Document:

Exhibit 10.2

CONFIDENTIAL

PLEDGE AND SECURITY AGREEMENT

dated as of June 30, 2010

between

GREEKTOWN SUPERHOLDINGS, INC.,

EACH OF THE OTHER GRANTORS PARTY HERETO FROM
TIME TO TIME

and

WILMINGTON TRUST FSB,

as Collateral Agent

CONFIDENTIAL

TABLE OF CONTENTS

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 PAGE

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 1.

 	
 DEFINITIONS;
 GRANT OF SECURITY.

 	
  

 	
 4

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 1.1

 	
 General
 Definitions

 	
  

 	
 4

 
	
 1.2

 	
 Definitions;
 Interpretation

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 2.

 	
 GRANT OF
 SECURITY.

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 2.1

 	
 Grant of
 Security

 	
  

 	
 11

 
	
 2.2

 	
 Certain
 Limited Exclusions

 	
  

 	
 12

 
	
 2.3

 	
 Intercreditor
 Agreement

 	
  

 	
 13

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 3.

 	
 SECURITY FOR
 OBLIGATIONS; GRANTORS REMAIN LIABLE.

 	
  

 	
 13

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 3.1

 	
 Security for
 Obligations

 	
  

 	
 13

 
	
 3.2

 	
 Continuing
 Liability Under Collateral

 	
  

 	
 13

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 4.

 	
 CERTAIN
 PERFECTION REQUIREMENTS

 	
  

 	
 13

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 4.1

 	
 Delivery
 Requirements

 	
  

 	
 14

 
	
 4.2

 	
 Control
 Requirements

 	
  

 	
 14

 
	
 4.3

 	
 Intellectual
 Property Recording Requirements

 	
  

 	
 15

 
	
 4.4

 	
 Other
 Actions

 	
  

 	
 15

 
	
 4.5

 	
 Timing and
 Notice

 	
  

 	
 16

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 5.

 	
 REPRESENTATIONS
 AND WARRANTIES.

 	
  

 	
 16

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 5.1

 	
 Grantor
 Information & Status

 	
  

 	
 16

 
	
 5.2

 	
 Collateral
 Identification, Special Collateral

 	
  

 	
 17

 
	
 5.3

 	
 Ownership of
 Collateral and Absence of Other Liens

 	
  

 	
 17

 
	
 5.4

 	
 Status of
 Security Interest

 	
  

 	
 18

 
	
 5.5

 	
 Goods &
 Receivables

 	
  

 	
 19

 
	
 5.6

 	
 Equity
 Interests, Investment Related Property

 	
  

 	
 19

 
	
 5.7

 	
 Intellectual
 Property

 	
  

 	
 20

 
	
 5.8

 	
 Contracts

 	
  

 	
 21

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 6.

 	
 COVENANTS
 AND AGREEMENTS.

 	
  

 	
 21

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 6.1

 	
 Grantor
 Information & Status

 	
  

 	
 21

 
	
 6.2

 	
 Collateral
 Identification; Special Collateral

 	
  

 	
 22

 
	
 6.3

 	
 Ownership of
 Collateral and Absence of Other Liens

 	
  

 	
 22

 
	
 6.4

 	
 Status of
 Security Interest

 	
  

 	
 22

 
	
 6.5

 	
 Goods &
 Receivables

 	
  

 	
 22

 
	
 6.6

 	
 Equity
 Interests, Investment Related Property

 	
  

 	
 24

 
	
 6.7

 	
 Intellectual
 Property

 	
  

 	
 25

 
	
 6.8

 	
 Non-Assignable
 Contracts

 	
  

 	
 27

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 7.

 	
 ACCESS;
 RIGHT OF INSPECTION; INSURANCE AND FURTHER ASSURANCES; ADDITIONAL GRANTORS.

 	
  

 	
 27

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 7.1

 	
 Access;
 Right of Inspection; Insurance

 	
  

 	
 27

 
	
 7.2

 	
 Further
 Assurances

 	
  

 	
 28

 

CONFIDENTIAL

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 7.3

 	
 Additional
 Grantors

 	
  

 	
 29

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 8.

 	
 COLLATERAL
 AGENT APPOINTED ATTORNEY-IN-FACT.

 	
  

 	
 29

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 8.1

 	
 Power of
 Attorney

 	
  

 	
 29

 
	
 8.2

 	
 No Duty on
 the Part of Collateral Agent or Secured Parties

 	
  

 	
 30

 
	
 8.3

 	
 Appointment
 Pursuant to Intercreditor Agreement

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 9.

 	
 REMEDIES.

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 9.1

 	
 Generally

 	
  

 	
 31

 
	
 9.2

 	
 Application
 of Proceeds

 	
  

 	
 32

 
	
 9.3

 	
 Sales on
 Credit

 	
  

 	
 32

 
	
 9.4

 	
 Investment
 Related Property

 	
  

 	
 32

 
	
 9.5

 	
 Grant of
 Intellectual Property License

 	
  

 	
 33

 
	
 9.6

 	
 Intellectual
 Property

 	
  

 	
 33

 
	
 9.7

 	
 Cash
 Proceeds; Deposit Accounts

 	
  

 	
 35

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 10.

 	
 COLLATERAL
 AGENT.

 	
  

 	
 35

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 10.1

 	
 Appointment

 	
  

 	
 35

 
	
 10.2

 	
 Delegation
 of Duties

 	
  

 	
 36

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 11.

 	
 CONTINUING
 SECURITY INTEREST; TRANSFER OF NOTES AND OTHER INDEBTEDNESS.

 	
  

 	
 36

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 12.

 	
 STANDARD OF
 CARE; COLLATERAL AGENT MAY PERFORM.

 	
  

 	
 37

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 13.

 	
 MISCELLANEOUS.

 	
  

 	
 37

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SCHEDULE 5.1
 — GENERAL INFORMATION

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SCHEDULE 5.2
 — COLLATERAL IDENTIFICATION

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SCHEDULE 5.4
 — FINANCING STATEMENTS

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SCHEDULE 5.5
 — LOCATION OF EQUIPMENT AND INVENTORY

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 EXHIBIT A —
 PLEDGE SUPPLEMENT

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 EXHIBIT B —
 UNCERTIFICATED SECURITIES CONTROL AGREEMENT

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 EXHIBIT C —
 SECURITIES ACCOUNT CONTROL AGREEMENT

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 EXHIBIT D —
 DEPOSIT ACCOUNT CONTROL AGREEMENT

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 EXHIBIT E —
 TRADEMARK SECURITY AGREEMENT

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 EXHIBIT F —
 PATENT SECURITY AGREEMENT

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 EXHIBIT G —
 COPYRIGHT SECURITY AGREEMENT

 	
  

 	
  

 

2

CONFIDENTIAL

                    NOTWITHSTANDING
ANYTHING HEREIN TO THE CONTRARY, THE LIEN AND SECURITY INTEREST GRANTED TO THE
SECOND LIEN COLLATERAL AGENT PURSUANT TO THIS AGREEMENT AND THE EXERCISE OF ANY
RIGHT OR REMEDY BY THE SECOND LIEN COLLATERAL AGENT HEREUNDER ARE SUBJECT TO
THE PROVISIONS OF THE COLLATERAL AGENCY AND INTERCREDITOR AGREEMENT, DATED AS
OF JUNE 30, 2010 (AS AMENDED, RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM
TIME TO TIME, THE “INTERCREDITOR AGREEMENT”), AMONG GREEKTOWN
SUPERHOLDINGS, INC., THE OTHER GRANTORS PARTY THERETO, COMERICA BANK, AS FIRST
LIEN ADMINISTRATIVE AGENT, COMERICA BANK, AS FIRST LIEN COLLATERAL AGENT,
WILMINGTON TRUST FSB, AS SECOND LIEN TRUSTEE, AND WILMINGTON TRUST FSB, AS
SECOND LIEN COLLATERAL AGENT AND CERTAIN OTHER PERSONS PARTY OR THAT MAY BECOME
PARTY THERETO FROM TIME TO TIME. IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS
OF THE INTERCREDITOR AGREEMENT AND THIS AGREEMENT, THE TERMS OF THE
INTERCREDITOR AGREEMENT SHALL GOVERN AND CONTROL.

                    This
PLEDGE AND
SECURITY AGREEMENT, dated as of June 30, 2010 (as it may be amended,
restated, supplemented or otherwise modified from time to time, this “Agreement”), between Greektown Superholdings, Inc., a
Delaware corporation (the “Company”),
and each Subsidiary of the Company party hereto from time to time, whether as
an original signatory hereto or as an Additional Grantor (as hereinafter
defined) (each of the Company and each such Subsidiary (as hereinafter
defined), a “Grantor” and, collectively, the “Grantors”), and Wilmington Trust FSB, as collateral agent for
the Secured Parties (as hereinafter defined) (in such capacity, together with
its successors and permitted assigns in such capacity, the “Collateral
Agent”).

RECITALS:

          WHEREAS,
reference is made to that certain Indenture, dated as of the date hereof (as it
may be amended, restated, supplemented or otherwise modified from time to time,
the “Indenture”), by and among the Company, the Subsidiaries of the Company party thereto
and Wilmington Trust FSB, as trustee (in such capacity, together with its
successors and permitted assigns in such capacity, the “Trustee”) and the Collateral Agent;

          WHEREAS, the Company may from time to time
incur additional Indebtedness permitted to be secured on an equal and ratable
basis with the obligations under the Indenture, which additional Indebtedness
shall be incurred under a credit facility, indenture or similar debt facility
subject to the terms and conditions set forth in the First Lien Loan Documents and
the Second Lien Note Documents (each, an “Additional
Parity Lien Facility”), in each case in accordance with the
Intercreditor Agreement referred to below, the First Lien Loan Documents, the
Indenture and the other applicable Second Lien Documents;

          WHEREAS, pursuant to the terms, conditions
and provisions of the Collateral Agency and Intercreditor Agreement, dated as
of the date hereof (as amended, restated, supplemented or otherwise modified
from time to time, the “Intercreditor
Agreement”), among the Company, the Subsidiaries of the Company party
thereto, the Collateral Agent, the First Lien Collateral Agent, the
Trustee and the other Persons from time to time party thereto, the parties
thereto have agreed to, among other things, determine certain rights,
obligations and priorities in respect of the Collateral; and

3

CONFIDENTIAL

          WHEREAS, in order to secure the Grantors’
obligations under the Indenture and under any Additional Parity Lien Facility
that may be entered into from time to time in accordance with the terms of the
Intercreditor Agreement, the First Lien Loan Documents, the Indenture and the
other applicable Second Lien Documents, each Grantor intends to grant the
Collateral Agent, for the benefit of the Secured Parties, a Lien on the
Collateral on the terms and subject to the conditions contained herein;

          NOW,
THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, and for other good and valuable
consideration the receipt and sufficiency of which is hereby acknowledged, each
Grantor and the Collateral Agent agree as follows:

SECTION 1. DEFINITIONS; GRANT OF SECURITY. 

          1.1 General Definitions. In this Agreement,
the following terms shall have the following meanings:

                    “Additional
Grantor” shall have the meaning assigned in Section 7.3.

                    “Additional
Parity Lien Facility” shall have the meaning assigned to such term
in the recitals.

                    “Agreement”
shall have the meaning set forth in the preamble.

                    “Assigned
Agreements” shall mean all agreements, contracts and documents to
which any Grantor is a party as of the date hereof, or to which any Grantor
becomes a party after the date hereof, as each such agreement, contract and
document may be amended, restated, supplemented or otherwise modified from time
to time in accordance with the terms of the Second Lien Documents.

                    “Capital
Stock” shall mean:
(a) in the case of a corporation, corporate stock; (b) in the case of an
association or business entity, any and all shares, interests, participations,
rights or other equivalents (however designated) of corporate stock; (c) in the
case of a partnership or limited liability company, partnership interests
(whether general or limited) or membership interests; and (d) any other
interest or participation that confers on a Person the right to receive a share
of the profits and losses of, or distributions of assets of, the issuing
Person, but excluding from all of the foregoing any debt securities convertible
into Capital Stock, whether or not such debt securities include any right of
participation with Capital Stock.

                    “Cash
Proceeds” shall have the meaning assigned in Section 9.7.

                    “Collateral”
shall have the meaning assigned in Section 2.1.

                    “Collateral
Account” shall mean any account established by the Collateral Agent.

                    “Collateral
Agent” shall have the meaning set forth in the preamble.

                    “Collateral
Records” shall mean books, records, ledger cards, files,
correspondence, customer lists, supplier lists, blueprints, technical
specifications, manuals, computer software and related documentation, computer
printouts, tapes, disks and other 

4

CONFIDENTIAL

electronic storage media and related data processing software and
similar items that at any time evidence or contain information relating to any
of the Collateral or are otherwise necessary or helpful in the collection
thereof or realization thereupon.

                    “Collateral
Support” shall mean all property (real or personal) assigned,
hypothecated or otherwise securing any Collateral and shall include any
security agreement or other agreement granting a lien or security interest in
such real or personal property.

                    “Company”
shall have the meaning assigned to such term in the preamble.

                    “Control” shall mean: (1) with respect to
any Deposit Accounts, control within the meaning of Section 9-104 of the UCC,
(2) with respect to any Securities Accounts, Security Entitlements, Commodity
Contract or Commodity Account, control within the meaning of Section 9-106 of
the UCC, (3) with respect to any Uncertificated Securities, control within the
meaning of Section 8-106(c) of the UCC, (4) with respect to any Certificated
Security, control within the meaning of Section 8-106(a) or (b) of the UCC, (5)
with respect to any Electronic Chattel Paper, control within the meaning of
Section 9-105 of the UCC, (6) with respect to Letter of Credit Rights, control
within the meaning of Section 9-107 of the UCC and (7) with respect to any
“transferable record”(as that term is defined in Section 201 of the Federal
Electronic Signatures in Global and National Commerce Act or in Section 16 of
the Uniform Electronic Transactions Act as in effect in any relevant
jurisdiction), control within the meaning of Section 201 of the Federal
Electronic Signatures in Global and National Commerce Act or in Section 16 of
the Uniform Electronic Transactions Act as in effect in the jurisdiction
relevant to such transferable record.

                    “Controlled
Foreign Corporation” shall mean “controlled foreign corporation” as
defined in the Internal Revenue Code.

                    “Copyright
Licenses” shall mean any and all agreements, licenses and covenants
providing for the granting of any right in or to any Copyright or otherwise
providing for a covenant not to sue for infringement or other violation of any
Copyright (whether such Grantor is licensee or licensor thereunder) including,
without limitation, each agreement required to be listed in Schedule 5.2(II)
under the heading “Copyright Licenses” (as such schedule may be amended or
supplemented from time to time).

                    “Copyright Security Agreement” shall mean
each copyright security agreement executed and delivered by the applicable
Grantors in substantially the form of Exhibit G.

                    “Copyrights”
shall mean all United States, and foreign copyrights (whether or not the
underlying works of authorship have been published), including but not limited
to copyrights in software and all rights in and to databases, all designs
(including but not limited to industrial designs, Protected Designs within the
meaning of 17 U.S.C. 1301 et. Seq. and Community designs), and all Mask Works
(as defined under 17 U.S.C. 901 of the U.S. Copyright Act), whether registered
or unregistered, as well as all moral rights, reversionary interests, and
termination rights, and, with respect to any and all of the foregoing: (i) all
registrations and applications therefor including, without limitation, the
registrations and applications required to be listed in Schedule 5.2(II) under
the heading “Copyrights” (as such schedule may be amended or supplemented from
time to time), (ii) all extensions and renewals thereof, (iii) the right to sue
or otherwise recover for any past, present and future infringement or other
violation thereof, and (iv) all Proceeds of the foregoing, including, without
limitation, license fees, royalties, income,

5

CONFIDENTIAL

payments, claims, damages and proceeds of suit now or hereafter due
and/or payable with respect thereto.

                    “Equity Interests” shall mean Capital Stock
and all warrants, options or other rights to acquire Capital Stock (but
excluding any debt security that is convertible into, or exchangeable for,
Capital Stock).

                    “Excluded Asset” shall mean any asset of
any Grantor excluded from the security interest hereunder by virtue of Section
2.2 hereof but only to the extent, and for so long as, so excluded thereunder.

                    “Excluded Securities” shall mean any
“securities” of any of the Company’s “affiliates” (as the terms “securities”
and “affiliates” are used in Rule 3-16 of Regulation S-X under the Securities
Act) other than Greektown Holdings, L.L.C. (or its successor in interest as
holder of substantially all the equity interests in Greektown Casino, L.L.C.), if
such affiliate would be required to file financial statements with the
Securities and Exchange Commission pursuant to Rule 3-16 of Regulation S-X
under the Securities Act (or its successor) as if it were a registrant under
the Securities Act due to the fact that such affiliate’s capital stock secures
the Notes under the Indenture or any Additional Parity Lien Facility; provided,
however, that only such portion of such affiliate’s securities shall be
Excluded Securities as is necessary for such affiliate not to be subject to
such filing requirement. 

                    “Gaming
Authority” shall mean any
agency, authority, board, bureau, commission, department, office or
instrumentality of any nature whatsoever of the United States federal
government, any foreign government, any state, province or city or other
political subdivision or otherwise, whether now or hereafter in existence, or
any officer or official thereof, or any other agency, in each case, with
authority to regulate any gaming or racing operation (or proposed gaming or
racing operation) owned, managed or operated by the Company and its
Subsidiaries.

                    “Gaming
Equipment” shall mean slot
machines, table games and other gaming equipment permitted to be installed
under applicable Gaming Laws governing the Gaming Facility in which such Gaming
Equipment will be installed, and any related signage, accessories, surveillance
and peripheral equipment directly ancillary thereto or directly used in
connection therewith.

                    “Gaming
Facility” shall mean any
gaming or parimutuel wagering establishment and other property or assets
directly ancillary thereto or directly used in connection therewith, including
any building, restaurant, hotel, theater, parking facilities, retail shops,
land, and other recreation and entertainment facilities and equipment, owned or
operated by the Company or its Subsidiaries.

                    “Gaming
Laws” shall mean the
provisions of any gaming or racing laws or regulations of any jurisdiction or jurisdictions
to which any of the Company and its Subsidiaries is, or may at any time after
the date hereof, be subject.

                    “Gaming
License” shall mean any
license, permit, franchise, finding of suitability, registration, filing,
order, declaration, qualification, approval, consent, certificate or other
authorization, in each case required under applicable Gaming Laws to own,
lease, operate or otherwise conduct gaming or racing activities of the Company
and its Subsidiaries.

6

CONFIDENTIAL

                    “Grantor” and “Grantors” shall have the respective meanings assigned
to such terms in the preamble.

                    “Immaterial
Subsidiary” shall
have the meaning assigned to such term in the Indenture.

                    “Indenture” shall have the meaning assigned to
such term in the recitals.

                    “Insurance”
shall mean (i) all insurance policies covering any or all of the Collateral
(regardless of whether the Collateral Agent is the loss payee thereof) and (ii)
any key man life insurance policies.

                    “Intellectual
Property” shall mean, the collective reference to all rights,
priorities and privileges relating to intellectual property, whether arising
under the United States, multinational or foreign laws or otherwise, including
without limitation, Copyrights, Copyright Licenses, Patents, Patent Licenses,
Trademarks, Trademark Licenses, Trade Secrets, and Trade Secret Licenses, and
all rights to sue or otherwise recover for any past, present and future
infringement, dilution, misappropriation, or other violation or impairment
thereof, including the right to receive all Proceeds therefrom, including
without limitation license fees, royalties, income, payments, claims, damages
and proceeds of suit, now or hereafter due and/or payable with respect thereto.

                    “Intellectual Property Security Agreement”
shall mean each intellectual property security agreement executed and delivered
by the applicable Grantors, substantially in the form set forth in Exhibit E,
Exhibit F and Exhibit G, as applicable. 

                    “Intercreditor
Agreement” shall have the
meaning assigned to such term in the recitals.

                    “Internal
Revenue Code” shall mean the
Internal Revenue Code of 1986, as amended to the date hereof and from time to
time hereafter, and any successor statute.

                    “Investment
Accounts” shall mean the Collateral Account, Securities Accounts, Commodity Accounts and Deposit
Accounts.

                    “Investment
Related Property” shall mean: (i) all “investment property” (as such
term is defined in Article 9 of the UCC) and (ii) all of the following
(regardless of whether classified as investment property under the UCC): all
Equity Interests, Pledged Debt, the Investment Accounts and certificates of
deposit.

                    “Non-Assignable
Contract” shall mean any agreement, contract or license to which any
Grantor is a party that by its terms purports to restrict or prevent the
assignment or granting of a security interest therein (either by its terms or
by any federal or state statutory prohibition or otherwise irrespective of
whether such prohibition or restriction is enforceable under Section 9-406
through 409 of the UCC).

                    “Notes” shall mean the 13% senior secured
notes due 2015 in an aggregate principal amount of $385.0 million issued
pursuant to the Indenture, and any other senior secured notes issued from time
to time under the Indenture.

7

CONFIDENTIAL

                    “Patent
Licenses” shall mean all agreements, licenses and covenants
providing for the granting of any right in or to any Patent or otherwise
providing for a covenant not to sue for infringement or other violation of any
Patent (whether such Grantor is licensee or licensor thereunder) including,
without limitation, each agreement required to be listed in Schedule 5.2(II)
under the heading “Patent Licenses” (as such schedule may be amended or
supplemented from time to time).

                    “Patent Security Agreement” shall mean each
patent security agreement executed and delivered by the applicable Grantors in
substantially the form of Exhibit F.

                    “Patents” shall mean all
United States and foreign patents and certificates of invention, or similar
industrial property rights, and applications for any of the foregoing,
including, without limitation: (i) each patent and patent application required
to be listed in Schedule 5.2(II) under the heading “Patents” (as such schedule
may be amended or supplemented from time to time), (ii) all reissues,
divisions, continuations, continuations-in-part, extensions, renewals, and
reexaminations thereof, (iii) all patentable inventions and improvements
thereto, (iv) the right to sue or otherwise recover for any past, present and
future infringement or other violation thereof, and (v) all Proceeds of the
foregoing, including, without limitation, license fees, royalties, income,
payments, claims, damages, and proceeds of suit now or hereafter due and/or
payable with respect thereto.

                    “Permitted
Liens” shall have the
meaning assigned to such term in the Indenture.

                    “Permitted
Prior Liens” shall
have the meaning assigned to such term in the Indenture.

                    “Pledge
Supplement” shall mean any supplement to this Agreement in
substantially the form of Exhibit A.

                    “Pledged
Debt” shall mean all indebtedness for borrowed money owed to such
Grantor, whether or not evidenced by any Instrument, including, without
limitation, all indebtedness described on Schedule 5.2(I) under the heading
“Pledged Debt” (as such schedule may be amended or supplemented from time to
time), issued by the obligors named therein, the instruments, if any,
evidencing any of the foregoing, and all interest, cash, instruments and other
property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of the foregoing.

                    “Receivables”
shall mean all rights to payment, whether or not earned by performance, for
goods or other property sold, leased, licensed, assigned or otherwise disposed
of, or services rendered or to be rendered, including, without limitation all
such rights constituting or evidenced by any Account, Chattel Paper,
Instrument, General Intangible or Investment Related Property, together with
all of Grantor’s rights, if any, in any goods or other property giving rise to
such right to payment and all Collateral Support and Supporting Obligations
related thereto and all Receivables Records.

                    “Receivables
Records” shall mean (i) all original copies of all documents,
instruments or other writings or electronic records or other Records evidencing
the Receivables, (ii) all books, correspondence, credit or other files,
Collateral Records, ledger sheets or cards, invoices, and other papers relating
to Receivables, including, without limitation, all tapes, cards, computer
tapes, computer discs, computer runs, record keeping systems and other papers
and

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CONFIDENTIAL

documents relating to the Receivables, whether in the possession or
under the control of Grantor or any computer bureau or agent from time to time
acting for Grantor or otherwise, (iii) all evidences of the filing of financing
statements and the registration of other instruments in connection therewith,
and amendments, supplements or other modifications thereto, notices to other
creditors, secured parties or agents thereof, and certificates,
acknowledgments, or other writings, including, without limitation, lien search
reports, from filing or other registration officers, (iv) all credit
information, reports and memoranda relating thereto and (v) all other written
or non-written forms of information related in any way to the foregoing or any
Receivable.

                    “Secured
Obligations” shall have the meaning assigned in Section 3.1.

                    “Secured
Parties” shall mean the
“Second Lien Claimholders” as defined in the Intercreditor Agreement.

                    “Securities”
shall mean any stock, shares, partnership interests, voting trust certificates,
certificates of interest or participation in any profit-sharing agreement or
arrangement, options, warrants, bonds, debentures, notes, or other evidences of
indebtedness, secured or unsecured, convertible, subordinated or otherwise, or
in general any instruments commonly known as “securities” or any certificates
of interest, shares or participations in temporary or interim certificates for
the purchase or acquisition of, or any right to subscribe to, purchase or
acquire, any of the foregoing.

                    “Securities
Act” shall mean the
Securities Act of 1933, as amended from time to time, and any successor
statute.

                    “Security
Documents” shall mean this
Agreement and all other “Second Lien Collateral Documents” as defined in the
Intercreditor Agreement.

                    “Trademark
Licenses” shall mean any and all agreements, licenses and covenants
providing for the granting of any right in or to any Trademark or otherwise
providing for a covenant not to sue for infringement dilution or other
violation of any Trademark or permitting co-existence with respect to a
Trademark (whether such Grantor is licensee or licensor thereunder) including,
without limitation, each agreement required to be listed in Schedule 5.2(II)
under the heading “Trademark Licenses” (as such schedule may be amended or
supplemented from time to time).

                    “Trademark Security Agreement” shall mean each
trademark security agreement executed and delivered by the applicable Grantors
in substantially the form of Exhibit E.

