Document:

Exhibit 10.1

 

AMENDMENT TO

FORBEARANCE AGREEMENT WITH
RESPECT TO

STATION CASINOS, INC.

6% SENIOR NOTES DUE 2012

73/4%
SENIOR NOTES DUE 2016

61/2%
SENIOR SUBORDINATED NOTES DUE 2014

67/8%
SENIOR SUBORDINATED NOTES DUE 2016

AND

65/8%
SENIOR SUBORDINATED NOTES DUE 2018

 

This AMENDMENT TO
FORBEARANCE AGREEMENT (this “Amendment”) dated as of April 14,
2009, is entered into by and between Station Casinos, Inc., a Nevada
corporation (the “Company”), and each holder (“Holder”) of Notes
(as defined in the Forbearance Agreement) signatory hereto.

 

RECITALS

 

WHEREAS,
the Company and each Holder are party to that certain Forbearance Agreement
dated as of March 2, 2009 (as amended, modified and supplemented and in effect
from time to time, the “Forbearance Agreement”), pursuant to which each
Holder agreed to waive certain events of default and forbear from exercising
certain rights and remedies with respect to the Specified Events of Default (as
defined herein); and

 

WHEREAS, the Company and each Holder desire to make
certain amendments to the Forbearance Agreement to include additional Specified
Events of Default and extend the Forbearance Period.

 

NOW
THEREFORE, in consideration of the mutual agreements herein contained and other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound hereby,
agree as follows:

 

AGREEMENT

 

Section
1.               Definitions.  Capitalized terms (including those used in
the preamble and the recitals above) not otherwise defined herein shall have
the meanings assigned to such terms in the Forbearance Agreement.

 

Section
2.               Amendments of the
Forbearance Agreement.  Subject to Section
3 hereof, the Forbearance Agreement is hereby amended as follows:

 

(a)           Section 2 (Event of Default)
is hereby deleted in its entirety and replaced with the following:

 

 

“2.           Event of Default.  The Company hereby acknowledges that each of (i)
the failure by the Company to pay the interest due and payable under the 2014
Subordinated Notes on February 1, 2009 on or prior to March 3, 2009, (ii) the
failure by the Company to pay the interest due and payable under the 2016
Senior Notes on February 15, 2009 on or prior to March 17, 2009, (iii) the
failure by the Company to pay the interest due and payable under the 2016
Subordinated Notes on March 1, 2009 on or prior to March 31, 2009, (iv) the
failure by the Company to pay the interest due and payable under the 2018
Subordinated Notes on March 15, 2009 on or prior to April 14, 2009, (v) the
failure by the Company to pay the interest due and payable under the 2012
Senior Notes on April 1, 2009  on or
before May 1, 2009, and (vi) any Event of Default arising as a result of the
occurrence of a default under the Company’s Completion Guaranty dated October 7,
2007 arising by reason of a demand for performance by the Company thereunder or
a cross default thereunder to the Credit Agreement for Aliante Gaming LLC dated
October 7, 2007, will, in each case, constitute an Event of Default under the
Indentures (the “Specified Events of Default”).”

 

(b)           Section 3 (Forbearance;
Direction to Trustee) is hereby amended by deleting the words “April 15, 2009”
appearing in the first sentence thereof and replacing them with “May 15, 2009.”

 

Section 3.               Effectiveness.  This Amendment shall only become effective if
and when the Company and Holders shall have executed and delivered a
counterpart to this Amendment.

 

Section 4.               Governing
Law.  THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO
CONSTRUE THIS AMENDMENT, WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF
CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

 

Section 6.               Survival
of the Agreement.  Except as
expressly provided by this Amendment, the terms and conditions of the
Forbearance Agreement shall remain in full force and effect.

 

[SIGNATURE PAGE FOLLOWS]

 

 

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

 

 

	
   

  	
   

  	
  STATION CASINOS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  Thomas M. Friel

  
	
   

  	
   

  	
  Title:   Executive Vice President, Chief Accounting

  
	
   

  	
   

  	
              Officer & Treasurer

  

 

 

AGREED AND
ACKNOWLEDGED:

 

HOLDERS:Exhibit 10.2

 

FIRST AMENDMENT
TO FORBEARANCE AGREEMENT

 

