Document:

Exhibit
10.80

NONQUALIFIED STOCK OPTION AGREEMENT

CANO
PETROLEUM, INC.

2005 LONG-TERM INCENTIVE PLAN

1.                                       Grant
of Option.  Pursuant to the Cano
Petroleum, Inc. 2005 Long-Term Incentive Plan (the “Plan”) for employees,
consultants and outside directors of Cano Petroleum, Inc., a Delaware
corporation (the “Company”),
the Company grants to

Dennis McCuistion

(the “Participant”),

an option to
purchase shares of Common Stock (“Common Stock”) of the Company as follows:

On the date hereof, the
Company grants to the Participant an option (the “Option” or “Stock Option”) to
purchase Twenty-five Thousand (25,000) full shares (the “Optioned Shares”) of
Common Stock at an Option Price equal to $5.42 per share.  The Date of Grant of this Stock Option is December
28, 2006.

The “Option Period” shall
commence on the Date of Grant and shall expire on the date immediately
preceding the tenth (10th)
anniversary of the Date of Grant.  The
Stock Option is a Nonqualified Stock Option. 
This Stock Option is intended to
comply with the provisions governing nonqualified stock options under Internal
Revenue Service Notice 2005-1 and the proposed Treasury Regulations issued
under Section 409A of the Code on September 29, 2005 in order to exempt this
Stock Option from application of Section 409A of the Code.

2.                                       Subject
to Plan.  The Stock Option and its
exercise are subject to the terms and conditions of the Plan, and the terms of
the Plan shall control to the extent not otherwise inconsistent with the
provisions of this Agreement. The capitalized terms used herein that are
defined in the Plan shall have the same meanings assigned to them in the
Plan.  The Stock Option is subject to any
rules promulgated pursuant to the Plan by the Board or the Committee and
communicated to the Participant in writing.

3.                                       Vesting;
Time of Exercise.  Except as
specifically provided in this Agreement and subject to certain restrictions and
conditions set forth in the Plan, 100% of the total Optioned Shares shall vest
and that portion of the Stock Option shall become exercisable on the first
anniversary of the Date of Grant, provided the Participant is employed by (or,
if the Participant is a consultant or an Outside Director, is providing
services to) the Company or a Subsidiary on that date.  In the event that a Change in Control occurs,
then immediately prior to the effective date of such Change in Control the
total Optioned Shares not previously vested shall thereupon immediately become
vested and this Option shall become fully exercisable if not previously so exercisable.

4.                                       Term;
Forfeiture.

a.                                         Except as otherwise provided in this
Agreement, to the extent the unexercised portion of the Stock Option relates to
Optioned Shares which are not vested on the date of the Participant’s
Termination of Service, the Stock Option will be terminated on that date.  The unexercised portion of the Stock Option
that relates to Optioned Shares which are vested will terminate at the first of
the following to occur:

i.                                          5
p.m. on the date the Option Period terminates;

ii.                                       5
p.m. on the date which is twelve (12) months following the date of the
Participant’s Termination of Service due to death or Total and Permanent
Disability;

iii.                                    5
p.m. on the date of the Participant’s Termination of Service by the Company for
cause (as defined herein);

iv.                                   5
p.m. on the date which is ninety (90) days following the date of the
Participant’s Termination of Service for any reason not otherwise specified in
this Section 4.a.; or

v.                                      5
p.m. on the date the Company causes any portion of the Option to be forfeited
pursuant to Section 7 hereof.

b.                                      Solely
for purposes of this Section 4, “Cause”
shall mean (i) the Participant’s gross negligence in the performance or
intentional nonperformance of any of his duties and responsibilities (which
remains uncured and continues for thirty (30) days after delivery of written
notice); (ii) the Participant’s dishonesty or fraud with respect to the
business, reputation or affairs of the Company; (iii) the Participant’s
conviction of a felony or crime involving moral turpitude; (iv) the Participant’s
debilitating drug or alcohol abuse as determined by a qualified physician; (v)
the Participant’s material breach of any provisions of an employment,
consulting or service agreement between the Company and the Participant; or
(vi) the Participant’s material violation of any written Company policy (which
remains uncured or continues thirty (30) days after delivery of written
notice).

