchase price or cost of construction of an asset (real or personal),
whether through the direct purchase or construction of assets or the Equity Interest of any
Person owning such assets; provided that (i) such Indebtedness when incurred shall
not exceed the purchase price or cost of construction of such asset or Equity Interest; and
(ii) no such Indebtedness shall be renewed, refinanced or extended for a principal amount in
excess of the principal balance outstanding thereon at the time of such renewal, refinancing
or extension;

(d) Unsecured Intercompany Debt; provided that any such Indebtedness shall be
fully subordinated to the Credit Party Obligations hereunder on terms required under Article
XI;

 

86

 

(e) Indebtedness and obligations owing under Secured Hedging Agreements and other
Hedging Agreements entered into in order to manage existing or anticipated interest rate,
exchange rate or commodity price risks and not for speculative purposes;

(f) [Reserved.];

(g) Guaranty Obligations in respect of Indebtedness of a Credit Party to the extent
such Indebtedness is permitted to exist or be incurred pursuant to this Section;

(h) so long as the Borrower is in compliance on a Pro Forma Basis with the Consolidated
Leverage Incurrence Test and no Default or Event of Default has occurred and is continuing
or would otherwise arise as a result of the incurrence of such Indebtedness, additional
Subordinated Indebtedness or unsecured Indebtedness and refinancings, exchanges, extensions
and renewals thereof; provided that (i) such Indebtedness shall have a maturity date
at least ninety-one (91) days after the Term Loan Maturity Date, (ii) the terms and
conditions of such Indebtedness shall be consistent with market terms for similar issuances
at such time and (iii) such Indebtedness shall otherwise be on terms and conditions
reasonably acceptable to the Administrative Agent;

(i) Indebtedness incurred under performance bonds, appeal bonds, surety bonds,
insurance obligations or bonds and other similar bonds incurred in the ordinary course of
business;

(j) Indebtedness arising from the honoring by a bank or other financial institution of
a check, draft or similar instrument drawn against insufficient funds in the ordinary course
of business or other cash management services in the ordinary course of business;
provided, that (x) such Indebtedness (other than credit or purchase cards) is
extinguished within ten (10) Business Days of notification to the applicable Borrower of its
incurrence and (y) such Indebtedness in respect of credit or purchase cards is extinguished
within 60 days from its incurrence;

(k) (i) Indebtedness of a Subsidiary acquired after the Closing Date or an entity
merged into or consolidated with any of the Credit Parties or any Subsidiary after the
Closing Date and Indebtedness assumed in connection with the acquisition of assets, which
Indebtedness in each case exists at the time of such acquisition, merger or consolidation
and is not created in contemplation of such event and where such acquisition, merger or
consolidation is permitted by this Agreement and (ii) refinancings or extensions thereof in
a principal amount not in excess of that outstanding as of the date of such renewal,
refinancing or extension; provided, no Default or Event of Default shall have
occurred and be continuing or would result therefrom;

(l) Indebtedness arising from agreements of the Credit Parties or any Subsidiary
providing for indemnification, adjustment of purchase or acquisition price or similar
obligations, in each case, incurred or assumed in connection with any acquisition or
disposition of any business, assets or a Subsidiary not prohibited by this Agreement, other
than Guarantees of Indebtedness incurred by any person acquiring all or any portion of such
business, assets or a Subsidiary for the purpose of financing such acquisition;

 

87

 

(m) Indebtedness supported by a Letter of Credit, in a principal amount not in excess
of the stated amount of such Letter of Credit;

(n) other unsecured Indebtedness of Credit Parties which does not exceed $2,000,000 in
the aggregate at any time outstanding;

(o) Indebtedness representing deferred compensation to employees of the Borrower or any
of its Subsidiaries incurred in the ordinary course of business or incurred in connection
with any Permitted Acquisition or any other Permitted Investment;

(p) Indebtedness issued by the Company or any of its Restricted Subsidiaries to future,
current or former officers, directors, employees and consultants thereof or any direct or
indirect parent thereof, their respective estates, heirs, family members, spouses or former
spouses, in each case to finance the purchase or redemption of Equity Interests of the
Company, a Restricted Subsidiary or any of their respective direct or indirect parent
companies to the extent described in Section 6.10(f); and

(q) all premium (if any), interest, fees, expenses, charges and additional or
contingent interest on obligations described in paragraphs (a) through (p) above.

Section 6.2 Liens.

The Credit Parties will not, nor will they permit any Subsidiary to, contract, create, incur,
assume or permit to exist any Lien with respect to any of their respective property or assets of
any kind (whether real or personal, tangible or intangible), whether now owned or hereafter
acquired, except for Permitted Liens. Notwithstanding the foregoing, if a Credit Party shall grant
a Lien on any of its assets in violation of this Section, then it shall be deemed to have
simultaneously granted an equal and ratable Lien on any such assets in favor of the Administrative
Agent for the ratable benefit of the Lenders and the Hedging Agreement Providers, to the extent
such Lien has not already been granted to the Administrative Agent.

Section 6.3 Nature of Business.

No Credit Party will, nor will it permit any Subsidiary to, alter the character of its
business in any material respect from that conducted as of the Closing Date or any business
incidental, complementary or related thereto or a reasonable extension or expansion thereof.

Section 6.4 Consolidation, Merger, Sale or Purchase of Assets, etc.

No Credit Parties will, nor will any Credit Party permit any Subsidiary to,

(a) dissolve, liquidate or wind up its affairs, or sell, transfer, lease or otherwise
dispose of its property or assets (including, without limitation, any Equity Interest of any
Subsidiary of the Borrower but excluding any Equity interests of any Unrestricted
Subsidiary) or agree to do so at a future time, except the following, without duplication,
shall be expressly permitted:

 

88

 

(i) (A) the sale, transfer, lease or other disposition of inventory and
materials in the ordinary course of business, (B) the conversion of cash into Cash
Equivalents and Cash Equivalents into cash and (C) the sale of defaulted receivables
in the ordinary course of business and not as part of an accounts receivable
financing transaction;

(ii) a Facility Disposition;

(iii) the sale, lease, transfer or other disposition of machinery, parts and
equipment no longer used or useful in the conduct of the business of the Credit
Parties or any of their Subsidiaries;

(iv) the sale, lease or transfer of property or assets from one Credit Party to
another Credit Party;

(v) the termination of any Hedging Agreement;

(vi) the sale, lease or transfer of any property or assets not described in
clauses (i) through (v) or (vii) through (viii) of this Section 6.4(a);

(vii) leases, licenses (on a non-exclusive basis with respect to intellectual
property), or subleases or sublicenses (on a non-exclusive basis with respect to
intellectual property) of any real or personal property in the ordinary course of
business; and

(viii) Permitted
Liens and Restricted Payments permitted by Section 6.10;

provided, that (A) with respect to clauses (ii) and (vi) above, at least 75% of the
consideration received therefor by the Credit Parties or any such Subsidiary shall be in the
form of cash or Cash Equivalents, (B) after giving effect to any Facility Disposition
pursuant to clause (ii) above or Asset Disposition pursuant to clause (vi) above, the Credit
Parties shall be in compliance on a Pro Forma Basis with the financial covenants set forth
in Section 6.15 hereof, recalculated as of the end of the most recently ended fiscal quarter
for which financial statements are available, (C) with respect to clauses (ii), (iv), (v)
and (vi) above, no Default or Event of Default shall exist or shall result therefrom, and
(D) no sale, transfer, lease or other disposition of assets shall be permitted hereby (other
than sales, transfers, leases or other dispositions pursuant to Section 6.14(a)(iv)) unless
such sale, transfer, lease or other disposition is for fair market value; provided,
further, that with respect to sales of assets permitted hereunder only, the
Administrative Agent shall, without the consent of any Lender, release its Liens relating to
the particular assets sold; or

(b) purchase, lease or otherwise acquire (in a single transaction or a series of
related transactions) the property or assets of any Person, other than:

(i) Permitted Investments;

 

89

 

(ii) inventory, materials, property and equipment in the ordinary course of
business;

(iii) with the proceeds of any Asset Disposition or Extraordinary Receipt
pursuant to Section 2.7(b)(ii) or Section 2.7(b)(vi), as applicable; or

(iv) capital expenditures;

(c) enter into any transaction of merger or consolidation, except:

(i) in connection with a Permitted Investment, so long as the continuing or
surviving person shall be the Borrower or a Subsidiary of the Borrower, which shall
be a Credit Party if the merging Subsidiary was a Credit Party and which together
with each of its Subsidiaries shall have complied with Section 5.10 and Section
5.12,

(ii) in connection with a Permitted Acquisition, provided that following any
such merger or consolidation (A) involving the Borrower, the Borrower is the
surviving Person, (B) involving a Domestic Subsidiary, the surviving or resulting
entity shall be a Credit Party that is a wholly owned Subsidiary, and (C) involving
a Foreign Subsidiary, the surviving or resulting entity shall be a wholly owned
subsidiary; or

(iii) the merger or consolidation (A) of any Subsidiary of the Borrower into
the Borrower in a transaction in which the Borrower is the survivor, (B) of any
Subsidiary of the Borrower into or with any Credit Party (other than the Borrower)
in a transaction in which the surviving or resulting entity is a Credit Party and,
in the case of each of clauses (A) and (B), no Person other than a Credit Party
receives any consideration and (C) the merger or consolidation of any Subsidiary of
the Borrower that is not a Credit Party into or with any other Subsidiary of the
Borrower that is not a Credit Party.

Section 6.5 Advances, Investments and Loans.

The Credit Parties will not, nor will they permit any Subsidiary to, make any Investment
except for Permitted Investments.

Section 6.6 Transactions with Affiliates.

The Credit Parties will not, nor will they permit any Subsidiary to, enter into any
transaction or series of transactions involving aggregate consideration in excess of $1 million
with any officer, director, shareholder or Affiliate other than on terms and conditions
substantially as favorable as would be obtainable in a comparable arm’s-length transaction with a
Person other than an officer, director, shareholder or Affiliate, except (a) transactions in the
ordinary course of business, (b) dividends, redemptions and repurchases permitted under Section
6.10, (c) any transaction (i) that is approved by a majority of the members of the Board of
Directors which directors are not themselves (and are not Affiliates of) the officer, director,
shareholder or Affiliate that is party to the subject transaction and (ii) in the case of any such

 

90

 

transaction involving aggregate consideration in excess of $5 million, in respect of which the
Borrower delivers to the Administrative Agent a letter addressed to the Board of Directors from an
accounting, appraisal or investment banking firm of nationally recognized standing that is, in the
Borrower’s good faith determination, qualified to render such letter, which letter states that
such transaction is fair, from a financial perspective, to the Borrower or such Subsidiary, as
applicable, (d) loans or advances to employees, directors and employees pursuant to clause (e) of
the definition of “Permitted Investments,” (e) transactions among the Borrower or any Subsidiary or
any entity that becomes a Subsidiary as a result of such transaction (including via merger or
consolidation in which a Subsidiary is the surviving entity) not prohibited by this Agreement, (f)
the payment of fees, reasonable out-of-pocket costs and indemnities to directors, officers,
consultants and employees of the Borrower and its Subsidiaries in the ordinary course of business,
(g) (A) any employment agreements entered into by the Borrower or any of its Subsidiaries in the
ordinary course of business, (B) any subscription agreement or similar agreement pertaining to the
repurchase of Equity Interests pursuant to put/call rights or similar rights with employees,
officers or directors and (C) any employee compensation, benefit plan or arrangement, any health,
disability or similar insurance plan which covers employees, and any reasonable employment contract
and transactions pursuant thereto and (h) the issuance, sale, transfer of Equity Interests of the
Borrower to its shareholders and capital contributions by the Borrower’s shareholders to the
Borrower.

Section 6.7 Ownership of Subsidiaries; Restrictions.

The Credit Parties will not sell, transfer, pledge or otherwise dispose of any Equity Interest
or other equity interests in any of their Subsidiaries, nor will they permit any of their
Subsidiaries to issue, sell, transfer, pledge or otherwise dispose of any of their Equity Interest
or other equity interests, except in a transaction permitted by Section 6.2 or Section 6.4, as
applicable.

Section 6.8 Corporate Changes; Material Contracts.

No Credit Party will, nor will it permit any of its Subsidiaries to, (a) change its fiscal
year without providing prior notice to the Administrative Agent (which shall be given no later than
any required notice to the SEC, if any), (b) amend, modify or change its articles of incorporation,
certificate of designation (or corporate charter or other similar organizational document)
operating agreement or bylaws (or other similar document) in any respect adverse to the interests
of the Lenders, in each case, without the prior written consent of the Required Lenders;
provided that no Credit Party shall (i) alter its legal existence or, in one transaction or
a series of transactions, merge into or consolidate with any other entity, or sell all or
substantially all of its assets, (ii) change its state of incorporation or organization, or (iii)
change its registered legal name, in each case without complying with the conditions set forth in
the Security Agreement, or (c) change its accounting method (except in accordance with GAAP) in any
manner adverse to the interests of the Lenders without the prior written consent of the Required
Lenders.

Section 6.9 Limitation on Restricted Actions.

The Credit Parties will not, nor will they permit any Subsidiary to, directly or indirectly,
create or otherwise cause or suffer to exist or become effective any encumbrance or restriction

 

91

 

on
the ability of any such Person to (a) pay dividends or make any other distributions to any
Credit Party on its Equity Interest or with respect to any other interest or participation in,
or measured by, its profits, (b) pay any Indebtedness or other obligation owed to any Credit Party,
(c) make loans or advances to any Credit Party, (d) sell, lease or transfer any of its properties
or assets to any Credit Party, or (e) act as a Guarantor and pledge its assets pursuant to the
Credit Documents or any renewals, refinancings, exchanges, refundings or extension thereof, except
(in respect of any of the matters referred to in clauses (a)-(e) above) for such encumbrances or
restrictions existing under or by reason of (i) this Agreement, the other Credit Documents and the
Series B Credit Agreement; (ii) applicable law; (iii) any document or instrument governing
Indebtedness incurred pursuant to Section 6.1(c); provided that any such restriction
contained therein relates only to the asset or assets constructed or acquired in connection
therewith; (iv) customary restrictions and conditions in any document or instrument governing any
Permitted Lien; provided that any such restriction contained therein relates only to the
asset or assets subject to such Permitted Lien and such encumbrances and restrictions are not
created in whole or in part for the purpose of avoiding the restrictions imposed by this Section
6.9; (v) any agreement relating to Indebtedness incurred pursuant to Section 6.1(h), to the extent
that such restrictions are not more restrictive, taken as a whole, than the restrictions contained
herein; (vi) customary provisions restricting assignment of any agreement entered into in the
ordinary course of business; (vii) any agreement in effect at the time such subsidiary becomes a
Subsidiary, so long as such agreement was not entered into in contemplation of such Person becoming
a Subsidiary; (viii) restrictions on cash or other deposits imposed by customers under contracts
entered into in the ordinary course of business; (ix) any restriction on a Subsidiary imposed
pursuant to an agreement entered into for the sale or disposition of the Equity Interests or assets
of a Subsidiary pending the closing of such sale or disposition; (x) customary restrictions and
conditions contained in any agreement relating to the sale, transfer, lease or other disposition of
any asset permitted under Section 6.4 pending the consummation of such sale, transfer, lease or
other disposition; (xi) any such prohibitions and restrictions imposed by any amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or
refinancings of the contracts or obligations referred to in clauses (i) through (x) above, provided
that such amendments, modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings are no more restrictive than those contained in such contract or
obligation prior to such amendment, modification, restatement, renewal, increase, supplement,
refunding, replacement or refinancing.

Section 6.10 Restricted Payments.

The Credit Parties will not, nor will they permit any Subsidiary to, directly or indirectly,
declare, order, make or set apart any sum for or pay any Restricted Payment, except (a) to make
dividends payable solely in the same class of Equity Interest of such Person, (b) to make dividends
or other distributions payable to the Credit Parties (directly or indirectly through its
Subsidiaries), (c) dividends in an aggregate amount equal to the portion, if any, of the Cumulative
Credit on such date that the Borrower elects to apply to this clause (c) of Section 6.10, such
election to be specified in a written notice of a Responsible Officer of the Borrower calculating
in reasonable detail the amount of Cumulative Credit immediately prior to such election and the
amount thereof elected to be so applied; provided, that no Default or Event of Default has
occurred and is continuing or would result therefrom and, after giving effect thereto, that the
Borrower shall be in compliance on a Pro Forma Basis with the Consolidated Leverage

 

92

 

Incurrence
Test, (d) other Restricted Payments in an aggregate amount not to exceed $2,500,000
per fiscal year, (e) noncash repurchases of Equity Interests deemed to occur upon exercise of
stock options if such Equity Interests represent a portion of the exercise price of such options,
(f) the repurchase, retirement or other acquisition or retirement for value of Equity Interests
(other than Disqualified Stock) of the Company held by any future, present or former employee,
director or consultant of the Company or any of its Subsidiaries pursuant to any management equity
plan or stock option plan or any other management or employee benefit plan or agreement, provided
that the aggregate amount of Restricted Payments made pursuant to this clause (f) shall not exceed
in any calendar year $2,000,000 (it being understood that the cancellation of Indebtedness owing to
the Company from any such persons in connection with any such repurchase, retirement or other
acquisition of Equity Interests shall not be deemed to constitute a Restricted Payment for purposes
of this Section 6.10 or any other provision of this Agreement, (g) after a Qualified IPO, the
Borrower may pay dividends and make distributions to, or repurchase or redeem shares from, its
equity holders in an amount equal to 5% per annum of the net proceeds received by the Borrower from
any public offering of Equity Interests of the Borrower and (h) dividends of the Equity Interests
of Unrestricted Subsidiaries.

Section 6.11 Amendment of Series B Term Loan; Subordinated Debt.

The Credit Parties will not, nor will they permit any Subsidiary to, without the prior written
consent of the Required Lenders, amend, modify, waive or extend or permit the amendment,
modification, waiver or extension of any term of any document governing or relating to the Series B
Term Loan or any Subordinated Debt in a manner that is adverse to the interests of the Lenders.

Section 6.12 Sale Leasebacks.

The Credit Parties will not, nor will they permit any Subsidiary to, directly or indirectly,
become or remain liable as lessee or as guarantor or other surety with respect to any lease,
whether an Operating Lease or a Capital Lease, of any property (whether real, personal or mixed),
whether now owned or hereafter acquired, (a) which any Credit Party or any Subsidiary has sold or
transferred or is to sell or transfer to a Person which is not a Credit Party or a Subsidiary or
(b) which any Credit Party or any Subsidiary intends to use for substantially the same purpose as
any other property which has been sold or is to be sold or transferred by a Credit Party or a
Subsidiary to another Person which is not a Credit Party or a Subsidiary in connection with such
lease, in each case, unless, after giving effect to such transaction, the Credit Parties shall be
in compliance on a Pro Forma Basis with the financial covenants set forth in Section 6.15 hereof.

Section 6.13 No Further Negative Pledges.

The Credit Parties will not, nor will they permit any Subsidiary to, enter into, assume or
become subject to any agreement prohibiting or otherwise restricting the creation or assumption of
any Lien upon any of their properties or assets, whether now owned or hereafter acquired, or
requiring the grant of any security for such obligation if security is given for some other
obligation, except (a) pursuant to this Agreement, the other Credit Documents and the Series B
Credit Agreement, (b) pursuant to any document or instrument governing Indebtedness incurred

 

93

 

pursuant to Section 6.1(c); provided that any such restriction contained therein relates
only to the asset or assets constructed or acquired in connection therewith, (c) pursuant to any
agreement relating to Indebtedness incurred pursuant to Section 6.1(h), to the extent that such
restrictions are not more restrictive, taken as a whole, than the restrictions contained herein,
(d) with any document or instrument governing any Permitted Lien; provided that any such
restriction contained therein relates only to the asset or assets subject to such Permitted Lien
and such prohibitions and restrictions are not created for the purpose of avoiding the restrictions
of this Section 6.13, (e) customary provisions restricting assignment of any agreement entered into
in the ordinary course of business; (f) any agreement in effect at the time such subsidiary becomes
a Subsidiary, so long as such agreement was not entered into in contemplation of such Person
becoming a Subsidiary; (g) restrictions on cash or other deposits imposed by customers under
contracts entered into in the ordinary course of business; (h) any restriction on a Subsidiary
imposed pursuant to an agreement entered into for the sale or disposition of the Equity Interests
or assets of a Subsidiary pending the closing of such sale or disposition; (i) customary
restrictions and conditions contained in any agreement relating to the sale, transfer, lease or
other disposition of any asset permitted under Section 6.4 pending the consummation of such sale,
transfer, lease or other disposition; and (j) any such prohibitions and restrictions imposed by any
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements
or refinancings of the contracts or obligations referred to in clauses (a) through (j) above,
provided that such amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings are no more restrictive than those contained in such
contract or obligation prior to such amendment, modification, restatement, renewal, increase,
supplement, refunding, replacement or refinancing.

Section 6.14 Account Control Agreements; Additional Bank Accounts.

Set forth on Schedule 6.14 is a complete and accurate list of all checking, savings or other
accounts (including securities accounts) of the Credit Parties at any bank or other financial
institution, or any other account where money is or may be deposited or maintained with any Person
as of the Closing Date. Each of the Credit Parties agree to enter into Deposit Account Control
Agreements, from time to time, to the extent reasonably requested by the Administrative Agent or
the Required Lenders with respect to such accounts forming a part of the Collateral.

Section 6.15 Financial Covenant.

