Document:

Credit Agreement dated as of May 20, 2004

 Exhibit 10.34 
  

  
 Published CUSIP Number:                      
  

CREDIT AGREEMENT 
  
 Dated as of May 20, 2004 
  
 among 
  
 BOYD GAMING CORPORATION 
 as the Borrower, 
  
 BANK OF AMERICA, N.A., 
 as Administrative Agent and L/C Issuer, 
  
 WELLS FARGO BANK, N.A., 
 as Swing Line
Lender, 
  
 CIBC WORLD MARKETS CORP. 
 and 
 WELLS FARGO BANK, N.A., 

as Co-Syndication Agents, 
  
 CALYON NEW YORK BRANCH 
 and 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Co-Documentation Agents 
  
 and 
  
 The Other Lenders Party Hereto 
  
 BANC OF AMERICA SECURITIES LLC, 
 CIBC WORLD MARKETS CORP. 
 and

 WELLS FARGO BANK, N.A. 
 as 
 Joint Lead Arrangers and Joint Book Managers 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	 ARTICLE I
	 	 DEFINITIONS AND ACCOUNTING TERMS
	  	1
			
	 1.01
	 	 Defined Terms
	  	1
			
	 1.02
	 	 Other Interpretive Provisions
	  	25
			
	 1.03
	 	 Accounting Terms
	  	26
			
	 1.04
	 	 Rounding
	  	26
			
	 1.05
	 	 References to Agreements and Laws
	  	26
			
	 1.06
	 	 Times of Day
	  	26
			
	 1.07
	 	 Letter of Credit Amounts
	  	26
			
	 ARTICLE II
	 	 THE COMMITMENTS AND CREDIT EXTENSIONS
	  	27
			
	 2.01
	 	 Committed Loans
	  	27
			
	 2.02
	 	 Borrowings, Conversions and Continuations of Committed Loans
	  	27
			
	 2.03
	 	 Letters of Credit
	  	29
			
	 2.04
	 	 Swing Line Loans
	  	37
			
	 2.05
	 	 Prepayments
	  	39
			
	 2.06
	 	 Termination or Reduction of Commitments
	  	40
			
	 2.07
	 	 Repayment of Loans
	  	41
			
	 2.08
	 	 Interest
	  	41
			
	 2.09
	 	 Fees
	  	42
			
	 2.10
	 	 Computation of Interest and Fees
	  	42
			
	 2.11
	 	 Evidence of Debt
	  	43
			
	 2.12
	 	 Payments Generally
	  	43
			
	 2.13
	 	 Sharing of Payments
	  	45
			
	 2.14
	 	 Increase in Commitments
	  	45
			
	 ARTICLE III
	 	 TAXES, YIELD PROTECTION AND ILLEGALITY
	  	47
			
	 3.01
	 	 Taxes
	  	47
			
	 3.02
	 	 Illegality
	  	48
			
	 3.03
	 	 Inability to Determine Rates
	  	48
			
	 3.04
	 	 Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans.
	  	48
			
	 3.05
	 	 Compensation for Losses
	  	49

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page

	 3.06
	 	 Matters Applicable to all Requests for Compensation
	  	50
			
	 3.07
	 	 Survival
	  	50
			
	 ARTICLE IV
	 	 CONDITIONS PRECEDENT TO EFFECTIVENESS AND CREDIT EXTENSIONS
	  	50
			
	 4.01
	 	 Conditions of Effectiveness
	  	50
			
	 4.02
	 	 Conditions to all Credit Extensions
	  	54
			
	 ARTICLE V
	 	 REPRESENTATIONS AND WARRANTIES
	  	55
			
	 5.01
	 	 Existence, Qualification and Power; Compliance with Laws
	  	55
			
	 5.02
	 	 Authorization; No Contravention
	  	55
			
	 5.03
	 	 Governmental Authorization; Other Consents
	  	55
			
	 5.04
	 	 Binding Effect
	  	56
			
	 5.05
	 	 Financial Statements; No Material Adverse Effect
	  	56
			
	 5.06
	 	 Litigation
	  	56
			
	 5.07
	 	 No Default
	  	57
			
	 5.08
	 	 Ownership of Property; Liens
	  	57
			
	 5.09
	 	 Environmental Compliance
	  	57
			
	 5.10
	 	 Insurance
	  	57
			
	 5.11
	 	 Taxes
	  	57
			
	 5.12
	 	 ERISA Compliance
	  	57
			
	 5.13
	 	 Subsidiaries
	  	58
			
	 5.14
	 	 Margin Regulations; Investment Company Act; Public Utility Holding Company Act
	  	58
			
	 5.15
	 	 Disclosure
	  	58
			
	 5.16
	 	 Intellectual Property; Licenses, Etc
	  	59
			
	 5.17
	 	 Collateral Documents
	  	59
			
	 ARTICLE VI
	 	 AFFIRMATIVE COVENANTS
	  	59
			
	 6.01
	 	 Financial Statements
	  	59
			
	 6.02
	 	 Certificates; Other Information
	  	60
			
	 6.03
	 	 Notices
	  	62
			
	 6.04
	 	 Payment of Obligations
	  	62
			
	 6.05
	 	 Preservation of Existence, Etc
	  	63

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page

	 6.06
	 	 Maintenance of Properties
	  	63
			
	 6.07
	 	 Maintenance of Insurance
	  	63
			
	 6.08
	 	 Compliance with Laws
	  	63
			
	 6.09
	 	 Books and Records
	  	63
			
	 6.10
	 	 Inspection Rights
	  	64
			
	 6.11
	 	 Use of Proceeds
	  	64
			
	 6.12
	 	 Environmental Covenant
	  	64
			
	 6.13
	 	 Accuracy of Information
	  	64
			
	 6.14
	 	 Significant Subsidiaries
	  	64
			
	 ARTICLE VII
	 	 NEGATIVE COVENANTS
	  	65
			
	 7.01
	 	 Liens
	  	65
			
	 7.02
	 	 Investments
	  	66
			
	 7.03
	 	 Indebtedness
	  	67
			
	 7.04
	 	 Fundamental Changes
	  	67
			
	 7.05
	 	 Dispositions
	  	68
			
	 7.06
	 	 Restricted Payments
	  	69
			
	 7.07
	 	 Change in Nature of Business
	  	69
			
	 7.08
	 	 Transactions with Affiliates
	  	69
			
	 7.09
	 	 Burdensome Agreements
	  	69
			
	 7.10
	 	 Maintenance of Debt
	  	70
			
	 7.11
	 	 Financial Covenants
	  	70
			
	 7.12
	 	 Capital Expenditures
	  	71
			
	 7.13
	 	 Use of Proceeds
	  	71
			
	 ARTICLE VIII
	 	 EVENTS OF DEFAULT AND REMEDIES
	  	71
			
	 8.01
	 	 Events of Default
	  	71
			
	 8.02
	 	 Remedies Upon Event of Default
	  	74
			
	 8.03
	 	 Application of Funds
	  	74
			
	 ARTICLE IX
	 	 ADMINISTRATIVE AGENT
	  	75
			
	 9.01
	 	 Appointment and Authorization of Administrative Agent
	  	75
			
	 9.02
	 	 Delegation of Duties
	  	
76

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page

	 9.03
	 	 Liability of Administrative Agent
	  	76
			
	 9.04
	 	 Reliance by Administrative Agent
	  	76
			
	 9.05
	 	 Notice of Default
	  	77
			
	 9.06
	 	 Credit Decision; Disclosure of Information by Administrative Agent
	  	77
			
	 9.07
	 	 Indemnification of Administrative Agent
	  	78
			
	 9.08
	 	 Administrative Agent in its Individual Capacity
	  	78
			
	 9.09
	 	 Successor Administrative Agent
	  	78
			
	 9.10
	 	 Administrative Agent May File Proofs of Claim
	  	79
			
	 9.11
	 	 Collateral and Guaranty Matters
	  	80
			
	 9.12
	 	 Other Agents; Arrangers and Managers
	  	80
			
	 ARTICLE X
	 	 MISCELLANEOUS
	  	80
			
	 10.01
	 	 Amendments, Etc
	  	80
			
	 10.02
	 	 Notices and Other Communications; Facsimile Copies
	  	82
			
	 10.03
	 	 No Waiver; Cumulative Remedies
	  	83
			
	 10.04
	 	 Attorney Costs, Expenses and Taxes
	  	83
			
	 10.05
	 	 Indemnification by the Borrower
	  	84
			
	 10.06
	 	 Payments Set Aside
	  	84
			
	 10.07
	 	 Successors and Assigns
	  	85
			
	 10.08
	 	 Confidentiality
	  	89
			
	 10.09
	 	 Set-off
	  	90
			
	 10.10
	 	 Interest Rate Limitation
	  	90
			
	 10.11
	 	 Counterparts
	  	90
			
	 10.12
	 	 Integration
	  	90
			
	 10.13
	 	 Survival of Representations and Warranties
	  	91
			
	 10.14
	 	 Severability
	  	91
			
	 10.15
	 	 Tax Forms
	  	91
			
	 10.16
	 	 Replacement of Lenders
	  	93
			
	 10.17
	 	 Governing Law
	  	93
			
	 10.18
	 	 Waiver of Right to Trial by Jury
	  	93
			
	 10.19
	 	 USA PATRIOT Act Notice
	  	94

  

 -iv- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page

	 10.20
	 	 Designation as Senior Debt
	  	94
			
	 10.21
	 	 Gaming Boards
	  	94
			
	 10.22
	 	 Gaming Regulations
	  	94

  

 -v- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page

	 SCHEDULES
	  	 
	 2.01
	 	 Commitments and Pro Rata Shares
	  	 
	 2.03
	 	 Existing Letters of Credit
	  	 
	 5.06
	 	 Litigation
	  	 
	 5.09
	 	 Environmental Matters
	  	 
	 5.13
	 	 Subsidiaries and Other Equity Investments
	  	 
	 5.16
	 	 Intellectual Property Matters
	  	 
	 7.01
	 	 Existing Liens
	  	 
	 7.03
	 	 Existing Indebtedness
	  	 
	 7.12
	 	 Specified Capital Expenditures
	  	 
	 10.02
	 	 Administrative Agent’s Office, Certain Addresses for Notices
	  	 
		
	EXHIBITS	  	 
	 Form of
	  	 
	 A
	 	 Committed Loan Notice
	  	 
	 B
	 	 Swing Line Loan Notice
	  	 
	 C-1
	 	 Term Note
	  	 
	 C-2
	 	 Revolving Note
	  	 
	 C-3
	 	 Swing Line Note
	  	 
	 D
	 	 Compliance Certificate
	  	 
	 E
	 	 Assignment and Assumption
	  	 
	 F
	 	 Guaranty
	  	 
	 G
	 	 Opinion Matters
	  	 
	 H
	 	 Security Agreement
	  	 

  

 -vi- 

 CREDIT AGREEMENT 
  
 This CREDIT AGREEMENT (“Agreement”) is entered into as of May 20, 2004, among BOYD GAMING CORPORATION, a
Nevada corporation (the “Borrower”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), BANK OF AMERICA, N.A., as Administrative Agent and L/C
Issuer, and WELLS FARGO BANK, N.A., as Swing Line Lender. 
  
 The
Borrower has requested that the Lenders provide a revolving credit facility and a term loan facility, and the Lenders are willing to do so on the terms and conditions set forth herein. 
  
 In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

  
 ARTICLE I 
 DEFINITIONS AND ACCOUNTING TERMS 
  
 1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 
  
 “Administrative Agent” means Bank of America in its
capacity as administrative agent under any of the Loan Documents, or any successor administrative agent. 
  
 “Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on
Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders. 
  
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
  
 “Affiliate” means, with respect to any Person, another
Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative
thereto. Without limiting the generality of the foregoing, a Person shall be deemed to be Controlled by another Person if such other Person possesses, directly or indirectly, power to vote 10% or more of the securities having ordinary voting power
for the election of directors, managing general partners or the equivalent. 
  
 “Agent-Related Persons” means the Administrative Agent, together with its Affiliates (including, in the case of Bank of America in its capacity as the Administrative Agent, the Arranger), and the
officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates. 
  
 “Aggregate Commitments” means the Commitments of all the Lenders. 
  

 1 

 “Aggregate Revolving Commitments” means the Revolving Commitments of all Revolving
Lenders. As of the Effective Date, the Aggregate Revolving Commitments are $1,100,000,000. 
  
 “Agreement” means this Credit Agreement. 
  
 “Applicable Rate” means in the case of Credit Extensions under the Revolving Commitment, from time to time, the following rates per annum (expressed in basis points), based upon the Total Leverage
Ratio as set forth below: 
  
 Applicable Rate 
  

									
	 Pricing
 Level

	  	 Total Leverage
 Ratio

	  	Unused
Fee

	  	Eurodollar Rate +
Letters of Credit

	  	Base Rate +

	 1
	  	> 5.00	  	50.0	  	225.0	  	100.0
	 2
	  	4.50 < x £ 5.00	  	37.5	  	200.0	  	75.0
	 3
	  	4.00 < x £ 4.50	  	30.0	  	175.0	  	50.0
	 4
	  	3.50 < x £ 4.00	  	25.0	  	150.0	  	25.0
	 5
	  	£ 3.50	  	25.0	  	125.0	  	0.00

  
 The Applicable Rate
for Term Loans made on the Effective Date shall be 175 basis points per annum in the case of Eurodollar Rate Loans and 50 basis points in the case of Base Rate Loans. 
  
 Any increase or decrease in the Applicable Rate resulting from a change in the Total Leverage Ratio shall become effective
as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(b) in the case of the first three fiscal quarters of any fiscal year and immediately following the date a certification
of the Total Leverage Ratio is delivered pursuant to Section 6.02(c) in the case of the final quarter of any fiscal year; provided, however, that if a Compliance Certificate is not delivered when due in accordance with
Section 6.02(b) or a certification of Total Leverage Ratio is not delivered when due in accordance with Section 6.02(c), then Pricing Level 1 shall apply as of the first Business Day after the date on which such Compliance Certificate
was required to have been delivered and shall continue to apply until the first Business Day after the date such certificate is delivered. 
  
 “Arrangers” means Banc of America Securities LLC, CIBC World Markets Corp. and Wells Fargo Bank, N.A., in their capacities as joint lead
arrangers and joint book managers. 
  
 “Assignment and
Assumption” means an Assignment and Assumption substantially in the form of Exhibit E. 
  
 “Attorney Costs” means and includes all reasonable fees, expenses and disbursements of any law firm or other external counsel.

  
 “Attributable Indebtedness” means, on any
date, (a) in respect of any capital lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the
capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease. 
  

 2 

 “Audited Financial Statements” means the audited consolidated balance sheet of the
Borrower and its Subsidiaries for the fiscal year ended December 31, 2003, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the Borrower and its Subsidiaries, including
the notes thereto. 
  
 “Availability Period”
means the period from and including the Effective Date to the earliest of (a) the Revolving Loan Maturity Date, (b) the date of termination of the Aggregate Revolving Commitments pursuant to Section 2.06, and (c) the date of termination of
the commitment of each Revolving Lender to make Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02. 
  
 “Bank of America” means Bank of America, N.A. and its successors. 
  
 “Bankruptcy Code” means the Bankruptcy Reform Act of 1978, 11 U.S.C. §§ 101 et seq., as amended.

  
 “Barbary Coast Hotel and Casino” means the
hotel, casino and entertainment complex owned by Coast Hotels and Casinos and located at the intersection of Flamingo Road and Las Vegas Boulevard and the approximately 2.5 adjacent acres of real property owned by the Borrower as of the Closing
Date. 
  
 “Base Rate” means for any day a
fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate.” The “prime
rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be
priced at, above, or below such announced rate. Any change in such rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. 
  
 “Base Rate Committed Loan” means a Committed Loan that is a
Base Rate Loan. 
  
 “Base Rate Loan” means a Loan
that bears interest based on the Base Rate. 
  
 “Blue Chip
Casino” means the Blue Chip riverboat casino gaming complex in Michigan City, Indiana. 
  
 “Borgata” means the Borgata Hotel, Casino and Spa in Atlantic City, New Jersey which is owned by MDDC. 
  
 “Borrower” has the meaning specified in the introductory
paragraph hereto. 
  
 “Borrowing” means a
Committed Borrowing or a Swing Line Borrowing, as the context may require. 
  

 3 

 “Boyd Family” means William S. Boyd, any direct descendant or spouse of such person, or
any direct descendant of such spouse, and any trust or other estate in which each person who has a beneficial interest directly or indirectly through one or more intermediaries in any Capital Stock of the Borrower is one of the foregoing persons.

  
 “Business Day” means any day other than a
Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the State of Nevada or the State of New York and, if such day relates to any Eurodollar Rate Loan, means any such day on
which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market. 
  
 “California Hotel and Casino” means the California Hotel and Casino which is owned by CH&C and is located in Las Vegas, Nevada.

  
 “Capital Stock” means, with respect to any
Person, any and all shares or other equivalents (however designated) of corporate stock, partnership interests, limited liability company membership interests, or any other participation, right, warrants, options or other interest in the nature of
an equity interest in such Person, but excluding any debt security convertible or exchangeable into such equity interest. 
  
 “Cash Collateralize” has the meaning specified in Section 2.03(g). 
  
 “Change of Control” means the occurrence of any of the following: (i) the consummation of any transaction,
the result of which any “person” or “group” (within the meaning of Sections 13(d)(3) and 14(d)(2) of the Exchange Act or any successor provision to either of the foregoing, including any group acting for the purpose of acquiring,
holding or disposing of securities within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than the Boyd Family and other than a Subsidiary, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act,
except that a Person shall be deemed to have “beneficial ownership” of all shares that any such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time) of 50% or more of the total
voting power of all classes of the Voting Stock of the Borrower and/or warrants or options to acquire such Voting Stock, calculated on a fully diluted basis; provided that for purposes of this clause (i), the members of the Boyd Family shall be
deemed to beneficially own any Voting Stock of a corporation held by any other corporation (the “parent corporation”) so long as the members of the Boyd Family beneficially own (as so defined), directly or indirectly through one or more
intermediaries, in the aggregate 50% or more of the total voting power of the Voting Stock of the parent corporation; (ii) the sale, lease, conveyance or other transfer of all or substantially all of the property of the Borrower (other than to any
Subsidiary); (iii) the approval of any plan of liquidation or dissolution of the Borrower by the stockholders of the Borrower; (iv) the Borrower consolidates with or merges into another Person or any Person consolidates with or merges into the
Borrower in any such event pursuant to a transaction in which the outstanding Voting Stock of the Borrower is reclassified into or exchanged for cash, securities or other property, other than any such transaction where (a) the outstanding Voting
Stock of the Borrower is reclassified into or exchanged for Voting Stock of the surviving corporation that is Capital Stock and (b) the holders of the Voting Stock of the Borrower immediately prior to such transaction own, directly or indirectly,
not less than a majority of the Voting Stock of the 
  

 4 

 surviving corporation immediately after such transaction in substantially the same proportion as before the transaction;
(v) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors (together with any new directors whose election or appointment by such board or whose nomination for election by the
stockholders of the Borrower was approved by a vote of either (a) 66 2/3% of the directors then still in office
who were either directors at the beginning of such period or whose election or nomination for election was previously so approved, or (b) members of the Boyd Family who beneficially own (as defined for purposes of clause (i) above), directly or
indirectly through one or more intermediaries, in the aggregate 50% or more of the total voting power of the Voting Stock of the Borrower), cease for any reason to constitute a majority of the Board of Directors then in office; or (vi) any change in
control (or similar event, however denominated) with respect to the Borrower shall occur under and as defined in any indenture or agreement in respect of Indebtedness to which the Borrower is a party. 
  
 “CH&C” means California Hotel and Casino, a Nevada
corporation and wholly-owned Subsidiary of the Borrower. 
  
 “Closing Date” means the date that this Agreement has been executed by all parties hereto. 
  
 “Coast” means Coast Casinos, Inc., a Nevada corporation, from and after the date such entity is successor by merger to BGC, Inc. as
contemplated by the Merger Agreement. 
  
 “Coast Credit
Agreement” means that certain Amended and Restated Credit Agreement dated as of September 26, 2003 among Coast Hotels and Casinos, Bank of America, as administrative agent, and a syndicate of lenders, as amended from time to time.

  
 “Coast Hotels and Casinos” means Coast Hotels
and Casinos, Inc., a Nevada corporation and wholly-owned Subsidiary of Coast. 
  
 “Coast Merger” means the merger contemplated by the Merger Agreement. 
  
 “Code” means the Internal Revenue Code of 1986. 
  

“Collateral” means, collectively, the Pledged Casinos, the vessels subject to the First Preferred Ship Mortgages, the property
described in the Security Agreement, all property pledged pursuant to Section 6.14 and all other property and interests pledged as collateral security for the Secured Obligations. Collateral shall not include any right, title or interest of
the Borrower or any of its Subsidiaries in any Gaming License or the Capital Stock of any entity. 
  
 “Commitment” means for each Lender, such Lender’s Revolving Commitment and/or Term Loan Commitment. 
  
 “Commitments” means the Revolving Commitments and the Term
Loan Commitments. 
  
 “Committed Borrowing” means
a borrowing consisting of simultaneous Committed Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Term Lenders pursuant to Section 2.01 or by each of the Revolving Lenders
pursuant to Section 2.01(b). 
  

 5 

 “Committed Loan” means a Loan made or to be made by a Lender pursuant to Section
2.01. 
  
 “Committed Loan Notice” means a
notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of
Exhibit A. 
  
 “Compliance Certificate”
means a certificate substantially in the form of Exhibit D. 
  
 “Consolidated EBITDA” means, for any period, the Borrower and its Subsidiaries’ EBITDA, plus (or minus), without duplication, the EBITDA during such twelve month period for any Subsidiary acquired (or disposed of) by
the Borrower during such period, in either case, plus (or minus) any loss (or gain) arising from a change in GAAP, plus (after the same shall have been open for at least one fiscal quarter) the annualized pro forma EBITDA of the South Coast casino,
plus any charges for the early retirement of debt, plus (or minus) any non-recurring non-cash losses (or gains), minus any earnings or plus any losses from any unconsolidated affiliates, plus the Borrower’s share of any net income before any
pre-opening expenses of MDDC, plus all one-time acquisition and merger related charges and expenses in connection with the Merger (to the extent otherwise deducted from Consolidated EBITDA). 
  
 “Consolidated Funded Indebtedness” means, as of any date of
determination, for the Borrower and its Subsidiaries on a consolidated basis (exclusive of any Indebtedness of the Borrower’s Subsidiaries to the Borrower or another Subsidiary or any Indebtedness of the Borrower to any Subsidiary), the sum of
(a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b)
all purchase money Indebtedness, (c) all direct obligations arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments (exclusive of surety bonds or similar
instruments utilized in the ordinary course of the Borrower and its Subsidiaries’ business), (d) all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of
business), (e) Attributable Indebtedness in respect of capital leases and Synthetic Lease Obligations, (f) without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through (e) above of
Persons other than the Borrower or any Subsidiary, and (g) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability
company) in which the Borrower or a Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to the Borrower or such Subsidiary. Notwithstanding the foregoing, Consolidated Funded Indebtedness shall
not include any public Indebtedness (x) that has been defeased in accordance with the terms of the indenture or other agreement under which it was issued or (y) that has been called for redemption and for which funds sufficient to redeem such
Indebtedness have been set aside by the Borrower. 
  

 6 

 “Contractual Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 
  
 “Control” has the meaning specified in the definition of “Affiliate.” 
  
 “Credit Extension” means each of the following: (a) a
Borrowing and (b) an L/C Credit Extension. 
  
 “Debtor
Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar
debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 
  
 “Deed of Trust” means each Deed of Trust, Assignment of Leases and Rents, Security Agreement and Financing Statement, executed and
delivered pursuant to Section 4.01(a)(v) as amended, supplemented, restated or otherwise modified from time to time. 
  
 “Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time,
or both, would be an Event of Default. 
  
 “Default
Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum;
provided, however, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum, and (b) when
used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum, in all cases to the fullest extent permitted by applicable Laws. 
  
 “Defaulting Lender” means any Lender that (a) has failed to fund any portion of the Committed Loans,
participations in L/C Obligations or participations in Swing Line Loans required to be funded by it hereunder within one Business Day of the date required to be funded by it hereunder, (b) has otherwise failed to pay over to the Administrative Agent
or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute, or (c) has been deemed insolvent or become the subject of a bankruptcy or insolvency
proceeding. 
  
 “Delta Downs Racetrack and
Casino” means the horse racing, pari-mutuel and gaming business including the hotel, food and beverage, simulcast and related operations in Calcasieu Parish, Louisiana known as Delta Downs Racetrack and Casino and owned by Boyd Racing,
L.L.C. 
  
 “Disposition” or
“Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction) of any Collateral by the Borrower or any Guarantor, including any sale, assignment, transfer or other disposal,
with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. 
  

 7 

 “Dollar” and “$” mean lawful money of the United States. 
  
 “Domestic Subsidiary” means any Subsidiary that is organized
under the laws of any political subdivision of the United States. 
  
 “EBITDA” means, for any period, a Person’s consolidated earnings before depreciation, amortization, interest expense, pre-opening expenses, non-cash rent expense, extraordinary items and taxes, all as determined in
accordance with GAAP. 
  
 “Effective Date” means
the first date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 10.01. 
  
 “Eldorado Casino” means the Eldorado Casino which is owned by Eldorado, Inc. and is located in Henderson, Nevada. 
  
 “Eligible Assignee” has the meaning specified in Section
10.07(g). 
  
 “Environmental Laws” means any
and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 
  
 “Environmental Liability” means any liability, contingent or
otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon
(a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous
Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974. 
  
 “ERISA Affiliate” means any trade or business (whether or
not incorporated) under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 
  
 “ERISA Event” means (a) a Reportable Event with respect to a
Pension Plan; (b) a withdrawal by the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of
operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d)
the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings 
  

 8 

 by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent
under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate. 
  
 “Eurodollar Rate” means for any Interest Period with respect to a Eurodollar Rate Loan: 
  
 (a) the rate per annum equal to the rate determined by the Administrative Agent to be the offered rate that appears on the page of the
Telerate screen (or any successor thereto) that displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period,
determined as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period, or 
  
 (b) if the rate referenced in the preceding clause (a) does not appear on such page or service or such page or service shall not be
available, the rate per annum equal to the rate determined by the Administrative Agent to be the offered rate on such other page or other service that displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars
(for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period, or 
  
 (c) if the rates referenced in the preceding clauses (a) and
(b) are not available, the rate per annum determined by the Administrative Agent as the rate of interest at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar
Rate Loan being made, continued or converted by Bank of America and with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar market at their request at
approximately 4:00 p.m. (London time) two Business Days prior to the first day of such Interest Period. 
  
 “Eurodollar Rate Loan” means a Committed Loan that bears interest at a rate based on the Eurodollar Rate. 
  
 “Event of Default” has the meaning specified in Section
8.01. 
  
 “Exchange Act” means the Securities
Exchange Act of 1934. 
  
 “Existing Credit
Agreement” means that certain Second Amended and Restated Credit Agreement dated as of June 24, 2002 among the Borrower, Canadian Imperial Bank of Commerce, as administrative agent, and a syndicate of lenders. 
  
 “Existing Letters of Credit” means letters of credit issued
and outstanding under the Existing Credit Agreement and the Coast Credit Agreement as set forth in Schedule 2.03 (as such Schedule may be updated prior to the Effective Date), which shall be deemed outstanding as Letters of Credit hereunder
as of the Closing Date pursuant to Section 2.03(a). 
  

 9 

 “Federal Funds Rate” means, for any day, the rate per annum equal to the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day;
provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate
is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as
determined by the Administrative Agent. 
  
 “Fee
Letters” means those letter agreements, each dated March 24, 2004, among the Borrower, the Administrative Agent and Banc of America Securities LLC, the Borrower, CIBC Inc. and CIBC World Markets Corp., and the Borrower and Wells Fargo Bank,
N.A. 
  
 “First Preferred Ship Mortgages” means
those certain First Preferred Ship Mortgages on the Whole of the Patco 400, Official Number 545101 [Sam’s Town Tunica], on the Whole of Treasure Chest Casino, Official Number 1025416, on the Whole of Par-A-Dice, Official Number 1020343, on the
Whole of Blue Chip Casino, Official Number 1056331 and on the Whole of the Shreve Star, Official Number 1028290. 
  
 “Fixed Charge Coverage Ratio” means, for any period, the ratio of (a) twelve month trailing Consolidated EBITDA minus the
aggregate amount of cash taxes (net of tax refunds received), Maintenance Capital Expenditures and Restricted Payments of the Borrower and its Subsidiaries (excluding any Restricted Payments made by a Subsidiary to the Borrower or to any Subsidiary)
during such period to (b) consolidated scheduled principal payments and interest expense (as defined in GAAP) of the Borrower and its Subsidiaries for such period. 
  
 “Foreign Lender” has the meaning specified in Section 10.15(a)(i). 
  
 “FRB” means the Board of Governors of the Federal Reserve
System of the United States. 
  
 “Fremont Hotel and
Casino” means the Fremont Hotel and Casino which is owned by Sam-Will, Inc. and is located in Las Vegas, Nevada. 
  
 “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting
profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 
  
 “Gaming Board” means any governmental agency that holds regulatory, licensing or permit authority over gambling, gaming or casino
activities conducted by the Borrower or any of its Subsidiaries within its jurisdiction. 
  

 10 

 “Gaming Laws” means all Laws pursuant to which any Gaming Board possesses regulatory,
licensing or permit authority over gambling, gaming or casino activities conducted by the Borrower or any of its Subsidiaries within its jurisdiction. 
  
 “Gaming License” means any license, permit, franchise or other authorization from any governmental authority required to own, lease,
operate or otherwise conduct the gaming business of the Borrower or any of its Subsidiaries, including all licenses granted under Gaming Laws. 
  
 “Gold Coast Hotel and Casino” means the hotel, casino and entertainment complex owned by Coast Hotels and Casinos and located at 4000
West Flamingo Road, Las Vegas, Nevada. 
  
 “Governmental
Authority” means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
  
 “Granting Lender” has the meaning specified in Section 10.07(h). 
  
 “Guarantee” means, as to any Person, any (a) any obligation, contingent or otherwise, of such Person
guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of
such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the
obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of
income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other
obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person,
whether or not such Indebtedness or other obligation is assumed by such Person. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect
of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding
meaning. 
  
