Document:

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EXHIBIT
4.4

EXECUTION VERSION

$960,000,000

WIMAR
OPCO, LLC (d/b/a Tropicana Entertainment)

WIMAR OPCO FINANCE CORP. (d/b/a Tropicana Finance)

95/
8% Senior Subordinated Notes due 2014

REGISTRATION RIGHTS AGREEMENT

December 28, 2006

Credit Suisse Securities (USA) LLC
  As
Representative of the Several Purchasers
    Eleven
Madison Avenue
      New
York, New York 10010-3629

Dear Sirs:

     Wimar
OpCo, LLC, a Delaware limited liability
company (the “LLC Issuer”), and Wimar OpCo
Finance Corp., a Delaware corporation (the “Corporate Issuer” and, together with the LLC Issuer,
the “Issuers”), propose to issue and sell to the several initial purchasers named in Schedule A
hereto (collectively, the “Initial Purchasers”), upon the terms set forth in a purchase agreement
of even date herewith (the “Purchase Agreement”),
$960,000,000 aggregate principal amount of its
95/8% senior subordinated notes due 2014 (the “Initial Securities”) to be
unconditionally guaranteed by the Wimar Guarantors (as defined in the Purchase Agreement) and,
immediately following the Mergers (as defined in the Purchase Agreement), by the Aztar Guarantors
(as defined in the Purchase Agreement). The guarantees described in this paragraph are collectively
referred to as the “Guarantees,” and the Wimar Guarantors and the Aztar Guarantors are collectively
referred to as the “Guarantors.” The Guarantors, together with the Issuers, are collectively
referred to herein as the “Company.” The Initial Securities will be issued pursuant to an
Indenture, dated as of December 28, 2006, (the “Indenture”), among the Company and U.S. Bank
National Association, as trustee (the “Trustee”). As an inducement to the Initial Purchasers, the
Company agrees with the Initial Purchasers, for the benefit of the holders of the Initial
Securities (including, without limitation, the Initial Purchasers), the Exchange Securities (as
defined below) and the Private Exchange Securities (as defined below)
(collectively the “Holders”),
as follows:

	 	1.	 	Registered Exchange Offer. Unless not permitted by applicable law or the applicable
interpretations of the Staff of the Commission (as defined below), the Company shall, at
its own cost, prepare and, not later than 180 days after (or if the 180th day is
not a business day, the first business day thereafter) the date of original issue of the
Initial Securities (the “Issue Date”), use its best efforts to file with the Securities and
Exchange Commission (the “Commission”) a registration statement (the “Exchange Offer
Registration Statement”) on an appropriate form under the Securities Act of 1933, as
amended (the “Securities Act”), with respect to a proposed offer (the “Registered Exchange
Offer”) to the Holders of Transfer Restricted Securities (as defined in Section 6 hereof),
who are not prohibited by any law or policy of the Commission from participating in the
Registered Exchange Offer, to issue and deliver to such Holders, in exchange for the
Initial Securities, a like aggregate principal amount of debt securities (the “Exchange
Securities”) of the Company issued under the Indenture and identical in all material
respects to the Initial Securities (except for the transfer restrictions relating to the
Initial Securities and the

 

 

provisions relating to the matters described in Section 6 hereof) that would be registered under
the Securities Act. Unless not permitted by applicable law or the applicable interpretations of the
Staff of the Commission, the Company shall use its best efforts to cause such Exchange Offer
Registration Statement to become effective under the Securities Act within 300 days (or if the
300th day is not a business day, the first business day thereafter) after the Issue Date
of the Initial Securities and shall keep the Exchange Offer Registration Statement effective for
not less than 30 days (or longer, if required by applicable law) after the date notice of the
Registered Exchange Offer is first mailed to the Holders (such period being called the “Exchange
Offer Registration Period”).

If the Company commences the Registered Exchange Offer, the Company will be entitled to close the
Registered Exchange Offer 30 days after the commencement thereof provided that the Company has
accepted all the Initial Securities theretofore validly tendered in accordance with the terms of
the Registered Exchange Offer.

Following the declaration of the effectiveness of the Exchange Offer Registration Statement, unless
not permitted by applicable law or the applicable interpretations of the Staff of the Commission,
the Company shall promptly commence the Registered Exchange Offer, it being the objective of such
Registered Exchange Offer to enable each Holder of Transfer Restricted Securities (as defined in
Section 6 hereof) electing to exchange the Initial Securities for Exchange Securities (assuming
that such Holder is not an affiliate of the Company within the meaning of the Securities Act,
acquires the Exchange Securities in the ordinary course of such Holder’s business and has no
arrangements with any person to participate in the distribution of the Exchange Securities and is
not prohibited by any law or policy of the Commission from participating in the Registered Exchange
Offer) to trade such Exchange Securities from and after their receipt without any limitations or
restrictions under the Securities Act and without material restrictions under the securities laws
of the several states of the United States.

The Company acknowledges that, pursuant to current interpretations by the Commission’s staff of
Section 5 of the Securities Act, in the absence of an applicable exemption therefrom, (i) each
Holder which is a broker-dealer electing to exchange Initial Securities, acquired for its own
account as a result of market making activities or other trading activities, for Exchange
Securities (an “Exchanging Dealer”), is required to deliver a prospectus containing the information
set forth in (a) Annex A hereto on the cover, (b) Annex B hereto in the “Exchange Offer Procedures”
section and the “Purpose of the Exchange Offer” section and (c) Annex C hereto in the “Plan of
Distribution” section of such prospectus in connection with a sale of any such Exchange Securities
received by such Exchanging Dealer pursuant to the Registered Exchange Offer and (ii) an Initial
Purchaser that elects to sell Exchange Securities acquired in exchange for Initial Securities
constituting any portion of an unsold allotment is required to deliver a prospectus containing the
information required by Items 507 or 508 of Regulation S-K under
the Securities Act, as applicable,
in connection with such sale.

The Company shall use its reasonable best efforts to keep the Exchange Offer Registration Statement
effective and to amend and supplement the prospectus contained therein, in order to permit such
prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements
of the Securities Act for such period of time as such persons must comply with such requirements in
order to resell the Exchange Securities; provided, however, that (i) in the case where such
prospectus and any amendment or supplement thereto must be delivered by an Exchanging Dealer or an
Initial Purchaser, such period shall be the lesser of 180 days and the date on which all Exchanging
Dealers and the Initial Purchasers have sold all Exchange Securities held by them (unless such
period is extended pursuant to Section 3(j) below) and (ii) the Company shall

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make such prospectus and any amendment or supplement thereto, available to any
broker-dealer for use in connection with any resale of any Exchange Securities for a
period of not less than 90 days after the consummation of the Registered Exchange
Offer.

If, upon consummation of the Registered Exchange Offer, any Initial Purchaser holds Initial
Securities acquired by it as part of its initial distribution, the Company, simultaneously
with the delivery of the Exchange Securities pursuant to the Registered Exchange Offer,
shall issue and deliver to such Initial Purchaser upon the written request of such Initial
Purchaser, in exchange (the “Private Exchange”) for the Initial Securities held by such
Initial Purchaser, a like principal amount of debt securities of the Company issued under
the Indenture and identical in all material respects (including the existence of
restrictions on transfer under the Securities Act and the securities laws of the several
states of the United States, but excluding provisions relating to the matters described in
Section 6 hereof) to the Initial Securities (the
“Private Exchange Securities”). The
Initial Securities, the Exchange Securities and the Private Exchange Securities are herein
collectively called the “Securities”.

     In connection with the Registered Exchange Offer, the Company shall:

	 	(a)	 	mail to each Holder a copy of the prospectus forming part of the Exchange
Offer Registration Statement, together with an appropriate letter of transmittal and
related documents;
	 
	 	(b)	 	keep the Registered Exchange Offer open for not less than 30 days (or longer,
if required by applicable law) after the date notice thereof is first mailed to the
Holders;
	 
	 	(c)	 	utilize the services of a depositary for the Registered Exchange Offer with
an address in the Borough of Manhattan, The City of New York, which may be the Trustee
or an affiliate of the Trustee;
	 
	 	(d)	 	permit Holders to withdraw tendered Securities at any time prior to the close
of business, New York time, on the last business day on which the Registered Exchange
Offer shall remain open; and
	 
	 	(e)	 	otherwise comply in all material respects with all applicable laws.

As soon as practicable after the close of the Registered Exchange Offer or the Private Exchange, as
the case may be, the Company shall:

(x) accept for exchange all the Securities validly tendered and not withdrawn pursuant
to the Registered Exchange Offer and the Private Exchange;

(y) deliver to the Trustee for cancellation all the Initial Securities so accepted for
exchange; and

(z) cause the Trustee to authenticate and deliver promptly to each Holder of the Initial
Securities, Exchange Securities or Private Exchange Securities, as the case may be, equal in
principal amount to the Initial Securities of such Holder so accepted for exchange.

The Indenture will provide that the Exchange Securities will not be subject to the transfer
restrictions set forth in the Indenture and that all the Securities will vote and consent together
on all matters as one class and that none of the Securities will have the right to vote or consent
as a class separate from one another on any matter.

Interest on each Exchange Security and Private Exchange Security issued pursuant to the Registered
Exchange Offer and in the Private Exchange will accrue from the last interest payment date on which
interest was paid on the Initial Securities surrendered in exchange therefor or, if no interest has
been paid on the Initial Securities, from the date of original issue of the Initial Securities.

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Each Holder participating in the Registered Exchange Offer shall be required to represent in
writing (which written representation may be contained in the applicable letter of transmittal) to
the Company that at the time of the consummation of the Registered Exchange Offer (i) any Exchange
Securities received by such Holder will be acquired in the ordinary course of business, (ii) such
Holder will have no arrangements or understanding with any person to participate in the
distribution of the Securities or the Exchange Securities within the meaning of the Securities Act,
(iii) such Holder is not an “affiliate,” as defined in Rule 405 of the Securities Act, of the
Company or if it is an affiliate, such Holder will comply with the registration and prospectus
delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a
broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the
Exchange Securities and (v) if such Holder is a broker-dealer, that it will receive Exchange
Securities for its own account in exchange for Initial Securities that were acquired as a result of
market-making activities or other trading activities and that it will be required to acknowledge
that it will deliver a prospectus in connection with any resale of such Exchange Securities.

Notwithstanding any other provisions hereof, the Company will ensure that (i) any Exchange Offer
Registration Statement and any amendment thereto and any prospectus forming part thereof and any
supplement thereto complies as to form in all material respects with the Securities Act and the
rules and regulations thereunder, (ii) any Exchange Offer Registration Statement and any amendment
thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein
not misleading and (iii) any prospectus forming part of any Exchange Offer Registration Statement,
and any supplement to such prospectus, does not include an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading.

	 	2.	 	Shelf Registration. If, (i) because of any change in law or in applicable
interpretations thereof by the staff of the Commission, the Company is not permitted to
effect a Registered Exchange Offer, as contemplated by Section 1 hereof, (ii) the
Registered Exchange Offer is not consummated within 340 days of the Issue Date, (iii) any
Initial Purchaser so requests following the consummation of the Registered Exchange Offer
with respect to the Initial Securities (or the Private Exchange Securities) not eligible
to be exchanged for Exchange Securities in the Registered Exchange Offer and held by it
following consummation of the Registered Exchange Offer or (iv) any Holder (other than an
Exchanging Dealer) is not eligible to participate in the Registered Exchange Offer or, in
the case of any Holder (other than an Exchanging Dealer) that participates in the
Registered Exchange Offer, such Holder does not receive freely tradeable Exchange
Securities on the date of the exchange, the Company shall take the following actions:

	 	(a)	 	The Company shall, at its cost, as promptly as practicable (but in no event
more than 30 days after so required or requested pursuant to this Section 2, except in
the case of clause (i) of the immediately preceding paragraph, in which case no more
than 180 days after the Issue Date) file with the Commission and thereafter shall use
its reasonable best efforts to cause to be declared effective (unless it becomes
effective automatically upon filing) a registration statement (the “Shelf Registration
Statement” and, together with the Exchange Offer Registration Statement, a
“Registration Statement”) on an appropriate form under the Securities Act relating to
the offer and sale of the Transfer Restricted Securities (as defined in Section 6
hereof) by the Holders thereof from time to time in accordance with the methods of
distribution set forth in the Shelf Registration Statement and Rule 415 under the
Securities Act (hereinafter, the “Shelf
Registration”); provided, however, that no
Holder (other than an Initial Purchaser) shall be entitled to have the Securities held
by it covered by such Shelf

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	 	 	 	Registration Statement unless such Holder agrees in writing to be bound by all the
provisions of this Agreement applicable to such Holder.
	 
	 	(b)	 	The Company shall use its reasonable best efforts to keep the Shelf Registration
Statement continuously effective in order to permit the prospectus included therein to be
lawfully delivered by the Holders of the relevant Securities, for a period of two years
(or for such longer period if extended pursuant to Section 3(j) below) from the Issue Date
or such shorter period that will terminate when all the Securities covered by the Shelf
Registration Statement (i) have been sold pursuant thereto or (ii) are no longer
restricted securities (as defined in Rule 144 under the Securities Act, or any successor
rule thereof). The Company shall be deemed not to have used its reasonable best efforts to
keep the Shelf Registration Statement effective during the requisite period if it
voluntarily takes any action that would result in Holders of Securities covered thereby
not being able to offer and sell such Securities during that period, unless such action is
required by applicable law or otherwise contemplated hereby.
	 
	 	(c)	 	Notwithstanding any other provisions of this Agreement to the contrary, the Company
shall cause the Shelf Registration Statement and the related prospectus and any amendment
or supplement thereto, as of its respective effective date, (i) to comply as to form in
all material respects with the applicable requirements of the Securities Act and the rules
and regulations of the Commission and (ii) not to contain any untrue statement of a
material fact or omit to state
a material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not
misleading.

	3.	 	Registration Procedures. In connection with any Shelf Registration contemplated by
Section 2 hereof and, to the extent applicable, any Registered Exchange Offer
contemplated by Section 1 hereof, the following provisions shall apply:

	 	(a)	 	The Company shall (i) furnish to each Initial Purchaser, prior to the filing
thereof with the Commission, a copy of the Registration Statement and each amendment
thereof and each supplement, if any, to the prospectus included therein and, in the event
that an Initial Purchaser (with respect to any portion of an unsold allotment from the
original offering) is participating in the Registered Exchange Offer or the Shelf
Registration Statement, the Company shall use its reasonable best efforts to reflect in
each such document, when so filed with the Commission, such comments as such Initial
Purchaser reasonably may propose; (ii) include the information set forth in Annex A hereto
on the cover, in Annex B hereto in the “Exchange Offer Procedures” section and the
“Purpose of the Exchange Offer” section and in Annex C hereto in the “Plan of
Distribution” section of the prospectus forming a part of the Exchange Offer Registration
Statement and include the information set forth in Annex D hereto in the Letter of
Transmittal delivered pursuant to the Registered Exchange Offer; (iii) if requested by an
Initial Purchaser in writing, include the information required by Items 507 or 508 of
Regulation S-K under the Securities Act, as applicable, in the prospectus forming a part
of the Exchange Offer Registration Statement; (iv) include within the prospectus contained
in the Exchange Offer Registration Statement a section entitled “Plan of Distribution,”
reasonably acceptable to the Initial Purchasers, which shall contain a summary statement
of the positions taken or policies made by the staff of the Commission with respect to the
potential “underwriter” status of any broker-dealer that is the beneficial owner (as
defined in Rule 13d-3 under the Securities Exchange Act of 1934,
as amended (the “Exchange
Act”)) of Exchange Securities received by such broker-dealer in the Registered Exchange
Offer (a “Participating Broker-Dealer”), whether such positions or policies have been
publicly disseminated by the staff of the Commission or such positions or policies, in the
reasonable

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	 	 	judgment of the Initial Purchasers based upon advice of counsel (which may be in-house
counsel), represent the prevailing views of the staff of the Commission; and (v) in the case of
a Shelf Registration Statement, include in the prospectus included in the Shelf Registration
Statement (or, if permitted by Commission Rule 430B(b), in a prospectus supplement that becomes
a part thereof pursuant to Commission Rule 430B(f)) that is delivered to any Holder pursuant to
Section 3(d) and (f), the names of the Holders, who propose to sell Securities pursuant to the
Shelf Registration Statement, as selling securityholders.
	 
	(b)	 	The Company shall give written notice to the Initial Purchasers, the Holders of the
Securities and any Participating Broker-Dealer from whom the Company has received prior
written notice that it will be a Participating Broker-Dealer in the Registered Exchange Offer
(which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to
suspend the use of the prospectus until the requisite changes have
been made);

	 	(i)	 	when the Registration Statement or any amendment thereto has been filed with
the Commission and when the Registration Statement or any post-effective amendment
thereto has become effective;
	 
	 	(ii)	 	of any request by the Commission for amendments or supplements to the Registration
Statement or the prospectus included therein or for additional information;
	 
	 	(iii)	 	of the issuance by the Commission of any stop order suspending the effectiveness of
the Registration Statement or the initiation of any proceedings for that purpose, or the
issuance by the Commission of a notification of objection to the use of the form on which
the Registration Statement has been filed, and of the happening of any event that causes
the Company to become an “ineligible issuer,” as defined in Commission Rule 405;
	 
	 	(iv)	 	of the receipt by the Company or its legal counsel of any notification with respect
to the suspension of the qualification of the Securities for sale in any jurisdiction or
the initiation or threatening of any proceeding for such purpose; and
	 
	 	(v)	 	of the happening of any event during the period that the Registration Statement is
effective that requires the Company to make changes in the Registration Statement or the
prospectus in order that the Registration Statement or the prospectus do not contain an
untrue statement of a material fact nor omit to state a material fact required to be
stated therein or necessary to make the statements therein (in the case of the prospectus,
in light of the circumstances under which they were made) not misleading.

	(c)	 	The Company shall make every reasonable effort to obtain the withdrawal at the earliest
possible time, of any order suspending the effectiveness of the Registration Statement.
	 
	(d)	 	The Company shall furnish to each Holder of Securities included within the coverage of the
Shelf Registration, without charge, at least one copy of the Shelf Registration Statement and
any post-effective amendment or supplement thereto, including financial statements and
schedules, and, if the Holder so requests in writing, all exhibits thereto (including those,
if any, incorporated by reference). The Company shall not, without the prior consent of the
Initial Purchasers, make any offer relating to the Securities included in the Shelf
Registration Statement that would constitute a “free writing prospectus,” as defined in
Commission Rule 405.
	 
	(e)	 	The Company shall deliver to each Exchanging Dealer and each Initial Purchaser, and to any
other Holder who so requests, without charge, at least one copy of the Exchange Offer
Registration Statement and any post-effective amendment thereto, including financial
statements and schedules, and, if any Initial Purchaser or any such Holder requests, all
exhibits thereto (including those incorporated by reference).

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	(f)	 	The Company shall, during the Shelf Registration Period, deliver to each Holder of
Securities included within the coverage of the Shelf Registration, without charge, as many
copies of the prospectus (including each preliminary prospectus) included in the Shelf
Registration Statement and any amendment or supplement thereto as such person may reasonably
request. The Company consents, subject to the provisions of this Agreement, to the use of the
prospectus or any amendment or supplement thereto by each of the selling Holders of the
Securities in connection with the offering and sale of the Securities covered by the
prospectus, or any amendment or supplement thereto, included in the Shelf Registration
Statement.
	 
	(g)	 	The Company shall deliver to each Initial Purchaser, any Exchanging Dealer, any Participating
Broker-Dealer and such other persons required to deliver a prospectus following the Registered
Exchange Offer, without charge, as many copies of the final prospectus included in the
Exchange Offer Registration Statement and any amendment or supplement thereto as such persons
may reasonably request. The Company consents, subject to the provisions of this Agreement, to
the use of the prospectus or any amendment or supplement thereto by any Initial Purchaser, if
necessary, any Participating Broker-Dealer and such other persons required to deliver a
prospectus following the Registered Exchange Offer in connection with the offering and sale of
the Exchange Securities covered by the prospectus, or any amendment or supplement thereto,
included in such Exchange Offer Registration Statement.
	 
	(h)	 	Prior to any public offering of the Securities, pursuant to any Registration Statement, the
Company shall use reasonable best efforts to register or qualify or cooperate with the Holders
of the Securities included therein and their respective counsel in connection with the
registration or qualification of the Securities for offer and sale under the securities or
“blue sky” laws of such states of the United States as any Holder of the Securities reasonably
requests in writing and do any and all other acts or things necessary or advisable to enable
the offer and sale in such jurisdictions of the Securities covered by such Registration
Statement; provided, however, that the Company shall not be required to (i) qualify generally
to do business or as a dealer in securities in any jurisdiction where it is not then so
qualified or (ii) take any action which would subject it to general service of process or to
taxation in any jurisdiction where it is not then so subject.
	 
	(i)	 	The Company shall cooperate with the Holders of the Securities to facilitate the timely
preparation and delivery of certificates representing the Securities to be sold pursuant to any
Registration Statement free of any restrictive legends and in such denominations and registered
in such names as the Holders may request a reasonable period of time prior to sales of the
Securities pursuant to such Registration Statement.
	 
	(j)	 	Upon the occurrence of any event contemplated by paragraphs (ii) through (v) of Section
3(b) above during the period for which the Company is required to maintain an effective
Registration Statement, the Company shall promptly prepare and file a post-effective amendment
to the Registration Statement or a supplement to the related prospectus and any other required
document so that, as thereafter delivered to Holders of the Securities or purchasers of
Securities, the prospectus will not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading. If the
Company notifies the Initial Purchasers, the Holders of the Securities and any known
Participating Broker-Dealer in accordance with paragraphs (ii) through (v) of Section 3(b)
above to suspend the use of the prospectus until the requisite changes to the prospectus have
been made, then the Initial Purchasers, the Holders of the Securities and any such
Participating Broker-Dealers shall suspend use of such prospectus; notwithstanding the
foregoing, the

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	 	 	Company shall not be required to amend or supplement a Registration Statement or any related
prospectus if (i) an event occurs and is continuing as a result of which the Registration
Statement or any related prospectus would, in the Company’s good faith judgment, contain an
untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements therein not misleading (with respect to such prospectus only, in light of the
circumstances under which they were made) and (ii) (a) the Company determines in its good faith
judgment that the disclosure of such event at such time would have a material adverse effect on
its business, operations or prospects or (b) the disclosure otherwise related to a pending
material business transaction that has not yet been publicly disclosed; and the period of
effectiveness of the Shelf Registration Statement provided for in Section 2(b) above and the
Exchange Offer Registration Statement provided for in Section 1 above shall each be extended by
the number of days from and including the date of the giving of such notice to and including
the date when the Initial Purchasers, the Holders of the Securities and any known Participating
Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this
Section 3(j). During the period during which the Company is required to maintain an effective
Shelf Registration Statement pursuant to this Agreement, the Company will prior to the two-year
expiration of that Shelf Registration Statement file, and use its reasonable best efforts to
cause to be declared effective (unless it becomes effective automatically upon filing) within a
period that avoids any interruption in the ability of Holders of Securities covered by the
expiring Shelf Registration Statement to make registered dispositions, a new registration
statement relating to the Securities, which shall be deemed the “Shelf Registration Statement”
for purposes of this Agreement.
	 
	(k)	 	Not later than the effective date of the applicable Registration Statement, the Company will
provide a CUSIP number for the Initial Securities, the Exchange Securities or the Private
Exchange Securities, as the case may be, and provide the applicable trustee with printed
certificates for the Initial Securities, the Exchange Securities or the Private Exchange
Securities, as the case may be, in a form eligible for deposit with The Depository Trust
Company.
	 
	(l)	 	The Company will comply with all rules and regulations of the Commission to the extent and
so long as they are applicable to the Registered Exchange Offer or the Shelf Registration and
will make generally available to its security holders (or otherwise provide in accordance with
Section 11(a) of the Securities Act) an earnings statement satisfying the provisions of
Section 1l(a) of the Securities Act, no later than 45 days after the end of a 12-month period
(or 90 days, if such period is a fiscal year) beginning with the first month of the Company’s
first fiscal quarter commencing after the effective date of the Registration Statement, which
statement shall cover such 12-month period.
	 
	(m)	 	The Company shall cause the Indenture to be qualified under the Trust Indenture Act of 1939,
as amended, in a timely manner and containing such changes, if any, as shall be necessary for
such qualification. In the event that such qualification would require the appointment of a
new trustee under the Indenture, the Company shall appoint a new trustee thereunder pursuant
to the applicable provisions of the Indenture.
	 
	(n)	 	The Company may require each Holder of Securities to be sold pursuant to the Shelf
Registration Statement to furnish to the Company such information regarding the Holder and the
distribution of the Securities as the Company may from time to time reasonably require for
inclusion in the Shelf Registration Statement, and the Company may exclude from such
registration the Securities of any Holder that fails to furnish such information within a
reasonable time after receiving such request.

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	(o)	 	The Company shall enter into such customary agreements (including, if requested, an
underwriting agreement in customary form) and take all such other action, if any, as any Holder
of the Securities shall reasonably request in order to facilitate the disposition of the
Securities pursuant to any Shelf Registration.
	 
	(p)	 	In the case of any Shelf Registration, the Company shall (i) make reasonably available for
inspection by the Holders of the Securities, any underwriter participating in any disposition
pursuant to the Shelf Registration Statement and any attorney, accountant or other agent
retained by the Holders of the Securities or any such underwriter all relevant financial and
other records, pertinent corporate documents and properties of the Company and (ii) cause the
Company’s officers, directors, employees, accountants and auditors to supply all relevant
information reasonably requested by the Holders of the Securities or any such underwriter,
attorney, accountant or agent in connection with the Shelf Registration Statement, in each
case, as shall be reasonably necessary to enable such persons, to conduct a reasonable
investigation within the meaning of Section 11 of the Securities Act; provided, however, that
the foregoing inspection and information gathering shall be coordinated on behalf of the
Initial Purchasers by you and on behalf of the other parties, by one counsel designated by and
on behalf of such other parties as described in Section 4 hereof; and provided further, that
each such Holder, underwriter, attorney, accountant or agent shall agree in writing that it
will keep such information confidential and that it will not disclose any of the information
that the Company determines, in good faith, to be confidential and notifies them in writing is
confidential unless (A) the disclosure of such information is necessary to avoid or correct a
material misstatement or omission in such Registration Statement or prospectus, (B) the
release of such information is ordered pursuant to a subpoena or other order from a court of
competent jurisdiction, or is reasonably necessary in order to establish a “due diligence”
defense pursuant to Section 11 of the Securities Act or (C) the information has been made
generally available to the public other than by any of such persons or their respective
affiliates; provided, however, that prior notice shall be provided as soon as practicable to
the Company of the potential disclosure of any information by such person pursuant to clause
(A) or (B) of this sentence in order to permit the Company to obtain a protective order (or to
waive the provisions of this paragraph (p)).
	 
	(q)	 	In the case of any Shelf Registration, the Company, if requested by any Holder of Securities
covered thereby, shall cause (i) its counsel to deliver an opinion and updates thereof
(including negative assurance statements) relating to the Securities in customary form
(covering matters customarily addressed in such opinions delivered in connection with such
transactions, subject to customary limitations and exceptions) and addressed to such Holders
and the managing underwriters, if any, thereof and dated, in the case of the initial opinion,
the effective date of such Shelf Registration Statement; (ii) its officers to execute and
deliver all customary documents and certificates and updates thereof requested by any
underwriters of the applicable Securities and (iii) its independent public accountants and the
independent public accountants with respect to any other entity for which financial
information is provided in the Shelf Registration Statement to provide to the selling Holders
of the applicable Securities and any underwriter therefor a comfort letter in customary form
and covering matters of the type customarily covered in comfort letters in connection with
primary underwritten offerings, subject to receipt of appropriate documentation as
contemplated, and only if permitted, by Statement of Auditing Standards No. 72.
	 
	(r)	 	In the case of the Registered Exchange Offer, if requested by any Initial Purchaser or any
known Participating Broker-Dealer, the Issuers shall cause (i) their counsel to deliver to
such Initial Purchaser or such Participating Broker-Dealer a signed opinion in the form set
forth in

9

 

	 	 	 	Section 7(f) of the Purchase Agreement with such changes as are customary in connection
with the preparation of a Registration Statement and (ii) their independent public
accountants and the independent public accountants with respect to any other entity for
which financial information is provided in the Registration Statement to deliver to such
Initial Purchaser or such Participating Broker-Dealer comfort letters, in customary form,
meeting the requirements as to the substance thereof as set forth in Section 7(a), (b), (c)
and (d) of the Purchase Agreement, with appropriate date changes.
	 
	 	(s)	 	If a Registered Exchange Offer or a Private Exchange is to be consummated, upon
delivery of the Initial Securities by Holders to the Company (or to such other Person as
directed by the Company) in exchange for the Exchange Securities or the Private Exchange
Securities, as the case may be, the Company shall mark, or caused to be marked, on the
Initial Securities so exchanged that such Initial Securities are being canceled in
exchange for the Exchange Securities or the Private Exchange Securities, as the case may
be; in no event shall the Initial Securities be marked as paid or otherwise satisfied.
	 
	 	(t)	 	The Company will use its reasonable best efforts to (a) if the Initial Securities
have been rated prior to the initial sale of such Initial Securities, confirm such ratings
will apply to the Securities covered by a Registration Statement, or (b) if the Initial
Securities were not previously rated, cause the Securities covered by a Registration
Statement to be rated with the appropriate rating agencies, if so requested by Holders of
a majority in aggregate principal amount of Securities covered by such Registration
Statement, or by the managing underwriters, if any.
	 
	 	(u)	 	In the event that any broker-dealer registered under the Exchange Act shall
underwrite any Securities or participate as a member of an underwriting syndicate or
selling group or “assist in the distribution” (within the meaning of the Conduct Rules
(the “Rules”) of the National Association of Securities Dealers, Inc. (“NASD”)) thereof,
whether as a Holder of such Securities or as an underwriter, a placement or sales agent or
a broker or dealer in respect thereof, or otherwise, the Company will assist such
broker-dealer in complying with the requirements of such Rules, including, without
limitation, by (i) if such Rules, including Rule 2720, shall so require, engaging a
“qualified independent underwriter” (as defined in Rule 2720) to participate in the
preparation of the Registration Statement relating to such Securities, to exercise usual
standards of due diligence in respect thereto and, if any portion of the offering
contemplated by such Registration Statement is an underwritten offering or is made through
a placement or sales agent, to recommend the yield of such Securities, (ii) indemnifying
any such qualified independent underwriter to the extent of the indemnification of
underwriters provided in Section 5 hereof and (iii) providing such information to such
broker-dealer as may be required in order for such broker-dealer to comply with the
requirements of the Rules.
	 
	 	(v)	 	The Company shall use its reasonable best efforts to take all other steps necessary
to effect the registration of the Securities covered by a Registration Statement
contemplated hereby.

	4.	 	Registration Expenses. The Company shall bear all fees and expenses incurred in connection
with the performance of its obligations under Sections 1 through 3 hereof (including the
reasonable fees and expenses, if any, of Cravath, Swaine & Moore LLP, counsel for the Initial
Purchasers, incurred in connection with the Registered Exchange Offer), whether or not the
Registered Exchange Offer or a Shelf Registration is filed or becomes effective, and, in the
event of a Shelf Registration, shall bear or reimburse the Holders of the Securities covered
thereby for the reasonable fees and disbursements of one firm of counsel designated by the
Holders of a majority in principal amount

10

 

	 	 	of the Initial Securities covered thereby to act as counsel for the Holders of the Initial
Securities in connection therewith.
	 
	5.	 	Indemnification. (a) The Company agrees to indemnify and hold harmless each Holder of the
Securities, any Participating Broker-Dealer and each person, if any, who controls such Holder
or such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange
Act (each Holder, any Participating Broker-Dealer and such controlling persons are referred to
collectively as the “Indemnified Parties”) from and against any losses, claims, damages or
liabilities, joint or several, or any actions in respect thereof (including, but not limited
to, any losses, claims, damages, liabilities or actions relating to purchases and sales of the
Securities) to which each Indemnified Party may become subject under the Securities Act, the
Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions
arise out of or are based upon any untrue statement or alleged untrue statement of a material
fact contained in a Registration Statement or prospectus or in any amendment or supplement
thereto or in any preliminary prospectus or “issuer free writing
prospectus,” as defined in
Commission Rule 433 (“Issuer FWP”), relating to a Shelf Registration, or arise out of, or are
based upon, the omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, and shall
reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss, claim, damage,
liability or action in respect thereof; provided, however, that the Company shall not be
liable in any such case to the extent that such loss, claim, damage or liability arises out of
or is based upon any untrue statement or alleged untrue statement or omission or alleged
omission made in a Registration Statement or prospectus or in any amendment or supplement
thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration in
reliance upon and in conformity with written information pertaining to such Holder and
furnished to the Company by or on behalf of such Holder specifically for inclusion therein;
provided further, however, that this indemnity agreement will be in addition to any liability
which the Company may otherwise have to such Indemnified Party. The Company shall also
indemnify underwriters, their officers and directors and each person who controls such
underwriters within the meaning of the Securities Act or the Exchange Act to the same extent
as provided above with respect to the indemnification of the Holders of the Securities if
requested by such Holders.

	 	(b)	 	Each Holder of the Securities, severally and not jointly, will indemnify and hold
harmless the Company and each person, if any, who controls the Company within the meaning
of the Securities Act or the Exchange Act from and against any losses, claims, damages or
liabilities or any actions in respect thereof, to which the Company or any such
controlling person may become subject under the Securities Act, the Exchange Act or
otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or
are based upon any untrue statement or alleged untrue statement of a material fact
contained in a Registration Statement or prospectus or in any amendment or supplement
thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration,
or arise out of or are based upon the omission or alleged omission to state therein a
material fact necessary to make the statements therein not misleading, but in each case
only to the extent that the untrue statement or omission or alleged untrue statement or
omission was made in reliance upon and in conformity with written information pertaining
to such Holder and furnished to the Company by or on behalf of such Holder specifically
for inclusion therein; and, subject to the limitation set forth immediately preceding this
clause, shall reimburse, as incurred, the Company for any legal or other expenses
reasonably incurred by the Company or any such controlling person in connection

11

 

	 	 	with investigating or defending any loss, claim, damage, liability or action in respect
thereof. This indemnity agreement will be in addition to any liability which such Holder may
otherwise have to the Company or any of its controlling persons.
	 
	(c)	 	Promptly after receipt by an indemnified party under this Section 5 of notice of the
commencement of any action or proceeding (including a governmental investigation), such
indemnified party will, if a claim in respect thereof is to be made against the indemnifying
party under this Section 5, notify the indemnifying party of the commencement thereof; but the
failure to notify the indemnifying party shall not relieve the indemnifying party from any
liability that it may have under subsection (a) or (b) above except to the extent that it has
been materially prejudiced (through the forfeiture of substantive rights or defenses) by such
failure; and provided further that the failure to notify the indemnifying party shall not
relieve it from any liability that it may have to an indemnified party otherwise than under
subsection (a) or (b) above. In case any such action is brought against any indemnified party,
and it notifies the indemnifying party of the commencement thereof, the indemnifying party will
be entitled to participate therein and, to the extent that it may wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party (who shall not, except with the consent of the
indemnified party, be counsel to the indemnifying party), and after notice from the
indemnifying party to such indemnified party of its election so to assume the defense thereof
the indemnifying party will not be liable to such indemnified party under this Section 5 for
any legal or other expenses, other than reasonable costs of investigation, subsequently
incurred by such indemnified party in connection with the defense thereof. No indemnifying
party shall, without the prior written consent of the indemnified party (such consent not to
be unreasonably withheld or delayed), effect any settlement of any pending or threatened
action in respect of which any indemnified party is or could have been a party and indemnity
could have been sought hereunder by such indemnified party unless such settlement (i) includes
an unconditional release of such indemnified party from all liability on any claims that are
the subject matter of such action, and (ii) does not include a statement as to or an admission
of fault, culpability or a failure to act by or on behalf of any indemnified party.
	 
	(d)	 	If the indemnification provided for in this Section 5 is unavailable or insufficient to hold
harmless an indemnified party under subsections (a) or (b) above, then each indemnifying party
shall contribute to the amount paid or payable by such indemnified party as a result of the
losses, claims, damages or liabilities (or actions in respect thereof) referred to in
subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative
benefits received by the indemnifying party or parties on the one hand and the indemnified
party on the other from the exchange of the Securities, pursuant to the Registered Exchange
Offer, or (ii) if the allocation provided by the foregoing clause (i) is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the indemnifying party or
parties on the one hand and the indemnified party on the other in connection with the
statements or omissions that resulted in such losses, claims, damages or liabilities (or
actions in respect thereof) as well as any other relevant equitable considerations. The
relative fault of the parties shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by the Company on the one hand or
such Holder or such other indemnified party, as the case may be, on the other, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The amount paid by an indemnified party as a result of the
losses, claims, damages or liabilities

12

 

	 	 	 	referred to in the first sentence of this subsection (d) shall be deemed to include any
legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any action or claim which is the subject of this subsection (d).
Notwithstanding any other provision of this Section 5(d), the Holders of the Securities
shall not be required to contribute any amount in excess of the amount by which the net
proceeds received by such Holders from the sale of the Securities pursuant to a
Registration Statement exceeds the amount of damages which such Holders have otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each
person, if any, who controls such indemnified party within the meaning of the Securities
Act or the Exchange Act shall have the same rights to contribution as such indemnified
party and each person, if any, who controls the Company within the meaning of the
Securities Act or the Exchange Act shall have the same rights to contribution as the
Company.
	 
	 	(e)	 	The agreements contained in this Section 5 shall survive the sale of the Securities
pursuant to a Registration Statement and shall remain in full force and effect, regardless
of any termination or cancellation of this Agreement or any investigation made by or on
behalf of any indemnified party.

	6.	 	Additional Interest Under Certain Circumstances.
(a) Additional interest (the “Additional
Interest”) with respect to the Initial Securities shall be assessed as follows if any of the
following events occur (each such event in clauses (i) through (vi) below a “Registration
Default”:

     (i) If the Company fails to file the Exchange Offer Registration Statement with the
Commission on or prior to the 180th day after the Issue Date;

     (ii) If the Exchange Offer Registration Statement is not declared effective by the
Commission on or prior to the 300th day after the Issue Date or if the Company is
obligated to file a Shelf Registration Statement pursuant to clause (i) of Section 2 hereunder
and the Shelf Registration Statement is not declared effective by the Commission on or prior to
the 300th day after the Issue Date;

     (iii) If the Exchange Offer is not consummated on or before the 40th day after
the Exchange Offer Registration Statement is declared effective;

     (iv) If the Company is obligated to file a Shelf Registration Statement pursuant to
clause (ii), (iii) or (iv) of Section 2 hereunder and the Company fails to file the Shelf
Registration Statement with the Commission on or prior to the 30th day
(the “Shelf
Filing Date”) after the date on which the obligation to file a Shelf Registration Statement
arises;

     (v) If the Company is obligated to file a Shelf Registration Statement pursuant to clause
(ii), (iii) or (iv) of Section 2 hereunder and the Shelf Registration Statement is not
declared effective on or prior to the 60th day after the Shelf Filing Date; or

     (vi) If after either the Exchange Offer Registration Statement or the Shelf Registration
Statement becomes effective (A) such Registration Statement thereafter ceases to be effective;
or (B) such Registration Statement or the related prospectus ceases to be usable (except as
permitted

13

 

	 	 	 	in paragraph (b)) in connection with resales of Transfer Restricted Securities during the
periods specified herein because either (1) any event occurs as a result of which the
related prospectus forming part of such Registration Statement would include any untrue
statement of a material fact or omit to state any material fact necessary to make the
statements therein in the light of the circumstances under which they were made not
misleading, (2) it shall be necessary to amend such Registration Statement or supplement
the related prospectus, to comply with the Securities Act or the Exchange Act or the
respective rules thereunder, or (3) such Registration Statement is a Shelf Registration
Statement that has expired before a replacement Shelf Registration Statement has become
effective.

Additional Interest shall accrue on the principal amount of the Initial Securities over and above
the interest set forth in the title of the Securities from and including the date on which any such
Registration Default shall occur to but excluding the date on which all such Registration Defaults
have been cured, at a rate of 0.50% per annum (the “Additional Interest Rate”) for the first 90-day
period immediately following the occurrence of such Registration Default. The Additional Interest
Rate shall increase by an additional 0.50% per annum, with respect to each subsequent 90-day period
until all Registration Defaults have been cured, up to a maximum Additional Interest Rate of 1.0%
per annum. In no event shall the Company be obligated to pay Additional Interest for all
Registration Defaults under more than one of the clauses in this
Section 6(a) at any one time and,
in the case of a Shelf Registration, it is expressly understood that Additional Interest would be
payable only with respect to Securities requested to be registered pursuant to Section 2 hereof.

	 	(b)	 	A Registration Default referred to in Section 6(a)(vi)(B) hereof shall be deemed not
to have occurred and be continuing in relation to a Shelf Registration Statement or the
related prospectus if (i) such Registration Default has occurred solely as a result of (x)
the filing of a post-effective amendment to such Shelf Registration Statement to
incorporate annual audited financial information with respect to the Company where such
post-effective amendment is not yet effective and needs to be declared effective to permit
Holders to use the related prospectus or (y) other material events, with respect to the
Company that would need to be described in such Shelf Registration Statement or the
related prospectus and (ii) in the case of clause (y), the Company is proceeding promptly
and in good faith to amend or supplement such Shelf Registration Statement and related
prospectus to describe such events; provided, however, that in any case if such
Registration Default occurs for a continuous period in excess of 45 days, Additional
Interest shall be payable in accordance with the above paragraph from the day such
Registration Default occurs until such Registration Default is cured.
	 
	 	(c)	 	Any amounts of Additional Interest due pursuant to clause (i), (ii) or (iii) of
Section 6(a) above will be payable in cash on the regular interest payment dates with
respect to the Initial Securities. The amount of Additional Interest will be determined by
multiplying the applicable Additional Interest rate by the principal amount of the Initial
Securities, multiplied by a fraction, the numerator of which is the number of days such
Additional Interest rate was applicable during such period (determined on the basis of a
360-day year comprised of twelve 30-day months), and the denominator of which is 360.
	 
	 	(d)	 	“Transfer Restricted Securities” means each Security until (i) the date on which such
Transfer Restricted Security has been exchanged by a person other than a broker-dealer for
a freely transferable Exchange Security in the Registered Exchange Offer, (ii) following
the exchange by a broker-dealer in the Registered Exchange Offer of an Initial Security
for an Exchange Note, the date on which such Exchange Note is sold to a purchaser who
receives from such broker-dealer on or prior to the date of such sale a copy of the
prospectus contained in the Exchange Offer

14

 

Registration Statement, (iii) the date on which such Initial Security has been effectively
registered under the Securities Act and disposed of in accordance with the Shelf Registration
Statement or (iv) the date on which such Initial Security is distributed to the public pursuant to
Rule 144 under the Securities Act or is saleable pursuant to Rule 144(k) under the Securities Act.

	7.	 	Rules 144 and 144A. The Company shall use its reasonable best efforts to file the reports
required to be filed by it under the Securities Act and the Exchange Act in a timely manner
and, if at any time the Company is not required to file such reports, it will, upon the
request of any Holder of Initial Securities, make publicly available other information so long
as necessary to permit sales of their securities pursuant to Rules 144 and 144A. The Company
covenants that it will take such further action as any Holder of Initial Securities may
reasonably request, all to the extent required from time to time to enable such Holder to sell
Initial Securities without registration under the Securities Act within the limitation of the
exemptions provided by Rules 144 and 144A (including the requirements of
Rule 144A(d)(4)). The Company will provide a copy of this Agreement to prospective purchasers
of Initial Securities identified to the Company by the Initial Purchasers upon request.
Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company
to register any of its securities pursuant to the Exchange Act.
	 
	8.	 	Affiliated Guarantors. In the event that, under applicable law or the applicable
interpretations of the Staff of the Commission, it is necessary for any Affiliated Guarantor
(as defined in the Indenture) to file and have declared effective a Registration Statement in
order for the Notes Guaranty (as defined in the Indenture) of such Affiliated Guarantor to be
exchanged or resold on the same basis as the Exchange Securities or on the same basis as the
Security as to which such Notes Guaranty relates at the time such Security ceases to be a
Transfer Restricted Security, as applicable, such Affiliated Guarantor shall be required to
comply with the terms of this Agreement on the same basis as the Company, and the provisions
of Section 6 hereunder with respect to Registration Defaults on the part of the Company shall
apply mutatis mutandis to the obligations of the Affiliated Guarantors pursuant to this
Section 8; provided, however, that concurrent Registration Defaults of the Company and any
Affiliated Guarantor shall not be deemed to require separate and concurrent payments of
Additional Interest by each of the Company and the Affiliated Guarantors and in no event shall
the aggregate Additional Interest Rate payable by the Company and the Affiliated Guarantors at
any one time exceed 1% per annum.
	 
	9.	 	Underwritten Registrations. If any of the Transfer Restricted Securities covered by any Shelf
Registration are to be sold in an underwritten offering, the investment banker or investment
bankers and manager or managers that will administer the offering
(“Managing Underwriters”)
will be selected by the Holders of a majority in aggregate principal amount of such Transfer
Restricted Securities to be included in such offering.
	 
	 	 	No person may participate in any underwritten registration hereunder unless such person (i)
agrees to sell such person’s Transfer Restricted Securities on the basis reasonably provided in
any underwriting arrangements approved by the persons entitled hereunder to approve such
arrangements and (ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required under the terms of
such underwriting arrangements.
	 
	10.	 	Miscellaneous.

15

 

	 	(a)	 	Amendments and Waivers. The provisions of this Agreement may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions
hereof may not be given, except by the Company and the written consent of the
Holders of a majority in principal amount of the Securities affected by such
amendment, modification, supplement, waiver or consents.
	 
	 	(b)	 	Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, first-class mail,
facsimile transmission, or air courier which guarantees overnight delivery:

	 	(1)	 	if to a Holder of the Securities, at the most current address
given by such Holder to the Company.
	 
