Document:

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                                                                    Exhibit 4.5

                          REGISTRATION RIGHTS AGREEMENT

                           DATED AS OF MARCH 30, 2001

                                  by and among

                     THE MISSISSIPPI BAND OF CHOCTAW INDIANS
                                      D/B/A
                     CHOCTAW RESORT DEVELOPMENT ENTERPRISE,

                                       AND

                         BANC OF AMERICA SECURITIES LLC
                            SALOMON SMITH BARNEY INC.
                       WELLS FARGO BROKERAGE SERVICES, LLC
                         BANC ONE CAPITAL MARKETS, INC.

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         This Registration Rights Agreement (this "AGREEMENT") is made and
entered into as of March 30, 2001, by and among The Mississippi Band of Choctaw
Indians d/b/a Choctaw Resort Development Enterprise (the "ENTERPRISE"), a
business enterprise of The Mississippi Band of Choctaw Indians, , a federally
recognized Indian Tribe and Native American sovereign nation (the "TRIBE"), and
Banc of America Securities LLC, Salomon Smith Barney Inc., Wells Fargo Brokerage
Services, LLC and Banc One Capital Markets, Inc. (each, an "INITIAL PURCHASER"
and, collectively, the "INITIAL PURCHASERS"), each of whom has agreed to
purchase the Enterprise's 9 1/4% Senior Notes due 2009 (the "NOTES") pursuant to
the Purchase Agreement (as defined below).

         This Agreement is made pursuant to the Purchase Agreement, dated March
22, 2001 (the "PURCHASE AGREEMENT"), by and among the Enterprise, the Tribe and
the Initial Purchasers. In order to induce the Initial Purchasers to purchase
the Notes, the Enterprise has 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 5 of
the Purchase Agreement. Capitalized terms used herein and not otherwise defined
herein shall have the meanings assigned to them under the Indenture, dated as of
March 30, 2001, entered into by and among the Enterprise, the Tribe and Firstar
Bank, N.A., as Trustee, relating to the Notes and the Exchange Notes (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 144 under the Act.

         BROKER-DEALER: Any broker or dealer registered under the Exchange Act.

         CERTIFICATED SECURITIES: Definitive Notes, as defined in the Indenture.

         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 Notes 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 Enterprise
to the Registrar under the Indenture of Exchange Notes in the same aggregate
principal amount as the aggregate principal amount of Notes tendered by Holders
thereof pursuant to the Exchange Offer.

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         CONSUMMATION DEADLINE: As defined in Section 3(b) hereof.

         EFFECTIVENESS DEADLINE: As defined in Sections 3(a) and 4(a) hereof.

         EXCHANGE ACT: The Securities Exchange Act of 1934, as amended.

         EXCHANGE NOTES: The Enterprise's 9 1/4% Senior Notes due 2009 to be
issued pursuant to the Indenture: (i) in the Exchange Offer or (ii) as
contemplated by Section 4 hereof.

         EXCHANGE OFFER: The exchange and issuance by the Enterprise of a
principal amount of Exchange Notes (which shall be registered pursuant to the
Exchange Offer Registration Statement) equal to the outstanding principal amount
of Notes that are tendered by Holders thereof in connection with such exchange
and issuance.

         EXCHANGE OFFER REGISTRATION STATEMENT: The Registration Statement
relating to the Exchange Offer, including the related Prospectus.

         EXEMPT RESALES: The transactions in which the Initial Purchasers
propose to sell the Notes to certain "qualified institutional buyers," as such
term is defined in Rule 144A under the Act and pursuant to Regulation S under
the Act.

         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, modified or
supplemented by any prospectus supplement and by all other amendments thereto,
including post-effective amendments, and all materials 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 Enterprise
relating to (a) 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 materials
incorporated by reference therein.

         REGULATION S: Regulation S promulgated under the Act.

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         RULE 144: Rule 144 promulgated under the Act.

         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 in effect on the date of the
Indenture.

         TRANSFER RESTRICTED SECURITIES: Each (a) Note, until the earliest to
occur of (i) the date on which such Note is exchanged in the Exchange Offer for
an Exchange Note by a Holder other than a Broker-Dealer, (ii) following the
exchange by a broker-dealer in the Exchange Offer of a Note for an Exchange
Note, the date on which such Exchange Note is sold to a purchaser who receives
from such broker-dealer on or prior to the date of such sale a copy of the
Prospectus contained in the Exchange Offer Registration Statement, (iii) the
date on which such Note has been effectively registered under the Act and
disposed of in accordance with a Shelf Registration Statement (and the
purchasers thereof have been issued Exchange Notes), or (iv) the date on which
such Note is distributed to the public pursuant to Rule 144 under the Act or is
saleable pursuant to Rule 144(k) under the Act (or similar provisions then in
effect) and (b) Exchange Note held by a Broker-Dealer until the date on which
such Exchange Note is 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).

         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) hereof have been complied with), the Enterprise 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, for purposes of this Section
3, the "FILING DEADLINE"), (ii) use its best efforts to cause such Exchange
Offer Registration Statement to become effective at the earliest possible time,
but in no event later than 180 days after the Closing Date (such 180th day
being, for purposes of this Section 3, 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 Notes 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 Notes to be offered
in exchange

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for the Notes that are Transfer Restricted Securities and (ii) resales of
Exchange Notes by any Broker-Dealer that tendered into the Exchange Offer
Notes that such Broker-Dealer acquired for its own account as a result of
market making activities or other trading activities (other than Notes
acquired directly from the Enterprise or any of its Affiliates) as
contemplated by Section 3(c) hereof.

         (b) The Enterprise shall use its 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 Enterprise shall cause the Exchange Offer to comply with all
applicable federal and state securities laws. No securities other than the
Exchange Notes shall be included in the Exchange Offer Registration Statement.
The Enterprise shall use its 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 30th day being the "CONSUMMATION DEADLINE"),
unless a longer period is required by applicable federal or state securities
laws.

         (c) The Enterprise 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 Notes acquired
directly from the Enterprise or any Affiliate of the Enterprise), 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. See the SHEARMAN & STERLING no-action letter (available
July 2, 1993).

         Because any 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
Notes received by such Broker-Dealer in the Exchange Offer, the Enterprise shall
permit the use of the Prospectus contained in the Exchange Offer Registration
Statement by such Broker-Dealer to satisfy such prospectus delivery requirement
through the Consummation Deadline and thereafter as provided in the remainder of
this paragraph. To the extent necessary to ensure that the prospectus contained
in the Exchange Offer Registration Statement is available for sales of Exchange
Notes by any Broker-Dealer that acquired Exchange Notes as a result of
market-making or similar activities such that the Broker-Dealer would be
required to deliver a prospectus under the Act upon a subsequent sale or other
disposition of the Exchange Notes, the Enterprise agrees to use its best efforts
to keep the Exchange Offer Registration Statement continuously effective,
supplemented,

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amended and current as required by and subject to the provisions of Sections
6(a) and 6(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 (as extended due to
events specified in Section 6(c)(i) hereof) 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
Enterprise 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 the date of 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 Enterprise has
complied with the procedures set forth in Section 6(a)(i) hereof) or (ii) if any
Holder of Transfer Restricted Securities shall notify the Enterprise in writing
prior to the 20th day 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 Notes 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 or (C) such Holder is a Broker-Dealer
and holds Notes acquired directly from the Enterprise or any of its Affiliates,
then the Enterprise shall: (x) cause to be filed, on or prior to 30 days after
the earlier of (1) the date on which the Enterprise determines that the Exchange
Offer Registration Statement need not or cannot be filed as a result of clause
(a)(i) above and (2) the date on which the Enterprise receives the notice
specified in clause (a)(ii) above (such earlier date being, for purposes of this
Section 4, 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) shall use its 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 being,
for purposes of this Section 4, the "EFFECTIVENESS DEADLINE").

         If, after the Enterprise filed an Exchange Offer Registration Statement
that satisfies the requirements of Section 3(a) hereof, the Enterprise is
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 Enterprise shall remain obligated to meet the
Effectiveness Deadline set forth in clause (y) above.

         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 Enterprise
shall use its 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 6(c) hereof and
in conformity with

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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 due to events specified in Section 6(c)(i)
hereof) 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 Enterprise in writing, within 20 days after receipt of a request therefor,
the information specified in Item 507 or 508, as applicable, of Regulation S-K
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 liquidated damages 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 Enterprise by such Holder not materially misleading.

         Section 5. LIQUIDATED DAMAGES. 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
declared 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, (iv) the Shelf Registration Statement is declared
effective but thereafter, pending the announcement of a material corporate
transaction, the Enterprise issues a notice that the Shelf Registration
Statement is unusable, or such notice is required under applicable securities
laws to be issued by the Enterprise, and, during the period specified in Section
4(a) hereof, the aggregate number of days in any consecutive twelve-month period
for which all such notices are issued or required to be issued exceeds 45 days,
or (v) the Exchange Offer Registration Statement is filed and declared effective
but thereafter shall cease to be effective or fail to be usable for its intended
purpose without being succeeded within 5 Business Days by a post-effective
amendment to such Exchange Offer Registration Statement that cures such failure
and that is itself declared effective immediately (each such event referred to
in clauses (i) through (v), a "REGISTRATION DEFAULT"), then the Enterprise
hereby agrees to pay to each Holder of Transfer Restricted Securities affected
thereby liquidated damages in an amount equal to $.1925 per week per $1,000 in
principal amount of Transfer Restricted Securities held by such Holder for each
week or portion thereof that the Registration Default continues immediately
following the occurrence of such Registration Default until all Registration
Defaults have been cured, up to a maximum amount of liquidated damages for all
Registration Defaults of $10.00 per year per $1,000 in principal amount of
Transfer Restricted Securities; PROVIDED that the Enterprise shall in no event
be required to pay liquidated damages 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)

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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 or the happening of any
other event 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) or (v) above, as applicable, the
liquidated damages payable with respect to the Transfer Restricted Securities
as a result of such clause (i), (ii), (iii), (iv) or (v), as applicable,
shall cease.

         All accrued liquidated damages shall be paid to the Holders entitled
thereto, in the manner provided for the payment of interest in the Indenture, on
each Interest Payment Date, as more fully set forth in the Indenture and the
Notes. Notwithstanding the fact that any securities for which liquidated damages
are due cease to be Transfer Restricted Securities, all obligations of the
Enterprise to pay accrued liquidated damages with respect to such 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 Enterprise shall (x)
comply with all applicable provisions of Section 6(c) hereof, (y) use its best
efforts to effect such exchange and to permit the resale of Exchange Notes by
any Broker-Dealer that tendered in the Exchange Offer Notes that such
Broker-Dealer acquired for its own account as a result of its market-making
activities or other trading activities (other than Notes acquired directly from
the Enterprise or any of its Affiliates) being sold in accordance with the
intended method or methods of distribution thereof, and (z) comply with all of
the following provisions:

                  (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
         Enterprise raises a substantial question as to whether the Exchange
         Offer is permitted by applicable federal law, the Enterprise hereby
         agrees to seek a no-action letter or other favorable decision from the
         Commission allowing the Enterprise to Consummate an Exchange Offer for
         such Transfer Restricted Securities, provided that the Enterprise shall
         not be required to seek such no-action letter or favorable decision if
         in the opinion of Latham & Watkins such no-action letter or favorable
         decision is not likely to be forthcoming based upon its information and
         experience. The Enterprise hereby agrees to pursue the issuance of such
         a decision to the Commission staff level. In connection with the
         foregoing, the Enterprise hereby agrees to take all such other actions
         as may be requested by the Commission or otherwise 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 Enterprise 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.