 “Guarantors” means, collectively:

  
 (a) CH&C, which owns and operates
Sam’s Town Las Vegas and California Hotel and Casino; 
  
 (b) Mare-Bear, Inc., a Nevada corporation and wholly-owned Subsidiary of CH&C that owns and operates the Stardust Resort and Casino; 
  

 11 

 (c) Sam-Will, Inc., a Nevada corporation and wholly-owned Subsidiary of CH&C that
owns and operates the Fremont Hotel and Casino; 
  
 (d) Eldorado, Inc., a Nevada corporation and wholly-owned Subsidiary of CH&C that owns and operates the Eldorado Casino and the Jokers Wild Casino; 
  
 (e) M.S.W., Inc., a Nevada corporation and wholly-owned Subsidiary of CH&C that owns and operates Main
Street Station; 
  
 (f) California Hotel Finance
Corporation, a Nevada corporation and wholly-owned Subsidiary of CH&C; 
  
 (g) Boyd Atlantic City, Inc., a New Jersey corporation and a wholly-owned Subsidiary of the Borrower that indirectly owns an interest in the Borgata; 
  
 (h) Par-A-Dice Gaming Corporation, an Illinois corporation and wholly-owned Subsidiary of the Borrower that
owns Par-A-Dice Hotel Casino; 
  
 (i) Boyd
Tunica, Inc., a Mississippi corporation and wholly-owned Subsidiary of the Borrower that owns Sam’s Town Tunica; 
  
 (j) Boyd Indiana, Inc., an Indiana corporation and wholly-owned Subsidiary of the Borrower; 
  
 (k) Blue Chip Casino, LLC, an Indiana limited liability
company and Subsidiary of Boyd Indiana, Inc. that owns the Blue Chip Casino; 
  
 (l) Boyd Kenner, Inc., a Louisiana corporation and wholly-owned Subsidiary of the Borrower; 
  
 (m) Boyd Louisiana L.L.C., a Nevada limited liability company and Subsidiary of the Borrower and Boyd Kenner, Inc.; 
  
 (n) Treasure Chest Casino, L.L.C., a Louisiana limited
liability company and Subsidiary of Boyd Louisiana, L.L.C. and Boyd Kenner, Inc. that owns Treasure Chest Casino; 
  
 (o) Boyd Louisiana Racing, Inc., a Louisiana corporation and wholly-owned Subsidiary of the Borrower; 
  
 (p) Boyd Racing, L.L.C., a Louisiana limited liability
company and wholly-owned Subsidiary of Boyd Louisiana Racing, Inc. that owns Delta Downs Racetrack and Casino; 
  
 (q) Boyd Shreveport, L.L.C., a Louisiana limited liability company and wholly-owned Subsidiary of Boyd Kenner, Inc.; 
  

 12 

 (r) Boyd Red River, L.L.C., a Louisiana limited liability company and wholly-owned
Subsidiary of the Borrower; 
  
 (s) Red River
Entertainment of Shreveport Partnership in Commendam, a Louisiana partnership in commendam, a Subsidiary owned by Boyd Shreveport, L.L.C. and Boyd Red River, L.L.C., and which owns Sam’s Town Shreveport; 
  
 (t) Coast, from and after the Merger a wholly-owned
Subsidiary of the Borrower; 
  
 (u) Coast Hotels
and Casinos, a wholly-owned Subsidiary of Coast that owns Barbary Coast Hotel and Casino, Gold Coast Hotel and Casino, Orleans Hotel and Casino, Suncoast Hotel and Casino and the South Coast Project Property; 
  
 (v) any other Significant Subsidiary of the Borrower; and

  
 (w) any other Subsidiary that executes a
Guaranty pursuant to the provisions of Section 6.14; 
  
 provided
that any Guarantor which is sold or otherwise transferred in a Disposition permitted by Section 7.05 may be released from the Guaranty in accordance with Section 9.11 and thereafter such Person shall no longer be a
“Guarantor” or a “Loan Party” for purposes of any Loan Document. 
  
 “Guaranty” means the guaranty executed and delivered by the Guarantors pursuant to Section 4.01(a)(iii), and any amendment to guaranty executed and delivered by a Subsidiary pursuant to
Section 6.14 hereof, which shall be substantially in the form of Exhibit F hereto, as amended, supplemented or otherwise modified from time to time. 
  
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic
substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature
regulated pursuant to any Environmental Law. 
  
 “Hazardous Materials Indemnity” means that certain Hazardous Materials Indemnity executed and delivered by the Borrower and each of the Guarantors pursuant to Section 4.01(a)(x), as amended, supplemented, restated or
otherwise modified from time to time. 
  
 “Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP: 
  
 (a) all obligations of such Person for borrowed money and
all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 
  

 13 

 (b) all direct or contingent obligations of such Person arising under letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 
  
 (c) net obligations of such Person under any Swap Contract; 
  
 (d) all obligations of such Person to pay the deferred purchase price of property or services (other than
trade accounts payable in the ordinary course of business); 
  
 (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements),
whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 
  
 (f) capital leases and Synthetic Lease Obligations; and 
  
 (g) all Guarantees of such Person in respect of any of the foregoing. 
  
 For all purposes hereof, the Indebtedness of any Person shall include the
Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made
non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any capital lease or Synthetic Lease Obligation as of any date
shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. Notwithstanding the foregoing, Indebtedness shall not include any public Indebtedness (x) that has been defeased in accordance with the terms of the
indenture or other agreement under which it was issued or (y) that has been called for redemption and for which funds sufficient to redeem such Indebtedness have been set aside by the Borrower. 
  
 “Indemnified Liabilities” has the meaning specified in
Section 10.05. 
  
 “Indemnitees” has the
meaning specified in Section 10.05. 
  
 “Interest
Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable to such Loan and the applicable Maturity Date; provided, however, that if any Interest Period for a
Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the last
Business Day of each March, June, September and December and the applicable Maturity Date. 
  
 “Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on
the date one, two, three or six months thereafter, as selected by the Borrower in its Committed Loan Notice or such other period that is requested by the Borrower and determined by the Administrative Agent to be available in the eurodollar market;
provided that: 
  
 (i) any Interest Period
that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business
Day; 
  

 14 

 (ii) any Interest Period that begins on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 
  
 (iii) no Interest Period shall extend beyond the applicable
Maturity Date. 
  
 “Investment” means any direct
or indirect acquisition or investment by the Borrower or any Guarantor in any other Person that is not a Guarantor prior to or substantially concurrently with such acquisition or investment, whether by means of (a) the purchase or other acquisition
of capital stock or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person,
including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit. For purposes of covenant
compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. 
  
 “IP Rights” has the meaning specified in Section 5.16. 
  
 “IRS” means the United States Internal Revenue Service.

  
 “ISP” means, with respect to any Letter of
Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance). 
  
 “Issuer Documents” means with respect to any Letter of
Credit, the Letter Credit Application, and any other document, agreement and instrument entered into by the L/C Issuer and the Borrower (or any Subsidiary) or in favor the L/C Issuer and relating to any such Letter of Credit. 
  
 “Jokers Wild Casino” means the Jokers Wild Casino which is
owned by Eldorado, Inc. and is located in Henderson, Nevada. 
  
 “Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the
interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits
of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 
  

 15 

 “L/C Advance” means, with respect to each Revolving Lender, such Revolving Lender’s
funding of its participation in any L/C Borrowing in accordance with its Pro Rata Share. 
  
 “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Committed Borrowing. 

 
 “L/C Credit Extension” means, with respect to any Letter
of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof. 
  
 “L/C Issuer” means Bank of America in its capacity as issuer of Letters of Credit hereunder and Canadian Imperial Bank of Commerce in its
capacity as issuer of certain of the Existing Letters of Credit, any other Lender approved by the Borrower and the Administrative Agent or any successor issuer of Letters of Credit hereunder. 
  
 “L/C Obligations” means, as at any date of determination,
the aggregate undrawn amount of all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired
by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 
  
 “Lender” has the meaning specified in the introductory
paragraph hereto and, as the context requires, includes the L/C Issuer and the Swing Line Lender. 
  
 “Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative
Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent. 
  
 “Letter of Credit” means any standby or commercial letter of credit issued hereunder and shall include the Existing Letters of Credit.

  
 “Letter of Credit Application” means an
application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer. 
  
 “Letter of Credit Expiration Date” means the fifth Business Day prior to the Revolving Loan Maturity Date then in effect (or, if such day
is not a Business Day, the next preceding Business Day). 
  
 “Letter of Credit Fee” has the meaning specified in Section 2.03(i). 
  
 “Letter of Credit Sublimit” means an amount equal to $30,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the
Aggregate Revolving Commitments. 
  
 “License
Revocation” means the revocation, failure to renew or suspension of, or the appointment of a receiver, supervisor or similar official with respect to any casino, gambling or gaming license issued by any Gaming Board covering any casino or
gaming facility. 
  

 16 

 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title
retention agreement, and any financing lease having substantially the same economic effect as any of the foregoing). 
  
 “Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of a Committed Loan or a Swing Line
Loan. 
  
 “Loan Documents” means this Agreement,
each Note, each Issuer Document, the Fee Letters, the Security Agreement, the Deeds of Trust, the First Preferred Ship Mortgages, the Hazardous Materials Indemnity and the Guaranty. 
  
 “Loan Parties” means, collectively, the Borrower and each Guarantor. 
  
 “Main Street Station” means the Main Street Station Hotel,
Casino and Brewery, which facility is owned by M.S.W., Inc., a Nevada corporation, and is located in Las Vegas, Nevada. 
  
 “Maintenance Capital Expenditures” means capital expenditures for the maintenance, repair, restoration or refurbishment of tangible
property, but excluding any capital expenditures which adds to or significantly improves any such property. 
  
 “Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business,
properties, liabilities (actual or contingent) or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole; (b) a material impairment of the ability of any Loan Party to perform its obligations under any Loan Document
to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party. 
  
 “Maturity Date” means, as the context may require, the Revolving Loan Maturity Date or the Term Loan
Maturity Date. 
  
 “MDDC” means Marina District
Development Company, LLC, a New Jersey limited liability company, which is wholly owned by Marina District Development Holding Co., LLC, a New Jersey limited liability company, which as of the Closing Date is owned fifty percent by a Subsidiary of
MGM MIRAGE and fifty percent by Boyd Atlantic City, Inc., or any successor entity to MDDC. 
  
 “Merger Agreement” means that certain Agreement and Plan of Merger dated as of February 6, 2004 among the Borrower, Coast and BGC, Inc., as amended as of March 5, 2004 and as modified by that certain
waiver dated May 6, 2004, and as it may be further amended with the consent of the Administrative Agent. 
  
 “Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any
ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 
  

 17 

 “Net Equity Proceeds” means with respect to the sale of any capital stock or other
equity interest by the Borrower, an amount equal to (i) the sum of the cash and cash equivalents received in connection with such sale, minus (ii) the underwriting discounts and commissions, and other out-of-pocket expenses, incurred by the Borrower
in connection with such sale. 
  
 “Note” means a
promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender, substantially in the form of Exhibit C-1, C-2 or C-3. 
  
 “Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan
Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and
including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such
interest and fees are allowed claims in such proceeding. 
  
 “Omaha Partners” means Omaha Partners, LLC which was formed to pursue gaming and hospitality development opportunities in or near Omaha, Nebraska. 
  
 “Organization Documents” means, (a) with respect to any corporation, the certificate or articles of
incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating
agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with
respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of
such entity. 
  
 “Orleans Hotel and Casino” means
the hotel, casino and entertainment complex owned by Coast Hotels and Casinos and located at the intersection of Tropicana Avenue and Arville Street in Las Vegas, Nevada. 
  
 “Outstanding Amount” means (i) with respect to Committed Loans and Swing Line Loans on any date, the
aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Committed Loans and Swing Line Loans, as the case may be, occurring on such date; and (ii) with respect to any L/C Obligations on
any date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any
reimbursements of outstanding unpaid drawings under any Letters of Credit or any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date. 
  

 18 

 “Par-A-Dice Hotel Casino” means the Par-A-Dice riverboat casino and nearby hotel, which
facility is owned by Par-A-Dice Gaming Corporation and is located in East Peoria, Illinois. 
  
 “Participant” has the meaning specified in Section 10.07(d). 
  
 “PBGC” means the Pension Benefit Guaranty Corporation. 
  
 “Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2)
of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Borrower or any ERISA Affiliate or to which the Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or
in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years. 
  
 “Permitted Liens” means the Liens permitted under Section 7.01. 
  
 “Person” means any natural person, corporation, limited
liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
  
 “Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) established by the Borrower or,
with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate. 
  
 “Pledged Casinos” shall mean all real property interests underlying (i) Par-A-Dice Hotel Casino, (ii) Sam’s Town Tunica, (iii)
Sam’s Town Las Vegas, (iv) the California Hotel and Casino, (v) the Stardust Resort and Casino, (vi) the Fremont Hotel and Casino, (vii) the Treasure Chest Casino, (viii) the Eldorado Casino, (ix) the Jokers Wild Casino, (x) the Main Street
Station, (xi) the Blue Chip Casino, (xii) Delta Downs Racetrack and Casino, (xiii) the Sam’s Town Shreveport, (xiv) the Barbary Coast Casino, (xv) the Gold Coast Hotel and Casino, (xvi) the Orleans Hotel and Casino, (xvii) the Suncoast Hotel
and Casino, (xviii) the South Coast Project, and (xix) any Ventures pledged pursuant to Section 6.14, (xx) all property subject to the Liens of the First Preferred Ship Mortgages, together in each case with all fixtures, personal property and
other improvements now existing or to be constructed on any of such properties (exclusive of any gaming equipment to the extent the pledge thereof is prohibited by local law or contract). 
  
 “Pro Rata Share” means, with respect to any Commitment of Lender at any time, a fraction (expressed as a
percentage, carried out to the ninth decimal place), the numerator of which is the amount of the respective Commitment of such Lender at such time and the denominator of which is the amount of the aggregate amount of such Commitments at such time
or, in the case of the Term Loan Lenders from and after the Effective Date, a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of Term Loans of such Term Lender and the denominator of
which is the Outstanding Amount of all Term Loans; provided that if the commitment of each Revolving Lender to make Revolving Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section
8.02, then the Pro Rata Share of each Revolving Lender shall be determined based on the Pro Rata Share of such Revolving Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the
terms hereof. 
  

 19 

 “Register” has the meaning specified in Section 10.07(c). 
  
 “Reportable Event” means any of the events set forth in
Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived. 
  
 “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed Loan
Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice. 
  
 “Required Lenders” means, as of any date of determination, Lenders having more than 50% of the sum of (i) the Aggregate Revolving
Commitments and (ii) prior to the Effective Date, the Term Loan Commitments and thereafter the aggregate Outstanding Amount of all Term Loans or, if the commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit
Extensions have been terminated pursuant to Section 8.02, Lenders holding in the aggregate more than 50% of the Total Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations
and Swing Line Loans being deemed “held” by such Lender for purposes of this definition); provided that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for
purposes of making a determination of Required Lenders. 
  
 “Required Revolving Lenders” means, as of any date of determination, Revolving Lenders having more than 50% of the Aggregate Revolving Commitments or, if the commitment of each Revolving Lender to make Revolving Loans and
the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, Revolving Lenders holding in the aggregate more than 50% of the Total Revolving Outstandings (with the aggregate amount of each
Revolving Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Revolving Lender for purposes of this definition); provided that the Commitment of, and the
portion of the Total Revolving Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Lenders. 
  
 “Responsible Officer” means the chief executive officer, president, chief operating officer, chief
financial officer or treasurer of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other
action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 
  
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any capital
stock or other equity interest of the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, 
  

 20 

 retirement, acquisition, cancellation or termination of any such capital stock or other equity interest or of any option,
warrant or other right to acquire any such capital stock or other equity interest. 
  
 “Revolving Commitment” means, as to each Revolving Lender, its obligation to (a) make Revolving Loans to the Borrower pursuant to Section 2.01(b), (b) purchase participations in L/C
Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Revolving Lender’s name on Schedule 2.01 or in the Assignment
and Assumption pursuant to which such Revolving Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 
  
 “Revolving Lender” means each Lender that holds a Revolving Commitment. 
  
 “Revolving Loan” means each Loan made by a Revolving Lender
under the Revolving Commitment. 
  
 “Revolving Loan
Maturity Date” means June 30, 2009. 
  
 “Revolving Note” means the promissory note made by the Borrower to a Revolving Lender evidencing that Lender’s Pro Rata Share of the Revolving Commitment, substantially in the form of Exhibit C-2, either as originally
executed or as the same may from time to time be supplemented, modified, amended, renewed, extended or supplanted. 
  
 “Sam’s Town Las Vegas” means Sam’s Town Hotel, Gambling Hall and Bowling Center, which facility is owned by CH&C and is
located in Las Vegas, Nevada. 
  
 “Sam’s Town
Shreveport” means Sam’s Town Shreveport, which facility is owned by Red River Entertainment of Shreveport Partnership in Commendam and is located in Shreveport, Louisiana. 
  
 “Sam’s Town Tunica” means Sam’s Town Hotel and Gambling Hall, which facility is owned by Boyd
Tunica, Inc. and is located in Tunica County, Mississippi. 
  
 “SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions. 
  
 “Secured Obligations” means, collectively, the Obligations and all obligations of any Loan Party to any Lender or any Affiliate of a
Lender under any Swap Contracts. 
  
 “Secured
Parties” means, collectively, the Lenders, any Affiliate or any Lender that is a party to any Swap Contract with the Borrower and the Administrative Agent. 
  
 “Security Agreement” means the security agreement executed and delivered pursuant to Section
4.01(a)(iv), as such agreement may be amended, supplemented, restated or otherwise modified from time to time, which will cover all of the personal property and rights described therein that can be pledged without the consent of any third party
and which will be in substantially the form of Exhibit H hereto. 
  

 21 

 “Senior Leverage Ratio” means the ratio of (a) Consolidated Funded Indebtedness
minus Subordinated Debt to (b) twelve-month trailing Consolidated EBITDA. For purposes of determining such ratio, the outstanding Consolidated Funded Indebtedness and Subordinated Debt shall be calculated as of the last day of the applicable
Fiscal Quarter. 
  
 “Significant Subsidiary”
means each Subsidiary (including such Subsidiary’s interest in its direct and indirect Subsidiaries) of the Borrower that 
  
 (a) is designated with an asterisk in Schedule 5.13; 
  
 (b) accounted for at least 5% of consolidated revenues of the Borrower and its Subsidiaries or 5% of
Consolidated EBITDA of the Borrower and its Subsidiaries before interest and taxes, in each case for the four fiscal quarters of the Borrower ending on the last day of the last fiscal quarter of the Borrower immediately preceding the date as of
which any such determination is made; or 
  
 (c)
has assets which represent at least 5% of the consolidated assets of the Borrower and its Subsidiaries as of the last day of the last fiscal quarter of the Borrower immediately preceding the date as of which any such determination is made,

  
 all of which, with respect to clauses (b) and (c), shall be as reflected on
the financial statements of the Borrower for the period, or as of the date, in question, adjusted for the pro forma effect of any Subsidiary acquired (or disposed of) by the Borrower during such period or concurrently with the date as of which such
determination is made. 
  
 “South Coast Project”
means the proposed design, development and construction by Coast Hotels and Casinos of a hotel, casino and entertainment complex on the South Coast Project Property. 
  
 “South Coast Project Property” means the approximately 55 acres of real property owned by Coast Hotels and
Casinos located at the intersection of Las Vegas Boulevard South and Silverado Ranch Road. 
  
 “SPC” has the meaning specified in Section 10.07(h). 
  
 “Stardust Resort and Casino” means the Stardust Resort and Casino which is owned by Mare-Bear, Inc., a Nevada corporation and
wholly-owned Subsidiary of CH&C, and is located in Las Vegas, Nevada. 
  
 “Subordinated Debt” means the $250,000,000 of 8.75% Senior Subordinated Notes of the Borrower due April 15, 2012, the $300,000,000 of 7.75% Senior Subordinated Notes of the Borrower due December 15,
2012, the $350,000,000 of 6.75% Senior Subordinated Notes of the Borrower due April 15, 2014 and all additional unsecured Indebtedness of the Borrower for money borrowed which is subordinated, upon terms reasonably satisfactory to the Administrative
Agent, in right of payment to the payment in full in cash of all Obligations. 
  
 “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests

  

 22 

 having ordinary voting power for the election of directors or other governing body (other than securities or interests
having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless
otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower. 
  
 “Suncoast Hotel and Casino” means the hotel, casino and entertainment complex owned by Coast Hotels and
Casinos and located at the intersection of Rampart and Alta in Las Vegas, Nevada. 
  
 “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts,
equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions,
floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to
enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of,
or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any
related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 
  
 “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally
enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer
in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 
  
 “Swing Line” means the revolving credit facility made available by the Swing Line Lender pursuant to Section 2.04. 
  
 “Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04. 

 
 “Swing Line Lender” means Wells, in its capacity as
provider of Swing Line Loans, or any successor swing line lender hereunder. 
  
 “Swing Line Loan” has the meaning specified in Section 2.04(a). 
  

 23 

 “Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section
2.04(b), which, if in writing, shall be substantially in the form of Exhibit B. 
  
 “Swing Line Note” means the promissory note made by the Borrower to the Swing Line Lender, substantially in the form of Exhibit C-3, either as originally executed or as the same may from time to time
be supplemented, modified, amended, renewed, extended or supplemented. 
  
 “Swing Line Sublimit” means an amount equal to the lesser of (a) $30,000,000 and (b) the Aggregate Revolving Commitments. The Swing Line Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments.

  
 “Synthetic Lease Obligation” means the
monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but
which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 
  
 “Term Loan” has the meaning set forth in Section 2.01(a). 
  
 “Term Loan Commitment” means, as to each Term Loan Lender, the commitment of that Lender to make its Term
Loan. As of the Effective Date, the aggregate Term Loan Commitment is $500,000,000 and the respective Pro Rata Shares of the Term Loan Lenders with respect to the Term Loan Commitment are set forth in the records of the Administrative Agent.

  
 “Term Loan Lender” means each Lender that
holds Term Loan and/or a Term Loan Commitment. 
  
 “Term
Loan Maturity Date” means, in the case of the Term Loans made on the Effective Date, June 30, 2011. 
  
 “Term Note” means the promissory note made by the Borrower to a Term Loan Lender evidencing that Lender’s Pro Rata Share of the Term
Loan Commitment, substantially in the form of Exhibit C-1, either as originally executed or as the same may from time to time be supplemented, modified, amended, renewed, extended or supplanted. 
  
 “Title Company” means Lawyers Title Insurance Corporation or
such other title insurance company as may be reasonably acceptable to the Administrative Agent. 
  
 “Title Policies” is defined in Section 4.01(a)(v). 
  
 “Total Leverage Ratio” means the ratio of (a) Consolidated Funded Indebtedness to (b) twelve-month trailing
Consolidated EBITDA. For purposes of determining such ratio, the outstanding Consolidated Funded Indebtedness shall be calculated as of the last day of the applicable Fiscal Quarter. 
  
 “Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

  

 24 

 “Total Revolving Outstandings” means the aggregate Outstanding Amount of all Revolving
Loans, Swing Line Loans and all L/C Obligations. 
  
 “Treasure Chest Casino” means Treasure Chest Casino, which facility is owned by Treasure Chest Casino, L.L.C. and is located in Kenner, Louisiana. 
  
 “Type” means, with respect to a Committed Loan, its character as a Base Rate Loan or a Eurodollar Rate
Loan. 
  
 “Unfunded Pension Liability” means the
excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section
412 of the Code for the applicable plan year. 
  
 “United
States” and “U.S.” mean the United States of America. 
  
 “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i). 
  
 “Venture” means any casino, hotel, casino/hotel, resort, resort/hotel, riverboat, riverboat/dockside casino, horse racing track,
entertainment center or similar facility (or any site or proposed site for any of the foregoing), and any and all reasonably related businesses necessary for, in support, furtherance or anticipation of and/or ancillary to or in preparation for, any
such business, including off-track betting facilities and golf courses. 
  
 “Voting Stock” means securities of any class or classes of any a Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for corporate directors (or Persons performing equivalent
functions). 
  
 “Wells” means Wells Fargo Bank,
N.A. 
  
 1.02 Other Interpretive Provisions. With reference
to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 
  
 (a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 
  
 (b)     (i) The words “herein,”
“hereto,” “hereof” and “hereunder” and words of similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof. 
  
 (ii) Article, Section, Exhibit and Schedule references are
to the Loan Document in which such reference appears. 
  
 (iii) The term “including” is by way of example and not limitation. 
  
 (iv) The term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports,
financial statements and other writings, however evidenced, whether in physical or electronic form. 
  

 25 

 (c) In the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and
including.” 
  
 (d) Section headings herein and in the
other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 
  
 1.03 Accounting Terms. (a) All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all
financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a
manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. 
  
 (b) If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the
Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP
(subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to
the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and
after giving effect to such change in GAAP. 
  
 1.04
Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places
by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 
  
 1.05 References to Agreements and Laws. Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements (including
the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions,
supplements and other modifications are not prohibited by any Loan Document; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. 

 
 1.06 Times of Day. Unless otherwise specified, all references
herein to times of day shall be references to Pacific time (daylight or standard, as applicable). 
  
 1.07 Letter of Credit Amounts. Unless otherwise specified, all references herein to the amount of a Letter of Credit at any time shall be deemed to
mean the face amount of such Letter of Credit as in effect at such time. 
  

 26 

 ARTICLE II 
 THE COMMITMENTS AND CREDIT EXTENSIONS 
  
 2.01 Committed Loans. 
  
 (a) Subject to the terms and conditions set forth herein, each Term Loan Lender severally agrees to lend to the Borrower its Pro Rata Share of the Term Loan Commitment (each individually, a “Term Loan” and, collectively,
the “Term Loans”). Subject to Section 2.14, the Term Loans shall be made by the Term Loan Lenders in a single Borrowing on the Effective Date and shall be made by the Term Loan Lenders simultaneously and proportionately to
their respective Pro Rata Shares, it being understood that no Term Loan Lender shall be responsible for any failure by any other Term Loan Lender to perform its obligation to make any Term Loan hereunder nor shall the Term Loan Commitment of any
Term Loan Lender be increased or decreased as a result of any such failure. Once repaid, Term Loans may not be reborrowed. 
  
 (b) Subject to the terms and conditions set forth herein, each Revolving Lender severally agrees to make Revolving Loans to the Borrower from time to
time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolving Commitment; provided, however, that after giving effect to any Borrowing
of Revolving Loans, (i) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, and (ii) the aggregate Outstanding Amount of the Revolving Loans of any Revolving Lender, plus such Revolving Lender’s Pro
Rata Share of the Outstanding Amount of all L/C Obligations, plus such Revolving Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Revolving Commitment. Within the limits of
each Revolving Lender’s Revolving Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01(b), prepay under Section 2.05, and reborrow under this Section 2.01(b).
Revolving Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 
  
 2.02 Borrowings, Conversions and Continuations of Committed Loans. 
  
 (a) Each Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made
upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of
any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Committed Loans, and (ii) on the requested date of any Borrowing of Base Rate Committed Loans; provided,
however, that if the Borrower wishes to request Eurodollar Rate Loans having an Interest Period other than one, two, three or six months in duration as provided in the definition of “Interest Period”, the applicable notice must be
received by the Administrative Agent not later than 11:00 a.m. four Business Days prior to the requested date of such Borrowing, conversion or continuation. Each telephonic notice by the Borrower pursuant to this Section 2.02(a) must be
confirmed promptly by delivery to the Administrative Agent of a written Committed Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans
shall be in a principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof or such other amount 
  

 27 

 as corresponds to any Term Loan amortization payment. Except as provided in Sections 2.03(c) and 2.04(c),
each Borrowing of or conversion to Base Rate Committed Loans shall be in a principal amount of $100,000 or a whole multiple of $100,000 in excess thereof or such other amount as corresponds to any Term Loan amortization payment. Each Committed Loan
Notice (whether telephonic or written) shall specify (i) whether the Borrower is requesting a Committed Borrowing, a conversion of Committed Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the
Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Committed Loans to be borrowed, converted or continued, (iv) the Type of Committed Loans to be borrowed or to which existing
Committed Loans are to be converted, (v) whether the Borrowing is to be of Term Loans or Revolving Loans, and (vi) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Committed Loan in
a Committed Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Committed Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate
Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such
Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. 
  
 (b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender that holds a Commitment for the type of Loan
requested of the amount of its Pro Rata Share of the applicable Committed Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each applicable Lender of the details of any
automatic conversion to Base Rate Loans described in the preceding subsection. In the case of a Committed Borrowing, each Lender that holds a Commitment for the type of Loan requested shall make the amount of its Committed Loan available to the
Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in
Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by
(i) crediting the account of the Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative
Agent by the Borrower; provided, however, that if, on the date the Committed Loan Notice with respect to such Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first,
shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided above. 
  
 (c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for such
Eurodollar Rate Loan. During the existence of a Default, no Term Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Term Lenders holding more than 50% of the outstanding Term Loans and no
Revolving Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Revolving Lenders. 
  

 28 

 (d) The Administrative Agent shall promptly notify the Borrower and the Lenders funding such Loans of the
interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. The determination of the Eurodollar Rate by the Administrative Agent shall be conclusive in the absence of manifest error. At any
time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders holding such Loans of any change in the Base Rate promptly following such change. 
  
 (e) After giving effect to all Committed Borrowings, all conversions of
Committed Loans from one Type to the other, and all continuations of Committed Loans as the same Type, there shall not be more than twelve Interest Periods in effect with respect to Committed Loans. 
  
 2.03 Letters of Credit. 
  
 (a) The Letter of Credit Commitment. 
  
 (i) Subject to the terms and conditions set forth herein,
(A) the L/C Issuer agrees, in reliance upon the agreements of the other Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Effective Date until the Letter of Credit
Expiration Date, to issue Letters of Credit for the account of the Borrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters
of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension
with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Loans of any Revolving Lender, plus such Revolving
Lender’s Pro Rata Share of the Outstanding Amount of all L/C Obligations, plus such Revolving Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Lender’s Commitment, or (z)
the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit
Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be
fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to
have been issued pursuant hereto, and from and after the Effective Date shall be subject to and governed by the terms and conditions hereof. 
  