5.                                       Who
May Exercise.  Subject to the terms
and conditions set forth in Sections 3 and 4 above, during the lifetime
of the Participant, the Stock Option may be exercised only by the Participant,
or by the Participant’s guardian or personal or legal representative.  If the Participant’s Termination of Service
is due to his death prior to the date specified in Section 4.i. hereof,
or the Participant dies prior to the termination dates specified in Sections
4.i., ii., iii., or iv. hereof, and the Participant has not exercised the
Stock Option as to the maximum number of vested Optioned Shares as set forth in
Section 3 hereof as of the date of death, the following persons may
exercise the exercisable portion of the Stock Option on behalf of the
Participant at any time prior to the earliest of the dates specified in Section 4
hereof:  the personal representative of
his estate, or the person who acquired the right to exercise the Stock Option
by bequest or inheritance or by reason of the death of the Participant;
provided that the Stock Option shall remain subject to the other terms of this
Agreement, the Plan, and applicable laws, rules, and regulations.  Notwithstanding the foregoing sentence, by
delivering to the Company the prescribed form (see Appendix A), the Participant
may designate one or more beneficiaries and successor beneficiaries who may
exercise the exercisable portion of the Option on behalf of the Participant at
any time prior to the earliest of the dates specified in Section 4
hereof (provided that the Option shall remain subject to the other terms of
this Agreement and applicable laws, rules, and regulations) in the event (i) of
the Participant’s Termination of Service due to his death prior to the date
specified in Section 4.a.i. hereof, or 
(ii) the Participant dies prior to the termination dates specified in Sections
4.a.i., ii., iii., iv. or v. hereof, and the Participant has not exercised
the Option as to the maximum number of vested Optioned Shares as set forth in Section 3
hereof as of the date of death.  In the
event the Participant does not deliver to the Company a form designating one or
more beneficiaries, or no designated beneficiary survives the Participant, the
foregoing sentence shall not apply.

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6.                                       No
Fractional Shares.  The Stock Option
may be exercised only with respect to full shares, and no fractional share of
stock shall be issued.

7.                                       Manner
of Exercise.  Subject to such
administrative regulations as the Committee may from time to time adopt, the
Stock Option may be exercised by the delivery of written notice to the
Committee setting forth the number of shares of Common Stock with respect to
which the Stock Option is to be exercised, the date of exercise thereof (the “Exercise Date”) which
shall be at least three (3) days after giving such notice unless an earlier
time shall have been mutually agreed upon. 
On the Exercise Date, the Participant shall deliver to the Company
consideration with a value equal to the total Option Price of the shares to be
purchased, payable as follows:  (a) cash,
check, bank draft, or money order payable to the order of the Company, (b)
Common Stock (including Restricted Stock owned by the Participant on the
Exercise Date, valued at its Fair Market Value on the Exercise Date, and which
the Participant has not acquired from the Company within six (6) months prior
to the Exercise Date, (c) if the Optioned Shares are Publicly Traded (as
defined herein), by delivery (including by FAX) to the Company or its
designated agent of an executed irrevocable option exercise form together with
irrevocable instructions from the Participant to a broker or dealer, reasonably
acceptable to the Company, to sell certain of the shares of Common Stock
purchased upon exercise of the Stock Option or to pledge such shares as
collateral for a loan and promptly deliver to the Company the amount of sale or
loan proceeds necessary to pay such purchase price, and/or (d) in any other
form of valid consideration that is acceptable to the Committee in its sole
discretion.  In the event that shares of Restricted Stock are tendered as
consideration for the exercise of a Stock Option, a number of shares of Common
Stock issued upon the exercise of the Stock Option equal to the number of
shares of Restricted Stock used as consideration therefor shall be subject to
the same restrictions and provisions as the Restricted Stock so tendered.  For purposes of this Section 7, the
Common Stock shall be “Publicly Traded” if
the Common Stock subjects the Company to the periodic reporting
requirements of Sections 12(g) or 15(d) of the 1934 Act.

