Document:

Registration Rights Agreement

 Exhibit 4.21 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 Dated as of July 9, 2003 
  
 among 
  
 MOHEGAN TRIBAL GAMING AUTHORITY 
  
 MOHEGAN BASKETBALL CLUB LLC 
  
 and

  
 BANC OF AMERICA SECURITIES LLC 
 CITIGROUP GLOBAL MARKETS INC. 
 FLEET
SECURITIES, INC. 
 SG COWEN SECURITIES CORPORATION 
 CREDIT LYONNAIS SECURITIES (USA) INC. 
 THE ROYAL BANK OF SCOTLAND plc 
 WELLS FARGO SERVICES, LLC 
 MCDONALD INVESTMENTS
INC. 
 and 
 COMMERZBANK CAPITAL
MARKETS CORP. 

 This Registration Rights Agreement (this “Agreement”) is made and entered into as of July 9,
2003, by and among the Mohegan Tribal Gaming Authority (the “Authority”), an instrumentality of The Mohegan Tribe of Indians of Connecticut (the “Tribe”), Mohegan Basketball Club LLC, as guarantor,
(the “Guarantor” and together with the Authority, the “Issuers”) and Banc of America Securities LLC, Citigroup Global Markets Inc., Fleet Securities, Inc., SG Cowen Securities Corporation, Credit Lyonnais
Securities (USA) Inc., The Royal Bank of Scotland plc, Wells Fargo Services, LLC, McDonald Investments Inc. and Commerzbank Capital Markets Corp.(each an “Initial Purchaser” and, collectively the “Initial
Purchasers”), each of whom has agreed to purchase the Authority’s 6 3/8% Senior Subordinated
Notes due 2009 (the “Initial Notes”) pursuant to the Purchase Agreement (as defined below). The Initial Notes will be issued pursuant to an indenture dated July 9, 2003, by and among the Issuers, the Tribe and U.S. Bank
National Association, as trustee, (the “Trustee”) relating to the Securities (as defined below) and the Exchange Securities (the “Indenture”). The Initial Notes will have the benefit of a guarantee
(the “Guarantee” and together with the Initial Notes, the “Securities”) provided for in the Indenture. 
  
 This Agreement is made pursuant to the Purchase Agreement, dated July 9, 2003 (the “Purchase Agreement”), by and among the
Issuers, the Tribe and the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Securities, the Issuers have agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement
is a condition to the obligations of the Initial Purchasers set forth in Section 6 of the Purchase Agreement. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the Indenture. 
  
 The parties hereby agree as follows: 
  
 SECTION 1. DEFINITIONS 
  
 As used in this Agreement, the following capitalized terms shall have the following meanings. 
  
 Act: The Securities Act of 1933, as amended. 
  
 Affiliate: As defined in Rule 501(b) of Regulation D.

  
 Broker-Dealer: Any broker or dealer registered
under the Exchange Act. 
  
 Business Day: Any day
except a Saturday, Sunday or other day in the City of New York, or in the city of the corporate trust office of the Trustee, on which banks are authorized to not open for business. 
  
 Closing Date: The date hereof. 
  
 Commission: The Securities and Exchange Commission. 
  
 Consummate: An Exchange Offer shall be deemed
“Consummated” for purposes of this Agreement upon the occurrence of (a) the filing and effectiveness under the Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange Offer, (b) the
maintenance of such Exchange Offer Registration Statement continuously effective and the keeping of the Exchange Offer open for a period not less than the period required pursuant to Section 3(b) hereof, and (c) the delivery by the Issuers to the
Registrar under the Indenture of Exchange Securities in the 

 same aggregate principal amount as the aggregate principal amount of Securities tendered by Holders thereof pursuant to
the Exchange Offer. 
  
 Consummation Deadline: As
defined in Section 3(b) hereof. 
  
 Effectiveness
Deadline: As defined in Section 3(a) and 4(a) hereof. 
  
 Exchange Act: The Securities Exchange Act of 1934, as amended. 
  
 Exchange Offer: The exchange and issuance by the Issuers of a principal amount of Exchange Securities (which shall be registered pursuant to the Exchange Offer Registration Statement) equal to the
outstanding principal amount of Securities that are tendered by such Holders in connection with such exchange and issuance. 
  
 Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the related Prospectus.

  
 Exchange Securities: The debt securities of the
Issuers and to be issued pursuant to the Indenture: (i) in the Exchange Offer, or (ii) as contemplated by Section 4 hereof. 
  
 Exempt Resales: The transactions in which the Initial Purchasers propose to sell the Securities to certain “qualified institutional
buyers,” as such term is defined in Rule 144A under the Act, and pursuant to Regulation S. 
  
 Filing Deadline: As defined in Sections 3(a) and 4(a) hereof. 
  
 Holders: As defined in Section 2 hereof. 
  
 Prospectus: The prospectus included in a Registration Statement at the time such Registration Statement is
declared effective, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 
  
 Recommencement Date: As defined in Section 6(d) hereof.

  
 Registration Default: As defined in Section 5
hereof. 
  
 Registration Statement: Any registration
statement of the Issuers relating to (a) an offering of Exchange Securities pursuant to an Exchange Offer, or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, in each case, (i) that is
filed pursuant to the provisions of this Agreement, and (ii) including the Prospectus included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein.

  
 Regulation D: Regulation D promulgated under the
Act. 
  
 Regulation S: Regulation S promulgated
under the Act. 
  
 Rule 144: Rule 144 promulgated
under the Act. 
  

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 Shelf Registration Statement: As defined in Section 4 hereof. 
  
 Suspension Notice: As defined in Section 6(d) hereof.

  
 TIA: The Trust Indenture Act of 1939, as
amended. 
  
 Transfer Restricted Securities: Each
(A) of the Securities, until the earliest to occur of (i) the date on which each of such Securities is exchanged in the Exchange Offer for the Exchange Securities that are entitled to be resold to the public by the Holder thereof without complying
with the prospectus delivery requirements of the Act, (ii) the date on which each of such Securities has been disposed of in accordance with a Shelf Registration Statement (and the purchasers thereof have been issued Exchange Securities), and (iii)
the date on which each of such Securities is distributed to the public pursuant to Rule 144 under the Act and each (B) of the Exchange Securities held by a Broker-Dealer until the date on which such Exchange Securities are disposed of by a
Broker-Dealer pursuant to the “Plan of Distribution” contemplated by the Exchange Offer Registration Statement (including the delivery of the Prospectus contained therein). 
  
 Tribe: The Mohegan Tribe of Indians of Connecticut, a sovereign tribe recognized by the United States of
America pursuant to 25 C.F.R. Section 83. 
  
 SECTION 2. HOLDERS

  
 A person is deemed to be a holder of Transfer Restricted
Securities (each, a “Holder”) whenever such person owns Transfer Restricted Securities. 
  
 SECTION 3. REGISTERED EXCHANGE OFFER 
  
 (a) Unless the Exchange Offer shall not be permitted by applicable federal law (after the procedures set forth in Section 6(a)(i) below have been complied
with), the Issuers shall (i) cause the Exchange Offer Registration Statement to be filed with the Commission as soon as practicable after the Closing Date, but in no event later than 90 days after the Closing Date (such 90th day being the
“Filing Deadline”), (ii) use its commercially reasonable best efforts to cause such Exchange Offer Registration Statement to become effective at the earliest possible time, but in no event later than 150 days after the
Closing Date (such 150th day being the “Effectiveness Deadline”), (iii) in connection with the foregoing, (A) file all pre-effective amendments to such Exchange Offer Registration Statement as may be necessary in order to
cause it to become effective, (B) file, if applicable, a post-effective amendment to such Exchange Offer Registration Statement pursuant to Rule 430A under the Act and (C) cause all necessary filings, if any, in connection with the registration and
qualification of the Exchange Securities to be made under the blue sky laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer, and (iv) upon the effectiveness of such Exchange Offer Registration Statement, commence
and Consummate the Exchange Offer. The Exchange Offer shall be on the appropriate form permitting (i) registration of the Exchange Securities to be offered in exchange for the Securities that are Transfer Restricted Securities and (ii) resales of
Exchange Securities by Broker-Dealers that tendered into the Exchange Offer Securities that such Broker-Dealer acquired for its own account as a result of market-making activities or other trading activities (other than Securities acquired directly
from the Issuers or any of their respective Affiliates) as contemplated by Section 3(c) below. 
  

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 (b) The Issuers shall use their commercially reasonable best efforts to cause the Exchange Offer
Registration Statement to be effective continuously, and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer; provided,
however, that in no event shall such period be less than 20 Business Days. The Issuers shall cause the Exchange Offer to comply with all applicable federal and state securities laws. No securities other than the Exchange Securities shall be
included in the Exchange Offer Registration Statement. The Issuers shall use their commercially reasonable best efforts to cause the Exchange Offer to be Consummated on the earliest practicable date after the Exchange Offer Registration Statement
has become effective, but in no event later than 30 Business Days thereafter (such 30 th day being the “Consummation Deadline”). 
  
 (c) The Issuers shall include a “Plan of Distribution” section in the Prospectus contained in the Exchange Offer Registration Statement and
indicate therein that any Broker-Dealer who holds Transfer Restricted Securities that were acquired for the account of such Broker-Dealer as a result of market-making activities or other trading activities (other than Securities acquired directly
from the Issuers or any of their respective Affiliates) may exchange such Transfer Restricted Securities pursuant to the Exchange Offer. Such “Plan of Distribution” section shall also contain all other information with respect to such
sales by such Broker-Dealers that the Commission may require in order to permit such sales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the amount of Transfer Restricted Securities
held by any such Broker-Dealer, except to the extent required by the Commission as a result of a change in policy, rules or regulations after the date of this Agreement. 
  
 Because such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Act and must, therefore,
deliver a prospectus meeting the requirements of the Act in connection with its initial sale of any Exchange Securities received by such Broker-Dealer in the Exchange Offer, the Issuers shall permit the use of the Prospectus contained in the
Exchange Offer Registration Statement by such Broker-Dealer to satisfy such prospectus delivery requirement. To the extent necessary to ensure that the prospectus contained in the Exchange Offer Registration Statement is available for sales of
Exchange Securities by Broker-Dealers, the Issuers agree to use their commercially reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented, amended and current as required by and subject to the
provisions of Section 6(a) and (c) hereof and in conformity with the requirements of this Agreement, the Act and the policies, rules and regulations of the Commission as announced from time to time, for a period of one year from the Consummation
Deadline or such shorter period as will terminate when all Transfer Restricted Securities covered by such Registration Statement have been sold pursuant thereto. The Issuers shall provide sufficient copies of the latest version of such Prospectus to
such Broker-Dealers, promptly upon request, and in no event later than one day after such request, at any time during such period. 
  
 SECTION 4. SHELF REGISTRATION 
  
 (a) Shelf Registration. If (i) the Exchange Offer is not permitted by applicable law (after the Issuers have complied with the procedures set forth
in Section 6(a)(i) below) or (ii) if any Holder of Transfer Restricted Securities shall notify the Issuers within 20 Business Days following the Consummation Deadline that (A) such Holder was prohibited by law or Commission policy from participating
in the Exchange Offer, (B) such Holder may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the Prospectus contained in the Exchange Offer Registration Statement is not
appropriate or available for such resales by such Holder 
  

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 or (C) such Holder is a Broker-Dealer and holds Securities acquired directly from the Issuers or any of their respective
Affiliates, then the Issuers shall: 
  
 (x) cause
to be filed, on or prior to 30 days after the earlier of (i) the date on which the Issuers determine that the Exchange Offer Registration Statement cannot be filed as a result of clause (a)(i) above and (ii) the date on which the Issuers receive the
notice specified in clause (a)(ii) above (such earlier date, the “Filing Deadline”), a shelf registration statement pursuant to Rule 415 under the Act (which may be an amendment to the Exchange Offer Registration Statement
(the “Shelf Registration Statement”)), relating to all Transfer Restricted Securities, and 
  
 (y) use its commercially reasonable best efforts to cause such Shelf Registration Statement to become effective on or prior to 90 days
after the Filing Deadline for the Shelf Registration Statement (such 90th day the “Effectiveness Deadline”). 
  
 If, after the Issuers have filed an Exchange Offer Registration Statement that satisfies the requirements of Section 3(a) above, the Issuers are required
to file and make effective a Shelf Registration Statement solely because the Exchange Offer is not permitted under applicable federal law (i.e., clause (a)(i) above), then the filing of the Exchange Offer Registration Statement shall be
deemed to satisfy the requirements of clause (x) above; provided that, in such event, the Issuers shall remain obligated to meet the Effectiveness Deadline set forth in clause (y). 
  
 To the extent necessary to ensure that the Shelf Registration Statement is available for sales of Transfer Restricted
Securities by the Holders thereof entitled to the benefit of this Section 4(a) and the other securities required to be registered therein pursuant to Section 6(b)(ii) hereof, the Issuers shall use their best efforts to keep any Shelf Registration
Statement required by this Section 4(a) continuously effective, supplemented, amended and current as required by and subject to the provisions of Sections 6(b) and (c) hereof and in conformity with the requirements of this Agreement, the Act and the
policies, rules and regulations of the Commission as announced from time to time, for a period of at least two years (as extended pursuant to Section 6(c)(i)) following the Closing Date or such shorter period as will terminate when all Transfer
Restricted Securities covered by such Shelf Registration Statement have been sold pursuant thereto. 
  
 (b) Provision by Holders of Certain Information in Connection with the Shelf Registration Statement. No Holder of Transfer Restricted Securities
may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Authority in writing, within 20 days after receipt of a request therefor, the
information specified in Item 507 or 508 of Regulation S-K, as applicable, of the Act for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. No Holder of Transfer Restricted Securities
shall be entitled to additional interest pursuant to Section 5 hereof unless and until such Holder shall have provided all such information. Each selling Holder agrees to furnish promptly additional information required to be disclosed in order to
make the information previously furnished to the Authority by such Holder not materially misleading. 
  