 (ii) The L/C Issuer shall not issue any Letter of Credit, if the expiry date of such requested Letter of Credit would occur after the
Letter of Credit Expiration Date, unless all of the Revolving Lenders have approved such expiry date. 
  

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 (iii) The L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

  
 (A) any order, judgment or decree of any
Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law)
from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer
with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss,
cost or expense which was not applicable on the Closing Date and which the L/C Issuer in good faith deems material to it; 
  
 (B) the issuance of such Letter of Credit would violate any Laws or one or more policies of the L/C Issuer; 
  
 (C) except as otherwise agreed by the Administrative Agent
and the L/C Issuer, such Letter of Credit is in an initial face amount less than $25,000; 
  
 (D) such Letter of Credit is to be denominated in a currency other than Dollars; 
  
 (E) such Letter of Credit contains any provisions for
automatic reinstatement of the stated amount after any drawing thereunder; or 
  
 (F) a default of any Revolving Lender’s obligations to fund under Section 2.03(c) exists or any Lender is at such time a Defaulting Lender hereunder, unless the L/C Issuer has entered into satisfactory
arrangements with the Borrower or such Lender to eliminate the L/C Issuer’s risk with respect to such Lender. 
  
 (iv) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue such Letter of
Credit in its amended form under the terms hereof. 
  
 (v) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of
such Letter of Credit does not accept the proposed amendment to such Letter of Credit. 
  
 (b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. 
  
 (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the L/C Issuer
(with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application must be received by the L/C Issuer and the
Administrative Agent not later than 11:00 a.m. at least two Business Days (or such later date and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed 
  

 30 

 issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance
of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C)
the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case
of any drawing thereunder; and (G) such other matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to
the L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the L/C Issuer may require. Additionally, the
Borrower shall furnish to the L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative
Agent may require. 
  
 (ii) Promptly after
receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower and, if not,
the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has received written notice from any Revolving Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date
of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested
date, issue a Letter of Credit for the account of the Borrower (or the applicable Subsidiary) or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices.
Immediately upon the issuance of each Letter of Credit, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to
the product of such Revolving Lender’s Pro Rata Share times the amount of such Letter of Credit. 
  
 (iii) If the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole and absolute discretion,
agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such
extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each
such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer for any such extension. Once an
Auto-Extension Letter of Credit has been issued, the Revolving Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter
of Credit Expiration Date; provided, 
  

 31 

 however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has
determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section
2.03(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is five Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Revolving
Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Revolving Lender or any Loan Party that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and in each such
case directing the L/C Issuer not to permit such extension. 
  
 (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the Borrower
and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. 
  
 (c) Drawings and Reimbursements; Funding of Participations. 
  
 (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer shall
notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse the L/C Issuer
through the Administrative Agent in an amount equal to the amount of such drawing. If the Borrower fails to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Lender of the Honor Date, the amount
of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Revolving Lender’s Pro Rata Share thereof. In such event, the Borrower shall be deemed to have requested a Committed Borrowing of Base Rate Loans
under the Revolving Commitment to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to
the amount of the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to
this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 
  
 (ii) Each Revolving Lender (including the Lender acting as
L/C Issuer) shall upon any notice pursuant to Section 2.03(c)(i) make funds available to the Administrative Agent for the account of the L/C Issuer at the Administrative Agent’s Office in an amount equal to its Pro Rata Share of the
Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Revolving Lender that so makes funds available shall be
deemed to have made a Base Rate Committed Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer. 
  

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 (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Committed
Borrowing of Base Rate Loans because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed
Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Lender’s payment to the Administrative Agent for the
account of the L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Revolving Lender in satisfaction of its participation
obligation under this Section 2.03. 
  
 (iv) Until each Revolving Lender funds its Committed Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Pro Rata
Share of such amount shall be solely for the account of the L/C Issuer. 
  
 (v) Each Revolving Lender’s obligation to make Committed Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be
absolute and unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the L/C Issuer, the Borrower or any other Person for any reason
whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Revolving Lender’s obligation to make
Committed Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise
impair the obligation of the Borrower to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. 
  
 (vi) If any Revolving Lender fails to make available to the
Administrative Agent for the account of the L/C Issuer any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), the L/C Issuer
shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately
available to the L/C Issuer at a rate per annum equal to the Federal Funds Rate from time to time in effect. A certificate of the L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under
this clause (vi) shall be conclusive absent manifest error. 
  
 (d) Repayment of Participations. 
  
 (i) At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the
Administrative Agent receives for the account of the L/C Issuer any payment in respect of the related 
  

 33 

 Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including
proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Revolving Lender its Pro Rata Share thereof (appropriately adjusted, in the case of interest payments, to reflect the period
of time during which such Lender’s L/C Advance was outstanding) in the same funds as those received by the Administrative Agent. 
  
 (ii) If any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(i) is
required to be returned under any of the circumstances described in Section 10.06 (including pursuant to any settlement entered into by the L/C Issuer in its discretion), each Revolving Lender shall pay to the Administrative Agent for the
account of the L/C Issuer its Pro Rata Share thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Revolving Lender, at a rate per annum equal to the Federal
Funds Rate from time to time in effect. 
  
 (e) Obligations
Absolute. The obligation of the Borrower to reimburse the L/C Issuer for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance
with the terms of this Agreement under all circumstances, including the following: 
  
 (i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document; 
  
 (ii) the existence of any claim, counterclaim, set-off,
defense or other right that the Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or
any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 
  
 (iii) any draft, demand, certificate or other document
presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document
required in order to make a drawing under such Letter of Credit; 
  
 (iv) any payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C
Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee
of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or 
  

 34 

 (v) any other circumstance or happening whatsoever, whether or not similar to any of the
foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or any Subsidiary. 
  
 The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of
noncompliance with the Borrower’s instructions or other irregularity, the Borrower will promptly notify the L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless
such notice is given as aforesaid. 
  
 (f) Role of L/C
Issuer. Each Revolving Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents
expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuer, any Agent-Related Person nor
any of the respective correspondents, participants or assignees of the L/C Issuer shall be liable to any Revolving Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving Lenders or the
Required Revolving Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any
Letter of Credit or Letter of Credit Application. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption
is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, any Agent-Related Person, nor any of
the respective correspondents, participants or assignees of the L/C Issuer, shall be liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.03(e); provided, however, that anything in such
clauses to the contrary notwithstanding, the Borrower may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages
suffered by the Borrower which the Borrower proves were caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary
of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without
responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or
assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 
  
 (g) Cash Collateral. Upon the request of the Administrative Agent, (i) if the L/C Issuer has honored any full or
partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of the Letter of Credit Expiration Date, any Letter of Credit for any reason remains outstanding and partially or wholly undrawn,
the Borrower shall immediately Cash Collateralize the then Outstanding Amount of all L/C 
  

 35 

 Obligations (in an amount equal to such Outstanding Amount determined as of the date of such L/C Borrowing or the Letter
of Credit Expiration Date, as the case may be). Sections 2.05 and 8.02(c) set forth certain additional requirements to deliver Cash Collateral hereunder. For purposes of this Section 2.03, Section 2.05 and Section
8.02(c), “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the L/C Issuer and the Revolving Lenders, as collateral for the L/C Obligations, cash or deposit account
balances pursuant to documentation in form and substance satisfactory to the Administrative Agent and the L/C Issuer (which documents are hereby consented to by the Revolving Lenders). Derivatives of such term have corresponding meanings. The
Borrower hereby grants to the Administrative Agent, for the benefit of the L/C Issuer and the Revolving Lenders, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash Collateral shall
be maintained in blocked deposit accounts at Bank of America. 
  
 (h) Applicability of ISP98 and UCP. Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the
rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to
each commercial Letter of Credit. 
  
 (i) Letter of Credit
Fees. The Borrower shall pay to the Administrative Agent for the account of each Revolving Lender in accordance with its Pro Rata Share a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the
Applicable Rate times the daily maximum amount available to be drawn under such Letter of Credit. Letter of Credit Fees shall be (i) computed on a quarterly basis in arrears and (ii) due and payable on the last Business Day of each March,
June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. If there is any change in the Applicable Rate during any
quarter, the daily maximum amount of each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary
contained herein, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate. 
  
 (j) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrower shall pay directly to the L/C Issuer for its own
account a fronting fee with respect to each Letter of Credit in the amount specified in the applicable Fee Letter with the Administrative Agent, payable on the actual daily maximum amount available to be drawn under such Letter of Credit. Such
fronting fee shall be computed on a quarterly basis in arrears. Such fronting fee shall be due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the
issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. 
  
 (k) Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof
shall control. 
  
 (l) Letters of Credit Issued for
Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a 
  

 36 

 Subsidiary, the Borrower shall be obligated to reimburse the L/C Issuer hereunder for any and all drawings under such
Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses
of such Subsidiaries. 
  
 2.04 Swing Line Loans.

  
 (a) The Swing Line. Subject to the terms and
conditions set forth herein, the Swing Line Lender agrees to make loans (each such loan, a “Swing Line Loan”) to the Borrower from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed
at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Pro Rata Share of the Outstanding Amount of Revolving Loans and L/C Obligations of the Revolving Lender
acting as Swing Line Lender, may exceed the amount of such Lender’s Revolving Commitment; provided, however, that after giving effect to any Swing Line Loan, (i) the Total Revolving Outstandings shall not exceed the Aggregate
Revolving Commitments, and (ii) the aggregate Outstanding Amount of the Revolving Loans of any Revolving Lender, plus such Revolving Lender’s Pro Rata Share of the Outstanding Amount of all L/C Obligations, plus such Revolving
Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Revolving Commitment, and provided, further, that the Borrower shall not use the proceeds of any Swing Line Loan to
refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this
Section 2.04. Each Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a Swing Line Loan, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line
Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Revolving Lender’s Pro Rata Share times the amount of such Swing Line Loan. 
  
 (b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable notice to the
Swing Line Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (i)
the amount to be borrowed, which shall be a minimum of $100,000, and (ii) the requested borrowing date, which shall be a Business Day. Each such telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the Administrative
Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with
the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents
thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing
Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article IV is not then
satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not 
  

 37 

 later than 3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line
Loan available to the Borrower at its office by crediting the account of the Borrower on the books of the Swing Line Lender in immediately available funds. 
  
 (c) Refinancing of Swing Line Loans. 
  
 (i) The Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the Borrower (which hereby irrevocably
authorizes the Swing Line Lender to so request on its behalf), that each Revolving Lender make a Base Rate Committed Loan in an amount equal to such Lender’s Pro Rata Share of the amount of Swing Line Loans then outstanding. Such request shall
be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the
principal amount of Base Rate Loans, but subject to the unutilized portion of the Aggregate Revolving Commitments and the conditions set forth in Section 4.02. The Swing Line Lender shall furnish the Borrower with a copy of the applicable
Committed Loan Notice promptly after delivering such notice to the Administrative Agent. Each Revolving Lender shall make an amount equal to its Pro Rata Share of the amount specified in such Committed Loan Notice available to the Administrative
Agent in immediately available funds for the account of the Swing Line Lender at the Administrative Agent’s Office not later than 1:00 p.m. on the day specified in such Committed Loan Notice, whereupon, subject to Section 2.04(c)(ii),
each Revolving Lender that so makes funds available shall be deemed to have made a Base Rate Revolving Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the Swing Line Lender. 
  
 (ii) If for any reason any Swing Line Loan cannot be
refinanced by such a Committed Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate Revolving Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender that
each of the Revolving Lenders fund its risk participation in the relevant Swing Line Loan and each Revolving Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be
deemed payment in respect of such participation. 
  
 (iii) If any Revolving Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section
2.04(c) by the time specified in Section 2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from
the date such payment is required to the date on which such payment is immediately available to the Swing Line Lender at a rate per annum equal to the Federal Funds Rate from time to time in effect. A certificate of the Swing Line Lender submitted
to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error. 
  

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 (iv) Each Revolving Lender’s obligation to make Committed Loans or to purchase and
fund risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other right which
such Revolving Lender may have against the Swing Line Lender, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any
of the foregoing; provided, however, that each Revolving Lender’s obligation to make Committed Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02. No such funding of risk
participations shall relieve or otherwise impair the obligation of the Borrower to repay Swing Line Loans, together with interest as provided herein. 
  
 (d) Repayment of Participations. 
  
 (i) At any time after any Revolving Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender
receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Revolving Lender through the Administrative Agent its Pro Rata Share of such payment (appropriately adjusted, in the case of interest payments, to
reflect the period of time during which such Revolving Lender’s risk participation was funded) in the same funds as those received by the Swing Line Lender. 
  
 (ii) If any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line
Loan is required to be returned by the Swing Line Lender under any of the circumstances described in Section 10.06 (including pursuant to any settlement entered into by the Swing Line Lender in its discretion), each Revolving Lender shall pay
to the Swing Line Lender its Pro Rata Share thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate. The
Administrative Agent will make such demand upon the request of the Swing Line Lender. 
  
 (e) Interest for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Borrower for interest on the Swing Line Loans. Until each Revolving Lender funds its Base Rate
Committed Loan or risk participation pursuant to this Section 2.04 to refinance such Lender’s Pro Rata Share of any Swing Line Loan, interest in respect of such Pro Rata Share shall be solely for the account of the Swing Line Lender.

  
 (f) Payments Directly to Swing Line Lender. The
Borrower shall make all payments of principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender. 
  
 2.05 Prepayments. 
  
 (a) The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Committed Loans in whole or in part
without premium or penalty; provided that (i) such notice must be received by the Administrative Agent not later than 
  

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 11:00 a.m. (A) three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B) on the date of
prepayment of Base Rate Committed Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof; and (iii) any prepayment of Base Rate Committed Loans shall be in
a principal amount of $100,000 or a whole multiple of $100,000 in excess thereof or, in each case, such other amount equal to the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such
prepayment, whether the Loans to be prepaid are Term Loans or Revolving Loans and the Type(s) of Committed Loans to be prepaid. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such
Lender’s Pro Rata Share of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment
of a Eurodollar Rate Loan shall be accompanied by all accrued interest thereon, together with any additional amounts required pursuant to Section 3.05. Each such prepayment shall be applied to the Committed Loans of the Revolving Lenders or
Term Loan Lenders, as applicable, in accordance with their respective Pro Rata Shares. Once prepaid, Term Loans may not be reborrowed. 
  
 (b) The Borrower may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay
Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Swing Line Lender and the Administrative Agent not later than 4:00 p.m. on the date of the prepayment, and (ii) any such
prepayment shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified
in such notice shall be due and payable on the date specified therein. 
  
 (c) If for any reason the Total Revolving Outstandings at any time exceed the Aggregate Revolving Commitments then in effect, the Borrower shall immediately prepay Revolving Loans and/or Cash Collateralize the L/C Obligations in an
aggregate amount equal to such excess; provided, however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(c) unless after the prepayment in full of the Revolving
Loans and Swing Line Loans the Total Revolving Outstandings exceed the Aggregate Revolving Commitments then in effect. 
  
 (d) All prepayments of Term Loans shall be applied to installments of Term Loans in the inverse order of maturity. 
  
 2.06 Termination or Reduction of Commitments. The Borrower may, upon
notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m.
five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrower shall not terminate or reduce
the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments, and (iv) if, after giving effect to any reduction of the Aggregate Commitments, the
Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate 
  

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 Commitments, such Sublimit shall be automatically reduced by the amount of such excess. The Administrative Agent will
promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Commitments. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Revolving Lender according to its Pro Rata Share. All fees
accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination. 
  
 2.07 Repayment of Loans. 
  
 (a) The Borrower shall make repayments of the Term Loans on the last day of each fiscal quarter of the Borrower, commencing September 30, 2004 in an
amount equal to 0.25% of the aggregate principal amount of Term Loans advanced on the Effective Date plus, in the event that the Term Loan Commitment shall be increased pursuant to Section 2.14, the aggregate principal amount of Increased
Term Loans advanced on any Increase Effective Date. The Borrower shall repay the outstanding principal amount of all Term Loans on the Term Loan Maturity Date. 
  

(b) The Borrower shall repay to the Revolving Lenders on the Revolving Loan Maturity Date the aggregate principal amount of Revolving Loans outstanding
on such date. 
  
 (c) The Borrower shall repay each Swing Line
Loan on the earlier to occur of (i) the request of the Swing Line Lender pursuant to Section 2.04(c) and (ii) the Revolving Loan Maturity Date. 
  
 2.08 Interest. 
  
 (a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall bear interest on the outstanding principal amount thereof for
each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; (ii) each Base Rate Committed Loan shall bear interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate; and (iii) each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to
the Base Rate plus the Applicable Rate for Base Rate Loans minus 0.50%. 
  
 (b) (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear
interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 
  
 (ii) If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard
to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws. 
  

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 (iii) Upon the request of the Required Lenders, while any Event of Default exists, the
Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 
  
 (iv) Accrued and unpaid interest on past due amounts
(including interest on past due interest) shall be due and payable upon demand. 
  
 (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in
accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. 
  
 2.09 Fees. In addition to certain fees described in subsections (i) and (j) of Section 2.03: 
  
 (a) Unused Fee. The Borrower shall pay to the Administrative
Agent for the account of each Revolving Lender in accordance with its Pro Rata Share, an unused fee equal to the Applicable Rate times the actual daily amount by which the Aggregate Revolving Commitments exceed the sum of (i) the Outstanding
Amount of Revolving Loans and (ii) the Outstanding Amount of L/C Obligations. The unused fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Section 4.02 is not
met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Effective Date, and on the Revolving Loan Maturity Date. The unused
fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that
such Applicable Rate was in effect. 
  
 (b) Other Fees. The
Borrower shall pay to the Arrangers and the Administrative Agent for their own respective accounts fees in the amounts and at the times specified in the Fee Letters. The Borrower shall pay to the Lenders such fees as shall have been separately
agreed upon in writing in the amounts and at the times so specified. Notwithstanding the foregoing, no such fees shall be payable prior to the Effective Date. 
  

2.10 Computation of Interest and Fees. All computations of interest for Base Rate Loans when the Base Rate is determined by Bank of
America’s “prime rate” shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days
elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion
thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one day. 
  

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 2.11 Evidence of Debt. 
  
 (a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such
Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the
Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the
Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall
control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s
Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 
  
 (b) In addition to the accounts and records referred to in subsection (a),
each Revolving Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Revolving Lender of participations in Letters of Credit and Swing Line Loans. In
the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Revolving Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in
the absence of manifest error. 
  
 2.12 Payments Generally.

  
 (a) All payments to be made by the Borrower shall be made
without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective
Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender
its Pro Rata Share (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m. shall be deemed
received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. 
  
 (b) If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day,
and such extension of time shall be reflected in computing interest or fees, as the case may be. 
  
 (c) Unless the Borrower or any Lender has notified the Administrative Agent, prior to the date any payment is required to be made by it to the
Administrative Agent hereunder, that the Borrower or such Lender, as the case may be, will not make such payment, the Administrative Agent may assume that the Borrower or such Lender, as the case may be, has timely made such 
  

 43 

 payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to the
Person entitled thereto. If and to the extent that such payment was not in fact made to the Administrative Agent in immediately available funds, then: 
  
 (i) if the Borrower failed to make such payment, each Lender shall forthwith on demand repay to the Administrative Agent the portion of
such assumed payment that was made available to such Lender in immediately available funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative Agent to such Lender
to the date such amount is repaid to the Administrative Agent in immediately available funds at the Federal Funds Rate from time to time in effect; and 
  
 (ii) if any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Administrative Agent the amount thereof
in immediately available funds, together with interest thereon for the period from the date such amount was made available by the Administrative Agent to the Borrower to the date such amount is recovered by the Administrative Agent (the
“Compensation Period”) at a rate per annum equal to the Federal Funds Rate from time to time in effect. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Committed Loan
included in the applicable Borrowing. If such Lender does not pay such amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent may make a demand therefor upon the Borrower, and the Borrower shall pay such
amount to the Administrative Agent, together with interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable Borrowing. Nothing herein shall be deemed to relieve any Lender from its
obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent or the Borrower may have against any Lender as a result of any default by such Lender hereunder. 
  
 A notice of the Administrative Agent to any Lender or the Borrower with
respect to any amount owing under this subsection (c) shall be conclusive, absent manifest error. 
  
 (d) If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this
Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms
hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest. 
  
 (e) The obligations of the Lenders hereunder to make Committed Loans and the obligations of the Revolving Lenders to fund participations in Letters of
Credit and Swing Line Loans are several and not joint. The failure of any Lender to make any Committed Loan or to fund any such participation on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so
on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Committed Loan or purchase its participation. 
  

 44 

 (f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any
particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 
  
 2.13 Sharing of Payments. If, other than as expressly provided elsewhere herein, any Lender shall obtain on account
of the Committed Loans made by it, or the participations in L/C Obligations or in Swing Line Loans held by it, any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) in excess of its ratable share
(or other share contemplated hereunder) thereof, such Lender shall immediately (a) notify the Administrative Agent of such fact, and (b) purchase from the other Lenders entitled to such payment such participations in the Committed Loans made by them
and/or such subparticipations in the participations in L/C Obligations or Swing Line Loans held by them, as the case may be, as shall be necessary to cause such purchasing Lender to share the excess payment in respect of such Committed Loans or such
participations, as the case may be, pro rata with each other Lender entitled to such payment; provided, however, that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the
circumstances described in Section 10.06 (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender shall repay to the purchasing
Lender the purchase price paid therefor, together with an amount equal to such paying Lender’s ratable share (according to the proportion of (i) the amount of such paying Lender’s required repayment to (ii) the total amount so recovered
from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered, without further interest thereon. The Borrower agrees that any Lender so purchasing a participation
from another Lender may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off, but subject to Section 10.09) with respect to such participation as fully as if such Lender were the direct
creditor of the Borrower in the amount of such participation. The Administrative Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this Section and will in each case
notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to this Section shall from and after such purchase have the right to give all notices, requests, demands, directions and other
communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased. 
  
 2.14 Increase in Commitments. 
  
 (a) Provided there exists no Default, upon notice to the Administrative
Agent the Borrower may from time to time, request an increase in the Revolving Commitment or Term Loans in accordance with this Section (the amount of any such increase, the “Increased Revolving Commitment” or “Increased
Term Loan”, as applicable). The aggregate amount of all increases shall not exceed $250,000,000. Any such request for an increase shall be in a minimum amount of $5,000,000. 
  
 (b) The Borrower may designate any Lender party to this Agreement (with the consent of such Lender, which may be given or
withheld in its sole discretion) or another Person which qualifies as an Eligible Assignee (which may be, but need not be, existing Lenders) which 
  

 45 

 at the time agrees to (i) in the case of any such designated Lender that is an existing Lender, increase its Pro Rata
Share of the Revolving Commitment or its Term Loans, as applicable, and (ii) in the case of any other such Person (an “Additional Lender”), become a party to this Agreement. The sum of the increases in the Pro Rata Shares of the
Revolving Commitment and the Term Loans of the existing Lenders pursuant to this subsection (b) plus the new commitments of the Additional Lenders shall not in the aggregate exceed the unsubscribed amount of the Increased Revolving Commitment and
the Increased Term Loans. 
  
 (c) If the Revolving Commitment
and/or the Term Loans are increased in accordance with this Section, the Administrative Agent and the Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase. The
Administrative Agent shall promptly notify the Borrower and the Lenders that have agreed to increase their Commitments of the final allocation of such increase and the Increase Effective Date. As a condition precedent to such increase, the Borrower
shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Increase Effective Date signed by a Responsible Officer of such Loan Party (i) certifying and attaching the resolutions adopted by such Loan Party approving
or consenting to such increase, and (ii) in the case of the Borrower, certifying that, before and after giving effect to such increase, (A) the representations and warranties contained in Article V and the other Loan Documents are true and
correct on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of
this Section 2.14, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of
Section 6.01, and (B) no Default exists. If the Borrower shall increase the Revolving Commitment, the Borrower shall prepay any Revolving Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to
Section 3.05) to the extent necessary to keep the outstanding Revolving Loans ratable with any revised Pro Rata Shares arising from any nonratable increase in the Revolving Commitments under this Section. The Borrower shall also pay any costs
and expenses (including, without limitation Attorney Costs, title insurance premiums and filing fees) incurred in connection with the increase of any Commitment pursuant to this Section 2.14. 
  
 (d) Notwithstanding anything to the contrary herein, in no event shall the
interest rate payable on any Increased Revolving Commitment or Increased Term Loan exceed the interest rate from time to time payable on Revolving Loans or Term Loans, nor shall any Increased Term Loan mature prior to June 30, 2011 or amortize
faster than the Term Loans; provided, however, the interest rate on any Increased Term Loan may exceed the interest rate from time to time payable on Term Loans by up to 25 basis points if the maturity date for such Increased Term Loan
is at least twelve months after the Term Loan Maturity Date. 
  
 (e) This Section shall supersede any provisions in Sections 2.13 or 10.01 to the contrary. 
  

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 ARTICLE III 
 TAXES, YIELD PROTECTION AND ILLEGALITY 
  
 3.01 Taxes. 
  
 (a) Any
and all payments by the Borrower to or for the account of the Administrative Agent or any Lender under any Loan Document shall be made free and clear of and without deduction for any and all present or future taxes, duties, levies, imposts,
deductions, assessments, fees, withholdings or similar charges, and all liabilities with respect thereto, excluding, in the case of the Administrative Agent and each Lender, taxes imposed on or measured by its overall net income, and
franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the Laws of which the Administrative Agent or such Lender, as the case may be, is organized or maintains a lending office
(all such non-excluded taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and liabilities being hereinafter referred to as “Taxes”). If the Borrower shall be required by any Laws to
deduct any Taxes from or in respect of any sum payable under any Loan Document to the Administrative Agent or any Lender, (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section), each of the Administrative Agent and such Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions,
(iii) the Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable Laws, and (iv) within 30 days after the date of such payment, the Borrower shall furnish to the Administrative
Agent (which shall forward the same to such Lender) the original or a certified copy of a receipt evidencing payment thereof. 
  
 (b) In addition, the Borrower agrees to pay any and all present or future stamp, court or documentary taxes and any other excise or property taxes or
charges or similar levies which arise from any payment made under any Loan Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, any Loan Document (hereinafter referred to as
“Other Taxes”). 
  
 (c) If the Borrower shall be
required to deduct or pay any Taxes or Other Taxes from or in respect of any sum payable under any Loan Document to the Administrative Agent or any Lender, the Borrower shall also pay to the Administrative Agent or to such Lender, as the case may
be, at the time interest is paid, such additional amount that the Administrative Agent or such Lender specifies is necessary to preserve the after-tax yield (after factoring in all taxes, including taxes imposed on or measured by net income) that
the Administrative Agent or such Lender would have received if such Taxes or Other Taxes had not been imposed. 
  
 (d) The Borrower agrees to indemnify the Administrative Agent and each Lender for (i) the full amount of Taxes and Other Taxes (including any Taxes or
Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section) paid by the Administrative Agent and such Lender, (ii) amounts payable under Section 3.01(c) and (iii) any liability (including additions to tax,
penalties, interest and expenses) arising therefrom or with respect thereto, in each case whether or not such Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Payment under this subsection
(d) shall be made within 30 days after the date the Lender or the Administrative Agent makes a demand therefor. 
  

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 3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any
Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Eurodollar Rate Loans, or to determine or charge interest rates based upon the Eurodollar Rate, then, on notice
thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Committed Loans to Eurodollar Rate Loans shall be suspended until such Lender
notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent),
prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or
immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate
a different Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender. 
  
 3.03 Inability to Determine Rates. If the Required Lenders determine
that for any reason adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan, or that the Eurodollar Rate for any requested Interest Period with
respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the Lenders
to make or maintain Eurodollar Rate Loans shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing
of, conversion to or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a request for a Committed Borrowing of Base Rate Loans in the amount specified therein. 
  
 3.04 Increased Cost and Reduced Return; Capital Adequacy; Reserves on
Eurodollar Rate Loans. 
  
 (a) If any Lender determines that
as a result of the introduction of or any change in or in the interpretation of any Law, or such Lender’s compliance therewith, there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining
Eurodollar Rate Loans or (as the case may be) issuing or participating in Letters of Credit, or a reduction in the amount received or receivable by such Lender in connection with any of the foregoing (excluding for purposes of this subsection (a)
any such increased costs or reduction in amount resulting from (i) Taxes or Other Taxes (as to which Section 3.01 shall govern), (ii) changes in the basis of taxation of overall net income or overall gross income by the United States or any
foreign jurisdiction or any political subdivision of either thereof under the Laws of which such Lender is organized or has its Lending Office, and (iii) reserve requirements 
  

 48 

 contemplated by Section 3.04(c)), then from time to time upon demand of such Lender (with a copy of such demand to
the Administrative Agent), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such increased cost or reduction. 
  
 (b) If any Lender determines that the introduction of any Law regarding capital adequacy or any change therein or in the interpretation thereof, or
compliance by such Lender (or its Lending Office) therewith, has the effect of reducing the rate of return on the capital of such Lender or any corporation controlling such Lender as a consequence of such Lender’s obligations hereunder (taking
into consideration its policies with respect to capital adequacy and such Lender’s desired return on capital), then from time to time upon demand of such Lender (with a copy of such demand to the Administrative Agent), the Borrower shall pay to
such Lender such additional amounts as will compensate such Lender for such reduction. 
  
 (c) The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known
as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith,
which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided the Borrower shall have received at least 15 days’ prior notice (with a copy to the Administrative
Agent) of such additional interest from such Lender. If a Lender fails to give notice 15 days prior to the relevant Interest Payment Date, such additional interest shall be due and payable 15 days from receipt of such notice. 
  
 3.05 Compensation for Losses. Upon demand of any Lender (with a copy
to the Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 
  
 (a) any continuation, conversion, payment or prepayment of any Loan other
than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 
  
 (b) any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow,
continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; or 
  
 (c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower
pursuant to Section 10.16; 
  
 including any loss of anticipated profits
solely attributable to a decline in the Eurodollar Rate after the date such Loan was made and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the
deposits from which such funds were obtained. 
  
 For purposes of calculating
amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the
London interbank eurodollar market for a comparable amount and for a comparable period, whether or 
  

 49 

 not such Eurodollar Rate Loan was in fact so funded. Any Lender making a claim for compensation for losses pursuant to
this Section 3.05 shall make such claim within 30 days after such Lender first becomes aware of the loss, cost or expense incurred by it. 
  