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                  (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 Enterprise, prior to the Consummation of the
         Exchange Offer, a written representation to the Enterprise (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 Enterprise, (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 Notes to be
         issued in the Exchange Offer and (C) it is acquiring the Exchange Notes
         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 Notes shall acknowledge
         and agree that if the resales are of Exchange Notes obtained by such
         Holder in exchange for Notes acquired directly from the Enterprise 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 applicable 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 Enterprise shall provide a supplemental
         letter to the Commission (A) stating that the Enterprise is 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
         Enterprise has not entered into any arrangement or understanding with
         any Person to distribute the Exchange Notes to be received in the
         Exchange Offer and that, to the best of the Enterprise's information
         and belief, each Holder participating in the Exchange Offer is
         acquiring the Exchange Notes in its ordinary course of business and has
         no arrangement or understanding with any Person to participate in the
         distribution of the Exchange Notes received in the Exchange Offer and
         (C) any other undertaking 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 Enterprise shall:

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                  (i) comply with all of the provisions of Section 6(c) hereof
         and use its 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 Enterprise pursuant to Section 4(b)
         hereof), and pursuant thereto, the Enterprise will prepare and file
         with the Commission a 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 specified and otherwise in accordance with the
         provisions hereof; and

                  (ii) issue, upon the request of any Holder or purchaser of
         Notes covered by any Shelf Registration Statement contemplated by this
         Agreement, Exchange Notes having an aggregate principal amount equal to
         the aggregate principal amount of Notes sold pursuant to the Shelf
         Registration Statement and surrendered to the Enterprise for
         cancellation; the Enterprise shall register Exchange Notes on the Shelf
         Registration Statement for this purpose and issue the Exchange Notes 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 Enterprise shall:

                  (i) use its 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 Enterprise
         shall file promptly an appropriate amendment to such Registration
         Statement curing such defect, and, if Commission review is required,
         use their respective 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

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         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;

                  (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, and (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 Enterprise shall use its
         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) hereof 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

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         Business Days, and the Enterprise 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, furnish to
         each Initial Purchaser 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 Initial Purchaser in
         connection with such sale, if any, for a period of at least five
         Business Days, and the Enterprise 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 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) (A) in the case of a Shelf Registration Statement, upon
         request from any Holder, 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 in
         connection with such exchange or sale, if any, make the Enterprise's
         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; or (B) in the case of an Exchange Offer 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 Initial Purchaser in connection
         with such exchange or sale, if any, make the Enterprise's
         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 Initial Purchasers may
         reasonably request;

                  (vii) make available, at reasonable times, for inspection by
         each Holder and any attorney or accountant retained by such Holder, all
         financial and other records, pertinent corporate documents of the
         Enterprise and the Tribe and cause the Enterprise's officers,

                                     11
<PAGE>

         directors 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 Holder 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 Enterprise
         is notified of the matters to be included in such Prospectus supplement
         or post-effective amendment;

                  (ix) (A) in the case of a Shelf Registration Statement, upon
         request from any Holder, furnish to each 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); or
         (B) in the case of an Exchange Offer Registration Statement, furnish to
         each Initial Purchaser 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 Enterprise hereby consents to the use (in accordance with
         applicable law, rules, regulations and orders) 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;

                  (xi) upon the request of any Holder, 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 Enterprise shall:

                           (A) upon the request of any Holder furnish (or in the
                  case of paragraphs (2) and (3) below, use its best efforts to
                  cause to be furnished) to each

                                     12
<PAGE>

                  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 Enterprise by (x) the Chief
                           Executive Officer or President and (y) the Chief
                           Financial Officer or Chief Accounting Officer of the
                           Enterprise, confirming, as of the date thereof, the
                           matters set forth in Section 5(g) 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 Enterprise
                           covering matters similar to those set forth in
                           paragraphs (c), (d) and (e) of Section 5 of the
                           Purchase Agreement and such other matters as such
                           Holder may reasonably request, and in any event
                           including a statement to the effect that such counsel
                           has participated in conferences with officers and
                           other representatives of the Enterprise,
                           representatives of the independent public accountants
                           for the Enterprise and has considered the matters
                           required to be stated therein and the statements
                           contained therein, although such counsel has not
                           independently verified the accuracy, completeness or
                           fairness of such statements; and that such counsel
                           advises that, on the basis of the foregoing (relying
                           as to materiality to the extent such counsel deems
                           appropriate upon the statements of officers and other
                           representatives of the Enterprise and the Tribe) and
                           without independent check or verification, nothing
                           came to such counsel's attention that led such
                           counsel to believe that the applicable Registration
                           Statement, at the time such Registration Statement or
                           any post-effective amendment thereto became effective
                           and, in the case of the Exchange Offer Registration
                           Statement, as of the date of Consummation of the
                           Exchange Offer, contained an untrue statement of a
                           material fact or omitted to state a material fact
                           required to be stated therein or necessary to make
                           the statements therein, in light of the circumstances
                           in which they were made, not misleading, or that the
                           Prospectus contained in such Registration Statement
                           as of its date and, in the case of the opinion dated
                           the date of Consummation of the Exchange Offer, as of
                           the date of Consummation, contained an untrue
                           statement of a material fact or omitted to state a
                           material fact necessary in order to make the
                           statements therein, in the light of the circumstances
                           under which they were made, not misleading. Without
                           limiting the foregoing, such counsel may state
                           further that such counsel expresses no belief as to
                           the financial statements or the schedules thereto and
                           other financial or statistical data derived therefrom
                           included in

                                       13
<PAGE>

                           any Registration Statement contemplated
                           by this Agreement or the related Prospectus; 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 Enterprise's
                           independent accountants, in the customary form and
                           covering matters of the type customarily covered in
                           comfort letters to underwriters in connection with
                           underwritten public offerings, and covering the
                           matters set forth in the comfort letters delivered
                           pursuant to Section 5(a) 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 Enterprise 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
         Enterprise 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 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;

                  (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 any sale of such Transfer Restricted
         Securities;

                  (xiv) use its 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;

                                       14
<PAGE>

                  (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 certificates for the Transfer
         Restricted Securities which are in a form eligible for deposit with the
         Depository Trust Company;

                  (xvi) otherwise use its 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 earnings
         statement meeting the requirements of Rule 158 (which need not be
         audited) covering a twelve-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 its reasonable 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;

                  (xviii) following the Consummation of the Exchange Offer or
         the date of effectiveness of the Shelf Registration Statement, as the
         case may be, whether or not required by the Commission, file a copy of
         all of the following information and reports with the Commission for
         public availability within the time periods specified in the
         Commission's rules and regulations (unless the Commission will not
         accept such a filing) and make such information available to securities
         analysts and prospective investors upon request: (A) all quarterly and
         annual financial information that would be required to be contained in
         a filing with the Commission on Forms 10-Q and 10-K if the Enterprise
         were required to file such Forms, including a "Management's Discussion
         and Analysis of Financial Condition and Results of Operations" and,
         with respect to the annual information only, a report on the annual
         financial statements by the Enterprise's certified independent
         accountants; and (B) all current reports that would be required to file
         such reports; and

                  (xix) the Enterprise will be deemed not to have used its best
         efforts to cause the Exchange Offer Registration Statement or the Shelf
         Registration Statement, as the case may be, to become, or to remain,
         effective during the requisite period if the Enterprise takes any
         action that would, or omits to take any action which omission would,
         result in any such Registration Statement not being declared effective
         or in the Holders of Transfer Restricted Securities covered thereby not
         being able to exchange or offer and sell such Transfer Restricted
         Securities during that period as and to the extent

                                       15
<PAGE>

         contemplated hereby, unless (A) such action is required by
         applicable law or (B) such action is taken by the Enterprise in good
         faith and for valid business reasons (but not including avoidance of
         the Enterprise's obligations hereunder), including a material
         business transaction, as long as the Enterprise promptly complies
         with the requirements of Section 6(c)(iv) hereof, if applicable.

         (d) RESTRICTIONS ON HOLDERS. Each Holder agrees by acquisition of a
Transfer Restricted Security that, upon receipt of the notice referred to in
Section 6(c)(iii)(C) hereof or any notice from the Enterprise of the existence
of any fact or the happening of any event of the kind described in Section
6(c)(iii)(D) hereof or, in the case of the Shelf Registration, the Enterprise
shall issue a notice pending the announcement of a material business transaction
that the Shelf Registration Statement is unusable (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 Enterprise 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 Enterprise with more
recently dated Prospectuses or (ii) deliver to the Enterprise (at the
Enterprise's expense) all copies, other than permanent file copies, then in such
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 Recommencement Date.

         Section 7. REGISTRATION EXPENSES. (a) All expenses incident to the
Enterprise's performance of or compliance with this Agreement will be borne by
the Enterprise, 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 Notes 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 Enterprise, as well as all
reasonable fees and disbursements of counsel for the Holders of Transfer
Restricted Securities if requested by any Holder of Transfer Restricted
Securities (which counsel for the Holders shall be chosen by the Holders of a
majority of the outstanding Transfer Restricted Securities); (v) all application
and filing fees in connection with listing the Exchange Notes 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 Enterprise (including the expenses of any special audit and
comfort letters required by or incident to such performance); (vii) all rating
agency fees, if any; and (viii)

                                       16
<PAGE>

all fees and expenses relating to the qualification of the Indenture under
the applicable securities laws.

         The Enterprise will, in any event, bear its 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 Enterprise.

         (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 Enterprise will reimburse
the Initial Purchasers and the Holders of Transfer Restricted Securities who are
tendering Notes into the Exchange Offer and/or selling or reselling Notes or
Exchange Notes 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, who
shall be Shearman & Sterling, unless another firm shall 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.

