Document:

AMENDED AND RESTATED
PROMISSORY NOTE

    

    This Amended and Restated Promissory
Note is intended to completely amend and restate the Promissory Note between the
parties dated March 1, 2008, in the original principal amount of $15,550,000.00,
under the terms and provisions set forth below:

    

    
      	
              Date:

            	
              July
      7, 2009

            
	 
      	 
      
	
              Maker:

            	
              Nevada
      Gold & Casinos, Inc. (“NGC”)

            

    

    

    
      	
              Maker’s Mailing Address:

            	
              50 Briar
      Hollow Lane, Suite 500W

            
	 
      	
              Houston,
      Texas  77027-9304

            

    

    

    
      	
              Holder/Payee:

            	
              Louise
      H. Rogers, as her separate property
(“Rogers”)

            

    

    

    
      	
              Holder/Payee’s Mailing Address:

            	
              2512
      Alta Mira

            
	 
      	
              Tyler,
      Texas  75701-7301

            

    

    

    The terms “Maker,” “Holder/Payee,” and
other nouns and pronouns include the plural if more than one
exists.  The terms “Maker” and “Holder/Payee” also include their
respective heirs, personal representatives, and assigns.  NGC and
Rogers are collectively referred to in this Note as the “Parties.”

    

    
      	
              Place for Payment (including county):

            	
              2512
      Alta Mira

            
	 
      	
              Tyler,
      Smith County,
Texas  75701-7301

            

    

    

    
      	
              Principal Amount:

            	
              Six
      Million and No/100 Dollars ($6,000,000.00)

            
	 
      	 
      
	
              Annual Interest Rate:

            	
              Ten
      Percent (10%) through June 30, 2010, and from July 1, 2010, until
      maturity, Eleven Percent (11%)

            

    

    

    

    
      	
              Terms of Payment (principal and interest):

            	
              Interest
      payments only on or before the last day of each month, with the principal
      balance and all accrued interest due and payable on or before June 30,
      2013 (the “Maturity Date”).

            

    

    

    Annual
Interest Rate on Matured, Unpaid Amounts:    Eighteen
Percent (18%)

    

    
      	
              Security for Payment:

            	
              As
      set forth in the July 2009 Amended and Restated Security Agreement dated
      July 7, 2009 (the “ARSA”), which is incorporated by reference in this Note
      for all purposes as if fully set forth at
  length.

            

    

    

    NGC promises to pay to the order of
Louise H. Rogers at the place for payment and according to the terms of payment
the principal amount plus interest at the rates stated above.  All
unpaid amounts shall be due by the final scheduled payment date.

    

    NGC reserves the right to prepay the
entire principal due under this Note at any time prior to maturity without
penalty, and interest shall cease on any amount so prepaid.

    

    If NGC defaults in the payment of any
installment of this Note, either of principal or interest, as the installment
becomes due and payable, then in that event Rogers shall have the option to
declare the entire unpaid balance of principal and accrued interest immediately
due and payable.  NGC [and each surety, guarantor, and endorser]
waives all notices, demands for payment, presentations for payment, notices of
intent to accelerate maturity, notice of acceleration, protests, and notices of
protest.  All definitions and provisions of the ARSA related to
default and all other matters in the ARSA apply to this Note.

     

    
      
        
        

      

      
        Page
1 of 2

        
          

        

      

      
        
        

      

    

     

    The Parties to this Note intend to
comply with the usury laws applicable to this Note.  Accordingly, the
Parties agree that no provision in this Note or in any related documents (if
any) shall require or permit the collection of interest in excess of the maximum
rate permitted by law.  If any excess interest is provided for or
contracted for in this Note, or charged to NGC or any other person responsible
for payment, or received by Rogers, or if any excess interest is adjudicated to
be provided for or contracted for under this Note or adjudicated to be received
by Rogers or her assignee or successor, then the Parties expressly agree that
this paragraph shall govern and control and that neither NGC nor any other party
liable for payment of the Note shall be obligated to pay the amount of excess
interest.  Any excess interest that may have been collected shall be,
at Rogers’ option, either applied as credit against any unpaid principal amount
due or refunded to NGC.  The effective rate of interest shall be
automatically subject to reduction to the maximum lawful contract rate allowed
under the usury laws of the State of Texas as they are now or subsequently
construed by the courts of the State of Texas.

