Document:

Exhibit 4.7

 

FORM OF BRIDGE NOTE

 

THIS NOTE AND THE
OBLIGATIONS REPRESENTED HEREBY MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH
THE TERMS AND PROVISIONS OF THE CREDIT AGREEMENT REFERRED TO BELOW.  TRANSFERS OF THIS NOTE AND THE OBLIGATIONS
REPRESENTED HEREBY MUST BE RECORDED IN THE REGISTER MAINTAINED BY THE
ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF SUCH CREDIT AGREEMENT.

 

	
  $                     

  	
  New
  York, New York

  
	
   

  	
              
     , 200  

  

 

FOR VALUE RECEIVED, the undersigned, EPE Holding
Corporation, a Delaware corporation (the “Borrower”), hereby
unconditionally promises to pay to [              ]
(the “Lender”) or its registered assigns at the Funding Office specified
in the Credit Agreement (as hereinafter defined) in lawful money of the United States
and in immediately available funds, the principal amount of (a) [                        ]
DOLLARS ($[          ]), or,
if less, (b) the unpaid principal amount of the Bridge Loan of the Lender
outstanding under the Credit Agreement. 
The principal amount shall be paid in the amounts and on the dates
specified in Section 2.3 of the Credit Agreement.  The Borrower further agrees to pay interest
in like money at such Funding Office on the unpaid principal amount hereof from
time to time outstanding at the rates and on the dates specified in Section 3.5
of the Credit Agreement.

 

The holder of this Note is authorized to endorse on
the schedules annexed hereto and made a part hereof or on a continuation
thereof which shall be attached hereto and made a part hereof the date, Type
and amount of the Bridge Loan and the date and amount of each payment or
prepayment of principal with respect thereto, each conversion of all or a
portion thereof to another Type, each continuation of all or a portion thereof
as the same Type and, in the case of Eurodollar Loans, the length of each
Interest Period with respect thereto. 
Each such endorsement shall constitute prima  facie
evidence of the accuracy of the information endorsed.  The failure to make any such endorsement or
any error in any such endorsement shall not affect the obligations of the
Borrower in respect of the Bridge Loan.

 

This Note (a) is one of the Notes evidencing the
Bridge Loan under the Credit Agreement, dated as of February 7, 2005  (the “Credit Agreement”)  among Sports Entertainment Enterprises, Inc.,
a Colorado corporation (“Holdings”), EPE Holding Corporation, a Delaware
corporation and a direct wholly owned subsidiary of Holdings (the “Borrower”),
the several banks and other financial institutions or entities from time to
time parties to the Credit Agreement as lenders (the “Lenders”), Bear,
Stearns & Co. Inc., as sole lead arranger (in such capacity, the “Lead
Arranger”), and Bear Stearns Corporate Lending Inc., as administrative
agent (in such capacity, the “Administrative Agent”), (b) is subject to
the provisions of the Credit Agreement and (c) is subject to optional and
mandatory prepayment in whole or in part as provided in the Credit
Agreement.  This Note is secured and
guaranteed as provided in the Loan Documents. 
Reference is hereby made to the Loan Documents for a description of the
properties and assets in which a security interest has been granted, the nature
and extent of the security and the guarantees, the terms and conditions upon
which the security interests and each guarantee were granted and the rights of
the holder of this Note in respect thereof.

 

Upon the occurrence of any one or more of the Events
of Default, all principal and all accrued interest then remaining unpaid on
this Note shall become, or may be declared to be, immediately due and payable,
all as provided in the Credit Agreement.

 

1

 

All parties now and hereafter liable with respect to
this Note, whether maker, principal, surety, guarantor, endorser or otherwise,
hereby waive presentment, demand, protest and all other notices of any kind.

 

Unless otherwise defined herein, terms defined in
the Credit Agreement and used herein shall have the meanings given to them in
the Credit Agreement.

 

NOTWITHSTANDING
ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN THE CREDIT AGREEMENT, THIS NOTE
MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AND IN ACCORDANCE WITH THE
REGISTRATION AND OTHER PROVISIONS OF SECTION 10.6 OF THE CREDIT AGREEMENT.

 

THIS
NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK.