 SECTION 5. ADDITIONAL INTEREST 
  
 If (i) any Registration Statement required by this Agreement is not filed with the Commission on or prior to the applicable Filing Deadline, (ii) any such Registration Statement has not been de- 
  

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 clared effective by the Commission on or prior to the applicable Effectiveness Deadline, (iii) the Exchange Offer has not
been Consummated on or prior to the Consummation Deadline or (iv) any Registration Statement required by this Agreement is filed and declared effective but shall thereafter cease to be effective or fail to be usable for its intended purpose without
being succeeded within 2 Business Days by a post-effective amendment to such Registration Statement that cures such failure and that is itself declared effective within 5 Business Days of filing such post-effective amendment to such Registration
Statement (each such event referred to in clauses (i) through (iv), a “Registration Default”), then the Issuers hereby agree to pay to each Holder of Transfer Restricted Securities affected thereby additional interest in an
amount equal to 25 basis points per 90-day period of the principal amount of Transfer Restricted Securities held by such Holder for the 90-day period or portion thereof that the Registration Default continues for the first 90-day period immediately
following the occurrence of such Registration Default. The amount of the additional interest shall increase by an additional 25 basis points with respect to each subsequent 90-day period until all Registration Defaults have been cured, up to a
maximum amount of additional interest of 1% per annum of the principal amount of Transfer Restricted Securities; provided that the Issuers shall in no event be required to pay additional interest for more than one Registration Default at any
given time. Notwithstanding anything to the contrary set forth herein, (1) upon filing of the Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration Statement), in the case of (i) above, (2) upon the effectiveness of
the Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration Statement), in the case of (ii) above, (3) upon Consummation of the Exchange Offer, in the case of (iii) above, or (4) upon the filing of a post-effective
amendment to the Registration Statement or an additional Registration Statement that causes the Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration Statement) to again be declared effective or made usable in the case
of (iv) above, the additional interest payable with respect to the Transfer Restricted Securities as a result of such clause (i), (ii), (iii) or (iv), as applicable, shall cease. For purposes of calculating the Issuers’ timely compliance with
clause (iv) above, the period in which Issuer shall file with the Commission such amendment in clause (4) above, shall not commence until the later of (x) the date such Registration Statement ceases to be effective, and (y) such date on which a
Holder shall have completed its review pursuant to Section 6(c)(v) hereof and provided any comments to such Registration Statement. 
  
 All accrued additional interest shall be paid to the Holders entitled thereto, in the manner provided for the payment of interest in the Indenture and the
Securities, on each Interest Payment Date, as more fully set forth in the Indenture and the Securities. Notwithstanding the fact that any securities for which additional interest is due cease to be Transfer Restricted Securities, all obligations of
the Issuers to pay additional interest with respect to securities shall survive until such time as such obligations with respect to such securities shall have been satisfied in full. 
  
 SECTION 6. REGISTRATION PROCEDURES 
  
 (a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Issuers shall (x) comply with all applicable provisions of
Section 6(c) below, (y) use their commercially reasonable best efforts to effect such exchange and to permit the resale of Exchange Securities by Broker-Dealers that tendered in the Exchange Offer the Securities that such Broker-Dealer acquired for
its own account as a result of its market-making activities or other trading activities (other than Securities acquired directly from the Issuers or any of their respective Affiliates) being sold in accordance with the intended method or methods of
distribution thereof, and (z) comply with all of the following provisions: 
  

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 (i) If, following the date hereof, there has been announced a change in Commission policy
with respect to exchange offers such as the Exchange Offer that in the reasonable opinion of counsel to the Issuers raises a substantial question as to whether the Exchange Offer is permitted by applicable federal law, the Issuers hereby agree to
seek a no-action letter or other favorable decision from the Commission staff allowing the Issuers to Consummate an Exchange Offer for such Transfer Restricted Securities. In connection with the foregoing, the Issuers hereby agree to take all
actions as may be required in connection with the issuance of such decision, including without limitation (A) participating in telephonic conferences with the Commission, (B) delivering to the Commission staff an analysis prepared by counsel to the
Issuers setting forth the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should be permitted and (C) diligently pursuing a resolution (which need not be favorable) by the Commission staff. 
  
 (ii) As a condition to its participation in the Exchange
Offer, each Holder of Transfer Restricted Securities (including, without limitation, any Holder who is a Broker-Dealer) shall furnish, upon the request of the Authority, prior to the Consummation of the Exchange Offer, a written representation to
the Authority (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an Affiliate of the Issuers, (B) it is not engaged in, and does not intend to engage in,
and has no arrangement or understanding with any person to participate in, a distribution of the Exchange Securities to be issued in the Exchange Offer and (C) it is acquiring the Exchange Securities in its ordinary course of business. As a
condition to its participation in the Exchange Offer, each Holder using the Exchange Offer to participate in a distribution of the Exchange Securities shall acknowledge and agree that, if the resales are of Exchange Securities obtained by such
Holder in exchange for Securities acquired directly from the Issuers or an Affiliate thereof, it (1) could not, under Commission policy as in effect on the date of this Agreement, rely on the position of the Commission enunciated in Exxon Capital
Holdings Corporation (available May 13, 1988) and Morgan Stanley and Co., Inc. (available June 5, 1991), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters
(including, if applicable, any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the Act in connection with a secondary resale transaction and that such a
secondary resale transaction must be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K. 
  
 (iii) Prior to effectiveness of the Exchange Offer
Registration Statement, the Issuers shall provide a supplemental letter to the Commission (A) stating that the Issuers are registering the Exchange Offer in reliance on the position of the Commission enunciated in Exxon Capital Holdings
Corporation (available May 13, 1988) and Morgan Stanley and Co., Inc. (available June 5, 1991) as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and, if applicable, any no-action letter
obtained pursuant to clause (i) above, (B) including a representation that the Issuers have not entered into any arrangement or understanding with any person to distribute the Exchange Securities to be received in the Exchange Offer and that, to the
best of the Issuers’ information and belief, each Holder participating in the Exchange Offer is acquiring the Exchange Securities in its ordinary course of business and has no arrangement or understanding with any person to participate in the
distribution of the Exchange Securities received in the Exchange Offer and (C) any other undertak- 
  

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 ing or representation required by the Commission as set forth in any no-action letter obtained pursuant
to clause (i) above, if applicable. 
  
 (b) Shelf Registration
Statement. In connection with the Shelf Registration Statement, the Issuers shall: 
  
 (i) comply with all the provisions of Section 6(c) below and use their commercially reasonable best efforts to effect such registration to
permit the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof (as indicated in the information furnished to the Issuers pursuant to Section 4(b) hereof), and pursuant
thereto the Issuers will prepare and file with the Commission a Shelf Registration Statement relating to the registration on any appropriate form under the Act, which form shall be available for the sale of the Transfer Restricted Securities in
accordance with the intended method or methods of distribution thereof within the time periods and otherwise in accordance with the provisions hereof, and 
  
 (ii) issue, upon the request of any Holder or purchaser of Securities covered by any Shelf Registration Statement contemplated by this
Agreement, Exchange Securities having an aggregate principal amount equal to the aggregate principal amount of Securities sold pursuant to the Shelf Registration Statement and surrendered to the Issuers for cancellation. The Issuers shall register
Exchange Securities on the Shelf Registration Statement for this purpose and issue the Exchange Securities to the purchaser(s) of securities subject to the Shelf Registration Statement in the names as such purchaser(s) shall designate. 

 
 (c) General Provisions. In connection with any Registration
Statement and any related Prospectus required by this Agreement, the Issuers shall: 
  
 (i) use their commercially reasonable best efforts to keep such Registration Statement continuously effective and provide all requisite
financial statements for the period specified in Section 3 or 4 of this Agreement, as applicable. Upon the occurrence of any event that would cause any such Registration Statement or the Prospectus contained therein (A) to contain an untrue
statement of material fact or omit to state any material fact necessary to make the statements therein not misleading or (B) not to be effective and usable for resale of Transfer Restricted Securities during the period required by this Agreement,
the Issuers shall file promptly an appropriate amendment to such Registration Statement curing such defect, and, if Commission review is required, use their commercially reasonable best efforts to cause such amendment to be declared effective as
soon as practicable; 
  
 (ii) prepare and file
with the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep such Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as the case
may be, cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Act, and to comply fully with Rules 424, 430A and 462, as applicable, under the Act in a timely
manner; and comply with the provisions of the Act with respect to the disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers
thereof set forth in such Registration Statement or supplement to the Prospectus; 
  

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 (iii) advise each Holder promptly and, if requested by such Holder, confirm such advice
in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any applicable Registration Statement or any post-effective amendment thereto, when the same has become effective, (B)
of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement under the Act or of the suspension by any state securities commission of the qualification of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the initiation of any
proceeding for any of the preceding purposes, (D) of the existence of any fact or the happening of any event that makes any statement of a material fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto or any
document incorporated by reference therein untrue, or that requires the making of any additions to or changes in the Registration Statement in order to make the statements therein not misleading, or that requires the making of any additions to or
changes in the Prospectus in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the
Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state securities or blue sky laws,
the Issuers shall use their commercially reasonable best efforts to obtain the withdrawal or lifting of such order at the earliest possible time; 
  
 (iv) subject to Section 6(c)(i), if any fact or event contemplated by Section 6(c)(iii)(D) above shall exist or have occurred, prepare a
supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Transfer
Restricted Securities, the Prospectus will not contain an 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;

  
 (v) (A) in the case of a Shelf Registration
Statement, upon request of any Holder, furnish to each Holder in connection with such exchange or sale, if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or
supplements to any such Registration Statement or Prospectus (including all documents incorporated by reference after the initial filing of such Registration Statement), which documents will be subject to the review and comment of such Holders in
connection with such sale, if any, for a period of at least five Business Days, and the Issuers will not file any such Registration statement or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus (including
all such documents incorporated by reference) to which such Holders shall reasonably object within five Business Days after the receipt thereof. A Holder shall be deemed to have reasonably objected to such filing if such Registration Statement,
amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains an untrue statement of a material fact or omits to state any material fact necessary to make the statements therein not misleading or fails to comply with the
applicable requirements of the Act; or (B) in the case of an Exchange Offer Registration Statement, upon request of any Initial Purchaser, furnish to each such Initial Purchaser in connection with such exchange or sale, if any, before filing with
the Commission, copies of any Registration Statement or any 
  

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 Prospectus included therein or any amendments or supplements to any such Registration Statement or
Prospectus (including all documents incorporated by reference after the initial filing of such Registration Statement), which documents will be subject to the review and comment of such Initial Purchaser in connection with such sale, if any, for a
period of at least five Business Days, and the Issuers will not file any such Registration Statement or Prospectus (including all such documents incorporated by reference) to which such Initial Purchaser shall reasonably object within five Business
Days after the receipt thereof. An Initial Purchaser shall be deemed to have reasonably objected to such filing if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains an untrue statement
of a material fact or omits to state any material fact necessary to make the statements therein not misleading or fails to comply with the applicable requirements of the Act; 
  
 (vi) in the case of a Shelf Registration Statement, promptly prior to the filing of any document that is to
be incorporated by reference into a Registration Statement or Prospectus, provide copies of such document to each Holder who requests such copies in connection with such exchange or sale, if any, make the Issuers’ representatives available for
discussion of such document and other customary due diligence matters, and include such information in such document prior to the filing thereof as such Holders may reasonably request; 
  
 (vii) in the case of a Shelf Registration Statement, upon request from any Holder, make available, at
reasonable times, for inspection by such Holder and any attorney or accountant retained by such Holders, all financial and other records, pertinent corporate documents of the Issuers and cause the Issuers’ officers, board members and employees
to supply all information reasonably requested by any such Holder, attorney or accountant in connection with such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness;

  
 (viii) if requested by any Holders in
connection with such exchange or sale, promptly include in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such Holders may reasonably request to have included therein,
including, without limitation, information relating to the “Plan of Distribution” of the Transfer Restricted Securities, and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after
the Issuers are notified of the matters to be included in such Prospectus supplement or post-effective amendment; 
  
 (ix) if requested by a Holder, furnish to such Holder in connection with such exchange or sale, without charge, at least one copy of the
Registration Statement, as first filed with the Commission, and of each amendment thereto, including all documents incorporated by reference therein and all exhibits (including exhibits incorporated therein by reference); 
  
 (x) deliver to each Holder without charge, as many copies of
the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; the Issuers hereby consent to the use (in accordance with law) of the Prospectus and any amendment or supplement
thereto by each selling Holder in connection with the offering and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto; 
  

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 (xi) upon the request of any Holder holding a majority of the outstanding principal
amount of Securities, enter into such agreements (including underwriting agreements) and make such representations and warranties and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the
Transfer Restricted Securities pursuant to any applicable Registration Statement contemplated by this Agreement as may be reasonably requested by any Holder in connection with any sale or resale pursuant to any applicable Registration Statement. In
such connection, the Issuers shall: 
  
 (A) upon
request of any Holder, furnish (or in the case of paragraphs (2) and (3), use its best efforts to cause to be furnished) to each Holder, upon Consummation of the Exchange Offer or upon the effectiveness of the Shelf Registration Statement, as the
case may be: 
  
 (1) a certificate, dated such
date, signed on behalf of the Authority by the Chairman of the Management Board confirming, as of the date thereof, the matters set forth in Section 6(c) of the Purchase Agreement and such other similar matters as such Holders may reasonably
request; 
  