                    “Trademarks”
shall mean all United States, and foreign trademarks, trade names, trade dress,
corporate names, company names, business names, fictitious business names,
Internet domain names, service marks, certification marks, collective marks,
logos, other source or business identifiers, designs and general intangibles of
a like nature, whether or not registered, and with respect to any and all of
the foregoing: (i) all registrations and applications therefor including,
without limitation, the registrations and applications required to be listed in
Schedule 5.2(II) under the heading “Trademarks”(as such schedule may be amended
or supplemented from time to time), (ii) all extensions or renewals of any of
the foregoing, (iii) all of the goodwill of the business connected with the use
of and symbolized by any of the foregoing, (iv) the right to sue or otherwise
recover for any past, present and future infringement, dilution or other
violation of

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any of the foregoing or for any injury to the related goodwill, and (v)
all Proceeds of the foregoing, including, without limitation, license fees,
royalties, income, payments, claims, damages, and proceeds of suit now or
hereafter due and/or payable with respect thereto.

                    “Trade
Secret Licenses” shall mean any and all agreements providing for the
granting of any right in or to Trade Secrets (whether such Grantor is licensee
or licensor thereunder) including, without limitation, each agreement required
to be listed in Schedule 5.2(II) under the heading “Trade Secret Licenses” (as
such schedule may be amended or supplemented from time to time). 

                    “Trade
Secrets” shall mean all trade secrets and all other confidential or
proprietary information and know-how whether or not the foregoing has been
reduced to a writing or other tangible form, including all documents and things
embodying, incorporating, or referring in any way to the foregoing, and with
respect to any and all of the foregoing: (i) the right to sue or otherwise
recover for any past, present and future misappropriation or other violation
thereof and (ii) all Proceeds of the foregoing, including, without limitation,
license fees, royalties, income, payments, claims, damages, and proceeds of
suit now or hereafter due and/or payable with respect thereto.

                    “Trustee” shall have the meaning assigned to such term
in the recitals.

                    “UCC”
shall mean the Uniform Commercial Code as in effect from time to time in the
State of Michigan; provided, however, that in the event that, by reason of
mandatory provisions of law, any or all of the perfection or priority of, or
remedies with respect to, any Collateral is governed by the Uniform Commercial
Code as enacted and in effect in a jurisdiction other than the State of
Michigan, the term “UCC” shall mean the Uniform Commercial Code as enacted and
in effect in such other jurisdiction solely for purposes of the provisions
hereof relating to such perfection, priority or remedies. 

                    “United
States” shall mean the United States of America.

          1.2 Definitions; Interpretation.

                    (a)
In this Agreement, the following capitalized terms shall have the meaning given
to them in the UCC (and, if defined in more than one Article of the UCC, shall
have the meaning given in Article 9 thereof): Account, Account Debtor,
As-Extracted Collateral, Bank, Certificated Security, Chattel Paper, Consignee,
Consignment, Consignor, Commercial Tort Claims, Commodity Account, Commodity
Contract, Commodity Intermediary, Deposit Account, Document, Entitlement Order,
Equipment, Electronic Chattel Paper, Farm Products, Fixtures, General
Intangibles, Goods, Health-Care-Insurance Receivable, Instrument, Inventory,
Letter of Credit Right, Manufactured Home, Money, Payment Intangibles,
Proceeds, Record, Securities Account, Securities Intermediary, Security
Certificate, Security Entitlement, Supporting Obligations, Tangible Chattel
Paper and Uncertificated Security. 

                    (b)
All other capitalized terms used herein (including the preamble and recitals
hereto) and not otherwise defined herein shall have the meanings ascribed
thereto in the Intercreditor Agreement. The incorporation by reference of terms
defined in the Intercreditor Agreement shall survive any termination of the
Intercreditor Agreement until this Agreement is terminated as provided in
Section 11 hereof. Any of the terms defined herein may, unless the context
otherwise requires, be used in the singular or the plural, depending on the
reference. References herein to any Section, Appendix, Schedule or Exhibit
shall be to a Section, an 

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Appendix,
a Schedule or an Exhibit, as the case may be, hereof unless otherwise
specifically provided. The use herein of the word “include” or “including”,
when following any general statement, term or matter, shall not be construed to
limit such statement, term or matter to the specific items or matters set forth
immediately following such word or to similar items or matters, whether or not
non-limiting language (such as “without limitation” or “but not limited to” or
words of similar import) is used with reference thereto, but rather shall be
deemed to refer to all other items or matters that fall within the broadest
possible scope of such general statement, term or matter. The terms lease and
license shall include sub-lease and sub-license, as applicable. All references
herein to provisions of the UCC shall include all successor provisions under
any subsequent version or amendment to any Article of the UCC. 

SECTION 2. GRANT OF SECURITY. 

          2.1 Grant of Security. Each Grantor hereby
grants to the Collateral Agent, for the benefit of the Secured Parties, a
security interest in and continuing lien on all of such Grantor’s right, title
and interest in, to and under all personal property of such Grantor including,
but not limited to the following, in each case whether now or hereafter
existing or in which any Grantor now has or hereafter acquires an interest and
wherever the same may be located (all of which being hereinafter collectively
referred to as the “Collateral”): 

                    (a)
Accounts; 

                    (b)
Chattel Paper; 

                    (c)
Documents; 

                    (d)
General Intangibles (including, without limitation, Assigned Agreements
and Payment Intangibles); 

                    (e)
Goods (including, without limitation, Inventory, Equipment and Fixtures); 

                    (f)
Instruments; 

                    (g)
Insurance; 

                    (h)
Intellectual Property; 

                    (i)
Investment Related Property (including, without limitation, Deposit
Accounts); 

                    (j)
Letter of Credit Rights; 

                    (k)
Money; 

                    (l)
Receivables and Receivable Records; 

                    (m)
Commercial Tort Claims now or hereafter described on Schedule 5.2; 

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                    (n)
to the extent not otherwise included above, all other personal property
of any kind and all Collateral Records, Collateral Support and Supporting
Obligations relating to any of the foregoing; and 

                    (o)
to the extent not otherwise included above, all Proceeds, products,
accessions, rents and profits of or in respect of any of the foregoing. 

          2.2 Certain Limited Exclusions.
Notwithstanding anything herein to the contrary, in no event shall the
Collateral include or the security interest granted under Section 2.1 hereof
attach to: 

                    (a)
any property or asset of a Grantor, including any Gaming License and any
Gaming Equipment, if and to the extent that a security interest in such
property or asset in favor of the Collateral Agent (i) is prohibited by
applicable law, rule or regulation or (ii) requires the consent of any
Governmental Authority or Gaming Authority not obtained pursuant to applicable
law, rule or regulation (in the case of the foregoing clauses (i) and (ii),
unless such law, rule or regulation would be rendered ineffective with respect
to the creation of the security interest hereunder pursuant to Sections 9-406,
9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of
any relevant jurisdiction or any other applicable law (including the Bankruptcy
Law) or principles of equity); provided that, in the event that any such
law, rule or regulation is amended, modified or interpreted by the relevant
Governmental Authority or Gaming Authority to permit (or is replaced with
another law, rule or regulation, or another law, rule or regulation is adopted,
which would permit) a security interest in such property or asset to be granted
in favor of the Collateral Agent or such consent of the applicable Governmental
Authority or Gaming Authority is obtained, then the Collateral shall
immediately include (and such security interest shall immediately attach) to
any such property or asset; provided, further, that the
exclusions referred to in clause (a) of this Section 2.2 shall not include any
Proceeds of any such property or asset; 

                    (b)
any lease, license, contract or agreement to which any Grantor is a
party, and any of its rights or interest thereunder, if and to the extent that
a security interest in such lease, license, contract or agreement is prohibited
by or in violation of (i) any law, rule or regulation applicable to such
Grantor, or (ii) a term, provision or condition of any such lease, license,
contract or agreement (unless such law, rule, regulation, term, provision or
condition would be rendered ineffective with respect to the creation of the
security interest hereunder pursuant to Sections 9-406, 9-407, 9-408 or 9-409
of the UCC (or any successor provision or provisions) of any relevant
jurisdiction or any other applicable law (including the Bankruptcy Law) or
principles of equity); provided however that the Collateral shall include (and
such security interest shall attach) immediately at such time as the
contractual or legal prohibition shall no longer be applicable and to the
extent severable, shall attach immediately to any portion of such lease,
license, contract or agreement not subject to the prohibitions specified in (i)
or (ii) above; provided further that the exclusions referred to in clause (b)
of this Section 2.2 shall not include any Proceeds of any such lease, license,
contract or agreement; 

                    (c)
in any of the outstanding capital stock of a Controlled Foreign
Corporation in excess of 66% of the voting power of all classes of capital
stock of such Controlled Foreign Corporation entitled to vote; provided that
immediately upon the amendment of the Internal Revenue Code to allow the pledge
of a greater percentage of the voting power of capital stock in a Controlled
Foreign Corporation without adverse tax consequences, the Collateral shall
include, and the security interest granted by each Grantor shall attach to,
such greater percentage of capital stock of each Controlled Foreign
Corporation; 

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                    (d)
any “intent-to-use” application for registration of a Trademark filed
pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the
filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act or an
“Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with
respect thereto, solely to the extent, if any, that, and solely during the
period, if any, in which, the grant of a security interest therein would impair
the Grantor’s ownership of, or the validity or enforceability of any
registration that issues from such intent-to-use application under applicable
federal law; 

                    (e)
equity interests in any joint venture with a third party that is not an
Affiliate, to the extent a pledge of such equity interests is prohibited by the
governing documents of such joint venture; or 

                    (f)
any Excluded Securities. 

          2.3 Intercreditor Agreement. It is hereby
expressly understood that any covenant of any Grantor contained herein to (a)
deliver Collateral to the Collateral Agent, (b) comply with any instruction of
the Collateral Agent with respect to the Collateral or (c) take steps to better
the quality of perfection of the Collateral Agent in the Collateral shall be
expressly subject to the terms of the Intercreditor Agreement at any time prior
to the Discharge of First Lien Obligations, and it is further understood that
the failure of any Grantor to comply with the terms and conditions hereof shall
not cause any Parity Lien Debt Default if such compliance would have been
inconsistent with the Intercreditor Agreement. 

SECTION 3. SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE. 

          3.1 Security for Obligations. This
Agreement secures, and the Collateral is collateral security for, the prompt
and complete payment or performance in full when due, whether at stated
maturity, by required prepayment, declaration, acceleration, repurchase,
redemption, demand or otherwise (including the payment of amounts that would
become due but for the operation of the automatic stay under Section 362(a) of
the Bankruptcy Code, 11 U.S.C. §362(a) (and any successor provision thereof)),
of all Second Lien Obligations (the “Secured
Obligations”). 

          3.2 Continuing Liability Under Collateral.
Notwithstanding anything herein to the contrary, (i) each Grantor shall remain
liable for all obligations under the Collateral and nothing contained herein is
intended or shall be a delegation of duties to the Collateral Agent or any
other Secured Party, (ii) each Grantor shall remain liable under each of the
agreements included in the Collateral, including, without limitation, the
Assigned Agreements and any agreements relating to partnership interests or
membership interests, to perform all of the obligations undertaken by it
thereunder all in accordance with and pursuant to the terms and provisions
thereof and neither the Collateral Agent nor any Secured Party shall have any
obligation or liability under any of such agreements by reason of or arising
out of this Agreement or any other document related thereto nor shall the
Collateral Agent nor any Secured Party have any obligation to make any inquiry
as to the nature or sufficiency of any payment received by it or have any
obligation to take any action to collect or enforce any rights under any
agreement included in the Collateral, including, without limitation, the
Assigned Agreements and any agreements relating to partnership interests or
membership interests, and (iii) the exercise by the Collateral Agent of any of
its rights hereunder shall not release any Grantor from any of its duties or
obligations under the contracts and agreements included in the Collateral. 

SECTION 4. CERTAIN PERFECTION REQUIREMENTS 

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          4.1 Delivery Requirements. 

                    (a)
With respect to any Certificated Securities (other than Excluded
Securities) included in the Collateral, each Grantor shall deliver to the Collateral
Agent or the First Lien Collateral Agent, as applicable, in accordance with the
Intercreditor Agreement, the Security Certificate(s) evidencing such
Certificated Securities duly indorsed by an effective indorsement (within the
meaning of Section 8-107 of the UCC), or accompanied by share transfer powers
or other instruments of transfer duly endorsed by such an effective
endorsement, in each case, to the Collateral Agent or the First Lien Collateral
Agent, as applicable, in accordance with the Intercreditor Agreement, or in
blank. In addition, each Grantor shall cause any certificates evidencing any
Equity Interests (other than Excluded Securities), including, without
limitation, any partnership interests or membership interests, to be similarly delivered
to the Collateral Agent regardless of whether such Equity Interests constitute
Certificated Securities. 

                    (b)
With respect to any Instruments or Tangible Chattel Paper included in
the Collateral, each Grantor shall deliver to the Collateral Agent or the First
Lien Collateral Agent, as applicable, in accordance with the Intercreditor
Agreement, all such Instruments or Tangible Chattel Paper to the Collateral
Agent duly indorsed in blank; provided, however, that such delivery requirement
shall not apply to any Instruments or Tangible Chattel Paper having a face
amount of less than $100,000 individually or $500,000 in the aggregate. 

          4.2 Control Requirements. 

                    (a)
With respect to any Deposit Accounts, Securities Accounts, Security
Entitlements, Commodity Accounts and Commodity Contracts included in the
Collateral, each Grantor shall ensure that the Collateral Agent has Control
thereof; provided, however, that such Control requirement shall not apply to any
Deposit Accounts, Securities Accounts, Security Entitlements, Commodity
Accounts and Commodity Contracts with a value of less than, or having funds or
other assets credited thereto with a value of less than, $100,000 individually
or $500,000 in the aggregate. With respect to any Securities Accounts or
Securities Entitlements, such Control shall be accomplished by the applicable
Grantor(s) causing the Securities Intermediary maintaining such Securities
Account or Security Entitlement to enter into an agreement substantially in the
form of Exhibit C hereto pursuant to which the Securities Intermediary shall
agree to comply with the Collateral Agent’s Entitlement Orders (subject to the
terms of the Intercreditor Agreement), without further consent by such Grantor(s).
With respect to any Deposit Account, each Grantor shall cause the depositary
institution maintaining such account to enter into an agreement substantially
in the form of Exhibit D hereto, pursuant to which the Bank shall agree to
comply with the Collateral Agent’s instructions (subject to the terms of the
Intercreditor Agreement) with respect to disposition of funds in the Deposit
Account without further consent by such Grantor. With respect to any Commodity
Accounts or Commodity Contracts each Grantor shall cause Control in favor of
the Collateral Agent (subject to the terms of the Intercreditor Agreement). 

                    (b)
With respect to any Uncertificated Security included in the Collateral
(other than any Uncertificated Securities credited to a Securities Account),
each Grantor shall cause the issuer of such Uncertificated Security to either
(i) register the Collateral Agent or the First Lien Collateral Agent, as
applicable, in accordance with the Intercreditor Agreement, as the registered
owner thereof on the books and records of the issuer or (ii) execute an
agreement substantially in the form of Exhibit B hereto, pursuant to which such
issuer agrees to comply with the Collateral Agent’s instructions (subject to
the terms of the Intercreditor Agreement) with respect to such Uncertificated
Security without further consent by such Grantor; provided that the 

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Collateral
Agent shall not issue any instructions except during the continuance of an
Event of Default. 

                    (c)
With respect to any material Letter of Credit Rights included in the
Collateral (other than any Letter of Credit Rights constituting a Supporting
Obligation for a Receivable in which the Collateral Agent has a valid and
perfected security interest), each Grantor shall ensure that Collateral Agent
has Control thereof (subject to the terms of the Intercreditor Agreement) by
obtaining the written consent of each issuer of each related letter of credit
to the assignment of the proceeds of such letter of credit to the Collateral
Agent (subject to the terms of the Intercreditor Agreement). 

                    (d)
With respect to any Electronic Chattel Paper or “transferable record”(as
that term is defined in Section 201 of the Federal Electronic Signatures in
Global and National Commerce Act or in Section 16 of the Uniform Electronic
Transactions Act as in effect in any relevant jurisdiction) included in the
Collateral, each Grantor shall ensure that the Collateral Agent has Control
thereof; provided, however, that such Control requirement shall not apply to
any Electronic Chattel Paper or transferable record having a face amount of
less than $100,000 individually or $500,000 in the aggregate (subject to the
terms of the Intercreditor Agreement). 

                    (e)
Notwithstanding the foregoing, the Collateral Agent shall not give any
instructions directing the disposition of funds or securities from time to time
credited to any Deposit Accounts or Securities Accounts or withhold any rights
from such Grantor with respect to funds from time to time credited to any
Deposit Account or any securities held in any Securities Accounts unless,
subject to and in accordance with the terms of the Intercreditor Agreement, an
Event of Default or an event of default under any Additional Parity Lien
Facility has occurred and is continuing. 

          4.3 Intellectual Property Recording Requirements. 

                    (a)
In the case of any Collateral (whether now owned or hereafter acquired)
consisting of issued U.S. Patents and applications therefor, each Grantor shall
execute and deliver to the Collateral Agent a Patent Security Agreement (or a
supplement thereto) covering all such Patents in appropriate form for
recordation with the U.S. Patent and Trademark Office with respect to the
security interest of the Collateral Agent. 

                    (b)
In the case of any Collateral (whether now owned or hereafter acquired)
consisting of registered U.S. Trademarks and applications therefor, each
Grantor shall execute and deliver to the Collateral Agent a Trademark Security
Agreement (or a supplement thereto) covering all such Trademarks in appropriate
form for recordation with the U.S. Patent and Trademark Office with respect to
the security interest of the Collateral Agent. 

                    (c)
In the case of any Collateral (whether now owned or hereafter acquired)
consisting of registered U.S. Copyrights and exclusive Copyright Licenses in
respect of registered U.S. Copyrights for which any Grantor is the licensee,
each Grantor execute and deliver to the Collateral Agent a Copyright Security
Agreement (or a supplement thereto) covering all such Copyrights and Copyright
Licenses in appropriate form for recordation with the U.S. Copyright Office
with respect to the security interest of the Collateral Agent. 

          4.4 Other Actions. 

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CONFIDENTIAL 

                    (a)
If any issuer of any Equity Interest (other than Excluded Securities) is
organized under a jurisdiction outside of the United States, each Grantor shall
take such additional actions, including, without limitation, causing the issuer
to register the pledge on its books and records or making such filings or
recordings, in each case as may be necessary, under the laws of such issuer’s jurisdiction
to insure the validity, perfection and priority of the security interest of the
Collateral Agent. 

                    (b)
With respect to any partnership interests and membership interests
included in the Collateral, if the Grantors own less than 100% of the equity
interests in any issuer of such partnership interests or membership interests,
Grantors shall use their commercially reasonable efforts to obtain the consent
of each other holder of partnership interest or limited liability company interests
in such issuer to the security interest of the Collateral Agent hereunder and
following a Parity Lien Debt Default, subject to the terms of the Intercreditor
Agreement, the transfer of such partnership interests and membership interests
to the Collateral Agent or its designee, and to the substitution of the
Collateral Agent or its designee as a partner or member with all the rights and
powers related thereto. Each Grantor consents to the grant by each other
Grantor of a Lien in all Investment Related Property to the Collateral Agent
and without limiting the generality of the foregoing consents to the transfer
of any partnership interest and any membership interest to the Collateral Agent
or its designee following a Parity Lien Debt Default, subject to the terms of
the Intercreditor Agreement, and to the substitution of the Collateral Agent or
its designee as a partner in any partnership or as a member in any limited
liability company with all the rights and powers related thereto. 

          4.5 Timing and Notice. With respect to any
Collateral in existence on the date hereof, each Grantor shall comply with the
requirements of Section 4 on the date hereof and, with respect to any
Collateral hereafter owned or acquired, such Grantor shall comply with such
requirements within fifteen (15) days of such Grantor acquiring rights therein.
Each Grantor shall promptly inform the Collateral Agent of its acquisition of
any Collateral for which any action is required by Section 4 hereof (including,
for the avoidance of doubt, the filing of any applications for, or the issuance
or registration of, any Patents, Copyrights or Trademarks). Notwithstanding the
foregoing, each Grantor shall have 30 (thirty) days from the date hereof to
provide the Collateral Agent with Control over any Investment Accounts. 

SECTION 5. REPRESENTATIONS AND WARRANTIES. 

Each Grantor hereby represents and warrants, on the date
hereof, that: 

          5.1 Grantor Information & Status. 

                    (a)
Schedule 5.1(A) & (B) (as such schedule may be amended or
supplemented from time to time) sets forth under the appropriate headings: (1)
the full legal name of such Grantor, (2) all trade names or other names under
which such Grantor currently conducts business, (3) the type of organization of
such Grantor, (4) the jurisdiction of organization of such Grantor, (5) its
organizational identification number, if any, and (6) the jurisdiction where
the chief executive office or its sole place of business (or the principal
residence if such Grantor is a natural person) is located. 

                    (b)
except as provided on Schedule 5.1(C), such Grantor has not changed its
name, jurisdiction of organization, chief executive office or sole place of
business (or principal residence if such Grantor is a natural person) or its
corporate structure in any way (e.g., by 

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merger,
consolidation, change in corporate form or otherwise) and has not done business
under any other name, in each case, within the past five (5) years; 

                    (c)
it has not within the last five (5) years become bound (whether as a
result of merger or otherwise) as debtor under a security agreement entered
into by another Person, which has not heretofore been terminated other than the
agreements identified on Schedule 5.1(D) hereof (as such schedule may be
amended or supplemented from time to time); 

                    (d)
it has been duly organized and is validly existing as an entity of the
type as set forth opposite such Grantor’s name on Schedule 5.1(A) solely under
the laws of the jurisdiction as set forth opposite such Grantor’s name on
Schedule 5.1(A) and remains duly existing as such. Such Grantor has not filed
any certificates of dissolution or liquidation, any certificates of domestication,
transfer or continuance in any other jurisdiction; and 

                    (e)
it is not a “transmitting utility” (as defined in Section 9-102(a)(80)
of the UCC). 

          5.2 Collateral Identification, Special Collateral. 

                    (a)
Schedule 5.2 (as such schedule may be amended or supplemented from time
to time) sets forth under the appropriate headings all of such Grantor’s: (1)
Equity Interests, (2) Pledged Debt, (3) Securities Accounts, (4) Deposit
Accounts, (5) Commodity Contracts and Commodity Accounts, (6) United States and
foreign registrations and issuances of and applications for Patents,
Trademarks, and Copyrights owned by each Grantor, (7) Patent Licenses,
Trademark Licenses, Trade Secret Licenses and Copyright Licenses constituting
Intellectual Property material to such Grantor (other than licenses of
commercially available software available on nondiscriminatory terms), (8)
Commercial Tort Claims, (9) Letter of Credit Rights for letters of credit, (10)
the name and address of any warehouseman, bailee or other third party in
possession of any Inventory, Equipment and other tangible personal property,
and (11) Assigned Agreements; 

                    (b)
none of the Collateral constitutes, or is the Proceeds of, (1) Farm
Products, (2) As-Extracted Collateral, (3) Manufactured Homes, (4)
Health-Care-Insurance Receivables; (5) timber to be cut, or (6) aircraft,
aircraft engines, satellites, ships or railroad rolling stock. No material
portion of the Collateral consists of motor vehicles or other Goods subject to
a certificate of title statute of any jurisdiction; 

                    (c)
all information supplied by any Grantor with respect to any of the
Collateral (in each case taken as a whole with respect to any particular
Collateral) is accurate and complete in all material respects; 

                    (d)
not more than 10% of the value of all personal property included in the
Collateral is located in any country other than the United States; and 

                    (e)
no Excluded Asset is material to the business of such Grantor other than
Gaming Licenses. 

          5.3 Ownership of Collateral and Absence of Other
Liens. 

                    (a)
it owns the Collateral purported to be owned by it or otherwise has the
rights it purports to have in each item of Collateral and, as to all Collateral
whether now existing 

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or
hereafter acquired, developed or created (including by way of lease or
license), will continue to own or have such rights in each item of the
Collateral (except as otherwise permitted by the Indenture), in each case free
and clear of any and all Liens, rights or claims of all other Persons,
including, without limitation, liens arising as a result of such Grantor
becoming bound (as a result of merger or otherwise) as debtor under a security
agreement entered into by another Person other than any Permitted Liens; and 

                    (b)
other than any financing statements filed in favor of the Collateral
Agent, no effective financing statement, fixture filing or other instrument
similar in effect under any applicable law covering all or any part of the
Collateral is on file in any filing or recording office except for (x)
financing statements for which duly authorized proper termination statements
have been delivered to the Collateral Agent for filing and (y) financing
statements filed in connection with Permitted Prior Liens. Other than the
Collateral Agent, the First Lien Collateral Agent and any automatic control in
favor of a Bank, Securities Intermediary or Commodity Intermediary maintaining
a Deposit Account, Securities Account or Commodity Contract, no Person is in
Control of any Collateral. 

          5.4 Status of Security Interest. 

                    (a)
upon the filing of financing statements naming each Grantor as “debtor”
and the Collateral Agent as “secured party” and describing the Collateral in
the filing offices set forth opposite such Grantor’s name on Schedule 5.4
hereof (as such schedule may be amended or supplemented from time to time), the
security interest of the Collateral Agent in all Collateral that can be
perfected by the filing of a financing statement under the Uniform Commercial
Code as in effect in the applicable jurisdiction will constitute a valid, perfected,
first priority lien subject to any Permitted Liens with respect to Collateral.
Subject to the terms of the Intercreditor Agreement, each agreement purporting
to give the Collateral Agent Control over any Collateral is effective to
establish the Collateral Agent’s Control of the Collateral subject thereto; 

                    (b)
to the extent perfection or priority of the security interest therein is
not subject to Article 9 of the UCC, upon recordation of the security interests
granted hereunder in Patents, Trademarks, Copyrights and exclusive Copyright
Licenses in the applicable intellectual property registries, including but not
limited to the United States Patent and Trademark Office and the United States
Copyright Office, the security interests granted to the Collateral Agent
hereunder shall constitute valid, perfected, first priority Liens (subject, in
the case of priority only, to Permitted Prior Liens); 

                    (c)
no authorization, consent, approval or other action by (other than any
authorization, consent, approval, action which has been received or taken), and
no notice to or filing with, any Governmental Authority, Gaming Authority,
regulatory body or any other Person, (other than any notice which has been
given) is required for (i) the pledge or grant by any Grantor of the Liens
purported to be created in favor of the Collateral Agent hereunder or (ii) the
exercise by Collateral Agent of any rights or remedies in respect of any
Collateral (whether specifically granted or created hereunder or created or
provided for by applicable law), except (A) for the filings contemplated by
clause (a) above and (B) as may be required, in connection with the disposition
of any Investment Related Property, by laws generally affecting the offering
and sale of Securities, and (C) as may be required by any Gaming Authority; and

                    (d)
each Grantor is in compliance with its obligations under Section 4
hereof. 

