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EXHIBIT 4.4    
  

 
 

MAKE-WELL AGREEMENT    
  

    This Make-Well Agreement (as amended, supplemented or otherwise modified from time to time, this "Agreement") is entered into as of
September 18, 2001, by Station Casinos, Inc., a Nevada corporation ("Station"), GCR Gaming, LLC, a Nevada limited liability company ("GCR Gaming"), and GV Ranch Station, Inc., a
Nevada corporation ("GV Ranch Station"), jointly and severally, in favor of Bank of America, N.A., as Administrative Agent for the benefit of the Lenders under the Loan Agreement described below.
Station, GCR Gaming and GV Ranch Station are each referred to herein as a "Obligor" and collectively, as "Obligors". 

 
 

RECITALS    
  

    A.
Pursuant to the Reducing Revolving Loan Agreement (as amended, supplemented or otherwise modified from time to time, the "Loan Agreement") of even date herewith by and among Green
Valley Ranch Gaming, LLC, a Nevada limited liability company ("Borrower"), the lenders from time to time parties thereto (each a "Lender" and collectively, the "Lenders"), and Bank of America, N.A.,
as Administrative Agent, the Lenders have agreed to extend certain credit facilities to Borrower. 

    B.
The Loan Agreement provides, as a condition precedent to the Lenders' obligation to extend such credit facilities to Borrower, that Obligors shall enter into this Agreement, and
shall make or cause to be made Cash Equity Contributions to the Borrower in the amounts and under the terms and conditions set forth herein. 

    C.
The obligations of GCR Gaming and GV Ranch Station hereunder shall be secured by the Member Pledge Agreement referred to in the Loan Agreement, and the obligations of GCR Gaming
hereunder
shall be secured by the Greenspun Pledge Agreement referred to in the Loan Agreement. As of the date hereof, the obligations of Station hereunder are unsecured. 

    D.
This Agreement is the Make-Well Agreement referred to in the Loan Agreement and is one of the Loan Documents described in the Loan Agreement. 

 
 

AGREEMENT    
  

    NOW, THEREFORE, in order to induce the Lenders to extend credit facilities to Borrower under the Loan Agreement, and for other good and valuable consideration,
the receipt and adequacy of which is hereby acknowledged, Obligors hereby agree as follows: 

    1.  Definitions.  Terms defined in the Loan Agreement and not otherwise defined in this Agreement shall
have the meanings defined for those terms in the Loan Agreement. As used in this Agreement, the following terms shall have the meanings respectively set forth after each: 

    "Bankruptcy Code" means Title 11 of the United States Code as amended from time to time. 

    "Insolvency Proceeding" means any case or proceeding, voluntary or involuntary, under the Bankruptcy Code, or any similar existing or
future law of any jurisdiction, state or federal, relating to bankruptcy, insolvency, reorganization or relief of debtors. 

    2.  Make-Well Agreement.  For as long as the Loan Agreement remains in effect or any of the
Obligations under the Loan Agreement remains outstanding, whether before or after the commencement of an Insolvency Proceeding, if Borrower fails to comply with either the financial covenant set forth
in Section 6.11 of the Loan Agreement (the "Fixed Charge Coverage Ratio") or the financial covenant set forth in Section 6.12 of the Loan Agreement (the "Leverage Ratio"), the Obligors
shall, but only until the Obligors have indefeasibly made the Maximum Contribution described in Section 4 below or this Agreement is released pursuant to Section 20 hereof, make or cause
to be made Cash Equity Contributions to Borrower in such amount as is required to be added to EBITDAM for the relevant period to result in pro forma compliance with such covenants. Obligors shall make
the 

 

Cash Equity Contributions required by this Section not later than five Business Days following the earlier of the date on which Borrower delivers the quarterly or annual financial statements of
Borrower
and its Subsidiaries to Administrative Agent pursuant to Section 8.1 of the Loan Agreement or the date such statements are required to be delivered pursuant to said Section 8.1. 

    3.  Payment Provisions in the Event of Bankruptcy.  Subject to the limitations set forth in
Section 4 below, in the event that the Borrower becomes subject to an Insolvency Proceeding, notwithstanding Section 2, Obligors jointly and severally guarantee and agree that so long as
Borrower remains subject to such Insolvency Proceeding: 

    (a) If
Borrower fails to be in compliance with the Fixed Charge Coverage Ratio or the Leverage Ratio, the Obligors shall make Cash payments in the amounts calculated
under Section 2 into an interest-bearing deposit account designated and controlled exclusively by the Administrative Agent (the "Deposit Account") in which the Administrative Agent is hereby
granted a security interest for the benefit of the Lenders. The Deposit Account is intended to be a "deposit account" for the purposes of Nevada Revised Statutes ("NRS") 40.430.4(g). Such funds shall
be held in the Deposit Account as additional Collateral for the Obligations under the Loan Agreement; provided that, if requested by Borrower, such funds (i) shall be applied to payment of the
Obligations and/or (ii) shall be applied, with the approval of the Requisite Lenders (which shall not be unreasonably withheld or delayed) to payment of such other obligations of Borrower
incurred in the ordinary course for the acquisition of goods or services which have enhanced or maintained the value of the Collateral covered by the Collateral Documents. 

    (b) The
Cash payments into the Deposit Account and the funds therein shall be free and clear of any third party claims thereto, including any claims by Borrower as a
third party beneficiary under this Agreement. The Obligors, the Administrative Agent on behalf of the Lenders, and, by its signature below for this purpose, Borrower, specifically agree that Borrower
is not an intended third party beneficiary to this Agreement and that Borrower has no rights under this Agreement. 

    4.  Limitation of Liability.  Notwithstanding any other provision of this Agreement, the maximum
aggregate amount of Cash Equity Contributions pursuant to Section 2 and/or Cash payments pursuant to Section 3 (taken together) which may be required of the Obligors (taken together)
shall be $44,000,000 (the "Maximum Contribution"), and, subject to revival and reinstatement pursuant to Section 14, this Agreement shall terminate upon the payment of the Maximum Contribution
by any one or more of the Obligors. 

    5.  Subordination of Indebtedness of Borrower to Obligors.  Each Obligor agrees that: 

    (a) Any
indebtedness of Borrower now or hereafter owed to Obligors or any of them hereby is subordinated to the Obligations. 

    (b) If
Administrative Agent so requests, upon the occurrence and during the continuance of any Event of Default, any such indebtedness of Borrower now or hereafter owed
to Obligors, or any of them, shall be collected, enforced and received by the applicable Obligor as trustee for Lenders and shall be paid over to the Administrative Agent for the benefit of Lenders in
kind on account of the Obligations (but, to the extent that the Administrative Agent and the Lenders may legally apply the same to the Obligations, shall reduce the maximum amount of the liability of
the Obligors hereunder described in Section 4). 

    (c) Should
Obligors fail to collect or enforce any such indebtedness of Borrower now or hereafter owed to Obligors or any of them and pay the proceeds thereof to the
Administrative Agent for the benefit of Lenders in accordance with Section 5(b) hereof, Administrative Agent as Obligors' attorney-in-fact may do such acts and sign such
documents in the applicable Obligor's 

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name as Administrative Agent considers necessary or desirable to effect such collection, enforcement and/or payment. 

    6.  Statutes of Limitations and Other Laws.  So long as the Loan Agreement remains in full force and
effect or any of the Obligations remain outstanding, all the rights, privileges, powers and remedies granted to the Administrative Agent and the Lenders hereunder shall continue to exist and may be
exercised by Administrative Agent for the benefit of the Lenders at any time and from time to time irrespective of the fact that any of such Obligations may have become barred by any statute of
limitations. Obligors expressly waive, to the fullest extent permitted by law, the benefit of any and all statutes of limitation, and any and all Laws providing for exemption of property from
execution or for evaluation and appraisal upon foreclosure, to the maximum extent permitted by applicable Laws. 

    7.  Waivers and Consents.  Obligors acknowledge that the obligations undertaken herein involve the
support of obligations of Persons other than Obligors and, in full recognition of that fact, consent and agree, to the fullest extent permitted by law, that the Administrative Agent and the Lenders
may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) supplement, modify, amend, extend, renew,
accelerate or otherwise change the time for payment or the terms of the Obligations or any part thereof, including any increase or decrease of the
rate(s) of interest thereon; (b) supplement, modify, amend or waive, or enter into or give any agreement, approval or consent with respect to, the Obligations or any part thereof, or any of the
Loan Documents to which Obligors are not a party or any additional security or guaranties, make-well agreements or other surety arrangements or any condition, covenant, default, remedy,
right, representation or term thereof or thereunder; (c) accept new or additional instruments, documents or agreements in exchange for or relative to any of the Loan Documents or the
Obligations or any part thereof; (d) accept partial payments on the Obligations; (e) receive and hold additional security or guaranties for or with respect to the Obligations or any part
thereof; (f) release, reconvey, terminate, waive, abandon, fail to perfect, subordinate, exchange, substitute, transfer and/or enforce any security, and apply any security and direct the order
or manner of sale thereof as Administrative Agent and the Lenders in their sole and absolute discretion may determine; (g) release any Person from any personal liability with respect to the
Obligations or any part thereof; (h) settle, release on terms satisfactory to
Lenders or by operation of applicable Laws or otherwise liquidate or enforce any Obligations and any security therefor or with respect thereto in any manner, (i) consent to the transfer of any
security and bid and purchase at any sale; and/or (j) consent to the merger, change or any other restructuring or termination of the existence of Borrower, any Member thereof, any Obligor or
any other Person, and correspondingly restructure the Obligations, and any such merger, change, restructuring or termination shall not affect the liability of Obligors or the continuing effectiveness
hereof, or the enforceability hereof with respect to all or any part of the Obligations. 

    Upon
the occurrence and during the continuance of any Event of Default, the Administrative Agent, for the benefit of the Lenders, may enforce this Agreement independently as to each
Obligor and independently of any other remedy or security Lenders at any time may have or hold in connection with the Obligations. Each Obligor expressly waives any right to require Administrative
Agent or the Lenders to marshal assets in favor of Borrower or any other Person, and agrees that Lenders may proceed against Borrower or any other Person, or upon or against any security or remedy,
before proceeding to enforce this Agreement, in such order as they shall determine their sole and absolute discretion. Administrative Agent, for the benefit of Lenders, may file a separate
action or actions against Borrower or any one or more Obligors without respect to whether action is brought or prosecuted with respect to any security or against any other Person, or whether any other
Person is joined in any such action or actions. Each Obligor agrees that Lenders and Borrower and any Affiliates of Borrower may deal with each other in connection with the Obligations or otherwise,
or alter any contracts or agreements now or hereafter existing between any of them, in any manner whatsoever, all without in any way altering or affecting the security of this Agreement. Subject to
Section 4, the rights 