This FIRST AMENDMENT TO FORBEARANCE AGREEMENT (this “First
Amendment”) is entered into as of April 14, 2009, by and among Station
Casinos, Inc. (the “Borrower”), certain subsidiaries of the
Borrower party hereto (the “Guarantors” and, together with the Borrower,
the “Loan Parties”), FCP Holdings, Inc. (“FCP Holding”),
Fertitta Partners LLC (“Fertitta Partners”), FCP Voteco, LLC (“FCP
Voteco” and, together with FCP Holding and Fertitta Partners, the “Holding
Companies”, with the Holding Companies and the Loan Parties collectively
referred to as the “Credit Parties”), the Lenders (as defined below)
party hereto, and Deutsche Bank Trust Company Americas, as administrative agent
for the Lenders and the other Secured Parties (in such capacity, the “Administrative
Agent”). Capitalized terms used but not otherwise defined herein shall have
the respective meanings ascribed to such terms in the Credit Agreement. Certain
capitalized terms used herein are defined in Section 2(e) of the
Forbearance Agreement referred to below (as modified hereby).

 

RECITALS

 

WHEREAS, the Borrower and various financial
institutions (the “Lenders”) are parties to that certain Credit
Agreement, dated as of November 7, 2007 (the “Credit Agreement”),
pursuant to which, among other things, the Lenders have agreed, subject to the
terms and conditions set forth in the Credit Agreement, to make certain loans
and other financial accommodations to the Borrower;

 

WHEREAS,
the Borrower, the Guarantors, the Holding Companies and the Administrative
Agent are parties to that certain Forbearance Agreement; Waiver; and First
Amendment to the Credit agreement, dated as of March 2, 2009 (the “Forbearance
Agreement”);

 

WHEREAS,
pursuant to the Forbearance Agreement, the Lenders have agreed, subject to the
terms and conditions set forth therein, to (i) grant a limited waiver with
respect to each Potential Pre-Forbearance Default (as defined therein), (ii) forbear
from exercising their default-related rights, remedies, powers and privileges
against the Borrower and the other Credit Parties solely with respect to the
Potential Specified Defaults (as defined therein) and (iii) amend certain
provisions of the Credit Agreement, in each case as more fully described
therein; and

 

WHEREAS,
the Credit Parties have requested, and the Lenders have agreed, subject to the
terms and conditions of this First Amendment, to modify the Forbearance
Agreement as provided herein; and

 

NOW, THEREFORE, in consideration of the
foregoing, the terms, covenants and conditions contained herein and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

SECTION 1.           Confirmation by the Borrower of
Obligations. The Borrower and each other Credit Party
acknowledge and agree that as of April 10, 2009, the respective aggregate
principal balances of the Loans as of such date and aggregate face amount of
Letters of Credit were as follows (such amounts, in the aggregate, the “Existing
Principal and Letters of Credit”):

 

	
  Term Loans:

  	
   

  	
  $

  	
  246,875,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Revolving Credit Loans:

  	
   

  	
  $

  	
  628,236,586.15

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Swing Line Loans:

  	
   

  	
  $

  	
  0

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Letters of Credit:

  	
   

  	
  $

  	
  10,184,203.00

  	
   

  

 

 

The Borrower and each other Credit Party acknowledge
and agree that as of April 10, 2009, the aggregate amount of accrued and
unpaid interest on the Term Loans, Revolving Credit Loans and Swing Line Loans
is $1,291,934.35 (the “Existing Interest”), the aggregate amount of
accrued and unpaid commitment fees payable pursuant to Section 2.09(a) of
the Credit Agreement is $0 (the “Existing Commitment Fees”), the
aggregate amount of accrued and unpaid letter of credit fees payable pursuant
to Section 2.03(h) of the Credit Agreement is $8,026.13 (the “Existing
LC Fees”) and the aggregate amount of accrued and unpaid letter of credit
fronting fees payable pursuant to Section 2.03(i) of the Credit
Agreement is $6,000.00 (the “Existing LC Fronting Fees” and, together
with the Existing Principal and Letters of Credit, the Existing Interest, the
Existing Commitment Fees and the Existing LC Fees, the “Outstanding
Indebtedness”).  The foregoing
amounts do not include other fees, expenses and other amounts which are
chargeable or otherwise reimbursable under the Credit Agreement and the other
Loan Documents.  None of the Borrower or
the other Credit Parties has any rights of offset, defenses, claims or
counterclaims with respect to any of the Obligations and each of the Loan
Parties are jointly and severally obligated with respect thereto (and each of
the Holding Companies are jointly and severally obligated with respect
thereto), in each case in accordance with the terms of the applicable Loan
Documents.

