Document:

Exhibit
10.39

COLLATERAL
ASSIGNMENT OF 

INTEREST RATE CAP AGREEMENT

COLLATERAL ASSIGNMENT OF INTEREST
RATE CAP AGREEMENT, dated as of November 29, 2006 (this “Assignment”), made by PH
FEE OWNER LLC, a Delaware limited liability company, and OPBIZ, L.L.C., a Nevada limited liability
company, each having its principal place of business at c/o OpBiz, L.L.C., 3667
Las Vegas Boulevard South, Las Vegas, Nevada 89109 (collectively, “Assignor”), in favor of COLUMN FINANCIAL, INC.,
a Delaware corporation having an address at 11 Madison Avenue, New York, New
York 10010 (“Assignee”).  Capitalized terms used but not defined herein
shall have the meanings assigned such terms in that certain Loan Agreement,
dated as of the date hereof, between Assignor, as borrower, and Assignee, as
lender (as amended, restated, replaced, supplemented or otherwise modified from
time to time, the “Loan Agreement”).

1.                     For good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by Assignor, Assignor hereby assigns, grants, delivers and
transfers to Assignee, as collateral, all of its interest, whether now owned or
hereafter acquired, now existing or hereafter arising, wherever located, in, to
and under that certain Confirmation 
(Reference Number DPA609207), dated November 29, 2006, between Assignor
and SMBC Derivative Products Limited, as the counterparty thereunder (the “Counterparty”) (together with that certain ISDA Master
Agreement (Multicurrency-Cross Border) form deemed to have been executed by
Assignor and the Counterparty concurrently with the Confirmation  pursuant to the terms of such Confirmation ,
the “Interest Rate Cap Agreement”),
including, but not limited to, any and all rights that such Assignor may now or
hereafter have to any and all payments, disbursements, distributions or
proceeds (collectively, the “Payments”)
owing, payable or required to be delivered to Assignor on account of the
Interest Rate Cap Agreement with respect to the period commencing on the date
hereof and ending on the date on which Assignor shall have repaid the Loan in
its entirety, and all proceeds of any or all of the foregoing (collectively,
the “Cap Collateral”).  Assignor hereby grants to Assignee a security
interest in and to the Interest Rate Cap Agreement, the Cap Collateral and all
Proceeds (as defined in the Uniform Commercial Code adopted in the State of New
York (the “UCC”)) thereof, to have and to
hold the same, unto Assignee, its successors and assigns, and Assignor
covenants and agrees to cause all Payments to be made directly to
Assignee.  This Assignment constitutes
additional security for the obligations of Assignor governed by the Loan
Agreement and secured or evidenced by the other Loan Documents.

2.                     Counterparty
hereby consents to the assignment contained in Paragraph 1 hereof
and agrees that it will make any Payments that become payable under or pursuant
to the Interest Rate Cap Agreement directly into the Cash Management Account
until such time as this Assignment is terminated or otherwise canceled, at
which time the Counterparty will be instructed to make payments to or on behalf
of Assignor.

3.                     Prior to the occurrence of an Event of Default,
Payments received by Assignee shall be deposited into the Cash Management
Account and applied to payments becoming due under the Note, as and when such
payments are due.  Upon the occurrence of
an Event of Default (a) Payments received by Assignee may be applied by
Assignee to any principal, interest and other amounts owing by Borrower under
the Note and the other Loan

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Documents in such
order and priority as Assignee shall determine in its sole and absolute
discretion and (b) Assignee shall be entitled to exercise all remedies provided
in the UCC with respect to the security interest being granted herein.

4.                     Assignor
hereby covenants and agrees that Assignor shall not, without first obtaining
Assignee’s or its successor’s or assign’s written consent, convey, assign,
sell, mortgage, encumber, pledge, hypothecate, grant a security interest in,
grant an option or options with respect to, or otherwise dispose of (directly
or indirectly, voluntarily or involuntarily, by operation of law or otherwise,
and whether or not for consideration) the Interest Rate Cap Agreement.  Assignor and Counterparty hereby covenant and
agree that neither Assignor nor Counterparty shall, without first obtaining
Assignee’s or its successor’s or assign’s written consent, amend, modify,
cancel or terminate the Interest Rate Cap Agreement.  Assignee agrees to be bound by all of the
terms, covenants and conditions of the Interest Rate Cap Agreement.