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of Administrative Agent and the Lenders created or granted herein and the enforceability of this Agreement with respect to Obligors at all times shall remain effective to support the performance,
and/or full payment, of each of the Obligations supported hereby (as limited in Section 4) even though such Obligations, or any part thereof, or any security or guaranty, make-well
agreement or other surety arrangement therefor or with respect thereto, may be or hereafter may become invalid or otherwise unenforceable as against Borrower or any other Obligor or surety and whether
or not Borrower shall have any personal liability with respect thereto. Each Obligor expressly waives, to the fullest extent permitted by law, any and all defenses now or hereafter arising or asserted
by reason of (a) any disability or other defense of Borrower with respect to the Obligations, (b) the unenforceability or invalidity of any security or guaranty, make-well
agreement or other surety arrangement for or with respect to the Obligations or the lack of perfection or continuing perfection or failure of priority of any security for the Obligations,
(c) the cessation for any cause whatsoever of the liability of Borrower (other than by reason of the full payment and performance of all obligations supported hereby), (d) any failure of
Administrative Agent or the Lenders to marshal assets in favor of Borrower or any other Person, (e) except as otherwise provided in this Agreement, any failure of Administrative Agent or the
Lenders to give notice of sale or other disposition of Collateral to Obligors or any other Person or any defect in any notice that may be given in connection with any sale or disposition of
Collateral, (f) any failure of Administrative Agent or the Lender to comply with applicable Laws in connection with the sale or other disposition of any Collateral or other security for any
Obligations, including without limitation, any failure Administrative Agent or Lenders to conduct a commercially reasonable sale or other disposition of any Collateral or other security for any
Obligations, (g) any act or omission of Administrative Agent or the Lenders or others that directly or indirectly results in or aids the discharge or release of Borrower or the Obligations or
any security or guaranty, make-well agreement or other surety arrangement therefor by operation of law or otherwise, (h) any Law which provides that the
obligation of a surety or guarantor must neither be larger in amount nor in other respects more burdensome than that of the principal or which reduces a surety's or guarantor's obligation in
proportion to the principal obligation, (i) any failure of Administrative Agent or Lenders to file or enforce a claim in any bankruptcy or other proceeding with respect to any Person,
(j) the election by Administrative Agent or Lenders, in any bankruptcy proceeding of any Person, of the application or non-application of Section 1111(b)(2) of the United
States Bankruptcy Code, (k) any extension of credit or the grant of any Lien under Section 364 of the United States Bankruptcy Code, (l) any use of cash collateral under
Section 363 of the United States Bankruptcy Code, (m) any agreement or stipulation with respect to the provision of adequate protection in any bankruptcy proceeding of any Person,
(n) the avoidance of any Lien in favor of Lender for any reason, (o) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, liquidation or dissolution proceeding
commenced by or against any Person, including any discharge of, or bar or stay against collecting, all or any of the Obligations (or any interest thereon) in or as a result of any such proceeding,
(p) to the extent permitted in paragraph 40.495(4) of the Nevada Revised Statutes ("NRS"), the benefits of the one-action rule under NRS Section 40.430, or
(q) any action taken by Lender that is authorized by this Section or any other provision of any Loan Document. Each Obligor expressly waives all setoffs and counterclaims and all presentments,
demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with
respect to the Obligations, and all notices of acceptance of this Agreement or of the existence, creation or incurrence of new or additional Obligations. 

    8.  Condition of Borrower, its Members and its Subsidiaries.  Each Obligor represents and warrants to the
Administrative Agent and the Lenders that such Obligor has established adequate means of obtaining from Borrower, its Members and its Subsidiaries, if any, on a continuing basis, financial and other
information pertaining to the businesses, operations and condition (financial and otherwise) of Borrower, its Members and its Subsidiaries, if any and their respective Properties, and Obligors now are
and hereafter will be completely familiar with the businesses, operations and condition (financial 

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and otherwise) of Borrower, its Members and its Subsidiaries, if any, and their respective Properties. Each Obligor hereby expressly waives and relinquishes any duty on the part of Administrative
Agent or the Lenders (should any such duty exist) to disclose to Obligors any matter, fact or thing related to the businesses, operations or condition (financial or otherwise) of Borrower, its Members
or its Subsidiaries, if any, or their respective Properties, whether now known or hereafter known by Administrative Agent or any Lender during the life of this Agreement. With respect to any of the
Obligations supported hereby, neither Administrative Agent nor the Lenders need inquire into the powers of Borrower, its Members or any of its Subsidiaries or the officers or employees acting or
purporting to act on their behalf, and all Obligations made or created in good faith reliance upon the professed exercise of such powers shall be secured hereby. 

    9.  Liens on Real Property.  In the event that all or any part of the Obligations are at any time secured
by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, each Obligor authorizes Administrative Agent, for the benefit of
Lenders, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice (other than notice of foreclosure or sale, which the Administrative Agent shall
endeavor, but not be obligated, to provide to the Obligors) or demand and without affecting any Obligations, the
enforceability of this Agreement, or the validity or enforceability of any Liens of Administrative Agent or the Lenders on any Collateral, to foreclose any or all of such deeds of trust or mortgages
or other instruments by judicial or nonjudicial sale. Each Obligor expressly waives any defenses to the enforcement of this Agreement or any rights of the Administrative Agent or the Lenders created
or granted hereby or to the recovery by Administrative Agent or the Lenders against Borrower, Obligors or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure
or sale because all or any part of the Obligations are secured by real Property. This means, among other things: (1) Administrative Agent, for the benefit of Lenders, may collect from any
Obligor without first foreclosing on any real or personal Property collateral pledged by the Borrower; (2) if the Administrative Agent, for the benefit of Lenders, forecloses on any real
Property collateral pledged by the Borrower: (A) the amount of the Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral
is worth more than the sale price, (B) the Administrative Agent, for the benefit of Lenders, may collect from any Obligor even if the Administrative Agent, by foreclosing on the real Property
collateral, has destroyed any right Obligors may have to collect from the Borrower. This is an unconditional and irrevocable waiver of any rights and defenses Obligors may have because all or any part
of the Obligations are secured by real Property. Each Obligor expressly waives any defenses or benefits that may be derived from California Code of Civil Procedure §§ 580a,
580b, 580d or 726, or comparable provisions of the Laws of any other jurisdiction, including, without limitation, NRS Section 40.430 and judicial decisions relating thereto, and NRS Sections
40.451, 40.455, 40.457 and 40.459, and all other suretyship defenses it otherwise might or would have under Nevada Law or other applicable Law. 

    10.  Standstill of Rights of Subrogation.  Notwithstanding anything to the contrary elsewhere contained
herein or in any other Loan Document to which any Obligor is a Party, but subject to the penultimate sentence of this section, for as long as this Agreement remains in effect, each Obligor hereby
expressly agrees with respect to Borrower and its successors and assigns (including any surety) and any other Person which is directly or indirectly a creditor of Borrower or any surety for Borrower,
to forbear exercising any and all rights at Law or in equity to subrogation, to reimbursement, to exoneration, to contribution, to setoff or to any other rights that could accrue to a surety against a
principal, to a guarantor against a maker or obligor, to an accommodation party against the party accommodated, or to a holder or transferee against a maker, and which any Obligor may have or
hereafter acquire against Borrower or any other such Person in connection with or as a result of Obligor's execution, delivery and/or performance of this Agreement or any other Loan Document to which
any Obligor is a party. Each Obligor agrees, for as long as this Agreement remains in effect, that it shall not assert any such rights against Borrower or its successors and assigns or any other
Person 

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(including any surety) which is directly or indirectly a creditor of Borrower or any surety for Borrower, either directly or as an attempted setoff to any action commenced against that Obligor by
Borrower (whether as borrower or in any other capacity), Administrative Agent, any Lender or any other such Person. Notwithstanding the foregoing provisions of this Section, it is agreed that for so
long as no Event of Default has been asserted by the Administrative Agent and the Lenders, and has not thereafter been waived by them in writing, any of the Parties to this Agreement may exercise and
assert any rights which they have against the other Parties to this Agreement (but not against the Borrower), but that upon the occurrence and during the continuance of any Event of Default, they
shall cease or stay the exercise or assertion of any such rights or claims unless the Administrative Agent otherwise consents in writing, the Obligations are fully repaid, or such Event of Default has
been cured or waived in writing. Each Obligor hereby acknowledges and agrees that this forbearance and standstill agreement
is intended to benefit Borrower, Administrative Agent and Lenders and shall not limit or otherwise affect Obligors' liability hereunder, under any other Loan Document to which any Obligor is a party,
or the enforceability hereof or thereof. 

    11.  Understandings With Respect to Waivers and Consents.  Each Obligor warrants and agrees that each of
the waivers and consents set forth herein are made with full knowledge of their significance and consequences, with the understanding that events giving rise to any defense or right waived may
diminish, destroy or otherwise adversely affect rights which such Obligor otherwise may have against Borrower, Administrative Agent, any Lender or others, or against any Collateral, and that, under
the circumstances, the waivers and consents herein given are reasonable and not contrary to public policy or Law. Each Obligor acknowledges that it has either consulted with legal counsel regarding
the effect of this Agreement and the waivers and consents set forth herein, or has made an informed decision not to do so. If this Agreement or any of the waivers or consents herein are determined to
be unenforceable under or in violation of applicable Law, this Agreement and such waivers and consents shall be effective to the maximum extent permitted by Law. 

    12.  Financial Information.  Station and GV Ranch Station shall keep true and correct financial books and
records, using generally accepted accounting principles consistently applied. Station and GV Ranch Station shall provide to the Administrative Agent, for the benefit of Lenders such financial
statements and other information respecting such Obligors as is required under Section 8.1 of the Loan Agreement and such other information concerning their respective affairs and properties as
the Administrative Agent or any Lender may reasonably request. Any confidential information of Station and/or GV Ranch Station so furnished shall be subject to the provisions of Section 12.14
of the Loan Agreement. 

    13.  Agreement to be Absolute.  It is expressly agreed that the Obligors shall be released from their
obligations hereunder once Obligors have indefeasibly made the Maximum Contribution described in Section 4 above or the provisions of Section 20 hereof are satisfied. However, Obligors
expressly agree, to the fullest extent permitted by law, that until the Maximum Contribution is so made or the provisions of Section 20 are satisfied, then for as long as the Loan Agreement
remains in effect or any of the Obligations under the Loan Agreement remain outstanding, Obligors shall not be released from their obligations hereunder by or because of: 

    (a) Any
act or event which might otherwise discharge, reduce, limit or modify Obligors' obligations under this Agreement; 

    (b) Any
waiver, extension, modification, forbearance, delay or other act or omission of the Administrative Agent or the Lenders, or any failure to proceed promptly or
otherwise as against Borrower, any Obligor or any security; 

    (c) Any
action, omission or circumstance which might increase the likelihood that Obligors may be called upon to perform under this Agreement or which might affect the
rights or remedies of Obligors as against Borrower; or 

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    (d) Any dealings occurring at any time between Borrower, the Administrative Agent or any Lender, whether relating to the Loans or otherwise. 

    Obligors
hereby expressly waive and surrender any defense to their liability under this Agreement based upon any of the foregoing acts, omissions, agreements, waivers or matters. It
is the purpose and intent of this Agreement that the obligations of Obligors under it shall be absolute and unconditional under any and all circumstances. 

    14.  Revival and Reinstatement.  If the Lenders are required to pay, return or restore to Borrower or any
other person any amounts previously paid on the Loans because of any Insolvency Proceeding of Borrower, any stop notice or any other reason, to the extent that the source of such payment was a Cash
Equity Contribution from Obligors pursuant to this Agreement, the obligations of Obligors shall be reinstated and revived and the rights of the Administrative Agent and the Lenders shall continue with
regard to such amounts, all as though they had never been paid. 

    15.  Obligors' Representations and Warranties.  GV Ranch Station and Station each represents and warrants
as to itself that: 

    (a) All
financial statements and other financial information furnished or to be furnished to the Administrative Agent or the Lenders by such Obligor are or will be true
and correct and do or will fairly represent the financial condition of such Obligor as of the dates and for the periods covered thereby; 

    (b) All
such financial statements of such Obligor were or will be prepared in accordance with Generally Accepted Accounting Principles, consistently applied; 

    (c) There
has been no material adverse change in such Obligor's financial condition since the dates of the statements most recently furnished to the Lenders prior to
the date hereof; and 

    (d) The
performance of this Agreement will not violate any indenture, credit agreement or other material agreement to which such Obligor is a party. 

