Document:

UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-54C

 NOTIFICATION OF WITHDRAWAL OF ELECTION TO BE SUBJECT TO SECTIONS 55 THROUGH 65
                        OF THE INVESTMENT COMPANY ACT OF

                                   1940 FILED
         PURSUANT TO SECTION 54(c) OF THE INVESTMENT COMPANY ACT OF 1940

      The undersigned business development company hereby notifies the
Securities and Exchange Commission that it withdraws its election to be subject
to sections 55 through 65 of the Investment Company Act of 1940 (the "Act"),
pursuant to the provisions of Section 54(c) of the Act, and in connection with
such notice of withdrawal of election submits the following information:

--------------------------------------------- ----------------------------------
Name:                                         M-GAB Development Corporation
--------------------------------------------- ----------------------------------
Address of Principal Business Office:         9900 Research Drive
                                              Irvine, CA  92618
--------------------------------------------- ----------------------------------

--------------------------------------------- ----------------------------------
Telephone Number:                             (949) 635-1240
--------------------------------------------- ----------------------------------

--------------------------------------------- ----------------------------------
File Number under the Securities
Exchange Act of 1934:                         0-49687
--------------------------------------------- ----------------------------------

      The Company has changed the nature of its business so as to cease to be a
business development company, and such change was authorized by the vote of a
majority of its outstanding voting securities.

      The Company, through its newly acquired subsidiary, became a development
stage company specializing in the sale and distribution of pesticides and
herbicides. The approval of the shareholders was obtained at a meeting of
shareholders on April 27, 2006, with 6,000,000 shares voting in favor of the
change, representing 91.5% of the voting securities entitled to vote. There were
no votes opposed to the change.

                                    Signature

      Pursuant to the requirements of the Act, the undersigned company has
caused this notification of withdrawal of election to be subject to sections 55
through 65 of the Act to be duly signed on its behalf in the city of Irvine and
state of California on this 27th day of April, 2006.

                                      /s/ Carl M. Berg
                                      ------------------------------------------
                                      M-GAB Development Corporation
                                      By:      Carl M. Berg
                                      Its:     PresidentExhibit 10.1

                                2006 ParkerVision
                           Performance Management Plan
                           NEO Award Opportunity Chart

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                     Maximum
                                                                                                                     -------
                                                                                                                   Performance
                                                                                                                   -----------
                                                                                                  Maximum Cash     Share Option
                                                                                                  ------------     ------------
                                                         Base        Incentive       Maximum        Award ($)        Award (#)
                                                         ----        ----------      --------       ---------        ---------
         Name                     Title                 Salary       Percentage      Award ($)
         ----                     -----                 ------       ----------      ---------
----------------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
<S>                     <C>                              <C>            <C>             <C>             <C>                <C>
Jeffrey Parker          Chief Executive Officer          $325,000       75%             $243,750        $121,875           18,382
----------------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------------
David Sorrells          Chief Technical Officer          $275,625       50%             $137,812         $68,906           10,393
----------------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------------
Cynthia Poehlman        Chief Financial Officer          $200,000       50%             $100,000         $50,000            7,541
----------------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------------
Todd Parker             Vice President                   $200,000       50%             $100,000         $50,000            7,541
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>EXHIBIT
      10.24

    

    UNCONDITIONAL
      AND CONTINUING GUARANTY

    

    THIS
      UNCONDITIONAL AND CONTINUING GUARANTY AGREEMENT (this "Guaranty") is made
      this 1st day of May, 2006, by Jeffrey
      Gural,
      an
      adult individual, (“Gural”) with a mailing address of Newmark & Company Real
      Estate, Inc., 125 Park Avenue, New York, New York 10017 and Nevada
      Gold & Casinos, Inc.,
      a
      Nevada corporation with a mailing address of 3040 Post Oak Boulevard, suite
      675,
      Houston, Texas 77056 (“Nevada Gold”) (Nevada Gold and Gural are sometimes
      collectively referred to herein as the "Guarantors"), to and for the benefit
      of
All
      Capital, LLC,
      a
      Nevada limited liability company, having an address at 18 Strand Street,
      Frederiksted, VI 00841 (the
      “Payee”).