5.                     In the
event that for any reason the Interest Rate Cap Agreement ever expires, or is
terminated, rescinded or revoked and, as a result thereof, a termination fee or
such similar payment is owing to Assignor by Counterparty, such sum is and
shall be considered a Payment and a part of the Cap Collateral and shall be
held and disbursed by Assignee in accordance with the terms hereof; provided,
that so long as no Event of Default has occurred and is continuing, Assignee
will (a) make such termination fee or similar payment available to Assignor to
be applied to the reasonable and customary costs and expenses payable by
Assignor in connection with Assignor’s replacement of the Interest Rate Cap
Agreement and (b) disburse the balance of such termination fee or similar
payment to Assignor if Assignor has replaced the Interest Rate Cap Agreement in
accordance with the terms and provisions of this Assignment and the other Loan
Documents, and such replacement interest rate cap agreement is in fact in full
force and effect.

6.                     Assignor
represents and warrants that:  (a) it has
the full power, right and authority to assign its interest in the Cap
Collateral, (b) Assignor owns the Cap Collateral free and clear of all liens
and claims of others and Assignor has not transferred, assigned, granted a
security interest in or otherwise encumbered its interest in and to the Cap
Collateral other than in favor of Assignee, (c) no security agreement,
financing statement or other document is on file or of record in any public
office with respect to the Cap Collateral, other than in favor of Assignee, (d)
the obligation of the Counterparty under the Interest Rate Cap Agreement to
make Payments is not subject to any defense or counterclaim arising from any
act or omission of Assignor or any Affiliate of Assignor, (e) the location of
its chief executive office is the address set forth in the caption to this
Assignment and (f) upon the filing of UCC Financing Statements naming Assignor
as debtor and Assignee as secured party in the Office of the Delaware Secretary
of State and the Office of the Nevada Secretary of State, Assignee will have a
first priority perfected lien on the Cap Collateral.

7.                     Assignor covenants and agrees with Assignee as
follows (a) it will comply with all terms of the Interest Rate Cap Agreement,
(b) it will not waive any provision of the Interest Rate Cap Agreement, fail to
deliver a copy of any notice received from Counterparty to Assignee or, without
the prior written consent of Assignee, fail to exercise any right thereunder
and (c) it will not change the location of its state of organization from the
location specified in the caption to this Assignment unless, in conjunction
therewith, Assignor executes and delivers

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to Assignee such
additional UCC Financing Statements as Assignee shall reasonably request to
allow for Assignee’s continued prior and perfected lien on the Cap Collateral.

8.                     Assignor
further covenants and agrees with Assignee that it will at any time and from
time to time, upon the written request of Assignee, and at the sole expense of
Assignor, promptly and duly execute and deliver such further instruments and
documents and take such further action as Assignee may reasonably request for
the purpose of obtaining or preserving the full benefits of this Assignment and
of the rights and powers herein granted, including, without limitation, the
filing of any financing or continuation statements under the UCC.  Assignor also hereby authorizes Assignee to
file any such financing or continuation statement without the signature of
Assignor to the extent permitted by applicable law.  A carbon, photographic or other reproduction
of this Assignment shall be sufficient as a financing statement for filing in
any jurisdiction.

9.                     This
Assignment does not include the delegation to Assignee of any of Assignor’s
duties, responsibilities or obligations under the Interest Rate Cap Agreement,
Assignor remaining liable to perform all duties, responsibilities and obligations
to be performed by Assignor thereunder, and Assignee shall not have any
obligation or liability under the Interest Rate Cap Agreement or by reason of
or arising out of this Assignment or the receipt by Assignee of any Payment and
Assignor specifically agrees to indemnify and forever hold Assignee harmless
from any claim or liability on account thereof, including, without limitation,
attorneys’ fees incurred.