    16.  Events of Default.  The Administrative Agent may declare Obligors to be in default under this
Agreement upon the occurrence of any of the following events ("Events of Default"): 

    (a) The
Obligors fail to perform any of their obligations under this Agreement within five Business Days after the date of a demand therefor by the Administrative
Agent; or 

    (b) Any
of the Obligors revoke this Agreement or dispute the validity or coverage thereof or this Agreement becomes ineffective for any reason; or 

    (c) Any
representation or warranty made or given by an Obligor in any Loan Document proves to be false or misleading in any material respect; or 

    (d) Any
Obligor becomes insolvent or the subject of any Insolvency Proceeding and, in the case of an involuntary case, the same continues undismissed or unstayed for
ninety (90) calendar days, provided that if such event may constitute an Event of Default under Section 10.1(r) of the Loan Agreement,
then such event shall not constitute an Event of Default hereunder unless and until it constitutes an Event of Default under said Section 10.1(r); or 

    (e) Any
Obligor dissolves or liquidates. 

    17.  Authorization; No Violation.  Each Obligor represents and warrants as to itself that: 

    (a) It
is authorized to execute, deliver and perform under this Agreement, which is a valid and binding obligation of such Obligor enforceable against such Obligor in
accordance with its terms, except as enforcement may be limited by Debtor Relief Laws, Gaming Laws or equitable 

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principles relating to the granting of specific performance and other equitable remedies as a matter of judicial discretion; 

    (b) No
provision or obligation of such Obligor contained in this Agreement violates any Requirement of Law applicable to such Obligor; and 

    (c) No
such provision or obligation conflicts with, or constitutes a breach or default under, any agreement to which such Obligor is a party. 

    18.  Additional and Independent Obligations.  Obligors' obligations under this Agreement are in addition
to their obligations under any other existing or future make-well agreements, guaranties or other suretyship arrangements given in connection with the Loan Agreement, and shall remain in
full force and effect until they are expressly modified or released in a writing signed by the Administrative Agent on behalf the Requisite Lenders (or, if required by the terms of the Loan Agreement,
all of the Lenders). Obligors' obligations under this Agreement are independent of those of Borrower under the other Loan Documents. The Administrative Agent may bring a separate action, or commence a
separate reference or arbitration proceeding against any Obligor without first proceeding against Borrower or any other Obligor, any other person or any security that the Administrative Agent or the
Lenders may hold, and without pursuing any other remedy. The rights under this Agreement shall not be exhausted by any action by the Administrative Agent or any Lender until the Maximum Contribution
has been indefeasibly made in cash, the provisions of Section 20 hereof are satisfied or the Loans have been paid and performed in full. 

    19.  No Waiver; Consents; Cumulative Remedies.  Each waiver by the Administrative Agent and the Lenders
must be in writing, and no waiver shall be construed as a continuing waiver. No waiver shall be implied from the Administrative Agent's or any Lender's delay in exercising or failure to exercise any
right or remedy against Borrower, Obligors or any security. Consent by the Administrative Agent or any Lender to any act or omission by Borrower or Obligors shall not be construed as a consent to any
other or subsequent act or omission, or as a waiver of the requirement for their consent to be obtained in any future or other instance. All remedies of the Administrative Agent and the Lenders
against Borrower and Obligors are cumulative. 

    20.  Release.  This Agreement shall automatically terminate upon the earlier to occur of
(a) satisfaction of the Obligations or (b) commencing on the last day of the first four Fiscal Quarter period ending subsequent to the Completion Date, (i) as of the last day of
any applicable Fiscal Quarter, the Leverage Ratio with respect to such Fiscal Quarter is less than or equal to 3:00:1:00; and (ii) as of the last day of any applicable four Fiscal Quarter
period then ended, EBITDAM is greater than or equal to $42,000,000 (for purposes of both clauses (i) and (ii), excluding any Cash Equity Contributions made during such period); (iii) no
Default or Event of Default shall have occurred and be continuing; and (iv) Borrower shall have delivered to Administrative Agent projections, in form and substance reasonably acceptable to the
Lenders, showing that the Leverage Ratio for each Fiscal Quarter ending prior to the Maturity Date will not exceed 3.00:1.00. Absent such termination, Obligors shall not be released from their
obligations under this Agreement except by a writing signed by the Administrative Agent with the consent of all of the Lenders or the payment of the amounts specified in Section 4. Upon the
request of Borrower or any Obligor after the termination of this Agreement, the Administrative Agent shall confirm in writing to Borrower and the Obligors that this Agreement has been terminated. 

    21.  Successors and Assigns; Participations.  The terms of this Agreement shall bind and benefit the
legal representatives, successors and assigns of the Administrative Agent, the Lenders and the Obligors;
provided, however, that Obligors may not assign this Agreement, or assign or delegate any of their rights or obligations under this Agreement, without the prior written consent of the Administrative
Agent in each instance. The Lenders may sell or assign participations or other interests in the Loans and this Agreement in accordance with Section 12.8 of the Loan Agreement. Also without 

–8–

 

notice to or the consent of Obligors, the Administrative Agent and the Lenders may disclose any and all information in their possession concerning Obligors, this Agreement and any security for this
Agreement to any actual or prospective purchaser of any securities issued or to be issued by Lenders, and to any actual or prospective purchaser or assignee of any participation or other interest in
the Loan Documents in accordance with Section 12.14 of the Loan Agreement. 

    22.  Governing Law.  This Agreement shall be governed by, and construed in accordance with, the local
Laws of the State of California. 

    23.  Costs and Expenses.  If any lawsuit, reference or arbitration is commenced which arises out of, or
which relates to this Agreement, the prevailing party shall be entitled to recover from each other party such sums as the court, referee or arbitrator may adjudge to be reasonable attorneys' fees
(including, without duplication, reasonably allocated costs for services of in-house counsel) in the action or proceeding, in addition to costs and expenses otherwise allowed by Law. In
all other situations, including any Insolvency Proceeding, Obligors agree to pay all of the Administrative Agent's and the Lenders' reasonable costs and expenses, including attorneys' fees (including,
without duplication, reasonably allocated costs for services of their respective in-house counsel) which may be incurred in any effort to collect or enforce this Agreement. From the
time(s) incurred until paid in full, all sums shall bear interest at the Default Rate. 

    24.  Integration; Modifications.  This Agreement (a) integrates all the terms and conditions
mentioned in or incidental to this Agreement, (b) supersedes all oral negotiations and prior writings with respect to its subject matter, and (c) is intended by Obligors, the
Administrative Agent and the Lenders as the final expression of the agreement with respect to the terms and conditions set forth in this Agreement and as the complete and exclusive statement of the
terms agreed to by Obligors, the Administrative Agent and the Lenders. No representation, understanding, promise or condition shall be enforceable against any party unless it is contained in this
Agreement. 

    25.  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 PARTY HERETO OR ANY OF THEM
WITH RESPECT TO THIS AGREEMENT, THE LOAN AGREEMENT AND ANY OTHER LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING 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. 

[Remainder
of this page intentionally left blank] 

–9–

 

    26.  Notices.  Notices hereunder shall be in writing and shall be delivered in the manner prescribed for
notices in the Loan Agreement. 

    27.  Miscellaneous.  The illegality or unenforceability of one or more provisions of this Agreement shall
not affect any other provision. 

    IN
WITNESS WHEREOF, Obligors have executed this Agreement as of the date first written above by their respective duly authorized officers. 

	 	 	STATION CASINOS, INC., a Nevada corporation
	

 	
 	

By:	
 	

/s/ SCOTT M. NIELSON   

	 	 	 	 	Name:	 	Scott M. Nielson
	 	 	 	 	Title:	 	Executive Vice President
	

 	

 	

Address:

2411 West Sahara Avenue

Las Vegas, Nevada 89102

Attn: Glenn C. Christenson

        Executive Vice President

Telecopier: (702) 367-2424

Telephone: (702) 367-2484
	

 	
 	

GCR GAMING, LLC, a Nevada limited liability company
	

 	
 	

By:	
 	

/s/ BRIAN LEE GREENSPUN   

	 	 	 	 	Name:	 	Brian Lee Greenspun
	 	 	 	 	Title:	 	Manager
	

 	

 	

Address:

901 North Green Valley Parkway, Suited 200

Henderson, Nevada 89014

Attn: Phil Peckman

Telecopier: (702) 458-8855

Telephone: (702) 259-4146

–10–

 

	

 	
 	

GV RANCH STATION, INC., a Nevada corporation
	

 	
 	

By:	
 	

/s/ SCOTT M. NIELSON   

	 	 	 	 	Name:	 	Scott M. Nielson
	 	 	 	 	Title:	 	Secretary
	

 	

 	

Address:

c/o Station Casinos, Inc.

2411 West Sahara Avenue

Las Vegas, Nevada 89102

Attn: Glenn C. Christenson

        Executive Vice President

Telecopier: (702) 367-2424

Telephone: (702) 367-2484

ACKNOWLEDGED
AND AGREED: 

GREEN
VALLEY RANCH GAMING, LLC,

a Nevada limited liability company 

	By:

Its:	 	GV Ranch Station, Inc.

Manager and Member

	 	 	By:	 	/s/ SCOTT M. NIELSON   
 Name: Scott M. Nielson

Title: Secretary	 	 

	By:

Its:	 	GRC Gaming, LLC

Member

	 	 	By:	 	/s/ BRIAN LEE GREENSPUN   
 Name: Brian Lee Greenspun

Title: Manager

	 	 

Accepted:

BANK
OF AMERICA, N.A.

as Administrative Agent 

	By:	 	/s/ JANICE HAMMOND   
 Janice Hammond

Vice President	 	 

–11–

QuickLinks

EXHIBIT 4.4

MAKE-WELL AGREEMENT

RECITALS

AGREEMENTPrepared by MERRILL CORPORATION

QuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

EXHIBIT 10.1    
  

 
 

FIRST AMENDMENT TO OPERATING AGREEMENT
  GREEN VALLEY RANCH GAMING, LLC    
  

    THIS
FIRST AMENDMENT TO OPERATING AGREEMENT (this "First Amendment") is dated as of September 17, 2001, among Green Valley Ranch
Gaming, LLC, a Nevada limited liability company (the "Company"), GCR Gaming, LLC, a Nevada limited liability company
("GCR"), GV Ranch Station, Inc., a Nevada corporation ("Station"), and a wholly-owned subsidiary
of Station Casinos, Inc., a Nevada corporation ("Parent"), and Station in its capacity as the Manager. GCR Gaming Guarantor, LLC, a Nevada
limited liability company ("GCR Guarantor"), and Parent have executed and joined in this First Amendment for the purposes set forth below. 

 
 

RECITALS:    
  

    WHEREAS,
the Company, GCR and Station executed that certain Operating Agreement, dated as of March 10, 2000 (the "Operating Agreement"), with respect to the Company. (Any term
used in this First Amendment with its initial letter capitalized and not otherwise defined herein shall have the meaning ascribed to it in the Operating Agreement). 

    WHEREAS,
the Project is under construction, but Construction Financing has not yet been closed. 

    WHEREAS,
the Members and Manager desire to amend the Operating Agreement pursuant to Section 7.1 of the Operating Agreement in
order, among other things, to take into consideration additional flexibility for Construction Financing and Permanent Financing, the potential for a joint and several guaranty by GCR, Station, Parent,
and/or Guarantor and the guaranty or pledge of securities by GCR Guarantor with respect to certain obligations under the Construction Financing or Permanent Financing. 

    NOW,
THEREFORE, in consideration of the foregoing, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as
follows: 

 
 

AGREEMENT:    
  

    1.  Defined Terms. 

    A.  Any
term defined in this First Amendment shall be deemed added to the list of definitions in Article I of the
Operating Agreement. 

