Document:

Exhibit 10.5

 

HSH NORDBANK

 

	
  Fax to +30 210 89 48 403

  	
   

  	
  Hamburg, September 8th, 2005

  
	
   

  	
   

  	
   

  
	
  Golden Energy Marine Corp.

  	
   

  	
  Your Contact:

  
	
  11, Poseidonos Avenue

  	
   

  	
  Gunner Kordes

  
	
  Helinikon, 16777 Athens

  	
   

  	
  Shipping, Greek (      )

  
	
  Greece

  	
   

  	
  Phone: +48-40-3333-12719

  
	
   

  	
   

  	
  Fax: +48-40-3333-34118

  
	
  Attn.:

  	
  Mr Kostas Koutsoubelis

  	
   

  	
  e-mail: gunner.kordes@hsh-nordbank.com

  
	
   

  	
  (Chairman)

  	
   

  	
   

  

 

Amendment
Letter - USD 167,800,000 Firm Offer Letter for the financing of a fleet of nine
Panamax bulker vessels to be aquired from Nouvelle Enterprises S.A.

 

Dear
Sirs,

 

reference
is made to our Firm Offer Letter dd. June 28th, 2005 for the a.m.
facility which was signed by yourselves on June 30th, 2005.
This Firm Offer had an Availability Period until August 31st,
2005.

 

We,
acting as Agent on behalf of the Underwriters stated in this Firm Offer Letter,
are pleased to herewith provide you with our consent to extend the Availability
Period of this Firm Offer Letter as requested until December 31st,
2005.

 

The
Final Maturity Date shall be amended to be defined as June 30th,
2015 (instead of March 31st, 2015) in accordance with the
agreed extension of the Availability Period.

 

All
other terms and conditions shall remain in place as set out in the Firm Offer
Letter.

 

As
before the availability of this loan facility as set out in the Firm Offer
Letter remains strictly subject to documentation satisfactory to the
Underwriters.

 

We
look forward to assisting you in this financing as set out in the Firm Offer
Letter as amended by this Amendment Letter.

 

 

Please
kindly acknowledge receipt and acceptance of this letter by countersigning and
returning same to us by fax. We look forward to hearing from you.

 

 

Yours
sincerely

 

	
  HSH Nordbank AG

  	
   

  
	
   

  	
   

  
	
  /s/ Nils Visser

  	
   

  	
  /s/ Gunner Kordes

  	
   

  
	
  Nils Visser

  	
  Gunner Kordes

  
	
  Senior Vice President

  	
  Vice President

  
				

 

 

Endorsement of Acceptance:

 

We
acknowledge receipt of the above letter, dated September 8th,
2005, and we hereby confirm acceptance of all the terms and conditions
contained therein, and that you may proceed, with the preparation of a Loan
Documentation and all related documents at our cost.

 

 

	
  For and on behalf of

  
	
  Golden Energy Marine Corp.

  
	
   

  
	
  /s/ Kostas Koutsoubelis

  	
   

  
	
  Name: Kostas Koutsoubelis

  

Date:

 

 

TO
THE BOARD OF DIRECTORS

GOLDEN
ENERGY MARINE CORP

 

ATT:
KOSTAS KOUTSOUBELIS

CHAIRMAN

 

Firm Offer for a long term loan facility of up to USD 167,800,000

(Dated:
June 28, 2005)

 

	
  Borrower:

  	
   

  	
  Nine (9) single ship-holding companies being 100% subsidiaries
  of the PanamaxSubholdingCo (as defined below) in a jurisdiction acceptable to
  the Lenders owning directly the Vessels.

  
	
   

  	
   

  	
   

  
	
  Corporate

  	
   

  	
  1. Golden Energy Marine Corp. (“Golden Energy”)

  
	
   

  	
   

  	
   

  
	
  Guarantee(s):

  	
   

  	
  2. Grand Prix Holding, Marshall Islands (“PanamaxSubholdingCo”), a
  new holding company being a 100% subsidiary of Golden Energy owning directly
  the nine (9) single ship-holding companies.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Each corporate guarantor to be a “Corporate Guarantor”, together the
  “Corporate Guarantors”)

  
	
   

  	
   

  	
   

  
	
  Vessels:

  	
   

  	
  Nine (9) dry bulk carriers acquired from Malaysian International
  Shipping Corp. (“MISC”) with the following specifications:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Vessel Type

  	
   

  	
  No. of

  Vessels

  	
   

  	
  Size Range

  in dwt

  	
   

  	
  Av.

