Document:

Exhibit 10.9

                               SECURITY AGREEMENT

          THIS SECURITY AGREEMENT, dated as of March 14, 2000 (herein as
amended, restated, supplemented or otherwise modified from time to time, called
this "Security Agreement"), is between Windsor Woodmont Black Hawk Resort Corp.,
a Colorado corporation (herein called the "Debtor"), and SunTrust Bank, a
Georgia banking corporation, as trustee (herein, together with its successors
and assigns in such capacity, called the "Trustee") for the benefit of itself
and the Holders (as hereinafter defined). Capitalized terms used but not
otherwise defined herein shall have the meanings given in the Indenture (as
hereinafter defined).

                              W I T N E S S E T H:
                              --------------------

                                    RECITALS

          WHEREAS, the Debtor and the Trustee are, contemporaneously with the
execution and delivery of this Security Agreement, entering into that certain
Indenture of even date herewith (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the "Indenture"), pursuant
to which Debtor (a) is issuing its 13% Series A First Mortgage Notes due 2005
(such notes, together with any notes issued in replacement thereof or in
exchange therefor, the "Series A Notes"), and (b) will issue its 13% Series B
First Mortgage Notes due 2005 (such notes, together with any notes issued in
replacement thereof or in exchange therefor, the "Series B Notes"and, together
with the Series A Notes, the "Initial Notes"), in the original aggregate
principal amount of $100,000,000, and pursuant to which the Debtor may issue up
to an additional $35,000,000 aggregate principal amount of notes in the same
series as the Initial Notes (such notes, together with any notes issued in
replacement thereof or in exchange therefor, the "Additional Notes" and,
together with the Initial Notes, the "Notes").

          WHEREAS, it is a condition precedent to the purchase of the Initial
Notes that Debtor shall have executed and delivered this Security Agreement to
the Trustee for itself and the ratable benefit of the holders from time to time
of the Notes (the "Holders") to secure the due and punctual payment and
performance of the Obligations (as hereinafter defined).

          NOW, THEREFORE, in consideration of the foregoing premises and in
order to induce the Trustee to enter into the Indenture and to induce the
Holders to purchase the Notes, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Debtor hereby
agrees, for the benefit of the Trustee and for the ratable benefit of the
Holders as follows:

SECTION 1 Definitions. When used herein, (a) the terms Account, Chattel Paper,
Deposit Account, Document, Equipment, Fixture, General Intangibles, Goods,
Instruments, Investment Property and Inventory shall have the respective
meanings assigned to such terms in the Uniform Commercial Code (as defined
below) and (b) the following terms shall have the following meanings:

<PAGE>

          "Account Debtor" shall mean the party who is obligated on or under any
Account Receivable or Contract Right of the Debtor or, if appropriate, any
General Intangible of the Debtor.

          "Account Receivable" shall mean an Account.

          "Additional Debtor" shall have the meaning assigned to such term under
subsection 9.12.

          "Advance Disbursement Account" shall mean that certain account number
0404017634 at Norwest Bank Minnesota, N.A.

          "Amendment" shall have the meaning assigned to such term under
subsection 9.12.

          "Assignee Deposit Account" shall have the meaning assigned to such
term under Section 4.

          "Black Hawk Casino" shall mean the pending project to develop,
construct, equip and operate the Debtor's casino and related amenities.

          "Cash Collateral and Disbursement Agreement" shall mean the Cash
Collateral and Disbursement Agreement among the Debtor, the Trustee, Hyatt
Gaming, RE TECH+, Inc., as independent construction consultant, First American
Heritage Title Company, as the construction escrow agent, and the Disbursement
Agent (as amended, restated, supplemented or otherwise modified from time to
time).

          "Collateral" shall mean all property or rights in which a security
interest is granted hereunder.

          "Computer Hardware and Software" shall mean (i) all computer and other
electronic data processing hardware, whether now owned, licensed or leased or
hereafter acquired by the Debtor, including, without limitation, all integrated
computer systems, central features, computer elements, card processing units,
memory units, display terminals, printers, readers, tape drives, hard and soft
disk drives, cables, electrical supply hardware, generators, power equalizers,
accessories and all peripheral devices and other related computer hardware; (ii)
all software programs, whether now owned, licensed or leased or hereafter
acquired by the Debtor, designed for use on the computers and electronic data
processing hardware described in clause (i) above, including, without
limitation, all operating system software, utilities and application programs in
whatsoever form (source code and object code in magnetic tape, disk or hard copy
format or any other listings whatsoever); (iii) all firmware associated
therewith, whether now owned, licensed or leased or hereafter acquired by the
Debtor; and (iv) all documentation for such hardware, software and firmware
described in the preceding clauses (i), (ii) and (iii) above, whether now owned,
licensed or leased or hereafter acquired by the Debtor, including, without
limitation, flow charts, logic diagrams, manuals, specifications, training
materials, charts and pseudo codes.

                                       -2-

<PAGE>

          "Contract Right" shall mean any right of the Debtor to payment under a
contract for the sale or lease of Goods or the rendering of services, which
right is at the time of determination not yet earned by performance.

          "Debtor" shall have the meaning assigned to such term in the Preamble.

          "Disbursement Agent" shall mean Norwest Bank Minnesota, N.A., a
national association, as disbursement agent.

          "Excluded Assets" shall have the meaning assigned to such term in
Section 2.

          "FF&E" shall mean furniture, fixtures or equipment used in the
ordinary course of the business of the Debtor and its Subsidiaries.

          "FF&E Financing" shall mean the incurrence of indebtedness, the
proceeds of which are utilized solely to finance or refinance the acquisition of
(or entry into a capital lease by the Debtor or a Subsidiary with respect to )
FF&E to the extent permitted by the Indenture.

          "Gaming Authority" shall mean any agency, authority, board, bureau,
commission, department, office or instrumentality of any nature whatsoever of
the United States federal or any foreign government, any state, province or any
city or other political subdivision or otherwise, and whether now or hereafter
in existence, or any officer or official thereof, including the Colorado Limited
Gaming Control Commission and any other applicable gaming regulatory authority
with authority to regulate any gaming operation (or proposed gaming operation)
owned by the Debtor or any of its Subsidiaries and managed or operated by Hyatt
Gaming or any of its Subsidiaries.

          "Gaming Business" shall mean the gaming business and includes all
businesses either licensed or unlicensed by a Gaming Authority necessary for,
incident to or connected with or arising out of the operation of a gaming
establishment or facility (including developing and operating lodging, retail
and restaurant facilities, sports or entertainment facilities, transportation
services or other related activities or enterprises and any additions or
improvements thereto) and any businesses incident and useful to the gaming
business, including, without limitation, food and beverage distribution
operations to the extent that they are operated in connection with a gaming
business.

          "Gaming Laws" shall mean the gaming laws of any jurisdiction or
jurisdictions to which the Debtor or any of its Subsidiaries is, or may at any
time after the date of the Indenture, be subject.

          "Gaming License" shall mean any license, permit, franchise or other
authorization from any Gaming Authority required on the date of the Indenture or
at any time thereafter to own, lease, operate or otherwise conduct the Gaming
Business of the Debtor, including all licenses granted under the Gaming Laws of
any jurisdiction to which the Debtor or any of its Subsidiaries is, or may at
any time after the date of the Indenture, be subject.

          "Holders" shall have the meaning assigned to such term in the
Recitals.

                                       -3-

<PAGE>

          "Hyatt Gaming" shall mean Hyatt Gaming Management, Inc., a Nevada
corporation, and its successor and assigns.

          "Hyatt Gaming Accounts" shall mean the accounts, or such portion of
accounts, to be maintained by the Disbursement Agent pursuant to the terms of
the Cash Collateral and Disbursement Agreement, into which approximately
$5,900,000 of the proceeds of the offering of the Second Mortgage Notes will be
deposited.

          "Hyatt Intellectual Property" shall mean certain intellectual property
of which Hyatt Gaming is either the owner or licensee including (a) software for
use at one or more other facilities managed by Hyatt Gaming or its affiliates
and all source and object code versions thereof and all related documentation,
flow charts, user manuals, listing, and service/operator manuals and any
enhancements, modifications, or substitutions thereof, and (b) trade secrets,
trade names, trademarks, know-how and other proprietary information relating to
the operating methods, procedures and policies with respect to the Black Hawk
Casino.

          "Indenture" shall have the meaning assigned to such term in the
Recitals.

          "Intellectual Property" shall mean all of the following owned by,
issued to or licensed to the Debtor and used in its business, along with all
income, royalties, damages and payments due or payable now or hereafter
(including without limitation, damages and payments for past or future
infringements or misappropriations thereof), the right to sue and recover for
past infringements or misappropriations thereof and any and all corresponding
rights that, now or hereafter, may be secured throughout the world: patents,
patent applications, patent disclosures and inventions (whether or not
patentable and whether or not reduced to practice) and any reissues,
continuations, continuations-in-part, revisions, extensions or reexaminations
thereof; trademarks, service marks, trade styles, trade dress logos, trade
names, corporate names, company names, business names and fictitious business
names, together with all goodwill associated therewith (including, without
limitation, the use of the current corporate name and trade names listed on
Schedule III hereto and all translations, adaptations, derivations and
combinations of the foregoing); copyrights (whether registered, unregistered,
statutory or common law) and copyrightable works; internet domain names; mask
works; and registrations, applications and renewals for any of the foregoing;
trade secrets and confidential information (including, without limitation,
ideas, formulae, compositions, know-how, manufacturing and production processes
and techniques, research and development information drawings, specifications,
designs, plans, proposals, technical data, financial and accounting data,
business and marketing plans, and customer and supplier lists and related
information); computer software (including, without limitation, data, data bases
and documentation); other intellectual property rights; and all copies and
tangible embodiments of the foregoing (in whatever form or medium).

          "Intercreditor Agreement" shall mean the Intercreditor Subordination
and Collateral Agreement among the Debtor, Hyatt Gaming and the Trustee (as
amended, restated, supplemented or otherwise modified from time to time).

                                       -4-

<PAGE>

          "Liquor Laws" shall mean the liquor laws of any jurisdiction or
jurisdictions to which the Debtor or any of its Subsidiaries is, or may at any
time after the date of the Indenture, be subject.

          "Liquor License" shall mean any license, permit, franchise or other
authorization from any Liquor Licensing Authority necessary or required on the
date of the Indenture or at any time thereafter to own, lease, operate or
otherwise conduct the lodging, retail, restaurant or other entertainment
facilities of the Debtor, including all licenses granted under the Liquor Laws.

          "Liquor Licensing Authority" shall mean means any agency, authority,
board, bureau, commission, department, office or instrumentality of any nature
whatsoever of the United States federal or a foreign government, any state,
province or any city or other political subdivision or otherwise, and whether
now or hereafter in existence, or any officer or official thereof, including the
Colorado Liquor Enforcement Division and the city of Black Hawk Liquor Licensing
Authority and any other applicable liquor licensing regulatory authority with
authority to regulate any liquor licensed operation (or proposed liquor licensed
operation) owned by the Debtor and managed or operated by Hyatt Gaming or any of
its Subsidiaries.

          "Management Agreement" shall mean the Management Agreement dated as of
February 2, 2000 between Hyatt Gaming and the Debtor relating to the management
of the Black Hawk Casino (as amended, restated, supplemented or otherwise
modified from time to time).

          "Non-Tangible Collateral" shall mean, collectively, the Debtor's
Accounts Receivable, Contract Rights and General Intangibles.

          "Notes" shall have the meaning assigned to such term in the Recitals.

          "Obligations" shall mean all obligations of the Debtor to the Holders
and the Trustee howsoever created, arising or evidenced, whether direct or
indirect, absolute or contingent, now or hereafter existing, or due or to become
due, which arise out of or in connection with the Indenture, the Notes, this
Security Agreement or any other document, instrument, financing statement or
agreement now or hereafter executed and delivered in connection herewith or
therewith.

          "Person" shall mean an individual, partnership, limited liability
company, corporation, trust or unincorporated organization and a government
agency or a political subdivision thereof.

          "Protected Marks" shall mean the right of Hyatt Gaming to use certain
logos, trademarks, trade names and other marks related to the Protected Name in
conjunction with the operation of the Black Hawk Casino.

          "Protected Name" shall mean the right of Hyatt Gaming to use the name
"Hyatt" either alone or in conjunction with another word or words in conjunction
with the operation of the Black Hawk Casino.

                                       -5-

<PAGE>

          "Second Mortgage Notes" shall mean the $7.5 million of subordinated
secured indebtedness issued to Hyatt Gaming by the Debtor.

          "Subordinated Loan Agreement" shall mean the Subordinated Loan
Agreement of even date herewith between the Debtor and Hyatt Gaming (as amended,
restated, supplemented or otherwise modified from time to time).

