Document:

June 27,
2012

 

NEVADA GOLD &
CASINOS, INC.

50 Briar Hollow Lane, Suite 500w

Houston, TX 77027

Attn: Robert B. Sturges, CEO

Fax No.: (713) 621-6919

 

NEVADA GOLD &
CASINOS, INC.

50 Briar Hollow Lane, Suite 500w

Houston, TX 77027

Attn: Branko Milosevic, Associate General Counsel

Fax No.: (713) 296-5070

 

		Re:	Amendment Number Two to Credit Agreement (this “Amendment”)

 

Ladies and Gentlemen:

 

Reference is made hereby
to that certain Credit Agreement, dated as of October 7, 2011 (as amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”), by and among Nevada Gold & Casinos, Inc., a Nevada corporation (“Parent”),
NG Washington, LLC, a Washington limited liability company (“NGWI”), NG Washington II, LLC, a Washington limited
liability company (“NGWII”), and NG Washington III, LLC, a Washington limited liability company (“NGWIII,”
and together with NGWI and NGWII, are referred to hereinafter each individually as a “Borrower” and, individually
and collectively, jointly and severally, as the “Borrowers”), the lenders party to the Credit Agreement as “Lenders”
(each of such Lenders, together with their successors and permitted assigns, are referred to hereinafter as a “Lender”),
and Wells Fargo Gaming Capital, LLC, a Delaware limited liability company, in its capacity as administrative agent for the Lenders
and Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”).
Capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

Subject to the terms
and conditions contained herein, Borrowers, Agent and Lenders have agreed to make certain amendments to the Credit Agreement.

 

Effective as of the
date hereof, Parent, Borrowers, Agent, and Lenders hereby agree to make the following amendments to the Credit Agreement:

 

1.             Schedule
1.1 to the Credit Agreement is hereby amended by amending and restating the definitions of “Corporate Overhead”
and “Management Agreements” as follows:

 

“Corporate Overhead”
means corporate overhead expense of Parent, as recorded in accordance with GAAP.

 

    	 

    	 

    

 

“Management
Agreements” means (a) that certain Management Agreement, dated as of July 23, 2010, by and between NGI and Parent, (b)
that certain Management Agreement, dated as of July 23, 2010, by and between NGII and Parent, (c) that certain Management Agreement,
dated as of July 18, 2011, by and between NGIII and Parent, and (d) the Management Agreement dated as of June 26, 2012 by and between
A.G. Trucano, Son & Grandsons, Inc. and Parent.

 

2.             Schedule
1.1 to the Credit Agreement is hereby amended by amending and restating clause (w) of the definition of “Permitted Indebtedness”
as follows:

 

(w)      Indebtedness
of Parent, NG South Dakota, and A.G. Trucano, Son & Grandsons, Inc. in an aggregate outstanding principal amount not to exceed
$1,800,000 incurred to pay slot machine stamp device fees for slot machines owned or operated by A.G. Trucano, Son & Grandsons,
Inc.

 

3.             Schedule
1.1 to the Credit Agreement is hereby amended by amending and restating clause (w) of the definition of “Permitted Liens”
as follows:

 

(w)      Liens
on Equity Interests of NG South Dakota and A.G. Trucano, Son & Grandsons, Inc. and the assets of NG South Dakota and A.G. Trucano,
Son & Grandsons, Inc. to secure the Indebtedness permitted pursuant to clause (w) of the definition of Permitted Indebtedness.

 

Each Borrower hereby
acknowledges and agrees that as of June 26, 2012, the outstanding principal amount of the Term Loan is $10,500,000. For the avoidance
of doubt, the foregoing does not include any interest that is accrued and unpaid. Effective on the date hereof, each Loan Party,
for itself and on behalf of its successors, assigns, and officers, directors, employees, agents and attorneys, and any Person acting
for or on behalf of, or claiming through it, hereby waives, releases, remises and forever discharges Agent and Lender, each of
their respective Affiliates, and each of their respective successors in title, past, present and future officers, directors, employees,
limited partners, general partners, investors, attorneys, assigns, subsidiaries, shareholders, trustees, agents and other professionals
and all other persons and entities to whom any Agent or Lender would be liable if such persons or entities were found to be liable
to such Loan Party (each a “Releasee” and collectively, the “Releasees”), from any and all
claims, suits, liens, lawsuits, adverse consequences, amounts paid in settlement, debts, deficiencies, diminution in value, disbursements,
demands, obligations, liabilities, causes of action, damages, losses, costs and expenses of any kind or character, whether based
in equity, law, contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law (each a
“Claim” and collectively, the “Claims”), whether known or unknown, fixed or contingent, direct,
indirect, or derivative, asserted or unasserted, matured or unmatured, foreseen or unforseen, past or present, liquidated or unliquidated,
suspected or unsuspected, which such Loan Party ever had from the beginning of the world to the date hereof, now has, or might
hereafter claim to have had against any such Releasee which relates, directly or indirectly to the Credit Agreement, any other
Loan Document, or to any acts or omissions of any such Releasee with respect to the Credit Agreement or any other Loan Document,
or to the lender-borrower relationship evidenced by the Loan Documents. As to each and every claim released hereunder, each of
each Loan Party hereby represents that it has received the advice of legal counsel with regard to the releases contained herein,
and having been so advised, specifically waives the benefit of the provisions of Section 1542 of the Civil Code of California which
provides as follows:

 

“A GENERAL RELEASE
DOES NOT EXTEND TO CLAIMS WHICH A CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE,
WHICH IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.”

 

    	2

    	 

    

 

As to each and every
claim released hereunder, each Loan Party also waives the benefit of each other similar provision of applicable federal or state
law, if any, pertaining to general releases after having been advised by its legal counsel with respect thereto.

 

Each Loan Party acknowledges
that it may hereafter discover facts different from or in addition to those now known or believed to be true with respect to such
claims, demands, or causes of action and agrees that this instrument shall be and remain effective in all respects notwithstanding
any such differences or additional facts. Each Loan Party understands, acknowledges and agrees that the release set forth above
may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding
which may be instituted, prosecuted or attempted in breach of the provisions of such release.

 

Each Loan Party, for
itself and on behalf of its successors, assigns, and officers, directors, employees, agents and attorneys, and any Person acting
for or on behalf of, or claiming through it, hereby absolutely, unconditionally and irrevocably, covenants and agrees with and
in favor of each Releasee above that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee
on the basis of any claim released, remised and discharged by such Person pursuant to the above release. Each of Loan Party further
agrees that it shall not dispute the validity or enforceability of the Credit Agreement or any of the other Loan Documents or any
of its obligations thereunder, or the validity, priority, enforceability or the extent of Agent’s Lien on any item of Collateral
under the Credit Agreement or the other Loan Documents. If any Loan Party or any of its successors, assigns, or officers, directors,
employees, agents or attorneys, or any Person acting for or on behalf of, or claiming through them violate the foregoing covenant,
such Person, for itself and its successors, assigns and legal representatives, agrees to pay, in addition to such other damages
as any Releasee may sustain as a result of such violation, all attorneys’ fees and costs incurred by such Releasee as a result
of such violation.

 

Each Borrower hereby
reconfirms its obligations pursuant to Section 2.5 of the Credit Agreement to pay and reimburse Agent for all costs and
expenses (including, without limitation, reasonable documented fees of counsel) incurred in connection with the negotiation, preparation,
execution and delivery of this Amendment and all other documents and instruments delivered in connection herewith, in each case
subject to the terms and conditions of the Credit Agreement.