(a) The Credit Parties will not, nor will they permit any Subsidiary to, permit the
Consolidated Leverage Ratio, calculated as of the last day of the preceding fiscal quarter for
which financial statements have been delivered pursuant to Section 5.1 hereof (which calculation
shall be made on a Pro Forma Basis to take into account any events described in the definition of
“Pro Forma Basis” occurring during the period of four fiscal quarters ending on the last day of
such preceding fiscal quarter), to be greater than the Consolidated Leverage Ratio set forth below
corresponding to such quarter end:

	 	 	 
	Period	 	Ratio
	 
	 	 
	April 1, 2012 through and including March 31, 2013
	 	15.00 to 1.00
	 
	 	 
	April 1, 2013 through and including March 31, 2014
	 	12.50 to 1.00

 

94

 

	 	 	 
	Period	 	Ratio
	 
	 	 
	April 1, 2014 through and including March 31, 2015
	 	10.00 to 1.00
	 
	 	 
	April 1, 2015 and thereafter
	 	5.00 to 1.00

(b) The Credit Parties will not, nor will they permit any Subsidiary to, permit the
Consolidated Interest Coverage Ratio, calculated as of the last day of the preceding fiscal quarter
for which financial statements have been delivered pursuant to Section 5.1 hereof (which
calculation shall be made on a Pro Forma Basis to take into account any events described in the
definition of “Pro Forma Basis” occurring during the period of four fiscal quarters ending on the
last day of such preceding fiscal quarter), to be less than the Consolidated Interest Coverage
Ratio set forth below corresponding to such quarter end:

	 	 	 
	Period	 	Ratio
	 
	 	 
	April 1, 2012 and thereafter
	 	1.00 to 1.00

(c) Notwithstanding the foregoing, solely for the purpose of determining (pursuant to Sections
2.7(b)(ii), 6.1, 6.4, 6.10 or 6.12 or the definition of “Permitted Acquisition” herein) whether the
Borrower and its Subsidiaries are or will be in compliance, on a Pro Forma Basis with the
Consolidated Leverage Incurrence Test or any covenants set forth in this Section 6.15 at any time
prior to April 1, 2012, the required Consolidated Leverage Ratio at such time shall be deemed to be
15.00 to 1.00 or less and the required Consolidated Interest Coverage Ratio at such time shall be
deemed to be 1.00 to 1.00 or greater.

ARTICLE VII

EVENTS OF DEFAULT

Section 7.1 Events of Default.

An Event of Default shall exist upon the occurrence of any of the following specified events
(each an “Event of Default”):

(a) Payment. (i) The Borrower shall fail to pay any principal on any Loan or
Note when due (whether at maturity, by reason of acceleration or otherwise) in accordance
with the terms hereof or thereof; or (ii) the Borrower shall fail to reimburse the Issuing
Lender for any LOC Obligations when due (whether at maturity, by reason of acceleration or
otherwise) in accordance with the terms hereof; or (iii) the Borrower shall fail to pay any
interest on any Loan or any fee or other amount payable hereunder when due (whether at
maturity, by reason of acceleration or otherwise) in accordance with the terms hereof or
shall fail to pay any other monetary obligation under any Mortgage Instrument, and in any
such event such failure shall continue unremedied for three (3) days; or (iv) or any
Guarantor shall fail to pay on the Guaranty in respect of any of the
foregoing or in respect of any other Guaranteed Obligations (after giving effect to the
grace period in clause (iii)); or

 

95

 

(b) Misrepresentation. Any representation or warranty made or deemed made
herein, in the Security Documents or in any of the other Credit Documents or which is
contained in any certificate, document or financial or other statement furnished at any time
under or in connection with this Agreement shall prove to have been incorrect, false or
misleading on or as of the date made or deemed made; or

(c) Covenant Default. (i) Any Credit Party shall fail to perform, comply with
or observe any term, covenant or agreement applicable to it contained in Section 5.1,
Section 5.2, Section 5.4, Section 5.7, Section 5.11, Section 5.13 or Article VI hereof; or
(ii) any Credit Party shall fail to comply with any other term, covenant or agreement
contained in this Agreement or the other Credit Documents or any other agreement, document
or instrument among any Credit Party, the Administrative Agent and the Lenders or executed
by any Credit Party in favor of the Administrative Agent or the Lenders (other than as
described in Section 7.1(a) or Section 7.1(c)(i) above), and such breach or failure to
comply is not cured within thirty (30) days of its occurrence; or

(d) Indebtedness Cross-Default. (i) Any Credit Party shall default in any
payment of principal of or interest on any Indebtedness (other than the Loans, Reimbursement
Obligations and the Guaranty) in a principal amount outstanding of at least $2,000,000 for
the Borrower and any of its Subsidiaries in the aggregate beyond any applicable grace period
(not to exceed 30 days), if any, provided in the instrument or agreement under which such
Indebtedness was created; or (ii) any Credit Party shall default in the observance or
performance of any other agreement or condition relating to any Indebtedness (other than the
Loans, Reimbursement Obligations and the Guaranty) in a principal amount outstanding of at
least $2,000,000 in the aggregate for the Credit Parties and their Subsidiaries or contained
in any instrument or agreement evidencing, securing or relating thereto, or any other event
shall occur or condition exist, the effect of which default or other event or condition is
to cause, or to permit the holder or holders of such Indebtedness or beneficiary or
beneficiaries of such Indebtedness (or a trustee or agent on behalf of such holder or
holders or beneficiary or beneficiaries) to cause, with the giving of notice if required,
such Indebtedness to become due prior to its stated maturity or to be repurchased, prepaid,
deferred or redeemed (automatically or otherwise); or

(e) [Reserved.]; or

(f) Bankruptcy Default. (i) A Credit Party or any of its Subsidiaries shall
commence any case, proceeding or other action (A) under any existing or future law of any
jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or
relief of debtors, seeking to have an order for relief entered with respect to it, or
seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement,
adjustment, winding-up, liquidation, dissolution, composition or other relief with respect
to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian,
conservator or other similar official for it or for all or any substantial part of its
assets, or a Credit
Party or any of its Subsidiaries shall make a general assignment for the benefit of its
creditors; or (ii) there shall be commenced against a Credit Party or any of its
Subsidiaries any case, proceeding or other action of a nature referred to in clause (i)

 

96

 

above which (A) results in the entry of an order for relief or any such adjudication or
appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60)
days; or (iii) there shall be commenced against a Credit Party or any of its Subsidiaries
any case, proceeding or other action seeking issuance of a warrant of attachment, execution,
distraint or similar process against all or any substantial part of their assets which
results in the entry of an order for any such relief which shall not have been vacated,
discharged, or stayed or bonded pending appeal within sixty (60) days from the entry
thereof; or (iv) a Credit Party or any of its Subsidiaries shall take any action in
furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
acts set forth in clauses (i), (ii), or (iii) above; or (v) a Credit Party or any of its
Subsidiaries shall generally not, or shall be unable to, or shall admit in writing their
inability to, pay its debts as they become due; or

(g) Judgment Default. One or more judgments or decrees shall be entered
against a Credit Party or any of its Subsidiaries involving in the aggregate a liability (to
the extent not covered by insurance) of $2,000,000 or more and all such judgments or decrees
shall not have been paid and satisfied, vacated, discharged, stayed or bonded pending appeal
within fifteen (15) Business Days from the entry thereof or any injunction, temporary
restraining order or similar decree shall be issued against a Credit Party or any of its
Subsidiaries that, individually or in the aggregate, could result in a Material Adverse
Effect; or

(h) ERISA Default. (i) Any Person shall engage in any “prohibited transaction”
(as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii)
any “accumulated funding deficiency” (as defined in Section 302 of ERISA), whether or not
waived, shall exist with respect to any Plan or any Lien in favor of the PBGC or a Plan
(other than a Permitted Lien) shall arise on the assets of the Credit Parties or any
Commonly Controlled Entity, (iii) a Reportable Event shall occur with respect to, or
proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to
administer or to terminate, any Single Employer Plan, which Reportable Event or commencement
of proceedings or appointment of a trustee is, in the reasonable opinion of the Required
Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA,
(iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) a
Credit Party, any of its Subsidiaries or any Commonly Controlled Entity shall, or in the
reasonable opinion of the Required Lenders is likely to, incur any liability in connection
with a withdrawal from, or the Insolvency or Reorganization of, any Multiemployer Plan or
(vi) any other similar event or condition shall occur or exist with respect to a Plan; or

(i) Change of Control. There shall occur a Change of Control; or

(j) Invalidity of Guaranty. At any time after the execution and delivery
thereof, the Guaranty, for any reason other than the satisfaction in full of all Credit
Party Obligations, shall cease to be in full force and effect (other than in accordance with
its
terms) or shall be declared to be null and void, or any Credit Party shall contest the
validity, enforceability, perfection or priority of the Guaranty, any Credit Document, or
any Lien granted thereunder in writing or deny in writing that it has any further liability,

 

97

 

including with respect to future advances by the Lenders, under any Credit Document to which
it is a party; or

(k) Invalidity of Credit Documents. Any other Credit Document shall fail to be
in full force and effect or to give the Administrative Agent and/or the Lenders the security
interests, liens, rights, powers, priority and privileges purported to be created thereby
(except as such documents may be terminated or no longer in force and effect in accordance
with the terms thereof, other than those indemnities and provisions which by their terms
shall survive) or any Lien shall fail (other than by the action or inaction of the
Administrative Agent or any Lender) to be a first priority, perfected Lien on a material
portion of the Collateral; or

(l) Subordinated Debt. Any default (which is not waived or cured within the
applicable period of grace) or event of default shall occur under any Subordinated Debt or
the subordination provisions contained therein shall cease to be in full force and effect or
shall cease to give the Lenders the rights, powers and privileges purported to be created
thereby; or

(m) Uninsured Loss. Any uninsured damage to or loss, theft or destruction of
any assets of the Credit Parties or any of their Subsidiaries shall occur that is in excess
of $100,000,000; or

(n) Casino Licenses. Any Borrower or Guarantor fails to keep in full force and
effect, suffers the termination, revocation, or suspension of, terminates, forfeits, or
suffers a materially adverse amendment to, any Casino License at any time held by the
Borrower or such Guarantor that is necessary to the operation of any casino located at the
Facilities owned by the Borrower or such Guarantor.

Section 7.2 Acceleration; Remedies.

(a) Upon the occurrence and during the continuance of a Bankruptcy Event of Default,
automatically the Commitments shall immediately terminate and the Loans (with accrued interest
thereon), and all other amounts under the Credit Documents (including without limitation the
maximum amount of all contingent liabilities under Letters of Credit) shall immediately become due
and payable.

(b) If such event is any other Event of Default, any or all of the following actions may be
taken:

(i) the Administrative Agent may, or upon the written request of the Required Lenders,
the Administrative Agent shall, by written notice to the Borrower, declare the Commitments
to be terminated forthwith, whereupon the Commitments shall immediately terminate;

(ii) the Administrative Agent may, or upon the written request of the Required Lenders,
the Administrative Agent shall, by written notice to the Borrower, declare the Loans (with
accrued interest thereon) and all other amounts owing under this Credit Agreement and the
Notes to be due and payable forthwith and direct the Borrower

 

98

 

to pay to the Administrative
Agent cash collateral as security for the LOC Obligations (in an amount equal to 105% of the
face amount of the outstanding Letters of Credit) for subsequent drawings under then
outstanding Letters of Credit an amount equal to the maximum amount of which may be drawn
under Letters of Credit then outstanding, whereupon the same shall immediately become due
and payable; and/or

(iii) the Administrative Agent may, or upon the written request of the Required
Lenders, the Administrative Agent shall, exercise such other rights and remedies as provided
under the Credit Documents and under applicable law.

(c) Each of the Borrower and the Guarantors agrees that, upon the occurrence of and during the
continuation of an Event of Default and at the Administrative Agent’s request, the Borrower and
Guarantors will diligently and fully cooperate with any application by the Administrative Agent, a
Lender or such nominee to any Gaming Authority in connection with the exercise of the rights of the
Lenders under the Credit Documents.

Section 7.3 Right to Cure.

(a) Notwithstanding anything to the contrary contained in Section 7.1, in the event that the
Borrower fails to comply with the requirements of the Consolidated Leverage Ratio or the
Consolidated Interest Coverage Ratio set forth in Section 6.15 hereof, until the expiration of the
15th day subsequent to the date that the certificate calculating such Consolidated Leverage Ratio
and Consolidated Interest Coverage Ratio is required to be delivered pursuant to Section 5.2(b),
the Borrower shall have the right to issue Permitted Cure Securities for cash or otherwise receive
cash contributions to the capital of the Borrower (the “Cure Right”), and upon the receipt
by the Company of such cash (the “Cure Amount”) pursuant to the exercise of such Cure
Right, such Consolidated Leverage Ratio and Consolidated Interest Coverage Ratio shall be
recalculated giving effect to the following pro forma adjustment:

(A) EBITDA shall be increased with respect to such applicable quarter and any
four-quarter period that contains such quarter, solely for the purpose of measuring
the Consolidated Leverage Ratio and Consolidated Interest Coverage Ratio and not for
any other purpose under this Agreement, by an amount equal to the Cure Amount; and

(B) If, after giving effect to the foregoing pro forma adjustment, the Borrower
shall then be in compliance with the requirements of the Consolidated Leverage Ratio
or the Consolidated Interest Coverage Ratio set forth in Section 6.15 hereof, the
Borrower shall be deemed to have satisfied the requirements of such Section 6.15 as
of the relevant date of determination with the same effect as though there had been
no failure to comply therewith at such date, and the applicable breach or default of
such Section 6.15 that had occurred shall be deemed cured for this purposes of the
Agreement.

(b) Notwithstanding anything herein to the contrary, in each four-fiscal-quarter period there
shall be at least one fiscal quarter in which the Cure Right is not exercised.

 

99

 

ARTICLE VIII

THE ADMINISTRATIVE AGENT

Section 8.1 Appointment and Authority.

Each of the Lenders and the Issuing Lender hereby irrevocably appoints Cantor Fitzgerald
Securities to act on its behalf as the Administrative Agent hereunder and under the other Credit
Documents and authorizes the Administrative Agent to take such actions on its behalf and to
exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto. The provisions of this
Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Lender,
and neither the Borrower nor any other Credit Party shall have rights as a third party beneficiary
of any of such provisions.

Section 8.2 Nature of Duties.

Without limiting the foregoing, none of the Lenders or other Persons so identified shall have
or be deemed to have any fiduciary relationship with any Lender or Participant. Each Lender
acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so
identified in deciding to enter into this Agreement or in taking or not taking action hereunder.

Without limiting the generality of the foregoing, the use of the term “agent” herein or in the
other Credit Documents (or any similar term) with reference to the Administrative Agent is not
intended to connote any fiduciary or other implied (or express) obligations arising under agency
doctrine of any applicable law.

The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Credit Document by or through any one or more sub-agents
appointed by the Administrative Agent and shall be entitled to advice of counsel or other
consultants or experts concerning all matters pertaining to such duties. The Administrative Agent
and any such sub-agent may perform any and all of its duties and exercise its rights and powers by
or through their respective Related Parties. The exculpatory provisions of this Article shall
apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such
sub-agent, and shall apply to their respective activities in connection with the syndication of the
credit facilities provided for herein as well as activities as Administrative Agent.

Section 8.3 Exculpatory Provisions.

The Administrative Agent shall not have any duties or obligations except those expressly set
forth herein and in the other Credit Documents. Without limiting the generality of the foregoing,
the Administrative Agent:

(a) shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing;

 

100

 

(b) shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby
or by the other Credit Documents that the Administrative Agent is required to exercise as
directed in writing by the Required Lenders (or such other number or percentage of the
Lenders as shall be expressly provided for herein or in the other Credit Documents),
provided that the Administrative Agent shall not be required to take any action that, in its
opinion or the opinion of its counsel, may expose the Administrative Agent to liability or
that is contrary to any Credit Document or applicable law; and

(c) shall not, except as expressly set forth herein and in the other Credit Documents,
have any duty to disclose, and shall not be liable for the failure to disclose, any
information relating to the Borrower or any of its Affiliates that is communicated to or
obtained by the Person serving as the Administrative Agent or any of its Affiliates in any
capacity.

Neither the Administrative Agent nor any of its Related Parties shall be liable for any action
taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such
other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent
shall believe in good faith shall be necessary, under the circumstances as provided in Section 9.1
and Section 7.2) or (ii) in the absence of a finding by a final and nonappealable decision of a
court of competent jurisdiction of gross negligence or willful misconduct on the part of the
Administrative Agent or such Related Party.

Neither the Administrative Agent nor any of its Related Parties shall be responsible for or
have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or
in connection with this Agreement or any other Credit Document, (ii) the contents of any
certificate, report or other document delivered hereunder or thereunder or in connection herewith
or therewith, (iii) the performance or observance of any of the covenants, agreements or other
terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the
validity, enforceability, effectiveness or genuineness of this Agreement, any other Credit Document
or any other agreement, instrument or document or (v) the satisfaction of any condition set forth
in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be
delivered to the Administrative Agent.

The Administrative Agent shall not be liable for any apportionment or distribution of payments
made in good faith pursuant to Section 2.11, and if any such apportionment or distribution is
subsequently determined to have been made in error, the sole recourse of any
Lender or Participant to whom payment was due but not made shall be to recover from other
Lenders any payment in excess of the amount which they are determined to be entitled to (and such
other Lenders hereby covenant and agree to return promptly to such Lender or Participant any
erroneous payment received by them).

Section 8.4 Reliance by Administrative Agent.

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other
writing (including any electronic message, Internet or intranet website posting or other

 

101

 

distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Administrative Agent also may rely upon any statement made to it orally
or by telephone and believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the
making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the
satisfaction of a Lender or the Issuing Lender, the Administrative Agent may presume that such
condition is satisfactory to such Lender or the Issuing Lender unless the Administrative Agent
shall have received notice to the contrary from such Lender or the Issuing Lender prior to the
making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult
with legal counsel (who may be counsel for the Borrower), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts.

The Administrative Agent may deem and treat the payee of any Loan or Note as the owner thereof
for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have
been filed with the Administrative Agent and such assignment shall otherwise have been consummated
in accordance with the terms hereof. Other than actions that it is explicitly required to take
pursuant to the terms hereof or of any other Credit Document, the Administrative Agent shall be
fully justified in failing or refusing to take any action under this Agreement or any other Loan
Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if
so specified by this Agreement, all affected Lenders) as it deems appropriate and, if in
connection with any such action, the Administrative Agent so requires, it shall first be
indemnified to its satisfaction by the Lenders against any and all liability and expense that may
be incurred by it by reason of taking or continuing to take any such action. The Administrative
Agent shall in all cases be fully protected in acting, or in refraining from acting, under this
Agreement and the other Credit Documents in accordance with a request or consent of the Required
Lenders (or, if so specified by this Agreement, all Lenders), and such request or consent and any
action taken or failure to act pursuant thereto shall be binding upon all the Lenders, Participants
and all future holders of the Loans.

Section 8.5 Notice of Default.

The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of
any Default or Event of Default hereunder unless the Administrative Agent has received written
notice from a Lender or the Borrower referring to this Agreement, describing
such Default or Event of Default and stating that such notice is a “notice of default”. In
the event that the Administrative Agent receives such a notice, the Administrative Agent shall give
prompt notice thereof to the Lenders. The Administrative Agent shall take such action with respect
to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if
so specified by this Agreement, all affected Lenders); provided, however, that
unless and until the Administrative Agent shall have received such directions, the Administrative
Agent may (but shall not be obligated to) take such action, or refrain from taking such action,
with respect to such Default or Event of Default as it shall deem advisable in the best interests
of the Lenders except to the extent that this Agreement expressly requires that such action be
taken, or not taken, only with the consent or upon the authorization of the Required Lenders, or
all of the Lenders, as the case may be.

 

102

 

Section 8.6 Non-Reliance on Administrative Agent and Other Lenders.

Each Lender and the Issuing Lender expressly acknowledges that neither the Administrative
Agent nor any of its Related Parties has made any representation or warranty to it and that no act
by the Administrative Agent hereinafter taken, including any review of the affairs or property of
any Credit Party or any Affiliate of a Credit Party, shall be deemed to constitute any
representation or warranty by the Administrative Agent to any Lender as to any matter, including as
to whether the Administrative Agent or any of its Related Parties have disclosed material
information in their possession. Each Lender and the Issuing Lender acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other Lender or any of
their Related Parties and based on such documents and information as it has deemed appropriate,
including all applicable bank or other regulatory laws relating to the transaction contemplated
hereby, made its own credit analysis and decision to enter into this Agreement. Each Lender and
the Issuing Lender also acknowledges that it will, independently and without reliance upon the
Administrative Agent or any other Lender or any of their Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Credit
Document or any related agreement or any document furnished hereunder or thereunder.

Section 8.7 Indemnification.

The Lenders agree to indemnify the Administrative Agent, the Issuing Lender, and the Swingline
Lender in its capacity hereunder and their respective Related Parties (to the extent not reimbursed
by the Borrower and without limiting the obligation of the Borrower to do so), ratably, from and
against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including,
without limitation, at any time following the payment of the Credit Party Obligations and
termination of the Commitments) be imposed on, incurred by or asserted against any such indemnitee
in any way relating to or arising out of any Credit Document or any documents contemplated by or
referred to herein or therein or the transactions contemplated hereby or thereby or any action
taken or omitted by any such indemnitee under or in connection with any of the foregoing;
provided, however, that no Lender shall be liable for the payment of any portion of
such liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements to the extent resulting from such indemnitee’s gross
negligence or willful misconduct, as determined by a final and nonappealable decision of a court of
competent jurisdiction; provided, further, that no action taken or refrained from
in accordance with the directions or consent of the Required Lenders shall be deemed to constitute
gross negligence or willful misconduct for purposes of this Section. The agreements in this
Section shall survive the termination of this Agreement and payment of the Notes, any Reimbursement
Obligation and all other amounts payable hereunder.

Section 8.8 Administrative Agent in Its Individual Capacity.

The Person serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the
Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise

 

103

 

expressly indicated or unless the context otherwise requires, include the Person serving as the
Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may
accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity
for and generally engage in any kind of business with the Borrower or any Subsidiary or other
Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any
duty to account therefor to the Lenders.

Section 8.9 Successor Administrative Agent.