     

    If this Note is given to an attorney
for collection, or if suit is brought for collection, or if it is collected
through probate, bankruptcy, or other judicial proceeding, then NGC shall pay
Rogers’ actual attorney’s fees in addition to other amounts due.

    

    This Note may not be amended or
modified in any manner without the express written consent of Rogers or her
attorney.

    

    Maker:

    

    Nevada
Gold & Casinos, Inc.

    

    
      
        	
                By:

              	
                /s/
      Robert B. Sturges

              
	
                 

              	
                

                  Robert
      B. Sturges, Chief Executive Officer 
  

                

              

      

    

    
      
         

      

      
        Page
2 of 2LOAN GUARANTY
AGREEMENT

    

    FOR VALUABLE CONSIDERATION, and to
induce Louise
H. Rogers, a resident of the State of Texas (“Rogers”), to enter into the
Amended and Restated Promissory Note dated July 7, 2009, in the principal amount
of Six
Million and No/100
Dollars
($6,000,000.00) in favor of Nevada Gold & Casinos, Inc., a Nevada
corporation (“NGC”), Gold
Mountain Development, L.L.C., a Colorado limited liability company
(“GMD”), CGC Holdings,
L.L.C., a Nevada limited liability company (“CGC”), Colorado
Grande Enterprises, Inc., a Colorado corporation (“CGE”), NG Washington,
L.L.C., a Washington state limited liability company (“NGW”), and Nevada Gold
BVR, L.L.C., a Nevada limited liability company (“NGBVR”), and Rogers all enter
into this Loan Guaranty Agreement (the “Guaranty”) as follows:

    

    1.                      GMD,
CGC, CGE, NGW, and NGBVR are collectively referred to in this Guaranty as the
“NGC Guarantors.”

    

    2.                      The
terms “Obligation” and “Obligations” are used interchangeably throughout this
Guaranty in their broadest and most comprehensive sense and shall include, but
are not limited to, payment of all amounts payable by NGC to Rogers and
performance of all covenants to be performed by NGC in connection with that
certain Amended and Restated Promissory Note (the “July 2009 Note) and that
certain July 2009 Amended and Restated Security Agreement (the “July 2009 ARSA”)
both executed by NGC in favor of Rogers and both dated July 7, 2009
(collectively referred to as the “July 2009 Loan Documents”), and any and all
subsequent modifications, amendments, extensions, renewals, accommodations, or
substitutions of the July 2009 Loan Documents.  The July 2009 Loan
Documents are incorporated by reference in this Guaranty for all purposes as if
fully set forth at length, and any and all definitions and provisions of the
July 2009 Loan Documents shall apply to this Guaranty, including but not limited
to the definition of the terms “Obligation” and “Obligations.”

    

    3.                      The
NGC Guarantors all, jointly and severally, irrevocably and unconditionally
guarantee and warrant to Rogers, as long as this Guaranty is in effect, the full
and faithful payment by NGC of each and every Obligation.  The terms
and conditions of each and every instrument evidencing the Obligations are
incorporated in this Guaranty by reference and shall be binding upon the NGC
Guarantors, jointly and severally, to the same extent as they are binding on
NGC.  The NGC Guarantors all, jointly and severally, irrevocably and
unconditionally promise and guarantee to pay to Rogers the entire principal
amount borrowed under the July 2009 Loan Documents and all accrued, unpaid
interest and other sums due under the July 2009 Loan Documents, including but
not limited to attorney’s fees, expenses, and court costs incurred by Rogers in
collection efforts under the July 2009 Loan Documents and this Guaranty, without
notice or demand, immediately upon any acceleration of the July 2009 Note,
regardless of whether Rogers will have a right of recovery under the July 2009
Loan Documents against NGC following any acceleration.  This Guaranty
shall remain in full force and effect until all the Obligations have been fully
paid and satisfied.

    

    4.                      The
Obligations may be amended, modified, or waived, further agreements may be
entered into, and further credit may be granted from time to time at the request
of NGC and without further authorization from or notice to any of the NGC
Guarantors, all of which are expressly waived by the NGC
Guarantors.  None of these actions shall terminate, release, reduce,
diminish, or in any way affect any of the obligations of any of the NGC
Guarantors under this Guaranty or give any of the NGC Guarantors any recourse or
defense against Rogers.  Rogers need not inquire into the power of NGC
or the authority of its officers, partners, members, or agents acting or
purporting to act on its behalf.  Any amendments granted to NGC shall
be deemed to have been granted also at the request of the NGC Guarantors and in
consideration of and in reliance upon this Guaranty.