 

The Credit Agreement,
as amended hereby, and each of the other Loan Documents, as amended as of the date hereof, shall be and remain in full force and
effect in accordance with their respective terms and hereby are restated, ratified and confirmed in all respects. The execution,
delivery, and performance of this Amendment shall not operate, except as expressly set forth herein, as a waiver of, consent to,
or a modification or amendment of, any right, power, or remedy of Agent or any Lender under the Credit Agreement or any other Loan
Document. Except for the amendments to the Credit Agreement expressly set forth herein, the Credit Agreement and the other Loan
Documents shall remain unchanged and in full force and effect. The amendments, consents, waivers and modifications set forth herein
are limited to those specified herein, shall not apply with respect to any facts or occurrences other than those on which the same
are based, shall neither excuse future non-compliance with the Loan Documents nor operate as a waiver of any Default or Event of
Default, shall not operate as a consent to any further or other matter under the Loan Documents and shall not be construed as an
indication that any future waiver of covenants or any other provision of the Credit Agreement will be agreed to, it being understood
that the granting or denying of any waiver which may hereafter be requested by Borrower remains in the sole and absolute discretion
of Agent and Lenders in accordance with Section 14.1 of the Credit Agreement.

 

    	3

    	 

    

 

Each Loan Party hereby
represents and warrants that (a) the execution, delivery, and performance of this Amendment are within its limited liability company,
corporate or similar powers, have been duly authorized by all necessary limited liability, corporate or other action of such Loan
Party, and are not in contravention of any material provision of federal, state, or local law or regulation applicable to it, or
any order, judgment or decree of any court or other Governmental Authority binding on it, or of the terms of its charter or bylaws,
or of any material contract of such Loan Party (except as would not reasonably be expected to have a Material Adverse Effect),
(b) after giving effect to this Amendment, as of the date hereof, no Default or Event of Default shall have occurred and be continuing,
and (c) after giving effect to this Amendment, the representations and warranties in the Credit Agreement and the other Loan Documents
shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date hereof, as though
made on such date (except to the extent that such representations and warranties relate solely to an earlier date).

 

Each Loan party hereby
(a) acknowledges and reaffirms its obligations owing to Agent and Lenders under each Loan Document to which it is a party, and
(b) agrees that each of the Loan Documents to which it is a party is and shall remain in full force and effect as modified hereby.
Each Loan Party hereby further ratifies and reaffirms the validity and enforceability of all of the liens and security interests
heretofore granted, pursuant to and in connection with the Guaranty and Security Agreement or any other Loan Document, to Agent,
as collateral security for the obligations under the Loan Documents in accordance with their respective terms, and acknowledges
that all of such Liens and security interests, and all Collateral heretofore pledged as security for such obligations, continue
to be and remain collateral for such obligations from and after the date hereof. All obligations owing by each Loan Party to Agent
and Lenders are unconditionally owing by such Loan Party to Agent and Lenders, without offset, defense, withholding, counterclaim
or deduction of any kind, nature or description whatsoever.

 

THIS AMENDMENT SHALL
BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION
12 OF THE CREDIT AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

 

This Amendment may
be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered,
shall be deemed to be an original, and all of which, taken together, shall constitute but one and the same Amendment. Delivery
of an executed counterpart of this Amendment by telefacsimile or other electronic image scan transmission (e.g., “PDF”
or “tif” via email) shall be equally effective as delivery of an original executed counterpart of this Amendment. Any
party delivering an executed counterpart of this Amendment by telefacsimile or other electronic image scan transmission also shall
deliver an original executed counterpart of this Amendment but the failure to deliver an original executed counterpart shall not
affect the validity, enforceability, and binding effect of this Amendment.

 

Each of the
undersigned Guarantors consent to the amendments to the Credit Agreement and waiver contained herein. Although the undersigned
Guarantors have been informed of the matters set forth herein and have consented to same, each Guarantor understands that the Lender
Group has no obligations to inform it of such matters in the future or to seek its acknowledgement or agreement to future consents
or amendments, and nothing herein shall create such a duty.

 

This Amendment is a
Loan Document.

 

[Signature pages to follow.]

 

    	4

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed and delivered by their respective officers thereunto duly authorized
as of the date first written above.

  

	 	Very Truly Yours, 
	 	 
	 	
        WELLS FARGO GAMING
        CAPITAL, LLC,

        a Delaware limited liability company, as Agent and a Lender

	 	 
	 	By:	/s/ Everardo Gomez
	 	Name:	Everardo Gomez
	 	Title:	AVP

 

Accepted, acknowledged, and agreed:

 

	
        NEVADA GOLD & CASINOS, INC.,

        a Nevada corporation

	 
	By:	/s/ Robert B. Sturges	 
	Name:	Robert B. Sturges	 
	Title:	CEO	 
	 
	
        NG WASHINGTON, LLC,

        a Washington limited liability company

	 
	By:	/s/ Robert B. Sturges	 
	Name:	Robert B. Sturges	 
	Title:	Manager	 
	 
	
        NG WASHINGTON II, LLC,

        a Washington limited liability company

	 
	By:	/s/ Robert B. Sturges	 
	Name:	Robert B. Sturges	 
	Title:	Manager	 
	 
	
        NG WASHINGTON III, LLC,

        a Washington limited liability company

	 
	By:	/s/ Robert B. Sturges	 
	Name:	Robert B. Sturges	 
	Title:	Manager	 

 

    	 

    	 

    

 

	NG WASHINGTON II HOLDINGS, LLC,
	a Delaware limited liability company
	 
	By:	/s/ Robert B. Sturges	 
	Name:	 Robert B. Sturges
	Title: 	Manager

 

	NG SOUTH DAKOTA, LLC,
	a South Dakota limited liability company
	 
	By:	/s/ Robert B. Sturges	 
	Name:	 Robert B. Sturges
	Title:	 Manager

 

	NEVADA GOLD SPEEDWAY, LLC,
	a Nevada limited liability company
	 
	By:	/s/ Robert B. Sturges	 
	Name: 	Robert B. Sturges
	Title:	 Manager

 

	A.G. TRUCANO, SON & GRANDSONS, INC.,
	a South Dakota corporation
	 
	By:	/s/ Robert B. Sturges	 
	Name: 	Robert B. Sturges
	Title:	 President

 

    	2INTERCREDITOR AND SUBORDINATION AGREEMENT

 

This INTERCREDITOR
AND SUBORDINATION AGREEMENT (this “Agreement”) is dated as of June 27, 2012, and entered into by and between
WELLS FARGO GAMING CAPITAL, LLC, a Delaware limited liability company (“WFGC”), in its capacity as agent
under the Loan Documents (as hereinafter defined), including its successors and assigns in such capacity from time to time (“Agent”)
and MICHAEL J. TRUCANO, as seller’s representative under the Trucano Documents (as defined below) (“Trucano”).

 

RECITALS

 

Reference is made to
that certain Credit Agreement, dated as of June 26, 2012 (as amended, restated, supplemented, or otherwise modified from time to
time, the “Credit Agreement”), by and among Nevada Gold & Casinos, Inc., a Nevada corporation (“Parent”),
A.G. Trucano, Son & Grandsons, Inc., a South Dakota corporation (“Borrower”), the lenders party to the Credit
Agreement as “Lenders” (each of such Lenders, together with their successors and permitted assigns, are referred to
hereinafter as a “Lender”), and Agent, providing for a revolving loan facility pursuant to which such Lenders
have or may provide financial accommodations to Borrower. The obligation of Borrower to repay such financial accommodations under
the Credit Agreement is guaranteed by Parent and the other Guarantors (as hereinafter defined). All capitalized terms in this Agreement
not defined in this Agreement shall have the meanings set forth in the Credit Agreement and Schedule 1.1 to the Credit Agreement,
which are incorporated by reference into this Agreement by reference for all purposes as if fully set forth at length.

 

Further reference is
made to that certain Stock Purchase Agreement, dated as of October 18, 2011 (as amended, restated, supplemented, or otherwise modified
from time to time through the date hereof, the “Trucano Stock Purchase Agreement”), between Parent, NG South
Dakota, LLC, a South Dakota limited liability company (“NG South Dakota”), as purchaser (in such capacity, “Purchaser”),
Borrower and each of the stockholders of Borrower signatories thereto (each of such stockholders are referred to hereinafter each
individually as a “Seller” and collectively, as the “Sellers”), providing for the sale by
Sellers of all of the issued and outstanding shares of the capital stock of AG Trucano in exchange for the aggregate purchase price
of $5,135,324 and 13,223 shares of Equity Interests of Parent.