The Administrative Agent may at any time give notice of its resignation to the Lenders, the
Issuing Lender and the Borrower. Upon receipt of any such notice of resignation, the Required
Lenders shall have the right, in consultation with the Borrower, to appoint a successor. If no
such successor shall have been so appointed by the Required Lenders and shall have accepted such
appointment within thirty (30) days after the retiring Administrative Agent gives notice of its
resignation, then the retiring Administrative Agent may on behalf of the Lenders and the Issuing
Lender, appoint a successor Administrative Agent, provided that if the Administrative Agent shall
notify the Borrower and the Lenders that no Person has accepted such appointment, then such
resignation shall nonetheless become effective in accordance with such notice and (a) the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder and under the
other Credit Documents (except that in the case of any Collateral held by the Administrative Agent
on behalf of the Lenders or the Issuing Lender under any of the Credit Documents, the retiring
Administrative Agent shall continue to hold such Collateral until such time as a successor
Administrative Agent is appointed) and (b) all payments, communications and determinations provided
to be made by, to or through the Administrative Agent shall instead be made by or to each Lender
and the Issuing Lender directly, until such time as the Required Lenders appoint a successor
Administrative Agent as provided for above in this paragraph. Upon the acceptance of a successor’s
appointment as Administrative Agent hereunder, such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative
Agent, and the retiring Administrative Agent shall be discharged from all of its duties and
obligations hereunder or under the other Credit Documents (if not already discharged therefrom as
provided above in this paragraph). The fees payable by the Borrower to a successor Administrative
Agent shall be
the same as those payable to its predecessor unless otherwise agreed between the Borrower and
such successor. After the retiring Administrative Agent’s resignation hereunder and under the
other Credit Documents, the provisions of this Article and Section 9.5 shall continue in effect for
the benefit of such retiring Administrative Agent, its sub-agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them while the retiring
Administrative Agent was acting as Administrative Agent.

Section 8.10 Collateral and Guaranty Matters.

(a) The Lenders irrevocably authorize and direct the Administrative Agent:

(i) to release any Lien on any Collateral granted to or held by the Administrative
Agent under any Credit Document (A) upon termination of the Revolving Commitments and
payment in full of all Credit Party Obligations (other than contingent indemnification
obligations for which no claim has been made or cannot be reasonably

 

104

 

identified by an
Indemnitee based on the then-known facts and circumstances) and the expiration or
termination of all Letters of Credit, (B) that is transferred as part of or in connection
with any sale or other disposition permitted under Section 6.4, or (C) subject to Section
9.1, if approved, authorized or ratified in writing by the Required Lenders or all affected
Lenders as specified therein; and

(ii) to release any Guarantor from its obligations under the applicable Guaranty (A) if
such Person ceases to be a Guarantor as a result of a transaction permitted hereunder or (B)
subject to Section 9.1, if approved, authorized or ratified in writing by the Required
Lenders or all affected Lenders as specified therein.

(b) In connection with a termination or release pursuant to this Section, the Administrative
Agent shall promptly execute and deliver to the applicable Credit Party, at the Borrower’s expense,
all documents that the applicable Credit Party shall reasonably request to evidence such
termination or release. Upon request by the Administrative Agent at any time, the Required Lenders
will confirm in writing the Administrative Agent’s authority to release or subordinate its interest
in particular types or items of Collateral, or to release any Guarantor from its obligations under
the Guaranty pursuant to this Section.

Section 8.11 Agency for Perfection.

Each Lender hereby appoints Administrative Agent and each other Lender as agent and bailee for
the purpose of perfecting the security interests in and liens upon the Collateral in assets which,
in accordance with Article 9 of the Uniform Commercial Code, can be perfected only by possession or
control (or where the security interest of a secured party with possession or control has priority
over the security interest of another secured party) and Administrative Agent and each Lender
hereby acknowledges that, in the event it shall come into possession of any Collateral, that it
holds possession of or otherwise controls any such Collateral for the benefit of the Administrative
Agent and the Lenders as secured party. Should any Lender obtain possession or control of any such
Collateral, such Lender shall notify the Administrative Agent
thereof, and, promptly upon the Administrative Agent’s request therefor shall deliver such
Collateral to the Administrative Agent or in accordance with the Administrative Agent’s
instructions. Each Credit Party by its execution and delivery of this Agreement hereby consents to
the foregoing.

Section 8.12 Administrative Agent May File Proofs of Claim.

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any
Credit Party, the Administrative Agent (irrespective of whether the principal of any Loan shall
then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on Borrower) shall be entitled and
empowered, by intervention in such proceeding or otherwise:

(a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such
other documents as may be necessary or advisable in order to have the claims of

 

105

 

the Lenders and the
Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Lenders and the Administrative Agent and their respective agents and counsel
and all other amounts due the Lenders and the Administrative Agent under Article VIII and Sections
2.5 and 9.5) allowed in such judicial proceeding; and

(b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same; and

(c) any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Lender to make such payments
to the Administrative Agent and, in the event that the Administrative Agent shall consent to the
making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due
for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent
and its agents and counsel, and any other amounts due the Administrative Agent under Article VIII
and Sections 2.5 and 9.5. Nothing contained herein shall be deemed to authorize the Administrative
Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of
reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of
any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender
in any such proceeding.

ARTICLE IX

MISCELLANEOUS

Section 9.1 Amendments, Waivers and Release of Collateral.

Neither this Agreement nor any of the other Credit Documents, nor any terms hereof or thereof
may be amended, modified, extended, restated, replaced, or supplemented (by amendment, waiver,
consent or otherwise) except in accordance with the provisions of this
Section nor may Collateral be released except as specifically provided herein or in the
Security Documents or in accordance with the provisions of this Section. The Required Lenders may
or, with the written consent of the Required Lenders, the Administrative Agent may, from time to
time, (a) enter into with the Borrower written amendments, supplements or modifications hereto and
to the other Credit Documents for the purpose of adding any provisions to this Agreement or the
other Credit Documents or changing in any manner the rights of the Lenders or of the Borrower
hereunder or thereunder or (b) waive or consent to the departure from, on such terms and conditions
as the Required Lenders may specify in such instrument, any of the requirements of this Agreement
or the other Credit Documents or any Default or Event of Default and its consequences;
provided, however, that no such amendment, supplement, modification, release,
waiver or consent shall:

(i) reduce the amount or extend the scheduled date of maturity of any Loan or Note or
any installment thereon, or reduce the stated rate of any interest or fee payable hereunder
(except in connection with a waiver of interest at the increased post-default rate set forth
in Section 2.8 which shall be determined by a vote of the Required Lenders) or extend the
scheduled date of any payment thereof or increase the amount or extend the expiration date
of any Lender’s Commitment, in each case without the written

 

106

 

consent of each Lender directly
affected thereby; provided that, it is understood and agreed that (A) no waiver,
reduction or deferral of a mandatory prepayment required pursuant to Section 2.7(b), nor any
amendment of Section 2.7(b) or the definitions of “Asset Disposition”, “Facility
Disposition”, “Qualified IPO”, “Debt Issuance”, “Excess Cash
Flow” or “Extraordinary Receipt”, shall constitute a reduction of the amount of,
or an extension of the scheduled date of, the scheduled date of maturity of, or any
installment of, any Loan or Note, (B) any reduction in the stated rate of interest on
Revolving Loans shall only require the written consent of each Lender holding a Revolving
Commitment, (C) any reduction in the stated rate of interest on the Term Loan shall only
require the written consent of each Lender holding a portion of the outstanding Term Loan
and (D) any amendment, waiver or modification to Section 2.7(b)(vii) shall require the
written consent of each Lender adversely affected thereby; or

(ii) amend, modify or waive any provision of this Section or reduce the percentage
specified in the definition of “Required Lenders” without the written consent of all
the Lenders; or

(iii) release the Borrower from its obligations hereunder, without the written consent
of all of the Lenders or release all or substantially all of the Guarantors from obligations
under the Guaranty, without the written consent of all of the Lenders and Hedging Agreement
Providers; or

(iv) release all or substantially all of the Collateral without the written consent of
all of the Lenders and Hedging Agreement Providers; or

(v) subordinate the Loans to any other Indebtedness without the written consent of all
of the Lenders; or

(vi) permit a Letter of Credit to have an original expiry date more than twelve (12)
months from the date of issuance without the consent of each of the Revolving Lenders and
the Issuing Lender; provided, that the expiry date of any Letter of Credit may be
extended in accordance with the terms of Section 2.3(a); or

(vii) permit the Borrower to assign or transfer any of its rights or obligations under
this Agreement or other Credit Documents without the written consent of all of the Lenders;
or

(viii) amend, modify or waive any provision of the Credit Documents requiring consent,
approval or request of the Required Lenders or all Lenders without the written consent of
the Required Lenders or all the Lenders as appropriate; or

(ix) without the consent of Required Revolving Lenders, amend, modify or waive any
provision in Section 4.2 or waive any Default or Event of Default (or amend any Credit
Document to effectively waive any Default or Event of Default), but only to the extent the
effect of such amendment, modification or waiver would be to require the Revolving Lenders
to fund Revolving Loans when such Lenders would otherwise not be required to do so; or

 

107

 

(x) amend, modify or waive the order in which Credit Party Obligations are paid or in a
manner that would alter the pro rata sharing of payments by and among the Lenders in Section
2.11(b) without the written consent of each Lender and each Hedging Agreement Provider
directly affected thereby; or

(xi) amend, modify or waive any provision of Article VIII or Section 2.5(d) without the
written consent of the then Administrative Agent; or

(xii) amend or modify the definition of “Credit Party Obligations” to delete or
exclude any obligation or liability described therein without the written consent of each
Lender and each Hedging Agreement Provider directly affected thereby; or

(xiii) permit Interest Periods with a duration longer than six (6) months without the
consent of each Lender directly affected thereby; or

(xiv) amend or modify the definition of “Required Revolving Lenders” without
the written consent of all the Revolving Lenders or Required Term Loan Lenders without the
written consent of all the Term Loan Lenders; or

(xv) amend the definitions of “Hedging Agreement,” “Secured Hedging
Agreement,” or “Hedging Agreement Provider” without the consent of any Hedging
Agreement Provider that would be adversely affected thereby; or

(xvi) amend, waive or modify any provision of Section 2.3 or Section 2.5(c) without the
written consent of the Issuing Lender;

provided, further, that no amendment, waiver or consent affecting the rights or
duties of the Administrative Agent, the Issuing Lender or the Swingline Lender under any Credit
Document
shall in any event be effective, unless in writing and signed by the Administrative Agent, the
Issuing Lender and/or the Swingline Lender, as applicable, in addition to the Lenders required
hereinabove to take such action.

Any such waiver, any such amendment, supplement or modification and any such release shall
apply equally to each of the Lenders and shall be binding upon the Borrower, the other Credit
Parties, the Lenders, the Administrative Agent and all future holders of the Notes. In the case of
any waiver, the Borrower, the other Credit Parties, the Lenders and the Administrative Agent shall
be restored to their former position and rights hereunder and under the outstanding Loans and Notes
and other Credit Documents, and any Default or Event of Default waived shall be deemed to be cured
and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of
Default, or impair any right consequent thereon.

Notwithstanding any of the foregoing to the contrary, the consent of the Borrower and the
other Credit Parties shall not be required for any amendment, modification or waiver of the
provisions of Article VIII (other than the provisions of Section 8.9).

Notwithstanding the fact that the consent of all the Lenders is required in certain
circumstances as set forth above, (a) each Lender is entitled to vote as such Lender sees fit on
any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that

 

108

 

the provisions of Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent provisions
set forth herein and (b) the Required Lenders may consent to allow a Credit Party to use cash
collateral in the context of a bankruptcy or insolvency proceeding.

Section 9.2 Notices.

(a) Notices Generally. Except in the case of notices and other communications
expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all
notices and other communications provided for herein shall be in writing and shall be delivered by
hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as
follows:

	 	(i)	 	If to the Borrower or any other Credit Party:

Riviera Holdings Corporation

2901 Las Vegas Blvd. South

Las Vegas, Nevada 89109

Attention: Executive Vice President of Finance

Telephone: (702) 794-9527

Fax: (702) 794-9442

with a copy to:

Riviera Holdings Corporation

2901 Las Vegas Blvd. South

Attention: General Counsel

Telephone: (702) 794-9504

Fax: (702) 794-9560

	 	(ii)	 	If to the Administrative Agent:

Cantor Fitzgerald Securities

as Administrative Agent

110 East 59th Street

New York, NY 10022

Attention: Stephen Ewald

Telephone: 212-829-5238

Fax: 917-677-8224

with a copy to:

Cantor Fitzgerald Securities

as Administrative Agent

900 West Trade Street, Suite 725

Charlotte, NC 28202

Attention: Bobbie Young

Telephone: 704-374-0574

Fax: 646-390-1764

 

109

 

	 	(iii)	 	if to a Lender, to it at its address (or

telecopier number) set forth in its

Administrative Questionnaire.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail,
shall be deemed to have been given when received; notices sent by telecopier shall be deemed to
have been given when sent (except that, if not given during normal business hours for the
recipient, shall be deemed to have been given at the opening of business on the next business day
for the recipient). Notices delivered through electronic communications to the extent provided in
paragraph (b) below, shall be effective as provided in said paragraph.

(b) Electronic Communications. Notices and other communications to the Lenders and
the Issuing Lender hereunder may be delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent, provided that the foregoing shall not apply to notices to any Lender or the Issuing Lender
pursuant to Article II if such Lender or the Issuing Lender, as applicable, has notified the
Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept
notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may be limited to particular
notices or communications.

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the
next business day for the recipient, and (ii) notices or communications posted to an Internet
or intranet website shall be deemed received upon the deemed receipt by the intended recipient at
its e-mail address as described in the foregoing clause (i) of notification that such notice or
communication is available and identifying the website address therefor.

(c) Change of Address, Etc. Any party hereto may change its address or telecopier
number for notices and other communications hereunder by notice to the other parties hereto.

Section 9.3 No Waiver; Cumulative Remedies.

No failure to exercise and no delay in exercising, on the part of the Administrative Agent or
any Lender, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided are cumulative and not
exclusive of any rights, remedies, powers and privileges provided by law.

 

110

 

Section 9.4 Survival of Representations and Warranties.

All representations and warranties made hereunder and in any document, certificate or
statement delivered pursuant hereto or in connection herewith shall survive the execution and
delivery of this Agreement and the Notes and the making of the Loans; provided that all
such representations and warranties shall terminate on the date upon which the Commitments have
been terminated and all amounts owing hereunder and under any Notes have been paid in full.

Section 9.5 Payment of Expenses; Indemnity.

(a) Costs and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket
expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees,
charges and disbursements of counsel for the Administrative Agent) and the fees, charges and
disbursements of Wachtell, Lipton, Rosen & Katz as counsel for certain Lenders, in connection with
the syndication of the credit facilities provided for herein, the preparation, negotiation,
execution, delivery and administration of this Agreement and the other Credit Documents or any
amendments, modifications or waivers of the provisions hereof or thereof (whether or not the
transactions contemplated hereby or thereby shall be consummated); (ii) all reasonable
out-of-pocket expenses incurred by the Issuing Lender and the Swingline Lender in connection with
the issuance, amendment, renewal or extension of any Letter of Credit or Swingline Loan or any
demand for payment thereunder and (iii) all reasonable out-of-pocket expenses incurred by the
Administrative Agent, any Lender, the Issuing Lender or the Swingline Lender (including the
reasonable fees, charges and disbursements of any counsel for the Administrative Agent, any Lender
or the Issuing Lender) in connection with the enforcement or protection of its rights (A) in
connection with this Agreement and the other Credit Documents, including its rights under this
Section, or (B) in connection with the Loans made or Letters of
Credit issued hereunder, including all such out-of-pocket expenses incurred during any
workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

(b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent (and any sub-agent thereof), each Lender, the Issuing Lender and the Swingline Lender, and
each Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims,
damages, liabilities and related expenses (including the reasonable fees, charges and disbursements
of any counsel for any Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by
any third party or by the Borrower or any other Credit Party arising out of, in connection with, or
as a result of (i) the execution or delivery of this Agreement, any other Credit Document or any
agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of
their respective obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the
proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for payment under
a Letter of Credit if the documents presented in connection with such demand do not strictly comply
with the terms of such Letter of Credit), (iii) actual or alleged presence or release of Materials
of Environmental Concern on or from any property owned or operated by the Borrower or any of its
Subsidiaries, or any liability under Environmental Law related in any way to the Borrower or any of
its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the

 

111

 

foregoing, whether based on contract, tort or any other theory, whether
brought by a third party or by the Borrower or any other Credit Party, and regardless of whether
any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or related expenses (A) are
determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence, or willful misconduct of such Indemnitee or (B) result from a
claim brought by the Borrower or any other Credit Party against an Indemnitee for breach in bad
faith of such Indemnitee’s obligations hereunder or under any other Credit Document, if the
Borrower or such Credit Party has obtained a final and nonappealable judgment in its favor on such
claim as determined by a court of competent jurisdiction. Notwithstanding anything herein to the
contrary, no Defaulting Lender shall be entitled to indemnity by the Borrower in respect of losses
incurred by it, to the extent such losses were a result of the same actions, inactions or events
which gave rise to such Lender becoming a Defaulting Lender.

(c) Reimbursement by Lenders. To the extent that the Borrower for any reason fails to
indefeasibly pay any amount required under paragraph (a) or (b) of this Section 9.5 to be paid by
it to the Administrative Agent (or any sub-agent thereof), the Issuing Lender, Swingline Lender or
any Related Party of any of the foregoing, each Lender severally agrees to pay to the
Administrative Agent (or any such sub-agent), the Issuing Lender, Swingline Lender or such Related
Party, as the case may be, such Lender’s ratable share (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided
that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as
the case may be, was incurred by or asserted against the Administrative Agent (or any such
sub-agent), the Issuing Lender or Swingline Lender in its capacity as such, or against any Related
Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), Issuing
Lender or Swingline Lender in connection with such capacity.

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by
applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee,
on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to
direct or actual damages) arising out of, in connection with, or as a result of, this Agreement,
any other Credit Document or any agreement or instrument contemplated hereby, the transactions
contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof.
No Indemnitee referred to in paragraph (b) above shall be liable for any damages arising from the
use by unintended recipients of any information or other materials distributed by it through
telecommunications, electronic or other information transmission systems in connection with this
Agreement or the other Credit Documents or the transactions contemplated hereby or thereby.

(e) Payments. All amounts due under this Section shall be payable promptly and not
later than ten (10) days after demand therefor.

(f) This Section 9.5 shall not apply to Taxes (Taxes being governed by Section 2.16).

 

112

 

Section 9.6 Successors and Assigns; Participations.

(a) Successors and Assigns Generally. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that neither the Borrower nor any other Credit Party may assign or
otherwise transfer any of its rights or obligations hereunder without the prior written consent of
the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its
rights or obligations hereunder except (i) to an assignee in accordance with the provisions of
paragraph (b) of this Section 9.6, (ii) by way of participation in accordance with the provisions
of paragraph (d) of this Section 9.6 or (iii) by way of pledge or assignment of a security interest
subject to the restrictions of paragraph (f) of this Section 9.6 (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby, Participants to the extent provided in
paragraph (d) of this Section 9.6 and, to the extent expressly contemplated hereby, the Related
Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy
or claim under or by reason of this Agreement.

(b) Assignments by Lenders. Any Lender may at any time assign to one or more
assignees all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans at the time owing to it); provided that any such
assignment shall be subject to the following conditions:

(i) Minimum Amounts.

(A) in the case of an assignment (y) of the entire remaining amount of the
assigning Lender’s Commitment and the Loans at the time owing
to it, or (z) in the case of an assignment to a Lender, an Affiliate of a
Lender or an Approved Fund, no minimum amount need be assigned; and

(B) in any case not described in paragraph (b)(i)(A) of this Section, the
aggregate amount of the Commitment (which for this purpose includes Loans
outstanding thereunder) or, if the applicable Commitment is not then in effect, the
principal outstanding balance of the Loans of the assigning Lender subject to each
such assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent or, if “Trade
Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not
be less than $1,000,000, in the case of any assignment in respect of a revolving
facility, or $1,000,000, in the case of any assignment in respect of a term
facility, unless each of the Administrative Agent and, so long as no Event of
Default has occurred and is continuing, the Borrower otherwise consents (each such
consent not to be unreasonably withheld or delayed).

(ii) Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement with respect to the Loan or the Commitment assigned, except that

 

113

 

this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and
obligations among separate Tranches on a non-pro rata basis.

(iii) Required Consents. No consent shall be required for any assignment
except to the extent required by paragraph (b)(i)(B) of this Section and, in addition:

(A) the consent of the Borrower (such consent not to be unreasonably withheld
or delayed; it being understood that such consent shall be deemed to have been given
in the event that the Borrower does not respond to the request for consent within
five (5) Business Days thereof) shall be required unless (x) an Event of Default has
occurred and is continuing at the time of such assignment or (y) such assignment is
to a Lender, an Affiliate of a Lender or an Approved Fund; and

(B) the consent of the Administrative Agent and the Issuing Lender (such
consent not to be unreasonably withheld or delayed) shall be required for
assignments in respect of a Revolving Commitment if such assignment is to a Person
that is not a Lender with a Commitment in respect of such facility, an Affiliate of
such Lender or an Approved Fund with respect to such Lender.

(iv) Assignment and Assumption. The parties to each assignment shall execute
and deliver to the Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee of $3,500 (which fee may be waived in the discretion of the
Administrative Agent), and the assignee, if it is not a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire and all applicable
tax forms.

(v) No Assignment to Borrower. No such assignment shall be made to the
Borrower or any of the Borrower’s Subsidiaries.

(vi) No Assignment to Natural Persons. No such assignment shall be made to a
natural person.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph
(c) of this Section, from and after the effective date specified in each Assignment and Assumption,
the assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
entitled to the benefits of Section 2.14 and Section 9.5 with respect to facts and circumstances
occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender
of rights or obligations under this Agreement that does not comply with this paragraph shall be
treated for purposes of this Agreement as a sale by such

 

114

 

Lender of a participation in such rights
and obligations in accordance with paragraph (d) of this Section.

(c) Register. The Administrative Agent, acting solely for this purpose as an agent of
the Borrower, shall maintain at one of its offices in New York, New York a copy of each Assignment
and Assumption delivered to it and a register for the recordation of the names and addresses of the
Lenders, and the Commitments of, and principal amounts of the Loans owing to, each Lender pursuant
to the terms hereof from time to time (the “Register”). The entries in the Register shall
be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all
purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by the Borrower and any Lender, at any reasonable time and from time to
time upon reasonable prior notice.

(d) Participations. Any Lender may at any time, without the consent of, or notice to,
the Borrower or the Administrative Agent, sell participations to any Person (other than a natural
person or the Borrower or any of the Borrower’s Subsidiaries) (each, a “Participant”) in
all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or
a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations and (iii) the
Borrower, the Administrative Agent and the Lenders, Issuing Lender and Swingline Lender shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement.

Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, modification or waiver that requires the consent of each
Lender directly affected thereby pursuant to Section 9.1 and directly affects such Participant.
Subject to paragraph (e) of this Section, the Borrower agrees that each Participant shall be
entitled to the benefits of Section 2.14, Section 2.15 and Section 2.16 to the same extent as if it
were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this
Section. To the extent permitted by law, each Participant also shall be entitled to the benefits
of Section 9.7 as though it were a Lender, provided such Participant agrees to be subject to
Section 2.11 as though it were a Lender.

(e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Section 2.14, Section 2.15 and Section 2.16 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such
Participant, unless the sale of the participation to such Participant is made with the Borrower’s
prior written consent. A Participant shall not be entitled to the benefits of Section 2.16 unless
such Participant agrees, for the benefit of the Borrower, to comply with Section 2.16 as though it
were a Lender.

 

115

 

(f) Certain Pledges. Any Lender may at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement to secure obligations of such Lender,
including any pledge or assignment to secure obligations to a Federal Reserve Bank;
provided that no such pledge or assignment shall release such Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

Section 9.7 Right of Set-off; Sharing of Payments.

(a) If an Event of Default shall have occurred and be continuing, each Lender, the Issuing
Lender, and each of their respective Affiliates is hereby authorized at any time and from time to
time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final, in whatever currency) at any time held
and other obligations (in whatever currency) at any time owing by such Lender, the Issuing Lender
or any such Affiliate to or for the credit or the account of the Borrower or any other Credit Party
against any and all of the obligations of the Borrower or such Credit Party now or hereafter
existing under this Agreement or any other Credit Document to such Lender or the Issuing Lender,
irrespective of whether or not such Lender or the Issuing Lender shall have made any demand under
this Agreement or any other Credit Document and although such obligations of the Borrower or such
Credit Party may be contingent or unmatured or are owed to a branch or office of such Lender or the
Issuing Lender different from the branch or office holding such deposit or obligated on such
indebtedness. The rights of each Lender, the Issuing Lender and their respective Affiliates under
this Section are in addition to other rights and remedies (including other rights of setoff) that
such Lender, the Issuing Lender or their respective Affiliates may have. Each Lender and the
Issuing Lender agrees to notify the
Borrower and the Administrative Agent promptly after any such setoff and application, provided
that the failure to give such notice shall not affect the validity of such setoff and application.

(b) If any Lender shall, by exercising any right of setoff or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Loans or other obligations
hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of
its Loans and accrued interest thereon or other such obligations greater than its pro rata share
thereof as provided herein, then the Lender receiving such greater proportion shall (i) notify the
Administrative Agent of such fact, and (ii) purchase (for cash at face value) participations in the
Loans and such other obligations of the other Lenders, so that the benefit of all such payments
shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Loans and other amounts owing them, provided that:

(i) if any such participations are purchased and all or any portion of the payment
giving rise thereto is recovered, such participations shall be rescinded and the purchase
price restored to the extent of such recovery, without interest; and

(ii) the provisions of this paragraph shall not be construed to apply to (A) any
payment made by the Borrower pursuant to and in accordance with the express terms of this
Agreement or (B) any payment obtained by a Lender as consideration for the assignment of or
sale of a participation in any of its Loans or participations in Letters of Credit to any
assignee or participant in accordance with the terms hereof.

 

116

 

(c) Each Credit Party consents to the foregoing and agrees, to the extent it may effectively
do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against each Credit Party rights of setoff and counterclaim with respect
to such participation as fully as if such Lender were a direct creditor of each Credit Party in the
amount of such participation.

Section 9.8 Table of Contents and Section Headings.

The table of contents and the Section and subsection headings herein are intended for
convenience only and shall be ignored in construing this Agreement.

Section 9.9 Counterparts; Integration; Effectiveness; Electronic Execution.

(a) Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
This Agreement shall become effective as provided in Section 4.1. Delivery of an executed
counterpart of a signature page of this Agreement by telecopy or email shall be effective as
delivery of a manually executed counterpart of this Agreement.

(b) Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption shall be deemed to
include electronic signatures or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity or enforceability as a manually executed signature or
the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state
laws based on the Uniform Electronic Transactions Act.

Section 9.10 Severability.

Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

Section 9.11 Integration.

This Agreement and the other Credit Documents represent the agreement of the Borrower, the
other Credit Parties, the Administrative Agent and the Lenders with respect to the subject matter
hereof, and there are no promises, undertakings, representations or warranties by the
Administrative Agent, the Borrower, the other Credit Parties, or any Lender relative to the subject
matter hereof not expressly set forth or referred to herein or therein.

 

117

 

Section 9.12 Governing Law.

This Agreement shall be governed by, and construed in accordance with, the law of the State of
New York.

Section 9.13 Consent to Jurisdiction; Service of Process and Venue.

(a) Consent to Jurisdiction. Each of the parties hereto irrevocably and
unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the
courts of the State of New York, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement or any other Credit Document, or for
recognition or enforcement of any judgment, and each of the parties hereto irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and
determined in such New York State court or, to the fullest extent permitted by applicable law, in
such Federal court. Each of the parties hereto agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law. Nothing in this Agreement or in any other Credit Document
shall affect any right that the Administrative Agent, any Lender or the Issuing Lender may
otherwise have to bring any action or proceeding relating to this Agreement or any other Credit
Document against the Borrower or any other Credit Party or its properties in the courts of any
jurisdiction.

(b) Service of Process. Each party hereto irrevocably consents to service of process
in the manner provided for notices in Section 9.2. Nothing in this Agreement will affect the right
of any party hereto to serve process in any other manner permitted by applicable law.

(c) Venue. Each of the parties hereto irrevocably and unconditionally waives, to the
fullest extent permitted by applicable law, any objection that it may now or hereafter have to the
laying of venue of any action or proceeding arising out of or relating to this Agreement or any
other Credit Document in any court referred to in Section 9.13(a). Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court.

Section 9.14 Confidentiality.

Each of the Administrative Agent, the Lenders and the Issuing Lender agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a)
to its Affiliates and to its and its Affiliates’ respective partners, directors, officers,
employees, agents, advisors and other representatives (it being understood that the Persons to whom
such disclosure is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential), (b) to the extent requested by any regulatory
authority purporting to have jurisdiction over it (including any self-regulatory authority, such as
the National Association of Insurance Commissioners), (c) to the extent required by applicable laws
or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in
connection with the exercise of any remedies hereunder, under any other Credit Document or Secured
Hedging Agreement or any action or proceeding relating to this Agreement, any other Credit Document
or Secured Hedging Agreement or the enforcement of rights hereunder or thereunder, (f) subject to
an agreement containing provisions substantially

 

118

 

the same as those of this Section, to any assignee
of or Participant in, or any prospective assignee of or Participant in, any of its rights or
obligations under this Agreement, (g) (i) any actual or prospective counterparty (or its advisors)
to any swap or derivative transaction relating to the Borrower and its obligations, (ii) an
investor or prospective investor in securities issued by an Approved Fund that also agrees that
Information shall be used solely for the purpose of evaluating an investment in such securities
issued by the Approved Fund, (iii) a trustee, collateral manager, servicer, backup servicer,
noteholder or secured party in connection with the administration, servicing and reporting on the
assets serving as collateral for securities issued by an Approved Fund, (iv) a nationally
recognized rating agency that requires access to information regarding the Credit Parties, the
Loans and Credit Documents in connection with ratings issued in respect of securities issued by an
Approved Fund (in each case, it being understood that the Persons to whom such disclosure is made
will be informed of the confidential nature of such information and instructed to keep such
information confidential) or (v) financing, funding or investing sources of existing or potential
Lenders, assignees or Participants, subject to an agreement containing substantially the same as
those of this Section, (h) with the consent of the Borrower or (j) to the extent such Information
(x) becomes publicly available other than as a result of a breach of this Section or (y) becomes
available to such Person or any of its Affiliates on a nonconfidential basis from a source other
than the Borrower having, to such Person’s knowledge, no obligation of confidentiality to the
Borrower or any of its Subsidiaries.

For purposes of this Section, “Information” shall mean all information received from
the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any
of their respective businesses, other than any such information that is available to the
Administrative Agent, any Lender or the Issuing Lender, as applicable, (a) from a Person having, to
the recipient’s knowledge, no obligation of confidentiality to the Borrower or any of its
Subsidiaries, (b) on a nonconfidential basis, and (c) prior to disclosure by the Borrower or
any of its Subsidiaries, provided that, in the case of information received from the Borrower or
any of its Subsidiaries after the date hereof, such information is clearly identified at the time
of delivery as confidential.

Section 9.15 Acknowledgments.

The Borrower and the other Credit Parties each hereby acknowledges that:

(a) it has been advised by counsel in the negotiation, execution and delivery of each
Credit Document; and

(b) neither the Administrative Agent nor any Lender has any fiduciary relationship with
or duty to the Borrower or any other Credit Party arising out of or in connection with this
Agreement and the relationship between the Administrative Agent and the Lenders, on one
hand, and the Borrower and the other Credit Parties, on the other hand, in connection
herewith is solely that of debtor and creditor.

Section 9.16 Waivers of Jury Trial.

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL

 

119

 

BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

Section 9.17 Patriot Act Notice.

Each Lender and the Administrative Agent (for itself and not on behalf of any other party)
hereby notifies the Borrower that, pursuant to the requirements of the Patriot Act, it is required
to obtain, verify and record information that identifies the Borrower and the other Credit Parties,
which information includes the name and address of the Borrower and the other Credit Parties and
other information that will allow such Lender or the Administrative Agent, as applicable, to
identify the Borrower and the other Credit Parties in accordance with the Patriot Act.

Section 9.18 Resolution of Drafting Ambiguities.

Each Credit Party acknowledges and agrees that it was represented by counsel in connection
with the execution and delivery of this Agreement and the other Credit Documents to which it is a
party, that it and its counsel reviewed and participated in the preparation and negotiation hereof
and thereof and that any rule of construction to the effect that ambiguities are to be resolved
against the drafting party shall not be employed in the interpretation hereof or thereof.

Section 9.19 Continuing Agreement.

This Credit Agreement shall be a continuing agreement and shall remain in full force and
effect until all Loans, LOC Obligations, interest, fees and other Credit Party Obligations (other
than those obligations that expressly survive the termination of this Credit Agreement) have been
paid in full and all Commitments and Letters of Credit have been terminated. Upon termination, the
Credit Parties shall have no further obligations (other than those obligations that expressly
survive the termination of this Credit Agreement) under the Credit Documents and the Administrative
Agent shall, at the request and expense of the Borrower, deliver all the Collateral in its
possession to the Borrower and release all Liens on the Collateral; provided that should
any payment, in whole or in part, of the Credit Party Obligations be rescinded or otherwise
required to be restored or returned by the Administrative Agent or any Lender, whether as a result
of any proceedings in bankruptcy or reorganization or otherwise, then the Credit Documents shall
automatically be reinstated and all Liens of the Administrative Agent shall reattach to the
Collateral and all amounts required to be restored or returned and all costs and expenses incurred

 

120

 

by the Administrative Agent or any Lender in connection therewith shall be deemed included as part
of the Credit Party Obligations.

Section 9.20 Regulatory Matters.

(a) Colorado Gaming Approvals. The Borrower shall cause notice of the transactions
contemplated by the Credit Documents to be provided to the Colorado Gaming Authorities prior to the
Closing Date. The Colorado Gaming Authorities reserve the right to approve, require changes to or
require the termination of any of the Credit Documents, including, but not limited to, if a Lender,
the Administrative Agent, any Secured Party, any Participant or other person having an interest in
the Credit Party Obligations is required to be found suitable and is not found suitable.

(b) Subject to Gaming Laws. Any other provision in this Agreement or any other Credit
Document to the contrary notwithstanding, each of the Lenders, Administrative Agent and Secured
Party acknowledges that (i) all provisions of this Agreement and the other Credit Documents
relative to the Collateral are intended to be subject to all applicable mandatory provisions of the
Gaming Laws and to be limited solely to the extent necessary to not render the provisions of this
Agreement and the other Credit Documents invalid or unenforceable, in whole or in part; (ii) all
rights, remedies and powers provided in this Agreement and the other Credit Documents relative to
the Collateral, including, without limitation, with respect to the entry into
and ownership and operation of any Casino at the Facilities, the possession or control of
cashless wagering systems, mobile gaming systems, all other “gaming devices” or “gaming equipment”
(as such terms or words of like import referring thereto are defined in the Gaming Laws), and
alcoholic beverages and the transfer of gaming or liquor licenses, may be exercised only to the
extent that the exercise thereof does not violate any Gaming Law and that any required Approvals
(including prior Approvals) are obtained from the applicable Gaming Authorities; (iii) each shall
cooperate with the Gaming Authorities in connection with the administration of their regulatory
jurisdiction, including, without limitation, providing documents or information as may be requested
by the Gaming Authorities relating to each of them; and (iv) each of them and their respective
assignees and Participants are subject to being called forward by the Gaming Authorities, in their
discretion, for licensing or finding of suitability or to file or provide other information in
order to remain entitled to the benefits of the Credit Agreement and the other Credit Documents.

 

121

 

Section 9.21 Intercreditor Agreement and Security Documents. Each Lender hereunder
(a) consents to the priority and/or subordination of Liens provided for in the Intercreditor
Agreement, (b) agrees that it will be bound by and will take no actions contrary to the provisions
of the Intercreditor Agreement and (c) authorizes and instructs the Administrative Agent to enter
into the Intercreditor Agreement as First Lien Agent and the Security Documents as Administrative
Agent, in each case, on behalf of such Lender. The foregoing provisions are intended as an
inducement to the Lenders to extend credit and such Lenders are intended third party beneficiaries
of such provisions and the provisions of the Intercreditor Agreement.

Section 9.22 Signature Pages.

Pursuant to the Confirmation Order, each Lender party to this Agreement as of the date hereof,
by virtue of (a) its affirmative vote to approve the Plan of Reorganization or (b) if such Lender
shall have failed to vote with respect to, or shall have voted to reject, the Plan of
Reorganization, its affirmative acceptance of the offer to participate in the Revolving Facility
and Series B Term Loan, as the case may be, shall be deemed to have consented to the terms and
provisions of the Credit Documents and shall be bound by the terms thereof as if it executed
signature pages to those Credit Documents to which it is a party as of the date hereof.

ARTICLE X

GUARANTY

Section 10.1 The Guaranty.

In order to induce the Lenders to enter into this Agreement and any Hedging Agreement Provider
to enter into any Secured Hedging Agreement and to extend credit hereunder and thereunder and in
recognition of the direct benefits to be received by the Guarantors from the Extensions of Credit
hereunder and under any Secured Hedging Agreement, each of the Guarantors hereby agrees with the
Administrative Agent, the Lenders and the Hedging Agreement Providers as follows: Subject to the
provisions of Section 10.2(a), the Guarantors jointly and severally hereby irrevocably and
unconditionally guarantee to the Lenders the due
and punctual payment in full of all Credit Party Obligations when the same shall become due,
whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise
(including amounts that would become due but for the operation of the automatic stay under Section
362(a) of the Bankruptcy Code) (collectively, the “Guaranteed Obligations”, and such
guarantee, the “Guaranty”). The Guarantors hereby jointly and severally agree, in
furtherance of the foregoing and not in limitation of any other right which the Lenders or the
Administrative Agent may have at law or in equity against any Guarantor by virtue hereof, that upon
the failure of the Borrower or any other Loan Party to pay any of the Guaranteed Obligations when
and as the same shall become due, whether at stated maturity, by required prepayment, declaration,
acceleration, demand or otherwise (including amounts that would become due but for the operation of
the automatic stay under Section 362(a) of the Bankruptcy Code), the Guarantors will upon demand
pay, or cause to be paid, in cash, to the Administrative Agent, an amount equal to the sum of the
unpaid principal amount of all Guaranteed Obligations then due as aforesaid, accrued and unpaid
interest on such Guaranteed Obligations (including interest which, but for the filing of a petition
in bankruptcy with respect to the Borrower or such

 

122

 

other Loan Party, would have accrued on such
Guaranteed Obligations, whether or not a claim is allowed against the Borrower or such other Loan
Party for such interest in the related bankruptcy proceeding) and all other Guaranteed Obligations
then due and owing to the Lenders as aforesaid. All such payments shall be applied promptly from
time to time in accordance with this Agreement.

Section 10.2 Limitation on Amount Guaranteed; Bankruptcy.

(a) Notwithstanding any provision to the contrary contained herein or in any other of the
Credit Documents, to the extent the obligations of a Guarantor shall be adjudicated to be invalid
or unenforceable for any reason (including, without limitation, because of any applicable state or
federal law relating to fraudulent conveyances or transfers) then the obligations of each such
Guarantor hereunder shall be limited to the maximum amount that is permissible under applicable law
(whether federal or state and including, without limitation, the Bankruptcy Code).

(b) Each of the Guarantors unconditionally and irrevocably guarantees jointly and severally
the payment of any and all Credit Party Obligations of the Borrower to the Lenders and any Hedging
Agreement Provider whether or not due or payable by the Borrower upon the occurrence of any
Bankruptcy Event and unconditionally promises to pay such Credit Party Obligations to the
Administrative Agent for the account of the Lenders and to any such Hedging Agreement Provider, or
order, on demand, in lawful money of the United States. Each of the Guarantors further agrees that
to the extent that the Borrower or a Guarantor shall make a payment or a transfer of an interest in
any property to the Administrative Agent, any Lender or any Hedging Agreement Provider, which
payment or transfer or any part thereof is subsequently invalidated, declared to be fraudulent or
preferential, or otherwise is avoided, and/or required to be repaid to the Borrower or a Guarantor,
the estate of the Borrower or a Guarantor, a trustee, receiver or any other party under any
bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such
avoidance or repayment, the obligation or part thereof intended to be satisfied shall be revived
and continued in full force and effect as if said payment had not been made.

(c) Each Guarantor agrees that the Guaranteed Obligations may at any time and from time to
time be incurred or permitted in an amount exceeding the maximum liability of such Guarantor under
Section 10.2(a) without impairing the Guaranty contained in Section 10.1 or affecting the rights
and remedies of any Lender hereunder.

Section 10.3 Nature of Liability.

Each Guarantor agrees that its obligations hereunder are irrevocable, absolute, independent
and unconditional and shall not be affected by any circumstance which constitutes a legal or
equitable discharge of a guarantor or surety other than payment in full of the Guaranteed
Obligations. In furtherance of the foregoing and without limiting the generality thereof, each
Guarantor agrees as follows:

(a) The Guaranty is a guarantee of payment when due and not of collectibility.

 

123

 

(b) Payment or performance by any Guarantor of a portion, but not all, of the Guaranteed
Obligations shall in no way limit, affect, modify or abridge any Guarantor’s liability for any
portion of the Guaranteed Obligations which has not been paid or performed. Without limiting the
generality of the foregoing, if the Lender is awarded a judgment in any suit brought to enforce any
Guarantor’s covenant to pay a portion of the Guaranteed Obligations, such judgment shall not be
deemed to release such Guarantor from its covenant to pay or perform the portion of the Guaranteed
Obligations that is not the subject of such suit, and such judgment shall not, except to the extent
satisfied by such Guarantor, limit, affect, modify or abridge any other Guarantor’s liability
hereunder in respect of the Guaranteed Obligations.

(c) The Guaranty and the obligations of the Guarantors hereunder shall be valid and
enforceable (except to the extent enforcement may be limited by applicable bankruptcy, insolvency,
and similar laws affecting creditors’ rights generally) and shall not be subject to any reduction,
limitation, impairment, discharge or termination for any reason (other than payment in full of the
Guaranteed Obligations), including the occurrence of any of the following, whether or not any
Guarantor shall have had notice or knowledge of any of them: (i) any failure to assert or enforce
or agreement not to assert or enforce, or the stay or enjoining, by order of court, by operation of
law or otherwise, of the exercise or enforcement of, any claim or demand or any right, power or
remedy (whether arising under the Credit Documents, at law, in equity or otherwise) with respect to
the Guaranteed Obligations or any agreement relating thereto, or with respect to any other guaranty
of or security for the payment of the Guaranteed Obligations; (ii) any rescission, waiver,
amendment or modification of, or any consent to departure from, any of the terms or provisions
(including provisions relating to events of default) of any of the Credit Documents, the Secured
Hedging Agreements or any agreement or instrument executed pursuant thereto, or of any other
guaranty or security for the Guaranteed Obligations, in each case whether or not in accordance with
the terms of such Credit Document, Secured Hedging Agreement, agreement or instrument, or any
agreement relating to such other guaranty or security; (iii) the Guaranteed Obligations, or any
agreement relating thereto, at any time being found to be illegal, invalid or unenforceable in any
respect; (iv) the application of payments received from any source (other than payments received
pursuant to the other Credit Documents); (v) any defenses, set-offs or counterclaims which the
Borrower or any other Credit
Party may assert against any Secured Party in respect of the Guaranteed Obligations, including
failure of consideration, breach of warranty, payment, statute of frauds, statute of limitations,
accord and satisfaction and usury; and (vi) any other act or thing or omission, or delay to do any
other act or thing, which may or might in any manner or to any extent vary the risk of any
Guarantor as an obligor in respect of the Guaranteed Obligations.

Section 10.4 Independent Obligation.

The obligations of each Guarantor hereunder are independent of the obligations of any other
Guarantor or the Borrower, and a separate action or actions may be brought and prosecuted against
each Guarantor whether or not action is brought against any other Guarantor or the Borrower and
whether or not any other Guarantor or the Borrower is joined in any such action or actions.

 

124

 

Section 10.5 Authorization.

Each of the Guarantors authorizes the Administrative Agent, each Lender and each Hedging
Agreement Provider without notice or demand (except as shall be required by applicable statute and
cannot be waived), and without affecting or impairing the enforceability of the Guaranty or such
Guarantor’s liability hereunder, from time to time to (a) renew, compromise, extend, increase,
accelerate or otherwise change the time for payment of, or otherwise change the terms of the Credit
Party Obligations or any part thereof in accordance with this Agreement and any Secured Hedging
Agreement, as applicable, including any increase or decrease of the rate of interest thereon, (b)
take and hold security from any Guarantor or any other party for the payment of this Guaranty or
the Credit Party Obligations and exchange, enforce waive and release any such security, (c) apply
such security and direct the order or manner of sale thereof as the Administrative Agent and the
Lenders in their discretion may determine, (d) release or substitute any one or more endorsers,
Guarantors, the Borrower or other obligors and (e) to the extent otherwise permitted herein,
release or substitute any Collateral.