 

	
   

  	
  EPE
  HOLDING CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   Name:

  
	
   

  	
   

  	
   Title:

  

 

2

 

Schedule A

to Bridge Note

 

LOANS, CONVERSIONS AND
REPAYMENTS OF BASE RATE LOANS

 

	
  Date

  	
   

  	
  Amount of Base

  Rate Loans

  	
   

  	
  Amount Converted

  to Base Rate Loans

  	
   

  	
  Amount of Principal

  of Base Rate Loans

  Repaid

  	
   

  	
  Amount of Base

  Rate Loans

  Converted to

  Eurodollar Loans

  	
   

  	
  Unpaid Principal

  Balance of Base Rate

  Loans

  	
   

  	
  Notation

  Made By

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-1

 

Schedule B

to Bridge Note

 

LOANS, CONTINUATIONS,
CONVERSIONS AND REPAYMENTS OF EURODOLLAR LOANS

 

	
  Date

  	
   

  	
  Amount of

  Eurodollar

  Loans

  	
   

  	
  Amount

  Converted to

  Eurodollar

  Loans

  	
   

  	
  Interest Period

  and Eurodollar

  Rate with Respect

  Thereto

  	
   

  	
  Amount of

  Principal of

  Eurodollar Loans

  Repaid

  	
   

  	
  Amount of

  Eurodollar Loans

  Converted to

  Base Rate Loans

  	
   

  	
  Unpaid Principal

  Balance of

  Eurodollar Loans

  	
   

  	
  Notation Made

  By

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

B-1Exhibit
4.8

 

FORM OF

PROMISSORY NOTE

 

	
  $3,500,000

  	
   

  	
  February 7,
  2005

  

 

FOR VALUE RECEIVED, the
undersigned, ELVIS PRESLEY ENTERPRISES, INC., a Tennessee corporation (the “Maker”),
hereby promises to pay to PRISCILLA PRESLEY, an individual (the “Payee”), the principal
sum of Three Million Five Hundred Thousand ($3,500,000) Dollars, together with
interest on the outstanding principal balance hereunder accrued from the date
hereof at the rate of 5.385% percent per annum. 
Principal and interest shall be paid as set forth below, and each such
payment shall be made in lawful money of the United States of America by
ordinary check payable to the order of the Payee delivered to Payee c/o
Provident Financial Management, 2850 Ocean Park Boulevard, Suite 300, Santa Monica,
CA  90405-2955, or such other address as
the Payee may designate in writing from time to time.

 

1.                                       Payments of
Principal and Interest.  The
principal and interest under this Note shall be payable in seven (7)
consecutive equal annual installments of principal and interest of $550,000.00
each, due and payable on the first through the seventh anniversaries of the
date of this Note, and an eighth and final installment of principal and
interest in the amount of $549,857.85, due and payable on the eighth anniversary
of the date of this Note.

 

2.                                       Prepayment.  This Note may not be prepaid.

 

3.                                       Events of
Default.  The following are Events of
Default hereunder:

 

(a)                                  Any
failure by the Maker to pay when due all or any principal or interest hereunder
and the continuance of such default for a period of five (5) business days; or

 

(b)                                 If
the Maker (i) admits in writing its inability to pay generally its debts
as they mature, or (ii) makes a general assignment for the benefit of
creditors, or (iii) is adjudicated a bankrupt or insolvent, or
(iv) files a voluntary petition in bankruptcy, or (v) takes
advantage, as against its creditors, of any bankruptcy law or statute of the
United States or any state or subdivision thereof now or hereafter in effect,
or (vi) has a petition or proceeding filed against it under any provision
of any bankruptcy or insolvency law or statute of the United States or any
state or subdivision thereof, which petition or proceeding is not dismissed
within sixty (60) days after the date of the commencement thereof,
(vii) has a receiver, liquidator, trustee, custodian, conservator,
sequestrator or other such person appointed by any court to take charge of its
affairs or assets or business and such appointment is not vacated or discharged
within sixty (60) days thereafter, or (viii) takes any action in
furtherance of any of the foregoing; or

 

(c)                                  Any
liquidation, dissolution or winding up of the Maker or its business.