 

SECTION 2.           Amendments to the Forbearance
Agreement. Effective as of the Amendment Effective Date (as
defined below), the following provisions of the Forbearance Agreement shall be
modified as set forth below:

 

(a)    The definition of “Other Credit Party Forbearance
Period” appearing in Section 2(e) of the Forbearance Agreement is
amended by (i) deleting clause (iv) of said definition in its
entirety and inserting the following text in lieu thereof:

 

“(iv) 11:59 p.m.
(New York City time) on May 15, 2009, unless the Petition Filing Date
shall have occurred at or prior to such time;”,

 

(ii) deleting
the word “and” appearing at the end of clause (x) of said definition, (iii) deleting
the period (“.”) appearing at the end of clause (xi) of said definition and
inserting the text “; and” in lieu thereof and (iv) inserting the
following new clause (xii) immediately following clause (xi) of said
definition:

 

“(xii) any amendment or modification to (other than amendments or
modifications that are not, either individually or in the aggregate, adverse to
the interests of the Lenders), or termination of, that certain Forbearance
Agreement, dated as of March 2, 2009 (the “Notes Forbearance Agreement”)
or that certain Amendment to Forbearance Agreement, dated as of April 14,
2009 (the “First Notes Forbearance Amendment”), in each case, among the
Borrower and the holders of Existing Notes party thereto, with respect to all
defaults that have arisen (or may arise prior to May 15, 2009) under the
Existing Notes Indentures (as a result the failure to pay scheduled interest on
the Existing Notes when and as due or otherwise).”

 

(b)    Section 4(i)(v) of the Forbearance
Agreement is amended by deleting the text “Equity Investors” appearing in said Section and
inserting the text “Permitted Holders” in lieu thereof.

 

(c)    Section 4(l) of the Forbearance Agreement
is amended by deleting said Section in its entirety and inserting the
following text in lieu thereof:

 

2

 

“(l) Payments to Trustee, Agent or
any of the Holders of the Existing Notes. During each Applicable
Forbearance Period, no Credit Party shall make any payment to or for the
benefit of the trustee, agent or any of the holders of the Existing Notes under
any Existing Notes Indentures in the form of a consent fee, waiver fee or
forbearance fee, or otherwise (other than (x) fees and expenses payable to
legal and financial advisors which the Borrower is contractually obligated to
reimburse as of the Amendment Effective Date and (y) trustee and similar
fees and expenses payable to the trustee under each Existing Notes Indenture
(in its capacity as such) in accordance with the terms of the Existing Notes
Indentures), without the express written consent of the Required Lenders.”

 

(d)    Section 4 of the Forbearance Agreement is
amended by inserting the following new clause (n) at the end of said
Section:

 

“(n)         Not later than April 17, 2009, the Borrower
shall have delivered to the Administrative Agent and the Lender Financial
Advisor a term sheet setting forth a “global” restructuring proposal addressing
each element of the capital structure of the Borrower and its subsidiaries (i.e.,
the Credit Agreement, the CMBS Facility, the Land Loan and the Existing Senior
Notes).”.

 

(e)    Exhibit B  to the Forbearance Agreement is amended by (i) deleting
clause (v) appearing in said Exhibit in its entirety and inserting
the following text in lieu thereof:

 

“(v) Any Event of Default under Section 8.01(a),
(f) or (g) of the Credit Agreement arising on and after March 3,
2009 and on or prior to the May 15, 2009), in any case solely as a result
of the filing of the Borrower Chapter 11 Case.”,

 

and
(ii) deleting clause (vii) appearing in said Exhibit in its
entirety and inserting the following text in lieu thereof:

 

“(vii) Any Event of Default under Section 8.01(f) or
(g) of the Credit Agreement arising on and after March 3, 2009 and on
or prior to the May 15, 2009), in any case solely as a result of the
filing of the Holding Company Chapter 11 Case.”

 

SECTION 3.           Representations, Warranties And Covenants Of
The Borrower and The Other Credit Parties.

 

To induce the Lenders and the Administrative
Agent to execute and deliver this First Amendment, each of the Borrower and the
other Credit Parties represents, warrants and covenants that:

 

(a)    Organization and Powers. Each Credit
Party (a) is a corporation, limited liability company or limited
partnership, duly organized or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or organization, (b) has
all requisite power and authority to (i) own or lease its assets and carry
on its business and (ii) execute and deliver this Amendment, and perform
its obligations under this First Amendment and the Forbearance Agreement (as
modified hereby), (c) is duly qualified and in good standing under the
Laws of each jurisdiction where its ownership, lease or operation of properties
or the conduct of its business requires such qualification, (d) is in
compliance with all Laws, orders, writs, injunctions and orders, and (e) has
all requisite governmental licenses, authorizations, consents and approvals to
operate its business as currently conducted; except in each case referred to in
clause (c), (d) or (e), to the extent that failure to do so could not
reasonably be expected to have a Material Adverse Effect.