    

    5.                      Rogers
may alter, compromise, accelerate, extend, or change the time or manner for the
payment of any Obligation guaranteed by this Guaranty; accept any additional
indebtedness from NGC; add interest to the Credit Facility and increase or
reduce the rate of interest; release NGC by a deed or other transfer or
assignment in lieu of foreclosure; or otherwise as to all or any portion of the
Obligations guaranteed waive any default by NGC; fail to assert any rights
against NGC; grant to NGC any other indulgence or concession with respect to all
or any part of any of the Obligations; release, substitute, or add any one or
more guarantors or endorsers; accept additional or substituted security; or
release or subordinate any security; and may generally deal with NGC, any
guarantor, endorser, or any other person, any indebtedness of NGC to Rogers, or
any security for the indebtedness, as Rogers sees fit.  None of these
actions and no change, impairment, or suspension of any right or remedy of
Rogers shall terminate, release, reduce, diminish, or in any way affect any of
the obligations of any of the NGC Guarantors under this Guaranty or give any of
them or any other guarantor any recourse or defense against Rogers.

    

    6.                      This
is a Guaranty of payment and performance under the July 2009 Loan Documents and
this Guaranty and not of collection, and the NGC Guarantors, and all other
guarantors, if any, waive and agree not to assert or take advantage
of:

    
      
         

      

      
        Page
1 of 5

        
          

        

      

      
         

      

    

    

    a.                      the
defense of the statute of limitations in any action under this Guaranty or for
the collection of any indebtedness or the performance of any Obligation
guaranteed in this Guaranty;

    

    b.                      any
defense that may arise by reason of the incapacity, lack of authority, death or
disability of, or revocation of this Guaranty by NGC or any other person or
person, or the failure of Rogers to file or enforce a claim against the estate
(either in administration, bankruptcy, or any other proceeding) of NGC or any
other person or persons;

    

    c.                      demand,
presentment, protest, and notice of any kind including, but not limited to
notice under the laws of the State of Texas and notice of the existence,
creation, or incurring of any new or additional indebtedness or obligation or of
any action or non-action on the part of NGC or any other person, in connection
with any Obligation or evidence of indebtedness held by Rogers as collateral or
in connection with any Obligation guaranteed by this Guaranty;

    d.                      except
as may be provided for in this Guaranty, any defense based upon an election of
remedies by Rogers, including without limitation an election to proceed by
non-judicial rather than judicial foreclosure, which destroys or otherwise
impairs the subrogation rights of any of the NGC Guarantors or any endorser of
the July 2009 Loan documents to proceed against NGC for reimbursement, or both;
and

    

    e.                      any
duty on the part of Rogers to disclose to any of the NGC Guarantors any facts
she may now or subsequently learn about NGC, regardless of whether Rogers has
reason to believe that the facts materially increase the risk beyond that which
the NGC Guarantors intend to assume, or has reason to believe that the facts are
unknown to any of the NGC Guarantors, or has a reasonable opportunity to
communicate the facts to any of the NGC Guarantors.  The NGC
Guarantors all understand and agree that they are fully responsible for being
informed and keeping themselves informed of the financial condition of NGC and
of all circumstances bearing on the risk of payment of any Obligations
guaranteed by this Guaranty.

    

    7.                      Notwithstanding
any contrary provision of this Guaranty, until all Obligations have been paid in
full, even though the Obligations may be in excess of the liability of the NGC
Guarantors under this Guaranty, the NGC Guarantors all waive any claims or other
rights that they may now have or subsequently acquire against NGC or any other
guarantor of all or any of the Obligations that arise from the existence or
performance of the NGC Guarantors’ obligations under this Guaranty or any other
instrument (all of these claims and rights are referred to as the “NGC
Guarantors’ Conditional Rights”), including, without limitation, any right of
subrogation, reimbursement, exoneration, contribution, or indemnification, or
any benefit of, right to participate in or right or enforce any claim that
Rogers now has or subsequently acquires, regardless of whether the claim,
remedy, benefit or right arises in equity, under contract, statute or common
law, by any payment made under this Guaranty or otherwise, including without
limitation, the right to take or receive from NGC, directly or indirectly, in
cash or other property or by setoff or in any other manner, payment or security
on account of the claim or other rights.  If, notwithstanding these
provisions, any amount is paid to any guarantor on account of the NGC
Guarantors’ Conditional Rights and the amount is paid to any of the NGC
Guarantors at any time when the Obligations have not been paid or performed in
full, then the amount paid to each of the NGC Guarantors shall be held in trust
by the receiving entity for the benefit of Rogers and shall immediately be paid
to Rogers to be credited and applied upon the Obligations, whether matured or
unmatured, in the order that Rogers, in her sole and absolute discretion, shall
determine.