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          5.5 Goods & Receivables. 

                    (a)
each Receivable (i) is and will be the legal, valid and binding
obligation of the Account Debtor in respect thereof, representing an
unsatisfied obligation of such Account Debtor, (ii) is and will be enforceable
in accordance with its terms, (iii) is not and will not be subject to any
credits, rights of recoupment, setoffs, defenses, taxes, counterclaims (except
with respect to refunds, returns and allowances in the ordinary course of
business with respect to damaged merchandise) and (iv) is and will be in
compliance with all applicable laws, whether federal, state, local or foreign; 

                    (b)
none of the Account Debtors in respect of any Receivable is the
government of the United States, any agency or instrumentality thereof, any
state or municipality or any foreign sovereign. No Receivable in excess of
$100,000 individually or $500,000 in the aggregate requires the consent of the
Account Debtor in respect thereof in connection with the security interest
hereunder, except any consent which has been obtained; 

                    (c)
no Goods now or hereafter produced by any Grantor and included in the
Collateral have been or will be produced in violation of the requirements of
the Fair Labor Standards Act, as amended, or the rules and regulations
promulgated thereunder; and 

                    (d)
other than any Inventory or Equipment in transit, all of the Equipment
and Inventory included in the Collateral is located only at the locations
specified in Schedule 5.5 (as such schedule may be amended or supplemented from
time to time).

          5.6 Equity Interests, Investment Related Property. 

                    (a)
it is the record and beneficial owner of the Equity Interests free of
all Liens, rights or claims of other Persons and there are no outstanding
warrants, options or other rights to purchase, or shareholder, voting trust or
similar agreements outstanding with respect to, or property that is convertible
into, or that requires the issuance or sale of, any Equity Interests; 

                    (b)
no consent of any Person including any other general or limited partner,
any other member of a limited liability company, any other shareholder or any
other trust beneficiary is necessary in connection with the creation,
perfection or first priority status of the security interest of the Collateral
Agent in any Equity Interests or the exercise by the Collateral Agent of the
voting or other rights provided for in this Agreement or the exercise of
remedies in respect thereof except such as have been obtained and as may be
required by any Gaming Authority; 

                    (c)
all of the membership interests and partnership interests are or
represent interests that by their terms provide that they are securities
governed by the uniform commercial code of an applicable jurisdiction; 

                    (d)
Grantor has caused each partnership or limited liability company
included in the Equity Interests to amend their partnership agreement or
limited liability company agreement to include the following provision:
“Notwithstanding any other provision of this agreement, in the event that a
Parity Lien Debt Default shall have occurred under that certain Collateral
Agency and Intercreditor Agreement (as such Collateral Agency and Intercreditor
Agreement may be amended, modified, supplemented or restated from time to time)
dated as of June 30, 2010 among Greektown Superholdings, Inc., the other
grantors party thereto, Comerica Bank, as First Lien Collateral Agent, Comerica
Bank, as First Lien Administrative Agent, 

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Wilmington
Trust FSB, as Second Lien Trustee, and Wilmington Trust FSB, as Second Lien
Collateral Agent (together with its permitted successors and assigns, the
“Second Lien Collateral Agent”), and, subject to the terms of such Collateral
Agency and Intercreditor Agreement, the Second Lien Collateral Agent shall
exercise any of its rights and remedies with respect to equity interests in the
company, then each [member][partner] hereby irrevocably consents to the transfer
of any equity interest and all related management and other rights in the
company to the Second Lien Collateral Agent or any designee of the Second Lien
Collateral Agent. The Second Lien Collateral Agent is a third party beneficiary
of this provision and this provision cannot be amended or repealed without the
consent of the Second Lien Collateral Agent until the Second Lien Obligations
(as defined in such Collateral Agency and Intercreditor Agreement) have been
discharged in full.” 

          5.7 Intellectual Property. 

                    (a)
(i) it is the sole and exclusive owner of the entire right, title, and
interest in and to all Intellectual Property listed on Schedule 5.2(II) and
designated as owned by such Grantor (as such schedule may be amended or
supplemented from time to time), (ii) it owns or has the valid right to use
and, to the extent such Grantor does so, sublicense others to use, all other
Intellectual Property used in the conduct of its business, free and clear of
all Liens, claims and licenses, except for, in the case of priority only,
Permitted Liens and the licenses of Intellectual Property set forth on Schedule
5.2(II) (as such schedule may be amended or supplemented from time to time); 

                    (b)
(i) all applications and registrations of Intellectual Property owned by
such Grantor are subsisting and none has been adjudged invalid or
unenforceable, in whole or in part, nor, in the case of Patents owned by such
Grantor, is such Intellectual Property the subject of a reexamination
proceeding, and (ii) such Grantor has performed all acts and has paid all
renewal, maintenance, and other fees and taxes required to maintain each and
every registration and application of Copyrights, Patents and Trademarks owned
by such Grantor in full force and effect subject to the natural expiration of
rights under any such Intellectual Property; 

                    (c)
no holding, decision, ruling, or judgment has been rendered in any
action or proceeding before any court or administrative authority challenging
the validity, enforceability, or scope of, or such Grantor’s right to register,
own or use, any Intellectual Property of such Grantor, and no such action or
proceeding is pending or, to the best of such Grantor’s knowledge, threatened; 

                    (d)
all registrations, issuances and applications for Copyrights, Patents
and Trademarks of such Grantor are standing in the name of such Grantor, and
none of the Trademarks, Patents, Copyrights or Trade Secrets owned by such
Grantor has been licensed by such Grantor to any Affiliate or third party,
except as disclosed in Schedule 5.2(II) (as such schedule may be amended or
supplemented from time to time), and all exclusive Copyright Licenses in
respect of registered Copyrights have been properly recorded in the U.S.
Copyright Office; 

                    (e)
such Grantor has not made a previous assignment, sale, transfer,
exclusive license, or similar arrangement constituting a present or future
assignment, sale, transfer, exclusive license or similar arrangement of any
Intellectual Property owned by such Grantor that has not been terminated or
released; 

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                    (f)
such Grantor has taken commercially reasonable steps to protect the
confidentiality of its Trade Secrets; 

                    (g)
such Grantor controls the nature and quality in accordance with industry
standards of products sold and services rendered under or in connection with
all Trademarks owned by such Grantor, in each case consistent with industry
standards, and has taken all commercially reasonable action to ensure that all
licensees of the Trademarks owned by such Grantor comply with such Grantor’s
standards of quality; 

                    (h)
to such Grantor’s knowledge, the conduct of such Grantor’s business does
not infringe, misappropriate, dilute or otherwise violate any Intellectual
Property right of any other Person. No written claim has been received by such
Grantor alleging the use of any Intellectual Property owned or used by such
Grantor (or any of its respective licensees) infringes, misappropriates,
dilutes or otherwise violates the Intellectual Property rights of any other
Person, and no written demand that such Grantor enter into a license or
co-existence agreement has been made but not resolved; 

                    (i)
to such Grantor’s knowledge, no Person is infringing, misappropriating,
diluting or otherwise violating any rights in any Intellectual Property owned
by such Grantor; and 

                    (j)
no settlement or consents, covenants not to sue, co-existence
agreements, non-assertion assurances, or releases have been entered into by
such Grantor or bind such Grantor in a manner that could adversely affect such
Grantor’s rights to own, license or use any Intellectual Property. 

          5.8 Contracts. 

          No
contract with respect to which any Grantor makes payments of greater than
$[1,000,000] in any fiscal year of such Grantor (such contract a “Material Contract”) prohibits assignment
or requires consent of or notice to any Person in connection with the
assignment to the Collateral Agent hereunder, except such as has been given or
made. 

SECTION 6. COVENANTS AND AGREEMENTS. 

Each Grantor hereby covenants and agrees that: 

          6.1
Grantor Information & Status. 

                    (a)
Without limiting any prohibitions or restrictions on mergers or other
transactions set forth in the Indenture and other Second Lien Documents, it
shall not change such Grantor’s name, identity, corporate structure (e.g. by
merger, consolidation, change in corporate form or otherwise), sole place of
business (or principal residence if such Grantor is a natural person), chief
executive office, type of organization or jurisdiction of organization or
establish any trade names unless it shall have (a) notified the Collateral
Agent in writing at least thirty (30) days prior to any such change or
establishment, identifying such new proposed name, identity, corporate
structure, sole place of business (or principal residence if such Grantor is a
natural person), chief executive office, jurisdiction of organization or trade
name and providing such other information in connection therewith as the
Collateral Agent may reasonably request and (b) taken all actions necessary or
advisable to maintain the continuous validity, perfection and the same or
better priority of the Collateral Agent’s security interest in the Collateral
granted or intended to be granted and agreed to hereby, which shall include,
without limitation, executing 

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and
delivering to the Collateral Agent a completed Pledge Supplement together with
all Supplements to Schedules thereto confirming the grant of the security
interest hereunder. 

          6.2 Collateral Identification; Special Collateral. 

                    (a)
in the event that it hereafter acquires any Collateral of a type
described in Section 5.2(b) hereof, such Grantor shall promptly notify there
Collateral Agent thereof in writing and take such actions and execute such
documents and make such filings all at such Grantor’s expense as the Collateral
Agent may reasonably request in order to ensure that the Collateral Agent has a
valid, perfected, first priority security interest in such Collateral subject
to any Permitted Liens. 

                    (b)
in the event that it hereafter acquires or has any Commercial Tort Claim
in excess of $100,000 individually or $500,000 in the aggregate it shall
deliver to the Collateral Agent a completed Pledge Supplement together with all
Supplements to Schedules thereto, identifying such new Commercial Tort Claims. 

          6.3 Ownership of Collateral and Absence of Other
Liens. 

                    (a)
except for the security interest created by this Agreement, such Grantor
shall not create or suffer to exist any Lien upon or with respect to any of the
Collateral, other than Permitted Liens, and such Grantor shall use commercially
reasonable efforts to defend the Collateral against all Persons at any time
claiming any interest therein; 

                    (b)
upon such Grantor or any officer of such Grantor obtaining knowledge
thereof, it shall promptly notify the Collateral Agent in writing of any event
that may have a material adverse effect on the value of the Collateral or any
material portion thereof, the ability of any Grantor or the Collateral Agent to
dispose of the Collateral or any material portion thereof, or the rights and
remedies of the Collateral Agent in relation thereto, including, without
limitation, the levy of any legal process against the Collateral or any portion
thereof; and 

                    (c)
it shall not sell, transfer or assign (by operation of law or otherwise)
or exclusively license to another Person any Collateral except as otherwise
permitted by the Indenture and other Second Lien Documents. 

          6.4 Status of Security Interest. 

                    (a)
Subject to the limitations set forth in subsection (b) of this Section
6.4, each Grantor shall maintain the security interest of the Collateral Agent
hereunder in all Collateral as valid, perfected, first priority Liens (subject
to Permitted Liens). 

                    (b)
Notwithstanding the foregoing, no Grantor shall be required to take any
action to perfect any Collateral that can only be perfected by (i) Control or
(ii) foreign filings with respect to Intellectual Property or (iii) filings
with registrars of motor vehicles or similar governmental authorities with
respect to goods covered by a certificate of title, in each case except as and
to the extent specified in Section 4 hereof. 

          6.5 Goods & Receivables. 

                    (a)
it shall not deliver any Document evidencing any Equipment and Inventory
to any Person other than the issuer of such Document to claim the Goods
evidenced 

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therefor
and the Collateral Agent or the First Lien Collateral Agent, as applicable, in
accordance with the Intercreditor Agreement; 

                    (b)
if any Equipment or Inventory in excess of $100,000 individually or
$500,000 in the aggregate is in possession or control of any warehouseman,
bailee or other third party (other than a Consignee under a Consignment for
which such Grantor is the Consignor, or the First Lien Collateral Agent,
subject to the terms of the Intercreditor Agreement, such Grantor shall join
with the Collateral Agent in notifying the third party of the Collateral
Agent’s security interest and use commercially reasonable efforts to obtain an
acknowledgment from the third party that it is holding the Equipment and
Inventory for the benefit of the Collateral Agent and that it will permit the
Collateral Agent to have access to Equipment or Inventory for purposes of
inspecting such Collateral or, following a Parity Lien Debt Default, subject to
the terms of the Intercreditor Agreement, to remove same from such premises if
the Collateral Agent so elects; and with respect to any Goods in excess of
$100,000 individually or $500,000 in the aggregate subject to a Consignment for
which such Grantor is the Consignor, such Grantor shall file appropriate
financing statements against the Consignee and take such other action as may be
necessary to ensure that the Grantor has a first priority perfected security
interest in such Goods. 

                    (c)
it shall keep the Equipment, Inventory and any Documents evidencing any
Equipment and Inventory in the locations specified on Schedule 5.5 (as such
schedule may be amended or supplemented from time to time) unless it shall have
(a) notified the Collateral Agent in writing, by executing and delivering to
the Collateral Agent a completed Pledge Supplement together with all
Supplements to Schedules thereto, at least thirty (30) days prior to any change
in locations, identifying such new locations and providing such other
information in connection therewith as the Collateral Agent may reasonably
request; 

                    (d)
it shall keep and maintain at its own cost and expense records of the
Receivables which are complete in all material respects, including, but not
limited to, the originals of all documentation with respect to all Receivables
and records of all payments received and all credits granted on the
Receivables, all merchandise returned and all other dealings therewith; 

                    (e)
other than in the ordinary course of business (i) it shall not amend,
modify, terminate or waive any provision of any Receivable in any manner which
could reasonably be expected to have a material adverse effect on the value of
such Receivable; (ii) following and during the continuation of a Parity Lien
Debt Default, subject to the terms of the Intercreditor Agreement, such Grantor
shall not (w) grant any extension or renewal of the time of payment of any
Receivable, (x) compromise or settle any dispute, claim or legal proceeding
with respect to any Receivable for less than the total unpaid balance thereof,
(y) release, wholly or partially, any Person liable for the payment thereof, or
(z) allow any credit or discount thereon; and 

                    (f)
the Collateral Agent shall have the right at any time following the
occurrence and during the continuance of a Parity Lien Default to notify, or
require any Grantor to notify, any Account Debtor of the Collateral Agent’s
security interest in the Receivables and any Supporting Obligation and, in addition,
at any time following the occurrence and during the continuation of a Parity
Lien Debt Default, subject to the terms of the Intercreditor Agreement, the
Collateral Agent may: (i) direct the Account Debtors under any Receivables to
make payment of all amounts due or to become due to such Grantor thereunder
directly to the Collateral Agent; (ii) notify, or require any Grantor to
notify, each Person maintaining a lockbox or similar arrangement to which
Account Debtors under any Receivables have been directed to make 

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CONFIDENTIAL 

payment
to remit all amounts representing collections on checks and other payment items
from time to time sent to or deposited in such lockbox or other arrangement
directly to the Collateral Agent; and (iii) enforce, at the expense of such
Grantor, collection of any such Receivables and to adjust, settle or compromise
the amount or payment thereof, in the same manner and to the same extent as
such Grantor might have done. If the Collateral Agent notifies any Grantor that
it has elected to collect the Receivables (subject to the Intercreditor
Agreement) in accordance with the preceding sentence, any payments of
Receivables received by such Grantor shall be forthwith (and in any event
within two (2) Business Days) deposited by such Grantor in the exact form
received, duly indorsed by such Grantor to the Collateral Agent if required, in
the Collateral Account maintained under the sole dominion and control of the
Collateral Agent, and until so turned over, all amounts and proceeds (including
checks and other instruments) received by such Grantor in respect of the
Receivables, any Supporting Obligation or Collateral Support shall be received
in trust for the benefit of the Collateral Agent hereunder and shall be
segregated from other funds of such Grantor and such Grantor shall not adjust,
settle or compromise the amount or payment of any Receivable, or release wholly
or partly any Account Debtor or obligor thereof, or allow any credit or
discount thereon. 

          6.6 Equity Interests, Investment Related Property. 

                    (a)
except as provided in the next sentence, in the event such Grantor
receives any dividends, interest or distributions on any Equity Interest or
other Investment Related Property, upon the merger, consolidation, liquidation
or dissolution of any issuer of any Equity Interest or Investment Related
Property, then (i) such dividends, interest or distributions and any Securities
(other than Excluded Securities) or other property shall be included in the
definition of Collateral without further action and (ii) such Grantor shall
promptly take all steps, if any, necessary or advisable to ensure the validity,
perfection, priority and, if applicable, control of the Collateral Agent or the
First Lien Collateral Agent, as applicable, in accordance with the
Intercreditor Agreement, over such Investment Related Property (including,
without limitation, delivery thereof to the Collateral Agent or the First Lien
Collateral Agent, as applicable, in accordance with the Intercreditor
Agreement) and pending any such action such Grantor shall be deemed to hold
such dividends, interest, distributions, Securities (other than Excluded
Securities) or other property in trust for the benefit of the Collateral Agent
and shall segregate such dividends, distributions, Securities (other than
Excluded Securities) or other property from all other property of such Grantor.
Notwithstanding the foregoing, so long as no Parity Lien Debt Default shall
have occurred and be continuing, the Collateral Agent authorizes each Grantor
to retain all ordinary cash dividends and distributions paid in the normal
course of the business of the issuer of any applicable Investment Related
Property and consistent with the past practice of such issuer and all scheduled
payments of interest. 

                    (b)
Voting. 

	
  

 	
  

 
	
  

 	
                     (i)
 So long as no Parity Lien Debt Default shall have occurred and be
 continuing, except as otherwise provided under the covenants and agreements
 relating to Investment Related Property in this Agreement or elsewhere herein
 or in the Intercreditor Agreement, each Grantor shall be entitled to exercise
 or refrain from exercising any and all voting and other consensual rights
 pertaining to the Investment Related Property or any part thereof; and 

 
	
  

 	
  

 
	
  

 	
                     (ii)
 Upon the occurrence and during the continuation of a Parity Lien Debt
 Default and subject to the terms of the Intercreditor Agreement: 

 

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CONFIDENTIAL 

	
  

 	
  

 	
  

 
	
  

 	
 (1)

 	
 all
 rights of each Grantor to exercise or refrain from exercising the voting and
 other consensual rights which it would otherwise be entitled to exercise
 pursuant hereto shall cease and all such rights shall thereupon become vested
 in the Collateral Agent who shall thereupon have the sole right to exercise
 such voting and other consensual rights; and 

 
	
  

 	
  

 	
  

 
	
  

 	
 (2)

 	
 in
 order to permit the Collateral Agent to exercise the voting and other
 consensual rights which it may be entitled to exercise pursuant hereto and to
 receive all dividends and other distributions which it may be entitled to
 receive hereunder: (1) each Grantor shall promptly execute and deliver (or
 cause to be executed and delivered) to the Collateral Agent all proxies,
 dividend payment orders and other instruments as the Collateral Agent may
 from time to time reasonably request and (2) each Grantor acknowledges that
 the Collateral Agent may utilize the power of attorney set forth in Section
 8.1. 

 

                    (c)
except as expressly permitted by the Intercreditor Agreement, without
the prior written consent of the Collateral Agent, it shall not vote to enable
or take any other action to: (i) amend or terminate any partnership agreement,
limited liability company agreement, certificate of incorporation, by-laws or
other organizational documents in any way that materially changes the rights of
such Grantor with respect to any Investment Related Property or adversely
affects the validity, perfection or priority of the Collateral Agent’s security
interest, (ii) other than as permitted under the Intercreditor Agreement,
permit any issuer of any Equity Interest to dispose of all or a material
portion of their assets, (iii) waive any default under or breach of any terms
of organizational document relating to the issuer of any Equity Interest or the
terms of any Pledged Debt, or (iv) cause any issuer of any partnership
interests or membership interests which are not securities (for purposes of the
UCC) on the date hereof to elect or otherwise take any action to cause such
partnership interests or membership interests to be treated as securities for
purposes of the UCC; provided, however, notwithstanding the foregoing, if any
issuer of any partnership interests or membership interests takes any such
action in violation of the foregoing in this clause (iv), such Grantor shall
promptly notify the Collateral Agent in writing of any such election or action
and, in such event, shall take all steps necessary or advisable to establish
the Collateral Agent’s Control thereof; 

                    (d)
except as expressly permitted by the Intercreditor Agreement, without
the prior written consent of the Collateral Agent, it shall not permit any
issuer of any Equity Interest to merge or consolidate unless (i) such issuer
creates a security interest that is perfected by a filed financing statement
(that is not effective solely under section 9-508 of the UCC) in collateral in
which such new debtor has or acquires rights, (ii) all the outstanding capital
stock or other equity interests of the surviving or resulting corporation,
limited liability company, partnership or other entity is, upon such merger or
consolidation, pledged hereunder and no cash, securities or other property is
distributed in respect of the outstanding equity interests of any other constituent
Grantor; provided that if the surviving or resulting Grantors upon any such
merger or consolidation involving an issuer which is a Controlled Foreign
Corporation, then such Grantor shall only be required to pledge equity
interests in accordance with Section 2.2 and (iii) Grantor promptly complies
with the delivery and control requirements of Section 4 hereof; and 

                    (e)
it shall notify the Collateral Agent of any default under any Pledged
Debt that has caused, either in any individual case or in the aggregate, a
material adverse effect. 

          6.7 Intellectual Property. Subject to the
provisions of Section 9.6, 

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CONFIDENTIAL 

                    (a)
it shall not knowingly do any act or knowingly omit to do any act whereby
any of the Grantor-owned Intellectual Property that is material to the business
of such Grantor may lapse, or become abandoned, canceled, dedicated to the
public, forfeited, unenforceable or otherwise impaired, or which would
adversely affect the validity, grant, or enforceability of the security
interest granted therein; 

                    (b)
it shall not, with respect to any Trademarks, cease the use of any of
such Trademarks or fail to maintain the level of the quality of products sold
and services rendered under any of such Trademark at a level at least
substantially consistent with the quality of such products and services as of
the date hereof, and such Grantor shall take all commercially reasonable steps
to ensure that licensees of such Trademarks use such consistent standards of
quality; 

                    (c)
it shall promptly notify the Collateral Agent if it knows or has reason
to know that any item of Intellectual Property owned by such Grantor may become
(i) abandoned or dedicated to the public or placed in the public domain, (ii)
invalid or unenforceable, (iii) subject to any adverse determination or
development regarding such Grantor’s ownership, registration or use or the
validity or enforceability of such item of Intellectual Property (including the
institution of, or any adverse development with respect to, any action or
proceeding in the United States Patent and Trademark Office, the United States
Copyright Office, any state registry, any foreign counterpart of the foregoing,
or any court) or (iv) the subject of any reversion or termination rights; 

                    (d)
it shall take all reasonable steps, including in any proceeding before
the United States Patent and Trademark Office, the United States Copyright
Office, any state registry or any foreign counterpart of the foregoing, to
pursue any application and maintain any registration or issuance of each
Trademark, Patent, and Copyright owned by or exclusively licensed to any
Grantor, including, but not limited to, those items on Schedule 5.2(II) (as
such schedule may be amended or supplemented from time to time); 

                    (e)
it shall use best efforts so as not to permit the inclusion in any
contract to which it hereafter becomes a party of any provision that would materially
impair or prevent the creation of a security interest in such Grantor’s rights
and interests in any Grantor-owned Intellectual Property; 

                    (f)
in the event that any Intellectual Property owned by or exclusively
licensed to any Grantor is infringed, misappropriated, diluted or otherwise
violated by a third party, such Grantor shall promptly take all reasonable
actions to stop such infringement, misappropriation, dilution or other
violation and protect its rights in such Intellectual Property including, but
not limited to, the initiation of a suit for injunctive relief and to recover
damages; 

                    (g)
it shall take all reasonable steps to protect the secrecy of all Trade
Secrets owned by such Grantor; 

                    (h)
it shall continue to collect, at its own expense, all amounts due or to
become due to such Grantor in respect of any Intellectual Property owned by
such Grantor. In connection with such collections, such Grantor may take (and,
at the Collateral Agent’s reasonable direction, shall take) such action as such
Grantor or the Collateral Agent may deem reasonably necessary or advisable to
enforce collection of such amounts. Notwithstanding the foregoing, the
Collateral Agent shall have the right at any time, to notify, or require any
Grantor 

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CONFIDENTIAL 

to
notify, any obligors with respect to any such amounts of the existence of the
security interest created hereby. 

                    (i)
Nothing in the foregoing subsections 6.7(a) through (h) shall be
construed to require a Grantor to prosecute, maintain, renew or extend any item
of registered Intellectual Property owned by such Grantor, or any application
for registration of Intellectual Property owned by such Grantor, where such
Grantor has, in the exercise of its reasonable business judgment, deemed such
Intellectual Property to be of no material value to the business of such
Grantor, or where, in the exercise of such Grantor’s reasonable business
judgment, such Grantor has determined that the failure to prosecute an
application for registration or issuance of Intellectual Property owned by such
Grantor would not reasonably be expected to have a material adverse effect on
such Grantor’s business. 

          6.8 Non-Assignable Contracts. 

          Each
Grantor shall, within thirty (30) days after entering into any Material
Contract that is a Non-Assignable Contract after the date hereof, request in
writing the consent of the counterparty or counterparties to such
Non-Assignable Contract pursuant to the terms of such Non-Assignable Contract
or applicable law to the assignment or granting of a security interest in such
Non-Assignable Contract to the Collateral Agent, for the benefit of the Secured
Parties, and use commercially reasonable efforts to obtain such consent as soon
as practicable thereafter. 