10.                   Assignee
shall only be accountable for Payments actually received by it hereunder.  Assignee’s sole duty with respect to the
custody, safekeeping and physical preservation of the Cap Collateral in its
possession, under Section 9-207 of the UCC or otherwise, shall be to deal with
it in the same manner as Assignee deals with similar property for its own
account.  Neither Assignee nor any of its
directors, officers, employees or agents shall be liable for failure to demand,
collect or realize upon all or any part of the Cap Collateral or for any delay
in doing so or shall be under any obligation to sell or otherwise dispose of
any Cap Collateral upon the request of Assignor or any other person or to take
any other action whatsoever with regard to the Cap Collateral or any part
thereof.  The powers conferred on Assignee
hereunder are solely to protect Assignee’s interests in the Cap Collateral and
shall not impose any duty upon Assignee to exercise any such powers.  Assignee shall be accountable only for
amounts that they actually receive as a result of the exercise of such powers,
and neither it nor any of its officers, directors, employees or agents shall be
responsible to Assignor for any act or failure to act hereunder, except for
their own gross negligence or willful misconduct.

11.                   Any notices
required to be given under this Assignment shall be given in the manner
provided in the Loan Agreement.

12.                   This
Assignment may not be modified, amended or terminated except by a written
agreement executed by all of the parties hereto.

13.                   Any provision of this
Assignment which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition

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or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

14.                   Assignee
shall not by any act (except by a written instrument), delay, indulgence,
omission or otherwise be deemed to have waived any right or remedy hereunder or
to have acquiesced in any Event of Default or in any breach of any of the terms
and conditions hereof.  No failure to
exercise, nor any delay in exercising, on the part of Assignee any right, power
or privilege hereunder shall operate as a waiver thereof.  No single or partial exercise of any right,
power or privilege hereunder shall preclude any other or further exercise
thereof or the exercise of any other right, power or privilege.  A waiver by Assignee of any right or remedy
hereunder on any one occasion shall not be construed as a bar to any right or
remedy which Assignee otherwise have on any future occasion.  The rights and remedies herein provided are
cumulative, may be exercised singularly or concurrently and are not exclusive of
any rights or remedies provided by law.

15.                   The parties
hereto hereby notify Counterparty of this Assignment and the security interests
granted to Assignee hereunder and instruct Counterparty to make all payments to
be made under or pursuant to the terms of the Interest Rate Cap Agreement, without
set-off, defense or counterclaim, to Assignee in accordance with written
instructions (subject to the terms hereof) delivered by Assignee, its
successors or assigns, to Counterparty at the address set forth under its
signature hereto.

16.                   THIS
ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REFERENCE TO CHOICE OF LAW DOCTRINE.

17.                   This
Assignment shall terminate upon the earlier to occur of (a) the termination or
expiration of the Interest Rate Cap Agreement and (b) the payment in full of
the Loan.

18.                   This
Assignment shall be binding upon and shall inure to the benefit of Assignor and
Assignee and their respective successors and assigns.

19.                   This
Assignment may be executed in any number of counterparts each of which shall be
an original, but all of which shall constitute one instrument.

20.                   Assignee
shall have the right to assign this Assignment and the obligations hereunder in
connection with the assignment of the Loan. 
The parties hereto acknowledge that following the execution and delivery
of this Assignment, Assignee may sell, transfer and assign this Assignment, the
Loan and the other Loan Documents.  All
references to “Assignee” hereunder shall be
deemed to include the assigns of Assignee and the parties hereto acknowledge
that actions taken by Assignee hereunder may be taken by Assignee’s agents and
by the agents of the assigns of Assignee.

21.                   The
provisions of Section 9.4 of the Loan Agreement are hereby incorporated by
reference as if fully set forth herein.

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22.                   In
consideration of the foregoing agreement by the Counterparty, Assignor and
Assignee agree that (a) Counterparty shall be entitled to conclusively rely
(without any independent investigation) on any notice or instructions from
Assignee in respect of the Interest Rate Cap Agreement and (b) Counterparty
shall be held harmless and shall be fully indemnified by Assignor, from and
against any and all claims, other than those arising out of the gross
negligence or willful misconduct of Counterparty, and from and against any
damages, penalties, judgments, liabilities, losses or expenses (including
attorney’s fees and disbursements) reasonably incurred by Counterparty as a
result of the assertion of any claim, by any person or entity, arising out of,
or otherwise related to, any actions taken or omitted to be taken by
Counterparty in reliance upon any such instructions or notice provided by
Assignee.