Section 10.6 Reliance.

It is not necessary for the Administrative Agent, the Lenders or any Hedging Agreement
Provider to inquire into the capacity or powers of the Borrower or the officers, directors,
members, partners or agents acting or purporting to act on its behalf, and any Credit Party
Obligations made or created in reliance upon the professed exercise of such powers shall be
guaranteed hereunder.

Section 10.7 Waiver.

(a) Each of the Guarantors waives any right (except as shall be required by applicable statute
and cannot be waived) to require the Administrative Agent, any Lender or any Hedging Agreement
Provider to (i) proceed against the Borrower, any other guarantor or any other party, (ii) proceed
against or exhaust any security held from the Borrower, any other guarantor or any other party, or
(iii) pursue any other remedy in the Administrative Agent’s, any Lender’s or any Hedging Agreement
Provider’s power whatsoever. To the extent permitted by Section 40.495(2) of the Nevada Revised
Statutes, each of the Guarantors waives the provisions
of Nevada Revised Statutes Section 40.430. Each of the Guarantors waives any defense based on
or arising out of any defense of the Borrower, any other guarantor or any other party other than
payment in full of the Credit Party Obligations (other than contingent indemnity obligations),
including without limitation any defense based on or arising out of the disability of the Borrower,
any other guarantor or any other party or any defense based upon any statute or rule of law which
provides that the obligation of a surety must be neither larger in amount nor in other respects
more burdensome than that of the principal, or the unenforceability of the Credit Party Obligations
or any part thereof from any cause, or the cessation from any cause of the liability of the
Borrower other than payment in full of the Credit Party Obligations (other than contingent
indemnity obligations). The Administrative Agent may, at its election, foreclose on any security
held by the Administrative Agent or a Lender by one or more judicial or nonjudicial sales, whether
or not every aspect of any such sale is commercially reasonable (to the extent such sale is
permitted by applicable law), or exercise any other right or remedy the Administrative Agent or any
Lender may have against the Borrower or any other party, or any security, without

 

125

 

affecting or
impairing in any way the liability of any Guarantor hereunder except to the extent the Credit Party
Obligations (other than contingent indemnity obligations) have been paid in full and the
Commitments have been terminated. Each of the Guarantors waives any defense arising out of any
such election by the Administrative Agent or any of the Lenders, even though such election operates
to impair or extinguish any right of reimbursement or subrogation or other right or remedy of the
Guarantors against the Borrower or any other party or any security.

(b) Each of the Guarantors waives all presentments, demands for performance, protests and
notices, including without limitation notices of nonperformance, notice of protest, notices of
dishonor, notices of acceptance of this Guaranty, and notices of the existence, creation or
incurring of new or additional Credit Party Obligations. Each Guarantor assumes all responsibility
for being and keeping itself informed of the Borrower’s financial condition and assets, and of all
other circumstances bearing upon the risk of nonpayment of the Credit Party Obligations and the
nature, scope and extent of the risks which such Guarantor assumes and incurs hereunder, and agrees
that neither the Administrative Agent nor any Lender shall have any duty to advise such Guarantor
of information known to it regarding such circumstances or risks.

(c) Each of the Guarantors hereby agrees it will not exercise any rights of subrogation which
it may at any time otherwise have as a result of this Guaranty (whether contractual, under Section
509 of the U.S. Bankruptcy Code, or otherwise) to the claims of the Lenders or any Hedging
Agreement Provider against the Borrower or any other guarantor of the Credit Party Obligations of
the Borrower owing to the Lenders or such Hedging Agreement Provider (collectively, the “Other
Parties”) and all contractual, statutory or common law rights of reimbursement, contribution or
indemnity from any Other Party which it may at any time otherwise have as a result of this Guaranty
until such time as the Credit Party Obligations shall have been paid in full and the Commitments
have been terminated. Each of the Guarantors hereby further agrees not to exercise any right to
enforce any other remedy which the Administrative Agent, the Lenders or any Hedging Agreement
Provider now have or may hereafter have against any Other Party, any endorser or any other
guarantor of all or any part of the Credit Party Obligations of the Borrower and any benefit of,
and any right to participate in, any security or collateral given to or for the benefit of the
Lenders and/or the Hedging Agreement Providers to secure payment of the Credit Party Obligations of
the Borrower until
such time as the Credit Party Obligations (other than contingent indemnity obligations) shall
have been paid in full and the Commitments have been terminated.

Section 10.8 Limitation on Enforcement.

The Lenders and the Hedging Agreement Providers agree that this Guaranty may be enforced only
by the action of the Administrative Agent acting upon the instructions of the Required Lenders or
such Hedging Agreement Provider (only with respect to obligations under the applicable Secured
Hedging Agreement) and that no Lender or Hedging Agreement Provider shall have any right
individually to seek to enforce or to enforce this Guaranty, it being understood and agreed that
such rights and remedies may be exercised by the Administrative Agent for the benefit of the
Lenders under the terms of this Agreement and for the benefit of any Hedging Agreement Provider
under any Secured Hedging Agreement. The Lenders and the

 

126

 

Hedging Agreement Providers further agree
that this Guaranty may not be enforced against any director, officer, employee or stockholder of
the Guarantors.

Section 10.9 Confirmation of Payment.

The Administrative Agent and the Lenders will, upon request after payment of the Credit Party
Obligations which are the subject of this Guaranty and termination of the Commitments relating
thereto, confirm to the Borrower, the Guarantors or any other Person (at the request of the
Borrower or any Guarantor) that such indebtedness and obligations have been paid and the
Commitments relating thereto terminated, subject to the provisions of Section 10.2.

Section 10.10 Continuing Guaranty.

The Guaranty is a continuing guaranty and shall remain in effect until the Guaranty
Termination Date. Each Guarantor hereby irrevocably waives any right to revoke the Guaranty as to
future transactions giving rise to any Guaranteed Obligations.

Section 10.11 Rights Cumulative.

The rights, powers and remedies given to the Secured Parties by this Agreement are cumulative
and shall be in addition to and independent of all rights, powers and remedies given to them by
virtue of any statute or rule of law or in any of the other Credit Documents or any Secured Hedging
Agreements. Any forbearance or failure to exercise, and any delay by the Administrative Agent or
the Secured Parties in exercising, any right, power or remedy hereunder shall not impair any such
right, power or remedy or be construed to be a waiver thereof, nor shall it preclude the further
exercise of any such right, power or remedy.

ARTICLE XI

SUBORDINATION OF INTERCOMPANY DEBT

Section 11.1 Subordination.

(a) General. Each of the Credit Parties agrees and covenants that the Intercompany
Debt is and shall be subordinate in right and order of payment to the payment in full of the Credit
Party Obligations on the terms and conditions set forth herein.

(b) Permitted Payments. Upon the occurrence and during the continuance of a Default
or Event of Default, at the direction of the Administrative Agent, no Credit Party shall receive
payments of interest, principal and other amounts on the Intercompany Debt until the Credit Party
Obligations are paid in full or until otherwise agreed by the Administrative Agent or the Required
Lenders.

Section 11.2 Priority and Payment of Proceeds in Certain Events.

(a) Insolvency or Dissolution of a Credit Party. Upon the occurrence of a Bankruptcy
Event, all Credit Party Obligations shall first be paid in full before any Credit Party shall be
entitled to receive any payment of the Intercompany Debt, unless otherwise agreed to by

 

127

 

the
Administrative Agent or the Required Lenders. Upon the occurrence of any Bankruptcy Event, any
payment or distribution of assets of a Credit Party of any kind or character, whether in cash,
property or securities to which a Credit Party would be entitled, except for the provisions of this
Article XI, shall be made by such Credit Party or by any receiver, trustee in bankruptcy,
liquidating trustee, agent or other person making such payment or distribution, directly to the
Administrative Agent for application (in the case of cash) to or as collateral (in the case of
non-cash property or securities) for the payment in full of all Credit Party Obligations.

(b) Payments in General. No direct or indirect payment or distribution by or on
behalf of a Credit Party in respect of the Intercompany Debt upon acceleration shall be made, and
no other consideration in respect of the Intercompany Debt shall be given or received, in each
case, to the extent prohibited by Section 11.1(b).

(c) Certain Payments Held in Trust. In the event that, notwithstanding the foregoing
provisions prohibiting such payment or distribution or such giving or receipt of consideration, any
Credit Party shall have received any payment or distribution or consideration in respect of the
Intercompany Debt contrary to such provisions, then, and in such event, such payment or
distribution or consideration shall be received and held in trust for the Lenders and shall be paid
over or delivered to the Administrative Agent for application to or as collateral for the payment
or prepayment of all Credit Party Obligations in full after giving effect to any concurrent payment
or distribution to the Administrative Agent in respect of the Credit Party Obligations. No amount
paid by any Credit Party to the holder or holders of the Intercompany Debt and paid over by the
holder or holders of the Intercompany Debt to the holders of the Credit Party Obligations pursuant
to this Article XI shall, as between any Credit Party and the holder or
holders of the Intercompany Debt, be deemed to be a payment by any Credit Party to or on
account of such Intercompany Debt.

Section 11.3 Restrictions on Actions by Credit Parties.

Until the Credit Party Obligations are paid in full, the Credit Parties shall not, without the
prior written consent of the Administrative Agent, take any Collection Action with respect to the
Intercompany Debt.

Section 11.4 Miscellaneous.

(a) The provisions of this Article XI shall continue to be effective or be reinstated, as the
case may be, if at any time any payment of any of the Credit Party Obligations is rescinded or must
otherwise be returned by the Lenders or any other recipient thereof, as the case may be, upon the
insolvency, bankruptcy or reorganization of any Credit Party or otherwise, all as though such
payment had not been made.

(b) No failure on the part of the Administrative Agent to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any right hereunder preclude any other or further exercise thereof of the exercise of
any other right. The remedies herein provided are cumulative and not exclusive of any remedies
provided by law.

 

128

 

(c) The provisions of this Article XI constitute a continuing agreement and shall (i) remain
in full force and effect until the Credit Documents shall have been terminated and the Credit Party
Obligations shall have been paid in full, (ii) be binding upon each of the Credit Parties and its
successors and assigns and (iii) inure to the benefit of and be enforceable by the Administrative
Agent and its respective successors, transferees and assigns.

(d) Notwithstanding the terms of this Article XI, the Administrative Agent or the Required
Lenders shall have the right to waive the subordination terms of this Article XI and, upon the
occurrence and during the continuance of a Default or Event of Default, require the Credit Parties
to enforce the obligations under the Intercompany Debt in accordance with the terms thereof.

[Signature Pages Follow]

 

129

 

IN WITNESS WHEREOF, the parties hereto have caused this Series A Credit Agreement to be duly
executed and delivered by its proper and duly authorized officers as of the day and year first
above written.

	 	 	 	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	RIVIERA HOLDINGS CORPORATION,	 	 
	 	 	a Nevada corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Tullio Marchionne	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Tullio Marchionne	 	 
	 

	 	 	 	Title:
	 	Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GUARANTORS:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	RIVIERA OPERATING CORPORATION,	 	 
	 	 	a Nevada corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Tullio Marchionne	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Tullio Marchionne	 	 
	 

	 	 	 	Title:
	 	Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	RIVIERA BLACK HAWK, INC.,	 	 
	 	 	a Colorado corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Tullio Marchionne	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Tullio Marchionne	 	 
	 

	 	 	 	Title:
	 	Secretary	 	 

 

 

 

	 	 	 	 	 	 	 
	CANTOR FITZGERALD SECURITIES,	 	 
	as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Stephen P. Ewald	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Stephen P. Ewald	 	 
	 

	 	Title:
	 	Managing Director	 	 

[Signature Page to Series A Credit Agreement]

 

 

 

	 	 	 	 	 	 	 
	J. P. MORGAN WHITEFRIARS INC.,	 	 
	as a Term Loan Lender and a Revolving Lender	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Virginia R. Conway	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Virginia R. Conway	 	 
	 

	 	Title:
	 	Attorney-in-Fact	 	 

[Signature Page to Series A Credit Agreement]

 

 

 

	 	 	 	 	 	 	 
	CERBERUS SERIES FOUR HOLDINGS, LLC,	 	 
	as a Term Loan Lender and a Revolving Lender	 	 
	 
	 	 	 	 	 	 
	By:	 	Cerberus Institutional
Partners, L.P. - Series Four,	 	 
	 	 	its Managing Member	 	 
	 
	 	 	 	 	 	 
	By:	 	Cerberus Institutional Associates, L.L.C.,	 	 
	 	 	its General Partner	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Mark Neporent	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Mark Neporent	 	 
	 

	 	Title:
	 	Senior Managing Director	 	 

[Signature Page to Series A Credit Agreement]

 

 

 

	 	 	 	 	 	 	 
	FAMILY PARTNERS, LP,	 	 
	as a Term Loan Lender and a Revolving Lender	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Eric Houssels	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Eric Houssels	 	 
	 

	 	Title:
	 	General Partner	 	 

[Signature Page to Series A Credit Agreement]

 

 

 

	 	 	 	 	 	 	 
	STRATEGIC VALUE SPECIAL SITUATIONS MASTER FUND, L.P.,	 	 
	as a Term Loan Lender and a Revolving Lender	 	 
	 
	 	 	 	 	 	 
	By:	 	SVP Special Situations, LLC,	 	 
	 	 	its Investment Manager	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ James L. Varley	 	 
	 	 	 	 	 
	 

	 	Name:
	 	James L. Varley	 	 
	 

	 	Title:
	 	Authorized Signature	 	 

[Signature Page to Series A Credit Agreement]

 

 

 

	 	 	 	 	 	 	 
	SCH/VIII BONDS, L.L.C.,	 	 
	as a Term Loan Lender and a Revolving Lender	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Marcos Alvarado	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Marcos Alvarado	 	 
	 

	 	Title:
	 	Vice President	 	 

[Signature Page to Series A Credit Agreement]

 

 

 

	 	 	 	 	 	 	 
	SCH/VIII BONDS II, L.L.C.,	 	 
	as a Term Loan Lender and a Revolving Lender	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Marcos Alvarado	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Marcos Alvarado	 	 
	 

	 	Title:
	 	Vice President	 	 

[Signature Page to Series A Credit Agreement]

 

 

 

	 	 	 	 	 	 	 
	SCH/VIII BONDS III, L.L.C.,	 	 
	as a Term Loan Lender and a Revolving Lender	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Marcos Alvarado	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Marcos Alvarado	 	 
	 

	 	Title:
	 	Vice President	 	 

[Signature Page to Series A Credit Agreement]

 

 

 

	 	 	 	 	 	 	 
	SCH/VIII BONDS IV, L.L.C.,	 	 
	as a Term Loan Lender and a Revolving Lender	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Marcos Alvarado	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Marcos Alvarado	 	 
	 

	 	Title:
	 	Vice President	 	 

[Signature Page to Series A Credit Agreement]

 

 

 

	 	 	 	 	 	 	 
	CAI DISTRESSED DEBT OPPORTUNITY MASTER FUND, LTD.	 	 
	as a Term Loan Lender and a Revolving Lender	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Herbert E. Seif	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Herbert E. Seif	 	 
	 

	 	Title:
	 	Managing Director, Citigroup Alternative Investments, LLC,	 	 
	 	 	Its Investment Advisor	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ James Duplessie	 	 
	 	 	 	 	 
	 

	 	Name:
	 	James Duplessie	 	 
	 

	 	Title:
	 	Managing Director, Citigroup Alternative Investments, LLC,	 	 
	 	 	Its Investment Advisor	 	 

[Signature Page to Series A Credit Agreement]

 

 

 

	 	 	 	 	 	 	 
	CONTINENTAL CASUALTY COMPANY,	 	 
	as a Term Loan Lender and a Revolving Lender	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Edward J. Lavin	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Edward J. Lavin	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 

[Signature Page to Series A Credit Agreement]

 

 

 

	 	 	 	 	 	 	 
	DESERT ROCK ENTERPRISES LLC,	 	 
	as a Term Loan Lender and a Revolving Lender	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Daniel Morrell	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Daniel Morrell	 	 
	 

	 	Title:
	 	CFO	 	 

[Signature Page to Series A Credit Agreement]

 

 

 

	 	 	 	 	 	 	 
	D-STAR, LTD.,	 	 
	as a Term Loan Lender and a Revolving Lender	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Herbert E. Seif	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Herbert E. Seif	 	 
	 

	 	Title:
	 	Managing Director, Citigroup Alternative Investments, LLC	 	 
	 	 	Its Investment Advisor	 	 
	 
	 	 	 	 	 	 
	By:	 	James Duplessie	 	 
	 	 	 	 	 
	 

	 	Name:
	 	James Duplessie	 	 
	 

	 	Title:
	 	Managing Director, Citigroup Alternative Investments, LLC,	 	 
	 	 	Its Investment Advisor	 	 

[Signature Page to Series A Credit Agreement]

 

 

 

	 	 	 	 	 	 	 
	HOUSSELS FAMILY, LP,	 	 
	as a Term Loan Lender and a Revolving Lender	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Nancy Houssels	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Nancy Houssels	 	 
	 

	 	Title:
	 	General Partner	 	 

[Signature Page to Series A Credit Agreement]

 

 

 

	 	 	 	 	 	 	 
	R2 TOP HAT, LTD.,	 	 
	as a Term Loan Lender and a Revolving Lender	 	 
	 
	 	 	 	 	 	 
	By:	 	Amalgamated Gadget, L.P., as Investment Manager	 	 
	By:	 	Scepter Holdings, Inc., its General Partner	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Noel Nesser	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Noel Nesser	 	 
	 

	 	Title:
	 	CFO & Treasurer	 	 

[Signature Page to Series A Credit Agreement]

 

 

 

SCHEDULE 1.1(a)

Initial Term Loan Percentages

	 	 	 	 	 
	Term Loan Lender	 	Initial Term Loan Percentage	 
	 
	 	 	 	 
	Bank of America, N.A.
	 	 	4.342096438	%
	 
	 	 	 	 
	Cantor Fitzgerald Securities
	 	 	0.000377574	%
	 
	 	 	 	 
	Cerberus Series Four Holdings LLC
	 	 	18.696438671	%
	 
	 	 	 	 
	CAI Distressed Opportunity Master Fund, Ltd.
	 	 	4.908079270	%
	 
	 	 	 	 
	D-Star Ltd.
	 	 	2.265441620	%
	 
	 	 	 	 
	Desert Rock Enterprises LLC
	 	 	10.338788960	%
	 
	 	 	 	 
	Family Partners Limited Partnership
	 	 	0.125732010	%
	 
	 	 	 	 
	Houssels Family Limited Partnership
	 	 	0.251841593	%
	 
	 	 	 	 
	J.P. Morgan Whitefriars Inc.
	 	 	0.264301522	%
	 
	 	 	 	 
	Continental Casualty Company
	 	 	2.831802025	%
	 
	 	 	 	 
	R2 Top Hat, LTD
	 	 	5.902671873	%
	 
	 	 	 	 
	SCH/VII Bonds III, LLC
	 	 	1.699081215	%
	 
	 	 	 	 
	SCH/VII Bonds IV, L.L.C.
	 	 	4.719670042	%
	 
	 	 	 	 
	SCH/VII Bonds II, L.L.C.
	 	 	8.023439071	%
	 
	 	 	 	 
	SCH/VII Bonds, L.L.C.
	 	 	24.070317212	%
	 
	 	 	 	 
	Strategic Value Special Situations Master Fund LP
	 	 	11.559920904	%
	 
	 	 	 
	 
	 	 	 	 
	Total
	 	 	100	%
	 
	 	 	 

 

 

 

SCHEDULE 1.1(b)

EXISTING INVESTMENTS

Riviera Holdings Corporation purchased shares in each of the following publicly traded gaming
companies:

	 	 	 	 	 
	 	 	Number of	 	 
	Company	 	Shares	 	Certificate No.
	Alliance Gaming
	 	1	 	1277
	Alliance Gaming
	 	1	 	AG0509
	Alliance Gaming
	 	1	 	AGB0527
	Alliance Gaming
	 	1	 	AGB0917
	Alliance Gaming
	 	1	 	AGB1622
	Alliance Gaming
	 	1	 	AGB0351
	American Enterprises
	 	1	 	2885
	Ameristar
	 	1	 	5032
	Ameristar
	 	1	 	AC6557
	Anchor Gaming
	 	1	 	1321
	Anchor Gaming
	 	1	 	SD0244
	Argosy
	 	1	 	C1502
	Aztar
	 	1	 	A32711
	Bally Gaming
	 	1	 	B1438
	Bally Manufacturing
	 	1	 	BC136694
	Bally Manufacturing
	 	1	 	BC142922
	Boardwalk
	 	1	 	BC0351
	Boomtown
	 	1	 	SFU00792
	Boyd
	 	1	 	SD3265
	Caesars World Inc
	 	1	 	CWN118417
	Capital Gaming
	 	1	 	CG207
	Casino America
	 	1	 	A8528
	Casino Magic
	 	1	 	5732
	Century Casinos
	 	1	 	1376
	Country World Casinos
	 	1	 	6224
	Crown Casino
	 	1	 	CC6573
	Elsinore
	 	1	 	EL4476
	Harrah’s
	 	1	 	Unavailable
	Harvey’s Casino
	 	1	 	HC5173
	Hilton Hotels
	 	1	 	LS65328
	Hilton Hotels
	 	1	 	LS73775
	Hollywood Casino
	 	1	 	HWC0818
	IGT
	 	1	 	AZ55763
	IGT
	 	1	 	AZ30916
	Jackpot Enterprises
	 	1	 	NYC20443
	Lady Luck
	 	1	 	1769

 

 

 

	 	 	 	 	 
	Lone Star Casino
	 	1	 	C2199
	MGM Grand
	 	1	 	MGA8276
	MGM Grand
	 	1	 	MGA24964
	Midway Games
	 	1	 	MG1043
	Mirage
	 	1	 	114063
	Mirage
	 	1	 	NY86789
	Mirage
	 	1	 	NY95863
	Monarch Casino
	 	1	 	MC0474
	Monarch Casino
	 	1	 	MC0809
	Nona Morelli II Inc.
	 	1	 	6268
	Players International
	 	1	 	9577
	President Riverboat
	 	1	 	N1173
	Primodonna
	 	1	 	LU0363
	Promus
	 	1	 	NY46345
	Resorts International
	 	1	 	RI4886
	Rio
	 	1	 	MD6385
	Sahara
	 	1	 	NY0951
	Sands Regent
	 	1	 	SD2409
	Showboat
	 	1	 	LS11526
	Shuffle Master
	 	1	 	4500
	Sodak Gaming
	 	1	 	2099
	Sodak Gaming
	 	1	 	2291
	Stations
	 	1	 	SCC11036
	Stratosphere
	 	1	 	4100
	Trump
	 	1	 	17719
	Video Lottery Technologies
	 	1	 	VLC2082
	WMS Industries
	 	1	 	WMS1254

 

 

 

SCHEDULE 1.1(c)

EXISTING LIENS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Secured	 	 	 	 
	Credit Party	 	State	 	Party	 	Collateral	 	Filing or Lien Info
	 
	 	 	 	 	 	 	 	 
	Riviera Operating Corporation
	 	Nevada	 	WMS Gaming, Inc.	 	Gaming devices with top boxes, as more specifically identified with a name plate bearing the words “WMS Gaming” and related equipment and inventory to service such games
	 	File Date: 9/17/2008

UCC File No.: 2008028714-3
	 
	 	 	 	 	 	 	 	 
	Riviera Operating Corporation

	 	Nevada
	 	General Electric Capital Corp.
	 	Equipment lease (Equipment Lease Agreement No. 7568696-002
	 	File Date: 10/13/2008

UCC File No.: 2008031604-5
	 
	 	 	 	 	 	 	 	 
	Riviera Black Hawk, Inc.