    

    WITNESSETH:

    

    WHEREAS,
      Guarantors have requested from Payee the restructuring of a loan in the
      aggregate principal amount of $27,565,784 (the “Loan”) for the purpose of
      acquiring and restructuring the financial affairs of Mid-State Raceway, Inc.,
      a
      New York corporation and Mid-State Development Corporation, a New York
      corporation (collectively, the “Borrowers”) in accordance with the terms and
      conditions of the Third Modified Amended Joint Plan Of Reorganization Proposed
      By the Borrowers And Vernon Downs Acquisition, LLC dated September 13, 2005
      (the
“Plan”); and

    

    WHEREAS,
      the Loan is to be evidenced in part by the Borrowers’ execution and delivery to
      Payee of a certain $3,065,784 Secured Promissory Note of even date herewith
      (the
“Note”); and

    

    WHEREAS,
      the Note is to be secured, inter alia, by a certain Mortgage and Security
      Agreement (the “Mortgage”) and Security Agreements (“Security Agreements”) from
      Borrowers to Payee and others, which will encumber that certain real and
      personal property, as defined in the Mortgage and/or Security Agreements;
      and

    

    WHEREAS,
      it will be of substantial economic benefit to the Guarantors for the Borrowers
      to issue the Note, Mortgage, Security Agreements and other instruments or
      agreements in connection with such (collectively the “Loan Documents”);
      and

    

    WHEREAS,
      the Guarantors expect to receive, either directly or indirectly, economic
      benefit from the restructuring of the Loan and the acceptance of the Note and
      other Loan Documents by the Payee from the Borrowers; and 

    

    WHEREAS,
      Payee is willing to extend the Loan only on the condition that Guarantors
      execute and deliver this Guaranty to Payee; and

    

    WHEREAS,
      Guarantors are willing to execute and deliver this Guaranty to
      Payee;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    NOW,
      THEREFORE, in consideration of execution of the making of the Loan by Payee,
      and
      for other valuable consideration, and intending to be legally bound hereby,
      the
      undersigned Guarantors covenant and agree as follows:

     

    
      	
              1)

            	
              As
                used in this Guaranty:

            

    

     

    a)    Capitalized
      and defined terms not otherwise defined herein shall have the meanings ascribed
      to them in the Plan;

    

    b)    “Obligations”
      shall mean and include:

    

    i)    All
      indebtedness, liabilities and obligations of the Borrowers to the Payee of
      every
      kind, nature and description in connection with or related to the Note or other
      Loan Documents, including but not limited to any obligations to pay principal,
      interest, default interest, late charges, fees, attorney’s fees, premiums and
      any other sums from time to time outstanding under the Note and other Loan
      Documents, and including but not limited to any obligations which are as to
      environmental, ADA or ERISA indemnity obligations, direct
      or
      indirect, absolute or contingent, now existing or hereafter arising and any
      extensions, renewals and modifications thereof;
      and

    

    ii)    The
      performance by Borrowers of their obligations to duly, promptly and completely
      observe, perform and discharge each and every obligation, duty, covenant and
      agreement contained in the Note and other Loan Documents, including but not
      limited to any obligations which are as to environmental, ADA or ERISA indemnity
      obligations, direct
      or
      indirect, absolute or contingent, now existing or hereafter arising and any
      extensions, renewals and modifications thereof;

    

    c)    “Collateral”
      shall mean all property, real, personal (including both tangible and intangible
      personal property), and mixed, wheresoever located, now owned or hereafter
      acquired, upon which there has been conveyed or will be conveyed a security
      interest, pledge or mortgage to secure the payment of the Obligations, including
      but not limited to the collateral as defined in the Loan Documents, but
      excluding any Excluded Assets as defined in the Mortgage and Security Agreement
      and, if applicable, any Conditionally Excluded Assets as defined in the Mortgage
      and Security Agreement;

    

    d)    “Guarantor”
      or “guarantor” shall mean any maker, drawer, acceptor, endorser, guarantor,
      surety, accommodation party or other person liable upon or for any of the
      Obligations in any capacity whatsoever, including but not limited to, the
      Guarantors; and

    

    e)    “Event
      of
      Default” shall mean any of the items listed in paragraph 5 of this
      Guaranty.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    
      	2)	
              The
                Guarantors, both jointly and severally, agree
                that:

            

    

    

    a)    Gural
      does hereby unconditionally guarantee the punctual payment to the Payee of
      each
      and all of the Obligations, without limitation, strictly in accordance with
      all
      the terms and provisions of the Obligations and subject to all rights of the
      Payee arising from or relating to the Obligations.