	 	(2)	 	if to the Initial Purchasers;

Credit Suisse Securities (USA) LLC

Eleven Madison Avenue

New York, NY 10010-3629

Fax No.: (212) 325-4296

Attention: LCD-IBD Group

with a copy to:

Cravath, Swaine & Moore LLP

825 Eighth Avenue

New York, NY 10019-7475

Fax No.: (212) 474-3700

Attention: Kris F. Heinzelman

	 	(3)	 	if to the Company, at its address as follows:

Wimar OpCo, LLC

207 Grandview Drive

Fort Mitchell, KY 4101

Fax No.: (859) 578-1190

Attention: Rich Fitzpatrick

with a copy to:

Milbank, Tweed, Hadley & McCloy LLP

601 South Figueroa, 30th Floor

Los Angeles, CA 90017

Fax No.: (213) 892-4733

Attention: Kenneth Baronsky

All such notices and communications shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; three business days after being deposited in the mail, postage
prepaid, if mailed; when receipt is acknowledged by recipient’s facsimile machine operator, if sent
by facsimile transmission; and on the day delivered, if sent by overnight air courier guaranteeing
next day delivery.

16

 

	 	(c)	 	No Inconsistent Agreements. The Company has not, as of the date hereof, entered into,
nor shall it, on or after the date hereof, enter into, any agreement with respect to its
securities that is inconsistent with the rights granted to the Holders herein or otherwise
conflicts with the provisions hereof.
	 
	 	(d)	 	Successors and Assigns. This Agreement shall be binding upon the Company and its
successors and assigns.
	 
	 	(e)	 	Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to
be an original and all of which taken together shall constitute one and the same
agreement.
	 
	 	 	 	Upon consummation of the Mergers, each Aztar Guarantor will execute a counterpart to
this Agreement in the form set forth in Exhibit A.
	 
	 	(f)	 	Headings. The headings in this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning hereof.
	 
	 	(g)	 	Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.
	 
	 	(h)	 	Severability. If any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or unenforceable, the
validity, legality and enforceability of any such provision in every other respect and of
the remaining provisions contained herein shall not be affected or impaired thereby.
	 
	 	(i)	 	Securities Held by the Company. Whenever the consent or approval of Holders of a
specified
percentage of principal amount of Securities is required hereunder, Securities held by the
Company or its affiliates (other than subsequent Holders of Securities if such subsequent
Holders are deemed to be affiliates solely by reason of their holdings of such Securities)
shall not be counted in determining whether such consent or approval was given by the
Holders of such required percentage.

(j) Submission to Jurisdiction; Waiver of Immunities. By the execution and delivery of this
Agreement, the Company submits to the nonexclusive jurisdiction of any federal or state court in
the State of New York in any suit of proceeding arising out of or relating to this Agreement that
may be instituted in any federal or state court or brought under federal or state securities laws.
To the extent that the Company may acquire any immunity from jurisdiction of any court or from any
legal process (whether through service of notice, attachment prior to judgment, attachment in aid
of execution, execution or otherwise) with respect to itself or its property, it hereby irrevocably
waives such immunity in respect of this Agreement, to the fullest extent permitted by law.

17

 

     If the foregoing is in accordance with your understanding of our
agreement, please sign and return to the LLC Issuer a counterpart hereof, whereupon
this instrument, along with all counterparts, will become a binding agreement among
the several Initial Purchasers, the Issuers and the Guarantors in accordance with
its terms.

	 	 	 	 	 
	 	Very truly yours,

WIMAR OPCO, LLC

 	 
	 	By:  	/s/ William J. Yung, III
 	 
	 	 	Name:  	William J. Yung, III  	 
	 	 	Title:  	President  and Chief Executive  Officer 	 
	 
	 	WIMAR OPCO FINANCE CORP.

 	 
	 	By:  	/s/ William J. Yung, III
 	 
	 	 	Name:  	William J. Yung, III  	 
	 	 	Title:  	President  and Chief Executive  Officer 	 
	 

Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	The foregoing Registration Rights Agreement is hereby
confirmed and accepted as of the date first above written.
	 	 
	 
	 	 	 	 
	Credit Suisse Securities (USA) LLC

 	 	 
	By

	 	/s/ David Berman
	 	 
	 

	 	 	 	 
	 

	 	Name: David Berman	 	 
	 

	 	Title:   Managing Director	 	 
	 
	 	 	 	 
	 

	 	Acting on behalf of itself and as the Representative
of the several Purchasers	 	 

Signature Page to the Registration Rights Agreement

 

 

ANNEX
A

Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange
Offer must acknowledge that it will deliver a prospectus in connection with any resale of such
Exchange Securities. The Letter of Transmittal states that by so acknowledging and by delivering a
prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the
meaning of the Securities Act. This Prospectus, as it may be amended or supplemented from time to
time, may be used by a broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired by such broker-dealer
as a result of market-making activities or other trading activities. The Company has agreed that,
for a period of 180 days after the Expiration Date (as defined herein), it will make this
Prospectus available to any broker-dealer for use in connection with any such resale. See “Plan of
Distribution.”

 

 

ANNEX
B

Each broker-dealer that receives Exchange Securities for its own account in exchange for
Securities, where such Initial Securities were acquired by such broker-dealer as a result of
market-making activities or other trading activities, must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. See “Plan of Distribution.”

 

 

ANNEX
C

PLAN
OF DISTRIBUTION

Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange
Offer must acknowledge that it will deliver a prospectus in connection with any resale of such
Exchange Securities. This Prospectus, as it may be amended or supplemented from time to time, may
be used by a broker-dealer in connection with resales of Exchange Securities received in exchange
for Initial Securities where such Initial Securities were acquired as a result of market-making
activities or other trading activities. The Company has agreed that, for a period of 180 days after
the Expiration Date, it will make this prospectus, as amended or supplemented, available to any
broker-dealer for use in connection with any such resale. In addition, until           , 200      , all dealers
effecting transactions in the Exchange Securities
may be required to deliver a prospectus.

The Company will not receive any proceeds from any sale of Exchange Securities by broker-dealers.
Exchange Securities received by broker-dealers for their own account pursuant to the Exchange Offer
may be sold from time to time in one or more transactions in the over-the-counter market, in
negotiated transactions, through the writing of options on the Exchange Securities or a combination
of such methods of resale, at market prices prevailing at the time of resale, at prices related to
such prevailing market prices or negotiated prices. Any such resale may be made directly to
purchasers or to or through brokers or dealers who may receive compensation in the form of
commissions or concessions from any such broker-dealer or the purchasers of any such Exchange
Securities. Any broker-dealer that resells Exchange Securities that were received by it for its own
account pursuant to the Exchange Offer and any broker or dealer that participates in a distribution
of such Exchange Securities may be deemed to be an “underwriter” within the meaning of the
Securities Act and any profit on any such resale of Exchange Securities and any commission or
concessions received by any such persons may be deemed to be underwriting compensation under the
Securities Act. The Letter of Transmittal states that, by acknowledging that it will deliver and by
delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter”
within the meaning of the Securities Act.

For a period of 180 days after the Expiration Date the Company will promptly send additional copies
of this Prospectus and any amendment or supplement to this Prospectus to any broker-dealer that
requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses
incident to the Exchange Offer (including the expenses of one counsel for the Holders of the
Securities) other than commissions or concessions of any brokers or dealers and will indemnify the
Holders of the Securities (including any broker-dealers) against certain liabilities, including
liabilities under the Securities Act.

 

 

ANNEX
D

     CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10
ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

	 	 	 
	Name:
	 	 
	 

	 	 
	Address:
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in,
and does not intend to engage in, a distribution of Exchange Securities. If the undersigned is a
broker-dealer that will receive Exchange Securities for its own account in exchange for Initial
Securities that were acquired as a result of market-making activities or other trading activities,
it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange
Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not
be deemed to admit that it is an “underwriter” within the meaning of the Securities Act.

 

 

 

EXECUTION COPY

Counterpart to the Registration Rights Agreement

     Upon consummation of the Pre-Acquisition Reorganization (as defined in the Purchase
Agreement), the undersigned hereby agrees to be bound by all the obligations of a Guarantor under
the terms of the Registration Rights Agreement (the “Registration Rights Agreement”) dated December
14, 2006, among Wimar OpCo, LLC, Wimar OpCo Finance Corp. and Credit Suisse, as representative for
the several Purchasers. The undersigned hereby also agrees that all references to “Wimar Guarantor”
and “Guarantor” in the Registration Rights Agreement shall include the undersigned and the
undersigned shall be bound by all provisions of the Registration Rights Agreement containing such
references. Capitalized terms used, but not defined, in this Counterpart to the Registration Rights
Agreement shall have the meanings assigned to them in the Registration Rights Agreement.

[Signatures Follow]

 

 

	 	 	 	 	 
	Dated: 1/3/07 	ST. LOUIS RIVERBOAT ENTERTAINMENT, INC.;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	COLUMBIA PROPERTIES LAUGHLIN, LLC;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	CP LAUGHLIN REALTY, LLC;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	COLUMBIA PROPERTIES VICKSBURG, LLC;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	JMBS CASINO LLC;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	Joseph Yung	 
	 	 	Title:  	Manager 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	COLUMBIA PROPERTIES TAHOE, LLC;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	CP BATON ROUGE CASINO, L.L.C.;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	ARGOSY OF LOUISIANA, INC.;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	JAZZ ENTERPRISES, INC.;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	CENTROPLEX CENTRE CONVENTION HOTEL, L.L.C.;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	CATFISH QUEEN PARTNERSHIP IN COMMENDAM;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	TAHOE HORIZON, LLC;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

EXECUTION COPY

Counterpart to the Registration Rights Agreement

     Upon consummation of the OpCo Merger
 (as defined in the Purchase Agreement), the undersigned hereby agrees to be bound by all the obligations of a
Guarantor under the terms of the Registration Rights Agreement (the “Registration Rights Agreement”) dated December 14, 2006,
among Wimar OpCo, LLC, Wimar OpCo Finance Corp. and Credit Suisse, as representative for the several Purchasers.
The undersigned hereby also agrees that all references to “Aztar Guarantor” and “Guarantor” in the Registration Rights
Agreement shall include the undersigned and the undersigned shall be bound by all provisions of the Registration Rights
Agreement containing such references. Capitalized terms used, but not defined, in this Counterpart to the Registration Rights
Agreement shall have the meanings assigned to them in the Registration Rights Agreement.

[Signatures Follow]

 

 

	 	 	 	 	 
	Dated: 1/3/07 	AZTAR CORPORATION;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	AZTAR INDIANA GAMING CORPORATION;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	AZTAR RIVERBOAT HOLDING COMPANY, LLC;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	AZTAR MISSOURI GAMING CORPORATION;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	AZTAR INDIANA GAMING COMPANY, LLC;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	AZTAR DEVELOPMENT CORPORATION;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	RAMADA NEW JERSEY HOLDINGS CORPORATION;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	ATLANTIC-DEAUVILLE INC.;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	ADAMAR GARAGE CORPORATION;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	RAMADA NEW JERSY, INC.;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	ADAMAR OF NEW JERSEY, INC.;

each as a Guarantor,

 	 
	 	By:  	/s/ William J. Yung, III
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	MANCHESTER MALL, INC.;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	RAMADA EXPRESS, INC.;

each as a Guarantor,

 	 
	 	By:  	/s/ Illegible
 	 
	 	 	Name:  	William J. Yung, III 	 
	 	 	Title:  	President 	 
	 

Counterpart Signature Page to Registration Rights Agreementexv10w1

 

EXHIBIT
10.1

EXECUTION COPY

	 	 	 
	 

	 	 
	 

CREDIT AGREEMENT

dated as of

January 3, 2007,

among

WIMAR OPCO LLC,

WIMAR OPCO INTERMEDIATE HOLDINGS LLC,

CP LAUGHLIN REALTY, LLC,

COLUMBIA PROPERTIES VICKSBURG, LLC,

JMBS CASINO LLC,

THE LENDERS PARTY HERETO

and

CREDIT SUISSE,

as Administrative Agent and Collateral Agent

 

CREDIT SUISSE SECURITIES (USA) LLC,

as Sole Bookrunner and Sole Lead Arranger

BARCLAYS BANK PLC

and

SOCIÉTÉ GÉNÉRALE,

as Co-Lead Arrangers and Co-Syndication Agents

and

THE ROYAL BANK OF SCOTLAND, PLC

and

ING CAPITAL LLC,

as Co-Documentation Agents

	 	 	 
	 

	 	 
	 

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page
	ARTICLE I

	 
	Definitions 

	 
	 	 	 	 
	SECTION 1.01. Defined Terms
	 	 	2	 
	SECTION 1.02. Terms Generally
	 	 	34	 
	SECTION 1.03. Pro Forma Calculations
	 	 	34	 
	SECTION 1.04. Classification of Loans and Borrowings
	 	 	35	 
	SECTION 1.05. Senior Debt
	 	 	35	 
	 
	 	 	 	 
	ARTICLE II

	 
	The Credits

	 
	 	 	 	 
	SECTION 2.01. Commitments
	 	 	35	 
	SECTION 2.02. Loans
	 	 	35	 
	SECTION 2.03. Borrowing Procedure
	 	 	38	 
	SECTION 2.04. Evidence of Debt; Repayment of Loans
	 	 	38	 
	SECTION 2.05. Fees
	 	 	39	 
	SECTION 7.06. Interest on Loans
	 	 	40	 
	SECTION 2.07. Default Interest
	 	 	40	 
	SECTION 2.08. Alternate Rate of Interest
	 	 	41	 
	SECTION 2.09. Termination and Reduction of Commitments
	 	 	41	 
	SECTION 2.10. Conversion and Continuation of Borrowings
	 	 	42	 
	SECTION 2.11. Repayment of Term Borrowings
	 	 	43	 
	SECTION 2.12. Optional Prepayment
	 	 	44	 
	SECTION 2.13. Mandatory Prepayments
	 	 	45	 
	SECTION 2.14. Reserve Requirements; Change in Circumstances
	 	 	47	 
	SECTION 2.15. Change in Legality
	 	 	48	 
	SECTION 2.16. Indemnity
	 	 	49	 
	SECTION 2.17. Pro Rata Treatment
	 	 	49	 
	SECTION 2.18. Sharing of Setoffs
	 	 	50	 
	SECTION
2.19. Payments
	 	 	50	 
	SECTION 2.20. Taxes
	 	 	51	 
	SECTION 2.21. Assignment of Commitments Under Certain Circumstances;
Duty to Mitigate
	 	 	52	 
	SECTION 2.22. Swingline Loans
	 	 	54	 
	SECTION 2.23. Letters of Credit
	 	 	55	 

 i 

 

 

Table of Contents 

(continued)

	 	 	 	 	 
	 	 	Page
	
ARTICLE III
	 
	Representations and Warranties
	 
	 	 	 	 
	SECTION 3.01. Organization; Powers
	 	 	60	 
	SECTION 3.02. Authorization
	 	 	60	 
	SECTION 3.03. Enforceability 
	 	 	60	 
	SECTION 3.04. Governmental Approvals
	 	 	60	 
	SECTION 3.05. Financial Statements
	 	 	61	 
	SECTION 3.06. No Material Adverse Change
	 	 	62	 
	SECTION 3.07. Title to Properties; Possession Under Leases
	 	 	62	 
	SECTION
3.08. Subsidiaries
	 	 	63	 
	SECTION
3.09. Litigation; Compliance with Laws
	 	 	63	 
	SECTION 3.10. Agreements
	 	 	64	 
	SECTION 3.11. Federal Reserve Regulations
	 	 	64	 
	SECTION 3.12. Investment Company Act
	 	 	64	 
	SECTION 3.13. Tax Returns
	 	 	64	 
	SECTION 3.14. No Material Misstatements
	 	 	64	 
	SECTION 3.15. Employee Benefit Plans
	 	 	65	 
	SECTION 3.16. Environmental Matters
	 	 	65	 
	SECTION 3.17. Insurance
	 	 	65	 
	SECTION 3.18. Security Documents
	 	 	65	 
	SECTION
3.19. Location of Real Property and Leased Premises
	 	 	67	 
	SECTION 3.20. Labor Matters
	 	 	67	 
	SECTION
3.21. Solvency
	 	 	68	 
	SECTION 3.22. Transaction Documents
	 	 	68	 
	SECTION 3.23. Senior Indebtedness
	 	 	68	 
	SECTION 3.24. Sanctioned Persons
	 	 	68	 
	SECTION 3.25. Casino Leases
	 	 	68	 
	 
	 	 	 	 
	
ARTICLE IV
	 
	Conditions of Lending
	 
	 	 	 	 
	SECTION 4.01. All Credit Events
	 	 	69	 
	SECTION 4.02. First Credit Event
	 	 	69	 
	 
	 	 	 	 
	
ARTICLE V
	 
	Affirmative Covenants
	 
	 	 	 	 
	SECTION 5.01. Existence; Compliance with Laws; Businesses and Properties
	 	 	74	 
	SECTION 5.02. Insurance
	 	 	74	 
	SECTION 5.03. Obligations and Taxes
	 	 	76	 
	SECTION
5.04. Financial Statements, Reports, etc
	 	 	76	 
	SECTION 5.05. Litigation and Other Notices
	 	 	79	 

 ii 

 

 

Table of Contents 

(continued)

	 	 	 	 	 
	 	 	Page
	SECTION 5.06. Information Regarding Collateral
	 	 	79	 
	SECTION 5.07. Maintaining Records; Access to Properties and Inspections;
Maintenance of Ratings
	 	 	80	 
	SECTION 5.08. Use of Proceeds
	 	 	80	 
	SECTION 5.09. Employee Benefits
	 	 	80	 
	SECTION 5.10. Compliance with Environmental Laws
	 	 	80	 
	SECTION 5.11. Preparation of Environmental Reports
	 	 	81	 
	SECTION 5.12. Further Assurances
	 	 	81	 
	SECTION 5.13. Proceeds of Certain Dispositions
	 	 	82	 
	SECTION 5.14. Tropicana Las Vegas Dividends
	 	 	83	 
	SECTION 5.15. Approvals to Pledge Agreements
	 	 	83	 
	SECTION 5.16. Horizon and Caesars Tahoe Estoppels
	 	 	83	 
	SECTION 5.17. Activities of Tropicana Las Vegas Intermediate Holdings
	 	 	83	 
	SECTION
5.18. Limitations on Pledge of Equity Interests of CP Laughlin,
Vicksburg and Jubilee
	 	 	83	 
	SECTION 5.19. Affiliated Guarantor Distributions
	 	 	84	 
	SECTION 5.20. Acquisition of Casino Queen
	 	 	84	 
	SECTION 5.21. Additional Equity Contribution
	 	 	84	 
	 
	 	 	 	 
	
ARTICLE VI
	 
	Negative Covenants
	 
	 	 	 	 
	SECTION 6.01. Indebtedness
	 	 	85	 
	SECTION 6.02. Liens
	 	 	87	 
	SECTION 6.03. Sale and Lease-Back Transactions
	 	 	89	 
	SECTION 6.04. Investments, Loans and Advances
	 	 	89	 
	SECTION
6.05. Mergers, Consolidations, Sales of Assets and Acquisitions
	 	 	92	 
	SECTION 6.06. Restricted Payments; Restrictive Agreements
	 	 	93	 
	SECTION 6.07. Transactions with Affiliates
	 	 	95	 
	SECTION 6.08. Business of Holdings, Borrower, the Affiliated Guarantors and
Subsidiaries
	 	 	95	 
	SECTION 6.09. Other Indebtedness and Agreements
	 	 	95	 
	SECTION 6.10. Capital Expenditures
	 	 	96	 
	SECTION 6.11. Interest Coverage Ratio
	 	 	97	 
	SECTION 6.12. Maximum Leverage Ratio
	 	 	97	 
	SECTION 6.13. Fiscal Year
	 	 	97	 

 iii 

 

 

Table of Contents 

(continued)

	 	 	 	 	 
	 	 	Page
	ARTICLE VII

	 
	 	 	 	 
	Events of Default

	 
	 	 	 	 
	ARTICLE VIII 

	 
	 	 	 	 
	The Administrative Agent and the Collateral Agent

	 
	 	 	 	 
	ARTICLE IX

	 
	 	 	 	 
	Miscellaneous

	 
	 	 	 	 
	SECTION 9.01. Notices
	 	 	103	 
	SECTION 9.02. Survival of Agreement
	 	 	104	 
	SECTION 9.03. Binding Effect
	 	 	104	 
	SECTION 9.04. Successors and Assigns
	 	 	104	 
	SECTION 9.05. Expenses; Indemnity
	 	 	109	 
	SECTION 9.06. Right of Setoff
	 	111
	SECTION 9.07. Applicable Law
	 	111
	SECTION 9.08. Waivers; Amendment
	 	111
	SECTION 9.09. Application of Gaming Laws
	 	 	112	 
	SECTION 9.10. Interest Rate Limitation
	 	 	114	 
	SECTION 9.11. Entire Agreement
	 	 	114	 
	SECTION 9.12. WAIVER OF JURY TRIAL
	 	 	114	 
	SECTION 9.13. Severability
	 	 	115	 
	SECTION 9.14. Counterparts
	 	 	115	 
	SECTION 9.15. Headings
	 	 	115	 
	SECTION 9.16. Jurisdiction; Consent to Service of Process
	 	 	115	 
	SECTION 9.17. Confidentiality
	 	 	116	 
	SECTION 9.18. USA PATRIOT Act Notice
	 	 	116	 

 iv 

 

 

Table of Contents 

(continued)

	 	 	 	 	 
	SCHEDULES
	 	 	 	 
	 
	 	 	 	 
	Schedule 1.01
(a)

	 	-
	 	Subsidiary Guarantors
	Schedule
1.01(b)

	 	-
	 	Mortgaged Property
	Schedule 2.01

	 	-
	 	Lenders and Commitments
	Schedule 3.02

	 	-
	 	Conflicts
	Schedule 3.04

	 	-
	 	Government Approvals
	Schedule 3.07

	 	-
	 	Title to Properties
	Schedule 3.08

	 	-
	 	Subsidiaries
	Schedule 3.09

	 	-
	 	Litigation

	Schedule 3.16

	 	-
	 	Environmental Matters
	Schedule 3.17

	 	-
	 	Insurance
	Schedule 3.18(a)

	 	-
	 	UCC Filing Offices
	Schedule 3.18(c)

	 	-
	 	Mortgage Filing Offices
	Schedule
3.19(a)

	 	-
	 	Owned Real Property
	Schedule 3.19(b)

	 	-
	 	Leased Real Property
	Schedule 3.19(c)

	 	-
	 	Owned and Leased Ships/Vessels
	Schedule
4.02(a)

	 	-
	 	Local Counsel
	Schedule
4.02(f)

	 	-
	 	Certain Security Documents
	Schedule
4.02(m)

	 	-
	 	Capitalization
	Schedule 6.02

	 	-
	 	Existing Liens
	Schedule 6.06

	 	-
	 	Restrictive Agreements
	Schedule
6.09(a)

	 	-
	 	Material Contracts

	 	 	 	 	 
	EXHIBITS
	 	 	 	 
	 
	 	 	 	 
	Exhibit A

	 	-
	 	Form of Administrative Questionnaire
	Exhibit B

	 	-
	 	Form of Assignment and Acceptance
	Exhibit C

	 	-
	 	Form of Borrowing Request
	Exhibit D

	 	-
	 	Form of Guarantee and Collateral Agreement
	Exhibit E-l

	 	-
	 	Form of Pledge Agreement-Louisiana
	Exhibit E-2

	 	-
	 	Form of Pledge Agreement-Nevada Gaming
	Exhibit F

	 	-
	 	Form of Mortgage
	Exhibit G-l

	 	-
	 	Form of Opinion of Milbank, Tweed, Hadley & McCloy
LLP
	Exhibit G-2

	 	-
	 	Form of Local Counsel Opinion
	Exhibit H-l

	 	-
	 	Form of Caesars Tahoe Estoppel Certificate
	Exhibit H-2

	 	-
	 	Form of Horizon Estoppel Certificate
	Exhibit I

	 	-
	 	Form of Columbia Sussex Indemnification Agreement
	Exhibit J

	 	-
	 	Form of Negative Pledge Agreement
	Exhibit K

	 	-
	 	Form of Ship Mortgage
	Exhibit L

	 	-
	 	Casino Queen Casino Services Agreement
	Exhibit M

	 	-
	 	Casino Queen Services Agreement

 v 

 

 

     CREDIT AGREEMENT dated as of January 3, 2007, among WIMAR
OPCO LLC, a Delaware limited liability company (the “Borrower”), WIMAR
OPCO INTERMEDIATE HOLDINGS LLC, a Delaware limited liability company
(“Holdings”) CP LAUGHLIN REALTY, LLC, a Delaware limited liability
company (“CP Laughlin”), COLUMBIA PROPERTIES VICKSBURG, LLC, a Mississippi
limited liability company (“Vicksburg”), JMBS CASINO LLC, a Mississippi
limited liability company (“Jubilee”), the Lenders (as defined in Article
I), and CREDIT SUISSE, as administrative agent (in such capacity, the
“Administrative Agent”) and as collateral agent (in such capacity, the
“Collateral Agent”) for the Lenders.

PRELIMINARY STATEMENT

     Pursuant to the Merger Agreement (such term and each other capitalized term used but not
defined in this introductory statement having the meaning given it in Article I), the Borrower will
acquire all the Equity Interests in Aztar through the merger (the “Merger”) of 
WT-Columbia
Development, Inc., a wholly owned subsidiary of the Borrower (“OpCo Merger Sub”), with and into
Aztar, with (a)(i) each share of common stock of Aztar issued and outstanding (with certain
exceptions as set forth in the Merger Agreement) immediately prior to the Effective Time (as
defined in the Merger Agreement) being converted into the right to receive $54.00 in cash (plus
additional amounts in the event the Merger shall not have occurred within certain specified
timeframes) (the “Common Stock Merger Consideration”) and (ii) each share of preferred stock of
Aztar issued and outstanding (with certain exceptions as set forth in the Merger Agreement)
immediately prior to the Effective Time (as defined in the Merger Agreement) being converted into
the right to receive $571.13 in cash (plus additional amounts in the event the Merger shall not
have occurred within certain specified timeframes) (together with the Common Stock Merger
Consideration, the “Merger Consideration”) and (b) Aztar surviving as a wholly owned Subsidiary of
the Borrower. Upon the effectiveness of the Merger, Aztar will succeed to all rights and
obligations of the OpCo Merger Sub by operation of law.

     In connection with the consummation of the Merger, the Borrower has requested the Lenders to
extend credit in the form of (a) Term Loans on the Closing Date, in an aggregate principal amount
of $1,530,000,000 and (b) Revolving Loans and Letters of Credit at any time after the Closing Date
and from time to time prior to the Revolving Credit Maturity Date, in an aggregate principal amount
at any time outstanding not in excess of $180,000,000. The Borrower has requested the Swingline
Lender to extend credit, at any time and from time to time prior to the Revolving Credit Maturity
Date, in the form of Swingline Loans, in an aggregate principal amount at any time outstanding not
in excess of $60,000,000. The proceeds of the Term Loans, together with the proceeds of the
Tropicana Las Vegas Secured Facility, the proceeds of the Subordinated Notes, the proceeds of the
Equity Contribution and the Cash-On-Hand Amount are to be used solely (a) to finance a portion of
the Merger Consideration, (b) to fund the Existing

 

2

Debt Refinancing, (c) to deposit certain amounts in respect of interest payments under and
pursuant to the terms of the Tropicana Las Vegas Secured Facility, (d) to finance the Facilities
Restructuring Costs and (e) to pay fees and expenses incurred in connection with the foregoing of
approximately $102,100,000. The proceeds of the Revolving Loans and the Swingline Loans are to be
used for general corporate purposes (including to finance Permitted Acquisitions and to make other
investments permitted hereunder). The Letters of Credit are to be used solely to support payment
obligations incurred in the ordinary course of business by the Borrower, the Subsidiaries and the
Affiliated Guarantors.

     The Lenders are willing to extend such credit to the Borrower, and the Issuing Bank is
willing to issue Letters of Credit for the account of the Borrower, in each case on the terms and
subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows:

ARTICLE I

Definitions

     SECTION 1.01. Defined Terms. As used in this Agreement, the following terms shall have
the meanings specified below:

     “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the
Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the
Alternate Base Rate.

     “Additional Equity Contribution Amount” shall have the meaning assigned to such term in
Section 5.21.

     “Adjusted LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest
Period, an interest rate per annum equal to the product of (a) the LIBO Rate in effect for such
Interest Period and (b) Statutory Reserves.

     “Administrative Agent Fees” shall have the meaning assigned to such term in Section 2.05(b).

     “Administrative Questionnaire” shall mean an Administrative Questionnaire in the form of
Exhibit A, or such other form as may be supplied from time to time by the Administrative Agent.

     “Affiliate” shall mean, when used 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; provided, however, that, for purposes of Section
6.07, the term “Affiliate” shall also include (i) any person that directly or indirectly owns 10%
or more of any class of Equity Interests of the person specified or that is an officer or director
of the person specified and (ii) for purposes of Section 6.07, any member of the Yung Group or any
person that is Controlled by or is under common Control with a member of the Yung Group.

 

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     “Affiliate Loans” shall
mean (i) those certain loans from CSC Holdings, LLC to Columbia
Entertainment contributed to Holdings in the form of an equity contribution in an aggregate
principal amount of not less than $170,000,000, (ii) that certain loan from CSC Holdings, LLC to
Columbia Entertainment contributed to Holdings in the form of an equity contribution in an
aggregate principal amount of $312,685,003 and accrued interest thereon in an approximate amount
of $6,756,280 (which amount is evidenced by a promissory note dated as of May 19, 2006, as
amended), (iii) that certain loan from CSC Holdings, LLC to an affiliate of Columbia Entertainment
(which will be assumed by Columbia Entertainment) and contributed to Holdings in the form of an
equity contribution in an aggregate principal amount of $10,000,000 (which amount is in respect of
a deposit made with Casino Queen) and (iv) certain other loans from affiliates of Mr. William J.
Yung III to certain members of Vicksburg and Jubilee and contributed to each of Vicksburg and
Jubilee, as applicable, as equity contributions and in an aggregate principal amount of
$17,554,404 (which amounts have been used by Vicksburg and Jubilee to retire outstanding
Indebtedness).

     “Affiliated Guarantors” shall mean CP Laughlin, Vicksburg and Jubilee and each of their
direct and indirect subsidiaries.

     “Aggregate Revolving Credit Exposure” shall mean the aggregate amount of the Lenders’
Revolving Credit Exposures.

     “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 and (b) the Federal Funds Effective Rate in effect on such
day plus 1/2 of 1%. If the Administrative Agent shall have determined (which determination shall
be conclusive absent 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 of the definition thereof, the Alternate Base
Rate shall be determined without regard to clause (b) of the preceding sentence 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
effective date of such change in the Prime Rate or the Federal Funds Effective Rate, as the case
may be.

     “Applicable Percentage” shall mean, for any day (a) with respect to any Eurodollar Term Loan,
2.50% per annum, (b) with respect to any ABR Term Loan, 1.50% per annum and (c)(i) with respect to
any Eurodollar Revolving Loan or ABR Revolving Loan, the applicable percentage set forth below
under the caption “Eurodollar Spread—Revolving Loans” or “ABR Spread—Revolving Loans”, as the case
may be, and (ii) with respect to the Commitment Fee, the applicable rate set forth below under the
caption “Commitment Fee Rate”, in each case based upon the Leverage Ratio as of the relevant date
of determination:

 

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	 	 	Eurodollar	 	 	 	 
	 	 	spread —	 	ABR Spread —	 	 
	 	 	Revolving	 	Revolving	 	Commitment
	Leverage Ratio	 	Loans	 	Loans	 	Fee Rate
	Category 1
	 	2.75%	 	1.75%	 	0.50%
	 
	 	 	 	 	 	 
	Greater than or equal to
5. 00 to 1.00
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Category 2
	 	2.50%	 	1.50%	 	0.50%
	 
	 	 	 	 	 	 
	Greater than or equal to
4.00 to 1.00 but less than 5.00
to 1.00
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Category 3
	 	2.25%	 	1.25%	 	0.375%
	 
	 	 	 	 	 	 
	Less than 4.00 to 1.00
	 	 	 	 	 	 

Each change in the Applicable Percentage resulting from a change in the Leverage Ratio shall
be effective with respect to all Loans and Letters of Credit outstanding on and after the date of
delivery to the Administrative Agent of the financial statements and certificates required by
Section 5.04(a) or (b) and Section 5.04(c), respectively, indicating such change until the date
immediately preceding the next date of delivery of such financial statements and certificates
indicating another such change. Notwithstanding the foregoing, until the Borrower shall have
delivered the financial statements and certificates required by Section 5.04(b) and Section
5.04(c), respectively, for the period ended June 30, 2007, the Leverage Ratio shall be deemed to
be in Category 1 for purposes of determining the Applicable Percentage. In addition, (a) at any
time during which the Borrower has failed to deliver the financial statements and certificates
required by Section 5.04(b) and Section 5.04(c), respectively, or (b) at any time after the
occurrence and during the continuance of an Event of Default, the Leverage Ratio shall be deemed
to be in Category 1 for purposes of determining the Applicable Percentage.

     “Argosy III” shall mean the Argosy III Riverboat, Official Number 1023758, and all related
fittings, furnishings, fixtures, equipment and appurtenances.

     “Asset Sale” shall mean the sale, transfer or other disposition (by way of merger, casualty,
condemnation or otherwise) by Holdings, the Borrower, any Subsidiary or any Affiliated Guarantor
to any person other than the Borrower or any Subsidiary Guarantor of (a) any Equity Interests of
the Borrower or any of the Subsidiaries (other than directors’ qualifying shares) or (b) any other
assets of Holdings, the Borrower or any of the Subsidiaries (other than (i) inventory, surplus,
damaged, obsolete, idle or worn out assets, scrap, defaulted receivables and Permitted
Investments, in each case disposed of in the ordinary course of business, (ii) dispositions
between or among Foreign Subsidiaries, (iii) the cross-licensing or non-exclusive licensing of
Intellectual Property in

 

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the ordinary course of business, (iv) the substantially contemporaneous exchange, in the
ordinary course of business of assets or property for assets or property of a like kind and to the
extent that the asset or property exchanged is of a value equivalent to the asset or property
received, (v) the sale or issuance of any Subsidiary’s equity to any Loan Party, (vi) the sale or
discount of overdue accounts receivables arising in the ordinary course of business (consistent
with customary industry practice and not as part of any bulk sale or financing of receivables),
(vii) any Liens permitted under Section 6.02, Investments permitted under Section 6.04 or
Restricted Payments permitted under Section 6.06 and (viii) the sale or distribution on or before
the Closing Date of Casino Aztar Caruthersville, LV Rec, Inc., LV Red, LLC and Tropicana
Pennsylvania and (xi) any sale, transfer or other disposition or series of related sales,
transfers or other dispositions having a value not in excess of $2,500,000).

     “Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender
and an assignee, and accepted by the Administrative Agent, in the form of Exhibit B or such other
form as shall be approved by the Administrative Agent.

     “Aztar” shall mean Aztar Corporation, a Delaware corporation.

     “B-527” shall mean the support barge to Bayou Caddy’s Jubilee Casino with the name “B-527”,
Official Number 514272, and all related fittings, furnishings, fixtures, equipment and
appurtenances.

     “Bayou Caddy’s Jubilee Casino” shall mean the vessel with the name “Bayou Caddy’s Jubilee
Casino”, Official Number 519419, and all related fittings, furnishings, fixtures, equipment and
appurtenances.

     “Board” shall mean the Board of Governors of the Federal Reserve System of the United States
of America (or any successors).

     “Borrowing” shall mean (a) Loans of the same Class and Type made, converted or continued on
the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in
effect, or (b) a Swingline Loan.

     “Borrowing Request” shall mean a request by the Borrower in accordance with the terms of
Section 2.03 and substantially in the form of Exhibit C, or such other form as shall be approved
by the Administrative Agent.

     “Business Day” shall mean any day other than a Saturday, Sunday or other day on which banks
in New York City are authorized or required by law to close; provided, however, that when used in
connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which
banks are not open for dealings in dollar deposits in the London interbank market.

     “Caesars Tahoe Acquisition” shall mean the acquisition by Tahoe of the assets of Desert
Palace, Inc. in Stateline, Nevada, pursuant to the Asset Acquisition Agreement dated as of November
19, 2004, between Desert Palace, Inc. and Columbia Entertainment, as assigned to Tahoe.

 

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     “Caesars Tahoe Assets” shall mean the assets acquired by (or assigned to) Tahoe pursuant to
the Caesars Tahoe Acquisition.

     “Caesars Tahoe Estoppel Certificate” shall mean an estoppel certificate executed by Park
Cattle with respect to the lease of Caesars Tahoe Hotel and Casino, in the form attached hereto as
Exhibit H-1, with any changes thereto which are approved by the Administrative Agent.

     “Caesars Tahoe Hotel and Casino” shall mean that hotel and casino in Stateline (South Lake
Tahoe), Nevada, the subject of the Caesars Tahoe Acquisition, which has been rebranded as the
MontBleu Casino.

     “Capital Expenditures” shall mean, for any period, the aggregate of all expenditures for (a)
the additions to property, plant and equipment and other capital expenditures of the Borrower, its
consolidated Subsidiaries and the Affiliated Guarantors and their subsidiaries that are (or should
be) set forth in a consolidated statement of cash flows of the Borrower (including the Affiliated
Guarantors and their subsidiaries) for such period prepared in accordance with GAAP and (b)
Capital Lease Obligations or Synthetic Lease Obligations incurred by the Borrower and its
consolidated Subsidiaries and the Affiliated Guarantors and their subsidiaries during such period,
but excluding in each case (i) any cash consideration paid in respect of Permitted Acquisitions or
other investments permitted under Section 6.04, (ii) any cash proceeds of Asset Sales to the
extent reinvested in productive assets pursuant to the proviso in the definition of “Net Cash
Proceeds” and (iii) any such expenditure made to restore, replace or rebuild property to the
condition of such property immediately prior to any damage, loss, destruction or condemnation of
such property, to the extent such expenditure is made with insurance proceeds, condemnation awards
or damage recovery proceeds relating to any such damage, loss, destruction or condemnation.

     “Capital Lease Obligations” of any person shall mean the obligations of such person to pay
rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such person under GAAP, and the amount of
such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

     “Cash-On-Hand Amount” shall mean the cash-on-hand of Columbia Entertainment and Aztar of
approximately $66,000,000 in connection with the Transactions.

     “Casino Aztar Caruthersville” shall mean Aztar Missouri Riverboat Gaming Company, L.L.C., a
Missouri limited liability company.

     “Casino Leases” shall mean any lease in respect of (i) the Horizon Casino and (ii) the
Caesars Tahoe Hotel and Casino.

     “Casino Queen” shall mean the Casino Queen Hotel and Casino, riverboat operation, located in
East St. Louis, Illinois.

 

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     “Casino Queen Acquisition Sub” shall mean CP St. Louis Acquisition LLC, a Delaware limited
liability company.

     “Casino Queen Acquisition Indebtedness” shall mean all Indebtedness incurred by Columbia
Entertainment and its subsidiaries to finance the acquisition of Casino Queen (including
Indebtedness incurred to refinance equity contributions used to acquire Casino Queen).

     “Casino Queen Deposit” shall mean the deposit made by the Borrower on the Closing Date in an
amount equal to $185,776,000 into a segregated account satisfactory to the Administrative Agent,
which funds shall be released and utilized solely to finance the acquisition of Casino Queen as
permitted pursuant to Section 5.20 hereof or otherwise to make the payment required by Section
2.13(h) hereof.

     “Casino Services Agreements” shall mean (i) the casino services agreement dated as of the
Closing Date between Columbia Entertainment and the Borrower, (ii) the casino services agreement
dated as of the Closing Date between Columbia Entertainment and Jubilee, (iii) the casino services
agreement dated as of the Closing Date between Columbia Entertainment and Vicksburg, (iv) the
casino services agreement dated as of the Closing Date among Columbia Entertainment, Aztar and
Tropicana Las Vegas and (v) the casino services agreement to be entered into between Columbia
Entertainment and Casino Queen upon the consummation of the Casino Queen acquisition,
substantially in the form set out in Exhibit L.

     “Change
in Control” shall mean the occurrence of any of the following:

     (a) the direct or indirect sale, lease, transfer conveyance or other disposition, in one or a
series of related transactions, of all or substantially all of the assets of the Borrower and the
Subsidiaries, taken as a whole, to any person other than members of the Yung Group;

     (b) the Yung Group ceases to collectively own, beneficially or of record, all of the Equity
Interests of Holdings, the Borrower and each Subsidiary Guarantor or Holdings ceases to be the
record owner of the Borrower;

     (c) William J. Yung III fails for any reason to be the president (or equivalent title) of the
Borrower or any Subsidiary Guarantor and to have the power to exercise the prerogatives ordinarily
associated with that office, provided that if such failure results from his death or disability,
then no Change in Control shall occur unless the Borrower or any other such Subsidiary Guarantor
fails, after consultation with the Administrative Agent, to appoint a successor with executive
management experience in the gaming and hospitality industry within 120 days; and

     (d) any change in control (or similar event, however denominated) with respect to Holdings,
the Borrower, any Subsidiary or any Affiliated Guarantor shall occur under and as defined in any
indenture or agreement in respect of Material Indebtedness to which Holdings, the Borrower, any
Subsidiary or any Affiliated Guarantor is a party.

 

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     “Change in Law” shall mean (a) the adoption of any law, rule or regulation after the date of
this Agreement, (b) any change in any law, rule or regulation or in the interpretation or
application thereof by any Governmental Authority after the date of this Agreement or (c)
compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.14, by any lending
office of such Lender or by such Lender’s or Issuing Bank’s holding company, if any) with any
request, guideline or directive of any Governmental Authority made or issued after the date of
this Agreement.

     “City of Evansville”  shall mean the vessel with the name “City of Evansville”, Official
Number 1035577, and all related fittings, furnishings, fixtures, equipment and appurtenances.

     “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the
Loans comprising such Borrowing, are Revolving Loans, Term Loans or Swingline Loans and, when used
in reference to any Commitment, refers to whether such Commitment is a Revolving Credit
Commitment, Term Loan Commitment or Swingline Commitment.

     “Closing Date” shall mean January 3, 2007.

     “Closing Date Restricted Payments” shall mean (i) the declaration or making of Restricted
Payments by a Loan Party to the holders of the Equity Interests of Aztar in connection with the
acquisition of Aztar and its subsidiaries as are stipulated in the Confidential Information
Memorandum or which are otherwise expressly contemplated by the Transaction, (ii) the distribution
by the Borrower and Holdings of the capital stock of Casino Aztar Caruthersville, LV Rec, Inc. and
LV Red, LLC, immediately following the consummation of the Merger, (iii) the making of a Restricted
Payment by the Borrower and Holdings in an amount not to exceed the amount required to (and to be
used solely to) repay the Existing Credit Agreement and such other Indebtedness of a parent of
Holdings, Jubilee or Vicksburg expected to be repaid in connection with the Existing Debt
Refinancing and (iv) such other Restricted Payments in furtherance of the Transactions as are
disclosed in the Confidential Information Memorandum, in each case to the extent made on the
Closing Date.

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

     “Collateral” shall mean all the “Collateral” as defined in any Security Document and shall
also include the Mortgaged Properties.

     “Columbia Entertainment” shall mean Wimar Tahoe Corporation, a Nevada corporation.

     “Columbia Sussex” shall mean Columbia Sussex Corporation, a Kentucky corporation.

 

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     “Columbia Sussex Indemnification Agreement” shall mean an indemnification agreement
substantially in the form of Exhibit I hereto, dated as of the Closing Date among Holdings, the
Borrower and Columbia Sussex.

     “Commitment” shall mean, with respect to any Lender, such Lender’s Revolving Credit
Commitment, Term Loan Commitment and Swingline Commitment.

     “Commitment Fee” shall have the meaning assigned to such term in Section 2.05(a).

     “Commitment Fee Rate” shall have the meaning assigned to such term in the definition of the
term “Applicable Percentage”.

     “Confidential Information Memorandum” shall mean the Confidential Information Memorandum of
the Borrower dated December 2006.

     “Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for such period
plus (a) without duplication and to the extent deducted in determining such Consolidated Net
Income, the sum of (i) Consolidated Net Interest Expense for such period, (ii) consolidated income
tax expense for such period (not including any gaming taxes), (iii) all amounts attributable to
depreciation and amortization for such period, (iv) any non-cash charges (other than write down of
current assets) or expenses for such period, (v) non-cash stock-option based and other equity
based compensation expenses and (vi) Facilities Restructuring Costs and Post-Closing Adjustments
relevant for such period and minus (b) without duplication (i) all cash payments made during such
period on account of reserves, restructuring charges and other non-cash charges added to
Consolidated Net Income pursuant to clause (a)(iv) above in a previous period and (ii) to the
extent included in determining such Consolidated Net Income, any amounts received in respect of
the Tropicana Garage Insured Claims for such period, all determined on a consolidated basis in
accordance with GAAP. For purposes of determining the Interest Coverage Ratio and the Leverage
Ratio as of or for the periods ended on March 31, 2007, June 30, 2007 and September 30, 2007, (a)
Consolidated EBITDA will be deemed to be equal to (i) for the fiscal quarter ended March 31, 2006,
$100,500,000, (ii) for the fiscal quarter ended June 30, 2006, $92,500,000 and (iii) for the
fiscal quarter ended September 30, 2006, $102,300,000 and (b) Consolidated EBITDA for the fiscal
quarter ended December 31, 2006 shall be increased by at least $8,600,000 and shall include the
Consolidated EBITDA for Casino Queen and its subsidiaries.