	 	Colorado
	 	Aristocrat Technologies, Inc.
	 	Gaming devices and related signage and equipment
	 	File Date: 4/3/2006

UCC File No.: 2006031590
	 
	 	 	 	 	 	 	 	 
	Riviera Black Hawk, Inc.

	 	Colorado
	 	Shuffle Master Inc.
	 	1 Three Card Poker Table; 1 Three Card Poker Edge Lit Sign; all equipment sold/leased pursuant to sales/lease agreement dated July 18, 2006
	 	File Date: 8/8/2006

UCC File No.: 20062076886
	 
	 	 	 	 	 	 	 	 
	Riviera Black Hawk, Inc.

	 	Colorado
	 	General Electric Capital
Corp.
	 	Equipment lease (Equipment Lease Agreement No. 7568612-001
	 	File Date: 4/14/2008

UCC File No.: 2008F038163
	 
	 	 	 	 	 	 	 	 
	Riviera Black Hawk, Inc.

	 	Colorado
	 	WMS Gaming, Inc.
	 	Gaming devices with top boxes, as more specifically identified with a name plate bearing the words “WMS Gaming” and related equipment and
inventory to service such games
	 	File Date: 6/16/2008

UCC File No.: 2008F092809
	 
	 	 	 	 	 	 	 	 
	Riviera Black Hawk, Inc.

	 	Colorado
	 	Aristocrat Technologies, Inc.
	 	Gaming devices and related signage and equipment
	 	File Date: 7/08/2010

UCC File No.: 2010F055600
	 
	 	 	 	 	 	 	 	 
	Riviera Holdings 

Corporation

	 	Nevada
	 	State Gaming Control Board
	 	$25,000 deposit arrangement for the purpose of funding investigative reviews by the State Gaming Board for compliance with the terms of
the Seventh Revised Order of Registration
	 	File Date: N/A

UCC File No.: N/A

 

 

 

SCHEDULE 1.1(d)

Revolving Commitment Percentages

	 	 	 	 	 
	 	 	Revolving Commitment	 
	Revolving Lender	 	Percentage	 
	 
	 	 	 	 
	Bank of America, N.A.
	 	 	4.542056797	%
	 
	 	 	 	 
	Cantor Fitzgerald Securities
	 	 	0.000394962	%
	 
	 	 	 	 
	Cerberus Series Four Holdings LLC
	 	 	14.978952302	%
	 
	 	 	 	 
	CAI Distressed Opportunity Master Fund, Ltd.
	 	 	5.134104026	%
	 
	 	 	 	 
	D-Star Ltd.
	 	 	2.369768764	%
	 
	 	 	 	 
	Desert Rock Enterprises LLC
	 	 	10.796237224	%
	 
	 	 	 	 
	Family Partners Limited Partnership
	 	 	0.131522166	%
	 
	 	 	 	 
	Houssels Family Limited Partnership
	 	 	0.263439294	%
	 
	 	 	 	 
	J.P. Morgan Whitefriars Inc.
	 	 	0.276473022	%
	 
	 	 	 	 
	Continental Casualty Company
	 	 	2.962210955	%
	 
	 	 	 	 
	R2 Top Hat, LTD
	 	 	6.171832152	%
	 
	 	 	 	 
	SCH/VII Bonds III, LLC
	 	 	1.777326573	%
	 
	 	 	 	 
	SCH/VII Bonds IV, L.L.C.
	 	 	4.937018257	%
	 
	 	 	 	 
	SCH/VII Bonds II, L.L.C.
	 	 	8.392931038	%
	 
	 	 	 	 
	SCH/VII Bonds, L.L.C.
	 	 	25.178793113	%
	 
	 	 	 	 
	Strategic Value Special Situations Master Fund LP
	 	 	12.086939355	%
	 
	 	 	 
	 
	 	 	 	 
	Total
	 	 	100	%
	 
	 	 	 

 

 

 

SCHEDULE 3.3

JURISDICTIONS OF ORGANIZATION

	 	 	 
	Credit Party	 	Jurisdiction of Organization
	 	 	 
	Riviera Holdings Corporation
	 	Nevada
	 	 	 
	Riviera Operating Corporation
	 	Nevada
	 	 	 
	Riviera Black Hawk, Inc.
	 	Colorado

 

 

 

SCHEDULE 3.12

SUBSIDIARIES, JOINT VENTURES AND PARTNERSHIPS

Subsidiaries:

	 	 	 
	Subsidiary

	 	Outstanding Equity Interests
	 
	 	 
	Riviera Operating Corporation

	 	1,000 shares, constituting 100% of common stock held by Riviera Holdings Corporation
	 
	 	 
	Riviera Black Hawk, Inc.

	 	1,000 shares, constituting 100% of common stock held by Riviera Operating Corporation

Joint Ventures:

None

Partnerships:

None

Options/Warrants:

Penny warrants issued by Riviera Holdings Corporation to purchase up to 10% of the Class B
Shares (as defined in the Plan of Reorganization) on a fully diluted basis

 

 

 

SCHEDULE 3.16

INTELLECTUAL PROPERTY

I. Copyrights / Copyright Licenses

United States Registrations:

	 	 	 	 	 	 	 	 	 
	Owner	 	Registration Number	 	Registration Date	 	Federal / State	 	Name/Title
	 
	 	 	 	 	 	 	 	 
	Riviera Operating Corporation

	 	TX 4-559-216
	 	5/7/1997
	 	Federal
	 	$40 for $20 Rules and Regulations
	Riviera Operating Corporation

	 	VA 1-003-272
	 	9/10/1999
	 	Federal
	 	CRAZY GIRLS — Bronze Sculpture (also listed under No Ifs, Ands Or . . . . Statue)
	Riviera Operating Corporation

	 	VA 984-713
	 	8/19/1999
	 	Federal
	 	No Ifs, Ands Or . . . . Poster
	Riviera Operating Corporation

	 	TX 5-597-284
	 	10/22/2002
	 	Federal
	 	Quick Pick 7 Rules & Regulations

United States Applications:

None.

Other Registrations:

None.

Other Applications:

None.

Licenses:

None.

II. Patent / Patent Licenses

None.

III. Trademark / Trademark Licenses

United States Registrations:

	 	 	 	 	 	 	 	 	 
	Owner	 	Registration Number	 	Registration Date	 	Federal / State	 	Name/Title
	 
	 	 	 	 	 	 	 	 
	Riviera Operating Corporation

	 	2,237,993 
	 	4/13/1999
	 	Federal
	 	$40 for $20
	Riviera Operating Corporation

	 	SM00280584 
	 	6/19/2000
	 	Nevada
	 	$40 for $20
	Riviera Operating Corporation

	 	SM002800583 
	 	6/19/2000
	 	Nevada
	 	$40 of Slot Play for $20
	Riviera Operating Corporation

	 	E0193762007-3 
	 	2/14/2007
	 	Nevada
	 	An Original Las Vegas Experience

 

 

 

	 	 	 	 	 	 	 	 	 
	Owner	 	Registration Number	 	Registration Date	 	Federal / State	 	Name/Title
	 
	 	 	 	 	 	 	 	 
	Riviera Operating Corporation

	 	E0193812007-0 
	 	2/14/2007
	 	Nevada
	 	An Original Las Vegas Experience
	Riviera Operating Corporation

	 	E0193822007-1 
	 	2/14/2007
	 	Nevada
	 	An Original Las Vegas Experience
	Riviera Operating Corporation

	 	E0718412006-6 
	 	9/21/2006
	 	Nevada
	 	CLUB RIVIERA
	Riviera Operating Corporation

	 	E0718422006-7 
	 	9/21/2006
	 	Nevada
	 	CLUB RIVIERA
	Riviera Operating Corporation

	 	E0718442006-9 
	 	9/21/2006
	 	Nevada
	 	CLUB RIVIERA
	Riviera Operating Corporation

	 	SM00270702 
	 	9/8/1999
	 	Nevada
	 	Comedy Club Logo (design only)
	Riviera Operating Corporation

	 	2,190,249 
	 	9/22/1998
	 	Federal
	 	The Entertainment Center of Las Vegas
	Riviera Operating Corporation

	 	SM00360875 
	 	11/15/2004
	 	Nevada
	 	FREE SLOT PLAY
	Riviera Operating Corporation

	 	E0227812007-1 
	 	3/29/2007
	 	Nevada
	 	IT’S WHAT YOU WANT
	Riviera Operating Corporation

	 	E0277902007-2 
	 	3/29/2007
	 	Nevada
	 	IT’S WHAT YOU WANT
	Riviera Operating Corporation

	 	E0227932007-5 
	 	3/29/2007
	 	Nevada
	 	IT’S WHAT YOU WANT
	Riviera Operating Corporation

	 	2,527,890 
	 	1/8/2002
	 	Federal
	 	Jack Pots
	Riviera Operating Corporation

	 	00270278 
	 	12/17/1998
	 	Nevada
	 	Jackpots Galore
	Riviera Operating Corporation

	 	E0687832005-7 
	 	6/6/1995
	 	Nevada
	 	Laughing Microphone with Glasses: design
	Riviera Operating Corporation

	 	E0687852005-9 
	 	6/6/1995
	 	Nevada
	 	Laughing Microphone with Glasses: design
	Riviera Operating Corporation

	 	2,527,889 
	 	1/8/2002
	 	Federal
	 	Loosie Slots
	Riviera Operating Corporation

	 	2,547,701 
	 	3/12/2002
	 	Federal
	 	Loosie Slots
	Riviera Operating Corporation

	 	SM00280697 
	 	8/4/2000
	 	Nevada
	 	More Winners More Often
	Riviera Operating Corporation

	 	2,249,207 
	 	6/1/1999
	 	Federal
	 	Nickel Heaven
	Riviera Operating Corporation

	 	SM00300706 
	 	2/24/1998
	 	Nevada
	 	Nickel Heaven
	Riviera Operating Corporation

	 	SM00330456 
	 	7/27/2005 (renewal date)
	 	Nevada
	 	No If’s, And’s, Or...

 

 

 

	 	 	 	 	 	 	 	 	 
	Owner	 	Registration Number	 	Registration Date	 	Federal / State	 	Name/Title
	 
	 	 	 	 	 	 	 	 
	Riviera Operating Corporation

	 	SM00270683 
	 	6/18/1999 (renewal date)
	 	Nevada
	 	No If’s, And’s, Or...
	Riviera Operating Corporation

	 	SM00280813 
	 	9/6/2000
	 	Nevada
	 	R: design
	Riviera Operating Corporation

	 	SM00340279 
	 	10/3/2001
	 	Nevada
	 	Rack-N-Roll
	Riviera Operating Corporation

	 	SM00340280 
	 	10/3/2001
	 	Nevada
	 	Rack-N-Roll
	Riviera Operating Corporation

	 	SM00340281 
	 	10/3/2001
	 	Nevada
	 	Rack-N-Roll
	Riviera Operating Corporation

	 	SM00340439 
	 	1/11/2002
	 	Nevada
	 	Rack-N-Roll Players Club
	Riviera Operating Corporation

	 	SM00340440 
	 	1/11/2002
	 	Nevada
	 	Rack-N-Roll Players Club
	Riviera Operating Corporation

	 	SM00340441 
	 	1/11/2002
	 	Nevada
	 	Rack-N-Roll Players Club
	Riviera Operating Corporation

	 	2,090,347 
	 	8/26/1997
	 	Federal
	 	Riviera
	Riviera Operating Corporation

	 	2,297,193 
	 	12/7/1999
	 	Federal
	 	Riviera
	Riviera Operating Corporation

	 	2,389,433 
	 	9/26/2000
	 	Federal
	 	Riviera (logo - Stylized)
	Riviera Operating Corporation

	 	SM00340309 
	 	10/12/2001
	 	Nevada
	 	Riviera (stylized) w/design
	Riviera Operating Corporation

	 	TN00340310 
	 	10/12/2001
	 	Nevada
	 	Riviera (stylized) w/design
	Riviera Operating Corporation

	 	SM00340312 
	 	10/12/2001
	 	Nevada
	 	Riviera (stylized lettering)
	Riviera Operating Corporation

	 	TN00340311 
	 	10/12/2001
	 	Nevada
	 	Riviera (stylized lettering)
	Riviera Operating Corporation

	 	SM00270841 
	 	10/19/1999
	 	Nevada
	 	Riviera Comedy Club (with design)
	Riviera Operating Corporation

	 	30691532005-7 
	 	12/29/1999
	 	Nevada
	 	Riviera Comedy Club Las Vegas’ Original Comedy Showcase
	Riviera Operating Corporation

	 	E0691562005-0 
	 	12/29/1999
	 	Nevada
	 	Riviera Comedy Club Las Vegas’ Original Comedy Showcase
	Riviera Operating Corporation

	 	1,964,935 
	 	4/2/1996
	 	Federal
	 	Splash
	Riviera Operating Corporation

	 	E0719032006-1 
	 	9/21/2006
	 	Nevada
	 	The Clear Choice for Players
	Riviera Operating Corporation

	 	E0719052006-3 
	 	9/21/2006
	 	Nevada
	 	The Clear Choice for Players
	Riviera Operating Corporation

	 	E0719062006-4 
	 	9/21/2006
	 	Nevada
	 	The Clear Choice for Players

 

 

 

	 	 	 	 	 	 	 	 	 
	Owner	 	Registration Number	 	Registration Date	 	Federal / State	 	Name/Title
	 
	 	 	 	 	 	 	 	 
	Riviera Operating Corporation

	 	E0776282006-9 
	 	10/16/2006
	 	Nevada
	 	Versailles Theatre
	Riviera Operating Corporation

	 	E0776262006-7 
	 	10/16/2006
	 	Nevada
	 	Versailles Theatre
	Riviera Operating Corporation

	 	E0776212006-2 
	 	10/16/2006
	 	Nevada
	 	Versailles Theatre
	Riviera Operating Corporation

	 	SM00330356 
	 	10/18/2000
	 	Nevada
	 	Win More Play longer w/design
	Riviera Operating Corporation

	 	SM00350194 
	 	12/18/2002
	 	Nevada
	 	You Could Win Millions
	Riviera Operating Corporation

	 	SM00350195 
	 	12/18/2002
	 	Nevada
	 	You Could Win Millions
	Riviera Operating Corporation

	 	SM00350196 
	 	12/18/2002
	 	Nevada
	 	You Could Win Millions
	Riviera Operating Corporation

	 	SM00330118 
	 	7/19/2000
	 	Nevada
	 	Your a Guaranteed Winner
	Riviera Holdings Corporation

	 	SM00260393 
	 	6/30/1993
	 	Nevada
	 	Kady’s
	Riviera Holdings Corporation

	 	SM00260394 
	 	6/30/1993
	 	Nevada
	 	Kristofer’s
	Riviera Holdings Corporation

	 	SM02600392 
	 	6/30/1993
	 	Nevada
	 	Ristorante Italiano
	Riviera Holdings Corporation

	 	SM00260396 
	 	6/30/1993
	 	Nevada
	 	Rivco Advertising
	Riviera Holdings Corporation

	 	SM00260390 
	 	6/30/1993
	 	Nevada
	 	Riviera Hotel & Casino
	Riviera Holdings Corporation

	 	TN00260386 
	 	6/30/1993
	 	Nevada
	 	Versailles Room
	Riviera Holdings Corporation

	 	SM002600397 
	 	6/30/1993
	 	Nevada
	 	World’s Fare Buffet
	Riviera Black Hawk, Inc.

	 	20011243477 
	 	12/24/2001
	 	Colorado
	 	Live At The RIV
	Riviera Black Hawk, Inc.

	 	19991161802 
	 	8/27/1999
	 	Colorado
	 	Red Rose Café
	Riviera Black Hawk, Inc.

	 	19991186213 
	 	10/5/1999
	 	Colorado
	 	Riviera Black Hawk Casino
	Riviera Black Hawk, Inc.

	 	19991232113 
	 	12/13/1999
	 	Colorado
	 	Riviera Grand Ballroom
	Riviera Black Hawk, Inc.

	 	19991235474 
	 	12/15/1999
	 	Colorado
	 	The Coffee Bean
	Riviera Black Hawk, Inc.

	 	20081496178 
	 	9/6/2008
	 	Colorado
	 	Win AT The Riv

United States Applications:

	 	 	 	 	 	 	 	 	 
	Owner	 	Application Number	 	Application Date	 	Federal / State	 	Name/Title
	 
	 	 	 	 	 	 	 	 
	Riviera Operating Corporation

	 	Entity No. E0586842010-3
	 	11/23/2010 
	 	Nevada
	 	BOTTOMS UP JACKPOT

 

 

 

	 	 	 	 	 	 	 	 	 
	Owner	 	Application Number	 	Application Date	 	Federal / State	 	Name/Title
	 
	 	 	 	 	 	 	 	 
	Riviera Operating Corporation

	 	Entity No. E0586852010-4
	 	11/23/2010 
	 	Nevada
	 	BOTTOMS UP JACKPOT

Other Registrations:

None.

Other Applications:

None.

Licenses:

None.

 

 

 

SCHEDULE 3.19(a)

PROPERTIES

Riviera Holdings Corporation

	 	 	 
	Owned:

	 	2901 Las Vegas Boulevard South, Las Vegas, NV 89109, Clark County
	Leased:

	 	N/A
	Operated:

	 	N/A

Riviera Operating Corporation

	 	 	 
	Owned:

	 	N/A
	Leased:

	 	N/A
	Operated:

	 	2901 Las Vegas Boulevard South, Las Vegas, NV 89109, Clark County

Riviera Black Hawk, Inc.

	 	 	 
	Owned:

	 	444 Main Street, Black Hawk, CO 80422, Gilpin County
	Leased:

	 	N/A
	Operated:

	 	444 Main Street, Black Hawk, CO 80422, Gilpin County

 

 

 

SCHEDULE 3.19(b)

TANGIBLE PERSONAL PROPERTY

Riviera Operating Corporation & Riviera Holdings Corporation

	1.	 	2901 Las Vegas Blvd South

Las Vegas, NV 89109

Clark County

	2.	 	Southwest Data Protection, Inc.

4312 East Alexander Road

Las Vegas, NV 89115

Clark County

(IT -data storage)

Riviera Black Hawk Corporation

	1.	 	444 Main Street

PO Box 9

Black Hawk, CO 80422

Gilpin County

	2.	 	Iron Mountain

8879 Fox Drive

Thornton, CO 80260

Adams County

(IT data storage)

 

 

 

SCHEDULE 3.19(c)

LOCATION OF COLLATERAL

Riviera Holdings Corporation

State Incorporated: Nevada

Nevada Secretary of State File No.: 749-93

Federal Tax ID No.: 88-0296885

Chief Executive Office: 2901 Las Vegas Boulevard South, Las Vegas, NV 89109

Principal Place of Business: 2901 Las Vegas Boulevard South, Las Vegas, NV 89109

Riviera Operating Corporation

State Incorporated: Nevada

Nevada Secretary of State File No.: 751-93

Federal Tax ID No.: 88-0296874

Chief Executive Office: 2901 Las Vegas Boulevard South, Las Vegas, NV 89109

Principal Place of Business: 2901 Las Vegas Boulevard South, Las Vegas, NV 89109

Riviera Black Hawk, Inc.

State Incorporated: Colorado

Colorado Secretary of State File No.: 19971131443 C

Federal Tax ID No.: 86-0886265

Chief Executive Office: 2901 Las Vegas Boulevard South, Las Vegas, NV 89109

Principal Place of Business: 444 Main Street, Black Hawk, CO 80422

 

 

 

SCHEDULE 3.19(d)

MORTGAGED PROPERTIES

Riviera Holdings Corporation

2901 Las Vegas Boulevard South

Las Vegas, NV 89109

Clark County

Riviera Black Hawk, Inc.

444 Main Street

Black Hawk, CO 80422

Gilpin County

 

 

 

SCHEDULE 3.22

LABOR MATTERS

Collective Bargaining Agreements:

	 	•	 	Local Joint Executive Board of Las Vegas

	 	 	 	(Culinary Worker’s Union Local 226)

(Bartenders Union Local 165)

	 	•	 	Musicians Union of Las Vegas

	 	•	 	I.A.T.S.E. Local 720

	 	•	 	International Brotherhood of Electrical Workers

	 	 	 	Local 357

	 	•	 	International Brotherhood of Painters & Allied Trades

	 	 	 	Local 159

	 	•	 	United Brotherhood of Carpenters & Joiners

	 	 	 	Local 1780

	 	•	 	International Union of Operating Engineers

	 	 	 	Local 501

	 	•	 	Professional, Clerical and Miscellaneous Employees

	 	 	 	Teamster Local 995 (Front End)

	 	•	 	Professional Clerical and Miscellaneous Employees

	 	 	 	Teamster Local 995 (Back End)

ROC pays certain funds to health, welfare and various benefits plans of the above-listed
unions for employees represented by such unions.