 

Further reference is
made to those certain promissory notes dated January 27, 2012, issued by NG South Dakota to the Sellers in the aggregate original
principal amount of $1,885,324 (the “Trucano Promissory Notes”).

 

Further reference is
made to that certain Intercreditor Agreement, dated as of March 30, 2012 (the “Term Loan Intercreditor Agreement”),
by and between WFGC, in its capacity as administrative agent (in such capacity, together with its successors and assigns, if any,
in such capacity, “Term Loan Agent”) under that certain Credit Agreement, dated as of October 7, 2011 (as amended,
restated, supplemented, or otherwise modified from time to time, the “Term Loan Credit Agreement”), by and among
Parent, certain Subsidiaries of Parent party thereto, the lenders from time to time party thereto, and Term Loan Agent and Trucano.

 

The obligations of
(a) Borrower and the Guarantors under the Loan Documents are secured by Liens on substantially all of the assets of Borrower and
the Guarantors, including the Equity Interests of Borrower (the “AG Trucano Equity Interests,” as further defined
below); and (b) Parent and NG South Dakota under the Trucano Documents are secured by Liens on the AG Trucano Equity Interests
and all of the assets of Borrower.

 

    	page 1 of 14

    	 

    

 

Pursuant to the Term
Loan Intercreditor Agreement, the Liens securing the obligations incurred under the Term Loan Credit Agreement are junior to the
Liens securing the Trucano Debt (as defined below) in accordance with the terms and conditions of the Tem Loan Intercreditor Agreement.

 

Agent, for itself and
on behalf of the Loan Document Claimholders, and Trucano, for himself and on behalf of the Sellers, desire to enter into this Agreement
to (a) confirm the relative priority of their respective Liens in the Collateral (as hereinafter defined), and (b) address certain
other matters.

 

AGREEMENT

 

In consideration of
the foregoing, the mutual covenants and obligations herein set forth, and for other good and valuable consideration, the sufficiency
and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

SECTION 1. Definitions;
Rules of Construction.

 

1.1           Defined
Terms. As used in the Agreement, the following terms shall have the following meanings:

 

“AG Trucano”
has the meaning set forth in the recitals to this Agreement.

 

“AG Trucano
Equity Interests” means all of the Equity Interests in AG Trucano owned by NG South Dakota.

 

“Agent”
has the meaning set forth in the preamble to this Agreement.

 

“Bank Product
Obligations” has the meaning set forth in the Credit Agreement.

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now or hereafter in effect, or any
successor statute.

 

“Borrower”
has the meaning set forth in the recitals to this Agreement.

 

“Business Day”
means any day other than a Saturday, Sunday, or day on which banks in Los Angeles, California, are authorized or required by law
to close.

 

“Collateral”
means (a) the AG Trucano Equity Interests, (b) all of the assets of NG South Dakota, whether real, personal or mixed, and (c) all
of the assets of Borrower, whether real, personal or mixed.

 

“Credit Agreement”
has the meaning set forth in the recitals to this Agreement.

 

“Equity Interests”
means, with respect to a person, all of the shares, membership interests, options, warrants, interests, participations, or other
equivalents (regardless of how designated) of or in such person, whether voting or nonvoting, including capital stock (or other
ownership or profit interests or units), preferred stock, or any other “equity security.”

 

“Excess Loan
Document Debt” means the sum of (a) the amount of Loan Document Debt that is in excess of the Loan Document Cap, plus
(b) the portion of interest and fees that accrues or is charged with respect to that portion of the Loan Document Debt described
in clause (a) of this definition.

 

    	page 2 of 14

    	 

    

 

 

“Excluded
Subsidiaries” means CGC Holdings LLC, CGE Assets, Inc., Nevada Gold BVR, L.L.C., Gold Mountain Development, LLC, Nevada
Gold Speedway, the Immaterial Subsidiaries, NG Washington, LLC, NG Washington II, LLC, NG Washington II Holdings, LLC and NG Washington
III, LLC and “Excluded Subsidiary” means any one of them.

 

“Guarantors”
means Parent and each of its Subsidiaries party to the “Guaranty and Security Agreement” as that term is defined in
the Credit Agreement as guarantors (including NG South Dakota).

 

“Immaterial
Subsidiaries” means Nevada Gold Vicksburg, LLC, Nevada Gold NY, Inc., Nevada Gold Management Services, Inc., Texas City
Limits, LLC, Gold River, LLC, and Black Hawk Gold, Ltd.

 

“Insolvency
Proceeding” means (a) any voluntary or involuntary case or proceeding under the Bankruptcy Code or any other federal,
state, or foreign law for the relief of debtors or affecting creditors’ rights generally with respect to Parent or any of
its Subsidiaries; (b) any other voluntary or involuntary insolvency or bankruptcy case or proceeding, or any receivership,
liquidation or other similar case or proceeding with respect to Parent or any of its Subsidiaries or with respect to a material
portion of its assets; (c) any liquidation, dissolution, or winding up of Parent or any of its Subsidiaries whether voluntary or
involuntary and whether or not involving insolvency or bankruptcy; or (d) any assignment for the benefit of creditors or any other
marshaling of assets and liabilities of Parent or any of its Subsidiaries.

 

“Lien”
means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, easement, lien
(statutory or other), security interest, or other security arrangement and any other preference, priority, or preferential arrangement
of any kind or nature whatsoever.

 

“Lenders”
has the meaning set forth in the recitals to this Agreement.

 

“Loan Document
Cap” means, as of any date of determination, the greater of (a) the Maximum Revolver Amount as of such date, and (b)
the result of (i) $1,700,000 minus (ii) the aggregate amount of the Loan Document Debt repaid by Borrower since the immediately
preceding June 1st (the “June Lookback Date”) to the extent, as of such date of determination, such repaid amount
has not been reborrowed by Borrower subsequent to such June Lookback Date (which greater amount shall be increased by the amount
of all interest, fees, costs, expenses, indemnities, and other amounts accrued or charged with respect to any of the Loan Document
Debt (other than Loan Document Debt in excess of such greater amount) as and when the same accrues or becomes due and payable,
irrespective of whether the same is added to the principal amount of the Loan Document Debt (other than Loan Document Debt in excess
of such greater amount) and including the same as would accrue and become due but for the commencement of an Insolvency Proceeding,
whether or not such amounts are allowed or allowable, in whole or in part, in any such Insolvency Proceeding).

 

“Loan Document
Claimholders” means, as of any date of determination, the holders of the Loan Document Debt at that time, including (a)
Agent, (b) the Lenders, and (c) the Bank Product Providers.

 

“Loan Document
Collateral Documents” means the “Guaranty and Security Agreement” as that term is defined in the Credit Agreement
and any other agreement, document, or instrument pursuant to which a Lien is granted (or purported to be granted) securing any
Loan Document Debt or under which rights or remedies with respect to such Liens are governed.

 

    	page 3 of 14

    	 

    

 

“Loan Document
Debt” means all Obligations (as that term is defined in the Credit Agreement) and all other amounts owing, due, secured
under the terms of any Loan Document, whether now existing or arising hereafter, including all principal, premium, interest, fees,
attorneys fees, costs, charges, expenses, all Bank Product Obligations, all obligations to provide cash collateral in respect of
Bank Product Obligations or indemnities in respect thereof, and any other indemnities or guarantees (including, in each case, all
amounts accruing on or after the commencement of any Insolvency Proceeding relating to Parent or any of its Subsidiaries, or that
would have accrued or become due under the terms of the Loan Documents but for the effect of the Insolvency Proceeding and irrespective
of whether a claim for all or any portion of such amounts is allowable or allowed in such Insolvency Proceeding), in each case
whether direct or indirect, absolute or contingent, joint or several, due or not due, primary or secondary, liquidated or unliquidated,
secured or unsecured.

