Document:

Exhibit
10.54

AMENDED
AND RESTATED LICENSE SUBORDINATION AGREEMENT

This Amended and
Restated License Subordination Agreement (this “Agreement”) is dated
November 30, 2006, by and among (i) Planet Hollywood International, Inc., a
corporation duly organized and existing under the laws of the State of
Delaware, having its principal office and place of business at 7598 West Sand
Lake Road, Orlando, Florida 32819, and Planet Hollywood (Region IV), Inc., a
corporation duly organized and existing under the laws of the State of
Minnesota, having its principal office and place of business at 7598 West Sand
Lake Road, Orlando, Florida 32819 (hereinafter collectively referred to as “PHII”),
(ii) Planet Hollywood Memorabilia, Inc. (hereinafter referred to as “PHMemo”),
a wholly owned subsidiary of PHII duly organized and existing under the laws of
the State of Florida, having its principal office and place of business at 7598
West Sand Lake Road, Orlando, Florida 32819, (iii) OpBiz, L.L.C., a Nevada
limited liability company (hereinafter referred to as “OpBiz”) having
its principal office and place of business at 3667 Las Vegas Boulevard South,
Las Vegas, NV 89109, and (iv) the mezzanine investors listed on the signature
pages hereto (together with their successors and assigns, the “Mezzanine
Investors”).

BACKGROUND

WHEREAS, MezzCo, L.L.C., a Nevada limited liability
company and sole parent of OpBiz (the “Company”) and the Securityholders
named therein entered into that certain Securities Purchase Agreement dated as
of August 9, 2004 (the “Securities Purchase Agreement”), pursuant to
which Company issued (i) 16% Senior Subordinated Secured Notes to the
Purchasers in the original aggregate principal amount of Eighty Seven Million
Dollars ($87,000,000) (the “Notes”, and together with the Securities
Purchase Agreement, and all other documents executed and in effect in
connection with the Securities Purchase Agreement, the “Notes Documents”),
(ii) warrants of the Company for the purchase (subject to adjustment as
provided for therein) of an aggregate of 17,500 Units representing Interests
consisting of (a) Class B Units of the Company or (b) if the holders thereof so
elect, either Class A Units of the Company or a combination of Class A Units
and Class B Units, all exercisable at a price per unit of $0.01 (subject to
adjustment), as more fully described therein (the “Warrants”) and (iii)
upon exercise of the Warrants (or any of them) the issuance of the Warrant
Interests referenced therein;

WHEREAS, OpBiz L.L.C., a
Nevada limited liability company (“OpBiz”) has licensed a portion of
PHMemo’s collection of memorabilia to display and exhibit the memorabilia in
the Premises subject to the terms and conditions contained of that certain
Amended & Restated Planet Hollywood Hotel & Casino Licensing Agreement
dated as of August 9, 2004 by and among PHII, PHMemo and OpBiz (as the
same may be amended, supplemented, modified or restated from time to time, and as attached hereto as Exhibit A,
the “License Agreement”);

WHEREAS, pursuant to the License
Agreement, OpBiz is required to pay, and PHII and PHMemo are entitled to
receive, certain fees and other payments for such things and at such times as
are specified in the License Agreement;

WHEREAS, in connection with
the Notes Documents, OpBiz, PHII and PHMemo agreed to the subordination
of all Licensing Obligations to the Guaranteed Obligations, in each case as 

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such term is defined or
used in that certain License Subordination Agreement, dated as of August 9,
2004  (the “Original License Agreement”);

WHEREAS, the Company has indicated its desire to (i)
enter into that certain credit facility with Column Financial Inc., in the
aggregate amount of up to $820,000,000 (the “Refinancing”), (ii) use a
portion of the proceeds from the Refinancing to voluntarily redeem the Notes in
full on the date hereof for an aggregate cash payment equal to $150,000,000
(the “Prepayment”), and (iii) enter into that certain Restructuring
Agreement, dated as of the date hereof, by and among the Company, EquityCo and
the Securityholders named therein (the “Restructuring Agreement”);

WHEREAS, as an
inducement for the Mezzanine Investors to, among other things, consent to the
Refinancing, the Prepayment, and the Restructuring Agreement, the Company has
agreed, and has caused PHMemo, PHII and OpBiz to agree, to amend and restate
the Original License Subordination Agreement and to enter into this Agreement
to provide for the subordination of all Licensing Obligations (as defined
herein) to the Guaranteed Obligations (as defined in the Guaranty Agreement
(the “Guaranteed Obligations”).

AGREEMENTS

NOW,
THEREFORE, for good and valuable consideration, receipt of
which is hereby acknowledged, the parties hereto agree as follows:

1.             Definitions.

1.1          General Terms.  For purposes of this Agreement, the following
terms shall have the following meanings:

“Collateral Agent”
means Post Advisory Group, L.L.C., its successors and assigns, and     any other financial institution reasonably
acceptable to the Mezzanine Investors.

“Default” or “Event
of Default” shall mean a breach of any of the terms of the Pledge
Agreement.

“Distribution”
shall mean any payment made, whether in cash, in kind, securities or any other
property, or any security interest granted by OpBiz or any of its Subsidiaries
to any PH Party pursuant to the License Agreement or otherwise.

“EquityCo” means
EquityCo, L.L.C., a Nevada limited liability company.

“Event of Insolvency”
shall have the meaning set forth in Section 2.2(c) hereof.

“Guaranty Agreement”
means  that certain Guaranty Agreement,
dated as of the date hereof, by and among EquityCo, the Mezzanine Investors,
and the Collateral Agent,  and as the
same may be amended, modified, restated, or supplemented from time to time.

“Guarantor” shall
have the meaning given to such term in the Guaranty Agreement.

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“Licensing Obligations”
shall mean all amounts payable to any PH Party pursuant to the Licensing
Agreement, including without limitation, the Continuing Fee (as defined in the
Licensing Agreement), Retail Royalties (as defined in the Licensing Agreement),
liquidated damages pursuant to Section 9.2 of the Licensing Agreement, or
interest on overdue payments pursuant to Section 10.2 of the Licensing
Agreement.

“Restructuring
Documents” shall have the meaning given to such term in the Restructuring
Agreement.

“OpBiz Accrual”
shall have the meaning set forth in Section 2.2(a) hereof.

“Obligor” shall
mean OpBiz, the Company or any Guarantor, and “Obligors” shall mean
OpBiz, the Company and the Guarantors, collectively.