  Year

  built

  	
   

  	
   

  
	
   

  	
   

  	
  Panamax

  	
   

  	
  9

  	
   

  	
  72,338-74,696

  	
   

  	
  1996

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (each vessel a “Vessel”, together the “Vessels”)

  
	
   

  	
   

  	
   

  
	
  Facility Amount:

  	
   

  	
  The lower of USD 167,800,000 and up to 67.11% of the acquisition
  price of each Vessel.

  
	
   

  	
   

  	
   

  
	
  Facility Type:

  	
   

  	
  Long term amortizing loan facility

  
	
   

  	
   

  	
   

  
	
  Agent:

  	
   

  	
  HSH Nordbank AG

  
	
   

  	
   

  	
   

  
	
  Underwriters:

  	
   

  	
  HSH Nordbank AG

  
	
   

  	
   

  	
  - (Having underwritten an amount of up to USD 69,637,000 i.e. 41.5%
  of theFacility Amount)

  

 

 

	
   

  	
   

  	
  - Credit Suisse

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Having underwritten an amount of up to USD 64,503,000 i.e. 38.5% of
  the Facility Amount)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  - Deutsche Schiffabank AG

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Having underwritten an amount of up to USD 33,560,000 i.e. 20.0% of
  the Facility Amount)

  
	
   

  	
   

  	
   

  
	
  Lenders:

  	
   

  	
  Initially the Underwriters

  
	
   

  	
   

  	
   

  
	
  (each Lender a “Lender”)

  	
   

  	
  The Underwriters reserve the right to syndicate to other banks part
  of their respective underwriting commitments; such other banks to be selected
  and approved by the Agent and the Borrowers (such consent not to be
  unreasonably withheld).

  
	
   

  	
   

  	
   

  
	
  Group:

  	
   

  	
  The Corporate Guarantors and any of their subsidiaries

  
	
   

  	
   

  	
   

  
	
  Drawdown:

  	
   

  	
  In one drawing; the drawdown to take place with the refinancing of
  the existing loan.

  
	
   

  	
   

  	
   

  
	
  Final Maturity Date:

  	
   

  	
  March 31st, 2015

  
	
   

  	
   

  	
   

  
	
  Availability Period:

  	
   

  	
  The Facility to be available until August 31st, 2005
  and to be extended upon mutual agreement for a period of up to three (3) months.

  
	
   

  	
   

  	
   

  
	
  Currency:

  	
   

  	
  USD

  
	
   

  	
   

  	
   

  
	
  Repayment:

  	
   

  	
  In 39 quarterly instalments, the first principal instalment to be
  paid in September 2005, as follows:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Repayment

  	
   

  	
  Overall Installment

  	
   

  	
   

  
	
   

  	
   

  	
  1-9

  	
   

  	
  USD

  	
  4,500,000

  	
   

  	
   

  
	
   

  	
   

  	
  10-39

  	
   

  	
  USD

  	
  3,660,000

  	
   

  	
   

  
	
   

  	
   

  	
  Balloon payment (being payable together with the last instalment)

  	
   

  	
  USD

  	
  17,500,000

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Prepayment:

  	
   

  	
  Voluntary Prepayment:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Borrowers may prepay any outstanding loan or any part thereof in
  whole multiples of USD 5,000,000 upon not less than 10 business days prior
  written notice to the Lenders without penalty or cost (save for any break
  funding costs) at the end of any Interest Period. Amounts prepaid may not be
  re-borrowed.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mandatory Prepayment on Total Loss or Sale or
  Withdrawal of a Vessel from the security package:

  

 

 

	
   

  	
   

  	
  The Facility Amount will be reduced and the balance shall be prepaid
  upon sale or loss of any Vessels in an amount to be calculated as the result
  of a) the Facility Amount multiplied by b) the ratio of the Market Value (to
  be determined as described below of the Vessel sold or lost over the aggregate
  Market Value of all the mortgaged Vessels.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Furthermore the Borrowers shall have the right to withdraw a Vessel
  as security (and sell such Vessel, as the case may be) by prepaying the
  relevant debt portion (to be calculated as described above).