         Section 8. INDEMNIFICATION. (a) The Enterprise agrees to indemnify and
hold harmless the Initial Purchasers, each Holder and each Person, if any, who
controls such Initial Purchasers or Holder (within the meaning of Section 15 of
the Act or Section 20 of the Exchange Act), including, with respect to such
Initial Purchasers or Holder or controlling person, their respective directors,
agents, officers and employees, from and against: (i) any and all loss,
liability, claim, damage, expense and action whatsoever, joint or several, as
incurred, to which such Holder, Initial Purchasers or controlling person or any
such director, agent, officer or employee may become subject under the
Securities Act, the Exchange Act or other federal or state statutory law or
regulation, or at common law or otherwise, arising out of or based upon any
untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement (or any amendment or supplement thereto), including all
documents incorporated therein by reference, or the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to make
the statements therein not misleading, or arising out of or based upon any
untrue statement or alleged untrue statement of a material fact contained in any
Prospectus (or any amendment or supplement thereto) or the omission or alleged
omission therefrom of a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading; (ii) any and all loss, liability, claim, damage, expense or action
whatsoever, joint or several, as incurred, to the extent of the aggregate amount
paid in settlement of any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or of any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue
statement or omission, PROVIDED that (subject to Section 8(d) hereof) any such
settlement is effected with the written consent of the Enterprise; (iii) in
whole or in part upon any failure of the Enterprise to perform its obligations
hereunder or under law; (iv) any act or failure to act or any alleged act or
failure to

                                       17
<PAGE>

act by any such Holder, Initial Purchaser or controlling person, or their
respective directors, agents, officers and employees, in connection with, or
relating in any manner to, the exchange or sale of Transfer Restricted
Securities contemplated hereby, and which is included as part of or referred
to in any and all losses, claims, damages, liabilities, expenses or actions
arising out of or based upon any matter covered by clause (i) or (ii) above,
PROVIDED that the Enterprise shall not be liable under this Section 8(a) to
the extent that a court of competent jurisdiction shall have determined by a
final judgment that such loss, claim, damage, liability, expense or action
resulted directly from any such acts or failures to act undertaken or omitted
to be taken by such Holder, underwriter or controlling person, or their
respective directors, agents, officers and employees, through its negligence
or willful misconduct; or (v) any and all expenses whatsoever, joint or
several, as incurred (including the fees and disbursements of counsel chosen
by any indemnified party, subject to the limitations in Section 8(c) below),
reasonably incurred in investigating, preparing or defending against any
litigation or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such
untrue statement or omission, or any such alleged untrue statement or
omission, to the extent that any such expense is not paid under subparagraphs
(i) through (iv) above; PROVIDED, HOWEVER, that this indemnity agreement
shall not apply to any loss, liability, claim, damage, expense or action to
the extent arising out of any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written
information furnished to the Enterprise by the Initial Purchasers or such
Holder expressly for use in a Registration Statement (or any amendment
thereto) or any Prospectus (or any amendment or supplement thereto); and
PROVIDED, FURTHER, that the Enterprise shall not be liable to the Initial
Purchasers or any Holder, or their respective directors, agents, officers,
employees or any person controlling such Initial Purchasers or Holder, with
respect to any such untrue statement or alleged untrue statement or omission
or alleged omission made in any preliminary Prospectus to the extent that the
Enterprise shall sustain the burden of proving that any such loss, liability,
claim, damage, expense or action resulted from the fact that the Initial
Purchaser or any Holder sold the Notes to a person to whom such Initial
Purchaser or Holder failed to send or give, at or prior to the written
confirmation of the sale of such Notes, a copy of the final Prospectus (as
amended or supplemented) if the Enterprise has previously furnished copies
thereof to the Initial Purchasers and the Holders (sufficiently in advance of
the Closing Date to allow for distribution of the final Prospectus in a
timely manner) and complied with their obligations under Sections 3(c) hereof
and 3(b) of the Purchase Agreement and the loss, liability, claim, damage,
expense or action of the Initial Purchasers or any Holder resulted from an
untrue statement or omission or alleged untrue statement or omission of a
material fact contained in or omitted from such preliminary Prospectus (as
amended or supplemented) which was corrected in the final Prospectus (as
amended or supplemented). The indemnity agreement set forth in this Section
8(a) shall be in addition to any liabilities that the Enterprise may
otherwise have. In the event of an underwritten offering, as contemplated by
Section 6 herein, the Enterprise will also indemnify the underwriters, if
any, selling brokers, dealers and similar securities industry professionals
participating in the distribution, their officers, directors, agents and
employees to the same extent as provided above with respect to the
indemnification of the Holders, if requested in connection with any
Registration Statement.

                                       18
<PAGE>

         (b) Each Holder of Transfer Restricted Securities agrees, severally and
not jointly, to indemnify and hold harmless the Enterprise, and its directors,
agents, officers and employees, and each person, if any, who controls (within
the meaning of Section 15 of the Act or Section 20 of the Exchange Act) the
Enterprise to the same extent as the foregoing indemnity from the Enterprise set
forth in clause (a) above, but only with reference to information relating to
such Holder furnished in writing to the Enterprise by such Holder expressly for
use in any Registration Statement. In no event shall any Holder, its directors,
agents, officers, employees 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, agents, officers, employees 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.

         (c) Promptly after receipt by an indemnified party under this Section 8
of notice of the commencement of any action, such indemnified party shall, if a
claim in respect thereof is to be made against an indemnifying party under this
Section 8, notify the indemnifying party in writing of the commencement thereof,
but the omission so to notify the indemnifying party will not relieve it from
any liability which it may have to any indemnified party for contribution or
otherwise than under the indemnity agreement contained in this Section 8 or to
the extent it is not prejudiced as a proximate result of such failure. In case
any such action is brought against any indemnified party and such indemnified
party seeks or intends to seek indemnity from an indemnifying party, the
indemnifying party will be entitled to participate in and, to the extent that it
shall elect, jointly with all other indemnifying parties similarly notified, by
written notice delivered to the indemnified party promptly after receiving the
aforesaid notice from such indemnified party; PROVIDED, HOWEVER, if the
defendants in any such action include both the indemnified party and the
indemnifying party and the indemnified party shall have reasonably concluded
that a conflict may arise between the positions of the indemnifying party and
the indemnified party in conducting the defense of any such action or that there
may be legal defenses available to it and/or other indemnified parties which are
different from or additional to those available to the indemnifying party, the
indemnified party or parties shall have the right to select separate counsel to
assume such legal defenses and otherwise to participate in the defense of such
action on behalf of such indemnified party. Upon receipt of notice from the
indemnifying party to such indemnified party of such indemnifying party's
election so to assume the defense of such action and approval by the indemnified
party's election so to assume the defense of such action and approval by the
indemnified party's counsel, the indemnifying party will not be liable to such
indemnified party under this Section 8 for any legal or other expenses
subsequently incurred by such indemnified party in connection with the defense
thereof unless (i) the indemnified party shall have employed separate counsel in
accordance with the proviso to the next preceding sentence (it being understood,
however, that the indemnifying party shall not be liable for the expenses of
more than one separate counsel (together with local counsel),

                                       19
<PAGE>

approved by the indemnifying party (the Enterprise in the case of Section
8(a) hereof and a majority of the Holders in the case of Section 8(b)
hereof), representing the indemnified parties who are parties to such action)
or (ii) the indemnifying party shall not have employed counsel satisfactory
to the indemnified party to represent the indemnified party within a
reasonable time after notice of commencement of the action, in each of which
cases the fees and expenses of counsel shall be at the expense of the
indemnifying party.

         The indemnifying party under this Section 8 shall not be liable for any
settlement of any proceeding effected without its written consent, but if
settled with such consent or if there be a final judgment for the plaintiff, the
indemnifying party agrees to indemnify the indemnified party against any loss,
claim, damage, liability, expense or action by reason of such settlement or
judgment. Notwithstanding the foregoing sentence, if at any time an indemnified
party shall have requested an indemnifying party to reimburse the indemnified
party for fees and expenses of counsel as contemplated by this Section 8(c), the
indemnifying party agrees that it shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is
entered into more than 30 days after receipt by such indemnifying party of the
aforesaid request and (ii) such indemnifying party shall not have reimbursed the
indemnified party in accordance with such request prior to the date of such
settlement. No indemnified party shall, without the prior written consent of the
indemnified party, effect any settlement, compromise or consent to the entry of
judgment in any pending or threatened action, suit or proceeding in respect of
which any indemnified party is or could have been a party and indemnity was or
could have been sought hereunder by such indemnified party, unless such
settlement, compromise or consent includes an unconditional release of such
indemnified party from all liability on claims that are the subject matter of
such action, suit or proceeding.

         (d) If the indemnification provided for in this Section 8 is for any
reason held to be unavailable to or otherwise insufficient to hold harmless an
indemnified party in respect of any losses, claims, damages, liabilities,
expenses or actions referred to therein, then each indemnifying party shall
contribute to the aggregate amount paid or payable by such indemnified party, as
incurred, as a result of any losses, claims, damages, liabilities, expenses or
actions referred to therein (i) in such proportion as is appropriate to reflect
the relative benefits received by the Enterprise, on the one hand, and the
Holders, on the other hand, from their sale of Transfer Restricted Securities or
(ii) if the allocation provided by clause (i) above is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i) above but also the relative fault of
the Enterprise, on the one hand, and the Holders, on the other hand, in
connection with the statements or omissions which resulted in such losses,
claims, damages, liabilities, expenses or actions, as well as any other relevant
equitable considerations. The relative fault of the Enterprise, on the one hand,
and the Holders, on the other hand, shall be determined by reference to, among
other things, whether any such untrue or alleged untrue statement of a material
fact or omission or alleged omission to state a material fact relates to
information supplied by the Enterprise, on the one hand, or the Holders, 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

                                       20
<PAGE>

party as a result of the losses, claims, damages, liabilities, expenses or
actions referred to above shall be deemed to include, subject to the
limitations set forth in Section 8(c), any legal or other fees or expenses
reasonably incurred by such party in connection with investigating or
defending any action or claim.

         The Enterprise 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 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, expenses or actions 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,
expenses or actions. Notwithstanding the provisions of this Section 8, no
Holder, or its directors, agents, officers, employees 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. REPORTS AND RULE 144A. The Enterprise agrees with each
Holder, for so long as any Transfer Restricted Securities remain outstanding (i)
whether or not required by the Commission, the Enterprise shall furnish to the
Holders of Notes, within the time periods specified in the Commission's rules
and regulations, (A) all quarterly and annual financial information that would
be required to be contained in a filing with the Commission on Forms 10-Q and
10-K if the Enterprise were required to file such Forms, including a
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" and, with respect to the annual information only, a report on the
annual financial statements by the Enterprise's certified independent
accountants, and (B) all current reports that would be required to be filed with
the Commission on Form 8-K if the Enterprise were required to file such reports
and (ii) to make available, upon the 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.

         Section 10. GOVERNING LAW; JURISDICTION, GOVERNING LAW PROVISIONS.

                                       21
<PAGE>

         (a) GOVERNING LAW PROVISIONS. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK
APPLICABLE TO AGREEMENTS MADE AND PERFORMED IN SUCH STATE.