“PH Party” shall
mean PHII, PHMemo and each of their respective successors and assigns and any
other Person(s) at any time or in any manner acquiring any right or interest in
any of the Licensing Obligations.

“Pledge Agreement”
shall mean the Pledge Agreement dated as of the date hereof by and between the
Collateral Agent and EquityCo and acknowledged by the Company.

“Person” shall
mean an individual, a partnership, a corporation (including a business trust),
a joint stock company, a trust, an unincorporated association, a joint venture,
a limited liability company, a limited liability partnership or other entity,
or a government or any agency, instrumentality or political subdivision
thereof.

1.4          Other Terms.  Capitalized terms used but not otherwise
defined herein shall have the meanings given to them in that certain Amended
and Restated Investor Rights Agreement between the Company and the
Securityholders named therein, dated as of the date hereof (as the same may be
amended, modified, restated, or supplemented from time to time, the “Investor
Rights Agreement”).

1.5          Certain Matters of Construction.  The terms “herein,” “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to
any particular section, paragraph or subdivision.  Any pronoun used shall be deemed to cover all
genders.  Wherever appropriate in the
context, terms used herein in the singular also include the plural and vice
versa.  All references to statutes and
related regulations shall include any amendments of same and any successor
statutes and regulations.  All references
to any instruments or agreements, including, without limitation, references to
any of the Restructuring Documents or to the Licensing Agreement shall include
any and all modifications or amendments thereto and any and all extensions or
renewals thereof permitted by this Agreement.

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2.             Covenants. 
OpBiz and each PH Party hereby covenants that until the Guaranteed
Obligations have been paid in full and satisfied in cash or cash equivalents
acceptable to the Mezzanine Investors, OpBiz shall comply with, and shall cause
each Guarantor to comply with, such of the following provisions as are
applicable to it.

2.1          Transfers.  Any Person who proposes to acquire any right
or interest in the License Agreement or the Licensing Obligations shall, prior
to acquiring such interest, execute and deliver a counterpart of this Agreement
to each other party hereto.

2.2          Subordination Provisions.  As an inducement to each of the Mezzanine
Investors to (i) consent to the Refinancing and the Prepayment, and (ii) enter
into the Investor Rights Agreement and the other Restructuring Documents,
notwithstanding any other provision of the License Agreement to the contrary,
any Distribution with respect to the Licensing Obligations is and shall be
expressly junior and subordinated in right of payment to all amounts due and
owing upon all Guaranteed Obligations outstanding from time to time in the
manner and to the extent set forth herein.

(a)           Payments.  OpBiz shall not make any Distribution in
respect of the Licensing Obligations until such time as the Guaranteed
Obligations have been paid in full in cash or cash equivalents acceptable to
the Mezzanine Investors; provided, however, so long as no Event
of Default shall have occurred, any Obligor may pay, and the PH Parties may
receive, payments in respect of the Licensing Obligations, as and when due (on
a non-accelerated basis), as set forth in the Licensing Agreement.  Following the occurrence of an Event of
Default, (i) OpBiz shall not make any Distribution in respect of the Licensing
Obligations, except that OpBiz shall accrue such amounts as and when such
amounts become due and otherwise payable(an “OpBiz Accrual”), and (ii)
no PH Party shall be entitled to receive or retain any such Distribution in
respect of the Licensing Obligations, provided, further, that
notwithstanding the foregoing restriction, any Obligor may pay and any PH Party
shall be entitled to receive and retain any payment in respect of Licensing
Obligations that has become due and payable (on a non-accelerated basis) on the
earliest to occur of (x) the date on which all such Events of Default have been
cured or waived, or (y) payment in full of all Guaranteed Obligations in cash
or cash equivalents acceptable to the Mezzanine Investors.

(b)           Limitation on Remedies.  Until such time as the Guaranteed Obligations
have been paid in full in cash or cash equivalents acceptable to the Mezzanine
Investors, from and during the continuance of an Event of Default, no PH Party
shall be entitled to exercise any remedies or commence any action or proceeding
to recover any amounts due, or to become due, in respect to the Licensing
Obligations; provided that, for purposes of clarification, nothing in this
Section 2.2(b) shall prohibit any PH Party from seeking equitable remedies with
respect to any obligations under the Licensing Agreement that are not Licensing
Obligations (e.g., enforcement of qualify control standards and the like).

(c)           Prior Payment of Guaranteed
Obligations in Bankruptcy, etc. 
In the event of any insolvency or bankruptcy proceedings relative to any
Obligor or its property, or any receivership, liquidation, reorganization or
other similar proceedings in connection 

 4
 

therewith, or, in the event of any proceedings for
voluntary liquidation, dissolution or other winding up of any Obligor or
distribution or marshalling of its assets or any composition with, or
assignment for the benefit of, the creditors of such Obligor whether or not
involving insolvency or bankruptcy, or if any Obligor shall cease its
operations, call a meeting of its creditors or no longer do business as a going
concern (each individually or collectively, an “Event of Insolvency”)
then all Guaranteed Obligations shall be paid in full and satisfied in cash or
cash equivalents acceptable to the Mezzanine Investors before any Distribution
may be made on account of the Licensing Obligations.  During the pendency of any such Event of
Insolvency, OpBiz may continue to accrue the OpBiz Accruals, but no
Distributions shall be made to the PH Parties during such Event of
Insolvency.  Any Distribution in an Event
of Insolvency which would, but for the provisions hereof, be payable or
deliverable in respect of the Licensing Obligations, shall be paid or delivered
directly to the Mezzanine Investors until the Guaranteed Obligations are paid
in full in cash or cash equivalents acceptable to the Mezzanine Investors, at
which time the Mezzanine Investors shall deliver to the PH Parties any surplus
to which they are then entitled.

(d)           Acceleration of Guaranteed
Obligations.  In the event any
Guaranteed Obligations become due and payable, whether by acceleration,
maturity or otherwise, no Distribution shall thereafter be made on account of
the Licensing Obligations until such due and payable Guaranteed Obligations
shall have been paid in full in cash or cash equivalents acceptable to the
Mezzanine Investors, provided, however, that OpBiz shall be permitted to accrue
such amounts until such time as such due and payable Guaranteed Obligations
shall have been paid as set forth herein.