 (2) an opinion, dated the date of
Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration Statement, as the case may be, of counsel for the Issuers covering such matters as such Holder may reasonably request and are customarily given in similar
offerings; and 
  
 (3) a customary comfort
letter, dated the date of Consummation of the Exchange Offer, or as of the date of effectiveness of the Shelf Registration Statement, as the case may be, from the Issuers’ independent accountants, in the customary form and covering matters of
the type customarily covered in comfort letters to underwriters in connection with underwritten offerings, and affirming the matters set forth in the comfort letters delivered pursuant to Section 6(e) of the Purchase Agreement; and 
  
 (B) deliver such other documents and certificates as may be
reasonably requested by the selling Holders to evidence compliance with the matters covered in clause (A) above and with any customary conditions contained in any agreement entered into by the Issuers pursuant to this clause (xi); 
  
 (xii) prior to any public offering of Transfer Restricted
Securities, cooperate with the selling Holders and their counsel in connection with the registration and qualification of the Transfer Restricted Securities under the securities or blue sky laws of such jurisdictions as the selling Holders may
request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the applicable Registration Statement; provided, however, that the Issuers
shall not be required to register or qualify as a foreign corporation where it is not now so qualified or to take any action that would subject it to the service of process in suits or to taxation, other than as to matters and transactions relating
to the Registration Statement, in any jurisdiction where it is not now so subject; 
  

 -11- 

 (xiii) in connection with any sale of Transfer Restricted Securities that will result in
such securities no longer being Transfer Restricted Securities, cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Transfer Restricted Securities to be sold and not bearing any restrictive
legends; and to register such Transfer Restricted Securities in such denominations and such names as the selling Holders may request at least two Business Days prior to such sale of Transfer Restricted Securities; 
  
 (xiv) use their commercially reasonable best efforts to
cause the disposition of the Transfer Restricted Securities covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof to
consummate the disposition of such Transfer Restricted Securities, subject to the proviso contained in clause (xii) above; 
  
 (xv) provide a CUSIP number for all Transfer Restricted Securities not later than the effective date of a Registration Statement covering
such Transfer Restricted Securities and provide the Trustee under the Indenture with printed certificates for the Transfer Restricted Securities which are in a form eligible for deposit with the Depository Trust Company; 
  
 (xvi) otherwise use their commercially reasonable best
efforts to comply with all applicable rules and regulations of the Commission, and make generally available to its security holders with regard to any applicable Registration Statement, as soon as practicable, a consolidated earning statement
meeting the requirements of Rule 158 (which need not be audited) covering a 12-month period beginning after the effective date of the Registration Statement (as such term is defined in paragraph (c) of Rule 158 under the Act); 
  
 (xvii) cause the Indenture to be qualified under the TIA not
later than the effective date of the first Registration Statement required by this Agreement and, in connection therewith, cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for such Indenture to be
so qualified in accordance with the terms of the TIA; and execute and use their best efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required to be filed with the
Commission to enable such Indenture to be so qualified in a timely manner; and 
  
 (xviii) provide promptly to each Holder, upon request, each document filed with the Commission pursuant to the requirements of Section 13
or Section 15(d) of the Exchange Act. 
  
 (d) Restrictions on
Holders. Each Holder agrees by acquisition of Transfer Restricted Securities that, upon receipt of the notice referred to in Section 6(c)(iii)(C) or any notice from the Issuers of the existence of any fact of the kind described in Section
6(c)(iii)(D) hereof (in each case, a “Suspension Notice”), such Holder will forthwith discontinue disposition of Transfer Restricted Securities pursuant to the applicable Registration Statement until (i) such Holder has
received copies of the supplemented or amended Prospectus contemplated by Section 6(c)(iv) hereof, or (ii) such Holder is advised in writing by the Issuers that the use of the Prospectus may be resumed, and has received copies of any additional or
supplemental filings that are incorporated by reference in the Prospectus (in each case, the “Recommencement Date”). Each Holder receiving a Suspension Notice hereby agrees that it will either (i) destroy any Prospectuses,
other than permanent file copies, then in such Holder’s possession which have been replaced by the Issuers with more recently dated Prospectuses or (ii) deliver to the Issuers (at the Issuers’ expense) all copies, other than permanent file
copies, then in such 
  

 -12- 

 Holder’s possession of the Prospectus covering such Transfer Restricted Securities that was current at the time of
receipt of the Suspension Notice. The time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by a number of days equal to the number of days in the period from and
including the date of delivery of the Suspension Notice to the date of delivery of the Recommencement Date. 
  
 (e) Underwritten Offerings. No Holder may participate in any underwritten Shelf Registration Statement hereunder unless such Holder (i) agrees to
sell such Holder’s Transfer Restricted Securities on the basis provided in any underwriting arrangements entered into in connection therewith 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. 
  
 SECTION 7. REGISTRATION EXPENSES 
  
 (a) All expenses incident to the Issuers’ performance of or compliance with this Agreement will be borne by the Issuers, regardless of whether a Registration Statement becomes effective, including without
limitation: (i) all registration and filing fees and expenses; (ii) all fees and expenses of compliance with federal securities and state blue sky or securities laws; (iii) all expenses of printing (including printing certificates for the Exchange
Securities to be issued in the Exchange Offer and printing of Prospectuses), messenger and delivery services and telephone; (iv) all fees and disbursements of counsel for the Issuers and the Holders of Transfer Restricted Securities; (v) all
application and filing fees in connection with listing the Exchange Securities on a national securities exchange or automated quotation system pursuant to the requirements hereof; and (vi) all fees and disbursements of independent certified public
accountants of the Issuers (including the expenses of any special audit and comfort letters required by or incident to such performance). 
  
 The Issuers will, in any event, bear their internal expenses (including, without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any person, including special experts, retained by the Issuers. 
  
 (b) In connection with any Registration Statement required by this Agreement (including, without limitation, the Exchange
Offer Registration Statement and the Shelf Registration Statement), the Issuers will reimburse the Holders of Transfer Restricted Securities who are tendering Securities into the Exchange Offer and/or selling or reselling Securities or Exchange
Securities pursuant to the “Plan of Distribution” contained in the Exchange Offer Registration Statement or the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one counsel, as may be
chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Registration Statement is being prepared. 
  

The Holders of any Securities or Exchange Securities being registered on the Shelf Registration Statement shall pay all agency or brokerage fees and
commissions and underwriting discounts and commissions attributable to the sale of such Securities or Exchange Securities and the fees and disbursements of any counsel retained by such Holders. 
  

 -13- 

 SECTION 8. INDEMNIFICATION 
  
 (a) The Issuers agree to indemnify and hold harmless each Holder, its directors, officers and each person, if any, who
controls such Holder (within the meaning of Section 15 of the Act or Section 20 of the Exchange Act), from and against any and all losses, claims, damages, liabilities, judgments (including without limitation, any legal or other expenses incurred in
connection with investigating or defending any matter, including any action that could give rise to any such losses, claims, damages, liabilities or judgments) caused by any untrue statement or alleged untrue statement of a material fact contained
in any Registration Statement, preliminary prospectus or Prospectus provided by the Issuers to any Holder or any prospective purchaser of Exchange Securities or Securities, or caused by any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities or judgments are caused by an untrue statement or omission or alleged untrue statement or
omission that is based upon information relating to any of the Holders furnished in writing to the Issuers by or on behalf of any of the Holders. This indemnity agreement will be in addition to any liability which the Issuers may otherwise have.

  
 (b) Each Holder of Transfer Restricted Securities agrees,
severally and not jointly, to indemnify and hold harmless the Issuers and its directors and officers, and each person, if any, who controls (within the meaning of Section 15 of the Act or Section 20 of the Exchange Act) the Issuers to the same
extent as the foregoing indemnity from the Issuers set forth in section (a) above, but only with reference to information relating to such Holder furnished in writing to the Issuers by or on behalf of such Holder expressly for use in any
Registration Statement. In no event shall any Holder, its directors, officers or any person who controls such Holder be liable or responsible for any amount in excess of the amount by which the total amount received by such Holder with respect to
its sale of Transfer Restricted Securities pursuant to a Registration Statement exceeds (i) the amount paid by such Holder for such Transfer Restricted Securities and (ii) the amount of any damages that such Holder, its directors, officers or any
person who controls such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. This indemnity agreement will be in addition to any liability which the Issuers may otherwise
have. 
  
 (c) In case any action shall be commenced involving any
person in respect of which indemnity may be sought pursuant to Section 8(a) or 8(b) (the “indemnified party”), the indemnified party shall promptly notify the person against whom such indemnity may be sought (the
“indemnifying person”) in writing and the indemnifying party shall assume the defense of such action, including the employment of counsel reasonably satisfactory to the indemnified party and the payment of all fees and
expenses of such counsel, as incurred (except that in the case of any action in respect of which indemnity may be sought pursuant to both Sections 8(a) and 8(b), a Holder shall not be required to assume the defense of such action pursuant to this
Section 8(c), but may employ separate counsel and participate in the defense thereof, but the fees and expenses of such counsel, except as provided below, shall be at the expense of the Holder). The failure to so notify the indemnifying party (i)
will not relieve it from liability under paragraphs (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses; and (ii)
will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraphs (a) and (b) above. Any indemnified party shall have the right to employ separate
counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of the indemnified party unless (i) the employment of such counsel shall have been specifi- 
  

 -14- 

 cally authorized in writing by the indemnifying party, (ii) the indemnifying party shall have failed to assume the
defense of such action or employ counsel reasonably satisfactory to the indemnified party or (iii) the named parties to any such action (including any impleaded parties) include both the indemnified party and the indemnifying party, and the
indemnified party shall have been advised by such counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party (in which case the indemnifying party shall
not have the right to assume the defense of such action on behalf of the indemnified party). In any such case, the indemnifying party shall not, in connection with any one action or separate but substantially similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all indemnified parties and all such fees and expenses
shall be reimbursed as they are incurred. Such firm shall be designated in writing by a majority of the Holders, in the case of the parties indemnified pursuant to Section 8(a), and by the Issuers, in the case of parties indemnified pursuant to
Section 8(b). The indemnifying party shall indemnify and hold harmless the indemnified party from and against any and all losses, claims, damages, liabilities and judgments by reason of any settlement of any action (i) effected with its written
consent or (ii) effected without its written consent if the settlement is entered into more than 20 Business Days after the indemnifying party shall have received a request from the indemnified party for reimbursement for the fees and expenses of
counsel (in any case where such fees and expenses are at the expense of the indemnifying party) and, prior to the date of such settlement, the indemnifying party shall have failed to comply with such reimbursement request. No indemnifying party
shall, without the prior written consent of the indemnified party, effect any settlement or compromise of, or consent to the entry of judgment with respect to, any pending or threatened action in respect of which the indemnified party is or could
have been a party and indemnity or contribution may be or could have been sought hereunder by the indemnified party, unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability on
claims that are or could have been the subject matter of such action and (ii) does not include a statement as to or an admission of fault, capability or a failure to act, by or on behalf of the indemnified party. 
  
 (d) To the extent that the indemnification provided for in this Section 8 is
unavailable to an indemnified party in respect of any losses, claims, damages, liabilities or judgments referred to therein, then each indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable
by such indemnified party as a result of such losses, claims, damages, liabilities or judgments in such proportion as is appropriate to reflect the relative fault of the Issuers, on the one hand, and of the Holder, on the other hand, in connection
with the statements or omissions which resulted in such losses, claims, damages, liabilities or judgments, as well as any other relevant equitable considerations. The relative fault of the Issuers, on the one hand, and of the Holder, on the other
hand, 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 Issuers, on the one
hand, or by the Holder, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses,
claims, damages, liabilities and judgments referred to above shall be deemed to include, subject to the limitations set forth in the second paragraph of Section 8(a), any legal or other fees or expenses reasonably incurred by such party in
connection with investigating or defending any action or claim. 
  
 The Issuers and each Holder agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation (even if the Holders were treated as 
  

 -15- 

 one entity for such purpose) or by any other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or judgments referred to in the immediately preceding paragraph shall be
deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any matter, including any action that could have given rise to
such losses, claims, damages, liabilities or judgments. Notwithstanding the provisions of this Section 8, no Holder, its directors, its officers or any person, if any, who controls such Holder shall be required to contribute, in the aggregate, any
amount in excess of the amount by which the total received by such Holder with respect to the sale of Transfer Restricted Securities pursuant to a Registration Statement exceeds (i) the amount paid by such Holder for such Transfer Restricted
Securities and (ii) the amount of any damages which such Holder has 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 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(d) are several in proportion to
the respective principal amount of Transfer Restricted Securities held by each Holder hereunder and not joint. 
  
 SECTION 9. RULE 144A AND RULE 144 
  
 The Issuers agree with each Holder, for so long as any Transfer Restricted Securities remain outstanding and during any period in which the Issuers (i) are not subject to Section 13 or 15(d) of the Exchange Act, to
make available, upon request of any Holder, to such Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser of such Transfer Restricted Securities designated by such Holder or
beneficial owner, the information required by Rule 144A(d)(4) under the Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A, and (ii) is subject to Section 13 or 15(d) of the Exchange Act, to make all filings
required thereby in a timely manner in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144. 
  