         (b) CONSENT TO SUIT. The Enterprise irrevocably waives, to the fullest
extent permitted by applicable law, 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 the Trustee (or by the Holders or
their respective representatives), to interpret or enforce the terms of this
Agreement and to enforce and execute any judgment resulting therefrom against
any assets of the Enterprise. Notwithstanding any provisions of law or canon of
construction, the Enterprise 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 Enterprise waives its
immunity from unconsented suit to permit any court of competent jurisdiction or
arbitrators, appointed and acting under the commercial arbitration rules of the
American Arbitration Association 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 Enterprise has been improperly granted or unreasonably withheld; (iii)
enforce any judgment prohibiting the Enterprise from taking any action, or
mandating or obligating the Enterprise to take any action, including a judgment
compelling the Enterprise to submit to binding arbitration; and (iv) as to a
court only but not arbitrators, adjudicate any claim under the Indian Civil
Rights Act of 1968, 25 U.S.C. Section 1302 (or any successor statute).

         (c) CONSENT TO JURISDICTION. Any legal suit, action or proceeding
arising out of or based upon this Agreement or the transactions contemplated
hereby ("RELATED PROCEEDINGS") may be instituted in the federal courts of the
United States of America located in the City of New York or the courts of the
State of New York in each case located in the City of New York (collectively,
the "SPECIFIED COURTS"), and each party irrevocably submits to the exclusive
jurisdiction (except for proceedings instituted in regard to the enforcement of
a judgment of any such court (a "RELATED JUDGMENT"), as to which such
jurisdiction is non-exclusive) of such courts in any such suit, action or
proceeding. Service of any process, summons, notice or document by mail to such
party's address set forth above shall be effective service of process for any
suit, action or other proceeding brought in any such court. The parties
irrevocably and unconditionally waive any objection to the laying of venue of
any suit, action or other proceeding in the Specified Courts and irrevocably and
unconditionally waive and agree not to plead or claim in any such court has been
brought in an inconvenient forum.

         Section 11. MISCELLANEOUS. (a) REMEDIES. The Enterprise acknowledges
and agrees that any failure by it 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 Enterprise's
obligations under Sections 3 and 4 hereof. The Enterprise further agrees to
waive the defense in any action for specific performance that a remedy at law
would be adequate.

         (b) NO INCONSISTENT AGREEMENTS. The Enterprise will not, on or after
the date of this Agreement, enter into any agreement with respect to its
securities that is inconsistent with

                                       22
<PAGE>

the rights granted to the Holders in this Agreement or that otherwise
conflicts with the provisions hereof. The Enterprise has not previously
entered into any agreement granting any registration rights with respect to
its securities to any Person. 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 Enterprise's 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 10(c)(i), the Enterprise has obtained the written
consent of Holders of all outstanding Transfer Restricted Securities and (ii) in
the case of all other provisions hereof, the Enterprise has obtained the written
consent of the Holders of a majority of the outstanding principal amount of
Transfer Restricted Securities (excluding Transfer Restricted Securities held by
the Enterprise 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 Enterprise, 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 the
Holders hereunder.

         (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), telecopier, or air courier
guaranteeing overnight delivery:

                  (1) 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

                  (2) if to the Enterprise:

                      Choctaw Resort Development Enterprise
                      P.O. Box 6260, Choctaw Branch
                      Philadelphia, Mississippi 39350
                      Facsimile: (601) 656-5861
                      Attention: Chairman of the Board

                  and

                                       23
<PAGE>

                      Attorney General of Mississippi Band of Choctaw Indians
                      354 Industrial Drive
                      Philadelphia, Mississippi  39350
                      Attention:  Attorney General

                      With copies to:

                      Latham & Watkins
                      885 Third Avenue
                      New York, NY 10022
                      Telephone: (212) 906-1369
                      Facsimile:  (212) 751-4864
                      Attention:  Raymond Lin

                      Roth, Van Amberg, Rogers, Ortiz, Fairbanks & Yepa, LLP
                      P.O. Box 1447
                      Santa Fe, NM 87504
                      Telephone: (505) 988-8979
                      Facsimile:  (505) 983-7508
                      Attention:  C. Bryant Rogers

                      Rome, McGuigan, Sabanosh, P.C.
                      One State Street
                      Hartford, CT  06103
                      Telephone:  (860) 493-3554
                      Facsimile:   (860) 724-3921
                      Attention:  Helga M. Woods

         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

                                       24
<PAGE>

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.

         (h) HEADINGS. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

         (i) 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.

         (j) 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.

                                       25
<PAGE>

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

                                  THE MISSISSIPPI BAND OF CHOCTAW INDIANS D/B/A
                                  CHOCTAW RESORT DEVELOPMENT ENTERPRISE

                                  By: /s/ PHILLIP MARTIN
                                     ------------------------------------------
                                       Name:  Phillip Martin
                                       Title:  Chairman

                                  By: /s/ HARRISON BEN
                                     ------------------------------------------
                                       Name:  Harrison Ben
                                       Title:  Secretary-Treasurer

                                       26
<PAGE>

                                  BANC OF AMERICA SECURITIES LLC
                                    for themselves and the other Initial
                                    Purchasers named in Schedule 1 to the
                                    Purchase Agreement

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

                                       27<PAGE>
                                                                  Exhibit 10.1

                              TRIBAL-STATE COMPACT
                       FOR REGULATION OF CLASS III GAMING
             ON THE MISSISSIPPI BAND OF CHOCTAW INDIANS RESERVATION
                                 IN MISSISSIPPI

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               Page
                                                                                                               ----
<S>                                                                                                            <C>
SECTION 1.        TITLE...........................................................................................2

SECTION 2.        FINDINGS........................................................................................2

SECTION 3.        DECLARATION OF POLICY...........................................................................3
         3.1      Common Concerns.................................................................................3
         3.2      Positive Tribal Impacts.........................................................................3
         3.3      Positive State Impacts..........................................................................3
         3.4      Protection of Citizens..........................................................................3
         3.5      Fairness........................................................................................3

SECTION 4.        DEFINITIONS.....................................................................................4

SECTION 5.        JURISDICTION....................................................................................8
         5.1      Allocation of Jurisdiction......................................................................8
         5.2      Cross Deputization..............................................................................9
         5.3      No Grant of General Jurisdiction to State.......................................................9

SECTION 6.        CLASS III GAMING................................................................................9
         6.1      Compliance with Compact and IGRA................................................................9
         6.2      Inspectors.....................................................................................10
         6.3      Reporting of Violations........................................................................10
         6.4      Quarterly Meetings.............................................................................11

SECTION 7.        REGULATORY STANDARDS FOR CLASS III GAMES.......................................................12
         7.1      Common Interest................................................................................12
         7.2      Minimum Age for Players........................................................................12
         7.3      Inspection by State............................................................................12
         7.4      Posting of Table Game Rules....................................................................13
         7.5      Regulations Governing Class III Gaming.........................................................14
         7.6      Class III Net Revenues.........................................................................14
         7.7      Exclusion of Persons...........................................................................14

SECTION 8.        LICENSES, WORK PERMITS AND BACKGROUND INVESTIGATIONS OF EMPLOYEES AND MANAGERS.................16
         8.1      Confidential Records...........................................................................16
         8.2      Licenses and Work Permits Required.............................................................17
         8.3      Application Process for Class III Gaming Licenses; Background Investigations...................19
         8.4      Application for Class III Gaming Work Permit; Procedure........................................20
         8.5      Automatic Disqualification for or Revocation of License or Work Permit.........................21
         8.6      Denial, Suspension or Revocation Based Upon Written Findings...................................22
         8.7      Discipline of Employees and Licensees..........................................................22
         8.8      Employee Gaming................................................................................23

                                      i
<PAGE>

         8.9      Paying Players.................................................................................23
         8.10     Management Contract with Licensed Contractor...................................................23

SECTION 9.        COST OF OVERSIGHT REGULATION, ENFORCEMENT, IMPROVEMENTS AND PROMOTION..........................24
         9.1      Expense Reimbursement..........................................................................24
         9.2      Promotion of Tourism...........................................................................25

SECTION 10.       DISPUTE RESOLUTION.............................................................................26

SECTION 11.       RESERVATION OF RIGHTS UNDER THE IGRA...........................................................27

SECTION 12.       ALCOHOLIC BEVERAGE LICENSE.....................................................................28

SECTION 13.       SEVERABILITY...................................................................................28

SECTION 14.       NOTICES........................................................................................28

SECTION 15.       EFFECTIVE DATE AND DURATION....................................................................29
         15.1     Effective Date.................................................................................29
         15.2     Duration.......................................................................................29

SECTION 16.       AMENDMENTS.....................................................................................29

SECTION 17.       ENTIRE AGREEMENT; SUCCESSORS AND ASSIGNS.......................................................29

SECTION 18.       GOVERNING LAW..................................................................................30

SECTION 19.       JUDICIAL ENFORCEMENT...........................................................................30

SECTION 20.       AUTHORITY TO EXECUTE...........................................................................30
</TABLE>

                                       ii

<PAGE>

EXHIBIT A -  Restated Title XV of Tribal Code, Chapters 1 and 3

EXHIBIT B -  Choctaw Gaming Commission Regulations Governing the Conduct of
             Class III Gaming

                                       iii
<PAGE>

                              TRIBAL-STATE COMPACT
                       FOR REGULATION OF CLASS III GAMING
             ON THE MISSISSIPPI BAND OF CHOCTAW INDIANS RESERVATION
                                 IN MISSISSIPPI

WHEREAS, the State of Mississippi (hereinafter "State") and the Mississippi Band
of Choctaw Indians, a federally recognized Indian tribe organized under the
Indian Reorganization Act of 1934, (hereinafter "Tribe") are separate
sovereigns, and each respects the laws of the other sovereign; and

WHEREAS, the Congress of the United States has enacted the Indian Gaming
Regulatory Act (hereinafter "IGRA"), Public Law 100-497, 102 Stat. 2467, 25
U.S.C. Sections 2701 to 2721, creating a mechanism through which the State and
the Tribal governments may allocate jurisdiction and control of gaming
activities which occur within the federally recognized boundaries of land
wherein exclusive jurisdiction is vested in a Tribal government; and

WHEREAS, the State permits and regulates certain gaming activities within the
State (but outside Tribal lands) pursuant to the powers established by Sections
97-33-1 et. seq. and Sections 75-76-1 et. seq. of the Mississippi Code of 1972,
as amended; and

WHEREAS, the Tribe, exercising powers of self-government as set forth in the
Tribal Constitution adopted under the Indian Reorganization Act, 25 U.S.C. 476,
and acting by and through its duly organized Tribal council, has enacted (i)
Ordinance No. 40 authorizing Class III (Casino-Type) gaming activities on Tribal
lands pursuant to rules and regulations contained in the Tribal-State of Compact
and (ii) Resolution CHO-1-93 authorizing the Tribal Chief and the
Secretary-Treasurer to negotiate and execute with the State a Compact to
allocate jurisdiction and control of these gaming activities and (iii) Ordinance
No. 16-R amending the Tribal Code to create the Choctaw Gaming Commission; and

<PAGE>

WHEREAS, the IGRA requires that the State negotiate in good faith with the Tribe
to develop a Tribal-State Compact for Class III gaming on Tribal lands; and

WHEREAS, the Tribe and the State mutually agree that the conduct of Class III
gaming under the terms and conditions set forth below will benefit and protect
the citizens of the Tribe and the State, consistent with the objective and
requirements of the IGRA;

NOW THEREFORE, in consideration of the mutual undertakings and agreements
hereinafter set forth, the Tribe and the State enter into the following
intergovernmental Compact.