(e)           Power of Attorney.  To enable the Mezzanine Investors to assert
and enforce their rights hereunder in any proceeding referred to in Section
2.2(c) or upon the happening of any Event of Insolvency, the Collateral
Agent, with the power to appoint its substitute, is hereby irrevocably
appointed attorney-in-fact for each PH Party (in such capacity, the
“Proxy”) with full power to act in the place and stead of such PH Party,
including the right to make, present, file and vote such proofs of claim
against any Obligor on account of all or any part of the Licensing Obligations
as the Proxy may deem advisable and to receive and collect any Distributions
other payments made thereon and to apply the same on account of the Guaranteed
Obligations in accordance with the provisions of Section 2.2(c) hereof.  Each PH Party will execute and deliver to the
Proxy such instruments as may be required by the Mezzanine Investors to enforce
their right to receive any and all payments in respect of the Licensing
Obligations in accordance with the provisions of Section 2.2(c) hereof, to
effectuate the aforesaid power of attorney and to effect collection of any and
all Distributions or other payments which may be made at any time on account
thereof, and each PH Party hereby irrevocably appoints the Proxy as the lawful
attorney and authorizes the Proxy to execute financing statements on behalf of
such PH Party and hereby further authorizes the Proxy to file such financing
statements in any appropriate public office.

(f)            Payments Held in Trust.  Should any Distribution or the proceeds
thereof, in respect of the Licensing Obligations, be collected or received by
any PH Party or any Affiliate (as such term is defined in Rule 405 of
Regulation C adopted by the Securities and Exchange Commission pursuant to the
Securities Act of 1933) of any PH Party at a time when 

 5
 

such PH Party is not permitted to receive any such
Distribution or proceeds thereof including if the same is collected or received
when there is or would be after giving effect to such payment an Event of
Default, then such PH Party will forthwith deliver, or cause to be delivered,
the same to the Mezzanine Investors until the Guaranteed Obligations are paid
in full in cash or cash equivalents acceptable to the Mezzanine Investors in
precisely the form held by such PH Party (except for any necessary endorsement)
and until so delivered, the same shall be held in trust by such PH Party, or
any such Affiliate, as the property of the Mezzanine Investors and shall not be
commingled with other property of such PH Party or any such Affiliate.

(g)           Scope of Subordination  The provisions of this Agreement are solely
to define the relative rights of the Mezzanine Investors and the PH
Parties.  Nothing in this Agreement shall
impair, as between OpBiz and the PH Parties the unconditional and absolute
obligation of OpBiz to punctually pay, or cause the payment by any other
Obligor, of all obligations owing under the Licensing Agreement in accordance
with the terms thereof, subject to the rights of the Mezzanine Investors under
this Agreement.

(h)           Until the Guaranteed Obligations have been paid in full,
each PH Party further agrees as follows:

(i)            the PH Parties shall not be entitled
to a claim for rejection damages of any kind upon termination of the License
Agreement in a proceeding referred to in Section 2.2(c) hereof, in any Event of
Insolvency or otherwise;

(ii)           the PH Parties shall consent to the
assumption and/or assignment of the License Agreement by or to (x) OpBiz as
debtor or debtor-in-possession (or any trustee appointed in respect thereof)
and/or the substitution of the Mezzanine Investors for OpBiz under the License
Agreement, or (y) EquityCo or any wholly owned subsidiary of EquityCo, or
otherwise in connection with a sale of OpBiz, whether in a proceeding referred
to in Section 2.2(c) hereof, in connection with any Event of Insolvency or
otherwise;

(iii)          the PH Parties agree that the term “Lenders”
(as defined in the License Agreement) shall mean and be a reference to the
Mezzanine Investors, with the effect being that all rights and remedies in the
License Agreement reserved for the Lenders will instead be rights and remedies
of the Mezzanine Investors (by way of example and not of limitation, the
non-competition obligations of OpBiz should not terminate unless and until the
Guaranteed Obligations have been paid in full). 
In furtherance thereof, all references to the terms “Loan Agreement” and
“Obligations” in the License Agreement will instead be deemed to be references
to “Pledge Agreement” and “Guaranteed Obligations”, respectively (in all cases,
as such terms are used and defined in the License Agreement); and

 6
 

(iv)          the PH Parties cannot terminate the
License Agreement upon commencement of a proceeding referred to in Section
2.2(c) hereof or during an Event of Insolvency.

3.             Miscellaneous.

3.1          Legends.  From and after the date hereof, each PH Party
shall cause the License Agreement to contain a provision to the following
effect:

“This Agreement and
all rights, remedies, powers and privileges of PHII and PHMemo hereunder are
and shall be subject in all respects to the Amended and Restated License
Subordination Agreement dated as of November 30, 2006 and entered into among
the Mezzanine Investors specified therein, PHII, PHMemo and HOTEL JV (the “A&R
License Subordination Agreement”). 
The A&R License Subordination Agreement provides, among other
things, that notwithstanding anything in this Agreement to the contrary, that
upon the occurrence and during the continuance of certain Defaults or Events of
Default under the Pledge Agreement, no cash payments may be made by HOTEL JV to
PHII or PHMemo in respect of any amounts due and owing pursuant to this
Agreement, including, without limitation, in respect of the Continuing Fee,
Retail Royalties, liquidated damages pursuant to Section 9.2 hereof, or
interest on overdue payments pursuant to Section 10.2 hereof.”

Proof
of compliance with the foregoing shall be promptly given to the Mezzanine
Investors.

3.2          Intentionally
Omitted.

3.3          Survival
of Rights.  The right of the
Mezzanine Investors to enforce the provisions of this Agreement shall not be
prejudiced or impaired by any act or omitted act of any Obligor or any
Mezzanine Investor including forbearance, waiver, consent, compromise,
amendment, extension, renewal, or taking or release of security in respect of
any Guaranteed Obligations or noncompliance by any Obligor with such
provisions, regardless of the actual or imputed knowledge of the Mezzanine
Investors.

3.4          Receipt
of Agreements.  Each PH Party hereby
acknowledges that it has delivered to the Mezzanine Investors a correct and
complete copy of the License Agreement as in effect on the date hereof.  Each PH Party hereby acknowledges receipt of
a correct and complete copy of each of the Restructuring Documents as in effect
on the date hereof.

3.5          No
Amendment of Licensing Agreement. 
Until such time as the Guaranteed Obligations are paid in full in cash
or cash equivalents acceptable to the Mezzanine 

 7
 

Investors, no Obligor and
no PH Party shall enter into any amendment to or modification of the License
Agreement, without the prior written consent of the Mezzanine Investors.