SECTION 7. ACCESS; RIGHT OF INSPECTION; INSURANCE AND FURTHER
ASSURANCES; ADDITIONAL GRANTORS. 

          7.1 Access; Right of Inspection; Insurance. 

                    (a)
The Collateral Agent shall at all times have full and free access
(during normal business hours) to all the books, correspondence and records of
each Grantor, and the Collateral Agent and its representatives may examine the
same, take extracts therefrom and make photocopies thereof, and each Grantor
agrees to render to the Collateral Agent, at such Grantor’s cost and expense,
such clerical and other assistance as may be reasonably requested with regard
thereto. The Collateral Agent and its representatives shall at all times also have
the right to enter any premises of each Grantor and inspect any property of
each Grantor where any of the Collateral of such Grantor granted pursuant to
this Agreement is located for the purpose of inspecting the same, observing its
use or otherwise protecting its interests therein. 

                    (b)
The Grantors will maintain or cause to be maintained, with financially
sound and reputable insurers, such public liability insurance, third party
property damage insurance, business interruption insurance and casualty
insurance with respect to liabilities, losses or damage in respect of the
assets, properties and businesses of the Grantors and their respective
Subsidiaries as may customarily be carried or maintained under similar
circumstances by Persons of established reputation engaged in similar
businesses, in each case in such amounts (giving effect to self insurance),
with such deductibles, covering such risks and otherwise on such terms and
conditions as shall be customary for such Persons. Without limiting the
generality of the foregoing, the Grantors will maintain or cause to be
maintained (i) flood insurance with respect to each interest (fee, leasehold or
otherwise) owned or held by any Grantor in any real property subject to a
mortgage in favor of the Collateral Agent, for the benefit of the Secured
Parties, and located in an area designated by the Federal Emergency Management
Agency as having special flood or mud slide hazards, which area is located in a
community that participates in the National Flood Insurance Program, in each
case in compliance with any applicable regulations of the 

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CONFIDENTIAL 

Board
of Governors of the United States Federal Reserve System (or any successor
thereto), and (ii) replacement value casualty insurance on the Collateral under
such policies of insurance, with such insurance companies, in such amounts,
with such deductibles, and covering such risks as are at all times carried or
maintained under similar circumstances by Persons of established reputation engaged
in similar businesses. Each such policy of insurance shall (A) name the
Collateral Agent, on behalf of the Secured Parties, as an additional insured
thereunder as its interests may appear, (B) in the case of each casualty
insurance policy, contain a loss payable clause or endorsement, reasonably
satisfactory in form and substance to the Collateral Agent, that names the
Collateral Agent, on behalf of the Secured Parties, as loss payee thereunder
and provide for at least 30 days’ prior written notice to the Collateral Agent
of any modification or cancellation of such policy. 

          7.2 Further Assurances. 

                    (a)
Each Grantor agrees that from time to time, at the expense of such
Grantor, it shall promptly execute and deliver all further instruments and
documents, and take all further action, that may be necessary, or that the
Collateral Agent may reasonably request, in order to create and/or maintain the
validity, perfection or priority of any security interest granted or purported
to be granted hereby or to enable the Collateral Agent to exercise and enforce
its rights and remedies hereunder with respect to any Collateral. Without
limiting the generality of the foregoing, each Grantor shall: 

	
  

 	
  

 
	
  

 	
                     (i)
 file such financing or continuation statements, or amendments thereto,
 record security interests in Intellectual Property and execute and deliver,
 subject to the terms and conditions of the Intercreditor Agreement, such
 other agreements, instruments, endorsements, powers of attorney or notices,
 as may be necessary or as the Collateral Agent may reasonably request, in
 order to effect, reflect, perfect and preserve the security interests granted
 or purported to be granted hereby; 

 
	
  

 	
  

 
	
  

 	
                     (ii)
 take all actions necessary to ensure the recordation of appropriate
 evidence of the liens and security interest granted hereunder in any
 Intellectual Property owned by such Grantor with any intellectual property
 registry in which said owned Intellectual Property is registered or issued or
 in which an application for registration or issuance is pending, including,
 without limitation, the United States Patent and Trademark Office, the United
 States Copyright Office, the various Secretaries of State, and the foreign
 counterparts on any of the foregoing; 

 
	
  

 	
  

 
	
  

 	
                     (iii)
 at the Collateral Agent’s reasonable request, appear in and defend any
 action or proceeding that may affect such Grantor’s title to or the
 Collateral Agent’s security interest in all or any material part of the
 Collateral, except for Permitted Liens; and 

 
	
  

 	
  

 
	
  

 	
                     (iv)
 furnish the Collateral Agent with such information regarding the
 Collateral, including, without limitation, the location thereof, as the
 Collateral Agent may reasonably request from time to time. 

 

                    (b)
Each Grantor hereby authorizes the Collateral Agent to file a Record or
Records, including, without limitation, financing or continuation statements,
Intellectual Property Security Agreements and amendments and supplements to any
of the foregoing, in any jurisdictions and with any filing offices as the
Collateral Agent may determine, in its sole discretion, are necessary to
perfect the security interest granted to the Collateral Agent herein. 

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CONFIDENTIAL 

Such
financing statements may describe the Collateral in the same manner as
described herein or may contain an indication or description of collateral that
describes such property in any other manner as the Collateral Agent may
determine, in its sole discretion, is necessary, advisable or prudent to ensure
the perfection of the security interest in the Collateral granted to the
Collateral Agent herein, including, without limitation, describing such
property as “all assets, whether now owned or hereafter acquired, developed or
created” or words of similar effect. Each Grantor shall furnish to the
Collateral Agent from time to time statements and schedules further identifying
and describing the Collateral and such other reports in connection with the
Collateral as the Collateral Agent may reasonably request, all in reasonable
detail. 

                    (c)
Each Grantor hereby authorizes the Collateral Agent to modify this
Agreement after obtaining such Grantor’s approval of or signature to such modification
by amending Schedule 5.2 (as such schedule may be amended or supplemented from
time to time) to include reference to any right, title or interest in any
existing Intellectual Property or any Intellectual Property acquired or
developed by any Grantor after the execution hereof or to delete any reference
to any right, title or interest in any Intellectual Property in which any
Grantor no longer has or claims any right, title or interest. 

          7.3 Additional Grantors. From time to time
subsequent to the date hereof, additional Persons may become parties hereto as
additional Grantors (each, an “Additional Grantor”), by executing a Pledge
Supplement. Upon delivery of any such Pledge Supplement to the Collateral
Agent, notice of which is hereby waived by Grantors, each Additional Grantor
shall be a Grantor and shall be as fully a party hereto as if Additional
Grantor were an original signatory hereto. Each Grantor expressly agrees that
its obligations arising hereunder shall not be affected or diminished by the
addition or release of any other Grantor hereunder, nor by any election of
Collateral Agent not to cause any Subsidiary of the Company to become an
Additional Grantor hereunder. This Agreement shall be fully effective as to any
Grantor that is or becomes a party hereto regardless of whether any other
Person becomes or fails to become or ceases to be a Grantor hereunder. 

          The
Grantors shall cause (a) each Subsidiary formed or acquired after the date
hereof and each subsidiary that becomes a Subsidiary after the date hereof, in
each case, concurrently upon becoming a Subsidiary, and (b) each Subsidiary
that ceases to be an Immaterial Subsidiary after the date hereof, concurrently
upon ceasing to be an Immaterial Subsidiary, to become a “Grantor” under and as
defined in the applicable Second Lien Collateral Documents in existence at such
time, to deliver such schedules, documents, instruments, agreements and
certificates as are similar to those delivered to the Collateral Agent in connection
with this Agreement, and to take all actions necessary to grant and to perfect
a first priority Lien in favor of the Collateral Agent (subject, in the case of
priority only, to Permitted Prior Liens) on the collateral described therein. 

SECTION 8. COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT. 

          8.1 Power of Attorney. Each Grantor hereby
irrevocably appoints the Collateral Agent (such appointment being coupled with
an interest) as such Grantor’s attorney-in-fact, with full authority in the
place and stead of such Grantor and in the name of such Grantor, the Collateral
Agent or otherwise, from time to time in the Collateral Agent’s discretion,
subject to the terms and conditions of the Intercreditor Agreement prior to the
Discharge of First Lien Obligations: 

                    (a)
upon the occurrence and during the continuance of any Parity Lien Debt
Default, subject to the terms of the Intercreditor Agreement, to obtain and
adjust insurance 

29

CONFIDENTIAL 

required
to be maintained by such Grantor or paid to the Collateral Agent pursuant to
this Agreement and/or the Indenture; 

                    (b)
upon the occurrence and during the continuance of any Parity Lien Debt
Default, subject to the terms of the Intercreditor Agreement, to ask for,
demand, collect, sue for, recover, compound, receive and give acquittance and
receipts for moneys due and to become due under or in respect of any of the
Collateral; 

                    (c)
upon the occurrence and during the continuance of any Parity Lien Debt
Default, subject to the terms of the Intercreditor Agreement, to receive,
endorse and collect any drafts or other instruments, documents and chattel
paper in connection with clause (b) above; 

                    (d)
upon the occurrence and during the continuance of any Parity Lien Debt
Default, subject to the terms of the Intercreditor Agreement, to file any
claims or take any action or institute any proceedings that the Collateral
Agent may deem necessary for the collection of any of the Collateral or
otherwise to enforce the rights of the Collateral Agent with respect to any of
the Collateral; 

                    (e)
to prepare and file any UCC financing statements against such Grantor as
debtor; 

                    (f)
to prepare, sign, and file for recordation in any intellectual property
registry, appropriate evidence of the lien and security interest granted herein
in any Intellectual Property in the name of such Grantor as debtor; 

                    (g)
upon the occurrence and during the continuance of any Parity Lien Debt
Default, to take or cause to be taken all actions necessary to perform or
comply or cause performance or compliance with the terms of this Agreement,
including, without limitation, access to pay or discharge taxes or Liens (other
than Permitted Prior Liens) levied or placed upon or threatened against the
Collateral, the legality or validity thereof and the amounts necessary to
discharge the same to be determined by the Collateral Agent in its sole
discretion, any such payments made by the Collateral Agent to become
obligations of such Grantor to the Collateral Agent, due and payable
immediately without demand; and 

                    (h)
upon the occurrence and during the continuance of any Parity Lien Debt
Default, subject to the terms of the Intercreditor Agreement, generally to
sell, transfer, lease, license, pledge, make any agreement with respect to or
otherwise deal with any of the Collateral as fully and completely as though the
Collateral Agent were the absolute owner thereof for all purposes, and to do,
at the Collateral Agent’s option and such Grantor’s expense, at any time or
from time to time, all acts and things that the Collateral Agent deems
reasonably necessary to protect, preserve or realize upon the Collateral and
the Collateral Agent’s security interest therein in order to effect the intent
of this Agreement, all as fully and effectively as such Grantor might do. 

          8.2 No Duty on the Part of Collateral Agent or Secured
Parties. The powers conferred on the Collateral Agent hereunder are
solely to protect the interests of the Secured Parties in the Collateral and
shall not impose any duty upon the Collateral Agent or any other Secured Party
to exercise any such powers. The Collateral Agent and the other Secured Parties
shall be accountable only for amounts that they actually receive as a result of
the exercise of such powers, and neither they nor any of their officers,
directors, employees or agents shall be 

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CONFIDENTIAL 

responsible
to any Grantor for any act or failure to act hereunder, except for their own
gross negligence or willful misconduct. 

          8.3 Appointment Pursuant to Intercreditor Agreement.
The Collateral Agent has been appointed as collateral agent pursuant to the
Intercreditor Agreement. The rights, duties, privileges, immunities and
indemnities of the Collateral Agent hereunder are subject to the provisions of
the Intercreditor Agreement. 

SECTION 9. REMEDIES. 

          9.1
Generally. 

                    (a)
If any Parity Lien Debt Default shall have occurred and be continuing,
subject to the terms of the Intercreditor Agreement and subject to applicable
Gaming Law, the Collateral Agent may exercise in respect of the Collateral, in
addition to all other rights and remedies provided for herein or otherwise
available to it at law or in equity, all the rights and remedies of the
Collateral Agent on default under the UCC (whether or not the UCC applies to
the affected Collateral) to collect, enforce or satisfy any Secured Obligations
then owing, whether by acceleration or otherwise, and also may pursue any of
the following separately, successively or simultaneously: 

	
  

 	
  

 
	
  

 	
                     (i)
 require any Grantor to, and each Grantor hereby agrees that it shall
 at its expense and promptly upon request of the Collateral Agent forthwith,
 assemble all or part of the Collateral as directed by the Collateral Agent
 (subject to the terms of the Intercreditor Agreement) and make it available
 to the Collateral Agent at a place to be designated by the Collateral Agent
 that is reasonably convenient to both parties; 

 
	
  

 	
  

 
	
  

 	
                     (ii)
 enter onto the property where any Collateral is located and take
 possession thereof with or without judicial process; 

 
	
  

 	
  

 
	
  

 	
                     (iii)
 prior to the disposition of the Collateral, store, process, repair or
 recondition the Collateral or otherwise prepare the Collateral for
 disposition in any manner to the extent the Collateral Agent deems
 appropriate; and 

 
	
  

 	
  

 
	
  

 	
                     (iv)
 without notice except as specified below or under the UCC, sell,
 assign, lease, license (on an exclusive or nonexclusive basis) or otherwise
 dispose of the Collateral or any part thereof in one or more parcels at
 public or private sale, at any of the Collateral Agent’s offices or
 elsewhere, for cash, on credit or for future delivery, at such time or times
 and at such price or prices and upon such other terms as the Collateral Agent
 may deem commercially reasonable. 

 

                    (b)
The Collateral Agent or any other Secured Party may be the purchaser of
any or all of the Collateral at any public or private (to the extent the
portion of the Collateral being privately sold is of a kind that is customarily
sold on a recognized market or the subject of widely distributed standard price
quotations) sale in accordance with the UCC and the Collateral Agent, as
collateral agent for and representative of the Secured Parties, shall be
entitled, for the purpose of bidding and making settlement or payment of the purchase
price for all or any portion of the Collateral sold at any such sale made in
accordance with the UCC, to use and apply any of the Secured Obligations as a
credit on account of the purchase price for any Collateral payable by the
Collateral Agent at such sale. Each purchaser at any such sale shall hold the
property sold 

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CONFIDENTIAL 

absolutely
free from any claim or right on the part of any Grantor, and each Grantor
hereby waives (to the extent permitted by applicable law) all rights of redemption,
stay and/or appraisal which it now has or may at any time in the future have
under any rule of law or statute now existing or hereafter enacted. Each
Grantor agrees that, to the extent notice of sale shall be required by law, at
least ten (10) days notice to such Grantor of the time and place of any public
sale or the time after which any private sale is to be made shall constitute
reasonable notification. The Collateral Agent shall not be obligated to make
any sale of Collateral regardless of notice of sale having been given. The
Collateral Agent may adjourn any public or private sale from time to time by
announcement at the time and place fixed therefor, and such sale may, without
further notice, be made at the time and place to which it was so adjourned.
Each Grantor agrees that it would not be commercially unreasonable for the
Collateral Agent to dispose of the Collateral or any portion thereof by using
Internet sites that provide for the auction of assets of the types included in
the Collateral or that have the reasonable capability of doing so, or that
match buyers and sellers of assets. Each Grantor hereby waives any claims
against the Collateral Agent arising by reason of the fact that the price at
which any Collateral may have been sold at such a private sale was less than
the price which might have been obtained at a public sale, even if the
Collateral Agent accepts the first offer received and does not offer such
Collateral to more than one offeree. If the proceeds of any sale or other
disposition of the Collateral are insufficient to pay all the Secured
Obligations, Grantors shall be liable for the deficiency and the fees of any
attorneys employed by the Collateral Agent to collect such deficiency. Each
Grantor further agrees that a breach of any of the covenants contained in this
Section will cause irreparable injury to the Collateral Agent, that the
Collateral Agent has no adequate remedy at law in respect of such breach and,
as a consequence, that each and every covenant contained in this Section shall
be specifically enforceable against such Grantor, and such Grantor hereby
waives and agrees not to assert any defenses against an action for specific
performance of such covenants except for a defense that no default has occurred
giving rise to the Secured Obligations becoming due and payable prior to their
stated maturities. Nothing in this Section shall in any way limit the rights of
the Collateral Agent hereunder. 

                    (c)
The Collateral Agent may sell the Collateral without giving any
warranties as to the Collateral. The Collateral Agent may specifically disclaim
or modify any warranties of title or the like. This procedure will not be
considered to adversely affect the commercial reasonableness of any sale of the
Collateral. 

                    (d)
The Collateral Agent shall have no obligation to marshal any of the
Collateral. 

          9.2 Application of Proceeds. Except as
expressly provided elsewhere in this Agreement, and subject to the
Intercreditor Agreement, all proceeds received by the Collateral Agent in
respect of any sale of, any collection from, or other realization upon all or
any part of the Collateral shall be applied by the Collateral Agent in
accordance with Section 8.25 of the Intercreditor Agreement. 

          9.3 Sales on Credit. If Collateral Agent
sells any of the Collateral upon credit, Grantor will be credited only with
payments actually made by purchaser and received by Collateral Agent and
applied to indebtedness of the purchaser. In the event the purchaser fails to
pay for the Collateral, Collateral Agent may resell the Collateral and Grantor
shall be credited with proceeds of the sale. 

          9.4 Investment Related Property. Each
Grantor recognizes that, by reason of certain prohibitions contained in the
Securities Act and applicable state securities laws, the 

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CONFIDENTIAL 

Collateral
Agent may be compelled, with respect to any sale of all or any part of the
Investment Related Property conducted without prior registration or
qualification of such Investment Related Property under the Securities Act
and/or such state securities laws, to limit purchasers to those who will agree,
among other things, to acquire the Investment Related Property for their own
account, for investment and not with a view to the distribution or resale
thereof. Each Grantor acknowledges that any such private sale may be at prices
and on terms less favorable than those obtainable through a public sale without
such restrictions (including a public offering made pursuant to a registration
statement under the Securities Act) and, notwithstanding such circumstances,
each Grantor agrees that any such private sale shall be deemed to have been
made in a commercially reasonable manner and that the Collateral Agent shall
have no obligation to engage in public sales and no obligation to delay the
sale of any Investment Related Property for the period of time necessary to
permit the issuer thereof to register it for a form of public sale requiring
registration under the Securities Act or under applicable state securities
laws, even if such issuer would, or should, agree to so register it. If the
Collateral Agent determines to exercise its right to sell any or all of the
Investment Related Property included in the Collateral, upon written request,
each Grantor shall and shall cause each issuer of any such Equity Interest to
be sold hereunder, each partnership and each limited liability company from
time to time to furnish to the Collateral Agent all such information as the
Collateral Agent may request in order to determine the number and nature of
interest, shares or other instruments included in the Investment Related
Property which may be sold by the Collateral Agent in exempt transactions under
the Securities Act and the rules and regulations of the Securities and Exchange
Commission thereunder, as the same are from time to time in effect. 

          9.5 Grant of Intellectual Property License.
For the purpose of enabling the Collateral Agent, during the continuance of a
Parity Lien Debt Default, subject to the terms of the Intercreditor Agreement,
to exercise rights and remedies under Section 9 hereof at such time as the
Collateral Agent shall be lawfully entitled to exercise such rights and
remedies, and during the pendency thereof, and for no other purpose, each
Grantor hereby grants to the Collateral Agent, to the extent assignable, an
irrevocable, non-exclusive license (exercisable without payment of royalty or
other compensation to such Grantor), subject, in the case of Trademarks, to
sufficient rights to quality control and inspection in favor of such Grantor to
avoid the risk of invalidation of such Trademarks, to use, assign, license or
sublicense any of the Intellectual Property now owned or hereafter acquired,
developed or created by such Grantor, wherever the same may be located. Such
license shall include access to all media in which any of the licensed items
may be recorded or stored and to all computer programs used for the compilation
or printout hereof. 

          9.6 Intellectual Property. 

                    (a)
Anything contained herein to the contrary notwithstanding, in addition
to the other rights and remedies provided herein, upon the occurrence and
during the continuation of a Parity Lien Debt Default and subject to the terms
of the Intercreditor Agreement: 

	
  

 	
  

 
	
  

 	
                     (i)
 the Collateral Agent shall have the right (but not the obligation) to
 bring suit or otherwise commence any action or proceeding in the name of any
 Grantor, the Collateral Agent or otherwise, in the Collateral Agent’s sole
 discretion, to enforce any Intellectual Property rights of such Grantor, in
 which event such Grantor shall, at the request of the Collateral Agent, do
 any and all lawful acts and execute any and all documents reasonably
 requested by the Collateral Agent in aid of such enforcement, and such
 Grantor shall promptly, upon demand, reimburse and indemnify the Collateral
 Agent as provided in Section 12 hereof in connection with the exercise of its
 rights under this Section 9.6, and, to the extent that the Collateral Agent
 shall elect not 

 

33

CONFIDENTIAL 

	
  

 	
  

 	
  

 
	
  

 	
 to
 bring suit to enforce any Intellectual Property rights as provided in this
 Section 9.6, each Grantor agrees to use all reasonable measures, whether by
 action, suit, proceeding or otherwise, to prevent the infringement,
 misappropriation, dilution or other violation of any of such Grantor’s rights
 in the Intellectual Property by others and for that purpose agrees to
 diligently maintain any action, suit or proceeding against any Person so
 infringing, misappropriating, diluting or otherwise violating as shall be
 necessary to prevent such infringement, misappropriation, dilution or other
 violation; 

 
	
  

 	
  

 	
  

 
	
  

 	
                     (ii)
 upon written demand from the Collateral Agent, each Grantor shall
 grant, assign, convey or otherwise transfer to the Collateral Agent or such
 Collateral Agent’s designee all of such Grantor’s right, title and interest
 in and to any Intellectual Property and shall execute and deliver to the
 Collateral Agent such documents as are necessary or appropriate to carry out
 the intent and purposes of this Agreement; 

 
	
  

 	
  

 	
  

 
	
  

 	
                     (iii)
 each Grantor agrees that such an assignment and/or recording shall be
 applied to reduce the Secured Obligations outstanding only to the extent that
 the Collateral Agent (or any other Secured Party) receives cash proceeds in
 respect of the sale of, or other realization upon, any such Intellectual
 Property; 

 
	
  

 	
  

 	
  

 
	
  

 	
                     (iv)
 within five (5) Business Days after written notice from the Collateral
 Agent, each Grantor shall make available to the Collateral Agent, to the
 extent within such Grantor’s power and authority, such personnel in such
 Grantor’s employ on the date of such Parity Lien Debt Default as the
 Collateral Agent may reasonably designate, by name, title or job
 responsibility, to permit such Grantor to continue, directly or indirectly,
 to produce, advertise and sell the products and services sold or delivered by
 such Grantor under or in connection with any Trademarks or Trademark
 Licenses, such persons to be available to perform their prior functions on
 the Collateral Agent’s behalf and to be compensated by the Collateral Agent
 at such Grantor’s expense on a per diem, pro-rata basis consistent with the
 salary and benefit structure applicable to each as of the date of such Parity
 Lien Debt Default; and 

 
	
  

 	
  

 	
  

 
	
  

 	
                     (v)
 the Collateral Agent shall have the right to notify, or require each
 Grantor to notify, any obligors with respect to amounts due or to become due
 to such Grantor in respect of any Intellectual Property of such Grantor, of
 the existence of the security interest created herein, to direct such
 obligors to make payment of all such amounts directly to the Collateral
 Agent, and, upon such notification and at the expense of such Grantor, to
 enforce collection of any such amounts and to adjust, settle or compromise
 the amount or payment thereof, in the same manner and to the same extent as
 such Grantor might have done; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (1)

 	
 all
 amounts and proceeds (including checks and other instruments) received by
 Grantor in respect of amounts due to such Grantor in respect of the
 Collateral or any portion thereof shall be received in trust for the benefit
 of the Collateral Agent hereunder, shall be segregated from other funds of
 such Grantor and shall be forthwith paid over or delivered to the Collateral
 Agent in the same form as so received (with any necessary endorsement) to be
 held as cash Collateral and applied as provided by Section 9.7 hereof; and 

 
	
  

 	
  

 	
  

 
	
  

 	
 (2)

 	
 Grantor shall not adjust, settle or compromise the amount or payment
 of any such amount or release wholly or partly any obligor with respect
 thereto or allow any credit or discount thereon. 

 

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CONFIDENTIAL 

                    (b)
Subject to the terms of the Intercreditor Agreement, if (i) a Parity
Lien Debt Default shall have occurred and, by reason of cure, waiver,
modification, amendment or otherwise, no longer be continuing, (ii) no other Parity
Lien Debt Default shall have occurred and be continuing, (iii) an assignment or
other transfer to the Collateral Agent of any rights, title and interests in
and to any Intellectual Property of such Grantor shall have been previously
made and shall have become absolute and effective, and (iv) the Secured
Obligations shall not have become immediately due and payable, upon the written
request of any Grantor, the Collateral Agent shall promptly execute and deliver
to such Grantor, at such Grantor’s sole cost and expense, such assignments or
other transfer as may be necessary to reassign to such Grantor any such rights,
title and interests as may have been assigned to the Collateral Agent as
aforesaid, subject to any disposition thereof that may have been made by the
Collateral Agent; provided, after giving effect to such reassignment, the
Collateral Agent’s security interest granted pursuant hereto, as well as all
other rights and remedies of the Collateral Agent granted hereunder, shall
continue to be in full force and effect. 

          9.7
Cash Proceeds; Deposit Accounts. (a) If any Parity Lien Debt Default shall have occurred and be
continuing, subject to the terms of the Intercreditor Agreement, in addition to
the rights of the Collateral Agent specified in Section 6.5 with respect to
payments of Receivables, all proceeds of any Collateral received by any Grantor
consisting of cash, checks and other near-cash items (collectively, “Cash Proceeds”) shall be held by such
Grantor in trust for the Collateral Agent, segregated from other funds of such
Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to
the Collateral Agent in the exact form received by such Grantor (duly indorsed
by such Grantor to the Collateral Agent, if required) and held by the
Collateral Agent in a Collateral Account. Any Cash Proceeds received by the
Collateral Agent (whether from a Grantor or otherwise) may, in the sole
discretion of the Collateral Agent, (A) be held by the Collateral Agent for the
ratable benefit of the Secured Parties, as collateral security for the Secured
Obligations (whether matured or unmatured) and/or (B) then or at any time
thereafter may be applied by the Collateral Agent against the Secured
Obligations then due and owing. 