          "Subsidiary" shall mean, with respect to any Person: (i) any
corporation, association or other business entity of which more than 50% of the
total voting power of shares of capital stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof is at the time owned or controlled, directly or indirectly, by
such Person or one or more of the other Subsidiaries of that Person (or a
combination thereof); and (ii) any partnership (a) the sole general partner or
the managing general partner of which is such Person or a Subsidiary of such
Person or (b) the only general partners of which are such Person or one or more
Subsidiaries of such Person (or any combination thereof).

          "Trustee" - shall have the meaning assigned to such term in the
Preamble.

          "Uniform Commercial Code" shall mean the Uniform Commercial Code as in
effect in the State of New York on the date of this Security Agreement;
provided, however, that if by reason of mandatory provisions of law, the
perfection or effect of perfection or non-perfection of the security interest
granted hereunder in any Collateral is governed by the Uniform Commercial Code
as in effect in a jurisdiction other than New York, Uniform Commercial Code
shall mean the Uniform Commercial Code as in effect in such other jurisdiction
for purposes of the provisions hereof relating to such perfection or effect of
perfection or non-perfection.

          "Unmatured Surviving Obligation" shall mean, as of any date, an
Obligation which is contingent and unliquidated and not due and owing on such
date and which, pursuant to provisions of the Indenture, the Notes, this
Security Agreement, the other Collateral Documents and any other document or
agreement executed in connection herewith or therewith, survives termination of
such documents or agreements and the indefeasible payment in full of the Senior
Notes.

SECTION 2 Grant of Security Interest. As collateral security for the due and
punctual payment and performance in full when due (whether at stated maturity,
upon redemption or required repurchase, by acceleration or otherwise) of all
Obligations, the Debtor hereby grants to the Trustee for itself and on behalf of
the Holders, a continuing security interest in the following property of the
Debtor, and in all of the Debtor's right, title and interest therein, whether
now or hereafter existing, owned, licensed, leased, consigned, arising or
acquired:

          (i)  all Accounts Receivable;

          (ii) all Chattel Paper;

          (iii) all Computer Hardware and Software and all rights with respect
               thereto, including, without limitation, any and all licenses,
               options, warranties, service contracts, program services, test

                                       -6-

<PAGE>

               rights, maintenance rights, support rights, improvement rights,
               renewal rights and indemnifications, and any substitutions,
               replacements, additions or model conversions of any of the
               foregoing;

          (iv) all Contract Rights;

          (v)  all Deposit Accounts (including, without limitation, the Hyatt
               Gaming Accounts and each Assignee Deposit Account);

          (vi) all Documents;

          (vii) all General Intangibles (including, without limitation, any
               rights of the Debtor arising from time to time to receive payment
               under a billing to a person or other entity representing such
               person's or entity's obligation to reimburse the Debtor for
               indebtedness paid or to be paid by the Debtor for the account of
               such person or entity or for loans and advances by Debtor to such
               person or entity);

          (viii) all Goods (including, without limitation, all its Equipment,
               Fixtures and Inventory), and together with all accessions,
               additions, attachments, improvements, substitutions and
               replacements thereto and therefor;

          (ix) all Instruments;

          (x)  all Intellectual Property;

          (xi) all money (of every jurisdiction whatsoever) other than and in
               addition to any money in the Deposit Accounts; and

          (xii) all Investment Property;

together with all books, records, writings, data bases, information and other
property relating to, used or useful in connection with, evidencing, embodying,
incorporating or referring to any of the foregoing, and all proceeds, products,
offspring, rents, issues, profits and returns of and from any of the foregoing;
provided, however, that there shall be excluded from the Collateral the
following assets (the "Excluded Assets"): (A) Gaming Licenses, (B) Liquor
Licenses, (C) all gaming devices, other licenses or permits and any interest in
such gaming devices, licenses or permits to the extent (but only to the extent)
that the Gaming Laws or Liquor Laws, as applicable, prohibit, as of the date
hereof, the Debtor from granting a security interest therein without the
approval of the relevant Gaming Authority or Liquor License Authority (but only
to the extent such approval has not been obtained), (D) FF&E to the extent that
(1) the purchase or lease of such FF&E is not financed with the proceeds of the
Notes but with the proceeds of an FF&E Financing and (2) the Debtor is permitted
to enter into such FF&E Financing for such FF&E under the Indenture and (E) the
Hyatt Intellectual Property, the Protected Marks and the Protected Name;

                                       -7-

<PAGE>

provided, further, that (x) any such Excluded Asset now owned or hereafter
acquired by the Debtor shall automatically become part of the Collateral when
and to the extent it may subsequently be made subject to such a lien and/or such
approval of the Gaming Authority or Liquor License Authority, as applicable, is
obtained and/or such FF&E Financing has been repaid, satisfied or terminated and
(y) all proceeds of any Excluded Assets shall be subject to the continuing
security interest granted hereunder to the full extent permitted under
applicable Gaming Laws or Liquor Laws or the terms of the FF&E Financing;
provided, still further, that the security interest granted herein in the Hyatt
Gaming Accounts shall be subordinated to the lien of Hyatt Gaming in such
accounts to the extent, but only to the extent, set forth in the Intercreditor
Agreement.

          Notwithstanding anything herein to the contrary, (i) the Debtor shall
remain liable under each contract and other agreement to which it is a party
constituting Collateral, and shall observe and perform all conditions and
obligations under such contracts and other agreements in accordance with the
terms and provisions thereof and (ii) the failure of the Debtor to grant a
security interest in gaming devices, other licenses or permits and any interest
in such gaming devices, licenses or permits to the extent (but only to the
extent) prohibited by the Gaming Laws or Liquor Laws, as amended, supplemented
or otherwise modified subsequent to the date hereof, shall not constitute an
Event of Default.

SECTION 3. Representations and Warranties. The Debtor represents and warrants
that:

          (i)  except for the financing statements set forth on Schedule V
               hereto which will be released in connection with the consummation
               of the transactions contemplated hereby, Uniform Commercial Code
               financing statement (other than any which may have been filed on
               behalf of the Trustee or in connection with Permitted Liens)
               covering any of the Collateral is on file in any public office;

          (ii) the Debtor is and will be the lawful owner of all of the
               Collateral, free of all liens and claims whatsoever, other than
               the security interest hereunder, the lien of Hyatt Gaming on the
               Hyatt Gaming Accounts and Permitted Liens with full power and
               authority to execute this Security Agreement and to perform the
               Debtor's obligations hereunder, and to subject the Collateral to
               the security interest hereunder;

          (iii) all information with respect to the Collateral and the Account
               Debtors set forth in any schedule, certificate or other writing
               at any time heretofore or hereafter furnished by the Debtor to
               the Trustee, and all other written information heretofore or
               hereafter furnished by the Debtor to the Trustee, is and will be
               true and correct in all material respects as of the date
               furnished;

          (iv) the address of the location of the records of the Debtor
               concerning Non- Tangible Collateral and the address of the
               Debtor's chief executive office are as set forth on Schedule I
               hereto, and the Debtor's Inventory and other Goods are located at
               its own premises at the address(es) shown on such Schedule I;

                                       -8-

<PAGE>

          (v)  none of the Collateral (other than Non-Tangible Collateral) has,
               within the four (4) months preceding the date of this Security
               Agreement, been located at any place other than the Debtor's own
               premises at the address(es) shown on Schedule I hereto;

          (vi) the Debtor is not now known and has not previously been known by
               any trade name except as disclosed on Schedule III hereto;

          (vii) except as set forth on Schedule III hereto, the Debtor has not
               been known by any legal name different from the one set forth on
               the signature page of this Security Agreement, nor has the Debtor
               been the subject of any merger or other corporate reorganization
               except as previously disclosed to the Trustee in writing prior to
               the date hereof;

          (viii) Schedule II hereto is a complete listing of all of the Debtor's
               Intellectual Property;

          (ix) except as disclosed on Schedule IV hereto, the Debtor is not a
               party to any Federal, state or local government contract;

          (x)  the Debtor is a corporation duly organized, validly existing and
               in good standing under the laws of the State of Colorado;

          (xi) the execution and delivery of this Security Agreement and the
               performance by the Debtor of its obligations hereunder are within
               the Debtor's corporate powers, have been duly authorized by all
               necessary corporate action, have received all necessary
               governmental approval (if any shall be required), and do not and
               will not contravene or conflict with any provision of law or of
               the charter or by-laws of the Debtor or of any agreement,
               instrument or order binding upon the Debtor;

          (xii) this Security Agreement is a legal, valid and binding obligation
               of the Debtor, enforceable in accordance with its terms;

          (xiii) the Debtor is in compliance with the requirements of all
               applicable laws (including, without limitation, the provisions of
               the Fair Labor Standards Act), rules, regulations and orders of
               every governmental authority, the non- compliance with which
               could materially and adversely affect the business, properties,
               assets, operations or condition (financial or otherwise) of the
               Debtor or the value of the Collateral or the worth of the
               Collateral as collateral security;

          (xiv) all of the Intellectual Property is subsisting and none has been
               adjudged invalid or unenforceable, in whole or in part; and

                                       -9-

<PAGE>

          (xv) all of the Intellectual Property is valid and enforceable and, in
               the case of the patents and patent applications included in the
               Intellectual Property, the Debtor has notified the Trustee in
               writing of all prior uses (including public uses and sales) of
               which it is aware.

SECTION 4 Processing Sale Collections, etc. Until such time as a Default or an
Event of Default shall have occurred and remained continuing, the Debtor, in
accordance with the terms of the Indenture,

          (i)  may, in the ordinary course of its business, at its own expense,
               sell, lease or furnish under contracts of service any of the
               Inventory normally held by the Debtor for such purpose, and use
               and consume, in the ordinary course of its business, any raw
               materials, work in process or materials normally held by the
               Debtor for such purpose;

          (ii) will, at its own expense, endeavor to collect, as and when due,
               all amounts due with respect to any of the Non-Tangible
               Collateral, including the taking of such action with respect to
               such collection as the Trustee may reasonably request or, in the
               absence of such request, as the Debtor may deem advisable; and

          (iii) may grant, in the ordinary course of business, to any party
               obligated on any of the Non-Tangible Collateral, any rebate,
               refund or allowance to which such party may be lawfully entitled,
               and may accept, in connection therewith, the return of Goods, the
               sale or lease of which shall have given rise to such Non-Tangible
               Collateral.

          The Trustee, however, may, at any time a Default or an Event of
Default has occurred and is continuing, notify any parties obligated on any of
the Non-Tangible Collateral to make payment to the Trustee of any amounts due or
to become due thereunder and enforce collection of any of the Non-Tangible
Collateral by suit or otherwise. Upon request of the Trustee at any time a
Default or an Event of Default has occurred and is continuing, the Debtor will,
at its own expense notify any parties obligated on any of the Non-Tangible
Collateral to make payment to the Trustee of any amounts due or to become due
thereunder.

          Upon request of the Trustee at any time a Default or an Event of
Default has occurred and is continuing, the Debtor will (except as the Trustee
may otherwise consent in writing) forthwith, upon receipt, transmit and deliver
to the Trustee, in the form received, all cash, checks, drafts, chattel paper
and other instruments or writings for the payment of money (properly endorsed,
where required, so that such items may be collected by the Trustee) which may be
received by the Debtor (except for amounts payable to regulatory authorities as
required by law) at any time in full or partial payment or otherwise as proceeds
of any of the Collateral. Except as the Trustee may otherwise consent in
writing, any such items which may be received by the Debtor after such request
by the Trustee will not be commingled with any other of its funds or property,
but will be held separate and apart from its own funds or property and upon

                                      -10-

<PAGE>

express trust for the Trustee until delivery is made to the Trustee. The Debtor
will comply with the terms and conditions of any consent given by the Trustee
pursuant to the provisions of this paragraph.

          All items or amounts which are delivered by the Debtor to the Trustee
(or collected directly by the Trustee, as the case may be) pursuant to the
foregoing provisions of this Section 4 on account of partial or full payment or
otherwise as proceeds of any of the Collateral shall be deposited to the credit
of a deposit account (herein called the "Assignee Deposit Account") of the
Debtor with the Trustee, as security for the performance and payment of the
Obligations. The Debtor shall have no right to withdraw any funds deposited in
the Assignee Deposit Account. The Trustee may, from time to time, in its
discretion, but subject to the Indenture, apply all or any of the then balance,
representing collected funds, in the Assignee Deposit Account, as set forth in
Section 8, including toward payment of the Obligations, whether or not due.

          So long as a Default or an Event of Default has occurred and is
continuing, the Trustee is authorized to endorse, in the name of the Debtor, any
item, howsoever received by the Trustee, representing any payment on or other
proceeds of any of the Collateral.