 

“Loan Document
Default” means any “Event of Default”, as such term is defined in the Credit Agreement.

 

“Loan Document
Priority Debt” means all Loan Document Debt other than Excess Loan Document Debt.

 

“Loan Documents”
means the Credit Agreement, the Loan Document Collateral Documents, and each of the other “Loan Documents” (as that
term is defined in the Credit Agreement).

 

“Maximum
Revolver Amount” means $1,700,000; provided that the Maximum Revolver Amount shall automatically reduce by $500,000
on the last day of July of each fiscal year prior to the Revolver Maturity Date, $400,000 on the last day of August of each fiscal
year prior to the Revolver Maturity Date, $175,000 on the last day of September of each fiscal year prior to the Revolver Maturity
Date, $125,000 on the last day of October of each fiscal year prior to the Revolver Maturity Date, $100,000 on the last day of
each of November, December, January, February, and March of each fiscal year prior to the Revolver Maturity Date, and shall increase
from $0 back to $1,700,000 on the first day of June of each fiscal year prior to the Revolver Maturity Date.

 

“NG South Dakota”
has the meaning set forth in the recitals to this Agreement.

 

“Obligations”
has the meaning set forth in the Credit Agreement.

 

“Parent”
has the meaning set forth in the recitals to this Agreement.

 

“Payment in
Full of Loan Document Priority Debt” means (a) payment in U.S. Dollars in full in cash or immediately available funds
of all of the Loan Document Priority Debt (other than outstanding Bank Product Obligations and other than unasserted contingent
indemnification obligations); (b) the earlier of (i) termination or expiration of all Commitments of the Lenders to extend credit
to Borrower, and (ii) the Revolver Maturity Date; and (c) termination of, or providing cash collateral (in an amount, to the extent,
and in the manner required by the Credit Agreement) in respect of, all Bank Product Obligations that constitute Loan Document Priority
Debt.

 

“Payment in
Full of Trucano Debt” means payment in U.S. Dollars in full in cash or immediately available funds of all of the Trucano
Debt (other than unasserted contingent indemnification obligations).

 

“Permitted Payment”
has the meaning set forth in Section 2.1(a).

 

“Purchase Notice”
has the meaning set forth in Section 6.1.

 

    	page 4 of 14

    	 

    

 

“Revolver
Maturity Date” means March 31, 2013 unless Trucano has agreed in a writing delivered to Agent to the extension of such
date (in which case the Revolver Maturity Date shall be such date that Trucano has agreed to in such writing delivered to Agent);
provided that the Revolver Maturity Date shall in no event be later than October 7, 2014.

 

“Seller”
and “Sellers” have the respective meanings set forth in the recitals to this Agreement.

 

“Standstill
Notice” means a written notice from Agent to Trucano identified by its terms as a “Standstill Notice” for
purposes of this Agreement and stating that a Loan Document Default has occurred and is continuing.

 

“Subsidiary”
of a person means a corporation, partnership, limited liability company, or other entity in which that person directly or indirectly
owns or controls the Equity Interests having ordinary voting power to elect a majority of the board of directors (or appoint other
comparable managers) of such corporation, partnership, limited liability company, or other entity.

 

“Term Loan Agent”
has the meaning set forth in Section 8.10.

 

“Term Loan Credit
Agreement” has the meaning set forth in the recitals to this Agreement.

 

“Term Loan Intercreditor
Agreement” has the meaning set forth in the recitals to this Agreement.

 

“Trucano”
has the meaning set forth in the preamble to this Agreement.

 

“Trucano Collateral
Documents” means the Trucano Security Agreement and any other agreement, document, or instrument pursuant to which a
Lien is granted (or purported to be granted) securing any Trucano Debt or under which rights or remedies with respect to such Liens
are governed.

 

“Trucano Debt”
means all amounts owing, due, or secured under the terms of the Trucano Documents, whether now existing or arising hereafter, including
all principal, premium, interest, fees, attorneys fees, costs, charges, expenses, indemnities, guarantees (including, in each case,
all amounts accruing on or after the commencement of any Insolvency Proceeding relating to Parent or any of its Subsidiaries, or
that would have accrued or become due under the terms of the Trucano Documents but for the effect of the Insolvency Proceeding
and irrespective of whether a claim for all or any portion of such amounts is allowable or allowed in such Insolvency Proceeding),
in each case whether direct or indirect, absolute or contingent, joint or several, due or not due, primary or secondary, liquidated
or unliquidated, secured or unsecured.

 

“Trucano Documents”
means the Trucano Stock Purchase Agreement, the Trucano Promissory Notes, and the Trucano Collateral Documents.

 

“Trucano Promissory
Notes” has the meaning set forth in the recitals to this Agreement.

 

“Trucano Security
Agreement” means that certain Security Agreement, dated as of January 27, 2012, by and among Trucano, NG South Dakota,
and Borrower.

 

“Trucano Stock
Purchase Agreement” has the meaning set forth in the recitals to this Agreement.

 

    	page 5 of 14

    	 

    

 

“UCC”
means the Uniform Commercial Code (or any similar or comparable legislation) as in effect in any applicable jurisdiction.

 

“WFGC”
has the meaning set forth in the recitals to this Agreement.

 

1.2         Construction.
The definitions of terms in this Agreement shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine, and neuter forms. The words “include,”
“includes,” and “including” shall be deemed to be followed by the phrase “without limitation.”
The word “will” shall be construed to have the same meaning and effect as the word “shall.” The word “person”
means any natural person, corporation, trust, business trust, joint venture, joint stock company, association, company, limited
liability company, partnership, governmental authority, or other entity. The term “or” shall be construed to have,
except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” Unless the context requires
otherwise: (a) except as otherwise provided herein, any definition of or reference to any agreement, instrument, or other document
herein shall be construed as referring to such agreement, instrument, or other document as from time to time amended, restated,
supplemented, modified, renewed, extended, refinanced, refunded, or replaced, and (b) any definition of or reference to Loan Document
Debt shall be construed as referring to the Loan Document Debt as from time to time amended, restated, supplemented, modified,
renewed, extended, refinanced, refunded, or replaced.

 

SECTION 2. Subordination.

 

2.1         Subordination.

 

(a)          Until
the Payment in Full of Loan Document Priority Debt, Trucano (on behalf of himself and the other Sellers) hereby subordinates the
Trucano Debt and any and all claims now or hereafter owing to it by Borrower or any Guarantor under the Trucano Documents to any
and all claims of Agent and the Lenders in respect of the Loan Document Priority Debt (including, without limitation, interest,
fees, or costs on the Loan Document Priority Debt paid or accrued after the commencement of any Insolvency Proceeding and whether
or not such claims are deemed allowed or recoverable in such Insolvency Proceeding), and to the payment of or for adequate protection
on the Loan Document Priority Debt pursuant to any Insolvency Proceeding, and, agrees that all Loan Document Priority Debt shall
be paid in full in cash or otherwise satisfied to the satisfaction of the Lenders, and the Commitments shall be terminated, before
any payment may be made on the Trucano Debt or other claims of Trucano or any other Seller under the Trucano Documents, whether
of principal or interest or other indebtedness or other obligations; provided, however, that so long as Trucano has
not received a Standstill Notice from Agent, Borrower and the Guarantors may make and Trucano may receive and retain regularly
scheduled principal and interest payments as set forth in the Trucano Promissory Notes as in effect on the date hereof (the “Permitted
Payments”).

