Document:

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (this "Agreement") is entered into as of this 4th
day of  February,  2000  by and  between  Upstate  Bancshares  Corporation  (the
"Company"), and Marvin Boyd ("Employee").

     WHEREAS the  Company  wishes to employ  Employee  under the terms set forth
herein;

     WHEREAS  Employee  wishes to be employed by the Company under the terms set
forth herein;

     NOW THEREFORE,  in consideration of the respective covenants and agreements
of the parties herein contained,  and intending to be legally bound hereby,  the
Company and Employee agree as follows:

     1.   Definitions.   The  following  terms  shall  have  the   corresponding
definitions when used herein:

     Cause.  Cause shall mean Poor Job  Performance,  fraud,  gross  negligence,
dereliction of duties,  intentional  misconduct,  intentional material damage to
the  property or business of the  Company,  or the  commission  of a felony (for
which the Company only needs to have reasonable  grounds for its belief).  Cause
shall also arise if applicable  regulatory  authorities fail to confirm Employee
as President  and Chief  Executive  Officer of the Company or issues a directive
prohibiting  Employee from serving as President and Chief  Executive  Officer of
the Company.
     Confidential Information.  Confidential Information shall mean all business
and other  information  relating to the  business of the Company or the Company,
including without limitation, technical or nontechnical data, programs, methods,
techniques,  financial data, financial plans, product plans, and lists of actual
or potential  customers,  which (i) derives economic value, actual or potential,
from not being generally known to, and not being readily ascertainable by proper
means by, other Persons,  and (ii) is the subject of efforts that are reasonable
under the  circumstances  to  maintain  its  secrecy  or  confidentiality.  Such
information and compilations of information  shall be  contractually  subject to
protection under this Agreement  whether or not such  information  constitutes a
trade secret or proprietary  information and is separately protectable at law or
in equity as a trade secret or proprietary information. Confidential Information
does not include  confidential  business information which does not constitute a
trade secret under  applicable law two years after any expiration or termination
of this Agreement.
     Disabled or Disability. Disabled or Disability shall mean the sufferance or
contraction  by Employee of an illness or other  injury  which,  with or without
reasonable  accommodation,  prevents him from performing the essential functions
of his job and duties as described herein for a consecutive  period of three (3)
months or more.  If there  should be any  dispute  between the parties as to the
Employee's  physical or mental  disability at any time,  such question  shall be
settled by the majority opinion of three impartial reputable physicians,  one of
whom shall be selected by the Company, another by the Employee, and the third by
the two physicians selected by the Company and the Employee.  The certificate of
two such  physicians  as to the matter in dispute  shall be final and binding on
the parties.
     Person.   Person   shall  mean  any   individual,   corporation,   Company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or other entity.

                                       1
<PAGE>

     Poor Job  Performance.  Poor Job  Performance  shall  mean the  failure  of
Employee to perform in accordance  with the standards  applicable to Employee as
reasonably established by the Board of Directors of the Company.

     2. EMPLOYMENT. The Company hereby agrees to employ Employee, subject to the
terms and conditions  contained  herein,  in the capacity of President and Chief
Executive Officer.  Employee hereby agrees to serve the Company in such capacity
upon the terms and  conditions  contained  herein.  The Company hereby agrees to
provide  Employee  with  office   facilities,   personnel  and  other  amenities
reasonably  necessary  to perform his duties  hereunder.  On or before  March 1,
2000,  Employee  agrees to become a  resident  of (and  principally  reside  in)
Greenville  County or  Spartanburg  County.  The  Company  also  agrees to cause
Employee to be appointed  President and Chief Executive Officer of the Company's
subsidiary bank.

     The Company agrees to nominate  Employee as part of  management's  slate to
serve on the Board of Directors  of the Company,  such service to be on the same
terms as outside directors.

     3. TERM. This Agreement  shall have a term of three years  commencing as of
the date hereof.

     4.  EMPLOYEE  RESPONSIBILITIES.  Employee  agrees  during  the  term of his
employment  hereunder to devote all of his business  time,  attention and energy
(other than an minor amount of time to passive  investments and similar matters)
to the business of the Company and to use his best efforts, skills and abilities
to promote the  Company's  business  and  interests  and to perform  such duties
consistent with the position to which he has been appointed.