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Such a prepayment shall be subject to the loan to value ratio (“LTV”)
  after such prepayment not to exceed seventy per centum (70%).

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The LTV to be calculated by dividing the outstanding Loan Amount
  after such prepayment by the aggregate Market Value of all the remaining
  mortgaged Vessels. The Market Value of the Vessels to be determined as set
  out below.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Any prepayments under this Facility shall be applied pro rata against
  the repayment instalments and the balloon payment.

  
	
   

  	
   

  	
   

  
	
  Interest Periods:

  	
   

  	
  One (1), three (3), six (6), nine (9) or twelve (12) months at
  the Borrowers’ option or such other period as the Borrowers and the Agent
  (acting on behalf of the Lenders) may agree upon.

  
	
   

  	
   

  	
   

  
	
  Interest Payment Dates:

  	
   

  	
  At the end of each Interest Period, or every three months if any
  interest period exceeds three months.

  
	
   

  	
   

  	
   

  
	
  Interest Reference Rate:

  	
   

  	
  USD-Libor

  
	
   

  	
   

  	
   

  
	
  Mandatory Costs:

  	
   

  	
  The cost of complying with any applicable regulatory requirements of
  any relevant regulatory authority.

  
	
   

  	
   

  	
   

  
	
  Margin:

  	
   

  	
  0.875% p.a.

  
	
   

  	
   

  	
   

  
	
  Interest Rate:

  	
   

  	
  The rate of interest will be Libor + Mandatory Costs (if any) +
  Margin.

  
	
   

  	
   

  	
   

  
	
  Hedging:

  	
   

  	
  The Borrowers will discuss any hedging strategy for the Facility (or
  any part thereof, as the case may be) with the Agent and the Borrowers will
  give the swap banks (being Credit Suisse and HSH Nordbank, together the “Swap
  Banks”) a right of first refusal to quote for all hedging related services
  (including derivatives).

  
	
   

  	
   

  	
   

  
	
  Agency Fee:

  	
   

  	
  USD 10,000 p.a. payable to the Agent

  
	
   

  	
   

  	
   

  
	
  Commitment Fee:

  	
   

  	
  ./.

  

 

 

	
  Handling Fee:

  	
   

  	
  ./.

  
	
   

  	
   

  	
   

  
	
  Restructuring-Fee

  	
   

  	
  ./.

  
	
   

  	
   

  	
   

  
	
  Ownership:

  	
   

  	
  During the Facility Period the Vessels have
  to remain in the ownership of beneficial owners acceptable to the Lenders.

  
	
   

  	
   

  	
   

  
	
  Accounts:

  	
   

  	
  a) Earnings Accounts:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Vessels’ Earnings Accounts are to be
  opened and maintained with a bank or banks acceptable to the Agent.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Such banks to be acceptable to the Agent if
  the Borrowers undertake to provide a statement of account of such banks on a
  monthly basis and such banks waive and/or forego any rights and/or liens
  whatsoever they may have in relation to such earnings accounts.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  b) Liquidity Account:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PanamaxSubholdingCo hereby warrant that
  monies in an amount of at least the next Repayment Instalment will be accumulated
  on a monthly basis and afterwards maintained in the Liquidity Account until
  the date of the next Repayment Installment. PanamaxSubholdingCo may use any
  surplus cash in excess of the required accumulated Repayment Installment
  accumulated in the Liquidity Account at their free disposal. The Liquidity
  Account shall be held with the Agent.

  
	
   

  	
   

  	
   

  
	
  Security:

  	
   

  	
   

  
	
   

  	
  (i)

  	
  Irrevocable and unconditional Guarantee of
  the Corporate Guarantors

  
	
   

  	
  (ii)

  	
  First priority mortgages under the laws of
  any flag acceptable to the Lenders on the Vessels and accompanying Deeds of
  Covenants in favour of the Lenders.

  
	
   

  	
  (iii)

  	
  First Priority Assignment of the Vessels’
  Insurances and Notices of Assignment thereof.

  
	
   

  	
  (iv)

  	
  First Priority Assignment of the Vessels’
  earnings including but not limited to assignments of any charter earnings
  having a duration of more than 12 months (those assignments to be notified to
  and acknowledged by the respective counter parties provided that such notice
  shall only take place if an event of default has occurred and is continuing)
  and general assignments of earnings and requisition compensation.