 

3

 

(b)    Authorization of Agreement;
No Conflict. The execution and delivery of this Amendment, and
the performance of this Amendment and the Forbearance Agreement (as modified
hereby), by each Credit Party is within such Credit Party’s corporate or other
powers, has been duly authorized by all necessary corporate or other
organizational action, and does not and will not (a) contravene the terms
of any of such Credit Party’s Organization Documents, (b) conflict with or
result in any breach or contravention of, or the creation of any Lien under
(other than Permitted Liens), or require any payment to be made under (i) (x) any
Existing Notes Documentation or (y) any other Contractual Obligation to
which such Credit Party is a party or affecting such Credit Party or the
properties of such Credit Party or any of its Subsidiaries or (ii) any
material order, injunction, writ or decree of any Governmental Authority or any
arbitral award to which such Loan Party or its property is subject; or (c) violate
any material Law.

 

(c)    Governmental Consents. No material
approval, consent, exemption, authorization, or other action by, or notice to,
or filing with, any Governmental Authority or any other Person is necessary or
required in connection with (a) the execution, delivery or performance by,
or enforcement against, any Credit Party of this First Amendment or the
Forbearance Agreement (as modified hereby) or (b) the exercise by the
Administrative Agent or any Lender of its rights under this First Amendment or
the Forbearance Agreement (as modified hereby), except for those approvals,
consents, exemptions, authorizations or other actions, notices and filings
which have been duly obtained, taken, given or made and are in full force and
effect.

 

(d)    Binding Obligation. This First
Amendment has been duly executed and delivered by each Credit Party.  Each of this First Amendment and the
Forbearance Agreement (as modified hereby) constitutes a legal, valid and
binding obligation of such Credit Party, enforceable against each such Credit
Party in accordance with its terms, except as such enforceability may be
limited by Debtor Relief Laws and by general principles of equity.

 

(e)    Incorporation of
Representations and Warranties and Covenants from Loan Documents. Except with
respect to the Potential Pre-Forbearance Defaults and the Permitted Exceptions,
the representations and warranties contained in the Credit Agreement and each
of the other Loan Documents are and will be true, correct and complete in all
material respects on and as of the Amendment Effective Date to the same extent
as though made on and as of that date, except to the extent such
representations and warranties specifically relate to an earlier date, in which
case they were true, correct and complete in all material respects on and as of
such earlier date, and each of the agreements and covenants in the Credit
Agreement and the other Loan Documents is hereby reaffirmed with the same force
and effect as if each were separately stated herein and made as of the date
hereof.

 

(f)     Absence of Default.  As of the Amendment Effective Date, (x) after
giving effect to the First Amendment, no Default or Event of Default has
occurred or is continuing under the Credit Agreement or any other Loan Document
and (y) except solely with respect to the Specified Events described in
item (ii) of Exhibit A to the Forbearance Agreement as to the
6-1/2% Senior Subordinated Notes and the 7.75% Senior Notes, no “Default” or “Event
of Default” (as those terms are defined in the Existing Notes Indentures) has
occurred or is continuing in respect of the Existing Notes.

 

(g)    Collateral. The Lenders’
and the Administrative Agent’s security interests in the Collateral (to the
extent required pursuant to the Collateral and Guaranty Requirement) continue
to be valid, binding, and enforceable first-priority security interests which
secure the Obligations (subject only to the Permitted Liens).

 

(h)    Plan. The Borrower acknowledges
and agrees that if any equity commitment letter attached as Exhibit G
to the Credit Facilities Term Sheet is terminated, rescinded, revoked or
otherwise 

 

4

 

modified without the prior written consent of the Administrative Agent,
the Plan shall be immediately deemed withdrawn and all “ballots” (as described
in the Bank Solicitation Statement) submitted prior thereto (and the Plan
support provisions contained therein) shall be deemed null and void and given
no further force and effect.

 

(i)     True and Complete Disclosure. All factual
information (taken as a whole) furnished by or on behalf of any Credit Party in
writing to the Administrative Agent or any Lender for purposes of or in
connection with this First Amendment, the Notes Forbearance Agreement, the
First Notes Forbearance Amendment or any transaction contemplated herein or
therein is, and all other such factual information (taken as a whole) hereafter
furnished by or on behalf of any Credit Party in writing to the Administrative
Agent or any Lender will be, true and accurate in all material respects on the
date as of which such information is dated or certified and not incomplete by
omitting to state any fact necessary to make such information (taken as a
whole) not misleading in any material respect at such time in light of the
circumstances under which such information was provided.