SECTION 1. TITLE

This document shall be referred to as the "Tribal-State Compact for Regulation
of Class III Gaming on the Mississippi Band of Choctaw Indians Reservation in
Mississippi".

SECTION 2. FINDINGS

As the basis for this Compact, the Tribe and the State have made the following
findings:

         2.1      A principal goal of Federal Indian policy is to promote tribal
                  economic development, tribal self-determination and strong
                  tribal government;

         2.2      The Tribe and the State find it to be consistent with the
                  IGRA, and the public health, safety and welfare, to regulate
                  Class III Gaming pursuant to this Compact.

         2.3      The Tribe has the right to license and regulate gaming
                  activity on Tribal lands in accordance with the IGRA and this
                  Compact.

         2.4      The Compact shall govern the licensing, regulation, and
                  operation of Tribal Class III Gaming conducted on Tribal lands
                  located within the State.

         2.5      The Compact will provide the Tribe with the opportunity and
                  responsibility to operate Class III Gaming in a way that will
                  benefit the Tribe economically, ensure fair operation of the
                  games, and minimize the possibilities of corruption and
                  infiltration by criminal influences.

                                      2
<PAGE>

SECTION 3. DECLARATION OF POLICY

         3.1      COMMON CONCERNS. The Tribe and the State, through this Compact
                  shall attempt, in good faith, to address the legitimate common
                  concerns of both parties.

         3.2      POSITIVE TRIBAL IMPACTS. The State recognizes the positive
                  impacts that gaming may provide to the Tribe. The Tribe will
                  utilize revenues generated by gaming to fund programs that
                  provide various vital services to Tribal members. These
                  programs may include education, health and human resources,
                  housing development, road construction and maintenance, sewer
                  and water projects and economic development, tribal
                  administration or any other purpose authorized under the IGRA.

         3.3      POSITIVE STATE IMPACTS. The State recognizes that the positive
                  economic effects of such gaming enterprises may extend beyond
                  Tribal lands to the Tribe's neighbors and surrounding
                  communities, and may help to foster mutual respect and
                  understanding among Indians and non-Indians.

         3.4      PROTECTION OF CITIZENS. The Tribe and the State want to
                  protect their citizens from any criminal involvement in the
                  gaming activities regulated under this Compact.

         3.5      FAIRNESS. This Compact is intended to assure that Class III
                  Gaming is conducted fairly and honestly by the Tribe, its
                  contractors and employees and the players.

SECTION 4. DEFINITIONS

The provisions of the Compact relating to definitions, tense, number and gender
apply and govern the interpretation of the Compact, except when otherwise
plainly declared or clearly apparent from the context.

                                      3

<PAGE>

         4.1      "CARD GAME" means a game that is defined as a Class II game in
                  the IGRA in which the Casino operator is not a party to wagers
                  and from which the Casino operator receives compensation in
                  the form of a rake-off, a time buy-in, or other fee or payment
                  from a player for the privilege of playing, and includes but
                  is not limited to the following: poker, bridge, whist, solo
                  and panguingui.

         4.2      "CASINO" means one or more rooms or buildings wherein Class
                  III Gaming is conducted and includes any bar, cocktail lounge,
                  or other facilities housed therein as well as the area
                  occupied by the games.

         4.3      CHOCTAW GAMING COMMISSION" means the regulatory body created
                  by Tribal Ordinance No. 16-R for regulation of gaming activity
                  on Tribal land.

         4.4      "CLASS III GAMING" means all gaming that is not Class I or
                  Class II gaming as defined in the IGRA and which is regulated
                  under the terms of this Compact.

         4.5      "EQUIPMENT" means any mechanical or electronic contrivance,
                  component or machine used remotely or directly in connection
                  with gaming or any game that would not otherwise be classified
                  as a Gaming Device, including dice, playing cards, links which
                  connect to progressive slot machines, devices which affect the
                  proper reporting of gross revenue, satellite transmission and
                  receival devices, computerized systems of betting at a race
                  book or sports pool, computerized systems for monitoring slot
                  machines and devices for weighing or counting money.

         4.6      "FUNDS" AND "REVENUE" means money or any other thing of value.

         4.7      "GAME" AND "GAMBLING GAME" means any game played with cards,
                  dice, equipment or any mechanical or electronic device or
                  machine for money, property, checks, credit or any
                  representative of value, including, without limiting

                                       4
<PAGE>

                  the generality of the foregoing, faro, monte, roulette, keno,
                  bingo, fan-tan, twenty-one, blackjack, seven-and-a-half, big
                  injun, klondike, craps, poker, chuck-a-luck, chinese
                  chuck-a-luck (dai shu), wheel of fortune, chemin de fer,
                  baccarat, pai gow, beat the banker, panguingui, slot machine,
                  and any other banking or percentage game. In addition,
                  parimutuel wagering, race book and sports pools shall be
                  considered allowable games hereunder only if such games are
                  allowed under the laws of the State.

         4.8      "GAMING" AND "GAMBLING" means to deal, operate, carry on,
                  conduct, maintain or expose for play any game as defined in
                  Section 4.7.

         4.9      "GAMING DEVICE" means any equipment or mechanical or
                  electronic contrivance, component or machine used remotely or
                  directly in connection with Gaming or any Game which affects
                  the result of a wager by determining win or loss. The term
                  includes a system for processing information which can alter
                  the normal criteria of random selection, which affects the
                  operation of any game or which determines the outcome of a
                  game.

         4.10     "GAMING EMPLOYEE" means any person employed directly by the
                  Tribe or its authorized agent to conduct any Game, including:
                  boxmen; cashiers; change personnel; counting room personnel;
                  dealers; employees of manufacturers or distributors of gaming
                  equipment within this State whose duties are directly involved
                  with the manufacture, repair or distribution of gaming
                  equipment in the Casino; employees of operators of slot routes
                  who have keys for slot machines or who accept and transport
                  revenue from the slot drop; floormen; hosts or other person
                  empowered to extend credit or complimentary services; keno
                  runners: keno writers; machine mechanics; odds makers and line
                  setters; security

                                       5
<PAGE>

                  personnel; shift or pit bosses; shills; supervisors or
                  managers; and ticket writers. "Gaming employee" does not
                  include bartenders, cocktail waitresses or other persons
                  engaged in preparing or serving food or beverages.

         4.11     "INDIAN  GAMING  REGULATORY  ACT OR "IGRA" means Public Law
                  100-497,  102 Stat.  2467,  25 U.S.C. Sections 2701 to 2721
                  (1988), as it may be amended from time to time.

         4.12     "MISSISSIPPI GAMING COMMISSION" through September 30, 1993
                  means the State Tax Commission, and thereafter means the
                  Mississippi Gaming Commission established pursuant to the
                  Mississippi Gaming Control Act found in Title 75, Chapter 76
                  of the Mississippi Code of 1972, as amended.

         4.13     "NATIONAL INDIAN GAMING COMMISSION" means the commission
                  established pursuant to the IGRA if such commission is
                  operating pursuant to its promulgated rules and regulations,
                  and prior to such time, shall mean the Secretary.

         4.14     "PAY OUT" means:

                  1.       Money, tokens, credit to a player's account, and the
                           actual cost to the Tribe's Casino operation of
                           personal property, other than travel expenses, food,
                           refreshments, lodging, or services, distributed to a
                           player as the result of a legitimate wager; and

                  2.       Cash Paid directly to an independent financial
                           institution by the Tribe's Casino operations for the
                           purchase of an annuity designed to pay a player's
                           winnings over several years.

         4.15     "PARIMUTUEL SYSTEM OF WAGERING" means any system which whereby
                  wagers with respect to the outcome of a race or other sporting
                  events are placed in a wagering

                                       6
<PAGE>

                  pool conducted by the Tribe and in which the participants
                  are wagering with each other and not against the operator.
                  The term includes off-site pari-mutuel wagering. It is
                  agreed that gaming utilizing the parimutuel system of
                  wagering shall be allowable games as defined in Section 4.7
                  herein only if such parimutuel system of wagering is
                  allowed on non-Tribal lands under the laws of the State.

         4.16     "PREMISES" means land together with all buildings,
                  improvements and personal property located thereon.

         4.17     "PROGRESSIVE KENO GAME" means a game with a payoff limit that
                  increases by a predetermined amount as the game is played,
                  which limit is at all times exhibited on an indicator visible
                  to the public. "Progressive keno game" includes video
                  progressive keno devices.

         4.18     "RAKE-OFF" means a percentage of the total amount anted and
                  wagered by players during a hand in a card game.

         4.19     "SECRETARY" means the Secretary of the U.S. Department of
                  Interior.

         4.20     "SLOT MACHINE" means any mechanical, electrical or other
                  device, contrivance or machine which, upon insertion of a
                  coin, token or similar object, or upon payment of any
                  consideration, is available to play or operate, the play or
                  operation of which, whether by reason of the skill of the
                  operator in playing a gambling game which is presented for
                  play by the machine or application of the element of chance,
                  or both, may deliver or entitle the person playing or
                  operating the machine to receive cash, premiums, merchandise,
                  tokens or any thing of value, whether the payoff is made
                  automatically from the machine or in any other manner.

                                       7
<PAGE>

         4.21     "SPORTS POOL" means the business of accepting wagers on
                  sporting events by any system or method of wagering other than
                  the system known as the parimutuel method of wagering;
                  provided, however, that such wagers shall be allowable gaming
                  under this Compact only if such wagers are allowed on
                  non-Tribal lands under the laws of the State.

         4.22     "STATE" means the State of Mississippi.

         4.23     "TRIBE" means the Mississippi Band of Choctaw Indians.

         4.24     "TRIBAL CHIEF" means the principal executive officer of the
                  Tribe.

         4.25     "TRIBAL COUNCIL" means the governing body of the Tribe.

         4.26     "TRIBAL LAND" means all lands within the limits of the
                  Mississippi Band of Choctaw Indians' federally recognized
                  reservation and shall be synonymous with the term "Indian
                  lands" as used in IGRA.

         4.27     "VIDEO GAMES OF CHANCE" means electronic video devices that
                  simulate games commonly referred to as poker, blackjack,
                  craps, hi-lo, roulette, or which line-up symbols and numbers,
                  or other common gambling forms, which are activated by the
                  insertion of a coin, token, or currency, and which award game
                  credits, cash, tokens or replays, and contain a meter or
                  device to record unplayed credits or replays.