Upon
payment of all amounts due from the Participant, the Company shall cause
certificates for the Optioned Shares then being purchased to be delivered to
the Participant (or the person exercising the Participant’s Stock Option in the
event of his death) at its principal business office within ten (10) business
days after the Exercise Date. The obligation of the Company to deliver shares
of Common Stock shall, however, be subject to the condition that if at any time
the Company shall determine in its discretion that the listing, registration,
or qualification of the Stock Option or the Optioned Shares upon any securities
exchange or under any state or federal law, or the consent or approval of any
governmental regulatory body, is necessary as a condition of, or in connection
with, the Stock Option or the issuance or purchase of shares of Common Stock
thereunder, then the Stock Option may not be exercised in whole or in part
unless such listing, registration, qualification, consent, or approval shall
have been effected or obtained free of any conditions not reasonably acceptable
to the Committee.

If
the Participant fails to pay for any of the Optioned Shares specified in such
notice or fails to accept delivery thereof, then the Stock Option, and right to
purchase such Optioned Shares may be forfeited by the Company.

8.                                       Nonassignability.  The Stock Option is not assignable or
transferable by the Participant except by will or by the laws of descent and
distribution.

9.                                       Rights
as Stockholder.  The Participant will
have no rights as a stockholder with respect to any shares covered by the Stock
Option until the issuance of a certificate or certificates to the Participant
for the Optioned Shares.  The Optioned
Shares shall be subject to the terms and conditions of this Agreement regarding
such Shares.  Except as otherwise provided
in Section 10 hereof, no adjustment

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shall be made for
dividends or other rights for which the record date is prior to the issuance of
such certificate or certificates.

10.                                 Adjustment
of Number of Optioned Shares and Related Matters.  The number of shares of Common Stock covered
by the Stock Option, and the Option Prices thereof, shall be subject to
adjustment in accordance with Articles 11 - 13 of the Plan.

11.                                 Nonqualified
Stock Option.  The Stock Option shall
not be treated as an Incentive Stock Option.

12.                                 Voting.  The Participant, as record
holder of some or all of the Optioned Shares following exercise of this Stock
Option, has the exclusive right to vote, or consent with respect to, such
Optioned Shares until such time as the Optioned Shares are transferred in
accordance with this Agreement or a proxy is granted pursuant to Section 13
below; provided, however, that this Section shall not create any
voting right where the holders of such Optioned Shares otherwise have no such
right.

13.                                 Proxies.  The Participant shall execute an
irrevocable proxy with respect to any shares of Restricted Stock authorizing
the Board to vote such shares on all issues until the expiration of the
Restriction Period.  Subject to the
foregoing provisions of this Section, the Participant may not grant a proxy to
any person, other than a revocable proxy not to exceed 30 days in duration
granted to another stockholder for the sole purpose of voting for directors of
the Company.

14.                                 Community Property.  Each
spouse individually is bound by, and such spouse’s interest, if any, in any
Optioned Shares is subject to, the terms of this Agreement.  Nothing in this Agreement shall create a
community property interest where none otherwise exists.

15.                                 Participant’s
Representations.  Notwithstanding any
of the provisions hereof, the Participant hereby agrees that he will not
exercise the Stock Option granted hereby, and that the Company will not be
obligated to issue any shares to the Participant hereunder, if the exercise
thereof or the issuance of such shares shall constitute a violation by the
Participant or the Company of any provision of any law or regulation of any
governmental authority.  Any
determination in this connection by the Company shall be final, binding, and
conclusive.  The obligations of the
Company and the rights of the Participant are subject to all applicable laws,
rules, and regulations.

16.                                 Investment
Representation.  Unless the Common
Stock is issued to him in a transaction registered under applicable federal and
state securities laws, by his execution hereof, the Participant represents and
warrants to the Company that all Common Stock which may be purchased hereunder
will be acquired by the Participant for investment purposes for his own account
and not with any intent for resale or distribution in violation of federal or
state securities laws.  Unless the Common
Stock is issued to him in a transaction registered under the applicable federal
and state securities laws, all certificates issued with respect to the Common
Stock shall bear an appropriate restrictive investment legend and shall be held
indefinitely, unless they are subsequently registered under the applicable
federal and state securities laws or the Participant obtains an opinion of
counsel, in form and substance satisfactory to the Company and its counsel,
that such registration is not required.