    B.  The
definition of "Available Funds Letter" is deleted. All references to the "Available
Funds Letter" in the Operating Agreement, and requirements related thereto, are deleted. 

    2.  Exhibit D. Exhibit D (Infrastructure Improvements) to the Operating Agreement is amended by the
deletion of the phrase "Roads including utilities for road sections 1C, 3, 4A and 4B and temporary road sections 2A and 2B" and the insertion in lieu thereof of: "Roads including utilities thereunder
for road sections 1C, 2A, 3, 4A and 4B." 

    3.  Exhibit F. 

    A.  Exhibit F (Permitted Exceptions) to the Operating Agreement is hereby amended and replaced in its entirety by  Exhibit F-1 attached hereto. Further, any matter
that was disclosed on the February 29, 2000 survey (the "Original
Survey") by CVL Consultants, Inc., any new matter first arising after the Effective Date that would have been disclosed on an accurate update of the 

1

 

Original Survey, or any matter first arising after the Effective Date that would be disclosed by visual inspection of the Resort Property as of the date of conveyance of title to the Resort Property
to the Company (the "Conveyance Date") also shall be a Permitted Exception. In addition, any matter which is Known by Station (as defined in  Exhibit L) or known by any contractor or consultant of Station, Parent or the Company also shall be a Permitted Exception; provided; however,
that any matter which is not Known by Station but which is known by a consultant or contractor of the Company retained by GCR or any Affiliate thereof (other than the Company) shall not be a Permitted
Exception to the extent that the existence of the matter is reasonably likely to have a material adverse effect on the development, use or operation of the Project on the Property as a hotel, resort
and casino consistent with the Design Plan. In addition, those matters affecting title created by, through or under the Company or Station, or with the prior written approval of the Company or
Station, also shall be a Permitted Exception. All of the matters set forth in this Section 3.A. shall be Permitted Exceptions, whether or not listed on  Exhibit F-1. 

    B.  The
Members agree that rather than the Covenants, Conditions and Restrictions of Green Valley Ranch Commercial (the "Original
CCR's") referenced in that certain letter agreement, dated March 10, 2000 (the "CCR Letter"), among the Company, GCR and
Station and identified on Exhibit F to the Operating Agreement being executed and recorded by Parcel 37/47 LLC, a Nevada limited liability
company ("Declarant"), on or prior to the transfer of the Resort Property to the Company as contemplated by the Operating Agreement, by reason of the
imminent closing of Construction Financing which has, as a condition, the execution of the Covenants, Conditions and Restrictions of Green Valley Ranch Commercial in substantially the form attached
hereto as Exhibit F-2 and/or with such changes thereto as are mutually agreed by the Members (the "Revised
CCRs"), the Company and the Members agree to cause the Company and the Declarant to consent to, execute, deliver and record the Revised CCRs contemporaneously with such loan
closing. In the event that the lenders with respect to the Construction Financing or Permanent Financing no longer require the Revised CCRs, the Company and Station agree to consent to the amendment
of the Revised CCRs to the form of the Original CCRs (or to a form as close thereto as permitted by the Construction Financing or Permanent Financing). 

    4.  Exhibit G. Exhibit G (Legal Description of Resort Property) to the Operating Agreement is hereby
replaced with Exhibit G attached to this First Amendment. 

    5.  Exhibit L. Exhibit L (GCR Property Representations) to the Operating Agreement is hereby replaced with
Exhibit L attached to this First Amendment; provided, however, that, Exhibit L is hereby qualified by the following: 

    GCR
expressly disclaims any representations and warranties regarding any contracts, leases, governmental approvals, studies or other documents executed, approved or commissioned by
Station, either directly or on behalf of the Company, or Parent. 

    6.  Manager's Duties During Pre-Opening Period. Section 3.3(h) of
the Operating Agreement is hereby amended by deleting the reference to "twentieth" and replacing it with "twenty-seventh." 

    7.  Manager's Additional Duties. Section 3.4(n) of the Operating
Agreement is amended by the addition of the following at the end of the section: "The Annual Plan and Budget shall contain an amount, approved pursuant to  Section 3.4(a), with respect to any
litigation or legal fees the Company anticipates incurring (as the same shall be amended pursuant to  Section 3.4(a)(ii) from time to time at the request of the Manager or GCR in the event of
the need to incur litigation or legal fees after
the establishment of the Annual Plan and Budget), which may be incurred by either the Manager or GCR (or an Affiliate of GCR) as provided in this Agreement." 

2

 

    8.  Decisions Subject to Executive Committee Approval.  Section 3.13 of the Operating Agreement is amended by the
addition of a new subsection 3.13(e) to
read as follows: 

    Any
decision (i) to amend or waive any material provisions of documents executed in connection with the Construction Financing (the "Construction Loan
Documents") or documents executed in connection with the Permanent Financing (the "Permanent Loan Documents"), (ii) that
is reasonably likely to cause an event of default under the Construction Loan Documents or the Permanent Loan Documents, or (iii) that is reasonably likely to materially expand the liability
of, or materially diminish the rights of, the Company or any guarantor under the Construction Loan Documents or Permanent Financing. 

    9.  Initial Capital Contributions. 

    A.  Section 4.1(a) of the Operating Agreement is amended to provide that, contemporaneously with the execution of
this First Amendment, Green Valley Development Limited Partnership ("GVDLP"), a Nevada limited partnership, on behalf of GCR, shall transfer the Resort
Property to the Company, as GCR's Initial Capital Contribution. Section 4.1(a) of the Operating Agreement is further amended so that those
matters to be delivered or performed by GCR at the time of the conveyance of the Resort Property to the Company may be delivered or performed by GVDLP in lieu of, or in addition to, GCR, as
appropriate provided that GCR is and shall remain primarily liable for the performance of all obligations and satisfaction of all conditions and
liabilities thereunder (and any documents contemplated thereby, including the Grant, Bargain and Sale Deed to be delivered to the Company) and GCR hereby guarantees the full and prompt payment and
performance by GVDLP of any obligations, liabilities or duties of GVDLP or GCR specified or contemplated therein. 

    B.  [Intentionally
left blank]. 

    C.  GCR
and Station acknowledge and agree that, since the Construction Financing has not closed, they have made and, pursuant to  Section 4.2(a) of the Operating Agreement, will continue to make pro rata
capital contributions, loans or advances, or any combination thereof,
to fund construction of the Project in excess of their Initial Capital Contributions. Loans, advances and capital contributions in excess of the (a) Member's Initial Capital Contributions,
(b) Additional Capital Contributions by GCR in an aggregate amount of $25,000,000 and (c) Additional Capital Contributions by Station in an aggregate amount of $25,000,000 collectively
are referred to herein as the "Excess Construction Contributions." In the event that the Company subsequently obtains Construction Financing, and such
Construction Financing permits the Company to distribute money from the proceeds of such Construction Financing to the Members, then, notwithstanding anything in this First Amendment or the Operating
Agreement to the contrary (other than Section 4.3(g) of the Operating Agreement), GCR and Station will cause the Company, to the maximum extent
so permitted by such Construction Financing (consistent with prudent business judgment and reasonable reserves), to distribute to the Members (either as a return of capital contributions or repayment
of loans or advances, as the case may be) amounts of Distributable Cash equal to the aggregate amount of Excess Construction Contributions in proportion to the Excess Construction Contributions
actually made by them. 

    10.  Additional Capital Contributions. Section 4.2 of the
Operating Agreement is amended by adding a new subsection 4.2(e) which shall read as follows: 

    The
Members acknowledge that the Members, Parent, GCR, GCR Guarantor and/or other affiliates of GCR ("GCR Affiliates") may execute
(i) a Make-Well Agreement, Completion Guaranty, Pledge Agreement, 

3

 

Indemnity Agreement, or similar surety or guaranty documents in connection with the Construction Financing or (ii) a Make-Well Agreement, Pledge Agreement or similar surety or
guaranty document in connection with the Permanent Financing (individually a "Pledge/Guaranty Document" and collectively the
"Pledge/Guaranty Documents"; GCR, GCR Guarantor and GCR Affiliates collectively hereinafter may be referred to as the "GCR
Pledgors"; and, Station and Parent collectively hereinafter may be referred to as the "Station Pledgors"). In the event that any
of the GCR Pledgors are required to make a payment to the lender(s) with respect to an applicable Pledge/Guaranty Document, any collateral of GCR, GCR Guarantor or GCR Affiliates pledged thereunder is
foreclosed or transferred in lieu of foreclosure or any dividends or distributions with respect to any pledged collateral of GCR, GCR Guarantor or GCR Affiliates is used to make a payment to the
lender(s) on behalf of the Company, the Members, Parent, GCR Guarantor or GCR Affiliates with respect to any Pledge/Guaranty Document, then the amount credited against (or used to reduce) amounts owed
by the Company, the Members, Parent, GCR Guarantor or GCR Affiliates under the Construction Loan Documents, Permanent Loan Documents, or the Pledge/Guaranty Documents as a result of the foreclosure or
transfer of the collateral shall be deemed an additional Capital Contribution by GCR for purposes of this Agreement. Similarly, in the event that Station or Parent are required to make a payment to
the lender(s) with respect to an applicable Pledge/Guarantee Document, any collateral of Station or Parent pledged thereunder is foreclosed or transferred in lieu of foreclosure or any dividends or
distributions with respect to any pledged collateral of Station or Parent is used to make a payment to the lender(s)
on behalf of the Company, the Members, Parent, GCR Guarantor or GCR Affiliates with respect to any Pledge/Guaranty Document, then the amount credited against (or used to reduce) amounts owed by the
Company, the Members, Parent, GCR Guarantor or GCR Affiliates under the Construction Loan Documents, Permanent Loan Documents or the Pledge/Guaranty Documents as a result of the foreclosure or
transfer of the collateral shall be deemed an additional Capital Contribution by Station for purposes of this Agreement. In the event that, pursuant to the prior two sentences, GCR or Station is
deemed to have made an additional Capital Contribution, and the other Member has not made (or been deemed to have made) an additional Capital Contribution of equal amount (the difference being a
"Disproportionate Guaranty Contribution"), the Member who has made (or is deemed to have made) less of an additional Capital Contribution shall, within
10 days after a Disproportionate Guarantee Contribution, pay the Member who made the Disproportionate Guaranty Contribution an amount equal to one-half of the Disproportionate
Guaranty Contribution (the "Required Guaranty Payment"). Upon the payment of the Required Guaranty Payment, the recipient Member's additional Capital
Contribution will be deemed reduced by an amount equal to the Required Guaranty Payment and the paying Member's additional Capital Contribution will be deemed increased by an amount equal to the
Required Guaranty Payment. If the Required Guaranty Payment is not so paid within such 10-day period, such failure automatically shall be deemed to be an Additional Contribution Default
for all purposes under this Agreement. The provisions of this Section 4.2(e) shall continue 

4

 

until all of the Company, the Members, Parent, GCR Guarantor and GCR Affiliates are released from the documents evidencing the Construction Loan Documents and Permanent Loan Documents, as the case may
be, and the Pledge/Guaranty Documents, and shall not be affected by a release of less than all of the foregoing parties. 