          (b)
If any Parity Lien Debt Default shall have occurred and be continuing, subject
to the terms of the Intercreditor Agreement, the Collateral Agent may apply the
balance from any Deposit Account or instruct the bank at which any Deposit
Account is maintained to pay the balance of any Deposit Account to or for the
benefit of the Collateral Agent or the First Lien Collateral Agent, as
applicable, in accordance with the Intercreditor Agreement. 

SECTION 10. COLLATERAL AGENT. 

          10.1 Appointment. The Collateral Agent has
been appointed to act as Collateral Agent hereunder by the holders of Notes
pursuant to the Indenture and, by their acceptance of the benefits hereof, the
other Secured Parties. The Collateral Agent shall be obligated, and shall have
the right hereunder, to make demands, to give notices, to exercise or refrain
from exercising any rights, and to take or refrain from taking any action
(including, without limitation, the release or substitution of Collateral),
solely in accordance with this Agreement, the Intercreditor Agreement and the
Indenture. In furtherance of the foregoing provisions of this Section, each
Secured Party, by its acceptance of the benefits hereof, agrees that it shall
have no right individually to realize upon any of the Collateral hereunder, it
being understood and agreed by such Secured Party that all rights and remedies
hereunder may be exercised solely by the Collateral Agent for the benefit of
the Secured Parties in accordance with the terms of this Section. The provisions
of the Intercreditor Agreement relating to the Collateral Agent including,
without limitation, the provisions relating to resignation or removal of the
Collateral Agent, reimbursement of expenses 

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CONFIDENTIAL

and
the powers and duties and immunities of the Collateral Agent are incorporated
herein by this reference and shall survive any termination of the Intercreditor
Agreement. 

          10.2
Delegation of Duties. The
Collateral Agent may perform any and all of its duties and exercise its rights
and powers under this Agreement by or through any one or more sub-agents
appointed by the Collateral Agent. The Collateral Agent and any such sub-agent
may perform any and all of its duties and exercise its rights and powers by or
through their respective Affiliates. The exculpatory, indemnification and other
provisions of this Section 10 (including those incorporated from the
Intercreditor Agreement) shall apply to any Affiliates of the Collateral Agent.
All of the rights, benefits, and privileges (including the exculpatory and
indemnification provisions) of this Section 10 shall apply to any such
sub-agent and to the Affiliates of any such sub-agent, and shall apply to their
respective activities as sub-agent as if such sub-agent and Affiliates were
named herein. Notwithstanding anything herein to the contrary, with respect to
each sub-agent appointed by the Collateral Agent, (a) such sub-agent shall be a
third party beneficiary under this Agreement with respect to all such rights,
benefits and privileges (including exculpatory rights and rights to
indemnification) and shall have all of the rights and benefits of a third party
beneficiary, including an independent right of action to enforce such rights,
benefits and privileges (including exculpatory rights and rights to
indemnification) directly, without the consent or joinder of any other Person,
against any or all of the Grantors and the Secured Parties, (b) such rights,
benefits and privileges (including exculpatory rights and rights to
indemnification) shall not be modified or amended without the consent of such
sub-agent, and (c) such sub-agent shall only have obligations to the Collateral
Agent and not to any Grantor, Secured Party or any other Person and no Grantor,
Secured Party or any other Person shall have any rights, directly or
indirectly, as a third party beneficiary or otherwise, against such sub-agent. 

SECTION 11. CONTINUING SECURITY INTEREST; TRANSFER OF NOTES AND OTHER INDEBTEDNESS.

          This
Agreement shall create a continuing security interest in the Collateral and
shall remain in full force and effect until the payment in full of all Secured
Obligations, be binding upon each Grantor, its successors and assigns, and
inure, together with the rights and remedies of the Collateral Agent hereunder,
to the benefit of the Collateral Agent and its successors, transferees and
assigns. Without limiting the generality of the foregoing, but subject to the
terms of the applicable Second Lien Documents, any Secured Party may assign or
otherwise transfer any Notes or any Indebtedness in respect of any Additional
Parity Lien Facility held by it to any other Person to the extent permitted
under the applicable Second Lien Documents, and such other Person shall
thereupon become vested with all the benefits in respect thereof granted to
such Secured Party herein or otherwise. Upon the payment in full of all Secured
Obligations, the security interest granted hereby shall automatically terminate
hereunder and of record and all rights to the Collateral shall revert to the
Grantors. Upon any such termination the Collateral Agent shall, at the
Grantors’ expense, execute and deliver to the Grantors or otherwise authorize
the filing of such documents as the Grantors shall reasonably request,
including financing statement amendments to evidence such termination. Upon any
sale, transfer or other disposition of Collateral permitted by the Second Lien
Documents, the Liens granted herein upon such Collateral shall be deemed to be
automatically released and such Collateral shall automatically revert to the
applicable Grantor with no further action on the part of any Person. The
Collateral Agent shall, at the applicable Grantor’s expense, execute and
deliver or otherwise authorize the filing of such documents as such Grantor
shall reasonably request, in form and substance reasonably satisfactory to the
Collateral Agent, including financing statement amendments to evidence such
release. 

36

CONFIDENTIAL

SECTION 12. STANDARD OF CARE; COLLATERAL AGENT MAY PERFORM. 

          The
powers conferred on the Collateral Agent hereunder are solely to protect its
interest in the Collateral and shall not impose any duty upon it to exercise
any such powers. Except for the exercise of reasonable care in the custody of
any Collateral in its possession and the accounting for moneys actually
received by it hereunder, the Collateral Agent shall have no duty as to any
Collateral or as to the taking of any necessary steps to preserve rights
against prior parties or any other rights pertaining to any Collateral. The
Collateral Agent shall be deemed to have exercised reasonable care in the
custody and preservation of Collateral in its possession if such Collateral is
accorded treatment substantially equal to that which the Collateral Agent
accords its own property. If any Grantor fails to perform any agreement
contained in Section 7.1(b) of this Agreement, the Collateral Agent may itself
perform, or cause performance of, such agreement, and the expenses of the
Collateral Agent incurred in connection therewith shall be payable by each
Grantor as set forth in the Intercreditor Agreement and the other applicable
Second Lien Documents. 

SECTION 13. MISCELLANEOUS. 

          Any
notice required or permitted to be given under this Agreement shall be given in
accordance with Section 9.9 of the Intercreditor Agreement. No failure or delay
on the part of the Collateral Agent in the exercise of any power, right or
privilege hereunder or under any other Second Lien Document shall impair such
power, right or privilege or be construed to be a waiver of any default or
acquiescence therein, nor shall any single or partial exercise of any such
power, right or privilege preclude other or further exercise thereof or of any
other power, right or privilege. All rights and remedies existing under this
Agreement and the other Second Lien Documents are cumulative to, and not
exclusive of, any rights or remedies otherwise available. In case any provision
in or obligation under this Agreement shall be invalid, illegal or unenforceable
in any jurisdiction, the validity, legality and enforceability of the remaining
provisions or obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby. All
covenants hereunder shall be given independent effect so that if a particular
action or condition is not permitted by any of such covenants, the fact that it
would be permitted by an exception to, or would otherwise be within the
limitations of, another covenant shall not avoid the occurrence of a Default
under and as defined in the Indenture or any Additional Parity Lien Facility or
a Parity Lien Debt Default if such action is taken or condition exists. This
Agreement shall be binding upon and inure to the benefit of the Collateral
Agent and the Grantors and their respective successors and assigns. No Grantor
shall, without the prior written consent of the Collateral Agent given in
accordance with the Indenture, assign any right, duty or obligation hereunder.
This Agreement and the other Second Lien Documents embody the entire agreement
and understanding between the Grantors and the Collateral Agent and supersede
all prior agreements and understandings between such parties relating to the
subject matter hereof and thereof. Accordingly, the Second Lien Documents may
not be contradicted by evidence of prior, contemporaneous or subsequent oral
agreements of the parties. There are no unwritten oral agreements between the
parties. 

          This
Agreement may be executed in one or more counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered
shall be deemed an original, but all such counterparts together shall
constitute but one and the same instrument; signature pages may be detached
from multiple separate counterparts and attached to a single counterpart so
that all signature pages are physically attached to the same document. 

37

CONFIDENTIAL

          If
any provision of this Agreement limits, qualifies or conflicts with the duties
imposed by the Trust Indenture Act of 1939 as in effect on the date of this
Agreement, the imposed duties shall control. 

          THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER AND ALL CLAIMS AND CONTROVERSIES ARISING OUT OF THE SUBJECT
MATTER HEREOF WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THAT
WOULD RESULT IN THE APPLICATION OF ANY OTHER LAW (OTHER THAN ANY MANDATORY
PROVISIONS OF THE UCC RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT
OF PERFECTION OF THE SECURITY INTEREST). 

                    THE PROVISIONS OF THE INTERCREDITOR AGREEMENT UNDER
THE HEADING “SUBMISSION TO JURISDICTION; WAIVERS” ARE INCORPORATED HEREIN BY
THIS REFERENCE AND SUCH INCORPORATION SHALL SURVIVE ANY TERMINATION OF THE
INTERCREDITOR AGREEMENT. 

38

CONFIDENTIAL

                    IN
WITNESS WHEREOF, each Grantor and the Collateral Agent have caused this
Agreement to be duly executed and delivered by their respective officers
thereunto duly authorized as of the date first written above. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 GREEKTOWN SUPERHOLDINGS,
 INC.,

 as Grantor

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Clifford J. Vallier 

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
 Name:

 	
  

 
	
  

 	
 Title:

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 GREEKTOWN HOLDINGS,
 L.L.C.,

 as Grantor

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Clifford J. Vallier 

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
 Name:

 	
  

 
	
  

 	
 Title:

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 GREEKTOWN CASINO, L.L.C.,

 as Grantor

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Clifford J. Vallier 

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
 Name:

 	
  

 
	
  

 	
 Title:

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 CONTRACT BUILDERS
 CORPORATION,

 as Grantor

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Clifford J. Vallier 

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
 Name:

 	
  

 
	
  

 	
 Title:

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 REALTY EQUITY COMPANY
 INC.,

 as Grantor

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Clifford J. Vallier 

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
 Name:

 	
  

 
	
  

 	
 Title:

 	
  

 

39

CONFIDENTIAL 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 GREEKTOWN NEWCO SUB, INC.,

 as Grantor

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Clifford J. Vallier 

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
 Name:

 	
  

 
	
  

 	
 Title:

 	
  

 

40

CONFIDENTIAL 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 WILMINGTON TRUST FSB,

 as Collateral Agent

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Jane Schweiger 

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
 Title:

 	
  

 

41

CONFIDENTIAL

EXHIBIT
A

TO PLEDGE AND SECURITY AGREEMENT 

PLEDGE
SUPPLEMENT

          This
PLEDGE SUPPLEMENT, dated [_____] is delivered by [_________], a [______]
[________], (the “Grantor”) pursuant to the Pledge and Security
Agreement, dated as of June 30, 2010 (as it may be from time to time amended,
restated, modified or supplemented, the “Security Agreement”), among Greektown
Superholdings, Inc., the other Grantors named therein, and Wilmington Trust
FSB, as the Collateral Agent. Capitalized
terms used herein not otherwise defined herein shall have the meanings ascribed
thereto in the Security Agreement. 

          Grantor
hereby confirms the grant to the Collateral Agent set forth in the Security
Agreement of, and does hereby grant to the Collateral Agent, a security
interest in all of Grantor’s right, title and interest in, to and under all
Collateral to secure the Secured Obligations, in each case whether now or
hereafter existing or in which Grantor now has or hereafter acquires an
interest and wherever the same may be located.
Grantor represents and warrants that the attached Supplements to
Schedules accurately and completely set forth all additional information
required to be provided pursuant to the Security Agreement and hereby agrees
that such Supplements to Schedules shall constitute part of the Schedules to
the Security Agreement. 

          THIS
PLEDGE SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND
ALL CLAIMS AND CONTROVERSIES ARISING OUT OF THE SUBJECT MATTER HEREOF WHETHER
SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THAT WOULD RESULT IN THE
APPLICATION OF ANY OTHER LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE UCC
RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OF THE
SECURITY INTEREST). 

          IN
WITNESS WHEREOF, Grantor has caused this Pledge Supplement to be duly
executed and delivered by its duly authorized officer as of [______]. 

	
  

 	
  

 	
  

 
	
  

 	
 [NAME OF GRANTOR]

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 

EXHIBIT A-1

CONFIDENTIAL

SUPPLEMENT
TO SCHEDULE 5.1

TO PLEDGE AND SECURITY AGREEMENT 

Additional Information:

GENERAL
INFORMATION

	
  

 	
  

 
	
 (A)

 	
 Full Legal Name, Type of Organization, Jurisdiction of
 Organization, Chief Executive Office/Sole Place of Business (or Residence if
 Grantor is a Natural Person) and Organizational Identification Number of each
 Grantor:

 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Full Legal

 Name

 	
  

 	
 Type of

 Organization

 	
  

 	
 Jurisdiction of

 Organization

 	
  

 	
 Chief Executive

 Office/Sole Place of

 Business (or

 Residence if Grantor

 is a Natural Person)

 	
  

 	
 Organization I.D.#

 	
  

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 

	
  

 	
  

 
	
 (B)

 	
 Other Names (including any Trade Name or Fictitious Business
 Name) under which each Grantor currently conducts business:

 

	
  

 	
  

 	
  

 	
  

 
	
 Full Legal Name

 	
  

 	
 Trade Name or Fictitious Business Name

 	
  

 
	

 

 	
  

 	

 

 	
  

 

	
  

 	
  

 
	
 (C)

 	
 Changes in Name, Jurisdiction of Organization, Chief
 Executive Office or Sole Place of Business (or Principal Residence if Grantor
 is a Natural Person) and Corporate Structure within past five (5) years:

 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Date of Change

 	
  

 	
 Description of Change

 	
  

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 

	
  

 	
  

 
	
 (D)

 	
 Agreements pursuant to which any Grantor is bound as
 debtor within past five (5) years:

 

	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Description of Agreement

 	
  

 
	

 

 	
  

 	

 

 	
  

 

EXHIBIT A-2

CONFIDENTIAL 

SUPPLEMENT TO SCHEDULE 5.2 

TO PLEDGE AND SECURITY AGREEMENT 

COLLATERAL IDENTIFICATION

I. INVESTMENT RELATED PROPERTY 

(A)
          Equity Interests: 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Stock

 Issuer

 	
  

 	
 Class of

 Stock

 	
  

 	
 Certificated

 (Y/N)

 	
  

 	
 Stock

 Certificate

 No.

 	
  

 	
 Par Value

 	
  

 	
 No. of

 shares of

 stock 

 	
  

 	
 Percentage
 of

 Outstanding

 Stock of the

 Stock Issuer

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Limited

 Liability

 Company

 	
  

 	
 Certificated

 (Y/N)

 	
  

 	
 Certificate
 No.

 (if any)

 	
  

 	
 No. of
 Pledged

 Units

 	
  

 	
 Percentage
 of

 Outstanding

 LLC Interests of

 the Limited

 Liability

 Company

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Partnership

 	
  

 	
 Type of

 Partnership

 Interests (e.g.,

 general or

 limited)

 	
  

 	
 Certificated

 (Y/N)

 	
  

 	
 Certificate
 No.

 (if any)

 	
  

 	
 Percentage
 of

 Outstanding

 Partnership

 Interests of the

 Partnership

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

          Pledged
Trust Interests:

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Trust

 	
  

 	
 Class of
 Trust

 Interests

 	
  

 	
 Certificated

 (Y/N)

 	
  

 	
 Certificate
 No.

 (if any)

 	
  

 	
 Percentage
 of

 Outstanding

 Trust Interests

 of the Trust

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

          Pledged
Debt:

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Issuer

 	
  

 	
 Original

 Principal

 Amount

 	
  

 	
 Outstanding

 Principal

 Balance

 	
  

 	
 Issue Date

 	
  

 	
 Maturity
 Date

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

EXHIBIT A-3

CONFIDENTIAL

          Securities
Account:

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Share of
 Securities

 Intermediary

 	
  

 	
 Account
 Number

 	
  

 	
 Account
 Name

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

          Deposit
Accounts:

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Name of
 Depositary Bank

 	
  

 	
 Account
 Number

 	
  

 	
 Account
 Name

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

          Commodities
Contracts and Commodities Accounts:

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Name of
 Commodities

 Intermediary

 	
  

 	
 Account
 Number

 	
  

 	
 Account
 Name

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

(B)

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Date of Acquisition

 	
  

 	
 Description of Acquisition

 
	

 

 	
  

 	

 

 	
  

 	

 

 

II. INTELLECTUAL PROPERTY

          (A)
Copyrights 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Jurisdiction

 	
  

 	
 Title of
 Work

 	
  

 	
 Registration
 Number

 (if any)

 	
  

 	
 Registration
 Date

 (if any)

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

          (B)
Copyright Licenses 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Description
 of Copyright

 License

 	
  

 	
 Registration
 Number (if

 any) of underlying

 Copyright

 	
  

 	
 Name of
 Licensor

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

          (C)
Patents

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Jurisdiction

 	
  

 	
 Title of
 Patent

 	
  

 	
 Patent

 Number/(Application

 Number)

 	
  

 	
 Issue
 Date/(Filing

 Date)

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

EXHIBIT A-4

CONFIDENTIAL 

          (D)
Patent Licenses 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Description
 of Patent

 License

 	
  

 	
 Patent
 Number of

 underlying Patent

 	
  

 	
 Name of
 Licensor

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

          (E)
Trademarks 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Jurisdiction

 	
  

 	
 Trademark

 	
  

 	
 Registration

 Number/(Serial

 Number)

 	
  

 	
 Registration

 Date/(Filing Date)

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

          (F)
Trademark Licenses 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Description
 of Trademark

 License

 	
  

 	
 Registration
 Number of

 underlying Trademark

 	
  

 	
 Name of
 Licensor

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

          (G)
Trade Secret Licenses 

          III. COMMERCIAL TORT CLAIMS 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Grantor

 	
  

 	
 Commercial Tort Claims 

 	
  

 
	
  

 	

 

 	
  

 	

 

 	
  

 

          IV.
LETTER OF CREDIT RIGHTS 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Grantor

 	
  

 	
 Description of Letters of
 Credit

 	
  

 
	
  

 	

 

 	
  

 	

 

 	
  

 

EXHIBIT A-5

CONFIDENTIAL

V. WAREHOUSEMAN, BAILEES AND OTHER THIRD PARTIES IN
POSSESSION OF COLLATERAL 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Description
 of Property

 	
  

 	
 Name
 and Address of Third Party

 
	

 

 	
  

 	

 

 	
  

 	

 

 

VI. ASSIGNED AGREEMENTS 

	
  

 	
  

 	
  

 	
  

 
	
 Grantor

 	
  

 	
 Description
 of Assigned Agreement

 	
  

 
	

 

 	
  

 	

 

 	
  

 

EXHIBIT A-6

CONFIDENTIAL 

	
  

 	
  

 
	
  

 	
 SUPPLEMENT TO SCHEDULE 5.4
 TO 

 
	
  

 	
 PLEDGE AND SECURITY
 AGREEMENT 

 

Financing Statements: 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Grantor

 	
  

 	
 Filing
 Jurisdiction(s)

 	
  

 
	
  

 	

 

 	
  

 	

 

 	
  

 

EXHIBIT A-7

CONFIDENTIAL 

	
  

 	
  

 
	
  

 	
 SUPPLEMENT
 TO SCHEDULE 5.5

 
	
  

 	
 TO
 PLEDGE AND SECURITY AGREEMENT

 

Additional Information:

	
  

 	
  

 	
  

 	
  

 
	
 Name of Grantor

 	
  

 	
 Location
 of Equipment and Inventory

 	
  

 
	

 

 	
  

 	

 

 	
  

 

EXHIBIT A-8

CONFIDENTIAL

EXHIBIT B 

TO PLEDGE AND SECURITY AGREEMENT 

UNCERTIFICATED SECURITIES CONTROL AGREEMENT

          This
Uncertificated Securities Control Agreement dated as of [_________], 20[__]
among [________________] (the “Pledgor”),
Wilmington Trust FSB, as collateral agent for the Secured Parties, (the “Collateral Agent”) and
[______________________] (the “Issuer”).
Capitalized terms used but not defined herein shall have the meaning assigned
in the Pledge and Security Agreement dated as of the date hereof, among the
Pledgor, the other Grantors party thereto and the Collateral Agent (the “Security Agreement”). All references herein
to the “UCC” shall mean the Uniform Commercial Code as in effect in the State
of New York. 

          Section 1. Registered Ownership of Shares.
The Issuer hereby confirms and agrees that as of the date hereof the Pledgor is
the registered owner of [__________] shares of the Issuer’s [common stock] (the
“Pledged Shares”) and the Issuer shall not change the registered owner of the
Pledged Shares without the prior written consent of the Collateral Agent.  

          Section 2. Instructions. If at any time the
Issuer shall receive instructions originated by the Collateral Agent relating
to the Pledged Shares, the Issuer shall comply with such instructions without
further consent by the Pledgor or any other person. 

          Section 3. Additional Representations and Warranties
of the Issuer. The Issuer hereby represents and warrants to the
Collateral Agent: 

          (a)
It has not entered into, and until the termination of this agreement will not
enter into, any agreement with any other person relating the Pledged Shares pursuant
to which it has agreed to comply with instructions issued by such other person;
and 

          (b)
It has not entered into, and until the termination of this agreement will not
enter into, any agreement with the Pledgor or the Collateral Agent purporting
to limit or condition the obligation of the Issuer to comply with Instructions
as set forth in Section 2 hereof. 

          (c)
Except for the claims and interest of the Collateral Agent and of the Pledgor
in the Pledged Shares, the Issuer does not know of any claim to, or interest
in, the Pledged Shares. If any person asserts any lien, encumbrance or adverse
claim (including any writ, garnishment, judgment, warrant of attachment,
execution or similar process) against the Pledged Shares, the Issuer will
promptly notify the Collateral Agent and the Pledgor thereof. 

          (d)
This Uncertificated Securities Control Agreement is the valid and legally
binding obligation of the Issuer. 

          Section 4. Choice of Law. This Agreement
shall be governed by the laws of the State of [New York]. 

          Section 5. Conflict with Other Agreements.
In the event of any conflict between this Agreement (or any portion thereof)
and any other agreement now existing or hereafter entered into, the terms of
this Agreement shall prevail. No amendment or modification of this Agreement or
waiver of any right hereunder shall be binding on any party hereto unless it is
in writing and is signed by all of the parties hereto. 

EXHIBIT B-1

CONFIDENTIAL 

          Section 6. Voting Rights. Until such time
as the Collateral Agent shall otherwise instruct the Issuer in writing, the
Pledgor shall have the right to vote the Pledged Shares. 

          Section 7. Successors; Assignment. The
terms of this Agreement shall be binding upon, and shall inure to the benefit
of, the parties hereto and their respective corporate successors or heirs and
personal representatives who obtain such rights solely by operation of law. The
Collateral Agent may assign its rights hereunder only with the express written
consent of the Issuer and by sending written notice of such assignment to the
Pledgor. 

          Section 8. Indemnification of Issuer. The
Pledgor and the Collateral Agent hereby agree that (a) the Issuer is released
from any and all liabilities to the Pledgor and the Collateral Agent arising
from the terms of this Agreement and the compliance of the Issuer with the
terms hereof, except to the extent that such liabilities arise from the
Issuer’s negligence and (b) the Pledgor, its successors and assigns shall at
all times indemnify and save harmless the Issuer from and against any and all
claims, actions and suits of others arising out of the terms of this Agreement
or the compliance of the Issuer with the terms hereof, except to the extent
that such arises from the Issuer’s negligence, and from and against any and all
liabilities, losses, damages, costs, charges, counsel fees and other expenses
of every nature and character arising by reason of the same, until the
termination of this Agreement. 

          Section 9. Notices. Any notice, request or
other communication required or permitted to be given under this Agreement
shall be in writing and deemed to have been properly given when delivered in
person, or when sent by telecopy or other electronic means and electronic
confirmation of error free receipt is received or two (2) days after being sent
by certified or registered United States mail, return receipt requested,
postage prepaid, addressed to the party at the address set forth below. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Pledgor:

 	
 [Name and Address of
 Pledgor]

 	
  

 
	
  

 	
  

 	
 555 East Lafayette

 	
  

 
	
  

 	
  

 	
 Detroit, MI 48226

 	
  

 
	
  

 	
  

 	
 Attention: Clifford J.
 Vallier

 	
  

 
	
  

 	
  

 	
 Fax No.: (313) 962-9263

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 With a copy (which shall
 not constitute notice) to:

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Dechert LLP

 	
  

 
	
  

 	
  

 	
 1095 Avenue of the
 Americas

 	
  

 
	
  

 	
  

 	
 New York, NY 10036

 	
  

 
	
  

 	
  

 	
 Attention: Allan S.
 Brilliant, Esq.

 	
  

 
	
  

 	
  

 	
 Fax No.: (212) 698-0612

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Collateral Agent:

 	
 Wilmington Trust FSB

 	
  

 
	
  

 	
  

 	
 Corporate Capital Markets

 	
  

 
	
  

 	
  

 	
 50 South Sixth Street,
 Suite 1290

 	
  

 
	
  

 	
  

 	
 Minnesota, MN 55402

 	
  

 
	
  

 	
  

 	
 Attention: Greektown
 Administrator

 	
  

 
	
  

 	
  

 	
 Telecopier: 612-217-5651

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Issuer:

 	
 [Name and Address of
 Issuer]

 	
  

 
	
  

 	
  

 	
 Attention:
 [___________________]

 	
  

 
	
  

 	
  

 	
 Telecopier:
 [___________________]

 	
  

 

EXHIBIT B-2

CONFIDENTIAL 

          Any
party may change its address for notices in the manner set forth above. 