17.                                 Participant’s
Acknowledgments.  The Participant
acknowledges receipt of a copy of the Plan, which is annexed hereto, and
represents that he or she is familiar with the terms and provisions thereof,
and hereby accepts this Option subject to all the terms and provisions thereof.
The Participant hereby agrees to accept as binding, conclusive, and final all
decisions or interpretations of the Committee or the Board, as appropriate,
upon any questions arising under the Plan or this Agreement.

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18.                                 Law
Governing.  This Agreement shall be
governed by, construed, and enforced in accordance with the laws of the State
of Texas (excluding any conflict of laws rule or principle of Texas law that
might refer the governance, construction, or interpretation of this agreement
to the laws of another state).

19.                                 No
Right to Continue Service or Employment. 
Nothing herein shall be construed to confer upon the Participant the
right to continue in the employ or to provide services to the Company or any
Subsidiary, whether as an employee or as a consultant or as an Outside
Director, or interfere with or restrict in any way the right of the Company or
any Subsidiary to discharge the Participant as an employee, consultant or
Outside Director at any time.

20.                                 Legal
Construction.  In the event that any
one or more of the terms, provisions, or agreements that are contained in this
Agreement shall be held by a Court of competent jurisdiction to be invalid,
illegal, or unenforceable in any respect for any reason, the invalid, illegal,
or unenforceable term, provision, or agreement shall not affect any other term,
provision, or agreement that is contained in this Agreement and this Agreement
shall be construed in all respects as if the invalid, illegal, or unenforceable
term, provision, or agreement had never been contained herein.

21.                                 Covenants
and Agreements as Independent Agreements. Each of the covenants and
agreements that is set forth in this Agreement shall be construed as a covenant
and agreement independent of any other provision of this Agreement.  The existence of any claim or cause of action
of the Participant against the Company, whether predicated on this Agreement or
otherwise, shall not constitute a defense to the enforcement by the Company of
the covenants and agreements that are set forth in this Agreement.

22.                                 Entire
Agreement.  This Agreement together
with the Plan supersede any and all other prior understandings and agreements,
either oral or in writing, between the parties with respect to the subject
matter hereof and constitute the sole and only agreements between the parties
with respect to the said subject matter. 
All prior negotiations and agreements between the parties with respect
to the subject matter hereof are merged into this Agreement.  Each party to this Agreement acknowledges
that no representations, inducements, promises, or agreements, orally or
otherwise, have been made by any party or by anyone acting on behalf of any
party, which are not embodied in this Agreement or the Plan and that any
agreement, statement or promise that is not contained in this Agreement or the
Plan shall not be valid or binding or of any force or effect.

23.                                 Parties
Bound.  The terms, provisions, and
agreements that are contained in this Agreement shall apply to, be binding
upon, and inure to the benefit of the parties and their respective heirs,
executors, administrators, legal representatives, and permitted successors and
assigns, subject to the limitation on assignment expressly set forth herein. No person or entity shall be permitted to
acquire any Optioned Shares without first executing and delivering an agreement
in the form satisfactory to the Company making such person or entity subject to
the restrictions on transfer contained herein.

24.                                 Modification.  No
change or modification of this Agreement shall be valid or binding upon the
parties unless the change or modification is in writing and signed by the
parties; provided, however, that the Company may change or modify this
Agreement without Individual’s consent or signature if the Company determines,
in its sole discretion, that such change or modification is necessary for
purposes of compliance with or exemption from the requirements of Section 409A
of the Code or any regulations or other guidance issued thereunder.

 5
 

25.                                 Headings.  The headings that are used in this Agreement
are used for reference and convenience purposes only and do not constitute
substantive matters to be considered in construing the terms and provisions of
this Agreement.

26.                                 Gender
and Number.  Words of any gender used
in this Agreement shall be held and construed to include any other gender, and
words in the singular number shall be held to include the plural, and vice
versa, unless the context requires otherwise.

