Document:

q22012exhibit10.5

	
			
	BANK OF AMERICA, N.A.
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
One Bryant Park 
New York, NY 10036
	DEUTSCHE BANK TRUST COMPANY  
AMERICAS 
DEUTSCHE BANK AG CAYMAN ISLANDS 
BRANCH 
DEUTSCHE BANK SECURITIES INC. 
60 Wall Street 
New York, NY  10005

	JPMORGAN CHASE BANK, N.A.  
J.P. MORGAN SECURITIES LLC 
383 Madison Avenue 
New York, NY 10179

 
May 29, 2012
BOYD GAMING CORPORATION
3883 Howard Hughes Parkway, Ninth Floor 
Las Vegas, Nevada 89169 
Attention: Josh Hirsberg,  
Senior Vice President, Chief Financial Officer and Treasurer
UBS SECURITIES LLC
299 Park Avenue
New York, NY 10171

UBS LOAN FINANCE LLC
677 Washington Boulevard
Stamford, CT 06901
Project Florida
Ladies and Gentlemen:
Reference is made to that certain Commitment Letter, dated May 16, 2012 (the “Commitment Letter”), among Bank of America, N.A. (“Bank of America”), Merrill Lynch, Pierce, Fenner & Smith Incorporated (or its designated affiliate, “Merrill Lynch” and, together with Bank of America, “BofAML”), Deutsche Bank Trust Company Americas (“DBTCA”), Deutsche Bank AG Cayman Islands Branch (“DBCI”), Deutsche Bank Securities Inc. (“DBSI” and together with DBTCA and DBCI, collectively, “DB”), JPMorgan Chase Bank, N.A. (“JPMCB”) and J.P. Morgan Securities LLC (“JPMS” and, together with JPMCB, “JPM” and, together with BofAML and DB, the “Commitment Parties”) and Boyd Gaming Corporation (“you” or “Boyd”), regarding the Transaction (as defined in the Commitment Letter) described therein.  Capitalized terms used in this letter agreement but not defined herein are used with the meanings assigned to them in the Commitment Letter.

1.    Additional Commitment Parties.
(a)     The Commitment Parties and you agree that, pursuant to Section 1 of the Commitment Letter and notwithstanding anything to the contrary contained therein, (i) you hereby appoint UBS Securities LLC (“UBSS”) as a joint arranger and joint bookrunning manager for the loans under the Target Senior Credit Facilities, and UBSS hereby accepts such appointment, and (ii) UBS Loan Finance LLC (“UBSLF” and together with UBSS, “UBS”) agrees to provide (a) $10 million of the principal amount of the Target Revolving Credit Facility under the Target Senior Credit Facilities and (b) 7 1/2% of the principal amount of the Target Senior Term Loan Facility.  Upon the effectiveness of this letter agreement, (i) the commitments of each of Bank of America and JPMCB will be reduced (a) with regard to the Target Revolving Credit Facility by $5 million and $5 million, respectively, and (b) with regard to the Target Senior Term Loan Facility by 3 3/4% and 3 3/4%, respectively, (ii) each of UBSS and UBSLF shall constitute a “Commitment Party”, (iii) UBSLF shall constitute an “Initial Target Senior Lender”, and (iv) UBSS shall constitute a “Target Senior Lead Arranger”, in each case under the Commitment Letter and the Fee Letter. 
(b)     The Commitment Parties and you agree that (i) you hereby appoint UBSS as a joint arranger and joint bookrunning manager for the loans under the Target Bridge Facility, and UBSS hereby accepts such appointment, and (ii) UBSLF agrees to provide 7 1/2% of the principal amount of the Target Bridge Facility.  Upon the effectiveness of this letter agreement, (i) the commitments of each of Bank of America and JPMCB will be reduced by 3 3/4% and 3 3/4%, respectively, (ii) UBSLF shall constitute an “Initial Target Bridge Lender”, and (iii) UBSS shall constitute a “Target Bridge Lead Arranger”, in each case under the Commitment Letter and the Fee Letter.  The commitments with respect to the Facilities are set forth on Schedule A.
2.    Conditions Precedent.
You agree that the funding of the Target Credit Facilities and any Target Bridge Facility shall be subject to the conditions set forth in the Commitment Letter (including the consummation of the Acquisition).
3.    Miscellaneous.
This letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby.  This letter agreement is deemed incorporated into, and governed by all of the terms of the Commitment Letter including, without limitation, the confidentiality provisions included in the Commitment Letter.  Except as expressly modified above, the provisions of the Commitment Letter, as modified by this letter, shall remain in full force and effect.  Each reference in the Commitment Letter to the Commitment Letter shall mean and be a reference to the Commitment Letter as modified hereby.  Each reference in the Commitment Letter and the Fee Letter to the Fee Letter shall mean and be a reference to the Fee Letter as modified hereby.  This letter may be executed in two or more counterparts, each of which, when so executed and delivered, will be deemed to be an original, and taken together, will constitute one and the same instrument.
Please indicate your acceptance of the terms hereof by signing in the appropriate space below.