23.           If Assignor consists of more than one
Person, the obligations and liabilities of each such Person shall be joint and
several.

[NO FURTHER TEXT ON THIS PAGE]

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IN
WITNESS WHEREOF, Assignor and Assignee have duly executed this Assignment on
the day and year first written above.

	
  ASSIGNOR:

  	
  PH FEE OWNER LLC, a Delaware limited liability
  company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  ______________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  OPBIZ, L.L.C., a Nevada limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  ______________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  ASSIGNEE:

  	
  COLUMN FINANCIAL, INC., a Delaware limited liability
  company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  ______________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

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THE
UNDERSIGNED HEREBY ACKNOWLEDGES RECEIPT OF NOTICE OF THE FOREGOING ASSIGNMENT
AND CONSENTS THERETO AND AGREES THAT THE UNDERSIGNED SHALL HEREAFTER CAUSE ALL
PAYMENTS REQUIRED TO BE MADE BY THE UNDERSIGNED PURSUANT TO THE TERMS OF THE
INTEREST RATE CAP AGREEMENT TO BE MADE DIRECTLY TO ASSIGNEE, ITS SUCCESSORS OR
ASSIGNS, IN ACCORDANCE WITH WRITTEN INSTRUCTIONS (BUT SUBJECT TO THE TERMS OF
THE ASSIGNMENT) TO BE DELIVERED BY ASSIGNEE, ITS SUCCESSORS OR ASSIGNS, TO THE
UNDERSIGNED AT THE ADDRESS SET FORTH BELOW. 
THE UNDERSIGNED FURTHER AGREES THAT ALL SUCH PAYMENTS SHALL BE MADE TO
ASSIGNEE WITHOUT SET-OFF, DEFENSE OR COUNTERCLAIM.  THE UNDERSIGNED AGREES THAT IT SHALL NOT AMEND
OR MODIFY THE INTEREST RATE CAP AGREEMENT WITHOUT THE PRIOR WRITTEN CONSENT OF
ASSIGNEE, ITS SUCCESSORS OR ASSIGNS.

COUNTERPARTY:

	
  SMBC DERIVATIVE PRODUCTS
  LIMITED

  
	
   

  
	
  By: SMBC Capital
  Markets, Inc.

  
	
  Its: Agent

  
	
   

  
	
  By:

  	
  ____________________________________

  
	
   

  	
  Name: R. Spencer Smith

  
	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  ____________________________________

  
	
   

  	
  Name: Rozina Dewji

  
	
   

  	
  Title: Assistant Vice President

  

 

Address for notice:

SMBC Derivative Products
Limited

Eighth Floor, Temple
Court

11 Queen Victoria Street

London EC4N 4TA United
Kingdom

Attention: Swaps
Administration

Facsimile No.: (44 207)
786 1419

Telephone No.: (44 207) 786 1400

with a copy to:

SMBC Capital Markets,
Inc.

277 Park Avenue, Fifth
Floor

 7
 

New York, NY  10172 
USA

Attention: President

Facsimile No.: (212)
224-4948

                   (212) 224-5111 (for payment
and reset notices)

Telephone No.: (212)
224-5021

 

 8Exhibit
10.40

ACKNOWLEDGMENT AND
CONSENT OF PLEDGE

The
undersigned hereby acknowledges receipt of a copy of that certain Pledge and
Security Agreement (the “Pledge Agreement”) of even date herewith made
by MEZZCO, L.L.C., a Nevada limited liability company (“Pledgor”), in
favor of Column Financial, Inc., a Delaware corporation (together with its
successors and assigns, “Lender”), and agrees that Pledgor is bound
thereby.  The undersigned agrees to
notify Lender promptly in writing of the occurrence of any of the events
described in Section 5(a) of the Pledge Agreement.

Dated:  as of November 30, 2006

	
  

  	
  OpBiz, L.L.C.,
  a Nevada limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

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