Multiemployer Plans:

	 	 	 	 	 	 	 
	 

	 	•
	 	PPO insurance
	 	ROC/RBH
	 

	 	•
	 	Dental insurance
	 	ROC/RBH
	 

	 	•
	 	Vision insurance
	 	ROC/RBH
	 

	 	•
	 	Life Insurance/Disability (Short Term)
	 	ROC/RBH
	 

	 	•
	 	AFLAC/125 Caf. Plan
	 	ROC/RBH
	 

	 	•
	 	Exec. Life Ins.
	 	ROC/RBH

 

 

 

SCHEDULE 3.25

INSURANCE

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Type of	 	 	 	 	 	 	 	 
	Name of Insured	 	Coverage	 	Limits	 	Expiration Date	 	Carrier	 	Policy No.
	 	 	 	 	 	 	 	 	 	 	 
	Riviera Holdings 

Corporation
	 	Fiduciary

Liability
	 	$1,000,000
 aggregate

SIR
$50,000 each

claim
	 	3/16/2010 —
3/16/2011
	 	Continental

Casualty Company
	 	287511547
	Riviera Holdings 

Corporation
	 	Directors &

Officers Liability

(Primary Layer)
	 	$5,000,000
	 	12/01/2009 —
11/01/2011
	 	National Union Fire

Company

of Pittsburg

Pennsylvania
	 	01-406-39-59
	Riviera Holdings 

Corporation
	 	Directors &

Officers Liability

(1st Excess)
	 	$5,000,000 Excess of

$5,000,000
	 	12/01/2009 —
11/01/2011
	 	XL Specialty

Insurance

Company
	 	ELU119341-10
	Riviera Holdings 

Corporation
	 	Directors &

Officers Liability

(2nd Excess)
	 	$5,000,000
Excess of

$10,000,000
	 	12/01/2009 —
11/01/2011
	 	Continental

Casualty Company
	 	286992983
	Riviera Holdings 

Corporation
	 	Directors &

Officers Liability

(3rd Excess)
	 	$5,000,000
Excess of

$15,000,000
	 	12/01/2009 —
11/01/2011
	 	XL Specialty

Insurance Company
	 	ELU119343-10
	Riviera Holdings 

Corporation

&

Subsidiaries
	 	Property & Casualty

Insurance Policies
	 	Please see
Exhibit to

Schedule 3.25
	 	6/30/2010 —
6/30/2011
	 	Please see

Exhibit to

Schedule 3.25
	 	Please see

Exhibit to

Schedule 3.25

 

 

 

SCHEDULE 6.1(b)

EXISTING INDEBTEDNESS

Riviera Operating Corporation — Capital Lease (General Electric Capital Corp.) — $221,556.00

Riviera Black Hawk, Inc. — Capital Lease (General Electric Capital Corp.) — $23,880.00

Riviera Black Hawk, Inc. — Capital Lease (Shuffle Master Inc.) — $34,891.00

 

 

 

EXHIBIT 1.1(A)

[FORM OF]

ACCOUNT DESIGNATION NOTICE

			
	TO:	 	Cantor Fitzgerald Securities, as Administrative Agent

			
	RE:	 	Series A Credit Agreement, dated as of April 1, 2011 (as amended,
modified, extended, restated, replaced, or supplemented from time
to time, the “Credit Agreement”; capitalized terms used herein and
not otherwise defined shall have the meanings set forth in the
Credit Agreement), by and among Riviera Holdings Corporation, a
Nevada corporation (the “Borrower”), the certain Domestic
Subsidiaries of the Borrower from time to time party thereto (the
“Guarantors”), the banks and other financial institutions from time
to time party thereto (the “Lenders”), and Cantor Fitzgerald
Securities, as Administrative Agent for the Lenders (the
“Administrative Agent”)

			
	DATE :	 	[Date]

The Administrative Agent is hereby authorized to disburse all Loan proceeds into the following
account, unless the Borrower shall designate, in writing to the Administrative Agent, one or more
other accounts:

Bank Name: [                    ]

ABA Routing Number: [                    ]

Account Number: [                    ]

[TO BE COMPLETED BY BORROWER]

This Account Designation Notice may, upon execution, be delivered by facsimile or electronic
mail, which shall be deemed for all purposes to be an original signature.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

	 	 	 	 	 
	 	RIVIERA HOLDINGS CORPORATION,

a Nevada corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

 

EXHIBIT 1.1(b)

[FORM OF]

ASSIGNMENT AND ASSUMPTION

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the
Effective Date set forth below and is entered into by and between [the][each] Assignor identified
in item 1 below ([the][each, an] “Assignor”) and [the][each] Assignee identified in item 2
below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and
obligations of [the Assignors][the Assignees] hereunder are several and not joint.]1
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit
Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which
is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set forth in
Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part
of this Assignment and Assumption as if set forth herein in full.

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the
Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and
assumes from [the Assignor][the respective Assignors], subject to and in accordance with the
Standard Terms and Conditions and the Credit Agreement, as of the Effective Date (i) all of [the
Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their
respective capacities as Lenders] under the Credit Agreement and any other documents or instruments
delivered pursuant thereto to the extent related to the amount and percentage interest identified
below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors]
under the respective facilities identified below (including without limitation any letters of
credit, guarantees, and swingline loans included in such facilities) and (ii) to the extent
permitted to be assigned under applicable law, all claims, suits, causes of action and any other
right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective
capacities as Lenders)] against any Person, whether known or unknown, arising under or in
connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto
or the loan transactions governed thereby or in any way based on or related to any of the
foregoing, including, but not limited to, contract claims, tort claims, malpractice claims,
statutory claims and all other claims at law or in equity related to the rights and obligations
sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by
[the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to
herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is
without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and
Assumption, without representation or warranty by [the][any] Assignor.

	 	 	 	 	 
	1. Assignor[s]:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	2. Assignee[s]:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	 

	 	 

[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]

 

	 	 	 
	1	 	Include bracketed language if there are either multiple
Assignors or multiple Assignees.

 

 

 

	 	 	 
	3. Borrower:

	 	Riviera Holdings Corporation, a Nevada corporation.
	 
	 	 
	4. Administrative Agent:

	 	Cantor Fitzgerald Securities, as the administrative agent under the Credit Agreement.
	 
	 	 
	5. Credit Agreement:

	 	Series A Credit Agreement, dated as of April 1, 2011, by and among Riviera Holdings Corporation,
a Nevada corporation, the certain Domestic Subsidiaries of the Borrower from time to time party
thereto, the banks and other financial institutions from time to time party thereto, and Cantor
Fitzgerald Securities, as Administrative Agent for the Lenders
	 
	 	 
	6. Assigned Interest[s]:
	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Aggregate	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Amount of	 	 	Amount of	 	 	Percentage	 
	 	 	 	 	 	 	 	 	 	 	Commitment/	 	 	Commitment/	 	 	Assigned of	 
	 	 	 	 	 	 	Facility	 	 	Loans for all	 	 	Loans	 	 	Commitment/	 
	Assignor[s]	 	Assignee[s]	 	 	Assigned	 	 	Lenders	 	 	Assigned	 	 	Loans	 
	 
	 	 	 	 	 	 	 	 	 	$	 	 	 	$	 	 	 	 	 	%
	 
	 	 	 	 	 	 	 	 	 	$	 	 	 	$	 	 	 	 	 	%
	 
	 	 	 	 	 	 	 	 	 	$	 	 	 	$	 	 	 	 	 	%

	 	 	 
	[7. Trade Date:

	 	                    ]2
	 

	 	 
	 
	 	 
	Effective Date: 

	 	                    , 20     .

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

	 	 	 
	2	 	To be completed if the Assignor(s) and the Assignee(s)
intend that the minimum assignment amount is to be determined as of the Trade
Date.

 

 

 

The terms set forth in this Assignment and Assumption are hereby agreed to:

	 	 	 	 	 
	 	ASSIGNOR[S]

[NAME OF ASSIGNOR]

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

[Signature Page to Assignment and Acceptance]

 

 

 

	 	 	 	 	 
	 	ASSIGNEE[S]

[NAME OF ASSIGNEE]

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

[Signature Page to Assignment and Acceptance]

 

 

 

	 	 	 	 	 
	[Consented to and] Accepted:	 	 
	 
	 	 	 	 
	CANTOR FITZGERALD SECURITIES, as 

Administrative Agent	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 

Title:
	 	 

[Signature Page to Assignment and Acceptance]

 

 

 

	 	 	 	 	 
	[Consented to:]	 	 
	 
	 	 	 	 
	[NAME OF RELEVANT PARTY]	 	 
	 
	 	 	 	 
	[By
	 	 	 	 
	

	 	 

Title:
	] 	 
	

	 	 

	 	 

[Signature Page to Assignment and Acceptance]

 

 

 

ANNEX 1

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

1. Representations and Warranties.

1.1 Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is the
legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full
power and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or representations made in or in
connection with the Credit Agreement or any other Credit Document, (ii) the execution, legality,
validity, enforceability, genuineness, sufficiency or value of the Credit Documents or any
collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or
Affiliates or any other Person obligated in respect of any Credit Document or (iv) the performance
or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of
their respective obligations under any Credit Document.

1.2. Assignee[s]. [The][Each] Assignee (a) represents and warrants that (i) it has
full power and authority, and has taken all action necessary, to execute and deliver this
Assignment and Assumption and to consummate the transactions contemplated hereby and to become a
Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under
Section 9.6(b)(iii), (v) and (vi) of the Credit Agreement (subject to such consents, if any, as may
be required under Section 9.6(b)(iii) of the Credit Agreement), (iii) from and after the Effective
Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to
the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender
thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type
represented by the Assigned Interest and either it, or the person exercising discretion in making
its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v)
it has received a copy of the Credit Agreement, and has received or has been accorded the
opportunity to receive copies of the most recent financial statements delivered pursuant to Section
5.1 thereof, as applicable, and such other documents and information as it deems appropriate to
make its own credit analysis and decision to enter into this Assignment and Assumption and to
purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Assignment and
Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender,
attached to the Assignment and Assumption is any documentation required to be delivered by it
pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee;
and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent,
[the][any] Assignor or any other Lender, and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in taking or not taking
action under the Credit Documents, and (ii) it will perform in accordance with their terms all of
the obligations which by the terms of the Credit Documents are required to be performed by it as a
Lender.

 

 

 

2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of [the][each] Assigned Interest (including payments of principal,
interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to
but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued
from and after the Effective Date.

3. General Provisions. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This
Assignment and Assumption may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a manually executed
counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of New York.

 

 

 

EXHIBIT 1.1(C)

[FORM OF]

JOINDER AGREEMENT

THIS JOINDER AGREEMENT (this “Agreement”), dated as of [_____,
_____], is by and
among [_____, a _____] (the “Subsidiary Guarantor”),
Riviera Holdings Corporation, a Nevada corporation (the “Borrower”), and Cantor Fitzgerald
Securities, in its capacity as administrative agent (in such capacity, the “Administrative
Agent”) under that certain Series A Credit Agreement, dated as of April 1, 2011 (as amended,
modified, extended, restated, replaced, or supplemented from time to time, the “Credit
Agreement”), by and among the Borrower, the certain Domestic Subsidiaries of the Borrower from
time to time party thereto (collectively the “Guarantors”), the banks and other financial
institutions from time to time party thereto (the “Lenders”) and the Administrative Agent.
Capitalized terms used herein but not otherwise defined shall have the meanings provided in the
Credit Agreement.

The Credit Parties are required by Section 5.10 of the Credit Agreement to cause the
Subsidiary Guarantor to become a “Guarantor” thereunder.

Accordingly, the Subsidiary Guarantor and the Borrower hereby agree as follows with the
Administrative Agent, for the benefit of the Lenders:

1. The Subsidiary Guarantor hereby acknowledges, agrees and confirms that, by its execution of
this Agreement, the Subsidiary Guarantor will be deemed to be a party to and a “Guarantor” under
the Credit Agreement and shall have all of the obligations of a Guarantor thereunder as if it had
executed the Credit Agreement. The Subsidiary Guarantor hereby ratifies, as of the date hereof,
and agrees to be bound by, all of the terms, provisions and conditions applicable to a Guarantor
contained in the applicable Credit Documents, including without limitation (a) all of the
representations and warranties set forth in Article III of the Credit Agreement and (b) all of the
affirmative and negative covenants set forth in Articles V and VI of the Credit Agreement.

2. The Subsidiary Guarantor hereby acknowledges, agrees and confirms that, by its execution of
this Agreement, the Subsidiary Guarantor will be deemed to be a party to the Series A Security
Agreement, and shall have all the rights and obligations of an “Obligor” (as such term is defined
in the Security Agreement) thereunder as if it had executed the Series A Security Agreement. The
Subsidiary Guarantor hereby ratifies, as of the date hereof, and agrees to be bound by, all of the
terms, provisions and conditions contained in the Series A Security Agreement.

3. The Subsidiary Guarantor hereby acknowledges, agrees and confirms that, by its execution of
this Agreement, the Subsidiary Guarantor will be deemed to be a party to the Series A Pledge
Agreement, and shall have all the rights and obligations of a “Pledgor” thereunder as if it had
executed the Series A Pledge Agreement. The Subsidiary Guarantor hereby ratifies, as of the date
hereof, and agrees to be bound by, all the terms, provisions and conditions contained in the Series
A Pledge Agreement.

 

 

 

4. The Subsidiary Guarantor acknowledges and confirms that it has received a copy of the
Credit Agreement and the schedules and exhibits thereto and each Security Document and the
schedules and exhibits thereto.

5. The Borrower confirms that the Credit Agreement is, and upon the Subsidiary Guarantor
becoming a Guarantor, shall continue to be, in full force and effect. The parties hereto confirm
and agree that immediately upon the Subsidiary Guarantor becoming a Guarantor the term “Credit
Party Obligations,” as used in the Credit Agreement, shall include all obligations of the
Subsidiary Guarantor under the Credit Agreement and under each other Credit Document.

6. Each of the Borrower and the Subsidiary Guarantor agrees that at any time and from time to
time, upon the written request of the Administrative Agent, it will execute and deliver such
further documents and do such further acts as the Administrative Agent may reasonably request in
accordance with the terms and conditions of the Credit Agreement and in each other Credit Document
in order to effect the purposes of this Agreement.

7. This Agreement (a) may be executed in two or more counterparts, each of which shall
constitute an original but all of which when taken together shall constitute one contract and (b)
may, upon execution, be delivered by facsimile or electronic mail, which shall be deemed for all
purposes to be an original signature.

8. This Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of New York. The terms of Sections 9.13 and 9.16 of the Credit Agreement are
incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

IN WITNESS WHEREOF, each of the Borrower and the Subsidiary Guarantor has caused this
Agreement to be duly executed by its authorized officer, and the Administrative Agent, for the
benefit of the Lenders, has caused the same to be accepted by its authorized officer, as of the day
and year first above written.

	 	 	 	 	 	 	 	 	 
	SUBSIDIARY GUARANTOR:	 	[SUBSIDIARY GUARANTOR]	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	BORROWER:	 	RIVIERA HOLDINGS CORPORATION,

a Nevada corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 

	 	 	 	 	 	 	 
	Acknowledged, accepted and agreed:	 	 
	 
	 	 	 	 	 	 
	CANTOR FITZGERALD SECURITIES,

as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

[Signature Page to Joinder Agreement]

 

 

 

Schedule A

Schedules to Credit Agreement and Security Documents

[TO BE COMPLETED BY BORROWER]

 

 

EXHIBIT 1.1(D)

[FORM OF]

NOTICE OF BORROWING

	TO:	 	 Cantor Fitzgerald Securities, as Administrative Agent
	 
	RE:	 	 Series A Credit Agreement, dated as of [______] [_____], 2011 (as
amended, modified, extended, restated, replaced, or supplemented
from time to time, the “Credit Agreement”; capitalized terms used
herein and not otherwise defined shall have the meanings set forth
in the Credit Agreement), by and among Riviera Holdings Corporation,
a Nevada corporation (the “Borrower”), the certain Domestic
Subsidiaries of the Borrower from time to time party thereto (the
“Guarantors”), the banks and other financial institutions from time
to time party thereto (the “Lenders”), and Cantor Fitzgerald
Securities, as Administrative Agent for the Lenders (the
“Administrative Agent”)
	 
	DATE:	 	 [Date]

Pursuant to Section 2.1(b)(i) and/or 2.4(b)(i) of the Credit Agreement, the Borrower hereby
requests the following (the “Proposed Borrowing”):

Revolving Loans to be made as follows:

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Interest
	 	 	 	 	Interest	 	Period
	 	 	 	 	Rate	 	(one, two, three or six
	 	 	 	 	(Alternate Base Rate/	 	months —
	Date	 	Amount	 	LIBOR Rate)	 	for LIBOR Rate only)
	 
	 	 	 	 	 	 

NOTE: REVOLVING LOAN BORROWINGS THAT ARE (A) ALTERNATE BASE RATE LOANS MUST BE IN A MINIMUM
AGGREGATE AMOUNT OF $500,000 AND IN INTEGRAL MULTIPLES OF $500,000 IN EXCESS THEREOF AND (B) LIBOR
RATE LOANS MUST BE IN A MINIMUM AGGREGATE AMOUNT OF $500,000 AND IN INTEGRAL MULTIPLES OF $500,000
IN EXCESS THEREOF.

Swingline Loans to be made on [date] as follows:

Swingline Loans requested:

	 	(1)	 	Total Amount of Swingline Loans $                    

 

 

 

	 	NOTE:	 	 SWINGLINE LOAN BORROWINGS MUST BE IN MINIMUM AMOUNTS OF $500,000 AND IN
INTEGRAL AMOUNTS OF $100,000 IN EXCESS THEREOF.

The undersigned hereby certifies that the following statements are true on the date hereof and
will be true on the date of the Proposed Borrowing:

(a) The representations and warranties made by the Credit Parties in the Credit
Agreement and in any other Credit Documents, and which are contained in any certificate
furnished at any time under or in connection with the Credit Agreement, shall (i) with
respect to representations and warranties that contain a materiality qualification, be true
and correct and (ii) with respect to representations and warranties that do not contain a
materiality qualification, be true and correct in all material respects, in each case as of
the date of the Proposed Borrowing as if made on and as of such date except for any
representation or warranty made as of an earlier date, which representation and warranty
shall be true and correct, or true and correct in all material respects, as applicable, as
of such earlier date.

(b) No Default or Event of Default shall have occurred and be continuing on the date of
the Proposed Borrowing or after giving effect to the Proposed Borrowing unless such Default
or Event of Default shall have been waived in accordance with the Credit Agreement.

(c) Immediately after giving effect to the making of the Proposed Borrowing (and the
application of the proceeds thereof), (i) the sum of the aggregate principal amount of
outstanding Revolving Loans plus outstanding Swingline Loans plus
outstanding LOC Obligations shall not exceed the Revolving Committed Amount then in effect,
(ii) the outstanding LOC Obligations shall not exceed the LOC Committed Amount, and (iii)
the outstanding Swingline Loans shall not exceed the Swingline Committed Amount.

(d) If a Revolving Loan is requested, all conditions set forth in Section 2.1 of the
Credit Agreement shall have been satisfied.

(e) If the issuance of a Letter of Credit is requested, all conditions set forth in
Section 2.3 of the Credit Agreement shall have been satisfied.

(f) If a Swingline Loan is requested, all conditions set forth in Section 2.4 of the
Credit Agreement shall have been satisfied.

The Administrative Agent is hereby authorized to disburse all Loan proceeds into the following
account, unless the Borrower shall designate, in writing to the Administrative Agent, one or more
other accounts:

Bank Name: [                                        ]

ABA Routing Number: [                    ]

Account Number: [                    ]

 

 

 

This Notice of Borrowing may, upon execution, be delivered by facsimile or electronic mail,
which shall be deemed for all purposes to be an original signature.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

	 	 	 	 	 
	 	RIVIERA HOLDINGS CORPORATION,

a Nevada corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

[Signature
Page to Notice of Borrowing]

 

 

 

EXHIBIT 1.1(F)

[FORM OF]

NOTICE OF CONVERSION/EXTENSION

	TO:	 	 Cantor Fitzgerald Securities, as Administrative Agent
	 
	RE:	 	 Series A Credit Agreement, dated as of [_____] [_____], 2011 (as
amended, modified, extended, restated, replaced, or supplemented
from time to time, the “Credit Agreement”; capitalized terms used
herein and not otherwise defined shall have the meanings set forth
in the Credit Agreement), by and among Riviera Holdings
Corporation, a Nevada corporation (the “Borrower”), the certain
Domestic Subsidiaries of the Borrower from time to time party
thereto (the “Guarantors”), the banks and other financial
institutions from time to time party thereto (the “Lenders”), and
Cantor Fitzgerald Securities, as Administrative Agent for the
Lenders (the “Administrative Agent”)
	 
	DATE:	 	 [Date]

Pursuant to Section 2.9 of the Credit Agreement, the Borrower hereby requests conversion or
extension of the following Loans be made as follows (the “Proposed Conversion/Extension”):

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Requested	 	 
	 	 	Current	 	 	 	 	 	Interest	 	Requested Interest
	 	 	Interest	 	 	 	Amount to	 	Rate	 	Period
	 	 	Rate and	 	 	 	be	 	(Alternate Base	 	(one, two, three or six
	Applicable	 	Interest	 	 	 	converted/	 	Rate/LIBOR	 	months —
	Loan	 	Period	 	Date	 	extended	 	Rate)	 	for LIBOR Rate only)
	 
	 	 	 	 	 	 	 	 	 	 

NOTE: PARTIAL CONVERSIONS THAT ARE (A) ALTERNATE BASE RATE LOANS MUST BE IN A MINIMUM AGGREGATE
AMOUNT OF $500,000 AND IN INTEGRAL MULTIPLES OF $500,000 IN EXCESS THEREOF AND (B) LIBOR RATE LOANS
MUST BE IN A MINIMUM AGGREGATE AMOUNT OF $500,000 AND IN INTEGRAL MULTIPLES OF $500,000 IN EXCESS
THEREOF.