 

 

4.                                       Remedies on
Default.  Subject to the immediately
succeeding sentence, if any Event of Default shall occur and be continuing, the
holder hereof shall, in addition to any and all other available rights and
remedies, have the right, at her option (except for an Event of Default under
paragraph 3(b) above, the occurrence of which shall automatically effect
acceleration hereunder), (a) to declare the entire unpaid principal balance of
this Note, together with all unpaid accrued interest hereunder, to be
immediately due and payable, and (b) to pursue any and all available remedies
for collection.  Notwithstanding the
foregoing, at any time prior to the payment in full in cash of all amounts
owing under that certain Bridge Loan Credit Agreement, dated as February 7,
2005, if any Even of Default shall occur and be continuing, the holder hereof
shall have the right, at her option to pursue any and all available remedies
for collection of any regularly scheduled amounts then due and payable pursuant
to Section 1 above, but shall not, in any event, be entitled to accelerate
all or any portion of the unpaid principal balance of this Note (or otherwise
cause or declare such amounts to be due and payable) and no such amount shall
be accelerated automatically upon the occurrence of any Event of Default
hereunder, including Section 3(b).

 

5.                                       Certain Waivers.  Except as otherwise expressly provided in
this Note, the Maker hereby waives diligence, demand, presentment for payment,
protest, dishonor, nonpayment, default, and notice of any and all of the
foregoing.

 

6.                                       Waivers and
Amendments.  Neither any provision of
this Note nor any performance hereunder may be amended or waived orally, but
only by an agreement in writing and signed by the party against whom
enforcement thereof is sought.

 

7.                                       Cumulative
Remedies.  No right or remedy
conferred upon the Payee under this Note is intended to be exclusive of any
other right or remedy contained herein or in any instrument or document
delivered in connection herewith, and every such right or remedy shall be
cumulative and shall be in addition to every other such right or remedy
contained herein and/or now or hereafter existing at law or in equity or
otherwise.

 

8.                                       Waivers;
Course of Dealing.  No course of
dealing between the Maker and the Payee, or any failure or delay on the part of
the Payee in exercising any rights or remedies, or any single or partial
exercise of any rights or remedies, shall operate as a waiver or preclude the
exercise of any other rights or remedies available to the Payee.

 

9.                                       Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial.  This Note shall be deemed to be a contract
made under the laws of the State of New York and shall be governed by, and
construed in accordance with, the laws of the State of New York.  The Maker hereby irrevocably consents to the
jurisdiction of all courts (state and federal) sitting in the State of New York
in connection with any claim, action or proceeding relating to or for the
collection or enforcement of this Note, and hereby waives any defense of forum
non  conveniens or other such claim or defense in respect of the
lodging of any such claim, action or proceeding in any such court.  THE MAKER HEREBY IRREVOCABLY WAIVES ALL RIGHT
TO TRIAL BY JURY IN ANY CLAIM, ACTION OR PROCEEDING RELATING TO OR FOR THE
COLLECTION OR ENFORCEMENT OF THIS NOTE.

 

2

 

10.                                 Collection Costs.  In the event that the Payee shall, during the
continuance of an Event of Default, turn this Note over to an attorney for
collection, the Maker shall further be liable for and shall pay to the Payee
all collection costs and expenses incurred by the Payee, including reasonable
attorneys’ fees and expenses; and the Payee may take judgment for all such
amounts in addition to all other sums due hereunder.

 

11.                                 Certain Payee
Covenants.  By her acceptance of this
Note, the Payee hereby (a) represents and warrants that she is an “accredited
investor” as defined under Regulation D promulgated under the Securities Act of
1933, as amended (the “Act”), (b) acknowledges that this Note has been issued
without registration under the Act in reliance, in part, upon such
representation and warranty, (c) represents and warrants that she is acquiring
this Note for her own account and not with a view to resale or distribution,
(d) covenants that any assignment of this Note will be made in compliance with
any and all applicable requirements of the Act and any applicable state
securities laws, and (e) covenants that, upon request of the Maker at any time
and from time to time, she will execute and deliver any and all subordination
agreements subordinating this Note and the Payee’s rights hereunder to any and
all other indebtedness of the Maker and/or its parent or subsidiary entities.

 

 

	
   

  	
  ELVIS PRESLEY
  ENTERPRISES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Jack Soden

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  
	
  Paragraph 11 is
  hereby

  	
   

  
	
  acknowledged and
  confirmed:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Priscilla
  Presley

  	
   

  	
   

  

 

3

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