 

SECTION 4.           Ratification of Liabilities, etc.. (a) Each
of the Borrower and the other Credit Parties hereby ratifies and reaffirms all
of its payment and performance obligations and obligations to indemnify,
contingent or otherwise, under this First Amendment, the Forbearance Agreement
(as modified hereby) and each other Loan Document to which such Person is a
party, and each such party hereby ratifies and reaffirms its grant of Liens on
its properties pursuant to such Loan Documents to which it is a party as
security for the Obligations, and confirms and agrees that such Liens hereafter
secure all of the Obligations.  Each
Guarantor acknowledges the effectiveness and continuing validity of the
Guaranty and its liability for the Obligations pursuant to the terms of the
Guaranty and that such Obligations are without defense, setoff and
counterclaim.

 

(b)             Each Credit
Party (i) acknowledges receipt of a copy of this First Amendment and all
other agreements, documents and instruments executed and/or delivered in
connection herewith, (ii) consents to the terms and conditions of same
without prejudice to any Credit Party’s liability pursuant to any of the Loan
Documents, (iii) agrees and acknowledges that each of the Loan Documents
remains in full force and effect, that such Credit Party’s obligations
thereunder are without defense, setoff and counterclaim and that each of the
Loan Documents is hereby ratified and confirmed, and (iv) ratifies and
reaffirms each waiver of such Credit Party set forth in the Loan Documents to
which it is a party.

 

SECTION 5.           Reference To And Effect Upon The
Credit Agreement.  (a) Except
as expressly modified by the Forbearance Agreement (as modified by this First
Amendment), all terms, conditions, covenants, representations and warranties
contained in the Credit Agreement and other Loan Documents, and all rights of
the Lenders and the Administrative Agent and all of the Obligations, shall
remain in full force and effect.  Each of
the Borrower and the other Credit Parties hereby confirms that no such party
has any right of setoff, recoupment or other offset with respect to any of the
Obligations.

 

(b) Except as expressly set forth
herein, the effectiveness of the Forbearance Agreement (as modified by this
First Amendment) shall not directly or indirectly (i) create any
obligation to make any further Loans or issue any Letters of Credit after the
Amendment Effective Date, (ii) create any obligation to continue to defer
any enforcement action after the occurrence of any Forbearance Default, (iii) constitute
a consent or waiver of any past, present or future violations, including
Defaults and Events of Default, of any provisions of the Credit Agreement or
any other Loan Documents, (iv) amend, modify, prejudice or operate as a
waiver of any provision of the Credit Agreement or any other Loan Documents or
any right, remedy, power or privilege of the Lenders and/or the Administrative
Agent, (v) constitute a consent to any merger or other transaction or to
any sale, restructuring or refinancing transaction, or (vi) constitute a
course of dealing or other basis for altering any Obligations or any other
contract or instrument.  Except as expressly
set forth in the Forbearance Agreement (as modified by this First 

 

5

 

Amendment), each of the Administrative Agent and
each Lender reserves all of its rights, remedies, powers and privileges under
the Credit Agreement, the other Loan Documents, applicable law and/or equity.
All of the provisions of the Credit Agreement and the other Loan Documents are
hereby reiterated, and if ever waived (other than pursuant to the Limited
Waiver in the Forbearance Agreement (as modified hereby) or hereafter in
writing), are hereby reinstated. 
Notwithstanding any other provision in the Forbearance Agreement (as
modified by this First Amendment), it is understood and agreed that during the
Borrower Forbearance Period, notwithstanding the Borrower’s inability to make
the statements required by Section 4.02 of the Credit Agreement (or in any
Request for Credit Extension required thereby), solely to the extent excused
pursuant to the last sentence of Section 2(d) of the Forbearance
Agreement, but subject to all other terms and conditions contained in the
Credit Agreement and Section 2(d) of the Forbearance Agreement
(including the Cash Collateralization of Letters of Credit), any L/C Issuer may
issue, renew, extend or replace Letters of Credit and the Borrower shall be
permitted to incur L/C Borrowings (and the Revolving Credit Lenders agree to
make such L/C Advances), provided that the Revolving Credit Exposure of
the Revolving Credit Lenders is not increased after giving effect to such
issuance, renewal, extension or replacement of any such Letter of Credit or the
incurrence of such L/C Borrowings.

 

(c) From and after the Amendment
Effective Date, (i) the term “Forbearance Agreement” in the Forbearance
Agreement, and all references to the Forbearance Agreement in any Loan Document
shall mean the Forbearance Agreement as modified by this First Amendment, (ii) the
term “Agreement” in the Credit Agreement, and all references to the Credit
Agreement in any Loan Document shall mean the Credit Agreement as modified by
the Forbearance Agreement (as modified hereby), and (ii) the term “Loan
Document” in the Credit Agreement and the other Loan Documents shall include,
without limitation, this First Amendment, the Forbearance Agreement (as
modified hereby) and any agreements, instruments and other documents executed
and/or delivered in connection herewith.