     5.  COMPENSATION.  The Company shall pay Employee and Employee shall accept
from the Company the  compensation  set forth below in full payment for services
rendered by him hereunder,  including,  without  limitation,  all services as an
officer of the Company or any of its affiliates.
     (a) The Company  shall pay to Employee,  as base pay, a salary at an annual
rate of  $75,000,  which  amount  will be  increased  a minimum  of 7% per year.
(However,  this shall not preclude the directors from increasing the base salary
in excess of the 7%.) Such  compensation  shall be  payable in  accordance  with
customary payroll practices of the Company (but not less often than monthly).
     (b) The Company may pay Employee such bonuses as shall be determined solely
by the Company's  Board of Directors  based on its  assessment of Employee's job
performance. Notwithstanding the foregoing:
     (i)  on the second  anniversary  hereof,  the Company  shall pay Employee a
          bonus  equal to 5% of the  Company's  net income in the four  quarters
          immediately preceding such second anniversary so long as (x) the ratio
          of the Company's nonperforming assets to total loans is less than 1.0%
          and (y) the Company's principal banking subsidiary has a CAMELS rating
          of 2 or better; and
     (ii) on the third  anniversary  hereof,  the Company  shall pay  Employee a
          bonus  equal to 5% of the  Company's  net income in the four  quarters
          immediately  preceding such third anniversary so long as (x) the ratio
          of the  Company's  nonperforming  assets  to total  loans is less than
          1.25% and (y) the Company's  principal banking subsidiary has a CAMELS
          rating of 2 or better; and
     (c) Employee  shall be paid a car allowance of $400 per month for the first
year of the term of this Agreement and $500 per month thereafter.
     (d) The Company  shall  purchase  and  maintain a $300,000  life  insurance
policy on Employee, naming as beneficiary, the person of Employee's choosing.

                                       2
<PAGE>
     (e)  Employee  shall  be  entitled  to such  employee  benefits  (including
insurance) and other  compensation as are applicable to other executive officers
of the Company who are similar to Employee in position and authority,  including
any welfare and pension benefit plans adopted by the Company.  The Company shall
reimburse  Employee  for all  payments  currently  being made by him pursuant to
COBRA, until such time as the Company shall establish its own benefit plans. The
parties agree to negotiate in good faith with a view toward the establishment by
January 2001 of a mutually  acceptable  retirement plan for Employee.  Until the
establishment  of a retirement  plan, the Company agrees to contribute  $400 per
month into a self-directed retirement plan of Employee's choice.
     (f) Upon the  completion  of the  Company's  initial  public  offering (the
"IPO"), the Company shall grant to Employee options to purchase 30,000 shares of
common stock having the terms set forth on Exhibit A.
     (g)   Employee   shall  be  entitled   to   reimbursement   of   reasonable
Company-related expenses.
     (h) Employee shall be paid a signing bonus of $5,000.

     6. VACATION. Employee shall be entitled to paid vacation of an aggregate of
three  weeks  (15  business  days)  during  the  first  year of the term of this
Agreement,  and four weeks (20 business  days)  thereafter;  provided  that such
vacation shall not interfere with the performance of his duties hereunder.

     7.  TERMINATION.  This Agreement  shall continue in effect for the term set
forth in Paragraph 3 unless:

     (a)  the parties  mutually agree to terminate  this Agreement  prior to the
          expiration of its term;
     (b)  Employee terminates his employment hereunder on 180 days' notice;
     (c)  Employee is terminated for Cause;
     (d)  Employee dies or becomes Disabled.  In the event that Employee becomes
          Disabled,  the  Company,  at its  option,  may at any time  thereafter
          terminate  this  Agreement by serving  ninety (90) days' prior written
          notice  thereof on Employee.  Employee's  rights under this  Agreement
          shall  terminate  and come to an end  upon the date set  forth in said
          notice as if such date were the  termination  date of this  Agreement.
          However,  if prior to the date  specified in such  notice,  Employee's
          illness or incapacity  shall have been  terminated  such that he is no
          longer  Disabled  and Employee  shall have taken up and is  performing
          such duties on a full-time basis, Employee shall be entitled to resume
          employment hereunder as though such notice had not been given.

The Company shall give Employee at least 360 days prior notice of its intent not
to renew this Agreement at the end of its three year term. If such notice is not
given,  this Agreement shall  automatically  renew for an additional  three year
period on the same terms in effect at the end of its initial term.