SECTION 5. JURISDICTION

         5.1      ALLOCATION OF JURISDICTION. For purposes of regulating Class
                  III Gaming and enforcing the requirements of this Compact, (i)
                  the Tribe shall exercise exclusive criminal and civil
                  jurisdiction over Tribal members and all other Native
                  Americans, to the extent allowed by federal law; (ii) the
                  Tribe and the State shall exercise concurrent civil
                  jurisdiction over the Class III Gaming activities as set

                                       8
<PAGE>

                  forth in this Compact; and (iii) the State shall exercise
                  exclusive criminal jurisdiction over non-Indians; provided
                  however, that nothing contained in this Compact shall be
                  deemed to modify or limit federal criminal and civil
                  jurisdiction as provided by federal law over the Class III
                  operations authorized under this Compact. The Tribe shall
                  maintain its own security force which will have primary law
                  enforcement responsibilities on the premise.

         5.2      CROSS DEPUTIZATION. The parties hereto, to the extent
                  permitted by law, agree to enter into cross deputization
                  agreements as may be necessary and proper to facilitate the
                  enforcement of the civil and criminal jurisdiction recognized
                  under the Compact.

         5.3      NO GRANT OF GENERAL JURISDICTION TO STATE. Nothing contained
                  in this Compact grants, or shall be construed to grant, to the
                  State or any agency, department of commission thereof, general
                  state civil regulatory or taxing authority, or criminal
                  jurisdiction, over the Tribe or its lands, property, members
                  or activities, except as expressly authorized under this
                  Compact.

SECTION 6. CLASS III GAMING

         6.1      COMPLIANCE WITH COMPACT AND IGRA. The Tribe is authorized to
                  own and operate one or more Casinos for the purpose of
                  conducting Class III Gaming on Tribal Lands, provided that
                  such Class III Gaming, is conducted in accordance with the
                  terms of this Compact and the IGRA. It is recognized and
                  agreed that no Class III Gaming shall be conducted by the
                  Tribe on lands newly acquired by the Secretary in trust for
                  the benefit of the Tribe after October 17, 1988, unless
                  located within or contiguous to the existing boundaries of the
                  Tribe's reservation as of October 17, 1988 and if the
                  Secretary, after consultation with local officials,

                                       9
<PAGE>

                  as required by 25 U.S.C. Section 2719, determines that such
                  Gaming on newly acquired lands would be in the Tribe's best
                  interest and would not be detrimental to the surrounding
                  community, but only if the Governor of Mississippi concurs in
                  such determination. The primary responsibility for the on-site
                  regulation, control and security of the Gaming operation
                  authorized by this Compact, and for the enforcement of this
                  Compact, shall be that of the Choctaw Gaming Commission.

         6.2      INSPECTORS. The Choctaw Gaming Commission shall employ
                  qualified inspectors or agents under the authority of the
                  Choctaw Gaming Commission. Said inspectors shall be
                  independent of the Tribal Gaming operation, and shall be
                  supervised and accountable only to the Choctaw Gaming
                  Commission.

         6.3      REPORTING OF VIOLATIONS. A Choctaw Gaming Commission inspector
                  shall be present in the Casino during all hours of Gaming
                  operation, and shall have immediate access to any and all
                  areas of the Class III Gaming operation for the purpose of
                  ensuring compliance with the provisions of this Compact and
                  Tribal Ordinances. Any violation(s) of the provisions of this
                  Compact, or of Tribal Gaming Ordinances by a management
                  contractor, a Gaming employee, or any person on the Casino
                  premises whether or not associated with the Tribal Gaming
                  operation shall be reported immediately to the Choctaw Gaming
                  Commission. The Choctaw Gaming Commission shall forward copies
                  of all completed investigation reports and final dispositions
                  to the Mississippi Gaming Commission on a continuing basis. If
                  requested by the Choctaw Gaming Commission, the Mississippi
                  Gaming Commission shall assist in any investigation initiated
                  by the Choctaw Gaming Commission, and provide other requested
                  services to ensure proper compliance with the provisions of
                  this

                                       10
<PAGE>

                  Compact, Tribal Gaming Ordinances, laws of the Tribe, or
                  applicable federal laws.

         6.4      QUARTERLY MEETINGS. In order to develop and foster a positive
                  and effective relationship in the enforcement of the
                  provisions of this Compact and to keep the Choctaw Gaming
                  Commission and the Mississippi Gaming Commission informed as
                  to both of their separate Class III Gaming regulatory actions,
                  representatives of the Choctaw Gaming Commission and the
                  Mississippi Gaming Commission shall meet, not less than on a
                  quarterly basis, to review past practices and activities
                  during the preceding calendar quarter of the separate Class
                  III Gaming regulatory programs of the Tribe and the State. The
                  meetings shall take place at a location selected by the
                  Choctaw Gaming Commission. The Mississippi Gaming Commission
                  prior to or during such meetings shall disclose to the Choctaw
                  Gaming Commission any concerns, suspected activities or
                  pending matters reasonably believed to possibly constitute
                  violations of this Compact by any person, organization or
                  entity.

SECTION 7. REGULATORY STANDARDS FOR CLASS III GAMES

         7.1      COMMON INTEREST

                  (1)      In recognition of the valid public policy interests
                           of the State and the Tribe, regulatory standards are
                           hereby established for Class III Gaming operated and
                           played within Tribal lands.

                  (2)      The Choctaw Gaming Commission shall adopt and
                           maintain, at all times during which the Tribe
                           conducts any authorized Class III Games, regulations
                           at least as restrictive as those set forth herein.

                                       11
<PAGE>

                  (3)      Nothing in this Section shall limit the rights or
                           remedies  available  to the parties under the IGRA.

         7.2      MINIMUM AGE FOR PLAYERS

                  No person below the age of 21 on the date of Gaming shall be
                  permitted to play any Class III Game. If any person below the
                  age of 21 plays and otherwise qualifies to win any Class III
                  Game which requires notice and payout by the operator of the
                  facility, the prize shall not be paid, and the estimated
                  amount wagered during the course of the game shall be returned
                  to the minor. Nothing in this Section 7.2 shall be deemed to
                  limit civil fines, penalties and other remedies against
                  licensees or employees pursuant to Section 8.8 herein.

         7.3      INSPECTION BY STATE

                  (1)      The Choctaw Gaming Commission shall have the right to
                           conduct or cause to be conducted announced or
                           unannounced inspections of all Gaming operations to
                           ensure compliance with this Compact, Title XV of the
                           Tribal Code, and all other applicable Tribal and
                           federal laws and regulations, as amended from time to
                           time.

                  (2)      Agents of the Mississippi Gaming Commission or their
                           designated representatives, upon the presentation of
                           appropriate identification to the on-site Choctaw
                           Gaming Commission official, shall also have the right
                           to gain access, without notice during normal business
                           hours, to all premises used for the operation of
                           Class III Gaming or the storage of Class III Gaming
                           equipment related thereto, and may inspect all Casino
                           premises, equipment, or equipment maintenance
                           records, in order to verify compliance with the
                           provisions of this Compact. Inspections made

                                       12
<PAGE>

                           pursuant to this Section shall not be conducted in
                           a manner which disrupts normal business
                           operations. At the completion of any inspection by
                           the Mississippi Gaming Commission, copies of any
                           investigative or inspection report shall be
                           promptly sent to the Choctaw Gaming Commission.

         7.4      POSTING OF TABLE GAME RULES

                  The name and rules of each table game shall be posted and be
                  clearly legible at or near each table in the Casino and must
                  designate:

                  (1) The maximum rake-off percentage, time buy-in, or other fee
                  charged;

                  (2) The number of raises allowed;

                  (3) The monetary limit of each raise;

                  (4) The amount of ante;

                  (5) Other rules as may be necessary.

         7.5      REGULATIONS GOVERNING CLASS III GAMING

                  Attached hereto and incorporated by this reference are Exhibit
                  A (Tribal Code, Restated Title XV, Chapters 1 and 3) and
                  Exhibit B (Gaming Conduct Regulations) governing the conduct
                  of Class III Gaming under this Compact). The regulations
                  attached as Exhibit B may be modified or amended by the
                  Choctaw Gaming Commission, provided that no amendment to the
                  attached regulations shall be effective unless approved by the
                  Tribal Council and the Mississippi Gaming Commission, with
                  approval not to be unreasonably withheld. The Choctaw Gaming
                  Commission shall also have authority to adopt additional
                  supplemental regulations consistent with this Tribal-State
                  Compact, provided that the Tribal Council and the Mississippi
                  Gaming Commission shall receive prior

                                       13
<PAGE>

                  written notice of such supplemental regulations which shall
                  become effective upon approval by the Tribal Council.

         7.6      CLASS III NET REVENUES

                  (1)      Net revenues to the tribe from Class III operations
                           shall be used to fund tribal government operations or
                           programs, to provide for the general welfare of the
                           members of the tribe, to promote economic
                           development, to donate to charitable organizations,
                           or to help fund the operations of local government
                           agencies, and shall be expended only in accordance
                           with budgets adopted by resolution of the Tribal
                           Council.

                  (2)      Class III revenues shall not be used to make per
                           capita payments.

         7.7      EXCLUSION OF PERSONS

                  (1)      No person placed on an exclusion list by the Choctaw
                           Gaming Commission shall be permitted entry into any
                           portion of a Casino. The Choctaw Gaming Commission
                           shall maintain a list of persons to be ejected or
                           excluded from licensed Class III establishments. The
                           list shall be distributed to the Mississippi Gaming
                           Commission and to Tribal law enforcement agencies.
                           The Mississippi Gaming Commission shall likewise
                           furnish the Choctaw Gaming Commission with its
                           separately maintained exclusion list. The following
                           information, to the extent known, shall be provided
                           for each excluded person:

                           (a) The full name and date of birth and all aliases;

                           (b) A physical description;

                           (c) The effective date the person's name was placed
                               on the list;

                           (d) A photograph, if available; and

                                       14
<PAGE>

                           (e) The person's occupation and his current home and
                               business address; and

                           (f) The stated reason for the exclusion.

                  (2)      The Choctaw Gaming Commission may place a person on
                           the exclusion list pending a hearing if such person
                           has:

                           (a)      Been convicted of a felony in any
                                    jurisdiction, of any crime of moral
                                    turpitude or of a crime involving Gaming:

                           (b)      Violated or conspired to violate the
                                    provisions of the IGRA or this Compact
                                    relating to involvement in Gaming without
                                    required licenses, or willful evasion of
                                    fees or taxes;

                           (c)      A notorious or unsavory reputation which
                                    adversely affects public confidence and
                                    trust in Gaming; or

                           (d)      Their name on any valid and current
                                    exclusion list from another jurisdiction in
                                    the United States.