  
	
   

  	
  (v)

  	
  First Priority Pledge on the Vessels’
  Earnings Accounts and the Liquidity Account.

  
	
   

  	
  (vi)

  	
  Manager’s undertaking by Enterprises
  Shipping & Trading S.A. (“the Manager”), and/or any other manager of
  the Vessels acceptable to the Lenders.

  
	
   

  	
  (vii)

  	
  All securities to secure the Facility
  Amount plus interest thereon and otherwise and also to secure on a
  subordinated basis any interest rate swap or any other hedging instruments
  with the Swap Banks.

  

 

 

	
  Insurances:

  	
   

  	
   

  
	
   

  	
  (i)

  	
  Hull and Machinery Insurance (fire, marine
  and other risks (including Excess Risks and war risk) in an amount of not
  less than 125 % of the Facility Amount or the Market Value of the Vessels,
  whichever is the higher.

  
	
   

  	
   

  	
   

  
	
   

  	
  (ii)

  	
  Protection and Indemnity Insurance at the
  highest possible cover (for the time being USD 1bn for all pollution).

  
	
   

  	
   

  	
   

  
	
   

  	
  (iii)

  	
  Mortgagee’s Interest Insurance (MII) in an
  amount of not less than 110 % and Mortgagee’s Additional Perils Pollution
  Insurance (MAP) in an amount of not less than 110 % of the Facility Amount to
  be taken out by the Agent (acting on behalf of the Lenders). The cost of the
  MII and the MAP will be for the account of the Borrowers.

  
	
   

  	
   

  	
   

  
	
  Covenants:

  	
   

  	
  A. General Covenants:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  -

  	
  All capital stock of PanamaxSubholdingCo to
  be owned directly or indirectly by Golden Energy.

  
	
   

  	
   

  	
  -

  	
  The majority in the capital stock of Golden
  Energy (being at least 51%) always to be owned by members of the Restis
  family.

  
	
   

  	
   

  	
  -

  	
  The Borrowers and PanamaxSubholdingCo may
  not assume any liabilities, debts, commitments, issue guarantees and the
  Vessels may not be changed, pledged, encumbered etc. without the prior
  written consent of the Agent (acting on behalf of the Lenders).

  
	
   

  	
   

  	
  -

  	
  The Borrowers and PanamaxSubholdingCo to
  maintain all their properties and insurances. The Borrowers and
  PanamaxSubholdingCo ensure that no sale of the Vessels will be effected
  without the prior written consent of the Agent (acting on behalf of the
  Lenders).

  
	
   

  	
   

  	
  -

  	
  The Vessels to fly a flag acceptable to the
  Lenders.

  
	
   

  	
   

  	
  -

  	
  The Vessels to be classed by a generally
  recognized first class classification society acceptable to the Lenders being
  member of the IACS.

  
	
   

  	
   

  	
  -

  	
  During the term of the facility the Vessels’
  technical management will be carried out by the Manager and the commercial
  management of the Vessels will be carried out by the Manager or a manager
  acceptable to the Lenders.

  
	
   

  	
   

  	
  -

  	
  No change in flag, class, management or
  ownership of the Vessels without the prior written consent of the Agent
  (acting on behalf of the Lenders).

  
	
   

  	
   

  	
  -

  	
  No change in the shareholding of the
  Borrowers and PanamaxSubholdingCo without the prior written consent of the
  Agent (acting on behalf of the Lenders).

  
	
   

  	
   

  	
  -

  	
  The Vessels to comply with the ISM Code and
  the ISPS Code and the Vessels to maintain valid Safety Management
  Certificates (BCM) and the Manager’s Documents of Compliance (DOC) at all
  times.

  
	
   

  	
   

  	
  -

  	
  The Agent (acting on behalf of the Lenders)
  reserves the right

  

 

 

	
   

  	
   

  	
   

  	
  to have the Vessels inspected at any time,
  provided the Vessels should be found in satisfactory condition such a
  physical inspection shall not take place more than once a year. The cost of
  such inspections shall be borne by the Borrowers.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  B.