SECTION 5 Certificates, Schedules and Reports. The Debtor will from time to
time, as the Trustee may reasonably request, deliver to the Trustee a schedule
identifying each Account Receivable (not previously so identified) subject to
the security interest hereunder, and such additional schedules and such
certificates and reports with respect to all or any of the Collateral at the
time subject to the security interest hereunder, and the items or amounts
received by the Debtor in full or partial payment or otherwise as proceeds of
any of the Collateral. Any such schedule, certificate or report shall be
executed by a duly authorized officer of the Debtor and shall be in such form
and detail as the Trustee may reasonably specify. Any such schedule identifying
any Account Receivable subject to the security interest hereunder shall be
accompanied (if the Trustee so requests) by a true and correct copy of the
invoice evidencing such Account Receivable and by evidence of shipment or
performance. The Debtor shall promptly notify the Trustee of the occurrence of
any event causing any loss or depreciation in the value of its Inventory or
other Goods which is material to the Debtor, and such notice shall specify the
amount of such loss or depreciation.

SECTION 6 Agreements of the Debtor. The Debtor will:

          (i)  upon request of the Trustee, execute such Uniform Commercial Code
               financing statements and other documents (including, without
               limitation, a Security Interest in Intellectual Property in
               substantially the form of Annex I hereto, or any assignment of
               claim form under or pursuant to the federal assignment of claims
               statute, 31 U.S.C.ss.3726, any successor or amended version
               thereof or any regulation promulgated under or pursuant to any
               version thereof), and pay the cost of filing or recording the
               same or this Security Agreement in all public offices deemed
               necessary or appropriate by the Trustee and do such other acts
               and things (including, without limitation, delivery to the
               Trustee of the originals of all Instruments, Documents, Chattel
               Paper, letters of credit and certificated securities (indorsed in

                                      -11-

<PAGE>

               blank, marked with such legends and accompanied with such powers
               and assignments as required by the Trustee) which constitute
               Collateral), all as the Trustee may from time to time reasonably
               request to establish and maintain a valid, first perfected
               security interest in the Collateral (free of all other liens,
               claims and rights of third parties whatsoever other than
               Permitted Liens) to secure the performance and payment of the
               Obligations;

          (ii) upon request of the Trustee, with respect to any Investment
               Property which is not a certificated security, take and use its
               best efforts to cause all relevant parties to take such actions
               (including, without limitation, obtaining the agreement of any
               securities intermediary to comply with instructions and
               entitlement orders of the Trustee without further consent of the
               Debtor or other registered owner or entitlement holder) to (A)
               cause the security interest in such Collateral to be perfected by
               "control" (as used in Articles 8 and 9 of the UCC) and (B)
               establish and maintain a valid, first perfected security interest
               in such Collateral (subject to the interest of Hyatt Gaming in
               the Hyatt Gaming Accounts as set forth in the Intercreditor
               Agreement);

          (iii) keep all its Inventory and other Goods, unless the Trustee shall
               otherwise consent in writing, at its own premises at address(es)
               shown on Schedule I hereto;

          (iv) keep, at its address(es) so indicated on Schedule I hereto, its
               records concerning Non-Tangible Collateral, which records will be
               of such character as will enable the Trustee or its designees to
               determine at any time the status thereof, and the Debtor will not
               duplicate any such records at any other address unless (A) such
               duplicate records are clearly and conspicuously marked to
               indicate that they are duplicates and (B) the Debtor has given
               the Trustee not less than 30 days' prior written notice of the
               address at which such duplicate records are to be kept;

          (v)  furnish the Trustee such information concerning the Debtor, the
               Collateral and the Account Debtors as the Trustee may from time
               to time reasonably request;

          (vi) permit the Trustee and its designees, from time to time during
               normal business hours and upon reasonable notice, to inspect
               Debtor's Inventory and other Goods, and to inspect, audit and
               make copies of and extracts from all records and all other papers
               in the possession of the Debtor, and will, upon request of the
               Trustee at any time when a Default or an Event of Default has
               occurred and is continuing, deliver to the Trustee all of such
               records and papers which pertain to the Collateral and the
               Account Debtors;

          (vii) upon request of the Trustee, stamp on its books and records
               concerning the Collateral (and/or enter in its computer records

                                      -12-

<PAGE>

               concerning the Collateral) a notation, in form reasonably
               satisfactory to the Trustee, of the security interest of the
               Trustee hereunder;

          (viii) except for the sale or lease of Inventory in the ordinary
               course of its business and as permitted under the Indenture and
               the creation or existence of Permitted Liens, not sell, lease,
               assign or create or permit to exist any lien on or security
               interest in any Collateral to or in favor of anyone other than
               the Trustee;

          (ix) at all times maintain insurance policies with reputable insurance
               companies insuring (A) all its Inventory and other Goods against
               loss by fire, damage, theft and other risks to such extent as is
               customarily maintained by companies similarly situated (and, in
               any event, as is required by applicable law) and naming the
               Trustee as loss payee, and (B) the Debtor and the Trustee against
               liability for personal injury and property damage relating to
               such Inventory and other Goods and naming the Trustee as an
               additional insured (it being understood that (1) so long as no
               Default or Event of Default has occurred and is continuing, the
               Trustee shall deliver any proceeds of such insurance which may be
               received by it to the Debtor and (2) whenever a Default or an
               Event of Default has occurred and is continuing, the Trustee may
               apply any proceeds of such insurance which may be received by it
               as set forth in Section 8, including toward payment of the
               Obligations, whether or not due) and such policies or
               certificates thereof shall, if the Trustee so requests, be
               deposited with or furnished to the Trustee;

          (x)  take such actions as are necessary to keep its Inventory in good
               repair and condition;

          (xi) take such actions as are necessary to keep its Equipment in good
               repair and condition and in good working or running order;

          (xii) promptly pay when due all license fees, registration fees,
               taxes, assessments and other charges which may be levied upon or
               assessed against the ownership, operation, possession,
               maintenance or use of its Equipment and other Goods (as
               applicable); provided, however, that the Debtor shall not be
               required to pay any such fee, tax, assessment or other charge if
               (A) the validity of which is being contested by the Debtor in
               good faith by appropriate proceedings, so long as forfeiture of
               any part of its Equipment or other Goods will not result from the
               failure of the Debtor to pay any such fee, tax, assessment or
               other charge, during the period of such contest or (B) the
               failure to pay such obligations could not, individually or in the
               aggregate, reasonably be expected to result in the sale,
               forfeiture or loss of any material portion of the Collateral or
               any interest therein, other than as a result of a Permitted Lien;

                                      -13-

<PAGE>

          (xiii) upon request of the Trustee, cause to be noted on the
               applicable certificate, in the event any of its Equipment is
               covered by a certificate of title, the security interest of the
               Trustee in the Equipment covered thereby;

          (xiv) furnish to the Trustee, as soon as possible and in any event
               within thirty (30) days prior to the occurrence from time to time
               of (A) any change in the address of the Debtor's chief executive
               office, (B) any change in the name of the Debtor or (C) the
               conduct of business under any trade name not disclosed on
               Schedule III hereto, notice in writing of such change or conduct
               of business;

          (xv) reimburse the Trustee for all reasonable expenses, including
               attorneys' fees and legal expenses, incurred by the Trustee in
               seeking to collect or enforce any rights under the Collateral
               and, in the case of a Default or an Event of Default, incurred by
               the Trustee in seeking to collect any of the Obligations and to
               enforce its rights hereunder;

          (xvi) protect, preserve and maintain all rights in the Collateral,
               including but not limited to the duty to prosecute and/or defend
               against, subject to the Debtor's reasonable business judgment,
               any and all suits contesting infringement, misappropriation or
               dilution of the Intellectual Property, any other suits containing
               allegations respecting the validity of the Collateral or any
               thereof, and any suits claiming injury to the goodwill associated
               with any of the trademarks or trademark applications;

          (xvii) furnish to the Trustee, as soon as possible and in any event
               within thirty (30) days after filing of any application for
               registration of any trademark, patent or copyright with the
               United States Patent and Trademark Office, the United States
               Copyright Office or any similar office in any other country or
               political subdivision thereof, notice in writing of such filing;

          (xviii) either itself or through licensees with respect to each
               material trademark and trademark application, (A) subject to the
               Debtor's reasonable business judgment, (1) continue to use such
               trademark on each and every trademark class of goods applicable
               to its current line as reflected in its current brochures,
               advertisements and any other promotional materials in order to
               maintain such trademark in full force free from any claim of
               abandonment for non-use, (2) maintain as in the past the quality
               of products and services offered under such trademark, (3) not
               (and not permit any licensee or sublicensee thereto to) abandon
               any trademark or do any act or knowingly omit to do any act
               whereby any trademark may become invalidated or otherwise
               impaired, (B) employ such trademark with the appropriate notice
               of application or registration as required by applicable law, and
               (C) not adopt any use or mark which is confusingly similar or a

                                      -14-

<PAGE>

               colorable imitation of such trademark unless the Trustee has
               perfected a security interest in such mark pursuant to this
               Security Agreement;

          (xix) use its best efforts to prevent the forfeiture, abandonment or
               dedication to the public of any material patent or patent
               application;

          (xx) itself or through its licensee, subject to the Debtor's
               reasonable business judgment, (A) employ each material copyright,
               (B) not (and not permit any licensee or sublicensee thereto to)
               (1) do any act or knowingly omit to do any act whereby any
               material portions of such copyright may become invalidated or
               otherwise impaired, and (2) do any act whereby any material
               portion of such copyrights may fall into the public domain;

          (xxi) use its best efforts, including, without limitation, in any
               proceeding before the United States Patent and Trademark Office,
               the United States Copyright Office or any similar office in any
               other country or political subdivision thereof, to maintain and
               pursue each application (and obtain the relevant registration)
               and registration of such Intellectual Property including, filing
               of applications for renewals, affidavits of use and affidavits of
               incontestability;

          (xxii) register all (A) material non-registered copyrights and (B)
               material after- acquired copyrights with the United States
               Copyright Office; and

          (xxiii) use its best efforts to obtain all necessary approvals or
               consents of the relevant Gaming Authority or Liquor License
               Authority for the grant of a security interest to the Trustee in
               such gaming devices, licenses, permits and any interests in such
               gaming devices, licenses or permits (excluding Gaming Licenses
               and Liquor Licenses) without which, the grant of a security
               interest therein is prohibited, as of the date hereof, by
               applicable Gaming Laws or Liquor Laws.

Any reasonable expenses incurred in protecting, preserving and maintaining any
of the Collateral shall be borne by the Debtor. Whenever a Default or an Event
of Default has occurred and is continuing, the Trustee shall have the right to
bring suit to enforce any or all of the Intellectual Property or licenses
thereunder, in which event the Debtor shall at the request of the Trustee do any
and all lawful acts and execute any and all proper documents required by the
Trustee in aid of such enforcement and the Debtor shall promptly, upon demand,
reimburse and indemnify the Trustee for all reasonable costs and expenses
incurred by the Trustee in the exercise of its rights under this Section 6.
Notwithstanding the foregoing, the Trustee shall have no obligations or
liabilities regarding the Collateral or any portion thereof by reason of, or
arising out of, this Security Agreement except as set forth in subsection 9.1.

SECTION 7 Event of Default. Whenever a Default or an Event of Default has
occurred and is continuing, subject to compliance with the Gaming Laws and the
Liquor Laws, the Trustee may exercise from time to time any rights and remedies

                                      -15-

<PAGE>

available to it under applicable law, including without limitation the rights of
a secured party under the Uniform Commercial Code. The Debtor agrees, in case of
a Default or an Event of Default,

          (i)  at Trustee's request to assemble, at its expense, all its
               Inventory and other Goods (other than Fixtures) included in the
               Collateral at a convenient place or places acceptable to the
               Trustee, and

          (ii) at Trustee's request, to execute all such documents and do all
               such other things which may be necessary or desirable in order to
               enable the Trustee or its nominee to be registered as owner of
               the Intellectual Property with any competent registration
               authority.

          Any notification of intended disposition of any of the Collateral
required by law shall be deemed reasonably and properly given if given at least
ten (10) days before such disposition. Any proceeds of any disposition by the
Trustee of any of the Collateral shall be applied as set forth in Section 8.