     “Consolidated Net Income” shall mean, for any period, the net income or loss of the Borrower,
the Subsidiaries and the Affiliated Guarantors for such period determined on a consolidated basis
in accordance with GAAP (adjusted to reflect any charge, tax or expense incurred or accrued by
Holdings during such period as though such charge, tax or expense had been incurred by the
Borrower, to the extent that the Borrower has made or would be entitled under the Loan Documents to
make any payment to or for the account of Holdings in respect thereof); provided that there shall
be included (without duplication) in full the income of Greenville; provided, further, that there
shall be excluded (a) the income of any Subsidiary to the extent that the declaration or payment of

 

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dividends or similar distributions by the Subsidiary of that income is not at the time permitted
by operation of the terms of its charter or any agreement, instrument, judgment, decree, statute,
rule or governmental regulation applicable to such Subsidiary, (b) the income or loss of any person
accrued prior to the date it becomes a subsidiary or is merged into or consolidated with the
Borrower, any Subsidiary or any Affiliated Guarantor or prior to the date that such person’s
assets are acquired by the Borrower, any Subsidiary or any Affiliated Guarantor, (c) the income of
any person in which any other person (other than the Borrower or a wholly owned Subsidiary or any
director holding qualifying shares in accordance with applicable law) has a joint interest (other
than Greenville) to the extent such net income is subject to restrictions, directly or indirectly,
on the payment of dividends or the making of distributions by such person, directly or indirectly,
to the Borrower or any Subsidiary (or to an Affiliated Guarantor if applicable) and (d) any gains
or losses attributable to sales of assets out of the ordinary course of business or any other
extraordinary gains or losses.

     “Consolidated Net Interest Expense” shall mean, for any period, (a) the sum of (i) the
interest expense (including imputed interest expense in respect of Capital Lease Obligations and
Synthetic Lease Obligations or any dividends or other payments made in respect of Disqualified
Stock) of the Borrower, the Subsidiaries and the Affiliated Guarantors for such period, determined
on a consolidated basis in accordance with GAAP, plus (ii) any interest accrued during such period
in respect of Indebtedness of the Borrower, any Subsidiary or any Affiliated Guarantor that is
required to be capitalized rather than included in consolidated interest expense for such period in
accordance with GAAP minus (b) the sum of (i) total interest income of the Borrower, the
Subsidiaries and the Affiliated Guarantors for such period, in each case determined in accordance
with GAAP plus (ii) non-cash charges related to the amortization or write-off of debt discount or
debt issuance costs and commissions to the extent included in the interest expense for such period.
For purposes of the foregoing, interest expense shall be determined after giving effect to any net
payments made or received by the Borrower, any Subsidiary or any Affiliated Guarantor with respect
to interest rate Hedging Agreements. For purposes of determining the Interest Coverage Ratio for
the period of four consecutive quarters ended March 31, 2007, June 30, 2007 and September 30, 2007.
Consolidated Net Interest Expense shall be deemed to be equal to (a) the Consolidated Net Interest
Expense for the fiscal quarter ended March 31, 2007, multiplied by 4, (b) the Consolidated Net
Interest Expense for the two consecutive fiscal quarters ended June 30, 2007, multiplied by 2 and
(c) the Consolidated Net Interest Expense for the three consecutive fiscal quarters ended September
30, 2007, multiplied by 4/3, respectively.

     “Contribution” shall mean the contribution from Columbia Entertainment to the Borrower of
all the assets and Equity Interests constituting Columbia Entertainment’s existing gaming business
substantially concurrent with or immediately prior to the Closing Date, other than (x) the assets
and operations relating to Columbia Entertainment’s New Orleans casino assets, which shall remain
as assets of Columbia Properties New Orleans, L.L.C. and (y) the assets and operations relating to
Columbia Entertainment’s Causarina Casino Las Vegas (which shall either be retained by Columbia
Entertainment or contributed to LV Casino, LLC, a Delaware limited liability company).

 

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     “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 ownership of voting
securities, by contract or otherwise, and the terms “Controlling” and “Controlled” shall have
meanings correlative thereto.

     “CP Laughlin” shall have the meaning assigned to such term in the preamble.

     “Credit
Event” shall have the meaning assigned to such term in Section 4.01.

     “Credit Facilities” shall mean the revolving credit, swingline. letter of credit and term
loan facilities provided for by this Agreement.

     “Current Assets” shall mean, at any time, the consolidated current assets (other than
unrestricted cash and Permitted Investments) of the Borrower, the Affiliated Guarantors and the
Subsidiaries.

     “Current Liabilities” shall mean, at any time, the consolidated current liabilities of the
Borrower, the Affiliated Guarantors and the Subsidiaries at such time, but excluding, without
duplication, (a) the current portion of any long-term Indebtedness and (b) outstanding Revolving
Loans and Swingline Loans.

     “Default” shall mean any event or condition which upon notice, lapse of time or both would
constitute an Event of Default.

     “Defaulting Lender” shall mean any Revolving Credit Lender that has
(a) defaulted in its obligation to make a Revolving Loan or to fund its participation in a Letter
of Credit or Swingline Loan required to be made or funded by it hereunder,
(b) notified the Administrative Agent or a Loan Party in writing that it does not intend to satisfy
any such obligation or
(c) become insolvent or the assets or management of which has been taken
over by any Governmental Authority.

     “Disqualification” shall mean, with respect to any Lender:

     (a) the failure of such person to file timely (or obtain a waiver) pursuant to applicable
Gaming Laws (i) any application requested of that person by any Gaming Authority in connection with
any licensing required of that person as a Lender or (ii) any required application or other papers
in connection with any determination of the suitability of that person as a Lender;

     (b) the withdrawal by such person (except where requested or permitted by the Gaming
Authority) of any such application or other required papers; or

     (c) any final determination by a Gaming Authority pursuant to applicable Gaming Laws (i) that
such person is “unsuitable” as a Lender, (ii) that such person shall be “disqualified” as a Lender
or (iii) denying the issuance of any license required under applicable Gaming Laws to be held by
such Lender.

     “Disqualified Lender” shall mean any Lender subject to Disqualification.

 

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     “Disqualified Stock” shall mean any Equity Interest that, by its terms (or by the terms of any
security into which it is convertible or for which it is exchangeable), or upon the happening of
any event, (a) matures (excluding any maturity as the result of an optional redemption by the
issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise,
or is redeemable at the option of the holder thereof, in whole or in part, or requires the payment
of any cash dividend or any other scheduled payment constituting a return of capital, in each case
at any time on or prior to the 91st day following the Term Loan Maturity Date (other than upon
payment in full of the Loans and termination of the Commitments or upon a change of control so long
as any rights of the holders thereof upon the occurrence of a change of control shall be subject to
the prior repayment in full of the Loans and all other Obligations under the Loan Documents and the
termination of the Commitments and all outstanding Letters of Credit), or (b) is convertible into
or exchangeable (unless at the sole option of the issuer thereof) for (i) debt securities or (ii)
any Equity Interest referred to in clause (a) above, in each case at any time prior to the 91st day
following the Term Loan Maturity Date.

     “dollars” or “$” shall mean lawful money of the United States of America.

     “Domestic Subsidiaries” shall mean all subsidiaries of the Borrower or the Subsidiary
Guarantors that are incorporated or organized under the laws of the United States of America, any
State thereof or the District of Columbia.

     “Doris” shall mean the floating casino barge associated with Bayou Caddy’s Jubilee Casino
with the name “Doris”, Official Number 566240, and all related fittings, furnishings, fixtures,
equipment and appurtenances.

     “Environmental Laws” shall mean all applicable current and future Federal, state and local
laws (including common law), regulations, rules, ordinances, codes, and any legally binding
decrees, judgments, directives and orders (including consent orders), in each case, relating to
protection of the environment or natural resources, or the presence, Release of, or exposure to,
Hazardous Materials, or the generation, manufacture, processing, distribution, use, treatment,
storage, transport, recycling or handling of, or the arrangement for such activities with respect
to, Hazardous Materials.

     “Environmental Liability” shall mean all liabilities, obligations, damages, losses, claims,
actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including
administrative oversight costs, natural resource damages and remediation costs), whether contingent
or otherwise, arising out of or relating to (a) non-compliance with any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment or disposal of any Hazardous
Materials, (c) exposure to any Hazardous Materials, (d) the Release of any Hazardous Materials or
(e) any contract, agreement or other written consensual arrangement pursuant to which liability is
assumed or imposed with respect to any of the foregoing.

     “Equity Contribution” shall mean an aggregate amount of not less than $517,000,000
contributed to Columbia Entertainment, Jubilee and Vicksburg in the form of (x) cash common equity
by or on behalf of William J. Yung III or an Affiliate of the

 

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Borrower and (y) the Affiliate Loans, which amount shall be contributed directly or indirectly to
the Borrower as cash common equity.

     “Equity Interests” shall mean shares of capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests in a trust or other equity
interests in any person, and any option, warrant or other right entitling the holder thereof to
purchase or otherwise acquire any such equity interest.

     “Equity Issuance” shall mean any issuance or sale by Holdings, the Borrower, any Subsidiary
or any Affiliated Guarantor and their respective subsidiaries of any Equity Interests of Holdings,
the Borrower, an Affiliated Guarantor or any such subsidiary, as applicable, except in each case
for (a) any issuance or sale to Holdings, the Borrower, any Subsidiary or any Affiliated
Guarantor, (b) any issuance of directors’ qualifying shares, (c) sales or issuances of common
stock of Holdings to directors, management, consultants or any other employee of Holdings, the
Borrower, any Subsidiary or any Affiliated Guarantor under any employee stock option or stock
purchase plan or employee benefit plan or similar plan in existence from time to time and (d)
sales or issuances of Equity Interests of Holdings to the Yung Group (including sales or issuances
to the Yung Group, the proceeds of which are applied in accordance with Section 6.04(1)).

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

     “ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that,
together with the Borrower, is treated as a single employer under Section 414(b) or
(c) of the Code, or solely for purposes of Section 302 of ERISA and Section 412 of the Code, is
treated as a single employer under Section 414 of the Code.

     “ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of ERISA or
the regulations issued thereunder, with respect to a Plan (other than an event for which the 30-day
notice period is waived), (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA) and, on and after the
effectiveness of the Pension Act, any failure by any Plan to satisfy the minimum funding standards
(within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Plan,
whether or not waived, (c) the filing pursuant to Section 412 of the Code or Section 303 of ERISA of
an application for a waiver of the minimum funding standard with respect to any Plan,
(d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV
of ERISA with respect to the termination of any Plan or the withdrawal or partial withdrawal of
the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan, (e) on
and after the effectiveness of the Pension Act, a determination that any Plan is, or is
expected to be, in “at-risk” status (within the meaning of Section 303(i)(4)(A) of ERISA or Section
430(i)(4)(A) of the Code), (f) the receipt by the Borrower or any of its ERISA Affiliates from the
PBGC or a plan administrator of any notice relating to the intention to terminate any Plan or Plans
or to appoint a trustee to administer any Plan, (g) the adoption of any amendment to a Plan that
would require the provision of security pursuant to Section 401(a)(29) of the Code or

 

14

Section 307 of ERISA, (h) the receipt by the Borrower or any of its ERISA Affiliates of any
notice, or the receipt by any Multiemployer Plan from the Borrower or any of its ERISA Affiliates
of any notice, concerning the imposition of Withdrawal Liability or a determination that a
Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of
Title IV of ERISA or (i) the occurrence of a “prohibited transaction” with respect to which the
Borrower or any of the Subsidiaries is a “disqualified person” (within the meaning of Section 4975
of the Code) or with respect to which the Borrower, any such Subsidiary or any Affiliated
Guarantor could otherwise be liable.

     “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to
the Adjusted LIBO Rate.

     “Event of Default” shall have the meaning assigned to such term in Article VII.

     “Excess Cash Flow” shall mean, for any fiscal year of the Borrower, the excess of (a) the sum,
without duplication, of (i) Consolidated EBITDA for such fiscal year, (ii) the decrease, if any, in
Current Assets minus Current Liabilities of the Borrower, the Affiliated Guarantors and the
Subsidiaries from the beginning to the end of such fiscal year and (iii) purchase price adjustments
received in connection with any Permitted Acquisition and (iv) any amounts received in respect of
the Tropicana Garage Insured Claims (to the extent not included in Consolidated EBITDA) over (b)
the sum, without duplication, of (i) the aggregate amount of Restricted Payments made in cash
during such fiscal year in accordance with Section 6.06 to Holdings to enable Holdings to make
Permitted Tax Distributions, (ii) Consolidated Net Interest Expense for such fiscal year paid in
cash, (iii) Capital Expenditures made in cash in accordance with Section 6.10 during such fiscal
year, except to the extent financed with the proceeds of Indebtedness, equity issuances, casualty
proceeds, condemnation proceeds or other proceeds that would not be included in Consolidated
EBITDA, (iv) permanent prepayments and repayments of Indebtedness (other than mandatory prepayments
of Loans under Section 2.13) made in cash by the Borrower, the Subsidiaries and the Affiliated
Guarantors during such fiscal year, but only to the extent that the Indebtedness so prepaid by its
terms cannot be reborrowed or redrawn and such prepayments do not occur in connection with a
refinancing of all or any portion of such Indebtedness, (v) the increase, if any, in Current Assets
minus Current Liabilities of the Borrower, the Subsidiaries and the Affiliated Guarantors from the
beginning to the end of such fiscal year, (vi) fees and expenses incurred in connection with the
Transactions, this Agreement, the Subordinated Note Documents or any Permitted Acquisition, (vii)
Facilities Restructuring Costs (to the extent paid in cash) and (viii) purchase price adjustments
paid in connection with any Permitted Acquisition.

     “Excluded
Asset Sales” shall mean (i) the sale of Casino Aztar Caruthersville, LV Rec, Inc.
and LV Red, LLC, (ii) the sale of retail stores at Tropicana Casino and Resort in Atlantic City,
New Jersey and (iii) the sale of Tropicana Pennsylvania.

 

15

     “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender, the
Issuing Bank or any other recipient of any payment to be made by or on account of any obligation
of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net
income or net profits by the United States of America, or by the jurisdiction 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 in any other jurisdiction in
which the Administrative Agent or such Lender is engaged in business (other than any business
arising solely from the Administrative Agent or Lender having executed, delivered or performed its
obligations, or its rights hereunder), (b) any branch profits taxes imposed by the United States
of America or any similar tax imposed by any other jurisdiction described in clause (a) above and
(c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower
under Section 2.21 (a)), any withholding tax that is imposed on amounts payable to such Foreign
Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new
lending office) or is attributable to such Foreign Lender’s failure to comply with Section
2.20(e), except to the extent that such Foreign 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 2.20(a).

     “Existing 7-7/8% Notes” shall mean Aztar’s 7-7/8% senior subordinated notes due 2014 in an
initial aggregate principal amount of $300,000,000.

     “Existing 9% Notes” shall mean Aztar’s 9% senior subordinated notes due 2011 in an initial
aggregate principal amount of $175,000,000.

     “Existing Aztar Credit Agreement” shall mean the Amended and Restated Credit Agreement dated
July 22, 2004, as amended, among Aztar, the lenders party thereto and Bank of America, N.A., as
administrative agent.

     “Existing Credit Agreement” shall mean the Amended and Restated Credit Agreement dated
October 24, 2005, as amended, among Columbia Entertainment, certain of its subsidiaries, the
lenders party thereto and Bank of America, N.A., as administrative agent.

     “Existing Debt Refinancing” shall mean the repayment in full (or, with respect to clause (i)
of this definition, the depositing of funds with the trustees of such Existing Notes in accordance
with the terms of the indentures governing such notes and in an amount sufficient to repay such
notes in full or, with respect to clause (iv) of this definition, the making of the Casino Queen
Deposit) of (i) all outstanding amounts under the Existing Notes, (ii) the Existing Aztar Credit
Agreement, (iii) the Existing Credit Agreement, (iv) the Casino Queen Acquisition Indebtedness, (v)
existing Indebtedness of Jubilee and Vicksburg in an aggregate principal amount of $17,554,404 and
(vi) the other existing Indebtedness of Columbia Entertainment and the Subsidiaries (other than
Indebtedness listed on Schedule 6.01 hereof) and, in each case, the termination of commitments
thereunder and the release of all guarantees and security in respect thereof.

 

16

     “Existing Notes” shall mean the Existing 7-7/8% Notes and the Existing 9% Notes.

     “Extraordinary Receipts” shall mean the receipt by a Loan Party of (i) any payments
(excluding payments in respect of public liability, third party, product liability or business
interruption) from Stewart Title and Guaranty Company pursuant to the policy of title insurance
relating to the Caesars Tahoe Assets or (ii) any proceeds from indemnifications provided by
Columbia Sussex with respect to the termination of the lease of the Horizon Casino by reason of
the Park Cattle Disputes, in each case where the aggregate amount received under such policy,
indemnification, claim or refund exceeds $1,000,000, for an amount which is equal to 100% of such
payments less any expenses incurred by that Loan Party in relation to enforcing that policy,
claim, indemnification or refund; provided, however, that if (x) the Borrower shall deliver a
certificate of a Financial Officer to the Administrative Agent at the time of receipt thereof
setting forth the Borrower’s intentions to apply such proceeds, payment or settlement to meet a
third party claim (or confirming that the Borrower has already applied an equivalent amount in
anticipation of the receipt of such proceeds) or to the replacement, reinstatement and/or repair
of the assets in respect of which the relevant proceeds, payment or settlement was made within 180
days of receipt thereof and (y) no Default or Event of Default shall have occurred and be
continuing at the time of such certificate or at the proposed time of the application of such
proceeds, payment or settlement, such amounts shall not constitute Extraordinary Receipts except
to the extent not so used at the end of such 180-day period, at which time such proceeds shall be
deemed to be Extraordinary Receipts; provided, further, however, that if a Loan Party has entered
into a definitive agreement with respect to the application of such proceeds in accordance with
the foregoing within 180 days of receipt thereof and such Loan Party applies such amounts within
365 days from the receipt thereof, such amounts shall not constitute Extraordinary Receipts,
except to the extent not so used at the end of such 365-day period, at which time such proceeds
shall be deemed to be Extraordinary Receipts.

     “Facilities Restructuring Costs” shall mean closure costs, including costs associated with
head-count reduction and severance and pension payments in connection with the closing of certain
facilities and other costs associated with operational changes in connection with the Transactions
that are identified in reasonable detail in a certificate of a Financial Officer to the
Administrative Agent within 18 months from the Closing Date and in an aggregate amount not to
exceed $50,000,000 (including the $25,700,000 of cost savings identified in the Confidential
Information Memorandum).

     “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 for any day that is a Business Day, the average of the
quotations for the day for such transactions received by the Administrative Agent from three
Federal funds brokers of recognized standing selected by it.

 

17

     “Fee Letter” shall mean the Amended and Restated Fee Letter dated May 15, 2006, between
Columbia Entertainment and the Administrative Agent.

     “Fees” shall mean the Commitment Fees, the Administrative Agent Fees, the L/C Participation
Fees and the Issuing Bank Fees.

     “Financial Officer” of any person shall mean the chief financial officer, principal
accounting officer, vice president of finance, treasurer or controller of such person.

     “Foreign Lender” shall mean any Lender that is organized under the laws of a jurisdiction
other than that in which the Borrower is located. For purposes of this definition, the United
States of America, each State thereof and the District of Columbia shall be deemed to constitute a
single jurisdiction.

     “Foreign Subsidiary” shall mean any subsidiary of the Borrower or the Subsidiary Guarantors
that is not a Domestic Subsidiary.

     “GAAP” shall mean, subject to the limitations of application set out in Section 1.02, United
States generally accepted accounting principles applied on a consistent basis.

     “Gaming Authority” means, collectively, (a) the Nevada Gaming Commission, (b) the Nevada State
Gaming Control Board, (c) the Clark County (Nevada) Liquor and Gaming License Board, (d) the
Mississippi Gaming Commission, (e) the Louisiana Gaming Control Board, (f) the Missouri Gaming
Commission, (g) the New Jersey Division of Gaming Enforcement, (h) the New Jersey Casino Control
Commission, (i) the Indiana Gaming Commission, (j) the Illinois Gaming Board and (k) any other
applicable Governmental Authority that holds regulatory, licensing or permit authority over gaming
or gaming activities that now or hereinafter has jurisdiction over all or any portion of the gaming
activities of Holdings, the Borrower, the Subsidiaries or the Affiliated Guarantors.

     “Gaming Laws” shall mean all applicable provisions of all constitutions, treaties, statutes
and laws pursuant to which any Gaming Authority possesses regulatory, licensing or permit authority
over gambling, gaming or casino activities conducted by Holdings, the Borrower, the Subsidiaries or
the Affiliated Guarantors within their respective jurisdictions and all rules, regulations,
ordinances, approvals, orders, decisions, judgments, awards and decrees of any Gaming Authority.

     “Governmental Authority” shall mean any Federal, state, local or foreign court or governmental
agency, authority, instrumentality, regulatory body, board or commission.

     “Granting Lender” shall have the meaning assigned to such term in Section 9.04(i).

     “Greenville” means Greenville Riverboat, LLC, a Mississippi limited liability company.

 

18

     “Guarantee” of or by any person shall mean any obligation, contingent or otherwise, of such
person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other
obligation of any other person (the “primary obligor”) in any manner, whether directly or
indirectly, and including any obligation of such person, direct or indirect, (a) to purchase or
pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation or to purchase (or to advance or supply funds for the purchase of) any security for the
payment of such Indebtedness or other obligation, (b) to purchase or lease property, securities or
services for the purpose of assuring the owner of such Indebtedness or other obligation of the
payment of such Indebtedness or other obligation or (c) to maintain working capital, equity
capital or any other financial statement condition or liquidity of the primary obligor so as to
enable the primary obligor to pay such Indebtedness or other obligation; provided, however, that
the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary
course of business.

     “Guarantee and Collateral Agreement” shall mean the Guarantee and Collateral Agreement,
substantially in the form of Exhibit D, among the Borrower, Holdings, the Subsidiaries and the
Affiliated Guarantors party thereto and the Collateral Agent for the benefit of the Secured
Parties.

     “Guarantors” shall mean Holdings, the Subsidiary Guarantors and, with respect to
any Revolving Credit Exposure in excess of $100,000,000, Columbia Sussex.

     “Hazardous Materials” shall mean (a) any petroleum products or byproducts and (b) any toxic
or hazardous chemical, material, substance or waste that is prohibited, limited or regulated by or
pursuant to any Environmental Law.

     “Hedging Agreement” shall mean any interest rate protection agreement, foreign currency
exchange agreement, commodity price protection agreement or other interest or currency exchange
rate or commodity price hedging arrangement.

     “Horizon Casino” shall mean the Horizon Hotel and Casino and related lands located in
Stateline, Nevada.

     “Horizon Estoppel Certificate” shall mean an estoppel certificate executed by Park Cattle
with respect to the lease of the Horizon Casino, in the form attached as Exhibit H-2, with any
changes thereto which are approved by the Administrative Agent.

     “Indebtedness” of any person shall mean, without duplication, (a) all obligations of such
person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations
of such person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of
such person upon which interest charges are customarily paid, (d) all obligations of such person
under conditional sale or other title retention agreements relating to property or assets purchased
by such person, (e) all obligations of such person issued or assumed as the deferred purchase price
of property or services (excluding (i) trade accounts payable and accrued obligations incurred in
the ordinary course of business and (ii) earn-outs and other contingent payments in respect of

 

19

Permitted Acquisitions, except to the extent that the liability on account of any such earn-out or
contingent payment becomes fixed or are otherwise reflected on the balance sheet of such person in
accordance with GAAP), (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 property
owned or acquired by such person, whether or not the obligations secured thereby have been assumed
(notwithstanding that the rights and remedies of the seller or lender under such agreement in an
event of default may be limited to repossession or sale of such property, in which case the lesser
of the amount of such obligation and the fair market value of such property shall constitute
“Indebtedness”), (g) all Guarantees by such person of Indebtedness of others, (h) all Capital Lease
Obligations and Synthetic Lease Obligations of such person, (i) all obligations of such person as
an account party in respect of letters of credit, (j) all obligations of such person in respect of
bankers’ acceptances and (k) all obligations of such person in respect of Disqualified Stock. The
Indebtedness of any person shall include the Indebtedness of any partnership in which such person
is a general partner. For the avoidance of doubt, the Existing Notes shall not constitute
Indebtedness of the Borrower or the Subsidiaries to the extent the amount required to repay in full
such Existing Notes has been deposited with the trustee for such Existing Notes.

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

     “Interest Coverage Ratio” shall mean, for any period, the ratio of (a) Consolidated EBITDA
for such period to (b) Consolidated Net Interest Expense for such period.

     “Interest Payment Date” shall mean (a) with respect to any ABR Loan (including any Swingline
Loan), the last Business Day of each March, June, September and December, and (b) with respect to
any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such
Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than
three months’ duration, each day that would have been an Interest Payment Date had successive
Interest Periods of three months’ duration been applicable to such Borrowing.

     “Interest Period” shall mean, with respect to any Eurodollar Borrowing, the period commencing
on the date of such Borrowing and ending on the numerically corresponding day (or, if there is no
numerically corresponding day, on the last day) in the calendar month that is 1, 2, 3 or 6 months
thereafter, as the Borrower may elect; provided, however, that, unless the Administrative Agent
shall otherwise agree, the Interest Period of the initial Eurodollar Borrowing shall be of one
month’s duration; provided, further, however, that if any Interest Period would end on a day other
than a Business Day, such Interest Period shall be extended to the next succeeding Business Day
unless such next succeeding Business Day would fall in the next calendar month, in which case such
Interest Period shall end on the next preceding Business Day. Interest shall accrue from and
including the first day of an Interest Period to but excluding the last day of such Interest
Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such
Borrowing is made and thereafter shall be the effective date of the most recent conversion or
continuation of such Borrowing.

 

20

     “Issuing Bank” shall mean, as the context may require, (a) Credit Suisse, acting through any
of its Affiliates or branches, in its capacity as the issuer of Letters of Credit hereunder and
(b) any other Lender that may become an Issuing Bank pursuant to Section 2.23(i) or 2.23(k), with
respect to Letters of Credit issued by such Lender. The Issuing Bank may, in its discretion,
arrange for one or more Letters of Credit to be issued by Affiliates or branches of the Issuing
Bank, in which case the term “Issuing Bank” shall include any such Affiliate or branch with
respect to Letters of Credit issued by such Affiliate or branch.

     “Issuing Bank Fees” shall have the meaning assigned to such term in Section 2.05(c).

     “Jubilee” shall have the meaning assigned to such term in the preamble.

     “L/C Commitment” shall mean the commitment of the Issuing Bank to issue Letters of Credit
pursuant to Section 2.23.

     “L/C Disbursement” shall mean a payment or disbursement made by the Issuing Bank pursuant to a
Letter of Credit.

     “L/C Exposure” shall mean at any time the sum of (a) the aggregate undrawn amount of all
outstanding Letters of Credit at such time and (b) the aggregate amount of all L/C Disbursements
that have not yet been reimbursed by or on behalf of the Borrower at such time. The L/C Exposure of
any Revolving Credit Lender at any time shall equal its Pro Rata Percentage of the aggregate L/C
Exposure at such time.

     “L/C Participation Fee” shall have the meaning assigned to such term in Section 2.05(c).

     “Lenders” shall mean (a) the persons listed on Schedule 2.01 (other than any such person that
has ceased to be a party hereto pursuant to an Assignment and Acceptance) and (b) any person that
has become a party hereto pursuant to an Assignment and Acceptance. Unless the context clearly
indicates otherwise, the term “Lenders” shall include the Swingline Lender.

     “Letter of Credit” shall mean any letter of credit issued pursuant to Section 2.23.

     “Leverage Ratio” shall mean, on any date, the ratio of Total Debt on such date to
Consolidated EBITDA for the period of four consecutive fiscal quarters most recently ended on or
prior to such date. In any period of four consecutive fiscal quarters in which a Permitted
Acquisition or an Asset Sale occurs, the Leverage Ratio shall be determined on a pro forma basis
in accordance with Section 1.03.

     “LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest Period, the
rate per annum determined by the Administrative Agent at approximately 11:00 a.m. (London time) on
the date that is two Business Days prior to the commencement of such Interest Period by reference
to the British Bankers’ Association Interest Settlement Rates for deposits in dollars (as set
forth by any service

 

21

selected by the Administrative Agent that has been nominated by the British Bankers’ Association
as an authorized information vendor for the purpose of displaying such rates) for a period equal
to such Interest Period; provided that, to the extent that an interest rate is not ascertainable
pursuant to the foregoing provisions of this definition, the “LIBO Rate” shall be the interest
rate per annum determined by the Administrative Agent to be the average of the rates per annum at
which deposits in dollars are offered for such relevant Interest Period to major banks in the
London interbank market in London, England by the Administrative Agent at approximately 11:00 a.m.
(London time) on the date that is two Business Days prior to the beginning of such Interest
Period.

     “License Revocation” shall mean the revocation, failure to renew or suspension of, or the
appointment of a receiver, supervisor or similar official with respect to, any casino, gambling or
gaming license issued by any Gaming Authority covering any casino or gaming facility of Holdings,
the Borrower, the Subsidiaries or the Affiliated Guarantors, excluding any casino, gambling or
gaming license relating to Casino Aztar, Caruthersville.

     “Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
encumbrance, charge or security interest in or on such asset, (b) the interest of a vendor or a
lessor under any conditional sale agreement, capital lease or title retention agreement (or any
financing lease having substantially the same economic effect as any of the foregoing) relating to
such asset and (c) in the case of securities, any purchase option, call or similar right of a
third party with respect to such securities.

     “Lighthouse Point Casino” shall mean the vessel “Lighthouse Point Casino”, Official Number
1022782 (Hull No. 310), in Greenville, Mississippi.

     “Loan Documents” shall mean this Agreement, the Letters of Credit, the Security Documents,
the promissory notes, if any, executed and delivered pursuant to Section 2.04(e), the Post-Closing
Letter Agreement and any other document designated as a Loan Document by the Borrower and the
Administrative Agent.

     “Loan Parties” shall mean Holdings, the Borrower and the Guarantors.

     “Loans” shall mean the Revolving Loans, the Term Loans and the Swingline Loans.

     “Margin Stock” shall have the meaning assigned to such term in Regulation U.

     “Material Adverse Effect” shall mean (a) a materially adverse effect on the business, assets,
operations, condition (financial or otherwise) or operating results of the Borrower and the
Subsidiaries, taken as a whole, (b) a material impairment of the ability of the Borrower or any
other Loan Party to perform any of its obligations under any Loan Document to which it is or will
be a party or (c) a material impairment of the rights and remedies of or benefits available to the
Lenders under any Loan Document.

     “Material Indebtedness” shall mean Indebtedness (other than the Loans and Letters of Credit),
or obligations in respect of one or more Hedging Agreements, of any

 

22

one or more of Holdings, the Borrower, any Subsidiary or any Affiliated Guarantor in an aggregate
principal amount exceeding $10,000,000. For purposes of determining Material Indebtedness, the
“principal amount” of the obligations of Holdings, the Borrower, any Subsidiary or any Affiliated
Guarantor in respect of any Hedging Agreement at any time shall be the maximum aggregate amount
(giving effect to any netting agreements) that Holdings, the Borrower, such Subsidiary or such
Affiliated Guarantor would be required to pay if such Hedging Agreement were terminated at such
time.

     “Merger” shall have the meaning assigned to such term in the preliminary statement to this
Agreement.

     “Merger Agreement” shall mean the Agreement and Plan of Merger dated May 19, 2006, among
Columbia Sussex, Columbia Entertainment, WT-Columbia Development, Inc. and Aztar.

     “Merger Agreement Breakup Fee” shall mean the amount equal to $78,000,000 paid to Pinnacle
Entertainment, Inc. as a breakup fee in connection with the termination of its merger agreement
with Aztar.

     “Merger Agreement Deposit” shall mean the deposit by Columbia Sussex on behalf of Columbia
Entertainment of cash in an amount equal to $313,000,000 (as subsequently reduced by the Merger
Agreement Breakup Fee) into a custody account pursuant to the Merger Agreement.

     “Merger Consideration” shall have the meaning assigned to such term in the preliminary
statement to this Agreement.

     “Moody’s” shall mean Moody’s Investors Service, Inc., or any successor thereto.

     “Mortgaged Properties” shall mean, initially, the owned real properties and leasehold and
subleasehold interests of the Loan Parties specified on Schedule 1.01(b), and shall include each
other parcel of real property and improvements thereto with respect to which a Mortgage is granted
pursuant to Section 5.12.

     “Mortgages” shall mean the mortgages, deeds of trust, leasehold mortgages, assignments of
leases and rents, modifications and other security documents delivered pursuant to clause (i) of
Section 4.02(h) or pursuant to Section 5.12, each substantially in the form of Exhibit F.

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

     “Negative Pledge Agreement” shall mean an agreement in substantially the form as Exhibit J
and substantially similar in form to the Amended and Restated Negative Pledge Agreement dated
October 24, 2005 executed by CSC Holdings, LLC for the benefit of the lenders under the Existing
Credit Agreement in respect of its membership interests in CP Laughlin.

 

23

     “Net Cash Proceeds” shall mean (a) with respect to any Asset Sale, the cash proceeds
(including cash proceeds subsequently received (as and when received) in respect of noncash
consideration initially received and valued at the initial principal amount thereof in the case of
non-cash proceeds consisting of notes or other debt securities and valued at fair market value at
the time of such Asset Sale in the case of other non-cash proceeds), net of (i) selling expenses
(including broker’s fees or commissions, accountants’ fees, investment banking fees, consulting
fees, legal fees and any other customary fees and expenses actually incurred in connection
therewith, transfer and similar taxes and the Borrower’s good faith estimate of income taxes paid
or payable in connection with such sale), (ii) amounts provided as a reserve, in accordance with
GAAP, against any liabilities under any indemnification obligations or purchase price adjustment
associated with such Asset Sale (provided that, to the extent and at the time any such amounts are
released from such reserve, such amounts shall constitute Net Cash Proceeds) and (iii) the
principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness for
borrowed money which is secured by the asset in such Asset Sale sold and which is required to be
repaid with such proceeds (other than any such Indebtedness assumed by the purchaser of such
asset); provided, however, that, if (x) the Borrower shall deliver a certificate of a Financial
Officer to the Administrative Agent at the time of receipt thereof (and in the case of cash
proceeds received on account of a casualty or condemnation in an aggregate amount of $2,500,000 or
less, such certificate of intention to reinvest shall be conclusively deemed to have been given for
purposes of this definition) setting forth the recipient’s intent to reinvest such proceeds (or
confirming that the recipient has already reinvested an equivalent amount in anticipation of the
receipt of such proceeds) in productive assets of a kind then used or usable in the business of the
Borrower, its Subsidiaries and the Affiliated Guarantors within 180 days of receipt of such
proceeds and (y) no Default or Event of Default shall have occurred and shall be continuing at the
time of such certificate or at the proposed time of the application of such proceeds, such proceeds
shall not constitute Net Cash Proceeds except to the extent not so used at the end of such 180-day
period, at which time such proceeds shall be deemed to be Net Cash Proceeds; provided, further,
however, that if a Loan Party (or Greenville to the extent such Net Cash Proceeds relate to its
business) has entered into a definitive agreement with respect to the application of such proceeds
in accordance with the foregoing within 180 days of receipt thereof and such Loan Party (or
Greenville, as applicable) applies such amounts within 365 days from the receipt thereof, such
amounts shall not constitute Net Cash Proceeds, except to the extent not so used at the end of such
365-day period, at which time such proceeds shall be deemed to be Net Cash Proceeds, and (b) with
respect to any issuance or incurrence of Indebtedness for borrowed money or any Equity Issuance,
the cash proceeds thereof, net of all attorneys’ fees, consulting fees, investment banking fees,
taxes and other customary fees, underwriting discounts, commissions, costs and other expenses
incurred in connection therewith.

     “Obligations” shall mean all obligations defined as “Obligations” in the Guarantee and
Collateral Agreement, the Pledge Agreements and the other Security Documents.

 

24

     “OpCo Holdings” shall mean Wimar OpCo Holdings, LLC, a Delaware limited liability company.

     “Other
Taxes” shall mean any and all present or future stamp or documentary taxes or any
other excise or property taxes, charges or similar levies arising from any payment made under any
Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any
Loan Document.

     “Park Cattle” shall mean Park Cattle Co., a Nevada corporation, and its successors and
assigns.

     “Park Cattle Disputes” shall mean (i) the disputes between Columbia Entertainment and Park
Cattle regarding the lease of the Horizon Casino initially described in the letter dated March 23,
2005 from Downey Brand (counsel to Park Cattle) to Columbia Entertainment and other related
matters and (ii) the disputes between Columbia Properties Tahoe, LLC and Park Cattle regarding the
lease of the Caesars Tahoe Hotel and Casino described in the letters dated January 25, 2005 and
March 22, 2005 from Downey Brand to Desert Palace, Inc. and other related matters.

     “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

     “Pension Act” means the Pension Protection Act of 2006, as amended.

     “Perfection Certificate” shall mean the Perfection Certificate substantially in the form of
Exhibit B to the Guarantee and Collateral Agreement.

     “Permitted Acquisition” shall have the meaning assigned to such term in Section 6.04(g).

     “Permitted Business” shall mean the business currently conducted by the Borrower, the
Subsidiaries and the Affiliated Guarantors, businesses substantially similar to the business
currently conducted by the Borrower, the Subsidiaries or the Affiliated Guarantors, or any
business or activity that is reasonably related, ancillary or complementary thereto or a
reasonable extension, development or expansion thereof.

     “Permitted Investments” shall mean:

     (a) direct obligations of, or obligations the principal of and interest on which are
unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent
such obligations are backed by the full faith and credit of the United States of America), in each
case maturing within one year from the date of acquisition thereof;

     (b) investments in commercial paper maturing within 365 days from the date of acquisition
thereof and having, at such date of acquisition, a rating of at least A-1 by S&P or P-1 from
Moody’s;

 

25

     (c) investments in certificates of deposit, banker’s acceptances, securities backed by standby
letters of credit, time deposits, Eurodollar time deposits or overnight bank deposits maturing
within one year from the date of acquisition thereof issued or guaranteed by or placed with, and
money market deposit accounts issued or offered by, the Administrative Agent or any domestic office
of any commercial bank organized under the laws of the United States of America or any State
thereof that has a combined capital and surplus and undivided profits of not less than
$500,000,000;

     (d) fully collateralized repurchase agreements with a term of not more than 30 days for
securities described in clause (a) above and entered into with a financial institution satisfying
the criteria of clause (c) above;

     (e) investments in “money market funds” within the meaning of Rule 2a-7 of the Investment
Company Act of 1940, as amended, substantially all of whose assets are invested in investments of
the type described in clauses (a) through (d) above or in the form of cash equivalents (or foreign
cash equivalents) or short term marketable debt securities;

     (f) investments in so-called “auction rate” securities rated AAA or higher by S&P or Aaa or
higher by Moody’s and which have a reset date not more than 90 days from the date of acquisition
thereof; and

     (g) other short-term investments utilized by Foreign Subsidiaries in accordance with normal
investment practices for cash management in investments of a type analogous to the foregoing.

     “Permitted Tax Distributions” shall mean (i) cash distributions to the holders of Equity
Interests of Holdings made not more frequently than once each fiscal quarter which shall be in an
amount required to satisfy actual cash tax liabilities of such holders relating to the Borrower and
the Subsidiaries, and in any event in an amount not in excess of 40% of the combined taxable income
of the Borrower and the Subsidiaries (including the net income of Greenville, other than any net
income attributable to any minority interest, but excluding the net income of the Affiliated
Guarantors); (ii) cash distributions to the holders of Equity Interests of Vicksburg made not more
frequently than once each fiscal quarter which shall be in an amount required to satisfy actual
cash tax liabilities of such holders relating to Vicksburg and its subsidiaries, and in any event
in an amount not to exceed 40% of the combined taxable income of Vicksburg and its subsidiaries;
(iii) cash distributions to the holders of Equity Interests of CP Laughlin made not more frequently
than once each fiscal quarter which shall be in an amount required to satisfy actual cash tax
liabilities of such holders relating to CP Laughlin and its subsidiaries, and in any event in an
amount not to exceed 40% of the combined taxable income of CP Laughlin and its subsidiaries and
(iv) cash distributions to the holders of Equity Interests of Jubilee made not more frequently than
once each fiscal quarter which shall be in an amount required to satisfy actual cash tax
liabilities of such holders relating to Jubilee and its subsidiaries, and in any event in an amount
not to exceed 40% of the combined taxable income of Jubilee and its subsidiaries, in each case for
the immediately preceding fiscal quarter.

 

26

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

     “Plan” shall mean any employee pension benefit plan (other than a Multiemployer Plan) subject
to the provisions of Title IV of ERISA or Section 412 of the Code or Section 307 of ERISA, and in
respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would
under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

     “Pledge Agreements” shall mean the Pledge Agreement-Nevada Gaming, the Pledge
Agreement-Louisiana and any other separate local law pledge agreement relating to the Equity
Interests or evidence of Indebtedness of any Subsidiary or any Affiliated Guarantor to the extent
required under applicable Gaming Laws.

     “Pledge Agreement-Louisiana” shall mean the Pledge Agreement dated as of the Closing Date
among the Borrower, CP Baton Rouge Casino, L.L.C., Argosy of Louisiana, Inc., Jazz Enterprises,
Inc. and the Collateral Agent in substantially the form of Exhibit E-1 hereto.

     “Pledge Agreement-Nevada Gaming” shall mean the Pledge Agreement dated as of the Closing Date
among Holdings, the Borrower, Aztar and the Collateral Agent in substantially the form of Exhibit
E-2 hereto.

     “Post-Closing Adjustments” shall mean cost savings (other than Facilities Restructuring
Costs) in an aggregate amount not in excess of $20,000,000 resulting from actions taken after the
Closing Date and prior to the eighteen-month anniversary of the Closing Date relating to the
integration of the business and operations of Aztar and its subsidiaries with the Borrower, the
other Subsidiaries and the Affiliated Guarantors.

     “Post-Closing Balance Sheet” shall mean the consolidated balance sheet of the Borrower, its
Subsidiaries and the Affiliated Guarantors as at January 3, 2007, as certified in writing by a
Financial Officer of the Borrower.

     “Post-Closing Letter Agreement” shall mean the post-closing letter dated as of the date hereof
among Holdings, the Borrower, the Administrative Agent and the Collateral Agent in respect of
certain post-closing deliverables.

     “Prime Rate” shall mean the rate of interest per annum determined from time to time by Credit
Suisse as its prime rate in effect at its principal office in New York City and notified to the
Borrower.

     “Pro Rata Percentage” of any Revolving Credit Lender at any time shall mean the percentage of
the Total Revolving Credit Commitment represented by such Lender’s Revolving Credit Commitment. In
the event the Revolving Credit Commitments shall have expired or been terminated, the Pro Rata
Percentages shall be determined on the basis of the Revolving Credit Commitments most recently in
effect, giving effect to any subsequent assignments.

 

27

     “Qualified Capital Stock” of any person shall mean any Equity Interest of such person that is
not Disqualified Stock.

     “Register” shall have the meaning assigned to such term in Section 9.04(d).

     “Regulation T” shall mean Regulation T of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

     “Regulation U” shall mean Regulation U of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

     “Regulation X” shall mean Regulation X of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

     “Related Fund” shall mean, with respect to any Lender that is a fund or commingled investment
vehicle that invests in bank loans, any other fund that invests in bank loans and is managed and
advised by the same investment advisor as such Lender or by an Affiliate of such investment
advisor.

     “Related Parties” shall mean, with respect to any specified person, such person’s Affiliates
and the respective directors, trustees, officers, employees, agents and advisors of such person
and such person’s Affiliates.

     “Release” shall mean any release, spill, emission, leaking, dumping, injection, pouring,
deposit, disposal, discharge, dispersal, leaching or migration into or through the environment or
within or upon any building, structure, facility or fixture.

     “Repayment Date” shall have the meaning given such term in Section 2.11.

     “Required Lenders” shall mean, at any time, Lenders having Loans (excluding Swingline Loans),
L/C Exposure, Swingline Exposure and unused Revolving Credit Commitments and Term Loan Commitments
representing more than 50% of the sum of all Loans outstanding (excluding Swingline Loans), L/C
Exposure, Swingline Exposure and unused Revolving Credit Commitments and Term Loan Commitments at
such time; provided that the Revolving Loans, L/C Exposure, Swingline Exposure and unused
Revolving Credit Commitments of any Defaulting Lender shall be disregarded in the determination of
the Required Lenders at any time.

     “Responsible Officer” of any person shall mean any executive officer or Financial Officer of
such person and any other officer or similar official thereof responsible for the administration of
the obligations of such person in respect of this Agreement.

     “Restricted Indebtedness” shall mean Indebtedness of Holdings, the Borrower, any Subsidiary
or any Affiliated Guarantor, the payment, prepayment, repurchase or defeasance of which is
restricted under Section 6.09(b).

 

28

     “Restricted Payment” shall mean any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interests in Holdings, the Borrower, any
Subsidiary or any Affiliated Guarantor, or any payment (whether in cash, securities or other
property), including any sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination of any Equity Interests in Holdings, the
Borrower, any Subsidiary or any Affiliated Guarantor.

     “Revolving Credit Borrowing” shall mean a Borrowing comprised of Revolving Loans.

     “Revolving Credit Commitment” shall mean, with respect to each Lender, the commitment of such
Lender to make Revolving Loans hereunder (and to acquire participations in Swingline Loans and
Letters of Credit as provided for herein) as set forth on Schedule 2.01, or in the Assignment and
Acceptance pursuant to which such Lender assumed its Revolving Credit Commitment, as applicable,
as the same may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced or
increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04.

     “Revolving Credit Exposure” shall mean, with respect to any Lender at any time, the aggregate
principal amount at such time of all outstanding Revolving Loans of such Lender, plus the
aggregate amount at such time of such Lender’s L/C Exposure, plus the aggregate amount at such
time of such Lender’s Swingline Exposure.

     “Revolving Credit Lender” shall mean a Lender with a Revolving Credit Commitment or an
outstanding Revolving Loan.

     “Revolving Credit Maturity Date” shall mean January 3, 2012.

     “Revolving Loans” shall mean the revolving loans made by the Lenders to the Borrower pursuant
to clause (b) of Section 2.01.

     “Secured Parties” shall have the meaning assigned to such term in the Guarantee and
Collateral Agreement.