 

(b)          Except
for the Permitted Payments, Trucano (on behalf of itself and the other Sellers) agrees not to accept any payment or distribution
of any kind (whether in cash or property other than equity securities in Parent ) upon or in respect of the Trucano Documents (from
Borrower, any Guarantor or otherwise), nor make any transfer of the Trucano Promissory Notes to third parties not party to this
Agreement, nor take any other action designed to secure indirectly from Borrower or any Guarantor any payment on account of the
Trucano Documents, without the express, prior written consent of Agent, and Trucano agrees to pay over to Agent any funds or other
distributions that may be received by it from Borrower or any Guarantor (i) as a prepayment at any time or (ii) as a payment or
distribution on account of the Trucano Debt, at any time until the Payment in Full of Loan Document Priority Debt. In case any
funds or other distributions shall be paid or delivered to Trucano or any other Seller under the circumstances described in clause
(i) or (ii) of the preceding sentence before the Payment in Full of Loan Document Priority Debt, such funds or other distributions
shall be held in trust by Trucano or such other Seller for the Lenders and immediately paid and delivered to Agent (in the form
received endorsed over to Agent).

 

    	page 6 of 14

    	 

    

 

(c)          Until
the Payment in Full of Loan Document Priority Debt, neither Trucano nor any other Seller shall (i) take any action or exercise
any remedy against Borrower or any Guarantor to enforce the Trucano Promissory Notes, or (ii) commence, or join with any other
creditor of Borrower or any Guarantor in commencing, any bankruptcy, reorganization or other Insolvency Proceeding against Borrower
or any Guarantor. Trucano understands and agrees that Agent shall have the right, but shall have no obligation, to cure any default
under the Trucano Promissory Notes without the prior written consent of Trucano or any other Seller.

 

(d)          Trucano
(on behalf of itself and the other Sellers) agrees that the priority of the Loan Document Priority Debt set forth above shall continue
during any Insolvency Proceeding. In the event of any payment, distribution, division or application, partial or complete, voluntary
or involuntary, by operation of law or otherwise, of all or any part of the property, assets or business of Borrower or any Guarantor,
or the proceeds thereof, or any securities of Borrower or any Guarantor, to Trucano, by reason of any liquidation, dissolution
or other winding up of Borrower or any Guarantor or its business or by reason of any sale or Insolvency Proceeding, then any such
payment or distribution of any kind or character, whether in cash, property or securities, which, but for the subordination provisions
of this Section 2, would otherwise be payable or deliverable upon or in respect of the Trucano Debt, shall instead be paid
over or delivered directly to Agent, for application to the payment of the Loan Document Priority Debt, to the extent necessary
to make payment of the Loan Document Priority Debt remaining unpaid after giving effect to any concurrent payment or distribution
to Agent, and no holder of the Trucano Debt shall receive any such payment or distribution or any benefit therefrom to such extent
until the Payment in Full of Loan Document Priority Debt, after which such payments or distributions may be applied to payment
of the Trucano Debt.

 

SECTION 3. Lien
Priorities; Certain Acknowledgment and Agreements.

 

3.1           Relative
Priorities. Notwithstanding the date, time, method, manner, or order of grant, attachment, or perfection of any Liens in the
Collateral securing the Loan Document Priority Debt or of any Liens in the Collateral securing the Trucano Debt – including,
in each case, notwithstanding whether any such Lien is granted (or secures Trucano Debt or Loan Document Priority Debt relating
to the period) before or after the commencement of any Insolvency Proceeding – and notwithstanding any contrary provision
of the UCC or any other applicable law or the Loan Documents or any defect or deficiencies in, or failure to attach or perfect,
the Liens securing the Trucano Debt, or any other circumstance whatsoever, Trucano and Agent hereby agree that: (a) any Lien with
respect to the Collateral securing any Loan Document Priority Debt, whether such Lien is now or hereafter held by or on behalf
of, or created for the benefit of, Trucano or any agent or trustee therefor, regardless of how or when acquired, whether by grant,
possession, statute, operation of law, subrogation, or otherwise, shall be senior in all respects and prior to any Lien with respect
to the Collateral securing any Trucano Debt and any Excess Loan Document Debt; and (b) any Lien with respect to the Collateral
securing any Trucano Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, Agent
or any other Loan Document Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant,
possession, statute, operation of law, subrogation, or otherwise, shall be junior and subordinate in all respects to any Lien with
respect to the Collateral securing any Loan Document Priority Debt and senior in all respects and prior to any Lien with respect
to the Collateral securing any Excess Loan Document Debt.

 

    	page 7 of 14

    	 

    

 

3.2           Acknowledgments
and Agreements. So long as the Payment in Full of Loan Document Priority Debt has not occurred, the parties hereto agree that
neither Borrower, any Guarantor, nor any Excluded Subsidiary shall grant or permit any Liens on any assets of any Borrower or Guarantor
other than the assets of Borrower and the AG Trucano Equity Interests to secure any Trucano Debt without the express written consent
of Agent. Each of Agent and Trucano agrees that it will not (and hereby waives any right to), directly or indirectly, contest,
or support any other person in contesting, in any proceeding (including any Insolvency Proceeding), (a) the extent, validity, attachment,
perfection, priority, or enforceability of a Lien held by or on behalf of any Loan Document Claimholder in any asset of Borrower
or any Guarantor (or the extent, validity, allowability, or enforceability of any Loan Document Debt secured thereby or purported
to be secured thereby) or by or on behalf of Trucano in the Collateral (or the extent, validity, allowability, or enforceability
of any Trucano Debt secured thereby or purported to be secured thereby), as the case may be, or the provisions of this Agreement;
provided, that nothing in this Agreement shall be construed to prevent or impair the rights of Agent, any other Loan Document
Claimholder, or Trucano to enforce the terms of this Agreement, including the provisions of this Agreement relating to the priority
of the Liens securing the Trucano Debt and the Loan Document Debt.

 

SECTION 4. Exercise
of Remedies. Until the Payment in Full of Loan Document Priority Debt has occurred, whether or not any Insolvency Proceeding
has been commenced by or against Parent or any of its Subsidiaries, neither Trucano nor any other Seller will (a) exercise or seek
to exercise any rights or remedies (including any secured creditor remedies) with respect to the Collateral, or (b) contest, protest,
or object to any exercise of rights or remedies or forbearance from the exercise of any rights or remedies with respect to the
Collateral by any Loan Document Claimholder. In connection with any exercise of rights or remedies with respect to the Collateral,
the Loan Document Claimholders may enforce the provisions of the Loan Documents and exercise remedies thereunder, all in such order
and in such manner as they may determine in the exercise of their sole discretion. The foregoing to the contrary notwithstanding,
Trucano may (i) take any action (not adverse to the priority status of the Liens in the Collateral securing the Loan Document Priority
Debt, or the rights of any Loan Document Claimholder to exercise rights or remedies with respect to the Collateral) in order to
create or perfect their Liens in and to the Collateral, (ii) file any necessary responsive or defensive pleadings in opposition
to any motion, claim, adversary proceeding, or other pleading made by any person objecting to or otherwise seeking the disallowance
of the claims of Trucano or any other Seller, including any claims secured by the Collateral, if any, (iii) if an Insolvency Proceeding
has been commenced by or against Borrower or any Guarantor, file a claim or statement of interest with respect to the Trucano Debt,
(iv) vote on any plan of reorganization and make any filings and motions that are, in each case, not in contravention of the provisions
of this Agreement, with respect to the Trucano Debt and the Collateral, or (v) join (but not exercise any control with respect
to) any judicial foreclosure proceeding or other judicial lien enforcement proceeding with respect to the Collateral initiated
by a Loan Document Claimholder to the extent that any such action could not reasonably be expected, in any material respect, to
restrain, hinder, limit, delay for any material period or otherwise interfere with such enforcement action by such Loan Document
Claimholder (it being understood that neither Trucano nor any other Seller shall be entitled to receive any proceeds thereof unless
otherwise expressly permitted herein).

 

SECTION 5. Proceeds.