  	
  Information Covenants:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  -

  	
  Golden Energy shall provide the Lenders
  with a copy of their annual audited consolidated financial statements within
  180 days from the end of each fiscal year, starting with 2005 statements
  within 90 days from the end of each fiscal semester. The financial statements
  shall be accompanied by the unaudited annual and/or semi-annual management
  accounts of the Borrowers and Panamax-Subholding Co.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  -

  	
  In addition the Borrowers and the Corporate
  Guarantors shall provide any information on their financial condition,
  commitments and operations as the Agent (acting on behalf of the Lenders) may
  reasonably request from time to time.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  C.

  	
  Financial Covenants:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  On the basis of the consolidated accounts
  of Golden Energy the following financial ratios shall apply at all times:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  -

  	
  Golden Energy’s aggregate consolidated
  financial indebtedness whether actual or contingent shall at no time during
  the Facility Period exceed seventy per centum (70%) of the market-value
  adjusted consolidated assets of Golden Energy.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  -

  	
  The Asset Cover Ratio (as defined below) to
  be at least 125% throughout the tender of this Facility.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  -

  	
  Golden Energy shall on a consolidated basis
  at all times maintain a fresly available cash reserve of 500,000 United
  States Dollars per vessel directly or indirectly owned (“Minimum Liquidity”).

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  -

  	
  Golden Energy shall not distribute any
  dividends in case of an Event of Default.

  
	
   

  	
   

  	
   

  	
   

  
	
  Market Value:

  	
   

  	
  The Vessels are to be valued with or
  without physical inspection (as the Agent acting on behalf of the Lenders may
  reasonably require) by two independent ship brokers approved by the Agent
  (Fearnleys, Clarksons, Maersk, SSY, Arrow, together the “Approved Brokers”).
  One such broker shall be chosen by the Agent, the other broker shall be
  chosen by the Borrowers. The Market Value then to be determined as the
  arithmetic means of such two sets of valuations. In case such valuations
  differ by more than 15 % a third valuation shall be obtained. The Market
  Value then to be determined as the arithmetic means of all three sets of
  valuations. All market valuations to be at the Borrowers’ expense.

  
	
   

  	
   

  	
   

  
	
  Asset Cover Ratio:

  	
   

  	
  The Independently appraised Market Value of
  the Vessels need to cover the outstanding Facility Amount on a free of any period
  charter basis by at least 125% throughout the Facility Period.

  
	
   

  	
   

  	
   

  
	
  Expenses:

  	
   

  	
  All legal and other expenses, including the
  cost of drafting the

  

 

 

	
   

  	
   

  	
  Loan Documentation, the Security Documents
  and satisfactory Legal Opinions, incurred by the Lenders to be for the
  account of the Borrowers.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The cost occurring in the course of the
  syndication of this facility to be borne by the Borrowers shall be limited to
  an amount of up to USD 3,000 per participating bank. Any excess cost in the course
  of such a transfer shall be brorne by the Transferee.

  
	
   

  	
   

  	
   

  
	
  Loan Documentation:

  	
   

  	
  The Loan Documentation will be drafted by
  Norton Rose, Piraeus Greece.

  
	
   

  	
   

  	
   

  
	
  Law:

  	
   

  	
  The Loan Documentation is governed by
  English Law, except for the Mortgages which are subject to the law of the
  country of registry and the Accounts’ Pledges which are subject to the law of
  the country where the Accounts are maintained.

  
	
   

  	
   

  	
   

  
	
  Disclaimer for unencoded e-mails:

  	
   

  	
  All information related or connected to this
  making of the Facility by the Lenders and their respective credit decisions
  and all negotiations related or connected to the drafting and drawing up of
  any of the Loan Documentation, the security documents and any transaction
  document may be made or given by the Lenders, their respective lawyers and
  any other consultant, inter se and otherwise, by e-mail. The Borrowers
  confirm their awareness of the risks generally (which include the possibility
  that the confidentiality and the authenticity may not be safeguarded) related
  to communications by e-mail.

  
	
   

  	
   

  	
   

  
	
  Expiry of Offer

  	
   

  	
  This Firm Offer will be withdrawn on July 15th,
  2005 unless extended at the Lender’s sole discretion.

  

 

We are pleased to offer you this term loan facility.  If the terms and conditions of the above firm
offer are acceptable to you, please acknowledge by signing the Endorsement of
Acceptance here below and return to the Agent a copy of this letter.