    

    8.                      The
amount of liability of the NGC Guarantors and all rights, powers, and remedies
of Rogers under this Guaranty and under any other agreements now or at any time
subsequently in force between Rogers and any of the NGC Guarantors, including
any other guaranty executed by any of the NGC Guarantors relating to any
indebtedness of NGC to Rogers, shall be cumulative and not alternative and shall
be deemed to include all rights, powers, and remedies given to Rogers by
law.  This Guaranty is in addition to and exclusive of the guaranty of
any other guarantor of any indebtedness of NGC to Rogers.

    

    9.                      The
NGC Guarantors shall be jointly and severally liable for, and they each agree to
pay on demand, actual attorneys’ fees and all costs and other expenses incurred
by Rogers in enforcing, collecting, or compromising any Obligations guaranteed
by this Guaranty or in enforcing or collecting upon this Guaranty against any of
the NGC Guarantors, regardless of whether suit is filed.

    

    10.                      If
any one or more provisions of this Guaranty shall be determined to illegal or
unenforceable, all other provisions of this Guaranty shall nevertheless be
effective and enforceable and this Guaranty shall be interpreted as if the
illegal or unenforceable provision was not included.

    
      
         

      

      
        Page
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    11.                      This
Guaranty shall inure to the benefit of Rogers and her successors and assigns,
including the assigns of any Obligations guaranteed by this Guaranty, and binds
the officers, shareholders, representatives, successors, and assigns of the NGC
Guarantors.  This Guaranty is assignable by Rogers with respect to all
or any portion of the Obligations, and if and when this Guaranty is assigned,
the NGC Guarantors shall be liable to the assignees under this Guaranty without
in any way affecting the liability of the NGC Guarantors under this Guaranty
regarding any Obligations that may be retained by Rogers.

    

    12.                      No
provision of this Guaranty or right of Rogers under this Guaranty can be
amended, modified, or waived, nor can any of the NGC Guarantor be released from
any of their Obligations under this Guaranty, except upon the express written
consent of Rogers.

    

    13.                      This
Guaranty shall be governed and construed in accordance with laws of the State of
Texas.  Venue for any action brought to enforce this Guaranty shall be
and is agreed to be proper in Montgomery County, Texas.

    

    14.                      The
NGC Guarantors represent and warrant and shall be estopped from denying that
this Guaranty is made directly to Rogers and is independent collateral, separate
and distinct from any Obligations.  This Guaranty is not intended as a
guaranty of any of the NGC Guarantors’ own obligations.

    

    15.                      Any
and all notices or communications related in any way to this Guaranty may be
given by certified mail with return receipt requested, by receipted courier, by
overnight delivery service, or by hand delivery and sent to the persons at the
addresses set forth for each party below, or they may be given by facsimile
transmission or by e-mail transmission if the intended recipient has
affirmatively stated that notice may be delivered by facsimile or e-mail and the
intended recipient has provided a valid facsimile number and/or e-mail
address.  Any notice delivered by facsimile or e-mail sent or for
which a return receipt is received at any time before 5:00 p.m. on a business
day shall be deemed to be delivered on that date.  Any facsimile or
e-mail notice not received by 5:00 p.m. on a business day shall be deemed to be
received on the first following business day.  Because all of the NGC
Guarantors have the same key officer, Robert B. Sturges, and the same principal
office address, notice given to Robert B. Sturges at the following address is
agreed to be notice to all of the NGC
Guarantors:

    

    
      
        
          
            
              
                
                  	
                          Notices to the NGC Guarantors:

                        	 
      	
                          with a copy sent contemporaneously to:

                        
	 
      	 
      	 
      
	
                          Robert B. Sturges, CEO

                        	 
      	
                          Ernest E. East, General Counsel

                        
	
                          Nevada Gold & Casinos, Inc.