 SECTION 10. CONSENT TO SUIT 
  
 The Authority waives its sovereign immunity from unconsented suit, whether such suit be brought in law or in equity, or in administrative proceedings or
proceedings in arbitration, to permit the commencement, maintenance, and enforcement of any action, by any person with standing to maintain an action, to interpret or enforce the terms of this Agreement, and to enforce and execute any judgment
resulting therefrom against the Authority or the assets of the Authority. Notwithstanding any other provision of law or canon of construction, the Authority intends this waiver to be interpreted liberally to permit the full litigation of disputes
arising under or out of this Agreement. Without limiting the generality of the foregoing, the Authority waives its immunity from unconsented suit to permit the maintenance of the following actions: 
  
 (i) Courts. The Authority waives its immunity from
unconsented suit to permit any court of competent jurisdiction to: (i) enforce and interpret the terms of this Agreement, and award and enforce the award of damages owing as a consequence of a breach thereof, whether such award is the product of
litigation, administrative proceedings or arbitration; (ii) determine whether any consent or approval of the Authority has been improperly granted or unreasonably withheld; (iii) enforce any judgment prohibiting the Authority from taking 

 

 -16- 

 any action, or mandating or obligating the Authority to take any action, including a judgment compelling
the Authority to submit to binding arbitration; and (iv) adjudicate any claim under the Indian Civil Rights Act of 1968, 25 U.S.C. § 1302 (or any successor statute). 
  
 (ii) Arbitration. The Authority waives its immunity from unconsented suit to permit arbitrators,
appointed and acting under the commercial arbitration rules of the American Arbitration Association, whenever and to the extent any agreement to submit a matter to arbitration is made by the Authority, to: (i) enforce and interpret the terms of this
Agreement and to award and enforce the award of any damages owing as a consequence thereof, (ii) determine whether any consent or approval of the Authority has been unreasonably withheld; and (iii) enforce any judgment prohibiting the Authority from
taking any action, or mandating or obligating the Authority to take any action, including a judgment compelling the Authority to submit to binding arbitration. 
  

SECTION 11. MISCELLANEOUS 
  
 (a) Remedies. The Issuers acknowledge and agree that any failure by the Issuers to comply with its obligations under Sections 3 and 4 hereof may
result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the
Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Issuers’ obligations under Sections 3 and 4 hereof. The Issuers further agree to waive the defense in any action for specific performance
that a remedy at law would be adequate. 
  
 (b) No Inconsistent
Agreements. The Issuers will not, on or after the date of this Agreement, enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the
provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Issuers’ securities under any agreement in effect on the date hereof.

  
 (c) Amendments and Waivers. The provisions of this
Agreement may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given unless (i) in the case of Section 5 hereof and this Section 11(c)(i), the Issuers have obtained the written
consent of Holders of all outstanding Transfer Restricted Securities and (ii) in the case of all other provisions hereof, the Issuers have obtained the written consent of Holders of a majority of the outstanding principal amount of Transfer
Restricted Securities (excluding Transfer Restricted Securities held by the Authority or its Affiliates). Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders
whose Transfer Restricted Securities are being tendered pursuant to the Exchange Offer, and that does not affect directly or indirectly the rights of other Holders whose Transfer Restricted Securities are not being tendered pursuant to such Exchange
Offer, may be given by the Holders of a majority of the outstanding principal amount of Transfer Restricted Securities subject to such Exchange Offer. 
  
 (d) Third Party Beneficiary. The Holders shall be third party beneficiaries to the agreements made hereunder between the Issuers, on the one hand,
and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent they may deem such enforcement necessary or advisable to protect its rights or the rights of Holders hereunder. 
  

 -17- 

 (e) Notices. All notices and other communications provided for or permitted hereunder shall be
made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery: 
  
 (i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a
copy to the Registrar under the Indenture; and 
  
 (ii) if to the Authority and Guarantor: 
  
 Mohegan Tribal Gaming Authority 
 One Mohegan Sun Boulevard 
 Uncasville, CT 06382 
 Telecopier No.: (860) 204-6153 
 Attention: Mark F. Brown 
  
 With a copy to: 
  
 Hogan & Hartson L.L.P. 
 555 Thirteenth Street, NW 
 Washington, DC 20004 
 Telecopier No.: (202) 637-5910 
 Attention: Carl Weld King, Esq. 
  
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days
after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 
  
 Copies of all such notices, demands or other communications shall be
concurrently delivered by the person giving the same to the Trustee at the address specified in the Indenture. 
  
 (f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties,
including without limitation and without the need for an express assignment, subsequent Holders; provided, that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Transfer Restricted Securities in
violation of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Transfer Restricted Securities in any manner, whether by operation of law or otherwise, such Transfer Restricted Securities
shall be held subject to all of the terms of this Agreement, and by taking and holding such Transfer Restricted Securities such person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this
Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and such person shall be entitled to receive the benefits hereof. 
  
 (g) 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. 
  

 -18- 

 (h) Headings. The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof. 
  
 (i) Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW). 
  
 (j) Severability. In the event that 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. 
  
 (k) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the
subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted with respect to the Transfer Restricted Securities.
This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
  

 -19- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

	MOHEGAN TRIBAL GAMING AUTHORITY
		
	 By:
	 	 /S/    JEFFREY E.
HARTMAAN

	 	 	 Name:    Jeffrey E. Hartmaan
 Title:      Executive Vice President, Finance and
                Chief Financial
Officer

  

	MOHEGAN BASKETBALL CLUB LLC
		
	 By:
	 	 /S/    JEFFREY E.
HARTMAAN

	 	 	 Name:    Jeffrey E. Hartmaan
 Title:      Manager and Vice President

  

	 BANC OF AMERICA
SECURITIES LLC
 on behalf of itself and the other several Initial Purchasers

		
	 By:
	 	 /S/    DANIEL E.
KELLY

	 	 	 Name:    Daniel E. Kelly
 Title:      Managing Director

  

 -20-Loan Agreement

 Exhibit 10.2 
  
 LOAN AGREEMENT 
  
 dated June 27, 2003 
  
 between 
  
 MOHEGAN TRIBAL GAMING AUTHORITY 
  
 as Borrower 
  
 and

  
 FLEET NATIONAL BANK, 
 as Lender 
  

 Table of Contents 
  
  

	 ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	  	1
	         Section 1.1
	  	Defined Terms.	  	1
	         Section 1.2
	  	Terms Generally.	  	1
	         Section 1.3
	  	Conflicting Terms.	  	1
		
	 ARTICLE II AMOUNT AND TERMS OF THE LOANS
	  	2
	         Section 2.1
	  	The Revolving Loans.	  	2
	         Section 2.2
	  	Procedure for Revolving Loans; Certain Conditions; the Revolving Loan Note.	  	2
	         Section 2.3
	  	Method of Payment, Direct Debits, Payment Date Adjustments, Application of Payments.	  	3
	         Section 2.4
	  	Use of Proceeds.	  	3
	         Section 2.5
	  	Demand Facility; Repayment.	  	3
	         Section 2.6
	  	Interest Rates.	  	3
	         Section 2.7
	  	[Intentionally Deleted].	  	4
	         Section 2.8
	  	Repayments and Prepayments.	  	4
	         Section 2.9
	  	Illegality.	  	5
	         Section 2.10
	  	Reserve Requirements, Change in Circumstances.	  	5
	         Section 2.11
	  	Indemnity.	  	5
	         Section 2.12
	  	Obligations Absolute.	  	5
		
	 ARTICLE III CONDITIONS PRECEDENT
	  	6
	         Section 3.1
	  	Conditions Precedent to Effectiveness.	  	6
	         Section 3.2
	  	Conditions Precedent to Loans.	  	6
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	6
	         Section 4.1
	  	Existence and Qualification; Power; Compliance With Laws.	  	6
	         Section 4.2
	  	Authority; Compliance With Other Agreements and Instruments and Government Regulations.	  	7
	         Section 4.3
	  	No Management Contract.	  	7
	         Section 4.4
	  	Governmental Regulation.	  	8
	         Section 4.5
	  	Binding Obligations.	  	8
	         Section 4.6
	  	No Default.	  	8
	         Section 4.7
	  	Arbitration.	  	8
	         Section 4.8
	  	Financial Statements and Condition: Full Disclosure.	  	8
		
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	9
	         Section 5.1
	  	Maintenance of Existence.	  	9
	         Section 5.2
	  	Maintenance of Records.	  	9
	         Section 5.3
	  	Business and Properties.	  	9
	         Section 5.4
	  	Minimum Availability Under Bank Loan Agreement.	  	9
	         Section 5.5
	  	Leverage Ratio Certificate.	  	9
	         Section 5.6
	  	Further Assurances.	  	9
		
	 ARTICLE VI NEGATIVE COVENANTS
	  	9

  

 i 

	         Section 6.1
	  	Accounting Methods.	  	10
	         Section 6.2
	  	Change in Management.	  	10
		
	 ARTICLE VII EVENTS OF DEFAULT
	  	10
	         Section 7.1
	  	Events of Default.	  	10
		
	 ARTICLE VIII GENERAL PROVISIONS
	  	11
	         Section 8.1
	  	Amendments, Etc.	  	11
	         Section 8.2
	  	Notices, Etc.	  	11
	         Section 8.3
	  	No Waiver: Remedies.	  	12
	         Section 8.4
	  	Successors and Assigns.	  	12
	         Section 8.5
	  	Pledge of the Lender’s Interests.	  	12
	         Section 8.6
	  	Costs, Expenses, and Taxes.	  	13
	         Section 8.7
	  	[Intentionally Deleted]	  	13
	         Section 8.8
	  	Governing Law; Jurisdiction; Waivers.	  	13
	         Section 8.9
	  	Payment Set-Aside.	  	13
	         Section 8.10
	  	Entire Agreement, Severability of Provisions.	  	14
	         Section 8.11
	  	Waiver of Jury Trial and Consequential Damages.	  	14
	         Section 8.12
	  	Replacement of a Note, Etc.	  	14
	         Section 8.13
	  	Survival of Agreement.	  	15
	         Section 8.14
	  	Further Assurances.	  	15
	         Section 8.15
	  	Counterparts.	  	15
	         Section 8.16
	  	Arbitration Reference.	  	15
	         Section 8.17
	  	WAIVER OF SOVEREIGN IMMUNITY; CONSENT TO JURISDICTION.	  	16
	         Section 8.18
	  	Prejudgment Remedy Waiver.	  	16

  

 ii 

 LOAN AGREEMENT 
  
 LOAN AGREEMENT (“Agreement”), dated this 27th day of June, 2003, by and between MOHEGAN
TRIBAL GAMING AUTHORITY, a governmental instrumentality of the Mohegan Tribe of Indians of Connecticut (the “Borrower”) and FLEET NATIONAL BANK, a national bank with a place of business at 157 Church Street, New Haven,
Connecticut 06510 (“Lender”). 
  
 PREAMBLE

  
 WHEREAS, the Borrower has requested the Lender, and the
Lender has agreed to extend an unsecured demand, discretionary commercial revolving loan to the Borrower in the maximum principal amount of up to twenty five million dollars ($25,000,000), and 
  
 WHEREAS, the Borrower and the Lender desire to memorialize their
understandings and agreements with respect to the foregoing. 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the parties to this Agreement do each hereby agree as follows: 
  
 ARTICLE I 
 DEFINITIONS AND ACCOUNTING TERMS 
  
 Section 1.1
Defined Terms. 
  
 Capitalized terms used in this Agreement
are used with the respective meanings set forth in Exhibit A attached hereto. 
  
 Section 1.2 Terms Generally. 
  
 The definitions in Section 1.1 shall apply equally to both the singular and plural forms of the terms defined. 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 (subject to the restrictions on such amendments, restatements, supplements or modifications set forth herein), and (b) all terms of an accounting or financial nature shall be
construed, and all computations or classifications of assets and liabilities and of income and expenses shall be made or determined in accordance with, GAAP. 
  
 Section 1.3 Conflicting Terms. 
  
 In the event and to the extent that any term or provision of this Agreement conflicts with a similar term or provision contained in any other Loan
Document, the term or provision of this Agreement shall control. 
  

 1 

 ARTICLE II 
 AMOUNT AND TERMS OF THE LOANS 
  
 Section 2.1 The Revolving Loans. 
  
 Subject to
the terms and conditions contained in this Agreement, the Borrower may, from time to time, request that the Lender advance loans hereunder and Lender in its sole and absolute discretion may, from time to time, elect to advance such loans in the
minimum amount of $1,000,000 and in minimum increments of $250,000 above the $1,000,000 minimum, or if the Unused Facility Amount is less than $1,000,000, then in an amount equal to the Unused Facility Amount (each, a “Revolving
Loan”) to the Borrower from time to time on any Business Day during the period from the date hereof until the Maturity Date of the Facility Limit in an amount for each such Revolving Loan not to exceed the Unused Facility Amount on such
Business Day. Within the limits of the Unused Facility Amount, the Borrower may request Revolving Loans under this Section 2.1, repay all or a portion of outstanding Revolving Loans pursuant to Section 2.8 hereof, and request to re-borrow Revolving
Loans under this Section 2.1. 
  
 Section 2.2 Procedure for
Revolving Loans; Certain Conditions; the Revolving Loan Note. 
  
 (a) Notices of Borrowing. Requests for Revolving Loans may be made only once per Business Day and shall be made on notice, given by the Borrower to the Lender not later than 11:00 a.m. (Hartford, Connecticut
time) on the proposed Drawdown Date or in the event of a LIBOR Loan, not later than 11:00 a.m. (Hartford, Connecticut time) two (2) days prior to the proposed Drawdown Date. Each such notice (which notice shall be irrevocable and binding on the
Borrower) of a proposed borrowing (each, a “Revolving Loan Notice of Borrowing”) shall be by facsimile or telephone, confirmed immediately in writing, or by telex, telecopier or other electronic mode of communication, specifying the
proposed Drawdown Date (which shall be a Business Day), the amount to be borrowed (which shall be requested in the minimum amount of $1,000,000 and in minimum increments of $250,000 above the $1,000,000 minimum, or if the Unused Facility Amount is
less than $1,000,000, then in an amount equal to the Unused Facility Amount) and if such Revolving Loan is to be a LIBOR Rate Loan, the Interest Period applicable thereto. The Lender shall within twenty four (24) hours after its receipt of a
Revolving Loan Note of Borrowing inform the Borrower whether it elects to advance the requested Revolving Loan. In the event that written confirmation of a telephonic Revolving Loan Notice of Borrowing differs in any respect from the action taken by
the Lender, the records of the Lender shall control absent manifest error. Subject to the fulfillment of the applicable conditions set forth in Article III hereof, if the Lender elects to advance the requested Revolving Loan, the Lender will, on the
Drawdown Date, make the requested Revolving Loan in immediately available funds by crediting the amount thereof to an operating account of the Borrower maintained with the Lender as requested by the Borrower or as the Borrower may otherwise direct
in writing. 
  