3.6          Amendments
to Restructuring Documents.  Nothing contained
in this Agreement, or in any other agreement or instrument binding upon any of
the parties hereto, shall in any manner limit or restrict the ability of the
Mezzanine Investors from increasing or changing the terms of the Guaranteed
Obligations under the Restructuring Documents, or to otherwise waive, amend or
modify the terms and conditions of any of the Restructuring Documents, in such
manner as the Mezzanine Investors and the Obligors shall mutually
determine.  Each PH Party hereby consents
to any and all such waivers, amendments, modifications and compromises, and any
other renewals, extensions, indulgences, releases of collateral or other
accommodations granted by the Mezzanine Investors to the Obligors from time to
time, and agrees that none of such actions shall in any manner affect or impair
the subordination established by this Agreement in respect of the Licensing
Obligations.

3.7          Notices.  Any notice or other communication required or
permitted pursuant to this Agreement shall be deemed given (a) when personally
delivered to any officer of the party to whom it is addressed, (b) on the
earlier of actual receipt thereof or three (3) days following posting thereof
by certified or registered mail, postage prepaid, or (c) upon actual receipt thereof
when sent by a recognized overnight delivery service or (d) upon actual receipt
thereof when sent by facsimile to the number set forth below with telephone
communication confirming receipt and subsequently confirmed by registered,
certified or overnight mail to the address set forth below, in each case
addressed to each party at its address set forth below or at such other address
as has been furnished in writing by a party to the other by like notice:

	
  

  	
  If to the Mezzanine Investors:

  
	
   

  	
   

  	
  To the address specified next to each Mezzanine
  Investor’s signature on the 

  signature pages hereto

  
	
   

  	
   

  	
   

  
	
   

  	
  with a copy to:

  	
   

  
	
   

  	
   

  	
  Proskauer Rose LLP

  
	
   

  	
   

  	
  One
  International Place

  
	
   

  	
   

  	
  Boston, MA 02110

  
	
   

  	
   

  	
  Attention:
  Stephen A. Boyko, Esq.

  
	
   

  	
   

  	
  Telephone:

  	
  (617) 526-9770

  
	
   

  	
   

  	
  Facsimile:

  	
  (617) 526-9899

  
	
   

  	
   

  	
   

  
	
   

  	
  If to
  the PH Parties:

  	
   

  
	
   

  	
   

  	
  Mr. Robert Earl

  
	
   

  	
   

  	
  Chairman and
  Chief Executive Officer

  
	
   

  	
   

  	
  Planet Hollywood
  International, Inc.

  
	
   

  	
   

  	
  7598 West Sand
  Lake Road

  
	
   

  	
   

  	
  Orlando, Florida
  32819

  
	
   

  	
   

  	
  Facsimile:

  	
  (407) 351-4511

  
	
   

  	
   

  	
   

  

 

 8
 

 

	
  

  	
  with a copy to:

  	
   

  
	
   

  	
   

  	
  Mark S. Helm,
  Esq.

  
	
   

  	
   

  	
  Vice President
  & General Counsel

  
	
   

  	
   

  	
  Planet Hollywood
  International, Inc.

  
	
   

  	
   

  	
  7598 West Sand
  Lake Road

  
	
   

  	
   

  	
  Orlando, Florida
  32819

  
	
   

  	
   

  	
  Facsimile:    (407) 345-1115

  
	
   

  	
   

  	
   

  
	
   

  	
  If to
  any Obligor:

  	
  Mr. Robert Earl

  
	
   

  	
   

  	
  Chairman and
  Chief Executive Officer

  
	
   

  	
   

  	
  Planet Hollywood
  International, Inc.

  
	
   

  	
   

  	
  7598 West Sand
  Lake Road

  
	
   

  	
   

  	
  Orlando, Florida
  32819

  
	
   

  	
   

  	
  Facsimile:    (407) 351-4511

  
	
   

  	
   

  	
   

  
	
   

  	
  with copies to:

  	
  Mr. Doug Teitelbaum

  
	
   

  	
   

  	
  Bay Harbour Management, LC

  
	
   

  	
   

  	
  885 Third
  Avenue, 34th Floor

  
	
   

  	
   

  	
  New York, NY
  10022

  
	
   

  	
   

  	
  Facsimile:    (212) 371-7497

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Greenberg
  Traurig LLP

  
	
   

  	
   

  	
  200 Park Avenue

  
	
   

  	
   

  	
  New York, New
  York 10166

  
	
   

  	
   

  	
  Attention:
  Joseph Kishel, Esq.

  
	
   

  	
   

  	
  Facsimile No.: (212) 801-6400

  

 

3.8          Books and Records.  The PH Parties shall (a) furnish the
Mezzanine Investors, upon request from time to time, a statement of the account
between the PH Parties on the one hand and OpBiz on the other hand and (b) give
the Mezzanine Investors, upon their request, full and free access to the books
of the PH Parties pertaining only to such accounts, with the right to make
copies thereof.

3.9          Binding Effect; Other.  This Agreement shall be a continuing
agreement, shall be binding upon and shall inure to the benefit of the parties
hereto from time to time and their respective successors and assigns, shall be
irrevocable and shall remain in full force and effect until the Guaranteed
Obligations shall have been satisfied or paid in full in cash or cash
equivalents acceptable to the Mezzanine Investors, but shall continue to be
effective, or be reinstated, as the case may be, if at any time payment, or any
part thereof, of any amount paid by or on behalf of OpBiz with regard to the
Guaranteed Obligations is rescinded or must otherwise be restored or returned
upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of
OpBiz, or upon or as a result of the appointment of a receiver, intervenor or
conservator of, or trustee, custodian, or similar officer, for any Obligor or any
substantial part of its property, or otherwise, all as though such payments had
not been made.  No action which the
Mezzanine Investors or any Obligor may take or refrain from taking with respect
to the Guaranteed Obligations, including any amendments thereto, shall affect
the provisions of this Agreement or the obligations of the PH Parties
hereunder.  Any waiver or amendment
hereunder must be evidenced by a signed writing of the party to be bound
thereby, and shall only be 

 9
 

effective in the specific instance.  This Agreement shall be governed by and
construed in accordance with the laws of the State of New York without regard
to its conflict of laws provisions.  The
headings in this Agreement are for convenience of reference only, and shall not
alter or otherwise affect the meaning hereof.