 

For and on behalf of HSH Nordbank AG (acting as Agent on behalf of the
Underwriters):

 

	
  /s/ Christian Bock

  	
   

  	
  /s/ Gunner Kordes

  	
   

  
	
  Name: Christian Bock

  	
  Name:

  	
  Gunner Kordes

  
	
  Title: Senior Vice President

  	
  Title:

  	
  Vice President

  
					

 

 

Endorsement of Acceptance:

 

We acknowledge receipt of the above letter,
dated June    , 2005, and we hereby confirm acceptance of
all the terms and conditions therein, and that you may proceed, with the
preparation of a Loan Documentation and all related documents at our cost.

 

For and on behalf of

Golden Energy Marine Corp.

 

	
  /s/ Kostas Koutsoubelis

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Name:

  
	
  Date:

  	
  Date:Exhibit 4.7  

Harrah's
Entertainment, Inc.

and

Harrah's Operating Company, Inc. 

Floating
Rate Contingent Convertible Senior Notes due 2024 

First
Supplemental Indenture

Dated as of September 9, 2005

to the

Amended and Restated Indenture dated as of July 28, 2005 

U.S.
Bank National Association,

as Trustee 

        THIS FIRST SUPPLEMENTAL INDENTURE, dated as of September 9, 2005 (this "Supplemental Indenture"), is among Harrah's
Entertainment, Inc., a Delaware corporation (the "Parent"), Harrah's Operating Company, Inc., a Delaware corporation and the direct,
wholly owned subsidiary of the Parent (the "Company"), and U.S. Bank National Association, as trustee (the
"Trustee"). 

W
I T N E S S E T H: 

        WHEREAS,
reference is made to that certain Amended and Restated Indenture, dated as of July 28, 2005, by and among the Parent, the Company, as successor to Caesars
Entertainment, Inc., a Delaware corporation ("Caesars"), and the Trustee, (the "Indenture"), with
respect to the Company's Floating Rate Contingent Convertible Senior Notes due 2024 (the "Securities"); 

        WHEREAS,
pursuant to Section 9.01(c) of the Indenture, the Company and the Trustee may amend or supplement the Indenture to make any other change that does not adversely affect
the rights of any Holder in any material respect; 

        WHEREAS,
as a result of the Company's assumption of the Securities in connection with the merger of Caesars with and into the Company on June 13, 2005, the Securities will be
treated as reissued for U.S. federal income tax purposes; 

        WHEREAS,
the Securities treated as reissued will be treated as indebtedness subject to the U.S. Treasury Regulations governing contingent payment debt instruments; 

        WHEREAS,
this Supplemental Indenture is intended to amend the form of Global Security attached as Exhibit A to the Indenture to add a legend required by U.S. Treasury Regulations
to be included on contingent payment debt instruments, such as the Securities; 

        WHEREAS,
the amendments set forth herein are authorized pursuant to Section 9.01(c) of the Indenture referred to above; and 

        WHEREAS,
the execution and delivery of this Supplemental Indenture has been duly authorized by the parties hereto, and all other acts necessary to make this Supplemental Indenture a
valid and
binding supplement to the Indenture effectively amending the Indenture as set forth herein have been duly taken. 

        NOW
THEREFORE, THIS INDENTURE WITNESSETH, that, for and in consideration of the above premises, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities, as follows: 

        Section 1.    Capitalized Terms.    Capitalized terms used herein without definition shall have the meanings
ascribed to them in the Indenture. Unless the context otherwise requires, from and after the date hereof, all references to the Indenture shall mean the Indenture as amended and supplemented hereby. 

        Section 2.    Amendments to the Indenture.

        The
Parent, the Company and the Trustee hereby agree as follows: 

        (a)   Exhibit A
to the Indenture shall be amended to add the following legend immediately following the Transfer Restricted Securities Legend: 

        [Include
only on Certificated Securities.] 