    

    b)    Nevada
      Gold does hereby unconditionally guarantee the punctual payment to the Payee
      of
      each and all of the Obligations, up to a maximum of 50% of the total amount
      which may be due and owing and guaranteed in connection with this Guaranty,
      strictly in accordance with all the terms and provisions of the Obligations
      and
      subject to all rights of the Payee arising from or relating to the Obligations.
      

    

    c)    The
      duty,
      liability and obligation of the Guarantors pursuant to this Guaranty shall
      not
      be diminished, altered, terminated, or changed in any respect, notwithstanding
      any law, regulation, decree, action, proceeding, equitable doctrine or other
      circumstances whatsoever which would otherwise diminish, alter, terminate,
      void
      or change the liability or obligation of the Borrowers, any other guarantor
      or
      any other entity or person to pay any or all of the Obligations. Any payments
      required to be made pursuant to this Guaranty shall be made in United States
      dollars in immediately available funds at such place and time as shall be
      designated by the Payee. 

    

    3)    This
      Guaranty is a continuing agreement and applies to all present and future
      Obligations, notwithstanding that at any particular time all of the Obligations
      then outstanding shall have been paid in full. This Guaranty shall be construed
      at all times to be a guaranty of payment and not a guaranty of
      collection.

    

    4)    The
      Payee, in its sole discretion and without notice to or further assent from
      Guarantors at any time or from time to time, either before or after the
      occurrence of an Event of Default, and without diminishing, altering,
      terminating or changing in any respect the liability and obligation of
      Guarantors pursuant to this Guaranty, may:

    

    a)    increase
      or decrease the amount of, extend, change, or amend the time, manner, place,
      amount, or terms of payment of any or all of the Obligations or any other terms
      or provisions of the Obligations, including those relating to any guarantor
      or
      the Collateral;

    

    b)    exchange,
      release, surrender, substitute, or sell any Collateral, or fail unintentionally
      or otherwise to perfect its interest or create a valid security interest in
      any
      of the Collateral; 

    

    c)    waive,
      fail to exercise, or delay in exercising any right or remedy granted to the
      Payee by any agreement or by law with respect to the Borrowers, any of the
      Obligations, any guarantor, or any of the Collateral;

    

    d)    release,
      agree not to sue, settle or compromise with the Borrowers, any guarantor, or
      any
      other entity or person who is otherwise obligated to pay any or all of the
      Obligations;

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    e)    subordinate
      the payment of any or all of the Obligations to the payment of any other debt
      owed by the Borrowers to any other entity or person;

    

    f)    sell
      or
      purchase all or any part of the Collateral at any public or private sale, and
      after deduction of all expenses incurred therefore, including attorneys’ fees,
      apply the proceeds to the Obligations in such manner as it deems appropriate;
      

    

    g)    apply
      any
      payments or proceeds relating to the Obligations in such manner and order as
      it
      deems appropriate; or

    

    h)    act
      or
      refuse to act in any other manner which might constitute a legal or equitable
      discharge or defense of a guarantor.

    

    5)    It
      shall
      be an Event of Default for purposes of this Guaranty if:

    

    a)    the
      Borrowers default in the payment when due, subject to any applicable grace
      period, of any of the Obligations;

    

    b)    the
      Borrowers otherwise default, subject to any applicable grace period, in the
      performance of any of the other terms of any of the Obligations other than
      those
      set forth in (a) above, or the payment of any of the Obligations is demanded
      in
      full or is accelerated pursuant to the terms and provisions of the
      Obligations;

    

    c)    any
      representation or warranty made by the Borrowers to the Payee in connection
      with
      any of the Obligations or any representation or warranty made by the Guarantors
      to the Payee in connection with this Guaranty proves to be incorrect or
      misleading in any material respect;

    

    d)    the
      Guarantors fail to pay when due any other obligation for borrowed money and
      as a
      result, the maturity of any such obligation is accelerated;