          Section 10. Termination. The obligations of
the Issuer to the Collateral Agent pursuant to this Control Agreement shall
continue in effect until the security interests of the Collateral Agent in the
Pledged Shares have been terminated pursuant to the terms of the Security
Agreement and the Collateral Agent has notified the Issuer of such termination
in writing. The Collateral Agent agrees to provide Notice of Termination in
substantially the form of Exhibit A hereto to the Issuer upon the request of
the Pledgor on or after the termination of the Collateral Agent’s security
interest in the Pledged Shares pursuant to the terms of the Security Agreement.
The termination of this Control Agreement shall not terminate the Pledged
Shares or alter the obligations of the Issuer to the Pledgor pursuant to any
other agreement with respect to the Pledged Shares. 

          Section 11. Counterparts. This Agreement
may be executed in any number of counterparts, all of which shall constitute
one and the same instrument, and any party hereto may execute this Agreement by
signing and delivering one or more counterparts. 

	
  

 	
  

 	
  

 
	
  

 	
 [NAME OF PLEDGOR],

 
	
  

 	
 as Pledgor

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 WILMINGTON TRUST FSB,

 
	
  

 	
 as Collateral Agent

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 [NAME OF ISSUER]

 
	
  

 	
 as Issuer

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 

EXHIBIT B-3

CONFIDENTIAL

Exhibit A 

[Letterhead of Collateral Agent]

[Date]

[Name and Address of Issuer]

Attention: [__________________] 

Re: Termination of Control Agreement

          You
are hereby notified that the Uncertificated Securities Control Agreement
between you, [Name of Pledgor] (the “Pledgor”)
and the undersigned (a copy of which is attached) is terminated and you have no
further obligations to the undersigned pursuant to such Agreement.
Notwithstanding any previous instructions to you, you are hereby instructed to
accept all future directions with respect to Pledged Shares (as defined in the
Uncertificated Control Agreement) from the Pledgor. This notice terminates any
obligations you may have to the undersigned with respect to the Pledged Shares,
however nothing contained in this notice shall alter any obligations which you
may otherwise owe to the Pledgor pursuant to any other agreement. 

          You
are instructed to deliver a copy of this notice by facsimile transmission to
the Pledgor. 

	
  

 	
  

 	
  

 
	
  

 	
 Very truly yours, 

 
	
  

 	
 Wilmington Trust FSB, 

 
	
  

 	
 as Collateral Agent 

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 

EXHIBIT B-4

CONFIDENTIAL 

EXHIBIT C 

TO PLEDGE AND SECURITY AGREEMENT 

SECURITIES ACCOUNT CONTROL AGREEMENT

          This
Securities Account Control Agreement dated as of [_________], 20[__] (this “Agreement”) among [___________________]
(the “Debtor”), Comerica Bank, in
its capacity as collateral agent for the First Lien Claimholders (as defined in
the Intercreditor Agreement referenced below) (including its successors and
assigns from time to time, the “First Lien
Collateral Agent”), Wilmington Trust FSB, in its capacity as
collateral agent for the Second Lien Claimholders (as defined in the
Intercreditor Agreement referenced below) (including its successors and assigns
from time to time, the “Second Lien
Collateral Agent”, and together with the First Lien Collateral
Agent, the “Collateral Lien Holders”)
and [___________________], in its capacity as a “securities intermediary” as defined in Section 8-102 of the
UCC (in such capacity, the “Securities
Intermediary”). Capitalized terms used but not defined herein shall
have the meaning assigned in the Collateral Agency and Intercreditor Agreement,
dated as of June 30, 2010 (as amended, restated, supplemented or otherwise
modified from time to time, the “Intercreditor
Agreement”) among the Debtor, the Second Lien Collateral Agent and
the other parties party thereto. All references herein to the “UCC” shall mean the Uniform Commercial
Code as in effect in the State of New York. 

          Section 1. Priority of Lien. Pursuant to
that certain Pledge and Security Agreement dated as of June 30, 2010 (as
amended, restated, supplemented or otherwise modified from time to time, the “First Lien Security Agreement”), among the
Debtor, the other grantors party thereto and the First Lien Collateral Agent,
and that certain Pledge and Security Agreement dated as of June 30, 2010 (as
amended, restated, supplemented or otherwise modified from time to time, the “Second Lien Security Agreement”; and
together with the First Lien Security Agreement, the “Security Agreements”), among the Debtor, the other grantors
party thereto and the Second Lien Collateral Agent, the Debtor has granted a
security interest in all of the Debtor’s rights in the Securities Account
referred to in Section 2 below to each of the First Lien Collateral Agent and
the Second Lien Collateral Agent, respectively. The First Lien Collateral Agent
and Second Lien Collateral Agent, the Debtor and the Securities Intermediary
are entering into this Agreement to perfect each of the First Lien Collateral
Agent’s and the Second Lien Collateral Agent’s security interests in such
Securities Account. As between the First Lien Collateral Agent and the Second
Lien Collateral Agent, the First Lien Collateral Agent shall have a first
priority security interest in such Securities Account and the Second Lien
Collateral Agent shall have a second priority security interest in such
Securities Account in accordance with the terms of the Intercreditor Agreement.
The Securities Intermediary hereby acknowledges that it has received notice of
the security interests of the First Lien Collateral Agent and the Second Lien
Collateral Agent in such Securities Account and hereby acknowledges and
consents to such liens. 

          Section 2. Establishment of Securities Account.
The Securities Intermediary hereby confirms and agrees that: 

          (a)
The Securities Intermediary has established account number [_______] in the name “[__________]” (such account and any
successor account, the “Securities Account”)
and the Securities Intermediary shall not change the name or account number of
the Securities Account without the prior written consent of (i) prior to
delivery of a Notice of Termination of First Lien Obligations sent by the First
Lien Collateral Agent in the form of Exhibit A attached hereto (“Notice of Termination of First Lien Obligations”),
the First Lien Collateral Agent, (ii) subsequent to delivery of a Notice of
Termination of First Lien Obligations sent by the First Lien 

EXHIBIT C-1

CONFIDENTIAL 

Collateral
Agent, the Second Lien Collateral Agent, and (iii) prior to delivery pursuant
to Section 9(a) of a Blocking Notice delivered by the First Lien Collateral
Agent or Second Lien Collateral Agent, as applicable, in substantially the form
set forth in Exhibit B attached hereto (“Blocking
Notice”), the Debtor; 

          (b)
All securities or other property underlying any financial assets credited to
the Securities Account shall be registered in the name of the Securities
Intermediary, indorsed to the Securities Intermediary or in blank or credited
to another securities account maintained in the name of the Securities
Intermediary and in no case will any financial asset credited to the Securities
Account be registered in the name of the Debtor, payable to the order of the
Debtor or specially indorsed to the Debtor except to the extent the foregoing
have been specially indorsed to the Securities Intermediary or in blank; 

          (c)
All property delivered to the Securities Intermediary pursuant to any Security
Agreement will be promptly credited to the Securities Account; and 

          (d)
The Securities Account is a “securities account” within the meaning of Section
8-501 of the UCC. 

          Section 3. “Financial Assets” Election. The
Securities Intermediary hereby agrees that each item of property (including,
without limitation, any investment property, financial asset, security,
instrument, general intangible or cash) credited to the Securities Account
shall be treated as a “financial asset” within the meaning of Section
8-102(a)(9) of the UCC. 

          Section 4. Control of the Securities Account.
If at any time prior to delivery of a Notice of Termination of First Lien
Obligations by the First Lien Collateral Agent the Securities Intermediary
shall receive any order from the First Lien Collateral Agent directing transfer
or redemption of any financial asset relating to the Securities Account, the
Securities Intermediary shall comply with such entitlement order without
further consent by the Debtor or any other person. If at any time the Securities
Intermediary shall receive any entitlement order from the Second Lien
Collateral Agent directing transfer or redemption of any financial asset
relating to the Securities Account, the Securities Intermediary shall comply
with such entitlement order without further consent by the Debtor or any other
person; provided that, prior to receipt by the Securities Intermediary
of a Notice of Termination of First Lien Obligations sent by the First Lien
Collateral Agent, the Securities Intermediary shall not comply with any
entitlement order issued by the Second Lien Collateral Agent without the
written consent of the First Lien Collateral Agent. The Securities Intermediary
shall comply with entitlement orders from the Debtor directing transfer or
redemption of any financial asset relating to the Securities Account until such
time as the Securities Intermediary has received a Blocking Notice delivered
pursuant to Section 9(a). Until such time as the Securities Intermediary has
received a Blocking Notice delivered under Section 9(a), the Securities
Intermediary shall be entitled to distribute to the Debtor all income on the
financial assets in the Securities Account. If the Debtor is otherwise entitled
to issue entitlement orders and such orders conflict with any entitlement order
issued by the First Lien Collateral Agent or the Second Lien Collateral Agent
(either with the written consent of the First Lien Collateral Agent or
following the receipt by Securities Intermediary of a Notice of Termination of
First Lien Obligations sent by the First Lien Collateral Agent), if applicable,
the Securities Intermediary shall follow the orders issued by the applicable
Collateral Lien Holder. 

          Section 5. Subordination of Lien; Waiver of
Set-Off. In the event that the Securities Intermediary has or subsequently obtains by
agreement, by operation of law or otherwise a security interest in the
Securities Account or any security entitlement credited thereto, the 

EXHIBIT C-2

CONFIDENTIAL 

Securities
Intermediary hereby agrees that such security interest shall be subordinate to
the security interest of the Collateral Lien Holders. The financial assets and
other items deposited to the Securities Account will not be subject to
deduction, set-off, banker’s lien, or any other right in favor of any person
other than the Collateral Lien Holders (except that the Securities Intermediary
may set off (i) all amounts due to the Securities Intermediary in respect of
customary fees and expenses for the routine maintenance and operation of the
Securities Account and (ii) the face amount of any checks which have been
credited to such Securities Account but are subsequently returned unpaid
because of uncollected or insufficient funds). 

          Section 6. Choice of Law. This Agreement
and the Securities Account shall each be governed by the laws of the State of
[New York]. Regardless of any provision in any other agreement, for purposes of
the UCC, [New York] shall be deemed to be the Securities Intermediary’s
jurisdiction (within the meaning of Section 8-110 of the UCC) and the
Securities Account (as well as the securities entitlements related thereto)
shall be governed by the laws of the State of [New York]. 

          Section 7. Conflict with Other Agreements. 

          (a)
In the event of any conflict between this Agreement (or any portion thereof)
and any other agreement now existing or hereafter entered into, the terms of
this Agreement shall prevail; 

          (b)
No amendment or modification of this Agreement or waiver of any right hereunder
shall be binding on any party hereto unless it is in writing and is signed by
all of the parties hereto; 

          (c)
The Securities Intermediary hereby confirms and agrees that: 

	
  

 	
  

 
	
  

 	
           (i)
 There are no other control agreements entered into between the Securities
 Intermediary and the Debtor with respect to the Securities Account; 

 
	
  

 	
  

 
	
  

 	
           (ii)
 It has not entered into, and until the termination of this Agreement, will
 not enter into, any agreement with any other person relating to the
 Securities Account and/or any financial assets credited thereto pursuant to
 which it has agreed to comply with entitlement orders (as defined in Section
 8-102(a)(8) of the UCC) of such other person; and 

 
	
  

 	
  

 
	
  

 	
           (iii)
 It has not entered into, and until the termination of this Agreement, will
 not enter into, any agreement with the Debtor or either Collateral Lien
 Holder purporting to limit or condition the obligation of the Securities
 Intermediary to comply with entitlement orders as set forth in Section 4
 hereof. 

 

          Section 8. Adverse Claims. Except for the
claims and interest of the Collateral Lien Holders and of the Debtor in the
Securities Account, the Securities Intermediary does not know of any claim to,
or interest in, the Securities Account or in any “financial asset” (as defined
in Section 8-102(a) of the UCC) credited thereto. If any person asserts any
lien, encumbrance or adverse claim (including any writ, garnishment, judgment,
warrant of attachment, execution or similar process) against the Securities
Account or in any financial asset carried therein, the Securities Intermediary
will promptly notify the Collateral Lien Holders and the Debtor thereof. 

EXHIBIT C-3

CONFIDENTIAL 

          Section 9. Maintenance of Securities
Account. In addition to, and not in lieu of, the obligation of the Securities
Intermediary to honor entitlement orders as agreed in Section 3 hereof, the
Securities Intermediary agrees to maintain the Securities Account as follows: 

          (a)
Blocking Notice. If at any time the First Lien Collateral Agent or,
after delivery of a Notice of Termination of First Lien Obligations sent by the
First Lien Collateral Agent, the Second Lien Collateral Agent, as the case may
be, delivers to the Securities Intermediary a Blocking Notice in substantially
the form set forth in Exhibit B hereto, the Securities Intermediary agrees that
after receipt of such notice, it will take all instruction with respect to the
Securities Account solely from the applicable Collateral Lien Holder. 

          (b)
Voting Rights. Until such time as the Securities Intermediary receives a
Blocking Notice pursuant to subsection (a) of this Section 9, the Debtor shall
direct the Securities Intermediary with respect to the voting of any financial
assets credited to the Securities Account. 

          (c)
Permitted Investments. Until such time as the Securities Intermediary
receives a Blocking Notice signed by the applicable Collateral Lien Holder, the
Debtor shall direct the Securities Intermediary with respect to the selection
of investments to be made for the Securities Account. 

          (d)
Statements and Confirmations. The Securities Intermediary will promptly
send copies of all statements, confirmations and other correspondence
concerning the Securities Account and/or any financial assets credited thereto
simultaneously to each of the Debtor and the Collateral Lien Holders at the
address for each set forth in Section 13 of this Agreement. 

          (e)
Tax Reporting. All items of income, gain, expense and loss recognized in
the Securities Account shall be reported to the Internal Revenue Service and
all state and local taxing authorities under the name and taxpayer
identification number of the Debtor. 

          Section 10. Representations, Warranties and Covenants
of the Securities Intermediary. The Securities Intermediary hereby
makes the following representations, warranties and covenants: 

          (a)
The Securities Account has been established as set forth in Section 1 above and
such Securities Account will be maintained in the manner set forth herein until
termination of this Agreement; and 

          (b)
This Agreement is the valid and legally binding obligation of the Securities
Intermediary. 

          Section 11. Indemnification of Securities
Intermediary. The Debtor and the Collateral Lien Holders hereby
agree that (a) the Securities Intermediary is released from any and all
liabilities to the Debtor and the Collateral Lien Holders arising from the
terms of this Agreement and the compliance of the Securities Intermediary with
the terms hereof, except to the extent that such liabilities arise from the
Securities Intermediary’s negligence and (b) the Debtor, its successors and
assigns shall at all times indemnify and save harmless the Securities
Intermediary from and against any and all claims, actions and suits of others
arising out of the terms of this Agreement or the compliance of the Securities
Intermediary with the terms hereof, except to the extent that such arises from
the Securities Intermediary’s negligence, and from and against any and all
liabilities, losses, damages, costs, charges, counsel fees and other expenses
of every nature and character arising by reason of the same, until the
termination of this Agreement. 

EXHIBIT C-4

CONFIDENTIAL 

          Section 12. Successors; Assignment. The
terms of this Agreement shall be binding upon, and shall inure to the benefit
of, the parties hereto and their respective corporate successors or heirs and
personal representatives who obtain such rights solely by operation of law.
Each Collateral Lien Holder may assign its rights hereunder only with the
express written consent of the Securities Intermediary and by sending written
notice of such assignment to the Debtor. 

          Section 13. Notices. Any notice, request or
other communication required or permitted to be given under this Agreement
shall be in writing and deemed to have been properly given when delivered in
person, or when sent by telecopy or other electronic means and electronic
confirmation of error free receipt is received or two (2) days after being sent
by certified or registered United States mail, return receipt requested,
postage prepaid, addressed to the party at the address set forth below. 

	
  

 	
  

 	
  

 
	
  

 	
 Debtor:

 	
 [Name and Address of
 Debtor]

 
	
  

 	
  

 	
 555 East Lafayette

 
	
  

 	
  

 	
 Detroit, MI 48226

 
	
  

 	
  

 	
 Attention: Clifford J.
 Vallier

 
	
  

 	
  

 	
 Fax No.: (313) 962-9263

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 With a copy (which shall
 not constitute notice) to:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Dechert LLP

 
	
  

 	
  

 	
 1095 Avenue of the
 Americas

 
	
  

 	
  

 	
 New York, NY 10036

 
	
  

 	
  

 	
 Attention: Allan S.
 Brilliant, Esq.

 
	
  

 	
  

 	
 Fax No.: (212) 698-0612

 
	
  

 	
  

 	
  

 
	
  

 	
 First Lien Collateral
 Agent:

 	
 Comerica Bank

 
	
  

 	
  

 	
 One Detroit Center

 
	
  

 	
  

 	
 500 Woodward Avenue –
 MC3242

 
	
  

 	
  

 	
 Detroit, MI 48226

 
	
  

 	
  

 	
 Attention: Group Manager,
 Metropolitan Banking – D

 
	
  

 	
  

 	
 Fax: (313) 222-3756

 
	
  

 	
  

 	
  

 
	
  

 	
 Second Lien Collateral
 Agent:

 	
 Wilmington Trust FSB

 
	
  

 	
  

 	
 Corporate Capital Markets

 
	
  

 	
  

 	
 50 South Sixth Street,
 Suite 1290

 
	
  

 	
  

 	
 Minnesota, MN 55402

 
	
  

 	
  

 	
 Attention: Greektown
 Administrator

 
	
  

 	
  

 	
 Telecopier: 612-217-5651

 
	
  

 	
  

 	
  

 
	
  

 	
 Securities Intermediary:

 	
 [Name and Address of
 Securities Intermediary]

 
	
  

 	
  

 	
 Attention:
 [________________]

 
	
  

 	
  

 	
 Telecopier:
 [________________]

 

          Any
party may change its address for notices in the manner set forth above. 

          Section 14. Termination. The obligations of
the Securities Intermediary to the Collateral Lien Holders pursuant to this
Agreement shall continue in effect until the security interest of both
Collateral Lien Holders in the Securities Account has been terminated pursuant
to the terms of the Security Agreements and the applicable Collateral Lien
Holder has notified the 

EXHIBIT C-5

CONFIDENTIAL 

Securities
Intermediary of such termination in writing. The Collateral Lien Holders agree
to provide Notice of Termination in substantially the form of Exhibit C hereto
to the Securities Intermediary upon the request of the Debtor on or after the
termination of such Collateral Lien Holder’s security interest in the
Securities Account pursuant to the terms of the applicable Security Agreement.
The termination of this Agreement shall not terminate the Securities Account or
alter the obligations of the Securities Intermediary to the Debtor pursuant to
any other agreement with respect to the Securities Account. 

          Section 15. Counterparts. This Agreement
may be executed in any number of counterparts, all of which shall constitute
one and the same instrument, and any party hereto may execute this Agreement by
signing and delivering one or more counterparts. 

          Section 16. Second Lien Collateral Agent.
In connection with its appointment and acting hereunder, the Second Lien
Collateral Agent is entitled to all the rights, privileges, protections and
immunities provided to the Second Lien Collateral Agent under the Second Lien
Security Agreement and the Intercreditor Agreement. 

EXHIBIT C-6

CONFIDENTIAL 

          IN
WITNESS WHEREOF, the parties hereto have caused this Securities Account Control
Agreement to be executed as of the date first above written by their respective
officers thereunto duly authorized. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  [DEBTOR],

 
	
  

 	
 as Debtor

 
	
  

 	
  

 
	
  

 	
 By:

 
	
  

 	
  

 	

 

 	 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 
	
  

 	
 COMERICA
 BANK,

 
	
  

 	
 as First Lien Collateral
 Agent

 
	
  

 	
  

 
	
  

 	
 By:

 
	
  

 	
  

 	

 

 	 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 
	
  

 	
 WILMINGTON
 TRUST FSB,

 
	
  

 	
 as Second Lien Collateral
 Agent

 
	
  

 	
  

 
	
  

 	
 By:

 
	
  

 	
  

 	
  

 	 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 
	
  

 	
  [NAME OF
 SECURITIES INTERMEDIARY],

 
	
  

 	
 as Securities Intermediary

 
	
  

 	
  

 
	
  

 	
 By:

 
	
  

 	
  

 	

 

 	 
	
  

 	
 Name:

 
	
  

 	
 Title:

 

EXHIBIT C-7

CONFIDENTIAL 

EXHIBIT A 

TO SECURITIES ACCOUNT CONTROL AGREEMENT 

NOTICE OF TERMINATION OF FIRST LIEN OBLIGATIONS

[Name of Financial
Institution]

[Address] 

WILMINGTON TRUST FSB

[ADDRESS] 

Attention: 

Re:
Securities Account Control Agreement dated as of _____, 20__ (as amended,
restated, supplemented or otherwise modified from time to time, the “Control
Agreement”) by and among [NAME OF DEBTOR] (the “Company”), Comerica Bank, as
First Lien Collateral Agent (in such capacity, the “First Lien Collateral
Agent”), Wilmington Trust FSB, as Second Lien Collateral Agent (in such
capacity, the “Second Lien Collateral Agent”) and [NAME OF FINANCIAL
INSTITUTION] re securities account number ________________ and all financial
assets credited thereto (the “Account”). 

Ladies and Gentlemen: 

          You
are hereby notified that there has been a Discharge of First Lien Obligations.
You are hereby instructed that you may comply with entitlement orders
originated by the Second Lien Collateral Agent directing transfer or redemption
of any financial asset relating to the Account without our consent, the consent
of the Company or the consent of any other person. 

          Capitalized
terms used but not defined herein shall have the meanings set forth in the
Control Agreement. 

	
  

 	
  

 	
  

 
	
  

 	
 Sincerely,

 
	
  

 	
  

 
	
  

 	
 COMERICA BANK,

 
	
  

 	
 as First Lien Collateral
 Agent

 
	
  

 	
  

 
	
  

 	
 By:

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Authorized Signatory

 
	
 Cc: [Debtor]

 	
  

 

EXHIBIT C-8

CONFIDENTIAL 

EXHIBIT B 

TO SECURITIES ACCOUNT CONTROL AGREEMENT 

[Letterhead of applicable
Collateral Lien Holder] 

[Date] 

[Name and Address of
Securities Intermediary] 

Attention: 

Re: Blocking Notice  

Ladies and Gentlemen: 

          As
referenced in the Securities Account Control Agreement dated as of _______,
20__ among [Name of Debtor] (the “Debtor”), you, [Name of other Collateral
Agent] and the undersigned (a copy of which is attached), we hereby give you
notice of our sole control over securities account number ____________ (the “Securities Account”) and all financial
assets credited thereto. You are hereby instructed not to accept any direction,
instructions or entitlement orders with respect to the Securities Account or
the financial assets credited thereto from any person other than the
undersigned, unless otherwise ordered by a court of competent jurisdiction. 

          You
are instructed to deliver a copy of this notice by facsimile transmission to [Name of Debtor]. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Very truly yours,

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 [FIRST LIEN COLLATERAL

 
	
  

 	
 AGENT/SECOND LIEN
 COLLATERAL

 
	
  

 	
 AGENT],

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
 [Authorized Signatory /
 Name:

 	
  

 
	
  

 	
 Title:]

 	
  

 
	
  

 	
  

 	
  

 
	
 cc: [Name of Debtor]

 	
  

 	
  

 

EXHIBIT C-9

CONFIDENTIAL 

EXHIBIT C 

TO SECURITIES ACCOUNT CONTROL AGREEMENT 

[Letterhead of applicable
Collateral Lien Holder] 

[Date] 

 [Name and Address of Securities Intermediary] 

Attention: 

Re: Termination of Securities Account Control Agreement

          You
are hereby notified that the Securities Account Control Agreement dated as of
_______, 20__ among you, [Name of Debtor],
[Name of other Collateral Agent] and the undersigned (a copy of
which is attached) is terminated and you have no further obligations to the
undersigned pursuant to such Agreement. Notwithstanding any previous
instructions to you, you are hereby instructed to accept all future directions
with respect to account number(s) from [Name
of Debtor]. This notice terminates any obligations you may have to
the undersigned with respect to such account, however nothing contained in this
notice shall alter any obligations which you may otherwise owe to [Name of Debtor] pursuant to any other
agreement. 

          You
are instructed to deliver a copy of this notice by facsimile transmission to [Name of Debtor]. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Very truly yours,

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 [FIRST LIEN COLLATERAL

 
	
  

 	
 AGENT/SECOND LIEN
 COLLATERAL

 
	
  

 	
 AGENT],

 	
  

 
	
  

 	
 as [FIRST LIEN COLLATERAL

 
	
  

 	
 AGENT/SECOND LIEN
 COLLATERAL

 
	
  

 	
 AGENT]

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
 [Authorized Signatory /
 Name:

 	
  

 
	
  

 	
 Title:]

 	
  

 

EXHIBIT C-10

CONFIDENTIAL 

EXHIBIT D 

TO PLEDGE AND SECURITY AGREEMENT 

DEPOSIT ACCOUNT CONTROL AGREEMENT

          This
Deposit Account Control Agreement dated as of [_________], 20[__] (this “Agreement”) among [___________________]
(the “Debtor”), Comerica Bank, in
its capacity as collateral agent for the First Lien Claimholders (as defined in
the Intercreditor Agreement referenced below) (including its successors and
assigns from time to time, the “First Lien
Collateral Agent”), Wilmington Trust FSB, in its capacity as collateral agent for the Second Lien
Claimholders (as defined in the Intercreditor Agreement referenced below)
(including its successors and assigns from time to time, the “Second Lien Collateral Agent”, and together
with the First Lien Collateral Agent, the “Collateral
Lien Holders”) and [___________________], in its capacity as a
“bank” as defined in Section 9-102 of the UCC (in such capacity, the “Financial Institution”). Capitalized terms
used but not defined herein shall have the meaning assigned in the Collateral
Agency and Intercreditor Agreement, dated as of June 30, 2010 (as amended,
restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”) among the
Debtor, the First Lien Collateral Agent, the Second Lien Collateral Agent and
the other parties party thereto. All references herein to the “UCC” shall mean the Uniform Commercial
Code as in effect from time to time in the State of New York. 