[Remainder of this page intentionally left blank]

	
		
	 
	Very truly yours,

BANK OF AMERICA, N.A.

By:      
   Name: 
   Title:

	 
	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

By:      
   Name: 
   Title:

	
		
	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS

By:      
   Name: 
   Title:

By:      
   Name: 
   Title:

	 
	DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH

By:      
   Name: 
   Title:

By:      
   Name: 
   Title:

	 
	DEUTSCHE BANK SECURITIES

By:      
   Name: 
   Title:

By:      
   Name: 
   Title:

	
		
	 
	J.P. MORGAN CHASE BANK, N.A.

By:      
   Name: 
   Title:

	 
	J.P. MORGAN SECURITIES LLC

By:      
   Name: 
   Title:

Accepted and agreed to as of 
the date first written above:

BOYD GAMING CORPORATION

by          
    Name:  Josh Hirsberg  
    Title:  Vice President, 
Chief Financial Officer and 
Treasurer
UBS LOAN FINANCE LLC

By:          
    Name: 
    Title:
By:          
    Name: 
    Title:

UBS SECURITIES LLC

By:          
    Name: 
    Title:
By:          
    Name: 
    Title:
Schedule A
    
	
				
	 
	Target Revolving 
Credit Facility
	Target Senior Term 
Loan Facility
	Target Bridge Facility

	BofAML
	$13,750,000
	$270,000,000
	$118,125,000

	DB
	12,500,000
	200,000,000
	87,500,000

	JPM
	13,750,000
	270,000,000
	118,125,000

	UBS
	10,000,000
	60,000,000
	26,250,000

	Total
	$50,000,000
	$800,000,000
	$350,000,000

Upon effectiveness of this letter agreement, the commitments under the Commitment Letter shall be as set forth in the table below.

     #PageNum#q22012exhibit10.6

	
			
	BANK OF AMERICA, N.A.
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
One Bryant Park 
New York, NY 10036
	DEUTSCHE BANK TRUST COMPANY  
AMERICAS 
DEUTSCHE BANK AG CAYMAN ISLANDS 
BRANCH 
DEUTSCHE BANK SECURITIES INC. 
60 Wall Street 
New York, NY  10005

	JPMORGAN CHASE BANK, N.A.  
J.P. MORGAN SECURITIES LLC 
383 Madison Avenue 
New York, NY 10179