    

    e)    any
      person or entity challenges or institutes any proceedings to challenge the
      validity, binding effect or enforceability of this Guaranty or any of the
      Obligations;

    

    f)    a
      judgment in the amount of $25,000 or more is, or judgments which aggregate
      $25,000 or more are rendered against any one of the Borrowers or Gural and
      are
      not timely bonded or otherwise discharged within thirty (30) days from the
      date
      of filing, or an attachment or levy is made upon or lien filed against any
      assets of the Borrowers or Guarantors;

    

    g)    a
      judgment in the amount of $25,000 or more is, or judgments which aggregate
      $50,000 or more are rendered against Nevada Gold and are not timely bonded
      or
      otherwise discharged within thirty (30) days from the date of
      filing;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    h)    the
      Borrowers or Guarantors make any payment on account of any indebtedness
      subordinated to any of the Obligations in contravention of the terms of such
      subordination or of the Obligations;

    

    i)    Nevada
      Gold is dissolved, or loses its franchise or charter or is a party to any merger
      or consolidation, or there is a change in control of Nevada Gold whether by
      contract, change in the ownership of the majority of the holders of Nevada
      Gold’s shares of voting stock or otherwise, or any one of the Guarantors sells,
      transfers or otherwise disposes of (or attempts to do any of the foregoing)
      a
      substantial portion of their assets without the prior written consent of the
      Payee;

    

    j)    Guarantors
      fail to furnish the Payee by May 31 of each year with a Financial Statement
      and
      balance sheet for each of the Guarantors, in form and substance satisfactory
      to
      the Payee, certified to as correct by an authorized representative of
      Guarantors, together with a copy of Guarantors’ local, state and federal tax or
      information returns filed or to be filed for such previous year; provided,
      however, that in the event Nevada Gold is a reporting company under the
      Securities Exchange Act of 1934, as amended, and Nevada Gold is in substantial
      compliance with all of its reporting requirements under that statute and the
      related rules and regulations, it shall not be necessary for the Guarantors
      to
      furnish a financial statement or other financial information for Nevada Gold;
      or

    

    k)    Guarantors
      fail to comply with the terms and conditions of this Guaranty or any other
      agreement executed and delivered by Guarantors to the Payee from time to
      time.

    

    6)    Upon
      the
      occurrence of any Event of Default, or at any time thereafter:

    

    a)    Any
      or
      all of the Obligations, at the sole option and discretion of the Payee, shall
      immediately become due and payable in full, together with interest and all
      the
      costs and expenses of enforcing this Guaranty or any of the Obligations,
      including court costs and reasonable attorneys’ fees. 

    

    b)    In
      such
      circumstances, the liability of Guarantors to the Payee shall be fixed and
      absolute, with:

    

    i)    Gural’s
      liability being unlimited and for 100% of
      the
      total amount which may be due and owing and guaranteed in connection with this
      Guaranty; and 

    

    ii)    Nevada
      Gold’s liability being limited to 50% of the total amount which may be due and
      owing and guaranteed in connection with this Guaranty. 

    

    c)    It
      shall
      not constitute a defense, counterclaim, setoff, or recoupment thereto that
      the
      Payee has not made any demand or protest or instituted any action or proceeding
      against the Borrowers or against any other party who may be liable for all
      or
      any of the Obligations or that the Payee has not validly taken or perfected
      a
      security interest in the Collateral or has not or has improperly foreclosed
      upon
      the Collateral or any part of it, nor shall the Payee be required to perform
      any
      of the above acts against the Borrowers, any guarantor or the Collateral as
      a
      condition of enforcing its rights against the Guarantors in accordance with
      the
      terms of this Guaranty.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    7)    In
      addition to any other rights granted to the Payee pursuant to this Guaranty
      or
      the Obligations, Guarantors hereby grant the Payee a lien upon any and all
      of
      their money, deposits, or other property whatsoever in the possession, custody
      or control of the Payee. Upon the occurrence of an Event of Default, in addition
      to any other rights of the Payee, the Payee may, in its sole discretion and
      without prior notice to or further assent of Guarantors, set-off or otherwise
      sell and/or purchase the same at any public or private sale and apply the
      proceeds thereof to the Obligations in such manner and order as it deems
      appropriate.