SECTION 8 Application of Proceeds. The proceeds of any sale of, collection of,
or other realization upon, all or any part of the Collateral shall be applied by
the Trustee as follows:

          First: to payment of all of the reasonable costs and expenses of the
          Trustee, including (i) the expenses of such sale, (ii) the
          out-of-pocket costs and expenses of the Trustee and the fees and
          out-of-pocket costs and expenses of counsel employed by the Trustee,
          (iii) the payment of all advances made by the Trustee for the account
          of Debtor hereunder, and (iv) the payment of all costs and expenses
          incurred by the Trustee in connection with the administration and
          enforcement of this Security Agreement, to the extent that such
          advances, costs and expenses shall not have been reimbursed to the
          Trustee;

          Second: to the payment in full of the Obligations in a manner
          consistent with Section 6.10 of the Indenture as the Trustee in its
          discretion shall decide and any Obligation as defined in the
          Subordinated Loan Agreement to the extent required by Section 3.7 of
          the Intercreditor Agreement with respect to proceeds of the Advance
          Disbursement Account;

          Third: the balance, if any, of such proceeds shall be paid to the
          Debtor, its successors and assigns, or to whomever may be lawfully
          entitled to receive the same.

SECTION 9 Miscellaneous Provisions.

          SECTION 9.1 Limitation On Duty of Trustee In Respect Of Collateral.
The Trustee shall be deemed to have exercised reasonable care in the custody and
preservation of any of the Collateral in its possession if it takes such action
for that purpose as the Debtor requests in writing, but failure of the Trustee
to comply with any such request shall not of itself be deemed a failure to
exercise reasonable care, and no failure of the Trustee to preserve or protect

                                      -16-

<PAGE>

any rights with respect to such Collateral against prior parties, or to do any
act with respect to the preservation of such Collateral not so requested by the
Debtor, shall be deemed a failure to exercise reasonable care in the custody or
preservation of such Collateral.

          SECTION 9.2 Limitations of Gaming Laws and Liquor Laws. The Trustee
acknowledges that: (i) its grant of a security interest in, and its rights and
remedies with respect to the Collateral are subject to the limitations and
restrictions of the Gaming Laws and/or the Liquor Laws, which may, among other
things, require the Trustee to obtain the prior approval of the Gaming Authority
or Liquor License Authority, as applicable, enforcing such laws before taking
any action hereunder and to be licensed by such authorities before exercising
certain rights and remedies hereunder and (ii) the Gaming Laws and Liquor Laws
currently prohibit any pledge, hypothecation or transfer of any Gaming License
or Liquor License or any interests therein or attachment of any security
interest in such licenses.

          SECTION 9.3 Notice. All notices, requests and other communications
provided for hereunder shall be given in accordance with Section 11.02 of the
Indenture. A copy of any notice provided pursuant to this Security Agreement
shall be provided to Hyatt Gaming at its address as set forth in the Management
Agreement.

          SECTION 9.4 No Waiver. No delay on the part of the Trustee in the
exercise of any right or remedy shall operate as a waiver thereof, and no single
or partial exercise by the Trustee of any right or remedy shall preclude other
or further exercise thereof or the exercise of any other right or remedy.

          SECTION 9.5 Entire Agreement; Amendments. This Security Agreement,
together with the Indenture, the Intercreditor Agreement and the other
Collateral Documents, set forth the entire understanding and agreement of the
Debtor and the Trustee, and shall supersede any other agreements and
understandings (written or oral) between the Debtor and the Trustee on or prior
to the date of this Security Agreement with respect to the transaction
contemplated in this Security Agreement. No amendment or modification to any
terms of this Security Agreement, or cancellation of this Security Agreement,
shall be valid unless in writing and executed and delivered by both the Debtor
and the Trustee.

          SECTION 9.6 Captions. Section captions used in this Security Agreement
are for convenience of reference only and shall not affect the construction of
this Security Agreement.

          SECTION 9.7 Facsimile; Counterparts. Each party hereto may deliver an
executed signature page to this Security Agreement by facsimile transmission to
each other party, which facsimile copy shall be deemed to be an original
executed signature page; provided, however, that such party shall deliver an
original signature page to each other party promptly thereafter. This Security
Agreement may be executed in any number of counterparts, each of which shall be
deemed an original and all of which counterparts together shall constitute one
agreement with the same effect as if the parties hereto had signed the same
signature page.

                                      -17-

<PAGE>

          SECTION 9.8 Governing Law; Severability. THIS SECURITY AGREEMENT SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICT OF LAWS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION
AND ENFORCEMENT OF THE SECURITY INTERESTS HEREUNDER IN RESPECT OF ANY PARTICULAR
COLLATERAL ARE GOVERNED BY THE LAWS OF ANOTHER JURISDICTION. If any term or
provision of this Security Agreement is held to be or rendered invalid or
unenforceable at any time in any jurisdiction, such term or provision shall not
affect the validity or enforceability of any other terms or provisions at any
other time or in any other jurisdiction.

          SECTION 9.9 Intentionally omitted.

          SECTION 9.10 Binding Agreement; Assignment. This Security Agreement
shall be binding upon the Debtor and the Trustee and their respective successors
and assigns, and shall inure to the benefit of the Debtor, the Holders and the
Trustee and the respective successors and assigns of the Holders and the
Trustee.

          SECTION 9.11 Documents Sufficient As Financing Statement. At the
option of the Trustee, this Security Agreement, or a carbon, photographic or
other reproduction of this Security Agreement or of any Uniform Commercial Code
financing statement covering the Collateral or any portion thereof shall be
sufficient as a Uniform Commercial Code financing statement and may be filed as
such.

          SECTION 9.12 Additional Debtors. If the Debtor shall acquire or create
a Restricted Subsidiary after the date of this Security Agreement, then such
newly acquired or created Restricted Subsidiary (each such Restricted
Subsidiary, an "Additional Debtor") shall (i) become a party to this Security
Agreement by executing and delivering to the Trustee an Amendment to Security
Agreement (Additional Debtor) in substantially the form of Annex II hereto
(each, an "Amendment") and (ii) shall enter into such documents as shall be
necessary, in the Trustee's opinion, to create a perfected, first priority
security interest in all types and items of property of such Restricted
Subsidiary within the definition of "Collateral"(free of all other liens, claims
and rights of third parties whatsoever other than Permitted Liens). Upon
execution and delivery by the Additional Debtor to the Trustee of the Amendment,
which Amendment need not be executed by the Debtor, and the acceptance thereof
by the Trustee, such Additional Debtor shall be and become a Debtor hereunder
and each reference in the Indenture, the Notes, the other Collateral Documents
and any other document or other agreement executed in connection herewith or
therewith to the "Debtor" shall include such Person.

          SECTION 9.13 Waiver of Right to Jury Trial. THE TRUSTEE AND DEBTOR
HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDINGS INVOLVING, DIRECTLY OR
INDIRECTLY, ANY MATTER (WHETHER IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY
ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS SECURITY AGREEMENT OR THE
RELATIONSHIP ESTABLISHED HEREUNDER.

                                      -18-

<PAGE>

          SECTION 9.14 Conflicts with Indenture and Other Collateral Documents.
In the event of any conflict between the provisions of this Security Agreement
and those of the Indenture, including, without limitation, any conflicts or
inconsistencies in any definitions herein or therein, the applicable provisions
or definitions or the Indenture shall govern. To the extent that the Collateral
is also subject to any other Collateral Agreement and any provisions of any such
other Collateral Agreement conflict with the provisions of this Security
Agreement, the provisions of such other Collateral Agreement shall control.

          SECTION 9.15 Termination. Upon the indefeasible payment in full of all
Obligations (other than Unmatured Surviving Obligations) of the Debtor under the
Indenture, the Notes, this Security Agreement, the other Collateral Documents
and any other document or other agreement executed in connection herewith or
therewith, or upon Legal Defeasance or Covenant Defeasance, the Trustee shall,
at the request of the Debtor, deliver a certificate to the Debtor stating that
such Obligations have been paid in full, the security interest granted herein
shall terminate and all rights to the Collateral shall revert to the Debtor.
Upon any such termination the Trustee shall, at the Debtor's expense, execute
and deliver to the Debtor such Uniform Commercial Code termination statements
and such other documents as the Debtor shall reasonably request to effect or
evidence the termination and release of such security interest in the
Collateral.

                  [remainder of page intentionally left blank;
                             signature page follows]

                                      -19-

<PAGE>

          IN WITNESS WHEREOF, this Security Agreement has been duly executed as
of the day and year first above written.

                                          DEBTOR
                                          ------

                                          WINDSOR WOODMONT BLACK HAWK
                                          RESORT CORP.

                                          By:  /s/  Michael L. Armstrong
                                               ---------------------------------
                                          Name:   Michael L. Armstrong
                                          Title:  Executive Vice President

                                          TRUSTEE
                                          -------

                                          SUNTRUST BANK, as Trustee

                                          By:  /s/  Deborah M.
                                               ---------------------------------
                                          Name:   Deborah M.
                                          Title:  First Vice President

<PAGE>

                                   SCHEDULE I
                                   ----------

Address of the Location
of the Records Concerning
Non-Tangible Collateral:
------------------------

2231 Valdina Street
Dallas, TX 75207

Address of the Debtor's
Chief Executive Office:
-----------------------

2231 Valdina Street
Dallas, TX 75207

Address(es) of the Debtor
where the Inventory and
other Goods are located:
------------------------

None

                                      S-I/1

<PAGE>

                                   SCHEDULE II
                                   -----------

                              INTELLECTUAL PROPERTY

                                      None.

                                     S-II/1

<PAGE>

                                  SCHEDULE III
                                  ------------

                                PRIOR LEGAL NAMES

                       St. Moritz Black Hawk Resort Corp.

                                   TRADENAMES

                                      None.

                                     S-III/1

<PAGE>

                                   SCHEDULE IV
                                   -----------

                              GOVERNMENT CONTRACTS

                                      None.

                                     S-IV/1

<PAGE>

                                   SCHEDULE V

                         LIENS TO BE RELEASED AT CLOSING

Financing Statement Number 9800143835 filed July 14, 1998 by National
Westminster Bank, PLC with the Texas Secretary of State

Financing Statement Number 3656 filed July 14, 1998 by National Westminster
Bank, PLC filed with the County Clerk of Dallas County, TX

Financing Statement Number 2454 filed October 6, 1997 by Kennedy Funding Inc.
filed with the Colorado Secretary of State

Financing Statement Number 19972085890 filed October 7, 1997 by Kennedy Funding
Inc. filed with the Colorado Secretary of State

Financing Statement Number 2527 filed October 7, 1998 by National Westminster
Bank, PLC filed with the Colorado Secretary of State

Financing Statement Number 2528 filed October 7, 1998 by National Westminster
Bank, PLC filed with the Colorado Secretary of State

Financing Statement Number 2529 filed October 7, 1998 by Natwest Capital Markets
Limited filed with the Colorado Secretary of State

                                      S-V/1

<PAGE>

                                     ANNEX I

                                     FORM OF
                              SECURITY INTEREST IN
                              INTELLECTUAL PROPERTY

          THIS SECURITY INTEREST IN INTELLECTUAL PROPERTY dated as of
______________, 200___ (herein as amended, restated, supplemented or otherwise
modified from time to time, called this "Security Interest In Intellectual
Property"), is made by [GRANTOR], a ___________ corporation (herein called the
"Grantor"), in favor of SunTrust Bank, as trustee (herein, together with its
successor in such capacity, called the "Trustee") for the benefit of itself and
the Holders (as defined in the Security Agreement as hereinafter defined),
pursuant to the Indenture (as hereinafter defined).

          WHEREAS, pursuant to that Indenture dated as of March 14, 2000 between
[Windsor Woodmont Black Hawk Resort Corp., a Colorado corporation ("Black
Hawk")/Grantor] and the Trustee, (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the "Indenture"), certain
notes were issued to [Black Hawk/Grantor];

          WHEREAS, in connection with the Indenture, [Black Hawk,] Grantor and
the Trustee have entered into a Security Agreement dated as of March 14, 2000
(as the same may be amended, restated, supplemented or otherwise modified from
time to time, the "Security Agreement");

          WHEREAS, as a condition precedent to the issuance of the notes under
the Indenture, and in conjunction with the Security Agreement, Grantor is
required to execute and deliver this Security Interest In Intellectual Property;

          WHEREAS, Grantor has duly authorized the execution, delivery and
performance of this Security Interest In Intellectual Property; and

          NOW THEREFORE, for good and valuable consideration, the receipt of
which is hereby acknowledged, Grantor agrees as follows:

          SECTION 1. Definitions. Unless otherwise defined herein or the context
otherwise requires, terms used in this Security Interest In Intellectual
Property, including its preamble and recitals, have the meanings provided or
provided by reference in the Security Agreement or the Indenture (collectively,
the "Finance Documents").