                        	 
      	
                          Nevada Gold & Casinos, Inc.

                        
	
                          50 Briar Hollow Lane, Suite 500W

                        	 
      	
                          50 Briar Hollow Lane, Suite 500W

                        
	
                          Houston, Texas  77027-9304

                        	 
      	
                          Houston, Texas  77027-9304

                        
	
                          Facsimile number:  (713) 621-6919

                        	 
      	
                          Facsimile number:  (713) 621-6919

                        
	
                          E-mail:  RSturges@NevadaGold.com

                        	 
      	
                          E-mail: EEast@NevadaGold.com

                        
	
                          Notice may be delivered by facsimile or

                        	 
      	
                          Notice may be delivered by facsimile or

                        
	
                          e-mail with proof of receipt.

                        	 
      	
                          e-mail with proof of receipt.

                        
	 
      	 
      	 
      
	
                          Notices to Rogers:

                        	 
      	 
      
	 
      	 
      	 
      
	
                          Mrs. Louise H. Rogers

                        	 
      	 
      
	
                          2512 Alta Mira

                        	 
      	 
      
	
                          Tyler, Texas  75701-7301

                        	 
      	 
      

                

              

            

          

        

      

    

    

    
      
        
          
            	
                    with copies sent contemporaneously to:

                  	 
      	 
      
	 
      	 
      	 
      
	
                    Sharon E. Conway                and

                  	 
      	
                    W. Michael Robertson

                  
	
                    Attorney at Law

                  	 
      	
                    8431 Katy Freeway, Suite 200

                  
	
                    2441 High Timbers, Suite 410

                  	 
      	
                    Houston, Texas  77024-1999

                  
	
                    The Woodlands, Texas  77380-1052

                  	 
      	
                    Facsimile number:  (713) 624-4001

                  
	
                    Facsimile number:  (281) 754-4685

                  	 
      	
                    Notice may be delivered by facsimile

                  
	
                    E-mail address:  SConway@SConwayLaw.com

                  	 
      	
                    with proof of receipt.

                  
	
                    Notice may be delivered by facsimile or

                  	 
      	 
      
	
                    e-mail with proof of receipt.

                  	 
      	 
      

          

        

      

    

    
      
         

      

      
        Page
3 of 5

        
          

        

      

      
         

      

    

    

    Executed as of July 7,
2009.

    

    Guarantors:

    

    
      
        	
                Gold
      Mountain Development, L.L.C.

              	
                CGC
      Holdings, L.L.C.

              
	 
      	 
      	 
      	 
      
	
                By:

              	
                /s/
      Robert B. Sturges

              	
                By:

              	
                /s/
      Robert B. Sturges

              
	 
      	
                

                  Robert
      B. Sturges, Manager

                

              	 
      	
                

                  Robert
      B. Sturges, Manager

                

              
	 
      	 
      	 
      	 
      
	 
      	
                Date
      of Signature:  7-7-09

              	 
      	
                Date
      of
Signature:  7-7-09

              

      

    

    
      
         

      

      
        Page
4 of 5

        
          

        

      

      
         

      

    

    Other Guarantors,
continued:

    

    
      
        
          
            	
                    Colorado
      Grande Enterprises, Inc.

                  	
                    Nevada
      Gold BVR, L.L.C.

                  
	 
      	 
      	 
      	 
      
	
                    By:

                  	
                    /s/
      Robert B. Sturges

                  	
                    By:

                  	
                    /s/
      Robert B. Sturges

                  
	 
      	
                    

                      Robert
      B. Sturges, President

                    

                  	 
      	
                    

                      Robert
      B. Sturges, Manager

                    

                  
	 
      	 
      	 
      	 
      
	 	

                    Date
      of Signature: 7-7-09   

                  	 
      	
                    Date
      of Signature: 7-7-09 

                  
	 
      	 
      	 
      	 
      
	
                    NG
      Washington, L.L.C.

                  	 
      	 
      
	 
      	 
      	 
      	 
      
	
                    By:

                  	
                    /s/
      Robert B. Sturges

                  	 
      	 
      
	 
      	
                    

                      Robert
      B. Sturges, Manager

                    

                  	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                    Date
      of Signature: 7-7-09

                  	 
      	 
      

          

        

      

    

    
      
         

      

      
        Page
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