    

    8)    Unless
      and until Borrowers are no longer liable in any respect to Payee, Guarantors
      hereby irrevocably release and waive each and every claim or right either has
      or
      may have against Borrowers, any other guarantor, or against any Collateral,
      which claim or right presently or hereafter arises from or relates to the
      existence, performance, or enforcement of any of the Guarantors’ obligations
      under the terms of this Guaranty, including but not limited to, any claim or
      right of subrogation, contribution, indemnification, exoneration or
      reimbursement or any right to participate in any claim or remedy of the Payee
      against the Borrowers, any other guarantor or any Collateral, in each case
      whether such claim or right is based upon any law, rule, regulation, contract
      or
      principles of equity. The release and waiver set forth in this paragraph shall
      inure to the benefit of and bind any guarantor, the Payee, and the Borrowers
      and
      any agreement, payment or claim made in contravention of this release and waiver
      shall be null and void.

    

    9)    The
      following miscellaneous provisions are applicable to this Guaranty:

    

    a)    If
      this
      Guaranty is executed by two or more persons or entities or two or more persons
      or entities execute similar agreements to this Guaranty covering the Obligations
      and all provisions of this Guaranty shall apply to each and all of them. The
      termination of this Guaranty or similar agreement as to one or more of such
      persons or entities shall not terminate this Guaranty or similar agreement
      as to
      any remaining persons or entities. All references in this Guaranty to joint
      and
      several liability, obligations or agreements of the Guarantors shall be limited,
      in the case of the liability, obligations and agreements of Nevada Gold, to
      the
      maximum amounts for which Nevada Gold is liable pursuant to Paragraph 2(b)
      of
      this Guaranty; 

    

    b)    This
      Guaranty shall be binding upon the transferees, administrators, executors,
      personal representatives, heirs, assigns and successors of Guarantors and shall
      inure to the benefit of and be enforceable by the Payee, its successors,
      transferees, principals and assigns;

    

    c)    Any
      provision of this Guaranty which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions of the Guaranty in that jurisdiction or affecting the validity or
      enforceability of such provision in any other jurisdiction;

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    d)    This
      Guaranty constitutes the final, complete and exclusive agreement between the
      Payee and Guarantors with respect to the guarantee by Guarantors of the
      Obligations. It supersedes all other agreements and may not be supplemented
      or
      modified except as provided for in this Guaranty. No statements, agreements
      or
      representations have been made concerning this Guaranty which do not appear
      in
      writing in this Guaranty and Guarantors affirms that they have not relied upon
      and have not been induced to execute this Guaranty based upon any such
      statements, agreements or representations;

    

    e)    No
      delay
      by the Payee in exercising any right hereunder, or under any of the Obligations,
      shall operate as a waiver thereof, nor shall any single or partial exercise
      of
      any right preclude other or further exercises thereof or the exercise of any
      other right. No waiver, amendment, or termination of this Guaranty or any
      provision of this Guaranty or of any of the Obligations shall be enforceable
      against the Payee unless it is in writing. In the case of a waiver or amendment,
      the writing must also be signed by an officer of the Payee and expressly refer
      to the provisions affected, and any waiver shall be limited solely to the
      specific event waived. Any termination of this Guaranty shall not be effective
      until written notice thereof is actually received by the Payee by mail or
      personal delivery at the address identified in this Guaranty. Any such
      termination shall not affect any existing Obligations owed by the Borrowers
      as
      well as any extension or continuation thereof, including but not limited to,
      any
      lines of credit whether or not fully used, or letters of credit issued on behalf
      of the Borrowers whether or not called upon by the beneficiary of any said
      letter of credit, and Guarantors’ liability with respect to all such Obligations
      shall continue under the terms of this Guaranty subsequent to any
      termination;

    

    f)    All
      rights granted the Payee pursuant to this Guaranty shall be cumulative and
      shall
      be in addition to those granted or available to the Payee with respect to the
      Obligations or under applicable law and nothing herein shall be construed as
      limiting any such other right;

    

    g)    Each
      Guarantor represents and warrants that the execution, delivery and performance
      of this Guaranty does not and will not contravene any law, any agreement,
      charter, by-law or undertaking to which it is a party or by which it may in
      any
      way be bound;

    

    h)    In
      all
      respects, including, without limitation, matters of construction and performance
      of this Guaranty and the obligations arising hereunder, this Guaranty shall
      be
      governed by, and construed in accordance with the, the internal laws of the
      State of New York applicable to contracts and obligations made in such state
      and
      any applicable laws of the United States of America.