                  (3)      Upon a determination by the Choctaw Gaming Commission
                           that a person comes under any one of the criteria
                           listed in this section, such person may be placed on
                           an exclusion list. Such excluded person shall be
                           notified of the availability of a hearing by the
                           Choctaw Gaming Commission.

                  (4)      Any person who has been placed on any exclusion list
                           may petition the Choctaw Gaming Commission in writing
                           and request that their name be removed from the list.

                  (5)      If the Commission or a subsequent tribal court of
                           review finds in favor of the excluded person, then
                           their name shall be removed from the exclusion

                                       15
<PAGE>

                           list and their exclusion shall be terminated as of
                           the date of the action by the Commission or the
                           court.

                           The Choctaw Gaming Commission shall provide
                           prompt written notification to the Mississippi
                           Gaming Commission of the action to terminate the
                           exclusion. This notification also shall include
                           the reason for the reinstatement action.

SECTION 8. LICENSES, WORK PERMITS AND BACKGROUND INVESTIGATIONS OF EMPLOYEES
           AND MANAGERS

         8.1      CONFIDENTIAL RECORDS

                  (1)      The Choctaw Gaming Commission shall maintain a file
                           listing all applications for Class III Gaming
                           licenses and work permits and a record of all its
                           actions on such applications, and such records shall
                           not be confidential. The Tribe shall place the
                           privacy and false statement notices on all
                           applications for licenses and work permits in forms
                           required by the regulations promulgated in accordance
                           with the IGRA.

                  (2)      Confidential information shall include (1) records
                           and financial data acquired by the Choctaw Gaming
                           Commission in carrying out its background
                           investigations of potential Gaming entities, managers
                           and key employees; (2) the identity of persons
                           interviewed during the course of such investigations;
                           and (3) proprietary financial data. Except as
                           otherwise provided herein, confidential information
                           is prohibited from public disclosure by the Choctaw
                           Gaming Commission, the Mississippi Gaming Commission
                           or by individual members of either commission.
                           Confidential or proprietary records, in whole or in
                           part, shall not be

                                       16
<PAGE>

                           included as sections of or attachments to budget
                           documents, annual reports, minutes or audit
                           findings by either the Choctaw Gaming Commission
                           or the Mississippi Gaming Commission. Copies of
                           confidential or proprietary records may be
                           forwarded to the National Indian Gaming Commission
                           upon the written request of that agency or in
                           compliance with the appropriate reporting
                           requirements of the IGRA.

         8.2      LICENSES AND WORK PERMITS REQUIRED

                  (1)      No entity or person shall enter into a binding
                           management contract for operation and management of
                           Class III Gaming with the Tribe or shall be hired as
                           a management official or key employee of a Class III
                           Gaming enterprise, unless such entity or person is
                           the holder of a Class III Gaming license issued by
                           the Choctaw Gaming Commission. The Choctaw Gaming
                           Commission shall provide prompt notification to the
                           Tribal Chief, the National Indian Gaming Commission,
                           and the Mississippi Gaming Commission of any such
                           Class III Gaming licenses. Separate licenses will be
                           required for each place or location where Gaming is
                           conducted.

                  (2)      Persons not required to be licensed as management
                           officials or key employees shall not be employed to
                           work in a Class III Gaming enterprise, unless such
                           person is the holder of a Class III Gaming work
                           permit issued by the Choctaw Gaming Commission.

                  (3)      For purposes of this Tribal-State Compact, a "key
                           employee" shall include a Class III Gaming employee
                           of the Tribe or a Tribal Class III Gaming licensee
                           (1) having the power to exercise any significant
                           influence over decisions concerning any part of the
                           operation, administration,

                                       17
<PAGE>

                           supervision, or physical security activities of
                           Gaming activities or (2) who receives a base
                           salary from the Casino operator in excess of
                           $30,000 per year. Without limiting the foregoing,
                           any individual who has authority to hire or fire
                           other Gaming employees or who is considered a "key
                           employee" under regulations adopted by the
                           National Indian Gaming Commission shall be
                           considered to be a "key employee" of a Gaming
                           enterprise.

                  (4)      While on duty in a Casino, all licensed management
                           officials, key employees, and permitted employees
                           shall wear identification badges, including a
                           photograph, title, license or permit number,
                           signature and zones within the Casino to which he or
                           she is permitted access. Undercover security
                           personnel may be exempted from the display
                           requirements of this paragraph.

         8.3      APPLICATION PROCESS FOR CLASS III GAMING LICENSES; BACKGROUND
                  INVESTIGATIONS

                  (1)      The Choctaw Gaming Commission shall require all
                           applicants for Class III Gaming licenses (entities
                           proposing to enter into Class III Gaming management
                           contracts and management officials and key employees)
                           to pay a nonrefundable application fee of $2,000 and
                           to complete an application form containing sufficient
                           information to allow a background investigation of
                           the applicant, including without limitation all
                           information required by regulations promulgated
                           pursuant to the IGRA. The Choctaw Gaining Commission
                           shall send a copy of the completed applications to
                           the Mississippi Gaming Commission and the National
                           Indian Gaming Commission. If the Choctaw Gaming
                           Commission determines that

                                       18
<PAGE>

                           investigative costs shall exceed the application
                           fee, the Choctaw Gaming Commission shall notify
                           the applicant in writing of the estimated costs to
                           be incurred by the Choctaw Gaming Commission in
                           performing or causing to be performed a background
                           investigation, and the applicant must pay such
                           estimated costs to the Choctaw Gaming Commission
                           prior to the Choctaw Gaming Commission processing
                           the application.

                  (2)      The Choctaw Gaming Commission shall ensure that
                           background investigations are conducted on all
                           applicants for Class III Tribal Gaming licenses and
                           that continuing oversight of management officials and
                           key employees is conducted. The Choctaw Gaming
                           Commission shall notify the Tribal Chief, the
                           National Indian Gaming Commission, and the
                           Mississippi Gaming Commission of the results of
                           background checks on any Class III Gaming applicants
                           and the findings concerning the eligibility of
                           applicants for receipt of a license prior to issuance
                           of any Tribal Class III Gaming license.

         8.4      APPLICATION FOR CLASS III GAMING WORK PERMIT; PROCEDURE

                  (1)      Applicants for a Class III Gaming work permit shall
                           complete an application form and shall furnish their
                           fingerprints in duplicate on fingerprint impression
                           cards and a current color photograph in duplicate to
                           the Choctaw Gaming Commission. The photographs must
                           be satisfactory to the Choctaw Gaming Commission and
                           must have been taken not earlier than three (3)
                           months before the date of filing the application. The
                           applicant shall also sign a written statement
                           certifying that the applicant is

                                       19
<PAGE>

                           not automatically disqualified for a work permit
                           in accordance with the standards set forth in
                           Section 8.6 below.

                  (2)      An applicant for a work permit shall pay the
                           application fee established by the Choctaw Gaming
                           Commission, by regulation, which shall be sufficient
                           to cover the costs of processing the application.

                  (3)      The Choctaw Gaming Commission shall forward a copy of
                           all applications for Class III Gaming work permits to
                           the Mississippi Gaming Commission prior to granting
                           the work permit.

                  (4)      The Choctaw Gaming Commission may either grant or
                           deny the work permit based upon its investigation and
                           review of the application.

         8.5      AUTOMATIC DISQUALIFICATION FOR OR REVOCATION OF LICENSE OR
                  WORK PERMIT

                  The Choctaw Gaming Commission shall deny or revoke Gaming
                  licenses or work permits to persons or entities whose prior
                  activities, criminal record, or records, habits and
                  associations pose a threat to the public interest or to the
                  effective regulation of Gaming or create or enhance the
                  dangers of unsuitable, unfair or illegal practices and
                  activities in connection with Gaming activities. All Class III
                  Gaming licenses and work permits shall be reviewed and, if
                  appropriate, renewed on an annual basis, with prompt
                  notification to the Mississippi Gaming Commission and National
                  Indian Gaming Commission of renewals of licenses. Should
                  tribal laws be amended to permit such, licenses and permits
                  may be renewed every two years after the first two annual
                  renewals. Without limiting the foregoing, the Choctaw Gaming
                  Commission must automatically deny or revoke Class III Gaming
                  licenses or permits to persons:

                                       20
<PAGE>

                           (a)      who have been convicted of a felony in any
                                    jurisdiction of any crime;

                           (b)      who have been convicted of a violation or
                                    conspiracy to violate the provisions of this
                                    Tribal-State Compact, the Indian Gaming
                                    Regulatory Act, or other Tribal or federal
                                    laws relating to involvement in Gaming
                                    without required licenses or willful evasion
                                    of Gaming fees or taxes;

                           (c)      having a notorious or unsavory reputation or
                                    association with such individuals which
                                    adversely affect public confidence and trust
                                    in Gaming;

                           (d)      whose license or work permit would violate
                                    conflict of interest rules in Section 15-1-4
                                    of the Tribal Code; or

                           (e)      who are individual applicants under the age
                                    of 21.

         8.6      DENIAL, SUSPENSION OR REVOCATION BASED UPON WRITTEN FINDINGS.

                  In the event the Choctaw Gaming Commission receives a written
                  finding from either the National Indian Gaming Commission or
                  the Mississippi Gaming Commission specifying why a particular
                  applicant or employee is not eligible for a Class III Gaming
                  license or work permit under the standards set forth in
                  Section 8.6 above, the Choctaw Gaming Commission shall suspend
                  the applicable Class III Gaming license or permit or shall
                  delay action on the application and shall notify the affected
                  applicant of the suspension and proposed revocation and of a
                  hearing time and place on the proposed revocation. After the
                  hearing, the Choctaw Gaming Commission shall decide to revoke
                  or reinstate the license or

                                       21
<PAGE>

                  permit and shall notify the Mississippi Gaming Commission
                  and the National Indian Gaming Commission of its decision.

         8.7      DISCIPLINE OF EMPLOYEES AND LICENSEES

                  In addition to the automatic license and permit revocations
                  pursuant to Section 8.6, the Choctaw Gaming Commission shall
                  propose regulations containing civil fines, penalties, license
                  or work permit suspensions or revocations that may be imposed
                  by the Choctaw Gaming Commission for violations of Restated
                  Title XV of the Tribal Code and any amendments thereto or
                  provisions of this Compact. Such regulations shall become
                  effective upon approval by the Tribal Council.

         8.8      EMPLOYEE GAMING

                  No person who holds a work permit or license from the Choctaw
                  Gaming Commission in connection with Class III Gaming or who
                  is employed by any of the Tribe's suppliers of Gaming
                  equipment shall be permitted to participate in any Tribal
                  Class III Gaming.

         8.9      PAYING PLAYERS

                  Neither the Tribe nor any of its agents, contractors or
                  employees may employ or pay any person to participate in any
                  Class III Game, including but not limited to any shill or
                  proposition player.