[The undersigned hereby certifies that no Default or Event of Default has occurred and is
continuing or would result from such Proposed Conversion/Extension or from the application of

 

 

 

the proceeds thereof unless such Default or Event of Default shall have been waived in accordance with
the Credit
Agreement.]1

This Notice of Conversion/Extension may, upon execution, be delivered by facsimile or
electronic mail, which shall be deemed for all purposes to be an original signature.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

	 	 	 
	1	 	To be included in Notice of Conversion/Extension if
involves a conversion into LIBOR Rate Loans.

 

 

 

	 	 	 	 	 
	 	RIVIERA HOLDINGS CORPORATION,

a Nevada corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

 

EXHIBIT 2.1(e)

[FORM OF]

REVOLVING NOTE

[Date]

FOR VALUE RECEIVED, the undersigned, RIVIERA HOLDINGS CORPORATION, a Nevada corporation (the
“Borrower”) hereby unconditionally promises to pay, on the Revolver Maturity Date (as
defined in the Credit Agreement referred to below), to [_____] or its registered assigns (the
“Lender”), at the time and location specified in the Credit Agreement referred to below, in
lawful money of the United States of America and in immediately available funds, the aggregate
unpaid principal amount of all Revolving Loans made by the Lender to the undersigned pursuant to
Section 2.1 of the Credit Agreement referred to below. The undersigned further agrees to pay
interest in like money at such office on the unpaid principal amount hereof and, to the extent
permitted by law, accrued interest in respect hereof from time to time from the date hereof until
payment in full of the principal amount hereof and accrued interest hereon, at the rates and on the
dates set forth in the Credit Agreement.

The holder of this Revolving Note is authorized to endorse the date and amount of each
Revolving Loan made pursuant to Section 2.1 of the Credit Agreement and each payment of principal
and interest with respect thereto and its character as a LIBOR Rate Loan or an Alternate Base Rate
Loan on Schedule A annexed hereto and made a part hereof, or on a continuation thereof
which shall be attached hereto and made a part hereof, which endorsement shall constitute prima
facie evidence of the accuracy of the information endorsed (absent error); provided,
however, that the failure to make any such endorsement shall not affect the obligations of
the undersigned under this Revolving Note.

This Revolving Note is one of the Revolving Notes referred to in the Series A Credit
Agreement, dated as of April 1, 2011 (as amended, modified, extended, restated, replaced, or
supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and
not otherwise defined shall have the meanings set forth in the Credit Agreement), by and among
Riviera Holdings Corporation, a Nevada corporation (the “Borrower”), the certain Domestic
Subsidiaries of the Borrower from time to time party thereto (the “Guarantors”), the banks
and other financial institutions from time to time party thereto (the “Lenders”), and
Cantor Fitzgerald Securities, as Administrative Agent for the Lenders (the “Administrative
Agent”), and the holder is entitled to the benefits thereof.

Upon the occurrence of any one or more of the Events of Default specified in the Credit
Agreement, all amounts then remaining unpaid on this Revolving Note shall become, or may be
declared to be, immediately due and payable, all as provided therein. In the event this Revolving
Note is not paid when due at any stated or accelerated maturity, the Borrower agrees to pay, in
addition to principal and interest, all costs of collection, including reasonable attorneys’ fees,
as and to the extent set forth in the Credit Agreement.

 

 

 

All parties now and hereafter liable with respect to this Revolving Note, whether maker,
principal, surety, endorser or otherwise, hereby waive presentment, demand, protest and all other
notices of any kind.

THIS REVOLVING NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

	 	 	 	 	 
	 	RIVIERA HOLDINGS CORPORATION,

a Nevada corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

[Signature
Page to Revolving Note]

 

 

 

SCHEDULE A

LOANS AND PAYMENTS OF PRINCIPAL

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Principal	 	 	 	 
	 	 	Amount	 	Type	 	 	 	 	 	 	 	Paid	 	 	 	 
	 	 	of	 	of	 	Interest	 	Interest	 	Maturity	 	or	 	Principal	 	Notation
	Date	 	Loan	 	Loan1	 	Rate	 	Period	 	Date	 	Converted	 	Balance	 	Made By
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

	 	 	 
	1	 	The type of Loan may be represented by “L” for LIBOR
Rate Loans or “ABR” for Alternate Base Rate Loans.

 

 

 

EXHIBIT 2.2(D)

[FORM OF]

TERM LOAN NOTE

[Date]

FOR VALUE RECEIVED, the undersigned, RIVIERA HOLDINGS CORPORATION, a Nevada corporation (the
“Borrower”) hereby unconditionally promises to pay, on the Term Loan Maturity Date (as
defined in the Credit Agreement referred to below), to [_____] or its registered
assigns (the “Lender”) at the time and location specified in the Credit Agreement referred
to below, in lawful money of the United States of America and in immediately available funds, the
aggregate unpaid principal amount of the Term Loan made by the Lender to the undersigned pursuant
to Section 2.2 of the Credit Agreement referred to below. The undersigned further agrees to pay
interest in like money at such office on the unpaid principal amount hereof and, to the extent
permitted by law, accrued interest in respect hereof from time to time from the date hereof until
payment in full of the principal amount hereof and accrued interest hereon, at the rates and on the
dates set forth in the Credit Agreement.

The holder of this Term Loan Note is authorized to endorse the date and amount of each payment
of principal and interest with respect to the Term Loan evidenced by this Term Loan Note and the
portion thereof that constitutes a LIBOR Rate Loan or an Alternate Base Rate Loan on Schedule
A annexed hereto and made a part hereof, or on a continuation thereof which shall be attached
hereto and made a part hereof, which endorsement shall constitute prima facie evidence of the
accuracy of the information endorsed (absent error); provided, however, that the
failure to make any such endorsement shall not affect the obligations of the undersigned under this
Term Loan Note.

This Term Loan Note is one of the Term Loan Notes referred to in the Series A Credit
Agreement, dated as of April 1, 2011 (as amended, modified, extended, restated, replaced, or
supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and
not otherwise defined shall have the meanings set forth in the Credit Agreement), by and among
Riviera Holdings Corporation, a Nevada corporation (the “Borrower”), the certain Domestic
Subsidiaries of the Borrower from time to time party thereto (the “Guarantors”), the banks
and other financial institutions from time to time party thereto (the “Lenders”), and
Cantor Fitzgerald Securities, as Administrative Agent for the Lenders (the “Administrative
Agent”), and the holder is entitled to the benefits thereof.

Upon the occurrence of any one or more of the Events of Default specified in the Credit
Agreement, all amounts then remaining unpaid on this Term Loan Note shall become, or may be
declared to be, immediately due and payable, all as provided therein. In the event this Term Loan
Note is not paid when due at any stated or accelerated maturity, the Borrower agrees to pay, in
addition to principal and interest, all costs of collection, including reasonable attorneys’ fees,
as and to the extent set forth in the Credit Agreement.

 

 

 

All parties now and hereafter liable with respect to this Term Loan Note, whether maker,
principal, surety, endorser or otherwise, hereby waive presentment, demand, protest and all other
notices of any kind.

THIS TERM LOAN NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

	 	 	 	 	 
	 	RIVIERA HOLDINGS CORPORATION,

a Nevada corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

[Signature Page to Term Loan Note]

 

 

 

SCHEDULE A

LOANS AND PAYMENTS OF PRINCIPAL

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Principal	 	 	 	 
	 	 	Amount	 	Type	 	 	 	 	 	 	 	Paid	 	 	 	 
	 	 	of	 	of	 	Interest	 	Interest	 	Maturity	 	or	 	Principal	 	Notation
	Date	 	Loan	 	Loan1	 	Rate	 	Period	 	Date	 	Converted	 	Balance	 	Made By
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

	 	 	 
	1	 	The type of Loan may be represented by “L” for LIBOR
Rate Loans or “ABR” for Alternate Base Rate Loans.

 

 

 

EXHIBIT 2.4(D)

[FORM OF]

SWINGLINE NOTE

[Date]

FOR VALUE RECEIVED, the undersigned, RIVIERA HOLDINGS CORPORATION, a Nevada corporation (the
“Borrower”), hereby unconditionally promises to pay on the Revolver Maturity Date (as
defined in the Credit Agreement referred to below), to the order of [_____] (the “Swingline
Lender”) at the time and location specified in the Credit Agreement referred to below, in
lawful money of the United States of America and in immediately available funds, the aggregate
unpaid principal amount of all Swingline Loans made by the Swingline Lender to the undersigned
pursuant to Section 2.4 of the Credit Agreement referred to below. The undersigned further agrees
to pay interest in like money at such office on the unpaid principal amount hereof and, to the
extent permitted by law, accrued interest in respect hereof from time to time from the date hereof
until payment in full of the principal amount hereof and accrued interest hereon, at the rates and
on the dates set forth in the Credit Agreement.

The holder of this Swingline Note is authorized to endorse the date and amount of each
Swingline Loan pursuant to Section 2.4 of the Credit Agreement and each payment of principal and
interest with respect thereto and its character as an Alternate Base Rate Loan or otherwise on
Schedule A annexed hereto and made a part hereof, or on a continuation thereof which shall
be attached hereto and made a part hereof, which endorsement shall constitute prima facie evidence
of the accuracy of the information endorsed (absent error); provided, however, that
the failure to make any such endorsement shall not affect the obligations of the undersigned under
this Swingline Note.

This Swingline Note is the Swingline Note referred to in the Series A Credit Agreement, dated
as of April 1, 2011 (as amended, modified, extended, restated, replaced, or supplemented from time
to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Credit Agreement), by and among Riviera Holdings
Corporation, a Nevada corporation (the “Borrower”), the certain Domestic Subsidiaries of
the Borrower from time to time party thereto (the “Guarantors”), the banks and other
financial institutions from time to time party thereto (the “Lenders”), and Cantor
Fitzgerald Securities, as Administrative Agent for the Lenders (the “Administrative
Agent”), and the holder is entitled to the benefits thereof.

Upon the occurrence of any one or more of the Events of Default specified in the Credit
Agreement, all amounts then remaining unpaid on this Swingline Note shall become, or may be
declared to be, immediately due and payable, all as provided therein. In the event this Swingline
Note is not paid when due at any stated or accelerated maturity, the Borrower agrees to pay, in
addition to principal and interest, all costs of collection, including reasonable attorneys’ fees,
as and to the extent set forth in the Credit Agreement.

 

 

 

All parties now and hereafter liable with respect to this Swingline Note, whether maker,
principal, surety, endorser or otherwise, hereby waive presentment, demand, protest and all other
notices of any kind.

THIS SWINGLINE NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

	 	 	 	 	 
	 	RIVIERA HOLDINGS CORPORATION,

a Nevada corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

[Signature Page to Swingline Note]

 

 

 

SCHEDULE A

LOANS AND PAYMENTS OF PRINCIPAL

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Amount	 	Type	 	 	 	 	 	 	 	 
	 	 	of	 	of	 	Interest	 	Principal	 	Principal	 	Notation
	Date	 	Loan	 	Loan	 	Rate	 	Paid	 	Balance	 	Made By
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

 

 

EXHIBIT 4.1(b)

[FORM OF]

OFFICER’S CERTIFICATE

[INSERT NAME OF CREDIT PARTY]

Pursuant to (a) Section 4.1(b) of the Series A Credit Agreement, dated as of April 1, 2011 (as
amended, modified, extended, restated, replaced or supplemented from time to time, the “Series
A Credit Agreement”), by and among Riviera Holdings Corporation, a Nevada corporation, as
borrower [(the “Company”)][(“RHC”)], Riviera Black Hawk, Inc., a Colorado corporation
[(“RBH”)][(the “Company”)] and Riviera Operating Corporation, a Nevada corporation
[(“ROC”)][(the “Company”)], as guarantors, the banks and other financial institutions from
time to time party thereto (the “Series A Lenders”) and Cantor Fitzgerald Securities, as
administrative agent for the Lenders (the “Series A Agent”), and (b) Section 4.1(b) of the
Series B Credit Agreement, dated as of April 1, 2011 (as amended, modified, extended, restated,
replaced or supplemented from time to time, the “Series B Credit Agreement”), by and among
the Company, as borrower, RBH and ROC, as guarantors, the banks and other financial institutions
from time to time party thereto (the “Series B Lenders”, and together with the Series A
Lenders, the “Lenders”) and Cantor Fitzgerald Securities, as administrative agent for the
Lenders (the “Series B Agent”, and together with the Series A Agent, the “Agents”),
the undersigned, [_____], as Secretary of the Company, hereby certifies to each of the Agents
as follows:

ARTICLE XII Capitalized terms used herein and not otherwise defined shall have the meanings set
forth in the Series A Credit Agreement.

ARTICLE XIII Attached hereto as Exhibit A is a true and complete copy of the Amended and
Restated Articles of Incorporation of the Company and all amendments thereto as in effect on the
date hereof.

ARTICLE XIV Attached hereto as Exhibit B is a true and correct copy of the Bylaws of
the Company and all amendments thereto as in effect on the date hereof.

ARTICLE XV Attached hereto as Exhibit C is a true and correct copy of the Unanimous
Written Consent of the Board of Directors of the Company (the “Board”), dated as of April
1, 2011 (the “Consent”). Such Consent contains the resolutions duly adopted by the Board
with regard to and approving the Series A Credit Agreement, the Series B Credit Agreement, the
Credit Documents (as such term is defined in each of the Series A Credit Agreement and the Series B
Credit Agreement) and the transactions contemplated thereby. Such resolutions set forth in the
Consent have not in any way been rescinded or modified and have been in full force and effect since
their adoption to and including the date hereof, and such resolutions are the only corporate
proceedings of the Company now in force relating to or affecting the matters referred to therein.

ARTICLE XVI Attached hereto as Exhibit D are true and correct copies of the certificate
of good standing, existence or its equivalent with respect to the Company certified as of a recent

 

 

 

date by the appropriate Governmental Authority of the state of incorporation or organization
of the Company.

ARTICLE XVII The following persons are the duly elected and qualified officers of the Company,
holding the offices indicated next to their names below on the date hereof, and the signatures
appearing opposite the names of the officers below are their true and genuine signatures, and each
of such officers is duly authorized to execute and deliver on behalf of the Company, the Series A
Credit Agreement, the Series B Credit Agreement and the other Credit Documents to be entered into
pursuant to the Series A Credit Agreement or the Series B Credit Agreement, as applicable:

	 	 	 	 	 
	Name	 	Office	 	Signature
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

This Certificate may, upon execution, be delivered by facsimile or electronic mail, which
shall be deemed for all purposes to be an original document and the signatures thereon to be
original signatures.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

IN WITNESS WHEREOF, I hereunder execute this Officer’s Certificate as of April [_____], 2011.

	 	 	 	 	 
	 

	 	 

Name:
	 	 
	 
	 	 	 	 
	 

	 	Title: Secretary	 	 

I, [_____], the [_____] of the Company, hereby certify that [_____] is the duly
elected and qualified Secretary of the Company and that his or her true and genuine signature is
set forth above.

Dated: April [_____], 2011

	 	 	 	 	 
	 

	 	 

Name:
	 	 
	 
	 	 	 	 
	 

	 	Title: [_____]	 	 

[Signature Page to Officer’s Certificate]

 

 

 

Exhibit A

[Amended and Restated] Articles of Incorporation and

Amendments

 

 

 

Exhibit B

[Amended and Restated] Bylaws and Amendments

 

 

 

Exhibit C

Consent of the Board of Directors

 

 

 

Exhibit D

CERTIFICATE OF GOOD STANDING

 

 

 

EXHIBIT 4.1(D)

[FORM OF]

SOLVENCY CERTIFICATE

			
	TO:	 	Cantor Fitzgerald Securities, as Administrative Agent

			
	RE:	 	Series A Credit Agreement, dated as of [                    ] [__], 2011 (as
amended, modified, extended, restated, replaced, or supplemented
from time to time, the “Credit Agreement”; capitalized terms used
herein and not otherwise defined shall have the meanings set forth
in the Credit Agreement), by and among Riviera Holdings
Corporation, a Nevada corporation (the “Borrower”), the certain
Domestic Subsidiaries of the Borrower from time to time party
thereto (the “Guarantors”), the banks and other financial
institutions from time to time party thereto (the “Lenders”), and
Cantor Fitzgerald Securities, as Administrative Agent for the
Lenders (the “Administrative Agent”)

			
	DATE:	 	[Date]

The undersigned chief financial officer of Riviera Holdings Corporation, a Nevada corporation
(the “Borrower”), is familiar with the properties, businesses, assets and liabilities of
the Credit Parties and is duly authorized to execute this certificate on behalf of the Borrower and
the Credit Parties.

The undersigned certifies that the undersigned has made such investigation and inquiries as to
the financial condition of the Credit Parties as the undersigned deems necessary and prudent for
the purpose of providing this Certificate.

The undersigned certifies that, both before and after giving effect to the Transactions:

(a) Each of the Credit Parties is solvent and is able to pay its debts and other
liabilities, contingent obligations and other commitments as they mature in the normal
course of business.

(b) The fair saleable value of each Credit Party’s assets, measured on a going concern
basis, exceeds all probable liabilities, including those to be incurred pursuant to the
Credit Agreement.

(c) None of the Credit Parties has unreasonably small capital in relation to the
business in which it is or proposed to be engaged.

(d) None of the Credit Parties has incurred, or believes that it will incur debts
beyond its ability to pay such debts as they become due.

(e) In executing the Credit Documents and consummating the Transactions, none of the
Credit Parties intends to hinder, delay or defraud either present or future

 

 

 

creditors or other Persons to which one or more of the Credit Parties is or will become
indebted.

This Certificate may, upon execution, be delivered by facsimile or electronic mail, which
shall be deemed for all purposes to be an original signature.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

	 	 	 	 	 
	 	RIVIERA HOLDINGS CORPORATION,

a Nevada corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

[Signature Page to Solvency Certificate]

 

 

 

EXHIBIT 5.2(B)

[FORM OF]

OFFICER’S COMPLIANCE CERTIFICATE

			
	TO:	 	Cantor Fitzgerald Securities, as Administrative Agent

			
	RE:	 	Series A Credit Agreement, dated as of [                    ] [__], 2011 (as amended,
modified, extended, restated, replaced, or supplemented from time to time, the
“Credit Agreement”; capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Credit Agreement), by and among
Riviera Holdings Corporation, a Nevada corporation (the
“Borrower”), the
certain Domestic Subsidiaries of the Borrower from time to time party thereto
(the “Guarantors”), the banks and other financial institutions from time to
time party thereto (the “Lenders”), and Cantor Fitzgerald Securities, as
Administrative Agent for the Lenders (the “Administrative
Agent”)

			
	DATE:	 	[Date]

For the fiscal [quarter] [year] ended [                    ,                     ].

The undersigned hereby certifies on behalf of the Credit Parties that, to the best of his/her
knowledge, with respect to the Credit Agreement:

[(a) Attached hereto on Exhibit A is a certificate of the independent certified
public accountants reporting on the financial statements stating that in making the
examination necessary therefor no knowledge was obtained of any Default or Event of Default,
except as specified in such certificate.]1

(b) The financial statements delivered for the fiscal period referred to above present
fairly the financial position of the Borrower and its Subsidiaries, for the period indicated
above, in conformity with GAAP applied on a consistent basis.

(c) Each of the Credit Parties during the period indicated above observed or performed
all of its covenants and other agreements, and satisfied every condition, contained in the
Credit Agreement to be observed, performed or satisfied by it.

(d) I have obtained no knowledge of any Default or Event of Default under the Credit
Agreement;2

 

	 	 	 
	1	 	To be provided annually.
	 
	2	 	If a Default or Event of Default shall have occurred,
an explanation of such Default or Event of Default shall be provided on a
separate page attached hereto together with an explanation of the action taken
or proposed to be taken by the Borrower with respect thereto.

 

 

 

(e) To the extent applicable, attached hereto on Schedule A are calculations in
reasonable detail demonstrating compliance by the Credit Parties with the financial
covenants contained in Section 6.15 of the Credit Agreement as of the last day of the fiscal
period referred to above.

(f) Attached hereto on Schedule B is a list of all Unrestricted Subsidiaries.
Each subsidiary set forth on such list individually qualifies as an Unrestricted Subsidiary.

(g) [Attached hereto on Schedule C is an updated copy of Schedule 3.3
to the Credit Agreement.]3

(h) [Attached hereto on Schedule D is an updated copy of Schedule 3.12
to the Credit Agreement.]4

(i) [Attached hereto on Schedule E is an updated copy of Schedule 3.16
to the Credit Agreement.]5

This Certificate may, upon execution, be delivered by facsimile or electronic mail, which
shall be deemed for all purposes to be an original signature.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

	 	 	 
	3	 	Attach Schedule C if the Borrower or any of its
Subsidiaries has formed or acquired a new Subsidiary since the Closing Date or
since Schedule 3.3 to the Credit agreement was last updated.
	 
	4	 	Attach Schedule D if the Borrower or any of its
Subsidiaries has formed or acquired a new Subsidiary since the Closing Date or
since Schedule 3.12 to the Credit agreement was last updated.
	 
	5	 	Attach Schedule E if the Borrower or any of
its Subsidiaries has acquired any new Intellectual Property since the Closing
Date or since Schedule 3.16 to the Credit agreement was last updated.

 

 

 

	 	 	 	 	 
	 	RIVIERA HOLDINGS CORPORATION,

a Nevada corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

[Signature Page to Officer’s Compliance Certificate]

 

 

 

[EXHIBIT A

ACCOUNTANT CERTIFICATE]

See Attached.

 

 

 

SCHEDULE A

FINANCIAL COVENANT CALCULATIONS

[TO BE COMPLETED BY BORROWER]

 

 

 

SCHEDULE B

Unrestricted Subsidiaries

[TO BE COMPLETED BY BORROWER]

 

 

 

SCHEDULE C

SCHEDULE 3.3 TO CREDIT AGREEMENT

[TO BE COMPLETED BY BORROWER]

 

 

 

SCHEDULE D

SCHEDULE 3.12 TO CREDIT AGREEMENT

[TO BE COMPLETED BY BORROWER]

 

 

 

SCHEDULE E

SCHEDULE 3.16 TO CREDIT AGREEMENT

[TO BE COMPLETED BY BORROWER]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}]]