 (b) The Revolving Loan Note,
Evidence of Debt. The Revolving Loans shall be evidenced by, and repaid with interest in accordance with, the Revolving Loan Note. The Borrower hereby authorizes the Lender to record on the Revolving Loan Note or in its internal computerized
records (i) the amount of each Revolving Loan, and (ii) the amount of any principal or interest received by the Lender on account of the Revolving Loans, which recordation shall, in the absence of manifest error, be prima facie evidence as to
the outstanding aggregate principal balance of the Revolving Loans and shall be considered correct and binding on the Borrower; provided, however, that the failure of the Lender to make any such recordation or any error therein shall not in
any manner limit or otherwise affect the obligation of the Borrower under this Agreement or the Revolving Loan Note, including without limitation, its obligation to repay the Revolving Loans in accordance with their terms. 
  

 2 

 Section 2.3 Method of Payment, Direct Debits, Payment Date Adjustments, Application of Payments.

  
 (a) Method of Payment. The Borrower
shall make each payment due under this Agreement and under the Note to the Lender at the Head Office not later than 3:00 P.M., Hartford, Connecticut time, on the date when due in Dollars in immediately available funds, without setoff, defense or
counterclaim and free and clear of, and without any deduction or withholding for, any taxes or other payments. 
  
 (b) Payment Date Adjustments. Whenever any payment of principal of, or interest on, any Prime Rate Loan shall be due on a day which
is not a Business Day, such payment shall be made on the next succeeding Business Day. Whenever any payment of principal of, or interest on, any LIBOR Loan shall be due on a day which is not a London Business Day, such payment shall be made on the
next succeeding London Business Day unless such London Business Day falls in another calendar month, in which case the date for payment thereof shall be the next preceding London Business Day. If the date for any payment of principal is extended by
operation of law or otherwise, interest and fees thereon shall be payable for such extended time. 
  
 (c) Application of Payments. All payments by or on behalf of the Borrower hereunder and under any of the other Loan Documents shall
be applied first to the payment of all fees, expenses and other amounts due to the Lender (excluding principal and interest), then to accrued interest, and the balance on account of outstanding principal; provided, however, that upon the
occurrence and during the continuance of an Event of Default, payments will be applied to the Obligations in such manner and order of priority as the Lender determines in its sole discretion. 
  
 Section 2.4 Use of Proceeds. 
  
 The Borrower represents that the proceeds of the Revolving Loans shall be
used to fund the Borrower’s general working capital purposes and other business purposes in the ordinary course of the Borrower’s business. 
  
 Section 2.5 Demand Facility; Repayment. 
  
 All Revolving Loans shall at the option of the Lender be payable immediately upon demand by the Lender. All Revolving Loan advances shall be due and
payable within forty-five (45) days of the date of the advance unless demand for repayment shall be made sooner. 
  
 Section 2.6 Interest Rates. 
  
 (a) Pre-default Interest. Subject to the provisions of Section 2.6(e) hereof, during the period commencing from the Drawdown Date
made through and including the date of payment in full, each Revolving Loan shall bear interest on the unpaid principal amount thereof at a rate per annum selected by the Borrower equal to either: (x) the Prime Rate, on a floating basis, or (y) the
LIBOR Rate (as determined for each available Interest Period) plus the Applicable Margin for available Interest Periods of seven days or thirty (30) days. 
  
 (b) Default Interest. Notwithstanding the foregoing, at all times after the occurrence and during the continuance of an Event of
Default (whether or not the Lender has accelerated payment of any or all Obligations) or after maturity (by acceleration or otherwise) or after judgment has been rendered on any Obligations, the Borrower’s right to select pricing options
pursuant to Section 2.6(a) shall cease and interest on all outstanding Revolving Loans, and interest on all payments of interest on such 

  

 3 

 
Revolving Loans that are not paid when due, shall accrue at a floating rate per annum equal to two percent (2%) above the Prime Rate (the “Default
Rate”). 
  
 (c) Calculation of
Interest, Interest Rate Changes. Interest on each Revolving Loan and on any per annum fee charged hereunder which is not paid when due shall be calculated on the basis of a 365/366 day year, as applicable, with respect to each Prime Rate Loan,
and a 360-day year and the actual number of days elapsed with respect to each LIBOR Loan. With respect to each Prime Rate Loan, any change in the interest rate because of a change in the Prime Rate shall become effective, without notice or demand,
immediately upon any change in the Prime Rate. With respect to the LIBOR Loans, any change in the interest rate because of a change in the Reserve Percentage shall become effective, without notice or demand, on the date on which such change in the
Reserve Percentage becomes effective as to the LIBOR Loans. 
  
 (d) Payment of Interest. 
  
 (i) Prime Rate Loans. Interest on each Prime Rate Loan shall, subject to the provisions of this Agreement, be payable monthly in arrears beginning on the first day of the month immediately succeeding the month
of the Drawdown Date of such Prime Rate Loan, and continuing on the first day of each and every month thereafter, without notice or demand, so long as such Prime Rate Loan remains outstanding. 
  
 (ii) LIBOR Loans. Interest on each LIBOR Loan shall,
subject to the provisions of this Agreement, be payable on the last day of each applicable Interest Period. 
  
 (e) Lawful Interest. If, at any time, the rate of interest, together with all amounts which constitute interest and which are
reserved, charged or taken by Lender as compensation for fees, services or expenses incidental to the making, negotiating or collection of the loan evidenced hereby, shall be deemed by any competent court of law, governmental agency or tribunal to
exceed the maximum rate of interest permitted to be charged by Lender to Borrower under applicable law, then, during such time as such rate of interest would be deemed excessive, that portion of each sum paid attributable to that portion of such
interest rate that exceeds the maximum rate of interest so permitted shall be deemed a voluntary prepayment of principal. As used herein, the term “applicable law” shall mean the law in effect as of the date hereof; provided, however, that
in the event there is a change in the law which results in a higher permissible rate of interest, then this Agreement shall be governed by such new law as of its effective date. 
  
 Section 2.7 [Intentionally Deleted]. 
  
 Section 2.8 Repayments and Prepayments . 
  
 (a) Optional. The Borrower may, at its option, repay or prepay any Revolving Loan, at any time and
from time to time, in whole or in part, in the case of repayments or prepayments in full, all fees, charges, costs, expenses and other amounts, if any, then due under any of the Revolving Loans being repaid or prepaid. 
  
 (b) Prepayment of LIBOR Loans, Payment of Yield
Maintenance Fee. In the event, and on each occasion, that a prepayment of a LIBOR Loan is made, required or permitted on a date other than the last Business Day of the Interest Period applicable with such LIBOR Loan, with respect thereto, the
Borrower shall pay to the Lender any additional costs therefor in accordance with Section 2.11 hereof and shall also pay to the Lender the applicable Yield Maintenance Fee, if any. 

  

 4 

 Section 2.9 Illegality. 
  
 Notwithstanding any other provision of this Agreement, if, after the date hereof, any applicable law, regulation or
directive, or any change therein or in the interpretation or application thereof after the date hereof shall make it unlawful, or any central bank or other Governmental Authority shall assert that it is unlawful, for the Lender to make or maintain
the LIBOR Loans as contemplated by this Agreement or Lender determines in good faith that there no longer exists a fair or adequate basis for determining the LIBOR Base Rate, then (a) the right of Borrower to request that the Lender make the LIBOR
Loans or continue the LIBOR Loans as such shall forthwith be suspended until the Lender shall notify the Borrower that the Lender has determined that the circumstances causing such suspension no longer exist, and (b) the LIBOR Loans shall instead be
made as, or shall be converted automatically, without notice, on the last day of the then current Interest Period with respect thereto (or within such earlier period as required by law): to, with respect to Revolving Loans which are LIBOR Loans,
loans bearing interest at a floating per annum rate equal to the Prime Rate. If any such conversion of the LIBOR Loans is made or required on a day that is not the last Business Day of the then current Interest Period applicable thereto, the
Borrower shall pay the Lender such amount or amounts as may be required pursuant to Section 2.11 hereof. 
  
 Section 2.10 Reserve Requirements, Change in Circumstances. 
  
 If Lender shall have determined in good faith after the date hereof that the applicability of any law regarding capital
adequacy, or any change in any such law or in the interpretation or administration of any such law by any Governmental Authority, central bank, comparable agency or other Person charged with the interpretation or administration thereof, or
compliance by Lender or Lender’s holding company with any request or directive regarding capital adequacy (whether or not having the force of law) of any such Governmental Authority, central bank, comparable agency or other Person, has or would
have the effect of reducing the rate of return on Lender’s capital or on the capital of Lender’s holding company as a direct consequence of this Agreement or any of the Revolving Loans to a level below that which Lender or Lender’s
holding company could have achieved but for such applicability, change or compliance (taking into consideration Lender’s policies and the policies of Lender’s holding company with respect to capital adequacy) by a material amount, then
from time to time Borrower shall pay to Lender such additional amount or amounts as will compensate Lender or Lender’s holding company for any such reduction suffered as a result of Lender’s obligations to Borrower hereunder. 

 
 Section 2.11 Indemnity. 
  
 In the event, and on each occasion, of (a) a default by the Borrower in the
payment of principal of or interest on any LIBOR Loan then due and owing, (b) the making of a prepayment of a LIBOR Loan (whether such repayment is made pursuant to Section 2.8 hereof, as a result of termination and/or acceleration following an
Event of Default, or for any other reason) on a day which is not the last day of the then current Interest Period applicable thereto, or (c) any conversion of a LIBOR Loan pursuant to Sections 2.9 hereof on a day which is not the last day of the
then current Interest Period applicable thereto, the Borrower agrees to pay to the Lender on demand, in addition to and not in lieu of additional costs and any other amount due hereunder, the required Yield Maintenance Fee. 
  
 Section 2.12 Obligations Absolute. 
  
 All of the Obligations shall (a) be absolute, unconditional and irrevocable,
(b) be paid strictly in accordance with the terms of this Agreement and such other Loan Document under all circumstances, and (c) not be affected, modified, released, discharged or impaired, in whole or in part under any circumstances, irrespective
of any circumstance or happening whatsoever, including without limitation, 

  

 5 

 
any circumstances that might otherwise constitute a defense available to, or a discharge of, Borrower or of any other party primarily or secondarily liable
on any of the Obligations. 
  
 ARTICLE III 
 CONDITIONS PRECEDENT 
  
 Section 3.1 Conditions Precedent to Effectiveness. 
  
 The effectiveness of this Agreement and the right of Borrower to request that the Lender make the initial Revolving Loan shall be subject to the prior
satisfaction of each of the items described on the Closing Items Checklist attached hereto as Exhibit B: 
  
 Section 3.2 Conditions Precedent to Loans. 
  
 The right of the Borrower to request that the Lender make any Revolving Loan shall be subject to the prior satisfaction of each of the following
additional conditions: 
  
 (a) Prior to each
Drawdown Date, the Lender shall have received the applicable Revolving Loan Notice of Borrowing. 
  
 (b) The representations and warranties contained in Article IV of this Agreement and contained in each of the other Loan Documents shall
be true and correct in all material respects on and as of such Drawdown Date with the same effect as though made on and as of such Drawdown Date, except to the extent such representations and warranties expressly relate to an earlier date.

  
 (c) At the time of and immediately after
giving effect to such Revolving Loan, no Default or Event of Default shall have occurred and be continuing. 
  
 Each request by the Borrower for a Revolving Loan shall be deemed to constitute a representation and warranty by the Borrower that as of the date of such
request and as of the applicable Drawdown Date the matters specified in subsections (b) and (c) of this Section 3.2 have been satisfied. 
  
 ARTICLE IV 
 REPRESENTATIONS AND
WARRANTIES 
  
 To induce the Lender to enter into this
Agreement, the Borrower represents and warrants to the Lender that: 
  
 Section 4.1 Existence and Qualification; Power; Compliance With Laws. 
  
 The Tribe is federally recognized as an Indian Tribe pursuant to a determination of the Assistant Secretary—Indian Affairs, dated March 7, 1994, published in the Federal Register on March 15, 1994, as amended by
a correction date July 1, 1994, published in the Federal Register on July 20, 1994. The Borrower is an unincorporated governmental instrumentality of the Tribe. As of the date hereof, each of the Tribe and the Borrower is a non-taxable entity for
purposes of federal income taxation under the Internal Revenue Code, Title 26 U.S.C., and the revenues of Borrower are exempt from federal income taxation. To the extent required by law, each of the Tribe and the Borrower is qualified to do business
and are in good standing under the laws of each jurisdiction in which it is qualified to do business and are in good standing under the laws of each jurisdiction in which it is required to be qualified by reason of the 

  

 6 

 
location or the conduct of its business. The Borrower has all requisite power and authority to execute and deliver each Loan Document and to perform its
Obligations. Each of the Tribe and the Borrower is in material compliance with the terms of the Compact, the Gaming Authority Ordinance, the Gaming Ordinance and with all laws and other legal requirements applicable to its existence and business
(including without limitation, IGRA and all Gaming Laws), has obtained all authorizations, consents, approvals, orders, licenses and permits from, and has accomplished all filings, registrations and qualifications with, or obtained exemptions from
any of the foregoing from, any Governmental Authority that are necessary for the transaction of its business, except where the failure so to file, register, qualify or obtain exemptions does not constitute a Material Adverse Effect.