 3.06 Matters Applicable to all Requests for Compensation. A certificate of the Administrative Agent or any Lender claiming compensation under this
Article III and setting forth the additional amount or amounts to be paid to it hereunder (including calculations thereof in reasonable detail) shall be conclusive in the absence of manifest error. In determining such amount, the
Administrative Agent or such Lender may use any reasonable averaging and attribution methods. Any and all claims for compensation under this Article III shall be made by a Lender within 30 days after such Lender becomes aware of the facts or
circumstances giving rise to such claim. Each Lender agrees to designate a different lending office if such designation will avoid the need for or reduce the amount of any request for compensation under this Article III and take any other
action available to reduce or mitigate such costs in each case if such action will not, in the good faith judgment of such Lender, be materially disadvantageous to such Lender. 
  
 3.07 Survival. All of the Borrower’s obligations under this Article III shall survive termination of the
Aggregate Commitments and repayment of all other Obligations hereunder. 
  
 ARTICLE IV 
 CONDITIONS PRECEDENT TO EFFECTIVENESS AND CREDIT EXTENSIONS 
  
 4.01 Conditions of Effectiveness. The effectiveness of this Agreement
is subject to satisfaction of the following conditions precedent: 
  
 (a) The Administrative Agent’s receipt of the following, each of which shall be originals or facsimiles (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan
Party, and each in form and substance satisfactory to the Administrative Agent and each of the Lenders: 
  
 (i) executed counterparts of this Agreement; 
  
 (ii) a Note executed by the Borrower and dated the Effective Date in favor of each Lender requesting a Note; 
  
 (iii) the Guaranty, dated as of the Effective Date, duly
executed by each of the Guarantors; 
  
 (iv) the
Security Agreement, dated as of the Effective Date, duly executed by each Loan Party, covering all of each such Person’s equipment, gaming devices (but only to the extent permitted by applicable law and contract) and associated equipment,
fixtures, furnishings, inventory, accounts, intangibles and other personal property of every kind and description, including, to the extent permitted by the terms of the financing or leasing agreements applicable thereto, all furniture, fixtures and
equipment that are financed or leased, but excluding any Gaming License and the Capital Stock of any entity, together with 
  

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 (A) acknowledgment copies of properly filed Uniform Commercial Code financing statements
(Form UCC-1), dated a date reasonably near to and prior to the Effective Date, or such other evidence of filing as may be acceptable to the Administrative Agent, naming each of the Loan Parties (as appropriate) as the debtor, and the Administrative
Agent on behalf of the Secured Parties, as the secured party, or other similar instruments or documents, filed under the Uniform Commercial Code of all jurisdictions as may be necessary or, in the opinion of the Administrative Agent, desirable to
perfect the security interest of the Administrative Agent pursuant to the Security Agreement; 
  
 (B) Uniform Commercial Code termination statements necessary to release all Liens and other rights of any Person securing any existing
Liens (other than Permitted Liens), together with such other Uniform Commercial Code termination statements as the Administrative Agent may reasonably request; and 
  
 (C) certified copies of Uniform Commercial Code Requests for Information or Copies (Form UCC-3), or a
similar search report certified by a party selected by and acceptable to the Administrative Agent, dated a date reasonably near to the Effective Date, listing all effective financing statements which name any of the Loan Parties (under their present
names and any previous names) as the debtor and which are filed in the jurisdictions in which filings were made pursuant to clause (A) above, together with copies of such financing statements (none of which (other than those described in clause (A),
if such Form UCC-3 or search report, as the case may be, is current enough to list such financing statements described in clause (A)) shall cover any Collateral described in the Security Agreement except as permitted by Section 7.01);

  
 (v) executed counterparts of a Deed of Trust
dated on or before the Effective Date with respect to each Pledged Casino, duly executed by each of the owners of the Pledged Casinos, together with 
  
 (A) evidence of the completion (or satisfactory arrangements for the completion) of all recordings and filings of each of the Deeds of
Trust as may be necessary or, in the reasonable opinion of the Administrative Agent, desirable effectively to record the Deeds of Trust as valid, perfected Liens against the Pledged Casinos, which Liens are subject to no outstanding monetary Liens
recorded against Guarantors’ interest in the Pledged Casinos; 
  
 (B) title policies (collectively, the “Title Policies”) in favor of the Administrative Agent on behalf of the Secured Parties providing title insurance in an aggregate amount of not less than the Aggregate
Commitments and otherwise in form and substance satisfactory to the Administrative Agent and issued by the Title Company, with respect to the Deeds of Trust; and 
  
 (C) such other approvals, opinions, or documents in connection with the foregoing as the Administrative
Agent may reasonably request; 
  

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 (vi) to the extent necessary to obtain an ALTA Title Policy without a survey exception,
an updated surveyor’s plat of survey of each of the Pledged Casinos prepared (and so certified) in compliance with the provisions of the applicable state survey standards by a registered land surveyor of the state in which each such Pledged
Casino is located, and certified to the Administrative Agent and the Title Company; 
  
 (vii) reliance letters with respect to the so-called “phase one” environmental audits covering the Pledged Casinos previously
obtained by the Borrower, in each case from the environmental consulting firm that performed such audit to the extent reasonably available as determined by the Administrative Agent and in form and substance, reasonably satisfactory to the
Administrative Agent; 
  
 (viii) executed
counterparts of the First Preferred Ship Mortgages duly executed by each of Boyd Tunica, Inc., Par-A-Dice Gaming Corporation, Treasure Chest Casino, L.L.C., Blue Chip Casino, LLC and Red River Entertainment of Shreveport Partnership in Commendam,
together with 
  
 (A) evidence of the completion
(or satisfactory arrangements for the completion) of all recordings and filings of each of the First Preferred Ship Mortgages as may be necessary or, in the reasonable opinion of the Administrative Agent, desirable effectively to record the First
Preferred Ship Mortgages as valid, perfected Liens against the vessels described therein, which Liens are subject to no outstanding monetary Liens recorded against such vessels; and 
  
 (B) such other approvals, opinions or documents in connection with the foregoing as the Administrative Agent
may reasonably request; 
  
 (ix) evidence of the
following insurance coverages with respect to the Pledged Casinos: 
  
 (A) Comprehensive general public liability insurance in an amount reasonably satisfactory to the Administrative Agent and the Borrower covering the Borrower and the Guarantors; 
  
 (B) Worker’s compensation insurance (or self insurance
therefor) and employer’s liability insurance for the Borrower and the Guarantors, all in such amounts as may be required by statute; 
  
 (C) If commercially available, flood insurance if any Pledged Casino is located in an area designated by the Secretary of Housing and
Urban Development as a special flood hazard area; and 
  
 (D) Rental or business interruption insurance in amounts sufficient to pay operating expenses, lost rental income and debt service for a period of up to six months on each Pledged Casino other than the Treasure Chest Casino; 
  
 All policies of insurance required to be maintained by the Borrower and the
Guarantors shall be issued by companies reasonably satisfactory to the Administrative Agent and 
  

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 shall have coverages and endorsements (including, without limitation, waivers of subrogation and waivers
of breach of warranty) and be written for such amount as the Administrative Agent may reasonably require. All policies of insurance required to be maintained by Borrower and the Guarantors must name the Administrative Agent as mortgagee and
additional insured or loss payee, must insure the interest of the Administrative Agent in the property as mortgagee and must provide that no cancellation or material modification of the policies will be made without thirty days’ prior written
notice to Administrative Agent. Certificates for all such policies must be delivered to the Administrative Agent and approved by the Administrative Agent (which approval shall not be unreasonably withheld); 
  
 (x) the Hazardous Materials Indemnity, dated as of the
Effective Date, duly executed by each Guarantor that owns or leases real property Collateral; 
  
 (xi) unaudited financial statements of the Borrower and its Subsidiaries dated as of March 31, 2004; unaudited financial statements of
Coast and its Subsidiaries as of March 31, 2004; and unaudited pro forma financial statements of the Borrower and its Subsidiaries after giving effect to the Coast Merger as of a date agreed to by the Administrative Agent and the
Borrower as near to the Effective Date as practicable; 
  
 (xii) a certificate signed by a Responsible Officer of the Borrower, dated as of the Effective Date, stating that: (i) the conditions precedent to the Coast Merger have been satisfied without waiver or forbearance, except as disclosed to
and consented to by the Administrative Agent; (ii) the representations and warranties of the Borrower set forth in the Merger Agreement are true and correct in all material respects as of the date made; (iii) the Merger Agreement has not been
amended in any material respects, except as disclosed to and consented by the Administrative Agent; (iv) attached thereto is a true and complete copy of the definitive Merger Agreement; and (v) the Borrower has given irrevocable instructions to its
counsel to file all necessary merger certificates in order to consummate the Coast Merger; 
  
 (xiii) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each
Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which
such Loan Party is a party; 
  
 (xiv) such
documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in each
jurisdiction where such Person is qualified to do business; 
  
 (xv) a favorable opinion of Morrison & Foerster LLP, McDonald Carano Wilson LLC, Watkins Ludlam Winter & Stennis, P.A., More Law Group, P.C., McGlinchey Stafford, PLLC, Ice Miller, Cooper Levenson April
Niedelman & Wagenheim, P.A., and Terriberry, Carroll & Yancey L.L.P., counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, as to the matters set forth in Exhibit G and such other matters concerning the
Loan Parties and the Loan Documents as the Required Lenders may reasonably request; 
  

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 (xvi) a certificate of a Responsible Officer of each Loan Party either (A) attaching
copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses
and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required; 
  
 (xvii) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections
4.02(a) and (b) have been satisfied, (B) that the Total Leverage Ratio, calculated on a pro forma basis giving effect to the Coast Merger based on the pro forma financial statements delivered pursuant to clause (xi) above,
is not more than 5.00 to 1.00, together with a calculation thereof in form reasonably acceptable to the Administrative Agent, (C) that the Senior Leverage Ratio, calculated on a pro forma basis giving effect to the Coast Merger based
on the pro forma financial statements delivered pursuant to clause (xi) above, is not more than 3.00 to 1.00, together with a calculation thereof in form reasonably acceptable to the Administrative Agent and (D) that as of the Effective Date and
after giving effect to the Coast Merger and initial Credit Extensions on the Effective Date, the Borrower has unused Revolving Commitments of at least $350,000,000; 
  
 (xviii) evidence that the Existing Credit Agreement and the Coast Credit Agreement have been or concurrently
with the Effective Date are being terminated and all Liens securing obligations under the Existing Credit Agreement and the Coast Credit Agreement have been or concurrently with the Effective Date are being released; and 
  
 (xix) such other assurances, certificates, documents,
consents or opinions as the Administrative Agent, the L/C Issuer, the Swing Line Lender or the Required Lenders reasonably may require. 
  
 (b) Any fees required to be paid on or before the Effective Date shall have been paid. 
  
 (c) The Effective Date shall have occurred on or before August 1, 2004. 
  
 4.02 Conditions to all Credit Extensions. The obligation of each
Lender to honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type, or a continuation of Eurodollar Rate Loans) is subject to the following conditions precedent:

  
 (a) The representations and warranties of the Borrower
contained in Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct on and as of the date of such Credit Extension, except to
the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except that for purposes of this Section 4.02, the representations and
warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01. 
  

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 (b) No Default shall exist or would result from such proposed Credit Extension. 
  
 (c) The Administrative Agent and, if applicable, the L/C Issuer or the Swing
Line Lender shall have received a Request for Credit Extension in accordance with the requirements hereof. 
  
 Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type or a continuation
of Eurodollar Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit
Extension. 
  
 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES 
  
 The Borrower represents and warrants to the Administrative Agent and the Lenders that: 
  
 5.01 Existence, Qualification and Power; Compliance with Laws. Each Loan Party (a) is duly organized or formed,
validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own its
assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified and is licensed and in good standing under the Laws of each jurisdiction where its
ownership, lease or operation of properties or the conduct of its business requires such qualification or license, and (d) is in compliance with all Laws; except in each case referred to in clause (b)(i), (c) or (d), to the extent that failure to do
so could not reasonably be expected to have a Material Adverse Effect. 
  
 5.02 Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is party, have been duly authorized by all necessary corporate or other organizational
action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) except where such conflict, breach or contravention or creation of a Lien may not reasonably be expected to have a Material Adverse
Effect, conflict with or result in any breach or contravention of, or the creation of any Lien under, (i) any Contractual Obligation to which such Person is a party, or (ii) any order, injunction, writ or decree of any Governmental Authority or any
arbitral award to which such Person or its property is subject; or (c) except where such breach or contravention may not reasonably be expected to have a Material Adverse Effect, violate any Law. 
  
 5.03 Governmental Authorization; Other Consents. Except for such
authorizations, approvals or notices obtained or delivered as of the Effective Date, authorizations, approvals or notices to or from Gaming Boards which have been applied for but not yet obtained as of the Effective Date or subsequently required in
connection with the addition of any Guarantor or the pledge of any additional Collateral pursuant to Section 6.14, no approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or
any 
  

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 other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement
against, any Loan Party of this Agreement or any other Loan Document, except that pursuant to regulation 8.130 of the Nevada Gaming Control Board a notice of the Borrower’s execution of this Agreement must be filed with the Nevada Gaming
Control Board within the time periods prescribed therein, pursuant to Mississippi Gaming Commission Regulation II.I. Section 11 a notice and report of the material terms of this Agreement and certain related information must be filed with the
Mississippi Gaming Commission within the time period prescribed therein and notice of the Borrower’s execution of this Agreement and of information relating thereto, including but not limited to the Lenders who are a party hereto must be filed
with the New Jersey Casino Control Commission and the New Jersey Division of Gaming Enforcement within the time prescribed. 
  
 5.04 Binding Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered
by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto
in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally, and general principles of equity. 
  
 5.05 Financial Statements; No Material Adverse Effect. 
  
 (a) The Audited Financial Statements (i) were prepared in accordance with
GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for
the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of the
Borrower and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness. 
  
 (b) The unaudited consolidated balance sheet of the Borrower and its Subsidiaries dated March 31, 2004, and the related consolidated statements of income
or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and
(ii) fairly present the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to
normal year-end audit adjustments. 
  
 (c) Since the date of the
Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect. 
  
 5.06 Litigation. Except as specifically disclosed in Schedule
5.06, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower, threatened or contemplated, at law, in equity, in arbitration or before any Governmental 
  

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 Authority, by or against the Borrower or any of its Subsidiaries or against any of their properties or revenues that (a)
purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) either individually or in the aggregate, if determined adversely, could reasonably be expected to have a Material
Adverse Effect. 
  
 5.07 No Default. Neither the Borrower
nor any Subsidiary is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would
result from the consummation of the transactions contemplated by this Agreement or any other Loan Document. 
  
 5.08 Ownership of Property; Liens. Each of the Borrower and each Subsidiary has good record and marketable title in fee simple to, or valid
leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The
property of the Borrower and its Subsidiaries is subject to no Liens, other than Liens permitted by Section 7.01. 
  
 5.09 Environmental Compliance. The Borrower and its Subsidiaries conduct in the ordinary course of business a review of the effect of existing
Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof the Borrower has reasonably concluded that, except
as specifically disclosed in Schedule 5.09, such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  
 5.10 Insurance. The properties of the Borrower and its Subsidiaries
are insured with financially sound and reputable insurance companies not Affiliates of the Borrower, in such amounts (after giving effect to any self-insurance compatible with the following standards), with such deductibles and covering such risks
as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates. 
  
 5.11 Taxes. The Borrower and its Subsidiaries have filed all Federal, state and other material tax returns and
reports required to be filed, and have paid all Federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which
are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP and except immaterial taxes and tax returns so long as no material portion of the Collateral
is in jeopardy of being seized, levied upon or forfeited. There is no proposed tax assessment against the Borrower or any Subsidiary that would, if made, have a Material Adverse Effect. 
  
 5.12 ERISA Compliance. 
  
 (a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or state Laws. Each Plan that
is intended to qualify under 
  

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 Section 401(a) of the Code has received a favorable determination letter from the IRS or an application for such a letter
is currently being processed by the IRS with respect thereto and, to the best knowledge of the Borrower, nothing has occurred which would prevent, or cause the loss of, such qualification. The Borrower and each ERISA Affiliate have made all required
contributions to each Plan subject to Section 412 of the Code, and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Plan. 
  
 (b) There are no pending or, to the best knowledge of the Borrower,
threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary
responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect. 
  
 (c) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability; (iii) neither the
Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither the Borrower
nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with
respect to a Multiemployer Plan; and (v) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA. 
  
 5.13 Subsidiaries. As of the Effective Date, the Borrower has no Subsidiaries other than those specifically disclosed
in Part (a) of Schedule 5.13 and has no equity investments in excess of $100,000 in any other corporation or entity other than those specifically disclosed in Part(b) of Schedule 5.13. All Significant Subsidiaries of the Borrower as of
the Effective Date are identified in part (a) of Schedule 5.13 with an asterisk. 
  
 5.14 Margin Regulations; Investment Company Act; Public Utility Holding Company Act. 
  
 (a) The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying margin
stock (within the meaning of Regulations U and X issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 
  
 (b) None of the Borrower, any Person Controlling the Borrower, or any Subsidiary (i) is a “holding company,” or a “subsidiary company”
of a “holding company,” or an “affiliate” of a “holding company” or of a “subsidiary company” of a “holding company,” within the meaning of the Public Utility Holding Company Act of 1935, or (ii) is
or is required to be registered as an “investment company” under the Investment Company Act of 1940. 
  
 5.15 Disclosure. The Borrower has disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other
restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, 
  

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 could reasonably be expected to result in a Material Adverse Effect. No report, financial statement, certificate or other
written information furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder (as modified or
supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 
  
 5.16 Intellectual Property; Licenses, Etc. The Borrower and its
Subsidiaries own, or possess the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, “IP Rights”) that are
reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person, except as would not be reasonably expected to have a Material Adverse Effect. To the best knowledge of the Borrower, no
slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by the Borrower or any Subsidiary infringes upon any rights held by any other Person, except as would
not be reasonably expected to have a Material Adverse Effect. Except as specifically disclosed in Schedule 5.16, no claim or litigation regarding any of the foregoing is pending or, to the best knowledge of the Borrower, threatened, which,
either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
  
 5.17 Collateral Documents. The provisions of the Deeds of Trust, the First Preferred Ship Mortgages and the Security Agreement are effective to
create, in favor of the Administrative Agent (for the benefit of the Lenders), valid and perfected first priority Liens on the Pledged Casinos, the vessels subject to the First Preferred Ship Mortgages and all personal property described in the
Security Agreement and the Deeds of Trust, to the extent that such Liens can be perfected by filing, subject only to the Permitted Liens. All governmental approvals necessary or desirable to perfect and protect, and establish and maintain the
priority of, such Liens have been duly effected or taken, including any such approvals reasonably requested by the Administrative Agent. 
  
 ARTICLE VI 
 AFFIRMATIVE COVENANTS

  
 From the Effective Date and thereafter so long as any
Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding: 
  
 6.01 Financial Statements. The Borrower shall deliver to the Administrative Agent and each Lender, in form and detail
satisfactory to the Administrative Agent and the Required Lenders: 
  
 (a) as soon as available, but in any event within 90 days after the end of each fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated
statements of income or operations, 
  

 59 

 shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures
for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the
Required Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as
to the scope of such audit; and 
  
 (b) as soon as available, but
in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower (commencing with the fiscal quarter ended June 30, 2004), a consolidated balance sheet of the Borrower and its Subsidiaries as
at the end of such fiscal quarter, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal quarter and for the portion of the Borrower’s fiscal year then ended, setting forth in
each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail and certified by a Responsible Officer of the Borrower as
fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes.

  
 As to any information contained in materials furnished pursuant to Section
6.02(e), the Borrower shall not be separately required to furnish such information under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described
in subsections (a) and (b) above at the times specified therein. 
  
 6.02 Certificates; Other Information. The Borrower shall deliver to the Administrative Agent and each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders: 
  
 (a) concurrently with the delivery of the financial statements referred to
in Section 6.01(a), a certificate of its independent certified public accountants certifying such financial statements and stating that in making the examination necessary therefor no knowledge was obtained of any Default or, if any such
Default shall exist, stating the nature and status of such event; 
  
 (b) within five (5) Business Days after the delivery of the financial statements referred to in Sections 6.01(a) and (b) and in any event within the time period specified therein (commencing with the delivery of the financial
statements for the fiscal quarter ended September 30, 2004), a duly completed Compliance Certificate signed by a Responsible Officer of the Borrower; 
  
 (c) as soon as possible and in any event within 45 days after the end of each fiscal quarter ending as of December 31, a certification from a Responsible
Officer as to of the Total Leverage Ratio as of the end of such fiscal quarter; 
  
 (d) promptly after any request by the Administrative Agent or any request by a Lender made through the Administrative Agent, copies of any detailed audit reports, 
  

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 management letters or recommendations submitted to the board of directors (or the audit committee of the board of
directors) of the Borrower by independent accountants in connection with the accounts or books of the Borrower or any Subsidiary, or any audit of any of them; 
  

(e) promptly after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to the
stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of
1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto; and 
  
 (f) promptly, such additional information regarding the business, financial or corporate affairs of the Borrower or any Subsidiary, or compliance with the
terms of the Loan Documents, as the Administrative Agent or any Lender acting through the Administrative Agent may from time to time reasonably request. 
  
 Documents required to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(e) (to the extent any such documents are
included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the
Borrower’s website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the
Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Borrower shall deliver paper copies of such documents to the Administrative Agent upon
request of the Administrative Agent or any Lender until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Borrower shall provide to the Administrative Agent by electronic mail
electronic versions (i.e., soft copies) of such documents and the Administrative Agent shall post such documents and notify (which may be by facsimile or electronic mail) each Lender of the posting of any such documents. Notwithstanding
anything contained herein, in every instance the Borrower shall be required to provide paper copies of the Compliance Certificates required by Section 6.02(b) to the Administrative Agent. Except for such Compliance Certificates, the
Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery,
and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 
  
 The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arrangers will make available to the Lenders and the L/C Issuer materials
and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and
(b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrower or its securities) (each, a “Public Lender”). The Borrower
hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on
the first 
  

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 page thereof; (x) by marking Borrower Materials “PUBLIC”, the Borrower shall be deemed to have authorized the
Administrative Agent, the Arrangers, the L/C Issuer and the Lenders to treat such Borrower Materials as either publicly available information or not material information (although it may be sensitive and proprietary) with respect to the Borrower or
its securities for purposes of United States Federal and state securities laws; (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor;” and (z)
the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion or the Platform not designated “Public Investor.”

  
 6.03 Notices. The Borrower shall promptly notify the
Administrative Agent and each Lender: 
  
 (a) of the occurrence
of any Default; 
  
 (b) of any matter that has resulted or could
reasonably be expected to result in a Material Adverse Effect, including (i) breach or non-performance of, or any default under, a Contractual Obligation of the Borrower or any Subsidiary; (ii) any dispute, litigation, investigation, proceeding or
suspension between the Borrower or any Subsidiary and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting the Borrower or any Subsidiary, including pursuant to any
applicable Environmental Laws; 
  
 (c) of the occurrence of any
ERISA Event; and 
  
 (d) of any material change in accounting
policies or financial reporting practices by the Borrower or any Subsidiary. 
  
 Each notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has
taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 
  
 6.04 Payment of Obligations. The Borrower shall, and shall cause each
Subsidiary to pay and discharge as the same shall become due and payable, all its obligations and liabilities, including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are
being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary; (b) all lawful claims which, if unpaid, would by law become a Lien
upon its property, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary; and (c) all Indebtedness, as
and when due and payable (including any applicable grace periods), but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness, except in each case as could not be reasonably be expected to have
a Material Adverse Effect. 
  

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 6.05 Preservation of Existence, Etc. The Borrower shall, and shall cause each Significant
Subsidiary to: (a) preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or 7.05; (b) take
all reasonable action to maintain all rights, privileges, permits, licenses (including, without limitation, liquor licenses) and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so
could not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material
Adverse Effect. 
  
 6.06 Maintenance of Properties. The
Borrower shall, and shall cause its Subsidiaries to: (a) maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted; (b)
make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) use the standard of care typical in the industry in the operation
and maintenance of its facilities. 
  
 6.07 Maintenance of
Insurance. The Borrower shall, and shall cause each Subsidiary, to maintain liability, casualty and other insurance (subject to customary deductibles and retentions) with responsible insurance companies in such amounts (after giving effect to
any self-insurance compatible with the following standards) and against such risks as is carried by responsible companies engaged in similar businesses and owning similar assets in the general areas in which the Borrower and its Subsidiaries operate
and, in any event, such insurance as may be required under the Deeds of Trust. Each policy evidencing such insurance shall name the Administrative Agent as loss payee and additional insured, and provide that such insurance companies provide the
Administrative Agent thirty (30) days written notice before the termination thereof. Without limiting the obligations of the Borrower under the foregoing provisions of this Section 6.07, in the event the Borrower shall fail to maintain in
full force and effect insurance as required by the foregoing provisions of this Section 6.07, then the Administrative Agent may, and shall if instructed so to do by the Required Lenders, procure insurance covering the interests of the Lenders
and the Administrative Agent in such amounts and against such risks as otherwise would be required hereunder and the Borrower shall reimburse the Administrative Agent in respect of any premiums paid by the Administrative Agent in respect thereof.

  
 6.08 Compliance with Laws. The Borrower shall, and
shall cause each Subsidiary to comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement
of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 
  
 6.09 Books and Records. The Borrower shall, and shall cause each
Subsidiary to (a) maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of the
Borrower or such Subsidiary, as the case may be; and (b) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Borrower or such
Subsidiary, as the case may be. 
  

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 6.10 Inspection Rights. The Borrower shall, and shall cause each Subsidiary to, permit
representatives and independent contractors of the Administrative Agent and each Lender to visit and inspect the Collateral, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss
its affairs, finances and accounts with its directors, officers, and independent public accountants, and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower.

  
 6.11 Use of Proceeds. The Borrower shall use the
proceeds of the Credit Extensions for any one or more of the following: (i) to refinance the Existing Credit Agreement and the senior debt of Coast, (ii) to fund all or a portion of the prepayment and call/tender premium of Coast’s 9.50% Senior
Subordinated Notes due 2009, (iii) to fund a portion of the acquisition of Coast, (iv) to pay fees and expenses related to the acquisition of Coast and (v) for working capital and general corporate purposes not in contravention of any Law or of any
Loan Document. 
  
 6.12 Environmental Covenant. The
Borrower shall, and shall cause each Subsidiary to: 
  
 (a) use and operate all of its facilities and properties in material compliance with all applicable Environmental Laws, keep all permits, approvals, certificates, licenses and other authorizations required pursuant to applicable
Environmental Laws in effect and remain in material compliance therewith, and handle all Hazardous Materials in material compliance with all applicable Environmental Laws; 
  
 (b) promptly notify the Administrative Agent and provide copies upon receipt of all written claims, complaints, notices or
inquiries relating to the condition of its facilities and properties under, or compliance of its facilities and properties with, applicable Environmental Laws, and shall promptly commence and diligently proceed to cure, to the reasonable
satisfaction of the Administrative Agent any actions and proceedings relating to violations of compliance with applicable Environmental Laws; and 
  
 (c) provide such information and certifications which the Administrative Agent may reasonably request from time to time to evidence compliance with this
Section 6.12. 
  
 6.13 Accuracy of Information. The
Borrower shall cause all factual information furnished after the date of execution and delivery of this Agreement by or on behalf of the Borrower or any Guarantor in writing to the Administrative Agent or any Lender for purposes of or in connection
with this Agreement or any transaction contemplated hereby to be true and accurate in every material respect on the date as of which such information is dated or certified, and such information shall not be incomplete by omitting to state any
material fact necessary to make such information not misleading. 
  
 6.14 Significant Subsidiaries. Promptly upon the determination that any Subsidiary other than Omaha Partners has become a Significant Subsidiary, the Borrower shall cause such 
  

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 Significant Subsidiary to execute and deliver to the Administrative Agent for the benefit of the Lenders (i) an amendment
to the Guaranty, if such Subsidiary is not already a party thereto, joining such Subsidiary as a party thereto, (ii) if such Subsidiary owns a Venture (other than real property that is not necessary in connection with the operations of a Pledged
Casino and does not, individually or in the aggregate, have a market value in excess of $25,000,000) that is not already a Pledged Casino, one or more Deeds of Trust and other documentation required by Section 4.01(a)(v) hereof, together with
a joinder to the Hazardous Materials Indemnity and all other documentation required thereunder including a so-called “phase one” environmental audit for the real property to be encumbered by such Deed of Trust, encumbering such Venture,
(iii) an amendment to the Security Agreement, if such Subsidiary is not already a party thereto, joining such Subsidiary as a party thereto, (iv) legal opinions in form and substance satisfactory to the Administrative Agent, and (v) the
documentation required by clauses (vi) and (xiv) of Section 4.01(a) hereof in respect of such Venture(s). 
  
 Upon the acquisition by the Borrower or any Significant Subsidiary (other than Omaha Partners) of any real property or any vessel having (i) a purchase
price, or (ii) a combination of purchase price and anticipated capital expenditures in connection therewith in excess of $25,000,000, the Borrower shall deliver or cause any Significant Subsidiary (other than Omaha Partners) to deliver, a Deed of
Trust or First Preferred Ship Mortgage, as applicable, with respect thereto, together with such title insurance (in the case of real estate) and other ancillary documents as may be requested by the Administrative Agent. 
  