 

(d) This First Amendment and the
Forbearance Agreement (as modified by this First Amendment) shall not be deemed
or construed to be a satisfaction, reinstatement, novation or release of the
Credit Agreement or any other Loan Document.

 

SECTION 6.           The Borrower’s Release and Duty
to Indemnify for Assigned Claims.  By its execution hereof and in consideration
of the mutual covenants contained herein and other accommodations granted to
the Credit Parties hereunder, each Credit Party, on behalf of itself and each
of its Subsidiaries, and its or their successors, assigns and agents, hereby
expressly forever waives, releases and discharges any and all claims
(including, without limitation, cross-claims, counterclaims, and rights of
setoff and recoupment), causes of action (whether direct or derivative in
nature), demands, suits, costs, expenses and damages (collectively, the “Claims”)
any of them may have or allege to have as of the date of this First Amendment
(and all defenses that may arise out of any of the foregoing) of any nature,
description, or kind whatsoever, based in whole or in part on facts, whether
actual, contingent or otherwise, now known, unknown, or subsequently
discovered, whether arising in law, at equity or otherwise, against the
Administrative Agent or any Lender that has executed this First Amendment
(other than a Non-Funding Lender), their respective affiliates, agents, principals,
managers, managing members, members, stockholders, “controlling persons”
(within the meaning of the United States federal securities laws), directors,
officers, employees, attorneys, consultants, advisors, agents, trusts,
trustors, beneficiaries, heirs, executors and administrators of each of the
foregoing (collectively, the “Released Parties”) arising out of this
First Amendment, the Forbearance Agreement, the Credit Agreement, the other
Loan Documents, the Credit Facilities Term Sheet, the Bank Solicitation
Statement and any or all of the actions and transactions contemplated hereby or
thereby, including any actual or alleged performance or non-performance of any
of the Released Parties (other than a Non-Funding Lender) hereunder or under
the Loan Documents.  Each Credit Party
hereby acknowledges that the agreements in this Section 6 are intended to
be in full satisfaction of all or any alleged injuries or damages arising in
connection with the 

 

6

 

Claims.  In
entering into this First Amendment, each Credit Party expressly disclaims any
reliance on any representations, acts, or omissions by any of the Released
Parties and hereby agrees and acknowledges that the validity and effectiveness
of the releases set forth above does not depend in any way on any such
representation, acts and/or omissions or the accuracy, completeness, or
validity thereof.  Notwithstanding the
foregoing, (x) no Non-Funding Lender shall have any rights or benefits
under this Section 6 and none of the releases, waivers or other assurances
provided by the Credit Parties shall apply to any Claims of the Credit Parties
against Non-Funding Lenders, who shall remain fully liable for their
obligations to the Credit Parties thereunder and (y) nothing set forth in
this Section 6 is intended to, nor shall anything set forth in this Section 6
be construed to, release any Claim that any Credit Party may hold against any
Released Party in its capacity as a lender, adviser or agent under: (i) the
Casino Sale Leaseback Transaction, (ii) the CMBS Facility and CMBS Loan
Documents, including the loans made thereunder, (iii) Land Loan Documents,
including the loans made thereunder, or (iv) the Head Office Sale
Leaseback Transaction.  The provisions of
this paragraph shall survive the termination or expiration of each Applicable
Forbearance Period and the termination of the Loan Documents and the payment in
full of all Obligations of the Credit Parties under or in respect of the Credit
Agreement and other Loan Documents and all other amounts owing thereunder.

 

SECTION 7.           Construction. This First
Amendment and all other agreements and documents executed and/or delivered in
connection herewith have been prepared through the joint efforts of all of the
parties hereto. Neither the provisions of this First Amendment or any such
other agreements and documents nor any alleged ambiguity therein shall be
interpreted or resolved against any party on the ground that such party or its
counsel drafted this First Amendment or such other agreements and documents, or
based on any other rule of strict construction.  Each of the parties hereto represents and
declares that such party has carefully read this First Amendment, the
Forbearance Agreement and all other agreements and documents executed in
connection therewith, and that such party knows the contents thereof and signs
the same freely and voluntarily.  The
parties hereto acknowledge that they have been represented by legal counsel of
their own choosing in negotiations for and preparation of this First Amendment
and all other agreements and documents executed in connection herewith and that
each of them has read the same and had their contents fully explained by such
counsel and is fully aware of their contents and legal effect.