          Section
1. Priority of Lien. Pursuant to that certain Pledge
and Security Agreement dated as of June 30, 2010 (as amended, restated,
supplemented or otherwise modified from time to time, the “First Lien Security Agreement”), among the
Debtor, the other grantors party thereto and the First Lien Collateral Agent,
and that certain Pledge and Security Agreement dated as of June 30, 2010 (as
amended, restated, supplemented or otherwise modified from time to time, the “Second Lien Security Agreement”; and
together with the First Lien Security Agreement, the “Security Agreements”), among the Debtor,
the other grantors party thereto and the Second Lien Collateral Agent, the
Debtor has granted a security interest in all of the Debtor’s rights in the
Deposit Account referred to in Section 2 below to each of the First Lien
Collateral Agent and the Second Lien Collateral Agent, respectively. The First
Lien Collateral Agent and Second Lien Collateral Agent, the Debtor and the
Financial Institution are entering into this Agreement to perfect each of the
First Lien Collateral Agent’s and the Second Lien Collateral Agent’s security
interests in such Deposit Account. As between the First Lien Collateral Agent
and the Second Lien Collateral Agent, the First Lien Collateral Agent shall
have a first priority security interest in such Deposit Account and the Second
Lien Collateral Agent shall have a second priority security interest in such
Deposit Account in accordance with the terms of the Intercreditor Agreement.
The Financial Institution hereby acknowledges that it has received notice of
the security interests of the First Lien Collateral Agent and the Second Lien
Collateral Agent in such Deposit Account and hereby acknowledges and consents
to such liens.

          Section
2. Establishment of Deposit Account. The Financial
Institution hereby confirms and agrees that: 

          (a) The
Financial Institution has established account number [_______] in the name “[__________]”
(such account and any successor account, the “Deposit
Account”) and the Financial Institution shall not change the name or
account number of the Deposit Account without the prior written consent of the
First Lien Collateral Agent and the Second Lien Collateral Agent; and 

EXHIBIT D-1

CONFIDENTIAL 

          (b) The
Deposit Account is a “deposit account” within the meaning of Section
9-102(a)(29) of the UCC. 

          Section
3. Control of the Deposit Account. If at any time
prior to the delivery of the Notice of Termination in the form attached as
Exhibit A by the First Lien Collateral Agent (“Notice of Termination of First
Lien Obligations”), the Financial Institution shall receive any instructions
originated by the First Lien Collateral Agent directing the disposition of
funds in the Deposit Account, the Financial Institution shall comply with such
instructions without further consent by the Debtor or any other person. If at
any time the Financial Institution shall receive any instructions originated by
the Second Lien Collateral Agent directing the disposition of funds in the
Deposit Account, the Financial Institution shall comply with such instructions
without further consent by the Debtor or any other person; provided that, prior
to receipt by the Financial Institution of a Notice of Termination of First
Lien Obligations sent by the First Lien Collateral Agent, the Financial
Institution shall not comply with instructions originated by Second Lien
Collateral Agent without the written consent of the First Lien Collateral
Agent. The Financial Institution shall comply with instructions from the Debtor
directing the disposition of funds in the Deposit Account until such time as
the Financial Institution has received a Blocking Notice delivered pursuant to
Section 8(a). If the Debtor is otherwise entitled to issue instructions
directing the disposition of funds in the Deposit Account and such instructions
conflict with any instructions issued by the First Lien Collateral Agent or the
Second Lien Collateral Agent (either with the written consent of the First Lien
Collateral Agent or following the receipt by Financial Institution of a Notice
of Termination of First Lien Obligations sent by the First Lien Collateral
Agent), if applicable, the Financial Institution shall follow the instructions
issued by the applicable Collateral Lien Holder. The Financial Institution
hereby acknowledges that it has received notice of the security interest of the
Collateral Lien Holders in the Deposit Account and hereby acknowledges and
consents to such liens.  

          Section
4. Subordination of Lien; Waiver of Set-Off. In the
event that the Financial Institution has or subsequently obtains by agreement,
by operation of law or otherwise a security interest in the Deposit Account or
any funds credited thereto, the Financial Institution hereby agrees that such
security interest shall be subordinate to the security interest of the
Collateral Lien Holders. Money and other items credited to the Deposit Account
will not be subject to deduction, set-off, banker’s lien, or any other right in
favor of any person other than the Collateral Lien Holders (except that the
Financial Institution may set off (i) all amounts due to the Financial
Institution in respect of customary fees and expenses for the routine
maintenance and operation of the Deposit Account and (ii) the face amount of
any checks which have been credited to such Deposit Account but are
subsequently returned unpaid because of uncollected or insufficient funds). 

          Section
5. Choice of Law. This Agreement and the Deposit
Account shall each be governed by the laws of the State of [New York].
Regardless of any provision in any other agreement, for purposes of the UCC,
[New York] shall be deemed to be the Financial Institution’s jurisdiction
(within the meaning of Section 9-304 of the UCC) and the Deposit Account shall
be governed by the laws of the State of [New York]. 

          Section
6. Conflict with Other Agreements. 

          (a) In the
event of any conflict between this Agreement (or any portion thereof) and any
other agreement now existing or hereafter entered into, the terms of this
Agreement shall prevail; 

EXHIBIT D-2

CONFIDENTIAL 

          (b) No
amendment or modification of this Agreement or waiver of any right hereunder
shall be binding on any party hereto unless it is in writing and is signed by
all of the parties hereto; and 

          (c) The
Financial Institution hereby confirms and agrees that: 

	
  

 	
  

 
	
  

 	
           (i) There
 are no other control agreements entered into between the Financial
 Institution and the Debtor with respect to the Deposit Account; 

 
	
  

 	
  

 
	
  

 	
           (ii) It
 has not entered into, and until the termination of this Agreement, will not
 enter into, any agreement with any other person relating to the Deposit
 Account and/or any funds credited thereto pursuant to which it has agreed to
 comply with instructions originated by such persons as contemplated by Section
 9-104 of the UCC); and 

 
	
  

 	
  

 
	
  

 	
           (iii) It
 has not entered into, and until the termination of this Agreement, will not
 enter into, any agreement with the Debtor or either Collateral Lien Holder
 purporting to limit or condition the obligation of the Financial Institution
 to comply with instructions as set forth in Section 3 hereof; and 

 
	
  

 	
  

 
	
  

 	
           (iv) the
 Debtor is the sole customer with respect to the Deposit Account 

 

          Section
7. Adverse Claims. The Financial Institution does not
know of any liens, claims or encumbrances relating to the Deposit Account. If
any person asserts any lien, encumbrance or adverse claim (including any writ,
garnishment, judgment, warrant of attachment, execution or similar process)
against the Deposit Account, the Financial Institution will promptly notify the
Collateral Lien Holders and the Debtor thereof. 

          Section
8. Maintenance of Deposit Account. In addition to, and
not in lieu of, the obligation of the Financial Institution to honor
instructions as set forth in Section 3 hereof, the Financial Institution agrees
to maintain the Deposit Account as follows: 

          (a) Blocking
Notice. If at any time the First Lien Collateral Agent or, after delivery
of a Notice of Termination of First Lien Obligations sent by the First Lien
Collateral Agent, the Second Lien Collateral Agent, as the case may be,
delivers to the Financial Institution a Blocking Notice in substantially the
form set forth in Exhibit B hereto, the Financial Institution agrees that after
receipt of such notice, it will take all instruction with respect to the
Deposit Account solely from such Collateral Lien Holder. 

          (b) Statements
and Confirmations. The Financial Institution will promptly send copies of
all statements, confirmations and other correspondence concerning the Deposit
Account simultaneously to each of the Debtor and the Collateral Lien Holders at
the address for each set forth in Section 12 of this Agreement. 

          (c) Tax
Reporting. All interest, if any, relating to the Deposit Account shall be
reported to the Internal Revenue Service and all state and local taxing
authorities under the name and taxpayer identification number of the Debtor. 

          Section
9. Representations, Warranties and Covenants of the Financial Institution.
The Financial Institution hereby makes the following representations,
warranties and covenants: 

EXHIBIT D-3

CONFIDENTIAL 

          (a) The
Deposit Account has been established as set forth in Section 1 above and such
Deposit Account will be maintained in the manner set forth herein until
termination of this Agreement; and 

          (b) This
Agreement is the valid and legally binding obligation of the Financial
Institution. 

          Section
10. Indemnification of Financial Institution. The
Debtor and the Collateral Lien Holders hereby agree on behalf of the First Lien
Claimholders and Second Lien Claimholders, respectively, that (a) the Financial
Institution is released from any and all liabilities to the Debtor and the
Collateral Lien Holders arising from the terms of this Agreement and the
compliance of the Financial Institution with the terms hereof, except to the
extent that such liabilities arise from the Financial Institution’s negligence
and (b) the Debtor, its successors and assigns shall at all times indemnify and
save harmless the Financial Institution from and against any and all claims,
actions and suits of others arising out of the terms of this Agreement or the
compliance of the Financial Institution with the terms hereof, except to the
extent that such arises from the Financial Institution’s negligence, and from
and against any and all liabilities, losses, damages, costs, charges, counsel
fees and other expenses of every nature and character arising by reason of the
same, until the termination of this Agreement. 

          Section
11. Successors; Assignment. The terms of this
Agreement shall be binding upon, and shall inure to the benefit of, the parties
hereto and their respective corporate successors or heirs and personal
representatives who obtain such rights solely by operation of law. Each
Collateral Lien Holder may assign its rights hereunder by sending written
notice of such assignment to the Debtor and the Financial Institution. 

          Section
12. Notices. Any notice, request or other
communication required or permitted to be given under this Agreement shall be
in writing and deemed to have been properly given when delivered in person, or
when sent by telecopy or other electronic means and electronic confirmation of
error free receipt is received or two (2) days after being sent by certified or
registered United States mail, return receipt requested, postage prepaid,
addressed to the party at the address set forth below. 

 

	
  

 	
  

 	
  

 
	
  

 	
 Debtor:

 	
 [Name and
 Address of Debtor]

 
	
  

 	
  

 	
 555 East
 Lafayette

 
	
  

 	
  

 	
 Detroit, MI
 48226

 
	
  

 	
  

 	
 Attention:
 Clifford J. Vallier

 
	
  

 	
  

 	
 Fax No.:
 (313) 962-9263 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 With a copy
 (which shall not constitute notice) to:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Dechert LLP

 
	
  

 	
  

 	
 1095 Avenue
 of the Americas

 
	
  

 	
  

 	
 New York, NY
 10036

 
	
  

 	
  

 	
 Attention:
 Allan S. Brilliant, Esq.

 
	
  

 	
  

 	
 Fax No.:
 (212) 698-0612 

 
	
  

 	
  

 	
  

 
	
  

 	
 First Lien
 Collateral Agent:

 	
 Comerica
 Bank

 
	
  

 	
  

 	
 One Detroit
 Center 

 
	
  

 	
  

 	
 500 Woodward
 Avenue – MC3242 

 

EXHIBIT D-4

CONFIDENTIAL 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Detroit, MI
 48226 

 
	
  

 	
  

 	
 Attention:
 Group Manager, Metropolitan Banking – D

 
	
  

 	
  

 	
 Fax: (313) 222-3756
 

 
	
  

 	
  

 	
  

 
	
  

 	
 Second Lien
 Collateral Agent:

 	
 Wilmington
 Trust FSB 

 
	
  

 	
  

 	
 Corporate
 Capital Markets 

 
	
  

 	
  

 	
 50 South
 Sixth Street, Suite 1290 

 
	
  

 	
  

 	
 Minnesota,
 MN 55402 

 
	
  

 	
  

 	
 Attention:
 Greektown Administrator 

 
	
  

 	
  

 	
 Telecopier:
 612-217-5651 

 
	
  

 	
  

 	
  

 
	
  

 	
 Financial
 Institution:

 	
 [Name and
 Address of Financial Institution]

 
	
  

 	
  

 	
 Attention:
 [_______________]

 
	
  

 	
  

 	
 Telecopier:
 [_______________]

 

          Any party
may change its address for notices by sending notice of such change to the
other parties hereto in the manner set forth above. 

          Section
13. Termination. The obligations of the Financial
Institution to the Collateral Lien Holders pursuant to this Agreement shall
continue in effect until the security interest of both Collateral Lien Holders
in the Deposit Account has been terminated pursuant to the terms of the
Security Agreements and the applicable Collateral Lien Holder has notified the
Financial Institution of such termination in writing. The Collateral Lien
Holders agree to provide Notice of Termination in substantially the form of
Exhibit A hereto to the Financial Institution upon the request of the Debtor on
or after the termination of such Collateral Lien Holder’s security interest in
the Deposit Account pursuant to the terms of the applicable Security Agreement.
The termination of this Agreement shall not terminate the Deposit Account or
alter the obligations of the Financial Institution to the Debtor pursuant to
any other agreement with respect to the Deposit Account. 

          Section
14. Counterparts. This Agreement may be executed in
any number of counterparts, all of which shall constitute one and the same
instrument, and any party hereto may execute this Agreement by signing and
delivering one or more counterparts. 

          Section
15. Second Lien Collateral Agent. In connection with
its appointment and acting hereunder, the Second Lien Collateral Agent is
entitled to all the rights, privileges, protections and immunities provided to
the Second Lien Collateral Agent under the Second Lien Documents and the Intercreditor
Agreement. 

EXHIBIT D-5

CONFIDENTIAL 

          IN
WITNESS WHEREOF, the parties hereto have caused this Deposit Account Control
Agreement to be executed as of the date first above written by their respective
officers thereunto duly authorized. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 [DEBTOR], 

 	
  

 
	
  

 	
 as Debtor 

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	

 

 

 	
  

 
	
  

 	
 Name:

 	
  

 
	
  

 	
 Title: 

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 COMERICA BANK, 

 	
  

 
	
  

 	
 as First Lien Collateral Agent 

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	

 

 

 	
  

 
	
  

 	
 Name: 

 	
  

 
	
  

 	
 Title: 

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 WILMINGTON TRUST FSB, 

 	
  

 
	
  

 	
 as Second Lien Collateral Agent 

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
 Name:

 	
  

 
	
  

 	
 Title:

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  [NAME OF FINANCIAL
 INSTITUTION],

 
	
  

 	
 as Financial Institution 

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	

 

 

 	
  

 
	
  

 	
 Name: 

 	
  

 
	
  

 	
 Title: 

 	
  

 

EXHIBIT D-6

CONFIDENTIAL 

EXHIBIT A

TO DEPOSIT ACCOUNT CONTROL AGREEMENT 

[Letterhead of the [First
Lien Collateral Agent/Second Lien Collateral Agent]] 

NOTICE OF TERMINATION OF [FIRST LIEN/SECOND LIEN] OBLIGATIONS

[Name of Financial
Institution]

[Address] 

[Comerica Bank 

[_________]] 

Wilmington Trust FSB

[Address]

Attention: 

	
  

 	
  

 
	
 Re:

 	
 Deposit
 Account Control Agreement dated as of [______], 20__ (as amended, restated,
 supplemented or otherwise modified from time to time, the “Control
 Agreement”) by and among [NAME OF DEBTOR] (the “Company”), Comerica Bank, as
 First Lien Collateral Agent (in such capacity, the “First Lien Collateral
 Agent”), Wilmington Trust FSB, as Second Lien Collateral Agent (in such
 capacity, the “Second Lien Collateral Agent”) and [NAME OF FINANCIAL
 INSTITUTION] re deposit account number ________________ in the name of
 ____________ (the “Account”). 

 

Ladies and Gentlemen: 

          You
are hereby notified that there has been a [Discharge of First Lien Obligations/
Discharge of Second Lien Obligations]. You are hereby instructed that you may
comply with instructions issued by the [First Lien Collateral Agent/Second Lien
Collateral Agent] directing disposition of funds in the Account without our
consent, the consent of the Company or the consent of any other person. 

          Capitalized
terms used but not defined herein shall have the meanings set forth in the
Control Agreement. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 [COMERICA BANK,

 	
  

 
	
  

 	
 as First Lien Collateral
 Agent]

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Authorized
 Signatory]

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 [WILMINGTON TRUST FSB,

 	
  

 
	
  

 	
 as Second Lien Collateral
 Agent

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Authorized
 Signatory]

 	
  

 
	
 Cc: [COMPANY]

 	
  

 	
  

 	
  

 

EXHIBIT D-7

CONFIDENTIAL 

EXHIBIT B

TO DEPOSIT ACCOUNT CONTROL AGREEMENT 

[Letterhead of applicable
Collateral Lien Holder] 

[Date] 

[Name and Address of
Financial Institution] 

Attention: 

Re:
Blocking Notice

Ladies and Gentlemen: 

          As
referenced in the Deposit Account Control Agreement dated as of _______, 20__
among [NAME OF THE DEBTOR] (the “Debtor”), you, [NAME OF OTHER COLLATERAL
LIEN HOLDER] and the undersigned (a copy of which is attached), we hereby give
you notice of our sole control over deposit account number ____________ (the “Deposit Account”) and all funds deposited
therein. You are hereby instructed not to accept any direction, instructions or
orders with respect to the Deposit Account or the funds deposited therein from
the Debtor and shall only accept and follow instructions from the undersigned. 

          You
are instructed to deliver a copy of this notice by facsimile transmission to [NAME OF THE DEBTOR]. 

	
  

 	
  

 	
  

 
	
  

 	
 Very truly yours,

 
	
  

 	
  

 	
  

 
	
  

 	
 [FIRST LIEN COLLATERAL

 
	
  

 	
 AGENT/SECOND LIEN
 COLLATERAL AGENT],

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 [Authorized Signatory /
 Name:

 
	
  

 	
 Title:]

 
	
  

 	
  

 	
  

 
	
 cc: [NAME OF THE DEBTOR]

 

EXHIBIT D-8

CONFIDENTIAL 

EXHIBIT E

TO PLEDGE AND SECURITY AGREEMENT 

FORM OF TRADEMARK SECURITY AGREEMENT

          This
TRADEMARK SECURITY AGREEMENT,
dated as of June 30, 2010 (as it may be amended, restated, supplemented or
otherwise modified from time to time, this “Agreement”),
is made by the entities identified as grantors on the signature pages hereto
(collectively, the “Grantors”) in
favor of Wilmington Trust FSB, as collateral agent for the Secured Parties (in
such capacity, together with its successors and permitted assigns, the “Collateral Agent”). 

          WHEREAS, the Grantors are party to a Pledge
and Security Agreement dated as of June 30, 2010 (the “Pledge and Security Agreement”) among the
Grantors, the other grantors party thereto and the Collateral Agent pursuant to
which the Grantors granted a security interest to the Collateral Agent in the
Trademark Collateral (as defined below) and are required to execute and deliver
this Agreement. 

          NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Grantors hereby agree with the Collateral
Agent as follows: 

SECTION 1. Defined Terms 

          Unless
otherwise defined herein, terms defined in the Pledge and Security Agreement
and used herein have the meaning given to them in the Pledge and Security
Agreement. 

SECTION 2. Grant of Security Interest in Trademark Collateral

          SECTION
2.1 Grant of Security 

          Each
Grantor hereby grants to the Collateral Agent, for the benefit of the Secured
Parties, a security interest in and continuing lien on all of such Grantor’s
right, title and interest in, to and under the following, in each case whether
now owned or hereafter acquired, developed, or created by such Grantor or
otherwise arising in such Grantor and wherever located (collectively, the “Trademark Collateral”): 

                    (a)
all United States, and foreign trademarks, trade names, trade dress,
corporate names, company names, business names, fictitious business names,
Internet domain names, service marks, certification marks, collective marks,
logos, other source or business identifiers, designs and general intangibles of
a like nature, whether or not registered, and with respect to any and all of
the foregoing: (i) all registrations and applications therefor including,
without limitation, the registrations and applications required to be listed in
Schedule A attached hereto (as such schedule may be amended or supplemented
from time to time), (ii) all extensions or renewals of any of the foregoing,
(iii) all of the goodwill of the business connected with the use of and
symbolized by any of the foregoing, (iv) the right to sue or otherwise recover
for any past, present and future infringement, dilution or other violation of
any of the foregoing or for any injury to the related goodwill, and (v) all
Proceeds of the foregoing, including, without limitation, license fees,
royalties, income, payments, claims, damages, and proceeds of suit now or
hereafter due and/or payable with respect thereto (collectively, “Trademarks”); 

EXHIBIT E-1

CONFIDENTIAL 

          (b)
any and all agreements, licenses and covenants providing for the granting of
any right in or to any Trademark or otherwise providing for a covenant not to
sue for infringement, dilution or other violation of any Trademark or
permitting co-existence with respect to a Trademark (whether such Grantor is
licensee or licensor thereunder) including, without limitation, those listed or
required to be listed in Schedule A attached hereto; 

          (c)
all rights to sue or otherwise recover for any past, present and future
infringement, dilution, misappropriation, or other violation or impairment
thereof, including the right to receive all Proceeds therefrom, including
without limitation license fees, royalties, income, payments, claims, damages
and proceeds of suit, now or hereafter due and/or payable with respect thereto;
and 

          (d)
to the extent not otherwise included, all Proceeds, Supporting Obligations and
products of any and all of the foregoing and all collateral security and
guarantees given by any Person with respect to any of the foregoing. 

SECTION 2.2 Certain Limited Exclusions. 

          Notwithstanding
anything herein to the contrary, in no event shall the Trademark Collateral
include or the security interest granted under Section 2.1 hereof attach to any
“intent-to-use” application for registration of a Trademark filed pursuant to
Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a
“Statement of Use” pursuant to Section 1(d) of the Lanham Act or an “Amendment
to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto,
solely to the extent, if any, that, and solely during the period, if any, in
which, the grant of a security interest therein would impair the validity or
enforceability of any registration that issues from such intent-to-use
application under applicable federal law. 

SECTION 3. Security Agreement 

          The
security interest granted pursuant to this Agreement is granted in conjunction
with the security interest granted to the Collateral Agent for the Secured
Parties pursuant to the Pledge and Security Agreement, and the Grantors hereby
acknowledge and affirm that the rights and remedies of the Collateral Agent
with respect to the security interest in the Trademark Collateral made and
granted hereby are more fully set forth in the Pledge and Security Agreement,
the terms and provisions of which are incorporated by reference herein as if
fully set forth herein. In the event that any provision of this Agreement is
deemed to conflict with the Pledge and Security Agreement, the provisions of
the Pledge and Security Agreement shall control. 

SECTION 4. Governing Law 

          THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ALL
CLAIMS AND CONTROVERSIES ARISING OUT OF THE SUBJECT MATTER HEREOF WHETHER
SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THAT WOULD RESULT IN THE
APPLICATION OF ANY OTHER LAW (OTHER THAN ANY MANDATORY PROVISIONS OF LAW
RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OF THE
SECURITY INTEREST). 

SECTION 5. Counterparts 

EXHIBIT E-2

CONFIDENTIAL 

          This
Agreement may be executed in one or more counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered
shall be deemed an original, but all such counterparts together shall
constitute but one and the same instrument. 

SECTION 6. Intercreditor Agreement 

          Notwithstanding
anything herein to the contrary, the lien and security interest granted to the
Second Lien Collateral Agent pursuant to this Agreement and the exercise of any
right or remedy by the Second Lien Collateral Agent hereunder are subject to
the provisions of the Collateral Agency and Intercreditor Agreement, dated as
of June 30, 2010 (as amended, restated, supplemented or otherwise modified from
time to time, the “Intercreditor Agreement”), among Greektown Superholdings,
Inc., the other Grantors party thereto, Comerica Bank, as First Lien Administrative
Agent, Comerica Bank, as First Lien Collateral Agent, Wilmington Trust FSB, as
Second Lien Trustee, and Wilmington Trust FSB, as Second Lien Collateral Agent
and certain other persons party or that may become party thereto from time to
time. In the event of any conflict between the terms of the Intercreditor
Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control.

EXHIBIT E-3

CONFIDENTIAL 

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

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  [NAME OF
 GRANTOR]

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 By:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Accepted and Agreed:

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 WILMINGTON
 TRUST FSB,

 	
  

 	
  

 	
  

 
	
 as Collateral Agent

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
  

 	
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EXHIBIT E-4

CONFIDENTIAL 

SCHEDULE A

to

TRADEMARK SECURITY AGREEMENT

TRADEMARK REGISTRATIONS AND APPLICATIONS

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
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EXHIBIT E-1

CONFIDENTIAL

EXHIBIT F

TO PLEDGE AND SECURITY AGREEMENT

FORM OF
PATENT SECURITY AGREEMENT

          This PATENT SECURITY AGREEMENT, dated as of
______, 2010 (as it may be amended, restated, supplemented or otherwise
modified from time to time, this “Agreement”), is made by the entities
identified as grantors on the signature pages hereto (collectively, the
“Grantors”) in favor of Wilmington Trust FSB, as collateral agent for the
Secured Parties (in such capacity, together with its successors and permitted assigns,
the “Collateral Agent”).  

          WHEREAS, the Grantors are party to a Pledge and Security Agreement
dated as of June 30, 2010
(the “Pledge and Security Agreement”) among the Grantors, the other grantors
party thereto and the Collateral Agent pursuant to which the Grantors granted a security interest to the Collateral
Agent in the Patent Collateral (as defined below) and are required to
execute and deliver this Agreement. 

          NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Grantors hereby agree with the
Collateral Agent as follows:

SECTION. 1. Defined Terms

          Unless
otherwise defined herein, terms defined in the Pledge and Security Agreement
and used herein have the meaning given to them in the Pledge and Security
Agreement.