4.             Representations and Warranties.  Each PH Party represents and warrants to the
Mezzanine Investors that, as of the date hereof, the only Licensing Obligations
owed or owing to it is that which is set forth in the Licensing Agreement.  Such PH Party further represents and warrants
to the Mezzanine Investors that (i) it has full right, power and authority to
execute and deliver this Agreement and, to the extent the such holder is an
agent or trustee for other parties, that this Agreement shall fully bind all
such other parties, (ii) this Agreement does not contravene (A) the
organizational documents of such holder, to the extent applicable, (B) any
contractual restriction in any agreement that is material to the such holder,
(C) any court decree or order binding on or affecting such holder, or (D) any
law or governmental regulation binding on or affecting such holder, (iii) this
execution, delivery and performance of this Agreement does not, and will not,
result in, or require the creation or imposition of, any Lien on the assets of
such holder, and (iv) this Agreement constitutes the legal, valid and binding
obligations of such holder, enforceable against such holder in accordance with
its terms (except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization or similar laws affecting creditors’
rights generally and by principles of equity).

5.             Proceedings.  Any
judicial proceeding brought by or against any PH Party or any Obligor with respect
to this or any related agreement may be brought in any court of competent
jurisdiction in the Supreme Court of the State of New York, New York County, or
the federal district court within the Southern District of New York.  By execution and delivery of this agreement
each PH Party, each Mezzanine Investor and each Obligor accept for themselves
and in connection with their properties, generally and unconditionally, the
non-exclusive jurisdiction of the aforesaid courts, and irrevocably agree to be
bound by any final judgment rendered thereby in connection with this
Agreement.  Nothing herein shall affect
the right to serve process in any manner permitted by law or shall limit the
right of the Mezzanine Investors to bring proceedings against any PH Party or
any Obligor in any courts of any other jurisdiction.  Any judicial proceeding by any PH Party
against the Mezzanine Investors involving, directly or indirectly, any matter
or claim in any way arising out of, related to or connected with this agreement
or any related agreement, shall be brought only in a court located in The City
of New York, New York County, State of New York; provided that notwithstanding
the foregoing, if in any judicial proceeding by or against any PH Party or any
Obligor that is brought in any other court such court determines that the
Mezzanine Investors are an indispensable party, such PH Party shall be entitled
to join or include the Mezzanine Investors in such proceedings in such other
court.  Each PH Party and each Obligor
waive any objection to jurisdiction and venue of any action instituted
hereunder and shall not assert any defense based on lack of jurisdiction or
venue or based upon forum non conveniens.

6.             Waiver Of Jury Trial. 
Each party to this Agreement hereby expressly waives any right to trial
by jury of any claim, demand, action or cause of action (a) arising under this
Agreement or any other instrument, document or agreement executed or delivered
in connection herewith, or (b) in any way connected with or related or incidental

 10
 

to the
dealings of any party hereto with respect to this Agreement or any other
instrument, documents or agreement executed or delivered by them in connection
herewith, or the transactions related hereto or thereto, in each case whether
now existing or hereafter arising, and whether sounding in contract or tort or
otherwise and each party hereto hereby agrees and consents that any claim,
demand, action or cause of action shall be decided by court trial without jury,
and that either of them may file an original counterpart or a copy of this
section with any court as written evidence of their consent to the waiver of
their right to trial by jury.

7.             Agent for Service of Process.  Service of all pleadings, writs, process and
summonses in any suit, action or proceeding against any PH Party may be made
upon Mark S. Helm, Esq., Vice President & General Counsel, Planet Hollywood
International, Inc., 7598 West Sand Lake Road, Orlando, Florida 32819, or such
person’s duly appointed successor (the “Process Agent”), and the PH
Parties hereby irrevocably appoints the Process Agent as their true and lawful
attorney-in-fact in their name, place and stead to accept such
service of any and all such pleadings, writs, process and summonses, and agree
that the failure of the Process Agent to give any notice of such service of
process to PH Parties shall not impair or affect the validity of such service
or of any judgment based thereon.

8.             Termination.  In the
event that all the Guaranteed Obligations, or any other obligations of any of
the Obligors to the Mezzanine Investors are paid in full to the complete
satisfaction of the Mezzanine Investors, in their sole discretion, this
Agreement shall immediately thereafter terminate.

[The
remainder of this page has been left blank intentionally.]

 11

 

IN
WITNESS WHEREOF, the undersigned have entered into this
Agreement this       day of November, 2006.

PH
Parties:

	
  

  	
   

  	
  PLANET HOLLYWOOD

  INTERNATIONAL, INC.,

  
	
   

  	
   

  	
  a Delaware corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PLANET HOLLYWOOD

  MEMORABILIA, INC.,

  
	
   

  	
   

  	
  a Florida corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PLANET HOLLYWOOD

  (REGION IV), INC.,

  
	
   

  	
   

  	
  a Minnesota corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 

	
  OpBiz:

  	
   

  
	
   

  	
   

  
	
  

  	
  OPBIZ,
  L.L.C.,

  a Nevada limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MEZZCO,
  L.L.C.,

  a Nevada limited liability company,

  its sole member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  EQUITYCO,
  L.L.C.,

  a Nevada limited liability company,

  its managing member

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Manager

  

 

 

	
  

  	
   

  	
  Mezzanine Investors:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  POST TOTAL RETURN MASTER FUND, L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  Post Advisory Group, L.L.C., its General

  Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name: Lawrence A. Post

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:   Chief
  Investment Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Address for notices

  
	
   

  	
   

  	
   

  	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  Los Angeles, CA 90025

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  POST DISTRESSED MASTER FUND, L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  Post Advisory Group, L.L.C., its General

  Partner

  
	
   

  	
   

  	
  :

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:  Lawrence
  A. Post

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:    Chief
  Investment Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Address for notices

  
	
   

  	
   

  	
   

  	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  Los Angeles, CA 90025

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  STATE OF SOUTH DAKOTA RETIREMENT

  SYSTEM FUND

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  Post Advisory Group, L.L.C., its Authorized

  Agent

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:  Lawrence
  A. Post

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:    Chief
  Investment Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Address for notices

  c/o Post Advisory Group, L.L.C.

  11755 Wilshire Boulevard, Suite 1400

  Los Angeles, CA 90025

  

 

 

	
  

  	
   

  	
  DB DISTRESSED OPPORTUNITIES MASTER PORTFOLIO, LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Post Advisory Group, L.L.C., its Authorized

  Agent

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:  Lawrence
  A. Post

  
	
   

  	
   

  	
   

  	
   

  	
  Title:    Chief
  Investment Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notices

  
	
   

  	
   

  	
  c/o Post Advisory Group, L.L.C.