     8. EFFECT OF TERMINATION.  Except as otherwise  provided in this Agreement,
upon the termination of Employee's employment  hereunder,  Employee shall not be
entitled to receive any further  compensation  other than accrued benefits under
Company variable  compensation or pension plans, if any, and shall be completely
relieved of his positions with the Company,  its  subsidiaries  and  affiliates,

                                       3
<PAGE>
including any offices or  directorships  in such entities which Employee  holds;
provided,  however,  that this provision shall not relieve either party from its
obligations hereunder or liability in the event of a breach of such provisions.

     9. CONFIDENTIALITY. Employee will not at any time either during the term of
this Agreement or thereafter, except as authorized by the Company or required by
applicable  law,  divulge,  furnish  or make  accessible  to any  person,  firm,
corporation or other entity any Confidential Information.

     10.  RETURN  OF  INFORMATION.   Employee,   upon  the  termination  of  his
employment,  irrespective  of the  time,  manner  or cause of  termination  will
surrender and deliver to the Company all lists, books, records and data of every
kind relating to or in connection with the customers and business of the Company
and/or  any  subsidiary  or  affiliate  of the  Company  group and all  property
belonging to the Company and/or any subsidiary or affiliate of the Company which
are in his possession or under his control.

     11. IRREPARABLE INJURY.  Employee acknowledges that his compliance with his
duties and obligations  hereunder is necessary to protect the goodwill and other
proprietary  interests  of the  Company  and the  purposes  and  essence of this
Agreement.  Employee  acknowledges  that a breach of his duties and  obligations
hereunder  will result in irreparable  and continuing  damage to the Company for
which there will be no adequate  remedy at law; and agrees that, in the event of
any breach of any of the aforesaid duties and  obligations,  the Company and its
successors  and assigns shall be entitled to equitable  relief and to such other
and further relief as may be proper.

     12.  ASSIGNABILITY.  Employee recognizes that this Agreement is personal to
the Company  and none of  Employee's  obligations  under this  Agreement  may be
assigned  or  delegated  by him.  The  Company  may assign all of its rights and
obligations  hereunder  by  operation  of  law  or  upon  the  sale  of  all  or
substantially all of its assets and business, and it shall be a condition of any
such  assignment  that the  purchaser  agree to assume  all  obligations  of the
Company hereunder. The Company may also assign all of its rights and obligations
hereunder to its principal banking subsidiary.

     13. SUCCESSORS TO THE COMPANY.  Except as otherwise  provided herein,  this
Agreement  shall be binding upon and inure to the benefit of the Company and any
successor of the Company,  including,  without  limitation,  any  corporation or
corporations  acquiring  directly or indirectly all or substantially  all of the
assets of the Company whether by merger,  consolidation,  sale or otherwise (and
such successor shall thereafter be deemed "the Company" for the purposes of this
Agreement).

     14.  NOTICES.  All notices and other  communications  hereunder shall be in
writing and shall be deemed to have been duly given when  delivered  personally,
or as shown by other reasonable proof of receipt:

         To Employee:      Marvin Boyd
                           ___________________________
                           ___________________________

         To Company:       ___________________________
                           ___________________________
                           ___________________________

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<PAGE>
     15. MISCELLANEOUS. This Agreement constitutes the whole agreement among the
parties and shall be construed in accordance with the laws of the State of South
Carolina.  No  variation  hereof and no  discharge  of the terms hereof shall be
deemed valid except as in writing and signed by the parties hereto. No waiver by
the  Company  or  Employee  of any  breach by  Employee  or the  Company  of any
provision or condition of this  Agreement by him or it to be performed  shall be
deemed a waiver of similar or dissimilar provisions or conditions at the same or
any prior or any  subsequent  time. In the event any provision of this Agreement
shall be deemed to be invalid or void under any  applicable  law, the  remaining
provisions hereof shall not be affected thereby and shall continue in full force
and effect.

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<PAGE>

     IN WITNESS WHEREOF, this Agreement is executed as of the day and year first
above written.

Witness                                     Security Bancshares, Inc.

________________________            By:     /s/
                                               Chairman

Witness                                     MARVIN BOYD

________________________                    /s/ Marvin Boyd
                                            An Individual

                                       6
<PAGE>

                        EXHIBIT A - Description of Option

Number and Type:  Option to purchase 30,000 shares of Company common stock.  The
     options  may be either  incentive  stock  options  or  non-incentive  stock
     options (within the  contemplation of the Internal Revenue Code of 1986, as
     amended) at the election of Employee.