          SECTION 2. Grant of Security Interest. As collateral security for the
due and punctual payment and performance in full when due (whether at sated
maturity, upon redemption or required repurchase, by acceleration or otherwise)
of all Obligations, the Grantor hereby grants to the Trustee, a continuing
security interest in all of Grantor's right, title and interest in the

                                      A-I/1

<PAGE>

[Patents/Trademarks/Copyrights] (including, without limitation, those items
listed on Schedule A hereto).

          SECTION 3. Purpose. This Security Interest In Intellectual Property
has been executed and delivered by Grantor for the purpose of registering with
the United States [Patent and Trademark/Copyright] Office ("[PTO/CO]")the grant
of a security interest herein, and in the Finance Documents. The security
interest granted hereby has been granted as a supplement to, and not in
limitation of, the security interest granted to the Trustee under the Security
Agreement with respect to the Intellectual Property. The Security Agreement (and
all rights and remedies of the Trustee thereunder) shall remain in full force
and effect in accordance with its respective terms.

          SECTION 4. Acknowledgment. Grantor does hereby further acknowledge and
affirm that the rights and remedies of the Trustee with respect to the security
interest in the [Patents/Trademarks/Copyrights] granted hereby are more fully
set forth in the Indenture and the other Transaction Documents, the terms and
provisions of which (including the remedies provided for therein) are
incorporated by reference herein as if fully set forth herein.

          SECTION 5. Filing this Security Interest In Intellectual Property. The
party that files this Security Interest In Intellectual Property with the
[PTO/CO] shall: (i) complete accurately, and include as part of such filing, the
[PTO/CO]'s "Recordation Form Cover Sheet" for [patents/trademarks/copyrights]
and shall indicate on such cover sheet that the nature of the conveyance is a
security agreement; (ii) provide the other party hereto with copies of such
filings; and (iii) pay all applicable filing fees.

          SECTION 6. Counterparts. This Security Interest In Intellectual
Property may be executed in any number of counterparts, each of which shall be
deemed an original and all of which counterparts together shall constitute one
agreement with the same effect as if the parties hereto had signed the same
signature page.

          IN TESTIMONY WHEREOF, the Grantor and the Trustee have caused this
Security Interest In Intellectual Property to be signed and executed by the
undersigned officers thereunto duly authorized this day of , 200___.

                                          [GRANTOR]

                                          By:_________________________________
                                          Name:_______________________________
                                          Title:________________________________

                                          SUNTRUST BANK, as Trustee

                                          By:_________________________________

                                      A-I/2

<PAGE>

                                          Name:_______________________________
                                          Title:________________________________

                                      A-I/3

<PAGE>

STATE OF _____________ )
                       )  SS
COUNTY OF ____________ )

          On this day of , 200__, there appeared before me , personally known to
me, who acknowledged that he/she signed the foregoing Security Interest In
Intellectual Property as his/her voluntary act and deed on behalf and with full
authority of [GRANTOR].

                                                    ----------------------------
                                                    Notary Public

STATE OF _____________ )
                       )  SS
COUNTY OF ____________ )

          On this day of , 200__, there appeared before me , personally known to
me, who acknowledged that he/she signed the foregoing Security Interest In
Intellectual Property as his/her voluntary act and deed on behalf and with full
authority of SunTrust Bank, as Trustee.

                                                    ----------------------------
                                                    Notary Public

                                      A-I/4

<PAGE>

                                   SCHEDULE A

                         [PATENTS/TRADEMARKS/COPYRIGHTS]

                                      REGISTRATION
              TITLE                      NUMBER            ISSUE DATE
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

                    [PATENT/TRADEMARK/COPYRIGHT] APPLICATIONS

              TITLE                    SERIAL NO.            FILING DATE
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

                                      A-I/5

<PAGE>

                                    ANNEX II

                                     FORM OF
                         AMENDMENT TO SECURITY AGREEMENT
                               (ADDITIONAL DEBTOR)

          This Amendment to Security Agreement (Additional Debtor) (this
"Amendment"), dated as of ___________, ____, relates to the Security Agreement
dated as of March 14, 2000, (as amended, restated, supplemented or otherwise
modified from time to time, the "Agreement") executed by Windsor Woodmont Black
Hawk Resort Corp., a Colorado corporation ("Debtor") and SunTrust Bank, as
trustee (in such capacity, together with its successors and assigns, the
"Trustee"), for the benefit of itself and the Holders (as defined in the
Agreement). Capitalized terms used but not otherwise defined herein shall have
the meanings given in the Agreement.

          In compliance with Section 4.20 of the Indenture dated as of March 14,
2000 (as amended, restated, supplemented or otherwise modified from time to
time, the "Indenture") between Debtor and the Trustee, [NAME OF RESTRICTED
SUBSIDIARY] ("Additional Debtor") and the Trustee hereby agree as follows:

          1. Amendment. The Agreement is hereby amended to add as a party, and
more specifically, as a Debtor thereunder, Additional Debtor.

          2. Representations and Warranties. Additional Debtor represents and
warrants to the Trustee and each Holder that each of the representations and
warranties of Debtor contained in the Agreement is hereby made by Additional
Debtor, with respect to Additional Debtor, on and as of the date hereof and is
true and correct as to Additional Debtor.

          3. Grant of Security Interest. Additional Debtor hereby grants to the
Trustee, for itself and on behalf of the Holders, as collateral security for the
due and punctual payment and performance in full when due (whether at stated
maturity, upon redemption or required repurchase, by acceleration or otherwise)
of all Obligations, a continuing security interest in all types and items of
property of Additional Debtor within the definition of Collateral (as defined in
the Agreement) and all products and proceeds thereof, whether now or hereafter
existing, owned, licensed, leased, consigned, arising or acquired.

          4. Schedule Supplements. Additional Debtor has attached hereto
supplements to Schedules A through D to the Agreement, and Additional Debtor
hereby represents and warrants that such supplements have been prepared by
Additional Debtor in substantially the form of the Schedules to the Agreement
and are true, accurate and complete as of the date first above written.

          5. Assumption of Rights, Obligations and Liabilities. Additional
Debtor assumes all of the rights, obligations and liabilities of a Debtor under
the Agreement and agrees to be bound thereby as if Additional Debtor were an
original party to the Agreement. Without limiting the generality of the
foregoing, Additional Debtor waives notice of the creation, advance, increase,
existence, extension, or renewal of, or of any indulgence with respect to, the

                                     A-II/1

<PAGE>

Obligations; waives presentment, demand, notice of dishonor, and protest; waives
notice of the amount of the Obligations outstanding at any time, notice of any
change in financial condition of Debtor, notice of any Default or Event of
Default, and all other notices respecting the Obligations (except for any such
notices that are required to be given to Additional Debtor pursuant to the other
provisions of this Agreement or the provisions of the Notes, the Indenture, the
other Collateral Documents and any other document or other agreement executed in
connection herewith or therewith); and agrees that maturity of the Obligations
and any part thereof may be accelerated, extended, or renewed one or more times
by the Holders, in its or their discretion, without notice to Additional Debtor.

          6. Effectiveness. This Amendment shall become effective on the date
hereof upon the execution hereof by Additional Debtor and the Trustee and
delivery hereof to the Trustee.

          7. GOVERNING LAW. THIS AMENDMENT TO SECURITY AGREEMENT (ADDITIONAL
DEBTOR) SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICT LAWS THEREOF, EXCEPT TO THE EXTENT THAT THE
PERFECTION AND ENFORCEMENT OF THE SECURITY INTERESTS HEREUNDER IN RESPECT OF ANY
PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF ANOTHER JURISDICTION.

          8. Facsimile; Counterparts. Each party hereto may deliver an executed
signature page to this Amendment to Security Agreement (Additional Debtor) by
facsimile transmission to each other party, which facsimile copy shall be deemed
to be an original executed signature page; provided, however, that such party
shall deliver an original signature page to each other party promptly
thereafter. This Amendment to Security Agreement (Additional Debtor) may be
executed in any number of counterparts, each of which shall be deemed an
original and all of which counterparts together shall constitute one agreement
with the same effect as if the parties hereto had signed the same signature
page.

                                     A-II/2

<PAGE>

          IN WITNESS WHEREOF, Additional Debtor and the Trustee have caused this
Amendment to Security Agreement (Additional Debtor) to be duly executed and
delivered as of the date first written above.

                                          [ADDITIONAL DEBTOR]

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

                                          Address for Notice:

                                          --------------------------------------
                                          --------------------------------------
                                          --------------------------------------
                                          Attn:
                                                 -------------------------------

                                          Phone No:
                                                   -----------------------------

                                          Facsimile:
                                                    ----------------------------

                                          SUNTRUST BANK, as Trustee

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

                                     A-II/3

<PAGE>Exhibit 10.10

                         PLEDGE AND ASSIGNMENT AGREEMENT

          THIS PLEDGE AND ASSIGNMENT AGREEMENT, dated as of March 14, 2000 (as
the same may be amended, restated, supplemented or otherwise modified from time
to time, the "Agreement"), is made by WINDSOR WOODMONT BLACK HAWK RESORT CORP.,
a Colorado corporation, as pledgor ("Pledgor"), in favor of SUNTRUST BANK, a
Georgia banking corporation ("SunTrust"), as trustee (SunTrust, in such
capacity, together with its successors and assigns, the "Trustee") for the
benefit of the Holders (as hereinafter defined).

                                    RECITALS

          WHEREAS, the Pledgor and the Trustee are, contemporaneously with the
execution and delivery of this Agreement, entering into that certain Indenture
of even date herewith (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the "Indenture"), pursuant to which
Pledgor (a) is issuing its 13% Series A First Mortgage Notes due 2005 (such
notes, together with any notes issued in replacement thereof or in exchange
therefor, the "Series A Notes"), and (b) will issue its 13% Series B First
Mortgage Notes due 2005 (such notes, together with any notes issued in
replacement thereof or in exchange therefor, the "Series B Notes" and, together
with the Series A Notes, the "Initial Notes"), in the original aggregate
principal amount of $100,000,000, and pursuant to which the Pledgor may issue up
to an additional $35,000,000 aggregate principal amount of notes in the same
series as the Initial Notes (such notes, together with any notes issued in
replacement thereof or in exchange therefor, the "Additional Notes" and,
together with the Initial Notes, the "Senior Notes").

          WHEREAS, the Pledgor and Hyatt Gaming Management, Inc., a Nevada
corporation ("Hyatt Gaming"), are, contemporaneously with the execution and
delivery of this Agreement, entering into that certain Subordinated Loan
Agreement of even date herewith (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the "Subordinated Loan
Agreement"), pursuant to which Hyatt Gaming is loaning Pledgor the original
aggregate principal amount of $7,500,000, evidenced by that certain Subordinated
Promissory Note dated as of March 14, 2000 (such note, together with any notes
issued in replacement thereof or in exchange therefor, the "Second Mortgage
Notes"; together with the Senior Notes, collectively, the "Notes").

          WHEREAS, the Pledgor, the Trustee, Hyatt Gaming, Norwest Bank
Minnesota, N.A., a national association ("Norwest"), as disbursement agent for
the Trustee (in such capacity, the "Disbursement Agent"), First American
Heritage Title Company, as the construction escrow agent, and RE TECH+, Inc., as
independent construction consultant, are, contemporaneously with the execution
and delivery of this Agreement, entering into that certain Cash Collateral and
Disbursement Agreement of even date herewith (as the same may be amended,
restated, supplemented or otherwise modified from time to time, the
"Disbursement Agreement") pursuant to which the net proceeds of the Senior Notes
(the "Senior Notes Proceeds") and the Second Mortgage Notes (the "Hyatt Gaming
Proceeds" which, together with the Senior Notes Proceeds shall be referred to
herein as the "Note Proceeds") will be administered and maintained, including

<PAGE>

the investment of certain portions of such proceeds in Government Securities and
Investment Grade Securities in accordance with the Indenture and the
Disbursement Agreement and such other investments as provided in the Clearing
Account Letter Agreement.

          WHEREAS, Pledgor is the legal and beneficial owner of the securities
listed in Schedule I hereto and will be the legal and beneficial owner of all
securities purchased by or on behalf of Pledgor from time to time with the Note
Proceeds and/or other amounts deposited or accruing in the Pledged Collateral
Accounts, as defined below (all of the foregoing securities, collectively, the
"Securities").

          WHEREAS, it is a condition precedent to the purchase of the Initial
Notes that Pledgor shall have executed and delivered this Agreement to the
Trustee for itself and the ratable benefit of the holders from time to time of
the Senior Notes (the "Holders) to secure the payment and performance of the
Obligations (as hereinafter defined).

          NOW, THEREFORE, in consideration of the mutual covenants set forth
herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, and in order to induce the Holders
to purchase the Initial Notes, the Pledgor agrees as follows:

          Section 1. Definitions. Terms used but not otherwise defined herein
that are defined in the Uniform Commercial Code (as defined herein) shall have
the meanings given in the Uniform Commercial Code. Capitalized terms used but
not otherwise defined herein shall have the meanings given in the Indenture. In
addition the following terms shall have the following meanings when used herein.