  
 Section 4.2 Authority; Compliance With Other Agreements and
Instruments and Government Regulations. 
  
 The execution,
delivery and performance by the Borrower of the Loan Documents have been duly authorized by all necessary Management Board action, and do not: 
  
 (a) require any consent or approval not heretofore obtained of any enrolled tribal member, Tribal Council member, security holder or
creditor; 
  
 (b) violate or conflict with any
provision of the Constitution, charter, bylaws or other governing documents of the Tribe or the Borrower; 
  
 (c) violate any law or Legal Requirement, including any Gaming Law, applicable to the Tribe or the Borrower; 
  
 (d) constitute a “transfer of an interest” or an
“obligation incurred” that is avoidable by a trustee under Section 548 of the Bankruptcy Code of 1978, as amended, or constitute a “fraudulent conveyance,” “fraudulent obligation” or “fraudulent transfer”
within the meanings of the Uniform Fraudulent Conveyances Act or Uniform Fraudulent Transfer Act, as enacted in any applicable jurisdiction; 
  
 (e) result in a material breach of or default under, or would, with the giving of notice or the lapse of time or both, constitute a
material breach of or default under, or cause or permit the acceleration of any obligation owed under, any mortgage, indenture or loan or credit agreement or any other Contractual Obligation to which the Tribe or the Borrower is a party or by which
the Tribe or the Borrower or any of its assets is bound or affected; or 
  
 (f) require any consent or approval of any Governmental Authority, or any notice to, registration or qualification with any Governmental Authority, not heretofore obtained or obtained concurrently with the Closing
Date; 
  
 and neither Tribe nor the Borrower is in violation of, or default under,
any Legal Requirement or Contractual Obligation, the Bank Group Loan Agreement or any other material indenture, loan or credit agreement the violation or default of which can reasonably be expected to materially adversely affect the rights and
obligations of the parties under this Agreement. 
  
 Section 4.3
No Management Contract. 
  
 Neither this Agreement nor the
other Loan Documents, taken individually or as a whole, constitute “management contracts” or “management agreements” within the meaning of Section 12 of IGRA. 
  

 7 

 Section 4.4 Governmental Regulation. 
  
 Borrower is not subject to regulation under any law limiting or regulating its ability to incur indebtedness contemplated
hereby or to otherwise perform the Obligations. 
  
 Section 4.5
Binding Obligations. 
  
 The Loan Documents have been
executed and delivered by the Borrower and constitute the legal, valid and binding obligations of the Borrower enforceable in accordance with their terms. The provisions of Section 8.17 are specifically enforceable against the Borrower. 

 
 Section 4.6 No Default. 
  
 No event has occurred and is continuing that is a Default or an Event of
Default. 
  
 Section 4.7 Arbitration. 
  
 Pursuant to the Constitution, to the extent that any dispute among the
parties to the Loan Documents is initiated in or referred to the Tribal Court, (i) such court lacks discretion to refuse to compel arbitration among the parties to the dispute, and (ii) such court is obligated to honor and enforce any award by the
arbitrator, without review of any nature by such court. 
  
 Section 4.8 Financial Statements and Condition: Full Disclosure. 
  
 (a) All financial information regarding the business of the Borrower previously submitted by the Borrower to the Lender is true, complete
and correct in all material respects as of such respective dates; such financial information fairly presents the financial condition and the results of operations of the Borrower as of the dates thereof and for the periods indicated therein; such
financial statements disclose all material liabilities, direct or contingent of the Borrower as of the dates hereof and the periods indicated therein; such financial statements have been prepared in accordance with GAAP consistently maintained
throughout the periods involved; as of the date of said financial information submitted, there were no material unrealized or unanticipated losses from any unfavorable commitments of the Borrower; and there has been no material adverse change in the
business, assets, operations, prospects or condition, financial or otherwise, of the Borrower from that set forth in said financial statements. 
  
 (b) The Borrower is, and on the Drawdown Date of each Revolving Loan will be, in compliance with its Bank Group Loan Agreement. 
  
 (c) There is no fact known to the Borrower that materially adversely affects
the condition, financial or otherwise, operations, properties, or prospects of the Borrower or the ability of the Borrower to carry out its obligations under any of the Loan Documents. 
  

 8 

 ARTICLE V 
 AFFIRMATIVE COVENANTS 
  
 The Borrower covenants and agrees that so long as this Agreement shall remain in effect and until all of the Obligations shall have been paid and performed in full unless the Lender shall have consented in writing, the Borrower shall:

  
 Section 5.1 Maintenance of Existence. 
  
 Cause the Tribe to do all things necessary to maintain the Tribe’s
existence as a Federally recognized Indian Tribe under 25 C.F.R. Part 83. 
  
 Section 5.2 Maintenance of Records. 
  
 Keep adequate books and records of accounts, reflecting all of its financial transactions in conformity with GAAP. 
  
 Section 5.3 Business and Properties. 
  
 Do or cause to be done all commercially reasonably things necessary to obtain, preserve, renew, extend and keep in full force and effect the rights,
licenses, permits, franchises, authorizations, copyrights, trademarks and trade names material to the conduct of its business; and comply in all material respects with all applicable Legal Requirements, except where the failure to do so could not
reasonably be expected to result in a Material Adverse Effect. 
  
 Section 5.4 Minimum Availability Under Bank Loan Agreement. 
  
 Cause to be maintained at all times not less than $25,000,000 in availability for borrowing under the Bank Loan Agreement. 
  
 Section 5.5 Leverage Ratio Certificate. 
  
 Within 45 days after the end of each Fiscal Quarter, the Borrower shall deliver to the Lender a certificate signed by the Borrower’s chief financial
officer or chief executive officer demonstrating the calculation of the Leverage Ratio as of the end of the most recently concluded Fiscal Quarter. 
  
 Section 5.6 Further Assurances. 
  
 Execute any and all further documents, agreements and instruments, and take all further action that may be required under applicable law, or that the
Lender may reasonably request, in order to effectuate the transactions contemplated by the Loan Documents. 
  
 ARTICLE VI 
 NEGATIVE COVENANTS 
  
 The Borrower covenants and agrees that so long as this Agreement shall remain
in effect and until all of the Obligations shall have been paid and performed in full, unless the Lender shall have consented in writing, the Borrower shall not: 
  

 9 

 Section 6.1 Accounting Methods. 
  
 Permit a material change in its method of accounting unless required under GAAP or by any Governmental Authority.

  
 Section 6.2 Change in Management. 
  
 Permit any material change in the management of the Borrower without the
prior written consent of the Lender. For purposes of this Section 6.2, a “material change in the management of the Borrower” shall mean (i) the Resort is no longer self-managed by the Borrower, or (ii) the Gaming Authority Ordinance shall
have been amended such that the Management Board ceases to have the full authority and responsibility of the Tribal Council and the Tribe for the management of the Resort. 
  
 ARTICLE VII 
 EVENTS OF DEFAULT 
  
 Section 7.1 Events of
Default. 
  
 (a) Any one or more of the
following events (whether voluntary or involuntary or effected by operation of law or otherwise) shall be an “Event of Default”: 
  
 (i) the Borrower shall fail to pay the principal of, premium, if any, or interest on any Revolving Loan, or any other Obligation as and
when the same shall become due and payable, whether at the due date thereof or at a date fixed for repayment or prepayment thereof or by acceleration thereof or otherwise; 
  
 (ii) any representation or warranty made in any Loan Document or in any certificate, document, opinion,
report, financial statement or other instrument delivered pursuant to any Loan Document, proves to have been false or misleading in any material respect when so made; 
  
 (iii) default in any material respect for ten (10) days after written notice thereof in the due observance
or performance by the Borrower of any covenant or agreement contained herein; 
  
 (iv) there shall occur an Event of Default under any of the Senior Credit Documents; 
  
 (v) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking
(A) relief in respect of the Borrower, or of a substantial part of the property or assets of the Borrower under any Federal, state or foreign bankruptcy, insolvency, receivership, reorganization, arrangement, readjustment of debt, dissolution,
liquidation or similar law or statute, whether now or hereafter in effect, or (B) the appointment of a custodian, receiver, trustee, sequestrator, conservator or similar official for the Borrower or a substantial part of the Borrower’s assets,
(C) the winding up or liquidation of the Borrower; and such proceeding or petition shall continue undismissed for a period of one hundred twenty (120) days or an order or decree approving or ordering any of the foregoing shall be entered;

  
 (vi) the Borrower (A) shall become unable to,
or shall admit in writing its inability to pay its debts as such debts become due; or (B) shall make an assignment for the benefit of creditors; or (C) apply for or consent to the appointment of a custodian, receiver, trustee, sequestrator,
conservator or similar official for it or a substantial part of its assets; or (D) shall voluntarily commence 

  

 10 

 
any proceeding or file any petition seeking relief under any Federal, state or foreign bankruptcy, insolvency, receivership, reorganization, arrangement,
readjustment of debt, dissolution, liquidation or similar law or statute, whether now or hereafter in effect; or (E) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition
described in (vi) above, (F) file an answer admitting the material allegations of a petition filed against it in any such proceeding, or (G) take any action for the purpose of effecting any of the foregoing; 
  
 (b) Upon the occurrence and during the continuance of any
Event of Default, the Lender may declare all the outstanding Obligations to be forthwith due and payable, whereupon all Obligations shall become and be 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 Loan Document to the contrary notwithstanding; provided, however, that upon the occurrence of any Event of Default described in Section 7.1(a)(v)
and Section 7.1(a)(vi), the outstanding Obligations, all interest thereon, and all such other amounts payable under this Agreement shall become automatically 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 Loan Document to the contrary notwithstanding. 
  
 (c) The occurrence of an Event of Default under this Agreement shall constitute an event of default under or within the meaning of any
other Loan Documents, and vice versa, and shall also entitle the Lender to initiate and pursue, in the Lender’s sole discretion exercised on one or more occasions, any rights and remedies available to the Lender hereunder and/or under any of
the other Loan Documents, without notice to the Borrower. 
  
 ARTICLE VIII 
 GENERAL PROVISIONS 
  
 Section 8.1 Amendments, Etc. 
  
 No amendment, modification, termination, or waiver of any provision of any Loan Document, or consent to any departure by the Borrower or the Lender from
any terms of any Loan Document, shall in any event be effective unless the same shall be in writing and signed by the Lender and the Borrower, and then such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given. No notice or demand on the Borrower in any case shall entitle Borrower to any other or further notice or demand in similar or other circumstances. 
  
 Section 8.2 Notices, Etc. 
  
 All notices, demands, requests, and other communications given under this Agreement shall only be effective if they are (a) in writing, (b) sent by hand
delivery, by facsimile transmission, by reputable express delivery service, or by certified or registered mail, postage prepaid, and (c) (i) when delivered to the addressee by hand, (ii) when received by the addressee as evidenced by a return
receipt signed by the addressee or its agent, and (iii) in the case of facsimile transmissions, when transmitted, answer back received: 
  

	 	(i)	 	If to the Lender, to it at: 

  
 Fleet National Bank 
 157 Church Street, 26th Floor 
 New Haven, CT 06510 
  

 11 

 Attn: William E. Lofgren, Senior Vice President 
 Telephone No: (203) 752-4838 
 Telecopier No.: (203) 752-4858 
  

	 	(ii)	 	If to the Borrower, to it at: 

  
 Mohegan Tribal Gaming Authority 
 Mohegan Sun 
 1 Mohegan Sun Blvd. 
 Uncasville, CT 06382 
 Attn: Jeffrey E. Hartmann, 
 Executive Vice President of Finance 
 Telephone No.: (860) 862-7171 
 Telecopier No.: (860) 862-7167 
  
 With a copy to: 
  
 The Mohegan Tribe of
Indians of Connecticut 
 5 Crow Hill Road 
 Uncasville, CT 06382 
 Attn: Leo M. Chupaska, Chief Financial Officer 
 Telephone No.: (860) 862-6106 
 Telecopier No.: (860) 862-6115 
  
 or to such other address (and/or facsimile transmission number) as the Borrower or the Lender, as the case may be, shall have specified in the latest unrevoked notice
sent to the other in accordance with this Section 8.2. 
  
 Section
8.3 No Waiver: Remedies. 
  
 No failure on the part of
either party to exercise, and no delay in exercising, any right, power, or remedy under any of the Loan Documents shall operate as a waiver of such right, power, or remedy, nor shall any single or partial exercise of any right, power, or remedy
under any of the Loan Documents, or any abandonment or discontinuance of steps to enforce such a right, power or remedy, preclude any other or further exercise thereof or the exercise of any other right, power, or remedy. The rights, powers and
remedies provided in the Loan Documents are cumulative and not exclusive of any rights, powers or remedies that the Lender would otherwise have, whether under the Loan Documents, at law, in equity, or otherwise. 
  
 Section 8.4 Successors and Assigns. 
  
 This Agreement shall be binding upon and inure to the benefit of the Borrower
and the Lender and their respective successors and assigns; provided, however, that the Borrower shall not (by agreement, operation of law, or otherwise) assign any of its rights, or delegate any of its obligations, under any of the Loan
Documents without the prior written consent of the Lender, and any such assignment or delegation made without such consent shall be null and void. 
  
 Section 8.5 Pledge of the Lender’s Interests. 
  