Exercise Price: $10 per share

Term: 10 years from the date of grant

Vesting: 1/3 on each of the first, second and third anniversaries of the date of
     grant so long as Employee  is  employed  by Company on such  anniversaries;
     provided,  that 10,000  options  shall not vest and shall be  canceled  if,
     during the quarter  immediately prior to the second anniversary of IPO, the
     (x) the ratio of the Company's  nonperforming assets to total loans is 1.0%
     or greater and (y) the Company's  principal banking subsidiary has a CAMELS
     rating of 3 or worse; provided,  further that 10,000 options shall not vest
     and shall be canceled if during the quarter  immediately prior to the third
     anniversary  of IPO,  if the (x) the ratio of the  Company's  nonperforming
     assets to total loans is 1.25% or greater and (y) the  Company's  principal
     banking  subsidiary has a CAMELS rating of 3 or worse. These options may be
     reclaimed  if the  Company's  ratio of  nonperforming  assets  to loans and
     CAMELS  rating are  brought  back  within the range  indicated  above for a
     period  of two  consecutive  quarters  during  the  two  years  immediately
     following the cancellation of options.

Termination:  In the  event  that  Employee's  employment  with the  Company  is
     terminated  for any reason  (including  death or  disability),  the options
     shall  be  exercisable  (or  reclaimable)  for a  period  of  three  months
     thereafter by Employee or his  representative,  but only to the extent that
     they were exercisable (or reclaimable) at the date of termination.

Assignability:  Not  assignable  except  pursuant  to the  laws of  descent  and
     distribution  or pursuant to the terms of a  qualified  domestic  relations
     order.

Other Matters: These options shall be evidenced by a written option grant having
     such  other  terms  as  are  typical  of  options  of  this  type  and  not
     inconsistent with the foregoing provisions of this Exhibit A.<PAGE>

                                                                   EXHIBIT 10.17

                       AMENDMENT NO. 1 TO LOAN AGREEMENT

     THIS AMENDMENT NO. 1 TO LOAN AGREEMENT (this "Amendment") is entered into
as of November 30, 2000 with reference to the Loan Agreement dated as of March
3, 1999, among The Mohegan Tribe of Indians of Connecticut, a federally
recognized Indian Tribe and Native American sovereign nation (the "Tribe"), The
Mohegan Tribal Gaming Authority, a governmental instrumentality of the Tribe
(the "Borrower"), the Lenders referred to therein, and Bank of America National
Trust and Savings Association (now known as "Bank of America, N.A.") as
Administrative Agent. Capitalized terms used but not defined herein are used
with the meanings set forth for those terms in the Loan Agreement.

                                   RECITALS

     A.   Pursuant to the Loan Agreement, as originally in effect, the Lenders
          provided a credit facility to the Borrower in the aggregate principal
          amount of $425,000,000.

     B.   Pursuant to a Joinder and Assumption Agreement dated as of November
          15, 1999 among the Tribe, the Borrower and the Lenders party thereto,
          the amount of the Commitment was increased to $459,500,000 pursuant to
          Section 2.7 of the Loan Agreement (the Loan Agreement, as originally
          in effect, as amended by such Joinder and Assumption, the "Loan
          Agreement").

     C.   Concurrently with the effectiveness hereof, the Commitments shall
          again be increased pursuant to Section 2.7 of the Loan Agreement from
          $459,500,000 to $500,000,000 pursuant to a Joinder and Assumption
          Agreement.

     D.   The Borrower proposes to increase the overall budget for the Project
          from $800,000,000 to $960,000,000, and to allow for the construction
          of an additional Smoke Free Casino, a new parking garage and the
          Mohegan Utility Project, as detailed herein.

NOW THEREFORE, Borrower, the Tribe and the Administrative Agent, acting with the
consent of the Required Lenders in accordance with Section 13.2 of the Loan
Agreement, hereby agree to amend the Loan Agreement as follows:

          1.  Amendment to Section 1.1 - New Definitions. The following defined
              ------------------------------------------
terms are added to those set forth in Section 1.1 of the Loan Agreement:

          "Mohegan Utility Project" means the proposed construction of electric
           -----------------------
     utility generating and transmission services and the enhancement of on-site
     utilities for the joint use of the Tribe, the Mohegan Sun, the Town of
     Montville and other local area users by the Tribe.

          "Pre-Opening Expenses" means, for any fiscal period, pre-opening
           --------------------
     expenses of the Mohegan Sun during that period, determined in accordance
     with Generally Accepted Accounting Principles, consistently applied.