 

5.1           Application
of Proceeds. Regardless of whether an Insolvency Proceeding has been commenced by or against Parent or any of its Subsidiaries,
any proceeds of the Collateral received in connection with any exercise of rights or remedies (including any secured creditor remedies)
and any proceeds of the Collateral received (or amounts distributed on account of the Liens in the Collateral) in connection with
any Insolvency Proceeding involving Parent or its Subsidiaries (at such time as Collateral or proceeds or other amounts have been
monetized) shall be applied (a) first, to the payment in full in cash or cash collateralization of the Loan Document Priority
Debt in accordance with the Loan Documents, (b) second, to the payment in full in cash of the Trucano Debt in accordance
with the Trucano Documents, and (c) third, to the payment in full in cash or cash collateralization of the Excess Loan Document
Debt in accordance with the Loan Documents.

 

    	page 8 of 14

    	 

    

 

5.2           Turnover.
Until the Payment in Full of Loan Document Priority Debt has occurred (irrespective of whether any Insolvency Proceeding has been
commenced by or against Parent or any of its Subsidiaries), any Collateral or proceeds thereof received by Trucano or any other
Seller (a) as a result of Trucano’s or such Seller’s collusion with Parent or any of its Subsidiaries in violating
the rights of the Loan Document Claimholders under this Agreement, or (b) otherwise in violation of the terms of this Agreement,
shall be segregated and held in trust and forthwith paid over to Agent in the same form as received, with any necessary endorsements
or as a court of competent jurisdiction may otherwise direct.

 

SECTION 6. Purchase
Option.

 

6.1           Purchase
Option. Upon receipt by Trucano of a Standstill Notice from Agent, Trucano shall have the right, but not the obligation, upon
five (5) Business Days prior written notice (the “Purchase Notice”) from Trucano to Agent to acquire from the
Lenders all (but not less than all) of the right, title, and interest of the Lenders in and to the Loan Document Priority Debt.
The Purchase Notice, if given, shall be irrevocable.

 

6.2           Purchase
and Sale. On the date specified by Trucano in the Purchase Notice (which shall not be more than five (5) Business Days after
the receipt by Agent of the Purchase Notice), the Lenders shall sell to Trucano and Trucano shall purchase from the Lenders, the
Loan Document Priority Debt.

 

6.3           Purchase
Price. On the date of such purchase and sale, Trucano shall pay to Agent, for the benefit of the Lenders, as the purchase price
therefor, the full amount of all the Loan Document Priority Debt (other than contingent obligations) then outstanding and unpaid.

 

6.4           Wire
Transfer; Calculation of Interest. Such purchase price shall be remitted by wire transfer of federal funds to such bank account
of Agent as Agent may designate in writing to Trucano for such purpose. Interest shall be calculated to but excluding the Business
Day on which such purchase and sale shall occur if the amounts so paid by Trucano to the bank account designated by Agent are received
in such bank account prior to 11:00 a.m., California time, and interest shall be calculated to and including such Business Day
if the amounts so paid by Trucano to the bank account designated by Agent are received in such bank account later than 11:00 a.m.,
California time.

 

6.5           No
Representation or Warranty. Such purchase shall be effected by the execution and delivery of a customary form of assignment
and acceptance agreement and shall be expressly made without representation or warranty of any kind by Agent or the Lenders as
to the Loan Document Debt so purchased, or otherwise, and without recourse to Agent or the Lenders, except that the Lenders shall
represent and warrant: (a) that the amount quoted by the Lenders as the purchase price represents the amount shown as owing with
respect to the claims transferred as reflected on their books and records, (b) they own, or have the right to transfer to Trucano,
the rights being transferred, and (c) such transfer will be free and clear of Liens.

 

    	page 9 of 14

    	 

    

 

 

SECTION 7. Bailee
for Perfection.

 

7.1           Bailee
for Perfection. Agent and Trucano each agree to hold or control that part of the Collateral that is in its possession or control
(or in the possession or control of its agents or bailees) to the extent that possession or control thereof is taken to perfect
a Lien thereon under the UCC or other applicable law (such Collateral being referred to as the “Pledged Collateral”),
as bailee and as a non-fiduciary representative for Trucano or Agent, as applicable (such bailment and agency being intended, among
other things, to satisfy the requirements of Sections 8-301(a)(2), 9-313(c), 9-104, 9-105, 9-106, and 9-107 of the UCC), solely
for the purpose of perfecting the security interest granted under the Loan Documents or the Trucano Documents, as applicable. Agent
shall have no obligation whatsoever to Trucano to ensure that the Pledged Collateral is genuine or owned by NG South Dakota or
AG Trucano or to preserve rights or benefits of any person except as expressly set forth in this Section 6.1. Trucano shall
have no obligation whatsoever to Agent or any other Loan Document Claimholder to ensure that the Pledged Collateral is genuine
or owned by NG South Dakota or AG Trucano or to preserve rights or benefits of any person except as expressly set forth in this
Section 6.1. The duties or responsibilities of Agent under this Section 6.1 shall be limited solely to holding or
controlling the Pledged Collateral as bailee and non-fiduciary representative in accordance with this Section 6.1 and delivering
the Pledged Collateral upon a Payment in Full of Loan Document Priority Debt as provided in Section 6.2. The duties or responsibilities
of Trucano under this Section 6.1 shall be limited solely to holding or controlling the Pledged Collateral as bailee and
non-fiduciary representative in accordance with this Section 6.1. Agent acting pursuant to this Section 6.1 shall
not have by reason of the Loan Documents, the Trucano Documents, or this Agreement a fiduciary relationship in respect of Trucano.
Trucano acting pursuant to this Section 6.1 shall not have by reason of the Loan Documents, the Trucano Documents, or this
Agreement a fiduciary relationship in respect of Agent or any other Loan Document Claimholder.

 

7.2           Payment
in Full of Loan Document Priority Debt. Upon the Payment in Full of Loan Document Priority Debt, Agent shall, to the extent
permitted by applicable law, deliver the remaining tangible Pledged Collateral (if any) together with any necessary endorsements,
first, to Trucano to the extent Trucano Debt remain outstanding as confirmed in writing by Trucano, and, to the extent that
Trucano confirms no Trucano Debt is outstanding, and second, to Parent to the extent no Trucano Debt or Loan Document Debt
remain outstanding (in each case, so as to allow such person to obtain possession or control of such Pledged Collateral).

 

SECTION 8. Miscellaneous.

 

8.1           Conflicts.
In the event of any conflict between the provisions of this Agreement and the provisions of any of the Loan Documents or any of
the Trucano Documents, the provisions of this Agreement shall govern and control.

 

8.2           Effectiveness;
Continuing Nature of this Agreement; Severability. This Agreement shall become effective when executed and delivered by all
of the parties hereto and shall be a continuing agreement of debt and lien subordination until Payment in Full of Loan Document
Priority Debt or Payment in Full of Trucano Debt. Agent and the other Loan Document Claimholders may continue, at any time, without
notice to Trucano, to extend credit and other financial accommodations to or for the benefit of Parent or any of its Subsidiaries
constituting Loan Document Debt. Agent and the other Loan Document Claimholders may, at any time and from time to time in accordance
with the Loan Documents or applicable law, without the consent of, and without notice to, Trucano, without incurring any liabilities
to Trucano and without impairing or releasing the Lien priorities and other benefits provided in this Agreement amend, renew, exchange,
extend, modify, or supplement or increase in any manner any Liens held by Agent or any other Loan Document Claimholder, the Loan
Document Debt, or any of the Loan Documents. Notwithstanding the foregoing, Agent agrees on behalf of itself and the other Loan
Document Claimholders that the Commitments under the Loan Documents shall terminate on March 31, 2013 unless Trucano in his sole
discretion shall agree in a writing delivered to Agent to extend such date. Agent and Trucano each hereby waives any right it or
he may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement
shall survive, and shall continue in full force and effect, in any Insolvency Proceeding. The provisions of this Agreement are
intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510 of the Bankruptcy Code.
All references to Parent or any of its Subsidiaries shall include any such person as debtor and debtor-in-possession and any receiver
or trustee for such person in any Insolvency Proceeding.