         8.10     MANAGEMENT CONTRACT WITH LICENSED CONTRACTOR

                  (1)      The Tribe will have sole proprietary interest in any
                           Casino. The Tribe and a contractor who has been
                           licensed pursuant to Section 8 of this Compact may
                           enter into a management contract for the operation
                           and management of a Casino, provided that such
                           management contract is in compliance with all
                           applicable requirements and provisions of the IGRA.

                                       22
<PAGE>

                  (2)      The Tribe shall require all "parties in interest" to
                           a proposed Class III management contract to submit to
                           the Choctaw Gaming Commission information and
                           identification sufficient to allow the Choctaw Gaming
                           Commission to perform or cause to be performed
                           background investigations on each party in interest
                           in accordance with Section 8 herein. The Tribe may
                           require the proposed contractor to cover the costs of
                           these background investigations. A copy of the
                           submitted information and the investigative reports
                           on each party in interest shall be provided by the
                           Choctaw Gaming Commission to the Mississippi Gaming
                           Commission prior to issuance of a Class III Gaming
                           license to the management contractor and prior to the
                           effective date of a Class III management contract. As
                           used in this section, "parties in interest" includes
                           any person or entity (including individuals
                           comprising such entity) having a direct financial
                           interest in, or responsibility for, the management of
                           a Casino pursuant to the management contract,
                           including investors, lenders, general and limited
                           partners, beneficiaries and trustees of a trust
                           acting as a party, corporate officers and directors,
                           all stockholders who hold (alone or in combination
                           with a spouse, parent, child or sibling of
                           stockholder) at least 10 percent of the stock of any
                           corporation which is a party to the contract.

SECTION  9. COST OF OVERSIGHT REGULATION, ENFORCEMENT, IMPROVEMENTS AND
            PROMOTION

         9.1      EXPENSE REIMBURSEMENT

                  The State and Tribe, acting by and through their respective
                  designees, shall mutually agree upon a budget for necessary
                  and actual expenses that may be

                                       23
<PAGE>

                  reasonably incurred by the State during the calendar year
                  in connection with Class III Gaming activities, including,
                  but not limited to, (i) oversight and enforcement actions
                  as provided for under this Compact, (ii) additional
                  manpower and equipment required by the Department of Public
                  Safety due to increased traffic control on State highways
                  leading to a Casino, and (iii) costs in making any
                  necessary improvements to an intersection of a State
                  highway with a Bureau of Indian Affairs or Tribal road
                  leading to a Tribal Casino as a result of increased traffic
                  due to Class III gaming activities and utilizing
                  governmental grants and road funds, where available. For
                  purposes of this Section 9, "Calendar Year" means the
                  twelve month time frame beginning on the date of
                  commencement of operations of the Casino. The State shall
                  prepare a quarterly payment request for actual expenses
                  specified in the approved budget, incurred by the State
                  during the preceding quarter, which shall be paid within
                  thirty (30) days thereafter.

         9.2      PROMOTION OF TOURISM

                  Subject to the State designating Tribal lands as a State
                  tourism council area, the Tribe and the State shall separately
                  provide $250,000 each year in matching funds to be used for
                  advertising and promotion of tourism. The Tribe's $250,000 per
                  year contribution shall be paid in quarterly installments of
                  $62,500 each, conditioned upon the Tribe receiving profits of
                  at least $62,500 from the preceding quarter of Class III
                  Gaming operations. For purposes of this Section 9.2, quarterly
                  payment dates shall be January 15, April 15, July 15, and
                  October 15, unless otherwise agreed by the parties.

                                       24
<PAGE>

SECTION 10. DISPUTE RESOLUTION

In the event that either party believes that the other party has failed to
comply with any requirement of this Compact or applicable regulations
thereunder, or in the event of any disagreement or dispute as to the proper
interpretation of the terms and conditions of this Compact, the following
procedures shall apply:

         10.1     The party asserting noncompliance or seeking an interpretation
                  shall serve written notice on the other party. The notice
                  shall identify the specific Compact provision alleged to have
                  been violated and shall specify in detail the factual basis
                  for the alleged noncompliance of the Compact provision for
                  which interpretation is sought. Thereafter, the Governor and
                  Tribal Chief, or their designated representatives, shall meet
                  within thirty (30) days in an effort to resolve the dispute.

         10.2     In the event the dispute is not resolved to the satisfaction
                  of the parties within ninety (90) days after service of the
                  notice set forth in Section 10.1 above, the dispute shall be
                  resolved through arbitration, as follows:.

                  (1)      The parties shall agree upon one arbitrator.

                  (2)      If the parties are unable to so agree, the Tribe and
                           the State shall each select one arbitrator, who
                           thereafter shall select a third arbitrator with
                           expertise in the subject matter of the dispute, and
                           the three arbitrators so selected shall arbitrate the
                           dispute. In the event the two arbitrators selected by
                           the parties are unable to agree on a third
                           arbitrator, the third arbitrator shall be appointed
                           by the American Arbitration Association.

                  (3)      The arbitrators shall meet with the parties
                           immediately after their appointment to determine a
                           schedule for arbitration, including whether and

                                       25
<PAGE>

                           to what extent discovery is required. The arbitrators
                           may set the matter for an evidentiary hearing, or
                           oral argument, or may determine to dispose of the
                           dispute based upon written submissions only. If an
                           evidentiary hearing is held, the normal rules of
                           evidence shall be relaxed, pursuant to the
                           arbitrators' discretion. All parties shall have the
                           right to participate in the hearing and may determine
                           the most effective and efficient method for the
                           presentation of their case. The parties may present
                           evidence through live testimony, written reports and
                           affidavits, or the argument of counsel or its
                           representative at the hearing. The parties may be
                           represented by any person of their choice at
                           proceedings before the arbitrators, irrespective of
                           whether the representative is an attorney.

                  (4)      The cost of arbitration shall be borne equally by the
                           Tribe and State. All parties shall bear their own
                           costs and attorney fees associated with their
                           participation in arbitration. The decision of the
                           arbitrators shall be final and non-reviewable. Any
                           party may pursue any remedy which is otherwise
                           available to that party to enforce orders of the
                           arbitrators in the event voluntary compliance does
                           not occur.

SECTION 11. RESERVATION OF RIGHTS UNDER THE IGRA

The State and Tribe agree that by entering into this Compact, the Tribe shall
not be deemed to have waived its right to initiate and pursue the procedures
provided by the IGRA if the State should refuse to enter into a compact with
respect to other forms of Class III Gaming, and neither the State nor the Tribe
shall be deemed to have waived any rights, arguments or defenses applicable to
such a procedure.

                                      26
<PAGE>

SECTION 12. ALCOHOLIC BEVERAGE LICENSE

In the event that the Tribal Council passes an ordinance approved by the
Secretary that allows sales of alcoholic beverages on or about Casino premises
or adjacent property on Tribal lands designated by the Tribal Council as a
resort area, then the State will designate the same Tribal lands as a resort
area and shall authorize sales of liquor from the State warehouse to the Tribe
and persons or entities as may be authorized by the Tribe to sell alcoholic
beverages on designated Tribal lands, and the Tribe and such persons or entities
as it may authorize to sell alcoholic beverages will purchase liquor exclusively
from the State warehouse.

SECTION 13. SEVERABILITY

Each provision, section, and subsection of this Compact shall stand separate
and independent of every other provision, section, or subsection. In the
event that a court of competent jurisdiction shall find any provision,
section, or subsection of this Compact to be invalid, the remaining
provisions, sections, and subsections of the Compact shall remain in full
force and effect.

SECTION 14. NOTICES

All notices required or authorized to be served under this Compact shall be
served by certified mail (return receipt requested), commercial overnight
courier service or by personal delivery, at the following addresses:

                  Governor:         State of Mississippi
                                    P.O.  Box 139
                                    Jackson, MS 39205

                  Tribal Chief:     Mississippi Band of Choctaw Indians
                                    P.O.  Box 6010
                                    Philadelphia, MS 39350

                                      27
<PAGE>

SECTION 15. EFFECTIVE DATE AND DURATION

         15.1     EFFECTIVE DATE

                  This Compact shall become effective upon execution by the
                  Governor of the State and the Tribal Chief, approval by the
                  Secretary of the Interior and publication of that approval in
                  the Federal Register pursuant to the IGRA. This Compact is
                  entered into pursuant to the IGRA.

         15.2     DURATION

                  This Compact shall remain in full force and effect until
                  terminated by mutual consent of the parties.

SECTION 16. AMENDMENTS

The State or the Tribe may, by appropriate and lawful means, request
negotiations to amend, replace or repeal this Compact. In the event of a request
for renegotiation or the negotiation of a new Compact, this Compact shall remain
in effect until renegotiated or replaced. Such requests shall be served pursuant
to Section 14. If such a request is made by the Tribe, it shall be treated as a
request to negotiate pursuant to the IGRA. The parties shall have 180 days to
negotiate, and all further procedures and remedies available under the IGRA
shall thereafter apply. The Tribe and the State may agree to extend the 180 day
period without prejudice to the rights of either party under this Section. Any
amendment to this Compact must be approved by the Secretary.

SECTION 17. ENTIRE AGREEMENT; SUCCESSORS AND ASSIGNS.

This Compact contains the entire agreement of the parties hereto with respect to
the matters covered by this Compact and no other statement, agreement, or
promise made by any party, officer, or agent of any party shall be valid or
binding. This Compact shall by binding upon the successors and assigns of the
parties hereto.

                                      28
<PAGE>

SECTION 18. GOVERNING LAW.

This Compact shall be governed by and construed in accordance with the laws of
the United States.

SECTION 19. JUDICIAL ENFORCEMENT.

Any judicial action brought to enforce the terms of an arbitration decision
rendered under Section 10 of the Compact shall be brought only in the
appropriate United States District Court; provided however, that if a United
States District Court should first determine that it lacks subject matter
jurisdiction over such a cause of action, an enforcement action may then be
instituted in the courts of the State.

SECTION 20. AUTHORITY TO EXECUTE.

Each of the undersigned represents that he is duly authorized and has the
authority to execute this agreement on behalf of the party for whom he is
signing.

STATE OF MISSISSIPPI                        MISSISSIPPI BAND OF CHOCTAW INDIANS

/s/ KIRK FORDICE                            /s/ PHILLIP MARTIN
------------------------------------        ------------------------------------
KIRK FORDICE, GOVERNOR                      PHILLIP MARTIN, CHIEF

DATE:          12/4/92                      DATE:    12/4/92
       -----------------------------             -------------------------------

                                            /s/ FRANK STEVE
                                            ------------------------------------
                                            FRANK STEVE, SECRETARY-TREASURER

                                            DATE:    12/4/92
                                                  -----------------------------

BUREAU OF INDIAN AFFAIRS

------------------------------------
SECRETARY OF INTERIOR

DATE:
       -----------------------------

                                       29

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