     “Security Documents” shall mean the Mortgages, the Guarantee and Collateral Agreement, the
Pledge Agreements, the Ship Mortgages, the Vessel Security Agreements and each of the security
agreements, mortgages and other instruments and documents executed and delivered pursuant to any
of the foregoing or pursuant to Section 5.12.

     “Services Agreements” shall mean (i) the services agreement dated as of the Closing Date
between Columbia Sussex and the Borrower, (ii) the services agreement dated as of August 26, 2004
(as amended as of November 6, 2006), between Columbia Sussex and Jubilee, (iii) the services
agreement dated as of January 1, 2002, between Columbia Sussex and Greenville, (iv) the services
agreement dated as of October 27, 2003 (as amended as of August 7, 2006 and November 6, 2006),
between Columbia Sussex and Vicksburg, (v) the services agreement dated as of the Closing Date
among Columbia Sussex, Aztar and Tropicana Las Vegas and (vi) the services agreement to be entered
into between Columbia Sussex and Casino Queen upon the consummation of the

 

29

Casino Queen acquisition, substantially in the form set out in Exhibit M, in each case for the
provision of services (including treasury, accounting, business management, marketing and other
support services) to the Borrower, the Subsidiaries or the Affiliated Guarantors, as applicable.

     “Ship Mortgage” means collectively, (a) a preferred ship mortgage in form and substance
acceptable to the Administrative Agent, executed in favor of the Collateral Agent granting a first
priority Lien upon the vessel Lighthouse Point Casino, (b) a preferred ship mortgage in form and
substance acceptable to the Administrative Agent, executed in favor of the Collateral Agent
granting a first priority Lien upon the vessel Argosy III, (c) a preferred ship mortgage in form
and substance acceptable to the Administrative Agent, executed in favor of the Collateral Agent
granting a first priority Lien upon the vessel City of Evansville, (d) a preferred ship mortgage
in form and substance acceptable to the Administrative Agent, executed in favor of the Collateral
Agent granting a first priority Lien upon the Star of Vicksburg, (e) a preferred ship mortgage in
form and substance acceptable to the Administrative Agent, executed in favor of the Collateral
Agent granting a first priority Lien upon the vessel Bayou Caddy’s Jubilee Casino and related
support barge B-527 and floating casino barge Doris, (f) upon the completion of the acquisition of
Casino Queen, preferred ship mortgages in form and substance acceptable to the Administrative
Agent, executed in favor of the Collateral Agent granting a first priority Lien upon the two
vessels named “Casino Queen” (including the mooring barge) and (g) each other similar agreement
which may hereafter be executed by the Borrower in favor of the Collateral Agent (including any
such ship mortgage executed with respect to any other vessel used in connection with any related
gaming operations), each substantially in the form of Exhibit K.

     “SPC” shall have the meaning assigned to such term in Section 9.04(i).

     “S&P” shall mean
Standard & Poor’s Ratings Service, or any successor thereto.

     “Star of Vicksburg” shall mean the vessel with the name “Star of Vicksburg”, Official number
587361, and all related fittings, furnishings, fixtures, equipment and appurtenances.

     “Statutory Reserves” shall mean a fraction (expressed as a decimal), the numerator of which is
the number one and the denominator of which is the number one minus the aggregate of the maximum
reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed
as a decimal established by the Board and any other banking authority, domestic or foreign, to
which the Administrative Agent or any Lender (including any branch, Affiliate or other fronting
office making or holding a Loan) is subject for Eurocurrency Liabilities (as defined in Regulation
D of the Board). Eurodollar Loans shall be deemed to constitute Eurocurrency Liabilities as defined
in Regulation D of the Board) and to be subject to such reserve requirements without benefit of or
credit for proration, exemptions or offsets that may be available from time to time to any Lender
under such Regulation D. Statutory Reserves shall be adjusted automatically on and as of the
effective date of any change in any reserve percentage.

 

30

     “Subordinated Note Documents” shall mean the indenture under which the Subordinated Notes are
issued and all other instruments, agreements and other documents evidencing or governing the
Subordinated Notes or providing for any Guarantee or other right in respect thereof.

     “Subordinated Notes” shall mean the Borrower’s 9.625% Senior Subordinated Notes due 2014, in
an initial aggregate principal amount of $960,000,000.

     “subsidiary” shall mean, with respect to any person (herein referred to as the “parent”), any
corporation, partnership, limited liability company, association or other business entity (a) of
which securities or other ownership interests representing more than 50% of the equity or more
than 50% of the ordinary voting power or more than 50% of the general partnership interests are,
at the time any determination is being made, owned, Controlled or held, or (b) that is, at the time
any determination is made, otherwise Controlled, by the parent or one or more subsidiaries of the
parent or by the parent and one or more subsidiaries of the parent.

     “Subsidiary” shall mean any subsidiary of the Borrower, other than Tropicana Las Vegas
Intermediate Holdings and its direct and indirect subsidiaries. Notwithstanding anything herein to
the contrary, Tropicana Pennsylvania, Casino Aztar Caruthersville, LV Rec, Inc., and LV Red, LLC
shall be deemed not to be a “Subsidiary”.

     “Subsidiary Guarantor” shall mean each Subsidiary and Affiliated Guarantor listed on Schedule
1.01(a), and each other subsidiary that is or becomes a party to the Guarantee and Collateral
Agreement or otherwise provides a guarantee in respect of the Obligations.

     “Swingline Borrowing” shall mean a Borrowing comprised of Swingline Loans.

     “Swingline Commitment” shall mean the commitment of the Swingline Lender to make loans
pursuant to Section 2.22, as the same may be reduced from time to time pursuant to Section 2.09.

     “Swingline Exposure” shall mean at any time the aggregate principal amount at such time of
all outstanding Swingline Loans. The Swingline Exposure of any Revolving Credit Lender at any time
shall equal its Pro Rata Percentage of the aggregate Swingline Exposure at such time.

     “Swingline Lender” shall mean Credit Suisse, acting through any of its Affiliates or
branches, in its capacity as lender of Swingline Loans hereunder.

     “Swingline Loan” shall mean any loan made by the Swingline Lender pursuant to Section 2.22.

     “Synthetic Lease” shall mean, as to any person, any lease (including leases that may be
terminated by the lessee at any time) of any property (whether real, personal or mixed) (a) that is
accounted for as an operating lease under GAAP and (b) in respect of

 

31

which the lessee retains or obtains ownership of the property so leased for U.S. federal income
tax purposes, other than any such lease under which such person is the lessor.

     “Synthetic Lease Obligations” shall mean, as to any person, an amount equal to the
capitalized amount of the remaining lease payments under any Synthetic Lease that would appear on
a balance sheet of such person in accordance with GAAP if such obligations were accounted for as
Capital Lease Obligations.

     “Synthetic Purchase Agreement” shall mean any swap, derivative or other agreement or
combination of agreements pursuant to which Holdings, the Borrower, any Subsidiary or any
Affiliated Guarantor is or may become obligated to make (a) any payment in connection with a
purchase by any third party from a person other than Holdings, the Borrower, any Subsidiary or any
Affiliated Guarantor of any Equity Interest or Restricted Indebtedness or (b) any payment (other
than on account of a permitted purchase by it of any Equity Interest or Restricted Indebtedness)
the amount of which is determined by reference to the price or value at any time of any Equity
Interest or Restricted Indebtedness; provided that no phantom stock or similar plan providing for
payments only to current or former directors, officers or employees of Holdings, the Borrower, the
Subsidiaries or the Affiliated Guarantors (or to their heirs or estates) shall be deemed to be a
Synthetic Purchase Agreement.

     “Tahoe” shall mean Columbia Properties Tahoe, LLC, a Nevada limited liability company.

     “Taxes” shall mean any and all present or future taxes, levies, imposts, duties, deductions,
charges or withholdings imposed by any Governmental Authority.

     “Term Borrowing” shall mean a Borrowing comprised of Term Loans.

     “Term Lender” shall mean a Lender with a Term Loan Commitment or an outstanding Term Loan.

     “Term Loan Commitment” shall mean, with respect to each Lender, the commitment of such Lender
to make Term Loans hereunder as set forth on Schedule 2.01, or in the Assignment and Acceptance
pursuant to which such Lender assumed its Term Loan Commitment, as applicable, as the same may be
(a) reduced from time to time pursuant to Section 2.09 and (b) reduced or increased from time to
time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial aggregate
amount of the Lenders’ Term Loan Commitments is $1,530,000,000.

     “Term Loan Maturity Date” shall mean January 3, 2012.

     “Term Loans” shall mean the term loans made by the Lenders to the Borrower pursuant to clause
(a) of Section 2.01.

     “Total Debt” shall mean, at any time, the total Indebtedness of the Borrower and the
Subsidiaries at such time (excluding Indebtedness of the type described in clause (i)

 

32

of the definition of such term, except to the extent of any unreimbursed drawings thereunder).

     “Total Revolving Credit Commitment” shall mean, at any time, the aggregate amount of the
Revolving Credit Commitments, as in effect at such time. The initial Total Revolving Credit
Commitment is $180,000,000.

     “Transaction Documents” shall mean the Merger Agreement and all material exhibits and
schedules thereto and all agreements expressly contemplated thereby, the Loan Documents and the
Subordinated Note Documents, in each case as amended from time to time in accordance with the
terms hereof and thereof.

     “Transactions” shall mean, collectively, the transactions to occur pursuant to the Transaction
Documents, including (a) the Merger, (b) the execution and delivery of the Loan Documents and the
initial borrowings hereunder, (c) the execution and delivery of the Tropicana Las Vegas Secured
Credit Agreement and the borrowings thereunder, (d) the execution and delivery of the Subordinated
Note Documents and the borrowings thereunder, (e) the Equity Contribution, (f) the Existing Debt
Refinancing and (g) the payment of related fees and expenses.

     “Tropicana Garage Insured Claims’’ shall mean any insurance payments in respect of (i) the
“completed value builders risk” insurance policy issued by Zurich American Insurance Company or
(ii) insurance policies covering business interruption at the Tropicana Casino and Resort in
Atlantic City, New Jersey, issued by Lexington Insurance Company, U.S. Fire Insurance Company,
Westchester Surplus Lines Insurance Company, Essex Insurance Company, certain underwriters at
Lloyd’s, London, Hartford Insurance Company, Zurich American Insurance Company or any other
insurance company, in each case relating to the collapse of a portion of a parking garage under
construction at the Tropicana Casino and Resort in Atlantic City, New Jersey, on October 30, 2003.

     “Tropicana Las Vegas” shall mean Wimar LandCo, LLC, a Delaware limited liability company.

     “Tropicana Las Vegas Intermediate Holdings’’ shall mean Wimar LandCo Intermediate Holdings,
LLC, a Delaware limited liability company.

     “Tropicana Las Vegas Prepayment Event” shall mean the sale of all or substantially all of the
assets of Tropicana Las Vegas Intermediate Holdings and its subsidiaries or the sale of all or
substantially all of the Equity Interests of Tropicana Las Vegas Intermediate or Tropicana Las
Vegas (or the Equity Interests of any subsidiary or subsidiaries of Tropicana Las Vegas, the
result of which is the transfer or other disposition of all or substantially all of the assets or
value of Tropicana Las Vegas Intermediate Holdings and its subsidiaries).

     “Tropicana Las Vegas Prepayment Proceeds” shall mean the gross proceeds from any Tropicana
Las Vegas Prepayment Event less (i) fees, costs and expenses (including broker’s fees or
commissions, accountants’ fees, investment banking fees,

 

33

consulting fees, legal fees and any other customary fees and expenses actually incurred in
connection therewith, transfer and similar taxes and the Borrower’s good faith estimate of income
taxes paid or payable in connection with such sale as certified by a Financial Officer) in
connection therewith, (ii) amounts provided as a reserve, in accordance with GAAP, against any
liabilities under any indemnification obligations or purchase price adjustment associated with
such Tropicana Las Vegas Prepayment Event (provided that, to the extent and at such time as any
such amounts are released from such reserve and returned to a Loan Party, such amounts shall
constitute Tropicana Las Vegas Prepayment Proceeds) and (iii) amounts required to repay in full
all Indebtedness (including breakage costs) and other obligations of Tropicana Las Vegas
Intermediate Holdings and its subsidiaries.

     “Tropicana Las Vegas Secured Credit Agreement” shall mean the Senior Secured Credit Agreement
dated as of the date hereof, among Tropicana Las Vegas, Tropicana Las Vegas Intermediate Holdings,
the lenders from time to time party thereto and Credit Suisse, as administrative agent, as the
same may be amended, restated, supplemented or otherwise modified from time to time.

     “Tropicana Las Vegas Secured Facility” shall mean the secured term loan facility in an
aggregate principal amount up to $440,000,000 provided to Tropicana Las Vegas pursuant to the
Tropicana Las Vegas Secured Credit Agreement.

     “Tropicana Pennsylvania” shall mean Tropicana Pennsylvania LLC, a Pennsylvania limited
liability company.

     “Type”, when used in respect of any Loan or Borrowing, shall refer to the Rate by reference
to which interest on such Loan or on the Loans comprising such Borrowing is determined. For
purposes hereof, the term “Rate” shall mean the Adjusted LIBO Rate and the Alternate Base Rate.

     “USA 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)).

     “Vessel Security Agreement” shall refer to each vessel security agreement, in form and
substance acceptable to the Administrative Agent, entered into in connection with each Ship
Mortgage and creating a security interest in each vessel under the UCC in the event any such
vessel covered by a Ship Mortgage is determined to not be a “vessel” as required therein.

     “Vicksburg” shall have the meaning assigned to such term in the preamble.

     “wholly owned Subsidiary” of any person shall mean a subsidiary of such person of which
securities (except for directors’ qualifying shares) or other ownership interests representing 100%
of the Equity Interests are, at the time any determination is being made, owned, Controlled or held
by such person or one or more wholly owned Subsidiaries of such person or by such person and one or
more wholly owned Subsidiaries of such person.

 

34

     “Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete
or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA.

     “Yung Group” shall mean (i) William J. Yung III, (ii) his spouse and members of his immediate
family (including siblings, children, grandchildren and children and grandchildren by adoption),
(iii) any Affiliate Controlled by any the foregoing, (iv) in the event of incompetence or death of
any of the persons described in paragraphs (i) and (ii) hereof, such person’s estate, executor,
administrator, committee or other personal representative, in each case who at the particular date
will beneficially own or have the right to acquire, directly or indirectly Equity Interests of
Holdings or the Borrower or (v) any trusts for their respective benefit, or any trust for the
benefit of any such trust; provided, however, that the Yung Group shall not include any operating
company affiliated with any of the foregoing (including Columbia Sussex) that is not engaged
exclusively in Permitted Businesses.

     SECTION 1.02. Terms Generally. The definitions in Section 1.01 shall apply equally to both
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”; and the
words “asset” and “property” shall be construed as having 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. All references herein to Articles, Sections, Exhibits
and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules
to, this Agreement unless the context shall otherwise require. Except as otherwise expressly
provided herein, (a) any reference in this Agreement to any Loan Document shall mean such document
as amended, restated, supplemented or otherwise modified from time to time and (b) all terms of an
accounting or financial nature shall be construed in accordance with GAAP, as in effect from time
to time; provided, however, that if the Borrower notifies the Administrative Agent that the
Borrower wishes to amend any covenant in Article VI or any related definition to eliminate the
effect of any change in GAAP occurring after the date of this Agreement on the operation of such
covenant (or if the Administrative Agent notifies the Borrower that the Required Lenders wish to
amend Article VI or any related definition for such purpose), then the Borrower’s compliance with
such covenant 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 covenant is amended
in a manner satisfactory to the Borrower and the Required Lenders.

     SECTION 1.03. Pro Forma Calculations. With respect to any period of four consecutive fiscal
quarters during which any Permitted Acquisition or Asset Sale occurs (and for purposes of
determining whether an acquisition is a Permitted Acquisition under Section 6.04(g) or would result
in a Default or an Event of Default), the Leverage Ratio shall be calculated with respect to such
period on a pro forma basis after giving effect to such Permitted Acquisition or any Asset Sale
occurring during such period (including, without duplication, (a) all pro forma adjustments
permitted or required by Article 11 of

 

35

Regulation S-X under the Securities Act of 1933, as amended, (b) pro forma adjustments for cost
savings (net of continuing associated expenses) to the extent such cost savings are factually
supportable, are expected to have a continuing impact and have been realized or are reasonably
expected to be realized within 12 months (or 18 months with respect to the acquisition of Casino
Queen) following such Permitted Acquisition and (c) in the case of an Asset Sale, excluding the
Consolidated EBITDA of any person disposed of by Holdings, the Affiliated Guarantors or the
Subsidiaries during such period (assuming the consummation of such disposition and the repayment
of any Indebtedness in connection therewith occurred on the first day of such period); provided
that all such adjustments shall be set forth in a reasonably detailed certificate of a Financial
Officer of the Borrower), using, for purposes of making such calculations, the historical
financial statements of the Borrower, the Affiliated Guarantors and the Subsidiaries which shall
be reformulated (where relevant) as if such Permitted Acquisition or Asset Sale, as applicable,
and any other Permitted Acquisitions or Asset Sales that have been consummated during the period,
had been consummated on the first day of such period.

     SECTION 1.04. Classification of Loans and Borrowings. For purposes of this Agreement, Loans
may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a
“Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving Loan”). Borrowings also
may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a
“Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency Revolving Borrowing”).

     SECTION 1.05. Senior Debt. The Loans and other Obligations are hereby designated as “Senior
Debt” and “Designated Senior Debt” for all purposes of the Subordinated Note Documents.

ARTICLE II

The Credits

     SECTION 2.01. Commitments. Subject to the terms and conditions and relying upon the
representations and warranties herein set forth, each Lender agrees, severally and not jointly, (a)
to make a Term Loan to the Borrower on the Closing Date in a principal amount not to exceed its
Term Loan Commitment, and (b) to make Revolving Loans to the Borrower, at any time and from time to
time after the date hereof, and until the earlier of the Revolving Credit Maturity Date and the
termination of the Revolving Credit Commitment of such Lender in accordance with the terms hereof,
in an aggregate principal amount at any time outstanding that will not result in such Lender’s
Revolving Credit Exposure exceeding such Lender’s Revolving Credit Commitment; provided that no
Revolving Loans shall be made on the Closing Date. Within the limits set forth in clause (b) of the
preceding sentence and subject to the terms, conditions and limitations set forth herein, the
Borrower may borrow, pay or prepay and reborrow Revolving Loans. Amounts paid or prepaid in respect
of Term Loans may not be reborrowed.

     SECTION 2.02. Loans. (a) Each Loan (other than Swingline Loans) shall be made as part of a
Borrowing consisting of Loans made by the Lenders ratably in

 

36

accordance with their applicable Commitments; provided, however, that the failure of any
Lender to make any Loan shall not in itself relieve any other Lender of its obligation to lend
hereunder (it being understood, however, that no Lender shall be responsible for the failure of
any other Lender to make any Loan required to be made by such other Lender). Except for Loans
deemed made pursuant to Section 2.02(f), the Loans comprising any Borrowing shall be in an
aggregate principal amount that is (i) an integral multiple of $500,000 and not less than
$2,000,000 or (ii) equal to the remaining available balance of the applicable Commitments.

     (b) Subject to Sections 2.02(f), 2.08 and 2.15, each Borrowing shall be
comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request pursuant to Section
2.03. Each Lender may at its option make any Eurodollar Loan by causing any domestic or foreign
branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option
shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of
this Agreement. Borrowings of more than one Type may be outstanding at the same time; provided,
however, that the Borrower shall not be entitled to request any Borrowing that, if made, would
result in more than five Eurodollar Borrowings outstanding hereunder at any time. For purposes of
the foregoing, Borrowings having different Interest Periods, regardless of whether they commence on
the same date, shall be considered separate Borrowings.

     (c) Except with respect to Loans made pursuant to Section 2.02(f), each Lender shall make each
Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds to such account in New York City as the Administrative Agent may designate not
later than 1:00 p.m., New York City time, and the Administrative Agent shall promptly credit the
amounts so received to an account designated by the Borrower in the Borrowing Request or, if a
Borrowing shall not occur on such date because any condition precedent herein specified shall not
have been met, return the amounts so received to the respective Lenders.

     (d) Unless the Administrative Agent shall have received notice from a Lender prior to the date
of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s
portion of such Borrowing, the Administrative Agent may assume that such Lender has made
such portion available to the Administrative Agent on the date of such Borrowing in accordance
with paragraph (c) above and the Administrative Agent may, in reliance upon such assumption, make
available to the Borrower on such date a corresponding amount. If the Administrative Agent shall
have so made funds available then, to the extent that such Lender shall not have made such portion
available to the Administrative Agent, such Lender agrees to repay to the Administrative Agent
forthwith on demand such corresponding amount together with interest thereon, for each day from the
date such amount is made available to the Borrower to but excluding the date such amount is repaid
to the Administrative Agent at a rate determined by the Administrative Agent to represent its cost
of overnight or short-term funds (which determination shall be conclusive absent manifest error).
If such Lender shall repay to the Administrative Agent such corresponding amount, such amount shall
constitute such Lender’s Loan as part of such Borrowing for purposes of this Agreement. If such
Lender’s share of such Borrowing is not made available to the

 

37

Administrative Agent by such Lender within one Business Day of the date of such Borrowing, the
Administrative Agent shall also be entitled to recover such amount with interest at the rate per
annum equal to the interest rate for the Loan comprising such Borrowing from the Borrower. Nothing
in this paragraph (d) shall be deemed to relieve any Lender of its obligation to fulfill its
commitments hereunder or to prejudice any rights of the Borrower against the Lender as a result of
any default by such Lender hereunder.

     (e) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled
to request any Revolving Credit Borrowing if the Interest Period requested with respect thereto
would end after the Revolving Credit Maturity Date.

     (f) If the Issuing Bank shall not have received from the Borrower the payment required to be
made by Section 2.23(e) within the time specified in such Section, the Issuing Bank will promptly
notify the Administrative Agent of the L/C Disbursement and the Administrative Agent will promptly
notify each Revolving Credit Lender of such L/C Disbursement and its Pro Rata Percentage thereof.
Each Revolving Credit Lender shall pay by wire transfer of immediately available funds to the
Administrative Agent not later than 2:00 p.m., New York City time, on such date (or, if such
Revolving Credit Lender shall have received such notice later than 12:00 (noon), New York City
time, on any day, not later than 10:00 a.m., New York City time, on the immediately following
Business Day), an amount equal to such Lender’s Pro Rata Percentage of such L/C Disbursement (it
being understood that (i) if the conditions precedent to borrowing set forth in Sections 4.01(b)
and (c) have been satisfied, such amount shall be deemed to constitute an ABR Revolving Loan of
such Lender and, to the extent of such payment, the obligations of the Borrower in respect of such
L/C Disbursement shall be discharged and replaced with the resulting ABR Revolving Credit
Borrowing, and (ii) if such conditions precedent to borrowing have not been satisfied, then any
such amount paid by any Revolving Credit Lender shall not constitute a Loan and shall not relieve
the Borrower from its obligation to reimburse such L/C Disbursement), and the Administrative Agent
will promptly pay to the Issuing Bank amounts so received by it from the Revolving Credit Lenders.
The Administrative Agent will promptly pay to the Issuing Bank any amounts received by it from the
Borrower pursuant to Section 2.23(e) prior to the time that any Revolving Credit Lender makes any
payment pursuant to this paragraph (f); any such amounts received by the Administrative Agent
thereafter will be promptly remitted by the Administrative Agent to the Revolving Credit Lenders
that shall have made such payments and to the Issuing Bank, as their interests may appear. If any
Revolving Credit Lender shall not have made its Pro Rata Percentage of such L/C Disbursement
available to the Administrative Agent as provided above, such Lender agrees to pay interest on such
amount, for each day from and including the date such amount is required to be paid in accordance
with this paragraph to but excluding the date such amount is paid, to the Administrative Agent for
the account of the Issuing Bank at a rate per annum equal to, for the first such day, the Federal
Funds Effective Rate, and for each day thereafter, the Alternate Base Rate. If such Revolving
Credit Lender’s share of such L/C Disbursement is not made available to the Administrative Agent by
such Revolving Credit Lender within one Business Day of the date of the L/C Disbursement, the
Administrative Agent shall also be entitled to recover such amount with interest at the rate per
annum equal to

 

38

the interest rate applicable to Revolving Loans pursuant to Section 2.06(a) from the Borrower.
Nothing in this paragraph (f) shall be deemed to relieve any Revolving Credit Lender of its
obligations to fulfill its commitments hereunder or to prejudice the rights of the Borrower
against the Revolving Credit Lender as a result of any default by such Revolving Credit Lender.

     SECTION 2.03. Borrowing Procedure. In order to request a Borrowing (other than a Swingline
Loan or a deemed Borrowing pursuant to Section 2.02(f), as to which this Section 2.03 shall not
apply), the Borrower shall notify the Administrative Agent of such request by telephone (a) in the
case of an ABR Term Loan, not later than 12:00 noon, New York City time on the Closing Date, (b)
in the case of a Eurodollar Borrowing, not later than 12:00 noon, New York City time, three
Business Days before a proposed Borrowing, and (c) in the case of an ABR Borrowing, not later than
12:00 noon, New York City time, one Business Day before a proposed Borrowing. Each such telephonic
Borrowing Request shall be irrevocable, and shall be confirmed promptly by hand delivery or fax to
the Administrative Agent of a written Borrowing Request and shall specify the following
information: (i) whether the Borrowing then being requested is to be a Term Borrowing or a
Revolving Credit Borrowing, and whether such Borrowing is to be a Eurodollar Borrowing or an ABR
Borrowing; (ii) the date of such Borrowing (which shall be a Business Day); (iii) the number and
location of the account to which funds are to be disbursed; (iv) the amount of such Borrowing; and
(v) if such Borrowing is to be a Eurodollar Borrowing, the Interest Period with respect thereto;
provided, however, that, notwithstanding any contrary specification in any Borrowing Request, each
requested Borrowing shall comply with the requirements set forth in Section 2.02. If no election
as to the Type of Borrowing is specified in any such notice, then the requested Borrowing shall be
an ABR Borrowing. If no Interest Period with respect to any Eurodollar Borrowing is specified in
any such notice, then the Borrower shall be deemed to have selected an Interest Period of one
month’s duration. The Administrative Agent shall promptly advise the applicable Lenders of any
notice given pursuant to this Section 2.03 (and the contents thereof), and of each Lender’s
portion of the requested Borrowing.

     SECTION 2.04. Evidence of Debt; Repayment of Loans. (a) The Borrower hereby unconditionally
promises to pay to the Administrative Agent for the account of each Lender (i) the principal amount
of each Term Loan of such Lender as provided in Section 2.11 and (ii) the then unpaid principal
amount of each Revolving Loan of such Lender on the Revolving Credit Maturity Date. The Borrower
hereby promises to pay to the Swingline Lender the then unpaid principal amount of each Swingline
Loan on the Revolving Credit Maturity Date.

     (b) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such
Lender from time to time, including the amounts of principal and interest payable and paid to such
Lender from time to time under this Agreement.

     (c) The Administrative Agent shall maintain accounts in which it will record (i) the amount of
each Loan made hereunder, the Class and Type thereof and, if

 

39

applicable, the Interest Period applicable thereto, (ii) the amount of any principal or interest
due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii)
the amount of any sum received by the Administrative Agent hereunder from the Borrower or any
Guarantor and each Lender’s share thereof.

     (d) The entries made in the accounts maintained pursuant to paragraphs (b) and (c) above shall
be prima facie evidence of the existence and amounts of the obligations therein recorded; provided,
however, that the failure of any Lender or the Administrative Agent to maintain such accounts or
any error therein shall not in any manner affect the obligations of the Borrower to repay the Loans
in accordance with their terms.

     (e) Any Lender may request that Loans made by it hereunder be evidenced by a promissory note.
In such event, the Borrower shall execute and deliver to such Lender a promissory note payable to
such Lender and its registered assigns and in a form and substance reasonably acceptable to
the Administrative Agent and the Borrower. Notwithstanding any other provision of this
Agreement, in the event any Lender shall request and receive such a promissory note, the interests
represented by such note shall at all times (including after any assignment of all or part of such
interests pursuant to Section 9.04) be represented by one or more promissory notes payable to the
payee named therein or its registered assigns.

     SECTION 2.05. Fees. (a) The Borrower agrees to pay to each Revolving Credit Lender, through
the Administrative Agent, on the last Business Day of March, June, September and December in each
year and on each date on which any Commitment of such Revolving Credit Lender shall expire or be
terminated as provided herein, a commitment fee (a “Commitment Fee”) equal to the Commitment Fee
Rate per annum on the daily unused amount of the Revolving Credit Commitment of such Revolving
Credit Lender during the preceding quarter (or other period commencing with the date hereof or
ending with the Revolving Credit Maturity Date or the date on which the Commitments of such Lender
shall expire or be terminated). All Commitment Fees shall be computed on the basis of the actual
number of days elapsed in a year of 360 days. For purposes of calculating Commitment Fees only, no
portion of the Revolving Credit Commitments shall be deemed utilized as a result of outstanding
Swingline Loans.

     (b) The Borrower agrees to pay to the Administrative Agent, for its own account, the
administrative fees set forth in the Fee Letter at the times and in the amounts specified therein
(the “Administrative Agent Fees”).

     (c) The Borrower agrees to pay (i) to each Revolving Credit Lender, through the Administrative
Agent, on the last Business Day of March, June, September and December of each year and on the
date on which the Revolving Credit Commitment of such Lender shall be terminated as provided
herein, a fee (an “L/C Participation Fee”) calculated on such Lender’s Pro Rata Percentage of the
daily aggregate L/C Exposure (excluding the portion thereof attributable to unreimbursed L/C
Disbursements) during the preceding quarter (or shorter period commencing with the date hereof or
ending with the Revolving Credit Maturity Date or the date on which all Letters of Credit have been

 

40

canceled or have expired and the Revolving Credit Commitments of all Lenders shall have been
terminated) at a rate per annum equal to the Applicable Percentage from time to time used to
determine the interest rate on Revolving Credit Borrowings comprised of Eurodollar Loans pursuant
to Section 2.06, and (ii) to the Issuing Bank with respect to each Letter of Credit, on the last
Business Day of March, June, September and December of each year, a fee equal to 0.25% per annum
of the face amount of such Letter of Credit, plus the standard amendment, issuance and drawing
fees specified from time to time by the Issuing Bank (the
“Issuing Bank Fees”). All L/C
Participation Fees and Issuing Bank Fees shall be computed on the basis of the actual number of
days elapsed in a year of 360 days.

     (d) All Fees shall be paid on the dates due, in immediately available funds, to the
Administrative Agent for distribution, if and as appropriate, among the Lenders, except that the
Issuing Bank Fees shall be paid directly to the Issuing Bank. Once paid, none of the Fees shall be
refundable under any circumstances.

     SECTION 2.06. Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans
comprising each ABR Borrowing, including each Swingline Loan, shall bear interest (computed on the
basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be,
when the Alternate Base Rate is determined by reference to the Prime Rate and over a year of 360
days at all other times and calculated from and including the date of such Borrowing to but
excluding the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus
the Applicable Percentage in effect from time to time.

     (b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar
Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a
year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in
effect for such Borrowing plus the Applicable Percentage in effect from time to time.

     (c) Interest on each Loan shall be payable on the Interest Payment Dates applicable to such
Loan except as otherwise provided in this Agreement. The applicable Alternate Base Rate or Adjusted
LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be
determined by the Administrative Agent, and such determination shall be conclusive absent manifest
error.

     SECTION 2.07. Default Interest. If the Borrower shall default in the payment of any principal
of or interest on any Loan or any other amount due hereunder (other than a default in the payment
required to be made by Section 2.23(e) with respect to an L/C Disbursement if the conditions
precedent to borrowing set forth in Section 4.01(b) and (c) have been satisfied and such amounts
owing are converted to ABR Revolving Credit Borrowings pursuant to Section 2.02(f)), by
acceleration or otherwise, or under any other Loan Document, then, until such defaulted amount
shall have been paid in full, to the extent permitted by law, such defaulted amount shall bear
interest (after as well as before judgment), payable on demand, (a) in the case of principal, at
the rate otherwise applicable to such Loan pursuant to Section 2.06 plus 2.00% per annum and (b) in
all

 

41

other cases, at a rate per annum (computed on the basis of the actual number of days elapsed over
a year of 365 or 366 days, as the case may be, when determined by reference to the Prime Rate and
over a year of 360 days at all other times) equal to the rate that would be applicable to that
Loan (or in the case of amounts due that do not relate to a particular Loan, the rate then
applicable to an ABR Revolving Loan) plus 2.00% per annum.

     SECTION 2.08. Alternate Rate of Interest. In the event, and on each occasion, that on the day
two Business Days prior to the commencement of any Interest Period for a Eurodollar Borrowing the
Administrative Agent shall have determined that dollar deposits in the principal amounts of the
Loans comprising such Borrowing are not generally available in the London interbank market, or
that the rates at which such dollar deposits are being offered will not adequately and fairly
reflect the cost to any Lender of making or maintaining its Eurodollar Loan during such Interest
Period, or that reasonable means do not exist for ascertaining the Adjusted LIBO Rate, the
Administrative Agent shall, as soon as practicable thereafter, give written or fax notice of such
determination to the Borrower and the Lenders. In the event of any such determination, until the
Administrative Agent shall have advised the Borrower and the Lenders that the circumstances giving
rise to such notice no longer exist, any request by the Borrower for a Eurodollar Borrowing
pursuant to Section 2.03 or 2.10 shall be deemed to be a request for an ABR Borrowing. Each
determination by the Administrative Agent under this Section 2.08 shall be conclusive absent
manifest error.

     SECTION 2.09. Termination and Reduction of Commitments. (a) The Term Loan Commitments shall
automatically terminate upon the making of the Term Loans on the Closing Date. The Revolving
Credit Commitments and the Swingline Commitment shall automatically terminate on the Revolving
Credit Maturity Date. The L/C Commitment shall automatically terminate on the earlier to occur of
(i) the termination of the Revolving Credit Commitments and (ii) the date 30 days prior to the
Revolving Credit Maturity Date. Notwithstanding the foregoing, all the Commitments shall
automatically terminate at 5:00 p.m., New York City time, on May 19, 2007 or (x) such later date,
not to exceed August 19, 2007, if the termination date contemplated by Section 7.01(b)(i) of the
Merger Agreement is extended in accordance with the terms thereof, or (y) such earlier date on
which the Merger Agreement terminates, if the initial Credit Event shall not have occurred by such
time.

     (b) Upon at least three Business Days’ prior irrevocable written or fax notice to the
Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to
time in part permanently reduce, the Term Loan Commitments, the Revolving Credit Commitments or the
Swingline Commitment; provided, however, that (i) each partial reduction of the Term Loan
Commitments or the Revolving Credit Commitments shall be in an integral multiple of $500,000 and in
a minimum amount of $1,000,000, (ii) each partial reduction of the Swingline Commitment shall be in
an integral multiple of $250,000 and in a minimum amount of $1,000,000 and (iii) the Total
Revolving Credit Commitment shall not be reduced to an amount that is less than the Aggregate
Revolving Credit Exposure at the time.

 

42

     (c) Each reduction in the Term Loan Commitments or the Revolving Credit Commitments hereunder
shall be made ratably among the Lenders in accordance with their respective applicable
Commitments. The Borrower shall pay to the Administrative Agent for the account of the applicable
Lenders, on the date of each termination or reduction, the Commitment Fees on the amount of the
Commitments so terminated or reduced accrued to but excluding the date of such termination or
reduction.

     SECTION 2.10. Conversion and Continuation of Borrowings. The Borrower shall have the right at
any time upon prior irrevocable notice (which may be by telephone, confirmed promptly in writing
or by fax) to the Administrative Agent (a) not later than 12:00 (noon), New York City time, one
Business Day prior to conversion, to convert any Eurodollar Borrowing into an ABR Borrowing, (b)
not later than 12:00 noon, New York City time, three Business Days prior to conversion or
continuation, to convert any ABR Borrowing into a Eurodollar Borrowing or to continue any
Eurodollar Borrowing as a Eurodollar Borrowing for an additional Interest Period, and (c) not
later than 12:00 noon, New York City time, three Business Days prior to conversion, to convert the
Interest Period with respect to any Eurodollar Borrowing to another permissible Interest Period,
subject in each case to the following:

     (i) each conversion or continuation shall be made pro rata among the Lenders in
accordance with the respective principal amounts of the Loans comprising the converted or
continued Borrowing;

     (ii) if less than all the outstanding principal amount of any Borrowing shall be
converted or continued, then each resulting Borrowing shall satisfy the limitations
specified in Sections 2.02(a) and 2.02(b) regarding the principal amount and maximum
number of Borrowings of the relevant Type;

     (iii) each conversion shall be effected by each Lender and the Administrative Agent by
recording for the account of such Lender the new Loan of such Lender resulting from such
conversion or continuation, where appropriate, and reducing the Loan (or portion thereof)
of such Lender being converted by an equivalent principal amount; accrued interest on any
Eurodollar Loan (or portion thereof) being converted shall be paid by the Borrower at the
time of conversion;

     (iv) if any Eurodollar Borrowing is converted at a time other than the end of the
Interest Period applicable thereto, the Borrower shall pay, upon demand, any amounts due
to the Lenders pursuant to Section 2.16;

     (v) any portion of a Borrowing maturing or required to be repaid in less than one
month may not be converted into or continued as a Eurodollar Borrowing;

     (vi) any portion of a Eurodollar Borrowing that cannot be converted into or continued
as a Eurodollar Borrowing by reason of the immediately preceding clause shall be
automatically converted at the end of the Interest Period in effect for such Borrowing
into an ABR Borrowing;

 

43

     (vii) no Interest Period may be selected for any Eurodollar Term Borrowing that would
end later than a Repayment Date occurring on or after the first day of such Interest
Period if, after giving effect to such selection, the aggregate outstanding amount of (A)
the Eurodollar Term Borrowings with Interest Periods ending on or prior to such Repayment
Date and (B) the ABR Term Borrowings would not be at least equal to the principal amount
of Term Borrowings to be paid on such Repayment Date; and

     (viii) upon notice to the Borrower from the Administrative Agent given at the request
of the Required Lenders, after the occurrence and during the continuance of a Default or
Event of Default, no outstanding Loan may be converted into, or continued as, a Eurodollar
Loan.

     Each notice pursuant to this Section 2.10 shall be irrevocable and shall refer to this
Agreement and specify (i) the identity and amount of the Borrowing that the Borrower requests be
converted or continued, (ii) whether such Borrowing is to be converted to or continued as a
Eurodollar Borrowing or an ABR Borrowing, (iii) if such notice requests a conversion, the date of
such conversion (which shall be a Business Day) and (iv) if such Borrowing is to be converted to or
continued as a Eurodollar Borrowing, the Interest Period with respect thereto. If no Interest
Period is specified in any such notice with respect to any conversion to or continuation as a
Eurodollar Borrowing, the Borrower shall be deemed to have selected an Interest Period of one
month’s duration. The Administrative Agent shall advise the Lenders of any notice given pursuant to
this Section 2.10 and of each Lender’s portion of any converted or continued Borrowing. If the
Borrower shall not have given notice in accordance with this Section 2.10 to continue any Borrowing
into a subsequent Interest Period (and shall not otherwise have given notice in accordance with
this Section 2.10 to convert such Borrowing), such Borrowing shall, at the end of the Interest
Period applicable thereto (unless repaid pursuant to the terms hereof), automatically be continued
into an ABR Borrowing.

     SECTION 2.11. Repayment of Term Borrowings. (a) The Borrower shall pay to the Administrative
Agent, for the account of the Lenders, on the dates set forth below, or if any such date is not a
Business Day, on the next preceding Business Day (each such date
being called a “Repayment Date”),
a principal amount of the Term Loans (as adjusted from time to time pursuant to Sections 2.11(b),
2.12 and 2.13(i)) equal to the amount set forth below for such date, together in each case with
accrued and unpaid interest on the principal amount to be paid to but excluding the date of such
payment:

	 	 	 	 	 
	Repayment Date	 	Amount
	March 31, 2007
	 	$	3,825,000	 
	June 30, 2007
	 	$	3,825,000	 
	September 30, 2007
	 	$	3,825,000	 
	December 31, 2007
	 	$	3,825,000	 
	March 31, 2008
	 	$	3,825,000	 
	June 30, 2008
	 	$	3,825,000	 
	September 30, 2008
	 	$	3,825,000	 

 

44

	 	 	 	 	 
	Repayment Date	 	Amount
	December 31, 2008
	 	$	3,825,000	 
	March 31, 2009
	 	$	3,825,000	 
	June 30, 2009
	 	$	3,825,000	 
	September 30, 2009
	 	$	3,825,000	 
	December 31, 2009
	 	$	3,825,000	 
	March 31, 2010
	 	$	3,825,000	 
	June 30, 2010
	 	$	3,825,000	 
	September 30, 2010
	 	$	3,825,000	 
	December 31, 2010
	 	$	3,825,000	 
	March 31, 2011
	 	$	3,825,000	 
	June 30, 2011
	 	$	3,825,000	 
	September 30, 2011
	 	$	3,825,000	 
	Term Loan Maturity Date
	 	$	1,457,325,000	 

     (b) In the event and on each occasion that the Term Loan Commitments shall be reduced or shall
expire or terminate other than as a result of the making of a Term Loan, the installments payable
on each Repayment Date shall be reduced pro rata by an aggregate amount equal to the amount of such
reduction, expiration or termination.

     (c) To the extent not previously paid, all Term Loans shall be due and payable on the Term
Loan Maturity Date together with accrued and unpaid interest on the principal amount to be paid to
but excluding the date of payment.

     (d) All
repayments pursuant to this Section 2.11 shall be subject to Section 2.16, but shall
otherwise be without premium or penalty.

     SECTION 2.12. Optional Prepayment. (a) The Borrower shall have the right at any time and from
time to time to prepay any Borrowing, in whole or in part, upon at least three Business Days’
prior written or fax notice (or telephone notice promptly confirmed by written or fax notice) in
the case of Eurodollar Loans, or written or fax notice (or telephone notice promptly confirmed by
written or fax notice) at least one Business Day prior to the date of prepayment in the case of
ABR Loans, to the Administrative Agent before 12:00 noon, New York City time; provided, however,
that each partial prepayment shall be in an amount that is an integral multiple of $500,000 and
not less than $2,000,000.

     (b) Optional prepayments of Term Loans shall be applied to the remaining scheduled
installments of principal due in respect of the Term Loans under Section 2.11 as the Borrower may
direct.

     (c) Each notice of prepayment shall specify the prepayment date and the principal amount of
each Borrowing (or portion thereof) to be prepaid, shall be irrevocable (other than in connection
with a refinancing) and shall commit the Borrower to prepay such Borrowing by the amount stated
therein on the date stated therein. All prepayments under this Section 2.12 shall be subject to
Section 2.16 but otherwise without premium or penalty. All prepayments under this Section 2.12
(other than prepayments of ABR Revolving Loans that are not made in connection with the

 

45

termination or permanent reduction of the Revolving Credit Commitments) shall be accompanied by
accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of
payment.

     SECTION 2.13. Mandatory Prepayments. (a) In the event of any termination of all the Revolving
Credit Commitments, the Borrower shall, on the date of such termination, repay or prepay all its
outstanding Revolving Credit Borrowings and all outstanding Swingline Loans and replace or cause
to be canceled (or make other arrangements reasonably satisfactory to the Administrative Agent and
the Issuing Bank with respect to) all outstanding Letters of Credit. If, after giving effect to
any partial reduction of the Revolving Credit Commitments or at any other time, the Aggregate
Revolving Credit Exposure would exceed the Total Revolving Credit Commitment, then the Borrower
shall, on the date of such reduction or at such other time, repay or prepay Revolving Credit
Borrowings or Swingline Loans (or a combination thereof) and, after the Revolving Credit
Borrowings and Swingline Loans shall have been repaid or prepaid in full, replace or cause to be
canceled (or make other arrangements reasonably satisfactory to the Administrative Agent and the
Issuing Bank with respect to) Letters of Credit in an amount sufficient to eliminate such excess.

     (b) Not later than the fifth Business Day following the receipt of Net Cash Proceeds in
respect of any Asset Sale, the Borrower shall apply 100% of the Net Cash Proceeds received with
respect thereto to prepay outstanding Term Loans in accordance with Section 2.13(i).

     (c) In the event and on each occasion that an Equity Issuance occurs (other than pursuant to
Section 5.21), the Borrower shall, substantially simultaneously with (and in any event not later
than the fifth Business Day next following) the occurrence of such Equity Issuance, apply 50% of
the Net Cash Proceeds therefrom to prepay outstanding Term Loans in accordance with Section
2.13(i); provided, however, that if the Leverage Ratio as at the time of receipt is less than 4.0
to 1.0, such amount shall be reduced to 25% of Net Cash Proceeds from the occurrence of such Equity
Issuance.

     (d) No later than the earlier of (i) 90 days after the end of each fiscal year of the
Borrower, commencing with the fiscal year ending on December 31, 2007, and (ii) the date on which
the financial statements with respect to such period are delivered pursuant to Section 5.04(a), the
Borrower shall prepay outstanding Term Loans in accordance with Section 2.13(i) in an aggregate
principal amount equal to 50% of Excess Cash Flow less any Extraordinary Receipts for such period
(solely to the extent included in the calculation of Consolidated Net Income for such period) for
the fiscal year then ended; provided, however, that (x) if the Leverage Ratio as at the end of such
fiscal year is less than 4.0 to 1.0, such amount shall be reduced to 25% of such Excess Cash Flow
(less any Extraordinary Receipts as described above) and (y) if the Leverage Ratio as at the end of
such fiscal year is less than 3.0 to 1.0, such amount shall be reduced to 0% of such Excess Cash
Flow.

     (e) In the event that any Loan Party shall receive Net Cash Proceeds from the issuance or
incurrence of Indebtedness for money borrowed of any Loan Party or any

 

46

subsidiary of a Loan Party (other than any cash proceeds from the issuance of Indebtedness for
money borrowed permitted pursuant to Section 6.01 (other than pursuant to Section 6.0 l(l)(ii))),
the Borrower shall, substantially simultaneously with (and in any event not later than the fifth
Business Day next following) the receipt of such Net Cash Proceeds by such Loan Party, apply an
amount equal to 100% of such Net Cash Proceeds to prepay outstanding Term Loans in accordance with
Section 2.13(i).