  11755 Wilshire Boulevard, Suite 1400

  Los Angeles, CA 90025

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MW POST PORTFOLIO FUND, LTD.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Post Advisory Group, L.L.C., its Authorized

  Agent

  
	
   

  	
   

  	
  :

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:  Lawrence
  A. Post

  
	
   

  	
   

  	
   

  	
   

  	
  Title:    Chief
  Investment Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notices

  
	
   

  	
   

  	
  c/o Post Advisory Group, L.L.C.

  11755 Wilshire Boulevard, Suite 1400

  Los Angeles, CA 90025

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE OPPORTUNITY FUND, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Post Advisory Group, L.L.C., its Authorized

  Agent

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:  Lawrence
  A. Post

  
	
   

  	
   

  	
   

  	
   

  	
  Title:    Chief
  Investment Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notices

  c/o Post Advisory Group, L.L.C.

  11755 Wilshire Boulevard, Suite 1400

  Los Angeles, CA 90025

  

 

 

	
  

  	
   

  	
  HFR DS OPPORTUNITY MASTER TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Post Advisory Group, L.L.C., its Authorized

  Agent

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:  Lawrence A. Post

  
	
   

  	
   

  	
   

  	
   

  	
  Title:    Chief
  Investment Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notices

  
	
   

  	
   

  	
  c/o Post Advisory Group, L.L.C.

  11755 Wilshire Boulevard, Suite 1400

  Los Angeles, CA 90025

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  POST HIGH YIELD, L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Post Advisory Group, L.L.C., its Authorized

  Agent

  
	
   

  	
   

  	
  :

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:  Lawrence
  A. Post

  
	
   

  	
   

  	
   

  	
   

  	
  Title:    Chief Investment Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notice:

  
	
   

  	
   

  	
  c/o Post Advisory Group, L.L.C.

  11755 Wilshire Boulevard, Suite 1400

  Los Angeles, CA 90025

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  POST BALANCED FUND, L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Post Advisory Group, L.L.C., its Authorized

  Agent

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:  Lawrence
  A. Post

  
	
   

  	
   

  	
   

  	
   

  	
  Title:    Chief
  Investment Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notice:

  c/o Post Advisory Group, L.L.C.

  11755 Wilshire Boulevard, Suite 1400

  Los Angeles, CA 90025

  

 

 

SPHINX DISTRESSED FUND SPC, a Cayman Islands company
(in Official Liquidation pursuant to an Order of the Grand Court dated 28 July
2006)

	
  

  	
   

  
	
   

  	
  By: Kenneth Krys

  
	
   

  	
  Title:  Joint Official Liquidator 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 
  Christopher Stride

  
	
   

  	
  Title:  Joint Official Liquidator

  

 

 

	
  

  	
  CONTINENTAL CASUALTY COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  333 South Wabash
  Avenue — 23 South

  
	
   

  	
  Chicago, IL
  60604

  

 

 

	
  

  	
  CANPARTNERS INVESTMENTS IV, L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  Address
  for notices

  
	
   

  	
  c/o Canyon Capital Advisors, L.L.C.

  
	
   

  	
  9665 Wilshire Boulevard, Suite 200

  
	
   

  	
  Beverly Hills,
  CA  90212

  

 

 

	
  

  	
  JOHN HANCOCK HIGH YIELD FUND

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:Ismail
  Gunes

  
	
   

  	
   

  	
  Title:Vice
  President Investment 

  
	
   

  	
   

  	
  Operations

  
	
   

  	
   

  
	
   

  	
  Address
  for notices

  
	
   

  	
  101 Huntington Avenue

  
	
   

  	
  Boston, MA 02199

  
	
   

  	
   

  

 

 

	
  

  	
  COCHRAN ROAD, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:Steven
  Golub

  
	
   

  	
   

  	
  Title:Attorney-in-Fact

  
	
   

  	
   

  
	
   

  	
  Address
  for notices

  
	
   

  	
  225 Broadway, Suite 1515

  
	
   

  	
  New York, NY 10007

  
	
   

  	
   

  

 

 

	
  

  	
  YORK CREDIT OPPORTUNITIES FUND, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:Adam J.
  Semler

  
	
   

  	
   

  	
  Title:Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address
  for notices

  
	
   

  	
  767 Fifth Avenue, 17th Floor

  
	
   

  	
  New York, NY 10153

  
	
   

  	
   

  

 

 

	
  

  	
   

  
	
   

  	
  JEFFREY D. BENJAMIN

  
	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  133 East 64th Street

  
	
   

  	
  New York, NY 10021EXHIBIT 10.55

INDEMNIFICATION AGREEMENT

This
Indemnification Agreement (this “Agreement”), dated as of November 30,
2006, made by and between BH/RE, L.L.C, a Nevada limited liability company (the
“Indemnitor”), and the Mezzanine Investors (as such term is defined in
the Investor Rights Agreement, defined below). 
Capitalized terms not defined herein have the meaning specified in the
Investor Rights Agreement.

RECITALS

WHEREAS, EquityCo, L.L.C., a Nevada limited liability company and a
subsidiary of the Indemnitor (“EquityCo”), MezzCo, L.L.C., a Nevada
limited liability company and a subsidiary of EquityCo (“MezzCo”), and
the Mezzanine Investors have entered into that certain  Amended and Restated Investor Rights
Agreement, dated as of the date hereof (as amended, modified, restated or
supplemented from time to time, the “Investor Rights Agreement”), which
agreement sets forth certain rights and obligations with respect to the
Warrants; and

WHEREAS, in order to induce the Mezzanine Investors to consummate the transactions
contemplated by the Restructuring Documents, the Indemnitor has agreed to
provide certain indemnification protection to the Mezzanine Investors, as
provided in this Agreement.