 

    	page 10 of 14

    	 

    

 

8.3           Amendments;
Waivers. No amendment, modification, or waiver of any of the provisions of this Agreement shall be effective unless the same
shall be in writing signed on behalf of each party hereto or its authorized agent and each waiver, if any, shall be a waiver only
with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations
of the other parties to such party in any other respect or at any other time.

 

8.4           Notices.
Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally served or sent by
telefacsimile or United States mail or courier service or electronic mail and shall be deemed to have been given when delivered
in person or by courier service and signed for against receipt thereof, upon receipt of telefacsimile or electronic mail, or three
Business Days after depositing it in the United States mail with postage prepaid and properly addressed. For the purposes hereof,
the addresses of the parties hereto shall be as set forth on the signature pages hereof or as may be designated by such party in
a written notice to all of the other parties.

 

8.5           APPLICABLE
LAW, ETC.

 

(a)          THE
VALIDITY OF THIS AGREEMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, THE RIGHTS OF THE PARTIES HERETO WITH RESPECT
TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO, AND ANY CLAIMS, CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR RELATED HERETO
SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA.

 

(b)          THE
PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT SHALL BE TRIED AND LITIGATED ONLY IN THE
STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF LOS ANGELES, STATE OF CALIFORNIA.
EACH PARTY HERETO WAIVES, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM
NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 8.5(b).

 

(c)          TO
THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO HEREBY WAIVES ITS RIGHTS, IF ANY, TO A JURY TRIAL OF ANY CLAIM,
CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS AGREEMENT, INCLUDING CONTRACT
CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH A "CLAIM"). EACH
PARTY HERETO REPRESENTS THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING
CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL
BY THE COURT.

 

(d)          IN
THE EVENT ANY LEGAL PROCEEDING IS FILED IN A COURT OF THE STATE OF CALIFORNIA (THE "COURT") BY OR AGAINST ANY
PARTY HERETO IN CONNECTION WITH ANY CLAIM AND THE WAIVER SET FORTH IN CLAUSE (C) ABOVE IS NOT ENFORCEABLE IN SUCH PROCEEDING, THE
PARTIES HERETO AGREE AS FOLLOWS:

 

    	page 11 of 14

    	 

    

 

(i)          WITH
THE EXCEPTION OF THE MATTERS SPECIFIED IN SUBCLAUSE (ii) BELOW, ANY CLAIM SHALL BE DETERMINED BY A GENERAL REFERENCE PROCEEDING
IN ACCORDANCE WITH THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.1. THE PARTIES INTEND THIS GENERAL
REFERENCE AGREEMENT TO BE SPECIFICALLY ENFORCEABLE. VENUE FOR THE REFERENCE PROCEEDING SHALL BE IN THE COUNTY OF LOS ANGELES, CALIFORNIA.

 

(ii)         THE
FOLLOWING MATTERS SHALL NOT BE SUBJECT TO A GENERAL REFERENCE PROCEEDING: (A) NON-JUDICIAL FORECLOSURE OF ANY SECURITY INTERESTS
IN REAL OR PERSONAL PROPERTY, (B) EXERCISE OF SELF-HELP REMEDIES (INCLUDING SET-OFF OR RECOUPMENT), (C) APPOINTMENT OF A RECEIVER,
AND (D) TEMPORARY, PROVISIONAL, OR ANCILLARY REMEDIES (INCLUDING WRITS OF ATTACHMENT, WRITS OF POSSESSION, TEMPORARY RESTRAINING
ORDERS, OR PRELIMINARY INJUNCTIONS). THIS AGREEMENT DOES NOT LIMIT THE RIGHT OF ANY PARTY TO EXERCISE OR OPPOSE ANY OF THE RIGHTS
AND REMEDIES DESCRIBED IN CLAUSES (A) - (D) AND ANY SUCH EXERCISE OR OPPOSITION DOES NOT WAIVE THE RIGHT OF ANY PARTY TO PARTICIPATE
IN A REFERENCE PROCEEDING PURSUANT TO THIS AGREEMENT WITH RESPECT TO ANY OTHER MATTER.

 

(iii)        UPON
THE WRITTEN REQUEST OF ANY PARTY, THE PARTIES SHALL SELECT A SINGLE REFEREE, WHO SHALL BE A RETIRED JUDGE OR JUSTICE. IF THE PARTIES
DO NOT AGREE UPON A REFEREE WITHIN 10 DAYS OF SUCH WRITTEN REQUEST, THEN, ANY PARTY SHALL HAVE THE RIGHT TO REQUEST THE COURT TO
APPOINT A REFEREE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 640(B). THE REFEREE SHALL BE APPOINTED TO SIT WITH ALL
OF THE POWERS PROVIDED BY LAW. PENDING APPOINTMENT OF THE REFEREE, THE COURT SHALL HAVE THE POWER TO ISSUE TEMPORARY OR PROVISIONAL
REMEDIES.

 

(iv)        EXCEPT
AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE REFEREE SHALL DETERMINE THE MANNER IN WHICH THE REFERENCE PROCEEDING IS CONDUCTED
INCLUDING THE TIME AND PLACE OF HEARINGS, THE ORDER OF PRESENTATION OF EVIDENCE, AND ALL OTHER QUESTIONS THAT ARISE WITH RESPECT
TO THE COURSE OF THE REFERENCE PROCEEDING. ALL PROCEEDINGS AND HEARINGS CONDUCTED BEFORE THE REFEREE, EXCEPT FOR TRIAL, SHALL BE
CONDUCTED WITHOUT A COURT REPORTER, EXCEPT WHEN ANY PARTY SO REQUESTS A COURT REPORTER AND A TRANSCRIPT IS ORDERED, A COURT REPORTER
SHALL BE USED AND THE REFEREE SHALL BE PROVIDED A COURTESY COPY OF THE TRANSCRIPT. THE PARTY MAKING SUCH REQUEST SHALL HAVE THE
OBLIGATION TO ARRANGE FOR AND PAY THE COSTS OF THE COURT REPORTER, PROVIDED THAT SUCH COSTS, ALONG WITH THE REFEREE'S FEES, SHALL
ULTIMATELY BE BORNE BY THE PARTY WHO DOES NOT PREVAIL, AS DETERMINED BY THE REFEREE.

 

(v)         THE
REFEREE MAY REQUIRE ONE OR MORE PREHEARING CONFERENCES. THE PARTIES HERETO SHALL BE ENTITLED TO DISCOVERY, AND THE REFEREE SHALL
OVERSEE DISCOVERY IN ACCORDANCE WITH THE RULES OF DISCOVERY, AND SHALL ENFORCE ALL DISCOVERY ORDERS IN THE SAME MANNER AS ANY TRIAL
COURT JUDGE IN PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA.

 

    	page 12 of 14

    	 

    

 

(vi)        THE
REFEREE SHALL APPLY THE RULES OF EVIDENCE APPLICABLE TO PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA AND SHALL DETERMINE ALL ISSUES
IN ACCORDANCE WITH CALIFORNIA SUBSTANTIVE AND PROCEDURAL LAW. THE REFEREE SHALL BE EMPOWERED TO ENTER EQUITABLE AS WELL AS LEGAL
RELIEF AND RULE ON ANY MOTION WHICH WOULD BE AUTHORIZED IN A TRIAL, INCLUDING MOTIONS FOR DEFAULT JUDGMENT OR SUMMARY JUDGMENT.
THE REFEREE SHALL REPORT HIS OR HER DECISION, WHICH REPORT SHALL ALSO INCLUDE FINDINGS OF FACT AND CONCLUSIONS OF LAW. THE REFEREE
SHALL ISSUE A DECISION AND PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE, SECTION 644, THE REFEREE'S DECISION SHALL BE ENTERED
BY THE COURT AS A JUDGMENT IN THE SAME MANNER AS IF THE ACTION HAD BEEN TRIED BY THE COURT. THE FINAL JUDGMENT OR ORDER FROM ANY
APPEALABLE DECISION OR ORDER ENTERED BY THE REFEREE SHALL BE FULLY APPEALABLE AS IF IT HAS BEEN ENTERED BY THE COURT.