 ARTICLE VII 
 NEGATIVE COVENANTS 
  
 From the Effective Date and thereafter so long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain
outstanding: 
  
 7.01 Liens. The Borrower shall not, and
shall not permit any Subsidiary to, directly or indirectly create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following: 
  
 (a) Liens pursuant to any Loan Document; 
  
 (b) Liens existing on the date hereof and listed on Schedule 7.01 and
any renewals or extensions thereof, provided that the property covered thereby is not increased and any renewal or extension of the obligations secured or benefited thereby is permitted by Section 7.03(b); 
  
 (c) Liens for taxes, assessments or other governmental charges or levies not
yet delinquent or thereafter payable without penalty or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in
accordance with GAAP; 
  
 (d) carriers’, warehousemen’s,
mechanics’, materialmen’s, repairmen’s, Liens for labor done and materials and services supplied and furnished or other like Liens (i) which are not filed or recorded for a period of more than 60 days, (ii) which are being contested
in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto 
  

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 are maintained on the books of the applicable Person, or (iii) which have been bonded or which the Title Company has
agreed to insure over, in either case in a manner satisfactory to the Administrative Agent; 
  
 (e) pledges or deposits made or Liens incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security or employment or insurance legislation,
other than any Lien imposed by ERISA; 
  
 (f) deposits to secure
the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the
ordinary course of business; 
  
 (g) easements, rights-of-way,
restrictions and other similar encumbrances affecting real property which, in the aggregate, do not materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable
Person; 
  
 (h) Liens securing writs of attachment or similar
instruments or judgments for the payment of money not constituting an Event of Default under Section 8.01(h) or securing appeal or other surety bonds related to such judgments; and 
  
 (i) Liens securing Indebtedness permitted under Section 7.03(d); provided that (i) such Liens do not at any
time encumber any property other than the property financed by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition.

  
 7.02 Investments. The Borrower shall not, and shall
cause each Subsidiary not to, directly or indirectly, make any Investments, except: 
  
 (a) Investments held by the Borrower or such Subsidiary in the form of cash equivalents or short-term marketable securities; 
  
 (b) advances to officers, directors and employees of the Borrower and Subsidiaries for travel, entertainment, relocation and analogous ordinary business
purposes consistent with past practice; 
  
 (c) purchases or
redemption of the Borrower’s Capital Stock to the extent permitted by Section 7.06; 
  
 (d) Investments of the Borrower in any Guarantor and Investments of any Subsidiary in the Borrower or in a Guarantor; 
  
 (e) Investments consisting of extensions of credit in the nature of accounts
receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably
necessary in order to prevent or limit loss; 
  

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 (f) capital expenditures to the extent permitted by Section 7.12; 
  
 (g) Investments representing all or a portion of the sales price for property
sold to another Person; 
  
 (h) Investments in the Borgata in an
amount not exceeding $35,500,000 to fund amounts reflected on the Borrower’s financial statements for the year ended December 31, 2003; and 
  
 (i) other Investments not exceeding the sum of (i) $250,000,000 plus (ii) any return of capital to the Borrower or any Guarantor from a Person in
which an Investment was previously made pursuant to this Section 7.02(i), but not in excess of the aggregate amount of all such Investments previously made in such Person, plus (iii) an amount equal to any and all Investments made
pursuant to this Section 7.02(i) (net of any and all returns of capital described in clause (i)) in any Person that becomes a Guarantor (at which time such Investments shall be deemed to be capital expenditures for purposes of this
Agreement), plus (iv) Net Equity Proceeds. 
  
 7.03
Indebtedness. The Borrower shall not, and shall cause each Subsidiary not to, directly or indirectly, create, incur, assume or suffer to exist any Indebtedness secured by a Lien, except: 
  
 (a) Indebtedness under the Loan Documents; 
  
 (b) Indebtedness outstanding on the date hereof and listed on Schedule
7.03 and any refinancings, refundings, renewals or extensions thereof; provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a
reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder; 
  
 (c) obligations under Swap Contracts entered into by the Borrower with any
Lender or Affiliate of any Lender, which obligations shall be ratably secured by the Collateral; provided, in no event shall the notional principal amount for such secured obligations exceed $750,000,000 in the aggregate (it being understood
that the notional amount of each such Swap Contract shall be included in such calculation); and 
  
 (d) Indebtedness in respect of capital leases, Synthetic Lease Obligations, purchase money obligations for fixed or capital assets within the limitations
set forth in Section 7.01(i) and other secured Indebtedness; provided, however, that the aggregate amount of all such Indebtedness at any one time outstanding shall not exceed $100,000,000. 
  
 7.04 Fundamental Changes. The Borrower shall not, and shall cause each
Significant Subsidiary not to, directly or indirectly, merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now
owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default exists or would result therefrom: 
  
 (a) any Subsidiary may merge with (i) the Borrower, provided that the Borrower shall be the continuing or surviving Person, or (ii) any one or more
other Subsidiaries, provided that when any Guarantor is merging with another Subsidiary that is not a Guarantor, the Guarantor shall be the continuing or surviving Person or such surviving Person shall execute and deliver a Guaranty;

  

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 (b) any Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or
otherwise) to the Borrower or to another Subsidiary; provided that if the transferor in such a transaction is a Guarantor, then the transferee must either be the Borrower or a Guarantor; and 
  
 (c) the Borrower or any Subsidiary may make a Disposition to the extent
permitted by Section 7.05. 
  
 7.05 Dispositions.
The Borrower will not, and shall cause each Guarantor not to, directly or indirectly, make any Disposition or enter into any agreement to make any Disposition, except: 
  
 (a) Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of
business; 
  
 (b) Dispositions of inventory in the ordinary course
of business; 
  
 (c) Dispositions of equipment or real property to
the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement property;

  
 (d) Dispositions of property by the Borrower or any Guarantor
to any other Guarantor or to the Borrower; 
  
 (e) Dispositions
permitted by Section 7.04; 
  
 (f) any Disposition of the
Barbary Coast Hotel and Casino and the Collateral used in connection therewith; 
  
 (g) any Disposition of the Stardust Resort and Casino and the Collateral used in connection therewith; and 
  
 (h) Dispositions by the Borrower and the Guarantors not otherwise permitted under this Section 7.05; provided that (i) at the time of such
Disposition, no Default shall exist or would result from such Disposition and (ii) the aggregate book value of all property Disposed of in reliance on this clause (h) in any fiscal year shall not exceed $50,000,000; 
  
 provided, however, that any Disposition pursuant to clauses (a) through (h)
shall be for fair market value, as determined in good faith by the board of directors of the Person disposing such Collateral. 
  

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 7.06 Restricted Payments. The Borrower shall not, and shall cause each Subsidiary not to, directly
or indirectly, declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that: 
  
 (a) each Subsidiary may make Restricted Payments to the Borrower and to wholly-owned Subsidiaries (and, in the case of a Restricted Payment by a
non-wholly-owned Subsidiary, to the Borrower and any Subsidiary and to each other owner of capital stock or other equity interests of such Subsidiary on a pro rata basis based on their relative ownership interests); 
  
 (b) the Borrower and each Subsidiary may declare and make dividend payments
or other distributions payable solely in the common stock or other common equity interests of such Person; 
  
 (c) the Borrower and each Subsidiary may purchase, redeem or otherwise acquire shares of its common stock or other common equity interests or warrants or
options to acquire any such shares with the proceeds received from the substantially concurrent issue of new shares of its common stock or other common equity interests; and 
  
 (d) the Borrower may declare or pay cash dividends to its stockholders and purchase, redeem or otherwise acquire shares of
its capital stock or warrants, rights or options to acquire any such shares for cash (i) in an amount not to exceed $35,000,000 in the aggregate in any fiscal year if the Total Leverage Ratio as of the end of the preceding fiscal quarter was greater
than 4.50 to 1.0 and (ii) in an unlimited amount in any fiscal year if the Total Leverage Ratio as of the end of the preceding fiscal quarter was 4.50 to 1.0 or less; provided that immediately after giving effect to such proposed action, no
Default would exist. Notwithstanding the foregoing, this Section 7.06(d) shall not prohibit the payment of any cash dividends within 60 days after the date of its declaration if such dividend could have been paid on the date of its
declaration in compliance with such provisions. 
  
 7.07 Change
in Nature of Business. The Borrower shall not, and shall cause each Subsidiary not to, directly or indirectly, engage in any material line of business substantially different from those lines of business conducted by the Borrower and its
Subsidiaries on the date hereof or any business substantially related or incidental thereto. 
  
 7.08 Transactions with Affiliates. The Borrower shall not, and shall cause each Subsidiary not to, directly or indirectly, enter into any transaction of any kind with any Affiliate of the Borrower, whether or
not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the Borrower or such Subsidiary as would be obtainable by the Borrower or such Subsidiary at the time in a comparable arm’s length
transaction with a Person other than an Affiliate, provided that the foregoing restriction shall not apply to transactions between or among the Borrower and any of its wholly-owned Subsidiaries or between and among any wholly-owned Subsidiaries.

  
 7.09 Burdensome Agreements. The Borrower shall not, and
shall cause each Subsidiary not to, directly or indirectly, enter into any Contractual Obligation (other than this Agreement or any other Loan Document) that (a) limits the ability (i) of any Subsidiary to make Restricted Payments to the Borrower or
any Guarantor or to otherwise transfer property to the 
  

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 Borrower or any Guarantor, (ii) of any Subsidiary to Guarantee the Indebtedness of the Borrower or (iii) of the Borrower
or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person; provided, however, that this clause (iii) shall not prohibit any negative pledge incurred or provided in favor of any holder of
Indebtedness permitted under Section 7.03(b) or Section 7.03(d) solely to the extent any such negative pledge relates to the property financed by or the subject of such Indebtedness; or (b) requires the grant of a Lien to secure an
obligation of such Person if a Lien is granted to secure the Obligations. 
  
 7.10 Maintenance of Debt. The Borrower shall not permit the aggregate outstanding principal amount of all senior unsecured public Indebtedness (including debt issued pursuant to Rule 144A under the Securities
Act of 1933, as amended, that is intended to be registered) of the Borrower and all Subordinated Debt of the Borrower to be less than $750,000,000 at any time outstanding. 
  
 7.11 Financial Covenants. The Borrower shall not: 
  
 (a) Fixed Charge Coverage Ratio. Permit the Fixed Charge Coverage Ratio as of the end of any fiscal quarter of the
Borrower from and after September 30, 2004 to be less than 1.25 to 1.00. 
  
 (b) Senior Leverage Ratio. Permit the Senior Leverage Ratio on the last day of any period of four fiscal quarters of the Borrower set forth below to be greater than the ratio set forth below opposite such
period: 
  

			
	 Four Fiscal Quarters Ending

	  	Maximum Senior
Leverage Ratio

	 September 30, 2004 through June 30, 2006
	  	3.50 to 1.00
	 September 30, 2006 and December 31, 2006
	  	3.25 to 1.00
	 March 31, 2007 and each fiscal quarter thereafter
	  	3.00 to 1.00

  
 (c) Total Leverage
Ratio. Permit the Total Leverage Ratio on the last day of any period of four fiscal quarters of the Borrower set forth below to be greater than the ratio set forth below opposite such period: 
  

			
	 Four Fiscal Quarters Ending

	  	Maximum Total
Leverage Ratio

	 September 30, 2004 through December 31, 2005
	  	5.75 to 1.00
	 March 31, 2006 and June 30, 2006
	  	5.50 to 1.00
	 September 30, 2006
	  	5.25 to 1.00
	 December 31, 2006
	  	5.00 to 1.00
	 March 31, 2007 and June 30, 2007
	  	4.75 to 1.00
	 September 30, 2007 and each fiscal quarter thereafter
	  	4.50 to 1.00

  
 (d) Incurrence of
Indebtedness. Incur Indebtedness if the incurrence of such Indebtedness is reasonably expected to result in a Default under this Section 7.11. 
  

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 7.12 Capital Expenditures. The Borrower shall not, and shall not permit its Subsidiaries to,
directly or indirectly, make any expenditure in respect of the purchase or other acquisition of any fixed or capital asset (excluding Maintenance Capital Expenditures and any such purchase or acquisition that constitutes an Investment by the
Borrower or any Guarantor made pursuant to Section 7.02(i)), except for capital expenditures not exceeding $500,000,000, in the aggregate for the Borrower and it Subsidiaries during the term of this Agreement exclusive of the following: up to
$150,000,000 of Capital Expenditures for the Blue Chip Casino, up to $55,000,000 of Capital Expenditures for Delta Downs Racetrack and Casino, up to $400,000,000 of Capital Expenditures for the South Coast Project and up to $40,000,000 of Capital
Expenditures for the Orleans Hotel and Casino, all as more particularly described on Schedule 7.12. 
  
 7.13 Use of Proceeds. The Borrower shall not use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately,
incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulations U and X of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred
for such purpose. 
  
 ARTICLE VIII 
 EVENTS OF DEFAULT AND REMEDIES 
  
 8.01 Events of Default. Any of the following shall constitute an Event of Default: 
  
 (a) Non-Payment. The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any
amount of principal of any Loan or any L/C Obligation, or (ii) within five Business Days after the same becomes due, any interest on any Loan or on any L/C Obligation, any fee due hereunder, or any other amount payable hereunder or under any other
Loan Document; or 
  
 (b) Specific Covenants. The Borrower
fails to perform or observe any term, covenant or agreement contained in Sections 7.04, 7.05, 7.06, 7.07, 7.10, 7.11, 7.12 or 7.13; or 
  
 (c) Other Defaults. Any Loan Party fails to perform or observe any
other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after notice shall have been given to the Borrower by the
Administrative Agent; or 
  
 (d) Representations and
Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or
therewith shall be incorrect or misleading in any material respect when made or deemed made; or 
  
 (e) Cross-Default. (i) The Borrower or any Subsidiary (A) fails to make any payment when due after giving effect to any applicable notice and cure
periods (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal
amount (including undrawn committed or available 
  

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 amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than
$50,000,000, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, in each
case after giving effect to any applicable notice and cure periods, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee
or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or
otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) any counterparty under
Swap Contract terminates such Swap Contract as a result of an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which the Borrower or any Subsidiary is the Defaulting
Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which the Borrower or any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by
the Borrower or such Subsidiary as a result thereof is greater than $10,000,000 and the Borrower or such Subsidiary, as the case may be, has not paid such Termination Value within 30 days of the due date thereof, unless such termination or such
Termination Value is being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves in accordance with GAAP have been provided; or 
  
 (f) Insolvency Proceedings, Etc. The Borrower or any of its Significant Subsidiaries institutes or consents to the
institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment
continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues
undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or 
  
 (g) Inability to Pay Debts; Attachment. (i) The Borrower or any Significant Subsidiary becomes unable or admits in writing its inability or fails
generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully
bonded within 60 calendar days after its issue or levy; or 
  
 (h)
Judgments. There is entered against the Borrower or any Significant Subsidiary a final judgment or order for the payment of money in an aggregate amount in excess of $50,000,000 (to the extent not covered by independent third-party insurance
of a solvent insurer and as to which the insurer does not dispute coverage) and either (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of 20 consecutive days during which a stay of
enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 
  

 72 

 (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which
has resulted or could reasonably be expected to result in liability of the Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $10,000,000, or (ii) the Borrower or any ERISA
Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of
$10,000,000; or 
  
 (j) Invalidity of Loan Documents. Any
Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect and, in the reasonable judgment of the
Required Lenders, such circumstance is materially adverse to the interests of the Lenders; or any Lien in favor of the Administrative Agent on a material portion of the Collateral any time after its perfection and for any reason other than as
expressly permitted hereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect and, in the reasonable judgment of the Required Lenders, such circumstance is materially adverse to the interests of the Lenders; or
any Loan Party or any other Person contests in any manner the validity or enforceability of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or
rescind any Loan Document; or 
  
 (k) Change of Control.
There occurs any Change of Control with respect to the Borrower; or 
  
 (l) License Revocation. The occurrence of a License Revocation that continues for fifteen consecutive calendar days with respect to gaming operations at any gaming facility accounting for ten percent or more of the consolidated total
assets, consolidated gross revenues or Consolidated EBITDA of the Borrower and its Subsidiaries; or 
  
 (m) Governmental Approvals. Any Loan Party shall fail to obtain, renew, maintain or comply with any such governmental approvals as shall be
necessary (1) for the execution, delivery or performance by such Loan Party of its obligations, or the exercise of its rights, under the Loan Documents, or (2) for the grant of the Liens created under the Deeds of Trust, the First Preferred Ship
Mortgages or the Security Agreement or for the validity and enforceability or the perfection of or exercise by the Administrative Agent of its rights and remedies under the Deeds of Trust, the First Preferred Ship Mortgages or the Security
Agreement; or any such governmental approval shall be revoked, terminated, withdrawn, suspended, modified or withheld or shall cease to be effective; or any proceeding shall be commenced by or before any Governmental Authority for the purpose of
revoking, terminating, withdrawing, suspending, modifying or withholding any such governmental approval and such proceeding is not dismissed within 60 days; and such failure, revocation, termination, withdrawal, suspension, modification, cessation
or commencement is reasonably likely to materially adversely affect (i) the rights or the interests of the Lenders under the Loan Documents or (ii) the ability of the Loan Parties to perform their obligations under the Loan Documents; or 

 

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 (n) Liens on Shares of Significant Subsidiaries. Any Lien, other than a Lien in favor of the
Administrative Agent on behalf of the Lenders, shall be placed on any Capital Stock of any Significant Subsidiary. 
  
 8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may,
with the consent of, the Required Lenders, take any or all of the following actions: 
  
 (a) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated; 

 
 (b) declare the unpaid principal amount of all outstanding Loans, all
interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived by the Borrower; 
  
 (c) require that the
Borrower Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and 
  
 (d) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable law;

  
 provided, however, that upon the occurrence of an actual or
deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically
terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid
shall automatically become effective, in each case without further act of the Administrative Agent or any Lender. 
  
 8.03 Application of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become
immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall be applied by the
Administrative Agent in the following order: 
  
 First, to
payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts other than principal and interest (including Attorney Costs and amounts payable under Article III) payable to the Administrative Agent in
its capacity as such; 
  
 Second, to payment of that
portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders (including Attorney Costs and amounts payable under Article III), ratably among them in proportion to the
amounts described in this clause Second payable to them; 
  

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 Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on
the Loans, L/C Borrowings and other Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them; 
  
 Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings
and payments due to any Lender or an Affiliate of a Lender under any Swap Contract, ratably among the Lenders in proportion to the respective amounts described in this clause Fourth held by them; 
  
 Fifth, to the Administrative Agent for the account of the L/C Issuer,
to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit; and 
  
 Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.

  
 Subject to Section 2.03(c), amounts used to Cash Collateralize the
aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have
either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. 
  
 ARTICLE IX 
 ADMINISTRATIVE AGENT

  
 9.01 Appointment and Authorization of Administrative
Agent. 
  
 (a) Each Lender hereby irrevocably appoints,
designates and authorizes the Administrative Agent to take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the
terms of this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Loan Document, the Administrative Agent
shall not have any duties or responsibilities, except those expressly set forth herein, nor shall the Administrative Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term
“agent” herein and in the other Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such
term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. 
  
 (b) The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents
associated therewith, and the L/C Issuer shall have all of the benefits and immunities (i) provided to the Administrative Agent in this Article IX with respect to any acts taken or omissions suffered by the L/C Issuer in connection with
Letters of 
  

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 Credit issued by it or proposed to be issued by it and the applications and agreements for letters of credit pertaining
to such Letters of Credit as fully as if the term “Administrative Agent” as used in this Article IX and in the definition of “Agent-Related Person” included the L/C Issuer with respect to such acts or omissions, and (ii)
as additionally provided herein with respect to the L/C Issuer. 
  
 9.02 Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement or any other Loan Document by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and
other consultants or experts concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or
willful misconduct. 
  
 9.03 Liability of Administrative
Agent. No Agent-Related Person shall (a) be liable to any Lender or participant for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated
hereby (except for its own gross negligence or willful misconduct in connection with its duties expressly set forth herein), or (b) be responsible in any manner to any Lender or participant for any recital, statement, representation or warranty made
by any Loan Party or any officer thereof, contained herein or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with,
this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any failure of any Loan Party or any other party to any Loan Document to
perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender or participant to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions
of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party or any Affiliate thereof. 
  
 9.04 Reliance by Administrative Agent. 
  
 (a) The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature, resolution,
representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail message, statement or other document or conversation believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to any Loan Party), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall be
fully justified in failing or refusing to take any action under any Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its
satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining
from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Required Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and such request and any action
taken or failure to act pursuant thereto shall be binding upon all the Lenders. 
  

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 (b) For purposes of determining compliance with the conditions specified in Section 4.01, each
Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender
unless the Administrative Agent shall have received notice from such Lender prior to the proposed Effective Date specifying its objection thereto. 
  
 9.05 Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default, except with
respect to defaults in the payment of principal, interest and fees required to be paid to the Administrative Agent for the account of the Lenders, unless the Administrative Agent shall have received written notice from a Lender or the Borrower
referring to this Agreement, describing such Default and stating that such notice is a “notice of default.” The Administrative Agent will notify the Lenders of its receipt of any such notice. The Administrative Agent shall take such action
with respect to such Default as may be directed by the Required Lenders in accordance with Article VIII; provided, however, that unless and until the Administrative Agent has received any such direction, the Administrative Agent
may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable or in the best interest of the Lenders. 
  
 9.06 Credit Decision; Disclosure of Information by Administrative Agent. Each Lender acknowledges to the
Administrative Agent that no Agent-Related Person has made any representation or warranty to it, and that no act by the Administrative Agent hereafter taken, including any consent to and acceptance of any assignment or review of the affairs of any
Loan Party or any Affiliate thereof, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information in their
possession. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and
investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their respective Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions
contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrower hereunder. Each Lender also represents to the Administrative Agent that it will, independently and without reliance upon any
Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan
Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower. Except for notices, reports and other
documents expressly required to be furnished to the Lenders by the Administrative Agent herein, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business,
prospects, operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates which may come into the possession of any Agent-Related Person. 
  

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 9.07 Indemnification of Administrative Agent. Whether or not the transactions contemplated hereby
are consummated, the Lenders shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of any Loan Party and without limiting the obligation of any Loan Party to do so), pro rata, and hold harmless each
Agent-Related Person from and against any and all Indemnified Liabilities incurred by it; provided, however, that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities to
the extent determined in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from such Agent-Related Person’s own gross negligence or willful misconduct, provided, however, that no action taken in
accordance with the directions of the Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section, provided, further, that to the extent an L/C Issuer is entitled to
indemnification under this Section 9.07 solely in connection with its role as an L/C Issuer, only the Revolving Lenders shall be required to indemnify the L/C Issuer in accordance with this Section 9.07. Without limitation of the
foregoing, each Lender shall reimburse the Administrative Agent (to the extent not reimbursed by or on behalf of any Loan Party and without limiting the obligation of any Loan Party to do so), upon written demand (specifying the basis of such
demand) for its ratable share of any costs or out-of-pocket expenses (including Attorney Costs) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement
(whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that the
Administrative Agent is not reimbursed for such expenses by or on behalf of the Borrower. The undertaking in this Section shall survive termination of the Aggregate Commitments, the payment of all other Obligations and the resignation of the
Administrative Agent. 
  
 9.08 Administrative Agent in its
Individual Capacity. Bank of America and its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory,
underwriting or other business with each of the Loan Parties and their respective Affiliates as though Bank of America were not the Administrative Agent or, if applicable, the L/C Issuer hereunder and without notice to or consent of the Lenders. The
Lenders acknowledge that, pursuant to such activities, Bank of America or its Affiliates may receive information regarding any Loan Party or its Affiliates (including information that may be subject to confidentiality obligations in favor of such
Loan Party or such Affiliate) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. With respect to its Loans, Bank of America shall have the same rights and powers under this Agreement as
any other Lender and may exercise such rights and powers as though it were not the Administrative Agent or, if applicable, the L/C Issuer, and the terms “Lender” and “Lenders” include Bank of America in its individual capacity.

  
 9.09 Successor Administrative Agent. The Administrative
Agent may resign as Administrative Agent upon 30 days’ notice to the Lenders; provided that any such resignation by Bank of America shall also constitute its resignation as L/C Issuer. If the Administrative Agent resigns under this Agreement,
the Required Lenders shall appoint from among the Lenders a successor administrative agent for the Lenders, which successor administrative agent shall be consented to by the Borrower at all times other than during the existence of an Event of
Default 
  

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 (which consent of the Borrower shall not be unreasonably withheld or delayed). If no successor administrative agent is
appointed prior to the effective date of the resignation of the Administrative Agent, the Administrative Agent may appoint, after consulting with the Lenders and the Borrower, a successor administrative agent from among the Lenders. Upon the
acceptance of its appointment as successor administrative agent hereunder, the Person acting as such successor administrative agent shall succeed to all the rights, powers and duties of the retiring Administrative Agent and L/C Issuer and the
respective terms “Administrative Agent” and “L/C Issuer” shall mean such successor administrative agent and Letter of Credit issuer, the retiring Administrative Agent’s appointment, powers and duties as Administrative Agent
shall be terminated and the retiring L/C Issuer’s rights, powers and duties as such shall be terminated, without any other or further act or deed on the part of such retiring L/C Issuer or any other Lender, other than the obligation of the
successor L/C Issuer to issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or to make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations
of the retiring L/C Issuer with respect to such Letters of Credit. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article IX and Sections 10.04 and 10.05
shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. If no successor administrative agent has accepted appointment as Administrative Agent by the date which is 30
days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of the Administrative
Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. 
  
 9.10 Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein
expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 
  
 (a) to file and prove a claim for the whole amount of the principal and
interest owing and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the
Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the
Administrative Agent under Sections 2.03(i) and (j), 2.09 and 10.04) allowed in such judicial proceeding; and 
  
 (b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 
  
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making 
  

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 of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable
compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09 and 10.04. 
  
 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize
or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the
claim of any Lender in any such proceeding. 
  
 9.11 Collateral
and Guaranty Matters. The Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion, 
  
 (a) to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon termination of the Aggregate
Commitments and payment in full of all Obligations (other than contingent indemnification obligations) and the expiration, termination or Cash Collateralization of all Letters of Credit, (ii) that is sold or to be sold as part of or in connection
with any sale permitted hereunder or under any other Loan Document, or (iii) subject to Section 10.01, if approved, authorized or ratified in writing by the Required Lenders; 
  
 (b) to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the
holder of any Lien on such property that is permitted by Section 7.01(i); and 
  
 (c) to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder. 
  
 Upon request by the Administrative Agent at any time, the Required Lenders
will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section
9.11. 
  
 9.12 Other Agents; Arrangers and Managers.
None of the Lenders or other Persons identified on the facing page or signature pages of this Agreement as a “co-syndication agent,” “co-documentation agent,” “managing agent,” “joint book manager” or
“joint lead arranger” shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than, in the case of such Lenders, those applicable to all Lenders as such. Without limiting the foregoing, none of
the Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified (in the
aforementioned capacities) in deciding to enter into this Agreement or in taking or not taking action hereunder. 
  
 ARTICLE X 
 MISCELLANEOUS

  
 10.01 Amendments, Etc. No amendment or waiver of
any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan 
  

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 Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or the applicable
Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no
such amendment, waiver or consent shall: 
  
 (a) extend or
increase the Commitment of any Lender without the written consent of such Lender; 
  
 (b) postpone any date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees or other amounts due to the Lenders (or any of them) without the written consent of each Lender
directly affected thereby; 
  
 (c) reduce or forgive the principal
of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (v) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the
written consent of each Lender directly affected thereby; provided, however, that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the
Borrower to pay interest or Letter of Credit Fees at the Default Rate; 
  
 (d) change Section 2.13 or Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender; 
  
 (e) change any provision of this Section or the definition of “Required Lenders” or any other provision hereof
specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender; 
  
 (f) impose any greater restriction on the ability of any Lender to assign any
of its rights or obligations hereunder without the written consent of Lenders having more than 50% of the sum of (x) the Aggregate Revolving Commitments then in effect and (y) the outstanding principal amount of Term Loans at such time within each
of the following classes of Commitments, Loans and other Credit Extensions: (i) the class consisting of the Revolving Commitment, and (ii) the class consisting of the Term Loans. For purposes of this clause, the aggregate amount of each Revolving
Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans shall be deemed to be held by such Lender; 
  
 (g) release all or substantially all of the Guarantors from the Guaranty without the written consent of each Lender; or 
  
 (h) release all or substantially all of the Collateral without the written
consent of each Lender; 
  
 and, provided further, that (i) no
amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Letter of Credit Application relating to any
Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Lender in addition to the Lenders required above, affect the rights 
  

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 or duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent shall, unless in writing
and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; (iv) Section 10.07(h) may not be amended, waived or
otherwise modified without the consent of each Granting Lender all or any part of whose Loans are being funded by an SPC at the time of such amendment, waiver or other modification; and (v) the Fee Letters may be amended, or rights or privileges
thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the
Commitment of such Lender may not be increased or extended without the consent of such Lender. 
  
 10.02 Notices and Other Communications; Facsimile Copies. 
  
 (a) General. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including
by facsimile transmission). All such written notices shall be mailed certified or registered mail, faxed or delivered to the applicable address, facsimile number or (subject to subsection (c) below) electronic mail address, and all notices and other
communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 
  
 (i) if to the Borrower, the Administrative Agent, the L/C Issuer or the Swing Line Lender, to the address, facsimile number, electronic
mail address or telephone number specified for such Person on Schedule 10.02 or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the other parties; and

  
 (ii) if to any other Lender, to the address,
facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to
the Borrower, the Administrative Agent, the L/C Issuer and the Swing Line Lender. 
  
 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in subsection
(b) below, shall be effective as provided in such subsection (b). 
  
 (b) Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved
by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article
by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that
approval of such procedures may be limited to particular notices or communications. 
  

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 (c) Effectiveness of Facsimile Documents and Signatures. Loan Documents may be transmitted and/or
signed by facsimile. The effectiveness of any such documents and signatures shall, subject to applicable Law, have the same force and effect as manually-signed originals and shall be binding on all Loan Parties, the Administrative Agent and the
Lenders. The Administrative Agent may also require that any such documents and signatures be confirmed by a manually-signed original thereof; provided, however, that the failure to request or deliver the same shall not limit the
effectiveness of any facsimile document or signature. 
  
 (d)
Reliance by Administrative Agent and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices and Swing Line Loan Notices) purportedly given by or
on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient,
varied from any confirmation thereof. The Borrower shall indemnify each Agent-Related Person and each Lender from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf
of the Borrower. All telephonic notices to and other communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 
  
 10.03 No Waiver; Cumulative Remedies. No failure by any Lender or the
Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and
privileges provided by law. 
  