SECTION 2. Grant of Security Interest

          Each
Grantor hereby grants to the Collateral Agent, for the benefit of the Secured
Parties, a security interest in and continuing lien on all of such Grantor’s
right, title and interest in, to and under the following, in each case whether
now owned or hereafter acquired, developed, or created by such Grantor or
otherwise arising in such Grantor and wherever located (collectively, the “Patent Collateral”): 

          (a)
all United States and foreign patents and certificates of invention, or
similar industrial property rights, and applications for any of the foregoing,
including, without limitation: (i) each patent and patent application required
to be listed in Schedule A attached hereto (as such schedule may be
amended or supplemented from time to time), (ii) all reissues, divisions,
continuations, continuations-in-part, extensions, renewals, and reexaminations
thereof, (iii) all patentable inventions and improvements thereto, (iv) the
right to sue or otherwise recover for any past, present and future infringement
or other violation thereof, and (v) all Proceeds of the foregoing, including,
without limitation, license fees, royalties, income, payments, claims, damages,
and proceeds of suit now or hereafter due and/or payable with respect thereto; and

          (b)
to the extent not otherwise included, all Proceeds, Supporting
Obligations and products of any and all of the foregoing and all collateral
security and guarantees given by any Person with respect to any of the
foregoing.

SECTION 3. Security Agreement

EXHIBIT F-1

CONFIDENTIAL

          The
security interest granted pursuant to this Agreement is granted in conjunction
with the security interest granted to the Collateral Agent for the Secured
Parties pursuant to the Pledge and Security Agreement, and the Grantors hereby
acknowledge and affirm that the rights and remedies of the Collateral Agent with respect to the security
interest in the Patent Collateral made and granted hereby are more fully set
forth in the Pledge and Security Agreement, the terms and provisions of which
are incorporated by reference herein as if fully set forth herein. In the event
that any provision of this Agreement is deemed to conflict with the Pledge and
Security Agreement, the provisions of the Pledge and Security Agreement shall
control.

SECTION 4. Governing Law

          THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ALL
CLAIMS AND CONTROVERSIES ARISING OUT OF THE SUBJECT MATTER HEREOF WHETHER
SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THAT WOULD RESULT IN THE
APPLICATION OF ANY OTHER LAW (OTHER THAN ANY MANDATORY PROVISIONS OF LAW
RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OF THE
SECURITY INTEREST).

SECTION 5. Counterparts

          This
Agreement may be executed in one or more counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered
shall be deemed an original, but all such counterparts together shall constitute
but one and the same instrument.

SECTION 6. Intercreditor Agreement

          Notwithstanding
anything herein to the contrary, the lien and security interest granted to the
Second Lien Collateral Agent pursuant to this Agreement and the exercise of any
right or remedy by the Second Lien Collateral Agent hereunder are subject to
the provisions of the Collateral Agency and Intercreditor Agreement, dated as
of June 30, 2010 (as amended, restated, supplemented or otherwise modified from
time to time, the “Intercreditor
Agreement”), among Greektown Superholdings, Inc., the other Grantors
party thereto, Comerica Bank, as First Lien Administrative Agent, Comerica
Bank, as First Lien Collateral Agent, Wilmington Trust FSB, as Second Lien
Trustee, and Wilmington Trust FSB, as Second Lien Collateral Agent and certain
other persons party or that may become party thereto from time to time. In the
event of any conflict between the terms of the Intercreditor Agreement and this
Agreement, the terms of the Intercreditor Agreement shall govern and control. 

EXHIBIT F-2

CONFIDENTIAL

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

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  [NAME OF GRANTOR]

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title: 

 
	
  

 	
  

 
	
 Accepted and
 Agreed:

 	
  

 
	
  

 	
  

 
	
 WILMINGTON
 TRUST FSB, 

 	
  

 
	
 as Collateral Agent

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
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EXHIBIT F-3

CONFIDENTIAL

SCHEDULE A

to

PATENT SECURITY AGREEMENT

PATENTS AND
PATENT APPLICATIONS

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
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EXHIBIT F-4

CONFIDENTIAL 

EXHIBIT G

TO PLEDGE AND SECURITY AGREEMENT 

FORM OF COPYRIGHT SECURITY AGREEMENT

          This
COPYRIGHT SECURITY AGREEMENT,
dated as of _______, 2010 (as it may be amended, restated, supplemented or
otherwise modified from time to time, this “Agreement”),
is made by the entities identified as grantors on the signature pages hereto
(collectively, the “Grantors”) in
favor of Wilmington Trust FSB, as collateral agent for the Secured Parties (in
such capacity, together with its successors and permitted assigns, the “Collateral Agent”). 

          WHEREAS, the Grantors are party to a Pledge
and Security Agreement dated as of June 30, 2010 (the “Pledge and Security Agreement”) among the
Grantors and the other grantors party thereto and the Collateral Agent pursuant
to which the Grantors granted a security interest to the Collateral Agent in
the Copyright Collateral (as defined below) and are required to execute and
deliver this Agreement. 

          NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Grantors hereby agree with the
Collateral Agent as follows: 

SECTION 1. Defined Terms 

          Unless
otherwise defined herein, terms defined in the Pledge and Security Agreement
and used herein have the meaning given to them in the Pledge and Security
Agreement. 

SECTION 2. Grant of Security Interest 

          Each
Grantor hereby grants to the Collateral Agent, for the benefit of the Secured Parties,
a security interest in and continuing lien on all of such Grantor’s right,
title and interest in, to and under the following, in each case whether now
owned or hereafter acquired, developed, or created by such Grantor or otherwise
arising in such Grantor and wherever located (collectively, the “Copyright Collateral”): 

                    (b) all United States, and foreign
copyrights (whether or not the underlying works of authorship have been
published), including but not limited to copyrights in software and all rights
in and to databases, all designs (including but not limited to industrial
designs, Protected Designs within the meaning of 17 U.S.C. 1301 et. Seq. and
Community designs), and all Mask Works (as defined under 17 U.S.C. 901 of the
U.S. Copyright Act), whether registered or unregistered, as well as all moral
rights, reversionary interests, and termination rights, and, with respect to
any and all of the foregoing: (i) all registrations and applications therefor
including, without limitation, the registrations and applications required to
be listed in Schedule A attached hereto (as such schedule may be amended
or supplemented from time to time), (ii) all extensions and renewals thereof,
(iii) the right to sue or otherwise recover for any past, present and future
infringement or other violation thereof, and (iv) all Proceeds of the
foregoing, including, without limitation, license fees, royalties, income,
payments, claims, damages and proceeds of suit now or hereafter due and/or
payable with respect thereto (collectively, “Copyrights”);

                    (c) any and all agreements, licenses
and covenants providing for the granting of any exclusive right to such Grantor
in or to any registered Copyright or otherwise providing for a covenant not to
sue for infringement or other violation of any Copyright (whether such Grantor 

EXHIBIT G-1

CONFIDENTIAL 

is
licensee or licensor thereunder) including, without limitation, each agreement
required to be listed in Schedule A attached hereto, and the right to sue or
otherwise recover for past, present and future infringement, dilution,
misappropriation, or other violation or impairment thereof, including the right
to receive all Proceeds therefrom, including without limitation license fees,
royalties, income, payments, claims, damages and proceeds of suit, now or
hereafter due and/or payable with respect thereto; and 

                    (c) to the extent not otherwise included, all
Proceeds, Supporting Obligations, and products of any and all of the foregoing
and all collateral security and guarantees given by any Person with respect to
any of the foregoing. 

SECTION 3. Security Agreement 

          The
security interest granted pursuant to this Agreement is granted in conjunction
with the security interest granted to the Collateral Agent for the Secured
Parties pursuant to the Pledge and Security Agreement, and the Grantors hereby
acknowledge and affirm that the rights and remedies of the Collateral Agent
with respect to the security interest in the Copyright Collateral made and
granted hereby are more fully set forth in the Pledge and Security Agreement,
the terms and provisions of which are incorporated by reference herein as if
fully set forth herein. In the event that any provision of this Agreement is
deemed to conflict with the Pledge and Security Agreement, the provisions of
the Pledge and Security Agreement shall control. 

SECTION 4. Governing Law 

          THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ALL
CLAIMS AND CONTROVERSIES ARISING OUT OF THE SUBJECT MATTER HEREOF WHETHER
SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THAT WOULD RESULT IN THE
APPLICATION OF ANY OTHER LAW (OTHER THAN ANY MANDATORY PROVISIONS OF LAW
RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OF THE
SECURITY INTEREST). 

SECTION 5. Counterparts 

          This
Agreement may be executed in one or more counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered
shall be deemed an original, but all such counterparts together shall
constitute but one and the same instrument. 

SECTION 6. Intercreditor Agreement 

          Notwithstanding
anything herein to the contrary, the lien and security interest granted to the
Second Lien Collateral Agent pursuant to this Agreement and the exercise of any
right or remedy by the Second Lien Collateral Agent hereunder are subject to
the provisions of the Collateral Agency and Intercreditor Agreement, dated as
of June 30, 2010 (as amended, restated, supplemented or otherwise modified from
time to time, the “Intercreditor Agreement”),
among Greektown Superholdings, Inc., the other Grantors party thereto, Comerica
Bank, as First Lien Administrative Agent, Comerica Bank, as First Lien
Collateral Agent, Wilmington Trust FSB, as Second Lien Trustee, and Wilmington
Trust FSB, as Second Lien Collateral Agent and certain other persons party or
that may become party thereto from time to time. In the event of any 

EXHIBIT G-2

CONFIDENTIAL

conflict
between the terms of the Intercreditor Agreement and this Agreement, the terms
of the Intercreditor Agreement shall govern and control. 

EXHIBIT G-3

CONFIDENTIAL

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

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 [NAME OF
GRANTOR]

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
 

	
Accepted and Agreed:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
WILMINGTON
TRUST FSB,

as Collateral Agent

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	
Title:

	
 

	
 

	
 

EXHIBIT G-4

CONFIDENTIAL

SCHEDULE A

to

COPYRIGHT SECURITY AGREEMENT

COPYRIGHT REGISTRATIONS AND APPLICATIONS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Title

	
 

	
Application
No.

	
 

	
Filing
Date

	
 

	
Registration
No.

	
 

	
Registration

Date

	

	
 

	

	
 

	

	
 

	

	
 

	

	

	
 

	

	
 

	

	
 

	

	
 

	

	

	
 

	

	
 

	

	
 

	

	
 

	

	

	
 

	

	
 

	

	
 

	

	
 

	

	

	
 

	

	
 

	

	
 

	

	
 

	

	

	
 

	

	
 

	

	
 

	

	
 

	

EXCLUSIVE COPYRIGHT LICENSES

	
 

	
 

	
 

	
 

	
 

	
Description
of Copyright
License

	
 

	
Name
of Licensor

	
 

	
Registration
Number of
underlying Copyright

	

	
 

	

	
 

	

	

	
 

	

	
 

	

	
 

	

	
 

	

	

	
 

	

	
 

	

	
 

	

	
 

	

	

	
 

	

	
 

	

	
 

	

	
 

	

	

	
 

	

	
 

	

	
 

	

	
 

	

	

	
 

	

	
 

	

	
 

	

	
 

	

EXHIBIT G-5AMENDED AND RESTATED PREFERENCES AND RIGHTS

EXHIBIT 10.5

AMENDED AND RESTATED

PREFERENCES AND RIGHTS OF

SERIES E CONVERTIBLE PREFERRED STOCK

OF

XENACARE HOLDINGS, INC.

a Florida corporation

The undersigned President of XenaCare Holdings, Inc. (the “Corporation”), a company organized and existing under the laws of the State of Florida, certifies that pursuant to the authority contained in the Corporation’s Articles of Incorporation, and in accordance with the provisions of the resolution amending and restating a series of the class of the Corporation’s authorized Preferred Stock designated as Series E Convertible Preferred Stock:

FIRST: The Articles of Incorporation of the Corporation bearing document number P05000081911 authorizes the issuance of two hundred million (200,000,000) shares of common stock, par value $0.001 per share (the “Common Stock”) and five million (5,000,000) shares of preferred stock, par value $0.001 per share (the “Preferred Stock”), and further authorizes the Board of Directors of the Corporation, by resolution or resolutions, at any time and from time to time, to divide and establish any or all of the shares of Preferred Stock into one or more series and, without limiting the generality of the foregoing, to fix and determine the designation of each such share, and its preferences, conversion rights, cumulative, relative, participating, optional, or other rights, including voting rights, qualifications, limitations, or restrictions thereof.

SECOND: At a meeting of the Board of Directors, held on December 10, 2009, the directors unanimously approved the designation of Series E Preferred Stock. The designations, powers, preferences and rights, and the qualifications, limitations or restrictions hereof, in respect of the Series E Convertible Preferred Stock shall be as hereinafter described.

Accordingly, “Article V” of the Articles of Incorporation of this Corporation is amended to include the following:

Series E Convertible Preferred Stock

1.

Determination. The series of Preferred Stock is hereby designated Series E Convertible Preferred Stock (the “Series E Preferred Stock”). 

2.

Authorized Shares. The number of authorized shares constituting the Series E Preferred Stock shall be Five Hundred Thousand (500,000) shares of such series. 

3.

Rank. The Series E Preferred Stock shall rank:  (i) prior to all of the Corporation’s Common Stock; (ii) prior to any other series of preferred stock or any class or series of capital stock of the Corporation hereafter created not specifically ranking by its terms senior to or on parity with the Series E Preferred Stock (collectively with the Common Stock, the “Junior Securities”); and (iii) on parity with the Series E Preferred Stock and any class or series of capital stock of the Corporation hereafter created specifically ranking by its terms on parity with the Series E Preferred Stock (the “Parity Securities”), in each case as to the distribution of assets upon liquidation, dissolution or winding up of the Corporation.

4.

Designation and Stated Value. The Board of Directors of the Corporation, pursuant to authority granted in its Articles of Incorporation, hereby creates a Series of Preferred Stock designated as “Series E Preferred Stock.” Upon initial issuance by the Corporation, the price per share of the Series E Preferred Stock and the Stated Value of each share of Series E Preferred Stock upon any Liquidation Event, or otherwise, shall be ten ($10.00 ) dollars (the “Stated Value”).

5.

Number. The number of shares of Series E Preferred Stock the Corporation is authorized to issue is 500,000 shares of Series E Preferred Stock. Such number may be increased or decreased by resolution of the Board of Directors.

6.

Dividend Rights. The Series E Preferred Stock shall accrue and be paid dividends at the rate of fifteen percent (15%) per annum.

7.

Liquidation Rights.

(a)

In the event of any liquidation, dissolution or winding up of the Company, the holders of Series E Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Company available for distribution to its shareholders, a preference (the “Liquidation Preference”), whether from capital surplus or earnings, before any payment or declaration and setting apart for payment of any amount is made with respect to the Common Stock of the Company, and pro rata with the outstanding Series E Preferred Stock based on the relative aggregate amount of liquidation preference of the outstanding shares of each of said classes of Preferred Stock. The amount of the Liquidation Preference shall be ten dollars ($10.00) per share. If the assets of the Company available for distribution to its shareholders are insufficient to pay the full Liquidation Preference to holders of the Series E Preferred Stock, such holders of said Preferred Stock shall share ratably in any distribution of assets according to the respective amounts which would be payable with respect to the shares held by them upon distribution if all amounts payable with respect to said shares were paid in full. 

(b)

The following events shall be considered a liquidation under this Section 7: 

(i)

any consolidation or merger of the Company with or into any other corporation or other entity or person, or any other corporate reorganization in which the outstanding shares of the Company are exchanged for securities or other consideration issued by or on behalf of the acquiring corporation or as a result of which the shareholders of the Company immediately prior to such transaction hold less than 50% of the equity securities of the surviving or resulting corporation, excluding any consolidation or merger effected exclusively to change the domicile of the Company and any consolidation or merger effected exclusively with an entity that has no meaningful business or operations for the purpose of creating a public market for the Company’s Common Stock (an “Acquisition”); or

(ii)

a sale, lease or other disposition of all or substantially all of the assets of the Company (an “Asset Transfer”). 

(c)

In any of such events, if the consideration received is other than cash, its value will be deemed to be its fair market value as determined in good faith by the Board of Directors. Any securities shall be valued as follows: 

(i)

Securities not subject to investment letter or other similar restrictions on free marketability covered by (ii) below: 

1)

If traded on a securities exchange or through the NASDAQ National Market, the value shall be deemed to be the average of the closing prices of the securities on such quotation system over the thirty (30) day period ending three (3) days prior to the closing of such Acquisition or Asset Transfer; 

2)

If actively traded over-the-counter, the value shall be deemed to be the average of the closing bid or sale prices (whichever is applicable) over the thirty (30) day period ending three (3) days prior to the closing of such Acquisition or Asset Transfer; and 

3)

If there is no active public market, the value shall be the fair market value thereof, as determined by the Board of Directors. 

(ii)

The method of valuation of securities subject to investment letter or other restrictions on free marketability (other than restrictions arising solely by virtue of a shareholder’s status as an affiliate or former affiliate) shall be to make an appropriate discount from the market value determined as above in (i) 1), 2) or 3) to reflect the approximate fair market value thereof, as determined by the Board of Directors. 

8.

Voting Rights. The Holders of the issued and outstanding shares of Series E Preferred Stock have the same voting rights as if it has been converted into common stock.

9.

Notice to Holders of Series E Preferred Stock. The Corporation shall provide each holder of Series E Preferred Stock with prior notification of any meeting of the stockholders (and copies of proxy materials and other information sent to stockholders). In the event of any taking by the Corporation of a record of its stockholders for the purpose of determining stockholders who are entitled to receive payment of any dividend or other distribution, any right to subscribe for, purchase or otherwise acquire (including by way of merger, consolidation or recapitalization) any share of any class or any other securities or property, or to receive any other right, or for the purpose of determining stockholders who are entitled to vote in connection with any proposed Liquidation Event, the Corporation shall mail a notice to each holder of Series E Preferred Stock, at least thirty (30) days prior to (or such shorter period that the Corporation first becomes aware of) the consummation of the transaction or event, whichever is earlier, of the date on which any such action is to be taken for the purpose of such dividend, distribution, right or other event, and a brief statement regarding the amount and character of such dividend, distribution, right or other event to the extent known at such time.

10.

Conversion. Each holder of Series E Preferred Stock may, at his sole option at any time after the Series E Preferred Stock is issued and, if applicable, until it is redeemed by the Company, convert any or all of his shares of Series E Preferred Stock into shares of Common Stock at a conversion rate of the stated value of $10.00 divided by the value of the Common Stock when the Preferred Shares are issued.  Fractional shares of Common Stock will not be issued and upon a conversion will be rounded down to the nearest whole number. The Company has no right to require a conversion of any of the shares of Series E Preferred Stock. 

In order to exercise the conversion privilege, a holder shall give written notice to the Company stating that such holder elects to convert one or more shares of Series E Preferred Stock and the number of such shares to be converted. The notice must be accompanied by the certificate evidencing the shares of Series E Preferred Stock being converted. If less than all shares evidenced by such certificate are converted, a new certificate for such remaining shares of Series E Preferred Stock will be issued by the Company. Shares of Series E Preferred Stock so converted will be deemed to have been converted immediately prior to the close of business on the date of receipt of such notice, even if the Company’s stock transfer books are at that time closed, and such holder will be treated for all purposes as the record owner of the shares deliverable upon such conversion as of the close of business on such date. The Company will issue certificates for the Common Stock into which the Series E Preferred Stock is converted or as soon as practicable after the effective date of the conversion. If less than all of the Series E Preferred Stock evidenced by a certificate is converted, then upon the surrender of said certificate, a new certificate of said Series E Preferred Stock for the remaining shares of Series E Preferred Stock will be issued by the Company. 

The issue of Common Stock certificates on conversion shall be made without charge to the holder for any tax in respect of the issue thereof, except taxes, if any, on the income of the holder. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of shares of Common Stock in any name other than that of the holder. 

At such time as the Series E Preferred Stock is converted by the Holder (the “Holder”) or by Automatic Conversion, the Board of Directors, at its sole discretion, may issue one Preferred E Warrant for each Common Share issued in conversion of the Series E Preferred Stock. The Holder is entitled, upon the terms and subject to the conditions to be set forth by the Board of Directors, at any time prior to the close of business on December 31, 2012 (the “Termination Date”), but not thereafter, to subscribe for from Xenacare one share (the “Warrant Shares”) of the common stock, $ .001 par value, of the Company for each Common share converted from Preferred E Shares. The Warrant Share may be exercised in a cashless transaction identical to the conversion provisions of the Preferred E Shares converted into Common Shares, with the price of the Warrant Shares fixed at the same price as the Converted Preferred Shares.

11.

Automatic Conversion. Each share of the Series E Preferred Stock will automatically convert into stated value of $10.00 divided by the value of the Common Stock at the time the Preferred Shares are issued, subject to possible adjustment in accordance with Section 12 of this Certificate, at any time twelve months or more after the date that the Series E Preferred Stock is issued (the “Twelve Month Period”), once the Company’s Common Stock has thereafter (i.e., after the expiration of the Twelve Month Period) traded at a closing bid price of one dollar ($1.00) per share or more for a period of five (5) consecutive trading days closing price as published by NASDAQ, to the extent that the Series E Preferred Stock has not otherwise been redeemed or converted. Fractional shares of Common Stock will not be issued and upon a conversion will be rounded down to the nearest whole number. 

12.

Adjustment of Shares and Price. The number of shares of Common Stock into which the Series E Preferred Stock is convertible pursuant to items 10 and 11 herein is subject to proportionate adjustment from time to time in the event (i) the Company subdivides or combines its outstanding Common Stock into a greater or smaller number of shares, including stock splits and stock dividends payable in stock, rights or convertible securities; or (ii) of a reorganization or reclassification of the Company’s Common Stock, the consolidation or merger of the Company with or into another company, the sale, conveyance or other transfer of substantially all of the Company’s assets to another corporation or other similar event, whereby securities or other assets are issuable or distributable to the holders of the outstanding Common Stock of the Company upon the occurrence of any such event; or (iii) of the issuance by the Company to the holders of its Common Stock of securities convertible into, or exchangeable for, such shares of Common Stock. 

13.

Miscellaneous.

(a)

Loss, Theft, Destruction of Preferred Stock. Upon receipt of evidence satisfactory to the Corporation of the loss, theft, destruction or mutilation of shares of Series E Preferred Stock and, in the case of any such loss, theft or destruction, upon receipt of indemnity or security reasonably satisfactory to the Corporation, or, in the case of any such mutilation, upon surrender and cancellation of the Series E Preferred Stock, the Corporation shall make, issue and deliver, in lieu of such lost, stolen, destroyed or mutilated shares of Series E Preferred Stock, new shares of Series E Preferred Stock of like tenor. The Series E Preferred Stock shall be held and owned upon the express condition that the provisions of this Section are exclusive with respect to the replacement of mutilated, destroyed, lost or stolen shares of Series E Preferred Stock and shall preclude any and all other rights and remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement of negotiable instruments or other securities without the surrender thereof.

(b)

Who Deemed Absolute Owner. The Corporation may deem the Person in whose name the Series E Preferred Stock shall be registered upon the registry books of the Corporation to be, and may treat it as, the absolute owner of the Series E Preferred Stock for the purpose of the conversion of the Series E Preferred Stock and for all other purposes, and 

the Corporation shall not be affected by any notice to the contrary. All such payments and such conversion shall be valid and effectual to satisfy and discharge the liability upon the Series E Preferred Stock to the extent of the sum or sums so paid or the conversion so made.

(c)

Register. The Corporation shall keep at its principal office a register in which the Corporation shall provide for the registration of the Series E Preferred Stock. Upon any transfer of the Series E Preferred Stock in accordance with the provisions hereof, the Corporation shall register such transfer on the Series E Preferred Stock register.

(d)

Reservation of Common Stock. The Corporation shall have a sufficient number of shares of Common Stock available to reserve for issuance upon the conversion of all outstanding shares of Series E Preferred Stock and upon conversion of any Series E warrants. The Corporation will at all times reserve and keep available out of its authorized Common Stock, solely for the purpose of issuance upon the conversion of Series E Preferred Stock and Series E Warrants as herein provided, such number of shares of Common Stock as shall then be issuable upon the conversion of all outstanding shares of Series E Preferred Stock and Series E Warrants. The Corporation covenants that all shares of Common Stock which shall be so issued shall be duly and validly issued, fully paid and non-assessable. The Corporation will take all such action as may be so taken without violation of any applicable law or regulation, or of any requirement of any national securities exchange upon which the Common Stock may be listed to have a sufficient number of authorized but unissued shares of Common Stock to issue upon conversion of the Series E Preferred Stock. The Corporation will not take any action which results in any adjustment of the conversion rights if the total number of shares of Common Stock issued and issuable after such action upon conversion of the Series E Preferred Stock would exceed the total number of shares of Common Stock then authorized by the Corporation's certificate of incorporation, as amended.

(e)

No Reissuance of Preferred Stock. Any shares of Series E Preferred Stock acquired by the Corporation by reason of purchase, conversion or otherwise shall be canceled, retired and eliminated from the shares of Series E Preferred Stock that the Corporation shall be authorized to issue. All such shares shall upon their cancellation become authorized but unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock subject to the conditions and restrictions on issuance set forth in the Articles of Incorporation or in any certificate of determination creating a series of Preferred Stock or any similar stock or as otherwise required by law.

(f)

Severability. If any right, preference or limitation of the Series E Preferred Stock set forth herein is invalid, unlawful or incapable of being enforced by reason of any rule, law or public policy, all other rights, preferences and limitations set forth herein that can be given effect without the invalid, unlawful or unenforceable right, preference or limitation shall nevertheless remain in full force and effect, and no right, preference or limitation herein shall be deemed dependent upon any other such right, preference or limitation unless so expressed herein. 

14.

Authorized Shares. The number of authorized shares of Preferred Stock of the Corporation is 5,000,000, and the number of authorized shares of Series E Preferred Stock, none of which has been issued, is 500,000 shares.

The foregoing Amendment was adopted by the Board of Directors of the Corporation pursuant to the Florida Business Corporation Act on December 10, 2009. Therefore, the number of votes cast for the Amendment to the Corporation's Articles of Incorporation was sufficient for approval.

IN WITNESS WHEREOF, the Corporation has caused this Amendment to be executed by its duly authorized officer. 

		
	                                          

	Dated: December 10, 2009

	 
	 

	 
	XenaCare Holdings, Inc.

	 
	 

	 
	/s/ Frank Rizzo

	 
	Frank Rizzo, President

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