27.                                 Notice.  Any notice required or permitted to be
delivered hereunder shall be deemed to be delivered only when actually received
by the Company or by the Participant, as the case may be, at the addresses set
forth below, or at such other addresses as they have theretofore specified by
written notice delivered in accordance herewith:

a.                                       Notice
to the Company shall be addressed and delivered as follows:

Cano Petroleum, Inc.

801 Cherry Street, Unit
25, Suite 3200

Fort Worth, TX  76102

Attn:  Corporate Secretary

b.                                      Notice
to the Participant shall be addressed and delivered as set forth on the
signature page.

28.                                 Tax
Requirements.  The Participant is
hereby advised to consult immediately with his or her own tax advisor regarding
the tax consequences of this Agreement. 
The Company or, if applicable, any Subsidiary (for purposes of this Section
28, the term “Company”
shall be deemed to include any applicable Subsidiary), shall have the right to
deduct from all amounts hereunder paid in cash or other form, any Federal,
state, local, or other taxes required by law to be withheld in connection with
this Award.  The Company may, in its sole
discretion, also require the Participant receiving shares of Common Stock issued
under the Plan to pay the Company the amount of any taxes that the Company is
required to withhold in connection with the Participant’s income arising with
respect to this Award.  Such payments
shall be required to be made when requested by the Company and may be required
to be made prior to the delivery of any certificate representing shares of
Common Stock.  Such payment may be made
(i) by the delivery of cash to the Company in an amount that equals or exceeds
(to avoid the issuance of fractional shares under (iii) below) the required tax
withholding obligations of the Company; (ii) if the Company, in its sole
discretion, so consents in writing, the actual delivery by the exercising
Participant to the Company of shares of Common Stock other than (A) Restricted
Stock, or (B)Common Stock that the Participant has not acquired from the
Company within six (6) months prior to the date of exercise, which shares so
delivered have an aggregate Fair Market Value that equals or exceeds (to avoid
the issuance of fractional shares under (iii) below) the required tax
withholding payment; (iii) if the Company, in its sole discretion, so consents
in writing, the Company’s withholding of a number of shares to be delivered
upon the exercise of the Stock Option other than shares that will constitute
Restricted Stock, which shares so withheld have an aggregate fair market value
that equals (but does not exceed) the required tax withholding payment; or (iv)
any combination of (i), (ii), or (iii). 
The Company may, in its sole discretion, withhold any such taxes from
any other cash remuneration otherwise paid by the Company to the Participant.

* * * * * * * *

 6
 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by its
duly authorized officer, and the Participant, to evidence his consent and
approval of all the terms hereof, has duly executed this Agreement, as of the
date specified in Section 1 hereof.

	
  

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  CANO
  PETROLEUM, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ S. Jeffrey
  Johnson

  
	
   

  	
  Name:

  	
   S. Jeffrey
  Johnson

  
	
   

  	
  Title:

  	
   Chairman
  and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Dennis
  McCuistion

  
	
   

  	
  Signature

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Dennis McCuistion

  
	
   

  	
  Address:

  	
  68 Vista Ct.

  
	
   

  	
   

  	
  Pottsboro, TX 75076

  
						

 

 7
 

APPENDIX
A

Beneficiary
Designation

To:                              Corporate
Secretary designated in the Cano Petroleum Inc. Nonqualified Stock Option
Agreement by and between Cano Petroleum Inc. and Dennis McCuistion (the “Agreement”)

From:                  Dennis
McCuistion

Pursuant
to Section 5 of the Agreement made as of December 28, 2006, I hereby designate
the following persons(s) as beneficiary(ies) who on my death who may exercise
the exercisable portion of the Option on my behalf pursuant to the Agreement:

	
  

  	
  Primary Beneficiary
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Secondary
  Beneficiary Name:

  	
   

  	
   

  
						

 

In
making the above designation, I reserve the right to revoke this beneficiary
designation or change the beneficiary(ies) designated at any time or times and
without the consent of any beneficiary.

This
beneficiary designation cancels and supersedes any beneficiary designation I
previously made with respect to this Agreement.