    11.  Payments Based on Cross-Default. Section 4.2 of the
Operating Agreement is amended by a new subsection 4.2(f) which shall read as follows: 

    The
Members acknowledge that the Members, Parent, GCR Guarantor or GCR Affiliates may, under the Construction Financing, have the right to pledge additional collateral (including
cash) to cure the default (a "Curable Default") of one of the Members, Parent, GCR Guarantor or GCR Affiliates under other loan documents or by reason
of bankruptcy or similar event (a "Cure Pledge"). In the event that a Curable Default by Station, Parent, GCR, GCR Guarantor or GCR Affiliates occurs,
then Station and Parent in the case of a Curable Default by Station or Parent, and GCR, GCR Guarantor and GCR Affiliates in the case of a Curable Default by GCR, GCR Guarantor or GCR Affiliates, shall
have ten (10) days from such Curable Default to make the Cure Pledge. If they fail to do so, then GCR, GCR Guarantor and GCR Affiliates in the case of the failure of Station and Parent, and
Station and Parent in the case of the failure of GCR, GCR Guarantor and GCR Affiliates, may make the Cure Pledge (the Member failing to cure being the "Cross-Default
Member"; the party making such pledge being the "Curing Party," and the collateral pledged being the
"Cure Collateral"). The Cross Default Member, and Parent if the Cross Default Member is Station and GCR Guarantor if the Cross Default Member is GCR,
shall indemnify and hold harmless the other Member and Parent or GCR Guarantor, as the case may be, from the cost of curing the Curable Default, such as reasonable attorneys' fees, escrow costs, and
filing fees, but expressly excluding the opportunity cost of such cure (e.g., the lost opportunity for other uses of the Cure Collateral), but expressly including the fair market value of the Cure
Collateral valued as of the date of the pledge if the same is foreclosed or conveyed in lieu of
foreclosure (the "Collateral's Fair Market Value"). If the Cure Collateral is foreclosed or otherwise conveyed in lieu of foreclosure, the Member who
pledged the Cure Collateral (or on whose behalf the Cure Collateral was pledged) may elect to treat the Collateral's Fair Market Value as a Default Amount or Default Loan. In the event that a Curing
Party makes a Cure Pledge, then the Cross Default Member shall, for so long as such Cure Pledge is outstanding, on each annual anniversary date of such pledge, pay to the other Curing Party an amount
equal to the lesser of (i) 10% of the Collateral's Fair Market Value, or (ii) the maximum permitted by law (the "Cure Cost of Capital");
such payment shall be prorated for any partial year that the Cure Pledge is outstanding. In the event the Cure Cost of Capital is not paid when due, it shall, at the election of the
non-defaulting Member, constitute either a Default Amount or Default Loan under this Agreement, which Default Amount or Default Loan shall be subject to the applicable Guaranties. 

    12.  Default.

    A.  [Intentionally
left blank]. 

5

 

    B.  Section 4.3(b)(i) of the Operating Agreement is amended to insert the following at the beginning of the first
sentence: "Without limiting the additional rights set forth in Section 4.3(g),." 

    C.  Section 4.3(c) of the Operating Agreement is amended to delete the phrase "has paid the Dilution Interest
Payment Amount or a Default Repayment Event has occurred" and to insert in lieu thereof: "has paid the Dilution Interest Payment Amount or Default Loan (plus Default Loan Interest), as applicable, or
a Default Repayment Event has occurred." 

    D.  (i)
The last sentence of the first paragraph of Section 4.3(e) is deleted in its entirety and the following
inserted in lieu thereof: 

    At
such time as (Y) the non-defaulting Member or the Company collects on the applicable Guaranty an amount equal to the full amount of the Default Amount (plus the
Twenty-Five Percent Payment related thereto, as well as all costs, reasonable attorneys fees and other amounts owing under the applicable Guaranty) from the Guarantor, or (Z) the
non-defaulting Member collects under the applicable Guaranty an amount equal to the Default Loan (plus Default Loan Interest (as defined below), as well as all costs, reasonable attorneys
fees and other amounts owing under the applicable Guaranty) from the applicable Guarantor, then the defaulting Member shall no longer be disenfranchised pursuant to  Section 4.3(c); 

(ii)  Section 4.3(e)(i) of the Operating Agreement is amended by striking "if the non-defaulting Member has
made a Default Contribution pursuant to Section 4.3(b)(i) with respect to such Default Amount," and inserting in lieu thereof: "if the
non-defaulting Member has made a Default Contribution pursuant to Section 4.3(b)(i) with respect to a Default Amount," 

(iii)  Section 4.3(e)(ii) of the Operating Agreement is amended by striking "if no Default Contribution was made with
respect to such Default Amount," and inserting in lieu thereof: "if no Default Contribution was made with respect to a Default Amount," 

(iv)  Section 4.3(e) of the Operating Agreement is amended by the addition of a new section to follow  subsection 4.3(e)(iii) to read as follows: 

    "Notwithstanding
the provisions of Sections 4.3(e)(i, ii and iii), in the event that a Default Loan has been made, then the
non-defaulting Member shall be entitled to sue on the Station Guaranty or GCR Guaranty, as the case may be, to the extent permitted thereunder and to recover (rather than the Company
recovering) any amounts collected with respect to such Guaranty." 

    E.  Section 4.3(f) of the Operating Agreement is amended by adding the following sentence to the end of said  Section 4.3(f): "Notwithstanding the foregoing to the
contrary, Station may not resign as Manager without GCR's prior written consent (which may
be given or withheld in GCR's sole discretion) if such resignation would cause a termination of the commitment for or an acceleration of the Construction Financing or the Permanent Financing." 

    F.  Section 4.3 of the Operating Agreement is amended by a new subsection
4.3(g) to read as follows: 

    Notwithstanding
anything in this Agreement to the contrary, in the event that there is an Additional Contribution Default based on the failure to make a Required Guaranty Payment, the
Member who has made (or is deemed to have made) the Disproportionate Guaranty Contribution may 

6

 

elect either to (i) treat the unpaid Required Guaranty Amount as a Default Amount (with such Default Amount being deemed contributed as a Default Contribution by the non-defaulting
Member) under Section 4.3(b) with all rights and remedies under this Agreement with respect to Default Amounts and Default Contributions, or
(ii) if treating the Disproportionate Guaranty Contribution as a Default Amount (or exercising remedies in connection therewith, including, without limitation, dilution or disenfranchisement of
the defaulting Member) would result in a termination of the commitment for or acceleration of the Construction Financing or Permanent Financing, or if the Disproportionate
Guaranty Contribution is the result of a foreclosure or transfer in lieu of a foreclosure pursuant to the Member Pledge Agreements, treat the Required Guaranty Amount as a loan (the
"Default Loan") to the defaulting Member which shall accrue interest on the outstanding principal of the Default Loan at an interest rate equal to the
prime rate as announced by Bank of America N.A. plus 10% per annum, compounded annually (the "Default Loan Interest"). Notwithstanding anything in  Section 4.3 to the contrary, in the event that the non-defaulting Member treats the Required Guaranty Amount as a Default Loan, the
defaulting Member shall not be entitled to any distributions whatsoever under this Agreement until such time as the non-defaulting Member has received distributions otherwise distributable
to the Defaulting Member pursuant to the final paragraph of Section 4.5(a) equal to the Default Loan plus Default Loan Interest. The provisions
of this Section 4.3(g) shall continue until all of the Company, the Members, Parent and GCR Guarantor are released from the Construction Loan
Documents and Permanent Loan Documents, as the case may be, and the Pledge/Guaranty Documents, and shall not be affected by a release of less than all of the foregoing parties. 

    13.  Distributions. Section 4.5(a) of the Operating Agreement is amended to add the following as a new final
paragraph: 

    Notwithstanding
anything in this Agreement to the contrary, to the extent that any Member is owed a distribution pursuant to  Section 4.5, but a Default Loan or any Default Loan Interest obligation remains
outstanding, all payments due to such Member shall be paid to the
Member who is deemed to have made the Default Loan until an amount equal to the Default Loan plus the Default Loan Interest has been paid to the such Member. Further, notwithstanding anything in this
Agreement to the contrary, in the event that any distribution required to be made hereunder (X) to a non-defaulting Member with respect to any Default Loan, Default Loan Interest,
Twenty-Five Percent Payment Amount, Default Contribution or Default Distribution, or (Y) to the Company with respect to a Retained Distribution, is, instead, paid to any lender or
other Person pursuant to any Construction Loan Documents or Permanent Loan Documents, then the amount of such Default Loan, Default Loan Interest, Twenty-Five Percent Payment Amount or
Default Contribution shall not be deemed paid or reduced by such distribution and such obligation shall continue as if such distribution were not made. 

7

 

    14.  In General. 

    A.  Section 5.15(b) of the Operating Agreement is hereby amended effective as of the closing date of the
Construction Financing (i) by deleting the phrase: "With respect to Station and Parent, certain provisions of this Agreement may conflict with other agreements, or require the consent of
unrelated parties" and (ii) by deleting "except as set forth in the next sentence with respect to Station and Parent" in each place it occurs. 

    B.  The
Company, the Members, Parent and GCR Guarantor collectively agree that during any period under the Construction Loan Documents or Permanent Loan Documents,
including any Pledge/Guaranty Documents, the Members, Parent or GCR Guarantor are required to "stand still" with respect to claims against one another, each party agrees not to assert the statute of
limitations as a defense to an action brought by another party to the extent such statute of limitations applies solely because of such "stand still" and the parties agree that any such statute of
limitations period shall be tolled for the period of time that any such party is required to "stand still." 

    C.  Notwithstanding
any provision of the Operating Agreement which may be construed to the contrary, in the event the Manager receives notice of any claim, assertion of
a claim or other proceeding ("Entitlement Claims/Proceedings") with respect to any governmental permits, licenses, zoning, approvals relating to the
uses of, or similar land use entitlements (collectively, "Entitlements") for the Resort Property, Manager shall promptly notify GCR thereof and GCR
shall have the right, instead of the Manager, but at the expense of the Company and subject to the limitations contained in the last sentence of  Section 3.4(n), to control the defense or
prosecution of such Entitlements Claims/Proceeding; provided, however, the Manager shall have the
rights that GCR otherwise would have under Section 3.4(n) of the Operating Agreement. In the event that GCR gives notice to Manager that it
desires to control such negotiations, litigation and other proceedings related to such Entitlement Claims/Proceeding, (1) GCR shall provide the Manager with copies of all correspondence,
filings and/or submissions not less than one business day prior to the delivery, filing or submission thereof and shall be entitled to participate in all negotiations, litigation and other
proceedings, (2) neither GCR nor any affiliate thereof shall take any action on behalf of the Company or otherwise in connection with such Entitlement Claims/Proceeding which would have a
material adverse impact on the Entitlements for the Resort Property, (3) if Manager gives written notice to GCR that, in the reasonable judgment of Manager, GCR is not reasonably pursuing the
Entitlement/Claims Proceeding or that GCR was not taking action reasonably calculated to protect the interests of the Company, Manager may resume, and GCR shall relinquish, full control of the
Entitlement Claims/Proceeding on behalf of the Company, and (4) GCR may not settle such Entitlement Claims/Proceeding without the approval of Manager (which shall not be unreasonably withheld,
conditioned or delayed). Nothing in the preceding sentence shall be construed or interpreted to prevent or prohibit GCR or any affiliate thereof from appearing at or participating in any proceeding,
hearing or other actions regarding Entitlements provided it does so in its individual capacity and not as a member or representative of, or on behalf of the Company. Further, nothing herein shall be
deemed to have modified the provisions of Section 3.8(c) of the Operating Agreement or to impose any restrictions on any affiliate of GCR from
taking positions adverse to the Company so long as neither GCR nor any affiliate thereof is controlling the Entitlement Claims/Proceeding on behalf of the Company. In the event that GCR or an
affiliate thereof controls any Entitlement Claims/Proceeding, it and its Indemnitees shall be entitled to indemnification under Section 3.29 of
the Operating Agreement as if it were the Manager thereunder (subject to the same limitations contained therein as applicable to the Manager). 