          "Account Agreement" means that certain Account Agreement dated as of
even date herewith by and among Pledgor, the Trustee and the Securities
Intermediary (as amended, restated, supplemented or otherwise modified from time
to time).

          "Advance Disbursement Account" shall have the meaning assigned to such
term under subsection 2(c).

          "Advance Disbursement Account Agreement" means that certain Advance
Disbursement Account Agreement dated as of even date herewith by and among
Pledgor, the Trustee, Hyatt Gaming and Norwest.

          "Book-Entry Securities" means securities issued by the United States
of America or any agency or instrumentality thereof maintained through
registration on the books of a Federal Reserve Bank pursuant to applicable
Federal book-entry regulations.

          "Clearing Account" shall have the meaning assigned to such term under
subsection 2(c).

                                       -2-

<PAGE>

          "Clearing Account Letter Agreement" means that certain letter
agreement of even date herewith among the Company, the Trustee and Hyatt Gaming,
and acknowledged by the Disbursement Agent.

          "Completion Reserve Account" shall have the meaning assigned to such
term under subsection 2(c).

          "Construction Disbursement Account" shall have the meaning assigned to
such term under subsection 2(c).

          "Governmental Authority" means any federal, state, local or foreign
court, agency, authority, board, bureau, commission, department, office or
instrumentality of any nature whatsoever or any governmental or
quasi-governmental unit, whether now or hereafter in existence, or any officer
or official thereof.

          "Hyatt Gaming Accounts" means, collectively, the Hyatt Gaming
Completion Reserve Account and the Hyatt Gaming Construction Disbursement
Account.

          "Hyatt Gaming Completion Reserve Account" shall have the meaning
assigned to such term under subsection 2(c).

          "Hyatt Gaming Construction Disbursement Account" shall have the
meaning assigned to such term under subsection 2(c).

          "Interim Interest Reserve Account" shall have the meaning assigned to
such term under subsection 2(c).

          "Interim Interest Reserve Account Agreement" means that certain
Interest Reserve Account Agreement dated as of even date herewith by and among
Pledgor, the Trustee and the Securities Intermediary.

          "Interest Reserve Account" shall have the meaning assigned to such
term under subsection 2(c).

          "Interest Reserve Account Agreement" means that certain Interest
Reserve Account Agreement dated as of even date herewith by and among Pledgor,
the Trustee and the Interest Securities Intermediary.

          "Interest Securities Intermediary" means SunTrust, together with its
successor and assigns, in its capacity as a "securities intermediary" within the
meaning of 31 C.F.R. Section 357.2 and Section 8-102 of the Uniform Commercial
Code.

          "Liquor Laws" means the liquor laws of any jurisdiction or
jurisdictions to which the Pledgor or any of its Subsidiaries is, or may at any
time after the date of the Indenture, be subject.

                                       -3-

<PAGE>

          "Liquor License" means any license, permit, franchise or other
authorization from any Liquor Licensing Authority necessary or required on the
date of the Indenture or at any time thereafter to own, lease, operate or
otherwise conduct the lodging, retail, restaurant or other entertainment
facilities of the Pledgor, including all licenses granted under the Liquor Laws.

          "Liquor Licensing Authority" means any agency, authority, board,
bureau, commission, department, office or instrumentality of any nature
whatsoever of the United States federal or a foreign government, any state,
province or any city or other political subdivision or otherwise, and whether
now or hereafter in existence, or any officer or official thereof, including the
Colorado Liquor Enforcement Division and the city of Black Hawk Liquor Licensing
Authority and any other applicable liquor licensing regulatory authority with
authority to regulate any liquor licensed operation (or proposed liquor licensed
operation) owned by the Pledgor or any of its Subsidiaries and managed or
operated by Hyatt Gaming or any of its Subsidiaries.

          "Obligations" means all obligations of the Pledgor to the Holders and
the Trustee howsoever created, arising or evidenced, whether direct or indirect,
absolute or contingent, now or hereafter existing, or due or to become due,
which arise out of or in connection with the Indenture, the Senior Notes, this
Agreement or any other Transaction Document.

          "Obligor" means any and all Persons obligated to pay money or to
perform some other act under or in respect of the Pledged Collateral.

          "Person" means any individual, corporation, limited liability company,
partnership, joint venture, estate, association, joint stock company, trust,
unincorporated organization, or government or any agency or political
subdivision thereof and any fiduciary acting in such capacity on behalf of any
of the foregoing.

          "Securities Intermediary" means Norwest, together with its successor
and assigns, in its capacity as a "securities intermediary" within the meaning
of 31 C.F.R. Section 357.2 and Section 8-102 of the Uniform Commercial Code.

          "Transaction Documents" means the Indenture, the Senior Notes, this
Agreement, the other Collateral Documents and all other documents, instruments,
financing statements and other agreements executed in connection herewith and
therewith from time to time, as each of the same may be amended, restated,
supplemented or modified from time to time.

          "Uniform Commercial Code" means the Uniform Commercial Code as in
effect in the State of New York on the date of this Agreement; provided,
however, that if by reason of mandatory provisions of law, the perfection or
effect of perfection or non-perfection of the security interest granted
hereunder in any Pledged Collateral is governed by the Uniform Commercial Code
as in effect in a jurisdiction other than New York, Uniform Commercial Code
shall mean the Uniform Commercial Code as in effect in such other jurisdiction
for purposes of the provisions hereof relating to such perfection or effect of
perfection or non-perfection.

                                       -4-

<PAGE>

          "Unmatured Surviving Obligation" means, as of any date, an Obligation
which is contingent and unliquidated and not due and owing on such date and
which, pursuant to provisions of any Transaction Document, survives termination
of such Transaction Document and the indefeasible payment in full of the Senior
Notes.

          Section 2. Pledge. As collateral security for the due and punctual
payment and performance in full when due (whether at stated maturity, upon
redemption or required repurchase, by acceleration or otherwise) of the Senior
Notes and all other Obligations, Pledgor hereby pledges, assigns, transfers and
grants to the Trustee for itself and on behalf of the Holders, a continuing
first priority lien on all of the right, title and interest of Pledgor in, to
and under the following property, whether now or hereafter existing, owned or
acquired (collectively, the "Pledged Collateral"):

               (a) the Securities and the certificates, if any, evidencing the
     Securities and any interest of Pledgor in the entries on the books of any
     securities intermediary pertaining to the Securities;

               (b) all Proceeds (as defined under the Uniform Commercial Code or
     to the extent not defined therein, under other relevant law) of the
     Securities, and in any event including, without limitation, any and all (i)
     proceeds of any insurance (except payment made to a Person which is not a
     party to this Agreement), indemnity, warranty or guarantee payable to
     Pledgor from time to time with respect to any of the Securities, (ii)
     payments (in any form whatsoever) made or due and payable to Pledgor from
     time to time in connection with any requisition, confiscation,
     condemnation, seizure or forfeiture of all or any part of the Securities by
     any Governmental Authority (or any person acting on behalf of a
     Governmental Authority), and (iii) other amounts from time to time paid or
     payable under or in connection with any of the Securities; and

               (c) any and all (i) funds and assets, including without
     limitation the Note Proceeds, now or hereafter deposited in Account Nos.:

         13645-100    (the "Clearing Account")
                            ----------------
         13645-102    (the "Construction Disbursement Account"),
                            ---------------------------------
         13645-104    (the "Hyatt Gaming Construction Disbursement Account"),
                            ----------------------------------------------
         13645-101    (the "Interim Interest Reserve Account"),
                            --------------------------------
         13645-103    (the "Completion Reserve Account"),
                            --------------------------
         13645-105    (the "Hyatt Gaming Completion Reserve Account"), and
                            ---------------------------------------
         0404017634   (the "Advance Disbursement Account")
                            ----------------------------

          at the Disbursement Agent, and Account No. 6797500 (the "Interest
          Reserve Account") at the Trustee, (each, a "Pledged Collateral
          Account" and, collectively, the "Pledged Collateral Accounts"),
          including interest that accrues either before or after the
          commencement of any bankruptcy or insolvency proceeding by or against
          Pledgor, (ii) present and future accounts, general intangibles,
          chattel paper, contract rights, deposit accounts, instruments,
          investment property, financial assets and documents now or hereafter
          relating or arising with respect to the Pledged Collateral

                                       -5-

<PAGE>

          Accounts and/or the use thereof and all securities entitlements with
          respect thereto, and (iii) cash and noncash proceeds and products of
          the items described in subparagraphs (i) and (ii) above; provided,
          however, that the Lien granted herein to the Hyatt Gaming Accounts and
          any Hyatt Gaming Proceeds or other amounts held in any such Hyatt
          Gaming Accounts shall be subordinated to the Lien of Hyatt Gaming in
          such accounts to the extent, but only to the extent, set forth in the
          Intercreditor Agreement; provided, further, that the lien granted
          herein to the Advance Disbursement Account shall be subject to the
          provisions of the Intercreditor Agreement.

          Section 3. No Release. Nothing set forth in this Agreement shall
relieve Pledgor from the performance of any term, covenant, condition or
agreement on Pledgor's part to be performed or observed under or in respect of
any of the Pledged Collateral or from any liability to any Person under or in
respect of any of the Pledged Collateral or shall impose any obligation on the
Trustee to perform or observe any such term, covenant, condition or agreement on
Pledgor's part to be so performed or observed or shall impose any liability on
the Trustee for any act or omission on the part of Pledgor relating thereto or
for any breach of any representation or warranty on the part of Pledgor
contained in this Agreement, under or in respect of the Pledged Collateral or
made in connection herewith or therewith. The provisions set forth in this
Section 3 shall survive the termination of this Agreement and the discharge of
Pledgor's obligations under this Agreement or any other agreement constituting
Pledged Collateral.

          Section 4. Further Assurances. Pledgor agrees that, at any time and
from time to time, it will make, execute, endorse, acknowledge and file and
refile, or permit the Trustee to file and refile, such lists, descriptions and
designations of the Pledged Collateral, copies of documents of title, vouchers,
invoices, schedules, confirmatory assignments, supplements, additional security
agreements, conveyances, financing statements, amendments thereto, continuation
statements, transfer endorsements, powers of attorney and other documents
(including without limitation this Agreement), in form reasonably satisfactory
to the Trustee in such offices as the Trustee may deem necessary or appropriate,
wherever required or permitted by law in order to perfect, protect and preserve
the rights and interests granted to the Trustee hereunder. Pledgor hereby (i)
authorizes the Trustee and appoints the Trustee as its attorney-in-fact to file
such financing statements, continuation statements, amendments thereto and other
documents, without the signature of Pledgor to the fullest extent permitted by
applicable law, and (ii) Pledgor agrees to do such further acts and things, and
to execute and deliver to the Trustee such additional assignments, agreements,
powers and instruments, in each case, as the Trustee may reasonably require to
carry into effect the purposes of this Agreement, to preserve or protect the
lien on the Pledged Collateral created by this Agreement or to assure and
confirm unto the Trustee its rights, powers and remedies hereunder. The
foregoing grant of authority is a power of attorney coupled with an interest and
such appointment shall be irrevocable for the term of this Agreement. All of the
foregoing shall be at the sole cost and expense of Pledgor.

          Section 5. Representations, Warranties and Covenants. Pledgor
represents, warrants and covenants as follows:

                                       -6-

<PAGE>

               (a) Delivery; Perfection. To the extent that any of the Pledged
          Collateral constitutes certificated securities, Pledgor has delivered
          to the Trustee all certificates representing such Pledged Collateral
          relating to the Securities identified on Schedule I hereto (and will
          immediately deliver to the Trustee all certificates representing such
          Pledged Collateral acquired after the date hereof), accompanied in
          each case by undated bond powers duly executed in blank, and has
          caused to be filed with the Secretary of State of the State of Texas,
          the principal place of business of Pledgor, Uniform Commercial Code
          financing statements evidencing the lien or pledge created by this
          Agreement, and, together with the book entries described in Section
          5(f) below and the execution and delivery of this Agreement, the
          Advance Disbursement Account Agreement, the Interim Interest Reserve
          Account Agreement, the Interest Reserve Account Agreement, the
          Clearing Account Letter Agreement and the Account Agreement, such
          delivery, filing, pledge, transfer and control of the Pledged
          Collateral pursuant to this Agreement creates a valid and perfected
          first priority security interest in the Pledged Collateral (except (i)
          to the extent subordinated to Hyatt Gaming with respect to, but only
          with respect to, the Hyatt Gaming Accounts and any Hyatt Gaming
          Proceeds or other amounts held in any such Hyatt Gaming Accounts, and
          (ii) as set forth in the Intercreditor Agreement) and pursuant to the
          Uniform Commercial Code securing the payment and performance in full
          of the Obligations.