                                      -1-
<PAGE>

          "Smoke Free Casino" means the proposed design, development and
           -----------------
     construction of a smoke free casino with approximately 600 slot machines
     and other gaming and other amenities to be determined, which casino is to
     be located on the Tribe's reservation and is to be an integral part of the
     Mohegan Sun.

          2.  Amendment to Section 1.1 - Revised Definitions. The following
              ----------------------------------------------
defined terms set forth in Section 1.1 of the Loan Agreement are hereby amended
to read in full as follows:

          "EBITDA" means, for any period, (a) Net Income of Borrower for that
           ------
     period, plus (b) Interest Charges of Borrower for that period, plus (c)
             ----                                                   ----
     (without duplication) the aggregate amount, if any, of federal and state
     taxes on or measured by income of Borrower for that period (whether or not
     payable during that period, and excluding any amount payable to the State
     of Connecticut under the Compact), plus (d) depreciation and amortization
                                        ----
     of Borrower for that period, plus (e) Pre-Opening Expenses for that period,
                                  ----
     and minus (f) payments under the Relinquishment Agreement, in each case
         -----
     paid during that period in cash, and in each case as determined in
     accordance with Generally Accepted Accounting Principles, provided that
                                                               --------
     items (b) through (e), inclusive shall be added only to the extent deducted
     in determining Net Income.

          "Fixed Charge Coverage Ratio" means, as of each date of determination,
           ---------------------------
     the ratio of (a) Adjusted EBITDA plus cash payments under the
                                      ----
     Relinquishment Agreement plus management fees paid in cash, in each case
                              ----
     for the four Fiscal Quarter period then ending, to (b) the sum of (i)
                                                                ---
     Interest Charges with respect to Recourse Obligations to the extent payable
     in cash during that period, plus (ii) any principal repayments with respect
                                 ----
     to Indebtedness and Capital Leases constituting Recourse Obligations
     required to be made during that period in cash, plus (iii) Maintenance
                                                     ----
     Capital Expenditures for that period, plus (iv) Distributions made during
                                           ----
     that period to the Tribe in accordance with Section 7.5 plus (v) payments
                                                             ----
     under the Relinquishment Agreement and management fees, in each case made
     in cash during that period (without any annualization thereof).

          "Proposed Expansion" means the proposed expansion of the Mohegan Sun
           ------------------
     generally consisting of a hotel with approximately 1200 hotel rooms,
     approximately 9 new restaurants and lounges, approximately 115,000 square
     feet of additional gaming space, approximately 100,000 square feet of
     convention space, an entertainment event center with seating for
     approximately 10,000, and approximately 130,000 square feet of additional
     leaseable retail space, in a manner consistent with the Plan and Budget.

          "Subordinated Obligations" means, collectively (a) the New
           ------------------------
     Subordinated Notes, (b) any Subordinated Obligations issued pursuant to
     Section 7.9(g) and (c) each other Indebtedness of Borrower that is
     subordinated to the Obligations, all of the provisions of which (including
     amount, maturity, amortization, interest rate, covenants, defaults,
     remedies and subordination), have been approved in writing as to form and
     substance by the Administrative Agent and designated in writing as
     "Subordinated Obligations" by the Administrative Agent with the written
     consent of the Requisite Lenders pursuant to Section 7.9(g)(ii). The Senior
     Unsecured Notes are not Subordinated Obligations.

          3.  Amendment to Investment Covenant - Section 7.3. Section 7.3(f) of
              ----------------------------------------------
the Loan Agreement is hereby amended to read in full as follows:

                                      -2-
<PAGE>

          "(f)  Investments in Persons owning Related Businesses in an aggregate
     amount not to exceed, when aggregated with the Capital Expenditures made
     under Section 7.15(c), $85,000,000; and"

          4.  Amendment to Indebtedness Covenant - Section 7.9(g) Section 7.9(g)
              ---------------------------------------------------
of the Loan Agreement is hereby amended to read in full as follows:

          (g) other Subordinated Obligations (i) incurred when no Default or
     Event of Default has occurred (without the requirement of any approval by
     the Requisite Lenders) in an amount not to exceed $150,000,000, provided
                                                                     --------
     that the same require no payments prior to the date which is one year
     following the Maturity Date and have subordination provisions, covenants
     and defaults which are substantially similar to those contained in the New
     Subordinated Notes (as determined by the Administrative Agent in its
     reasonable discretion), or (ii) other Subordinated Obligations the
     incurrence of which is approved by the Requisite Lenders;"