    15.  Securities under the UCC. A new Section 8.13 of the
Operating Agreement is added to read as follows: "Notwithstanding any rule or construction to the contrary, the Membership Interest owned by each Member is hereby deemed to be a "security" as that
term is defined in Article 8 of the Uniform 

8

 

Commercial Code in effect on this date in the State of Nevada and as such the Membership Interests shall be governed thereby, and any certificate issued to evidence any Membership Interest shall bear
a legend to that effect." 

    16.  Guaranty. GCR Guarantor and Parent agree to execute the respective First Amendment to Guaranty attached hereto as
Exhibits A and B, as the case may be. 

    17.  License and Support Agreement. Parent and the Company are executing this First Amendment to confirm the amendment
to and to hereby amend that certain License and Support Agreement, dated March 10, 2000, between Parent and the Company, by deleting "Section 3.5(a)(i), (ii) or (iii)" in each
place it occurs and inserting in lieu thereof "Section 3.6(a)(i), (ii) or (iii)." 

    18.  Representations. GCR, Station, GCR Guarantor and Parent each severally represents and warrants that: 

    A.  It
has full corporate or limited liability company power and authority to enter into and perform this First Amendment. 

    B.  The
execution, delivery and performance of this First Amendment has been duly authorized by all necessary corporate or limited liability company action by such
party and, if necessary, its equityholders. 

    C.  This
First Amendment has been duly executed and delivered by a duly authorized officer or other representative of such party and constitutes the legal, valid and
binding obligation of such party enforceable in accordance with its respective terms (except as enforceability may be limited by applicable bankruptcy, insolvency or other similar laws affecting
creditor's rights generally, and except that the availability of equitable remedies is subject to judicial discretion). 

    D.  No
consent, approval, order, license, authorization or validation of, or filing, recording or registration with, or exemption of or by any person or entity is
required in connection with the execution, delivery and performance of this First Amendment by such party. 

    E.  Neither
the execution, delivery or performance by such party of this First Amendment, nor compliance by such party with the terms and provisions hereof will:
(i) contravene any applicable provision of any law, statute, rule or regulation or any order, writ, injunction or decree of any court or governmental instrumentality, or (ii) conflict
with or be inconsistent with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the
obligation to create or impose) any security interest or other lien upon any of the property or assets of such party pursuant to the terms of any indenture, mortgage,
deed of trust or other instrument to which such party is a party or by which such party or any of its property or assets is bound or may be subject. 

    19.  Miscellaneous. Except as modified by this First Amendment, the Operating Agreement is ratified in all respects. In
the event of a conflict between the Operating Agreement and this First Amendment, the terms of this First Amendment shall control. This First Amendment may be executed in multiple counterparts, each
of which shall be deemed an original. This First Amendment may not be amended or modified except pursuant to Article VII of the Operating Agreement. 

[Signatures
on following pages] 

9

 

    IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Operating Agreement as of the date and year first set forth above. 

	 	 	GREEN VALLEY RANCH GAMING, LLC,

a Nevada limited liability company

By: GV RANCH STATION, INC., a Nevada

corporation, Its Manager
	

 	
 	

By:	
 	

	 	 	Title:	 	

	

 	
 	

GCR GAMING, LLC, a Nevada limited

liability company
	

 	
 	

By:	
 	

	 	 	Title:	 	

	

 	
 	

GV RANCH STATION, INC., a Nevada

corporation,
	

 	
 	

By:	
 	

	 	 	Title:	 	

    The
undersigned are executing and joining in this First Amendment to evidence their agreement to the provisions set forth in Sections 11, 16 and
18 above. 

	 	 	GCR GAMING GUARANTOR, LLC, a

Nevada limited liability company
	

 	
 	

By:	
 	

	 	 	Title:	 	

	

 	
 	

STATION CASINOS, INC., a Nevada

corporation
	

 	
 	

By:	
 	

	 	 	Title:	 	

10

 

    The
undersigned are executing and joining in this First Amendment to evidence their agreement to the provisions set forth in  Section 17 above and amendment to the License and Support Agreement.

	 	 	GREEN VALLEY RANCH GAMING, LLC,

a Nevada limited liability company

By: GV RANCH STATION, INC., a Nevada

corporation, Its Manager
	

 	
 	

By:	
 	

	 	 	Title:	 	

	

 	
 	

STATION CASINOS, INC., a Nevada

corporation
	

 	
 	

By:	
 	

	 	 	Title:	 	

11

  

 
 

EXHIBIT A    
  

    First Amendment to GCR Gaming Guarantor, LLC Guaranty 

 
 

FIRST AMENDMENT TO GUARANTY    
  

    GCR Gaming Guarantor, LLC, a Nevada limited liability company ("Guarantor"), and an affiliate of GCR Gaming,
LLC ("GCR"), a Nevada limited liability company, executed that certain Guaranty, dated March 10, 2000 (the
"Guaranty"), for the benefit of Green Valley Ranch Gaming, LLC (the "Company"), and, under the
circumstances set forth therein, for the benefit of GV Ranch Station, Inc., a Nevada corporation ("Station"). Guarantor, Station and the Company
desire to consent to the amendment of the Guaranty as set forth in this First Amendment to Guaranty, dated September 17, 2001 (this "First
Amendment"). 

    1.  Guarantied Obligations. The first full paragraph of the Guaranty is deleted and the following inserted in lieu
thereof: 

    The
undersigned GCR Gaming Guarantor, LLC, a Nevada limited liability company ("Guarantor"), and an affiliate of GCR Gaming, LLC
("GCR"), a Nevada limited liability company, hereby irrevocably and unconditionally guarantees the payment and performance (A) by GCR pursuant to  Sections 4.1(a) and
4.2 of the Operating Agreement, dated March 10, 2000 (the "Agreement"), as
amended by that certain First Amendment to Operating Agreement, dated September 17, 2001 (the "First Operating Agreement Amendment") (as amended, the
"Agreement") of Green Valley Ranch Gaming, LLC (the "Company"), to the same extent that GCR is bound
thereby, (B) by GCR and Guarantor of their obligations under the Pledge/Guaranty Agreements, (C) by GCR to pay any Default Loan and any Default Loan Interest arising from a failure by
GCR to make a Required Guaranty Payment, (D) by GCR of the Twenty-Five Percent Payment (to the extent that the same is owing under the Agreement) for the period commencing on the
date on which GCR's payment obligation begins and ending on the earlier to occur of (a) one year from such date, and (b) the date on which such payment obligation which GCR fails to make
in breach of Sections 4.1(a) and 4.2 of the Agreement has been satisfied, and (E) of all costs (including reasonable attorney's fees and costs of
in-house counsel) incurred in enforcing this Guaranty resulting from a default by GCR or Guarantor under any of the Pledge/Guaranty Agreements or this Agreement. (Any term with its initial
letter capitalized and not otherwise defined herein shall have the meaning ascribed to it in the Agreement.) This Guaranty is for the benefit of (i) the Company with respect to subparagraphs
(A), (B), (D) and (E) above, and (ii) Station with respect to subparagraphs (A), (B), (C), (D) and (E) above. The amounts guaranteed by this Guaranty shall be
limited as follows: (i) until the earlier of the execution of the Construction Loan Documents or Permanent Loan Documents, $155,000,000.00, (ii) if Construction Loan Documents or
Permanent Loan Documents are executed, then from such execution until ninety (90) days after the Opening of the Project, $33,000,000.00, (iii) if Construction Loan Documents have been
executed, then from ninety (90) days after the Opening of the Project and so long as any monetary obligations under the Construction Financing (if any) remain outstanding or liens securing the
same are in effect, $22,000,000.00, and (iv) from and after the later to occur of the ninety (90) days after the Opening of the Project 

A–1

 

or payment in full of the Construction Financing (and the release of all liens securing the same and termination of all agreements related thereto), the obligations guaranteed hereby shall be limited
to those set forth in Sections 4.2(b) and 4.2(c) of the Agreement and subparagraph (E) above and shall be limited to $15,000,000.00 in aggregate;
provided, however, that the amounts guarantied hereby shall not be reduced as set forth in this sentence until all Default Loans, Default Loan Interest and Twenty-Five Percent Payment
owing to Station are paid in full. 

    Notwithstanding
the foregoing paragraph, the undersigned irrevocably and unconditionally guarantees, without dollar limitation, the payment and performance of GCR's obligations,
including indemnity obligations, set forth in Section 11 of the First Operating Agreement Amendment. 

    2.  Representations. Guarantor represents and warrants that: 

    (a)  It
has full corporate or limited liability company power and authority to enter into and perform this First Amendment; 

    (b)  The
execution, delivery and performance of this First Amendment has been duly authorized by all necessary corporate or limited liability company action by such
party and, if necessary, its equityholders; 

    (c)  This
First Amendment has been duly executed and delivered by a duly authorized officer or other representative of such party and constitutes the legal, valid and
binding obligation of such party enforceable in accordance with its respective terms (except as enforceability may be limited by applicable bankruptcy, insolvency or other similar laws affecting
creditor's rights generally, and except that the availability of equitable remedies is subject to judicial discretion); 

    (d)  No
consent, approval, order, license, authorization or validation of, or filing, recording or registration with, or exemption of or by any person or entity is
required in connection with the execution, delivery and performance of this First Amendment by such party; and 

    (e)  Neither
the execution, delivery or performance by such party of this First Amendment, nor compliance by such party with the terms and provisions hereof will:
(i) contravene any applicable provision of any law, statute, rule or regulation or any order, writ, injunction or decree of any court or governmental instrumentality, or (ii) conflict
with or be inconsistent with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the
obligation to create or impose) any security interest or other lien upon any of the property or assets of such party pursuant to the terms of any indenture, mortgage, deed of trust or other instrument
to which such party is a party or by which such party or any of its property or assets is bound or may be subject. 

    3.  Miscellaneous. 

    (a)  Except
as modified by this First Amendment, the Guaranty is ratified in all respects. In the event of a conflict between the Guaranty and this First Amendment, the
terms of this First Amendment shall control. This First Amendment may be executed in multiple counterparts, each of which shall be deemed an original. This First Amendment and the Guaranty may not be
amended or modified, except in a writing executed by Station, Guarantor and the Company. 

    (b)  Notwithstanding
anything in the Guaranty or this First Amendment to the contrary, Station and the Company acknowledge that the assets of Guarantor may be pledged
pursuant to documents evidencing or securing the Construction Financing or Permanent Financing. 

[Signatures
on following page] 

A–2

 

    IN
WITNESS WHEREOF, the undersigned have executed this First Amendment as of the date and year first written above. 

	 	 	GCR GAMING GUARANTOR, LLC, a

Nevada limited liability company
	

 	
 	

By:	
 	

	 	 	Title:	 	

	

 	
 	

GV RANCH STATION, INC., a Nevada

corporation
	

 	
 	

By:	
 	

	 	 	Title:	 	

	

 	
 	

GREEN VALLEY RANCH GAMING, LLC, a

Nevada limited liability company by GV

Ranch Station, Inc., a Nevada

corporation, its Manager
	

 	
 	

By:	
 	

	 	 	Title:	 	

A–3

  

 
 

EXHIBIT B    
  

    First Amendment to Station Casinos, Inc. Guaranty 

 
 

FIRST AMENDMENT TO GUARANTY    
  

    Station
Casinos, Inc., a Nevada corporation ("Guarantor"), and an affiliate of GV Ranch Station, Inc.
("Station"), a Nevada corporation, executed that certain Guaranty, dated March 10, 2000 (the
"Guaranty"), for the benefit of Green Valley Ranch Gaming, LLC (the "Company"), and, under the
circumstances set forth therein, for the benefit of GCR Gaming, LLC, a Nevada limited liability company ("GCR"). Guarantor, GCR and the Company desire
to consent to the amendment of the Guaranty as set forth in this First Amendment to Guaranty, dated September 17, 2001 (this "First Amendment"). 