NOW,
THEREFORE, for good and valuable consideration, the receipt of which is hereby
acknowledged, the parties, intending to be legally bound, hereby agree as
follows:

1.             Indemnification.  The Indemnitor hereby agrees to indemnify,
pay and hold harmless each of the Mezzanine Investors and each of their
respective successors and assigns (each, an “Indemnified Party”) from
and against, any and all liabilities, obligations, losses (including the
failure to realize value in respect of the Warrants), damages, penalties,
actions, judgments, suits, claims, costs, expenses and disbursements of any
kind or nature whatsoever, including, without limitation, the reasonable fees
and disbursements of counsel for such Indemnified Party in connection with any
investigative, administrative or judicial proceeding, whether or not such
Indemnified Party shall be designated a party thereto (collectively, “Losses”)
to which the Indemnified Parties may incur or suffer, directly or indirectly,
arising out of, or relating to (a) the lack of Gaming Approval prior to the
date hereof for the issuance of the Warrants in the form attached as Exhibit A
hereto (including, without limitation, any Losses that the Indemnified Parties
may suffer due to the inability (if any) of the Mezzanine Investors to exercise
the rights set forth in the Warrants at the time, and in the manner, specified
therein), or (b) the lack of Gaming Approval prior to the date hereof for the
granting of a Lien by EquityCo to the Mezzanine Investors in the Equity
Interests in MezzCo as more fully described in the Pledge Agreement attached as
Exhibit B hereto (including, without limitation, any Losses that the
Indemnified Parties may suffer due to the failure of EquityCo to deliver to the
Indemnified Parties on the date hereof the

 1
 

physical securities that evidence EquityCo’s Equity
Interest in MezzCo and the inability (if any) of the Mezzanine Investors to
exercise the rights set forth in the Pledge Agreement at the time, and in the
manner, specified therein), or (c) the inability of any Indemnified Party to
exercise the Warrants during the period from and after the date hereof to the
earlier of (x) the date on which EquityCo has inserted the new SPE and received
Gaming Approval for such insertion pursuant to Section 3.9 of the Investor
Rights Agreement and (y) July 1, 2007; provided that the Indemnitor
shall have no indemnification obligation to any Indemnified Party hereunder for
Losses that are determined by a final, non-appealable decision of a court of
competent jurisdiction to have resulted (a) primarily from the gross negligence
or willful misconduct of such Indemnified Party, or (b) from the failure by
EquityCo or MezzCo to receive any Gaming Approvals or by such Indemnified Party
to be able to exercise any Warrants, in each case, primarily as a result of (i)
the breach by such Indemnified Party of its obligations under Section 3.10 of
the Investor Rights Agreement, (ii) any violation of the Gaming Laws by such
Indemnified Party or (iii) the failure by EquityCo or MezzCo to receive Gaming
Approval to issue the Warrants because such Indemnified Party is deemed
unsuitable by the Gaming Authorities. 
Notwithstanding the foregoing, the Indemnitor shall not be responsible
to any Indemnified Party for any punitive, incidental, consequential or
indirect damages, including loss of future revenue or income, or loss of
business reputation or opportunity.

2.             Contribution.  The Indemnitor and each Indemnified Party
agree that to the extent that the undertaking to indemnify, pay and hold
harmless set forth in Section 1 may be determined by a final, non-appealable
decision of a court of competent jurisdiction to be unenforceable because it
violates any law or public policy, the Indemnitor shall contribute to the
Losses for which such indemnification or reimbursement is held unavailable in
such proportion as is appropriate to reflect (a) the relative benefits to the
Indemnitor on the one hand and the Indemnified Party on the other hand, in
connection with the transaction to which such indemnification or reimbursement
relates or (b) if the allocation provided by clause (a) above is not available,
in such proportion as is appropriate to reflect not only the relative benefits
referred to in such clause (a), but also the relative fault of the parties as
well as any other relevant equitable considerations, provided, however, no
contribution shall be made if (i) the Indemnitor would not have been liable for
indemnification under the standards set forth in Section 1 of this Agreement or
(ii) it is determined by a final, non-appealable decision of a court of competent
jurisdiction that such Losses have resulted primarily from the gross negligence
or willful misconduct of that Indemnified Party.

3.             Determination of
Losses.  Upon the request of the
Majority Holders, the Indemnitor shall engage an investment banking or advisory
firm of recognized national standing with experience in valuing companies of a
comparable size, and in a comparable industry, as MezzCo and its Subsidiaries,
which firm shall be mutually acceptable to the Indemnitor and the Indemnified
Parties (the “Appraiser”).  If the
Indemnitor and the Indemnified Parties are unable to agree on the selection of
an Appraiser within 15 days, then the Indemnitor and the Indemnified Parties
shall each select an Appraiser of their choice, and the two Appraisers shall
then select a third Appraiser to determine the value of any such Losses.  The cost and expenses of the Appraiser shall
be borne by the

 2
 

Indemnitor. 
In determining the amount of Losses, the Appraiser shall assume that the
Warrants and the Pledge Agreement received Gaming Approval and that they are
valid and binding obligations of EquityCo and its Subsidiaries.  In that regard, the Appraiser shall seek to
determine the amount of Losses as are necessary to put the Indemnified Parties
in the same financial position that they would have been in if Gaming Approval
had been received and that the impediments to exercising the Warrants
referenced in Section 1.7 of the Warrants did not exist.  In determining the value of the Warrants, the
Appraiser shall assume that MezzCo is sold as a going concern.  The Appraiser shall not apply any discount to
the value of the Warrants for lack of liquidity, private company, marketability
or the existence of a control block.  The
determination by such Appraiser shall, absent manifest error, be final and
binding upon the Indemnitor and the Indemnified Parties.

4.             Entire Agreement.  This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and
supersedes all other prior agreements and undertakings, both written and oral,
among the parties with respect to the subject matter hereof.

5.             No Amendment.  This Agreement may not be amended or modified
except (a) by an instrument in writing signed by, or on behalf of, the all of
the parties or (b) by a waiver pursuant to Section 6 below.

6.             Waiver.  Any parties to this Agreement may (a) extend
the time for the performance of any obligations or other acts of the other
parties, (b) waive any inaccuracies in the representations and warranties of
the other parties contained herein or in any document delivered by the other
parties pursuant hereto, or (c) waive compliance with any of the agreements of
the other parties or conditions to such parties’ obligations contained
herein.  Any such extension or waiver
shall be valid only if set forth in an instrument in writing signed by the
parties to be bound thereby.  Any waiver
of any term or condition shall not be construed as a waiver of any subsequent
breach or a subsequent waiver of the same term or condition, or a waiver of any
other term or condition of this Agreement. 
The failure of any party to assert any of its rights hereunder shall not
constitute a waiver of any such rights.

7.             Severability.  If any term or other provision of this
Agreement is deemed invalid, illegal or incapable of being enforced by any law
or public policy, all other terms and provisions of this Agreement shall
nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated by this Agreement is not affected in
any manner materially adverse to any party. 
Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner in order that the
transactions contemplated by this Agreement are consummated as originally
contemplated to the greatest extent possible.