     (f) In the event that any Loan Party shall receive any Extraordinary Receipt, the Borrower
shall, substantially simultaneously with (and in any event not later than the fifth Business Day
next following) the receipt of such Extraordinary Receipt, apply 100% of such Extraordinary Receipt
to prepay outstanding Term Loans in accordance with Section 2.13(i).

     (g) In the event and on the occasion of a Tropicana Las Vegas Prepayment Event, the Borrower
shall, substantially simultaneous with (and in any event not later than the fifth Business Day next
following) the occurrence of such Tropicana Las Vegas Prepayment Event, apply 100% of the
Tropicana Las Vegas Prepayment Proceeds therefrom to prepay outstanding Term Loans in accordance
with Section 2.13(i).

     (h) In the event the acquisition of Casino Queen has not been consummated prior to the date
90 days after the Closing Date, on such day apply 100% of the Casino Queen Deposit to prepay
outstanding Term Loans in accordance with Section 2.13(i).

     (i) Mandatory prepayments of outstanding Term Loans under this Agreement shall be applied in
forward order against the next eight remaining scheduled installments of principal due in respect
of the Term Loans under Section 2.11, with the balance being applied pro rata against the
remaining scheduled installments of principal due in respect of the Term Loans under Section 2.11.

     (j) The Borrower shall deliver to the Administrative Agent, at the time of each prepayment
required under this Section 2.13, (i) a certificate signed by a Financial Officer of the Borrower
setting forth in reasonable detail the calculation of the amount of such prepayment and (ii) to the
extent practicable, at least three days prior written notice of such prepayment. Each notice of
prepayment shall specify the prepayment date, the Type of each Loan being prepaid and the principal
amount of each Loan (or portion thereof) to be prepaid. All prepayments of Borrowings under this
Section 2.13 shall be subject to Section 2.16, but shall otherwise be without premium or penalty,
and shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to
but excluding the date of payment.

     (k) Notwithstanding anything to the contrary herein, any Term Lender may elect, by notice to
the Administrative Agent at or prior to the time and in the manner specified by the Administrative
Agent, prior to any prepayment of Term Loans required to be made by the Borrower pursuant to
paragraphs (b), (c), (d), (e), (f), (g) or (h) of this Section 2.13, to decline all (but not a
portion) of its pro rata share of such prepayment (such declined amounts, the “Declined
Proceeds”). Any Declined Proceeds shall be offered to the Term Lenders not so declining such
prepayment (with such non-declining Term

 

47

Lenders having the right to decline any prepayment with Declined Proceeds at the time and in the
manner specified by the Administrative Agent). To the extent such non-declining Term Lenders elect
to decline their pro rata shares of such Declined Proceeds, such Declined Proceeds may be retained
by the Borrower. If at the time of any prepayment pursuant to this Section 2.13 there shall be
outstanding Term Borrowings of different Types or Eurodollar Term Borrowings with different
Interest Periods, and if some but not all Term Lenders shall have accepted such mandatory
prepayment, then the aggregate amount of such mandatory prepayment shall be allocated ratably to
each outstanding Term Borrowing of the accepting Lenders.

     SECTION 2.14. Reserve Requirements; Change in Circumstances. (a) Notwithstanding any other
provision of this Agreement, if any Change in Law shall impose, modify or deem applicable any
reserve, special deposit or similar requirement against assets of, deposits with or for the
account of or credit extended by any Lender or the Issuing Bank (except any such reserve
requirement which is reflected in the Adjusted LIBO Rate) or shall impose on such Lender or the
Issuing Bank or the London interbank market any other condition affecting this Agreement or
Eurodollar 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 or the Issuing Bank of
making or maintaining any Eurodollar Loan or increase the cost to any Lender of issuing or
maintaining any Letter of Credit or purchasing or maintaining a participation therein or to reduce
the amount of any sum received or receivable by such Lender or the Issuing Bank hereunder (whether
of principal, interest or otherwise) by an amount deemed by such Lender or the Issuing Bank
(acting reasonably) to be material, then the Borrower will pay to such Lender or the Issuing Bank,
as the case may be, upon demand such additional amount or amounts as will compensate such Lender
or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered.

     (b) If any Lender or the Issuing Bank shall have determined that any Change in Law regarding
capital adequacy has or would have the effect of reducing the rate of return on such Lender’s or
the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding
company, if any, as a consequence of this Agreement or the Loans made or participations in Letters
of Credit purchased by such Lender pursuant hereto or the Letters of Credit issued by the Issuing
Bank pursuant hereto to a level below that which such Lender or the Issuing Bank or such Lender’s
or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into
consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the
Issuing Bank’s holding company with respect to capital adequacy) by an amount deemed by such Lender
or the Issuing Bank (acting reasonably) to be material, then from time to time the Borrower shall
pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as
will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding
company for any such reduction suffered.

     (c) A certificate of a Lender or the Issuing Bank setting forth the amount or amounts
necessary to compensate such Lender or the Issuing Bank or its holding company, as applicable, as
specified in paragraph (a) or (b) above shall be delivered to

 

48

the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or
the Issuing Bank the amount shown as due on any such certificate delivered by it within 10
Business Days after its receipt of the same.

     (d) Failure or delay on the part of any Lender or the Issuing Bank to demand compensation for
any increased costs or reduction in amounts received or receivable or reduction in return on
capital shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such
compensation; provided that the Borrower shall not be under any obligation to compensate any
Lender or the Issuing Bank under paragraph (a) or (b) above with respect to increased costs or
reductions with respect to any period prior to the date that is 120 days prior to such request if
such Lender or the Issuing Bank knew or could reasonably have been expected to know of the
circumstances giving rise to such increased costs or reductions and of the fact that such
circumstances would result in a claim for increased compensation by reason of such increased costs
or reductions; provided further that the foregoing limitation shall not apply to any increased
costs or reductions arising out of the retroactive application of any Change in Law within such
120-day period. The protection of this Section shall be available to each Lender and the Issuing
Bank regardless of any possible contention of the invalidity or inapplicability of the Change in
Law that shall have occurred or been imposed.

     SECTION 2.15. Change in Legality. (a) Notwithstanding any other provision of this Agreement,
if any Change in Law shall make it unlawful for any Lender to make or maintain any Eurodollar Loan
or to give effect to its obligations as contemplated hereby with respect to any Eurodollar Loan,
then, by written notice to the Borrower and to the Administrative Agent:

     (i) such Lender may declare that Eurodollar Loans will not thereafter (for the
duration of such unlawfulness) be made by such Lender hereunder (or be continued for
additional Interest Periods) and ABR Loans will not thereafter (for such duration) be
converted into Eurodollar Loans, whereupon any request for a Eurodollar Borrowing (or to
convert an ABR Borrowing to a Eurodollar Borrowing or to continue a Eurodollar Borrowing
for an additional Interest Period) shall, as to such Lender only, be deemed a request for
an ABR Loan (or a request to continue an ABR Loan as such for an additional Interest
Period or to convert a Eurodollar Loan into an ABR Loan, as the case may be), unless such
declaration shall be subsequently withdrawn; and

     (ii) such Lender may require that all outstanding Eurodollar Loans made by it be
converted to ABR Loans, in which event all such Eurodollar Loans shall be automatically
converted to ABR Loans as of the effective date of such notice as provided in paragraph
(b) below.

In the event any Lender shall exercise its rights under (i) or (ii) above, all payments and
prepayments of principal that would otherwise have been applied to repay the Eurodollar Loans that
would have been made by such Lender or the converted Eurodollar Loans of such Lender shall instead
be applied to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion
of, such Eurodollar Loans.

 

49

     (b) For purposes of this Section 2.15, a notice to the Borrower by any Lender shall be
effective as to each Eurodollar Loan made by such Lender, if lawful, on the last day of the
Interest Period then applicable to such Eurodollar Loan; in all other cases such notice shall be
effective on the date of receipt by the Borrower.

     SECTION 2.16. Indemnity. The Borrower shall indemnify each Lender against any loss or expense
that such Lender may sustain (other than loss of profits) or incur as a consequence of (a) any
event, other than a default by such Lender in the performance of its obligations hereunder, which
results in (i) such Lender receiving or being deemed to receive any amount on account of the
principal of any Eurodollar Loan prior to the end of the Interest Period in effect therefor, (ii)
the conversion of any Eurodollar Loan to an ABR Loan, or the conversion of the Interest Period
with respect to any Eurodollar Loan, in each case other than on the last day of the Interest
Period in effect therefor, or (iii) any Eurodollar Loan to be made by such Lender (including any
Eurodollar Loan to be made pursuant to a conversion or continuation under Section 2.10) not being
made after notice of such Loan shall have been given by the Borrower hereunder (any of the events
referred to in this clause (a) being called a
“Breakage Event”) or (b) any default by the Borrower
in the making of any payment or prepayment required to be made hereunder. In the case of any
Breakage Event, such loss shall include an amount equal to the excess, as reasonably determined by
such Lender, of (i) its cost of obtaining funds for the Eurodollar Loan that is the subject of
such Breakage Event for the period from the date of such Breakage Event to the last day of the
Interest Period in effect (or that would have been in effect) for such Loan over (ii) the amount
of interest likely to be realized by such Lender in redeploying the funds released or not utilized
by reason of such Breakage Event for such period. A certificate of any Lender setting forth any
amount or amounts which such Lender is entitled to receive pursuant to this Section 2.16 shall be
delivered to the Borrower and shall be conclusive absent manifest error.

     SECTION 2.17. Pro Rata Treatment. Except as provided below in this Section 2.17 with respect
to Swingline Loans and as required under Section 2.13(k) or Section 2.15, each Borrowing, each
payment or prepayment of principal of any Borrowing, each payment of interest on the Loans, each
payment of the Commitment Fees, each reduction of the Term Loan Commitments or the Revolving Credit
Commitments and each conversion of any Borrowing to or continuation of any Borrowing as a Borrowing
of any Type shall be allocated pro rata among the Lenders in accordance with their respective
applicable Commitments (or, if such Commitments shall have expired or been terminated, in
accordance with the respective principal amounts of their outstanding Loans). For purposes of
determining the available Revolving Credit Commitments of the Lenders at any time, each outstanding
Swingline Loan shall be deemed to have utilized the Revolving Credit Commitments of the Lenders
(including those Lenders which shall not have made Swingline Loans) pro rata in accordance with
such respective Revolving Credit Commitments. Each Lender agrees that in computing such Lender’s
portion of any Borrowing to be made hereunder, the Administrative Agent may, in its discretion,
round each Lender’s percentage of such Borrowing to the next higher or lower whole dollar amount.

 

50

     SECTION 2.18. Sharing of Setoffs. Each Lender agrees that if it shall, through the exercise
of a right of banker’s lien, setoff or counterclaim against the Borrower or any other Loan Party,
or pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other
security or interest arising from, or in lieu of, such secured claim, received by such Lender
under any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other
means, obtain payment (voluntary or involuntary) in respect of any Loan or Loans or L/C
Disbursement as a result of which the unpaid principal portion of its Loans and participations in
L/C Disbursements shall be proportionately less than the unpaid principal portion of the Loans and
participations in L/C Disbursements of any other Lender, it shall be deemed simultaneously to have
purchased from such other Lender at face value, and shall promptly pay to such other Lender the
purchase price for, a participation in the Loans and L/C Exposure of such other Lender, so that
the aggregate unpaid principal amount of the Loans and L/C Exposure and participations in Loans
and L/C Exposure held by each Lender shall be in the same proportion to the aggregate unpaid
principal amount of all Loans and L/C Exposure then outstanding as the principal amount of its
Loans and L/C Exposure prior to such exercise of banker’s lien, setoff or counterclaim or other
event was to the principal amount of all Loans and L/C Exposure outstanding prior to such exercise
of banker’s lien, setoff or counterclaim or other event; provided, however, that if any such
purchase or purchases or adjustments shall be made pursuant to this Section 2.18 and the payment
giving rise thereto shall thereafter be recovered, such purchase or purchases or adjustments shall
be rescinded to the extent of such recovery and the purchase price or prices or adjustment
restored without interest. The Borrower and Holdings expressly consent to the foregoing
arrangements and agree that any Lender holding a participation in a Loan or L/C Disbursement
deemed to have been so purchased may exercise any and all rights of banker’s lien, setoff or
counterclaim with respect to any and all moneys owing by the Borrower and Holdings to such Lender
by reason thereof as fully as if such Lender had made a Loan directly to the Borrower in the
amount of such participation.

     SECTION 2.19. Payments. (a) The Borrower shall make each payment (including principal of or
interest on any Borrowing or any L/C Disbursement or any Fees or other amounts) hereunder and under
any other Loan Document not later than 12:00 (noon), New York City time (provided that amounts
payable on any Swingline Loans shall be due not later than 1 p.m. New York City time), on the date
when due in immediately available dollars, without setoff, defense or counterclaim. Each such
payment (other than (i) Issuing Bank Fees, which shall be paid directly to the Issuing Bank, and
(ii) principal of and interest on Swingline Loans, which shall be paid directly to the Swingline
Lender except as otherwise provided in Section 2.22(e)) shall be made to the Administrative Agent
at its offices at Eleven Madison Avenue, New York, NY 10010. The Administrative Agent shall
promptly distribute to each Lender any payments received by the Administrative Agent on behalf of
such Lender.

     (b) Except as otherwise expressly provided herein, whenever any payment (including principal
of or interest on any Borrowing or any Fees or other amounts) hereunder or under any other Loan
Document shall become due, or otherwise would occur, on a day that is not a Business Day, such
payment may be made on the next

 

51

succeeding Business Day, and such extension of time shall in such case be included in the
computation of interest or Fees, if applicable.

     SECTION
2.20. Taxes. (a) Any and all payments by or on account of any obligation of the
Borrower or any other Loan Party hereunder or under any other Loan Document shall be made free and
clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that, if the
Borrower or any other Loan Party shall be required to deduct any such Indemnified Taxes or Other
Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after
making all required deductions (including deductions of Indemnified Taxes applicable to additional
sums payable under this Section) the Administrative Agent, Lender or Issuing Bank (as the case may
be) receives an amount equal to the sum it would have received had no such deductions been made,
(ii) the Borrower or such Loan Party shall make such deductions and (iii) the Borrower or such
Loan Party shall pay the full amount deducted to the relevant Governmental Authority in accordance
with applicable law.

     (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority
in accordance with applicable law.

     (c) The Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Bank,
within 10 Business Days after written demand therefor, for the full amount of any Indemnified Taxes
or Other Taxes paid by the Administrative Agent, such Lender or the Issuing Bank, as the case may
be, on or with respect to any payment by or on account of any obligation of the Borrower or any
other Loan Party hereunder or under any other Loan Document (including Indemnified Taxes or Other
Taxes imposed or asserted on or attributable to amounts payable under this Section) and any
penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or
not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to the Borrower by a Lender or the Issuing Bank, or by the Administrative Agent on behalf
of itself, a Lender or the Issuing Bank, shall be conclusive absent manifest error.

     (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the
Borrower or any other Loan Party 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) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax
under the law of the jurisdiction in which the Borrower is located, or any treaty to which such
jurisdiction is a party, with respect to payments under this Agreement shall deliver to the
Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable
law, such properly completed and executed documentation prescribed by applicable law or reasonably
requested by the Borrower

 

52

certifying to such entitlement to exemption from, or a reduced rate of, withholding or at a
reduced rate.

     (f) If the Administrative Agent of any Lender determines, in its sole discretion, that it has
received a refund of any Taxes or Other Taxes (including a credit in lieu of a cash refund) as to
which it has been indemnified by a Loan Party or with respect to which a Loan Party has paid
additional amounts pursuant to this Section 2.20, it shall pay over such refund to that Loan Party
(but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party
under this Section 2.20 with respect to the Taxes or Other Taxes giving rise to such refund), net
of all out-of-pocket expenses of the Administrative Agent or such Lender and without interest
(other than any interest paid by the Governmental Authority with respect to such refund); provided
that the Loan Parties, upon the request of the Administrative Agent or such Lender, agree to repay
the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by
the relevant Governmental Authority) to the Administrative Agent or any Lender in the event the
Administrative Agent or such Lender is required to repay such refund to the Governmental
Authority. This Section 2.20(f) shall not be construed to require the Administrative Agent or any
Lender to make available its tax returns (or any other information it deems confidential) to the
Loan Parties.

     SECTION
2.21. Assignment of Commitments Under Certain Circumstances; Duty to Mitigate. (a) In
the event that (i) any Lender or the Issuing Bank delivers a certificate requesting compensation
pursuant to Section 2.14, (ii) any Lender or the Issuing Bank delivers a notice described in
Section 2.15, (iii) any Lender delivers a certificate
pursuant to Section 2.16 for an amount that
is materially greater than other Lenders, (iv) the Borrower is required to pay any additional
amount to any Lender or the Issuing Bank or any Governmental Authority on account of any Lender or
the Issuing Bank pursuant to Section 2.20, (v) any Lender defaults in its obligation to make Loans
hereunder or (vi) any Lender refuses to consent to any amendment, waiver or other modification of
any Loan Document requested by the Borrower that requires the consent of a greater percentage of
the Lenders than the Required Lenders and such amendment, waiver or other modification has been
consented to by the Required Lenders, the Borrower may, at its sole expense and effort (including
with respect to the processing and recordation fee referred to in Section 9.04(b)), upon notice to
such Lender or the Issuing Bank, as the case may be, and the Administrative Agent, require such
Lender or the Issuing Bank to transfer and assign, without recourse (in accordance with and subject
to the restrictions contained in Section 9.04), all of its interests, rights and obligations under
this Agreement (or, in the case of clause (vi) above, all of its interests, rights and obligations
with respect to the Class of Loans or Commitments that is the subject of the related consent,
amendment, waiver or other modification) to an assignee that shall assume such assigned obligations
(which assignee may be another Lender, if a Lender accepts such assignment) and, in addition, with
respect to clause (vi) above, shall consent to such requested amendment, waiver or other
modification of any Loan Documents; provided that (x) such assignment shall not conflict with any
law, rule or regulation or order of any court or other Governmental Authority having jurisdiction,
(y) the Borrower shall have received the prior written consent of the Administrative Agent (and, if
a Revolving Credit Commitment is being assigned, of the Issuing Bank and the Swingline

 

53

Lender), which consents shall not unreasonably be withheld or delayed, and (z) the Borrower or such
assignee shall have paid to the affected Lender or the Issuing Bank in immediately available funds
an amount equal to the sum of the principal of and interest accrued to the date of such payment on
the outstanding Loans or L/C Disbursements of such Lender or the Issuing Bank, respectively, plus
all Fees and other amounts accrued for the account of such Lender or the Issuing Bank hereunder
with respect thereto (including any amounts under Sections 2.14 and 2.16); provided further that,
if prior to any such transfer and assignment the circumstances or event that resulted in such
Lender’s or the Issuing Bank’s claim for compensation under Section 2.14 or 2.16, notice under
Section 2.15 or the amounts paid pursuant to Section 2.20, as the case may be, cease to cause such
Lender or the Issuing Bank to suffer increased costs or reductions in amounts received or
receivable or reduction in return on capital, or cease to have the consequences specified in
Section 2.15 (or in the case of Section 2.16, cease to cause losses and expenses in an amount that
is materially greater than the other Lenders), or cease to result in amounts being payable under
Section 2.20, as the case may be (including as a result of any action taken by such Lender or the
Issuing Bank pursuant to paragraph (b) below), or if such Lender or the Issuing Bank shall waive
its right to claim further compensation under Section 2.14 or 2.16 in respect of such circumstances
or event or shall withdraw its notice under Section 2.15 or shall waive its right to further
payments under Section 2.20 in respect of such circumstances or event or shall consent to the
proposed amendment, waiver, consent or other modification, as the case may be, then such Lender or
the Issuing Bank shall not thereafter be required to make any such transfer and assignment
hereunder. Each Lender hereby grants to the Administrative Agent an irrevocable power of attorney
(which power is coupled with an interest) to execute and deliver, on behalf of such Lender as
assignor, any Assignment and Acceptance necessary to effectuate any assignment of such Lender’s
interests hereunder in the circumstances contemplated by this Section 2.21(a).

     (b) If (i) any Lender or the Issuing Bank shall request compensation under Section 2.14, (ii)
any Lender or the Issuing Bank delivers a notice described in Section 2.15 or (iii) the Borrower is
required to pay any additional amount to any Lender or the Issuing Bank or any Governmental
Authority on account of any Lender or the Issuing Bank, pursuant to Section 2.20, then such Lender
or the Issuing Bank shall use reasonable efforts (which shall not require such Lender or the
Issuing Bank to incur an unreimbursed loss or unreimbursed cost or expense or otherwise take any
action inconsistent with its internal policies or legal or regulatory restrictions or suffer any
disadvantage or burden deemed by it to be significant) (x) to file any certificate or document
reasonably requested in writing by the Borrower or (y) to assign its rights and delegate and
transfer its obligations hereunder to another of its offices, branches or affiliates, if such
filing or assignment would reduce its claims for compensation under Section 2.14 or enable it to
withdraw its notice pursuant to Section 2.15 or would reduce amounts payable pursuant to Section
2.20, as the case may be, in the future. The Borrower hereby agrees to pay all reasonable costs and
expenses incurred by any Lender or the Issuing Bank in connection with any such filing or
assignment, delegation and transfer.

 

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     SECTION 2.22. Swingline Loans. (a) Swingline Commitment. Subject to the terms and conditions
and relying upon the representations and warranties herein set forth, the Swingline Lender agrees
to make loans to the Borrower at any time and from time to time on and after the Closing Date and
until the earlier of the Revolving Credit Maturity Date and the termination of the Revolving
Credit Commitments, in an aggregate principal amount at any time outstanding that will not result
in (i) the aggregate principal amount of all Swingline Loans exceeding $60,000,000 in the
aggregate or (ii) the Aggregate Revolving Credit Exposure, after giving effect to any Swingline
Loan, exceeding the Total Revolving Credit Commitment. Each Swingline Loan shall be in a principal
amount that is an integral multiple of $250,000 and in a minimum amount of $1,000,000. The
Swingline Commitment may be terminated or reduced from time to time as provided herein. Within the
foregoing limits, the Borrower may borrow, pay or prepay and reborrow Swingline Loans hereunder,
subject to the terms, conditions and limitations set forth herein.

     (b) Swingline Loans. The Borrower shall notify the Swingline Lender by fax, or by telephone
(promptly confirmed by fax), not later than 1:00 p.m., New York City time, on the day of a proposed
Swingline Loan. Such notice shall be delivered on a Business Day, shall be irrevocable and shall
refer to this Agreement and shall specify the requested date (which shall be a Business Day) and
amount of such Swingline Loan and the wire transfer instructions for the account of the Borrower
(or an Issuing Bank on behalf of the Borrower) to which the proceeds of the Swingline Loan should
be disbursed. The Swingline Lender shall make each Swingline Loan by wire transfer to the account
specified in such request and, if such request specifies that the Swingline Loan will be applied to
reimburse an L/C Disbursement, such Swingline Loan shall be made not later than 3:00 p.m., New York
City time, on the day of the proposed Swingline Loan.

     (c) Prepayment. The Borrower shall have the right at any time and from time to time to prepay
any Swingline Loan, in whole or in part, upon giving written or fax notice (or telephone notice
promptly confirmed by written, or fax notice) to the Swingline Lender and to the Administrative
Agent before 1:00 p.m., New York City time, on the date of prepayment at the Swingline Lender’s
address for notices specified in Section 9.01.

     (d) Interest. Each Swingline Loan shall be an ABR Loan and, subject to the provisions of
Section 2.07, shall bear interest as provided in Section 2.06(a).

     (e) Participations. The Swingline Lender may by written notice given to the Administrative
Agent not later than 2:00 p.m., New York City time, on any Business Day require the Revolving
Credit Lenders to acquire participations on such Business Day in all or a portion of the Swingline
Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which
Revolving Credit Lenders will participate. The Administrative Agent will, promptly upon receipt
of such notice, give notice to each Revolving Credit Lender, specifying in such notice such
Lender’s Pro Rata Percentage of such Swingline Loan or Loans. In furtherance of the foregoing, each
Revolving Credit Lender hereby absolutely and unconditionally agrees, upon receipt of notice as
provided above, to pay to the Administrative Agent, for the account of the

 

55

Swingline Lender, such Revolving Credit Lender’s Pro Rata Percentage of such Swingline Loan or
Loans. Each Revolving Credit Lender acknowledges and agrees that its obligation to acquire
participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and
shall not be affected by any circumstance whatsoever, including the occurrence and continuance of
a Default or an Event of Default, and that each such payment shall be made without any offset,
abatement, withholding or reduction whatsoever. Each Revolving Credit Lender shall comply with its
obligation under this paragraph by wire transfer of immediately available funds, in the same
manner as provided in Section 2.02(c) with respect to Loans made by such Lender (and Section
2.02(c) shall apply, mutatis mutandis, to the payment obligations of the Lenders) and the
Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from
the Lenders. The Administrative Agent shall notify the Borrower of any participations in any
Swingline Loan acquired pursuant to this paragraph and thereafter payments in respect of such
Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any
amounts received by the Swingline Lender from the Borrower (or other person on behalf of the
Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of
a sale of participations therein shall be promptly remitted to the Administrative Agent; any such
amounts received by the Administrative Agent shall be promptly remitted by the Administrative
Agent to the Lenders that shall have made their payments pursuant to this paragraph and to the
Swingline Lender, as their interests may appear. The purchase of participations in a Swingline
Loan pursuant to this paragraph shall not relieve the Borrower (or other person liable for
obligations of the Borrower) of any default in the payment thereof.

     SECTION 2.23. Letters of Credit. (a) General. The Borrower may request the issuance of a
Letter of Credit for its own account or for the account of any of its wholly owned Subsidiaries or
any Affiliated Guarantor (in which case the Borrower, such wholly owned Subsidiary or such
Affiliated Guarantor shall be co-applicants with respect to such Letter of Credit), in a form
reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time
to time while the L/C Commitment remains in effect. This Section shall not be construed to impose
an obligation upon the Issuing Bank to issue any Letter of Credit that is inconsistent with the
terms and conditions of this Agreement.

     (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions.
In order to request the issuance of a Letter of Credit (or to amend, renew or extend an
existing Letter of Credit), the Borrower shall hand deliver or fax to the Issuing Bank and the
Administrative Agent (at least three Business Days in advance of the requested date of issuance,
amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or
identifying the Letter of Credit to be amended, renewed or extended, the date of issuance,
amendment, renewal or extension, the date on which such Letter of Credit is to expire (which shall
comply with paragraph (c) below), the amount of such Letter of Credit, the name and address of the
beneficiary thereof and such other information as shall be necessary to prepare such Letter of
Credit. A Letter of Credit shall be issued, amended, renewed or
extended only if, and upon
issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to
represent

 

56

and warrant that, after giving effect to such issuance, amendment, renewal or extension (i) the
L/C Exposure shall not exceed $100,000,000 and (ii) the Aggregate Revolving Credit Exposure (after
giving effect to such Letter of Credit) shall not exceed the Total Revolving Credit Commitment.

     (c) Expiration Date. Each Letter of Credit shall expire at the close of business on the
earlier of the date one year after the date of the issuance of such Letter of Credit and the date
that is five Business Days prior to the Revolving Credit Maturity Date, unless such Letter of
Credit expires by its terms on an earlier date; provided, however, that a Letter of Credit may,
upon the request of the Borrower, include a provision whereby such Letter of Credit shall be
renewed automatically for additional consecutive periods of 12 months or less (but not beyond the
date that is five Business Days prior to the Revolving Credit Maturity Date) unless the Issuing
Bank notifies the beneficiary thereof at least 30 days (or such longer period as may be specified
in such Letter of Credit) prior to the then-applicable expiration date that such Letter of Credit
will not be renewed.

     (d) Participations. By the issuance of a Letter of Credit and without any further action on
the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Revolving
Credit Lender, and each such Lender hereby acquires from the Issuing Bank, a participation in such
Letter of Credit equal to such Lender’s Pro Rata Percentage of the aggregate amount available to be
drawn under such Letter of Credit, effective upon the issuance of such Letter of Credit. In
consideration and in furtherance of the foregoing, each Revolving Credit Lender hereby absolutely
and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank,
such Lender’s Pro Rata Percentage of each L/C Disbursement made by the Issuing Bank and not
reimbursed by the Borrower (or, if applicable, another party pursuant to its obligations under any
other Loan Document) forthwith on the date due as provided in Section 2.02(f). Each Revolving
Credit Lender acknowledges and agrees that its obligation to acquire participations pursuant to
this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be
affected by any circumstance whatsoever, including the occurrence and continuance of a Default or
an Event of Default, and that each such payment shall be made without any offset, abatement,
withholding or reduction whatsoever.

     (e) Reimbursement. If the Issuing Bank shall make any L/C Disbursement in respect of a
Letter of Credit, the Borrower shall pay to the Administrative Agent an amount equal to such L/C
Disbursement not later than 3:00 p.m., New York City time, on the day the Borrower shall have
received notice from the Issuing Bank that payment of such draft will be made, or, if the Borrower
shall have received such notice later than 10:00 a.m., New York City time, on any Business Day, not
later than 10:00 a.m., New York City time, on the immediately following Business Day, provided that
the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance
with Sections 2.03 and 2.22 that such payment be financed with an ABR Revolving Borrowing or a
Swingline Borrowing, as applicable in an equivalent amount and, to the extent so financed, the
Borrower’s obligations to make such payment shall be discharged and replaced by the resulting ABR
Revolving Borrowing or Swingline Borrowing.

 

57

     (f) Obligations Absolute. The Borrower’s obligations to reimburse L/C Disbursements as
provided in paragraph (e) above shall be absolute, unconditional and irrevocable, and shall be
performed strictly in accordance with the terms of this Agreement, under any and all circumstances
whatsoever, and irrespective of:

     (i) any lack of validity or enforceability of any Letter of Credit or any Loan
Document, or any term or provision therein;

     (ii) any amendment or waiver of or any consent to departure from all or any of the
provisions of any Letter of Credit or any Loan Document;

     (iii) the existence of any claim, setoff, defense or other right that the Borrower,
any other party guaranteeing, or otherwise obligated with, the Borrower, any Subsidiary or
other Affiliate thereof or any other person may at any time have against the beneficiary
under any Letter of Credit, the Issuing Bank, the Administrative Agent or any Lender or
any other person, whether in connection with this Agreement, any other Loan Document or
any other related or unrelated agreement or transaction;

     (iv) any draft or other document presented under a Letter of Credit proving to be
forged, fraudulent, invalid or insufficient in any respect or any statement therein being
untrue or inaccurate in any respect;

     (v) payment by the Issuing Bank under a Letter of Credit against presentation of a
draft or other document that does not comply with the terms of such Letter of Credit; and

     (vi) any other act or omission to act or delay of any kind of the Issuing Bank, the
Lenders, the Administrative Agent or any other person or any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the
provisions of this Section, constitute a legal or equitable discharge of the Borrower’s
obligations hereunder.

     Without limiting the generality of the foregoing, it is expressly understood and agreed that
the absolute and unconditional obligation of the Borrower hereunder to reimburse L/C Disbursements
will not be excused by the gross negligence or wilful misconduct of the Issuing Bank. However, the
foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the
extent of any direct damages (as opposed to consequential damages, claims in respect of which are
hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower
that are caused by the Issuing Bank’s gross negligence or wilful misconduct in determining whether
drafts and other documents presented under a Letter of Credit comply with the terms thereof. It is
further understood and agreed that the Issuing Bank may accept documents that appear on their face
to be in order, without responsibility for further investigation, regardless of any notice or
information to the contrary and, in making any payment under any Letter of Credit (i) the Issuing
Bank’s exclusive reliance on the documents presented to it under such Letter of Credit as to any
and all matters set forth

 

58

therein, including reliance on the amount of any draft presented under such Letter of Credit,
whether or not the amount due to the beneficiary thereunder equals the amount of such draft and
whether or not any document presented pursuant to such Letter of Credit proves to be insufficient
in any respect, if such document on its face appears to be in order, and whether or not any other
statement or any other document presented pursuant to such Letter of Credit proves to be forged or
invalid or any statement therein proves to be inaccurate or untrue in any respect whatsoever and
(ii) any noncompliance in any immaterial respect of the documents presented under such Letter of
Credit with the terms thereof shall, in each case, be deemed not to constitute gross negligence or
wilful misconduct of the Issuing Bank.

     (g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof,
examine all documents purporting to represent a demand for payment under a Letter of Credit. The
Issuing Bank shall as promptly as possible give telephonic notification, confirmed by fax, to the
Administrative Agent and the Borrower of such demand for payment and whether the Issuing Bank has
made or will make an L/C Disbursement thereunder; provided that any failure to give or delay in
giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank
and the Revolving Credit Lenders with respect to any such L/C Disbursement.

     (h) Interim Interest. If the Issuing Bank shall make any L/C Disbursement in respect of a
Letter of Credit, then, unless the Borrower shall reimburse such L/C Disbursement in full in
accordance with this Agreement, the unpaid amount thereof shall bear interest for the account of
the Issuing Bank, for each day from and including the date of such L/C Disbursement, to but
excluding the earlier of the date of payment by the Borrower or the date on which interest shall
commence to accrue thereon as provided in Section 2.02(f), at the rate per annum that would apply
to such amount if such amount were an ABR Revolving Loan.

     (i) Resignation or Removal of the Issuing Bank. The Issuing Bank may resign at any time by
giving 90 days’ prior written notice to the Administrative Agent, the Lenders and the Borrower, and
may be removed at any time by the Borrower by notice to the Issuing Bank, the Administrative Agent
and the Lenders. Upon the acceptance of any appointment as the Issuing Bank hereunder by a Lender
that shall agree to serve as successor Issuing Bank, such successor shall succeed to and become
vested with all the interests, rights and obligations of the retiring Issuing Bank. At the time
such removal or resignation shall become effective, the Borrower shall pay all accrued and unpaid
fees pursuant to Section 2.05(c)(ii). The acceptance of any appointment as the Issuing Bank
hereunder by a successor Lender shall be evidenced by an agreement entered into by such successor,
in a form satisfactory to the Borrower and the Administrative Agent, and, from and after the
effective date of such agreement, (i) such successor Lender shall have all the rights and
obligations of the previous Issuing Bank under this Agreement and the other Loan Documents and (ii)
references herein and in the other Loan Documents to the term “Issuing Bank” shall be deemed to
refer to such successor or to any previous Issuing Bank, or to such successor and all previous
Issuing Banks, as the context shall require. After the resignation or removal of the Issuing Bank
hereunder, the retiring Issuing Bank shall remain a party hereto and shall continue to have all the
rights and obligations of an

 

59

Issuing Bank under this Agreement and the other Loan Documents with respect to Letters of Credit
issued by it prior to such resignation or removal, but shall not be required to issue additional
Letters of Credit.

     (j) Cash Collateralization. If any Event of Default shall occur and be continuing, the
Borrower shall, on the Business Day the Borrower receives notice from the Administrative Agent or
the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Credit
Lenders holding participations in outstanding Letters of Credit representing greater than 50% of
the aggregate undrawn amount of all outstanding Letters of Credit) thereof and of the amount to be
deposited, deposit in an account with the Collateral Agent, for the benefit of the Revolving Credit
Lenders, an amount in cash equal to the L/C Exposure as of such date. Such deposit shall be held by
the Collateral Agent as collateral for the payment and performance of the Obligations. The
Collateral Agent shall have exclusive dominion and control, including the exclusive right of
withdrawal, over such account. Other than any interest earned on the investment of such deposits in
Permitted Investments, which investments shall be made at the option and sole discretion of the
Collateral Agent, such deposits shall not bear interest. Interest or profits, if any, on such
investments shall accumulate in such account. Moneys in such account shall (i) automatically be
applied by the Administrative Agent to reimburse the Issuing Bank for L/C Disbursements for which
it has not been reimbursed, (ii) be held for the satisfaction of the reimbursement obligations of
the Borrower for the L/C Exposure at such time and (iii) if the maturity of the Loans has been
accelerated (but subject to the consent of Revolving Credit Lenders holding participations in
outstanding Letters of Credit representing greater than 50% of the aggregate undrawn amount of all
outstanding Letters of Credit), be applied to satisfy the Obligations. If the Borrower is required
to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of
Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower
within three Business Days after all Events of Default have been cured or waived.

     (k) Additional Issuing Banks. The Borrower may, at any time and from time to time with the
consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed)
and such Lender, designate one or more additional Lenders to act as an issuing bank under the
terms of this Agreement. Any Lender designated as an issuing bank pursuant to this paragraph (k)
shall be deemed to be an “Issuing Bank” (in addition to being a Lender) in respect of Letters of
Credit issued or to be issued by such Lender, and, with respect to such Letters of Credit, such
term shall thereafter apply to the other Issuing Bank and such Lender.

ARTICLE III

Representations and Warranties

     Each of Holdings, the Borrower and the Affiliated Guarantors represents and warrants to the
Administrative Agent, the Collateral Agent, the Issuing Bank and each of the Lenders, with respect
to itself and, in the case of Holdings and the Borrower, each of its Subsidiaries, that:

 

60

     SECTION 3.01. Organization; Powers. Holdings, the Borrower, each of the Subsidiaries and each
of the Affiliated Guarantors (a) is duly organized, validly existing and in good standing under
the laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and
authority to own its property and assets and to carry on its business as now conducted, (c) is
qualified to do business in, and is in good standing (where such concept is relevant) in, every
jurisdiction where such qualification is required, except where the failure so to qualify could
not reasonably be expected to result in a Material Adverse Effect, and (d) has the power and
authority to execute, deliver and perform its obligations under each of the Loan Documents and
each other agreement or instrument contemplated thereby to which it is a party and, in the case of
the Borrower, to borrow hereunder.

     SECTION 3.02. Authorization. The Transaction Documents (a) have been duly authorized by all
requisite corporate and, if required, stockholder action and (b) will not (i) violate (A) any
provision of law, statute, rule or regulation, or of the certificate or articles of incorporation
or other constitutive documents or by-laws of Holdings, the Borrower, any Subsidiary or any
Affiliated Guarantor except as would not have a Material Adverse Effect, (B) any order of any
Governmental Authority except as would not have a Material Adverse Effect or (C) except as set
forth on Schedule 3.02, any material provision of any material indenture, agreement or other
instrument to which Holdings, the Borrower, any Subsidiary or any Affiliated Guarantor is a party
or by which any of them or any of their property is or may be bound, (ii) be in conflict with,
result in a breach of or constitute (alone or with notice or lapse of time or both) a default
under, or give rise to any right to accelerate or to require the prepayment, repurchase or
redemption of any obligation under any such material indenture, agreement or other instrument that
(other than with respect to the Loan Documents) could reasonably be expected to result in a
Material Adverse Effect or (iii) result in the creation or imposition of any Lien upon or with
respect to any material property or material assets now owned or hereafter acquired by Holdings,
the Borrower, any Subsidiary or any Affiliated Guarantor (other than any Lien created hereunder or
under the Security Documents or as expressly permitted hereunder) that (other than with respect to
the Loan Documents) could reasonably be expected to result in a Material Adverse Effect.

     SECTION 3.03. Enforceability. This Agreement has been duly executed and delivered by
Holdings, the Borrower and the Affiliated Guarantors and constitutes, and each other Loan Document
when executed and delivered by each Loan Party party thereto will constitute, a legal, valid and
binding obligation of such Loan Party enforceable against such Loan Party in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy, insolvency, moratorium or
similar laws affecting the enforcement of creditors’ rights generally and by equitable principles
(whether enforcement is sought by proceedings in equity or at law) and implied covenants of good
faith and fair dealing.

     SECTION 3.04. Governmental Approvals. Except as set forth on Schedule 3.04, no action, consent
or approval of, registration or filing with or any other action by any Governmental Authority
(other than a Gaming Authority) is or will be required to consummate the Transactions and enter
into the Loan Documents and borrow funds in

 

61

connection therewith (provided that this representation shall be repeated only with respect to the
Loan Documents to the extent made following the Closing Date), except for (a) the filing of
Uniform Commercial Code financing statements and filings with the United States Patent and
Trademark Office and the United States Copyright Office, (b) recordation of the Mortgages and (c)
such as have been made or obtained and are in full force and effect. Holdings, the Borrower, the
Subsidiaries and the Affiliated Guarantors have made all necessary applications to and, subject to
any additional time to obtain such consents, approvals and rulings contemplated by Section 5.15 or
as set forth on Schedule 3.04, have procured all necessary consents, approvals and favorable
rulings of all applicable Gaming Authorities to (i) pledge the Equity Interests of the Borrower,
the Subsidiary Guarantors (other than the Affiliated Guarantors) and their respective
subsidiaries, where relevant, pursuant to the Pledge Agreements and/or the Guarantee and
Collateral Agreement, (ii) the restrictions on transfer and hypothecation of the stock and equity
securities of such persons contained in Sections 6.02 and 6.05 of this Agreement, in the Pledge
Agreements and otherwise in the Loan Documents and (iii) otherwise consummate the Transactions and
to enter into the Loan Documents and borrow funds in connection therewith.

     SECTION 3.05. Financial Statements. (a) The Borrower has heretofore furnished to the Lenders
(a) U.S. GAAP audited consolidated or combined, as applicable, balance sheets and related
statements of income, stockholders’ equity and cash flows of each of (x) Holdings (including the
Affiliated Guarantors), (y) Columbia Sussex and (z) Aztar, in each case for the 2003, 2004 and 2005
fiscal years, audited by and accompanied by the opinion of Deloitte & Touche LLP for 2003 and Ernst
& Young LLP for 2004 and 2005 (in the case of Holdings), Deloitte & Touche LLP, (in the case of
Columbia Sussex) or PricewaterhouseCoopers LLP (in the case of Aztar), independent public
accountants, (b) a U.S. GAAP audited consolidated balance sheet and related statements of income,
shareholders’ equity and cash flows of Casino Queen for the 2004 and 2005 fiscal years, audited by
and accompanied by the opinion of Conway, Stuart & Woodbury, independent public accountants and (c)
U.S. GAAP unaudited consolidated or combined, as applicable, balance sheets and related statements
of income, stockholders’ equity and cash flows of each of (x) Holdings (including the Affiliated
Guarantors) and (y) Aztar and (z) Casino Queen in each case for (i) each subsequent fiscal quarter
ended 45 days before the Closing Date and (ii) to the extent available, each fiscal month after the
most recent fiscal quarter for which financial statements were received by the Lenders as described
above and ended 45 days before the Closing Date and, in each case, certified by the chief financial
officer of Holdings, Columbia Sussex, Aztar or Casino Queen, as applicable. Such financial
statements present fairly the financial condition and results of operations and cash flows of (w)
Holdings (including the Affiliated Guarantors), (x) Columbia Sussex (to the best of the Borrower’s
knowledge), (y) Aztar and (z) Casino Queen (to the best of the Borrower’s knowledge) as of such
dates and for such periods. Such balance sheets and the notes thereto disclose all material
liabilities, direct or contingent, of (w) Holdings (including the Affiliated Guarantors), (x)
Columbia Sussex (to the best of the Borrower’s knowledge), (y) Aztar and (z) Casino Queen (to the
best of the Borrower’s knowledge) as of the dates thereof. Such financial statements were prepared
in accordance with GAAP applied on a

 

62

consistent basis, subject, in the case of unaudited financial statements, to year-end audit
adjustments and the absence of footnotes.

     (b) The Borrower has heretofore furnished to the Lenders unaudited pro forma consolidated
balance sheets and related pro forma consolidated statements of income and cash flows of Holdings
(including the Affiliated Guarantors) as of and for the twelve-month period ending on the last day
of the most recently completed four-fiscal quarter period ended at least 45 days prior to the
Closing Date, in each case prepared after giving effect to the Transactions (including the
acquisition of Casino Queen to the extent closed) as if they had occurred as of such date (in the
case of such balance sheet) or at the beginning of such period (in the case of such other
financial statements). Such pro forma financial statements have been prepared in good faith by
Holdings, based on the assumptions used to prepare the pro forma financial information contained
in the Confidential Information Memorandum (which assumptions are believed by the Borrower on the
date hereof and on the Closing Date to be reasonable), are based on the best information available
to Holdings as of the date of delivery thereof, accurately reflect all adjustments required to be
made to give effect to the Transactions and present fairly on a pro forma basis the estimated
consolidated financial position of Holdings (including the Affiliated Guarantors) as of such date
and for such period, assuming that the Transactions had actually occurred at such date or at the
beginning of such period, as the case may be.

     SECTION 3.06. No Material Adverse Change. No event, change or condition has occurred that has
had, or could reasonably be expected to have, a Material Adverse Effect, since December 31, 2005.

     SECTION 3.07. Title to Properties; Possession Under Leases. (a) Except as set forth on
Schedule 3.07, each of Holdings, the Borrower and the Subsidiary Guarantors has good and
marketable title to (including in connection therewith, valid easements), or valid leasehold
interests in, all its material properties and assets (including all Mortgaged Property), except
for minor defects in title that do not interfere with its ability to conduct its business as
currently conducted or to utilize such properties and assets for their intended purposes. All such
material properties and assets are free and clear of Liens, other than Liens expressly permitted
by Section 6.02 or arising by operation of law.

     (b) Except as set forth on Schedule 3.07, each of Holdings, the Borrower and the Subsidiary
Guarantors has complied with all material obligations under all material leases (including all
leases of Mortgaged Property) to which it is a party and all such leases are in full force and
effect. Each of Holdings, the Borrower and the Subsidiary Guarantors enjoys peaceful and
undisturbed possession under all such material leases. The granting of a Mortgage encumbering the
leasehold interest of Holdings, the Borrower and any Subsidiary Guarantor in any Mortgaged Property
(i) does not require landlord consent or approval under the applicable lease that has not been
obtained and (ii) will not violate or result in a default under such lease.