 

SECTION 8.           Counterparts.       This First Amendment may be
executed in any number of counterparts, each of which when so executed shall be
deemed an original, but all such counterparts shall constitute one and the same
instrument, and all signatures need not appear on any one counterpart. Any
party hereto may execute and deliver a counterpart of this First Amendment by
delivering by facsimile or other electronic transmission a signature page of
this First Amendment signed by such party, and any such facsimile or other
electronic signature shall be treated in all respects as having the same effect
as an original signature.

 

SECTION 9.           Severability.  The invalidity, illegality, or
unenforceability of any provision in or obligation under this First Amendment
in any jurisdiction shall not affect or impair the validity, legality, or
enforceability of the remaining provisions or obligations under this First
Amendment or of such provision or obligation in any other jurisdiction.

 

SECTION 10.         Further Assurances.  The Borrower and each other Credit Party
agrees to, and to cause any other Credit Party to, take all further actions and
execute all further documents as the Administrative Agent may from time to time
reasonably request to carry out the transactions contemplated by this First
Amendment and all other agreements executed and delivered in connection
herewith. Any failure to comply with the agreements in this Section 10
shall be an Event of Default for all purposes of the Credit Agreement if such
failure has not been remedied or waived within 5 Business Days after the
Borrower’s receipt of notice from the Administrative Agent.

 

7

 

SECTION 11.         Section Headings.  Section headings in this First Amendment
are included herein for convenience of reference only and shall not constitute
part of this First Amendment for any other purpose.

 

SECTION 12.         Notices.  All notices, requests, and demands to or upon
the respective parties hereto shall be given in accordance with the Credit
Agreement.

 

SECTION 13.         Governing Law.
 This First Amendment and the rights and
obligations of the parties under this First Amendment shall be governed by, and
construed and interpreted in accordance with, the law of the State of New York.

 

SECTION 14.         Acknowledgements.  Each Credit Party hereby acknowledges that:

 

(a)    it
has carefully read and fully understood all of the terms and conditions of this
First Amendment ;

 

(b)    it
has consulted with, or had a full and fair opportunity to consult with, and has
been advised by fully competent counsel in the negotiation, execution and
delivery of this First Amendment;

 

(c)    it
has had a full and fair opportunity to participate in the drafting of this
First Amendment and that no provision of this First Amendment shall be
construed against or interpreted to the disadvantage of any party hereto by any
court or other governmental or judicial authority by reason of any party hereto
having or being deemed to have structured, dictated or drafted such provision;

 

(d)    it
is freely, voluntarily, knowingly and intelligently entering into this First
Amendment;

 

(e)    none
of the Lenders or the Administrative Agent has a fiduciary relationship to any
Credit Party, and the relationship between the Administrative Agent and the
Lenders, on the one hand, and the Credit Parties, on the other, is solely that
of creditor and debtor; and

 

(f)     no
joint venture exists among the Credit Parties, the Administrative Agent and the
Lenders.

 

SECTION 15.         Effectiveness.  This First Amendment shall become effective
at the time (the “Amendment Effective Date”) that all of the following
conditions precedent have been satisfied as determined by the Administrative
Agent in its sole discretion:

 

(a)    Agreement.
 The Administrative Agent shall have
received duly executed signature pages for this First Amendment signed by
the Borrower, each other Credit Party, the Required Lenders and the Revolving
Credit Lenders (which shall be at least three in number) holding more than 50%
of the Revolving Credit Commitments.

 

(b)    Due
Authorization.  The Administrative
Agent shall have received resolutions from each Credit Party evidencing the
corporate or similar authority of such Credit Party to execute and deliver this
First Amendment, and perform its obligations under this First Amendment and the
Forbearance Agreement (as modified hereby), and, as applicable, all other
agreements and documents executed in connection therewith.

 

8

 

(c)    Accuracy
of Representations.  The
representations and warranties contained in Section 3 of this First
Amendment are and will be true, correct and complete in all material respects
on and as of the Amendment Effective Date to the same extent as though made on
and as of that date, except to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects on and as of such earlier date.

 

(d)    Opinions.  The Administrative Agent shall have received
opinions of counsel to the Credit Parties as to the transactions contemplated
hereby in form and substance reasonably acceptable to the Administrative Agent.

 

(e)    Notes
Forbearance Agreement.  The
Administrative Agent shall have received a copy of the First Notes Forbearance
Amendment, duly executed by the Borrower and the trustees for the holders of
the Existing Notes, on terms satisfactory to the Administrative Agent, and the
Notes Forbearance Agreement (as modified by the First Notes Forbearance
Amendment) shall be in full force and effect.