 The Borrower hereby agrees the Lender may at any time pledge or assign all or any portion of its rights under this Agreement, the Note or any other Loan
Document to any of the twelve (12) Federal 

  

 12 

 
Reserve Banks organized under Section 4 of the Federal Reserve Act, 12 U.S.C. Section 341, provided that no such pledge or assignment or enforcement
thereof shall release the Lender from its obligations hereunder or thereunder. 
  
 Section 8.6 Costs, Expenses, and Taxes. 
  
 The Borrower agrees to pay on demand all reasonable costs and expenses incurred by Lender in connection with (a) the preparation, execution, delivery, filing and recording of any of the Loan Documents, or (b) in
connection with any amendments, modifications or waivers of any of the provisions hereof or thereof (whether or not the transactions hereby or thereby contemplated shall be consummated), including, without limitation, the reasonable fees and
out-of-pocket expenses of counsel for the Lender with respect thereto and with respect to advising the Lender as to its rights and responsibilities under any of the Loan Documents including without limitation, ongoing advice relating to the
administration, protection, collection and/or other enforcement of this Agreement or any of the other Loan Documents following the effectiveness of this Agreement and (c) all costs and expenses, if any, in connection with the administration,
protection, collection and/or other enforcement of this Agreement or any of the Loan Documents. 
  
 Section 8.7 [Intentionally Deleted] 
  
 Section 8.8 Governing Law; Jurisdiction; Waivers. 
  
 (a) This Agreement and the other Loan Documents shall be construed in accordance with and governed by the laws of the State of Connecticut
(without regard to its conflict of laws rules). It is the express intention of the Lender and the Borrower that the laws of the State of Connecticut (but not its conflict of laws rules) apply to the entirety of the transactions evidenced by the Loan
Documents. 
  
 (b) THE BORROWER AGREES THAT ANY
SUIT FOR THE ENFORCEMENT OF THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS MAY BE BROUGHT IN THE COURTS OF THE STATE OF CONNECTICUT OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURTS AND SERVICE OF
PROCESS IN ANY SUCH SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS SET FORTH HEREIN. BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN
INCONVENIENT FORUM. 
  
 (c) TO INDUCE LENDER TO
ENTER INTO THE LOAN TRANSACTION EVIDENCED BY THIS AGREEMENT, THE NOTE, AND ANY OTHER LOAN DOCUMENTS, THE BORROWER AGREES THAT THIS IS A COMMERCIAL TRANSACTION AND NOT A CONSUMER TRANSACTION, AND WAIVES ANY RIGHT TO NOTICE AND A HEARING UNDER CHAPTER
903a OF THE CONNECTICUT GENERAL STATUTES, AS AMENDED, OR UNDER ANY OTHER FEDERAL OR STATE STATUTE OR STATUTES AFFECTING PREJUDGMENT REMEDIES. 
  
 Section 8.9 Payment Set-Aside. 
  
 If the Borrower makes any payment or payments to the Lender, and such payment or any part thereof are subsequently required for any reason to be set
aside, disgorged by or are required to be refunded to Borrower, a trustee, receiver or any other person under any law in each case in connection with any bankruptcy or similar proceeding involving such Borrower, then to the extent of any such
restoration, the Obligations or part thereof originally intended to be satisfied shall, automatically and 

  

 13 

 
without further action required, be revived and continued in full force and effect as if such payment had not been made or such enforcement had not occurred.

  
 Section 8.10 Entire Agreement, Severability of
Provisions. 
  
 (a) This Agreement and the
other Loan Documents collectively constitute the entire agreement and understanding between the parties hereto relating to the transactions contemplated by this Agreement and supersede any and all contemporaneous and prior agreements,
representations, arrangements and understandings (written or oral, express or implied) relating to the subject matter hereof, and no party is relying on any promise, agreement or understanding not set forth in this Agreement and the other Loan
Documents. 
  
 (b) If any one or more terms or
provisions contained in this Agreement or in any of the other Loan Documents or the application thereof to any circumstance shall, in any jurisdiction and to any extent, be held invalid, illegal or unenforceable, such terms or provisions shall be
ineffective as to such jurisdiction only to the extent of such invalidity, illegality or unenforceability without invalidating or rendering unenforceable the remaining terms and provisions hereof. 
  
 Section 8.11 Waiver of Jury Trial and Consequential Damages.

  
 THE BORROWER AND THE LENDER (BY ACCEPTANCE OF THE NOTE)
HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENTS OR ANY COURSE OF CONDUCT, COURSE OF
DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF THE LENDER RELATING TO THE ADMINISTRATION OF ANY OF THE REVOLVING LOANS OR
ENFORCEMENT OF THE LOAN DOCUMENTS, AND AGREE THAT NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EXCEPT AS PROHIBITED BY LAW, THE BORROWER HEREBY WAIVES ANY RIGHT
IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. THE BORROWER CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE LENDER
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE LENDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THE BORROWER ACKNOWLEDGES AND STIPULATES THAT THE WAIVERS GRANTED ABOVE ARE MADE KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY AND AFTER FULL CONSULTATION WITH COUNSEL AND CONSTITUTE A MATERIAL INDUCEMENT FOR THE LENDER TO ACCEPT THE NOTE, MAKE THE REVOLVING LOANS. 
  
 Section 8.12 Replacement of a Note, Etc. 
  
 Upon receipt by the Borrower of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction, or mutilation of the Note or
any other Loan Document which is not of public record, and (a) in the case of loss, theft, or destruction, an indemnity reasonably satisfactory and furnished without cost to the Borrower (provided, if the holder of such Note or other Loan Document
is the Lender or a bank, insurance company, or other institutional lender, its own unsecured agreement of indemnity shall be satisfactory), or (b) in the case of mutilation, upon surrender and cancellation thereof, the 

  

 14 

 
Borrower will execute and deliver in lieu thereof a replacement note or other Loan Document in the same principal amount thereof and otherwise of like tenor.

  
 Section 8.13 Survival of Agreement. 
  
 All covenants, agreements, representations and warranties made by the
Borrower in this Agreement or any other Loan Document shall survive the making by the Lender of the Revolving Loans and delivery of this Agreement and the other Loan Documents. The provisions of Sections 2.11, 8.6 and 8.9 shall remain operative and
in full force and effect regardless of the expiration of the term of this Agreement and the repayment of the Obligations. 
  
 Section 8.14 Further Assurances. 
  
 The Borrower from time to time shall execute and deliver to the Lender such additional documents and will provide such additional information as the
Lender may reasonably require to carry out the terms of this Agreement and shall provide to the Lender such information regarding the status and affairs of the Borrower as the Lender may reasonably request. 
  
 Section 8.15 Counterparts. 
  
 This Agreement may be executed and delivered in any number of 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 but one and the same agreement. 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 8.16 Arbitration Reference. 
  
 (a) Mandatory Arbitration. At the option of the Lender, any controversy or claim between or among the parties arising out of or
relating to this Agreement or any agreements or instruments relating hereto or delivered in connection herewith and any claim based on or arising from an alleged tort, shall be determined by arbitration. The arbitration shall be conducted in
accordance with the United States Arbitration Act (Title 9, U.S. Code), notwithstanding any choice of law provision in this Agreement, and under the Commercial Rules of the American Arbitration Association (“AAA”). The arbitrators shall
give effect to statutes of limitation in determining any claim. Any controversy concerning whether an issue is arbitrable shall be determined by the arbitrators. Judgment upon the arbitration award may be entered in any court having jurisdiction.
The institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right of any party, including the plaintiff, to submit the controversy or claim to arbitration if
any other party contests such action for judicial relief. 
  
 (b) Provisional Remedies. No provision of this section shall limit the right of any party to this Agreement to obtain provisional or ancillary remedies from a court of competent jurisdiction before, after or
during the pendency of any arbitration or other proceeding. The exercise of a remedy does not waive the right of either party to resort to arbitration or reference. 
  
 (c) Specific Enforcement Representation. Each party to this Agreement severally represents and
warrants to the other parties that this Section 8.16 is specifically enforceable against such party by the other parties. 
  

 15 

 Section 8.17 WAIVER OF SOVEREIGN IMMUNITY; CONSENT TO JURISDICTION. 
  
 (A) THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES THE
SOVEREIGN IMMUNITY OF THE BORROWER (AND ANY DEFENSE BASED THEREON) FROM ANY SUIT, ACTION OR PROCEEDING OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OF NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION, EXECUTION, EXERCISE OF
CONTEMPT POWERS, OR OTHERWISE) IN ANY FORUM, WITH RESPECT TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY, PROVIDED THAT (1) THE WAIVER CONTAINED IN THIS CLAUSE (A) IS EXPRESSLY LIMITED TO ACTIONS
AGAINST THE BORROWER AND (2) ANY RECOVERY UPON ANY JUDGMENT RESULTING THEREFROM SHALL BE LIMITED TO RECOVERY AGAINST THE ASSETS AND REVENUES OF THE BORROWER. 
  
 (B) THE BORROWER HEREBY CONSENTS TO THE JURISDICTION OF THE COURTS OF THE STATE OF CONNECTICUT, THE COURTS OF THE UNITED STATES, AND THE
COURTS OF ANY OTHER STATE WHICH MAY HAVE JURISDICTION OVER THE SUBJECT MATTER, OVER ANY SUCH ACTION AND OVER BORROWER. 
  
 (C) THE WAIVERS AND CONSENTS DESCRIBED IN THIS SECTION SHALL INURE TO THE BENEFIT OF THE LENDER AND EACH OTHER PERSON WHO IS ENTITLED TO
THE BENEFITS OF THE LOAN DOCUMENTS. THE LENDER AND SUCH OTHER PERSONS SHALL HAVE AND BE ENTITLED TO ALL AVAILABLE LEGAL AND EQUITABLE REMEDIES, INCLUDING THE RIGHT TO SPECIFIC PERFORMANCE, MONEY DAMAGES AND INJUNCTIVE OR DECLARATORY RELIEF. THE
WAIVERS OF SOVEREIGN IMMUNITY AND CONSENTS TO JURISDICTION CONTAINED IN THIS SECTION ARE IRREVOCABLE. 
  
 Section 8.18 Prejudgment Remedy Waiver. 
  
 The Borrower represents, warrants and acknowledges that the transaction of which this Agreement is a part is a commercial transaction and not a consumer
transaction. Monies now or in the future to be advanced to or on behalf of Borrower are not and will not be used for personal, family or household purposes. 
  
 BORROWER ACKNOWLEDGES THAT IT HAS THE RIGHT UNDER SECTION 52-278A, ET SEQ., OF THE CONNECTICUT GENERAL STATUTES, SUBJECT TO CERTAIN
LIMITATIONS, TO NOTICE OF AND HEARING ON THE RIGHT OF THE LENDER TO OBTAIN A PREJUDGMENT REMEDY, SUCH AS ATTACHMENT, GARNISHMENT OR REPLEVEN, UPON COMMENCING ANY LITIGATION AGAINST THE BORROWER. NOTWITHSTANDING SUCH RIGHT, THE BORROWER HEREBY WAIVES
ALL RIGHTS TO NOTICE, JUDICIAL HEARING OR PRIOR COURT ORDER TO WHICH IT MIGHT OTHERWISE HAVE THE RIGHT UNDER SAID STATUTE OR UNDER ANY OTHER STATE OR FEDERAL STATUTE OR CONSTITUTION IN CONNECTION WITH THE OBTAINING BY LENDER OF ANY PREJUDGMENT
REMEDY IN CONNECTION WITH THIS AGREEMENT. THE BORROWER FURTHER CONSENTS TO THE ISSUANCE OF ANY PREJUDGMENT REMEDIES WITHOUT A BOND AND AGREES NOT TO REQUEST OR FILE MOTIONS SEEKING TO REQUIRE THE POSTING OF A BOND UNDER SECTION 52-278D IN CONNECTION
WITH THE LENDER’S EXERCISE OF ANY PREJUDGMENT REMEDY. 
  
 [THE
NEXT PAGE IS THE SIGNATURE PAGE] 
  

 16 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
  
 WITNESSES: 
  

	 /s/    REGINA A. AHERN         

	 	 	 	 MOHEGAN TRIBAL GAMING AUTHORITY

				
	 /s/    DEBORAH M. BRUNDIGE
        

	 	 	 	By:	 	 /s/    JEFFREY E.
HARTMANN        

 Name: Jeffrey E. Hartmann
 Title: Executive Vice President, Finance and Chief
            Financial Officer

  
  

	 /s/    JOHN F. LANNON         

	 	 	 	 FLEET NATIONAL BANK

				
	 /s/    MARIE MCGUIRK
        

	 	 	 	By:	 	 /s/    WILLIAM E. LOFGREN        

 Name: William E. Lofgren
 Title: Senior
Vice President

  

 17 

 EXHIBIT A 
 Definitions 
  
 “Agreement” means this Loan Agreement, as amended, supplemented, or otherwise modified and in effect from time to time. 
  
 “Applicable Margin” means as of any date of determination, (a) 150 basis points if at the date of the most recently concluded Fiscal Quarter the
Leverage Ratio is less than 3.0 to 1.0; 160 basis points if at the date of the most recently concluded Fiscal Quarter the Leverage Ratio is equal to or greater than 3.0 to 1.0 but less than 4.0 to 1.0, (c) 185 basis points if at the date of the most
recently concluded Fiscal Quarter the Leverage Ratio is equal to or greater than 4.0 to 1.0 but less than 4.5 to 1.0, and (d) 210 basis points if as at the date of the most recently concluded Fiscal Quarter the Leverage Ratio is equal to or greater
than 4.5 to 1.0. The Applicable Margin shall change as of the first day of the calendar month following the receipt of a Leverage Ratio Certificate indicating a change in the Leverage Ratio. Notwithstanding the provisions of this definition, in the
event that Borrower fails to deliver any Leverage Ratio Certificate on a timely basis, the Applicable Margin shall increase to the highest level set forth above until such time as Borrower delivers a Compliance Certificate. 
  