    

    i)    (a) Subject
      to the provisions of subparagraph (b) immediately below; each party hereto
      hereby unconditionally and irrevocably submits, for itself and its property,
      to
      the exclusive jurisdiction of the courts of the State of New York in and for
      the
      County of Onondaga and/or County of Oneida and the Federal Court in and for
      the
      Northern District of New York (collectively the “Designated Courts”), over any
      action arising out of or relating to this Guaranty (a “Designated Action”). All
      claims with respect to any Designated Action shall be heard and determined
      in a
      Designated Court. No party hereto shall commence any Designated Action except
      in
      a Designated Court. No party hereto shall, and each party hereto hereby waives
      any right it may have to: (i) plead or make any objection to the venue of any
      Designated Court; (ii) plead or make any claim that any Designated Action
      brought in any Designated Court has been brought in an improper or otherwise
      inconvenient forum; or (iii) plead or make any claim that any Designated Court
      lacks personal jurisdiction over it; and

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    (b)    Notwithstanding
      the provisions of subparagraph (a) immediately above, Payee shall have the
      right
      to bring any Designated Action in the courts of any other jurisdiction to the
      extent Payee deems it necessary, appropriate, or desirable (in its sole and
      absolute discretion) in connection with any Designated Action based upon,
      resulting from, arising out of, or relating to the this Guaranty;

    

    j)    Guarantors
      waive notice of presentment, dishonor and protest of any or all of the
      Obligations and of this Guaranty, and furthermore waive promptness in the
      commencement of any action relating to this Guaranty or the Obligations and
      in
      the giving of notice or making of demand upon it or upon any other entity or
      person;

    

    k)    In
      the
      event any payment is received by the Payee with respect to the Obligations
      during the time that this Guaranty is effective and such payment is subsequently
      or sought to be invalidated, declared fraudulent or preferential, or otherwise
      set aside under the terms of any federal or state law or equitable doctrine,
      then the Guarantors shall be responsible for such payment to the Payee under
      the
      terms of this Guaranty, as well as all interest, penalties, costs, expenses
      and
      attorneys’ fees incurred by the Payee in connection with any proceeding
      attempting to set aside or to declare such payment invalid, fraudulent or
      preferential whether or not such action is successful, notwithstanding the
      fact
      that this Guaranty was terminated voluntarily or by law at the time that the
      payment was or sought to be set aside or invalidated as described
      above;

    

    l)    Words
      of
      the neutral gender shall mean and include correlative words of the masculine
      and
      feminine gender as appropriate and vice versa. Words noting the singular number
      shall mean and include the plural number as appropriate and vice versa;

    

    m)    This
      Guaranty shall be effective as of the date of execution even though it may
      be
      delivered to the Payee at a later date;

    

    n)    GUARANTORS
      HEREBY WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED
      UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS GUARANTY. THIS WAIVER IS
      KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY MADE BY GUARANTORS, AND GUARANTORS
      ACKNOWLEDGE THAT PAYEE HAS NOT MADE ANY REPRESENTATIONS OF FACT TO INDUCE THIS
      WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT.
      GUARANTORS FURTHER ACKNOWLEDGE THAT GUARANTORS HAVE BEEN REPRESENTED (OR HAVE
      HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS GUARANTY AND
      IN
      THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED BY GUARANTORS,
      AND THAT GUARANTORS HAVE HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH
      COUNSEL.

    

    [Remainder
      of Page Left Intentionally Blank]

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, each Guarantor, intending to be legally bound, has executed
      this Agreement of Guaranty as of the 1st day of May,
      2006.

    

    GUARANTOR:

     

    /s/
Jeffrey
      Gural                                  

    Jeffrey
      Gural

     

     

    NEVADA
      GOLD & CASINOS, INC.

     

    By: 
      /s/ H. Thomas
      Winn                   

    Name:  H.
      Thomas Winn 

    Title:   
      Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]