 

(f)     Other
Fees.  The Borrower shall have paid (x) all
the reasonable fees, expenses and disbursements of White & Case LLP,
Simpson Thacher & Bartlett and the Lender Financial Advisor and for
which invoices (subject to redaction to protect privileges or other
confidential communications) have been presented to the Borrower and (y) an
“evergreen” retainer of  (i) $125,000
to White & Case LLP (or such lesser amount such that after all
payments under this Section 17(f), White & Case LLP hold an “evergreen”
retainer of $125,000) and (ii) $125,000 to Simpson Thacher &
Bartlett (or such lesser amount such that after all payments under this Section 17(f),
Simpson Thacher & Bartlett hold an “evergreen” retainer of $125,000).

 

SECTION 18.         Assignments; No Third
Party Beneficiaries.  This First Amendment shall be
binding upon and inure to the benefit of the Borrower, the other Credit
Parties, the Lenders, the Administrative Agent and their respective successors
and assigns; provided, that neither the Borrower nor any other Credit
Party shall be entitled to delegate any of its duties hereunder and shall not
assign any of its rights or remedies set forth in this First Amendment without
the prior written consent of the Administrative Agent in its sole discretion.
No Person other than the parties hereto and their permitted successors and
assigns, shall have any rights hereunder or be entitled to rely on this First
Amendment and all third-party beneficiary rights are hereby expressly
disclaimed.

 

SECTION 19.         Amendments.  This
First Amendment constitutes a “Loan Document” for purposes of the Credit
Agreement and the other Loan Documents. 
No provision of this First Amendment may be amended, modified, waiver or
supplemented, except as provided in Section 10.01 of the Credit Agreement.

 

SECTION 20.         Final Agreement.  This First Amendment, the Forbearance
Agreement, the Credit Agreement, the other Loan Documents, and the other
written agreements, instruments, and documents entered into in connection
herewith and therewith (collectively, the “Credit Support Documents”)
set forth in full the terms of agreement between the parties hereto and thereto
and are intended as the full, complete, and exclusive contracts governing the
relationship between such parties, superseding all other discussions, promises,
representations, warranties, agreements, undertakings and understandings
between the parties with respect thereto. 
No term of the Credit Support Documents may be amended, restated, waived
or otherwise modified except in a writing signed by the party against whom
enforcement of the modification, amendment, or waiver is sought, unless
otherwise provided in the applicable Credit Support Documents.  Any waiver of any condition in, or breach of,
any of the foregoing in a particular instance shall not operate as a waiver of
other or subsequent conditions or breaches of the 

 

9

 

same or a different kind.  The Lenders’ and/or the Administrative Agent’s
exercise or failure to exercise any rights or remedies under any of the
foregoing in a particular instance shall not operate as a waiver of its right
to exercise the same or different rights, remedies, powers and privileges in
any other instances.  There are no oral
agreements among the parties hereto.

 

SECTION 21.         Special Reservations.  (a) The
confirmation of the Existing Commitment Fees in Section 1 of this First
Amendment shall not be construed to be (x) a waiver of any rights any
Credit Party may have against a Non-Funding Lender on grounds that such
Non-Funding Lender is a Defaulting Lender or otherwise or (y) an
acknowledgment by the Credit Parties that a Non-Funding Lender is entitled to
the payment of the Existing Commitment Fees pursuant to Section 2.09(a) of
the Credit Agreement.

 

(b) Nothing contained
in, or arising out of the execution and delivery of, this First Amendment shall
be construed as a waiver of any of the rights of the Administrative Agent, the
Lenders, the Swing Line Lender and the L/C Issuers reserved pursuant to that
certain Reservation of Rights Letter, dated January 16, 2009, from the
Administrative Agent to the Borrower, with respect to the Designation described
therein (and its effectiveness), all of which rights remain expressly reserved
as described therein.

 

[Signature pages to
follow]

 

10

 

IN WITNESS WHEREOF, this First Amendment has been
executed by the parties hereto as of the date first written above.

 

 

	
   

  	
  STATION CASINOS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name:
  [              ]

  
	
   

  	
   

  	
  Title:
  [                ]

  

 

 

	
   

  	
  NAME
  OF INSTITUTION:

  
	
   

  	
  [                                ]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

	
   

  	
  DEUTSCHE BANK TRUST COMPANY AMERICAS,

  
	
   

  	
  as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  
	
   

  	
  Name: 

  	
  [                                          ]

  
	
   

  	
  Title:

  	
  [                                          ]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  
	
   

  	
  Name: 

  	
  [                                          ]

  
	
   

  	
  Title:

  	
  [                                          ]

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