 10.04 Attorney Costs, Expenses
and Taxes. The Borrower agrees (a) to pay or reimburse the Administrative Agent for all reasonable costs and expenses incurred in connection with the development, preparation, negotiation and execution of this Agreement and the other Loan
Documents and any amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions contemplated hereby or thereby are consummated), and the consummation and administration of the transactions
contemplated hereby and thereby, including all Attorney Costs, (b) to pay or reimburse the Administrative Agent for all reasonable out-of-pocket costs and expenses incurred in connection with the enforcement, attempted enforcement, or preservation
of any rights or remedies under this Agreement or the other Loan Documents (including all such costs and expenses incurred during any “workout” or restructuring in respect of the Obligations and during any legal proceeding, including any
proceeding under any Debtor Relief Law), including all Attorney Costs, and (c) after the occurrence and during the continuance of an Event of Default, to pay or reimburse each Lender for all reasonable out-of-pocket costs and expenses incurred in
connection with any “workout” or restructuring in respect of the Obligations and during any legal proceeding, including any proceeding under any Debtor Relief Law), including all Attorney Costs. The 
  

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 foregoing costs and expenses shall include all search, filing, recording, title insurance and appraisal charges and fees
and taxes related thereto, and other out-of-pocket expenses incurred by the Administrative Agent and the cost of independent public accountants and other outside experts retained by the Administrative Agent. All amounts due under this Section
10.04 shall be payable within ten Business Days after demand therefor. The agreements in this Section shall survive the termination of the Aggregate Commitments and repayment of all other Obligations. 
  
 10.05 Indemnification by the Borrower. Whether or not the transactions
contemplated hereby are consummated, the Borrower shall indemnify and hold harmless each Agent-Related Person, each Lender and their respective Affiliates, directors, officers, employees, counsel, agents, trustees, investment advisors and
attorneys-in-fact (collectively the “Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney
Costs) of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with (a) the execution, delivery, enforcement, performance or
administration of any Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby, (b) any Commitment, Loan or Letter of
Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the
terms of such Letter of Credit), (c) any actual or alleged presence or release of Hazardous Materials on or from any property currently or formerly owned or operated by the Borrower, any Subsidiary or any other Loan Party, or any Environmental
Liability related in any way to the Borrower, any Subsidiary or any other Loan Party, or (d) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other
theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party thereto (all the foregoing, collectively, the
“Indemnified Liabilities”); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits,
costs, expenses or disbursements are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. No Indemnitee shall be liable for any
damages arising from the use by others of any information or other materials obtained through IntraLinks or other similar information transmission systems in connection with this Agreement, nor shall any Indemnitee have any liability for any
indirect or consequential damages relating to this Agreement or any other Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date). All amounts due under this Section 10.05
shall be payable within ten Business Days after demand therefor. The agreements in this Section shall survive after the resignation of the Administrative Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the
repayment, satisfaction or discharge of all the other Obligations. 
  
 10.06 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises its right of set-off, and such payment or
the proceeds of such set-off or any part 
  

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 thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant
to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent
of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such set-off had not occurred, and (b) each Lender severally agrees
to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal
to the Federal Funds Rate from time to time in effect. 
  
 10.07 Successors and Assigns. 
  
 (a) The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or
obligations hereunder without the prior written consent of each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of subsection (b)
of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section, or (iv) to
an SPC in accordance with the provisions of subsection (h) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void ab initio). Nothing in this Agreement, expressed or implied, shall be construed to
confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Indemnitees)
any legal or equitable right, remedy or claim under or by reason of this Agreement. 
  
 (b) Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for
purposes of this subsection (b), participations in L/C Obligations and in Swing Line Loans held by any Revolving Lender) at the time owing to it); provided that (i) except in the case of an assignment of the entire remaining amount of the
assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund (as defined in subsection (g) of this Section) with respect to a Lender, the
aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the
Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $1,000,000 (treating assignments to two or more Approved Funds under common management as one assignment
for purposes of the minimum amount) unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); (ii) each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not
apply to rights in respect of Swing Line Loans; (iii) any assignment of a 
  

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 Revolving Commitment must be approved by the Administrative Agent, the L/C Issuer, the Swing Line Lender and, so long as
no Event of Default has occurred and is continuing, the Borrower (each consent not to be unreasonably withheld or delayed) unless the Person that is the proposed assignee is itself a Revolving Lender (whether or not the proposed assignee would
otherwise qualify as an Eligible Assignee) or an Affiliate thereof; (iv) any assignment of a Term Loan must be approved by the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (each consent not to
be unreasonably withheld or delayed) unless the Person that is the proposed assignee is itself a Lender, an Affiliate of a Lender or an Approved Fund (whether or not the proposal assignee would otherwise qualify as an Eligible Assignee); and (v) the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500. Subject to acceptance and recording thereof by the Administrative Agent pursuant
to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and
Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections
3.01, 3.04, 3.05, 10.04 and 10.05 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, the Borrower (at its expense) shall execute and deliver a Note to the
assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with subsection (d) of this Section. 
  
 (c) The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a
register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower at any reasonable time and from time to time upon reasonable prior notice. In addition, at any time that a
request for a consent for a material or other substantive change to the Loan Documents is pending, any Lender wishing to consult with other Lenders in connection therewith may request and receive from the Administrative Agent a copy of the Register.

  
 (d) Any Lender may at any time, without the consent of, or
notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a
portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swing Line Loans) owing to it);
provided that (i) such Lender’s obligations 
  

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 under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto
for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision
of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification that (i) reduces the fees, interest rate or
principal payable directly or indirectly to such Participant (or such Lender in respect of such Participant), (ii) increases the Commitment of such Participant (or such Lender in respect of such Participant) or (iii) extends the final maturity date
for the Loans held by such Participant (or such Lender in respect of such Participant). Subject to subsection (e) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and
3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section
10.09 as though it were a Lender, provided such Participant agrees to be subject to Section 2.13 as though it were a Lender. 
  
 (e) A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would have been
entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were
a Lender shall not be entitled to the benefits of Section 3.01 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 10.15 as
though it were a Lender. 
  
 (f) Any Lender may at any time pledge
or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank;
provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. In the case of any Lender that is a fund that invests in
bank loans, such Lender may, without the consent of Borrower or the Administrative Agent, collaterally assign or pledge all or any portion of its rights under this Agreement, including the Loans and Notes or any other instrument evidencing its
rights as a Lender under this Agreement, to any holder of, trustee for, or any other representative of holders of, obligations owed or securities issued, by such fund, as security for such obligations or securities. 
  
 (g) As used herein, the following terms have the following meanings:

  
 “Eligible Assignee” means
(a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; and (d) any other Person (other than a natural person) approved by (i) the Administrative Agent, and in the case of assignments of Revolving Commitments only, the L/C Issuer and the
Swing Line Lender, and (ii) unless an Event of Default has occurred and is continuing, the Borrower (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee”
shall not include the Borrower or any of the Borrower’s Affiliates or Subsidiaries. 
  

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 “Fund” means any Person (other than a natural person) that is (or will
be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business. 
  
 “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
  
 (h) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding
vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower (an “SPC”) the option to provide all or any part of any Committed Loan that such Granting Lender would
otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Committed Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to make
all or any part of such Committed Loan, the Granting Lender shall be obligated to make such Committed Loan pursuant to the terms hereof or, if it fails to do so, to make such payment to the Administrative Agent as is required under Section
2.12(c)(ii). Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrower under this
Agreement (including its obligations under Section 3.04), (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all
purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Committed Loan by an SPC hereunder shall utilize the Commitment of the
Granting Lender to the same extent, and as if, such Committed Loan were made by such Granting Lender. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to
the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy,
reorganization, arrangement, insolvency, or liquidation proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the
Borrower and the Administrative Agent and with the payment of a processing fee of $3,500, assign all or any portion of its right to receive payment with respect to any Committed Loan to the Granting Lender and (ii) disclose on a confidential basis
any non-public information relating to its funding of Committed Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC. 
  
 (i) Notwithstanding anything to the contrary contained herein, if at any time
Bank of America assigns all of its Revolving Commitment and Loans pursuant to subsection (b) above, Bank of America may, upon 30 days’ notice to the Borrower and the Revolving Lenders, resign as L/C Issuer. In the event of any such resignation
as L/C Issuer, the Borrower shall be entitled to appoint from among the Revolving Lenders a successor L/C Issuer hereunder; provided, 
  

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 however, that no failure by the Borrower to appoint any such successor shall affect the resignation of Bank of
America as L/C Issuer. If Bank of America resigns as L/C Issuer, it shall retain all the rights and obligations of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer
and all L/C Obligations with respect thereto (including the right to require the Revolving Lenders to make Base Rate Committed Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). 
  
 (j) Notwithstanding anything to the contrary contained herein, if at any time
Wells assigns all of its Revolving Commitment and Loans pursuant to subsection (b) above, Wells may, upon 30 days’ notice to the Borrower and the Revolving Lenders, resign as Swing Line Lender. In the event of any such resignation as Swing Line
Lender, the Borrower shall be entitled to appoint from among the Revolving Lenders a successor Swing Line Lender hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation
of Wells as Swing Line Lender. If Wells resigns as Swing Line Lender, it shall retain all the rights and obligations of the Swing Line Lender hereunder with respect to all Swing Line Loans outstanding as of the effective date of its resignation as
Swing Line Lender (including the right to require the Revolving Lenders to make Base Rate Committed Loans pursuant to Section 2.04(c)). 
  
 (k) Notwithstanding anything in this Section 10.07 to the contrary, the rights of the Lenders to make assignments of their Loans and corresponding
Commitments therefor shall be subject to the approval of any Gaming Board, to the extent required by applicable Gaming Laws. 
  
 10.08 Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and representatives that need to know such information (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to
have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any
other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or
thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this
Agreement, (ii) any pledgee referred to in Section 10.07(f), or (iii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the
Borrower or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than
the Borrower. For purposes of this Section, “Information” means all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any Subsidiary or any of their respective businesses, other than any
such information that is available to the Administrative Agent or any Lender on a 
  

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 nonconfidential basis prior to disclosure to any such Person by the Borrower or any Subsidiary, provided that, in
the case of information received from the Borrower or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as
provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential
information. 
  
 10.09 Set-off. In addition to any rights
and remedies of the Lenders provided by law, upon the occurrence and during the continuance of any Event of Default, after obtaining the prior written consent of the Administrative Agent, each Lender is authorized at any time and from time to time,
without prior notice to the Borrower or any other Loan Party, any such notice being waived by the Borrower (on its own behalf and on behalf of each Loan Party) to the fullest extent permitted by law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final) at any time held by, and other indebtedness at any time owing by, such Lender to or for the credit or the account of the respective Loan Parties against any and all Obligations owing to such
Lender hereunder or under any other Loan Document, now or hereafter existing, irrespective of whether or not the Administrative Agent or such Lender shall have made demand under this Agreement or any other Loan Document and although such Obligations
may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or indebtedness. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such set-off and application made by
such Lender; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application. 
  
 10.10 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid
under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the
Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent
or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the
effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 
  
 10.11 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 
  
 10.12 Integration. This Agreement, together with the other Loan Documents, comprises the complete and integrated agreement of the parties on the subject matter hereof and thereof and supersedes all prior
agreements, written or oral, on such subject matter. In the event of any conflict between the provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall control; provided that the inclusion of
supplemental rights 
  

 90 

 or remedies in favor of the Administrative Agent or the Lenders in any other Loan Document shall not be deemed a conflict
with this Agreement. Each Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof. 

 
 10.13 Survival of Representations and Warranties. All
representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such
representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the
Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or
unsatisfied or any Letter of Credit shall remain outstanding. 
  
 10.14 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the
other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as
close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 10.15 Tax Forms. (a) (i) Each Lender that is not a “United States
person” within the meaning of Section 7701(a)(30) of the Code (a “Foreign Lender”) shall deliver to the Administrative Agent, prior to receipt of any payment subject to withholding under the Code (or upon accepting an
assignment of an interest herein), two duly signed completed copies of either IRS Form W-8BEN or any successor thereto (relating to such Foreign Lender and entitling it to an exemption from, or reduction of, withholding tax on all payments to be
made to such Foreign Lender by the Borrower pursuant to this Agreement) or IRS Form W-8ECI or any successor thereto (relating to all payments to be made to such Foreign Lender by the Borrower pursuant to this Agreement) or such other evidence
satisfactory to the Borrower and the Administrative Agent that such Foreign Lender is entitled to an exemption from, or reduction of, U.S. withholding tax, including any exemption pursuant to Section 881(c) of the Code. Thereafter and from time to
time, each such Foreign Lender shall (A) promptly submit to the Administrative Agent such additional duly completed and signed copies of one of such forms (or such successor forms as shall be adopted from time to time by the relevant United States
taxing authorities) as may then be available under then current United States laws and regulations to avoid, or such evidence as is satisfactory to the Borrower and the Administrative Agent of any available exemption from or reduction of, United
States withholding taxes in respect of all payments to be made to such Foreign Lender by the Borrower pursuant to this Agreement, (B) promptly notify the Administrative Agent of any change in circumstances which would modify or render invalid any
claimed exemption or reduction, and (C) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid any
requirement of applicable Laws that the Borrower make any deduction or withholding for taxes from amounts payable to such Foreign Lender. 
  

 91 

 (ii) Each Foreign Lender, to the extent it does not act or ceases to act for its own
account with respect to any portion of any sums paid or payable to such Lender under any of the Loan Documents (for example, in the case of a typical participation by such Lender), shall deliver to the Administrative Agent on the date when such
Foreign Lender ceases to act for its own account with respect to any portion of any such sums paid or payable, and at such other times as may be necessary in the determination of the Administrative Agent (in the reasonable exercise of its
discretion), (A) two duly signed completed copies of the forms or statements required to be provided by such Lender as set forth above, to establish the portion of any such sums paid or payable with respect to which such Lender acts for its own
account that is not subject to U.S. withholding tax, and (B) two duly signed completed copies of IRS Form W-8IMY (or any successor thereto), together with any information such Lender chooses to transmit with such form, and any other certificate or
statement of exemption required under the Code, to establish that such Lender is not acting for its own account with respect to a portion of any such sums payable to such Lender. 
  
 (iii) The Borrower shall not be required to pay any additional amount to any Foreign Lender under Section
3.01 (A) with respect to any Taxes required to be deducted or withheld on the basis of the information, certificates or statements of exemption such Lender transmits with an IRS Form W-8IMY pursuant to this Section 10.15(a) or (B) if such
Lender shall have failed to satisfy the foregoing provisions of this Section 10.15(a); provided that if such Lender shall have satisfied the requirement of this Section 10.15(a) on the date such Lender became a Lender or ceased
to act for its own account with respect to any payment under any of the Loan Documents, nothing in this Section 10.15(a) shall relieve the Borrower of its obligation to pay any amounts pursuant to Section 3.01 in the event that, as a
result of any change in any applicable law, treaty or governmental rule, regulation or order, or any change in the interpretation, administration or application thereof, such Lender is no longer properly entitled to deliver forms, certificates or
other evidence at a subsequent date establishing the fact that such Lender or other Person for the account of which such Lender receives any sums payable under any of the Loan Documents is not subject to withholding or is subject to withholding at a
reduced rate. 
  
 (iv) The Administrative Agent
may, without reduction, withhold any Taxes required to be deducted and withheld from any payment under any of the Loan Documents with respect to which the Borrower is not required to pay additional amounts under this Section 10.15(a).

  
 (b) Upon the request of the Administrative Agent, each Lender
that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to the Administrative Agent two duly signed completed copies of IRS Form W-9. If such Lender fails to deliver such forms, then the
Administrative Agent may withhold from any interest payment to such Lender an amount equivalent to the applicable back-up withholding tax imposed by the Code, without reduction. 
  

 92 

 (c) If any Governmental Authority asserts that the Administrative Agent did not properly withhold or
backup withhold, as the case may be, any tax or other amount from payments made to or for the account of any Lender, such Lender shall indemnify the Administrative Agent therefor, including all penalties and interest, any taxes imposed by any
jurisdiction on the amounts payable to the Administrative Agent under this Section, and costs and expenses (including Attorney Costs) of the Administrative Agent. The obligation of the Lenders under this Section shall survive the termination of the
Aggregate Commitments, repayment of all other Obligations hereunder and the resignation of the Administrative Agent. 
  
 10.16 Replacement of Lenders. The Borrower shall have the right to remove a Lender as a party to this Agreement at any time upon notice to the
Administrative Agent and such Lender, including but not limited to a Lender who is disqualified by the Gaming Authorities. If the Borrower elects to remove a Lender pursuant to this Section 10.16, the Lender being removed shall within five
Business Days after notice of removal pursuant to this Section 10.16 execute and deliver an Assignment and Assumption covering its Loans and Commitments in favor of one or more Eligible Assignees designated by the Borrower and reasonably
acceptable to the Administrative Agent, subject to payment of a purchase price by such Eligible Assignees in an amount equal to the principal, interest and fees (including accrued Letter of Credit Fees under Section 2.03) owed to such Lender
and any costs and compensation owed to such Lender under Article III; provided that no Lender shall be required to make such an assignment to any such Eligible Assignee to the extent such Lender is not legally permitted to make such an
assignment to such Eligible Assignee. In addition to the foregoing, so long as there does not exist a Default or Event of Default, the Borrower may upon five Business Days’ notice to the Administrative Agent and any Lender, prepay the Loans of
such Lender, terminate such Lender’s Commitments and reduce the applicable Commitment by the amount of such Lender’s Commitment. The Commitment of any such Lender shall be terminated upon the payment by the Borrower of a purchase price in
an amount equal to the principal, interest and fees (including accrued Letter of Credit Fees under Section 2.03) owed to such Lender and any costs and compensation owed to such Lender under Article III. 
  
 10.17 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEVADA APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE; PROVIDED THAT THE ADMINISTRATIVE AGENT AND EACH LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER
FEDERAL LAW. 
  
 10.18 Waiver of Right to Trial by Jury.
EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES
HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS
THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT
OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
  

 93 

 10.19 USA PATRIOT Act Notice. Each Lender and the Administrative Agent (for itself and not on
behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record
information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the
Act. 
  
 10.20 Designation as Senior Debt. All Obligations
shall be “Designated Senior Indebtedness” for purposes of and as defined in any existing or future Indenture between the Borrower and a trustee relating to Subordinated Debt, if and to the extent that such term (or any comparable term) is
defined therein as providing specific rights to certain holders of senior indebtedness. 
  
 10.21 Gaming Boards. Each Lender and the Administrative Agent agrees to use its best efforts to cooperate with all Gaming Boards in connection with the administration of their regulatory jurisdiction over the
Borrower and its Affiliates, including by providing in a timely manner such documents or other information as may be requested by any such Gaming Authority relating to the Borrower or any of its Affiliates or to the Loan Documents. The Borrower and
each of its Affiliates hereby consents to any such disclosure by the Lenders and Administrative Agent to any Gaming Board and releases such parties from any liability for any such disclosure. 
  
 10.22 Gaming Regulations. Each party to this Agreement hereby
acknowledges that the consummation of the transactions contemplated by the Loan Documents is subject to applicable Gaming Laws, including but not limited to any licensing or qualification requirements imposed on the Lenders and the Loan Parties
thereby. The Borrower represents and warrants that it will use its best efforts to obtain all requisite approvals necessary in connection with the transactions contemplated hereby and in the other Loan Documents. 
  
 [Remainder of page intentionally left blank.] 
  

 94 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
date first above written. 
  

			
	BOYD GAMING CORPORATION
		
	By:	 	 /s/ Ellis Landau

	Name:	 	Ellis Landau
	Title:	 	Executive Vice President and
	 	 	Chief Financial Officer

			
	BANK OF AMERICA, N.A., as
	Administrative Agent
		
	By:	 	 /s/    JANICE HAMMOND

	Name:	 	 Janice Hammond

	Title:	 	 Vice President

			
	BANK OF AMERICA, N.A., as a Lender and L/C Issuer
		
	By:	 	 /s/    JUSTIN LIEN

	Name:	 	 Justin Lien

	Title:	 	 Vice President<PAGE>

                                                                     EXHIBIT 4.2

                                                               EXECUTION VERSION

                            ARBINET-THEXCHANGE, INC.

             FOURTH AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT

                            DATED AS OF MAY 30, 2003

<PAGE>

                            ARBINET-THEXCHANGE, INC.

             FOURTH AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT

                            DATED AS OF MAY 30, 2003

     THIS FOURTH AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT (this
"Agreement") is made and entered into by and among ARBINET-THEXCHANGE, INC., a
Delaware corporation (the "Company"), those persons identified on the signature
pages hereto under the caption "Series D Holders" (the "Series D Holders"),
those persons identified on the signature pages hereto under the caption "Series
D-l Holders" (the "Series D-l Holders"), those persons identified on the
signature pages hereto under the caption "Series E Holders" (the "Series E
Holders"), those persons identified on the signature pages hereto under the
caption "Series E-l Holders" (the "Series E-l Holders"), those persons
identified on the signature pages hereto under the caption "Other Holders" (the
"Other Holders"), Alex Mashinsky (the "Founder") and those other persons
identified on the signature pages hereto under the caption "Original Holders"
(the "Original Holders" and, together with the Series D Holders, the Series D-l
Holders, the Series E Holders, the Series E-l Holders, the Other Holders and any
assignee of the foregoing permitted under Sections 1.11 and 1.16(f) hereof, the
"Holders"). The Holders, the Founder and the Company are referred to herein,
collectively, as the "parties".

                                    Recitals

     WHEREAS, concurrently with the execution and delivery of this Agreement,
the Company and the Series E-l Holders are entering into that certain Securities
Purchase Agreement, dated as of May 30, 2003, by and among .the Company and the
parties thereto, whereby the Company, among other things, is issuing and
selling, and the Series E-1 Holders are purchasing, shares of the Company's
Series E-l Convertible Preferred Stock, par value $.001 per share (the "Series
E-l Stock");

     WHEREAS, it is a condition precedent to the obligations of the Company and
the Series E-l Holders pursuant to the Purchase Agreement that the parties shall
have entered into this Agreement; and

     WHEREAS, the parties to that certain Third Amended and Restated Investors'
Rights Agreement dated as of July 3, 2001 (the "Prior Agreement"), desire that
such agreement be amended and restated in its entirety in the form hereof;

     NOW, THEREFORE, in consideration of the mutual promises and covenants set
forth herein, the parties hereto agree as follows:

<PAGE>

1.   Registration Rights.

     1.01 Definitions. As used in this Agreement, the following terms shall have
          the following respective meanings:

          (a) "Common Stock" means the Company's common stock, par value $.001
per share.

          (b) "Combined Holders" means the Holders and the Founder, as the case
may be.

          (c) "Company" has the meaning set forth in the preamble.

          (d) "Convertible Preferred Stock" means, collectively, the Series A
Stock, Series C Stock, Series D Stock, Series D-l Stock, Series E Stock and
Series E-l Stock.

          (e) "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

          (f) "First Public Offering" has the meaning set forth in Section
1.02(a)(ii)(B).

          (g) "Form S-3" means such form under the Securities Act as in effect
on the date hereof or any comparable registration form under the Securities Act
subsequently adopted by the SEC which permits inclusion or incorporation of
substantial information by reference to other documents filed by the Company
with the SEC.

          (h) "Holders" has the meaning set forth in the preamble.

          (i) "Initiating Holders" means the Holder(s) initiating a Registration
Request under Section 1.02(a) below.

          (j) "majority in interest of the Initiating Holders" means Initiating
Holders holding a majority of the Registrable Securities held by all Initiating
Holders.

          (k) "Original Holders" has the meaning set forth in the preamble.

          (l) "Original Holder Request" means a request from Original Holders
who in the aggregate possess at least forty percent (40%) of the Registrable
Series A Securities outstanding as of the date of such request.

          (m) "Other Holders" has the meaning set forth in the preamble.

          (n) "Other Holder Request" means a request from Other Holders who in
the aggregate possess at least fifty percent (50%) of the Registrable Series C
Securities outstanding as of the date of such request.

                                       2

<PAGE>

          (o) "Person" means any individual, partnership, limited liability
company, joint venture, corporation, association, trust or any other entity or
organization.

          (p) "Preferred. Stock" means the Convertible Preferred Stock and the
Series B Stock.

          (q) "Prior Agreement" has the meaning set forth in the recitals.

          (r) The terms "register", "registered" and "registration" refer to a
registration effected by preparing and filing a registration statement or
similar document in compliance with the Securities Act, and the declaration or
ordering of the effectiveness of such registration statement or document by the
SEC.

          (s) "Registrable Founder Securities" means (i) the Common Stock owned
by the Founder; (ii) any Common Stock of the Company issued or issuable upon the
conversion or exercise of any warrant, option, right or other security which is
issued to the Founder; and (iii) any Common Stock of the Company issued (or
issuable upon the conversion or exercise of any warrant, right or other security
which is issued) by way of a stock split, stock dividend, recapitalization,
merger or other distribution with respect to, or in exchange for, or in
replacement of, such Common Stock referred to in (i) and (ii) above.

          (t) "Registrable Securities" means, collectively, the Registrable
Series A Securities, the Registrable Series C Securities, the Registrable Series
D Securities, the Registrable Series D-i Securities, the Registrable Series E
Securities, the Registrable Series E-l Securities and, except with respect to
Sections 1.02 and 1.03, the Registrable Founder Securities.

          (u) "Registrable Series A Securities" means (i) the Common Stock
issued or issuable upon conversion of the Series A Stock and the warrants issued
to the Original Holders pursuant to that certain Series A-2 Restructuring
Agreement between the Company and the Original Holders dated as of November 24,
1999 (the "Warrants"); and (ii) any Common Stock of the Company issued (or
issuable upon the conversion or exercise of any warrant, right or other security
which is issued) by way of a stock split, stock dividend, recapitalization,
merger or other distribution with respect to, or in exchange for, or in
replacement of, such Series A Stock, Warrant or Common Stock referred to in (i)
above, excluding in all cases, however, any Registrable Securities sold by a
Person in a transaction in which its rights under this Section 1 are not
assigned. A holder of Series A Stock need not convert such security into Common
Stock, prior to requesting registration hereunder but may make such a request in
contemplation of conversion of such Series A Stock into Common Stock prior to
the effectiveness of any such registration.

          (v) "Registrable Series C Securities" means (i) the Common Stock
issued or issuable upon conversion of the Series C Stock; and (ii) any Common
Stock of the Company issued (or issuable upon the conversion or exercise of any
warrant, right or other security which is issued) by way of a stock split, stock
dividend, recapitalization.

                                       3

<PAGE>

merger or other distribution with respect to, or in exchange for, or in
replacement of, such Series C Stock or Common Stock referred to in (i) above,
excluding in all cases, however, any Registrable Securities sold by a Person in
a transaction in which its rights under this Section 1 are not assigned. A
holder of Series C Stock need not convert such security into Common Stock prior
to requesting registration hereunder but may make such a request in
contemplation of conversion of such Series C Stock into Common Stock prior to
the effectiveness of any such registration.

          (w) "Registrable Series D Securities" means (i) the Common Stock
issued or issuable upon conversion of the Series D Stock; and (ii) any Common
Stock of the Company issued (or issuable upon the conversion or exercise of any
warrant, right or other security which is issued) by way of a stock split, stock
dividend, recapitalization, merger or other distribution with respect to, or in
exchange for, or in replacement of, such Series D Stock or Common Stock referred
to in (i) above, excluding in all cases, however, any Registrable Securities
sold by a Person in a transaction in which its rights under this Section 1 are
not assigned. A holder of Series D Stock need not convert such security into
Common Stock prior to requesting registration hereunder but may make such a
request in contemplation of conversion of such Series D Stock into Common Stock
prior to the effectiveness of any such registration.

          (x) "Registrable Series D-l Securities" means (i) the Common Stock
issued or issuable upon conversion of the Series D-l Stock; and (ii) any Common
Stock of the Company issued (or issuable upon the conversion or exercise of any
warrant, right or other security which is issued) by way of a stock split, stock
dividend, recapitalization, merger or other distribution with respect to, or in
exchange for, or in replacement of, such Series D-l Stock or Common Stock
referred to in (i) above, excluding in all cases, however, any Registrable
Securities sold by a Person in a transaction in which its rights under this
Section 1 are not assigned. A holder of Series D-l Stock need not convert such
security into Common Stock prior to requesting registration hereunder but may
make such a request in contemplation of conversion of such Series D-l Stock into
Common Stock prior to the effectiveness of any such registration.

          (y) "Registrable Series E Securities" means (i) the Common Stock
issued or issuable upon conversion of the Series E Stock; and (ii) any Common
Stock of the Company issued (or issuable upon the conversion or exercise of any
warrant, right or other security which is issued) by way of a stock split, stock
dividend, recapitalization, merger or other distribution with respect to, or in
exchange for, or in replacement of, such Series E Stock or Common Stock referred
to in (i) above, excluding hi all cases, however, any Registrable Securities
sold by a Person in a transaction in which its rights under this Section 1 are
not assigned. A holder of Series E Stock need not convert such security into
Common Stock prior to requesting registration hereunder but may make such a
request in contemplation of conversion of such Series E Stock into Common Stock
prior to the effectiveness of any such registration.

          (z) "Registrable Series E-l Securities" means (i) the Common Stock
issued or issuable upon conversion of the Series E-l Stock; and (ii) any Common
Stock

                                       4

<PAGE>

of the Company issued (or issuable upon the conversion or exercise of any
warrant, right or other security which is issued) by way of a stock split, stock
dividend, recapitalization, merger or other distribution with respect to, or in
exchange for, or in replacement of, such Series E-l Stock or Common Stock
referred to in (i) above, excluding in all cases, however, any Registrable
Securities sold by a Person in a transaction in which its rights under this
Section 1 are not assigned. A holder of Series E-l Stock need not convert such
security into Common Stock prior to requesting registration hereunder but may
make such a request in contemplation of conversion of such Series E-l Stock into
Common Stock prior to the effectiveness of any such registration.

          (aa) The number of shares of "Registrable Securities then outstanding"
shall be the number of shares of Common Stock outstanding which are, and the
number of shares of Common Stock issuable pursuant to then exercisable or
convertible securities which are, Registrable Securities.

          (bb) "Registration Request" means either an Other Holder Request, an
Original Holder Request, a Series D/D-l Holder Request or a Series E/E-l Holder
Request.

          (cc) "SEC" means the Securities and Exchange Commission.

          (dd) "SEC Rule 145 Transaction" shall mean any transaction described
in Rule 145(a) promulgated under the Securities Act.

          (ee) "Securities Act" means the Securities Act of 1933, as amended.

          (ff) "Series A Stock" means the Series A-l Preferred Stock, par value
$.001 per share, of the Company.