          5.  Amendment to Total Leverage Covenant - Section 7.12. Section 7.12
              ---------------------------------------------------
of the Loan Agreement is hereby amended to read in full as follows (with the
changed ratio indicated in bold and underscored text):

          "7.12 Total Leverage Ratio. Permit the Total Leverage Ratio, as of the
                --------------------
     last day of any Fiscal Quarter described in the matrix below, to exceed the
     ratio set forth opposite that Fiscal Quarter:

          Fiscal Quarters Ending                Maximum Ratio
          ----------------------                -------------
          Closing Date through
          December 31, 2000                          3.50:1.00

          March 31, 2001                             4.00:1.00

          June 30, 2001 through
          December 31, 2001                          5.00:1.00

          March 31, 2002                             4.50:1.00
                                                     ----

          June 30, 2002 and thereafter               3.50:1.00.

          6.  Amendment to Fixed Charge Coverage Covenant - Section 7.14.
              ----------------------------------------------------------
Section 7.14 of the Loan Agreement is hereby amended to read in full as follows
(with the changed ratio indicated in bold and underscored text):

          "7.14 Fixed Charge Coverage Ratio. Permit the Fixed Charge Coverage
                ---------------------------
     Ratio, as of that last day of any Fiscal Quarter described in the matrix
     below, to be less than the ratio set forth opposite that Fiscal Quarter:

          Fiscal Quarters Ending        Minimum Ratio
          ----------------------        -------------

          March 31, 1999                     1.10:1.00

                                      -3-
<PAGE>

          June 30, 1999 through
          June 30, 2001                      1.20:1.00

          September 30, 2001                 1.15:1.00

          December 31, 2001 and
          thereafter                         1.10:1.00."
                                             ----

          7.  Amendment to Capital Expenditures Covenant -Section 7.15. Section
              --------------------------------------------------------
7.15 of the Loan Agreement is hereby amended to read in full as follows:

     "7.15 Capital Expenditures. Make, or become legally obligated to make, any
           --------------------
     Capital Expenditure other than:
                         ----- ----

              (a) Capital Expenditures made in accordance with the Plans and
          Budget (and only following their approval in accordance with Section
          6.12) for the construction of the Proposed Expansion in an aggregate
          amount not to exceed $960,000,000;

              (b) Maintenance Capital Expenditures in an aggregate amount not
          to exceed $35,000,000 in any Fiscal Year, (or for each Fiscal Year
          ending following the Completion Date, $40,000,000);

              (c) Capital Expenditures for Related Businesses which, when
          aggregated with the Investments made pursuant to Section 7.3(f), do
          not exceed $85,000,000;

              (d) Capital Expenditures associated with the Smoke Free Casino in
          an aggregate amount not to exceed $20,000,000;

              (e) Capital Expenditures associated with the Mohegan Utility
          Project in an aggregate amount not to exceed $35,000,000; and

              (f) Following the Completion Date, other Capital Expenditures in
          an aggregate amount not to exceed $40,000,000, in any Fiscal Year."

          8.  Representations and Warranties. The Tribe and the Borrower
              ------------------------------
represent and warrant to the Administrative Agent and the Lenders that:

          (a) Each of the Tribe and Borrower has all necessary power and has
     taken all action necessary to enter into this Amendment and to make this
     Amendment and all other agreements and instruments to which it is a party
     executed in connection herewith, the valid and enforceable obligations they
     purport to be (including without limitation all required action of the
     Tribe's Tribal Council and the Management Board of Borrower).

          (b) Giving effect to the execution and delivery of this Amendment and
     the instruments, documents and agreements referred to herein, and to the
     consummation of the transactions contemplated hereby and thereby, no Event
     of Default under the Loan Agreement has occurred and remains continuing;
     and

                                      -4-
<PAGE>

          (c) Each of the representations and warranties set forth in Articles 4
     and 5 of the Loan Agreement, as amended hereby, are true and correct as of
     the date of this Amendment (other than those representations which relate
     solely to a prior date, each of which was true as of that date).