     (c) As of the Closing Date, none of Holdings, the Borrower or any Subsidiary Guarantor has
received any actual notice of, nor has any actual knowledge of, any

 

63

pending or contemplated condemnation proceeding affecting the Mortgaged Properties owned by it or
any sale or disposition thereof in lieu of condemnation.

     (d) As of the Closing Date, none of Holdings, the Borrower or any Subsidiary Guarantor is
obligated under any right of first refusal, option or other contractual right to sell, assign or
otherwise dispose of any Mortgaged Property or any interest therein.

     SECTION 3.08. Subsidiaries. Schedule 3.08 sets forth as of the Closing Date a list of all
Subsidiaries and the percentage ownership interest of Holdings or the Borrower therein and the
ownership interests of the Affiliated Guarantors. The shares of capital stock or other ownership
interests so indicated on Schedule 3.08 held in such Subsidiary or Affiliated Guarantor are fully
paid and non-assessable and are owned by Holdings or the Borrower, directly or indirectly, free
and clear of all Liens (other than Liens created under the Security Documents).

     SECTION 3.09. Litigation; Compliance with Laws. (a) Except as set forth on Schedule 3.09,
there are no actions, suits or proceedings at law or in equity or by or before any Governmental
Authority now pending or, to the actual knowledge of Holdings, the Borrower or the Affiliated
Guarantors, threatened against Holdings, the Borrower, any Subsidiary or any Affiliated Guarantor
or any business, property or rights of any such person (i) that involve any Loan Document or the
Transactions or (ii) as to which there is a reasonable possibility of an adverse determination and
that, if adversely determined, could reasonably be expected, individually or in the aggregate, to
result in a Material Adverse Effect.

     (b) Since the date of this Agreement, there has been no change in the status of the matters
disclosed on Schedule 3.09 that, individually or in the aggregate, has resulted in a Material
Adverse Effect.

     (c) None of Holdings, the Borrower, any of the Subsidiaries or any of the Affiliated
Guarantors or any of their respective material properties or assets is in violation of, nor will
the continued operation of their material properties and assets as currently conducted violate, any
law, rule or regulation (including any zoning, building, Environmental Law, ordinance, code or
approval or any building permits) or any restrictions of record or agreements affecting the
Mortgaged Property, or is in default with respect to any judgment, writ, injunction, decree or
order of any Governmental Authority, where such violation or default would reasonably be expected
to result in a Material Adverse Effect.

     (d) Certificates of occupancy and permits are in effect for each Mortgaged Property as
currently constructed, except where the failure to have the same could not reasonably be expected
to result in a Material Adverse Effect, and true and complete copies of such certificates of
occupancy as are available using commercially reasonable efforts have been delivered to the
Collateral Agent as mortgagee with respect to each Mortgaged Property.

 

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     (e) Since the date of this Agreement, there has been no material adverse change in the
status, or financial effect on the Borrower, the Subsidiaries and the Affiliated Guarantors taken
as a whole, in respect of the Park Cattle Disputes from the circumstances described on Schedule
3.09.

     SECTION 3.10. Agreements. None of Holdings, the Borrower, any of the Subsidiaries or any of
the Affiliated Guarantors is in default in any manner under any provision of any indenture or
other agreement or instrument evidencing Indebtedness, or any other material agreement or
instrument to which it is a party, where such default would reasonably be expected to result in a
Material Adverse Effect.

     SECTION 3.11. Federal Reserve Regulations. (a) None of Holdings, the Borrower, any of the
Subsidiaries or any of the Affiliated Guarantors is engaged principally, or as one of its
important activities, in the business of extending credit for the purpose of buying or carrying
Margin Stock.

     (b) No part of the proceeds of any Loan or any Letter of Credit will be used, whether
directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that
entails a violation of, or that is inconsistent with, the provisions of the Regulations of the
Board, including Regulation T, U or X.

     SECTION 3.12. Investment Company Act. None of Holdings, the Borrower, any Subsidiary or any
Affiliated Guarantor is (a) an “investment company” as defined in, or subject to regulation under,
the Investment Company Act of 1940.

     SECTION 3.13. Tax Returns. Each of Holdings, the Borrower, the Subsidiaries and the
Affiliated Guarantors has filed or caused to be filed all Federal, state, local and (to the extent
it has foreign operations) foreign tax returns required to have been filed by it and has paid or
caused to be paid all taxes due and payable by it, except (a) taxes that are being contested in
good faith by appropriate proceedings and for which Holdings, the Borrower, such Subsidiary or
such Affiliated Guarantor, as applicable, shall have set aside on its books adequate reserves and
(b) immaterial taxes so long as no material asset or portion of Mortgaged Property of Holdings,
the Borrower, any Subsidiary or any Affiliated Guarantor is in jeopardy of being seized, levied
upon or forfeited.

     SECTION 3.14. No Material Misstatements. None of (a) the Confidential Information Memorandum
or (b) any other written information, report, financial statement, exhibit or schedule furnished by
or on behalf of Holdings or the Borrower to the Administrative Agent or any Lender in connection
with the negotiation of any Loan Document or included therein or delivered pursuant thereto
contained as of the date of such statement any material misstatement of fact or omitted to state
any material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided that to the extent any such information, report,
financial statement, exhibit or schedule was based upon or constitutes a forecast or projection,
each of Holdings and the Borrower represents only that it acted in good faith and utilized
reasonable assumptions (based upon accounting principles consistent with the historical audited
financial statements of Holdings) and due care in the preparation of

 

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such information, report, financial statement, exhibit or schedule (it being recognized that
actual results may differ from such forecasts or projections).

     SECTION 3.15. Employee Benefit Plans. No ERISA Event has occurred or is reasonably expected
to occur that, when taken together with all other such ERISA Events, would reasonably be expected
to result in material liability of the Borrower or any of its ERISA Affiliates. Neither the
Borrower nor any of its ERISA Affiliates has nor has ever sponsored, maintained, contributed to or
had any obligation or liability with respect to any Plan subject to Title IV of ERISA, nor does
the Borrower nor any ERISA Affiliate have any present intention to sponsor, maintain, contribute
or have any obligation or liability with respect to any Plan subject to Title IV of ERISA.

     SECTION 3.16. Environmental Matters. (a) Except as set forth in Schedule 3.16 and except with
respect to any other matters that, individually or in the aggregate, would not reasonably be
expected to result in a Material Adverse Effect, none of Holdings, the Borrower, any of the
Subsidiaries or any of the Affiliated Guarantors (i) has failed to comply with any Environmental
Law or to obtain, maintain or comply with any permit, license or other approval required under any
Environmental Law for any of their operations, (ii) has contractually assumed any Environmental
Liability of any person, (iii) has received written notice of any claim with respect to any
Environmental Liability or (iv) knows of any basis for any claim with respect to any Environmental
Liability against or with respect to Holdings, the Borrower, any Subsidiary or any Affiliated
Guarantor.

     (b) Since the date of this Agreement, there has been no change in the status of the matters
disclosed on Schedule 3.16 that, individually or in the aggregate, has resulted in, or materially
increased the likelihood of, a Material Adverse Effect.

     SECTION 3.17. Insurance. Schedule 3.17 sets forth a true, complete and correct description of
all insurance maintained by the Borrower, the Affiliated Guarantors and the Subsidiaries or by
Columbia Sussex for the Borrower, the Subsidiaries and the Affiliated Guarantors as of the Closing
Date. As of such date, all premiums have been duly paid. The Borrower, the Subsidiaries and the
Affiliated Guarantors have insurance in such amounts and covering such risks and liabilities as
are in accordance with normal industry practice.

     SECTION 3.18. Security Documents. (a) The Guarantee and Collateral Agreement, upon execution
and delivery thereof by the parties thereto, will be effective to create in favor of the Collateral
Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in
the Collateral (as defined in the Guarantee and Collateral Agreement) (or certificates or notes, as
applicable, presenting such Pledged Collateral) and the proceeds thereof except as enforceability
may be limited by applicable bankruptcy, insolvency, moratorium (or similar laws affecting the
enforcement of creditors’ rights generally), by equitable principles (whether enforcement is sought
by proceedings in equity or at law), implied covenants of good faith and fair dealing and by
applicable Gaming Laws (including licensing, qualification and suitability approvals required by
any Gaming Authority) and (i) when the Pledged Collateral (as defined in the

 

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Guarantee and Collateral Agreement) is delivered to the Collateral Agent, the Lien created under
Guarantee and Collateral Agreement shall (subject to the further requirements of relevant Gaming
Authorities) constitute a fully perfected first priority Lien on, and security interest in, all
right, title and interest of the Loan Parties in such Pledged Collateral to the extent that a Lien
in such Pledged Collateral can be perfected by delivery, in each case prior and superior in right
to any other person (except with respect to (A) Liens expressly permitted under Section 6.02 and
(B) Liens having priority by operation of law), and (ii) when financing statements in appropriate
form are filed in the offices specified on Schedule 3.18(a), the Lien created under the Guarantee
and Collateral Agreement will (subject to the further requirements of relevant Gaming Authorities)
constitute a fully perfected Lien on, and security interest in, all right, title and interest of
the Loan Parties in such Collateral to the extent that a Lien in such Collateral can be perfected
by filing of financing statements (other than Intellectual Property, as defined in the Guarantee
and Collateral Agreement, and other Collateral with respect to which possession or control is
required for perfection), in each case prior and superior in right to any other person, other than
with respect to (A) Liens expressly permitted by Section 6.02 and (B) Liens having priority by
law.

     (b) Upon the recordation of the Guarantee and Collateral Agreement (or a short-form security
agreement in form and substance reasonably satisfactory to the Borrower and the Collateral Agent)
with the United States Patent and Trademark Office and the United States Copyright Office, together
with the duly completed financing statements in appropriate form filed in the offices specified in
Schedule 3.18(a), the Lien created under the Guarantee and Collateral Agreement shall constitute a
fully perfected Lien on, and security interest in, all right, title and interest of the Loan
Parties in the Intellectual Property (as defined in the Guarantee and Collateral Agreement) in
which a security interest may be perfected by such filing in the United States and its territories
and possessions, in each case prior and superior in right to any other person other than with
respect to (A) Liens expressly permitted by Section 6.02 and (B) Liens having priority by operation
of law (it being understood that subsequent recordings in the United States Patent and Trademark
Office and the United States Copyright Office may be necessary to perfect a Lien on registered
trademarks and patents, trademark and patent applications and registered copyrights acquired by the
Loan Parties after the date hereof).

     (c) The Mortgages are effective to create in favor of the Collateral Agent, for the ratable
benefit of the Secured Parties, a legal, valid and enforceable Lien on all of the Loan Parties’
right, title and interest in and to the Mortgaged Property thereunder and the proceeds thereof,
and when the Mortgages are filed in the offices specified on Schedule 3.18(c), the Mortgages
shall constitute a fully perfected Lien on, and security interest in, all right, title and interest
of the Loan Parties in such Mortgaged Property and the proceeds thereof, in each case prior and
superior in right to any other person, other than with respect to the rights of persons pursuant to
(A) Liens expressly permitted by Section 6.02 and (B) Liens having priority by operation of law.

     (d) Upon execution and delivery of the Pledge Agreements by the parties thereto, such
agreements will be effective to create in favor of the Collateral Agent, for the benefit of the
Secured Parties, a legal, valid and enforceable security interest in the

 

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Pledged Collateral (as defined in each of the Pledge Agreements) and the proceeds thereof except
as enforceability may be limited by applicable bankruptcy, insolvency, moratorium (or similar laws
affecting the enforcement of creditors’ rights generally), by equitable principles (whether
enforcement is sought by proceedings in equity or at law), implied covenants of good faith and
fair dealing and by applicable Gaming Laws (including licensing, qualification and suitability
approvals required by any Gaming Authority) and when the Pledged Collateral (or certificates or
notes, as applicable, presenting such Pledged Collateral) is
delivered to the Collateral Agent, the
Lien created under such Pledge Agreements shall (subject to the further requirements of relevant
Gaming Authorities) constitute a fully perfected first priority Lien on, and security interest in,
all right, title and interest of the Loan Parties in such Pledged Collateral to the extent a Lien
in such Pledged Collateral can be perfected by delivery, in each case prior and superior in right
to any other person, other than with respect to the rights of persons pursuant to (A) Liens
expressly permitted by Section 6.02 and (B) Liens having priority by operation of law.

     SECTION 3.19. Location of Real Property and Leased Premises. (a) Schedule 3.19(a) lists completely and correctly as of the Closing Date all real
property owned by the Borrower, the Subsidiaries and the Affiliated Guarantors and the addresses
thereof. The Borrower, the Subsidiaries and the Affiliated Guarantors own in fee all the real
property set forth on Schedule 3.19(a).

     (b) Schedule 3.19(b) lists completely and correctly as of the Closing Date all real property
leased by the Borrower, the Subsidiaries and the Affiliated Guarantors and the addresses thereof.
The Borrower, the Subsidiaries and the Affiliated Guarantors have valid leases in all the real
property set forth on Schedule 3.19(b), except as noted thereon.

     (c) Schedule 3.19(c) lists completely and correctly as of the Closing Date all owned or leased
ships and vessels (to the extent not listed on Schedules 3.19(a) or 3.19(b)) of the Borrower, the
Subsidiaries and the Affiliated Guarantors and the location thereof. The Borrower, the Subsidiaries
and the Affiliated Guarantors own in fee or have valid leases on the properties set forth on
Schedule 3.19(c).

     SECTION 3.20. Labor Matters. As of the date hereof and the Closing Date, there are no strikes
or lockouts against Holdings, the Borrower, any Subsidiary or any Affiliated Guarantor pending or,
to the actual knowledge of Holdings or the Borrower, threatened. The hours worked by and payments
made to employees of Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors have
not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local
or foreign law dealing with such matters that would reasonably be expected to have a Material
Adverse Effect. All payments due from Holdings, the Borrower, any Subsidiary or any Affiliated
Guarantor on account of wages and employee health and welfare insurance and other benefits that
would reasonably be expected to have a Material Adverse Effect if not paid, have been paid or
accrued as a liability on the books of Holdings, the Borrower, such Subsidiary or such Affiliated
Guarantor. The consummation of the Transactions will not give rise to any right of termination or
right of renegotiation on the part of any union

 

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under any collective bargaining agreement to which Holdings, the Borrower, any Subsidiary or any
Affiliated Guarantor is bound.

     SECTION 3.21. Solvency. Immediately after the consummation of the Transactions to occur on
the Closing Date and immediately following the making of each Loan and after giving effect to the
application of the proceeds of each Loan, (a) the fair value of the assets of each Loan Party, at
a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise;
(b) the present fair saleable value of the property of each Loan Party will be greater than the
amount that will be required to pay the probable liability of its debts and other liabilities,
subordinated, contingent or otherwise, as such debts and other liabilities become absolute and
matured; (c) each Loan Party will be able to pay its debts and liabilities, subordinated,
contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) each
Loan Party will not have unreasonably small capital with which to conduct the business in which it
is engaged as such business is now being conducted and is proposed to be conducted following the
Closing Date.

     SECTION 3.22. Transaction Documents. On the Closing Date, Holdings and the Borrower have
delivered to the Administrative Agent a complete and correct copy of the Merger Agreement
(including all schedules, exhibits, amendments, supplements and modifications thereto). As of the
Closing Date, to the knowledge of Holdings and the Borrower, none of Columbia Sussex, Columbia
Entertainment or WT-Columbia Development, Inc. or any other person party thereto is in default in
the performance or compliance with any material provisions thereof. As of the Closing Date, to the
knowledge of Holdings and the Borrower, all representations and warranties set forth in the Merger
Agreement were true and correct in all material respects at the time as of which such
representations and warranties were made (or deemed made).

     SECTION 3.23. Senior Indebtedness. The Obligations constitute “Senior Indebtedness” and
“Designated Senior Indebtedness” under and as defined in the Subordinated Note Documents.

     SECTION 3.24. Sanctioned Persons. (a) The Borrower will not directly or indirectly use the
proceeds of the Loans or the Letters of Credit or otherwise make available such proceeds to any
person in violation of the U.S. sanctions administered by the Office of Foreign Assets Control of
the U.S. Treasury Department (“OFAC”); and (b) none of Holdings, the Borrower, any Subsidiary or
any Affiliated Guarantor, nor any director, officer, senior manager or Affiliate of Holdings, the
Borrower, any Subsidiary or any Affiliated Guarantor is (i) a person included in the Specially
Designated Nationals and Blocked Persons List, as published from time to time by OFAC, or (ii)
currently subject to any U.S. sanctions administered by OFAC; provided, however, that the scope of
this representation and warranty is limited to published U.S. regulatory requirements as at the
date such representation is given.

     SECTION 3.25. Casino Leases. As of the Closing Date, giving effect to the Loans made on the
Closing Date and the execution of the Loan Documents, in the opinion of the Borrower and Holdings,
no default on behalf of Holdings, the Borrower or

 

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the Subsidiaries exists under any of the Casino Leases which entitles the landlords thereunder to
immediately terminate the same, including without limitation, as a result of the granting of a
leasehold deed of trust or leasehold mortgage to the Administrative Agent.

ARTICLE IV

Conditions of Lending

     The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters
of Credit hereunder are subject to the satisfaction of the following conditions:

     SECTION 4.01. All Credit Events. On the date of each Borrowing (other than a conversion or a
continuation of a Borrowing), including each Borrowing of a Swingline Loan and on the date of each
issuance, amendment, extension or renewal of a Letter of Credit (each such event being called a
“Credit Event”):

     (a) The Administrative Agent shall have received a notice of such Borrowing as required by
Section 2.03 (or such notice shall have been deemed given in accordance with Section 2.02) or, in
the case of the issuance, amendment, extension or renewal of a Letter of Credit, the Issuing Bank
and the Administrative Agent shall have received a notice requesting the issuance, amendment,
extension or renewal of such Letter of Credit as required by Section 2.23(b) or, in the case of the
Borrowing of a Swingline Loan, the Swingline Lender and the Administrative Agent shall have
received a notice requesting such Swingline Loan as required by Section 2.22(b).

     (b) (i) In the cases of each Credit Event that occurs on the Closing Date, the conditions set
forth in Section 6.03(a) of the Merger Agreement (but only with respect to representations and
warranties that are material to the interests of the Lenders) shall be satisfied, and the
representations and warranties made in Sections 3.01, 3.02, 3.03, 3.10, 3.11, 3.12 and 3.23 shall
be true and correct in all material respects; and (ii) in the case of each other Credit Event, the
representations and warranties set forth in Article III and in each other Loan Document shall be
true and correct in all material respects on and as of the date of such Credit Event with the same
effect as though made on and as of such date, except to the extent such representations and
warranties expressly relate to an earlier date.

     (c) At the time of and immediately after such Credit Event, no Default or Event of Default
shall have occurred and be continuing (and for the purpose of this Section “continuing” shall mean
not remedied or unwaived).

     Each Credit Event shall be deemed to constitute a representation and warranty by the Borrower
and Holdings on the date of such Credit Event as to the matters specified in paragraphs (b) and
(c) of this Section 4.01.

     SECTION 4.02. First Credit Event. On the Closing Date:

     (a) The Administrative Agent shall have received, on behalf of itself, the Lenders and the
Issuing Bank, a satisfactory written opinion of (i) Milbank, Tweed,

 

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Hadley & McCloy LLP, counsel for Holdings and the Borrower, substantially to the effect set forth
in Exhibit G-l, and (ii) each local counsel listed on Schedule 4.02(a), substantially to the
effect set forth in Exhibit G-2, in each case (A) dated the Closing Date, (B) addressed to the
Issuing Bank, the Administrative Agent and the Lenders and (C) covering such other matters
relating to the Loan Documents as the Administrative Agent shall reasonably request, and Holdings
and the Borrower hereby request such counsel to deliver such opinions.

     (b) All material legal matters incident to the Loan Documents shall be reasonably
satisfactory to the Lenders, to the Issuing Bank and to the Administrative Agent.

     (c) The Administrative Agent shall have received (i) a copy of the certificate or articles of
incorporation, including all amendments thereto, of each Loan Party, certified as of a recent date
by the Secretary of State of the state of its organization, and a certificate as to the good
standing of each Loan Party as of a recent date, from such Secretary of State; (ii) a certificate
of the Secretary or Assistant Secretary of each Loan Party dated the Closing Date and certifying
(A) that attached thereto is a true and complete copy of the by-laws of such Loan Party as in
effect on the Closing Date and at all times since a date prior to the date of the resolutions
described in clause (B) below, (B) that attached thereto is a true and complete copy of resolutions
duly adopted by the Board of Directors of such Loan Party authorizing the execution,
delivery and performance of the Loan Documents to which such person is a party and, in the case of
the Borrower, the borrowings hereunder, and that such resolutions have not been modified, rescinded
or amended and are in full force and effect, (C) that the certificate or articles of incorporation
of such Loan Party have not been amended since the date of the last amendment thereto shown on the
certificate of good standing furnished pursuant to clause (i) above, and (D) as to the incumbency
and specimen signature of each officer executing any Loan Document or any other document delivered
in connection herewith on behalf of such Loan Party; and (iii) a certificate of another officer as
to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the
certificate pursuant to clause (ii) above.

     (d) The Administrative Agent shall have received a certificate, dated the Closing Date and
signed by a Financial Officer of the Borrower, confirming compliance in all material respects with
the conditions precedent set forth in paragraphs (b) and (c) of Section 4.01.

     (e) The Administrative Agent shall have received all Fees and other amounts due and payable on
or prior to the Closing Date, (or be reasonably satisfied that all Fees and other amounts due and
payable will be paid on the Closing Date from the proceeds of the Loans), including to the extent
invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid
by the Borrower hereunder or under any other Loan Document.

     (f) Subject to Section 5.15 or as provided in the Post-Closing Letter Agreement, the Security
Documents shall have been duly executed by each Loan Party that is to be a

 

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party thereto and shall be in full force and effect on the Closing Date. The Collateral Agent on
behalf of the Secured Parties shall have a security interest on the Closing Date in the Collateral
of the type and priority described in each Security Document (but subject to such Liens permitted
under Section 6.02); provided that, to the extent any security interest in the intended Collateral
or any deliverable necessary for the perfection of security interests in the intended Collateral
(other than any Collateral the security interest in which may be perfected by the filing of a
Uniform Commercial Code financing statement or the delivery of stock certificates or other
certificates representing Equity Interests and the security agreement giving rise to the security
interest therein) is not able to be provided on the Closing Date after the Borrower’s use of
commercially reasonable efforts to do so, such requirements may be satisfied after the Closing
Date in accordance with Section 5.12(c).

     (g) The Collateral Agent shall have received a Perfection Certificate with respect to the
Loan Parties dated the Closing Date and duly executed by a Responsible Officer of Holdings and the
Borrower, and shall have received the results of a search of the Uniform Commercial Code filings
(or equivalent filings) made with respect to the Loan Parties in the states (or other
jurisdictions) of formation of such persons, in which the chief executive office of each such
person is located and in the other jurisdictions in which such persons maintain property, in each
case as indicated on such Perfection Certificate, together with copies of the financing statements
(or similar documents) disclosed by such search, and accompanied by evidence reasonably
satisfactory to the Collateral Agent that the Liens indicated in any such financing statement (or
similar document) would be permitted under Section 6.02 or have been or will be contemporaneously
released or terminated.

     (h) (i) Subject to the proviso in clause (f) above, each of the Security Documents, in form
and substance reasonably satisfactory to the Lenders, relating to each of the Mortgaged Properties
shall have been duly executed by the parties thereto and delivered to the Collateral Agent and
shall be in full force and effect, (ii) title searches shall indicate that the Mortgaged Properties
are not subject to any Lien other than those permitted under Section 6.02 or the Collateral Agent
has received evidence reasonably satisfactory to it that any existing Lien will be released on the
Closing Date, (iii) each of such Security Documents shall have been filed and recorded in the
recording office as specified on Schedule 3.18(c) or shall have been delivered to the
Administrative Agent in a proper form for filing, recordation or registration (or a lender’s title
insurance policy (or a signed pro forma title policy with fully executed closing instructions), in
form and substance acceptable to the Collateral Agent, insuring such Security Document as a first
lien on such Mortgaged Property (subject to any Lien permitted by Section 6.02) shall have been
received by the Collateral Agent) and, in connection therewith where filed or recorded, the
Collateral Agent shall have received evidence reasonably satisfactory to it of each such filing and
recordation and (iv) the Collateral Agent shall have received such other documents, including a
policy or policies of title insurance issued by a nationally recognized title insurance company,
together with such endorsements, coinsurance and reinsurance as may be requested by the Collateral
Agent and the Lenders, insuring the Mortgages as valid first liens on the Mortgaged Properties,
free of Liens other than those permitted under Section 6.02, together with such surveys, abstracts,
appraisals and legal

 

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opinions required to be furnished pursuant to the terms of the Mortgages or as reasonably
requested by the Collateral Agent or the Lenders.

     (i) The Administrative Agent shall have received a copy of, or a certificate as to coverage
under, the insurance policies required by Section 5.02 and the applicable provisions of the
Security Documents, each of which shall be endorsed or otherwise amended to include a customary
lender’s loss payable endorsement and to name the Collateral Agent as additional insured.

     (j) The Merger and the other Transactions shall have been, or substantially simultaneously
with the initial funding of Loans on the Closing Date shall be, consummated in accordance with
applicable law and on the terms described in the Merger Agreement and all other material related
documentation, in each case in the form provided to the Administrative Agent prior to the
commencement of the syndication of the Credit Facilities (without any amendments, waivers or
alterations thereof that are material and adverse to the Lenders unless consented to by the
Administrative Agent, such consent not to be unreasonably withheld or delayed), including the
making of the Merger Agreement Deposit.

     (k) Holdings, Jubilee and Vicksburg shall have received gross cash proceeds of not less than
$517,000,000 from the Equity Contribution and shall have contributed all such proceeds (other than
the $17,554,404 received by Jubilee and Vicksburg) to the Borrower in the form of common equity.

     (l) The Cash-On-Hand Amount shall have been, or substantially simultaneously with the initial
funding of Loans on the Closing Date, shall be utilized to pay a portion of the Merger
Consideration.

     (m) The structure and equity ownership of Holdings, Tropicana Las Vegas Intermediate
Holdings, the Borrower and Tropicana Las Vegas and their subsidiaries shall be as set forth in
Schedule 4.02(m) to this Agreement.

     (n) Columbia Entertainment shall have effected, or substantially simultaneous with the
initial funding of Loans on the Closing Date, shall effect, the Contribution on terms reasonably
satisfactory to the Administrative Agent.

     (o) No stockholder rights plan or “poison pill” shall have been triggered or otherwise become
exercisable in connection with the Transactions.

     (p) The Borrower shall have received gross cash proceeds of not less than $960,000,000 from
the issuance of the Subordinated Notes. The Administrative Agent shall have received copies of the
Subordinated Note Documents, certified by a Financial Officer as being complete and correct.

     (q) Tropicana Las Vegas shall have received gross cash proceeds of not less than $440,000,000
from loans pursuant to the Tropicana Las Vegas Secured Facility. The Administrative Agent shall
have received copies of the Tropicana Las Vegas Secured

 

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Credit Agreement (together with all schedules and exhibits thereto), certified by a Financial
Officer as being complete and correct.

     (r) The Existing Debt Refinancing shall have occurred or the Administrative Agent shall have
received evidence reasonably satisfactory to it that the Existing Debt Refinancing will occur on
the Closing Date.

     (s) The Lenders shall have received the financial statements and opinion referred to in
Section 3.05.

     (t) The Administrative Agent shall have received a certificate from the chief financial
officer of Columbia Entertainment to the effect that each of (i) Holdings, the Borrower and the
Subsidiary Guarantors under this Agreement, taken together on a consolidated basis, and (ii)
Tropicana Las Vegas Intermediate Holdings, Tropicana Las Vegas and the subsidiary guarantors under
the Tropicana Las Vegas Secured Facility, taken together on a consolidated basis, in each case
after giving effect to the Transactions and the other Closing Date transactions contemplated hereby
or thereby, are solvent.

     (u) (i) All requisite Gaming Authorities, other material Governmental Authorities and other
material third parties shall have approved or consented to the Transactions and the other
transactions contemplated hereby to the extent required (including any interim casino
authorization required by the New Jersey Casino Control Commission or the New Jersey Division of
Gaming Enforcement) except as set forth on Schedules 3.02 and 3.04, all applicable appeal periods
shall have expired and there shall not be any pending or threatened litigation, governmental,
administrative or judicial action, actual or threatened, that could reasonably be expected to
restrain, prevent or impose materially burdensome conditions on the Transactions and (ii) subject
to Section 5.15 and except as set forth on Schedule 3.02, the requisite Gaming Authorities and
third parties shall have approved or consented to the Security Documents, to the extent required.

     (v) The Administrative Agent shall have received the Columbia Sussex Indemnification
Agreement, indemnifying the Administrative Agent and the Lenders with respect to any loss, cost,
damage or expense arising out of or relating to any termination of the lease of Horizon Casino or
Caesars Tahoe Hotel and Casino (which is to remain in effect unless and until the unqualified
Horizon Estoppel Certificate and the Caesars Tahoe Estoppel Certificate are obtained from Park
Cattle or the Leverage Ratio is less than 3.5 to 1.0).

     (w) The Lenders shall have received, to the extent requested, all documentation and other
information required by regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including the USA PATRIOT Act.

 

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ARTICLE V

Affirmative Covenants

     Each of Holdings, the Borrower (other than with respect to Sections 5.18 and 5.19) and each of
the Affiliated Guarantors (with respect to Sections 5.18 and 5.19 and as to other matters within
its control) covenants and agrees with each Lender that so long as this Agreement shall remain in
effect and until the Commitments have been terminated and the principal of and interest on each
Loan, all Fees and all other expenses or amounts payable under any Loan Document shall have been
paid in full and all Letters of Credit have been canceled or have expired (or have been cash
collateralized in a manner satisfactory to the Issuing Bank) and all amounts drawn thereunder have
been reimbursed in full, unless the Required Lenders shall otherwise consent in writing, it will
and each of Holdings and the Borrower will cause each of the Subsidiaries to:

     SECTION 5.01. Existence; Compliance with Laws; Businesses and Properties.
(a) Do or cause to be done all things necessary to preserve, renew and keep in full force and
effect its legal existence, except as otherwise expressly permitted under Section 6.05.

     (b) Do or cause to be done all things necessary to obtain, preserve, renew, extend and keep
in full force and effect the licenses, permits, franchises, authorizations, patents, copyrights,
trademarks and trade names material to the conduct of its business; maintain and operate such
business as a Permitted Business; comply in all material respects with all applicable laws, rules,
regulations and decrees and orders of any Gaming Authorities or Governmental Authority, whether
now in effect or hereafter enacted; and except as permitted under Section 6.05, at all times
maintain and preserve all property material to the conduct of such business and keep such property
in good repair, working order and condition (ordinary wear and tear excepted) and from time to
time make, or cause to be made, all needful and proper repairs, renewals, additions, improvements
and replacements thereto necessary in order that the business carried on in connection therewith
may be properly conducted at all times.

     SECTION 5.02. Insurance. (a) Keep its insurable Mortgaged Properties adequately insured at
all times by financially sound and reputable insurers; maintain such other insurance, to such
extent and against such risks, including fire and other risks insured against by extended
coverage, as is customary with companies in the same or similar businesses operating in the same
or similar locations, including public liability insurance against claims for personal injury or
death or property damage occurring upon, in, about or in connection with the use of any properties
owned, occupied or controlled by it; and maintain such other insurance as may be required by law.

     (b) Cause all such policies covering any Collateral (except public liability, third party,
product liability and business interruption) to be endorsed or otherwise amended to include a
customary lender’s loss payable endorsement, in form and substance reasonably satisfactory to the
Administrative Agent and the Collateral Agent, which endorsement shall provide that, from and
after the Closing Date, if the insurance carrier shall have received written notice from the
Administrative Agent or the Collateral Agent of the

 

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occurrence of an Event of Default, the insurance carrier shall pay all proceeds otherwise payable
to the Borrower or the Loan Parties under such policies directly to the Collateral Agent; cause
all such policies to provide that neither the Borrower, the Administrative Agent, the Collateral
Agent nor any other party shall be a coinsurer thereunder and, to the extent customarily available
at a commercially reasonable cost, to contain a “Replacement Cost Endorsement”, without any
deduction for depreciation, and such other provisions as the Administrative Agent or the
Collateral Agent may reasonably require from time to time to protect their interests; deliver
certificates of each such policies (and if requested, certified copies of all such policies) to
the Collateral Agent; cause each such policy, to the extent customarily available at a
commercially reasonable cost, to provide that it shall not be canceled, modified or not renewed (i)
by reason of nonpayment of premium upon not less than 10 days’ prior written notice thereof by the
insurer to the Administrative Agent and the Collateral Agent (giving the Administrative Agent and
the Collateral Agent the right to cure defaults in the payment of premiums) or (ii) for any other
reason upon not less than 30 days’ prior written notice thereof by the insurer to the
Administrative Agent and the Collateral Agent; deliver to the Administrative Agent and the
Collateral Agent, prior to the cancellation, modification or non-renewal of any such policy of
insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a policy
previously delivered to the Administrative Agent and the Collateral Agent) together with evidence
reasonably satisfactory to the Administrative Agent and the Collateral Agent of payment of the
premium therefor. Notwithstanding the foregoing, insurance policies in place for Aztar and its
subsidiaries on the Closing Date may be canceled without further notice to the Administrative
Agent or the Collateral Agent in connection with the integration of Aztar’s properties into the
pre-existing Columbia Entertainment insurance program (provided such insurance policies of
Columbia Entertainment shall be not less favorable to the Lenders as Columbia Entertainment’s
existing policies and shall cover all such properties covered by Aztar’s existing policies). Upon
completion of such integration, new insurance certificates reflecting such integration shall be
promptly delivered to the Administrative Agent and the Collateral Agent.

     (c) If at any time the area in which the Premises (as defined in the Mortgages) are located is
designated (i) a “flood hazard area” in any Flood Insurance Rate Map published by the Federal
Emergency Management Agency (or any successor agency), obtain flood insurance in such total amount
as the Administrative Agent, the Collateral Agent or the Required Lenders may from time to time
reasonably require, and otherwise comply with the National Flood Insurance Program as set forth in
the Flood Disaster Protection Act of 1973, as it may be amended from time to time, or (ii) a “Zone
1” area, obtain earthquake insurance in such total amount as the Administrative Agent, the
Collateral Agent or the Required Lenders may from time to time require.

     (d) With respect to any Mortgaged Property, carry and maintain comprehensive general liability
insurance including the “broad form CGL endorsement” and coverage on an occurrence basis against
claims made for personal injury (including bodily injury, death and property damage) and umbrella
liability insurance against any and all claims, in no event for a combined single limit of less
than $25,000,000, naming the Collateral Agent as an additional insured, on forms reasonably
satisfactory to the Collateral Agent.

 

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     (e) Notify the Administrative Agent and the Collateral Agent promptly whenever any
separate insurance concurrent in form or contributing in the event of loss with that required to be
maintained under this Section 5.02 is taken out by any Loan Party; and promptly deliver to the
Administrative Agent and the Collateral Agent a duplicate original copy of such policy or policies.

     (f) Use commercially reasonable efforts to obtain an endorsement for the benefit of the
Lenders with respect to the title or other insurance policy issued to Columbia Entertainment (or
any of its affiliates) with respect to the lease of Caesars Tahoe Hotel and Casino (including with
respect to any defaults thereunder) or, if such endorsement cannot be obtained without undue
burden or expense, the implementation of arrangements reasonably satisfactory to the
Administrative Agent with respect to the maintenance of such policy, the agreement on the part of
the insured thereunder to enforce its rights thereunder and the use of any proceeds therefrom
(which may include the prepayment of Term Loans).

     SECTION 5.03. Obligations and Taxes. Pay its Indebtedness and other obligations promptly and
in accordance with their terms and pay and discharge promptly when due all material taxes,
assessments and governmental charges or levies imposed upon it or upon its income or profits or in
respect of its property, before the same shall become delinquent or in default, as well as all
lawful claims for labor, materials and supplies or otherwise that, if unpaid, might give rise to a
Lien upon such properties or any part thereof; provided, however, that such payment and discharge
shall not be required with respect to any such tax, assessment, charge, levy or claim so long as
the validity or amount thereof shall be contested in good faith by appropriate proceedings and the
Borrower shall have set aside on its books adequate reserves with respect thereto in accordance
with GAAP and such contest operates to suspend collection of the contested obligation, tax,
assessment or charge and enforcement of a Lien and, in the case of a Mortgaged Property, there is
no risk of forfeiture of such property.

     SECTION 5.04. Financial Statements, Reports, etc. In the case of the Borrower, furnish to the
Administrative Agent, which shall promptly furnish to each Lender:

     (a) (i) within 90 days after the end of each fiscal year, its consolidated and consolidating
balance sheet and related statements of income, stockholders’ equity and cash flows showing the
financial condition of the Borrower and its consolidated Subsidiaries and the Affiliated Guarantors
as of the close of such fiscal year and the results of its operations and the operations of such
Subsidiaries and the Affiliated Guarantors during such year (including a schedule setting forth, on
a property by property basis, the income statement, balance sheet and cash flow statements for each
of the hotel, casino and resort properties owned or leased by the Borrower, the Subsidiaries or the
Affiliated Guarantors) and (ii) within 120 days after the end of each fiscal year, the consolidated
balance sheet and related statements of income, shareholders’ equity and cash flows of Columbia
Sussex showing the financial condition of Columbia Sussex and its consolidated subsidiaries as of
the close of such fiscal year and the results of operations of Columbia Sussex and its subsidiaries
during such year, in each case

 

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together with comparative figures for the immediately preceding fiscal year, all audited by Ernst
& Young LLP or other independent public accountants of recognized national standing and
accompanied by an opinion of such accountants (which opinion shall be without a “going concern” or
like qualification or exception and without any qualification or exception as to the scope of such
audit) to the effect that such consolidated financial statements fairly present the financial
condition and results of operations of the Borrower, its consolidated Subsidiaries and the
Affiliated Guarantors, on a consolidated and consolidating basis or Columbia Sussex and its
subsidiaries on a consolidated basis, as applicable, in accordance with GAAP consistently applied;

     (b) within 45 days after the end of each of the first three fiscal quarters of each fiscal
year, its consolidated and consolidating balance sheet and related statements of income,
stockholders’ equity and cash flows showing the financial condition of the Borrower and its
consolidated Subsidiaries and the Affiliated Guarantors as of the close of such fiscal quarter and
the results of its operations and the operations of such Subsidiaries and such Affiliated
Guarantors during such fiscal quarter and the then elapsed portion of the fiscal year, together
with comparative figures for the same periods in the immediately preceding fiscal year, all
certified by one of the Financial Officers of the Borrower, as fairly presenting the financial
condition and results of operations of the Borrower, its consolidated Subsidiaries and the
Affiliated Guarantors, on a consolidated basis in accordance with GAAP consistently applied,
subject to normal year-end audit adjustments;

     (c) concurrently with any delivery of financial statements under paragraph (a) or (b) above, a
certificate of the accounting firm (in the case of paragraph (a)) (to the extent that the
accounting firm is willing to provide such certificate in accordance with its customary business
practice) or Financial Officer (in the case of paragraph (b)) opining on or certifying such
statements (which certificate, when furnished by an accounting firm, may be limited to accounting
matters and disclaim responsibility for legal interpretations) (i) certifying that no Event of
Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying
the nature and extent thereof and any corrective action taken or proposed to be taken with respect
thereto and (ii) setting forth computations in reasonable detail satisfactory to the
Administrative Agent demonstrating compliance with the covenants contained in Sections 6.10, 6.11
and 6.12 and, in the case of a certificate delivered with the financial statements required by
paragraph (a) above, setting forth the Borrower’s calculation of Excess Cash Flow;

     (d) within 90 days after the beginning of each fiscal year of the Borrower, a consolidated
projection for such fiscal year (showing revenue, EBITDA, capital expenditures for maintenance
and capital expenditures for expansion, each for such period and on a
per property basis) and, promptly when available, any significant revisions of such projections;

     (e) promptly after the same become publicly available, copies of all periodic and other
reports, proxy statements and other materials filed by Holdings, the Borrower, any Subsidiary or
any Affiliated Guarantor with the Securities and Exchange Commission, or any Governmental
Authority succeeding to any or all of the functions of said

 

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Commission, or with any national securities exchange, or distributed to its shareholders, as the
case may be;

     (f) promptly after the receipt thereof by Holdings, the Borrower, the Affiliated Guarantors or
any of their respective Subsidiaries, a copy of any final “management letter” received by any such
person from its certified public accountants relating to any deficiency or weakness in accounting
practices or in reported results of Holdings, the Borrower, any Subsidiary or any Affiliated
Guarantor and the management’s response thereto to the extent such accountants are willing to
provide such letters;

     (g) promptly after request by the Administrative Agent, copies of the Nevada “Regulation 6.090
Report” and “6-A Report” (until the effective date of the repeal of Regulation 6-A), copies of any
other report required by any Gaming Authority, and copies of any written communication to Holdings,
the Borrower, the Subsidiaries or the Affiliated Guarantors from any Gaming Authority advising it
of a violation of, or non-compliance with, any Gaming Law by Holdings, the Borrower, the
Subsidiaries or the Affiliated Guarantors where such violation or non-compliance could reasonably
be expected to result in fines in excess of $100,000 or a License Revocation;

     (h) promptly after the request by the Administrative Agent on its own behalf or on behalf of
any Lender, all documentation and other information that such Lender reasonably requests in order
to comply with its ongoing obligations under applicable “know your customer” and anti-money
laundering rules and regulations, including the USA PATRIOT Act;

     (i) in the event that the Borrower or any of its ERISA Affiliates intend to establish,
sponsor, maintain or contribute or have any obligation or liability with respect to any Plan
subject to Title IV of ERISA, Borrower shall promptly, and in any event within 10 Business Days
prior to establishing, maintaining or contributing, as applicable, to such Plan, inform the
Administrative Agent of such intention. Neither the Borrower nor any of its ERISA Affiliates will
establish, sponsor, maintain or contribute to any Plan that would result in any obligation or
liability that would result in, or could reasonably be expected to result in, a Material Adverse
Effect;

     (j) promptly following any request by the Administrative Agent on its own behalf or on behalf
of a Lender, on and after the effectiveness of the Pension Act, copies of (i) any documents
described in Section 101(k)(l) of ERISA that the Borrower or any of its ERISA Affiliates may
request with respect to any Multiemployer Plan and (ii) any
notices described in Section 101(l)(1)
of ERISA that the Borrower or any of its ERISA Affiliates may request with respect to any Plan or
Multiemployer Plan; provided that if the Borrower or any of its ERISA Affiliates have not requested
such documents or notices from the administrator or sponsor of the applicable Plan or Multiemployer
Plan, the Borrower or its ERISA Affiliates shall promptly make a request for such documents or
notices from the such administrator or sponsor and shall provide copies of such documents and
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     (k) promptly, from time to time, after reasonable notice is given, such other information
regarding the operations, business affairs and financial condition of Holdings, the Borrower, any
Subsidiary or any Affiliated Guarantor, or compliance with the terms of any Loan Document, as the
Administrative Agent may request on its own behalf or on behalf of any Lender.

     SECTION 5.05. Litigation and Other Notices. Furnish to the Administrative Agent (who shall
promptly notify the Issuing Bank and the Lenders) prompt written notice after obtaining knowledge
thereof of the following:

     (a) any Event of Default or Default, specifying the nature and extent thereof and the
corrective action (if any) taken or proposed to be taken with respect thereto;

     (b) the filing or commencement of any action, suit or proceeding, whether at law or in equity
or by or before any Governmental Authority, against the Borrower or any Affiliate thereof that
could reasonably be expected to result in a Material Adverse Effect;

     (c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that
have occurred, could reasonably be expected to result in liability of the Borrower, the
Subsidiaries and the Affiliated Guarantors in an aggregate amount exceeding $10,000,000;

     (d) any
other development that has resulted in, or would reasonably be
expected to result in, a Material Adverse Effect; and

     (e) any notice of change in the Borrower’s corporate rating by S&P, in the Borrower’s
corporate family rating by Moody’s or in the ratings of the Credit Facilities by S&P or Moody’s, or
any notice from either such agency indicating its intent to effect such a change or to place the
Borrower or the Credit Facilities on a “CreditWatch” or “WatchList” or any similar list, in each
case with negative implications, or its cessation of, or its intent to cease, rating the Borrower
or the Credit Facilities.

     SECTION 5.06. Information Regarding Collateral. (a) Furnish to the Administrative Agent
prompt written notice of any change (i) in any Loan Party’s corporate name, (ii) in the
jurisdiction of organization or formation of any Loan Party, (iii) in any Loan Party’s identity or
corporate structure or (iv) in any Loan Party’s Federal Taxpayer Identification Number. Holdings
and the Borrower agree not to effect or permit any change referred to in the preceding sentence
unless all filings have been made under the Uniform Commercial Code or otherwise that are required
in order for the Collateral Agent to continue at all times following such change to have a valid,
legal and perfected security interest in all the Collateral secured by it under any Security
Document. Holdings and the Borrower also agree promptly to notify the Administrative Agent if any
material portion of the Collateral is damaged or destroyed.

     (b) In the case of the Borrower, each year, at the time of delivery of the annual financial
statements with respect to the preceding fiscal year pursuant to Section 5.04(a), deliver to the
Administrative Agent a certificate of a Financial Officer setting forth the information required
pursuant to Section 2 of the Perfection Certificate or confirming that

 

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there has been no change in such information since the date of the Perfection Certificate
delivered on the Closing Date or the date of the most recent certificate delivered pursuant to
this Section 5.06.

     SECTION 5.07. Maintaining Records; Access to Properties and Inspections; Maintenance of Ratings. (a) Keep proper books of record and account in which full, true and
correct entries in conformity with GAAP and all requirements of law are made of all dealings and
transactions in relation to its business and activities. Each Loan Party will, and will cause each
of its subsidiaries to, permit any representatives designated by the Administrative Agent on its
own behalf or on behalf of any Lender (being an accountant, auditor, attorney, valuer or other
professional adviser of the Administrative Agent or such Lender), during normal business hours and
upon reasonable notice, to visit and inspect the financial records and the properties of such
person at reasonable times and as often as reasonably requested (but in no event more than twice
annually unless a Default or Event of Default shall have occurred and be continuing) and to make
extracts from and copies of such financial records, and permit any such representatives designated
by the Administrative Agent (on behalf of itself or any Lender) to discuss the affairs, finances
and condition of such person with the officers thereof and independent accountants therefor.