 
July 27, 2012
BOYD GAMING CORPORATION
3883 Howard Hughes Parkway, Ninth Floor 
Las Vegas, Nevada 89169 
Attention: Josh Hirsberg,  
Senior Vice President, Chief Financial Officer and Treasurer
CREDIT SUISSE SECURITIES (USA) LLC
CREDIT SUISSE AG
Eleven Madison Avenue
New York, NY 10010
Project Florida
Ladies and Gentlemen:
Reference is made to that certain Commitment Letter, dated May 16, 2012 (the “Commitment Letter”), among Bank of America, N.A. (“Bank of America”), Merrill Lynch, Pierce, Fenner & Smith Incorporated (or its designated affiliate, “Merrill Lynch” and, together with Bank of America, “BofAML”), Deutsche Bank Trust Company Americas (“DBTCA”), Deutsche Bank AG Cayman Islands Branch (“DBCI”), Deutsche Bank Securities Inc. (“DBSI” and together with DBTCA and DBCI, collectively, “DB”), JPMorgan Chase Bank, N.A. (“JPMCB”) and J.P. Morgan Securities LLC (“JPMS” and, together with JPMCB, “JPM” and, together with BofAML and DB, the “Commitment Parties”) and Boyd Gaming Corporation (“you” or “Boyd”) regarding the Transaction (as defined in the Commitment Letter) described therein.  Reference is also made to that certain Fee Letter, dated May 16, 2012 (the “Fee Letter”) among the Commitment Parties and Boyd.  Capitalized terms used in this letter agreement but not defined herein are used with the meanings assigned to them in the Commitment Letter.
1.    Additional Commitment Parties.
(a)     The Commitment Parties and you agree that, pursuant to Section 1 of the Commitment Letter and notwithstanding anything to the contrary contained therein, (i) you hereby appoint Credit Suisse Securities (USA) LLC (“CS Securities”) as a co-manager for the loans under the Target Senior Credit Facilities, and CS Securities hereby accepts such appointment, and (ii) Credit Suisse AG (“CS” and together with CS Securities, “Credit Suisse”) agrees to provide 3.30% of the principal amount of the Target Senior Term Loan Facility.  Upon the effectiveness of this letter agreement, (i) the commitments of each of Bank of America, JPMCB and DBTCA with regard to the Target Senior Term Loan Facility will be reduced by 1.20%, 1.20% and 0.90%, respectively, (ii) each of CS Securities and CS shall constitute a “Commitment Party” and (iii) CS shall constitute an “Initial Target Senior Lender”, in each case under the Commitment Letter and the Fee Letter.  For the avoidance of doubt, this letter agreement shall not constitute a commitment by CS to provide any portion of the Target Revolving Credit Facility.
(b)    The Commitment Parties and you agree that (i) you hereby appoint CS Securities as a co-manager for the loans under the Target Bridge Facility, and CS Securities hereby accepts such appointment, and (ii) CS agrees to provide 3.30% of the principal amount of the Target Bridge Facility.  Upon the effectiveness of this letter agreement, (i) the commitments of each of Bank of America, JPMCB, DBCI will be reduced by 1.20%, 1.20% and 0.90%, respectively, and (ii) CS shall constitute an “Initial Target Bridge Lender”, in each case under the Commitment Letter and the Fee Letter.  The commitments with respect to the Facilities are set forth on Schedule A.
2.    Conditions Precedent.
You agree that the funding of the Target Credit Facilities and any Target Bridge Facility shall be subject to the conditions set forth in the Commitment Letter (including the consummation of the Acquisition).
3.    Miscellaneous.
This letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby.  This letter agreement is deemed incorporated into, and governed by all of the terms of the Commitment Letter including, without limitation, the confidentiality provisions included in the Commitment Letter.  Except as expressly modified above, the provisions of the Commitment Letter, as modified by this letter agreement, shall remain in full force and effect.  Each reference in the Commitment Letter to the Commitment Letter shall mean and be a reference to the Commitment Letter as modified hereby.  Each reference in the Commitment Letter and the Fee Letter to the Fee Letter shall mean and be a reference to the Fee Letter as modified hereby.  This letter agreement may be executed in two or more counterparts, each of which, when so executed and delivered, will be deemed to be an original, and taken together, will constitute one and the same instrument.
Please indicate your acceptance of the terms hereof by signing in the appropriate space below.

[Remainder of this page intentionally left blank]

	
		
	 
	Very truly yours,

BANK OF AMERICA, N.A.

By:      
   Name: 
   Title:

	 
	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

By:      
   Name: 
   Title:

	
		
	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS

By:      
   Name: 
   Title:

By:      
   Name: 
   Title:

	 
	DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH

By:      
   Name: 
   Title:

By:      
   Name: 
   Title:

	 
	DEUTSCHE BANK SECURITIES INC.

By:      
   Name: 
   Title:

By:      
   Name: 
   Title:

	
		
	 
	J.P. MORGAN CHASE BANK, N.A.

By:      
   Name: 
   Title:

	 
	J.P. MORGAN SECURITIES LLC

By:      
   Name: 
   Title:

Accepted and agreed to as of 
the date first written above:

BOYD GAMING CORPORATION

by          
    Name:  Josh Hirsberg  
    Title:  Senior Vice President, 
Chief Financial Officer and 
Treasurer
CREDIT SUISSE SECURITIES (USA) LLC

By:          
    Name: 
    Title:

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

By:          
    Name: 
    Title:
By:          
    Name: 
    Title:
Schedule A
    
	
			
	 
	Target Senior Term Loan Facility
	Target Bridge Facility

	BofAML
	$260,360,000
	$113,907,500

	DB
	192,880,000
	84,385,000

	JPM
	260,360,000
	113,907,500

	UBS
	60,000,000
	26,250,000

	Credit Suisse
	26,400,000
	11,550,000

	Total
	$800,000,000
	$350,000,000

Upon effectiveness of this letter agreement, the commitments under the Commitment Letter shall be as set forth in the table below.

     #PageNum#

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