8.             Counterparts.  This Agreement may be executed and delivered
(including by facsimile transmission or portable document format (PDF)) in one
or more

 3
 

counterparts, and by the different parties hereto in
separate counterparts, each of which when executed shall be deemed to be an
original, but all of which taken together shall constitute one and the same
agreement.

9.             Governing Law.  This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York applicable to
contracts executed in and to be performed in that State.

[SIGNATURE PAGE
FOLLOWS]

 4
 

IN WITNESS
WHEREOF, the parties have caused this Indemnification Agreement to be executed
as of the date first above written.

	
  

  	
  THE INDEMNITOR:

  
	
   

  	
   

  
	
   

  	
  BH/RE,
  L.L.C., a Nevada limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Manager

  

 

 5
 

 

	
  

  	
  MEZZANINE INVESTORS:

  
	
   

  	
   

  
	
   

  	
  POST TOTAL RETURN MASTER FUND, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Post Advisory
  Group, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: Lawrence
  A. Post

  
	
   

  	
   

  	
  Title:  Chief Investment Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  
	
   

  	
  Los Angeles, CA
  90025

  

 

 

	
  

  	
  POST DISTRESSED MASTER FUND, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Post Advisory
  Group, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: Lawrence
  A. Post

  
	
   

  	
   

  	
  Title:  Chief
  Investment Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  
	
   

  	
  Los Angeles, CA
  90025

  

 

	
  

  	
  STATE OF SOUTH DAKOTA

  
	
   

  	
  RETIREMENT SYSTEM FUND

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Post Advisory
  Group, L.L.C., its 

  
	
   

  	
  Authorized Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: Lawrence
  A. Post

  
	
   

  	
   

  	
  Title:  Chief
  Investment Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  c/o Post Advisory Group, L.L.C.

  
	
   

  	
  11755 Wilshire
  Boulevard, Suite 1400

  
	
   

  	
  Los Angeles, CA
  90025

  

 

 6
 

 

	
  

  	
   

  
	
   

  	
  DB DISTRESSED OPPORTUNITIES MASTER PORTFOLIO, LTD.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Post Advisory
  Group, L.L.C., its 

  
	
   

  	
   

  	
  Authorized Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: Lawrence
  A. Post

  
	
   

  	
   

  	
  Title:   Chief
  Investment Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  c/o Post Advisory Group, L.L.C

  
	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  
	
   

  	
  Los Angeles, CA
  90025

  

 

	
  

  	
  MW POST PORTFOLIO FUND, LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Post Advisory
  Group, L.L.C., its 

  
	
   

  	
   

  	
  Authorized Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: Lawrence
  A. Post

  
	
   

  	
   

  	
  Title:   Chief Investment Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  c/o Post Advisory Group, L.L.C.

  
	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  
	
   

  	
  Los Angeles, CA
  90025

  

 

	
  

  	
  THE OPPORTUNITY FUND, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Post Advisory
  Group, L.L.C., its 

  
	
   

  	
   

  	
  Authorized Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: Lawrence
  A. Post

  
	
   

  	
   

  	
  Title:   Chief Investment Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  c/o Post Advisory Group, L.L.C.

  
	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  
	
   

  	
  Los Angeles, CA
  90025

  

 

 7

 

	
  

  	
  HFR DS OPPORTUNITY MASTER TRUST

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Post Advisory Group, L.L.C., its Authorized Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Lawrence A. Post

  
	
   

  	
   

  	
  Title:

  	
  Chief Investment Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  c/o Post Advisory Group, L.L.C.

  
	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  
	
   

  	
  Los Angeles, CA 90025

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  POST HIGH YIELD,
  L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Post Advisory Group, LLC, its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Lawrence A Post

  
	
   

  	
   

  	
  Title:

  	
  Chief Investment Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Address for
  notice:

  
	
   

  	
  c/o Post Advisory
  Group, LLC

  
	
   

  	
  11755 Wilshire
  Boulevard, Suite 1400

  
	
   

  	
  Los Angeles, CA
  90025

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  POST BALANCED FUND, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Post Advisory Group, LLC, its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Lawrence A Post

  
	
   

  	
   

  	
  Title:

  	
  Chief Investment Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Address for notice:

  
	
   

  	
  c/o Post
  Advisory Group, LLC

  
	
   

  	
  11755 Wilshire
  Boulevard, Suite 1400

  
	
   

  	
  Los Angeles, CA
  90025

  
						

 

 8
 

 

	
  

  	
  SPHINX DISTRESSED FUND SPC, a Cayman Islands company
  (in Official Liquidation pursuant to an Order of the Grand Court dated 28
  July 2006)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: Kenneth Krys

  	
   

  
	
   

  	
  Title: Joint Official Liquidator

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: Christopher Stride

  	
   

  
	
   

  	
  Title: Joint Official Liquidator

  	
   

  

 

 9
 

 

	
  

  	
  CONTINENTAL CASUALTY COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  333 South Wabash Avenue — 23 South

  
	
   

  	
  Chicago, IL 60604

  

 

 10
 

 

	
  

  	
  CANPARTNERS INVESTMENTS IV, L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  c/o Canyon Capital Advisors, L.L.C.

  
	
   

  	
  9665 Wilshire Boulevard, Suite 200

  
	
   

  	
  Beverly Hills, CA 
  90212

  

 

 11
 

 

	
  

  	
  JOHN HANCOCK HIGH YIELD FUND

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Ismail Gunes

  
	
   

  	
   

  	
  Title:

  	
  Vice President Investment Operations

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  101 Huntington Avenue

  
	
   

  	
  Boston, MA 02199

  

 

 12
 

 

	
  

  	
  COCHRAN ROAD, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Steven Golub

  
	
   

  	
   

  	
  Title:

  	
  Attorney-in-Fact

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  225 Broadway, Suite 1515

  
	
   

  	
  New York, NY 10007

  

 

 13
 

 

	
  

  	
  YORK CREDIT OPPORTUNITIES FUND, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Adam J. Semler

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  767 Fifth Avenue, 17th Floor

  
	
   

  	
  New York, NY 10153

  

 

 14
 

 

	
  

  	
   

  
	
   

  	
   

  
	
   

  	
  JEFFREY D. BENJAMIN

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  133 East 64th Street

  
	
   

  	
  New York, NY 10021

  
	
   

  	
   

  

 

 15

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