     (b) In the case of Holdings and the Borrower, use commercially reasonable efforts to cause the
Credit Facilities to be continuously rated by S&P and Moody’s, and in the case of the Borrower, use
commercially reasonable efforts to maintain a corporate rating from S&P and a corporate family
rating from Moody’s, in each case in respect of the Borrower.

     SECTION 5.08. Use of Proceeds. Use the proceeds of the Loans and request the issuance of
Letters of Credit only for the purposes specified in the introductory statement to this Agreement.

     SECTION 5.09. Employee Benefits. (a) Comply in all material respects with the applicable
provisions of ERISA and the Code, solely as it relates to Plans, and (b) furnish to the
Administrative Agent as soon as possible after, and in any event within ten days after any
responsible officer of Holdings, the Borrower or any ERISA Affiliate knows or has reason to know
that, any ERISA Event has occurred that, alone or together with any other ERISA Event could
reasonably be expected to result in liability of Holdings, the Borrower or any ERISA Affiliate in
an aggregate amount exceeding $10,000,000, a statement of a Financial Officer of Holdings or the
Borrower setting forth details as to such ERISA Event and the action, if any, that Holdings or the
Borrower proposes to take with respect thereto.

     SECTION 5.10. Compliance with Environmental Laws. Comply, and cause all lessees and other
persons occupying its properties to comply, in all material respects with all Environmental Laws
applicable to its operations and properties; obtain and renew all material environmental permits
necessary for its operations and properties; and conduct any required remedial action in material
compliance with Environmental Laws; provided, however, that none of Holdings, the Borrower, any
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Guarantor shall be required to undertake any such remedial action to the extent that its
obligation to do so is being contested in good faith and by proper proceedings and appropriate
reserves are being maintained with respect to such circumstances in accordance with GAAP.

     SECTION 5.11. Preparation of Environmental Reports. If a Default caused by reason of a breach
of Section 3.16 or Section 5.10 shall have occurred and be continuing for more than 30 days
without Holdings, the Borrower, any Subsidiary or any Affiliated Guarantor commencing activities
reasonably likely to cure such Default, at the written request of the Required Lenders through the
Administrative Agent, provide to the Lenders within 45 days after such request, at the expense of
the Loan Parties, an environmental site assessment report regarding the matters which are the
subject of such Default prepared by an environmental consulting firm reasonably acceptable to the
Administrative Agent and indicating the presence or absence of Hazardous Materials and the
estimated cost of any compliance or remedial action in connection with such Default.

     SECTION 5.12. Further Assurances. (a) Execute any and all further documents, financing
statements, agreements and instruments, and take all further action (including filing Uniform
Commercial Code and other financing statements, mortgages, ship mortgages and deeds of trust) that
may be required under applicable law, or that the Required Lenders, the Administrative Agent or the
Collateral Agent may reasonably request, in order to effectuate the transactions contemplated by
the Loan Documents and in order to grant, preserve, protect and perfect the validity and first
priority of the security interests created or intended to be created by the Security Documents. In
addition, from time to time, the Borrower will, at its cost and expense, promptly secure the
Obligations by pledging or creating, or causing to be pledged or created, perfected security
interests with respect to such of its assets and properties as the Administrative Agent or the
Required Lenders shall designate (it being understood that it is the intent of the parties that the
Obligations shall be secured by substantially all the assets of the Borrower and the Subsidiary
Guarantors (including real and other properties acquired subsequent to the Closing Date)). Such
security interests and Liens will be created under the Security Documents and other security
agreements, mortgages (including ship mortgages and vessel security agreements), deeds of trust and
other instruments and documents in form and substance reasonably satisfactory to the Collateral
Agent, and the Borrower shall deliver or cause to be delivered to the Lenders all such instruments
and documents (including legal opinions, title insurance policies and lien searches) as the
Collateral Agent shall reasonably request to evidence compliance with this Section. The Borrower
and the Affiliated Guarantors agree to provide such evidence as the Collateral Agent shall
reasonably request as to the perfection and priority status of each such security interest and
Lien. In furtherance of the foregoing, the Borrower and each of the Affiliated Guarantors will give
prompt notice to the Administrative Agent of the acquisition by it and, in the case of the
Borrower, including the acquisition by any of the Subsidiaries, of any real property (or any
interest in real property) or gaming vessel (or any interest in any gaming vessel) having a value
in excess of $2.500,000.

     (b) Upon the consummation of any Permitted Acquisition (and as required pursuant to Section
5.20 hereof) of any person by any of the Loan Parties, or upon the

 

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formation by any of the Loan Parties of any subsidiary, the Borrower or such Affiliated Guarantor,
where relevant, shall cause the person so acquired or formed to become a Subsidiary Guarantor of
the Obligations. Such person shall become a Loan Party by executing the Guarantee and Collateral
Agreement and each applicable Security Document in favor of the Collateral Agent. In addition, (i)
such person shall execute and deliver such agreements and documents as the Administrative Agent,
Collateral Agent or the Required Lenders may reasonably request to grant a first priority
perfected Lien in respect of substantially all of its real and personal property in favor of the
Collateral Agent and the Lenders, and (ii) the Loan Parties owning equity interests in such person
shall pledge all such equity interests in such person (subject to any necessary Gaming Authority
approval, which Holdings and the Borrower agree to use their best efforts to obtain).

     (c) Subject to Section 5.15, in the event that any requirement set forth in Sections 4.02(f)
or 4.02(h) (without giving effect to the proviso in Section 4.02(f)) has not been satisfied in full
on or prior to the Closing Date, use commercially reasonable efforts to cause such requirement to
be satisfied as promptly as practicable after the Closing Date and, in any event, not later than
five Business Days following the Closing Date (or such later date as the Administrative Agent may
agree to).

     (d) In the event that the Borrower, any Subsidiary or any Affiliated Guarantor owns Casino
Aztar Caruthersville on the date 180 days after the Closing Date, use commercially reasonable
efforts to (i) cause (at its cost and expense) such person to become a Subsidiary Guarantor of the
Obligations and to grant a Ship Mortgage over, and give such other security interests (including
entering into a Vessel Security Agreement) in respect of, its property and assets as the
Administrative Agent or the Required Lenders shall designate and (ii) obtain all necessary Gaming
Authority approvals in respect thereof.

     (e) Notwithstanding anything to the contrary in paragraph (a) or (b) of this Section 5.12, no
Foreign Subsidiary shall be required to grant a security interest in its assets to secure the
Obligations or to guarantee the Obligations to the extent the granting of such security interest or
the making of such guarantee (i) would result in adverse tax consequences to the Borrower or any
other Loan Party (as certified to the Administrative Agent by a Financial Officer of the Borrower)
or (ii) is prohibited by applicable law.

     SECTION 5.13. Proceeds of Certain Dispositions. If, as a result of the receipt of any cash
proceeds by the Borrower, any Subsidiary or any Affiliated Guarantor in connection with any sale,
transfer, lease or other disposition of any asset the Borrower would be required by the terms of
the Subordinated Note Documents to make an offer to purchase any Subordinated Notes, then, in the
case of the Borrower, any Subsidiary or any Affiliated Guarantor, prior to the first day on which
the Borrower would be required to commence such an offer to purchase, (i) prepay Loans in
accordance with Section 2.12 or (ii) acquire assets in a manner that is permitted hereby, in each
case in a manner that will eliminate any such requirement to make such an offer to purchase.

 

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     SECTION 5.14. Tropicana Las Vegas Dividends. In the event Tropicana Las Vegas or any of its
subsidiaries makes any dividend or other distribution (whether in cash, securities or other
property) to Tropicana Las Vegas Intermediate Holdings or any of its direct or indirect parent
companies that is not a Subsidiary Guarantor, cause such amounts so received to be distributed to
Aztar or to another Subsidiary Guarantor. Notwithstanding the foregoing, Holdings and the Borrower
shall not be required to cause any such dividend or other distribution from Tropicana Las Vegas
Intermediate Holdings to be paid to Aztar or to another Subsidiary Guarantor if such dividend or
other distribution represents the repayment of subordinated loans or the return of equity in
respect of equity contributions, in each case made after the Closing Date to finance the
renovation of assets owned by Tropicana Las Vegas or any of its subsidiaries.

     SECTION 5.15. Approvals to Pledge Agreements. In the event that Holdings and the Borrower
have not obtained all required approvals of all relevant Gaming Authorities to the Security
Documents prior to the Closing Date, Holdings and the Borrower shall use commercially reasonable
efforts to promptly obtain, and shall in any event receive, such approvals within 150 days
following the Closing Date (or such later date as the Administrative Agent shall determine in its
reasonable discretion). The Administrative Agent and the Lenders acknowledge that all such
approvals are within the discretion of the relevant Gaming Authorities and agree that no pledge
of, nor restriction upon the hypothecation or transfer of, the equity securities of Holdings, the
Borrower, the Affiliated Guarantors or any of their respective subsidiaries which are Nevada,
New Jersey, Mississippi, Louisiana or Illinois gaming licensees may be effective unless and until
Holdings, the Borrower or the Affiliated Guarantors, as applicable, has made all necessary
applications to and procure all necessary consents, approvals and favorable rulings of the Nevada
Gaming Commission, the New Jersey Casino Control Commission, the Illinois Gaming Board, the
Mississippi Gaming Commission, the Louisiana Gaming Control Board and any other relevant Gaming
Authorities. The Administrative Agent and the Lenders also acknowledge that further proceedings
may be required for the Administrative Agent and the Lenders to exercise any remedies set forth in
any Security Documents.

     SECTION 5.16. Horizon and Caesars Tahoe Estoppels. Use reasonable efforts, where commercially
practicable, to obtain the Horizon Estoppel Certificate and the Caesars Tahoe Estoppel
Certificate.

     SECTION
5.17. Activities of Tropicana Las Vegas Intermediate Holdings.
Cause Tropicana Las Vegas Intermediate Holdings not to engage in business activities or
incur liabilities other than owning Equity Interests of Tropicana Las Vegas and engaging in
activities and liabilities incidental thereto, including providing a guarantee in respect of the
Tropicana Las Vegas Secured Facility, pledging such owned Equity Interests of Tropicana Las Vegas
and taking such actions as are necessary to comply with Section 5.14.

     SECTION 5.18. Limitations on Pledge of Equity Interests of CP Laughlin, Vicksburg and
Jubilee. In the case of the Affiliated Guarantors, cause the holders of the Equity Interests of CP
Laughlin, Vicksburg and Jubilee to enter into a Negative Pledge

 

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Agreement prohibiting such holders of Equity Interests of CP Laughlin, Vicksburg and Jubilee from
pledging such Equity Interests or, directly or indirectly, incurring or suffer to exist any Lien
upon the Equity Interests of their respective subsidiaries, whether owned on the Closing Date or
acquired after such date, or any interest therein or any income or profits therefrom, other than
Liens permitted under Section 6.02 (or arising by operation of law).

     SECTION 5.19. Affiliated Guarantor Distributions. In the case of each Affiliated Guarantor,
transfer (as a subordinated loan or otherwise) to the Borrower or any Subsidiary Guarantor (other
than to another Affiliated Guarantor) an amount in cash equal to 50% of any excess cash flow
(after excluding all cash amounts expected to be required to operate the business of such
Affiliated Guarantor) of such Affiliated Guarantor determined on an annual basis beginning with
the year ended December 31, 2007. Such subordinated loans or other transfers shall be made within
90 days of the applicable fiscal year and to the extent not previously made.

     SECTION 5.20. Acquisition of Casino Queen. Simultaneously with the consummation of the
acquisition of Casino Queen, and as a condition to applying the Casino Queen Deposit to finance
the acquisition of Casino Queen, the Borrower shall cause Casino Queen Acquisition Sub and each of
its subsidiaries to execute and deliver a supplement to the Guarantee and Collateral Agreement (in
substantially the form contained therein) and each other applicable Security Document to the
Collateral Agent and take such further actions as may be requested or required pursuant to Section
5.12 (including filing Uniform Commercial Code and other financing statements, mortgages, ship
mortgages and/or deeds of trust). Prior to the date the Casino Queen acquisition is consummated,
Casino Queen Acquisition Sub shall not be required to take the actions described in this Section
5.20 unless Casino Queen Acquisition Sub obtains material assets, conducts any material business
or incurs any material liabilities.

     SECTION 5.21. Additional Equity Contribution. In the event the Post-Closing Balance Sheet
shows cash on balance sheet to be less than $50,000,000 (any such shortfall, the “Additional
Equity Contribution Amount”), Holdings shall, as soon as reasonably practicable and in any event no
later than February 3, 2007, contribute to the Borrower (or cause to be contributed to the
Borrower) in the form of cash common equity such Additional Equity Contribution Amount.

ARTICLE VI

Negative Covenants

     Each of Holdings, the Borrower and, as to matters within their respective control, the
Affiliated Guarantors, covenants and agrees with each Lender that, so long as this Agreement shall
remain in effect and until the Commitments have been terminated and the principal of and interest
on each Loan, all Fees and all other expenses or amounts payable under any Loan Document have been
paid in full and all Letters of Credit have been cancelled or have expired (or have been cash
collateralized in a manner satisfactory to the Issuing Bank) and all amounts drawn thereunder have
been reimbursed in full,

 

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unless the Required Lenders shall otherwise consent in writing, it will not, and, in the case of
Holdings and the Borrower, it will not cause or permit any of the Subsidiaries to:

     SECTION 6.01. Indebtedness. Incur, create, assume or permit to exist any Indebtedness,
except:

     (a) Indebtedness existing on the date hereof and set forth in Schedule 6.01 and any
extensions, renewals, refinancings or replacements of such Indebtedness to the extent the
principal amount of such Indebtedness is not increased (plus the amount of any financing
fees, commissions, prepayment penalties and other costs and expenses associated therewith),
neither the final maturity nor the weighted average life to maturity of such Indebtedness
is decreased, such Indebtedness, if subordinated to the Obligations, remains so
subordinated on terms not materially less favorable to the Lenders, and the original
obligors in respect of such Indebtedness remain the only obligors thereon;

     (b) Indebtedness created hereunder and under the other Loan Documents;

     (c) intercompany Indebtedness of the Borrower, the Subsidiaries and the Affiliated
Guarantors to the extent permitted by Section 6.04(c);

     (d) Indebtedness of the Borrower, any Subsidiary or any Affiliated Guarantor incurred
to finance the acquisition, construction or improvement of any fixed or capital assets, and
extensions, renewals and replacements of any such Indebtedness that do not increase the
outstanding principal amount thereof; provided that (i) such Indebtedness is incurred prior
to or within 180 days after such acquisition or the completion of such construction or
improvement and (ii) the aggregate principal amount of Indebtedness permitted
by this Section 6.01 (d), when combined with the aggregate principal amount of all
Capital Lease Obligations and Synthetic Lease Obligations incurred pursuant to Section 6.01
(e) shall not exceed $25,000,000 at any time outstanding;

     (e) Capital Lease Obligations and Synthetic Lease Obligations in an aggregate
principal amount, when combined with the aggregate principal amount of all Indebtedness
incurred pursuant to Section 6.01(d), not in excess of $25,000,000 at any time
outstanding;

     (f) Indebtedness under performance bonds or with respect to workers’ compensation
claims, property casualty or liability insurance, take-or-pay obligations in supply
arrangements, self insurance obligations, performance, bid and surety bonds and completion
guaranties in each case incurred in the ordinary course of business;

     (g) Indebtedness under the Subordinated Note Documents in an aggregate principal
amount not in excess of $960,000,000 and any extensions, renewals, refinancings or
replacements of such Indebtedness to the extent the principal amount of such Indebtedness
is not increased (plus the amount of any financing fees, commissions, prepayment penalties
and other costs and expenses associated

 

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therewith), neither the final maturity nor the weighted average life to maturity of such
Indebtedness is decreased, such Indebtedness remains subordinated to the Obligations on terms not
materially less favorable to the Lenders than those in the Subordinated Notes Documents and the
original obligors in respect of such Indebtedness remain the only obligors thereon;

     (h) Indebtedness incurred by the Borrower, the Subsidiaries or the Affiliated Guarantors with
respect to Hedge Agreements in the ordinary course of business and not for speculative purposes;

     (i) (x) Indebtedness incurred by the Borrower, the Subsidiaries or the Affiliated Guarantors
in respect of netting services, overdraft protections and otherwise in connection with deposit
accounts, in each case, other than Indebtedness for borrowed money and (y) Indebtedness arising
from the honoring of a check or draft drawn against insufficient funds;

     (j) guarantees and any other contingent obligations of the Borrower, the Subsidiaries and the
Affiliated Guarantors in respect of Indebtedness otherwise permitted hereunder (both before or
after any liability associated therewith becomes fixed);

     (k) Indebtedness in the form of earn-outs, indemnification, incentive, non-compete,
consulting or other similar arrangements and other contingent obligations in respect of Permitted
Acquisitions;

     (l) unsecured senior subordinated or subordinated Indebtedness of the Borrower, the
Subsidiaries and the Affiliated Guarantors incurred (i) to finance the consideration payable in a
Permitted Acquisition or (ii) to repay the Loans; provided that (A) no scheduled principal
repayments, prepayments, redemptions or sinking fund or like payments of such unsecured senior
subordinated or subordinated indebtedness shall be required prior to the 91st day following the
Term Loan Maturity Date; (B) the terms of such unsecured senior subordinated or subordinated
indebtedness shall be not more restrictive in any material respect on the Loan Parties than the
provisions of the Subordinated Note Documents; (C) the terms of the subordination shall be
reasonably satisfactory to the Administrative Agent in all respects, (D) no Default or Event of
Default shall have occurred and be continuing at the time such Indebtedness is incurred or would
result therefrom and (E) in the case of clause (i) of this paragraph, the pro forma Leverage Ratio
(after giving effect to such incurrence) shall be less than 4.0 to 1.0;

     (m) Indebtedness assumed by the Borrower, the Subsidiaries or the Affiliated Guarantors in
connection with any Permitted Acquisition provided such Indebtedness is not incurred in
contemplation of such Permitted Acquisition or incurred to finance such Permitted Acquisition, so
long as (i)(x) both immediately prior and after giving effect thereto, no Default or Event of
Default shall exist or result therefrom and (y) the Borrower shall be in compliance with Section
6.12 (after giving pro forma effect to such Permitted Acquisition) and (ii) such

 

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Indebtedness is unsecured and is subordinated to the Obligations on terms no less
favorable to the Lenders than the subordination terms set forth in the Subordinated Note
Documents;

     (n) until such time as the noteholders of the Existing Notes are repaid in full
(following deposit by the Borrower of funds with the trustees of such Existing Notes and
in an aggregate amount not to exceed the amount on deposit with such trustee), outstanding
Indebtedness under the Existing Notes; and

     (o) other unsecured Indebtedness of the Borrower, the Subsidiaries and the Affiliated
Guarantors (not listed in paragraphs (a) through (n) above) in an aggregate principal
amount not exceeding $25,000,000 (or $50,000,000 in the event the pro forma Leverage Ratio
(after giving effect to such incurrence) is less than 4.0 to 1.0) at any time outstanding.

     SECTION 6.02. Liens. Create, incur, assume or permit to exist any Lien on any property or
assets (including Equity Interests or other securities of any person, including the Borrower or
any Subsidiary now owned or hereafter acquired by it or on any income or revenues or rights in
respect of any thereof (collectively referred to in this Section 6.02 as the “Assets”), except:

     (a) Liens on Assets of the Borrower, the Subsidiaries and the Affiliated Guarantors
existing on the date hereof and set forth in Schedule 6.02 (or to the extent not listed in
Schedule 6.02, where the fair market value of the Assets to which such Lien attaches is
less than $1,000,000); provided that such Liens shall secure only those obligations which
they secure on the date hereof and extensions, renewals and replacements thereof permitted
hereunder;

     (b) any Lien created under the Loan Documents;

     (c) any Lien existing on any Assets prior to the acquisition thereof by the Borrower,
any Subsidiary or any Affiliated Guarantor or existing on any Assets of any person that
becomes a subsidiary of the Borrower, any Subsidiary or any Affiliated Guarantor after the
date hereof prior to the time such person becomes a subsidiary, as the case may be;
provided that (i) such Lien is not created in contemplation of or in connection with such
acquisition or such person becoming a subsidiary, (ii) such Lien does not apply to any
other Assets of Holdings, the Borrower, any Subsidiary or any Affiliated Guarantor and
(iii) such Lien secures only those obligations which it secures on the date of such
acquisition or the date such person becomes a subsidiary, as the case may be;

     (d) Liens for taxes not yet due or which are being contested in compliance with
Section 5.03;

     (e) landlord’s, banks’, carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business
(or imposed by law) and securing obligations that are not due and payable or which are
being contested in compliance with Section 5.03;

 

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     (f) pledges and deposits made in the ordinary course of business in compliance with workmen’s
compensation, unemployment insurance and other social security laws or regulations;

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

     (h) zoning restrictions, easements, encroachments, rights-of-way, restrictions on use of real
property and other similar encumbrances incurred in the ordinary course of business which, in the
aggregate, are not substantial in amount and do not materially detract from the value of the
Assets subject thereto or interfere with the ordinary conduct of the business of the Borrower, any
of its Subsidiaries or any of the Affiliated Guarantors;

     (i) Liens securing Indebtedness permitted under Section 6.01(d) and Section 6.01 (e) and
purchase money security interests in real property, improvements thereto or equipment or slot
machines hereafter acquired (or, in the case of improvements, constructed) by the Borrower, any
Subsidiary or any Affiliated Guarantor; provided that (i) such security interests secure
Indebtedness permitted by Section 6.01, (ii) such security interests are incurred, and the
Indebtedness secured thereby is created, within 180 days after such acquisition (or construction),
(iii) the Indebtedness secured thereby does not exceed 100% of the lesser of the cost or the fair
market value of such real property, improvements or equipment at the time of such acquisition (or
completion of construction or improvement) and (iv) such security interests do not apply to any
other property or assets of the Borrower, any Subsidiary or any Affiliated Guarantor;

     (j) any interest or title of a lessor or sublessor under any lease of real estate entered
into by the Borrower, any Subsidiary or any Affiliated Guarantor in the ordinary course of
business;

     (k) Liens in favor of customs and revenue authorities arising as a matter of law to secure the
payment of customs duties in connection with the importation of goods;

     (l) receipt of progress payments and advances from customers in the ordinary course of
business to the extent the same creates a Lien on the related inventory and proceeds thereof;

     (m) Liens solely on cash earnest money deposits made by the Borrower, any Subsidiary or any
Affiliated Guarantor in connection with a letter of intent or purchase agreement permitted
hereunder;

     (n) purported Liens evidenced by the filing of precautionary Uniform Commercial Code
financing statements relating solely to operating leases for personal property entered into in the
ordinary course of business;

 

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     (o) licenses of patents, trademarks and other intellectual property rights granted by
the Borrower, the Subsidiaries or the Affiliated Guarantors in the ordinary course of
business;

     (p) Liens arising out of consignment or similar arrangements for the sale by the
Borrower, the Subsidiaries or the Affiliated Guarantors of goods through third parties in
the ordinary course of business;

     (q) Liens arising out of judgments or awards which do not result in a Default or
Event of Default; and

     (r) other Liens with respect to obligations that do not exceed $25,000,000 at any one
time outstanding.

This Section 6.02 shall not be construed as a restriction upon the hypothecation or transfer of
the equity securities of any gaming licensee unless and until all required approvals of relevant
Gaming Authorities have been obtained.

     SECTION 6.03. Sale and Lease-Back Transactions. Enter into any arrangement, directly or
indirectly, with any person whereby it shall sell or transfer any property, real or personal, used
or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease
such property or other property which it intends to use for substantially the same purpose or
purposes as the property being sold or transferred unless (a) the sale or transfer of such
property is permitted by Section 6.05 and (b) any Capital Lease Obligations, Synthetic Lease
Obligations or Liens arising in connection therewith that are permitted by Sections 6.01 and 6.02,
as the case may be.

     SECTION 6.04. Investments, Loans and Advances. Purchase, hold or acquire any Equity
Interests, evidences of indebtedness or other securities of, make or permit to exist any loans or
advances to, or make or permit to exist any investment in, any other person, except:

     (a) (i) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated
Guarantors existing on the date hereof in the Equity Interests of the Borrower, the
Subsidiaries and the Affiliated Guarantors and by Aztar in the Equity Interests of
Tropicana Las Vegas Intermediate Holdings and (ii) additional investments by Holdings, the
Borrower, the Subsidiaries and the Affiliated Guarantors in the Equity Interests of the
Borrower, the Subsidiaries and the Affiliated Guarantors; provided that (A) any such Equity
Interests held by a Loan Party shall be pledged pursuant to the Guarantee and Collateral
Agreement or a Pledge Agreement (subject to the limitations applicable to voting stock of a
Foreign Subsidiary referred to therein) and (B) the aggregate amount of investments
by Loan Parties in, and loans and advances by Loan Parties to, Subsidiaries that are not
Loan Parties (determined without regard to any write-downs or write-offs of such
investments, loans and advances) shall not exceed $15,000,000 at any time outstanding;

     (b) Permitted Investments;

 

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     (c) loans or advances made by the Borrower to any Subsidiary or any Affiliated Guarantor and
made by any Subsidiary or any Affiliated Guarantor to Holdings, the Borrower, any other Subsidiary
or any other Affiliated Guarantor; provided that (i) any such loans and advances made by a Loan
Party shall be evidenced by a global note or promissory note pledged to the Collateral Agent for
the ratable benefit of the Secured Parties pursuant to the Guarantee and Collateral Agreement or a
Pledge Agreement and (ii) the amount of such loans and advances made by Loan Parties to
Subsidiaries that are not Loan Parties shall be subject to the limitation set forth in clause (a)
above;

     (d) investments received in connection with trade credit or notes receivable and
investments received in satisfaction or partial satisfaction thereof from financially troubled
account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and
disputes with, customers and suppliers, in each case in the ordinary course of business;

     (e) the Borrower, the Subsidiaries and the Affiliated Guarantors may make loans and advances
in the ordinary course of business to their respective directors, officers and employees so long as
the aggregate principal amount thereof at any time outstanding (determined without regard to any
write-downs or write-offs of such loans and advances) shall not exceed $5,000,000 (excluding for
purposes of such cap travel and entertainment expenses to the extent made for bona fide business
purposes);

     (f) the Borrower, the Subsidiaries and the Affiliated Guarantors may enter into Hedging
Agreements that are not speculative in nature;

     (g) the Borrower, any Subsidiary or any Affiliated Guarantor may acquire (i) Casino Queen and
(ii) all or substantially all the assets of a person or line of business of such person, or not
less than 100% of the Equity Interests (other than directors’ qualifying shares) of a person
(referred to herein as the “Acquired Entity”); provided that in the event of clause (ii) above, (x)
such acquisition was not preceded by an unsolicited tender offer for such Equity Interests by, or
proxy contest initiated by, Holdings, the Borrower, any Subsidiary or any Affiliated Guarantor or
Affiliate thereof; (y) the Acquired Entity shall be in a Permitted Business; and (z) at the time of
such transaction (A) both before and after giving effect thereto, no Default or Event of Default
shall have occurred and be continuing; (B) the Borrower would be in compliance with the covenants
set forth in Section 6.11 and 6.12 as of the most recently completed period of four consecutive
fiscal quarters ending prior to such transaction for which the financial statements and
certificates required by Section 5.04(a) or 5.04(b), as the case may be, and 5.04(c) have been
delivered or for which comparable financial statements have been filed with the Securities and
Exchange Commission, after giving pro forma effect to such transaction and to any other event
occurring after such period as to which pro forma recalculation is appropriate (including any other
transaction described in this Section 6.04(g) occurring after such period) as if such
transaction had occurred as of the first day of such period (assuming, for purposes

 

91

of pro forma compliance with Section 6.12, that the maximum Leverage Ratio permitted at the time by
such Section was in fact 0.25 to 1.00 less than the ratio actually provided for in such Section at
such time); (C) after giving effect to such acquisition, there must be at least $75,000,000 of
unused and available Revolving Credit Commitments; (D) the total consideration paid in connection
with such acquisition and any other acquisitions pursuant to this Section 6.04(g) (including any
Indebtedness of the Acquired Entity that is assumed by the Borrower, any Subsidiary or any
Affiliated Guarantor following such acquisition and any payments following such acquisition
pursuant to earn-out provisions or similar obligations) shall not in the aggregate exceed
$50,000,000 (or $100,000,000 in the event the pro forma Leverage Ratio (after giving effect to such
Permitted Acquisition) is less than 4.0 to 1.0); (E) the Borrower shall have delivered a
certificate of a Financial Officer, certifying as to the foregoing and containing reasonably
detailed calculations in support thereof, in form and substance satisfactory to the Administrative
Agent and (F) the Borrower shall comply, and shall cause the Acquired Entity to comply, with the
applicable provisions of Section 5.12 and the Security Documents (any acquisition of an Acquired
Entity meeting all the criteria of this Section 6.04(g) being referred to herein as a “Permitted
Acquisition”);

     (h) deposits, prepayments and other credits to suppliers made in the ordinary course of
business;

     (i) each Loan Party may make investments arising out of the receipt by such party of non-cash
consideration for any Asset Sale permitted hereunder;

     (j) investments of the Borrower and the Subsidiary Guarantors in each other;

     (k) guarantees and any other contingent obligations permitted under Section 6.01(j);

     (l) investments (other than Permitted Acquisitions) made with the proceeds of substantially
contemporaneous equity contributions (other than with Disqualified Stock) from shareholders of
Holdings to the Loan Parties after the Closing Date;

     (m) investments consisting of Capital Expenditures permitted under Section 6.10;

     (n) the Borrower and the Subsidiary Guarantors may make investments in community development
projects to the extent required by any Governmental Authority (including the Casino Reinvestment
Development Authority);

     (o) the Borrower, Holdings and Aztar may make investments in Tropicana Las Vegas or Tropicana
Las Vegas Intermediate Holdings in an amount not in excess of (x) amounts contributed by OpCo
Holdings for further delivery to Tropicana Las Vegas or Tropicana Las Vegas Intermediate Holdings
to fund

 

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certain payments required pursuant to the terms of the Tropicana Las Vegas Secured Credit
Agreement and (y) equity contributions or subordinated loans received after the Closing
Date from a direct or indirect parent of Holdings which are used for the sole purpose of
funding further capital expenditures, developments or renovations in Tropicana Las Vegas
Intermediate Holdings or Tropicana Las Vegas and which are contributed substantially
simultaneously upon (and in any event within ten Business Days following) receipt thereof
to Tropicana Las Vegas Intermediate Holdings or Tropicana Las Vegas; and

     (p) in addition to investments permitted by paragraphs (a) through (o) above,
additional investments, loans and advances by the Borrower, the Subsidiaries and the
Affiliated Guarantors so long as the aggregate amount invested, loaned or advanced
pursuant to this paragraph (p) (determined without regard to any write-downs or write-offs
of such investments, loans and advances) does not exceed $15,000,000 in the aggregate (or
$30,000,000 in the event the Leverage Ratio is less than 4.0 to 1.0).

     SECTION 6.05. Mergers, Consolidations, Sales of Assets and Acquisitions.
(a) Other than as contemplated by the Transactions or with respect to the Excluded Asset Sales,
merge into or consolidate with any other person, or permit any other person to merge into or
consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a
series of transactions) all or substantially all the assets (whether now owned or hereafter
acquired) of the Borrower or less than all the Equity Interests of any Subsidiary or any
Affiliated Guarantor, or purchase, lease or otherwise acquire (in one transaction or a series of
transactions) all or any substantial part of the assets of any other person, except that (i) the
Borrower, any Subsidiary and any Affiliated Guarantor may purchase and sell or swap inventory in
the ordinary course of business and (ii) if at the time thereof and immediately after giving
effect thereto no Event of Default or Default shall have occurred and be continuing (w) any wholly
owned Subsidiary may merge into the Borrower in a transaction in which the Borrower is the
surviving corporation, (x) any wholly owned Subsidiary or Affiliated Guarantor may merge into or
consolidate with any other wholly owned Subsidiary or Affiliated Guarantor in a transaction in
which the surviving entity is a wholly owned Subsidiary or Affiliated Guarantor and no person
other than the Borrower, a wholly owned Subsidiary or an Affiliated Guarantor receives any
consideration (provided that if any party to any such transaction is a Loan Party, the surviving
entity of such transaction shall be a Loan Party), (y) any Loan Party may purchase, lease or
otherwise acquire all or substantially all of the assets of any other Loan Party or sell,
transfer, lease or dispose of all or substantially all of its assets to any other Loan Party and
(z) the Borrower, the Subsidiaries and the Affiliated Guarantors may make Permitted Acquisitions.

     (b) Other than in the case of mergers effected pursuant to Section 6.05(a)(ii)(x), make any
Asset Sale otherwise permitted under paragraph (a) above unless (i) such Asset Sale is for
consideration at least 75% of which is cash, (ii) such consideration is at least equal to the fair
market value of the assets being sold, transferred, leased or disposed of and (iii) the fair market
value of all assets sold, transferred, leased or disposed of (other than any Excluded Asset Sales)
pursuant to this paragraph (b) shall not exceed

 

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$50,000,000 in the aggregate (or $100,000,000 in the event the pro forma Leverage Ratio (after
giving effect to such Asset Sale) is less than 4.0 to 1.0); provided that the foregoing
restrictions of clauses (b)(i) and (b)(ii) shall not apply to transfers of condemned property as a
result of the exercise of “eminent domain” or other similar policies to the respective
Governmental Authority that has condemned such property.

     This Section 6.05 shall not be construed as a restriction upon the hypothecation or transfer
of the equity securities of any gaming licensee unless and until all required approvals of
relevant Gaming Authorities have been obtained.

     SECTION 6.06. Restricted Payments; Restrictive Agreements. (a) Declare or make, or agree to
declare or make, directly or indirectly, any Restricted Payment (including pursuant to any
Synthetic Purchase Agreement), or incur any obligation (contingent or otherwise) to do so;
provided, however, that (i) any Subsidiary may declare and pay dividends or make other
distributions ratably to its equity holders, (ii) the Borrower may make Restricted Payments to
Holdings or any parent of Holdings (x) in an amount not to exceed $250,000 in any fiscal year to
the extent necessary to pay general corporate and overhead expenses incurred by Holdings in the
ordinary course of business and (y) in an amount necessary to enable Holdings to make Permitted Tax
Distributions; provided, however, that all Restricted Payments made to Holdings pursuant to this
clause (ii) are used by Holdings for the purposes specified herein within 60 days of the receipt
thereof, (iii) CP Laughlin, Vicksburg and Jubilee may make Permitted Tax Distributions; provided,
however, that all Restricted Payments made pursuant to this clause (iii) are used by the recipients
thereof for the purposes specified herein within 60 days of the receipt thereof, (iv) Holdings, the
Borrower, the Subsidiaries and the Affiliated Guarantors may make Restricted Payments in the form
of distributions payable solely in the common stock or other common Equity Interests of such
person, (v) the Borrower, any Subsidiary or any Affiliated Guarantor may repurchase or redeem
common stock or other common Equity Interests of the Borrower, any Subsidiary or any Affiliated
Guarantor to the extent required by any Gaming Authority to prevent a License Revocation or
otherwise, (vi) Greenville may make distributions to the minority holders of its Equity Interests
to the extent required by its operating agreement as in effect on the Closing Date (or as amended
in a manner approved by the Required Lenders), (vii) the Loan Parties may declare or make the
Closing Date Restricted Payments and; (viii) Holdings, the Borrower, the Subsidiaries and the
Affiliated Guarantors may make Restricted Payments to the extent provided in (and on the terms and
subject to the conditions of) the Services Agreements and Casino Services Agreements (as such
agreements exist on the date hereof or, in the case of agreements in the form of Exhibit L or
Exhibit M, as applicable, and entered into after the Closing Date, as such agreements exist when
entered into or, in each case, as may be amended with the consent of the Required Lenders), (ix)
Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors may make Restricted Payments
in the form of distributions representing interest payments to holders of Disqualified Stock to the
extent such Disqualified Stock is incurred in accordance with Section 6.01 hereof, (x) the Borrower
may make Restricted Payments to Holdings or any parent of Holdings in an amount not in excess of
the amount of capital contributions or subordinated loans made immediately prior to or
substantially contemporaneously with (and in any event within ten Business Days

 

94

following) such Restricted Payment from Holdings or a parent of Holdings to the Borrower so as to
permit a grantor retained annuity trust (“GRAT”) which is a shareholder of Holdings or a parent of
Holdings to make annuity payments to the grantor of the trust or to permit an intentionally
defective grantor trust to make installment payments to the seller in an installment sale provided
that any such Restricted Payment received by Holdings or any parent of Holdings shall be used
promptly upon receipt solely for the purpose of making such payments by a GRAT or for such
installment payments; (xi) the Borrower may make a Restricted Payment to Holdings and Holdings may
make a Restricted Payment to any parent of Holdings in an amount not in excess of, and
substantially simultaneously with (and in any event within ten Business Days following) the
receipt of, payments from Tropicana Las Vegas Intermediate Holdings or its subsidiaries in respect
of the return of equity investments or subordinated loans contributed to Tropicana Las Vegas
Intermediate Holdings or Tropicana Las Vegas pursuant to Section 6.04(o)(y) hereof; and (xii)
Holdings may make Restricted Payments provided that (1) no Default or Event of Default is
continuing or would result therefrom and (2) the Leverage Ratio before and after giving effect to
such Restricted Payment is less than 4.0 to 1.0, in an aggregate amount not to exceed $50,000,000.

     (b) Enter into, incur or permit to exist any agreement or other arrangement that prohibits,
restricts or imposes any condition upon (i) the ability of Holdings, the Borrower, any Subsidiary
or any Affiliated Guarantor to create, incur or permit to exist any Lien upon any of its property
or assets, or (ii) the ability of any Subsidiary or any Affiliated Guarantor to pay dividends or
other distributions with respect to any of its Equity Interests or to make or repay loans or
advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or
any other Subsidiary; provided that (A) the foregoing shall not apply to restrictions and
conditions imposed by law, any Gaming Authority or by any Loan Document, the Subordinated Note
Documents or any renewal, replacement or refinancing thereof permitted under Section 6.01(g), (B)
the foregoing shall not apply to customary restrictions and conditions contained in agreements
relating to the sale of a subsidiary pending such sale, provided such restrictions and conditions
apply only to the subsidiary that is to be sold and such sale is permitted hereunder, (C) clause
(i) of the foregoing shall not apply to restrictions or conditions imposed by any agreement
relating to secured Indebtedness or effecting a refinancing of Indebtedness permitted hereunder if
such restrictions or conditions apply only to the property or assets securing such Indebtedness (D)
clause (i) of the foregoing shall not apply to customary provisions in leases and other contracts
restricting the assignment thereof, (E) clause (i) of the foregoing shall not apply to software and
other Intellectual Property licenses pursuant to which a Loan Party or Subsidiary is the licensee
of the relevant software or Intellectual Property, as the case may be (in which case, any
prohibition or limitation shall relate only to the assets subject of the applicable license), (F)
clause (i) of the foregoing shall not apply to prohibitions and limitations in effect on the date
hereof and listed on Schedule 6.06, (G) clause (i) of the foregoing shall not apply to customary
provisions contained in joint venture agreements and other similar agreements applicable to joint
ventures permitted hereby, (H) clause (i) of the foregoing shall not apply to customary provisions
restricting the subletting or assignment of any lease governing a leasehold interest, (I) clause
(i) of the foregoing shall not apply to customary restrictions and conditions contained in any
agreement relating to an asset sale

 

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permitted by Section 6.05, (J) clause (i) of the foregoing shall not apply to any agreement in
effect at the time any person becomes a subsidiary of the Borrower or an Affiliated Guarantor, so
long as such agreement was not entered into in contemplation of such person becoming a subsidiary
of the Borrower or an Affiliated Guarantor and (K) clause (i) of the foregoing shall not apply to
any contractual obligations incurred in the ordinary course of business and on customary terms
which limit Liens on the assets subject to the applicable contractual obligation.

     SECTION 6.07. Transactions with Affiliates. Except for transactions between or among Loan
Parties, sell or transfer any property or assets to, or purchase or acquire any property or assets
from, or otherwise engage in any other transactions with, any of its Affiliates, except that (i)
the Borrower, any Subsidiary or any Affiliated Guarantor may engage in any of the foregoing
transactions in the ordinary course of business at prices and on terms and conditions not less
favorable to the Borrower, such Subsidiary or such Affiliated Guarantor than could be obtained on
an arm’s-length basis from unrelated third parties, (ii) Greenville may make the distributions
permitted by Section 6.06(a)(vi), (iii) the Borrower, any Subsidiary or any Affiliated Guarantor
may enter any transaction contemplated by, and on the terms and subject to the conditions of, the
Services Agreements (including with respect to employment arrangements to the extent contemplated
therein) or the Casino Services Agreements (in each case, as such agreements exist on the date
hereof or, in the case of agreements in the form of Exhibit L or Exhibit M, as applicable, and
entered into after the Closing Date, as such agreements exist when entered into or, in each case,
as may be amended with the consent of the Required Lenders), (iv) Holdings, the Borrower, the
Subsidiaries and the Affiliated Guarantors may engage in the transactions expressly permitted by
Section 6.04(e) and Section 6.06 and (v) the Borrower, any Subsidiary and any Affiliated Guarantor
may provide reasonable indemnification rights and directors’ and officers’ liability insurance
coverage to any of its or its subsidiaries’ directors and officers.

     SECTION 6.08. Business of Holdings, Borrower, the Affiliated Guarantors and Subsidiaries.

     (a) With respect to Holdings, engage in any business activities or have any assets or
liabilities other than its ownership of the Equity Interests of the Borrower and activities and
liabilities incidental thereto, including its liabilities pursuant to the Guarantee and Collateral
Agreement, the Pledge Agreements, and its Guarantee in respect of the Subordinated Notes or any
renewal, replacement or refinancing thereof permitted pursuant to Section 6.01(g); and

     (b) With respect to the Borrower, each Subsidiary and each Affiliated Guarantor, engage at any
time in any business or business activity other than a Permitted Business.

     SECTION 6.09. Other Indebtedness and Agreements. (a) Permit (i) any waiver, supplement,
modification, amendment, termination or release of any indenture, instrument or agreement pursuant
to which any Material Indebtedness of Holdings, the Borrower, any of the Subsidiaries or any of
the Affiliated Guarantors is outstanding if the effect of such waiver, supplement, modification,
amendment, termination or release

 

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would be materially adverse to Holdings, the Borrower, any of the Subsidiaries, any of the
Affiliated Guarantors or the Lenders or (ii) any material waiver, supplement, modification or
amendment of (x) its certificate of incorporation, by-laws, operating, management or partnership
agreement or other organizational documents, (y) an agreement set forth on Schedule 6.09(a) or (z)
any lease between the Borrower or a Subsidiary Guarantor and an Affiliate of the Borrower or such
Subsidiary Guarantor that has the effect of increasing the rental amounts payable thereunder, in
each case, to the extent any such waiver, supplement, modification or amendment would be adverse
to the Lenders in any material respect.

     (b) (i) Make any distribution, whether in cash, property, securities or a combination
thereof, other than regular scheduled payments of principal and interest as and when due (to the
extent not prohibited by applicable subordination provisions), in respect of, or pay, or commit to
pay, or directly or indirectly (including pursuant to any Synthetic Purchase Agreement) redeem,
repurchase, retire or otherwise acquire for consideration, or set apart any sum for the aforesaid
purposes, any Indebtedness which is subordinated to the Loans or (ii) pay in cash any amount in
respect of any Indebtedness or preferred Equity Interests that may at the obligor’s option be paid
in kind or in other securities.

     SECTION 6.10. Capital Expenditures. Permit the aggregate amount of Capital Expenditures made
by the Borrower, the Subsidiaries and the Affiliated Guarantors in any period set forth below to
exceed the amount set forth below for such period:

	 	 	 	 	 
	Period	 	Amount	 
	January 1, 2007 through December 31, 2007
	 	$	185,000,000	 
	January 1, 2008 through December 31, 2008
	 	$	90,000,000	 
	January 1, 2009 through December 31, 2009
	 	$	70,000,000	 
	January 1, 2010 through December 31, 2010
	 	$	70,000,000	 
	January 1, 2011 through December 31, 2011
	 	$	70,000,000	 

     The amount of permitted Capital Expenditures set forth above in respect of any fiscal
year commencing with the fiscal year ending on December 31, 2007, shall be increased (but not
decreased) by (a)(i) the amount of unused permitted Capital Expenditures for the immediately
preceding fiscal year less (ii) an amount equal to unused Capital Expenditures carried forward to
such preceding fiscal year and (b) an amount equal to 2.0% of the revenues (calculated in
accordance with GAAP) attributable of any Permitted Acquisition (other than the acquisition of
Casino Queen).

 

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     SECTION 6.11. Interest Coverage Ratio. Permit the Interest Coverage Ratio for any period
of four consecutive fiscal quarters, in each case taken as one accounting period, ending on a date
or during any period set forth below to be less than the ratio set forth opposite such date or
period below:

	 	 	 	 	 
	Date or Period	 	Ratio	 
	Closing Date through December 31, 2007
	 	 	1.50 to 1.00	 
	January 1, 2008 through December 31, 2008
	 	1.75 to l.00
	January 1, 2009 through December 31, 2009
	 	 	1.75 to 1.00	 
	January 1, 2010 through December 31, 2010
	 	 	2.00 to 1.00	 
	January 1, 2011 through December 31, 2011
	 	 	2.00 to 1.00	 

     SECTION 6.12. Maximum Leverage Ratio. Permit the Leverage Ratio at any time during a
period set forth below to be greater than the ratio set forth opposite such period below:

	 	 	 	 	 
	Period	 	Ratio	 
	Closing Date through December 31, 2007
	 	 	7.50 to 1.00	 
	January 1, 2008 through December 31, 2008
	 	 	6.75 to 1.00	 
	January 1, 2009 through December 31, 2009
	 	 	6.25 to 1.00	 
	January 1, 2010 through December 31, 2010
	 	 	5.75 to 1.00	 
	January 1, 2011 through December 31, 2011
	 	 	5.25 to 1.00	 

     SECTION 6.13. Fiscal Year. With respect to Holdings and the Borrower, change their
fiscal year-end to a date other than December 31.