               (b) No Liens. Pledgor is as of the date hereof, and, as to
          Pledged Collateral acquired by it from time to time after the date
          hereof, Pledgor will be, the owner of all of the Pledged Collateral
          free and clear of any lien (other than the Lien granted to the Trustee
          under this Agreement or any other Transaction Document, the Liens
          granted to Hyatt Gaming in the Hyatt Gaming Accounts, any Hyatt Gaming
          Proceeds or other amounts held in any such Hyatt Gaming Accounts and
          Permitted Liens specified in subclauses (iv), (vi), (viii) and (xv) of
          the Indenture), and Pledgor shall defend the Pledged Collateral
          against all claims and demands of all Persons at any time claiming any
          interest therein adverse to the Trustee.

               (c) Other Financing Statements. There is no financing statement
          (or similar statement or instrument of registration under the law of
          any jurisdiction) covering or purporting to cover any interest of any
          kind in the Pledged Collateral and, so long as any Obligations are
          outstanding, Pledgor shall not execute or authorize to be filed in any
          public office any financing statement (or similar statement or
          instrument of registration under the law of any jurisdiction) or
          statements relating to the Pledged Collateral, except financing
          statements filed or to be filed in respect of and covering the Lien
          granted by Pledgor pursuant to this Agreement or any other Transaction
          Document and the Lien granted to Hyatt Gaming in the Hyatt Gaming
          Accounts and any Hyatt Gaming Proceeds or other amounts held in any
          such Hyatt Gaming Accounts.

               (d) Chief Executive Office; Records. The chief executive office
          of Pledgor is located at 2231 Valdina Street, Dallas, TX 75207, and
          has been located there for at least four (4) months preceding the date
          hereof. In addition, Pledgor's name has not been changed in the four
          (4) months preceding the date hereof. Pledgor shall not establish a
          new location for such office nor shall it change its name unless (i)

                                       -7-

<PAGE>

          it shall have given the Trustee not less than thirty (30) days' prior
          written notice of its intention so to do, clearly describing such new
          location or locations or name and providing such other information in
          connection therewith as the Trustee may request, and (ii) with respect
          to such new location or name, Pledgor shall have taken all action
          satisfactory to the Trustee to maintain the perfection, priority and
          validity of the lien of the Trustee in the Pledged Collateral intended
          to be granted by this Agreement.

               (e) Authorization; Enforceability; Consents and No Breach. The
          execution and delivery of this Agreement and the performance by
          Pledgor of its obligations hereunder are within Pledgor's corporate
          powers, have been duly authorized by all necessary corporate action,
          have received all necessary governmental approvals (if any shall be
          required), and do not and will not contravene or conflict with any
          provision of law or of the charter or by-laws of Pledgor or of any
          agreement, instrument or order binding upon Pledgor.

               (f) Book-Entry Securities. With respect to the Book-Entry
          Securities identified in Schedule I hereto and the Book-Entry
          Securities acquired by or on behalf of Pledgor from time to time with
          the Note Proceeds and/or other amounts deposited or accruing in (1)
          the Construction Disbursement Account and the Completion Reserve
          Account (the "Investment Grade Accounts"), (2) the Clearing Account
          and the Interim Interest Reserve Account (collectively, the "Trustee
          Accounts") and (3) the Interest Reserve Account, (x) Pledgor (with
          respect to Investment Grade Accounts) shall promptly request the
          Disbursement Agent as Securities Intermediary, (y) the Trustee (with
          respect to the Trustee Accounts) shall promptly request the Securities
          Intermediary, and (z) the Trustee (with respect to the Interest
          Reserve Account) shall promptly request the Interest Securities
          Intermediary, to:

               (i) cause such Book-Entry Securities to be credited to the
            Securities Intermediary's or Interest Securities Intermediary's, as
            applicable, trust/custody account maintained at the Federal Reserve
            Bank at which such Securities Intermediary or Interest Securities
            Intermediary, as applicable, maintains a Participant's Securities
            Account (as such term is defined in 31 C.F.R. ss 357.2) (and to be
            identified on the records of such Federal Reserve Bank as being held
            for the sole and exclusive account of such Securities Intermediary
            or Interest Securities Intermediary, as applicable),

               (ii) credit by book-entry on its books and records such
            Book-Entry Securities as being held for the account of the Trustee
            and for the benefit of the Trustee (subject to the lien of Hyatt
            Gaming in the Hyatt Gaming Accounts and any Hyatt Gaming Proceeds
            thereof or other amounts held in such Hyatt Gaming Accounts, as
            applicable); provided, however, with respect to the Interim Interest
            Reserve Account, the Securities Intermediary shall, upon direction
            from the Trustee, free deliver the Book-Entry Securities with
            respect to such account to the Interest Securities Intermediary
            which shall, credit by book-entry on its books and records such Book
            Entry Securities as provided in this clause (ii), and

                                       -8-

<PAGE>

               (iii) send a confirmation to the Trustee that such Securities
            Intermediary or Interest Securities Intermediary, as applicable, is
            holding such Book-Entry Securities for the account of the Trustee
            and for the benefit of the Trustee (subject to the lien of Hyatt
            Gaming in the Hyatt Gaming Accounts and any Hyatt Gaming Proceeds
            thereof or other amounts held in such Hyatt Gaming Accounts, as
            applicable and in each case (i) with respect to the Investment Grade
            Accounts, the Securities Intermediary shall act upon the
            instructions of the Disbursement Agent, (ii) with respect to the
            Trustee Accounts, the Securities Intermediary shall act upon the
            instructions of the Trustee and (iii) with respect to the Interest
            Reserve Account, the Interest Securities Intermediary shall act upon
            the instructions of the Trustee.

          With respect to the Pledged Collateral, Pledgor and the Trustee hereby
acknowledge and agree that Norwest is the Securities Intermediary at which
securities accounts for the Pledged Collateral is maintained, and Norwest hereby
agrees to maintain each of the Pledged Collateral Accounts (excluding the
Interest Reserve Account) as a "securities account" within the meaning of
Article 8 of the Uniform Commercial Code. Norwest hereby acknowledges that, and
the Pledgor hereby agrees, subject to the lien of Hyatt Gaming in the Hyatt
Gaming Accounts and any Hyatt Gaming Proceeds thereof or other amounts held in
such Hyatt Gaming Accounts, as applicable, (i) it has with respect to all
Pledged Collateral Accounts except the Interest Reserve Account, by book- entry
credited the Book-Entry Securities to the Trustee and the Trustee is the
entitlement holder with respect to the security entitlements therein, (ii) it
shall, as Securities Intermediary, comply with all written entitlement orders
originated by the Trustee (including such orders with respect to the Interim
Interest Reserve Account, directing the Securities Intermediary to free deliver
the such Book- Entry Securities to the Interest Securities Intermediary) without
the need for further consent by Pledgor or further direction from the
Disbursement Agent acting on the direction of any Party and (iii) the Trustee
shall have control over the Book-Entry Securities and the security entitlements
and securities accounts relating thereto.

          With respect to the Pledged Collateral, Pledgor and the Trustee hereby
acknowledge and agree that SunTrust is the Interest Securities Intermediary at
which a securities account for the Pledged Collateral is maintained, and
SunTrust hereby agrees to maintain the Interest Reserve Account as a "securities
account" within the meaning of Article 8 of the Uniform Commercial Code.
SunTrust hereby acknowledges that, and the Pledgor hereby agrees, (i) it has by
book-entry credited the Book-Entry Securities to the Trustee and the Trustee is
the entitlement holder with respect to the security entitlements therein, (ii)
it shall, as Interest Securities Intermediary, comply with all written
entitlement orders originated by the Trustee without the need for further
consent by Pledgor, and (iii) the Trustee shall have control over the Book-Entry
Securities and the security entitlements and securities accounts relating
thereto.

          Norwest and SunTrust each hereby agree that each item of property
(whether investment property, financial asset, security, instrument or cash)
credited to the respective Pledged Collateral Accounts which each established
and maintains, shall be treated as a "financial asset" within the meaning of
Section 8-102(a)(9) of the Uniform Commercial Code.

                                       -9-

<PAGE>

               (g) Pledged Collateral. All information set forth herein
          (including the exhibits hereto) relating to the Pledged Collateral is
          accurate and complete in all material respects.

          Section 6. Provisions Concerning the Pledged Collateral.

               (a) Protection of the Pledged Collateral. Pledgor shall not take
          any action that impairs the rights of the Trustee in the Pledged
          Collateral.

               (b) Payments. So long as no Event of Default shall have occurred
          and be continuing, all distributions, cash, interest, return of
          capital or other payments made in respect of the Pledged Collateral
          shall be deposited in the applicable Pledged Collateral Account and
          utilized in accordance with the provisions of the Indenture and the
          Disbursement Agreement (which utilization shall include, without
          limitation, the payment of any installment due under the Senior
          Notes). Upon the occurrence and during the continuation of an Event of
          Default, the Trustee shall be entitled to exercise its rights and
          remedies as set forth in Section 8 hereof.

          Section 7. Transfers and Other Liens. Pledgor shall not (i) sell,
convey, assign or otherwise dispose of, or grant any option, right or warrant
with respect to, any of the Pledged Collateral except as permitted under the
Indenture, the Disbursement Agreement and this Agreement, or (ii) create or
permit to exist any Lien upon or with respect to any Pledged Collateral, except
for the lien of this Agreement and the other Transaction Documents and Permitted
Liens described in Section 5(b) hereof.

          Section 8. Remedies Upon Default; Obtaining the Pledged Collateral
Upon Event of Default.

               (a) If an Event of Default shall have occurred and be continuing,
          subject to compliance with the Gaming Laws and the Liquor Laws, then
          and in every such case, the Trustee may:

               (i) instruct the obligor or obligors on any agreement, instrument
            or other obligation constituting Pledged Collateral to make any
            payment required by the terms of such instrument or agreement
            directly to or as directed by the Trustee; provided, however, that
            in the event that any such payments are made directly to Pledgor
            prior to receipt by any such obligor of such instruction or
            notwithstanding such instruction, Pledgor shall hold such amounts as
            agent and trustee for the Trustee, segregate all amounts received
            pursuant thereto in a separate account and pay such amounts promptly
            to or as directed by the Trustee; and

               (ii) proceed to exercise all rights, privileges and remedies of
            Pledgor under the Pledged Collateral, and may exercise such rights
            and remedies either in the name of the Trustee or in the name of
            Pledgor for the use and benefit of the Trustee to the fullest extent
            permitted by applicable law.

                                      -10-

<PAGE>

               (b) Upon the occurrence and during the continuance of an Event of
          Default, the Trustee may from time to time exercise in respect of the
          Pledged Collateral, in addition to the other rights and remedies
          provided herein or otherwise available to it, all the rights and
          remedies of a secured party under the Uniform Commercial Code. The
          proceeds of the exercise by the Trustee of any remedy hereunder shall
          be paid to and applied as follows:

          First: to payment of all of the reasonable costs and expenses of the
          Trustee, including (i) the expenses of such sale, (ii) the
          out-of-pocket costs and expenses of the Trustee and the fees and
          out-of-pocket costs and expenses of counsel employed by the Trustee,
          (iii) the payment of all advances made by the Trustee for the account
          of Pledgor hereunder, and (iv) the payment of all costs and expenses
          incurred by the Trustee in connection with the administration and
          enforcement of this Agreement, to the extent that such advances, costs
          and expenses shall not have been reimbursed to the Trustee;

          Second: to the payment in full of the Obligations in a manner
          consistent with Section 6.10 of the Indenture as the Trustee in its
          discretion shall decide and any Obligation as defined in the
          Subordinated Loan Agreement to the extent required by Section 3.7 of
          the Intercreditor Agreement with respect to the Advance Disbursement
          Account;

          Third: the balance, if any, of such proceeds shall be paid to the
          Pledgor, its successors and assigns, or to whomever may be lawfully
          entitled to receive the same.