        [THIS
SECURITY IS SUBJECT TO THE U.S. FEDERAL INCOME TAX REGULATIONS GOVERNING CONTINGENT PAYMENT DEBT INSTRUMENTS. UNDER THESE REGULATIONS, A HOLDER OF THIS SECURITY
GENERALLY MUST USE THE COMPANY'S DETERMINATION OF THE COMPARABLE YIELD AND SCHEDULE OF PROJECTED PAYMENTS IN DETERMINING THE AMOUNT OF INTEREST THE HOLDER IS REQUIRED TO ACCRUE FOR U.S. FEDERAL INCOME
TAX PURPOSES. THE COMPANY AGREES TO PROVIDE PROMPTLY TO THE HOLDER OF THIS 

 

SECURITY,
UPON WRITTEN REQUEST, THE ISSUE PRICE, ISSUE DATE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE. ANY SUCH WRITTEN REQUEST SHOULD BE SENT TO THE COMPANY
AT THE FOLLOWING ADDRESS: HARRAH'S OPERATING COMPANY, INC., c/o HARRAH'S ENTERTAINMENT, INC., ONE HARRAH'S COURT, LAS VEGAS, NEVADA 89119, ATTENTION: CORPORATE SECRETARY.] 

        (b)   Exhibit A
to the Indenture shall be amended to add the following legend immediately following the Global Securities Legend: 

        [Include
only on Global Securities.] 

        [THIS
GLOBAL SECURITY IS SUBJECT TO THE U.S. FEDERAL INCOME TAX REGULATIONS GOVERNING CONTINGENT PAYMENT DEBT INSTRUMENTS. UNDER THESE REGULATIONS, A HOLDER OF A BENEFICIAL
INTEREST IN THIS GLOBAL SECURITY GENERALLY MUST USE THE COMPANY'S DETERMINATION OF THE COMPARABLE YIELD AND SCHEDULE OF PROJECTED PAYMENTS IN DETERMINING THE AMOUNT OF INTEREST THE HOLDER IS REQUIRED
TO ACCRUE FOR U.S. FEDERAL INCOME TAX PURPOSES. THE COMPANY AGREES TO PROVIDE PROMPTLY TO THE HOLDER OF A BENEFICIAL INTEREST IN THIS GLOBAL SECURITY, UPON WRITTEN REQUEST, THE ISSUE PRICE, ISSUE
DATE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE. ANY SUCH WRITTEN REQUEST SHOULD BE SENT TO THE COMPANY AT THE FOLLOWING ADDRESS: HARRAH'S OPERATING
COMPANY, INC., c/o HARRAH'S ENTERTAINMENT, INC., ONE HARRAH'S COURT, LAS VEGAS, NEVADA 89119, ATTENTION: CORPORATE SECRETARY.] 

        Section 3.    Ratification and Effect.

        Except
as hereby expressly amended, the Indenture is in all respects ratified and confirmed and all the terms, provisions and conditions thereof shall be and remain in full force and
effect. 

        Upon
and after the execution of this Supplemental Indenture, each reference in the Indenture to "this Indenture", "hereunder", "hereof" or words of like import referring to the Indenture
shall mean and be a reference to the Indenture as modified hereby. 

        Section 4.    Governing Law.

        THE
LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE, THE INDENTURE AS SUPPLEMENTED AND AMENDED HEREBY, AND THE SECURITIES WITHOUT REGARD TO
THE CONFLICTS OF LAWS PRINCIPLES THEREOF. 

        Section 5.    Counterpart Originals.

        The
parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

        Section 6.    Effect of Headings.    The Section headings herein are for convenience only and shall not affect
the construction hereof. 

(Signatures
on following page) 

2

 

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

	 	 	Harrah's Operating Company, Inc.,

a Delaware corporation
	 	 	 	 	 
	 	 	By:	/s/  JONATHAN S. HALKYARD      

	 	 	 	Name:	Jonathan S. Halkyard

	 	 	 	Title:	Senior Vice President and Treasurer

	 	 	 	 	 
	 	 	 	 	 
	 	 	Harrah's Entertainment, Inc.,

a Delaware corporation
	 	 	 	 	 
	 	 	By:	/s/  JONATHAN S. HALKYARD      

	 	 	 	Name:	Jonathan S. Halkyard

	 	 	 	Title:	Senior Vice President and Treasurer

	 	 	 	 	 
	 	 	 	 	 
	 	 	U.S. Bank National Association,

as Trustee
	 	 	 	 	 
	 	 	By:	/s/  RICHARD PROKOSCH      

	 	 	 	Name:	Richard Prokosch

	 	 	 	Title:	Vice President

3

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