 

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ARTICLE VII

Events of Default

In case of the happening of any of the following
events (“Events of Default”):

     (a) any representation or warranty made or deemed made in or in connection with any Loan
Document or the borrowings or issuances of Letters of Credit hereunder, or any representation,
warranty contained in any report, certificate, financial statement or other instrument furnished
pursuant to any Loan Document, shall prove to have been false or misleading in any material respect
when so made, deemed made or furnished;

     (b) default shall be made in the payment of any principal of any Loan or the reimbursement
with respect to any L/C Disbursement when and as the same shall become due and payable, whether at
the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or
otherwise;

     (c) default shall be made in the payment of any interest on any Loan or any Fee or L/C
Disbursement or any other amount (other than an amount referred to in (b) above) due and payable
under any Loan Document, when and as the same shall become due and payable, and such default shall
continue unremedied for a period of five days;

     (d) default shall be made in the due observance or performance by Holdings, the Borrower, any
Subsidiary or any Affiliated Guarantor of any covenant, condition or agreement contained in Section
5.01(a), 5.05(a) or 5.08 or in Article VI;

     (e) default shall be made in the due observance or performance by Holdings, the Borrower, any
Subsidiary or any Affiliated Guarantor of any covenant, condition or agreement contained in any
Loan Document (other than those specified in (b), (c) or (d) above) and such default shall
continue unremedied for a period of 30 days after notice thereof from the Administrative Agent or
any Lender to the Borrower;

     (f) (i) Holdings, the Borrower, any Subsidiary or any Affiliated Guarantor shall fail to pay
any principal or interest due in respect of any Material Indebtedness, when and as the same shall
become due and payable, (ii) any other event or condition occurs that results in any Material
Indebtedness becoming due prior to its scheduled maturity, in each case, taking into account any
period of grace specified in the instrument or agreement under which such Material Indebtedness was
created, as a result of a default or event of default (or similar event) or that enables or permits
(with or without the giving of notice, the lapse of time or both) the holder or holders of any
Material Indebtedness or any trustee or agent on its or their behalf to cause any Material
Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance
thereof, prior to

 

99

its scheduled maturity as a result of a default or event of default (or similar event); provided
that this clause (ii) shall not apply to secured Indebtedness that becomes due as a result of the
voluntary sale or transfer of the property or assets securing such Indebtedness, or (iii)
Tropicana Las Vegas Intermediate Holdings or any of its subsidiaries shall fail to pay any
principal or interest, regardless of amount, due in respect of the Tropicana Las Vegas Secured
Facility, when and as the same shall become due and payable; provided that clauses (i) and (ii)
shall not apply to Material Indebtedness in respect of purchase money or vendor financing if such
failure is a result of a good-faith dispute with the holders of such Indebtedness and such failure
is remedied or waived by the holders of such Indebtedness;

     (g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in
a court of competent jurisdiction seeking (i) relief in respect of Holdings, the Borrower, any
Subsidiary or any Affiliated Guarantor, or of a substantial part of the property or assets of
Holdings, the Borrower, a Subsidiary or an Affiliated Guarantor, under Title 11 of the United
States Code, as now constituted or hereafter amended, or any other Federal, state or foreign
bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for Holdings, the Borrower, any
Subsidiary or any Affiliated Guarantor or for a substantial part of the property or assets of
Holdings, the Borrower, a Subsidiary or an Affiliated Guarantor or (iii) the winding-up or
liquidation of Holdings, the Borrower, any Subsidiary or any Affiliated Guarantor; and in each
case such proceeding or petition shall continue undismissed, unbonded or undischarged for 60 days
or an order or decree approving or ordering any of the foregoing shall be entered;

     (h) Holdings, the Borrower, any Subsidiary or any Affiliated Guarantor shall (i) voluntarily
commence any proceeding or file any petition seeking relief under Title 11 of the United States
Code, as now constituted or hereafter amended, or any other Federal, state or foreign bankruptcy,
insolvency, receivership or similar law, (ii) consent to the institution of, or fail to contest in
a reasonably timely and appropriate manner, any proceeding or the filing of any petition described
in (g) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for Holdings, the Borrower, any Subsidiary or any
Affiliated Guarantor or for a substantial part of the property or assets of Holdings, the Borrower,
any Subsidiary or any Affiliated Guarantor, (iv) file an answer admitting the material allegations
of a petition filed against it in any such proceeding, (v) make a general assignment for the
benefit of creditors, (vi) become generally unable, admit in writing its inability or fail
generally to pay its debts as they become due or (vii) take any action for the purpose of effecting
any of the foregoing;

     (i) one or more judgments shall be rendered against Holdings, the Borrower, any Subsidiary,
any Affiliated Guarantor or any combination thereof for a liability (not part or fully covered by
insurance or effective indemnity) and the same shall remain undischarged for a period of 30
consecutive days during

 

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which execution shall not be effectively stayed, or any action shall be legally taken by a
judgment creditor to levy upon assets or properties of Holdings, the Borrower, any Subsidiary or
any Affiliated Guarantor to enforce any such judgment and such judgment either (i) is for the
payment of money in an aggregate amount in excess of $10,000,000 or (ii) is for injunctive relief
and would reasonably be expected to result in a Material Adverse Effect;

     (j) an ERISA Event shall have occurred that, when taken together with all other such ERISA
Events that have occurred, could reasonably be expected to result in liability of the Borrower or
any Subsidiary Guarantor in an aggregate amount exceeding $20,000,000;

     (k) any Guarantee under the Guarantee and Collateral Agreement for any reason shall cease to
be in full force and effect (other than in accordance with its terms), or any Guarantor shall deny
in writing that it has any further liability under the Guarantee and Collateral Agreement (other
than as a result of the discharge of such Guarantor in accordance with the terms of the Loan
Documents);

     (l) any collateral (other than any immaterial collateral) purported to be created by any
Security Document shall cease to be, or shall be asserted by the Borrower or any other Loan Party
not to be, a valid, perfected, first priority (except as otherwise expressly provided in this
Agreement or such Security Document) security interest in the securities, assets or properties
covered thereby, except to the extent that any such loss of perfection or priority results from
the failure of the Collateral Agent to maintain possession of certificates representing securities
pledged under the Guarantee and Collateral Agreement or a Pledge Agreement and except to the
extent that such loss is covered by a lender’s title insurance policy and the related insurer
promptly after such loss shall have acknowledged in writing that such loss is covered by such
title insurance policy;

     (m) the Indebtedness under the Subordinated Notes or any other subordinated Indebtedness of
Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors constituting Material
Indebtedness shall cease (or any Loan Party or an Affiliate of any Loan Party shall so assert),
for any reason, to be validly subordinated to the Obligations as provided in the Subordinated Note
Documents or the agreements evidencing such other subordinated Indebtedness;

     (n) any License Revocation shall have occurred and remains continuing for more than five
Business Days;

     (o) any termination of the Casino Leases or any other lease which is the subject of a
leasehold mortgage or leasehold deed to trust securing the Obligations, or of the charter party
lease of the vessel used in connection with Greenville’s Lighthouse Point Casino gaming operations
shall have occurred in each case, where such termination would have a
Material Adverse Effect; or

 

101

     (p) there shall have occurred a Change in Control;

     then, and in every such event (other than an event with respect to Holdings or the Borrower
described in paragraph (g) or (h) above), and at any time thereafter during the continuance of
such event, the Administrative Agent may, and at the request of the Required Lenders shall, by
notice to the Borrower, take either or both of the following actions, at the same or different
times: (i) terminate forthwith the Commitments and (ii) declare the Loans then outstanding to be
forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared to
be due and payable, together with accrued interest thereon and any unpaid accrued Fees and all
other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall
become forthwith due and payable, without presentment, demand, protest or any other notice of any
kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in
any other Loan Document to the contrary notwithstanding; and in any event with respect to Holdings
or the Borrower described in paragraph (g) or (h) above, the Commitments shall automatically
terminate and the principal of the Loans then outstanding, together with accrued interest thereon
and any unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder and under
any other Loan Document, shall automatically become due and payable, without presentment, demand,
protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower,
anything contained herein or in any other Loan Document to the contrary notwithstanding. Each of
the Administrative Agent and the Lenders acknowledges that its ability to pursue the remedies
described in this paragraph may be subject to, and limited by, the terms of applicable Gaming
Laws.

ARTICLE VIII

The Administrative Agent and the Collateral Agent

     Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative Agent
and the Collateral Agent (for purposes of this Article VIII, the Administrative Agent and the
Collateral Agent are referred to collectively as the
“Agents”) its agent and authorizes the Agents
to take such actions on its behalf and to exercise such powers as are delegated to such Agent by
the terms of the Loan Documents, together with such actions and powers as are reasonably
incidental thereto. Without limiting the generality of the foregoing, the Agents are hereby
expressly authorized to execute any and all documents (including releases) with respect to the
Collateral and the rights of the Secured Parties with respect thereto, as contemplated by and in
accordance with the provisions of this Agreement and the Security Documents.

     The bank serving as the Administrative Agent and/or the Collateral 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 an Agent, and such bank and its Affiliates may accept deposits from,
lend money to and generally engage in any kind of business with Holdings, the Borrower, any
Subsidiary or any Affiliated Guarantor or other Affiliate thereof as if it were not an Agent
hereunder.

 

102

     Neither Agent shall have any duties or obligations except those expressly set forth in the
Loan Documents. Without limiting the generality of the foregoing, (a) neither Agent shall be
subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and
is continuing, (b) neither Agent shall have any duty to take any discretionary action or exercise
any discretionary powers, except discretionary rights and powers expressly contemplated hereby
that such Agent is instructed in writing to exercise by the Required Lenders (or such other number
or percentage of the Lenders as shall be necessary under the circumstances as provided in Section
9.08), and (c) except as expressly set forth in the Loan Documents, neither Agent shall have any
duty to disclose, nor shall it be liable for the failure to disclose, any information relating to
Holdings, the Borrower, any of the Subsidiaries or any of the Affiliated Guarantors that is
communicated to or obtained by the bank serving as Administrative Agent and/or Collateral Agent or
any of its Affiliates in any capacity. Neither Agent shall be liable for any action taken or not
taken by it with the consent or at the request of the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as provided in Section
9.08) or in the absence of its own gross negligence or willful misconduct. Neither Agent shall be
deemed to have knowledge of any Default unless and until written notice thereof is given to such
Agent by Holdings, the Borrower or a Lender, and neither Agent 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 any Loan Document, (ii) the contents of any certificate, report or other document
delivered thereunder or in connection therewith, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the
validity, enforceability, effectiveness or genuineness of any Loan Document or any other
agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article
IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to
be delivered to such Agent.

     Each 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
believed by it to be genuine and to have been signed or sent by the proper person. Each Agent may
also 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. Each 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.

     Each Agent may perform any and all its duties and exercise its rights and powers by or
through any one or more sub-agents appointed by it. Each Agent and any such sub-agent may perform
any and all its duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent
and to the Related Parties of each Agent and any such sub-agent, and shall apply to their
respective activities in connection with the syndication of the Credit Facilities as well as
activities as Agent.

 

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     Subject to the appointment and acceptance of a successor Agent as provided below, either Agent
may resign at any time by notifying the Lenders, the Issuing Bank and the Borrower. Upon any such
resignation, the Required Lenders shall have the right, in consultation with the Borrower, to
appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall
have accepted such appointment within 30 days after the retiring Agent gives notice of its
resignation, then the retiring Agent may, on behalf of the Lenders and the Issuing Bank, appoint a
successor Agent which shall be a bank or licensed lending institution with an office in New York.
New York, or an Affiliate of any such bank or licensed lending institution. Upon the acceptance of
its appointment as Agent hereunder by a successor, such successor shall succeed to and become
vested with all the rights, powers, privileges and duties of the retiring Agent and the retiring
Agent shall be discharged from its duties and obligations hereunder. The fees payable by the
Borrower to a successor Agent shall be the same as those payable to its predecessor unless
otherwise agreed between the Borrower and such successor. After an Agent’s resignation hereunder,
the provisions of this Article and Section 9.05 shall continue in effect for the benefit of such
retiring 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 acting as Agent.

     Each
Lender acknowledges that it has, independently and without reliance upon the Agents 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 Agreement. Each Lender also acknowledges
that it will, independently and without reliance upon the Agents or any other Lender 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 or any other
Loan Document, any related agreement or any document furnished hereunder or thereunder.

ARTICLE IX

Miscellaneous

     SECTION 9.01. Notices. 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 fax, as follows:

     (a) if to Holdings or the Borrower, to them at Wimar Tahoe Corporation, 207 Grandview Drive,
Ft. Mitchell, KY 41017, Attention of Richard M. FitzPatrick (Fax No. (859) 578-1190), with a copy
to John Cobb, Milbank, Tweed, Hadley & McCloy LLP, 1 Chase Manhattan Plaza, New York, NY
10005-1413, (Fax No. (212) 822 5451);

     (b) if
to the Administrative Agent, to Credit Suisse, Eleven Madison Avenue, New York, NY
10010, Attention of Agency Group (Fax No. (212) 325-8304); and

 

104

     (c) if to a Lender, to it at its address (or fax number) set forth on Schedule 2.01 or in the
Assignment and Acceptance pursuant to which such Lender shall have become a party hereto.

     All notices and other communications given to any party hereto in accordance with the
provisions of this Agreement shall be deemed to have been given on the date of receipt if
delivered by hand or overnight courier service or sent by fax or on the date five Business Days
after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed
(properly addressed) to such party as provided in this Section 9.01 or in accordance with the
latest unrevoked direction from such party given in accordance with this Section 9.01. As agreed
to among Holdings, the Borrower, the Administrative Agent and the applicable Lenders from time to
time, notices and other communications may also be delivered by e-mail to the e-mail address of a
representative of the applicable person provided from time to time by such person.

     SECTION 9.02. Survival of Agreement. All covenants, agreements, representations and warranties
made by the Borrower or Holdings herein and in the certificates or other instruments prepared or
delivered in connection with or pursuant to this Agreement or any other Loan Document shall be
considered to have been relied upon by the Lenders and the Issuing Bank and shall survive the
making by the Lenders of the Loans and the issuance of Letters of Credit by the Issuing Bank,
regardless of any investigation made by the Lenders or the Issuing Bank or on their behalf, and
shall continue in full force and effect as long as the principal of or any accrued interest on any
Loan or any Fee or any other amount payable under this Agreement or any other Loan Document is
outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have
not been terminated. The provisions of Sections 2.14, 2.16, 2.20 and 9.05 shall remain operative
and in full force and effect regardless of the expiration of the term of this Agreement, the
consummation of the transactions contemplated hereby, the repayment of any of the Loans, the
expiration of the Commitments, the expiration of any Letter of Credit, the invalidity or
unenforceability of any term or provision of this Agreement or any other Loan Document, or any
investigation made by or on behalf of the Administrative Agent, the Collateral Agent, any Lender or
the Issuing Bank.

     SECTION 9.03. Binding Effect. This Agreement shall become effective when it shall have been
executed by the Borrower, Holdings and the Administrative Agent and when the Administrative Agent
shall have received counterparts hereof which, when taken together, bear the signatures of each of
the other parties hereto.

     SECTION
9.04. Successors and Assigns. (a) Whenever in this Agreement any of the parties
hereto is referred to, such reference shall be deemed to include the permitted successors and
assigns of such party; and all covenants, promises and agreements by or on behalf of the Borrower, Holdings, the Administrative Agent, the Collateral Agent, the Issuing Bank or the Lenders that are
contained in this Agreement shall bind and inure to the benefit of their respective successors and
assigns.

     (b) Each Lender may assign to one or more assignees all or a portion of its interests, rights
and obligations under this Agreement (including all or a portion of its

 

105

Commitment and the Loans at the time owing to it), with the prior written consent of the Borrower
(provided that the consent of the Borrower shall not be required to any such assignment made (x) to
another Lender or an Affiliate or Related Fund of a Lender, (y) during the primary syndication of
the Loans and the Commitments to persons identified by the Administrative Agent to the Borrower
prior to the Closing Date or (z) after the occurrence and during the continuance of any Event of
Default) and the Administrative Agent (in each case, not to be unreasonably withheld or delayed)
and each Gaming Authority to the extent required; provided, however, that (i) in the case of an
assignment of a Revolving Credit Commitment, the Issuing Bank and the Swingline Lender must also
give its prior written consent to such assignment (which consent shall not be unreasonably withheld
or delayed) (ii) the amount of the Commitment or Loans of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Acceptance with respect to such assignment
is delivered to the Administrative Agent) shall be in an integral multiple of, and not less than,
$1,000,000 (or, if less, the entire remaining amount of such Lender’s Commitment or Loans of the
relevant Class), provided that simultaneous assignments to or by two or more Affiliates or Related
Funds shall be treated as one assignment for purposes of this minimum assignment requirement if
such Affiliates or Related Funds are managed and advised by the same investment advisor, (iii) the
parties to each such assignment shall execute and deliver to the Administrative Agent an Assignment
and Acceptance via an electronic settlement system acceptable to the Administrative Agent (or, if
previously agreed with the Administrative Agent, manually), and shall pay to the Administrative
Agent a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole
discretion of the Administrative Agent), and (iv) the assignee, if it shall not be a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire and all applicable tax forms.
Upon acceptance and recording pursuant to paragraph (e) of this Section 9.04, from and after the
effective date specified in each Assignment and Acceptance, (A) the assignee thereunder shall be a
party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have
the rights and obligations of a Lender under this Agreement and (B) the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from
its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all
or the remaining portion of an 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
Sections 2.14, 2.16, 2.20 and 9.05, as well as to any Fees accrued for its account and not yet
paid).

     (c) By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder
and the assignee thereunder shall be deemed to confirm to and agree with each other and the other
parties hereto as follows: (i) such assigning Lender warrants that it is the legal and beneficial
owner of the interest being assigned thereby free and clear of any adverse claim and that its Term
Loan Commitment and Revolving Credit Commitment, and the outstanding balances of its Term Loans
and Revolving Loans, in each case without giving effect to assignments thereof which have not
become effective, are as set forth in such Assignment and Acceptance, (ii) except as set forth in
(i) above, such assigning Lender makes no representation or warranty and assumes no responsibility
with respect to any statements, warranties or representations made in or in

 

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connection with this Agreement, or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement, any other Loan Document or any other instrument or
document furnished pursuant hereto, or the financial condition of the Borrower, any Subsidiary or
any Affiliated Guarantor or the performance or observance by the Borrower, any Subsidiary or any
Affiliated Guarantor of any of its obligations under this Agreement, any other Loan Document or
any other instrument or document furnished pursuant hereto; (iii) such assignee represents and
warrants that it is legally authorized to enter into such Assignment and Acceptance; (iv) such
assignee confirms that it has received a copy of this Agreement, together with copies of the most
recent financial statements referred to in Sections 3.05(a) and (b) or delivered pursuant to
Section 5.04 and such other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into such Assignment and Acceptance; (v) such assignee will
independently and without reliance upon the Administrative Agent, the Collateral Agent, such
assigning Lender 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 this Agreement; (vi) such assignee appoints and authorizes the Administrative Agent and the
Collateral Agent to take such action as agent on its behalf and to exercise such powers under this
Agreement as are delegated to the Administrative Agent and the Collateral Agent, respectively, by
the terms hereof, together with such powers as are reasonably incidental thereto; and (vii) such
assignee agrees that it will perform in accordance with their terms all the obligations which by
the terms of this Agreement are required to be performed by it as a Lender.

     (d) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall
maintain at one of its offices in The City of New York a copy of each Assignment and Acceptance
delivered to it and a register for the recordation of the names and addresses of the Lenders, and
the Commitment of, and principal amount 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, the Issuing Bank, the Collateral 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, the Issuing Bank, the Collateral Agent and any
Lender, at any reasonable time and from time to time upon reasonable prior notice.

     (e) Upon its receipt of, and consent to, a duly completed Assignment and Acceptance executed
by an assigning Lender and an assignee, an Administrative Questionnaire completed in respect of the
assignee (unless the assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (b) above, if applicable, and the written consent of the
Administrative Agent and, if required, the Borrower, the Swingline Lender and the Issuing Bank to
such assignment and any applicable tax forms, the Administrative Agent shall promptly (i) accept
such Assignment and Acceptance and (ii) record the information contained therein in the Register.
No assignment shall be effective unless it has been recorded in the Register as provided in this
paragraph (e).

 

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     (f) Each Lender may without the consent of the Borrower, the Swingline Lender, the Issuing
Bank or the Administrative Agent sell participations to one or more banks or other persons in all
or a portion of its rights and obligations under this Agreement (including all or a portion of its
Commitment and the Loans owing to it); provided, however, 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, (iii) the
participating banks or other persons shall be entitled to the benefit of the cost protection
provisions contained in Sections 2.14, 2.16 and 2.20 to the same extent as if they were Lenders
(but, with respect to any particular participant, to no greater extent than the Lender that sold
the participation to such participant) and (iv) the Borrower, the Administrative Agent, the Issuing
Bank and the Lenders shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement, and such Lender shall retain the sole
right to enforce the obligations of the Borrower relating to the Loans or L/C Disbursements and to
approve any amendment, modification or waiver of any provision of this Agreement (other than
amendments, modifications or waivers decreasing any fees payable to such participating bank or
person hereunder or the amount of principal of or the rate at which interest is payable on the
Loans in which such participating bank or person has an interest, extending any scheduled principal
payment date or date fixed for the payment of interest on the Loans in which such participating
bank or person has an interest, increasing or extending the Commitments in which such participating
bank or person has an interest or releasing any Guarantor (other than in connection with the sale
of such Guarantor in a transaction permitted by Section 6.05) or all or substantially all of the
Collateral).

     (g) Any Lender or participant may, in connection with any assignment or participation or
proposed assignment or participation pursuant to this Section 9.04, disclose to the assignee or
participant or proposed assignee or participant any information relating to the Borrower furnished
to such Lender by or on behalf of the Borrower; provided that, prior to any such disclosure of
information designated by the Borrower as confidential, each such assignee or participant or
proposed assignee or participant shall execute an agreement whereby such assignee or participant
shall agree (subject to customary exceptions) to preserve the confidentiality of such confidential
information on terms no less restrictive than those applicable to the Lenders pursuant to Section
9.17.

     (h) Any Lender may at any time assign all or any portion of its rights under this Agreement
to secure extensions of credit to such Lender or in support of obligations owed by such Lender;
provided that no such assignment shall release a Lender from any of its obligations hereunder or
substitute any such assignee for such Lender as a party hereto.

     (i) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose
funding vehicle (an “SPC”), identified as such in writing
from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option
to provide to the Borrower all or any part of any Loan that such Granting Lender would otherwise
be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein
shall constitute a

 

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commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or
otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to
make such Loan pursuant to the terms hereof. The making of a Loan by an SPC hereunder shall utilize
the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such
Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or
similar payment obligation under this Agreement (all liability for which shall remain with the
Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement
shall survive the termination of this Agreement) that, prior to the date that is one year and one
day after the payment in full of all outstanding commercial paper or other senior indebtedness of
any SPC, it will not institute against, or join any other person in instituting against, such SPC
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws
of the United States or any State thereof. In addition, notwithstanding anything to the contrary
contained in this Section 9.04, any SPC may (i) with notice to, but without the prior written
consent of, the Borrower and the Administrative Agent and without paying any processing fee
therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any
financial institutions (consented to by the Borrower and Administrative Agent) providing liquidity
and/or credit support to or for the account of such SPC to support the funding or maintenance of
Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to
any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or
liquidity enhancement to such SPC.

     (j) Neither Holdings nor the Borrower shall assign or delegate any of its rights or duties
hereunder without the prior written consent of the Administrative Agent, the Issuing Bank and each
Lender, and any attempted assignment without such consent shall be null and void.

     (k) In the event that any Revolving Credit Lender shall become a Defaulting Lender or S&P,
Moody’s and Thompson’s BankWatch (or InsuranceWatch Ratings Service, in the case of Lenders that
are insurance companies (or Best’s Insurance Reports, if such insurance company is not rated by
Insurance Watch Ratings Service)) shall, after the date that any Lender becomes a Revolving Credit
Lender, downgrade the long-term certificate deposit ratings of such Lender, and the resulting
ratings shall be below BBB-, Baa3 and C (or BB, in the case of a Lender that is an insurance
company (or B, in the case of an insurance company not rated by InsuranceWatch Ratings Service))
(or, with respect to any Revolving Credit Lender that is not rated by any such ratings service or
provider, the Issuing Bank or the Swingline Lender shall have reasonably determined that there has
occurred a material adverse change in the financial condition of any such Lender, or a material
impairment of the ability of any such Lender to perform its obligations hereunder, as compared to
such condition or ability as of the date that any such Lender became a Revolving Credit Lender)
then the Issuing Bank shall have the right, but not the obligation, at its own expense, upon
notice to such Lender and the Administrative Agent, to replace such Lender with an assignee (in
accordance with and subject to the restrictions contained in paragraph (b) above), and such Lender
hereby agrees to transfer and assign without recourse (in accordance with and subject to the
restrictions contained in paragraph (b) above) all its interests, rights and obligations in

 

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respect of its Revolving Credit Commitment to such assignee; provided, however, that (i) no such
assignment shall conflict with any law, rule and regulation or order of any Governmental Authority
and (ii) the Issuing Bank or such assignee, as the case may be, shall pay to such Lender in
immediately available funds on the date of such assignment the principal of and interest accrued
to the date of payment on the Loans made by such Lender hereunder and all other amounts accrued
for such Lender’s account or owed to it hereunder.

     (l) In addition to any other assignment permitted pursuant to this Section 9.04, any Lender
may assign and/ or pledge all or any portion of its Loans, the other Obligations owed by or to
such Lender, and its promissory notes, if any, to secure obligations of such Lender including to
any Federal Reserve Bank as collateral security pursuant to Regulation A of the Board of Governors
of the Federal Reserve System and any operating circular issued by such Federal Reserve Bank;
provided that no Lender, as between the Borrower and such Lender, shall be relieved of any of its
obligations hereunder as a result of any such assignment and pledge; and provided further that,
in no event shall the applicable Federal Reserve Bank, pledgee or trustee be considered to be a
“Lender” or be entitled to require the assigning Lender to take or omit to take any action
hereunder.

     (m) Notwithstanding anything to the contrary in this Section 9.04, no assignment made nor
participation sold shall conflict in any way with applicable Gaming Laws.

     SECTION 9.05. Expenses; Indemnity. (a) Holdings and the Borrower agree, jointly and severally,
to pay all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Collateral
Agent, the Issuing Bank and the Swingline Lender in connection with the syndication of the Credit
Facilities and the preparation, execution and delivery of this Agreement and the other Loan
Documents or in connection with any amendments, modifications or waivers of the provisions hereof
or thereof (whether or not the transactions hereby or thereby contemplated shall be consummated) or
incurred by the Administrative Agent, the Collateral Agent or any Lender in connection with the
enforcement or protection of its rights in connection with this Agreement and the other Loan
Documents or in connection with the Loans made or Letters of Credit issued hereunder, including the
reasonable fees, charges and disbursements of Cravath, Swaine & Moore LLP, counsel for the
Administrative Agent and the Collateral Agent, and, in connection with any such enforcement or
protection, the reasonable fees, charges and disbursements of any other counsel for the
Administrative Agent, the Collateral Agent or any Lender.

     (b) Holdings and the Borrower agree, jointly and severally, to indemnify the Administrative
Agent, the Collateral Agent, each Lender, the Issuing Bank and each Related Party of any of the
foregoing persons (each such person being called an “Indemnitee”) against, and to hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and related reasonable
out-of-pocket expenses, including reasonable counsel fees, charges and disbursements, incurred by
or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (i)
the execution or delivery of this Agreement or any other Loan Document or any agreement or
instrument

 

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contemplated thereby, the performance by the parties thereto of their respective obligations
thereunder or the consummation of the Transactions and the other transactions contemplated thereby
(including the syndication of the Credit Facilities), (ii) the use of the proceeds of the Loans or
issuance of Letters of Credit, (iii) any claim, litigation, investigation or proceeding relating
to any of the foregoing, whether or not any Indemnitee is a party thereto (and regardless of
whether such matter is initiated by a third party or by Holdings, any other Loan Party or any of
their respective Affiliates), or (iv) any actual or alleged presence or Release of Hazardous
Materials on any property currently or formerly owned or operated by the Borrower, any of the
Subsidiaries or any of the Affiliated Guarantors, or any Environmental Liability related in any
way to the Borrower, the Subsidiaries or the Affiliated Guarantors; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses are determined by a court of competent jurisdiction by final and
nonappealable judgment to have resulted from the gross negligence or wilful misconduct of such
Indemnitee.

     (c) To the extent that Holdings and the Borrower fail to pay any amount required to be paid by
them to the Administrative Agent, the Collateral Agent, the Issuing Bank or the Swingline Lender
under paragraph (a) or (b) of this Section (but without affecting the obligations of Holdings or
the Borrower to make such payment), each Lender severally agrees to pay to the Administrative
Agent, the Collateral Agent, the Issuing Bank or the Swingline Lender, as the case may be, such
Lender’s pro rata 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, the Collateral Agent, the Issuing Bank or the
Swingline Lender in its capacity as such. For purposes hereof, a Lender’s “pro rata share” shall be
determined based upon its share of the sum of the Aggregate Revolving Credit Exposure, outstanding
Term Loans and unused Commitments at the time.

     (d) To the extent permitted by applicable law, neither Holdings nor the Borrower shall assert,
and each 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 or any agreement or instrument
contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds
thereof.

     (e) The provisions of this Section 9.05 shall remain operative and in full force and effect
regardless of the expiration of the term of this Agreement, the consummation of the transactions
contemplated hereby, the repayment of any of the Loans, the expiration of the Commitments, the
expiration of any Letter of Credit, the invalidity or unenforceability of any term or provision of
this Agreement or any other Loan Document, or any investigation made by or on behalf of the
Administrative Agent, the Collateral Agent, any Lender or the Issuing Bank. All amounts due
under this Section 9.05 shall be payable on written demand therefor.

 

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     SECTION 9.06. Right of Setoff. If an Event of Default shall have occurred and be continuing,
each Lender is hereby authorized at that time and from time to time thereafter while such Event of
Default is subsisting, except to the extent prohibited by law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time held and other
indebtedness at any time owing by such Lender to or for the credit or the account of Holdings or
the Borrower against any of and all the obligations of Holdings or the Borrower now or hereafter
existing under this Agreement and other Loan Documents held by such Lender, irrespective of
whether or not such Lender shall have made any demand under this Agreement or such other Loan
Document. The rights of each Lender under this Section 9.06 are in addition to other rights and
remedies (including other rights of setoff) which such Lender may have.

     SECTION 9.07. Applicable Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN LETTERS
OF CREDIT AND AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH LETTER OF CREDIT SHALL BE GOVERNED
BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OR RULES DESIGNATED IN SUCH LETTER OF
CREDIT, OR IF NO SUCH LAWS OR RULES ARE DESIGNATED, THE UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITS MOST RECENTLY PUBLISHED AND IN EFFECT, ON THE DATE SUCH LETTER OF CREDIT WAS
ISSUED, BY THE INTERNATIONAL CHAMBER OF COMMERCE (THE “UNIFORM CUSTOMS”) AND, AS TO MATTERS NOT
GOVERNED BY THE UNIFORM CUSTOMS, THE LAWS OF THE STATE OF NEW YORK.

     SECTION 9.08. Waivers; Amendment. (a) No failure or delay of the Administrative Agent, the
Collateral Agent, any Lender or the Issuing Bank in exercising any power or right hereunder or
under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such
a right or power, preclude any other or further exercise thereof or the exercise of any other right
or power. The rights and remedies of the Administrative Agent, the Collateral Agent, the Issuing
Bank and the Lenders hereunder and under the other Loan Documents are cumulative and are not
exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of
this Agreement or any other Loan Document or consent to any departure by the Borrower or any other
Loan Party therefrom shall in any event be effective unless the same shall be permitted by
paragraph (b) below, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. No notice or demand on Holdings or the Borrower in
any case shall entitle Holdings or the Borrower to any other or further notice or demand in similar
or other circumstances.

     (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the
Borrower, Holdings and the
Required Lenders; provided, however, that no such agreement shall (i) decrease the principal amount
of, or extend the maturity of or any scheduled principal payment date or date for the payment of
any interest on any Loan or

 

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any date for reimbursement of an L/C Disbursement, or waive or excuse any such payment or any part
thereof, or decrease the rate of interest on any Loan or L/C Disbursement, without the prior
written consent of each Lender directly adversely affected thereby, (ii) increase or extend the
Commitment or decrease or extend the date for payment of any Fees of any Lender without the prior
written consent of such Lender, (iii) amend or modify the pro rata requirements of Section 2.17,
the provisions of Section 9.04(j) or the provisions of this Section or release any Guarantor
(other than in connection with the sale of such Guarantor in a transaction permitted by Section
6.05) or all or substantially all of the Collateral, without the prior written consent of each
Lender, (iv) change the provisions of any Loan Document in a manner that by its terms adversely
affects the rights in respect of payments due to Lenders holding Loans of one Class differently
from the rights of Lenders holding Loans of any other Class without the prior written consent of
Lenders holding a majority in interest of the outstanding Loans and unused Commitments of each
adversely affected Class, (v) modify the protections afforded to an SPC pursuant to the provisions
of Section 9.04(i) without the written consent of such SPC or (vi) reduce the percentage contained
in the definition of the term “Required Lenders” without the prior written consent of each Lender
(it being understood that with the consent of the Required Lenders, additional extensions of
credit pursuant to this Agreement may be included in the determination of the Required Lenders on
substantially the same basis as the Term Loan Commitments and Revolving Credit Commitments on the
date hereof); provided further that no such agreement shall amend, modify or otherwise affect the
rights or duties of the Administrative Agent, the Collateral Agent, the Issuing Bank or the
Swingline Lender hereunder or under any other Loan Document without the prior written consent of
the Administrative Agent, the Collateral Agent, the Issuing Bank or the Swingline Lender.

     (c) To the extent required by any Gaming Law, the Borrower shall notify all relevant Gaming
Authorities of any amendment to this Agreement or any Loan Document.

     SECTION 9.09. Application of Gaming Laws. (a) This Agreement and the other Loan Documents are
subject to Gaming Laws and laws involving the sale and distribution of liquor (the “Liquor Laws”).
Without limiting the foregoing, each of the Administrative Agent and the Lenders acknowledges that
(i) it is subject to the jurisdiction of the Gaming Authorities or Governmental Authorities
enforcing such Gaming Laws or Liquor Laws (and to be called forward by such Gaming Authorities or
Governmental Authorities), in their discretion, for licensing, qualification or findings of
suitability or to file or provide other information and (ii) all rights, remedies and powers in or
under this Agreement and the other Loan Documents, including with respect to the Collateral and the
ownership, possession and operation of facilities subject to the jurisdiction of the Gaming
Authorities, may be exercised only to the extent that the exercise thereof does not violate any
applicable provisions of the Gaming Laws and Liquor Laws and only to the extent that required
approvals (including prior approvals) are obtained from the relevant Gaming Authorities.

     (b) Each of the Administrative Agent and the Lenders agrees to cooperate with all Gaming
Authorities in connection with the provision of such documents and other

 

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information as may be requested by such Gaming Authorities relating to the Loan Parties or Loan
Documents.

     (c) Each of the Administrative Agent and the Lenders acknowledges and agrees that if the
Borrower receives a notice from any applicable Gaming Authority that a Lender is a Disqualified
Lender (and such Lender is notified by the Borrower and the Administrative Agent in writing of such
disqualification), the Borrower shall have the right to (i) cause such Disqualified Lender to
transfer and assign, without recourse (in accordance with Section 9.04) all of its interests,
rights and obligations in Loans or Commitments or (ii) in the event that (A) the Borrower is unable
to assign such Lender’s Loans or Commitments after using its best efforts to cause such an
assignment and (B) no Default or Event of Default has occurred and is continuing, prepay such
Disqualified Lender’s Loans and terminate its Commitments; provided, however, that in the event
that a Lender is disqualified by the New Jersey Casino Control Commission, the Disqualified
Lender’s Loan may be prepaid regardless of whether a Default or Event of Default has occurred or is
continuing. Notice to such Disqualified Lender shall be given ten days prior to the required date
of assignment or prepayment, as the case may be, and shall be accompanied by evidence demonstrating
that such transfer or prepayment is required pursuant to Gaming Laws. Upon receipt of a notice in
accordance with the foregoing, the Disqualified Lender shall cooperate with the Borrower in
effectuating the required assignment or prepayment within the time period set forth in such notice
and, in any event, not to be less than the minimum notice period set forth in the foregoing
sentence. Notwithstanding anything herein to the contrary, any prepayment of a Disqualified
Lender’s Loans pursuant to this Section 9.09(c) shall be at a price equal to the lesser of (i) an
amount equal to the sum of the principal amount of such Loans and interest at the date such Lender
became a Disqualified Lender (plus any Fees and other amounts accrued for the account of such
Disqualified Lender to the date such Lender became a Disqualified Lender), (ii) the price at which
such Lender acquired its Loans and interest to the date such Lender became a Disqualified Lender
(plus Fees and other amounts accrued for the account of such Disqualified Lender to the date such
Lender became a Disqualified Lender), (iii) such lower price as may be reasonably available in the
syndicated loan market for the assignment of such Loans and (iv) such other amount as may be
required by any such Gaming Authority.

     (d) If during the existence of an Event of Default hereunder or under any of the other Loan
Documents it shall become necessary or, in the opinion of the Required Lenders, advisable for an
agent, supervisor, receiver or other representative of the Administrative Agent or the Lenders to
become licensed or found qualified under any Gaming Law as a condition of receiving the benefit of
the Collateral encumbered by the Security Documents or other Loan Documents or to otherwise enforce
the rights of the Administrative Agent and the Lenders under the Loan Documents, the Borrower
hereby agrees to consent to the application for such license or qualification and to execute such
further documents as may be required in connection with the evidencing of such consent.

     (e) For the avoidance of doubt, each of the Administrative Agent and the Lenders acknowledge
that, with respect to any Collateral held in Indiana, Indiana Code 4-33-4-21 provides that a
licensed owner or any other person may not lease, hypothecate,

 

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borrow or loan money against an owner’s license. Therefore, in no event shall the Collateral
include any Indiana gaming license or any interest therein and each of the Administrative Agent
and the Lenders hereby acknowledge, confirm and agree that they have no interest in, or rights
with respect to, any Indiana gaming license.

     SECTION 9.10. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if
at any time the interest rate applicable to any Loan or participation in any L/C Disbursement,
together with all fees, charges and other amounts which are treated as interest on such Loan or
participation in such L/C Disbursement under applicable law (collectively the “Charges”), shall
exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken,
received or reserved by the Lender holding such Loan or participation in accordance with
applicable law, the rate of interest payable in respect of such Loan or participation hereunder,
together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to
the extent lawful, the interest and Charges that would have been payable in respect of such Loan
or participation but were not payable as a result of the operation of this Section 9.10 shall be
cumulated and the interest and Charges payable to such Lender in respect of other Loans or
participations or periods shall be increased (but not above the Maximum Rate therefor) until such
cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date
of repayment, shall have been received by such Lender.

     SECTION 9.11. Entire Agreement. This Agreement, the Fee Letter and the other Loan Documents
constitute the entire contract between the parties relative to the subject matter hereof. Any other
previous agreement among the parties with respect to the subject matter hereof is superseded by
this Agreement and the other Loan Documents. Nothing in this Agreement or in the other Loan
Documents, expressed or implied, is intended to confer upon any person (other than the parties
hereto and thereto, their respective successors and assigns permitted hereunder (including any
Affiliate of the Issuing Bank that issues any Letter of Credit) and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent,
the Issuing Bank and the Lenders) any rights, remedies, obligations or liabilities under or by
reason of this Agreement or the other Loan Documents.

     SECTION 9.12. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE
OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY 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 LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 9.12.

 

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     SECTION 9.13. Severability. In the event any one or more of the provisions contained in this
Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein
and therein shall not in any way be affected or impaired thereby (it being understood that the
invalidity of a particular provision in a particular jurisdiction shall not in and of itself
affect the validity of such provision in any other jurisdiction). The parties shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the invalid, illegal
or unenforceable provisions.

     SECTION 9.14. Counterparts. This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original but all of
which when taken together shall constitute a single contract, and shall become effective as
provided in Section 9.03. Delivery of an executed signature page to this Agreement by facsimile
transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

     SECTION 9.15. Headings. Article and Section headings and the Table of Contents used herein
are for convenience of reference only, are not part of this Agreement and are not to affect the
construction of, or to be taken into consideration in interpreting, this Agreement.

     SECTION 9.16. Jurisdiction; Consent to Service of Process. (a) Each of Holdings and the
Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the
exclusive jurisdiction of any New York State court or Federal court of the United States of America
sitting in New York City, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Agreement or the other Loan Documents, or for recognition or
enforcement of any judgment, and each of the parties hereto hereby 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 or, to the extent permitted by 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 shall affect any right that the Administrative Agent, the Collateral
Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating
to this Agreement or the other Loan Documents against the Borrower, Holdings, or their respective
properties in the courts of any jurisdiction.

     (b) Each of Holdings and the Borrower hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may now or hereafter
have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or the other Loan Documents in any New York State or Federal court. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court.

 

116

     (c) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party
to this Agreement to serve process in any other manner permitted by law.

     SECTION 9.17. Confidentiality. Each of the Administrative Agent, the Collateral Agent, the
Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (a) to its Affiliates and its Affiliates’
officers, directors, trustees, employees and agents, including accountants, legal counsel and other
advisors (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 or quasi-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) in connection with the exercise of any
remedies hereunder or under the other Loan Documents or any suit, action or proceeding relating to
the enforcement of its rights hereunder or thereunder, (e) subject to an agreement containing
provisions substantially the same as those of this Section 9.17, to (i) any actual or prospective
assignee of or participant in any of its rights or obligations under this Agreement and the other
Loan Documents or (ii) any actual or prospective counterparty (or its advisors) to any swap or
derivative transaction relating to the Borrower, any Subsidiary or any Affiliated Guarantor or any
of their respective obligations, (f) with the consent of the Borrower or (g) to the extent such
Information becomes publicly available other than as a result of a breach of this Section 9.17. For
the purposes of this Section, “Information” shall mean all information received from Holdings or
the Borrower and related to Holdings or the Borrower or their business, other than any such
information that was available to the Administrative Agent, the Collateral Agent, the Issuing Bank
or any Lender on a nonconfidential basis prior to its disclosure by Holdings or the Borrower;
provided that, in the case of Information received from Holdings or the Borrower after the date
hereof, such information is clearly identified at the time of delivery as confidential. Any person
required to maintain the confidentiality of Information as provided in this Section 9.17 shall be
considered to have complied with its obligation to do so if such person has exercised the same
degree of care to maintain the confidentiality of such Information as such person would accord its
own confidential information.

     SECTION 9.18. USA PATRIOT Act Notice. Each Lender and the Administrative Agent (for itself and
not on behalf of any Lender) hereby notifies Holdings, the Borrower and the Subsidiary Guarantors
that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and
record information that identifies Holdings, the Borrower and the Subsidiary Guarantors, which
information includes the name and address of Holdings, the Borrower and the Subsidiary Guarantors
and other information that will allow such Lender or the Administrative Agent, as applicable, to
identify Holdings, the Borrower and the Subsidiary Guarantors in accordance with the USA PATRIOT
Act.

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized officers as of the day and year first above written.

	 	 	 	 	 	 	 	 	 
	 	 	WIMAR OPCO, LLC,	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	by
	 	/s/ Richard M. FitzPatrick
 

Name: Richard M. FitzPatrick
	 	 
	 

	 	 	 	 	 	Title: Chief Financial Officer	 	 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	WIMAR OPCO INTEREMEDIATE: 

HOLDINGS, LLC,	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	by
	 	/s/ Richard M. FitzPatrick
 

Name: Richard M. FitzPatrick
	 	 
	 

	 	 	 	 	 	Title: Chief Financial Officer	 	 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	CP LAUGHLIN REALTY, LLC,	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	by
	 	/s/ Richard M. FitzPatrick
 

Name: Richard M. FitzPatrick
	 	 
	 

	 	 	 	 	 	Title: Chief Financial Officer	 	 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	COLUMBIA PROPERTIES 

VICKSBURG, LLC,	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	by
	 	/s/ Richard M. FitzPatrick
 

Name: Richard M. FitzPatrick
	 	 
	 

	 	 	 	 	 	Title:   Chief Financial Officer	 	 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	JMBS CASINO LLC,	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	by
	 	/s/ Joseph A. Yung
 

Name: Joseph A. Yung
	 	 
	 

	 	 	 	 	 	Title: Manager	 	 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	CREDIT SUISSE, CAYMAN ISLANDS 

BRANCH, as Administrative Agent and
Collateral Agent,	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	by
	 	/s/ Cassandra Droogan
 

Name: CASSANDRA DROOGAN
	 	 
	 

	 	 	 	 	 	Title:   VICE PRESIDENT	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	by
	 	/s/ Rianka Mohan
 

Name: RIANKA MOHAN
	 	 
	 

	 	 	 	 	 	Title:   ASSOCIATE	 	 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	CREDIT SUISSE, CAYMAN ISLANDS 

BRANCH,
as Swingline Lender, Issuing Bank,
and a Lender,	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	by
	 	/s/ Cassandra Droogan
 

Name: CASSANDRA DROOGAN
	 	 
	 

	 	 	 	 	 	Title:   VICE PRESIDENT	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	by
	 	/s/ Rianka Mohan
 

Name: RIANKA MOHAN
	 	 
	 

	 	 	 	 	 	Title:   ASSOCIATE

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