 “Bank Group Loan Agreement” means that certain Loan Agreement dated
as of March 25, 2003 among the Borrower, the Tribe and Bank of America, N.A. as Administrative Agent, as has, and may be, amended from time to time. 
  
 “Borrower” means the Mohegan Tribal Gaming Authority. 
  

“Business Day” means a day other than a Saturday, Sunday, or other day on which banks in the State of Connecticut are required or authorized
by law to be closed. 
  
 “Commission” means the National
Indian Gaming Commission. 
  
 “Compact” means the
tribal-state Compact entered into between the Tribe and the State of Connecticut pursuant to IGRA, dated April 25, 1994, as amended. 
  
 “Constitution” means the Constitution of the Tribe adopted by the Tribe and ratified by the Tribe’s members by Tribal Referendum dated
April 12, 1996, as amended August 10, 2002, as it may be further amended from to time. 
  
 “Contractual Obligation” means as to any Person, any provision of any material agreement, instrument or undertaking to which that Person is a party or by which it or any of its property is bound. 

 
 “Default” means an event or condition the occurrence or
existence of which, with the lapse of time or the giving of a required notice, or both, would constitute an Event of Default. 
  
 “Default Rate” means that term as defined in Section 2.6(b) hereof. 
  
 “Dollar” and the sign “$” means lawful money of the United States of America. 
  
 “Drawdown Date” means the date on which any Revolving Loan is made.

  
 “Event of Default” means any of the events specified
in Section 7.1 of this Agreement. 
  

 A-1 

 “Facility Limit” means an outstanding aggregate principal amount not to exceed at any time
TWENTY FIVE MILLION AND NO/100 DOLLARS ($25,000,000). 
  
 “Fiscal Quarter” means the fiscal quarter of the Borrower consisting of a three month fiscal period ending on each March 31, June 30, September 30 and December 31. 
  
 “GAAP” means generally accepted accounting principles which are (a) consistent with the principles promulgated or
adopted by the Financial Accounting Standards Board and its predecessors, consistently applied from year to year, (b) generally accepted in the United States of America, and (c) such that certified public accountants would, insofar as the use of
accounting principles is pertinent, be in a position to deliver an unqualified opinion as to financial statements in which such principles have been properly applied. 
  
 “Gaming Authority Ordinance” means Ordinance No. 95-2 of the Tribe, as enacted on July 15, 1995. 
  
 “Gaming Board” means, collectively, (a) Mohegan Tribal Gaming
Commission, (b) the Connecticut Division of Special Revenue, (c) the Commission, and (d) any other Governmental Authority that holds licensing or permit authority over gambling, gaming or casino activities conducted by the Borrower or the Tribe
within its jurisdiction. 
  
 “Gaming Laws” means IGRA,
the Gaming Ordinance, the Gaming Authority Ordinance and all other laws pursuant to which any Gaming Board possesses licensing or permit authority over gambling, gaming, or casino activities conducted by the Borrower at the Resort. 
  
 “Gaming Ordinance” means Ordinance 94-1 of the Tribe, as enacted
on, July 28, 1994. 
  
 “Governmental Authority” means
any government, any state or other political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory, or administrative functions of or pertaining to government. 
  
 “Head Office” means the office of the Lender at 157 Church Street,
New Haven, Connecticut 06510 or such other place as the Lender may from time to time specify in writing. 
  
 “IGRA” means the federal Indian Gaming Regulatory Act of 1988, as amended, codified at 25 U.S.C. §2701, et seq. 

 
 “Interest Period” means with respect to each LIBOR Loan which is
a Revolving Loan an available period of seven (7) days or thirty (30) days, commencing on the date upon which such Revolving Loan is made or is continued as a LIBOR Loan or is converted from a Prime Rate Loan to a LIBOR Loan, as the case may be, and
shall end on the last day of such Interest Period; subject, however, to the following: 
  
 (a) if any Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall be extended to the next
succeeding Business Day, provided, however, that, if such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period shall occur on the next preceding
Business Day; 
  
 (b) any Interest Period that
begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar 

  

 A-2 

 
month at the end of such Interest Period) shall end on the last Business Day of a calendar month; and 
  
 (c) no Interest Period may end after the Maturity Date.

  
 “Internal Revenue Code” means the Internal Revenue
Code of 1986, as amended from time to time. 
  
 “Legal
Requirements” means all statutes, ordinances, by-laws, codes, rules, rulings, regulations, restrictions, orders, judgments, decrees, writs, judicial or administrative interpretations and injunctions, whether now or hereafter enacted,
promulgated or issued by any Governmental Authority affecting Borrower or any of its properties or the ownership, possession or operation thereof. Without limiting the foregoing, the term Legal Requirements shall also include all permits and
contracts issued by or entered into with any Governmental Authority. 
  
 “Lender” means Fleet National Bank, or any successors or assigns thereof. 
  
 “Leverage Ratio” shall have the same meaning given to the term “Total Leverage Ratio” in the Bank Group Loan Agreement. 
  
 “LIBOR Base Rate” means, as applicable to each LIBOR Loan, the rate per annum as determined on the basis of the
offered rates for deposits in Dollars, for a period of time comparable to the Interest Period applicable to such LIBOR Loan, which appears on the Telerate page 3750 as of 11:00 a.m. London time on the day that is two (2) London Business Days prior
to the first day of such Interest Period; provided, however, if the rate described above does not appear on the Telerate System on any such date, the LIBOR Base Rate shall be the rate (rounded upwards, if necessary, to the nearest one
hundred-thousandth of a percentage point) determined on the basis of the offered rates for deposits in Dollars for a period of time comparable to the Interest Period applicable to such LIBOR Loan which are offered by four (4) major banks in the
London interbank market, selected by Lender, at approximately 11:00 a.m. London time on the day that is two (2) London Business Days prior to the first day of such Interest Period. The principal London office of each of the four major London banks
will be requested to provide a quotation of its Dollar deposit offered rate. If at least two (2) such quotations are provided, the rate for that date will be the arithmetic mean of the quotations. If fewer that two (2) quotations are provided as
requested, the rate for that date will be determined on the basis of the rates quoted for loans in Dollars to leading European banks for a period of time comparable to the Interest Period applicable to such LIBOR Loan offered by major banks in New
York City at approximately 11:00 a.m. New York City time, on the day that is two (2) London Business Days prior to the first day of the Interest Period. In the event that the Lender is unable to obtain any such quotation as provided above, it will
be deemed that a LIBOR Loan is unavailable and, accordingly, such LIBOR Loan shall immediately and without notice be converted to a Prime Rate Loan. 
  
 “LIBOR Loan” means each Revolving Loan at such time as the same bears interest at a rate determined with reference to the LIBOR Rate.

  
 “LIBOR Rate” means, for each LIBOR Loan for each
Interest Period, an interest rate per annum determined pursuant to the following formula, as adjusted from time to time in accordance with the applicable provisions of this Agreement: 
  

	 	 	 	 	 	 	 	 	 	 	 LIBOR Rate
	 	=	 	LIBOR Base Rate
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1-Reserve Percentage

  

 A-3 

 “Loan Documents” means all now existing or hereafter arising instruments, loan agreements and
any other agreements and documents governing, evidencing, or otherwise relating to any or all of the Obligations, together with all amendments, modifications, renewals or extensions thereof, including without limitation, this Agreement, the Note,
and all other promissory notes, letters of credit and written matters, whenever executed and delivered to the Lender by or on behalf of the Borrower, with respect to the transactions contemplated by this Agreement. 
  
 “London Business Day” means a Business Day on which dealings in
Dollar deposits are carried on in the London interbank market and banks are open for business in London. 
  
 “Management Board” means the Management Board of the Borrower established pursuant to the Gaming Authority Ordinance. 
  
 “Material Adverse Effect” means (a) a material adverse effect on
the business, condition (financial or otherwise), operations or properties of the Borrower, (b) material impairment of the validity or enforceability of this Agreement or any of the other Loan Documents, (c) material impairment of the ability of the
Lender to enforce any of the rights and remedies of the Lender hereunder or under any other Loan Document as the result of actions or omissions of the Borrower, or (d) material impairment of the ability of the Borrower to perform its obligations
under any Loan Document. 
  
 “Maturity Date” means June
26, 2004. 
  
 “Note” means the Revolving Loan Note.

  
 “Obligations” means any and all loans, advances,
interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), liabilities, obligations, guaranties, indemnities,
covenants and duties at any time owing by the Borrower to the Lender under this Agreement and the other Loan Documents, and all reasonable costs, expenses, fees, charges and attorneys’ (both outside and in-house), paralegals’ and
professional fees incurred in connection with any of the foregoing, or in any way connected with, involving or relating to the preservation, enforcement, protection or defense of, or realization under this Agreement, the Note, any of the other Loan
Documents, including without limitation, all reasonable costs, expenses and fees incurred in connection with any “workout” or default resolution negotiations involving legal counsel or other professionals and further in connection with any
re-negotiation or restructuring of the any of the debt evidenced by this Agreement, the Note and/or any of the other Loan Documents. 
  
 “Person” means any natural person, sole proprietorship, partnership, corporation, limited liability company, business trust, joint stock
company, trust, unincorporated association, organization, joint venture, institution, Governmental Authority, or other entity of any nature whatsoever. 
  
 “Prime Rate” means, at any time of reference, the variable per annum rate of interest so designated from time to time by the Lender as its prime
rate. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer. 
  
 “Prime Rate Loan” means each Revolving Loan at such time as the same bears interest with reference to the Prime Rate. 
  
 “Reserve Percentage” means, for any Interest Period for all LIBOR
Loans, the maximum aggregate reserve requirement (including all basic, supplemental, marginal reserves) which is imposed on member banks of the Federal Reserve System against “Euro-currency Liabilities” as defined in 

  

 A-4 

 
Regulation D (or in the case of the fallback rate, for the type of deposits or liabilities on which the fallback rate is based). 
  
 “Resort” means the Mohegan Sun Resort and Casino located in
Uncasville, Connecticut. 
  
 “Revolving Loan” means that
term as defined in Section 2.1 of this Agreement. 
  
 “Revolving Loan Note” means the revolving loan promissory note of the Borrower dated the date of this Agreement and payable to the order of the Lender, in substantially the form of Exhibit C attached hereto, evidencing the
Obligations arising under the Revolving Loans, and any and all substitutions and replacements thereof, all as the same may be amended and/or modified from time to time. 
  
 “Revolving Loan Notice of Borrowing” means that term as defined in Section 2.3(a) of this Agreement. 

 
 “Senior Credit Documents” means the Bank Group Loan Agreement
and the Senior Indenture and the Senior Subordinated Indentures as may be amended from time to time. 
  
 “Senior Indenture” means the Indenture dated as of March 3, 1999 among the Borrower, the Tribe and Wachovia Bank, National Association (formerly
First Union National Bank), as Trustee, in respect of Borrower’s $200,000,000 principal amount of 8 1/8% Senior Notes due 2006. 
  
 “Senior Subordinated Indentures” means, collectively, (a) the Indenture dated as of March 3, 1999 between Borrower and State Street Bank and
Trust Company, as Trustee, in respect of the Borrower’s $300,000,000 principal amount of 8 3/4% Senior Subordinated Notes due 2009, (b) the Indenture dated as of July 26, 2001 between Borrower and State Street Bank and Trust Company, as
Trustee, in respect of the Borrower’s $150,000,000 principal amount of 8 3/8% Senior Subordinated Notes due 2011, and (c) the Indenture dated as of February 20, 2002 between Borrower and State Street Bank and Trust Company, as Trustee, in
respect of the Borrower’s $250,000,000 principal amount of 8% Senior Subordinated Notes due 2012. 
  
 “Tribe” means The Mohegan Tribe of Indians of Connecticut, a federally recognized Indian Tribe. 
  
 “Tribal Council” means the Tribal Council of the Tribe elected in
accordance with the Constitution. 
  
 “Tribal Court”
means the Gaming Disputes Court of the Tribe as established pursuant to the Constitution and Ordinance No. 95-4 of the Tribe or any other tribal court of the Tribe having jurisdiction over the Borrower. 
  
 “Unused Facility Amount” means, at any time, an amount equal to (a)
the Facility Limit minus (b) the aggregate principal amount of all Revolving Loans outstanding at such time (without giving effect to the requested Revolving Loan, if any). 
  
 “Yield Maintenance Fee” means, with respect to each prepayment of principal under any LIBOR Loan (whether such
repayment is made pursuant to Section 2.8 hereof, as a result of acceleration following an Event of Default, or for any other reason), an amount computed as follows: the current rate for United States Treasury securities (bills on a discounted basis
shall be converted to a bond equivalent) with a maturity date closest to the maturity date of the Interest Period in effect for such LIBOR Loan at the time of such prepayment shall be subtracted from the LIBOR Rate component of the interest rate in

  

 A-5 

 
effect under such LIBOR Loan at the time of such repayment. If the result is zero or a negative number, the Yield Maintenance Fee shall be zero. If the
result is a positive number, then the resulting percentage shall be multiplied by the amount of the principal balance being prepaid. The resulting amount shall be divided by 360 and multiplied by the number of days remaining in such Interest Period.
Said amount shall be reduced to present value calculated by using the above referenced United States Treasury securities rate and the number of days remaining in such Interest Period. 
  
  

 A-6 

 EXHIBIT B 
  

Closing Index 
  

 EXHIBIT C 
  

Revolving Loan Note

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