	
  

  	
  Signed:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Individual

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date

  	
   

  
				

 

 8Exhibit 10.1

AMENDMENT NO. 3 TO
AMENDED AND RESTATED LOAN AGREEMENT

This
Amendment No. 3 to Amended and Restated Loan Agreement (this “Amendment”), is
entered into as of January 19, 2007, with reference to the Amended and Restated
Loan Agreement dated as of December 14, 2001 (as heretofore amended by an
Amendment No. 1 dated as of June 7, 2005, an Amendment No. 2 dated as of
December 28, 2005, and as it may hereafter be amended, supplemented or
otherwise modified from time to time, the “Loan Agreement”) among Wheeling Island Gaming, Inc., a
Delaware corporation (the “Borrower”), the lenders from time to
time party thereto (each a “Lender”, and collectively, the “Lenders”) and Bank of America, N.A., as
Administrative Agent (“Administrative Agent”).  Capitalized terms used herein and not
otherwise defined are used with the meanings set forth for those terms in the
Loan Agreement.

RECITALS

A.            The Loan Agreement is scheduled to
expire on January 19, 2007 and currently provides for a credit line in the
amount of $25,000,000.

B.            Borrower has requested that (i) Bank
of America, N.A., extend the term of the Loan Agreement to April 30, 2007; and
(ii) the Lenders other than Bank of America, N.A., cease their participation in
the credit facility on January 19, 2007, such that Bank of America, N.A. shall
be the sole Lender on and after that date.

C.            Subject to the terms and conditions
contained herein, Borrower, 
Administrative Agent, and the Lenders hereby amend the Loan Agreement as
follows:

AGREEMENT

1.                                       This Amendment
becomes effective immediately upon the expiration of the Loan Agreement on
January 19, 2007.  Subject to the
conditions set forth below, the Maturity Date is hereby extended to April 30,
2007, and all references contained in the Loan Agreement to the Maturity Date
shall be deemed to mean April 30, 2007.

2.                                       Pursuant to
this Amendment, Bank of America, N.A., shall be the sole Lender under the Loan
Agreement.

3.                                       The amount of
the Commitment is confirmed to be $25,000,000, with Bank of America, N.A.,
having the sole obligation to fund the Commitment.

4.                                       The Borrower shall pay to the
Administrative Agent on January 19, 2007, the following fees which are due and
payable through January 19, 2007:

(a)           Any commitment fees incurred pursuant
to Section 3.4 of the Loan Agreement; and

(b)            Any Letter of Credit fees incurred
pursuant to Section 3.5 of the Loan Agreement.

 

 1
 

5.                                       Conditions
Precedent.  The effectiveness of this Amendment shall
be conditioned upon the Administrative Agent’s receipt of the following:

(a)                                  an original of this Amendment, duly
executed by the Borrower, Administrative Agent, and the Lenders;

(b)                                 a Consent of
Guarantor, in the form attached hereto as Exhibit A, duly executed by each of
the parties thereto;

(c)                                  an Amendment to the Deeds of Trust
extending the term of the Loan Agreement to April 30, 2007, and reducing the
amount of the Commitment secured thereby; and

(d)                                 such other
documents and assurances as the Administrative Agent may require.

6.                                       Conditions to
Additional Advances.  As conditions precedent to the initial
making of additional Loans and Letters of Credit following this Amendment, the
Borrower shall provide to the Administrative Agent a Certificate signed by a
senior officer of Borrower wherein Borrower represents and warrants to the
Administrative Agent and the Lenders that (A) no Default or Event of Default
has occurred and remains continuing, and that each of the representations and
warranties of Borrower set forth in the Loan Agreement is true and correct as
of the date thereof (other than those which relate by their terms solely to
another date), in each case subject only to such exceptions and qualifications
as the Administrative Agent and Bank of America (as sole remaining Lender) may
approve; and (B) all applicable Governmental Agencies have approved the
execution and delivery of this Amendment..

7.                                       Confirmation. 
In all other respects, the terms of the Loan Agreement and the other
Loan Documents are hereby confirmed.