    1.  Guarantied Obligations. The first full paragraph of the Guaranty is deleted and the following inserted in lieu
thereof: 

    The
undersigned Station Casinos, Inc., a Nevada corporation ("Guarantor"), and an affiliate of GV Ranch Station, Inc.
("Station"), a Nevada corporation, hereby irrevocably and unconditionally guarantees the payment and performance (A) by Station pursuant to  Sections 4.1(b) and
4.2 of the Operating Agreement, dated March 10, 2000 (the "Agreement"), as
amended by that certain First Amendment to Operating Agreement, dated September 17, 2001 (the "First Operating Agreement Amendment") (as amended, the
"Agreement") of Green Valley Ranch Gaming, LLC (the "Company"), to the same extent that Station is bound
thereby, (B) by Station and Guarantor of their obligations under the Pledge/Guaranty Agreements, (C) by Station to pay any Default Loan and any Default Loan Interest arising from a
failure by Station to make a Required Guaranty Payment, (D) by Station of the Twenty-Five Percent Payment (to the extent that the same is owing under the Agreement) for the period
commencing on the date on which Station's payment obligation begins and ending on the earlier to occur of (a) one year from such date, and (b) the date on which such payment obligation
which Station fails to make in breach of Sections 4.1(b) and 4.2 of the Agreement has been satisfied, and (E) of all costs (including reasonable
attorney's fees and costs of in-house counsel) incurred in enforcing this Guaranty resulting from a default by Station or Guarantor under any of the Pledge/Guaranty
Agreements or this Agreement. (Any term with its initial letter capitalized and not otherwise defined herein shall have the meaning ascribed to it in the Agreement.) This Guaranty is for the benefit
of (i) the Company with respect to subparagraphs (A), (B), (D) and (E) above, and (ii) GCR with respect to subparagraphs (A), (B), (C), (D) and (E) above.
The amounts guaranteed by this Guaranty shall be limited as follows: (i) until the earlier of the execution of the Construction Loan Documents or Permanent Loan Documents, $155,000,000.00,
(ii) if Construction Loan Documents or Permanent Loan Documents are executed, then from such execution until ninety (90) days after the Opening of the Project, $33,000,000.00,
(iii) if Construction Loan Documents have been executed, then from ninety (90) days after the Opening of the Project and so long as any monetary obligations under the Construction
Financing (if any) remain outstanding or liens securing the same are in effect, $22,000,000.00, and (iv) from and after the later to occur of the ninety 

B–1

 

(90) days after the Opening of the Project or payment in full of the Construction Financing (and the release of all liens securing the same and termination of all agreements related thereto),
the obligations guaranteed hereby shall be limited to those set forth in Sections 4.2(b) and 4.2(c) of the Agreement and subparagraph (E) above
and shall be limited to $15,000,000.00 in aggregate; provided, however, that the amounts guarantied hereby shall not be reduced as set forth in this sentence until all Default Loans, Default Loan
Interest and Twenty-Five Percent Payment owing to GCR are paid in full. 

    Notwithstanding
the foregoing paragraph, the undersigned irrevocably and unconditionally guarantees, without dollar limitation, the payment and performance of Station's obligations,
including indemnity obligations, set forth in Section 11 of the First Operating Agreement Amendment. 

    2.  Representations. Guarantor represents and warrants that: 

    (a)  It
has full corporate or limited liability company power and authority to enter into and perform this First Amendment; 

    (b)  The
execution, delivery and performance of this First Amendment has been duly authorized by all necessary corporate or limited liability company action by such
party and, if necessary, its equityholders; 

    (c)  This
First Amendment has been duly executed and delivered by a duly authorized officer or other representative of such party and constitutes the legal, valid and
binding obligation of such party enforceable in accordance with its respective terms (except as enforceability may be limited by applicable bankruptcy, insolvency or other similar laws affecting
creditor's rights generally, and except that the availability of equitable remedies is subject to judicial discretion); 

    (d)  No
consent, approval, order, license, authorization or validation of, or filing, recording or registration with, or exemption of or by any person or entity is
required in connection with the execution, delivery and performance of this First Amendment by such party; and 

    (e)  Neither
the execution, delivery or performance by such party of this First Amendment, nor compliance by such party with the terms and provisions hereof will:
(i) contravene any applicable provision of any law, statute, rule or regulation or any order, writ, injunction or decree of any court or governmental instrumentality, or (ii) conflict
with or be inconsistent with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the
obligation to create or impose) any security interest or other lien upon any of the property or assets of such party pursuant to the terms of any indenture, mortgage, deed of trust or other instrument
to which such party is a party or by which such party or any of its property or assets is bound or may be subject. 

    3.  Miscellaneous. Except as modified by this First Amendment, the Guaranty is ratified in all respects. In the event of
a conflict between the Guaranty and this First Amendment, the terms of this First Amendment shall control. This First Amendment may be executed in multiple counterparts, each of which shall be deemed
an original. This First Amendment and the Guaranty may not be amended or modified, except in a writing executed by GCR, Guarantor and the Company. 

[Signatures
on following page] 

B–2

 

    IN WITNESS WHEREOF, the undersigned have executed this First Amendment as of the date and year first written above. 

	 	 	GCR GAMING, LLC, a Nevada limited

liability company
	

 	
 	

By:	
 	

	 	 	Title:	 	

	

 	
 	

STATION CASINOS, INC., a Nevada

corporation
	

 	
 	

By:	
 	

	 	 	Title:	 	

	

 	
 	

GREEN VALLEY RANCH GAMING, LLC, a

Nevada limited liability company by GV

Ranch Station, Inc., a Nevada

corporation, its Manager
	

 	
 	

By:	
 	

	 	 	Title:	 	

B–3

  

 
 

EXHIBIT F-1
  
    PERMITTED EXCEPTIONS    
  

F–1

 
 
 

EXHIBIT F-2
  
    REVISED CC&R's    
  

F–2

  

 
 

EXHIBIT G
  LEGAL DESCRIPTION OF RESORT PROPERTY    
  

G–1

  

 
 

EXHIBIT L
  
    GCR PROPERTY REPRESENTATIONS    
  

    1.  GCR
represents and warrants to the Company and Station that the following matters are true and correct as of the execution of this Agreement: 

    (a)  With
respect to the Resort Property, and except as contained in the Property Documents (defined below) as of the Effective Date, GCR has received no written notice
from any governmental authority advising GCR of (i) a violation of any laws or regulations (whether now existing or which will exist with the passage of time) or (ii) any action which
must be taken to avoid a violation thereof. 

    (b)  Prior
to the Effective Date, GCR has delivered to Station copies of all of the following (the "Property Documents")
which are in its or its Affiliates' possession and of which GCR has actual knowledge as of the Effective Date, including those which have been submitted by GCR or any Affiliate thereof to the City of
Henderson, (collectively, the "ED Property Documents"). 

    (i)  Copies
of all surveys of the Resort Property and all plans and specifications for improvements to be constructed on the Resort Property, which surveys, plans and
specifications first were created by GCR or its Affiliates or delivered to GCR or its Affiliates on or after January 1, 1998; 

    (ii)  Copies
of any inspection, engineering, environmental or architectural studies or reports which relate to the physical condition of the Resort Property or to the
improvements contemplated to be constructed on the Resort Property pursuant to this Agreement which studies or reports were first created by GCR or its Affiliates or delivered to GCR or its Affiliates
on or after January 1, 1998; 

    (iii)  A
copy of the bill or bills issued for the most recent year for which bills have been issued for all real estate taxes or assessments currently applicable to the
Resort Property and a copy of any and all real estate tax or assessment notices currently applicable to the Resort Property (collectively, the "Tax
Bills"); 

    (iv)  A
copy of all outstanding management, maintenance, repair, service and supply contracts (including, without limitation, grading, quarry and landscaping
agreements), equipment rental agreements, all contracts for repair or capital replacement to be performed at the Resort Property, and any other contracts relating to or affecting the Resort Property
(other than Leases), any of the foregoing of which has a remaining payment obligation in excess of $100,000 and which will be binding upon the Resort Property or the Company subsequent to the transfer
to the Company (collectively, the "Contracts"); 

    (v)  A
copy of all leases and any other agreements which are in effect thereto with the tenants of the Resort Property (the
"Leases"); 

    (vi)  Copies
of all licenses, permits, authorizations and approvals obtained by GCR or its Affiliates that currently or will in the future apply to the Resort Property
as they relate to the Project, or any portion thereof, occupancy thereof or any present use thereof (the "Governmental Permits"); 

    (vii)  A
copy of all outstanding guarantees and warranties covering the Resort Property; 

    (viii)  Copies
pending insurance claims or litigation documents relating to the Resort Property. 

L–1

 

    (c)  Except
as contained in the ED Property Documents, to GCR's actual knowledge, there are no leases, rental, tenancy or occupancy agreements binding all or any
portion of the Resort Property. 

    (d)  Except
as contained in the ED Property Documents, GCR has no actual knowledge of any documents, materials or studies not in GCR's or its Affiliates' possession
that disclose material facts that would materially adversely affect the development of the Resort Property for the Project. 

    (e)  Upon
the formation of the Company or transfer of the Resort Property to the Company, there will be no brokerage fees or commissions or other compensation due or
payable on an absolute or contingent basis to any person, firm, corporation, or other entity, with respect to or on account of the formation of the Company or transfer of the Resort Property, arising
by, through or under GCR or its Affiliates. 

    (f)  Schedule 1 attached hereto is a schedule of all the Contracts of which GCR has actual knowledge as of the
Effective Date which have been or shall be delivered or made available to Station. To GCR's actual knowledge, except as disclosed to Station in writing, the Contracts are in full force and effect,
without material default by any party and without any material claims made for the right of setoff, except as expressly provided by the terms of such Contracts or as disclosed to Station in writing at
the time of such delivery. To GCR's actual knowledge, except as disclosed to Station in writing, the Contracts constitute the entire agreements with such vendors with respect to the specific scope of
work set forth therein relating to the Resort Property, have not been amended, modified or supplemented, except for such amendments, modifications and supplements delivered to Station, and to GCR's
actual knowledge, there are no other agreements with any third parties affecting the Resort Property with a remaining payment obligation in excess of $100,000, which will be binding on the Resort
Property or the Company subsequent to the transfer of the Company. 

    (g)  Except
as set forth in the ED Property Documents or disclosed in writing to Station, to GCR's actual knowledge, there are no condemnation, environmental, zoning or
other land-use regulation proceedings with respect to the Resort Property, either instituted or overtly threatened, which would materially detrimentally affect the value of the Resort
Property or the use and operation of the Resort Property for the Project. 