               (c) Upon the occurrence and during the continuance of an Event of
          Default, subject to compliance with the Gaming Laws and the Liquor
          Laws, the Trustee may, upon ten (10) business days' prior written
          notice to Pledgor of the time and place, with respect to the Pledged
          Collateral or any part thereof that shall then be or shall thereafter
          come into the possession, custody or control of the Trustee or any of
          its agents, sell, lease, assign or otherwise dispose of all or any
          part of the Pledged Collateral, at such place or places as the Trustee
          deems best, and for cash or for credit or for future delivery, at
          public or private sale, without demand of performance or notice of
          intention to effect any such disposition or of the time or place
          thereof (except such notice as is required above or by applicable
          statute and cannot be waived), and the Trustee or anyone else may be
          the purchaser, lessee, assignee or recipient of any or all of the
          Pledged Collateral so disposed of at any public sale (or, to the
          extent permitted by law, at any private sale) and thereafter hold the
          same absolutely, free from any claim or right of whatsoever kind,
          including any right or equity of redemption (statutory or otherwise),
          of Pledgor, any such demand, notice (other than the notice specified
          above) and right or equity being hereby expressly waived and released.
          The Trustee may, without notice or publication, adjourn any public or
          private sale or cause the same to be adjourned from time to time by
          announcement at the time and place fixed for the sale, and such sale
          may be made at any time or place to which the sale may be so
          adjourned. Notwithstanding the first sentence of this Section 8(c) to
          the contrary, with respect to that portion of the Pledged Collateral
          consisting of Book-Entry Securities, the parties acknowledge and

                                      -11-

<PAGE>

          agree that such Pledged Collateral is sold on a recognized market and,
          accordingly, the Trustee need not furnish Pledgor with notice of its
          intention to sell such Pledged Collateral. The proceeds of each
          collection, sale or other disposition under this Section 8(c) shall be
          applied in accordance with Section 8(b) hereof.

               (d) Private Sale. The Trustee shall incur no liability as a
          result of the sale of the Pledged Collateral, or any part thereof, at
          any private sale pursuant to Section 8(c) hereof conducted in a
          commercially reasonably manner. Pledgor hereby waives any claims
          against the Trustee arising by reason of the fact that the price at
          which the Pledged Collateral may have been sold at such private sale
          was less than the price that might have been obtained at a public sale
          or was less than the aggregate amount owed by Pledgor under the
          Transaction Documents, even if the Trustee accepts, the first offer
          received and does not offer the Pledged Collateral to more than one
          offeree. Notwithstanding anything to the contrary in this Section
          8(d), with respect to that portion of the Pledged Collateral
          consisting of Book- Entry Securities, the parties acknowledge and
          agree that such Pledged Collateral is sold on a recognized market and,
          accordingly, such Pledged Collateral is excluded from this Section
          8(d).

          Section 9. The Trustee May Perform; the Trustee Appointed
Attorney-In-Fact. If Pledgor fails to do any act or thing that it has covenanted
to do hereunder or if any warranty on the part of Pledgor contained herein shall
be breached, the Trustee may (but shall not be obligated to), upon notice to
Pledgor specifying the action to be taken, do the same or cause it to be done or
remedy any such breach, and may expend funds for such purpose. Any and all
amounts so expended by the Trustee (including, but not limited to, reasonable
legal expenses and disbursements) shall be paid by Pledgor promptly upon demand
therefor, with interest at the fixed rate of interest of 15% per annum during
the period from the date on which such payment is made to and including the date
of repayment. Pledgor hereby authorizes the Trustee and appoints the Trustee its
attorney-in-fact, with full authority in the place and stead of Pledgor and in
the name of Pledgor, or otherwise, from time to time in the Trustee's reasonable
discretion to take any action and to execute any instrument which is consistent
and in accordance with the terms of this Agreement and the Transaction Documents
and which the Trustee may deem reasonably necessary or advisable to accomplish
the purposes of this Agreement. The foregoing grant of authority is a power of
attorney coupled with an interest and such appointment shall be irrevocable for
the term of this Agreement. Pledgor hereby ratifies all actions that such
attorney shall lawfully take or cause to be taken in accordance with this
Section 9.

          Section 10. Notices. All notices, requests, demands and other
communication shall be given in the manner set forth in Section 11.02 of the
Indenture and shall be given or delivered at the following respective addresses
and facsimile and telephone numbers and to the attention of the following
individuals or departments: (i) if to Pledgor, at its address specified pursuant
to the Indenture; (ii) if to the Trustee, at its address specified pursuant to
the Indenture; (iii) if to the Securities Intermediary or the Interest
Securities Intermediary, at their respective addresses specified on the
signature page hereto; and (iv) as to any such party, at such other address,
facsimile or telephone number, or to the attention of such other individual or
department, as the party to which such information pertains may hereafter
specify for the purpose in a notice to the other specifically captioned "Notice
of Change of Address." A copy of any notice provided pursuant to this

                                      -12-

<PAGE>

Agreement shall be provided to Hyatt Gaming at its address as set forth in the
Management Agreement.

          Section 11. Governing Law; Terms; Severability. THIS AGREEMENT SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICT OF LAWS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION
AND ENFORCEMENT OF THE SECURITY INTERESTS HEREUNDER IN RESPECT OF ANY PARTICULAR
PLEDGED COLLATERAL ARE GOVERNED BY THE LAWS OF ANOTHER JURISDICTION, AND EACH OF
THE PARTIES HERETO, TOGETHER WITH THE SECURITIES INTERMEDIARY AND THE INTEREST
SECURITIES INTERMEDIARY, EXPRESSLY AGREES THAT FOR PURPOSES OF SECTION 8-110 OF
THE UNIFORM COMMERCIAL CODE, THE SECURITIES INTERMEDIARY'S AND INTEREST
SECURITIES INTERMEDIARY'S JURISDICTION IS NEW YORK. THE PARTIES HERETO
IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL
COURT SITTING IN THE CITY OF NEW YORK OVER ANY SUIT, ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT. If any term or provision of this
Agreement is held to be or rendered invalid or unenforceable at any time in any
jurisdiction, such term or provision shall not affect the validity or
enforceability of any other terms or provisions at any other time or in any
other jurisdiction.

          Section 12. Facsimile; Counterparts. Each party hereto may deliver an
executed signature page to this Agreement by facsimile transmission to each
other party, which facsimile copy shall be deemed to be an original executed
signature page; provided, however, that such party shall deliver an original
signature page to each other party promptly thereafter. This Agreement may be
executed in any number of counterparts, each of which shall be deemed an
original and all of which counterparts together shall constitute one agreement
with the same effect as if the parties hereto had signed the same signature
page.

          Section 13. Headings. The Section headings used in this Agreement are
for convenience of reference only and shall not affect the construction of this
Agreement.

          Section 14. Entire Agreement; Amendments. This Agreement, together
with those other agreements referenced herein, constitutes the entire
understanding and agreement of the Pledgor and the Trustee, and shall supersede
any other agreements and understandings (written or oral) between the Pledgor
and the Trustee on or prior to the date of this Agreement with respect to the
transaction contemplated in this Agreement. No amendment or modification to any
terms of this Agreement, or cancellation of this Agreement, shall be valid
unless in writing and executed and delivered by both the Pledgor and the
Trustee.

          Section 15. Limitation on Duty of the Trustee in Respect of Pledged
Collateral. Beyond the exercise of reasonable care in the custody thereof, the
Trustee shall have no duty as to any Pledged Collateral in its possession or
control or in the possession or control of any agent or bailee or any income
thereon or as to the preservation of rights against prior parties or any other
rights pertaining thereto. The Trustee shall be deemed to have exercised
reasonable care in the custody and preservation of the Pledged Collateral in its
possession if such Pledged Collateral is accorded treatment substantially equal

                                      -13-

<PAGE>

to that which the Trustee accords its own property, and shall not be liable or
responsible for any loss or damage to any of the Pledged Collateral, or for any
diminution in the value thereof, by reason of the act or omission of any agent
or bailee selected by the Trustee in good faith.

          Section 16. No Waiver. No delay on the part of the Trustee in the
exercise of any right or remedy shall operate as a waiver thereof, and no single
or partial exercise by the Trustee of any right or remedy shall preclude other
or further exercise thereof or the exercise of any other right or remedy.

          Section 17. Binding Agreement; Assignment. This Agreement shall be
binding upon Pledgor and the Trustee and their respective successors and
assigns, and shall inure to the benefit of Pledgor, the Holders and the Trustee
and the respective successors and assigns of the Holders and the Trustee.

          Section 18. Indemnification. Pledgor agrees to indemnify the Trustee
and hold the Trustee harmless from and against any and all liabilities, losses,
damages, costs and expenses of any kind or nature whatsoever, including without
limitation the reasonable fees and disbursements of counsel, which may be
incurred by the Trustee in connection with its actions hereunder or in
connection with any investigative, administrative or judicial proceeding
(whether or not the Trustee shall be designated a party thereto) relating to or
arising out of this Agreement or the Pledged Collateral (including without
limitation any such proceeding by Pledgor against the Trustee or the Trustee
against Pledgor); provided that the Trustee shall not have the right to be
indemnified hereunder for its own gross negligence or willful misconduct as
determined by a court of competent jurisdiction.

          Section 19. Waiver of Right to Jury Trial. EACH OF THE PARTIES HERETO
HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDINGS INVOLVING, DIRECTLY OR
INDIRECTLY, ANY MATTER (WHETHER IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY
ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR THE RELATIONSHIP
ESTABLISHED HEREUNDER.

          Section 20. Limitations of Gaming Laws and Liquor Laws. The Trustee
acknowledges that: (i) its grant of a security interest in, and its rights and
remedies with respect to the Pledged Collateral are subject to the limitations
and restrictions of the Gaming Laws and/or the Liquor Laws, which may, among
other things, require the Trustee to obtain the prior approval of the Gaming
Authority or Liquor License Authority, as applicable, enforcing such laws before
taking any action hereunder and to be licensed by such authorities before
exercising certain rights and remedies hereunder and (ii) the Gaming Laws and
Liquor Laws currently prohibit any pledge, hypothecation or transfer of any
Gaming License or Liquor License or any interests therein or attachment of any
security interest in such licenses.

          Section 21. Conflicts with Indenture. In the event of any conflict
between the provisions of this Agreement and those of the Indenture, including,

                                      -14-

<PAGE>

without limitation, any conflicts or inconsistencies in any definitions herein
or therein, the applicable provisions or definitions or the Indenture shall
govern.

          Section 22. Termination. Upon the indefeasible payment in full of all
Obligations (other than Unmatured Surviving Obligations) of the Pledgor under
the Indenture, the Senior Notes, this Agreement or any other Transaction
Document, or upon Legal Defeasance or Covenant Defeasance, the Trustee shall, at
the request of the Pledgor, deliver a certificate to the Pledgor stating that
such Obligations have been paid in full, the security interest granted herein
shall terminate and all rights to the Pledged Collateral shall revert to the
Pledgor. Upon any such termination the Trustee shall, at the Pledgor's expense,
execute and deliver to the Pledgor such Uniform Commercial Code termination
statements and such other documents as the Pledgor shall reasonably request to
effect or evidence the termination and release of such security interest in the
Pledged Collateral.

                  [remainder of page intentionally left blank;
                             signature page follows]

                                      -15-

<PAGE>

          IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed and delivered by its duly authorized officer as of the
date first above written.

                                  PLEDGOR:

                                  WINDSOR WOODMONT BLACK HAWK
                                  RESORT CORP., a Colorado corporation

                                  By:      /s/  David P. Robinowitz
                                           -------------------------------
                                  Name:    David P. Robinowitz
                                  Title:   President

                                  TRUSTEE:

                                  SUNTRUST BANK, a Georgia banking corporation

                                  By:      /s/  Deborah Moreyra
                                           -------------------------------------
                                  Name:    Deborah Moreyra
                                  Title:   First Vice President

Norwest Bank Minnesota, N.A., a national association, acting in its capacity as
Securities Intermediary, hereby (i) agrees to act as Securities Intermediary and
(ii) acknowledges its agreement to be bound by the provisions of subsections
5(f) and 11 set forth in this Agreement.

NORWEST BANK MINNESOTA, N.A., a
national association

By:      /s/  Kristy M. Perez
         ---------------------------------
Name:    Kristy M. Perez
Title:   Vice President

Midwest Plaza West Tower
801 Nicollet Mall, Suite 700
Minneapolis, MN 55479-0065
Attention:  Kristy M. Perez
Facsimile:   (702) 765-3531

<PAGE>

SunTrust Bank, a Georgia banking corporation, acting in its capacity as Interest
Securities Intermediary, hereby (i) agrees to act as Securities Intermediary and
(ii) acknowledges its agreement to be bound by the provisions of subsections
5(f) and 11 set forth in this Agreement.

SUNTRUST BANK, a Georgia
banking corporation

By:      /s/  Deborah Moreyra
         ---------------------------------
Name:    Deborah Moreyra
Title:   First Vice President

225 East Robinson Street, Suite 250
Orlando, FL 32801
Attention: Deborah L. Moreyra
Facsimile:   (407) 237-5299

<PAGE>

                                                                      Schedule I
                                                                      ----------

                               LIST OF SECURITIES

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