          (gg) "Series B Stock" means (i) the Series B Cumulative Redeemable
Senior Preferred Stock, par value $0.001 per share, of the Company, and (ii) the
Series B-l Cumulative Redeemable Senior Preferred Stock, par value $0.001 per
share, of the Company, collectively.

          (hh) "Series C Stock" means (i) the Series C Cumulative Convertible
Senior Preferred Stock par value $0.001 per share, of the Company, and (ii) the
Series C-l Cumulative Convertible Senior Preferred Stock, par value $0.001 per
share, of the Company, collectively.

          (ii) "Series D Holders" has the meaning set forth in the preamble.

          (jj) "Series D Stock" means the Series D Convertible Preferred Stock,
par value $0.001 per share, of the Company.

          (kk) "Series D-l Holders" has the meaning set forth in the preamble.

                                       5

<PAGE>

          (11) "Series D-l Stock" means the Series D-l Convertible Preferred
Stock, par value $0.001 per share, of the Company.

          (mm) "Series D/D-l Holder Request" means a request from Series D
Holders and Series D-l Holders who in the aggregate possess at least fifty
percent (50%) of the Registrable Series D Securities and Registrable Series D-l
Securities, collectively, that are outstanding as of the date of such request.
Such request may be exercisable at any time after the earlier of (i) three (3)
years after the issuance of the Series E-l Stock or (ii) six (6) months after
the First Public Offering (as defined below).

          (nn) "Series E/E-l Holder Request" means a request from Series E
Holders and Series E-l Holders who in the aggregate possess at least fifty
percent (50%) of the Registrable Series E Securities and the Registrable Series
E-l Securities, collectively, outstanding as of the date of such request. Such
request may be exercisable at any time after the earlier of (i) three (3) years
after the issuance of the Series E-l Stock or (ii) six (6) months after the
First Public Offering.

          (oo) "Series E Holders" has the meaning set forth in the preamble.

          (pp) "Series E Stock" means the Series E Convertible Preferred Stock,
par value $0.001 per share, of the Company.

          (qq) "Series E-l Holders" has the meaning set forth in the preamble.

          (rr) "Series E-l Stock" has the meaning set forth in the recitals.

          (ss) "Violation" means any of the following statements, omissions or
violations: (i) any untrue statement or alleged untrue statement of a material
fact contained in a registration statement filed under this Agreement, including
any preliminary prospectus or final prospectus contained therein or any
amendments or supplements thereto or any documents filed under state securities
or "blue sky" laws in connection therewith, (ii) the omission or alleged
omission to state therein a material fact required to be stated therein, or
necessary to make the statements therein not misleading or (iii) any violation
or alleged violation by the Company of the Securities Act, the Exchange Act, any
state securities law or any rule or regulation promulgated under the Securities
Act, the Exchange Act or any state securities law arising from, relating to or
in connection with the offer and sale of Registrable Securities in a
registration statement filed pursuant to this Agreement.

     1.02 Requested Registration.

          (a) Request for Registration. In case the Company shall receive a
written Registration Request that the Company file a registration statement
under the Securities Act with respect to shares of Registrable Securities, the
Company will:

               (i) promptly give written notice of such request to all Holders
in accordance with Section 2.05 hereof; and

                                       6

<PAGE>

               (ii) subject to the limitations of Section 1.02(c), as soon as
practicable, use its best efforts to effect such registration under the
Securities Act (including, without limitation, appropriate qualification under
applicable blue sky or other state securities laws and appropriate compliance
with applicable regulations issued under the Securities Act and any other
governmental requirements or regulations) as may be so requested and as would
permit or facilitate the sale and distribution of all or such portion of such
Registrable Securities as are specified in such request, together with all or
such portion of the Registrable Securities of any Holder joining in such request
as are specified in a written request received by the Company within twenty (20)
days after receipt of such written notice from the Company; provided, however,
that the Company shall not be obligated to take any action to effect any such
registration, qualification or compliance pursuant to this Section 1.02(a):

                    (A) In any particular jurisdiction in which the Company
would be required to execute a general consent to service of process in
effecting such registration, qualification or compliance unless the Company is
already subject to service in such jurisdiction and except as may be required by
the Securities Act;

                    (B) Prior to the earlier of (i) May 30, 2006, or (ii)(A) in
the case of an Original Holder Request or Other Holder Request, one (1) year
after the effective date of the Company's first registered public offering of
its Common Stock (other than a registration relating either to the sale of
securities to employees of the Company pursuant to a stock option, stock
purchase or similar plan or a SEC Rule 145 Transaction) (such first registered
public offering being sometimes referred to herein as the "First Public
Offering") or (B) in the case of a Series D/D-l Holder Request or Series E/E-l
Holder Request, six (6) months after the effective date of the First Public
Offering;

                    (C) During the period starting with the date sixty (60) days
prior to the Company's good faith estimated date of filing of, and ending on the
date six (6) months immediately following the effective date of, any
registration statement pertaining to securities of the Company (other than a
registration statement relating either to the sale of securities to employees of
the Company pursuant to a stock option, stock purchase or similar plan or a SEC
Rule 145 transaction); provided, however, that the Company is acting in good
faith and using all reasonable efforts to cause such registration statement to
become effective;

                    (D) If such registration is requested pursuant to an
Original Holder Request under this Section 1.02, after the Company has effected
one (1) such registration which has been declared effective (an offering which
is not consummated shall not be counted for this purpose);

                    (E) If such registration is requested pursuant to an Other
Holder Request under this Section 1.02, after the Company has effected two (2)
such registrations which have been declared effective (an offering which is not
consummated shall not be counted for this purpose);

                                       7

<PAGE>

                    (F) If such registration is requested pursuant to a Series
D/D-l Holder Request under this Section 1.02, after the Company has effected two
(2) such registrations which have been declared effective (an offering which is
not consummated shall not be counted for this purpose);

                    (G) If such registration is requested pursuant to a Series
E/E-l Holder Request under this Section 1.02, after the Company has effected two
(2) such registrations which have been declared effective (an offering which is
not consummated shall not be counted for this purpose); or

                    (H) If the Company shall furnish to such Holders a
certificate signed by the President of the Company stating that in the good
faith judgment of the Board of Directors of the Company (the "Board of
Directors") it would be seriously detrimental to the Company and its
stockholders for such registration statement to be filed at such time by reason
of a material pending transaction and it is therefore essential to defer the
filing of such registration statement, then the Company's obligation to use its
best efforts to register, qualify or comply under this Section 1.02(a) shall be
deferred for a period not to exceed ninety (90) days from the date of receipt of
a written Registration Request; provided, however, that the Company may not make
such certification more than once in any twelve (12) month period; provided
further, that the Company may not register shares for its own account or the
account of others during such ninety (90) day period.

Subject to the foregoing clauses (A) through (H) inclusive, the Company shall
file a registration statement covering the Registrable Securities so requested
to be registered as soon as practicable after receipt of a Registration Request
and in any event within ninety (90) days after receipt of such request.

          (b) Piggyback Registration Rights. If (but without any obligation to
do so) the Company proposes to register (including for this purpose a
registration effected by the Company for its stockholders pursuant to a
Registration Request or otherwise) any of its securities under the Securities
Act in connection with the public offering of such securities solely for cash
(other than a registration (i) with respect to the First Public Offering, (ii)
on Form S-8 or any form which does not include substantially the same
information as would be required to be included in a registration statement
covering the sale of the Registrable Securities, (iii) with respect to an
employee benefit plan or (iv) solely in connection with a SEC Rule 145
Transaction), the Company shall, each such time, promptly give each Holder and
the Founder written notice of such registration together with a list of the
jurisdictions in which the Company intends to attempt to qualify such securities
under applicable state securities laws. Upon the written request of any Holder
or the Founder, as the case may be, given within twenty (20) business days after
delivery of such written notice by the Company in accordance with Section 2.05,
the Company shall, subject to the provisions of Sections 1.02(c), use its best
efforts to include in its registration and cause to be registered under the
Securities Act all of the Registrable Securities and Registrable Founder
Securities that any Holder or the Founder, as the case may be, has requested to
be registered.

                                       8

<PAGE>

          (c) Underwriting.

               (i) If the Initiating Holders intend to distribute the
Registrable Securities covered by their Registration Request by means of an
underwriting, they shall so advise the Company as part of their Registration
Request made pursuant to Section 1.02(a) and the Company shall include such
information in the written notice referred to in Section 1.02(a)(i) above. The
Company, together with all Holders proposing to distribute their securities
through such underwriting, shall participate in the underwriting arrangements
required by this Section 1.02(c), and the inclusion of such Holders' Registrable
Securities in the underwriting to the extent requested shall be limited to the
extent provided herein.

               (ii) In the event that a registration pursuant to Section 1.02(b)
or 1.03 is for a registered public offering involving an underwriting, the
Company shall so advise each Holder and the Founder as part of the notice given
pursuant hereto. In such event, the right of any such Holder or the Founder, as
the case may be, to registration pursuant to such Section shall be conditioned
upon such Holder's or Founder's, as the case may be, participation in the
underwriting arrangements required by this Section 1.02(c), and the inclusion of
such Holder's Registrable Securities or the Founder's Registrable Founder
Securities, as the case may be, in the underwriting to the extent requested
shall be limited to the extent provided herein.

               (iii) The Company, together with all Holders and the Founder, as
the case may be, proposing to distribute their securities through such
underwriting, shall enter into an underwriting agreement in customary form with
the managing underwriter(s) selected for such underwriting by a majority in
interest of the Initiating Holders (in the case of a registration pursuant to
Section 1.02(a)) or the Company (in the case of a registration pursuant to
Section 1.02(b) or 1.03). The selection of the managing underwriter(s) by the
Company shall be reasonably acceptable to a majority in interest of the Persons
proposing to distribute securities through such underwriting. The selection of
the managing underwriter(s) by a majority in interest of the Initiating Holders
shall be reasonably acceptable to the Company.

               (iv) Notwithstanding any other provision of this Section 1.02 or
Section 1.03, if the managing underwriter advises the Company in writing that in
such underwriter's or underwriters' good faith opinion the total number of
Registrable Securities and Registrable Founder Securities which the Company
and/or any Holder and/or the Founder, as the case may be, intend to include in
such offering is such as to affect adversely the success of such offering,
including the price at which such securities can be sold, then the Company shall
so advise all Holders of Registrable Securities and the Founder and the Company
will be required to include in such registration only the number of securities
which it is so advised should be included in such registration which shall be
allocated as follows: (x) in cases involving the registration for sale of
securities for the Company's own account in which "piggyback" registration
rights are exercised by Combined Holders pursuant to Section 1.02(b), securities
shall be registered in such offering in the following order of priority: (i)
first, the securities which the Company

                                       9

<PAGE>

proposes to register (subject to reduction if applicable, as provided in the
following clause second), (ii) second, the Registrable Securities which have
been requested to be included in such registration by the Holders of Registrable
Securities pro rata based upon the aggregate amount of Registrable Securities
then held by such Holders (provided, however, that other than in connection with
the First Public Offering, (A) the number of Registrable Series E Securities and
Registrable Series E-l Securities included in such registration shall not be
reduced to less than 25% of the total number of securities included in such
registration and the number of securities which the Company proposes to register
in such offering shall be reduced to the extent necessary to assure that the
number of Registrable Series E Securities and Registrable Series E-l Securities
included in such registration shall not be reduced to less than that amount, and
such reduction shall not occur prior to the reduction in the number of
securities of the other Holders which the Company proposes to register in such
offering, (B) the number of Registrable Series D Securities and Registrable
Series D-l Securities included in such registration shall not be reduced to less
than 15% of the total number of securities included in such registration and the
number of securities which the Company proposes to register in such offering
shall be reduced to the extent necessary to assure that the number of
Registrable Series D Securities and Registrable Series D-l Securities included
in such registration shall not be reduced to less than that amount, and such
reduction shall not occur prior to the reduction in the number of securities of
the other Holders, other than Series E Holders and Series E-l Holders, which the
Company proposes to register in such offering and (C) the number of Registrable
Series C Securities included in such registration shall not be reduced to less
than 40% of the total number of securities included in such registration and the
number of securities which the Company proposes to register in such offering
shall be reduced to the extent necessary to assure that the number of
Registrable Series C Securities included in such registration shall not be
reduced to less than that amount) and (iii) third, provided that no securities
sought to be included by the Company and the Holders of Registrable Securities
have been excluded from such registration, the Registrable Founder Securities
which have been requested to be included in such registration by the Founder and
the securities of other persons entitled to exercise "piggyback" registration
rights pursuant to contractual commitments of the Company (pro rata based on the
respective numbers of securities sought to be registered by such persons); and
(y) in cases involving the registration for sale of securities for the account
of a Holder of Registrable Securities pursuant to Section 1.02(a) or 1.03
hereof, securities shall be registered in such offering in the following order
of priority: (i) first, the Registrable Securities which have been requested to
be included in such registration by the Initiating Holders thereof pro rata
based upon the aggregate amount of Registrable Securities then held by such
Initiating Holders, (ii) second, provided that no securities sought to be
included by such Initiating Holders of Registrable Securities have been excluded
from such registration, the Registrable Securities which have been requested to
be included in such registration by the Holders of Registrable Securities other
than the Initiating Holders of Registrable Securities and the securities of
other persons entitled to exercise "piggyback" registration rights pursuant to
contractual commitments of the Company (pro rata based on the respective numbers
of securities sought to be registered by such persons), (iii) third, provided
that no securities sought to be included by the Holders of Registrable
Securities have been excluded from such registration, the

                                       10

<PAGE>

Registrable Founder Securities which have been requested to be included in Such
registration by the Founder and (iv) fourth, provided that no securities sought
to be included by the Holders of Registrable Securities entitled to participate
in such registration or the Founder, as the case may be, have been excluded from
such registration, the Company.

               (v) Notwithstanding anything to the contrary herein, (a) no
reduction shall be made with respect to securities offered by the Company for
its own account in connection with the First Public Offering, (b) in any
offering subsequent to the First Public Offering, the securities registered by
the Holders of Registrable Series C Securities for their own account pursuant to
such offering may not be reduced below forty percent (40%) in the aggregate of
the shares included in such offering and (c) in any offering undertaken pursuant
to Section 1.02(a) or Section 1.03 hereof, no reduction in the securities to be
registered by any Combined Holder shall occur until all other securities have
been excluded from such offering.

               (vi) Neither any Holder nor the Founder shall be required to make
any representations, warranties or indemnities except as they relate to such
Holder's or Founder's, as the case may be, ownership of shares and authority to
enter into the underwriting agreement and to such Holder's or Founder's, as the
case may be, intended method of distribution, and the liability of such Holder
and/or Founder, as the case may be, shall be limited to an amount equal to the
net proceeds from the offering received by such Holder and/or Founder, as the
case may be.

               (vii) If, as a result of the provisions of this Section 1.02(c),
any Holder of Registrable Securities and/or the Founder shall not be entitled to
include all of its Registrable Securities or his Registrable Founder Securities,
as the case may be, in a "piggyback" registration that such Holder of
Registrable Securities and/or Founder, as the case may be, has requested to be
included, such Holder of Registrable Securities and/or Founder, as the case may
be, may elect to withdraw his request to include Registrable Securities or his
Registrable Founder Securities, as the case may be, in such registration.

               (viii) If any Holder and/or Founder, as the case may be,
disapproves of the terms of the underwriting, such person may elect to withdraw
therefrom by written notice to the Company, the managing underwriter(s) and the
Initiating Holders. The Registrable Securities and/or other securities held by
such Holder and/or the Founder, as the case may be, affected shall be withdrawn
from registration, and such Registrable Securities and/or Registrable Founder
Securities, as the case may be, that are withdrawn pursuant to this Section
1.02(c)(viii) shall not be transferred in a public distribution prior to one
hundred eighty (180) days after the effective date of such registration, or such
other shorter period of time as the underwriters may require.

     1.03 Form S-3 Registration. So long as the Company is qualified for the use
of Form S-3 and the size of the offering is no less than $500,000, in addition
to the rights contained in Section 1.02 hereof, the Holders and the Founder
shall have unlimited rights to request from time to time registrations on Form
S-3, except in connection with the First Public Offering. In the event the
Company receives from any Holder or the Founder

                                       11

<PAGE>

a request or requests that the Company effect a registration on Form S-3 and any
related qualification or compliance with respect to all or a part of the
Registrable Securities and Registrable Founder Securities owned by such Holder
or the Founder, as the case may be (such requests shall be in writing and shall
state the number of shares of Registrable Securities and/or Registrable Founder
Securities, as the case may be, to be disposed of and the intended method(s) of
disposition of such shares by such Holder or the Founder), the Company will:

          (a) promptly give written notice of the proposed registration, and any
related qualification or compliance, to all other Holders or the Founder, as the
case may be, in accordance with Section 2.05 hereof; and

          (b) as soon as practicable, use its best efforts to effect such
registration and all such qualifications and compliances as may be so requested
and as would permit or facilitate the sale and distribution of all or such
portion of such Holders' Registrable Securities or such portion of Registrable
Founder Securities, as the case may be, as are specified in such request,
together with all or such portion of the Registrable Securities and/or
Registrable Founder Securities, of any other Holder or the Founder, as the case
may be, joining in such request as are specified in a written request given
within fifteen (15) days after receipt of such written notice from the Company;
provided, however, that the Company shall not be obligated to effect any such
registration, qualification or compliance, pursuant to this Section 1.03: (i) if
the Holders, together with the holders of any other securities of the Company
entitled to inclusion in such registration, propose to sell Registrable
Securities and such other securities (if any) at an aggregate price to the
public of less than Five Hundred Thousand Dollars ($500,000); (ii) if the
Company shall furnish to the Holders and the Founder a certificate signed by the
President of the Company stating that in the good faith judgment of the Board of
Directors, it would be seriously detrimental to the Company and its stockholders
for such Form S-3 registration to be effected at such time by reason of a
material pending transaction and it is therefore essential to defer the filing
of such registration statement, in which event the Company shall have the right
to defer the filing of the Form S-3 registration statement for a period of not
more than ninety (90) days after receipt of the request of any such Holder or
the Founder under this Section 1.03; provided, however, that the Company shall
not utilize this right more than once in any twelve (12) month period; provided
further, that the Company shall not register shares for its own account or the
account of others during such ninety (90) day period; (iii) if the Company has,
within the six (6) month period immediately preceding the date of such request,
already effected one (1) registration on Form S-3 at the request of such Holders
or the Founder, which registration has been declared effective; or (iv) in any
particular jurisdiction in which the Company would be required to qualify to do
business or to execute a general consent to service of process in effecting such
registration, qualification or compliance.

          (c) Subject to the foregoing, the Company shall file and use its best
efforts to bring effective a registration statement covering the Registrable
Securities, Registrable Founder Securities and other securities so requested to
be registered as soon

                                       12

<PAGE>

as practicable after receipt of the request or requests of such Holders and/or
the Founder, as the case may be.

     1.04 Obligations of the Company. Whenever required under this Section 1 to
effect the registration of any Registrable Securities, the Company shall, as
expeditiously as reasonably possible:

          (a) Promptly prepare and file with the SEC a registration statement
with respect to such Registrable Securities and use its best efforts to cause
such registration statement to become effective, and, upon the request of the
Combined Holders of a majority in interest of the Registrable Securities being
registered thereunder, keep such registration statement effective for up to one
hundred eighty (180) days or until the Combined Holders have completed the
distribution referred to in such registration statement, whichever occurs first
(but in any event for at least any period required under the Securities Act);
provided that before filing such registration statement or any amendments or
supplements thereto, the Company will furnish to the Combined Holders
registering Registrable Securities thereunder, copies of all such documents
proposed to be filed.

          (b) Promptly prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement.

          (c) Promptly furnish to the Combined Holders registering Registrable
Securities thereunder, such number of copies of such registration statement and
of each amendment and supplement thereto (in each case including all exhibits),
such number of copies of the prospectus contained in such registration statement
(including each preliminary prospectus and any summary prospectus) and any other
prospectus filed under Rule 424 under the Securities Act, in conformity with the
requirements of the Securities Act, and such other documents as such Combined
Holders may reasonably request in order to facilitate the disposition of
Registrable Securities owned by them.

          (d) Use its best efforts to promptly register and qualify the
securities covered by such registration statement for offer and sale under such
other securities or "blue sky" laws of such states or jurisdictions as shall be
reasonably requested by the Combined Holders registering Registrable Securities
under such registration statement, provided that the Company shall not be
required in connection therewith or as a condition thereto (i) to qualify to do
business in any state or jurisdiction where it would not otherwise be required
to qualify but for the requirements of this clause (d), or (ii) to file a
general consent to service of process in any such state or jurisdiction.

          (e) Use diligent efforts to cause all Registrable Securities covered
by such registration statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary by virtue of the
Company's business or

                                       13

<PAGE>

operations to enable the seller or sellers thereof to consummate the disposition
of such Registrable Securities.

          (f) In the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter of such offering. Each Combined Holder
participating in such underwriting shall also enter into and perform its
obligations under such an agreement.

          (g) Notify each Combined Holder of Registrable Securities covered by
such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event
as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing.

          (h) Notify each Combined Holder of Registrable Securities covered by
such registration statement and such Combined Holder's underwriters, if any, and
confirm such advice in writing: (i) when the registration statement has become
effective, (ii) when any post-effective amendment to the registration statement
becomes effective and (iii) of any request by the SEC for any amendment or
supplement to the registration statement or prospectus or for additional
information.

          (i) Notify each Combined Holder of Registrable Securities covered by
such registration statement if at any time the SEC should institute or threaten
to institute any proceedings for the purpose of issuing, or should issue, a stop
order suspending the effectiveness of the registration statement. Upon the
occurrence of any of the events mentioned in the preceding sentence, the Company
will use its best efforts to prevent the issuance of any such stop order or to
obtain the withdrawal thereof as soon as possible. The Company will advise each
Combined Holder of Registrable Securities promptly of any order or communication
of any public board, body or authority addressed to the Company suspending or
threatening to suspend the qualification of any Registrable Securities for sale
in any jurisdiction.

          (j) Furnish, at the request of any Combined Holder requesting
registration of Registrable Securities pursuant to this Agreement, (i) on the
date that such Registrable Securities are delivered to the underwriters for sale
in connection with a registration pursuant to this Agreement, if such securities
are being sold through underwriters, or, if such securities are not being sold
through underwriters, on the date that the registration statement with respect
to such securities becomes effective, an opinion, dated such date, of the
counsel representing the Company for the purposes of such registration, in form
and substance as is customarily given to underwriters in an underwritten public
offering, addressed to the underwriters, if any, and to the Combined Holders
requesting registration of Registrable Securities and (ii) on the date that the
registration statement with respect to such securities becomes effective, a
"comfort" letter dated such date, from the independent certified public
accountants of the Company, in

                                       14

<PAGE>

form and substance as is customarily given by independent certified public
accountants to underwriters in an underwritten public offering, addressed to the
underwriters, if any, and to the Combined Holders requesting registration of
Registrable Securities, and, if such securities are being sold through
underwriters, a reaffirmation of such letter on the date that such Registrable
Securities are delivered to the underwriters for sale.

          (k) As soon as practicable after the effective date of the
registration statement, and in any event within sixteen (16) months thereafter,
have "made generally available to its security holders" (within the meaning of
Rule 158 under the Securities Act) an earning statement (which need not be
audited) covering a period of at least twelve (12) months beginning after the
effective date of the registration statement and otherwise complying with
Section 11(a) of the Securities Act.

          (1) Cause all such Registrable Securities registered pursuant
hereunder to be listed on each securities exchange on which similar securities
issued by the Company are then listed.

          (m) Provide a transfer agent and registrar for all Registrable
Securities registered pursuant hereunder and a CUSIP number for all such
Registrable Securities, in each case not later than the effective date of such
registration.

     1.05 Furnish Information. In connection with any action pursuant to this
Section 1, the selling Combined Holders shall furnish to the Company such
information regarding themselves, the Registrable Securities held by them and
the intended method of disposition of such securities as shall be required to
effect the registration of such Combined Holder's Registrable Securities. In
that connection, each selling Combined Holder shall be required to represent to
the Company in writing that all such information which is given is both complete
and accurate in all material respects when made. If any registration statement
or comparable statement under the Securities Act refers to a Combined Holder or
any of its affiliates, by name or otherwise, as the holder of any securities of
the Company then, unless counsel to the Company advises the Company that the
Securities Act requires that such reference be included in any such statement,
each such Combined Holder shall have the right to require the deletion of such
reference to itself and its affiliates.

     1.06 Definition of Expenses.

          (a) "Registration Expenses" shall mean all expenses incurred by the
Company in complying with Sections 1.02, 1.03 and 1.04 hereof, including,
without limitation, all registration, filing and qualification fees,
underwriters' expense allowances, printing expenses, fees and disbursements of
counsel for the Company and one special counsel to the Combined Holders of
Registrable Securities (such counsel to be selected by the Initiating Holders,
in the case of a registration pursuant to Section 1.02(a); or in the case of a
registration pursuant to Section 1.02(b) or 1.03, jointly by the Holders of
Registrable Series E Securities and Registrable Series E-l Securities by a
Series E Majority Vote (as defined below), in the case of a registration in
which the Holders of Registrable Series E Securities or Holders of Registrable
Series E-l Securities

                                       15

<PAGE>

are participating, or by the Holders of Registrable Series C Securities, if the
Holders of Registrable Series E Securities and Holders of Registrable Series E-l
Securities are not participating in such offering, or by the Holders of
Registrable Series A Securities, if the Holders of Registrable Series E
Securities, Holders of Registrable Series E-l Securities and Holders of
Registrable Series C Securities are not participating in such offering, or
jointly, by the Holders of Registrable Series D Securities and Holders of
Registrable Series D-l Securities by a Series D Majority Vote (as defined
below), if the Holders of Registrable Series E Securities, Holders of
Registrable Series E-l Securities, Holders of Registrable Series C Securities
and Holders of Registrable Series A Securities are not participating in such
offering) blue sky fees and expenses for state qualifications or registrations,
and the expense of any audit of the Company's financial statements incident to
or required by any such registration (but excluding the compensation of regular
employees of the Company, which shall be paid in any event by the Company). For
purposes hereof, the term "Series E Majority Vote" shall mean a vote of not less
than 51% of Registrable Series E Securities and Registrable Series E-l
Securities participating in any registration pursuant to Sections 1.02 and 1.03
hereof, voting together as a class, and the term "Series D Majority Vote" shall
mean a vote of not less than 51% of Registrable Series D Securities and
Registrable Series D-l Securities participating in any registration pursuant to
Sections 1.02 and 1.03 hereof, voting together as a single class.

          (b) "Selling Expenses" shall mean all underwriting discounts and
selling commissions applicable to the sale of the Registrable Securities in the
registration (other than fees and disbursements of the Company's counsel
included in Registration Expenses, and the fees of one special counsel to the
Combined Holders of Registrable Securities (such counsel to be selected by the
Initiating Holders, in the case of a registration pursuant to Section 1.02(a);
or in the case of a registration pursuant to Section 1.02(b) or 1.03, jointly by
the Holders of Registrable Series E Securities and the Holders of Registrable
Series E-l Securities by a Series E Majority Vote, in the case of a registration
in which the Holders of Registrable Series E Securities or the Holders of
Registrable Series E-l Securities are participating, or by the Holders of
Registrable Series C Securities, if the Holders of Registrable Series E
Securities and the Holders of Registrable Series E-l Securities are not
participating in such offering, or by the Holders of Registrable Series A
Securities, if the Holders of Registrable Series E Securities, the Holders of
Registrable Series E-l Securities and Holders of Registrable Series C Securities
are not participating in such offering, or jointly, by the Holders of
Registrable Series D Securities and Holders of Registrable Series D-l Securities
by a Series D Majority Vote, if the Holders of Registrable Series E Securities,
the Holders of Registrable Series E-l Securities, the Holders of Registrable
Series C Securities and the Holders of Registrable Series A Securities are not
participating in such offering) which fees and disbursements of counsel shall be
borne by the Company).

     1.07 Expenses of Registration. The Company shall bear all Registration
Expenses incurred in connection with any registration, qualification or
compliance pursuant to Sections 1.02, 1.03 and 1.04, including the reasonable
legal expenses of up to $25,000 of one counsel for all selling Combined Holders.
All Selling Expenses shall be borne by the Combined Holders of the securities so
registered, pro rata on the basis of the

                                       16

<PAGE>

number of shares so registered; provided, however, that if in such registration,
the Company pays any Selling Expenses for any other security holders, the
Company will pay such expenses for all such Combined Holders.

     1.08 Delay of Registration. No Combined Holder shall have any right to
obtain or seek an injunction restraining or otherwise delaying any such
registration as a result of any controversy that might arise with respect to the
interpretation or implementation of this Section 1.

     1.09 Indemnification. In the event any Registrable Securities are included
in a registration statement under this Section 1:

          (a) The Company will indemnify and hold harmless each Combined Holder
of Registrable Securities covered by such registration statement, its heirs,
personal representatives and assigns, each of such Combined Holder's partners,
each of such Combined Holder's, and each of such Combined Holder's partners',
officers, directors, stockholders or other equity owners, employees and
affiliates, any underwriter (as defined in the Securities Act) for such Combined
Holder and each Person, if any, who controls such Combined Holder or underwriter
within the meaning of the Securities Act or the Exchange Act against any losses,
claims, damages or liabilities (joint or several) to which they may become
subject under the Securities Act, the Exchange Act or other federal or state
law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon a Violation; and the Company
will pay to each such indemnified party, as incurred, any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability, or action; provided, however,
that the indemnity agreement contained in this Section 1.09(a) shall not apply
to amounts paid in settlement of any such loss, claim, damage, liability or
action if such settlement is effected without the consent of the Company (which
consent shall not be unreasonably withheld or delayed), nor shall the Company be
liable in any such case to a particular indemnified party for any such loss,
claim, damage, liability or action to the extent that it arises out of or is
based upon a Violation which occurs in reliance upon and in conformity with
written information furnished expressly for use in connection with the
registration related to such Violation by such indemnified party. The indemnity
provided for in this Section 1.09(a) shall remain in full force and effect
regardless of any investigation made by or on behalf of such indemnified party
and shall survive transfer of any securities of the Company by such indemnified
party.