    (h)  Except
as contained in the Property Documents, to GCR's actual knowledge, no "Hazardous Materials" are used,
generated, transported, treated, constructed, deposited, stored, dispensed, placed or located in, on or under the Resort Property including, without limitation, the groundwater located thereunder,
except for those quantities of Hazardous Materials which do violate applicable environmental laws. For the purpose of this Agreement, "Hazardous Materials" shall include, but not be limited to
(A) substances defined as "hazardous materials," "hazardous substances," "hazardous wastes," or "toxic substances" in the Federal Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended, 42 U.S.C. §9601, et seq.; the Materials Transportation Act, 49 U.S.C. §1801,  et seq.; the Resource
Conservation and Recovery Act 42 U.S.C. §6901 et seq.; applicable
state and local statutes and regulations; and in the regulations adopted and publications promulgated pursuant to said laws from time to time, and (B) any chemical, material, substance or other
matter of any kind whatsoever which is prohibited, regulated or limited by any federal, state, local, county or regional authority or legislation, including, without limitation, that enumerated above
in Clause (A). Except as set forth in the ED Property Documents, to GCR's actual knowledge, there is no asbestos or PCB contained in or stored on the Resort Property including, without
limitation, the materials comprising the Improvements. Notwithstanding anything herein to the contrary, GCR discloses and modifies the foregoing representations, and Station and the Company
acknowledge, that vacated Lake Mead Drive is situated near or on portions of the Resort Property and that the Resort Property may 

L–2

 

contain such Hazardous Materials as may result from such a roadway or the use thereof, including, but not limited to, petroleum products and brake dust (e.g., asbestos), and agrees to accept the
Resort Property subject to the same. 

    (i)  Except
as set forth in the ED Property Documents or disclosed to Station, GCR has not received any written notice from any insurance carrier or any of the tenants
under the Leases of any material defects in the Resort Property, or in any portion thereof, which would materially adversely affect the insurability thereof or the cost of such insurance. 

    (j)  Except
as set forth in Schedule II attached hereto or as set forth in the ED Property Documents, there are
no pending, or, to the GCR's actual knowledge, overtly threatened legal proceedings or actions of any kind or character with respect to the Resort Property which would materially adversely affect the
Resort Property or GCR's interest therein. 

    (k)  GCR
is not a "foreign person" within the meaning of Section 1445(f)(3) of the Internal Revenue Code of 1986 (the
"Code"), and GCR will furnish to the Company and Station, prior to the transfer of title to the Resort Property, an affidavit to that effect in form
reasonably satisfactory to Station. 

    2.  GCR
represents and warrants to the Company and Station that the following matters are and will be true and correct as of the date of transfer of the Resort Property
to the Company (the "Transfer Date") as if made on the Transfer Date: 

    (a)  With
respect to the Resort Property, and except as contained in the TD Property Documents (defined below) or in the Excluded Property Documents (defined below),
GCR has received no written notice from any governmental authority advising GCR of (i) a violation of any laws or regulations (whether now existing or which will exist with the passage of time)
or (ii) any action which must be taken to avoid a violation thereof. 

    (b)  Prior
to the Transfer Date, other than Excluded Property Documents, GCR has delivered to Station copies of all Property Documents comprised of the ED Property
Documents and any Property Documents which are in GCR's or its Affiliates' possession and of which GCR has actual knowledge as of the Transfer Date, including those which have been submitted by GCR or
any Affiliate thereof to the City of Henderson as of the Transfer Date (collectively, the "TD Property Documents"). 

    (c)  Except
as contained in the TD Property Documents or Excluded Property Documents, to GCR's actual knowledge, there are no leases, rental, tenancy or occupancy
agreements binding all or any portion of the Resort Property. 

    (d)  Except
as contained in the TD Property Documents or Excluded Property Documents, GCR has no actual knowledge of any documents, materials or studies not in GCR's or
its Affiliates' possession that disclose material facts that would materially adversely affect the development of the Resort Property for the Project. 

    (e)  Upon
the formation of the Company or transfer of the Resort Property to the Company, there will be no brokerage fees or commissions or other compensation due or
payable on an absolute or contingent basis to any person, firm, corporation, or other entity, with respect to or on account of the formation of the Company or transfer of the Resort Property, arising
by, through or under GCR or its Affiliates. 

    (f)  Schedule 1 attached hereto is a schedule of all the Contracts (other than Excluded Property Documents) of
which GCR has actual knowledge which have been or shall be delivered or made available to Station. To GCR's actual knowledge, except as disclosed to Station in writing or with respect to Excluded
Property Documents, the Contracts are in full force and effect, without material default by any party and without any material claims made for the right of setoff, 

L–3

 

except as expressly provided by the terms of such Contracts or as disclosed to Station in writing at the time of such delivery. To GCR's actual knowledge, except as disclosed to Station in writing,
the Contracts (other than with respect to Excluded Property Documents) constitute the entire agreements with such vendors with respect to the specific scope of work set forth therein relating to the
Resort Property, have not been amended, modified or supplemented, except for such amendments, modifications and supplements delivered to Station, and to GCR's actual knowledge, there are no other
agreements with any third parties affecting the Resort Property with a remaining payment obligation in excess of $100,000, which will be binding on the Resort Property or the Company subsequent to the
transfer of the Company. 

    (g)  Except
as set forth in the TD Property Documents or Excluded Property Documents or disclosed in writing to Station, to GCR's actual knowledge, there are no
condemnation, environmental, zoning or other land-use regulation proceedings with respect to the Resort Property, either instituted or overtly threatened, which would materially
detrimentally affect the value of the Resort Property or the use and operation of the Resort Property for the Project. 

    (h)  Except
as contained in the TD Property Documents or Excluded Property Documents, and except for any actions taken or omitted to be taken by Station or its
Affiliates or the Company or their respective contractors or subcontractors (excluding any contractor or subcontractor in a capacity other as a contractor or subcontractor of the Company), to GCR's
actual knowledge, no "Hazardous Materials" are used, generated, transported, treated, constructed, deposited, stored, dispensed, placed or located in,
on or under the Resort Property including, without limitation, the groundwater located thereunder, except for those quantities of Hazardous Materials which do violate applicable environmental laws.
For the purpose of this Agreement, "Hazardous Materials" shall include, but not be limited to (A) substances defined as "hazardous materials," "hazardous substances," "hazardous wastes," or
"toxic substances" in the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. §9601, et
seq.; the Materials Transportation Act, 49 U.S.C. §1801, et seq.; the Resource Conservation and Recovery Act 42
U.S.C. §6901 et seq.; applicable state and local statutes and regulations; and in the regulations adopted and publications promulgated
pursuant to said laws from time to time, and (B) any chemical, material, substance or other matter of
any kind whatsoever which is prohibited, regulated or limited by any federal, state, local, county or regional authority or legislation, including, without limitation, that enumerated above in
Clause (A). Except as set forth in the TD Property Documents, to GCR's actual knowledge, there is no asbestos or PCB contained in or stored on the Resort Property including, without limitation,
the materials comprising the Improvements. Notwithstanding anything herein to the contrary, GCR discloses and modifies the foregoing representations, and Station and the Company acknowledge, that
(I) vacated Lake Mead Drive is situated near or on portions of the Resort Property and that the Resort Property may contain such Hazardous Materials as may result from such a roadway or the use
thereof, including, but not limited to, petroleum products and brake dust (e.g., asbestos), and (II) there has been construction on the Resort Property by or on behalf of the Company, Station
or Parent (excluding any act performed by GCR or an Affiliate thereof without the consent of Station or Parent) with respect to the Project which might have resulted in the use, generation,
transportation, storage, dispensing, disposal, placing or locating of Hazardous Materials on the Resort Property and Station and the Company agree to accept the Resort Property subject to the same. 

    (i)  Except
as set forth in the TD Property Documents or Excluded Property Documents or disclosed to Station, GCR has not received any written notice from any insurance
carrier or any of the tenants under the Leases of any material defects in the Resort Property, or in any portion thereof, which would materially adversely affect the insurability thereof or the cost
of such insurance. 

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    (j)  Except as set forth in Schedule II attached hereto or as set forth in the Property Documents or Excluded
Property Documents, there are no pending, or, to the GCR's actual knowledge, overtly threatened legal proceedings or actions of any kind or character with respect to the Resort Property which would
materially adversely affect the Resort Property or GCR's interest therein. 

    (k)  GCR
is not a "foreign person" within the meaning of Section 1445(f)(3) of the Internal Revenue Code of 1986 (the
"Code"), and GCR will furnish to the Company and Station, prior to the transfer of title to the Resort Property, an affidavit to that effect in form
reasonably satisfactory to Station. 

    (l)  To
GCR's actual knowledge, the Resort Property may be legally operated as a resort, casino (with non-restricted gaming) and hotel property in the
manner contemplated by the Construction Plans existing as of the Transfer Date pursuant to the governmental zoning and similar land use entitlements (collectively, the
"Entitlements") for the Resort Property existing as of the Transfer Date, and, to GCR's actual knowledge, there are no unsatisfied conditions or
obligations imposed in connection with the Entitlements applicable to the Resort Property that require actions to be taken (or not taken) on land other than the Resort Property except to the extent
contemplated by the Construction Plans. Notwithstanding anything in the Operating Agreement or this Exhibit L to the contrary, the representations set forth in this subsection (l) shall
terminate at such time as the provisions of the Indemnity Agreement among, Station Casinos, Inc., GCR Gaming, LLC, GCR Gaming Guarantor, LLC, GCR II, GV Ranch Station, Inc., Green Valley
Ranch Gaming, LLC, and Bank of America, N.A.
are terminated pursuant to Section 18 thereof (without consideration of whether Section 4 thereof has been terminated). 

    3.  The
representations and warranties made in this Agreement by GCR shall be continuing and as to those made in Paragraph 2 above, shall be deemed remade by GCR
as of the transfer of the Resort Property to the Company with the same force and effect as if in fact made at that time, subject, however, to the provisions of  Section 4.1(a) of the Agreement.
Except for the representations and warranties set forth in Section 1 of this Exhibit L, none of
the representations or warranties made in this Agreement shall merge into any instrument or conveyance delivered at the transfer of the Resort Property to the Company but shall survive the transfer of
the Resort Property to the Company for a period of 12 months. Notwithstanding anything to the contrary herein, to the extent Scott Nielson, Bill Warner, Frank Fertitta, Glenn Christenson or
Jerry Shore have actual knowledge of any incorrect statement in any representation or warranty made by GCR, neither Station nor the Company can rely on such representation or warranty. (Any matter
actually known by Nielson, Warner, Fertitta, Christenson or Shore or may be referred to as "Known by Station"). As used herein,
"GCR's actual knowledge" means the current, actual personal knowledge of only Phillip Peckman, Chris Philibbosian, Rob Solomon, Mitchell Mize, John
Kilduff, Patrick O'Malley and Doug Abel, without investigation and without imputation of any other person's knowledge. The fact that reference is made to the personal knowledge of named individuals
shall not render such individuals personally liable for my breach of any of the foregoing representations and warranties. The Company and Station shall have those remedies set forth in the Agreement
for the breach of any representation or warranty. 

    4.  As
used herein, "Excluded Property Documents" means those contracts, leases, governmental approvals, studies or
other documents authorized by or received by Station or Parent or Known by Station, or known by any contractor or consultant of Station, Parent or the Company; provided; however, that any matter which
is not Known by Station but which is known by a consultant or contractor of the Company retained by GCR or any affiliate of GCR (other than the Company) shall not be an Excluded Property Document to
the extent that (i) the existence of the matter is reasonably likely to have a material adverse effect on the development, use or operation of the Project on the 

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Property as a hotel, resort and casino consistent with the Design Plan, and (ii) as of the Conveyance Date, GCR has actual knowledge (as defined in this  Exhibit L) of such matter. 

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QuickLinks

EXHIBIT 10.1

FIRST AMENDMENT TO OPERATING AGREEMENT GREEN VALLEY RANCH GAMING, LLC

RECITALS

AGREEMENT

EXHIBIT A

FIRST AMENDMENT TO GUARANTY

EXHIBIT B

FIRST AMENDMENT TO GUARANTY

EXHIBIT F-1 PERMITTED EXCEPTIONS

EXHIBIT F-2 REVISED CC&R's

EXHIBIT G LEGAL DESCRIPTION OF RESORT PROPERTY

EXHIBIT L GCR PROPERTY REPRESENTATIONS

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