          9.  Conditions; Effectiveness. The effectiveness of this Amendment
              -------------------------
shall be subject to the conditions precedent that:

          (a) The Administrative Agent shall have received counterparts of this
     Amendment executed by the Tribe and Borrower;

          (b) The Borrower shall have executed an Amendment to the Leasehold
     Mortgage, in form and substance acceptable to the Administrative Agent, to
     increase the amount secured by the Leasehold Mortgage to the amount of the
     Commitment (as increased concurrently with the effectiveness of this
     Amendment);

          (c) The Title Company shall have issued, or shall concurrently issue,
     an endorsement to the policy of title insurance issued pursuant to Section
     9.1 of the Loan Agreement increasing the amount of the insurance provided
     thereby to $500,000,000 and insuring the continued priority and perfection
     of the Lien of the Leasehold Mortgage, and arrangements for additional re-
     insurance acceptable to the Administrative Agent shall have been made;

          (d) The Tribe and the Borrower shall have delivered to the
     Administrative Agent a copy of a resolution or resolutions passed by the
     Tribal Council and by the Management Board, certified by the Secretary or
     an Assistant Secretary of Borrower as being in full force and effect on the
     date hereof, authorizing the execution, delivery and performance of this
     Amendment and the other instruments, documents and agreements contemplated
     hereby;

          (e) The Administrative Agent shall have received written consents
     hereto from the Requisite Lenders substantially in the form of Exhibit A
     hereto;

          (f) Borrower shall have paid to the Administrative Agent, for the
     account of each Lender which has consented hereto, a fee equal to 7.5 basis
     points times the Pro Rata Share of the Commitment (as in effect prior to
            -----
     this Amendment) held by that Lender;

          (g) Credit Lyonnais and The CIT Group shall have entered into a
     Joinder and Assumption Agreement with Borrower, the Tribe and the
     Administrative Agent, which shall be in a position to concurrently be
     consummated;

          (h) Borrower shall have issued replacement Notes to each Lender having
     a Pro Rata Share which has been increased in amount pursuant to such
     Joinder and Assumption Agreement.

          10. No Waiver. The waivers and consents contained in this Amendment
              ---------
are limited to the matters expressed herein and do not constitute, nor should
they be construed as, a waiver of any other right, power or privilege under the
Loan Documents, or under any agreement, contract, indenture, document or
instrument mentioned in the Loan Documents.

                                      -5-
<PAGE>

          11.  Effectiveness of the Loan Agreement. Except as hereby expressly
               -----------------------------------
amended, the Loan Agreement remains in full force and effect, and is hereby
ratified and confirmed in all respects.

                                      -6-
<PAGE>

          12.  Counterparts. This Amendment may be executed in any number of
               ------------
counterparts and all of such counterparts taken together shall be deemed to
constitute one and the same instrument.

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed and delivered as of the date first written above.

                               THE MOHEGAN TRIBAL GAMING AUTHORITY

                               By: __________________________________________

                               Title: _______________________________________

                               THE MOHEGAN TRIBE OF INDIANS OF CONNECTICUT

                               By: __________________________________________
                                            Tribal Council Chairman

                               BANK OF AMERICA, N.A. (formerly known as Bank of
                               America National Trust and Savings Association),
                               as Administrative Agent

                               By: __________________________________________
                                        Janice Hammond, Vice President

                                      -7-
<PAGE>

                           [Exhibit A to Amendment]

                               CONSENT OF LENDER

          This Consent of Lender is delivered with reference to the Loan
Agreement dated as of March 3, 1999, among The Mohegan Tribe of Indians of
Connecticut, a federally recognized Indian Tribe and Native American sovereign
nation (the "Tribe"), The Mohegan Tribal Gaming Authority, a governmental
instrumentality of the Tribe (the "Borrower"), the Lenders referred to therein,
and Bank of America National Trust and Savings Association (now known as "Bank
of America, N.A.") as Administrative Agent, as amended pursuant to a Joinder and
Assumption Agreement dated as of November 15, 1999 among the Tribe, the Borrower
and the Lenders party thereto (collectively, the "Loan Agreement"). Capitalized
terms used but not defined herein are used with the meanings set forth for those
terms in the Loan Agreement.

          The undersigned Lender hereby consents to the execution, delivery and
performance of the proposed Amendment No. 1 to Loan Agreement, substantially in
the form provided to the undersigned as a draft.

                              _______________________________
                              [Name of Lender]

                              By: ___________________________

                              _______________________________
                              [Printed Name and Title]

                              By: ___________________________

                              _______________________________
                              [Printed Name and Title]

                              Date: _________________________

                                      -8-

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