          (b) Each Combined Holder of Registrable Securities covered by a
registration statement will indemnify and hold harmless the Company, each of its
directors, each of its officers who has signed such registration statement, each
Person, if any, who controls the Company within the meaning of the Securities
Act, any underwriter (within the meaning of the Securities Act) for the Company,
any Person who controls such underwriter, any other Combined Holder selling
securities pursuant to such registration statement and any controlling Person of
any such underwriter or such other Combined Holder, against any losses, claims,
damages or liabilities (joint or several) to

                                       17

<PAGE>

which any of the foregoing Persons may become subject, under the Securities Act,
the Exchange Act or other federal or state law, insofar as such losses, claims,
damages or liabilities (or actions in respect thereto) arise out of or are based
upon any Violation, in each case to the extent (and only to the extent) that
such Violation occurs in reliance upon and in conformity with written
information furnished by such Combined Holder expressly for use in connection
with such registration; and each such Combined Holder will pay, as incurred, any
legal or other expenses reasonably incurred by any Person intended to be
indemnified pursuant to this Section 1.09(b), in connection with investigating
or defending any such loss, claim, damage, liability, or action; provided,
however, that the indemnity agreement contained in this Section 1.09(b) shall
not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of such
Combined Holder, which consent shall not be unreasonably withheld or delayed.
Notwithstanding the foregoing, in no event shall the liability of any Combined
Holder under this Section 1.09(b) exceed the net proceeds from the offering
received by such Combined Holder in such registration.

          (c) Promptly after receipt by an indemnified party under this Section
1.09 of notice of the commencement of any action (including any governmental
action), such indemnified party will, if a claim in respect thereof is to be
made against any indemnifying party under this Section 1.09, deliver to the
indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties, acting reasonably; provided, however, that an
indemnified party shall have the right to retain its own counsel, with the
reasonable fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such
counsel in such proceeding. The failure to notify an indemnifying party within a
reasonable time of the commencement of any such action, to the extent
prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section
1.09, but the omission so to notify the indemnifying party will not relieve it
of any liability that it may have to any indemnified party otherwise than under
this Section 1.09. An indemnifying party may settle any action or claim under
this Section 1.09 at any time without the consent of the indemnified party so
long as such settlement involves no cost, liability or restriction to the
indemnified party and includes an unconditional release of the indemnified party
from all liability with respect to such claim or action.

          (d) The obligations of the Company and Combined Holders under this
Section 1.09 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Agreement, and otherwise.

          (e) Any indemnity agreements contained herein shall be in addition to
any other rights to indemnification or contribution which any indemnified party
may have

                                       18

<PAGE>

pursuant to law or contract and shall remain operative and in full force and
effect regardless of any investigation made or omitted by or on behalf of any
indemnified party.

          (f) If the indemnification provided for in this Section 1.09 is held
by a court of competent jurisdiction to be unavailable, then the indemnifying
party shall contribute to the amount paid or payable by the indemnified party as
a result of such losses, claims, damages, liabilities or expenses (i) in such
proportion as is appropriate to reflect the relative benefits received by the
indemnifying party on the one hand and the indemnified party on the other
(taking into consideration, among other things, the fact that the provision of
the registration rights and indemnification hereunder was a material inducement
to the Combined Holders to purchase Registrable Securities held by such Combined
Holder) or (ii) if the allocation provided by clause (i) above is not permitted
by applicable law or provides a lesser sum to the indemnified party than the
amount hereinafter calculated, in such proportion as is appropriate to reflect
not only the relative benefits received by the indemnifying party on the one
hand and the indemnified party on the other (taking into consideration, among
other things, the fact that the provision of the registration rights and
indemnification hereunder is or was a material inducement to the Combined
Holders to purchase Registrable Securities held by such Combined Holder) but
also the relative fault of the indemnifying party and the indemnified party as
well as any other relevant equitable considerations. The relative fault shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by or on behalf of the
indemnifying party or the indemnified party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
untrue statement or omission. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent
misrepresentation. Notwithstanding anything to the contrary in this Section
1.09, no Combined Holder shall be required, pursuant to this Section 1.09, to
contribute any amount in excess of the net proceeds received by such
indemnifying party from the sale of securities in the offering to which the
losses, claims, damages, liabilities or expenses of the indemnified party
relate.

     1.10 Reports Under the Exchange Act. With a view to making available to the
Combined Holders the benefits of Rule 144 promulgated under the Securities Act
and any other rule or regulation of the SEC that may at any time permit such
Combined Holder to sell securities of the Company to the public without
registration, the Company agrees to:

          (a) use its best efforts to make and keep public information
available, as those terms are understood and defined in Rule 144 promulgated
under the Securities Act, at all times after the effective date of the First
Public Offering;

          (b) take such action, including the voluntary registration of its
Common Stock under Section 12 of the Exchange Act, as is necessary to enable the
Combined Holders to utilize Form S-3 for the sale of their Registrable
Securities, such

                                       19

<PAGE>

action to be taken as soon as practicable after the end of the fiscal year in
which the First Public Offering is declared effective or such earlier date as
may be required by any stock exchange or quotation system upon which the
Company's Common Stock maybe traded;

          (c) file with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act;
and

          (d) furnish to any such Combined Holder, so long as such Combined
Holder owns any Registrable Securities, forthwith upon request (i) a written
statement by the Company that it has complied with the reporting requirements of
Rule 144 promulgated under the Securities Act (at any time after the effective
date of the First Public Offering) and the Securities Act and the Exchange Act
(at any time after it has become subject to such reporting requirements) or that
it qualifies as a registrant whose securities may be resold pursuant to Form S-3
(at any time it so qualifies); (ii) a copy of the most recent annual or
quarterly report of the Company and such other reports and documents so filed by
the Company; and (iii) such other information as may be reasonably requested in
order to permit any such Combined Holder to avail itself of any rule or
regulation of the SEC or any state securities authority which permits the
selling of any such securities without registration or pursuant to such form.

     1.11 Assignment of Registration Rights. The rights to cause the Company to
register Registrable Securities pursuant to this Section 1 may be assigned, in
whole or in part, by (a) an Original Holder or Other Holder to a transferee or
assignee of such securities: (i) if such transferee or assignee was a Holder of
Registrable Securities hereunder prior to such transfer, (ii) if such transfer
is made in connection with the transfer of not less than 25% of the Registrable
Securities held by such Holder on the date hereof, (iii) if such transferee or
assignee acquires at least five percent (5%) of the then outstanding Registrable
Securities, (iv) in connection with a transfer of shares to an affiliate of such
Holder or (v) in connection with a distribution by such Holder, to any partner,
former partner, member, former member, stockholder or former stockholder or the
estate of any such Person, or (b) a Series D Holder, Series D-l Holder, Series E
Holder or Series E-l Holder to any transferee or assignee of such securities,
provided the Company is, within a reasonable time after such transfer, furnished
with written notice of the name and address of such transferee or assignee and
the securities with respect to which such registration rights are being
assigned; provided, however, that, in each such case, such assignment shall be
effective only if immediately following such transfer the transferee executes a
joinder agreement, which indicates that the assignee is bound by the terms and
conditions of this Agreement, such transfer of any Registrable Securities is
lawful under all applicable securities laws and which category of Holders such
assignee shall be as a result of such assignment. Except as specifically
permitted in the preceding sentence, neither this Agreement nor any Combined
Holder's rights or privileges under this Agreement can be assigned or
transferred, in whole or in part, without the prior written consent of the other
parties hereto. For the purposes of determining the number of shares of
Registrable Securities held by a transferee or assignee, the holdings of
transferees and assignees of (i) a partnership who are partners or retired
partners of such partnership (including spouses and ancestors, lineal
descendants and siblings of such

                                       20

<PAGE>

partners or spouses who acquire Registrable Securities by gift, will or
intestate succession) or (ii) a corporation or limited liability company which
is a parent or subsidiary of such entity, shall be aggregated together and with
the partnership or other entity, as the case may be.

     1.12 No Other Registration Rights; Limitations on Subsequent Registration
Rights. The Company, the Holders, to the actual knowledge of each such Holder,
and the Founder, without any investigation, represent and warrant to the
Combined Holders that, upon the execution of this Agreement by all of the
parties hereto, no "registration rights" relating to securities of the Company
will exist on the date hereof other than pursuant to this Agreement and pursuant
to the outstanding warrant agreements and registration rights agreement set
forth on Exhibit A attached hereto. From and after the date of this Agreement,
the Company shall not, without the prior written consent of each of (w) the
Other Holders holding a majority of the Registrable Series C Securities then
outstanding, (x) the Original Holders holding a majority of the Registrable
Series A Securities then outstanding, (y) the Series D Holders and Series D-l
Holders holding a majority of the Registrable Series D Securities and
Registrable Series D-l Securities then outstanding, voting together as a class,
and (z) the Series E Holders and Series E-l Holders holding a majority of the
Registrable Series E Securities and Registrable Series E-l Securities then
outstanding, voting together as a class, enter into any agreement with any
holder or prospective holder of any securities of the Company which would allow
such holder or prospective holder (a) to include such securities in any
registration filed under this Agreement, unless under the terms of such
agreement, such holder or prospective holder may include such securities in any
such registration only to the extent that the inclusion of such holder's
securities will not reduce the amount of the Registrable Securities of any
Combined Holder which is included therein; (b) to demand a registration of any
securities of the Company; or (c) otherwise be in conflict with the terms of
this Agreement. Furthermore, the Company shall not enter into any agreement with
any holder or prospective holder of any securities of the Company which would
allow such holder or prospective holder to.have registration rights that are
equal or superior to the registration rights of the Series E Holders and the
Series E-l Holders.

     1.13 "Market Stand-off Agreement. Each Combined Holder agrees that, in
connection with any underwritten public offering of the Company's Common Stock,
it shall not, if requested by the Company and the underwriters managing such
underwritten offering of the Company's Common Stock, sell, make any short sale
of, loan, grant any option for the purchase of, or otherwise transfer or dispose
of (other than to donees, affiliates or partners who agree to be similarly
bound) any Registrable Securities (other than those shares of Common Stock
included in the registration or other securities acquired in open market
transactions after the completion of the Company's public offering) without the
prior written consent of the Company or such underwriters, as the case may be,
for such period of time (not to exceed ninety (90) days) from the effective date
of such registration as may be requested by the underwriters consistent with
then prevailing market practices. The foregoing provisions of this Section 1.13
shall only be applicable to a Combined Holder if all beneficial owners of 1% or
more of the Company's Common Stock (on an as-converted basis) and each officer
and director of

                                       21

<PAGE>

the Company enter into similar agreements. Notwithstanding the foregoing, (i)
the Series D-l Holders and their affiliates which purchased Series E Stock in
conjunction with the Company's offering thereof in an amount equal to eighty
percent (80%) or more of the amount invested by such persons in Series D Stock,
and (ii) EnerTech Capital Partners and its affiliates, shall not be obligated to
comply with this Section 1.13 in connection with any offering of the Company's
Common Stock after the First Public Offering.

     In order to enforce the foregoing covenant, the Company may impose
stop-transfer instructions with respect to the Registrable Securities of each
Combined Holder (and the shares of securities of every other person subject to
the foregoing restriction) until the end of such period.

     1.14 Termination of the Company's Obligations. Notwithstanding any contrary
provision of this Section 1, the Company shall not be required to effect any
registrations under the Securities Act or under any state securities laws on
behalf of any Combined Holder or Combined Holders if, in the opinion of counsel
to the Company (which counsel shall be reasonably acceptable to such Combined
Holder or Combined Holders), the offering or transfer by such Combined Holder or
Combined Holders in the manner proposed (including, without limitation, the
number of shares proposed to be offered or transferred, the time of sale and the
method of offering or transfer) is exempt from the registration requirements of
the Securities Act, without regard to the volume limitations of Rule 144
promulgated thereunder, and the securities laws of applicable states and the
Company consents to such transfer, if required.

     1.15 Information Rights.

          (a) Delivery of Financial Statements.

               The Company shall deliver to each Combined Holder, if and for so
long as such Combined Holder holds shares of Series E Stock and Series E-l Stock
with an aggregate purchase price of at least $2,000,000 or owns at least 3% of
the outstanding Registrable Securities:

               (i) As soon as available, but in any event not later than
forty-five (45) days after the end of each month, the unaudited consolidated
balance sheet as at the end of such month of the Company and its subsidiaries
and the related unaudited consolidated statements of operations, stockholders'
equity and cash flows for such month and for the elapsed period in such fiscal
year, all in reasonable detail, and stating in comparative form the figures as
of the end of and for the comparable period of the preceding fiscal year and
budgeted figures for the period. All such financial statements shall be complete
and correct in all material respects, and shall be accompanied by a certificate
of the President, Chief Financial Officer or Chief Administrative Officer of the
Company to such effect.

               (ii) As soon as available, but in any event not later than
forty-five (45) days after the end of each fiscal quarter, the unaudited
consolidated balance sheet of the Company and its subsidiaries as at the end of
such fiscal quarter and the

                                       22

<PAGE>

related unaudited consolidated statements of operations, stockholders' equity
and cash flows of the Company and its subsidiaries for such fiscal quarter, all
in reasonable detail and stating in comparative form the figures as at the end
of and for such quarter in the previous fiscal year and budgeted figures for the
period. All such financial statements shall be complete and correct in all
material respects and prepared in reasonable detail and in accordance with
generally accepted accounting principles applied, except as stated therein, on a
consistent basis throughout the periods reflected therein (except that such
financial statements may omit footnotes and may be subject to normal year end
adjustments which are not, in the aggregate, material), and shall be accompanied
by a certificate of the President, Chief Financial Officer or Chief
Administrative Officer of the Company to such effect.

               (iii) As soon as available, but in any event within ninety (90)
days after the end of each fiscal year of the Company, the audited consolidated
and unaudited consolidating balance sheet of the Company and its subsidiaries as
at the end of such fiscal year and the related audited consolidated statements
and unaudited consolidating statements of operations, stockholders' equity and
cash flows of the Company and its subsidiaries for such fiscal quarter, all in
reasonable detail and stating in comparative form the figures as at the end of
and for such quarter in the previous fiscal year and budgeted figures for the
fiscal year accompanied by an opinion of a "big five" accounting firm selected
by the Company with respect to the consolidated statements, which opinion shall
state that such accounting firm's audit was conducted in accordance with
generally accepted auditing standards and, accordingly, included such tests of
accounting records and such other auditing procedures as were considered
necessary under the circumstances and which opinion shall not be subject to any
qualification resulting from a limit on the scope of the examination of the
financial statements or the underlying data or which could be eliminated by
changes in the financial statements or the notes thereto or by the creation of
or increase in a reserve or a decreased carrying value of assets, as such
standards may change from time to time. All such financial statements shall be
complete and correct in all material respects and prepared in reasonable detail
and in accordance with generally accepted accounting principles applied, except
as stated therein, on a consistent basis throughout the periods reflected
therein.

               (iv) As soon as available, but in any event not later than
forty-five (45) days prior to the end of each fiscal year of the Company, the
financial plan of the Company for the next succeeding fiscal year to be
submitted to the Board of Directors for approval, including but not limited to,
at minimum, assumptions with respect to (a) revenues, (b) customers and
contracts, (c) operating costs and (d) capital expenditures and cash flow and
balance sheet projections and operating budget, calculated monthly, comparisons
to comparable periods in the prior year and any updates or revisions as soon as
available.

               (v) Within twenty (20) days after receipt, copies of all
notifications received by the Company relating to (i) material defaults, alleged
or actual,

                                       23

<PAGE>

of any provisions of any loans or leases to which the Company is a party and
(ii) material litigation commenced by or against the Company.

               (vi) With reasonable promptness, such other information and data
relating to the financial condition, business, prospects or corporate affairs of
the Company as a Combined Holder deems reasonably necessary or may from time to
time reasonably request.

               The Company shall further deliver to the Combined Holders such
other notices, information and data with respect to the Company as the Company
delivers to the holders of its capital stock in their capacity as holders of
capital stock at the same time it delivers such items to such holders. The
information provided pursuant to this Section 1.15 shall be used by each
Combined Holder solely in furtherance of its interests as a stockholder in the
Company and each Combined Holder shall strictly maintain the confidentiality of
all information pertaining to the Company obtained under this Section 1.15(a).

          (b) Inspection Rights. Each Combined Holder owning shares of Series E
Stock and Series E-l Stock with an aggregate purchase price of at least
$2,000,000 or owning at least 3% of the outstanding Registrable Securities, or
any authorized representative thereof, shall have the right to (i) visit and
inspect any of the properties of the Company and any of its subsidiaries, (ii)
examine their respective corporate and financial records (and make copies
thereof or extracts therefrom), (iii) to discuss the business, affairs, finances
and accounts of the Company or any of its subsidiaries with its officers,
directors, key employees and accountants and (iv) to review such information as
is reasonably requested all at such reasonable times and as often as may be
reasonably requested.

          (c) Termination of Information Covenants. The covenants set forth in
this Section 1.15 shall terminate and be of no further force or effect
immediately upon the closing of the First Public Offering.

     1.16 Right of First Offer, (a) The Company hereby grants to each Holder the
right of first offer to purchase a pro rata share of any New Securities (as
defined below) that the Company may, from time to time, propose to sell and
issue. Each Holder shall have a right of over-allotment such that if any Holder
fails to exercise its right hereunder to purchase its entire pro rata share of
the New Securities, the other Holders may purchase the non-purchasing Holder's
shares on a pro rata basis to the extent they have elected to purchase New
Securities in excess of their pro rata share. Each such Holder's pro rata share,
for purposes of this right of first offer, is the ratio of (X) the number of
shares of Common Stock (assuming conversion of all outstanding Convertible
Preferred Stock) owned by such Holder to (Y) the total number of shares of
Common Stock then outstanding (assuming conversion of all outstanding
Convertible Preferred Stock and the exercise of all outstanding options,
warrants and other rights to purchase Common Stock of the Company). This right
of first offer shall be subject to the following provisions:

                                       24

<PAGE>

               (i) "New Securities" shall mean any Common Stock or Preferred
Stock of the Company whether or not authorized on the date hereof, or rights,
options, or warrants to purchase such Common Stock or Preferred Stock, or
securities of any type whatsoever that are. or may become, convertible into or
exercisable for said Common Stock or Preferred Stock; provided, however, that
"New Securities" does not include the following:

                    (A) shares of Common Stock issuable to officers, directors,
employees, advisors and consultants of the Company pursuant to stock, option and
employee purchase plans or arrangements approved by the Board of Directors, up
to a maximum of 59,014,933 shares of Common Stock (as such number may be
appropriately adjusted for stock splits, stock combinations, stock dividends,
recapitalizations, reclassifications and the like);

                    (B) 2,719,848 shares of Common Stock and 6,146,098 shares of
Preferred Stock, in each case issuable pursuant to outstanding warrants (as
adjusted for stock splits, stock dividends, combinations, recapitalizations and
similar events from and after the date of issuance of such warrants);

                    (C) shares of Common Stock issuable upon conversion or
exercise of the Company's currently outstanding Convertible Preferred Stock;

                    (D) securities of the Company offered to the public pursuant
to a bona fide public offering;

                    (E) securities of the Company issued pursuant to the bona
fide acquisition of another corporation by the Company or by another corporation
of the Company whether by merger, consolidation, purchase or sale of
substantially all of the assets or securities, exchange of securities or other
reorganization whereby the Company owns not less than fifty-one percent (51%) of
the voting power of such other corporation or such other corporation owns not
less than fifty-one percent (51%) of the voting power of the Company;

                    (F) shares of Common Stock or Preferred Stock issued in
connection with any stock split, stock dividend, or recapitalization by the
Company;

                    (G) shares of Common Stock or Preferred Stock issued in
connection with lease lines, bank financing or other similar financing
transactions that are approved by the Board of Directors; or

                    (H) up to 43,000,000 shares of Series E-l Stock (as adjusted
for stock splits, stock dividends, combinations, recapitalizations and similar
events), and any shares of Common Stock issuable upon conversion thereof.

          (b) In the event that the Company proposes to undertake an issuance of
New Securities, it shall give each Holder written notice of its intention,
describing the type of New Securities, the price, and the general terms upon
which the Company

                                       25

<PAGE>

proposes to issue the same (the "Company's Notice"). Each such Holder shall have
ten (10) business days from the date such notice is given to agree to purchase
up to its pro rata share of such New Securities at the price and upon the terms
specified in the notice by giving written notice to the Company and stating
therein the quantity of New Securities to be purchased. In the event that a
Holder does not elect to purchase its entire pro rata share (a
"Non-Participating Holder"), then each Holder purchasing such New Securities
shall have ten (10) business days to elect to purchase, on a pro rata basis as
between such participating purchasers, each Non-Participating Holder's pro rata
share not purchased by such Non-Participating Holder.

          (c) The Company shall have ninety (90) days thereafter to sell any New
Securities not acquired by the Holders at a price and upon general terms no more
favorable to the purchasers thereof than specified in the Company's Notice, In
the event the Company has not sold the New Securities within such ninety (90)
day period, the Company shall not thereafter issue or sell any New Securities
without first offering such New Securities to the Holders in the manner provided
above.

          (d) The right of first offer described in this Section 1.16 shall
terminate and be of no further force or effect upon the consummation of a firm
commitment underwritten public offering of Common Stock yielding gross proceeds
to the Company of not less than $25,000,000 and based upon a valuation of the
Company immediately prior to such offering of not less than $255,000,000 (a
"Qualified Public Offering").

          (e) This right of first offer shall not apply to the Founder or any
Holder which no longer owns any shares of Preferred Stock or Common Stock
issuable upon conversion thereof as of the date of the Company's Notice referred
to above.

          (f) This right of first offer may be assigned by each Holder (i) upon
sale or transfer by such Holder to a transferee of at least twenty-five percent
(25%) of such Holder's securities owned as of the date hereof; or (ii) to
partners, members, shareholders, subsidiaries and affiliates of such Holder in
connection with the transfer to such transferees of the securities of the
Company; provided that the Company is given written notice by such Holder
promptly after such transfer, stating the name and address of said transferee,
and that any transferee executes a joinder agreement, which indicates that the
assignee is subject to the obligations of such Holder hereunder and indicates
which category of Holders such assignee shall be as a result of such assignment.

2.   General Provisions.

     2.01 Further Assurances. Each party agrees to cooperate fully with the
other parties and to execute such further instruments, documents and agreements
and to give such further written assurances, as may be reasonably requested by
any other party to better evidence and reflect the transactions described herein
and contemplated hereby, and to effect the intents and purposes of this
Agreement.

                                       26

<PAGE>

     2.02 Changes in Registrable Securities. If, and as often as, there are any
changes in the Registrable Securities by way of stock split, stock dividend,
combination or reclassification, or through merger, consolidation,
reorganization or recapitalization, or by any other means, appropriate
adjustment shall be made in the provisions of this Agreement, as may be
required, so that the rights and privileges granted hereby shall continue with
respect to the Registrable Securities as so changed. Without limiting the
generality of the foregoing, the Company will require any successor by merger or
consolidation to assume and agree to be bound by the terms of this Agreement, as
a condition to any such merger or consolidation.

     2.03 Rights Cumulative. Each and all of the various rights, powers and
remedies of the parties hereto shall be considered to be cumulative with and in
addition to any other rights, powers and remedies which such parties may have at
law or in equity in the event of the breach of any of the terms of this
Agreement. The exercise or partial exercise of any right, power or remedy shall
neither constitute the exclusive election thereof nor the waiver of any other
right, power or remedy available to such party.

     2.04 Pronouns. All pronouns and any variations thereof shall be deemed to
refer to the masculine, feminine or neuter, singular or plural, as the identity
of the person, persons, entity or entities may require.

     2.05 Notices. All notices, consents or demands of any kind which any party
to this Agreement may be required or may desire to serve on any other party
hereto in connection with this Agreement shall be in writing and may be
delivered by personal service or overnight courier, by telex or facsimile
transfer, or by registered or certified mail, return receipt requested,
deposited in the United States mail with first-class postage thereon fully
prepaid, addressed: (i) if to the Company, attention: Secretary at its then
current principal executive office address; or (ii) if to any other party to
this Agreement, at the address on the signature page hereof or such other
address as such party shall have notified the Company is its latest address in
accordance with this Section 2,05. Service of any such notice or demand so made
by mail shall be deemed complete on the date of actual delivery as shown by the
addressee's registry or certification receipt or at the expiration of five (5)
business days after the date of mailing, whichever is earlier. Any party hereto
may from time to time by notice in writing served upon the Company as aforesaid,
designate a different mailing address or a different person to which such
notices or demands are thereafter to be addressed or delivered.

     2.06 Captions. Captions are provided herein for convenience only and they
form no part of this Agreement and are not to serve as a basis for
interpretation or construction of this Agreement, nor as evidence of the
intention of the parties hereto.

     2.07 Severability. The provisions of this Agreement are severable. The
invalidity, in whole or in part, of any provision of this Agreement shall not
affect the validity or enforceability of any other of its provisions. If one or
more provisions hereof shall be so declared invalid or unenforceable, the
remaining provisions shall remain in full force and effect and shall be
construed in the broadest possible manner to effectuate the purposes hereof. The
parties further agree to replace such void or unenforceable

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<PAGE>

provisions of this Agreement with valid and enforceable provisions which will
achieve, to the extent possible, the economic, business and other purposes of
the void or unenforceable provisions.

     2.08 Attorneys' Fees. In any action at law or in equity to enforce any of
the provisions or rights under this Agreement, the unsuccessful party to such
litigation, as determined by the court in a final judgment or decree, shall pay
the successful party all reasonable costs, expenses and attorneys' fees incurred
by the successful party (including, without limitation, costs, expenses and fees
on any appeal) with respect to such action.

     2.09 Counterparts. This Agreement may be executed in separate counterparts,
each of which shall be deemed an original, and when executed, separately or
together, shall constitute a single original instrument, effective in the same
manner as if the parties hereto had executed one and the same instrument.

     2.10 Waiver. Any party hereto may, as to itself, by a writing signed by an
authorized representative of such party: (i) extend the time for the performance
of any of the obligations of another party; (ii) waive any inaccuracies in
representations and warranties made by another party contained in this Agreement
or in any documents delivered pursuant hereto; (iii) waive compliance by another
party with any of the covenants contained in this Agreement or the performance
of any obligations of such other party; or (iv) waive the fulfillment of any
condition that is precedent to the performance by such party of any of its
obligations under this Agreement. No waiver of any term, provision or condition
of this Agreement, whether by conduct or otherwise, in any one or more
instances, shall be deemed to be, or be construed as, a further or continuing
waiver of any such term, provision or condition or as a waiver of any other
term, provision or condition of this Agreement.

     2.11 Aggregation of Stock. All shares of Registrable Securities held or
acquired by affiliated entities or persons (including entities or persons under
common investment management or common control) shall be aggregated together for
the purpose of determining the availability of any rights under this Agreement.

     2.12 Entire Agreement. This Agreement (together with its Exhibits and the
other documents referred to herein) is intended by the parties hereto to be the
final expression of their agreement and constitutes and embodies the entire
agreement and understanding of the parties with regard to the subject matter
hereof and is a complete and exclusive statement of the terms and conditions
thereof, and shall supersede any and all prior correspondence, conversations,
negotiations, agreements or understandings relating to the same subject. Without
limitation of the foregoing, the parties hereto acknowledge and agree that the
Prior Agreement has been superseded in its entirety by this Agreement and that
the Prior Agreement is of no further force or effect.

     2.13 Choice of Law. It is the intention of the parties that the internal
laws of the State of New York, as such laws are applied to agreements between
New York

                                       28

<PAGE>

residents entered into and to be performed entirely within New York, shall
govern this Agreement in all respects, whether or not all parties hereto are
residents of New York.

     2.14 Binding on Heirs,,Successors and Assigns. This Agreement and all of
its terms, conditions and covenants are intended to be fully effective and
binding, to the extent permitted by law, on the heirs, executors,
administrators, successors and permitted assigns of the parties hereto.

     2.15 Survival. The respective representations and warranties given by each
of the parties, as contained herein shall survive without regard to any
investigation made by any party. All statements as to factual matters contained
in any certificates, exhibits or other instruments delivered by or on behalf of
any party pursuant to the terms hereto or in connection with the transactions
contemplated hereby shall be deemed, for all purposes, to constitute
representations and warranties by such party under the terms of this Agreement
given as of the date of such certificate or instrument.

     2.16 Confidentiality. Each party hereto agrees that, except with the prior
written permission of the other parties, it shall at all times keep confidential
and not divulge, furnish or make accessible to anyone any confidential
information, knowledge or data concerning or relating to the business or
financial affairs of the other parties to which such party has been or shall
become privy by reason of this Agreement, except as required by law or under
applicable rules of any self regulatory organization under the Exchange Act. The
parties hereto further agree that there shall be no press release or other
public statement issued by any party relating to this Agreement or the
transactions contemplated hereby, unless the parties otherwise agree in writing
and except as required by law, or by applicable rules of any self regulatory
organization under the Exchange Act.

     2.17 Amendment. Any provision of this Agreement may be amended (including
but not limited to the admission of additional Holders) or the observance
thereof may be waived upon the written consent of the Company and the written
consent of Holders and the Founder who hold a majority of the aggregate shares
held by the Holders and the Founder of each of the following classes or series
of the Company's capital stock: (i) Series A Stock (voting as a class), (ii)
Series B Stock (voting together as a class), (iii) Series C Stock (voting
together as a class), (iv) Series D Stock and Series D-l Stock (voting together
as a class) and (v) Series E Stock and Series E-l Stock (voting together as a
separate class); provided, that Section 1.13 may not be amended with respect to
any Combined Holder without such Combined Holder's written consent. Any
amendment or waiver effected in accordance with this Section 2.17 shall be
binding upon each Combined Holder of any Registrable Securities then outstanding
(including securities into which such securities are convertible), each future
Combined Holder of all such Registrable Securities, and the Company.

     2.18 Joinder Agreement. Persons who are holders under the warrant
agreements set forth on Exhibit A attached hereto or Persons who subject to
Section 1.12 subsequent to the date hereof obtain "registration rights" pursuant
to one or more agreements in compliance with this Agreement may execute a
joinder agreement

                                       29

<PAGE>

whereby such Person shall enjoy the benefits of the "registration rights"
contained in this Agreement to the extent and only to the extent agreed to in
the underlying agreement and shall comply with the related obligations of this
Agreement. Parties who have "registration rights" with respect to Preferred
Stock shall be treated in the joined provisions of this Agreement as a holder of
the same series of Preferred Stock. Parties who have "registration rights" with
respect to Common Stock shall be treated in the joined provisions of this
Agreement as a Founder.

                            [Signature pages follow]

                                       30

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