8.                                       Counterparts. 
This Amendment may be executed in any number of counterparts and any
party hereto may execute any counterpart, each of which when executed and
delivered will be deemed to be an original and all of which counterparts of
this Amendment when taken together will be deemed to be but one and the same
instrument.

[Remainder
of Page Intentionally Left Blank]

 

 2

 

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

	
  

  	
  WHEELING ISLAND GAMING, INC.,

  
	
   

  	
  a Delaware corporation,

  
	
   

  	
  as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronald A. Sultemeier

  
	
   

  	
   

  	
  Name: Ronald A. Sultemeier

  
	
   

  	
   

  	
  Title:   Chief
  Executive Officer

  
	
   

  	
   

  	
   

  

 

 S-1
 

 

	
  

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donna F. Kimbrough

  
	
   

  	
  Name:

  	
  Donna F. Kimbrough

  
	
   

  	
  Title:

  	
  Assistant Vice President

  
	
   

  	
   

  	
   

  

 

 S-2
 

 

	
  

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter J. Vitale

  
	
   

  	
  Name:

  	
  Peter J. Vitale

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 S-3
 

 

	
  

  	
  WELLS FARGO BANK, N.A.,

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Joe Brady

  
	
   

  	
  Name: 

  	
  Joe Brady

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Regional Vice President

  	
   

  	
   

  

 

 S-4
 

 

	
  

  	
  WESBANCO BANK, INC.,

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ David Pell

  
	
   

  	
  Name: 

  	
  David Pell

  
	
   

  	
  Title: 

  	
  Senior Vice President

  

 

 S-5
 

 

	
  

  	
  NATIONAL CITY BANK OF PENNSYLVANIA,

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ John P. Wojcik

  
	
   

  	
  Name:

  	
  John P. Wojcik

  
	
   

  	
  Title:

  	
  Assistant Vice President

  

 

 

 S-6

 

Exhibit A

Form of Guarantor Consent

CONSENT OF GUARANTORS

This Consent of Guarantors is delivered with
reference to the Amended and Restated Loan Agreement dated as of December 14,
2001 (as heretofore amended by an Amendment No. 1 dated as of June 7,
2005, an Amendment No. 2 dated as of December 28, 2005, and as it may hereafter
be amended, supplemented or otherwise modified from time to time, the “Loan
Agreement”), by and among
Wheeling Island Gaming, Inc., a Delaware corporation (the “Borrower”), the lenders
from time to time party thereto (each a “Lender”, and collectively, the “Lenders”),
and Bank of America, N.A., as Administrative Agent (“Administrative Agent”).  Capitalized terms used but not defined in
this Consent of Guarantors have the meanings given to them in the Loan
Agreement.

Each of the undersigned hereby consents to the execution, delivery and
performance of the proposed Amendment No. 3 to the Amended and Restated Loan
Agreement (the “Amendment”) by the Borrower, Administrative Agent, and the
Lenders, substantially in the form presented to the undersigned as a draft, and
agrees that nothing
contained therein shall diminish, alter, amend or otherwise affect any of the
undersigned’s obligations to the Administrative Agent, for the benefit of Lenders,
under the Amended and Restated Guaranty dated December 14, 2001 (as amended,
the “Guaranty”).  Each of the undersigned
further confirms that the Guaranty shall continue in full force and effect and
agrees that the undersigned shall continue to be liable under such Guaranty in
accordance with the terms thereof.  Each
of the undersigned further confirms that it has no defense, counterclaim or
offset right whatsoever with respect to its obligations under the Guaranty.

 

	
  WDRA FOOD SERVICE, INC.,

  a West Virginia corporation 

  	
   

  	
  WHEELING LAND DEVELOPMENT
  CORP,

  a West Virginia corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
      /s/ Ronald A. Sultemeier

  	
   

  	
  By:

  	
  /s/ Ronald A.
  Sultemeier

  
	
   

  	
  Name: Ronald A. Sultemeier 

  	
   

  	
   

  	
  Name: Ronald A. Sultemeier

  
	
   

  	
  Title: President

  	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

Dated as of: January 19, 2007

 

 1

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