 

(vii)       THE
PARTIES RECOGNIZE AND AGREE THAT ALL CLAIMS RESOLVED IN A GENERAL REFERENCE PROCEEDING PURSUANT HERETO WILL BE DECIDED BY A REFEREE
AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY HERETO
KNOWINGLY AND VOLUNTARILY AND FOR THEIR MUTUAL BENEFIT AGREES THAT THIS REFERENCE PROVISION SHALL APPLY TO ANY DISPUTE BETWEEN
THEM THAT ARISES OUT OF OR IS RELATED TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS.

 

8.6           ADVICE
OF COUNSEL. TRUCANO ACKNOWLEDGES AND REPRESENTS THAT HE HAS EITHER OBTAINED THE ADVICE OF COUNSEL OR HAS HAD THE OPPORTUNITY
TO OBTAIN SUCH ADVICE IN CONNECTION WITH THE TERMS AND PROVISIONS OF THIS AGREEMENT. 

 

8.7           Binding
on Successors and Assigns. This Agreement shall be binding upon Agent, Loan Document Claimholders, Trucano, and their respective
successors and assigns (including any trust holding any of assets or properties of such persons and any estates (if any) of such
persons).

 

8.8           No
Third Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties
hereto and its respective successors and assigns and shall inure to the benefit of and bind each of Loan Document Claimholders
and Trucano. In no event shall Parent or any of its Subsidiaries be a third party beneficiary of this Agreement or have any rights
hereunder.

 

8.9           Certain
Waivers. All of the Loan Document Debt shall be deemed to have been made or incurred in reliance upon this Agreement. Trucano
expressly waives all notice of the acceptance by Agent and the Lenders of the subordination and other provisions of this Agreement
and all other notices not specifically required pursuant to the terms of this Agreement whatsoever, and Trucano expressly consents
to reliance by Agent and each Lender upon the subordination and other agreements as herein provided. Trucano agrees that none of
Agent or any Lender has made any warranties or representations with respect to the due execution, legality, validity, completeness
or enforceability of the Loan Documents or the collectibility of the obligations thereunder, that Agent and the Lenders shall be
entitled to manage and supervise the Loan Document Debt in accordance with applicable law and their usual practices, modified from
time to time as they deem appropriate under the circumstances, and that Agent and the Lenders shall not have any liability to Trucano
or the Sellers for, and Trucano (on behalf of himself and the Sellers) waives any claim which Trucano may now or hereafter have
against Agent or any Lender arising out of (a) any and all actions which Agent or any Lenders may take or omit to take (including,
without limitation, actions with respect to the creation, perfection or continuation of liens on or security interests in the Loan
Document Debt, actions with respect to the occurrence of a Loan Document Default, actions with respect to the foreclosure upon,
sale, release, or depreciation of, or failure to realize upon, the Collateral and actions with respect to the collection of any
claim for all or any part of the Loan Document Debt from any account debtor, guarantor or any other party) with respect to the
documents regarding the Loan Document Debt or any other agreement related thereto or to the collection of the Loan Document Debt
or the valuation, use, protection or release of the Collateral and/or other security for the Loan Document Debt, (b) the election
by the holders of the Loan Document Debt in any Insolvency Proceeding instituted under the Bankruptcy Code, of the application
of Section 1111(b)(2) of the Bankruptcy Code, and/or (c) any borrowing of, or grant of a security interest under Section 364 of
the Bankruptcy Code to Borrower or any Guarantor as debtor-in-possession. Trucano agrees that Agent shall have no obligation to
marshal any property, instruments, documents, agreements or guaranties (including any Collateral) before enforcing its rights against
any portion of the Collateral or its rights herein as against Trucano.

 

    	page 13 of 14

    	 

    

 

8.10         Integration;
Term Loan Intercreditor Agreement. This Agreement reflects the entire understanding of the parties with respect to the subject
matter hereof and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof. Nothing
in this Agreement shall alter or amend the rights and obligations of Term Loan Agent and Trucano with respect to the Term Loan
Intercreditor Agreement or the relative priority of the Liens securing the obligations under the Term Loan Credit Agreement and
related loan documentation and the Liens securing the Trucano Debt. WFGC, in its capacity as Term Loan Agent, and Trucano each
hereby ratify and reaffirm the Term Loan Intercreditor Agreement.

 

8.11         Provisions
Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of defining
the relative rights of Agent and the other Loan Document Claimholders, on the one hand, and Trucano on the other hand. Nothing
in this Agreement shall impair, as between Parent or any of its Subsidiaries and Agent and the other Loan Document Claimholders,
or as between Parent or any of its Subsidiaries and Trucano, any obligations of Parent or its Subsidiaries to pay principal, interest,
fees and other amounts as provided in the Loan Documents and the Trucano Documents, respectively.

 

[Signatures follow on next page.]

 

    	page 14 of 14

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date first written above.

 

WELLS FARGO GAMING CAPITAL, LLC,

a Delaware limited liability company,

as Agent

 

	By:	/s/ Everardo Gomez	 

 

Printed Name: Everardo Gomez

 

Title: AVP

 

	Addresses for WFGC Notices:	with a copy contemporaneously sent to:
	 	 
	WELLS FARGO GAMING CAPITAL, LLC	PAUL HASTINGS LLP
	333 South Grand Avenue, 12th Floor	515 S. Flower Street
	Los Angeles, CA 90071	Twenty-fifth Floor
	Attn: Everardo Gomez  	Los Angeles, California  90071
	Fax No.: (877) 302-7024	Attn:  John Francis Hilson, Esq.
	 	Fax No.:  (213) 996-3300

 

    	 

    	 

    

 

	/s/ Michael J. Trucano	 
	Michael J. Trucano, as Sellers’ Representative	 

 

	Addresses for Trucano Notices:	with a copy contemporaneously sent to:
	 	 
	Michael J. Trucano	Richard A. Pluimer
	908 Main Street	Brady Pluimer, P.C.
	Deadwood, SD 57732	135 E. Colorado Blvd.
	 	Spearfish, SD 57783

 

    	 

    	 

    

 

ACKNOWLEDGMENT

 

Parent and each of
Parent’s undersigned Subsidiaries each hereby acknowledge that they have received a copy of the foregoing Intercreditor and
Subordination Agreement (as in effect on the date hereof, the “Initial Intercreditor Agreement”) and (1) agree to recognize
all rights granted by the Initial Intercreditor Agreement to Agent, the other Loan Document Claimholders, and Trucano; (2) agree
to waive the provisions of Section 9-615(a) of the UCC in connection with the application of proceeds of the Collateral in accordance
with the provisions of the Initial Intercreditor Agreement; and (3) agree that they will not do any act or perform any obligation
that is not in accordance with the agreements set forth in the Initial Intercreditor Agreement. Parent and each of Parent’s
undersigned Subsidiaries each further acknowledge and agree that they are not an intended beneficiary or third party beneficiary
under the Initial Intercreditor Agreement, as amended, restated, supplemented, or otherwise modified hereafter.

    	 

    	 

    

 

ACKNOWLEDGED AS OF THE DATE FIRST WRITTEN
ABOVE:

 

	NEVADA GOLD & CASINOS, INC., 

a Nevada corporation	 
	 	 
	By:	/s/ Robert B. Sturges	 
	Name:	Robert B. Sturges	 
	Title:	CEO	 

 

    	 

    	 

    

 

	NG SOUTH DAKOTA, LLC, 

a South Dakota limited liability company	 
	 	 
	By:	/s/ Robert B. Sturges	 
	Name:	Robert B. Sturges	 
	Title:	Manager	 
	 	 
	A.G. TRUCANO, SON & GRANDSON, INC., 

a South Dakota corporation	 
	 	 
	By:	/s/ Robert B. Sturges	 
	Name:	Robert B. Sturges	 
	Title:	President

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